Summary
DEMACON is a financial institution; the bankruptcy model is trained on trading and manufacturing companies and does not apply here. The 2026 annual accounts show equity of €20.6m and a net result of €6.5m. Equity is growing by ~14.5% per year across the filed fiscal years. Its solvency ranks better than 92% of 38 sector peers (fiscal year 2026). The company has been active since 1992 and the Belgian State Gazette contains no insolvency or warning signals.
Checked score
Outside the general model
Model not applicable to financial institutions
The Checked score weighs liquidity, leverage and margins against norms for trading and manufacturing companies. A bank, insurer or financial holding has a fundamentally different balance-sheet structure, so those ratios, and hence the score, carry no meaning here. That is why we show no financial axes either.
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Signals
1 signal. The signal on the left, the evidence on the right.
○neutral
neutral · Latest accounts filed on time
The financial year that closed on 31-03-2026 was due by 31-10-2026 and was filed on 23-09-2026, 38 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2026
38 d early
2025
34 d early
2024
36 d early
2023
42 d early
2022
42 d early
2021
39 d early
2020
36 d early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 7 accounts on average 38 days before the deadline; the sector median for financial year 2024 is 14 days before the deadline, and 28% of the sector filed late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-03-2027 and is due by 31-10-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
28-09-2026 today31-03-2027 close31-10-2027 deadline
History
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Financials · fiscal year 2026, full schema
Equity
€20.6m▲ 46.2%
2025 · €14.1m
Net result
€6.5m▲ 448%
2025 · €1.2m
Total assets
€20.9m▲ 44.5%
2025 · €14.4m
Solvency
98.8%▲ 1.2pp
2025 · 97.6%
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 64, Financial service activities, except insurance and pension funding, each year against the same schema; no band under 30 filings. Dashed line: the median.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20222023202420252026
Turnover€1.0m▲ 1.1%€1.0m▲ 0.2%€1.1m▲ 9.9%€1.3m▲ 10.6%€452,478▼ 64.2%
Operating result€861,915▼ 21.4%€848,558▼ 1.5%€881,981▲ 3.9%€756,532▼ 14.2%€35,505▼ 95.3%
Net result€612,444within the sector's middle half▼ 20.9%€575,461within the sector's middle half▼ 6.0%€3.6mabove the sector's middle half▲ 531%€1.2mabove the sector's middle half▼ 67.2%€6.5m▲ 448%
Equity€8.7mwithin the sector's middle half▲ 7.6%€9.3mwithin the sector's middle half▲ 6.6%€12.9mwithin the sector's middle half▲ 39.1%€14.1mwithin the sector's middle half▲ 9.2%€20.6m▲ 46.2%
Total assets€11.1mwithin the sector's middle half▲ 5.7%€11.5mwithin the sector's middle half▲ 3.3%€14.5mwithin the sector's middle half▲ 26.3%€14.4mwithin the sector's middle half▼ 0.3%€20.9m▲ 44.5%
Debt€2.3m▼ 0.5%€2.1m▼ 8.8%€1.5m▼ 29.2%€234,989▼ 84.0%€154,143▼ 34.4%
Working capital€637,579within the sector's middle half▲ 82.3%€757,129within the sector's middle half▲ 18.8%€74,039within the sector's middle half▼ 90.2%€921,886within the sector's middle half▲ 1,145%€8.2m▲ 785%
Solvency78.4%within the sector's middle half▲ 1.4pp80.9%within the sector's middle half▲ 2.5pp89.1%above the sector's middle half▲ 8.2pp97.6%above the sector's middle half▲ 8.5pp98.8%▲ 1.2pp
Current ratio4.46above the sector's middle half▲ 1.533.52above the sector's middle half▼ 0.941.20within the sector's middle half▼ 2.325.11above the sector's middle half▲ 3.9182.06▲ 76.95
Return on assets (ROA)5.5%within the sector's middle half▼ 1.9pp5.0%within the sector's middle half▼ 0.5pp25.0%above the sector's middle half▲ 20.0pp8.2%above the sector's middle half▼ 16.8pp31.2%▲ 23.0pp
above
within
below
the middle half (P25 to P75) of NACE 64, Financial service activities, except insurance and pension funding, each year against the same schema; no band under 30 filings.
Result per fiscal year
Operating resultNet result
The operating result has fallen two years in a row; 2026 is 95% below 2025 and is the lowest result in the available series.
Balance-sheet composition
2026 in colour, 2025 as the grey bar beneath
Assets €20.9m
Fixed assets
€12.6m ▼ 5.1%
Current assets
€8.3m ▲ 621%
Equity and liabilities €20.9m
Equity
€20.6m ▲ 46.2%
Provisions
€106,141 ▼ 5.3%
Debt
€154,143 ▼ 34.4%
Debt's share of the balance-sheet total falls from 1.6% to 0.7%. Equity is higher and debt is lower.
Key figures and ratios
ROE
31.6%▲
2025 · 8.4%
Debt ≤ 1 year
€100,659▼
2025 · €224,255
Debt > 1 year
€50,000▲
2025 · €0
Income taxes
€52,572▼
2025 · €190,894
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|
| Operating income70/76A | €1.1m | €1.1m | €1.2m | €1.3m | €579,932 | ▼ 56.8% |
| Turnover70 | €1.0m | €1.0m | €1.1m | €1.3m | €452,478 | ▼ 64.2% |
| Other operating income74 | €37,613 | €46,369 | €52,997 | €78,142 | €74,737 | ▼ 4.4% |
| Non-recurring operating income76A | €0 | - | - | - | €52,717 | - |
| Operating charges60/66A | €212,472 | €237,121 | €312,924 | €584,386 | €544,427 | ▼ 6.8% |
| Services and other goods61 | €105,408 | €137,722 | €190,717 | €450,947 | €384,344 | ▼ 14.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €95,121 | €87,615 | €107,128 | €119,113 | €145,430 | ▲ 22.1% |
| Other operating charges640/8 | €11,943 | €11,784 | €15,079 | €14,326 | €14,653 | ▲ 2.3% |
| Operating profit (loss)9901 | €861,915 | €848,558 | €881,981 | €756,532 | €35,505 | ▼ 95.3% |
| Financial income75/76B | €29,894 | €1,333 | €3.0m | €667,736 | €6.5m | ▲ 881% |
| Recurring financial income75 | €29,894 | €1,333 | €3.0m | €514,911 | €6.3m | ▲ 1,131% |
| Income from financial fixed assets750 | €1,204 | €1,333 | €3.0m | €507,419 | €6.3m | ▲ 1,141% |
| Income from current assets751 | €28,690 | €0 | - | - | - | - |
| Other financial income752/9 | - | €0 | €4,828 | €7,492 | €46,170 | ▲ 516% |
| Non-recurring financial income76B | - | - | - | €152,825 | €206,544 | ▲ 35.2% |
| Financial charges65/66B | €71,540 | €78,938 | €60,753 | €49,116 | €19,312 | ▼ 60.7% |
| Recurring financial charges65 | €71,540 | €78,938 | €60,753 | €30,841 | €4,945 | ▼ 84.0% |
| Debt charges650 | €70,388 | €77,654 | €58,985 | €28,940 | €3,284 | ▼ 88.7% |
| Other financial charges652/9 | €1,153 | €1,284 | €1,767 | €1,901 | €1,662 | ▼ 12.6% |
| Non-recurring financial charges66B | - | - | - | €18,275 | €14,367 | ▼ 21.4% |
| Profit (loss) for the period before taxes9903 | €820,270 | €770,954 | €3.8m | €1.4m | €6.6m | ▲ 377% |
| Transfer from deferred taxes780 | €2,579 | €5,893 | €5,893 | €5,893 | €5,893 | = |
| Transfer to deferred taxes680 | €0 | - | - | - | - | - |
| Income taxes67/77 | €210,405 | €201,385 | €216,414 | €190,894 | €52,572 | ▼ 72.5% |
| Taxes670/3 | €210,405 | €201,385 | €216,414 | €190,894 | €52,572 | ▼ 72.5% |
| Tax adjustments and reversals of tax provisions77 | €0 | - | - | - | - | - |
| Profit (loss) for the period9904 | €612,444 | €575,461 | €3.6m | €1.2m | €6.5m | ▲ 448% |
| Transfer from tax-exempt reserves789 | €7,737 | €17,679 | €17,683 | €17,683 | €17,683 | = |
| Transfer to tax-exempt reserves689 | €0 | - | - | - | - | - |
| Profit (loss) for the period to be appropriated9905 | €620,181 | €593,140 | €3.6m | €1.2m | €6.5m | ▲ 441% |
| Line | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €11.1m | €11.5m | €14.5m | €14.4m | €20.9m | ▲ 44.5% |
| Fixed assets21/28 | €10.3m | €10.4m | €14.1m | €13.3m | €12.6m | ▼ 5.1% |
| Tangible fixed assets22/27 | €1.7m | €1.9m | €2.2m | €2.1m | €3.5m | ▲ 65.4% |
| Land and buildings22 | €1.7m | €1.6m | €1.5m | €1.5m | €2.6m | ▲ 76.1% |
| Plant, machinery and equipment23 | €70,847 | €339,978 | €548,233 | €553,308 | €586,444 | ▲ 6.0% |
| Furniture and vehicles24 | €845 | €603 | €90,103 | €75,103 | €294,195 | ▲ 292% |
| Financial fixed assets28 | €8.6m | €8.5m | €11.9m | €11.2m | €9.1m | ▼ 18.5% |
| Affiliated companies280/1 | €7.8m | €7.8m | €11.2m | €11.2m | €6.7m | ▼ 40.3% |
| Participating interests280 | €7.8m | €7.8m | €11.2m | €11.2m | €5.6m | ▼ 49.7% |
| Amounts receivable281 | - | - | €1,795 | €0 | €1.0m | - |
| Companies linked by participating interests282/3 | €768,213 | €689,813 | €687,713 | €20,959 | €2.4m | ▲ 11,561% |
| Participating interests282 | €669,643 | €669,643 | €667,143 | €20,000 | €480,000 | ▲ 2,300% |
| Amounts receivable283 | €98,570 | €20,170 | €20,570 | €959 | €2.0m | ▲ 204,686% |
| Current assets29/58 | €821,927 | €1.1m | €441,654 | €1.1m | €8.3m | ▲ 621% |
| Amounts receivable after more than one year29 | - | - | - | - | €503,242 | - |
| Other amounts receivable291 | - | - | - | - | €503,242 | - |
| Stocks and contracts in progress3 | €0 | €0 | €0 | €0 | €0 | - |
| Amounts receivable within one year40/41 | €14,595 | €0 | - | €461,354 | €43,867 | ▼ 90.5% |
| Trade receivables40 | - | - | - | - | €12,600 | - |
| Other amounts receivable41 | €14,595 | €0 | - | €461,354 | €31,267 | ▼ 93.2% |
| Current investments50/53 | - | €700,000 | €0 | - | €6.4m | - |
| Other investments51/53 | - | €700,000 | €0 | - | €6.4m | - |
| Cash at bank and in hand54/58 | €806,311 | €356,126 | €430,242 | €669,005 | €1.3m | ▲ 89.8% |
| Deferred charges and accrued income490/1 | €1,021 | €1,290 | €11,412 | €15,782 | €9,759 | ▼ 38.2% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €11.1m | €11.5m | €14.5m | €14.4m | €20.9m | ▲ 44.5% |
| Equity10/15 | €8.7m | €9.3m | €12.9m | €14.1m | €20.6m | ▲ 46.2% |
| Contributions10/11 | €750,000 | €750,000 | €750,000 | €750,000 | €750,000 | = |
| Reserves13 | €2.3m | €2.3m | €2.3m | €2.3m | €2.3m | ▼ 0.8% |
| Non-distributable reserves130/1 | €0 | - | - | - | - | - |
| Reserves not available under the articles1311 | €0 | - | - | - | - | - |
| Tax-exempt reserves132 | €389,139 | €371,461 | €353,778 | €336,095 | €318,413 | ▼ 5.3% |
| Distributable reserves133 | €1.9m | €1.9m | €1.9m | €1.9m | €1.9m | = |
| Profit (loss) carried forward14 | €5.6m | €6.2m | €9.9m | €11.1m | €17.6m | ▲ 59.0% |
| Provisions and deferred taxes16 | €129,713 | €123,820 | €117,927 | €112,034 | €106,141 | ▼ 5.3% |
| Deferred taxes168 | €129,713 | €123,820 | €117,927 | €112,034 | €106,141 | ▼ 5.3% |
| Amounts payable17/49 | €2.3m | €2.1m | €1.5m | €234,989 | €154,143 | ▼ 34.4% |
| Amounts payable after more than one year17 | €2.0m | €1.8m | €1.1m | €0 | €50,000 | - |
| Financial debts170/4 | €130,000 | €70,000 | €10,000 | €0 | €50,000 | - |
| Credit institutions173 | €130,000 | €70,000 | €10,000 | €0 | - | - |
| Other loans174 | - | - | - | - | €50,000 | - |
| Other amounts payable178/9 | €1.9m | €1.7m | €1.1m | €0 | - | - |
| Amounts payable within one year42/48 | €184,348 | €300,287 | €367,615 | €224,255 | €100,659 | ▼ 55.1% |
| Current portion of amounts payable after more than one year42 | €93,333 | €93,333 | €93,333 | €43,333 | €0 | ▼ 100% |
| Trade debts44 | €1,482 | €56,433 | €136,095 | €13,384 | €3,269 | ▼ 75.6% |
| Suppliers440/4 | €1,482 | €56,433 | €136,095 | €13,384 | €3,269 | ▼ 75.6% |
| Taxes, remuneration and social security45 | €54,289 | €53,187 | €54,743 | €73,942 | €12,932 | ▼ 82.5% |
| Taxes450/3 | €54,289 | €52,237 | €54,743 | €70,464 | €9,453 | ▼ 86.6% |
| Remuneration and social security454/9 | - | €950 | €0 | €3,478 | €3,478 | = |
| Other amounts payable47/48 | €35,243 | €97,334 | €83,444 | €93,596 | €84,458 | ▼ 9.8% |
| Accrued charges and deferred income492/3 | €46,797 | €0 | €38,233 | €10,734 | €3,483 | ▼ 67.5% |
| Line | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €612,444 | €575,461 | €3.6m | €1.2m | €6.5m | ▲ 448% |
| + Depreciation and write-downs630 | €95,121 | €87,615 | €107,128 | €119,113 | €145,430 | ▲ 22.1% |
| Operating cash flow (approximation) | €707,565 | €663,076 | €3.7m | €1.3m | €6.7m | ▲ 409% |
| Investment in fixed assets (approximation) | - | -€220,836 | -€3.7m | €632,075 | €538,610 | ▼ 14.8% |
| Change in cash | - | -€450,185 | €74,115 | €238,763 | €600,938 | ▲ 152% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2027, expected by
2026
23-09
NBB filing
Annual accounts filed
fiscal year 2026 · full schema
31-03
Financial
Highest result since 2019net €6.5m ▲448%
Net result €6.5m, the highest in the series.
31-03
Financial
Liquidity times 16current ratio 82.06
Current ratio from 5.11 to 82.06; short-term debt falls from €224,255 to €100,659.
2025
27-09
NBB filing
Annual accounts filed
fiscal year 2025 · full schema
31-03
Financial
Liquidity quadruplescurrent ratio 5.11
Current ratio from 1.20 to 5.11; short-term debt falls from €367,615 to €224,255.
2024
25-09
NBB filing
Annual accounts filed
fiscal year 2024 · full schema
31-03
Financial
Equity above €10mEq €12.9m ▲39.1%
6 profitable years in a row build equity to €12.9m.
2023
19-09
NBB filing
Annual accounts filed
fiscal year 2023 · full schema
2022
19-09
NBB filing
Annual accounts filed
fiscal year 2022 · full schema
2021
22-09
NBB filing
Annual accounts filed
fiscal year 2021 · full schema
31-03
Financial
Liquidity triplescurrent ratio 2.92
Current ratio from 1.04 to 2.92; short-term debt falls from €494,251 to €181,820.
2020
25-09
NBB filing
Annual accounts filed
fiscal year 2020 · full schema
Show earlier events
31-03
Financial
Liquidity times 5current ratio 1.04
Current ratio from 0.20 to 1.04; short-term debt falls from €1.2m to €494,251.
2019
26-09
NBB filing
Annual accounts filed
fiscal year 2019 · full schema
2018
24-09
NBB filing
Annual accounts filed
fiscal year 2018 · full schema
2017
02-10
NBB filing
Annual accounts filed
fiscal year 2017 · full schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 7 acts read
About the unread acts
We know of 7 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
7 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, Waregem · 2 establishment units since 1993
Ground area
5,776 m²
Building footprint
1,939 m²
Volume, LiDAR
9,814 m³
2 parcels, Flanders · tallest building 36.4 m, ±2 floors. Linked by address, not a title deed.
4
companies at this address
See who is registered here
2 establishment units
DEMACON
since 19932.102.885.170
DEMACON
since 20232.350.280.009
2 parcels
Flanders
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 34452B0753/00L000 | Flanders | 3,996 m² | 1 · 351 m² | 7.8 m · 2 fl. |
| 34040C1401/00Z002 | Flanders | 1,780 m² | 1 · 1,588 m² | 36.4 m · 1 fl. |
Linked by address, not proof of ownership
Good to know
2 of 2 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Structure & network
Owners and holdings
3 holdingsOwners 0
The accounts to 31-03-2026 list no shareholders, and no other source names one.
Holdings 3
- FLANDERS FIELD ESTATEsubsidiarySourceown accounts 31-03-2026100%
-
100%
-
25%
According to the annual accounts to 31-03-2026 of DEMACON and those of the other companies, the acts in the Belgian Gazette and the LEI register. 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 fill in these statements, or need not, is missing.
Connections & network
No current directors or connected companies found in the register.
Public money · subsidies and aid
Flemish government
2025 · 1 entry · 720 EUR awarded · 720 EUR paid| Year | Entries | awarded | paid |
|---|---|---|---|
| 2025 | 1 | 720 EUR | 720 EUR |
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Of 24,729 companies in sector 64210 we hold annual accounts for 19,799. 4,235 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company
Founded28-09-1992
Fiscal year end31-03
Activities, NACEBEL 2025
64210Activities of holding companies
41003General construction of other non-residential buildings
68121Development of residential building projects
E-invoicing
Reachable via Peppol
Peppol ID
0208:0448345678
Also
9925:BE0448345678
Registered
02-07-2025
Register as of 28 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.
General meetings
1 convocationOrdinary general meeting
Agenda
Jaarverslag. Goedkeuring jaarrekening. Bestemming resultaat. Kwijting bestuurders. (Her)Benoemingen. Divers. (AOPC11005325/ 09.09) (33375) G.B.V., naamloze vennootschap, F. Rooseveltlaan 5, 9000 Gent Ondernemingsnummer 0415.356.473 Algemene vergadering ter zetel op 24/09/2010, om 9 u. 30 m. Agenda : Jaarverslag. Goedkeuring jaarrekening. Bestemming resul- taat. Kwijting bestuurders. Divers. (AOPC1-10-05330/ 09.09) (33376) CECO, commanditaire vennootschap op aandelen, Hoogstraat 26, 8700 Tielt 0464.446.094 RPR Brugge Jaarvergadering op 02/10/2010 om 10 u. op de zetel. Agenda : Goedkeuring jaarrekening per 30 juni 2010. Bestemming resultaat. Kwijting bestuurders. Varia. Zich richten naar de st ...