CORMAN FRERES
ActiveCORMAN FRERES has been active since 2001 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €815k and a net result of €-51k. Equity is growing by ~9.1% per year across the filed fiscal years. Its solvency ranks better than 58% of 7692 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.8% (low).
Checked score
Score 2025
55
/ 100
Fair
The score weighs solvency, liquidity, profitability and financial development. Bankruptcy probability contributes 35%. Every signal that weighs is under Signals.
Axes · tick = 2024
Profitability18▼-34
Solvency76=
Growth52=
Track record100
Bankruptcy probability, 12 months
0.8%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €40k at 30 days acceptable
Liquidity ample (current ratio 3.69 against 4.1 in 2024; short-term debt: 13% and cash: 6.3% of total assets), and 49.1% of the assets are financed with debt.
Credit advice for your own amount and term
Signals
Seven signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 43
Relative position
BE, all sectors
reference
Sector 43
higher
← 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
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
50.9%
Return on assets
-3.2%
Age of the figures
9 mo
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 16-07-2026, 15 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
15 d early
2024
14 d early
2023
19 d early
2022
21 d early
2021
3 d early
2020
4 d early
2019
4 d early
← before the deadline
after the deadline →
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
16-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, abbreviated schema
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
€-51k
2024 · €14k
2018: €15k
2019: €77k
2020: €93k
2021: €114k
2022: €146k
2023: €99k
2024: €14k
2018 → 2025
Working capital
€563k▼ 14.7%
2024 · €659k
2018: €649k
2019: €697k
2020: €741k
2021: €790k
2022: €822k
2023: €705k
2024: €659k
2018 → 2025
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€755k-€829k▲ 9.8%€899k▲ 8.5%€889k▼ 1.1%€815k▼ 8.3%
Operating result€162k-€188k▲ 16.4%€152k▼ 19.1%€32k▼ 78.9%€-36k
Net result€114k-€146k▲ 27.9%€99k▼ 32.4%€14k▼ 86.0%€-51k
Result per fiscal year
Operating resultNet result
The operating result turns negative in 2025: a loss of €36k after €32k in 2024, the lowest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €1.60M
Fixed assets
€831k▼ 4.7%
Current assets
€771k▼ 11.6%
Equity and liabilities €1.60M
Equity
€815k▼ 8.3%
Provisions
€7k▼ 3.2%
Debt
€780k▼ 8.0%
The debt ratio rises from 48.6% to 48.7%. Equity and debt are lower.
Key figures and ratios
EBITDA
€7k▼
2024 · €74k
Cash flow
€-8k▼
2024 · €55k
Solvency
50.9%▼
2024 · 51.0%
Current ratio
3.69▼
2024 · 4.10
Quick ratio
2.91▼
2024 · 3.49
Debt / equity
0.96▲
2024 · 0.95
ROE
-6.3%▼
2024 · 1.6%
ROA
-3.2%▼
2024 · 0.8%
Interest coverage
0.38▼
2024 · 3.83
Debt
€780k▼
2024 · €847k
Debt ≤ 1 year
€209k▼
2024 · €213k
Debt > 1 year
€568k▼
2024 · €631k
Income taxes
€773▼
2024 · €6k
Staff costs
€133k▲
2024 · €129k
Green means a favourable move, even when the figure itself falls: as with debt or debt / equity.
Filed annual accounts
As filed with the NBB · 2025 against 2024
Balance sheet
Code20242025
Assets
Total assets20/58€1.74M€1.60M▼
Fixed assets21/28€872k€831k▼
Tangible fixed assets22/27€871k€830k▼
Land and buildings22€819k€787k▼
Plant, machinery and equipment23€15k€13k▼
Furniture and vehicles24€37k€30k▼
Financial fixed assets28€500€500=
Current assets29/58€872k€771k▼
Stocks and contracts in progress3€130k€163k▲
Stocks30/36€130k€163k▲
Amounts receivable within one year40/41€156k€162k▲
Trade receivables40€43k€24k▼
Other amounts receivable41€113k€138k▲
Current investments50/53€334k€335k▲
Cash at bank and in hand54/58€243k€102k▼
Deferred charges and accrued income490/1€9k€10k▲
Equity and liabilities
Total equity and liabilities10/49€1.74M€1.60M▼
Equity10/15€889k€815k▼
Contributions10/11€19k€19k=
Reserves13€460k€436k▼
Tax-exempt reserves132€63k€62k▼
Distributable reserves133€397k€374k▼
Profit (loss) carried forward14€411k€360k▼
Provisions and deferred taxes16€7k€7k▼
Deferred taxes168€7k€7k▼
Amounts payable17/49€847k€780k▼
Amounts payable after more than one year17€631k€568k▼
Financial debts170/4€631k€568k▼
Amounts payable within one year42/48€213k€209k▼
Current portion of amounts payable after more than one year42€62k€64k▲
Trade debts44€11k€4k▼
Suppliers440/4€11k€4k▼
Advances received on contracts in progress46-€3k
Taxes, remuneration and social security45€12k€10k▼
Taxes450/3€3k€1k▼
Remuneration and social security454/9€8k€9k▲
Other amounts payable47/48€128k€129k▲
Accrued charges and deferred income492/3€3k€3k▲
Income statement
Code20242025
Non-recurring operating income76A€3k-
Remuneration, social security and pensions62€129k€133k▲
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€42k€43k▲
Other operating charges640/8€8k€8k▲
Gross operating margin9900€210k€149k▼
Operating profit (loss)9901€32k€-36k▼
Financial income75/76B€6k€3k▼
Recurring financial income75€6k€3k▼
Financial charges65/66B€19k€18k▼
Recurring financial charges65€19k€18k▼
Profit (loss) for the period before taxes9903€19k€-51k▼
Transfer from deferred taxes780€234€234=
Income taxes67/77€6k€773▼
Profit (loss) for the period9904€14k€-51k▼
Transfer from tax-exempt reserves789€937€937=
Profit (loss) for the period to be appropriated9905€15k€-50k▼
Appropriation of the result
Profit (loss) to be appropriated9906€425k€360k▼
Profit (loss) brought forward from the previous period14P€410k€411k▲
Transfer from equity791/2€24k€23k▼
Transfer to equity691/2€14k-
To other reserves6921€14k-
Profit to be distributed694/7€24k€23k▼
Return on contributions (dividend)694€24k€23k▼
Social balance
Average headcount (FTE)90871.81.8=
The notes to these accounts (16 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
16-07
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema
2025
31-12
Financial
Weakest financial yearnet €-51k ▼469%
Net result drops to €-51k, the lowest in the series.
17-07
NBB filing
Annual accounts filed
fiscal year 2024 · full schema
2024
12-07
NBB filing
Annual accounts filed
fiscal year 2023 · full schema
2023
10-07
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
31-12
Financial
Highest result since 2018net €146k ▲27.9%
Operating result €188k, net result €146k, both a record.
28-07
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
27-07
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
2020
27-07
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
2019
31-12
Financial
Equity above €500kEq €548k ▲16.3%
2 profitable years in a row build equity to €548k.
21-06
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
2018
03-07
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema
2017
07-07
NBB filing
Annual accounts filed
fiscal year 2016 · micro schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
Directors · office · real estate
Directors
4 acts for this company are in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Welkenraedt · 1 establishment unit since 2001
Cannot be placed on the map
This address could not be matched to a point in the Belgian address register (BOSA BEST). The address below comes straight from the Crossroads Bank.
Rue des Prés 14840 WelkenraedtGround area
2,724 m²
Building footprint
352 m²
Volume, LiDAR
2,283 m³
Parcel 63032F0190/00D000, Wallonia · tallest building 9.1 m, ±2 floors. Linked by address, not a title deed.
1 establishment unit
Rue des Prés 1, 4840 Welkenraedt
since 20012.097.841.665
1 parcel
Wallonia
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 63032F0190/00D000 | Wallonia | 2,724 m² | 1 · 352 m² | 9.1 m · 2 fl. |
Linked by address, not proof of ownership
Methodology
via registered seat: 1
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Recognitions · licences · registrations
Legal Entity Identifier
875500G6WG12X2OZ2467
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Of 22,822 companies in sector 43211 we hold annual accounts for 10,324. 5,246 are within a factor 10 of this equity.See the whole sector
Company data · Crossroads Bank
Identification
Legal formPrivate limited company
Founded25-01-2001
Fiscal year end31-12
Activities, NACEBEL
43211General electrical installation work
45310
Sources
Crossroads Bank for EnterprisesNational Bank · 25 filingsAddress and cadastre registers
Data from official sources, last processed on 15-09-2026. Scores and ratios are computed by Checked and are not a credit decision.