CNARF
ActiveSummary
CNARF has been active since 2023 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €158,121 and a net result of €60,136. Equity has been growing by about 83% per year since 2023. Its solvency ranks better than 95% of 15,800 sector peers (NACE 69, financial year 2025). The computed 12-month bankruptcy probability is below 0.1% (very low).
Overview
Overview
Official details
Source: KBO- Status
- Active since 27-02-2023 Normal situation
- Activity
- Activities of lawyers NACE 69101
- Establishment unit
- 2.342.357.087 1190 Forest, since 27-02-2023
- Financial year end
- 31 December
- Peppol
- Reachable since 20-02-2026
Board and ownership
- BIEBUYCK FrancescaDirector · since 27-02-2023
- BIEBUYCK Francesca100 sharesdeed of 01-03-2023
Financial position
- Bankruptcy probabilitywithin 12 months
- < 0.1%
- Gross margin
- €74,456
- ▲ 16.7%
- Turnover
- ≈ €180,000
- estimated
- Profit
- €60,136
- ▲ 18.9%
- Equity
- €158,121
- ▲ 61.4%
- Total assets
- €163,892
- ▲ 51.0%
Score breakdownlowers riskSector: Legal and accounting activities (NACE 69)Liquidity: current ratio 16.13, cash €84,131Equity €158,121 (96.5% of total assets)Figures for financial year 2025 (filed on 13-04-2026)Show the evidence
Checked score
Fewer than 1 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
Calculation
The band follows from the bankruptcy probability. 10 more points roughly halve it.
| 75-100 | Excellent | under 0.55% |
| 60-74 | Healthy | 0.55% to 1.5% |
| 45-59 | Fair | 1.5% to 4.2% |
| 25-44 | Weak | 4.2% to 15.0% |
| 0-24 | Critical | over 15.0% |
Where the company stands within its band depends half on the bankruptcy probability and half on how it does against its sector peers (NACE 69, micro). It does better than 87% of them on solvency, 98% on liquidity, 82% on profitability and 83% on growth.
The bankruptcy probability was computed on 04-11-2026 by the bankruptcy model of 2 October 2026, which learns from Belgian bankruptcies and reads the registers, the annual accounts and the Belgian Official Gazette.
The probability rests on the annual accounts with balance sheet date 31-12-2025.
Of the companies with a bankruptcy probability in the very low class on 30-06-2025, 0.1% went bankrupt within twelve months.
Some facts cap the score, however low the probability. With negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late, the score is Fair at most (59). With two missing filings, it is Weak at most (44). During a judicial reorganisation or at the company's end (bankruptcy, dissolution, liquidation), it is Critical at most (24).
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The scores and ratios are Checked's own calculations, not a credit decision.
Signals
The company filed its last 3 accounts on average 60 days before the deadline. In the sector (NACE 69), the median for financial year 2024 was 9 days before the deadline, and 32% of those companies filed late.
Searched, nothing found (2)
Financials
Financials · financial year 2025, micro format
Annual accounts 2025 filed on 13-04-2026 PDF all 3 filings
Every figure per financial year
The operating result for 2025 is 15% higher than in 2024 and the highest since 2023. It is the second rise in a row.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Investments
| Item | 2023 | 2024 | 2025 |
|---|---|---|---|
| Tangible fixed assets | €5,507 | - | €8,000 |
| Financial fixed assets | - | €35,000 | €27,000 |
| Depreciation and write-downs of the year | €1,799 | €982 | €2,056 |
Source: notes to the 2023 to 2025 annual accounts (statement of fixed assets)
| Line | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €1,799 | €982 | €2,056 | ▲ 109% |
| Gross operating margin9900 | €60,322 | €63,776 | €74,456 | ▲ 16.7% |
| Operating profit (loss)9901 | €58,523 | €62,794 | €72,401 | ▲ 15.3% |
| Financial income75/76B | €0 | €1,250 | €3,201 | ▲ 156% |
| Recurring financial income75 | €0 | €1,250 | €3,201 | ▲ 156% |
| Financial charges65/66B | €41 | €135 | €56 | ▼ 58.4% |
| Recurring financial charges65 | €41 | €135 | €56 | ▼ 58.4% |
| Profit (loss) for the period before taxes9903 | €58,483 | €63,909 | €75,546 | ▲ 18.2% |
| Income taxes67/77 | €12,087 | €13,321 | €15,409 | ▲ 15.7% |
| Profit (loss) for the period9904 | €46,396 | €50,589 | €60,136 | ▲ 18.9% |
| Profit (loss) for the period to be appropriated9905 | €46,396 | €50,589 | €60,136 | ▲ 18.9% |
| Line | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|
| Assets | ||||
| Total assets20/58 | €61,458 | €108,537 | €163,892 | ▲ 51.0% |
| Formation expenses20 | €123 | - | - | - |
| Fixed assets21/28 | €3,708 | €37,850 | €70,794 | ▲ 87.0% |
| Tangible fixed assets22/27 | €3,708 | €2,850 | €8,794 | ▲ 209% |
| Furniture and vehicles24 | €2,448 | €1,725 | €7,805 | ▲ 353% |
| Other tangible fixed assets26 | €1,261 | €1,125 | €989 | ▼ 12.1% |
| Financial fixed assets28 | - | €35,000 | €62,000 | ▲ 77.1% |
| Current assets29/58 | €57,626 | €70,688 | €93,098 | ▲ 31.7% |
| Amounts receivable within one year40/41 | €1,413 | €5,554 | €8,967 | ▲ 61.4% |
| Trade receivables40 | - | - | €567 | - |
| Other amounts receivable41 | €1,413 | €5,554 | €8,400 | ▲ 51.2% |
| Cash at bank and in hand54/58 | €56,213 | €65,134 | €84,131 | ▲ 29.2% |
| Equity and liabilities | ||||
| Total equity and liabilities10/49 | €61,458 | €108,537 | €163,892 | ▲ 51.0% |
| Equity10/15 | €47,396 | €97,984 | €158,121 | ▲ 61.4% |
| Contributions10/11 | €1,000 | €1,000 | €1,000 | = |
| Contributions outside capital11 | €1,000 | €1,000 | €1,000 | = |
| Other1109/19 | €1,000 | €1,000 | €1,000 | = |
| Reserves13 | €46,000 | €96,900 | €96,900 | = |
| Distributable reserves133 | €46,000 | €96,900 | €96,900 | = |
| Profit (loss) carried forward14 | €396 | €84 | €60,221 | ▲ 715× |
| Amounts payable17/49 | €14,063 | €10,553 | €5,771 | ▼ 45.3% |
| Amounts payable within one year42/48 | €14,063 | €10,553 | €5,771 | ▼ 45.3% |
| Trade debts44 | €51 | - | €565 | - |
| Suppliers440/4 | €51 | - | €565 | - |
| Taxes, remuneration and social security45 | €10,464 | €10,553 | €5,206 | ▼ 50.7% |
| Taxes450/3 | €8,264 | €10,553 | €5,206 | ▼ 50.7% |
| Remuneration and social security454/9 | €2,200 | - | - | - |
| Other amounts payable47/48 | €3,547 | - | - | - |
| Line | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|
| Profit (loss) for the period9904 | €46,396 | €50,589 | €60,136 | ▲ 18.9% |
| + Depreciation and write-downs630 | €1,799 | €982 | €2,056 | ▲ 109% |
| Operating cash flow (approximation) | €48,194 | €51,571 | €62,192 | ▲ 20.6% |
| Investment in fixed assets (approximation) | - | -€35,123 | -€35,000 | ▲ 0.4% |
| Change in cash | - | €8,921 | €18,997 | ▲ 113% |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Historical observation
In July 2024, 39,278 companies had the same profile as CNARF has now. Two years later, 95.8% were still going and 1.8% had gone bankrupt.
- Micro
- 2 to 5 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
Another 0.1% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of CNARF itself is lower: < 0.1% within 12 months. It rests on far more data about CNARF than the profile alone.
Test of the method
The method was tested on the 497,446 companies of July 2024. Each company was given the bankruptcy share of the same profile a year earlier, in July 2023. The expectation was that 1.6% would go bankrupt within 24 months. In fact 1.7% went bankrupt.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.5% |
| 3 | 0.5% | 0.6% |
| 4 | 0.7% | 0.8% |
| 5 | 0.9% | 0.9% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.8% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
A company that went bankrupt had a higher expected share than one that kept going in 74.5% of comparisons. The level depends on the economy. In a year with more bankruptcies than the year before, the actual share is higher than the expected one.
This is an observation about 39,278 companies, not a prediction for CNARF. The sector does not count, because the KBO no longer lists a sector for a company that has stopped. By sector, mostly the survivors would count, which would paint too rosy a picture.
Board & ownership
Directors
Owners and capital
Shareholders
- BIEBUYCK Francesca 100 shares (100%) · €1,000 in cash
Capital transactions
- 01-03-2023 Incorporation · €1,000 · 100 shares
Network & group
CNARF shares no director with another company.
Companies at the same address
3 other companiesConnections & network
1 current directorThe network starts from the directors of CNARF. Every other company they run is a node.
Timeline
Deeds, filings and financial milestones
01-03
Gazette deed
IncorporationFounding capital of €1,000, 100 shares · Founder: BIEBUYCK Francesca · Appointment: BIEBUYCK Francesca (director)7 points ▸
- Director appointment, BIEBUYCK Francesca
- Board rule, 1
- Registered office clause, Avenue Molière 48 boîte 1, 1190 Forest
- Founder, BIEBUYCK Francesca
- Incorporation, 27-02-2023
- Founding capital, €1,000, 100 shares
- Capital, €1,000
- The deed holds 6 more points.
Sources:Publications in the Belgian Official GazetteFilings with the National Bank
History
Company details
Register details
Identity
KBO recordRegistered office and establishments
Activities
NACEBEL 2025Codes under NACEBEL 2008
4 activities
- Investir dans des biens immeubles bâtis ou non bâtis,grâce à ses moyens propres ou éventuellement par le recours à des emprunts,ainsi que gérer,exploiter,valoriser lesdits biens,notamment par l’achat,la vente,la location,la mise à disposition,la concession de droits réels,la construction,la transformation et la rénovation,pour autant que son caractère civil n’en soit pas altéré ni que l’activité commerciale ne soit ainsi développée
- Accomplir toutes opérations financières,mobilières ou immobilières se rapportant directement ou indirectement à son objet social,ou qui serait de nature à en faciliter directement ou indirectement,entièrement ou partiellement,la réalisation,et notamment détenir des valeurs mobilières et des immeubles en pleine propriété ou pour partie
- Se grouper ou s’associer avec d’autres avocats,groupements,associations ou sociétés d’avocats pour s’organiser avec ceux-ci,partager les frais et services communs destinés à assurer l’exercice de leur profession
- L’exercice de toutes opérations se rapportant directement ou indirectement à la prestation de services,devoirs et de toutes missions qui se rattachent à la profession d’avocat,d’avocat à la cour de cassation,de mandataire de justice,d’arbitre,ou de jurisconsulte,conseil juridique,par un avocat inscrit au tableau de l’Ordre français ou néerlandais des avocats du barreau de Bruxelles,à la liste des stagiaires,à la liste des avocats communautaires ou à la liste des membres associés,ainsi que toutes les activités y afférentes,compris dans le sens le plus large,comme entre autres les conférences,l’enseignement,la publication des articles et des livres,agir en la qualité d’administrateur et de liquidateur
Invoicing and payment
Financial year and general meeting
Accounts at the NBBSites & property
Buildings and parcels at the address
| Cadastral parcel | Region | Area | Buildings | Height / floors |
|---|---|---|---|---|
| 21383B0065/00C006 | Brussels | 396 m² | 1 · 131 m² | 24.9 m · 8 |