Summary
Carfin is a financial institution; the bankruptcy model is trained on trading and manufacturing companies and does not apply here. The 2024 annual accounts show equity of €133.9m and a net result of €13.2m. Equity is growing by ~10.2% per year across the filed fiscal years. Its solvency ranks better than 26% of 2817 sector peers (fiscal year 2024). The company has been active since 1970 and the Belgian State Gazette contains no insolvency or warning signals.
Checked score
Outside the general model
Model not applicable to financial institutions
The Checked score weighs liquidity, leverage and margins against norms for trading and manufacturing companies. A bank, insurer or financial holding has a fundamentally different balance-sheet structure, so those ratios, and hence the score, carry no meaning here. That is why we show no financial axes either.
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Signals
1 signal. The signal on the left, the evidence on the right.
○neutral
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2024 was due by 31-07-2025 and was filed on 23-06-2025, 38 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
not confirmed
2024
38 d early
2023
36 d early
2022
11 d early
2021
4 d early
2020
9 d early
2019
46 d late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 6 accounts on average 9 days before the deadline; the sector median for financial year 2024 is 14 days before the deadline, and 28% of the sector filed late.
Checked, nothing found (1)
History
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Financials · fiscal year 2024, full schema
In the rankings
#1 company by total assets in Ottignies-Louvain-la-Neuve, Finance and insurance sector#1 company by equity in Ottignies-Louvain-la-Neuve, Finance and insurance sector#2 oldest company in Ottignies-Louvain-la-Neuve, Finance and insurance sector
Equity
€133.9m▼ 21.6%
2023 · €170.6m
Net result
€13.2m▲ 10.6%
2023 · €12.0m
Total assets
€452.4m▼ 15.4%
2023 · €534.5m
Solvency
29.6%▼ 2.3pp
2023 · 31.9%
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 64, Financial service activities, except insurance and pension funding, each year against the same schema; no band under 30 filings. Dashed line: the median.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20202021202220232024
Turnover€4.1m€2,260
Operating result€33.6m▲ 6,317%€1.9m▼ 94.3%€77,012▼ 96.0%-€12,165-€104,572▼ 760%
Net result€24.3mabove the sector's middle half▲ 252%€17.4mabove the sector's middle half▼ 28.4%€15.9mabove the sector's middle half▼ 8.6%€12.0mabove the sector's middle half▼ 24.9%€13.2mabove the sector's middle half▲ 10.6%
Equity€155.3mabove the sector's middle half▲ 91.7%€172.8mabove the sector's middle half▲ 11.2%€188.7mabove the sector's middle half▲ 9.2%€170.6mabove the sector's middle half▼ 9.6%€133.9mabove the sector's middle half▼ 21.6%
Total assets€388.3mabove the sector's middle half▼ 7.7%€446.4mabove the sector's middle half▲ 15.0%€458.6mabove the sector's middle half▲ 2.7%€534.5mabove the sector's middle half▲ 16.6%€452.4mabove the sector's middle half▼ 15.4%
Debt€167.1m▼ 45.9%€250.6m▲ 50.0%€269.9m▲ 7.7%€363.9m▲ 34.8%€317.7m▼ 12.7%
Working capital-€63.3mbelow the sector's middle half-€114.5mbelow the sector's middle half▼ 80.9%-€149.0mbelow the sector's middle half▼ 30.0%€55.6mabove the sector's middle half€66.0mabove the sector's middle half▲ 18.7%
Solvency40.0%within the sector's middle half▲ 20.8pp38.7%within the sector's middle half▼ 1.3pp41.1%within the sector's middle half▲ 2.4pp31.9%within the sector's middle half▼ 9.2pp29.6%within the sector's middle half▼ 2.3pp
Current ratio0.55within the sector's middle half▼ 0.650.54within the sector's middle half▼ 0.010.45within the sector's middle half▼ 0.091.15within the sector's middle half▲ 0.711.21within the sector's middle half▲ 0.05
Return on assets (ROA)6.3%within the sector's middle half▲ 4.6pp3.9%within the sector's middle half▼ 2.4pp3.5%within the sector's middle half▼ 0.4pp2.2%within the sector's middle half▼ 1.2pp2.9%within the sector's middle half▲ 0.7pp
Staff (FTE)2within the sector's middle half1.8within the sector's middle half▼ 10.0%2within the sector's middle half▲ 11.1%2within the sector's middle half=
above
within
below
the middle half (P25 to P75) of NACE 64, Financial service activities, except insurance and pension funding, each year against the same schema; no band under 30 filings.
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €104,572 in 2024 against €12,165 in 2023; the loss grows and 2024 has the lowest result in the available series.
Balance-sheet composition
2024 in colour, 2023 as the grey bar beneath
Assets €452.4m
Fixed assets
€69.2m ▼ 40.4%
Current assets
€383.2m ▼ 8.4%
Equity and liabilities €452.4m
Equity
€133.9m ▼ 21.6%
Provisions
€810,962 ▲ 3,425%
Debt
€317.7m ▼ 12.7%
Debt's share of the balance-sheet total rises from 68.1% to 70.2%. Equity and debt are lower.
Key figures and ratios
ROE
9.9%▲
2023 · 7.0%
Debt ≤ 1 year
€317.2m▼
2023 · €362.7m
Income taxes
€4.4m▲
2023 · €4.0m
Staff costs
€381,568▲
2023 · €369,692
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Operating income70/76A | - | €5.2m | €1.1m | €1.1m | €1.1m | ▼ 0.2% |
| Turnover70 | - | €4.1m | - | €2,260 | - | - |
| Other operating income74 | - | €1.1m | €1.1m | €1.1m | €1.1m | = |
| Operating charges60/66A | - | €3.2m | €1.0m | €1.1m | €1.2m | ▲ 8.2% |
| Goods for resale, raw materials and consumables60 | - | €2.3m | - | - | - | - |
| Change in stocks: decrease (increase)609 | - | €2.3m | - | - | - | - |
| Services and other goods61 | - | €526,689 | €589,078 | €613,075 | €675,161 | ▲ 10.1% |
| Remuneration, social security and pensions62 | - | €322,492 | €373,668 | €369,692 | €381,568 | ▲ 3.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €404,589 | €22,754 | €25,450 | €24,988 | €24,758 | ▼ 0.9% |
| Provisions for liabilities and charges: additions (uses and reversals)635/8 | - | - | -€75,000 | - | -€11,575 | - |
| Other operating charges640/8 | - | €85,414 | €75,390 | €82,147 | €109,253 | ▲ 33.0% |
| Non-recurring operating charges66A | - | €26,109 | €35,521 | €214 | €693 | ▲ 223% |
| Operating profit (loss)9901 | €33.6m | €1.9m | €77,012 | -€12,165 | -€104,572 | ▼ 760% |
| Financial income75/76B | - | €30.5m | €43.3m | €36.6m | €86.3m | ▲ 136% |
| Recurring financial income75 | €41.2m | €30.5m | €43.3m | €36.6m | €86.1m | ▲ 136% |
| Income from financial fixed assets750 | - | €8.4m | €8.6m | €11.5m | €12.4m | ▲ 7.8% |
| Income from current assets751 | - | €1.2m | €2.9m | €4.4m | €5.5m | ▲ 24.8% |
| Other financial income752/9 | - | €20.9m | €31.9m | €20.7m | €68.2m | ▲ 230% |
| Non-recurring financial income76B | - | - | - | - | €177,036 | - |
| Financial charges65/66B | - | €13.8m | €24.4m | €20.6m | €68.6m | ▲ 233% |
| Recurring financial charges65 | €48.6m | €13.8m | €20.7m | €20.6m | €68.6m | ▲ 233% |
| Debt charges650 | €3.9m | €2.9m | €5.5m | €9.9m | €6.0m | ▼ 40.0% |
| Write-downs on current assets other than stocks, contracts in progress and trade receivables: additions (reversals)651 | - | €38,450 | €19,150 | €38,300 | -€28 | ▼ 100% |
| Other financial charges652/9 | - | €10.9m | €15.2m | €10.6m | €62.6m | ▲ 491% |
| Non-recurring financial charges66B | - | - | €3.7m | - | - | - |
| Profit (loss) for the period before taxes9903 | €26.2m | €18.6m | €19.0m | €16.0m | €17.6m | ▲ 10.2% |
| Income taxes67/77 | €1.9m | €1.2m | €3.1m | €4.0m | €4.4m | ▲ 9.2% |
| Taxes670/3 | - | €1.3m | €3.1m | €4.1m | €4.4m | ▲ 7.7% |
| Tax adjustments and reversals of tax provisions77 | - | €83,188 | €1,616 | €56,533 | - | - |
| Profit (loss) for the period9904 | €24.3m | €17.4m | €15.9m | €12.0m | €13.2m | ▲ 10.6% |
| Profit (loss) for the period to be appropriated9905 | €24.3m | €17.4m | €15.9m | €12.0m | €13.2m | ▲ 10.6% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €388.3m | €446.4m | €458.6m | €534.5m | €452.4m | ▼ 15.4% |
| Fixed assets21/28 | €309.9m | €312.6m | €338.4m | €116.1m | €69.2m | ▼ 40.4% |
| Intangible fixed assets21 | €3.9m | - | - | €0 | €0 | - |
| Tangible fixed assets22/27 | €5.1m | €5.1m | €5.5m | €10.9m | €11.3m | ▲ 4.0% |
| Land and buildings22 | - | €5.1m | €5.5m | €10.9m | €11.3m | ▲ 4.0% |
| Plant, machinery and equipment23 | - | €923 | €231 | €0 | €0 | - |
| Furniture and vehicles24 | - | €3,642 | €2,428 | €1,214 | €6,258 | ▲ 415% |
| Assets under construction and advance payments27 | - | €30,000 | - | - | - | - |
| Financial fixed assets28 | €301.0m | €307.5m | €332.9m | €105.2m | €57.8m | ▼ 45.0% |
| Affiliated companies280/1 | - | €304.6m | €330.0m | €102.3m | €55.0m | ▼ 46.3% |
| Participating interests280 | - | €2.0m | €2.0m | €2.0m | €2.0m | = |
| Amounts receivable281 | - | €302.6m | €328.0m | €100.4m | €53.0m | ▼ 47.2% |
| Companies linked by participating interests282/3 | - | €2.8m | €2.8m | €2.8m | €2.8m | = |
| Participating interests282 | - | €2.8m | €2.8m | €2.8m | €2.8m | = |
| Other financial fixed assets284/8 | - | €124,577 | €124,577 | €124,577 | €75,563 | ▼ 39.3% |
| Shares284 | - | €124,577 | €124,577 | €124,577 | €75,563 | ▼ 39.3% |
| Current assets29/58 | €78.4m | €133.7m | €120.1m | €418.4m | €383.2m | ▼ 8.4% |
| Amounts receivable after more than one year29 | - | €21.0m | €21.0m | €21.0m | €21.5m | ▲ 2.4% |
| Other amounts receivable291 | - | €21.0m | €21.0m | €21.0m | €21.5m | ▲ 2.4% |
| Stocks and contracts in progress3 | - | €1.6m | €1.6m | €1.6m | €1.6m | = |
| Stocks30/36 | - | €1.6m | €1.6m | €1.6m | €1.6m | = |
| Goods purchased for resale34 | - | €1.6m | €1.6m | €1.6m | €1.6m | = |
| Amounts receivable within one year40/41 | €9.9m | €50.5m | €64.2m | €339.1m | €253.2m | ▼ 25.3% |
| Trade receivables40 | - | €363,711 | €2.4m | €823,129 | €572,207 | ▼ 30.5% |
| Other amounts receivable41 | - | €50.1m | €61.8m | €338.2m | €252.6m | ▼ 25.3% |
| Current investments50/53 | €163,876 | €125,426 | €113,303 | €75,003 | €50,247 | ▼ 33.0% |
| Other investments51/53 | - | €125,426 | €113,303 | €75,003 | €50,247 | ▼ 33.0% |
| Cash at bank and in hand54/58 | €46.2m | €60.2m | €32.8m | €55.8m | €106.8m | ▲ 91.4% |
| Deferred charges and accrued income490/1 | - | €292,772 | €505,332 | €868,561 | €99,668 | ▼ 88.5% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €388.3m | €446.4m | €458.6m | €534.5m | €452.4m | ▼ 15.4% |
| Equity10/15 | €155.3m | €172.8m | €188.7m | €170.6m | €133.9m | ▼ 21.6% |
| Contributions10/11 | €99.9m | €116.6m | €116.6m | €116.6m | €116.6m | = |
| Capital10 | - | €99.9m | €99.9m | €99.9m | €99.9m | = |
| Issued capital100 | - | €99.9m | €99.9m | €99.9m | €99.9m | = |
| Outside capital11 | - | €16.7m | €16.7m | €16.7m | €16.7m | = |
| Share premium1100/10 | - | €16.7m | €16.7m | €16.7m | €16.7m | = |
| Reserves13 | €12.1m | €12.1m | €12.1m | €12.1m | €12.1m | = |
| Non-distributable reserves130/1 | - | €11.3m | €11.3m | €11.3m | €11.3m | = |
| Legal reserve130 | - | €10.0m | €10.0m | €10.0m | €10.0m | = |
| Reserves not available under the articles1311 | - | - | - | €1.3m | €1.3m | = |
| Other1319 | - | €1.3m | €1.3m | - | - | - |
| Tax-exempt reserves132 | - | - | - | €764,667 | €764,667 | = |
| Distributable reserves133 | - | €764,667 | €764,667 | - | - | - |
| Profit (loss) carried forward14 | €26.7m | €44.1m | €60.1m | €42.0m | €5.2m | ▼ 87.5% |
| Provisions and deferred taxes16 | €65.8m | €23.0m | €26,263 | €23,003 | €810,962 | ▲ 3,425% |
| Provisions for liabilities and charges160/5 | - | €23.0m | €26,263 | €23,003 | €810,962 | ▲ 3,425% |
| Other liabilities and charges164/5 | - | €23.0m | €26,263 | €23,003 | €810,962 | ▲ 3,425% |
| Amounts payable17/49 | €167.1m | €250.6m | €269.9m | €363.9m | €317.7m | ▼ 12.7% |
| Amounts payable after more than one year17 | €24.0m | - | - | - | - | - |
| Amounts payable within one year42/48 | €141.7m | €248.3m | €269.1m | €362.7m | €317.2m | ▼ 12.6% |
| Financial debts43 | - | €246.4m | €264.8m | €328.8m | €265.0m | ▼ 19.4% |
| Credit institutions430/8 | - | €14.1m | €260,671 | €244.3m | €8.3m | ▼ 96.6% |
| Other loans439 | - | €232.3m | €264.5m | €84.4m | €256.7m | ▲ 204% |
| Trade debts44 | €329,552 | €1.5m | €2.1m | €562,128 | €347,141 | ▼ 38.2% |
| Suppliers440/4 | - | €1.5m | €2.1m | €562,128 | €347,141 | ▼ 38.2% |
| Taxes, remuneration and social security45 | - | €346,921 | €2.2m | €3.4m | €1.9m | ▼ 45.6% |
| Taxes450/3 | - | €267,628 | €2.2m | €3.3m | €1.8m | ▼ 47.1% |
| Remuneration and social security454/9 | - | €79,293 | €70,505 | €98,315 | €102,693 | ▲ 4.5% |
| Other amounts payable47/48 | - | €10,249 | €6 | €30.0m | €50.0m | ▲ 66.7% |
| Accrued charges and deferred income492/3 | - | €2.3m | €768,556 | €1.1m | €554,136 | ▼ 50.8% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €24.3m | €17.4m | €15.9m | €12.0m | €13.2m | ▲ 10.6% |
| + Depreciation and write-downs630 | €404,589 | €22,754 | €25,450 | €24,988 | €24,758 | ▼ 0.9% |
| Operating cash flow (approximation) | €24.7m | €17.4m | €15.9m | €12.0m | €13.2m | ▲ 10.6% |
| Investment in fixed assets (approximation) | - | -€2.8m | -€25.8m | €222.3m | €46.9m | ▼ 78.9% |
| Change in cash | - | €14.0m | -€27.5m | €23.0m | €51.0m | ▲ 122% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
2026
07-08
State Gazette act
Reappointment: Deloitte Reviseurs d'Entreprise (statutory auditor)Power of attorney2 facts ▸
State Gazette act
Reappointment: Deloitte Reviseurs d'Entreprise (statutory auditor)
Power of attorney2 facts ▸
- Power of attorney, Philippe Grenson
- Auditor reappointment, Deloitte Reviseurs d'Entreprise (statutory auditor)
2025
23-06
NBB filing
Annual accounts filed
fiscal year 2024 · full schema
2024
25-06
NBB filing
Annual accounts filed
fiscal year 2023 · full schema
2023
31-12
Financial
Liquidity triplescurrent ratio 1.15
Current ratio from 0.45 to 1.15.
20-07
NBB filing
Annual accounts filed
fiscal year 2022 · full schema
2022
27-07
NBB filing
Annual accounts filed
fiscal year 2021 · full schema
2021
22-07
NBB filing
Annual accounts filed
fiscal year 2020 · full schema
2020
31-12
Financial
Highest result since 2018net €24.3m ▲252%
Operating result €33.6m, net result €24.3m, both a record.
31-12
Financial
Equity above €100mEq €155.3m ▲91.7%
3 profitable years in a row build equity to €155.3m.
15-09
NBB filing
Annual accounts filed
fiscal year 2019 · full schema · 46 days late
2019
31-12
Financial
Weakest financial yearnet €6.9m ▼69.5%
Net result drops to €6.9m, the lowest in the series; recovery starts the following year.
09-08
NBB filing
Annual accounts filed
fiscal year 2018 · full schema · 9 days late
Show earlier events
16-01
NBB filing
Annual accounts filed
fiscal year 2017 · full schema · 169 days late
2017
20-07
NBB filing
Annual accounts filed
fiscal year 2016 · full schema
2016
14-07
NBB filing
Annual accounts filed
fiscal year 2015 · full schema
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
1 of 39 acts read
About the unread acts
Of the 39 Belgian State Gazette acts we know for this company, 1 has been read. The other 38 have not been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
Statutory auditor 1
Deloitte, Reviseurs d'Entreprise
CurrentStatutory auditor · since 07-08-2026 · perm. rep.: Kurt Dehoorne
Derived from published Gazette acts. The CBE keeps the official list of function holders; we do not read it, so the two can differ.
See the function holders in the CBE →
Location & real-estate footprint
Registered office, Ottignies-Louvain-la-Neuve · 2 establishment units since 1974
Ground area
1.1 ha
Building footprint
643 m²
Volume, LiDAR
1,188 m³
2 parcels, Wallonia · tallest building 12.6 m, ±3 floors. Linked by address, not a title deed.
12
companies at this address
See who is registered here
2 establishment units
Rue Schmerling 34, 4000 Liège
since 19742.010.405.271
Boulevard de Lauzelle 65, 1348 Ottignies-Louvain-la-Neuve
since 19972.010.405.370
2 parcels
Wallonia
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 25385A0050/00D000 | Wallonia | 1.1 ha | 1 · 521 m² | - |
| 62803D0086/00Y009 | Wallonia | 115 m² | 1 · 122 m² | 12.6 m · 3 fl. |
Linked by address, not proof of ownership
Good to know
2 of 2 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Mandate history
1 person since 2026, 1 in office
- Statutory auditor
| Name | Functions and periods |
|---|---|
| Deloitte, Reviseurs d'Entreprise |
|
Structure & network
Part of the group
CARMEUSE HOLDING S.A.
9 companies
Group, risk and exposure
Owners and holdings
2 owners · 3 holdingsChain of control
- CALCIPAR (1991 2202 731) SALU
- Carfin
Highest known parent: CALCIPAR (1991 2202 731) SA (Luxembourg). The sources do not say who stands above it.
Owners 2
- CALCIPAR (1991 2202 731) SALUparentSourceown accounts 2024100%
- CARMEUSE HOLDING S.A.LUparentSourceLEI registerconsolidated
Holdings 3
- Immobilière AthenasubsidiaryEquity €2.7mResult €272,349100%
-
50%
-
24%
Stated earlier (1)
An older source named these holdings; newer accounts no longer list them.
-
0.01%
According to the 2024 annual accounts of Carfin and those of the other companies, the acts in the Belgian Gazette and the LEI register. The register of ultimate beneficial owners (UBO) is not public: who ultimately stands behind a natural person or a foreign parent is not stated here. A company that does not fill in these statements, or need not, is missing.
Connections & network
No current directors or connected companies found in the register.
Recognitions · licences · registrations
Legal Entity Identifier
213800H2V3R744RSI114
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Of 232 companies in sector 64190 we hold annual accounts for 110. 9 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPublic limited company
Founded28-12-1970
Fiscal year end31-12
Activities, NACEBEL 2025
64190Financial service activities, except insurance and pension funding
23700Cutting, shaping and finishing of stone
E-invoicing
Reachable via Peppol
Peppol ID
0208:0407899747
Also
9925:BE0407899747
Registered
19-11-2025
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 28 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.