Equity
DELINTER has made a profit in every financial year since 2023.
DELINTER has made a profit in every financial year since 2023.
The accounts state no turnover.
Board changed. Latest change 03-04-2026 · 3 in office.
Higher gross margin than 90% of companies in wholesale trade. Sector median €354,372 · 3,325 companies.
The dashed line is the sector median: 0.4% across 26,888 companies (NACE 46, micro).
Fewer than 1 in 1,000 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 46, micro). It does better than 68% of them on solvency, 84% on liquidity, 65% on profitability and 64% on growth.
The bankruptcy probability was computed on 08-11-2026 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).
In July 2024, 39,278 companies had the same profile as DELINTER has now. Each dot stands for 99 companies, two years later.
Another 0.1% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of DELINTER itself is lower: 0.1% within 12 months. It rests on far more data about DELINTER 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 39,278 companies, not a prediction for DELINTER. 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 ample, with a current ratio of 2.54 (2.4 in 2024), above the usual 1.5. Short-term debt is 37.4% and cash 83.8% of total assets. 37.4% 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 3 accounts on average 30 days before the deadline. In the sector (NACE 46), the median for financial year 2024 was 3 days before the deadline, and 39% of those companies filed late.
| Company | ||||
|---|---|---|---|---|
| DELINTER Waterloo | - | - | 62.6% | 9 |
| Entegra Belgium Brussels | €0.8m | 39.4% | 68.0% | 5.5 |
| CLD BELUX Fernelmont | - | - | 21.0% | 6.5 |
| THERAMEX BELGIUM Ghent | - | - | 23.0% | 10.4 |
| KNOWARE Watermael-Boitsfort | - | - | 49.4% | 17 |
| REIPCGAME Binche | - | - | -10.7% | 11 |
| HIGH PRODUCTION Zonhoven | €2.7m | 11.8% | 59.1% | 6.1 |
These companies have the same main activity as DELINTER: agents in non-specialised wholesale trade (NACE 46190). They are comparable in size and age: total assets between €1m and €1.6m, founded between 2017 and 2024.
DELINTER has been active since 2022 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €845,134 and a net result of €76,150.
Equity has been growing by about 11% per year since 2023. Its solvency ranks better than 69% of 6,191 sector peers (NACE 46, financial year 2025).
The computed 12-month bankruptcy probability is 0.1% (very low).
Sources: KBO register, filings at the National Bank, Belgian Official Gazette.
The turnover shown is an estimate from the gross margin.
Turnover ≈ €7.2m. Estimated: probably between €4.4m and €12.0m.
Higher than 69% of 6,191 companies in 2025.
Higher than 68% of 6,111 companies in 2025.
Higher than 63% of 6,175 companies in 2025.
Net result: middle half · Equity: middle half · Balance sheet total: middle half · Working capital: middle half · Staff: middle half
Staff costs divided by the average number of full-time equivalents.
Training hours in 2025: 756.
| Line | Trend | 2025 | 2024 | 2023 |
|---|---|---|---|---|
| Balance sheet: assets | ||||
20/58 |
1.3m | 1.2m | 1.2m | |
21/28 |
68,747 | 112,105 | 157,500 | |
21 |
6,057 | 21,685 | 38,206 | |
22/27 |
28,322 | 56,052 | 84,926 | |
24 |
23,723 | 49,214 | 75,849 | |
26 |
4,599 | 6,838 | 9,078 | |
28 |
34,368 | 34,368 | 34,368 | |
29/58 |
1.3m | 1.1m | 1.1m | |
40/41 |
135,680 | 84,531 | 197,277 | |
40 |
135,680 | 79,776 | 197,277 | |
41 |
0 | 4,755 | - | |
54/58 |
1.1m | 1.0m | 849,246 | |
490/1 |
14,415 | 4,495 | 4,345 | |
| Balance sheet: equity and liabilities | ||||
10/49 |
1.3m | 1.2m | 1.2m | |
10/15 |
845,134 | 768,985 | 686,575 | |
10/11 |
600,000 | 600,000 | 600,000 | |
10 |
600,000 | 600,000 | 600,000 | |
100 |
600,000 | 600,000 | 600,000 | |
13 |
12,257 | 8,449 | 4,329 | |
130/1 |
12,257 | 8,449 | 4,329 | |
130 |
12,257 | 8,449 | 4,329 | |
14 |
232,878 | 160,536 | 82,246 | |
17/49 |
504,712 | 470,634 | 521,793 | |
42/48 |
504,712 | 470,634 | 521,793 | |
43 |
0 | 778 | 406 | |
430/8 |
- | 0 | 406 | |
439 |
0 | 778 | - | |
44 |
113,247 | 103,373 | 116,577 | |
440/4 |
113,247 | 103,373 | 116,577 | |
45 |
391,465 | 366,483 | 404,811 | |
450/3 |
213,932 | 199,351 | 202,127 | |
454/9 |
177,532 | 167,132 | 202,683 | |
| Income statement | ||||
9900 |
1.7m | 1.6m | 1.9m | |
62 |
1.5m | 1.4m | 1.6m | |
630 |
43,358 | 47,173 | 48,261 | |
640/8 |
19,806 | 18,782 | 21,066 | |
9901 |
143,491 | 134,577 | 157,491 | |
75/76B |
0 | 0 | 0 | |
75 |
0 | 0 | 0 | |
65/66B |
20,365 | 18,176 | 18,752 | |
65 |
20,365 | 18,176 | 18,752 | |
9903 |
123,126 | 116,401 | 138,739 | |
67/77 |
46,977 | 33,991 | 52,164 | |
9904 |
76,150 | 82,410 | 86,575 | |
9905 |
76,150 | 82,410 | 86,575 | |
| Appropriation of the result | ||||
9906 |
236,685 | 164,656 | 86,575 | |
14P |
160,536 | 82,246 | - | |
691/2 |
3,807 | 4,121 | 4,329 | |
6920 |
3,807 | 4,121 | 4,329 | |
| Social balance sheet | ||||
9087 |
9 | 9 | 8.5 | |
Hours worked1013 |
15,356 | 15,175 | 18,622 | |
| Document | ||||
The notes to these accounts have 18 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 08-07-2026.
| Line | Trend | 2025 | 2024 | 2023 |
|---|---|---|---|---|
| 186,849 | 181,751 | 205,752 | ||
| 119,508 | 129,583 | 134,836 | ||
| 0 | 1,778 | 205,761 | ||
| 92,516 | 189,242 | - | ||
| 776,387 | 656,880 | 529,074 | ||
| 62.6% | 62.0% | 56.8% | ||
| 2.54 | 2.40 | 2.01 | ||
| 0.60 | 0.61 | 0.76 | ||
| 9.0% | 10.7% | 12.6% | ||
| 5.6% | 6.6% | 7.2% | ||
| 9.18 | 10.00 | 10.97 |
EBIT margin: not included in this filing.
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 |
|---|---|---|---|
| Employees at the balance-sheet date | 9 | 9 | 9 |
| full-time | 9 | 9 | 9 |
| part-time | 0 | 0 | - |
| in full-time equivalents | 9 | 9 | 9 |
| 9 | 9 | 8.5 | |
| On a permanent contract | 9 | 9 | 9 |
| Joined | - | 0 | 10 |
| Left | - | 0 | 1 |
| Training hours | 756 | 914 | - |
Source: social balance sheet in the 2023 to 2025 annual accounts
| Item | 2025 | 2024 | 2023 |
|---|---|---|---|
| Tangible fixed assets | - | €1,778 | €121,831 |
| Intangible fixed assets | - | - | €49,563 |
| Financial fixed assets | €0 | - | €34,368 |
| €43,358 | €47,173 | €48,261 |
Source: notes to the 2023 to 2025 annual accounts (statement of fixed assets)
The operating result for 2025 is 7% higher than in 2024. It is a recovery after the fall in 2024.
Debt's share of the balance-sheet total falls from 38.0% to 37.4%. Equity and debt are higher.
Further up the chainITM Entreprises FR consolidatesLouis Delhaize SA consolidates
Source: parent in its own accounts, lists of holdings in the owners' accounts
Source: list of holdings in the 2025 accounts of ITM ALIMENTAIRE BELGIUM. Every holding stands with its own latest accounts.
Part of the group ITM ALIMENTAIRE BELGIUM Group, risk and exposure| DELEN PRIVATE BANK
establishment since 01-09-2017 · founded in 1994 · group ACKERMANS & VAN HAAREN |
total assets €3.48bn (2025) 0453.076.211 |
| ELGI COMPRESSORS EUROPE
registered office since 05-02-2019 · founded in 2019 · negative equity (2026) |
10 FTE (2026) 0719.813.046 |
| Hiab Belgium
registered office since 17-08-2023 · founded in 2023 |
9.3 FTE (2025) 0804.878.977 |
| CLARINS BENELUX
registered office since 29-09-1972 · founded in 1972 |
48 FTE (2025) 0412.622.360 |
| ADERCO MIT
registered office since 28-06-1993 · founded in 1993 · negative equity (2025) |
7.4 FTE (2025) 0450.242.623 |
| ACSONE
registered office since 05-04-2011 · founded in 2011 · group Green Hill I |
30 FTE (2025) 0835.207.216 |
| SKYFORCE Cyber Security
establishment since 01-04-2019 · founded in 2013 · negative equity (2025) |
54 FTE (2025) 0537.550.046 |
| Idweaver
registered office since 19-11-2013 · founded in 2013 |
19 FTE (2025) 0541.964.239 |
| DL CONSULTING
registered office since 24-01-2005 · founded in 2004 |
22 FTE (2025) 0870.649.135 |
| ACTIVE MOTIF
registered office since 21-03-2005 · founded in 2005 |
11 FTE (2025) 0872.640.506 |
| FEDERATION BELGE DU COMMERCE ET DES SERVICES via Alain BOULLE, at DELINTER until 2026 · Director · deed of 27-10-2023 founded in 1941 · accounts filed late |
59 FTE (2024) |
| BURENTRAD via Alain BOULLE, at DELINTER until 2026 · Daily management delegate · deed of 19-12-2019 founded in 2018 · negative equity (2025) |
23 FTE (2025) |
| ORPECO via Alain BOULLE, at DELINTER until 2026 · Sole director · deed of 04-11-2021 founded in 2003 · negative equity (2025) · group ITM ALIMENTAIRE BELGIUM |
total assets €84,694 (2025) |
| CORA via Olivier HALLER Management, at DELINTER until 2026 · Director · deed of 07-11-2022 |
1,281 FTE (2025) |
| I.T.M. BELGIUM via Alain BOULLE, at DELINTER until 2026 · Managing director · deed of 19-01-2022 founded in 1991 |
47 FTE (2025) |
| GALIMMO REAL ESTATE via Olivier HALLER Management, at DELINTER until 2026 · Director · deed of 18-09-2024 |
turnover €501,150 (2025) |
| INTERATH via Alain BOULLE, at DELINTER until 2026 · Director · deed of 23-10-2019 founded in 2004 |
28 FTE (2025) |
| FOUGISERVICES via Alain BOULLE, at DELINTER until 2026 · Director · deed of 20-01-2021 founded in 1993 |
21 FTE (2025) |
| ITM Management via Alain BOULLE, at DELINTER until 2026 · Managing director · deed of 16-04-2021 founded in 1993 |
9.6 FTE (2025) |
Deadline for the 2026 accounts: 31-07-2027
Sources: Publications in the Belgian Official GazetteFilings with the National Bank
On 31 August 2022, DELINTER was incorporated as a public limited company by ITM ALIMENTAIRE BELGIUM and PROVERA BELUX, with a starting capital of €600,000.12 Of the 3 current board members, François HAMMOND has served longest, since 2022.3 Total assets went from €1.2m in 2023 to €1.3m in 2025 and headcount from 8.5 to 9 full-time equivalents.4
| Establishment | Since | Unit number |
|---|---|---|
| Drève Richelle 167 registered office 1410 Waterloo | 31-08-2022 | 2.339.165.886 |
| Cadastral parcel | Area | Buildings | Height / floors |
|---|---|---|---|
| 25763M0621/00F000 | 1.0 ha | 1 · 1,772 m² | 22.9 m · 6 |
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