Equity
COMFETH has made a profit in every financial year since 2018.
COMFETH has made a profit in every financial year since 2018.
The accounts state no turnover.
Of this, €1.8m falls due within a year.
More staff in 2025: different schema filed.
Latest accounts filed late: after the legal deadline.
The dashed line is the sector median: 0.5% across 1,180 companies (NACE 49, small).
About 4 in 100 comparable companies go bankrupt within 12 months (an estimate).
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 49, small). It does better than 26% of them on solvency, 5% on liquidity, 15% on profitability and 42% on growth.
The bankruptcy probability was computed on 06-11-2026 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 elevated class on 30-06-2025, 6.3% 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).
In July 2024, 2,372 companies had the same profile as COMFETH has now. Each dot stands for 6 companies, two years later.
Another 0.1% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of COMFETH itself is higher: 4.4% within 12 months. It rests on far more data about COMFETH than the profile alone.
The method was tested on the 497,447 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 2,372 companies, not a prediction for COMFETH. 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.
Liquidity is tight, with a current ratio of 1.05 (1.03 in 2024), below the usual 1.5. Short-term debt is 74.2% and cash 0.1% of total assets. 79% of the assets are financed with debt and provisions.
Show the recommended maximum and see how the verdict changes with amount, term and advance.
The scores and ratios are Checked's own calculations, not a credit decision.
The company filed its last 7 accounts on average 70 days after the deadline. In the sector (NACE 49), the median for financial year 2024 was on the deadline day, and 49% of those companies filed late.
| Company | ||||
|---|---|---|---|---|
| COMFETH Molenbeek-Saint-Jean | €2.5m | €1.0m | 21.0% | 25.2 |
| Shukur Etterbeek | €1.5m | €1.0m | -15.9% | 21.8 |
| SCAN GLOBAL LOGISTICS Antwerp | €3.1m | €1.5m | 23.8% | 21 |
| DELIVER-IT express Mechelen | €2.3m | €1.3m | 9.4% | 16.7 |
| LENSEN Roeselare | €2.8m | €1.6m | 33.5% | 21.5 |
| RGT Transport Hamme (Vl.) | €3.5m | €1.4m | -19.8% | 18.1 |
| GEPETRANS Diepenbeek | €1.8m | €1.5m | 15.1% | 21.2 |
These companies have the same main activity as COMFETH: freight transport by road (NACE 49410). They are comparable in size and age: total assets between €1.5m and €3.5m, founded between 2014 and 2019.
COMFETH files the abbreviated format. That format states no turnover. The gross margin rose from €120,418 in 2018 to €1.0m in 2025.
In 2025, three directors stepped down.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette.
Higher than 28% of 2,411 companies in 2025.
Higher than 35% of 2,363 companies in 2025.
Higher than 27% of 2,371 companies in 2025.
Net result: middle half · Equity: middle half · Balance sheet total: top quarter · Working capital: middle half · Staff: top quarter
Staff costs divided by the average number of full-time equivalents.
In 2025, 20 people joined and 18 left.
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Balance sheet: assets | |||||||||
20/58 |
2.5m | 2.6m | 1.4m | 961,626 | 1.0m | 1.2m | 681,030 | 742,069 | |
21/28 |
540,688 | 557,511 | 83,673 | 85,301 | 35,755 | 34,078 | 28,435 | 27,555 | |
22/27 |
411,344 | 448,167 | 14,329 | 14,756 | 5,461 | 7,683 | 2,040 | 1,160 | |
24 |
27,689 | 33,125 | 14,329 | 14,756 | 5,461 | 7,683 | 2,040 | 1,160 | |
25 |
129,559 | 162,582 | - | - | - | - | - | - | |
26 |
254,095 | 252,459 | - | - | - | - | - | - | |
28 |
129,345 | 109,345 | 69,345 | 70,545 | 30,295 | 26,395 | 26,395 | 26,395 | |
29/58 |
1.9m | 2.1m | 1.4m | 876,326 | 1.0m | 1.1m | 652,595 | 714,514 | |
40/41 |
1.9m | 1.8m | 933,515 | 637,264 | 890,129 | 1.1m | 535,007 | 710,720 | |
40 |
1.5m | 1.6m | 908,660 | 567,264 | 721,647 | 990,736 | 448,006 | 695,269 | |
41 |
410,181 | 210,166 | 24,855 | 70,000 | 168,482 | 110,956 | 87,001 | 15,451 | |
50/53 |
- | - | - | - | - | - | - | 1,583 | |
54/58 |
2,002 | 28,709 | 418,872 | 236,358 | 117,723 | 33,791 | 113,089 | - | |
490/1 |
5,265 | 252,415 | 289 | 2,704 | 2,868 | - | 4,500 | 2,211 | |
| Balance sheet: equity and liabilities | |||||||||
10/49 |
2.5m | 2.6m | 1.4m | 961,626 | 1.0m | 1.2m | 681,030 | 742,069 | |
10/15 |
522,554 | 505,211 | 489,647 | 397,901 | 447,738 | 369,562 | 166,545 | 51,513 | |
10/11 |
18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | |
100 |
- | - | - | - | - | - | 18,600 | 18,600 | |
13 |
1,860 | 1,860 | 1,860 | 1,860 | 1,860 | 1,860 | 1,860 | 1,860 | |
130/1 |
1,860 | 1,860 | 1,860 | 1,860 | 1,860 | 1,860 | - | - | |
130 |
- | - | - | - | - | - | 1,860 | 1,860 | |
1311 |
1,860 | 1,860 | 1,860 | 1,860 | 1,860 | 1,860 | - | - | |
14 |
502,094 | 484,751 | 469,187 | 377,441 | 427,278 | 349,102 | 146,085 | 31,053 | |
17/49 |
2.0m | 2.1m | 946,702 | 563,726 | 598,738 | 799,999 | 514,485 | 690,556 | |
17 |
118,027 | 118,027 | - | - | - | - | - | - | |
170/4 |
118,027 | 118,027 | - | - | - | - | - | - | |
42/48 |
1.8m | 2.0m | 946,702 | 563,726 | 598,738 | 799,999 | 513,635 | 690,556 | |
42 |
29,545 | 32,662 | - | - | 1,315 | 2,894 | - | - | |
43 |
- | - | - | 40,520 | - | - | - | - | |
430/8 |
- | - | - | 40,520 | - | - | - | - | |
44 |
1.6m | 1.9m | 810,540 | 409,882 | 409,517 | 687,640 | 495,084 | 594,937 | |
440/4 |
1.6m | 1.9m | 810,540 | 409,882 | 409,517 | 687,640 | 495,084 | 594,937 | |
45 |
188,774 | 118,206 | 136,163 | 113,324 | 187,906 | 109,465 | 18,551 | 30,169 | |
450/3 |
148,360 | 72,646 | 135,103 | 99,860 | 187,906 | 109,465 | 18,551 | 30,169 | |
454/9 |
40,414 | 45,560 | 1,060 | 13,465 | - | - | - | - | |
47/48 |
1,800 | 1,800 | - | - | - | - | - | 65,450 | |
492/3 |
- | - | - | - | - | - | 850 | - | |
| Income statement | |||||||||
70 |
- | - | - | - | - | - | - | 6.1m | |
9900 |
1.0m | 622,689 | 429,736 | 281,191 | 98,509 | 313,242 | 111,299 | 120,418 | |
60/61 |
- | - | - | - | - | - | - | 6.0m | |
62 |
952,114 | 520,585 | 269,289 | 109,462 | - | - | - | - | |
630 |
38,823 | 20,373 | 5,090 | 3,309 | 2,223 | 969 | 293 | 14 | |
640/8 |
11,226 | 28,273 | 10,793 | 12,023 | 10,622 | 7,427 | 6,559 | 9,168 | |
66A |
287 | 270 | - | - | - | 287 | - | 351 | |
9901 |
43,910 | 53,188 | 144,565 | 156,396 | 85,664 | 304,559 | 104,447 | 110,885 | |
75/76B |
- | - | - | - | 7,644 | 5,931 | 5 | - | |
75 |
- | - | - | - | 7,644 | 5,931 | 5 | - | |
65/66B |
26,567 | 12,768 | 7,674 | 1,503 | 1,102 | 559 | 369 | 21 | |
65 |
26,567 | 12,768 | 7,674 | 1,503 | 1,102 | 559 | 369 | 21 | |
9903 |
17,343 | 40,420 | 136,891 | 154,893 | 92,207 | 309,932 | 104,084 | 110,864 | |
67/77 |
- | 24,855 | 45,145 | 204 | 14,031 | 106,915 | 51,551 | - | |
9904 |
17,343 | 15,565 | 91,746 | 154,689 | 78,176 | 203,016 | 52,533 | 110,864 | |
9905 |
17,343 | 15,565 | 91,746 | 154,689 | 78,176 | 203,016 | 52,533 | 110,864 | |
| Appropriation of the result | |||||||||
9906 |
502,094 | 484,751 | 469,187 | 581,966 | 427,278 | 349,102 | 146,085 | 110,864 | |
14P |
484,751 | 469,187 | 377,441 | 427,278 | 349,102 | - | - | - | |
691/2 |
- | - | - | - | - | - | - | 1,860 | |
6920 |
- | - | - | - | - | - | - | 1,860 | |
694/7 |
- | - | - | 204,525 | - | - | - | 77,951 | |
694 |
- | - | - | 204,525 | - | - | - | 62,500 | |
695 |
- | - | - | - | - | - | - | 15,451 | |
| Social balance sheet | |||||||||
9087 |
25.2 | 12.8 | 1 | 1 | - | - | - | - | |
Hours worked1013 |
40,906 | 2,297,480 | 1,391 | 1,006 | - | - | - | - | |
| Document | |||||||||
The notes to these accounts have 10 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the accounts filed with the NBB.
Source: Annual accounts 2025 at the NBB, filed on 06-10-2026.
2025 annual accounts filed 67 days after the deadline. Filed on 6 October 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00547775.
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 06-10-2026 | 2026-00547775 | |
| 31-12-2024 | full format | 29-01-2026 | 2026-00018663 | |
| 31-12-2023 | full format | 20-09-2024 | 2024-00468462 | |
| 31-12-2022 | full format | 06-10-2023 | 2023-00479245 | |
| 31-12-2021 | full format | 01-09-2022 | 2022-20397654 | |
| 31-12-2020 | micro format | 30-09-2021 | 2021-70000343 | |
| 31-12-2019 | micro format | 31-08-2020 | 2020-47700381 | |
| 31-12-2018 | full format | 29-07-2019 | 2019-40900079 |
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
| 82,733 | 73,561 | 149,654 | 159,705 | 87,887 | 305,529 | 104,741 | 110,899 | ||
| 56,166 | 35,938 | 96,836 | 157,998 | 80,399 | 203,986 | 52,826 | 110,878 | ||
| 22,000 | 494,211 | 4,662 | 52,855 | 3,900 | 6,613 | 5,947 | 27,569 | ||
| -26,707 | -390,163 | 182,514 | 118,635 | 83,932 | -79,297 | - | - | ||
| 99,893 | 65,727 | 405,973 | 312,600 | 411,982 | 335,484 | 138,961 | 23,958 | ||
| - | - | - | - | - | - | - | 1.8% | ||
| 21.0% | 19.2% | 34.1% | 41.4% | 42.8% | 31.6% | 24.5% | 6.9% | ||
| 1.05 | 1.03 | 1.43 | 1.55 | 1.69 | 1.42 | 1.27 | 1.03 | ||
| 3.75 | 4.20 | 1.93 | 1.42 | 1.34 | 2.16 | 3.09 | 13.41 | ||
| 3.3% | 3.1% | 18.7% | 38.9% | 17.5% | 54.9% | 31.5% | 215.2% | ||
| 0.7% | 0.6% | 6.4% | 16.1% | 7.5% | 17.4% | 7.7% | 14.9% | ||
| 3.11 | 5.76 | 19.50 | over 100 | 79.73 | - | - | - | ||
| - | - | - | - | - | - | - | 42 days | ||
| - | - | - | - | - | - | - | 36 days |
A Belgian filing has no cash-flow statement. Cash flow is therefore an approximation, derived from the income statement. Investment is the acquisitions in the notes and, without them, the balance-sheet move.
| Item | 31-12-2025 | 31-12-2024 | 31-12-2023 | 31-12-2022 |
|---|---|---|---|---|
| Employees at the balance-sheet date | 22 | 20 | - | 1 |
| full-time | 22 | 19 | - | 1 |
| part-time | - | 1 | - | - |
| in full-time equivalents | 22 | 19.7 | - | 1 |
| 25.2 | 12.8 | 0.8 | 0.6 | |
| On a permanent contract | - | - | - | 1 |
| Joined | 20 | 20 | 0 | 1 |
| Left | 18 | 0 | 1 | 0 |
Source: social balance sheet in the 2022 to 2025 annual accounts
| Item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Tangible fixed assets | €2,000 | €454,211 | €4,662 | €12,605 | - |
| Financial fixed assets | €20,000 | €40,000 | - | €40,250 | €3,900 |
| €38,823 | €20,373 | €5,090 | €3,309 | €2,223 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
The operating result for 2025 is 17% lower than in 2024 and the lowest since 2018. It is the third fall in a row.
Debt's share of the balance-sheet total falls from 80.8% to 79.0%. Equity is higher and debt is lower.
COMFETH has no parent and no holdings in its annual accounts. Makhoukh Mustapha is the only director. COMFETH shares no director with another company.
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Deadline for the 2026 accounts: 31-07-2027
Financial milestones sit on the financial year-end date, not the filing date.
Sources: Publications in the Belgian Official GazetteFilings with the National Bank
| Establishment | Since | Unit number | FASFC approval |
|---|---|---|---|
| Sippelberglaan 3 registered office 1080 Molenbeek-Saint-Jean | 30-01-2018 | 2.272.487.195 | Transport of foodstuffs under controlled temperature and/or atmosphere |
| Cadastral parcel | Area | Buildings | Height / floors |
|---|---|---|---|
| 21526D0083/02M006 | 1,030 m² | 1 · 906 m² | 19.1 m · 5 |
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