COMARFIN
ActiveSummary
COMARFIN has been active since 2007 and the Belgian State Gazette contains no insolvency or warning signals. The 2024 annual accounts show equity of €16,232 and a net result of €75,371. Equity is shrinking by ~6.8% per year across the filed fiscal years. Its solvency ranks better than 8% of 15375 sector peers (fiscal year 2024). The computed 12-month bankruptcy probability is 0.1% (very low).
Checked score
Score 2024
Axes · tick = 2023
Profitability100=
Solvency31=
Growth58=
Track record100
Bankruptcy probability, 12 months
0.1%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €1,000 at 30 days acceptable
Liquidity short (current ratio 0.91 against 0.9 in 2023; short-term debt: 72.5% and cash: 31.5% of total assets), and 93.9% of the assets are financed with debt.
Credit check for your own amount and term
Show the recommended maximum : and see how the verdict changes with amount, term and advance.
Signals
Six signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 69
Relative position
BE, all sectors
reference
Legal and accounting activities (NACE 69)
about 77% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
raises risk · Annual accounts: weaker financial profile
The latest annual accounts show a weaker profile in solvency, result or liquidity than companies that stay afloat.
NBB · annual accounts 2024Solvency, return and age of the figures
Solvency
6.1%
Return on assets
28.1%
Age of the figures
21 mo
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 8% of 15375 sector peers (2024).
NBB · sector comparisonPosition among 15375 sector peers
Solvency
better than 8%
← weakest
strongest →
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 30-07-2025, 1 day ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
not confirmed
2024
1 d early
2023
44 d early
2022
24 d late
2021
31 d late
2020
39 d early
2019
20 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 2 days before the deadline; the sector median for financial year 2024 is 9 days before the deadline, and 32% of the sector filed late.
Checked, nothing found (1)
History
Go further with this company
How much credit can you give this customer, and on what term?Credit check What should you check before you do business with this company?Supplier due diligence Can you accept this company as a client under the anti-money-laundering law?AML client file Which of your other customers can you e-invoice via Peppol?Peppol check How does this company compare with its sector?Sector benchmark What changed in the latest annual accounts?What changed
Is this your company? See how customers and banks see it.
Investigating this company? Keep it with today's facts in a case file.
Financials · fiscal year 2024, micro schema
Equity
€16,232▲ 2.3%
2023 · €15,861
Total assets
€268,113▼ 3.8%
2023 · €278,755
Net result
€75,371▲ 9.7%
2023 · €68,708
Working capital
-€17,097▼ 2.5%
2023 · -€16,679
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 69, Legal and accounting activities, 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
Operating result€79,935▼ 23.4%€96,714▲ 21.0%€70,829▼ 26.8%€96,921▲ 36.8%€105,507▲ 8.9%
Net result€57,933within the sector's middle half▼ 22.2%€66,845above the sector's middle half▲ 15.4%€48,822within the sector's middle half▼ 27.0%€68,708within the sector's middle half▲ 40.7%€75,371within the sector's middle half▲ 9.7%
Equity€21,486below the sector's middle half▼ 8.8%€18,331below the sector's middle half▼ 14.7%€17,153below the sector's middle half▼ 6.4%€15,861below the sector's middle half▼ 7.5%€16,232below the sector's middle half▲ 2.3%
Total assets€192,859within the sector's middle half▲ 11.0%€169,675within the sector's middle half▼ 12.0%€209,891within the sector's middle half▲ 23.7%€278,755within the sector's middle half▲ 32.8%€268,113within the sector's middle half▼ 3.8%
Debt€171,373▲ 14.1%€151,344▼ 11.7%€192,738▲ 27.4%€262,894▲ 36.4%€251,881▼ 4.2%
Working capital€4,154below the sector's middle half▼ 74.1%€1,582below the sector's middle half▼ 61.9%-€8,613below the sector's middle half-€16,679below the sector's middle half▼ 93.6%-€17,097below the sector's middle half▼ 2.5%
Solvency11.1%below the sector's middle half▼ 2.4pp10.8%below the sector's middle half▼ 0.3pp8.2%below the sector's middle half▼ 2.6pp5.7%below the sector's middle half▼ 2.5pp6.1%below the sector's middle half▲ 0.4pp
Current ratio1.03below the sector's middle half▼ 0.091.01below the sector's middle half▼ 0.020.94below the sector's middle half▼ 0.080.90below the sector's middle half▼ 0.030.91below the sector's middle half▲ 0.01
Return on assets (ROA)30.0%above the sector's middle half▼ 12.8pp39.4%above the sector's middle half▲ 9.4pp23.3%within the sector's middle half▼ 16.1pp24.6%within the sector's middle half▲ 1.4pp28.1%within the sector's middle half▲ 3.5pp
Staff (FTE)2within the sector's middle half▼ 4.8%2.1▲ 5.0%2.1=2.2▲ 4.8%2.2=
above
within
below
the middle half (P25 to P75) of NACE 69, Legal and accounting activities, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
After the dip in 2022 the operating result has climbed two years in a row; 2024 is 9% above 2023 and is the highest result in the available series.
Balance-sheet composition
2024 in colour, 2023 as the grey bar beneath
Assets €268,113
Fixed assets
€90,958 ▼ 27.1%
Current assets
€177,155 ▲ 15.1%
Equity and liabilities €268,113
Equity
€16,232 ▲ 2.3%
Debt
€251,881 ▼ 4.2%
Debt's share of the balance-sheet total falls from 94.3% to 93.9%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€139,397▲
2023 · €128,630
Cash flow
€109,261▲
2023 · €100,417
Debt to equity
15.52▼
2023 · 16.57
ROE
464.3%▲
2023 · 433.2%
Interest coverage
28.62▲
2023 · 26.33
Debt ≤ 1 year
€194,252▲
2023 · €170,612
Debt > 1 year
€57,335▼
2023 · €90,016
Income taxes
€25,382▲
2023 · €23,864
Staff costs
€102,349▲
2023 · €101,053
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 1,324 companies that looked in July 2024 the way this one looks now, 1.3% went bankrupt within 24 months and 95% are still going.
- Micro
- 10 to 20 years old
- solvency under 10%
- a profit of 5% of the balance sheet or more
1.3%
went bankrupt
3.1%
stopped otherwise
95%
still going
A further 0.5% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a lower bankruptcy probability: 0.1% over twelve months. The score reads more about this company than the group's four characteristics; both figures are right about what they measure.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,662 companies of July 2024 its group's bankruptcy share. Expected: 1.5%; actually bankrupt within 24 months: 1.6%.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.4% |
| 3 | 0.5% | 0.5% |
| 4 | 0.6% | 0.7% |
| 5 | 0.8% | 0.9% |
| 6 | 1.2% | 1.3% |
| 7 | 1.5% | 1.7% |
| 8 | 1.7% | 1.7% |
| 9 | 2.7% | 2.8% |
| 10 | 5.3% | 5.7% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 75% of comparisons. The level follows the economy: in a year with more bankruptcies, the actual share is higher than the year before.
An observation about 1,324 comparable companies, not a prediction for this company. The sector does not count: the register keeps no sector for companies that stopped, so it would make the outcome look better than it was.
Annual accounts
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | €5,900 | - |
| Remuneration, social security and pensions62 | - | €95,114 | €98,597 | €101,053 | €102,349 | ▲ 1.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €6,864 | €9,678 | €17,334 | €31,709 | €33,890 | ▲ 6.9% |
| Other operating charges640/8 | - | €2,755 | €3,313 | €3,577 | €3,589 | ▲ 0.3% |
| Gross operating margin9900 | €187,011 | €204,261 | €190,073 | €233,260 | €245,335 | ▲ 5.2% |
| Operating profit (loss)9901 | €79,935 | €96,714 | €70,829 | €96,921 | €105,507 | ▲ 8.9% |
| Financial income75/76B | - | €164 | €565 | €536 | €116 | ▼ 78.4% |
| Recurring financial income75 | €1,306 | €164 | €565 | €536 | €116 | ▼ 78.4% |
| Financial charges65/66B | - | €3,219 | €3,252 | €4,885 | €4,870 | ▼ 0.3% |
| Recurring financial charges65 | €2,744 | €3,219 | €3,252 | €4,885 | €4,870 | ▼ 0.3% |
| Profit (loss) for the period before taxes9903 | €78,497 | €93,659 | €68,142 | €92,572 | €100,753 | ▲ 8.8% |
| Income taxes67/77 | €20,564 | €26,814 | €19,320 | €23,864 | €25,382 | ▲ 6.4% |
| Profit (loss) for the period9904 | €57,933 | €66,845 | €48,822 | €68,708 | €75,371 | ▲ 9.7% |
| Profit (loss) for the period to be appropriated9905 | €57,933 | €66,845 | €48,822 | €68,708 | €75,371 | ▲ 9.7% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €192,859 | €169,675 | €209,891 | €278,755 | €268,113 | ▼ 3.8% |
| Fixed assets21/28 | €40,701 | €31,023 | €83,189 | €124,822 | €90,958 | ▼ 27.1% |
| Tangible fixed assets22/27 | €37,419 | €27,741 | €79,907 | €121,524 | €87,634 | ▼ 27.9% |
| Furniture and vehicles24 | - | €26,372 | €73,383 | €115,159 | €83,066 | ▼ 27.9% |
| Other tangible fixed assets26 | - | €1,369 | €6,524 | €6,365 | €4,568 | ▼ 28.2% |
| Financial fixed assets28 | €3,282 | €3,282 | €3,282 | €3,298 | €3,324 | ▲ 0.8% |
| Current assets29/58 | €152,158 | €138,652 | €126,702 | €153,933 | €177,155 | ▲ 15.1% |
| Amounts receivable within one year40/41 | €83,045 | €62,031 | €80,238 | €80,568 | €82,840 | ▲ 2.8% |
| Trade receivables40 | - | €50,969 | €68,496 | €69,506 | €71,020 | ▲ 2.2% |
| Other amounts receivable41 | - | €11,062 | €11,742 | €11,062 | €11,820 | ▲ 6.9% |
| Current investments50/53 | €224 | €216 | €205 | €189 | €166 | ▼ 12.2% |
| Cash at bank and in hand54/58 | €58,296 | €67,458 | €35,925 | €63,009 | €84,474 | ▲ 34.1% |
| Deferred charges and accrued income490/1 | - | €8,947 | €10,334 | €10,167 | €9,675 | ▼ 4.8% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €192,859 | €169,675 | €209,891 | €278,755 | €268,113 | ▼ 3.8% |
| Equity10/15 | €21,486 | €18,331 | €17,153 | €15,861 | €16,232 | ▲ 2.3% |
| Contributions10/11 | - | €12,400 | €12,400 | €12,400 | €12,400 | = |
| Reserves13 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Non-distributable reserves130/1 | - | €1,860 | €1,860 | - | - | - |
| Reserves not available under the articles1311 | - | €1,860 | €1,860 | - | - | - |
| Distributable reserves133 | - | - | - | €1,860 | €1,860 | = |
| Profit (loss) carried forward14 | €7,226 | €4,071 | €2,893 | €1,601 | €1,972 | ▲ 23.2% |
| Amounts payable17/49 | €171,373 | €151,344 | €192,738 | €262,894 | €251,881 | ▼ 4.2% |
| Amounts payable after more than one year17 | €23,369 | €14,274 | €57,423 | €90,016 | €57,335 | ▼ 36.3% |
| Financial debts170/4 | - | €14,274 | €57,423 | €90,016 | €57,335 | ▼ 36.3% |
| Amounts payable within one year42/48 | €148,004 | €137,070 | €135,315 | €170,612 | €194,252 | ▲ 13.9% |
| Current portion of amounts payable after more than one year42 | - | €11,179 | €23,127 | €36,844 | €53,953 | ▲ 46.4% |
| Trade debts44 | €12,144 | €9,995 | €14,616 | €11,538 | €10,219 | ▼ 11.4% |
| Suppliers440/4 | - | €9,995 | €14,616 | €11,538 | €10,219 | ▼ 11.4% |
| Taxes, remuneration and social security45 | - | €45,896 | €47,572 | €52,230 | €55,080 | ▲ 5.5% |
| Taxes450/3 | - | €34,960 | €35,871 | €40,924 | €43,796 | ▲ 7.0% |
| Remuneration and social security454/9 | - | €10,936 | €11,701 | €11,306 | €11,284 | ▼ 0.2% |
| Other amounts payable47/48 | - | €70,000 | €50,000 | €70,000 | €75,000 | ▲ 7.1% |
| Accrued charges and deferred income492/3 | - | - | - | €2,266 | €294 | ▼ 87.0% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €57,933 | €66,845 | €48,822 | €68,708 | €75,371 | ▲ 9.7% |
| + Depreciation and write-downs630 | €6,864 | €9,678 | €17,334 | €31,709 | €33,890 | ▲ 6.9% |
| Operating cash flow (approximation) | €64,797 | €76,523 | €66,156 | €100,417 | €109,261 | ▲ 8.8% |
| Investment in fixed assets (approximation) | - | €0 | -€69,500 | -€73,342 | -€26 | ▲ 100.0% |
| Change in cash | - | €9,162 | -€31,533 | €27,084 | €21,465 | ▼ 20.7% |
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
09-07
State Gazette act
Resignation: VIncenzo MARINELLI (director)Director discharge3 facts ▸
State Gazette act
Resignation: VIncenzo MARINELLI (director)
Director discharge3 facts ▸
- General meeting, 30-06-2026
- Director resignation, VIncenzo MARINELLI (director)
- Director discharge, VIncenzo MARINELLI (director)
2025
30-07
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
31-12
Financial
Highest result since 2018net €75,371 ▲9.7%
Operating result €105,507, net result €75,371, both a record.
17-06
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
24-08
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 24 days late
2022
31-12
Financial
Weakest financial yearnet €48,822 ▼27%
Net result drops to €48,822, the lowest in the series; recovery starts the following year.
31-08
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 31 days late
2021
22-06
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
2020
20-08
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 20 days late
2019
27-08
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema · 27 days late
2018
26-06
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema
2017
23-08
NBB filing
Annual accounts filed
fiscal year 2016 · micro schema · 23 days late
2016
20-06
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 4 acts read
About the unread acts
Of the 4 Belgian State Gazette acts we know for this company, 1 has been read. The other 3 have not been read yet: what they contain is neither established nor disproved here.
Have them read with priority
Sign in to place this company at the front of the reading queue.
Directors · office · real estate
Directors
no sitting director, last change in 2026
We have established no sitting directors for this company. We derive directors from published Gazette acts; while there are none, or none read, nothing appears here. That does not mean the company has none: the CBE keeps its own list of function holders, which we do not read.
Not every act has been read: a resignation may be missing here
3 of this company's 4 Belgian State Gazette acts have not been read yet. Appointments and resignations recorded in them are missing above: a director who resigned there may therefore still show here as sitting. The acts are in the Timeline.
Location & real-estate footprint
Registered office, Charleroi · 1 establishment unit since 2007
Ground area
1.7 ha
Building footprint
5,334 m²
Volume, LiDAR
43,124 m³
Parcel 52028B0308/02B002, Wallonia · tallest building 9.2 m, ±3 floors. Linked by address, not a title deed.
36
companies at this address
See who is registered here
1 establishment unit
COMARFIN
since 20072.165.114.828
1 parcel
Wallonia
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 52028B0308/02B002 | Wallonia | 1.7 ha | 1 · 5,334 m² | 9.2 m · 3 fl. |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel 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, 0 in office
- Board
- began earlier
| Name | Functions and periods |
|---|---|
| VIncenzo MARINELLI |
|
Similar companies · same sector, comparable size
CONSIS BELGIUM
BE 0808.224.487
Eupen · Eq €16,230
Pascal Lucchese
BE 1013.658.710
Saint-Hubert · Eq €16,207
OPTI ACCOUNT
BE 0823.079.147
Tubize · Eq €16,199
MEF CONSULTING
BE 1021.755.438
Perwez · Eq €16,273
Dierckx L Accountancy
BE 1006.593.051
Aarschot · Eq €16,280
Of 12,174 companies in sector 69201 we hold annual accounts for 7,641. 4,026 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company
Founded28-03-2007
Fiscal year end31-12
Activities, NACEBEL 2025
69201Certified accountants and tax accountants
E-invoicing
Reachable via Peppol
Peppol ID
0208:0888315013
Also
9925:BE0888315013
Registered
16-05-2025
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.