CFF Belgium

Active

Public limited companyfounded 197353 yrs activeEurolaan 5, 9140 Temse, BelgiumKBO/BCE: BE 0413.514.166

Summary

CFF Belgium has been active since 1973 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €12.88M and a net result of €1.10M. Equity is growing by ~9.7% per year across the filed fiscal years. Its solvency ranks better than 95% of 643 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.4% (very low).

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Checked score

Score 2025

85 / 100

Excellent

The score weighs solvency, liquidity, profitability and financial development. Bankruptcy probability contributes 35%. Every signal that weighs is under Signals.

Axes · tick = 2024

Profitability80▲+3

Solvency100=

Growth66▼-2

Track record100

Bankruptcy probability, 12 months

0.4% Very low

0%0.5%1.5%4%10%≥ 25%

Credit up to €1.05M at 30 days acceptable

Liquidity ample (current ratio 9.1 against 7.07 in 2024; short-term debt: 8.3% and cash: 25.1% of total assets), and 8.3% of the assets are financed with debt.

How do we compute the score and the probability?

Credit advice for your own amount and term

Signals

Six signals. The signal on the left, the evidence on the right.

−lowers risk+raises risk○neutral

Long track record

A company with a long track record statistically fails less often than a young one.

KBO · incorporation date

Age against the risk zone

Higher-failure-rate sector

In this sector companies fail more often than the Belgian average.

Gazette · bankruptcies per sector, NACE 10

Relative position

BE, all sectors

reference

Sector 10

higher

← fewer bankruptcies more bankruptcies →

Annual accounts: healthy financial profile

The latest annual accounts show a healthy profile in solvency, result and liquidity.

NBB · annual accounts 2025

Solvency, return and age of the figures

Solvency

91.7%

Return on assets

7.8%

Age of the figures

9 mo

Multiple establishment units

Several establishment units mean more fixed costs, and such companies fail more often than a company with one establishment.

KBO · establishment units

Lower-risk legal form

Companies with this legal form statistically fail less often than a BV.

KBO · legal form

Latest accounts filed on time

The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 09-07-2026, 22 days ahead of the deadline.

NBB · 10 filings

Deviation from the deadline

2025

22 d early

2024

22 d early

2023

29 d early

2022

on the day

2021

31 d late

2020

1 d early

2019

29 d early

← before the deadline after the deadline →

Checked, nothing found (2)

The next deadline is still running

The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today.

Companies Code · seven months

Position in the running window

24-09-2026 today31-12-2026 close31-07-2027 deadline

No strike-offs in the KBO publications

We found no ex-officio strike-off or cessation. Our series starts in 2021 and has gaps, so this is not a confirmation that there is nothing.

KBO publications · our coverage

Financials · fiscal year 2025, full schema

Turnover

€12.64M▼ 6.8%

2024 · €13.57M

2018: €10.55M 2019: €11.41M 2020: €11.37M 2021: €11.91M 2022: €14.69M 2023: €13.69M 2024: €13.57M

2018 → 2025

EBIT margin

10.4%▲ 1.8pp

2024 · 8.6%

2018: 5.8% 2019: 9.9% 2020: 10.2% 2021: 7.7% 2022: 5.9% 2023: 13.5% 2024: 8.6%

2018 → 2025

Net result

€1.10M▲ 18.8%

2024 · €922k

2018: €412k 2019: €761k 2020: €861k 2021: €616k 2022: €593k 2023: €1.39M 2024: €922k

2018 → 2025

Working capital

€9.50M▲ 17.1%

2024 · €8.11M

2018: €4.24M 2019: €4.96M 2020: €5.47M 2021: €5.65M 2022: €5.25M 2023: €6.86M 2024: €8.11M

2018 → 2025

Multi-year overview

Every figure with its change against the year before

▲ rise ▼ fall

Line20212022202320242025Trend

Turnover€11.91M-€14.69M▲ 23.3%€13.69M▼ 6.8%€13.57M▼ 0.9%€12.64M▼ 6.8%

Equity€8.88M-€9.47M▲ 6.7%€10.86M▲ 14.7%€11.79M▲ 8.5%€12.88M▲ 9.3%

Operating result€919k-€869k▼ 5.4%€1.85M▲ 113%€1.17M▼ 37.1%€1.32M▲ 13.1%

Net result€616k-€593k▼ 3.8%€1.39M▲ 135%€922k▼ 33.7%€1.10M▲ 18.8%

Result per fiscal year

Operating resultNet result

The operating result recovers in 2025; 2025 is 13% above 2024.

Balance-sheet composition

2025 in colour, 2024 as the grey bar beneath

Assets €14.05M

24.1%

75.9%

Fixed assets €3.39M ▼ 7.9%

Current assets €10.67M ▲ 13.0%

Equity and liabilities €14.05M

91.7%

Equity €12.88M ▲ 9.3%

Debt €1.17M ▼ 12.2%

Debt's share of the balance-sheet total falls from 10.2% to 8.3%. Equity is higher and debt is lower.

Key figures and ratios

2025 value · change against 2024

EBITDA

€1.96M▲

2024 · €1.90M

Cash flow

€1.74M▲

2024 · €1.66M

Current ratio

9.10▲

2024 · 7.07

Quick ratio

7.82▲

2024 · 6.05

Debt to equity

0.09▼

2024 · 0.11

ROE

8.5%▲

2024 · 7.8%

ROA

7.8%▲

2024 · 7.0%

Interest coverage

189.72▼

2024 · 408.75

Debt ≤ 1 year

€1.17M▼

2024 · €1.33M

Income taxes

€375k▲

2024 · €274k

Staff costs

€2.62M▲

2024 · €2.52M

Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.

Filed annual accounts As filed with the NBB · 2025 against 2024 · 70 lines

Balance sheet Code20242025

Assets

Total assets20/58€13.12M€14.05M▲

Fixed assets21/28€3.68M€3.39M▼

Tangible fixed assets22/27€3.66M€3.37M▼

Land and buildings22€272k€272k▲

Plant, machinery and equipment23€3.02M€2.61M▼

Furniture and vehicles24€275k€485k▲

Assets under construction and advance payments27€95k-

Financial fixed assets28€16k€16k▲

Other financial fixed assets284/8€16k€16k▲

Amounts receivable and cash guarantees285/8€16k€16k▲

Current assets29/58€9.44M€10.67M▲

Amounts receivable after more than one year29-€4.00M

Other amounts receivable291-€4.00M

Stocks and contracts in progress3€1.37M€1.51M▲

Stocks30/36€1.37M€1.51M▲

Raw materials and consumables30/31€803k€961k▲

Finished goods33€254k€352k▲

Goods purchased for resale34€259k€197k▼

Advance payments36€53k-

Amounts receivable within one year40/41€1.81M€1.59M▼

Trade receivables40€1.66M€1.46M▼

Other amounts receivable41€152k€131k▼

Cash at bank and in hand54/58€6.21M€3.53M▼

Deferred charges and accrued income490/1€51k€38k▼

Equity and liabilities

Total equity and liabilities10/49€13.12M€14.05M▲

Equity10/15€11.79M€12.88M▲

Contributions10/11€62k€62k=

Capital10€62k€62k=

Issued capital100€62k€62k=

Reserves13€6k€6k=

Non-distributable reserves130/1€6k€6k=

Legal reserve130€6k€6k=

Profit (loss) carried forward14€11.72M€12.81M▲

Amounts payable17/49€1.33M€1.17M▼

Amounts payable within one year42/48€1.33M€1.17M▼

Trade debts44€760k€519k▼

Suppliers440/4€760k€519k▼

Taxes, remuneration and social security45€575k€653k▲

Taxes450/3€90k€193k▲

Remuneration and social security454/9€485k€460k▼

Income statement Code20242025

Operating income70/76A€13.71M€12.90M▼

Turnover70€13.57M€12.64M▼

Change in stocks of work in progress, finished goods and contracts in progress71€6k€98k▲

Other operating income74€110k€135k▲

Non-recurring operating income76A€25k€20k▼

Operating charges60/66A€12.54M€11.58M▼

Goods for resale, raw materials and consumables60€6.41M€5.36M▼

Purchases600/8€6.31M€5.46M▼

Change in stocks: decrease (increase)609€103k€-96k▼

Services and other goods61€2.79M€2.85M▲

Remuneration, social security and pensions62€2.52M€2.62M▲

Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€733k€640k▼

Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4-€3k

Other operating charges640/8€96k€99k▲

Operating profit (loss)9901€1.17M€1.32M▲

Financial income75/76B€34k€162k▲

Recurring financial income75€34k€162k▲

Other financial income752/9€34k€162k▲

Financial charges65/66B€5k€10k▲

Recurring financial charges65€5k€10k▲

Other financial charges652/9€5k€10k▲

Profit (loss) for the period before taxes9903€1.20M€1.47M▲

Income taxes67/77€274k€375k▲

Taxes670/3€279k€375k▲

Tax adjustments and reversals of tax provisions77€5k-

Profit (loss) for the period9904€922k€1.10M▲

Profit (loss) for the period to be appropriated9905€922k€1.10M▲

Appropriation of the result

Profit (loss) to be appropriated9906€11.72M€12.81M▲

Profit (loss) brought forward from the previous period14P€10.80M€11.72M▲

Social balance

Average headcount (FTE)908735.137.4▲

The notes to these accounts (41 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.

Download as CSV

Timeline · acts, filings and financial milestones

All 34Financial 2Gazette 22Filings 10

Next filing, fiscal year 2026, expected by 31-07-2027

2026

09-07

NBB filing Annual accounts filed

fiscal year 2025 · full schema

2025

26-11

State Gazette act Purpose · Statutes amendment

Purpose change · Statutes amendment · Capital4 facts ▸

General meeting, 12-11-2025
Purpose change, productie, verwerken, afwerken, invoer, uitvoer, vervoer, verkoop en opslaan van organische vullers en cellulose vezels alsook enige andere grondstoffen, halffa…
Statutes amendment
Capital, €62.000

05-11

State Gazette act Permanent representative: Line Vyvey

2 facts ▸

General meeting, 07-10-2025
Permanent representative, Line Vyvey

09-07

NBB filing Annual accounts filed

fiscal year 2024 · full schema

23-05

State Gazette act Reappointments: Ernst & Young Bedrijfsrevisoren BV, Markus Zott and EY Bedrijfsrevisoren BV

Mandate compensation7 facts ▸

General meeting, 30-06-2021
Auditor reappointment, Ernst & Young Bedrijfsrevisoren BV (statutory auditor)
General meeting, 31-07-2023
Director reappointment, Markus Zott (director)
Mandate compensation, Markus Zott
General meeting, 30-06-2024
Auditor reappointment, EY Bedrijfsrevisoren BV (statutory auditor)

2024

02-07

NBB filing Annual accounts filed

fiscal year 2023 · full schema

2023

31-12

Financial Highest result since 2018net €1.39M ▲135%

Operating result €1.85M, net result €1.39M, both a record.

31-12

Financial Equity above €10MEq €10.86M ▲14.7%

6 profitable years in a row build equity to €10.86M.

31-07

NBB filing Annual accounts filed

fiscal year 2022 · full schema

2022

31-08

NBB filing Annual accounts filed

fiscal year 2021 · full schema · 31 days late

11-02

State Gazette act Resignation: Jean-Dominique VERSTREKEN (director)

Appointment: Dirk VEHENT (director) · Permanent representative: Adriaan de Leeuw · Mandate compensation8 facts ▸

General meeting, 2021-12-XX
Board meeting, 2021-12-XX
Director resignation, Jean-Dominique VERSTREKEN (director)
Director resignation, Jean-Dominique VERSTREKEN (managing director)
Director appointment, Dirk VEHENT (director)
Director appointment, Dirk VEHENT (managing director)
Mandate compensation, Dirk VEHENT
Permanent representative, Adriaan de Leeuw

2021

30-07

NBB filing Annual accounts filed

fiscal year 2020 · full schema

Show earlier events

2020

02-07

NBB filing Annual accounts filed

fiscal year 2019 · full schema

2019

14-06

NBB filing Annual accounts filed

fiscal year 2018 · full schema

06-02

State Gazette act Reappointment: Ernst & Young Bedrijfsrevisoren BCVBA (statutory auditor)

2 facts ▸

General meeting, 29-05-2018
Auditor reappointment, Ernst & Young Bedrijfsrevisoren BCVBA (statutory auditor)

2018

13-07

NBB filing Annual accounts filed

fiscal year 2017 · full schema

22-06

State Gazette act Statutes amendment

Name change3 facts ▸

General meeting, 08-06-2018
Name change, CFF Belgium
Statutes amendment

06-03

State Gazette act Permanent representative: Francis Boelens

1 fact ▸

Permanent representative, Francis Boelens

27-02

State Gazette act Miscellaneous

Share transfer · Declaration date2 facts ▸

Share transfer, CFF GmbH & Co. KG
Declaration date, 08-12-2017

2017

29-12

State Gazette act Resignations: Ronald W. RICH (director) and Jit FU ANG (director)

Appointments: Markus ZOTT (director) and Jean-Dominique VERSTREKEN (director) · Mandate compensation · Power of attorney10 facts ▸

General meeting, 30-11-2017
Director resignation, Ronald W. RICH (director)
Director appointment, Markus ZOTT (director)
Mandate compensation, Markus ZOTT
Board meeting, 30-11-2017
Power of attorney, Jit FU ANG
Power of attorney, Ronald W. RICH
General meeting, 01-12-2017
Director resignation, Jit FU ANG (director)
Director appointment, Jean-Dominique VERSTREKEN (director)

22-08

NBB filing Annual accounts filed

fiscal year 2016 · full schema · 22 days late

28-06

State Gazette act Statutes amendment

2 facts ▸

General meeting, 08-06-2017
Statutes amendment

2016

22-08

State Gazette act Reappointment: Jit Fu Ang (director)

Mandate compensation3 facts ▸

General meeting, 10-05-2016
Director reappointment, Jit Fu Ang (director)
Mandate compensation, Jit Fu Ang

2015

11-12

State Gazette act Resignation: Ken Blackburn (director)

Appointment: Ron W. Rich (director) · Reappointment: Ernst & Young Assurance Services BV CVBA (statutory auditor) · Permanent representative: Marleen Defoer8 facts ▸

General meeting, 23-04-2015
Director resignation, Ken Blackburn (director)
Director discharge, Ken Blackburn
Director appointment, Ron W. Rich (director)
Mandate compensation, Ron W. Rich
Auditor reappointment, Ernst & Young Assurance Services BV CVBA
Permanent representative, Marleen Defoer
Power of attorney, Marleen Defoer BVBA

2014

18-03

State Gazette act Resignation: Paul Beckers (general manager)

Appointment: Jean-Dominique Verstreken (general manager)3 facts ▸

Board meeting, 30-01-2014
Director resignation, Paul Beckers (general manager (algemeen directeur))
Director appointment, Jean-Dominique Verstreken (general manager (algemeen directeur))

2013

21-11

State Gazette act Resignation: Daniel F. Muth (director)

Appointment: Ken Blackburn (director) · Mandate compensation6 facts ▸

General meeting, 27-08-2013
Director resignation, Daniel F. Muth (director)
Director appointment, Ken Blackburn (director)
Mandate compensation, Ken Blackburn
Board composition, Jit Fu Ang (director)
Board composition, Ken Blackburn (director)

2012

02-07

State Gazette act Reappointment: Grant Thornton, Lippens en Rabaey BV CVBA (statutory auditor)

2 facts ▸

General meeting, 08-05-2012
Auditor reappointment, Grant Thornton, Lippens en Rabaey BV CVBA (statutory auditor)

30-05

State Gazette act Reappointment: Dan F. Muth (director)

Mandate compensation3 facts ▸

General meeting, 10-05-2011
Director reappointment, Dan F. Muth (director)
Mandate compensation, Dan F. Muth

2010

05-07

State Gazette act Reappointment: Jit Fu Ang (director)

Mandate compensation3 facts ▸

General meeting, 11-05-2010
Director reappointment, Jit Fu Ang (director)
Mandate compensation, Jit Fu Ang

2007

12-02

State Gazette act Capital & shares · Statutes amendment

Statutes amendment · Power of attorney · Capital-increase authorisation4 facts ▸

General meeting, 24-01-2007
Statutes amendment
Power of attorney, Wim Verstraeten
Capital-increase authorisation, De raad van bestuur is bevoegd om het maatschappelijk kapitaal in één of meer malen te verhogen met 247.893,52 € tot 278.880,21 €

2005

23-05

State Gazette act Resignation: John Pond (director)

Appointment: Daniel F Muth (director) · Mandate compensation4 facts ▸

General meeting, 26-04-2005
Director resignation, John Pond (director)
Director appointment, Daniel F Muth (director)
Mandate compensation, Daniel F Muth

2004

20-09

State Gazette act Resignations & appointments

Power of attorney2 facts ▸

Board meeting, 23-04-2004
Power of attorney, Paul Duerinckx

03-05

State Gazette act Resignations & appointments

Power of attorney2 facts ▸

Board meeting, 13-02-2004
Power of attorney, Daniel van Ruyskensvelde

2003

08-10

State Gazette act Appointment: KPMG Bedryfsrevisoren (commissaris revisor)

Mandate compensation3 facts ▸

General meeting, 13-05-2003
Auditor appointment, KPMG Bedryfsrevisoren (commissaris revisor)
Mandate compensation, KPMG Bedryfsrevisoren

Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.

Directors · office · real estate

Directors

4 directors, no change since 2023

Dirk VEHENT

Director · since 01-01-2022

Current

Markus ZOTT

Director · since 30-11-2017

Current

Ron W. Rich

Director · since 23-04-2015

Not recently confirmed

Dan F. Muth

Director · since 10-05-2011

Not recently confirmed

09-05-2023 Markus ZOTT: Mandate renewed as Director

01-01-2022 Dirk VEHENT: Appointed as Director

01-01-2022 Dirk VEHENT: Appointed as Managing director

31-12-2021 Jean-Dominique VERSTREKEN: Resigned as Director

31-12-2021 Jean-Dominique VERSTREKEN: Resigned as Managing director

Full history in the Timeline (20 changes) →

Location & real-estate footprint

Registered office, Temse · 2 establishment units since 1974

establishment All 2 establishment units on the map

Cannot be placed on the map

This address could not be matched to a point in the Belgian address register (BOSA BEST). The address below comes straight from the Crossroads Bank.

Eurolaan 59140 Temse

Ground area

1.3 ha

Building footprint

4,940 m²

Volume, LiDAR

38,811 m³

2 parcels, Flanders · tallest building 39.5 m, ±2 floors. Linked by address, not a title deed.

2 establishment units

Eurolaan 5, 9140 Temse

NACE 21110

since 19742.008.790.816

Eurolaan 2, 9140 Temse

Manufacture of paper and paper products

since 20202.365.280.464

2 parcels

Flanders 2 (100%)

Parcel (capakey)	Region	Area	Buildings	Height / fl.
46025B0375/00S000	Flanders	1.3 ha	1 · 4,719 m²	39.5 m · 2 fl.
46025B0366/00H002	Flanders	517 m²	1 · 221 m²	8.4 m · 2 fl.

Linked by address, not proof of ownership

Methodology

via registered seat: 1 · via establishment units: 1

2 of 2 parcels with an exact address match; the rest are indicative.

Linked through address data, this is not proof of ownership.

Statutory auditor

2 auditors

Ernst & Young Bedrijfsrevisoren BVCurrent Statutory auditor · represented by Francis Boelens	30-06-2021 → present
EY Bedrijfsrevisoren BVCurrent Statutory auditor · represented by Francis Boelens	30-06-2021 → present

Show 4 earlier auditors

BV CVBA Ernst & Young Assurance Services Auditor succeeded by Ernst & Young Bedrijfsrevisoren BCVBA in 2018	23-04-2015 → 29-05-2018
Ernst & Young Bedrijfsrevisoren BCVBA Statutory auditor succeeded by Ernst & Young Bedrijfsrevisoren BV in 2021	29-05-2018 → 30-06-2021
Grant Thornton, Lippens en Rabaey BV CVBA Statutory auditor succeeded by BV CVBA Ernst & Young Assurance Services in 2015	08-05-2012 → 23-04-2015
KPMG Bedryfsrevisoren Commissaris revisor · represented by Luc Verryssen succeeded by Grant Thornton, Lippens en Rabaey BV CVBA in 2012	13-05-2003 → 08-05-2012

Structure & network

Capital and shareholders

Shareholders according to the acts

Share transfer act of 27-02-2018 ↗

to CFF GmbH & Co. KG

The Belgian State Gazette names shareholders only when an act mentions them; the share register itself is not published.

Capital over the years

26-11-2025 Capital stated in the act · 62,000 EUR · 100 shares

Public money · subsidies and aid

Flemish government

2024 to 2025 · 2 entries · 1,709 EUR awarded · 1,709 EUR paid

Year	Entries	awarded	paid
2025	1	1,108 EUR	1,108 EUR
2024	1	601 EUR	601 EUR

Schemes

Vlaams opleidingsverlof (VOV)

2 entries · 1,709 EUR · 1,709 EUR paid · Departement Werk en Sociale Economie

Recognitions · licences · registrations

Food safety, FASFC

2 sites

Temse2.008.790.816

4 permissions

Fabrikant voedermiddelen · since 12-08-2026

Toelating · Fabrikant additieven (toelating) · since 09-02-2012

Toelating · Fabrikant andere producten plantaardige · since 01-01-2006

and 1 more

Temse2.365.280.464

2 permissions

Opslag diervoeders · since 25-10-2024

Opslag kamer t° levensmiddelen · since 25-10-2024

Dual-learning approval

4 ended

Administratief medewerker (so)

ended · 2017 to 2022

Administratief medewerker kmo (so)

ended · 2017 to 2022

Polyvalent administratief ondersteuner (vwo)

ended · 2017 to 2022

Polyvalent administratief ondersteuner duaal (so)

ended · 2017 to 2022

Similar companies · same sector, comparable size

Tongeren-Borgloon · Eq €13.15M

NEW VEPELI

BE 0444.953.549

Mouscron · Eq €14.44M

Aartselaar · Eq €14.61M

Of 395 companies in sector 10890 we hold annual accounts for 225. 71 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector

Company data · Crossroads Bank

Identification

Legal formPublic limited company

Founded02-07-1973

Fiscal year end31-12

Activities, NACEBEL 2025

10890Manufacture of food products

17120Manufacture of paper and paper products

Sources

Crossroads Bank for EnterprisesNational Bank · 49 filingsAddress and cadastre registers

Scores and ratios are computed by Checked and are not a credit decision.