Equity
-€15,475
Debts exceed assets in financial year 2025.
CONAFIN
Lifetime
20 annual accounts with figures on one time axis, 31 filings since 1995peak €654,402 (2006)
€14,235▲ €25,576
lowest -€58,724 (2011)
€13,338▲ €25,903
peak €1.4m (2008)
-€15,475▲ €13,338
€349,725▼ 2.7%
Board4 names since 2018
2 directorsFivanco and 1 other
Owners
99.97%FIVANCO
Documentsfilings and deeds
15-07-202616 days before the deadline
2025financial year
Gross margin from -€11,341 to €14,235Back to profit: €13,338Equity from -€28,813 to -€15,475Cash from €9,446 to €12,908
Key points
from the 2025 annual accountsChecked score
54
Fair
Financially stronger than 35% of micro companies without a NACE code
Probability in this band: 1.5% to 4.2%
Negative equity caps the score at 59.
Bankruptcy probability within 12 months
0.2% Very low
0%0.5%1.5%4%10%≥ 25%
About 2 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
Last 24 months
12-2024: 0.9%
01-2025: 0.9%● unchanged vs 12-2024
02-2025: 0.9%● unchanged vs 01-2025
03-2025: 0.9%● unchanged vs 02-2025
04-2025: 0.9%● unchanged vs 03-2025
05-2025: 1.2%▲ +0.3 percentage points vs 04-2025
06-2025: 1.6%▲ +0.4 percentage points vs 05-2025
07-2025: 1.9%▲ +0.3 percentage points vs 06-2025highest value
08-2025: 0.9%▼ -1.0 percentage point vs 07-2025
09-2025: 0.3%▼ -0.6 percentage points vs 08-2025
10-2025: 0.3%● unchanged vs 09-2025
11-2025: 0.3%● unchanged vs 10-2025
12-2025: 0.3%● unchanged vs 11-2025
01-2026: 0.3%● unchanged vs 12-2025
02-2026: 0.3%● unchanged vs 01-2026
03-2026: 0.3%● unchanged vs 02-2026
04-2026: 0.3%● unchanged vs 03-2026
05-2026: 0.4%▲ +0.1 percentage points vs 04-2026
06-2026: 0.4%● unchanged vs 05-2026
07-2026: 0.5%▲ +0.1 percentage points vs 06-2026
08-2026: 0.2%▼ -0.3 percentage points vs 07-2026lowest value
09-2026: 0.2%● unchanged vs 08-2026lowest value
10-2026: 0.2%● unchanged vs 09-2026lowest value
11-2026: 0.2%● unchanged vs 10-2026lowest value
Financial strengthWeak
Score breakdown
raises risk
Capped at 59: negative equity
Negative equity -€15,475
Founded in 1994
lowers risk
Size: total assets €434,250
Figures for financial year 2025 (filed on 15-07-2026)
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 (no NACE code, micro). It does better than 14% of them on solvency, 9% on liquidity, 34% on profitability and 86% on growth.
The bankruptcy probability was computed on 10-11-2026 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).
Comparable companies, two years later
In July 2024, 1,449 companies had the same profile as CONAFIN has now. Each dot stands for 4 companies, two years later.
92.2%
were still trading
4.8%
stopped another way
2.5%
went bankrupt
Another 0.5% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of CONAFIN itself is lower: 0.2% within 12 months. It rests on far more data about CONAFIN than the profile alone.
Test of the method
The method was tested on the 497,448 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 1,449 companies, not a prediction for CONAFIN. 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.
Credit verdict
No credit on open account
Liquidity is insufficient, with a current ratio of 0.91 (0.88 in 2024), below 1. Short-term debt is 80.5% and cash 3% of total assets. Equity is negative.
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Signals
Five signals.
lowers riskraises riskneutral
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 15-07-2026, 16 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
16 days early
2024
17 days early
2023
13 days early
2022
12 days early
2021
24 days early
2020
38 days early
2019
43 days early
← before the deadline
after the deadline →
tick = median of all Belgian filings
The company filed its last 7 accounts on average 23 days before the deadline. The Belgian median for financial year 2024 was 4 days before the deadline, and 38% of all filings were late.
Searched, nothing found (2)
neutral · Next filing not due yet
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today. The company usually files around 15 July (5 of the last 5 accounts filed within 30 days either side of that date).
Companies Code · seven monthsWhere today falls in the filing period
11-11-2026 today31-12-2026 year end31-07-2027 deadline
Recent changes
Registered in the Peppol Directory
Reachable for e-invoices through 0208:0453412642
Registered office moved to Kortrijk
New registered office: Beneluxpark 29 bus 0021, 8500 Kortrijk · Change of role: FIVANCO, from director to sole director · Permanent representative: Vanbiervliet David · Gazette deed
Resignation: David VANBIERVLIET (managing director)
General meeting of 06-04-2020 · Gazette deed
1 director resigning, 2 reappointments
Reappointments: Fivanco N.V. (managing director) and David Vanbiervliet (managing director) · Permanent representatives: David Vanbiervliet and Jean-Luc Desmet · Resignation: Het Kapittelhof N.V. · General meeting of 12-06-2018 · Gazette deed
Official details
Source: KBO- Status
- Active since 08-09-1994Normal situation
- Registered office
- 21 active companies are registered at this addressSource: KBO register, as of 10 November 2026.
- Activity
- “De handel in immobiliën” (deed in Dutch)From the articles, 10 activitiesNo NACE code in the KBO yet
- Establishment unit
- 2.068.353.4678500 Kortrijk, since 28-09-1994
- Financial year end
- 31 December
- Peppol
- Reachable since 27-03-2026
Annual accounts 2025
- ≈ €96,000estimated
- €434,250▲ 0.8%
- Filing
- Filed on 15-07-2026, 16 days before the end of the filing period
Companies linked to CONAFIN
Parent and group
Insights on CONAFIN
CONAFIN has existed since 1994. The gross margin fell from €654,402 in 2006 to €93,546 in 2007.
FIVANCO holds all the shares. In August 2023, the Official Gazette published the appointment of Fivanco as managing director.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette. Click a figure with a dotted line for the item and the filing.
Key facts about CONAFIN
- What is the company number of CONAFIN?
- The company number of CONAFIN is 0453.412.642. The VAT number is the same number with BE in front: BE 0453.412.642.
- Where is CONAFIN based?
- The registered office is at Beneluxpark 29, 8500 Kortrijk.Company details
- What is the legal form of CONAFIN?
- CONAFIN is a public limited company (NV).
- When was CONAFIN founded?
- CONAFIN was founded on 08-09-1994.
- Is CONAFIN still active?
- Yes, CONAFIN is an active enterprise in the KBO register.
- What is the turnover of CONAFIN?
- The turnover in financial year 2025 is ≈ €96,000. This figure is estimated from the gross margin of €14,235 and 2,728 comparable companies of the same size. It probably lies between €40,000 and €240,000. It is a rough estimate.Financials
- Is CONAFIN profitable?
- In financial year 2025, CONAFIN made a profit of €13,338.
- Where can I find the annual accounts of CONAFIN?
- CONAFIN filed 31 annual accounts with the National Bank of Belgium, the latest for financial year 2025.
- When are the next annual accounts of CONAFIN due?
- CONAFIN must file the annual accounts for financial year 2026 by 31-07-2027.Timeline
Next steps
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