COMARFO
ActiveSummary
COMARFO has been active since 1995 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €418,381 and a net result of -€58,213. Equity is growing by about 5.4% per year across the filed financial years. The computed 12-month bankruptcy probability is 0.6% (low).
Overview
- Equity
- €418,381
- Loss
- -€58,213
- Holdings
- 1
- Laure-Anne FolbroeckDirector
Why 69raises riskLiquidity: current ratio 1.38, cash €2,680, halvedLast filed accounts filed 31 days late; 1 of the last 3 lateLoss of €58,213, the second in a row (financial year 2025)lowers riskSize: total assets €1.9mShow the evidence
Checked score
About 6 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
How it is calculated
The band follows from the bankruptcy probability, on a scale where 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 (no NACE code, micro): better than 29% on solvency, 32% on liquidity, 20% on profitability and 22% on growth.
The bankruptcy probability was computed on 29-10-2026 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.
Some facts cap the score, however low the probability. Negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late hold it at Fair at most (59); two missing filings, at Weak (44). An ongoing judicial reorganisation or the company's end (bankruptcy, dissolution, liquidation) holds it at Critical at most (24).
Credit check for your own amount and term
Show the recommended maximum and see how the verdict changes with amount, term and advance.
Signals
This company filed its last 7 accounts on average 29 days after the deadline; the Belgian median for financial year 2024 is 4 days before the deadline, and 38% of all filings were late.
Searched, nothing found (2)
- Annual accounts filedfinancial year 2025 · abbreviated…
- Appointment: Laure-Anne Folbroeck (director)Gazette deed
- Annual accounts filedfinancial year 2024 · abbreviated…
Financials · financial year 2025, abbreviated format
2025 annual accounts filed late (31 days) Filed on 31 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00472268.
2021 to 2025, 5 financial years 2018 to 2025, 8 financial years
The operating result stays negative: a loss of €44,556 in 2025 against €37,138 in 2024; the loss grows and 2025 has the lowest result in the available series.
What the company sold each financial year and what was left of it. A loss stands below the zero line.
What the company owns (total assets), how much of it is its own (equity) and how much it owes.
Short-term assets minus short-term debts. Above zero the company can pay its bills in the short term.
Average staff in full-time equivalents (FTE).
Use the arrow keys on the chart for the figures per year.
- 2025 Net result +90% on 2024. Merger absorbing Sgravenwesele, Official Gazette 18-11-2024, in the previous financial year; now counts for a full year for the first time.
Peer companies
Historical observationOf the 2,507 companies that looked in July 2024 the way this one looks now, 1.6% went bankrupt within 24 months and 96.4% are still going.
- Small
- 20 years or older
- solvency 10 to 30%
- a small loss
A further 0.2% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.6% over twelve months; the group does not contradict it.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,445 companies of July 2024 its group's bankruptcy share. Expected: 1.6%; actually bankrupt within 24 months: 1.7%.
| 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% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 74.5% 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 2,507 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.
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €77,224 | €0 | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €110,525 | €97,706 | €154,750 | €90,554 | €87,763 | €87,995 | €95,723 | €90,283 | ▼ 5.7% |
| Other operating charges640/8 | - | - | - | €9,430 | €9,787 | €8,879 | €10,632 | €11,358 | ▲ 6.8% |
| Non-recurring operating charges66A | - | - | - | - | - | €26,822 | €22,599 | €0 | ▼ 100% |
| Gross operating margin9900 | €268,514 | €169,755 | €218,069 | €230,909 | €174,301 | €137,251 | €91,816 | €57,085 | ▼ 37.8% |
| Operating profit (loss)9901 | €98,061 | €48,674 | €28,982 | €130,925 | €76,751 | €13,555 | -€37,138 | -€44,556 | ▼ 20.0% |
| Financial income75/76B | - | - | - | €7,003 | €6,810 | €152,429 | €8,279 | €7,558 | ▼ 8.7% |
| Recurring financial income75 | €729 | €18,205 | €3,428 | €7,003 | €6,810 | €152,429 | €8,279 | €7,558 | ▼ 8.7% |
| Financial charges65/66B | - | - | - | €354,560 | €28,013 | €25,353 | €571,541 | €27,566 | ▼ 95.2% |
| Recurring financial charges65 | €40,616 | €48,806 | €40,004 | €46,182 | €28,013 | €25,353 | €33,325 | €27,566 | ▼ 17.3% |
| Non-recurring financial charges66B | - | - | - | €308,378 | €0 | - | €538,216 | €0 | ▼ 100% |
| Profit (loss) for the period before taxes9903 | €58,174 | €18,073 | -€7,594 | -€216,632 | €55,548 | €140,631 | -€600,401 | -€64,564 | ▲ 89.2% |
| Transfer from deferred taxes780 | - | - | - | - | €7,209 | €7,209 | €13,848 | €7,267 | ▼ 47.5% |
| Income taxes67/77 | €14,832 | €14,001 | €9,342 | €9,226 | €23,848 | €4,418 | €1,696 | €915 | ▼ 46.0% |
| Profit (loss) for the period9904 | €46,016 | €6,745 | -€12,307 | -€225,858 | €38,909 | €143,422 | -€588,249 | -€58,213 | ▲ 90.1% |
| Transfer from tax-exempt reserves789 | - | - | - | - | €21,627 | €21,627 | €41,543 | €21,800 | ▼ 47.5% |
| Profit (loss) for the period to be appropriated9905 | €33,503 | €31,732 | -€1,505 | -€225,858 | €60,537 | €165,050 | -€546,706 | -€36,413 | ▲ 93.3% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €2.8m | €3.1m | €3.0m | €2.6m | €2.6m | €3.1m | €2.2m | €1.9m | ▼ 13.3% |
| Fixed assets21/28 | €2.7m | €2.4m | €2.9m | €2.3m | €2.3m | €2.5m | €1.8m | €1.6m | ▼ 13.6% |
| Tangible fixed assets22/27 | €1.8m | €1.3m | €1.7m | €1.8m | €1.8m | €1.5m | €1.4m | €1.3m | ▼ 4.9% |
| Land and buildings22 | - | - | - | €1.7m | €1.7m | €1.4m | €1.4m | €1.3m | ▼ 5.6% |
| Plant, machinery and equipment23 | - | - | - | €0.004m | €0.002m | €0.002m | €0.002m | €0.002m | ▼ 17.5% |
| Furniture and vehicles24 | - | - | - | €0.04m | €0.05m | €0.06m | €0.03m | €0.04m | ▲ 26.4% |
| Financial fixed assets28 | €0.9m | €1.2m | €1.2m | €0.5m | €0.5m | €1.1m | €0.4m | €0.2m | ▼ 42.7% |
| Current assets29/58 | €0.06m | €0.7m | €0.09m | €0.3m | €0.2m | €0.6m | €0.3m | €0.3m | ▼ 11.4% |
| Amounts receivable after more than one year29 | - | - | - | €0.2m | €0.2m | €0.3m | €0.3m | €0.3m | ▲ 5.3% |
| Other amounts receivable291 | - | - | - | €0.2m | €0.2m | €0.3m | €0.3m | €0.3m | ▲ 5.3% |
| Stocks and contracts in progress3 | - | €0.5m | - | - | - | - | - | - | - |
| Amounts receivable within one year40/41 | €0.05m | €0.06m | €0.03m | €0.004m | €0 | - | - | - | - |
| Trade receivables40 | - | - | - | €0.004m | €0 | - | - | - | - |
| Cash at bank and in hand54/58 | €0.008m | €0.02m | €0.05m | €0.1m | €0.006m | €0.3m | €0.06m | €0.003m | ▼ 95.1% |
| Deferred charges and accrued income490/1 | - | - | - | €0.001m | €0.001m | €0.001m | €0.003m | €0.002m | ▼ 46.2% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €2.8m | €3.1m | €3.0m | €2.6m | €2.6m | €3.1m | €2.2m | €1.9m | ▼ 13.3% |
| Equity10/15 | €0.3m | €0.4m | €0.3m | €0.4m | €0.5m | €0.6m | €0.5m | €0.4m | ▼ 12.2% |
| Contributions10/11 | €0.02m | €0.02m | - | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Reserves13 | €0.3m | €0.3m | €0.04m | €0.4m | €0.3m | €0.3m | €0.7m | €0.7m | ▼ 3.0% |
| Non-distributable reserves130/1 | - | - | - | €0.002m | €0.002m | €0 | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €0.002m | €0.002m | €0 | - | - | - |
| Tax-exempt reserves132 | - | - | - | €0.4m | €0.3m | €0.3m | €0.7m | €0.7m | ▼ 3.0% |
| Distributable reserves133 | - | - | - | - | - | €0.002m | €0.002m | €0.002m | = |
| Profit (loss) carried forward14 | - | - | €0.3m | €0.05m | €0.1m | €0.3m | -€0.3m | -€0.3m | ▼ 13.5% |
| Provisions and deferred taxes16 | €0.007m | €0.005m | - | €0.1m | €0.1m | €0.09m | €0.2m | €0.2m | ▼ 3.2% |
| Deferred taxes168 | - | - | - | €0.1m | €0.1m | €0.09m | €0.2m | €0.2m | ▼ 3.2% |
| Amounts payable17/49 | €2.4m | €2.7m | €2.7m | €2.1m | €2.0m | €2.4m | €1.5m | €1.2m | ▼ 15.2% |
| Amounts payable after more than one year17 | €1.2m | €1.2m | €1.3m | €1.5m | €1.4m | €1.4m | €1.2m | €1.0m | ▼ 17.3% |
| Financial debts170/4 | - | - | - | €1.5m | €1.4m | €1.4m | €1.2m | €1.0m | ▼ 17.2% |
| Other amounts payable178/9 | - | - | - | - | - | - | €270 | €0 | ▼ 100% |
| Amounts payable within one year42/48 | €1.2m | €1.5m | €1.3m | €0.5m | €0.6m | €1.0m | €0.2m | €0.2m | ▼ 4.1% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | ▲ 0.7% |
| Financial debts43 | - | - | - | €0.003m | €0.003m | €0 | - | - | - |
| Other loans439 | - | - | - | €0.003m | €0.003m | €0 | - | - | - |
| Trade debts44 | €0.06m | €0.008m | €0.02m | €0.004m | €0.003m | €0.006m | €0.01m | €0.005m | ▼ 61.4% |
| Suppliers440/4 | - | - | - | €0.004m | €0.003m | €0.006m | €0.01m | €0.005m | ▼ 61.4% |
| Taxes, remuneration and social security45 | - | - | - | €0.002m | €0.02m | €0.02m | €0.005m | €0.003m | ▼ 51.7% |
| Taxes450/3 | - | - | - | €0.002m | €0.02m | €0.02m | €0.005m | €0.003m | ▼ 51.7% |
| Remuneration and social security454/9 | - | - | - | - | €390 | €390 | €0 | - | - |
| Other amounts payable47/48 | - | - | - | €0.4m | €0.4m | €0.7m | €0 | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €46,016 | €6,745 | -€12,307 | -€225,858 | €38,909 | €143,422 | -€588,249 | -€58,213 | ▲ 90.1% |
| + Depreciation and write-downs630 | €110,525 | €97,706 | €154,750 | €90,554 | €87,763 | €87,995 | €95,723 | €90,283 | ▼ 5.7% |
| Operating cash flow (approximation) | €156,540 | €104,451 | €142,443 | -€135,305 | €126,672 | €231,417 | -€492,525 | €32,070 | - |
| Investment in fixed assets (approximation) | - | €174,660 | -€637,587 | €514,089 | -€130,590 | -€282,199 | €622,756 | €158,331 | ▼ 74.6% |
| Change in cash | - | €12,100 | €32,656 | €72,257 | -€119,297 | €284,997 | -€235,867 | -€52,462 | ▲ 77.8% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Latest 10 of 30 filings with the National Bank
| Financial year | Type | Filed | Reference |
|---|---|---|---|
| 31-12-2025 | abbreviated format | 31-08-2026 | 2026-00472268 |
| 31-12-2024 | abbreviated format | 04-08-2025 | 2025-00356298 |
| 31-12-2023 | abbreviated format | 27-08-2024 | 2024-00399727 |
| 31-12-2022 | abbreviated format | 16-08-2023 | 2023-00333016 |
| 31-12-2021 | abbreviated format | 30-08-2022 | 2022-20380021 |
| 31-12-2020 | abbreviated format | 04-08-2021 | 2021-46400314 |
| 31-12-2019 | abbreviated format | 30-10-2020 | 2020-68100221 |
| 31-12-2018 | abbreviated format | 26-08-2019 | 2019-52400138 |
| 31-12-2017 | abbreviated format | 31-07-2018 | 2018-42300240 |
| 31-12-2016 | abbreviated format | 28-09-2017 | 2017-64700200 |
Public contracts: No European public contracts awarded found since October 2016. Contracts below the EU thresholds are not in TED.
Directors
Not every act has been read: a resignation may still be missing
Mandate history
- Board
| Name | Functions and periods |
|---|---|
| Laure-Anne Folbroeck |
|
Owners and capital
Capital and shareholders
- Marc Folbroeck 210 shares
The Belgian Official Gazette names shareholders only when an act mentions them; the share register itself is not published.
- 18-09-2024 Capital stated in the deed · 210 shares
Group and network
Holdings and subsidiaries
1 holdingHoldings 1
-
100%
Sources: the companies' annual accounts, the acts in the Belgian Official Gazette and the LEI register. Annual accounts state the shareholders that notified the company under article 7:225 of the Code of Companies and Associations and the parent companies that consolidate it. 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 include these statements in its annual accounts, or does not have to, is not listed.
Connections & network
1 current directorThe network starts from this company’s directors. Other companies they run appear here as nodes.
Acquisitions and mergers
1 transactionHistory
Acts, filings and financial milestones
09-07
Gazette deed
Appointment: Laure-Anne Folbroeck (director)2 facts ▸
- General meeting, 15-06-2026
- Director appointment, Laure-Anne Folbroeck (director)
18-11
Gazette deed
RestructuringMerger · Shareholding · Accounting effect13 facts ▸
- General meeting, 22-10-2024
- Merger, “geruisloze fusie, gehele vermogen zonder uitzondering noch voorbehoud onder algemene titel” (deed in Dutch)
- Shareholding
- Accounting effect, 01-01-2024
- Other provision, “niet-stemgerechtigde effecten met bijzondere rechten” (deed in Dutch)
- Other provision, “bijzonder voordeel aan bestuurders” (deed in Dutch)
- Other provision, “vaststelling totstandkoming fusie/overgang vermogen”, 2 (deed in Dutch)
- Other provision, “vaststelling verdwijning vennootschap”, 3 (deed in Dutch)
- Power of attorney
- Approval, “boekjaar”, 5 (deed in Dutch)
- Other provision, “afgesloten boekjaar en opdrachten vanaf 2024-01-01, kwijting aan bestuurders” (deed in Dutch)
- Power of attorney, Patrick Knevels
- +1 further fact in this act
18-09
Gazette deed
Restructuring · MiscellaneousPermanent representatives: Marc Folbroeck and Ann Peeters · Merger · Capital13 facts ▸
- Merger, “fusie door overneming, geruisloze fusie” (deed in Dutch)
- Other provision, “ruilverhouding bij geruisloze fusie, artikel 12:57 WVV” (deed in Dutch)
- Capital (2 times)
- Shareholding, “10 A en 200 B aandelen”, 210 (deed in Dutch)
- Board composition, Marc Folbroeck (director)
- Shareholding, 100
- Board composition, “Bestuurder” (deed in Dutch)
- Board composition, Annfip (director)
- Permanent representative, Marc Folbroeck
- Permanent representative, Ann Peeters
- Accounting effect, 01-01-2024
- Other provision, “Rechten toegekend aan aandeelhouders van de over te nemen vennootschap met bijzondere rechten” (deed in Dutch)
- +1 further fact in this act
11-07
Gazette deed
Registered officeRegistered-office move1 fact ▸
- Registered-office move, Kipdorp 39 bus 25 2000-Antwerpen
Show earlier events
About the unread acts
Of the 8 Belgian Official Gazette deeds we know for this company, 4 have been read. The other 4 have not been read yet: what they contain is neither established nor disproved here.
Register details
No listing in the Peppol Directory under this enterprise or VAT number. That proves nothing: being listed there is voluntary.
What can you do?
Try sending from your invoicing software; if that fails, ask the customer whether they already receive via Peppol.
If the customer is not ready yet, you may send the invoice another way, for example as a PDF; if you send it electronically, you need their agreement on a secure channel. The invoice remains valid; it is the customer, not you, who risks a penalty. FPS Finance
If you follow this company, Checked tells you the day it appears in the Peppol register.
Register as of 29 October 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.
Environmental permits: No permit applications found in Flanders. Brussels and Wallonia do not publish the applicant.
Sites & property
1 establishment unit
1 parcel
| Cadastral parcel | Region | Area | Buildings | Height / floors |
|---|---|---|---|---|
| 11802B2037/00L000 | Flanders | 1,536 m² | 1 · 548 m² | 24.7 m · 7 |
How the parcels are linked
Articles of association
- PurposeThe activities the company may carry out under its articles.
- “Het aangaan van een mandaatcontract en/of handelshuurcontract met één financiële instelling en/of verzekeringsmaatschappijen; De exploitatie…” (deed in Dutch)
18 activities (deed in Dutch)
- Het aangaan van een mandaatcontract en/of handelshuurcontract met één financiële instelling en/of verzekeringsmaatschappijen;
- De exploitatie van administratieve en financiële kantoren;
- Het adviseren,ontwikkelen,organiseren en realiseren van promotionele en publicitaire activiteiten,met inbegrip van het voeren van commerciële transacties dienaangaande;
- Het adviseren op het vlak van marketing en publiciteit;
- Personeelsselectie en personeelswerving;
- De aan- en verkoop van computermateriaal,de dienstverlening,ontwikkeling,onderhoud in verband met software,netwerkinfrastructuren,informatie en communicatietechnologieën;
- Het management,adviseren,consulteren,begeleiden,leiden,optreden als bestuurder van en in alle vennootschappen en ondernemingen;
- Het verlenen van diensten,aan bedrijven en personen,waarin onder meer begrepen,het verstrekken van adviezen,het optreden als tussenpersoon,agent,commissionair,enzovoort;
- Het nemen van participaties onder eender welke vorm in alle bestaande of nog op te richten vennootschappen en ondernemingen;
- Het beheren van vennootschappen,ondernemingen en patrimonía,welke ook hun doel wezen,met inbegrip van de uitoefening van de functies van bestuurder,gedelegeerd bestuurder en vereffenaar van vennootschappen;
- In verband met onroerende goederen:verwerven,kopen,verkopen,ruilen,huren,verhuren,bouwen,onderhouden,beheren,in hypotheek geven en ontvangen;
- In verband met roerende goederen,lichamelijke en onlichamelijke:verwerven,kopen,verkopen,ruilen,huren,verhuren,onderhouden,beheren,in pand geven en ontvangen;
- Het optreden als franchisenemer en franchisegever;
- De vennootschap handelt voor eigen rekening,in consignatie,in commissie,als tussenpersoon of als vertegenwoordiger;
- Zij kan deelnemen of zich op andere wijze interesseren in allerhande vennootschappen,ondernemingen,groeperingen of organisaties;
- Zij mag haar onroerende goederen in hypotheek stellen en al haar andere goederen,met inbegrip van het handelsfonds,in pand stellen en zij mag aval verlenen voor alle leningen,kredietopeningen en alle andere verbintenissen,zowel voor haarzelf als deze voor alle derden;
- De vennootschap mag leningen verrichten aan derden;
- De vennootschap mag alle roerende en onroerende,industriële,commerciële of financiële verrichtingen doorvoeren die in verband staan met haar doel en alle handelingen stellen die rechtstreeks of onrechtstreeks de verwezenlijking ervan kunnen bevorderen,eveneens door deelneming in andere vennootschappen of bedrijvigheden onder alle mogelijke vormen.
Read from the deeds: 1 provision, deed of 18-09-2024