Active BE 0476.892.085Private limited company

DECARO

Spieveldstraat 43 ·9160 Lokeren, Belgium· 24 yrs active

Sector: Joinery installation (43320)

Conclusion Checked

DECARO has been active since 2002 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €1.95M and a net result of €46k. Equity is growing by ~40.7% per year across the filed fiscal years. Its solvency ranks better than 64% of 7448 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.6% (low).

Based on the State Gazette, CBE and 4 annual accounts.

Key figures

Equity	€1.95M
Net result	€46k
Staff (FTE)	13.5
Better than sector	64%

Financial profile 5 of 5 axes measured · computed by Checked

72 / 100

Strong profile, led by stability.

All 5 axes are computed from data Checked has read.

Health 84

Profitability 12

Solvency 84

Growth 78

Stability 100

Bankruptcy probability (12 mo) Checked model v1 · free

0.6% Low

0%0,5%1,5%4%10%≥25%

How do we compute this?

Risk Assessment rule-based

0 / 100

Low risk

Trust signals 2 signals

Long-established

Founded in 2002, 24 years in business.

No legal incidents

No bankruptcy, reorganisation or interim measure in the Belgisch Staatsblad, and the KBO register records a normal legal situation.

Administrative Flags0 events

No strikeouts found in the KBO publications we processed. That series starts in 2021 and has gaps, so this is not a confirmation that there is nothing.

Checked score FY 2025 · computed

84 / 100 Excellent

050100

Computed from 5 of the 6 factors this model weighs. The rest cannot be derived from the filed figures, or need a prior year to compare against.

Indicative credit limit

€160k

estimate, not credit advice

Score history

51 2022

59 2023

71 2024

84 2025

purely financial, excl. current insolvency signals

Score components

Liquidity Current ratio 1.41 (≥ 1.0) +5

Quick ratio Quick ratio 1.07 (≥ 1.0) +5

Leverage Debt/equity 0.78 (< 1.0) +10

Profitability ROE 2% +3

Interest coverage Interest coverage 2.9× +3

Profit trend Net profit up YoY +5

Equity growth Equity growing YoY +3

Computed by Checked from the NBB filing for FY 2025. Indicative, not credit advice.

Financial overview23 NBB filings

Annual accounts filed on 30-01-2026 with the NBB · fiscal year 2025 · abbreviated schema

Operating resultNet result

Trajectory (indicative)

Projection over 3 fiscal years from the filed annual accounts, not a forecast, the extended trend.

growing Equity: growth of ~40.7%/year over 4 fiscal years, indicative, assuming unchanged policy.

Solid line = filed figures · dashed = extended trend · area = indicative range.

How do we compute this?

The trend is a robust median of all pairwise slopes between fiscal years (Theil-Sen), so a single odd year cannot hijack the line. For strictly positive series we also fit a log variant (compound annual growth) and keep whichever describes the figures best.

The area around the projection is 1.8 × the median absolute deviation from the trend, widening each year ahead (×1 / ×1.6 / ×2.2), with a minimum of 8% of the last value. It is an indicative range, not a statistical confidence interval.

A series whose deviations exceed 35% of its level is too volatile: we then deliberately show no projection. Every projection assumes unchanged policy and is blind to non-public information (order book, contracts, funding rounds).

Sector comparison

Fiscal year 2025 · NACE 43, Specialised construction activities · compared within the same schema type (abbreviated schema)

Metric	This company	Sector median	Position in the sector
Solvency	56.2%	44.0%	better than 64% of 7448 sector peers
Net result	€46k	€30k	better than 58% of 7444 sector peers
Equity	€1.95M	€276k	better than 95% of 7449 sector peers
Gross operating margin	€1.10M	€275k	better than 87% of 7433 sector peers
Staff costs	€834k	€244k	higher than 86% of 5368 sector peers

EBITDA

€252k

-3.7% 22-25

Net profit

€46k

+5.0% 22-25

Cash flow

€142k

+18.1% 22-25

Total assets

€3.47M

+21.2% 22-25

Equity

€1.95M

+374.4% 22-25

Working capital

€255k

-37.5% 22-25

Employees (FTE)

14

-4.9% 22-25

Staff costs

€834k

-2.7% 22-25

Income taxes

€25k

-2.0% 22-25

Debt

€1.52M

-37.9% 22-25

Debt ≤ 1y

€619k

-51.7% 22-25

Debt > 1y

€899k

-23.0% 22-25

Current ratio

1.41

+7.1% 22-25

Quick ratio

1.07

-6.8% 22-25

Solvency

56.2%

+291.4% 22-25

Debt / equity

0.78

-86.9% 22-25

ROE

2.4%

-77.9% 22-25

ROA

1.3%

-13.4% 22-25

Interest coverage

2.90

+28.4% 22-25

Figures by fiscal year and ratios

Highlight YoY changes (±10%)

Fiscal year	2025	2024	2023	2022
Deposit	abbreviated schema	abbreviated schema	abbreviated schema	abbreviated schema
Revenue	-	-	-	-
EBITDA	€252k	€262k	€138k	€173k
Net profit	€46k	€44k	€14k	€12k
Cash flow	€142k	€121k	€92k	€90k
Staff costs	€834k	€857k	€644k	€625k
Income taxes	€25k	€26k	€12k	€13k
Dividends	-	-	-	-
Total assets	€3.47M	€2.86M	€2.39M	€2.24M
Equity	€1.95M	€410k	€367k	€352k
Debt	€1.52M	€2.45M	€2.02M	€1.88M
of which ≤ 1y	€619k	€1.28M	€871k	€675k
of which > 1y	€899k	€1.17M	€1.15M	€1.20M
Working capital	€255k	€408k	€452k	€420k
Employees (FTE)	13.5	14.2	11.9	12.0

Ratios (computed)

	2025	2024	2023	2022
Current ratio	1.41	1.32	1.52	1.62
Quick ratio	1.07	1.15	0.60	0.44
Working capital ratio	7.4%	14.3%	18.9%	18.8%
Solvency	56.2%	14.3%	15.4%	15.8%
Debt / equity	0.78	5.97	5.51	5.35
Long-term debt ratio	0.46	2.84	3.13	3.42
Interest coverage	2.90	2.26	2.39	2.47
Gross margin	-	-	-	-
Net margin	-	-	-	-
ROA	1.3%	1.5%	0.6%	0.6%
ROE	2.4%	10.7%	3.9%	3.5%
EBITDA margin	-	-	-	-
Days sales outstanding	-	-	-	-
Days payable outstanding	-	-	-	-
Inventory turnover	-	-	-	-
Days inventory (DSI)	-	-	-	-

Balance-sheet composition 2025

Assets

Fixed assets €2.59M · 74.8% Current assets €874k · 25.2%

Equity & liabilities

Equity €1.95M · 56.2% Debt €1.52M · 43.9%

Full annual accounts (24 line items)

Filed balance sheet and income statement, exactly as deposited with the NBB.

Line item	Code	2025	2024	2023	2022
Balance sheet, Assets
TOTAL ASSETS	20/58	€3.47M	€2.86M	€2.39M	€2.24M
Fixed assets	21/28	€2.59M	€1.17M	€1.06M	€1.14M
Tangible fixed assets	22/27	€2.59M	€1.17M	€1.06M	€1.14M
Financial fixed assets	28	€800	€800	€800	€0
Current assets	29/58	€874k	€1.69M	€1.32M	€1.09M
Stocks & contracts in progress	3	€213k	€220k	€803k	€798k
Amounts receivable within one year	40/41	€541k	€686k	€450k	€170k
Cash & bank	54/58	€109k	€777k	€65k	€125k
Balance sheet, Equity & liabilities
TOTAL EQUITY & LIABILITIES	10/49	€3.47M	€2.86M	€2.39M	€2.24M
Equity	10/15	€1.95M	€410k	€367k	€352k
Contributions / capital	10/11	€19k	€19k	€19k	€19k
Reserves	13	€307k	€245k	€185k	€155k
Amounts payable	17/49	€1.52M	€2.45M	€2.02M	€1.88M
Amounts payable after one year	17	€899k	€1.17M	€1.15M	€1.20M
Amounts payable within one year	42/48	€619k	€1.28M	€871k	€675k
Trade debts payable within one year	44	€489k	€1.11M	€723k	€526k
Income statement
Gross operating margin	9900	€1.10M	€1.13M	€794k	€808k
Operating result	9901	€156k	€185k	€61k	€96k
Financial income	75	€2k	€0	€24k	€46
Financial charges	65	€87k	€116k	€58k	€70k
Result before taxes	9903	€71k	€69k	€27k	€26k
Income taxes	67/77	€25k	€26k	€12k	€13k
Net result for the period	9904	€46k	€44k	€14k	€12k
Result to be appropriated	9905	€46k	€44k	€14k	€12k

Directors & mandates 1 directors

Current directors & mandates

VAN STAPPEN Kenny
Non-statutory director
State Gazette act 23319690 (06-03-2023)

Current
06-03-2023 → present
2 events
- 06-03-2023 Resigned· Director
- 06-03-2023 Appointed· Non-statutory director

Legal Structure

NACE primary	Joinery installation(43320)
Legal form	Private limited company(610)
Incorporation	11-02-2002
Status	Active
Postal code	9160

Establishment units 1 location

Spieveldstraat 43, 9160 Lokeren

NACE 45422

since 20022.100.541.730

Real-estate footprint Source: CBE × cadastre

Flanders 1 (100%)

Parcel (capakey)	Region	Area	Buildings	Height / fl.
46382B1343/00M000	Flanders	3,646 m²	1 · 1,488 m²	28.8 m

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.

Updates 11 events

All 13Financial 2Gazette 1Filings 10

Next filing, fiscal year 2026, expected by 31-01-2027

2026

30-01

NBB filing Annual accounts filed

fiscal year 2025 · abbreviated schema

2025

30-06

Financial Highest result since 2022net €46k ▲5%

Net result €46k, the highest in the series.

30-06

Financial Equity above €1MEq €1.95M ▲374%

4 profitable years in a row build equity to €1.95M.

2024

23-12

NBB filing Annual accounts filed

fiscal year 2024 · abbreviated schema

26-01

NBB filing Annual accounts filed

fiscal year 2023 · abbreviated schema

2023

06-03

State Gazette act Director changes

Filip Van der Cruysse · correction

30-01

NBB filing Annual accounts filed

fiscal year 2022 · abbreviated schema

2022

31-01

NBB filing Annual accounts filed

fiscal year 2021 · abbreviated schema

2021

29-01

NBB filing Annual accounts filed

fiscal year 2020 · abbreviated schema

2020

28-01

NBB filing Annual accounts filed

fiscal year 2019 · abbreviated schema

2019

30-01

NBB filing Annual accounts filed

fiscal year 2018 · abbreviated schema

2018

29-01

NBB filing Annual accounts filed

fiscal year 2017 · abbreviated schema

2017

22-02

NBB filing Annual accounts filed

fiscal year 2016 · abbreviated schema · 22 days late

Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.

Belgian State Gazette reading coverage 0 of 5 acts read

We know of 5 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.

Belgisch Staatsblad, acts 1 acts

All acts · 1 updated 3 years ago

2023

06-03-2023 1 director appointed, 1 resigning Director changes·Filip Van der Cruyssecorrection

VAN STAPPEN Kenny, Niet-statutair bestuurder
VAN STAPPEN Kenny, Bestuurder

Notary: Filip Van der Cruysse · Lokeren

Original publication ↗

Technical details

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Credit advice verdict per customer and amount

Company registry (CBE) Crossroads Bank

Activities

Joinery installation4332045422Manufacture of other builders' carpentry and joinery16230Manufacture of rubber and plastic products22240Manufacture of machinery and equipment not elsewhere classified28120Engineering and related technical consultancy, excluding land surveyors7112174203

Names & trade names

Legal nameNL

DECARO

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