CONAFIN
ActiveSummary
CONAFIN has been active since 1994 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show negative equity (-€15,475) and a net result of €13,338, of which €21,712 non-recurring income. Equity is shrinking by about 51% per year across the filed financial years. The computed 12-month bankruptcy probability is 0.2% (very low).
Overview
- Equity
- -€15,475
- Profit
- €13,338
- Parent
- FIVANCO · 99.97%
- FivancoManaging director · permanent representative Vanbiervliet David
Why 54raises riskCapped at 59: negative equityNegative equity -€15,475Founded in 1994lowers riskSize: total assets €434,250Figures for financial year 2025 (filed 15-07-2026)Show the evidence
Checked score
About 2 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 14% on solvency, 9% on liquidity, 34% on profitability and 86% 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).
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Signals
This company filed its last 7 accounts on average 23 days before 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 · full…
- Back to profitnet €13,338
- Annual accounts filedfinancial year 2024 · abbreviated…
Financials · financial year 2025, full format
2021 to 2025, 5 financial years 2018 to 2025, 8 financial years
The operating result returns to profit in 2025: €13,392 after a loss of €12,160 in 2024, the highest 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.
Use the arrow keys on the chart for the figures per year.
Peer companies
Historical observationOf the 1,449 companies that looked in July 2024 the way this one looks now, 2.5% went bankrupt within 24 months and 92.3% are still going.
- Micro
- 20 years or older
- negative equity
- a profit under 5% of the balance sheet
A further 0.5% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a lower bankruptcy probability: 0.2% 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 497,445 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 1,449 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 | - | - | - | - | - | - | - | €21,712 | - |
| Other operating charges640/8 | - | - | - | €820 | €828 | €894 | €820 | €844 | ▲ 2.9% |
| Gross operating margin9900 | -€1,565 | -€5,748 | -€8,299 | -€6,635 | -€4,202 | -€4,367 | -€11,341 | €14,235 | - |
| Operating profit (loss)9901 | -€2,357 | -€6,546 | -€9,116 | -€7,455 | -€5,031 | -€5,261 | -€12,160 | €13,392 | - |
| Financial charges65/66B | - | - | - | €366 | €396 | €396 | €405 | €54 | ▼ 86.7% |
| Recurring financial charges65 | €570 | €249 | €276 | €366 | €396 | €396 | €405 | €54 | ▼ 86.7% |
| Profit (loss) for the period before taxes9903 | -€2,927 | -€6,721 | -€9,392 | -€7,821 | -€5,427 | -€5,657 | -€12,565 | €13,338 | - |
| Profit (loss) for the period9904 | -€2,927 | -€6,721 | -€9,392 | -€7,821 | -€5,427 | -€5,657 | -€12,565 | €13,338 | - |
| Profit (loss) for the period to be appropriated9905 | -€2,927 | -€6,721 | -€9,392 | -€7,821 | -€5,427 | -€5,657 | -€12,565 | €13,338 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €435,244 | €430,523 | €432,756 | €429,422 | €428,996 | €428,342 | €430,788 | €434,250 | ▲ 0.8% |
| Fixed assets21/28 | €115,998 | €115,998 | €115,998 | €115,998 | €115,998 | €115,998 | €115,998 | €115,998 | = |
| Financial fixed assets28 | €115,998 | €115,998 | €115,998 | €115,998 | €115,998 | €115,998 | €115,998 | €115,998 | = |
| Current assets29/58 | €319,246 | €314,525 | €316,757 | €313,423 | €312,998 | €312,344 | €314,790 | €318,252 | ▲ 1.1% |
| Amounts receivable within one year40/41 | €227,505 | €227,505 | €227,505 | €227,505 | €227,505 | €227,505 | €227,505 | €227,505 | = |
| Trade receivables40 | - | - | - | - | - | €0 | - | - | - |
| Other amounts receivable41 | - | - | - | €227,505 | €227,505 | €227,505 | €227,505 | €227,505 | = |
| Cash at bank and in hand54/58 | €13,902 | €9,181 | €11,414 | €8,080 | €7,654 | €7,000 | €9,446 | €12,908 | ▲ 36.7% |
| Deferred charges and accrued income490/1 | - | - | - | €77,839 | €77,839 | €77,839 | €77,839 | €77,839 | = |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €435,244 | €430,523 | €432,756 | €429,422 | €428,996 | €428,342 | €430,788 | €434,250 | ▲ 0.8% |
| Equity10/15 | €18,769 | €12,048 | €2,657 | -€5,165 | -€10,591 | -€16,248 | -€28,813 | -€15,475 | ▲ 46.3% |
| Contributions10/11 | €62,355 | €62,355 | €62,355 | €62,355 | €62,355 | €62,355 | €62,355 | €62,355 | = |
| Capital10 | - | - | - | €62,355 | €62,355 | €62,355 | €62,355 | €62,355 | = |
| Issued capital100 | - | - | - | €62,355 | €62,355 | €62,355 | €62,355 | €62,355 | = |
| Reserves13 | €6,236 | €6,236 | €6,236 | €6,236 | €6,236 | €6,236 | €6,236 | €6,236 | = |
| Non-distributable reserves130/1 | - | - | - | €6,236 | €6,236 | €6,236 | €6,236 | €6,236 | = |
| Legal reserve130 | - | - | - | €6,236 | €6,236 | €6,236 | €6,236 | €6,236 | = |
| Profit (loss) carried forward14 | -€49,822 | -€56,542 | -€65,934 | -€73,755 | -€79,182 | -€84,839 | -€97,404 | -€84,066 | ▲ 13.7% |
| Provisions and deferred taxes16 | €100,000 | €100,000 | €100,000 | €100,000 | €100,000 | €100,000 | €100,000 | €100,000 | = |
| Provisions for liabilities and charges160/5 | - | - | - | €100,000 | €100,000 | €100,000 | €100,000 | €100,000 | = |
| Other liabilities and charges164/5 | - | - | - | €100,000 | €100,000 | €100,000 | €100,000 | €100,000 | = |
| Amounts payable17/49 | €316,475 | €318,475 | €330,099 | €334,586 | €339,587 | €344,590 | €359,601 | €349,725 | ▼ 2.7% |
| Amounts payable within one year42/48 | €316,475 | €318,475 | €330,099 | €334,586 | €339,587 | €344,590 | €359,601 | €349,725 | ▼ 2.7% |
| Financial debts43 | - | - | - | €26,907 | €31,907 | €36,907 | €51,907 | €41,907 | ▼ 19.3% |
| Other loans439 | - | - | - | €26,907 | €31,907 | €36,907 | €51,907 | €41,907 | ▼ 19.3% |
| Trade debts44 | - | - | €624 | €111 | €112 | €115 | €126 | €250 | ▲ 98.4% |
| Suppliers440/4 | - | - | - | €111 | €112 | €115 | €126 | €250 | ▲ 98.4% |
| Other amounts payable47/48 | - | - | - | €307,568 | €307,568 | €307,568 | €307,568 | €307,568 | = |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€2,927 | -€6,721 | -€9,392 | -€7,821 | -€5,427 | -€5,657 | -€12,565 | €13,338 | - |
| Operating cash flow (approximation) | -€2,927 | -€6,721 | -€9,392 | -€7,821 | -€5,427 | -€5,657 | -€12,565 | €13,338 | - |
| Investment in fixed assets (approximation) | - | €0 | €0 | €0 | €0 | €0 | €0 | €0 | - |
| Change in cash | - | -€4,721 | €2,232 | -€3,334 | -€426 | -€654 | €2,446 | €3,462 | ▲ 41.5% |
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 31 filings with the National Bank
| Financial year | Type | Filed | Reference |
|---|---|---|---|
| 31-12-2025 | full format | 15-07-2026 | 2026-00301907 |
| 31-12-2024 | abbreviated format | 14-07-2025 | 2025-00275886 |
| 31-12-2023 | abbreviated format | 18-07-2024 | 2024-00263528 |
| 31-12-2022 | abbreviated format | 19-07-2023 | 2023-00250576 |
| 31-12-2021 | abbreviated format | 07-07-2022 | 2022-20175564 |
| 31-12-2020 | abbreviated format | 23-06-2021 | 2021-23700016 |
| 31-12-2019 | abbreviated format | 18-06-2020 | 2020-18300122 |
| 31-12-2018 | abbreviated format | 16-07-2019 | 2019-33600179 |
| 31-12-2017 | full format | 31-07-2018 | 2018-42300211 |
| 31-12-2016 | full format | 28-06-2017 | 2017-23300588 |
Public contracts: No European public contracts awarded found since October 2016. Contracts below the EU thresholds are not in TED.
Directors
Board 1
Day-to-day management 1
Permanent representatives 1
Not every act has been read: a resignation may still be missing
Mandate history
- Board
- Day-to-day management
- began earlier
| Name | Functions and periods |
|---|---|
| Fivanco |
|
Owners and capital
Owners
1 ownerChain of control
Highest known parent: DAVHOLD. The sources do not say who stands above it.
Owners 1
- FIVANCOparentSourceaccounts FIVANCO 202599.97%
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.
Capital and shareholders
- 14-08-2023 Capital stated in the deed · €62,355 · 3,607 shares
Group and network
Connections & network
1 current directorThe network starts from this company’s directors. Other companies they run appear here as nodes.
History
Acts, filings and financial milestones
14-08
Gazette deed
Resignation: FIVANCO (director)Appointment: FIVANCO (niet statutaire enige bestuurder) · Permanent representative: Vanbiervliet David · Board rule11 facts ▸
- Board rule, “enige bestuurder” (deed in Dutch)
- Amendment of the articles (2 times)
- Capital, €62,355
- Director resignation, FIVANCO (director)
- Director appointment, FIVANCO (niet statutaire enige bestuurder)
- Permanent representative, Vanbiervliet David (2 times)
- Other provision, “algemene vergadering zal op volgende jaarvergadering beslissen over kwijting voor uitoefening mandaat, kwijting ontslagnemende bestuurder” (deed in Dutch)
- Registered-office move, 8500 Kortrijk,Beneluxpark 29 bus 0021
- Power of attorney (2 times)
- Board meeting, “eenparigheid van stemmen zoals blijkt uit onderhandse verklaringen bestuurslid, FIVANCO vertegenwoordigd zoals gezegd” (deed in Dutch)
- Director appointment, FIVANCO (managing director)
About the unread acts
Of the 7 Belgian Official Gazette deeds we know for this company, 1 has been read. The other 6 have not been read yet: what they contain is neither established nor disproved here.
Register details
If you follow this company, Checked tells you the day it leaves 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 |
|---|---|---|---|---|
| 34354D0453/00A000 | Flanders | 2,929 m² | 1 · 156 m² | - |
How the parcels are linked
Articles of association
What the company does
- PurposeThe activities the company may carry out under its articles.
- “De handel in immobiliën; De aan- en verkoop van onroerende goederen; De aanneming van bouwwerken in al zijn mogelijke vormen en…” (deed in Dutch)
10 activities (deed in Dutch)
- De handel in immobiliën
- De aan- en verkoop van onroerende goederen
- De aanneming van bouwwerken in al zijn mogelijke vormen en eigenschappen en andere aanverwanten van welke aard dan ook
- De promotie van bouwwerken en aanverwanten
- Het oprichten of doen oprichten van alle bouwwerken met inbegrip van alle afwerkingen,veranderingen,onderhoud,herstellingen,afbraak en omvorming
- Rechtstreeks of onrechtstreeks alle verrichtingen doen met betrekking tot de verkaveling van gronden en afwerking van verkavelingswerken
- Optreden als makelaar of lasthebber in immobiliën (waaronder aan- en verkoop,het huren,verhuren en beheren van onroerende goederen voor eigen rekening of voor derden) en alle onroerende transacties verrichten zoals verwerven,vervreemden,bouwen,verbouwen,beheren,uitbaten,valoriseren,ordenen,verkavelen,huren en verhuren van onroerende goederen,leasing inbegrepen,optreden als adviseur en coördinator bij de uitvoering van werken in onroerende goederen
- Het aanbieden van een zo ruim mogelijk dienstenpakket,zowel onder de vorm van advies,bijstand als uitvoering,op het vlak van het algemeen-,marketing-,publicitair-,technisch-,fiscaal-,administratief-,boekhoudkundig-,financieel- en organisatorisch beleid
- Belangen nemen in alle vennootschappen of ondernemingen onder de vorm van deelneming,inbreng,inschrijving,opslorping,fusie,en andere en,zoals voor zichzelf,het bestuur voeren over het patrimonium van derden in de ruimste zin
- Alle bestuursoprdrachten waarnemen,mandaten en functies welke rechtstreeks of onrechtstreeks met haar voorwerp verband houden uitoefenen
- DurationHow long the company exists; usually unlimited, so until it is dissolved.
- Unlimited
- Name clauseThe name the company operates under according to its articles.
- CONAFIN
- Registered office clauseThe region of the registered office; it decides among other things the language of official documents.
- “Vlaams Gewest” (deed in Dutch)
Who represents it, and how
- Board ruleHow the board is made up, meets and takes decisions.
- “1, enige bestuurder” (deed in Dutch)
Meetings and financial year
- Annual meetingWhen the shareholders meet each year, among other things to approve the annual accounts.
- Second Friday of June
Oversight and winding up
- Liquidation ruleHow assets are shared after dissolution: creditors first, then shareholders.
- “Goederen nog in natura aanwezig op zelfde wijze verdeeld, na aanzuivering schulden,lasten,kosten of consignatie nodige gelden” (deed in Dutch)