EFFICY has been active since 2005 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €138.3m and a net result of €45.8m. Equity is growing by about 40% per year across the filed financial years. Its solvency ranks better than 74% of 6,131 sector peers (NACE 46, financial year 2025). The computed 12-month bankruptcy probability is 0.1% (very low).
Auditor: Deloitte Bedrijfsrevisoren/Réviseurs d’EntreprisesAccounts 25 days early
Why 91raises riskLiquidity: current ratio 0.79, cash €300,728lowers riskFounded in 2005Equity €138.3m (67.6% of total assets)Size: turnover €5.6m, 73.5 FTE, total assets €204.4m, files consolidated accountsShow the evidence
Checked score
Score 2025
Checked score
A figure from 0 to 100: the higher it is, the smaller the chance that the company goes bankrupt within twelve months. The band, from Critical to Excellent, follows from that chance; within the band, how the company does against its sector peers counts too. With a low score, agree a shorter payment term, an advance or security.
91/ 100
Excellent
Probability in this band: under 0.55%
Financially better than 52% of its sector peers (NACE 46, medium-sized)
How strong the balance sheet and results are: solvency, liquidity and profitability from the latest annual accounts, each out of 100. It does not directly set the Checked score's band; how the company does on these and on growth against its sector peers does count for its place within the band.
Average
Solvency93+6
equity 67.6% of total assets
Liquidity46+4
short-term debt 17.0% · cash 0.1%
Profitability31+20
return on assets 22.4%
Bankruptcy probability, 12 months
Bankruptcy probability
The chance that the company goes bankrupt within twelve months, estimated from the registers, the annual accounts and the Belgian Official Gazette. 0.2% means about 2 in 1,000 comparable companies. The higher it is, the shorter the payment term to agree.
0.1%Very low
0%0.5%1.5%4%10%≥ 25%
About 1 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
Sector median 0.2% (746 companies, NACE 46, medium-sized)
Last 24 months11-2024: 1.2%highest value12-2024: 1.2%● unchanged vs 11-2024highest value01-2025: 0.2%▼ -1.0 percentage point vs 12-202402-2025: 0.2%● unchanged vs 01-202503-2025: 0.2%● unchanged vs 02-202504-2025: 0.2%● unchanged vs 03-202505-2025: 0.2%● unchanged vs 04-202506-2025: 0.2%● unchanged vs 05-202507-2025: 0.3%▲ +0.1 percentage points vs 06-202508-2025: 0.2%▼ -0.1 percentage points vs 07-202509-2025: 0.2%● unchanged vs 08-202510-2025: 0.2%● unchanged vs 09-202511-2025: 0.2%● unchanged vs 10-202512-2025: 0.2%● unchanged vs 11-202501-2026: 0.2%● unchanged vs 12-202502-2026: 0.2%● unchanged vs 01-202603-2026: 0.2%● unchanged vs 02-202604-2026: 0.3%▲ +0.1 percentage points vs 03-202605-2026: 0.3%● unchanged vs 04-202606-2026: 0.3%● unchanged vs 05-202607-2026: 0.3%● unchanged vs 06-202608-2026: 0.1%▼ -0.2 percentage points vs 07-2026lowest value09-2026: 0.1%● unchanged vs 08-2026lowest value10-2026: 0.1%● unchanged vs 09-2026lowest value
Credit of up to €550,000 on 30-day terms is acceptable
Liquidity insufficient (current ratio 0.79, compared with 0.56 in 2024, below 1; short-term debt: 17% and cash: 0.1% of total assets), and 32.4% of the assets are financed with debt and provisions.
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 (NACE 46, medium-sized): better than 79% on solvency, 64% on liquidity, 16% on profitability and 48% on growth.
The bankruptcy probability was computed on 22-10-2026 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).
tick = median of all Belgian filingsring = median in the sector
This company filed its last 6 accounts on average 35 days before the deadline; the sector median (NACE 46) for financial year 2024 is 3 days before the deadline, and 39% of those companies filed late.
Searched, nothing found (2)
neutral · Next filing not due yet
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today. The company usually files around 6 July (5 of the last 5 filed years within 30 days of that day).
2021 to 2025, 5 financial years2018 to 2025, 7 financial years
The operating result stays negative: a loss of €4.7m in 2025 against €2.9m in 2024; the loss grows and 2025 has the lowest 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.
Total assets€204.4m2025Equity€138.3m2025Debt€66.1m2025
Short-term assets minus short-term debts. Above zero the company can pay its bills in the short term.
Working capital-€7.2m2025
How much of each euro of turnover is left from operations (EBIT margin) and what the assets earn (return on assets).
EBIT margin-83.7%2025Return on assets (ROA)22.4%2025
The share of the company financed with its own means. The higher it is, the better it absorbs a shock.
Solvency67.6%2025
Short-term assets per euro of short-term debt. Above 1 the short-term debts are covered.
Current ratio0.792025
Average staff in full-time equivalents (FTE).
Staff (FTE)73.52025
Use the arrow keys on the chart for the figures per year.
Sector: the middle half of NACE 46, Wholesale trade: a quarter of companies sit below it, a quarter above. Each year compared with accounts in the same format, and only where there are at least 30. Dashed line: the median. Available for Net result, Equity, Total assets, Working capital, Solvency, Current ratio, Return on assets (ROA), Staff (FTE).
Every figure with its change against the financial year before
Net result€2.0m-€6.1mabove the sector's middle half-€4.2mabove the sector's middle half▼ 30.5%€5.6mabove the sector's middle half▲ 31.3%€1.8mabove the sector's middle half▼ 67.5%-€3.3mbelow the sector's middle half€45.8mabove the sector's middle half
Equity€12.5m-€20.5mabove the sector's middle half-€87.3mabove the sector's middle half▲ 326%€93.9mabove the sector's middle half▲ 7.6%€95.7mabove the sector's middle half▲ 1.9%€92.4mabove the sector's middle half▼ 3.4%€138.3mabove the sector's middle half▲ 49.6%
Total assets€23.2m-€41.6mabove the sector's middle half-€148.7mabove the sector's middle half▲ 257%€145.2mabove the sector's middle half▼ 2.3%€151.7mabove the sector's middle half▲ 4.4%€148.1mabove the sector's middle half▼ 2.3%€204.4mabove the sector's middle half▲ 38.0%
Working capital€0.5m-€1.8mwithin the sector's middle half--€3.5mbelow the sector's middle half-€14.6mbelow the sector's middle half▼ 321%-€18.6mbelow the sector's middle half▼ 27.6%-€15.5mbelow the sector's middle half▲ 16.8%-€7.2mbelow the sector's middle half▲ 53.6%
Solvency53.8%-49.2%within the sector's middle half-58.7%within the sector's middle half▲ 9.5pp64.6%above the sector's middle half▲ 6.0pp63.1%within the sector's middle half▼ 1.6pp62.4%within the sector's middle half▼ 0.7pp67.6%within the sector's middle half▲ 5.2pp
Current ratio1.13-1.28within the sector's middle half-0.86below the sector's middle half▼ 0.420.53below the sector's middle half▼ 0.320.55below the sector's middle half▲ 0.020.56below the sector's middle half▲ 0.010.79below the sector's middle half▲ 0.23
Return on assets (ROA)8.7%-14.6%above the sector's middle half-2.8%within the sector's middle half▼ 11.8pp3.8%within the sector's middle half▲ 1.0pp1.2%within the sector's middle half▼ 2.6pp-2.2%below the sector's middle half▼ 3.4pp22.4%above the sector's middle half▲ 24.6pp
Staff (FTE)55.8-63.7above the sector's middle half-67above the sector's middle half▲ 5.2%70above the sector's middle half▲ 4.5%82.3above the sector's middle half▲ 17.6%74.7above the sector's middle half▼ 9.2%73.5above the sector's middle half▼ 1.6%
abovewithinbelowthe middle half of NACE 46, Wholesale trade: a quarter of companies sit below it, a quarter above. Each year compared with accounts in the same format, and only where there are at least 30.
Why a figure moved sharply
2021Equity +326%, Total assets +257% on 2020.Capital increase of €62,000,521 (Official Gazette 13-10-2021).
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €204.4m
86.5%
13.5%
Fixed assets€176.8m ▲ 37.8%
Current assets€27.6m ▲ 39.0%
Equity and liabilities €204.4m
67.6%
32.3%
Equity€138.3m ▲ 49.6%
Provisions€70,323 =
Debt€66.1m ▲ 18.8%
Debt's share of the balance-sheet total falls from 37.6% to 32.3%. Equity and debt are higher.
Key figures and ratios
2025 value · change against 2024
EBITDA
-€4.4m▼
2024 · -€2.6m
Cash flow
€46.2m▲
2024 · -€2.9m
Debt to equity
0.48▼
2024 · 0.60
ROE
33.1%▲
2024 · -3.5%
Interest coverage
-2.17▼
2024 · -1.24
Debt ≤ 1 year
€34.8m▼
2024 · €35.4m
Debt > 1 year
€28.5m▲
2024 · €16.9m
Income taxes
€8,800▼
2024 · €8,829
Staff costs
€7.0m▲
2024 · €6.6m
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
Filed annual accountsAs filed with the NBB · 2025 against 2024 · 90 lines
Balance sheetCode20242025
Assets
Total assets20/58€148.1m€204.4m▲
Fixed assets21/28€128.3m€176.8m▲
Tangible fixed assets22/27€1.0m€0.6m▼
Plant, machinery and equipment23€0.07m€0.03m▼
Furniture and vehicles24€0.6m€0.3m▼
Other tangible fixed assets26€0.3m€0.2m▼
Financial fixed assets28€127.3m€176.2m▲
Affiliated companies280/1€127.3m€176.2m▲
Participating interests280€127.3m€176.2m▲
Other financial fixed assets284/8€0.007m€0.007m=
Amounts receivable and cash guarantees285/8€0.007m€0.007m=
Current assets29/58€19.9m€27.6m▲
Amounts receivable within one year40/41€16.2m€24.5m▲
Trade receivables40€11.3m€14.2m▲
Other amounts receivable41€4.8m€10.3m▲
Current investments50/53€2.8m€2.0m▼
Own shares50€2.8m€2.0m▼
Cash at bank and in hand54/58€0.3m€0.3m▼
Deferred charges and accrued income490/1€0.6m€0.8m▲
Equity and liabilities
Total equity and liabilities10/49€148.1m€204.4m▲
Equity10/15€92.4m€138.3m▲
Contributions10/11€72.8m€72.8m=
Capital10€6.6m€6.6m=
Issued capital100€6.6m€6.6m=
Contributions outside capital11€66.2m€66.2m=
Share premium1100/10€66.2m€66.2m=
Reserves13€4.4m€3.6m▼
Non-distributable reserves130/1€3.4m€2.6m▼
Legal reserve130€0.7m€0.7m=
Own shares acquired1312€2.8m€2.0m▼
Distributable reserves133€1.0m€1.0m=
Profit (loss) carried forward14€15.2m€61.9m▲
Provisions and deferred taxes16€0.07m€0.07m=
Provisions for liabilities and charges160/5€0.07m€0.07m=
Other liabilities and charges164/5€0.07m€0.07m=
Amounts payable17/49€55.6m€66.1m▲
Amounts payable after more than one year17€16.9m€28.5m▲
Financial debts170/4€16.9m€28.5m▲
Subordinated loans170€1.1m-
Credit institutions173€15.8m€0.2m▼
Other loans174-€28.3m
Amounts payable within one year42/48€35.4m€34.8m▼
Current portion of amounts payable after more than one year42€2.6m€0.1m▼
Financial debts43€5.9m-
Credit institutions430/8€5.9m-
Trade debts44€5.4m€6.3m▲
Suppliers440/4€5.4m€6.3m▲
Taxes, remuneration and social security45€1.2m€0.9m▼
Taxes450/3€0.09m€0.04m▼
Remuneration and social security454/9€1.1m€0.9m▼
Other amounts payable47/48€20.2m€27.4m▲
Accrued charges and deferred income492/3€3.4m€2.8m▼
Income statementCode20242025
Operating income70/76A€16.7m€18.2m▲
Turnover70€7.6m€5.6m▼
Other operating income74€9.1m€12.5m▲
Non-recurring operating income76A-€0.007m
Operating charges60/66A€19.6m€22.9m▲
Goods for resale, raw materials and consumables60€4.5m€6.1m▲
Purchases600/8€4.5m€6.1m▲
Services and other goods61€5.8m€6.4m▲
Remuneration, social security and pensions62€6.6m€7.0m▲
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€0.4m€0.3m▼
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4€0.006m€0.05m▲
Provisions for liabilities and charges: additions (uses and reversals)635/8-€0.2m-
Other operating charges640/8€0.07m€0.03m▼
Non-recurring operating charges66A€2.4m€3.1m▲
Operating profit (loss)9901-€2.9m-€4.7m▼
Financial income75/76B€1.9m€71.3m▲
Recurring financial income75€1.9m€3.8m▲
Income from financial fixed assets750€1.8m€3.3m▲
Other financial income752/9€0.04m€0.5m▲
Non-recurring financial income76B-€67.5m
Financial charges65/66B€2.2m€20.7m▲
Recurring financial charges65€2.2m€2.1m▼
Debt charges650€2.1m€2.0m▼
Other financial charges652/9€0.1m€0.03m▼
Non-recurring financial charges66B-€18.7m
Profit (loss) for the period before taxes9903-€3.3m€45.8m▲
Income taxes67/77€0.009m€0.009m▼
Taxes670/3€0.009m€0.009m▼
Tax adjustments and reversals of tax provisions77€47-
Profit (loss) for the period9904-€3.3m€45.8m▲
Profit (loss) for the period to be appropriated9905-€3.3m€45.8m▲
Appropriation of the result
Profit (loss) to be appropriated9906€15.2m€61.1m▲
Profit (loss) brought forward from the previous period14P€18.5m€15.2m▼
Transfer from equity791/2-€0.8m
From reserves792-€0.8m
Transfer to equity691/2-€0.04m
To other reserves6921-€0.04m
Social balance sheet
Average headcount (FTE)908774.773.5▼
The notes to these accounts (74 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Line
2018
2020
2021
2022
2023
2024
2025
Change
Operating income70/76A
-
-
€13.3m
€20.5m
€21.3m
€16.7m
€18.2m
▲ 9.2%
Turnover70
€9.3m
€10.8m
€12.9m
€19.5m
€9.1m
€7.6m
€5.6m
▼ 25.8%
Other operating income74
-
-
€0.3m
€1.0m
€12.2m
€9.1m
€12.5m
▲ 38.5%
Non-recurring operating income76A
-
-
€0.08m
-
-
-
€0.007m
-
Operating charges60/66A
-
-
€13.2m
€20.0m
€22.2m
€19.6m
€22.9m
▲ 16.9%
Goods for resale, raw materials and consumables60
-
-
€3.7m
€6.8m
€7.2m
€4.5m
€6.1m
▲ 35.7%
Purchases600/8
-
-
€3.7m
€6.8m
€7.2m
€4.5m
€6.1m
▲ 35.7%
Services and other goods61
-
-
€3.0m
€4.8m
€6.8m
€5.8m
€6.4m
▲ 10.0%
Remuneration, social security and pensions62
-
-
€4.6m
€5.3m
€7.0m
€6.6m
€7.0m
▲ 4.9%
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630
€0.3m
€0.4m
€0.5m
€0.5m
€0.5m
€0.4m
€0.3m
▼ 13.5%
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4
-
-
-€0.2m
-€0.02m
€0.04m
€0.006m
€0.05m
▲ 698%
Provisions for liabilities and charges: additions (uses and reversals)635/8
-
-
€0.03m
-€0.09m
-
-€0.2m
-
-
Other operating charges640/8
-
-
€0.1m
€0.9m
€0.04m
€0.07m
€0.03m
▼ 52.7%
Non-recurring operating charges66A
-
-
€1.5m
€1.8m
€0.6m
€2.4m
€3.1m
▲ 24.8%
Operating profit (loss)9901
€1.4m
€1.3m
€0.06m
€0.5m
-€1.0m
-€2.9m
-€4.7m
▼ 60.1%
Financial income75/76B
-
-
€5.5m
€6.2m
€4.5m
€1.9m
€71.3m
▲ 3,722%
Recurring financial income75
€1.6m
€5.3m
€5.5m
€6.2m
€4.5m
€1.9m
€3.8m
▲ 104%
Income from financial fixed assets750
-
-
€3.4m
€4.4m
€4.5m
€1.8m
€3.3m
▲ 81.8%
Other financial income752/9
-
-
€2.0m
€1.9m
€0.004m
€0.04m
€0.5m
▲ 1,158%
Non-recurring financial income76B
-
-
-
-
-
-
€67.5m
-
Financial charges65/66B
-
-
€1.3m
€1.2m
€1.7m
€2.2m
€20.7m
▲ 853%
Recurring financial charges65
€0.07m
€0.2m
€1.3m
€1.2m
€1.7m
€2.2m
€2.1m
▼ 5.5%
Debt charges650
€0.06m
€0.1m
€1.2m
€1.2m
€1.6m
€2.1m
€2.0m
▼ 2.7%
Other financial charges652/9
-
-
€0.1m
€0.02m
€0.08m
€0.1m
€0.03m
▼ 64.3%
Non-recurring financial charges66B
-
-
-
-
-
-
€18.7m
-
Profit (loss) for the period before taxes9903
€2.5m
€6.4m
€4.2m
€5.6m
€1.8m
-€3.3m
€45.8m
-
Income taxes67/77
€0.5m
€0.3m
€0.008m
€0.008m
€0.009m
€0.009m
€0.009m
▼ 0.3%
Taxes670/3
-
-
€0.008m
€0.008m
€0.01m
€0.009m
€0.009m
▼ 0.9%
Tax adjustments and reversals of tax provisions77
-
-
€407
€173
€103
€47
-
-
Profit (loss) for the period9904
€2.0m
€6.1m
€4.2m
€5.6m
€1.8m
-€3.3m
€45.8m
-
Profit (loss) for the period to be appropriated9905
€2.0m
€6.1m
€4.2m
€5.6m
€1.8m
-€3.3m
€45.8m
-
Line
2018
2020
2021
2022
2023
2024
2025
Change
Assets
Total assets20/58
€23.2m
€41.6m
€148.7m
€145.2m
€151.7m
€148.1m
€204.4m
▲ 38.0%
Formation expenses20
€0.001m
-
-
-
-
-
-
-
Fixed assets21/28
€18.5m
€33.5m
€128.2m
€128.6m
€128.6m
€128.3m
€176.8m
▲ 37.8%
Intangible fixed assets21
€0.1m
€0.5m
€0.3m
€0.1m
-
-
-
-
Tangible fixed assets22/27
€0.6m
€0.8m
€0.8m
€1.1m
€1.3m
€1.0m
€0.6m
▼ 35.0%
Plant, machinery and equipment23
-
-
€0.1m
€0.1m
€0.1m
€0.07m
€0.03m
▼ 57.4%
Furniture and vehicles24
-
-
€0.7m
€0.6m
€0.9m
€0.6m
€0.3m
▼ 42.1%
Other tangible fixed assets26
-
-
€0.002m
€0.4m
€0.3m
€0.3m
€0.2m
▼ 15.3%
Financial fixed assets28
€17.8m
€32.2m
€127.1m
€127.3m
€127.3m
€127.3m
€176.2m
▲ 38.4%
Affiliated companies280/1
-
-
€127.1m
€127.3m
€127.3m
€127.3m
€176.2m
▲ 38.4%
Participating interests280
-
-
€127.1m
€127.3m
€127.3m
€127.3m
€176.2m
▲ 38.4%
Other financial fixed assets284/8
-
-
€0.005m
€0.005m
€0.007m
€0.007m
€0.007m
=
Amounts receivable and cash guarantees285/8
-
-
€0.005m
€0.005m
€0.007m
€0.007m
€0.007m
=
Current assets29/58
€4.7m
€8.2m
€20.6m
€16.7m
€23.1m
€19.9m
€27.6m
▲ 39.0%
Amounts receivable within one year40/41
€4.0m
€4.2m
€6.4m
€14.6m
€19.5m
€16.2m
€24.5m
▲ 51.7%
Trade receivables40
-
-
€4.0m
€12.7m
€14.8m
€11.3m
€14.2m
▲ 25.4%
Other amounts receivable41
-
-
€2.4m
€1.9m
€4.7m
€4.8m
€10.3m
▲ 113%
Current investments50/53
€0.4m
€1.5m
€11.4m
€1.7m
€2.8m
€2.8m
€2.0m
▼ 28.6%
Own shares50
-
-
€11.4m
€1.7m
€2.8m
€2.8m
€2.0m
▼ 28.6%
Cash at bank and in hand54/58
€0.2m
€2.3m
€2.4m
€0.03m
€0.3m
€0.3m
€0.3m
▼ 13.9%
Deferred charges and accrued income490/1
-
-
€0.3m
€0.3m
€0.5m
€0.6m
€0.8m
▲ 37.6%
Equity and liabilities
Total equity and liabilities10/49
€23.2m
€41.6m
€148.7m
€145.2m
€151.7m
€148.1m
€204.4m
▲ 38.0%
Equity10/15
€12.5m
€20.5m
€87.3m
€93.9m
€95.7m
€92.4m
€138.3m
▲ 49.6%
Contributions10/11
€4.3m
€4.3m
€71.7m
€72.8m
€72.8m
€72.8m
€72.8m
=
Capital10
-
-
€6.5m
€6.6m
€6.6m
€6.6m
€6.6m
=
Issued capital100
-
-
€6.5m
€6.6m
€6.6m
€6.6m
€6.6m
=
Contributions outside capital11
-
-
€65.3m
€66.2m
€66.2m
€66.2m
€66.2m
=
Share premium1100/10
-
-
€65.3m
€66.2m
€66.2m
€66.2m
€66.2m
=
Reserves13
€1.5m
€2.9m
€13.1m
€3.3m
€4.4m
€4.4m
€3.6m
▼ 18.0%
Non-distributable reserves130/1
-
-
€12.1m
€2.4m
€3.4m
€3.4m
€2.6m
▼ 23.1%
Legal reserve130
-
-
€0.6m
€0.7m
€0.7m
€0.7m
€0.7m
=
Own shares acquired1312
-
-
€11.4m
€1.7m
€2.8m
€2.8m
€2.0m
▼ 28.6%
Distributable reserves133
-
-
€1.0m
€1.0m
€1.0m
€1.0m
€1.0m
=
Profit (loss) carried forward14
€1.8m
€8.4m
€2.5m
€17.8m
€18.5m
€15.2m
€61.9m
▲ 306%
Provisions and deferred taxes16
€0.05m
€0.4m
€0.4m
€0.3m
€0.3m
€0.07m
€0.07m
=
Provisions for liabilities and charges160/5
-
-
€0.4m
€0.3m
€0.3m
€0.07m
€0.07m
=
Other liabilities and charges164/5
-
-
€0.4m
€0.3m
€0.3m
€0.07m
€0.07m
=
Amounts payable17/49
€10.7m
€20.8m
€61.0m
€51.0m
€55.7m
€55.6m
€66.1m
▲ 18.8%
Amounts payable after more than one year17
€4.4m
€11.9m
€32.9m
€15.8m
€10.1m
€16.9m
€28.5m
▲ 68.5%
Financial debts170/4
-
-
€32.9m
€15.8m
€10.1m
€16.9m
€28.5m
▲ 68.5%
Subordinated loans170
-
-
-
-
-
€1.1m
-
-
Unsubordinated bonds171
-
-
€11.1m
-
-
-
-
-
Credit institutions173
-
-
€21.8m
€15.8m
€10.1m
€15.8m
€0.2m
▼ 98.8%
Other loans174
-
-
-
-
-
-
€28.3m
-
Amounts payable within one year42/48
€4.2m
€6.4m
€24.0m
€31.3m
€41.7m
€35.4m
€34.8m
▼ 1.6%
Current portion of amounts payable after more than one year42
-
-
€3.6m
€3.1m
€3.8m
€2.6m
€0.1m
▼ 95.3%
Financial debts43
-
-
€3.7m
€5.0m
€10.0m
€5.9m
-
-
Credit institutions430/8
-
-
€3.7m
€5.0m
€10.0m
€5.9m
-
-
Trade debts44
€1.0m
€2.1m
€1.8m
€8.6m
€9.2m
€5.4m
€6.3m
▲ 15.8%
Suppliers440/4
-
-
€1.8m
€8.6m
€9.2m
€5.4m
€6.3m
▲ 15.8%
Taxes, remuneration and social security45
-
-
€1.0m
€1.0m
€1.2m
€1.2m
€0.9m
▼ 20.3%
Taxes450/3
-
-
€0.3m
€0.2m
€0.3m
€0.09m
€0.04m
▼ 54.9%
Remuneration and social security454/9
-
-
€0.7m
€0.8m
€0.9m
€1.1m
€0.9m
▼ 17.3%
Other amounts payable47/48
-
-
€13.9m
€13.5m
€17.5m
€20.2m
€27.4m
▲ 35.8%
Accrued charges and deferred income492/3
-
-
€4.1m
€4.0m
€3.9m
€3.4m
€2.8m
▼ 16.2%
Line
2018
2020
2021
2022
2023
2024
2025
Change
Profit (loss) for the period9904
€2.0m
€6.1m
€4.2m
€5.6m
€1.8m
-€3.3m
€45.8m
-
+ Depreciation and write-downs630
€0.3m
€0.4m
€0.5m
€0.5m
€0.5m
€0.4m
€0.3m
▼ 13.5%
Operating cash flow (approximation)
€2.3m
€6.5m
€4.7m
€6.1m
€2.3m
-€2.9m
€46.2m
-
Investment in fixed assets (approximation)
-
-
-€95.1m
-€0.9m
-€0.6m
-€0.03m
-€48.9m
▼ 140,727%
Change in cash
-
-
€0.1m
-€2.3m
€0.3m
€0.06m
-€0.05m
-
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Of the 2,072 active companies whose main activity is wholesale of information and communication equipment (NACE 46500), figures are known for 1,396. 44 are within a factor 10 of this equity. These 5 are the closest to it. See the whole sector
Subsidies and aid
Flemish government
Flemish government
Subsidies and aid from the Flemish government to this company. Public aid says something about projects and the obligations that come with it.
1 entry · €486 · €486 paid · Departement Werk, Economie, Wetenschap, Innovatie en Sociale Economie
Public contracts
2 awards · 2020 to 2024
Marché de services : maintenance et évolution de la solution EFFICY du Forem: Maintenance et évolution de la solution EFFICY du Forem
buyer: Office Wallon de la Formation Professionnelle et de l’Emploi (Le Forem)IT servicesawarded 10-07-2024€1.4m1 tenderTED 456841-2024
Marché de services: maintenance et évolution de la solution Efficy du Forem: Maintenance et évolution de la solution Efficy du Forem
buyer: Office Wallon de la formation professionnelle et de l'emploiIT servicesawarded 01-07-2020€1.3m1 tenderTED 337294-2020
Source: TED (Tenders Electronic Daily), Publications Office of the European Union. Values as the buyer published them; for a framework agreement, a ceiling.
Directors
Directors
Directors
Who runs the company today and since when, grouped the way the KBO groups its office holders. Many recent board changes are a reason to keep a close eye.
10 directors, 1 in day-to-day management, no change since 2026
Board 10
BA
Borg Advisors AS
Chair of the board · since 01-01-2021 · Legal entity
Current
BB
Be@dvised BV
Chair of the board · since 29-06-2026 · Director · since 05-03-2026 · Legal entity · permanent representative: Renaat Berckmoes
Director · Private limited company · permanent representative: Henri Van Engelen
Current
AB
Arnemi BV
Director · since 26-11-2024 · Legal entity · from a recent deed
Current
1 not recently confirmed
Still in office according to the deeds, but no deed of the last six years confirms the mandate. Mandates like this have often ended since, in a deed we have not read yet.
Who held which function and when, per person: one bar per period, from appointment to resignation or to today. An open left edge means the mandate began before the oldest act we hold.
Source: Belgian Official Gazette (bankruptcies, judicial dissolutions, board mandates), FPS Economy (strike-offs) and the KBO register. A bankruptcy, dissolution or strike-off says nothing about the director's part in it. Only boards we have read from the Gazette; other companies may still be missing.
Owners and capital
Owners
Owners
Who owns the company, as the companies file it in their annual accounts, with the chain of control up to the highest known parent.
According to the 2025 annual accounts of EFFICY and those of the other companies, 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
Capital and shareholders
When capital was put in or taken out. An increase often strengthens the company; a reduction deserves a look.
According to the 2025 annual accounts of EFFICY and those of the other companies, 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.
Connections & network
Connections & network
Which other companies are linked to this one through directors or shares. Look especially for linked companies in trouble.
25 connected companies
Depth
Shared directors
This companyCompanyDirectorShareholding+N: links not shown yetClick a node to look further, drag to arrange, zoom with the mouse wheel.
BE 0877.641.944simplified merger · Gazette deed of 23-05-2011 (2 acts) · effective 01-01-2011
History
History
The company's story in a few sentences, from the company register, the Belgian Official Gazette and the filed annual accounts. Each number opens the document the sentence rests on.
EFFICY was incorporated on 6 September 2005.1In 2009 the company took the name EFFICY.2The registered office moved to Sint-Lambrechts-Woluwe in 2009, to Evere in 2015 and to Kraainem in 2022.234Between 2011 and 2022 the capital was increased 8 times, most recently to €6.6m.567DOUBLESOFT and ROYAL APP FORCE were merged into the company between 2011 and 2018.89The board currently has 10 members; Robert Houdart has served longest, since 2011.5Turnover fell from €9.3m in 2018 to €5.6m in 2025 and headcount from 55.8 to 73.5 full-time equivalents.10
Next filing, financial year 2026, expected by
31-07-2027
2026
14-07
NBB filingAnnual accounts filed
financial year 2025 · full format
13-07
Gazette deedReappointments: Deloitte Bedrijfsrevisoren BV, Cédric Pierrard and Robert Houdart
Resignation: SMARTFORYOU BV (chair of the board) · Appointment: Be@dvised BV (chair of the board) · Permanent representatives: Tom Renders and Julie Delforge16 facts ▸
Board composition, Borg Advisors AS (chair of the board)
Board composition, Nonomar BV (director)
Permanent representative, Julie DELFORGE
17-05
NBB filingAnnual accounts filed
financial year 2020 · full format
2019
24-12
Gazette deedResignations: Nicolas Pigerol, Michel Pigerol and 2 others
Reappointments: Cédric Pierrard, Robert Houdart and NOSHAQ PARTNERS · Appointments: Alveria, Arnaud De Vos and DELOITTE · Permanent representatives: Matthias Vandepitte, Xavier Peters and Thibaut DEVROYE22 facts ▸
General meeting, 28-11-2019
Share issue, 1:10, “division” (deed in French)
Amendment of the articles
Purpose change, “La société a pour objet, tant en Belgique qu'à l'étranger, pour compte propre, pour compte d'autrui ou en participation: 1.Le conseil à des sociétés, indépendan…” (deed in French)
Capital, €4,306,144
Director resignation, Nicolas Pigerol (director)
Director resignation, Michel Pigerol (director)
Director resignation, Dina De Haeck (director)
Director discharge, Nicolas Pigerol
Director discharge, Michel Pigerol
Director discharge, Dina De Haeck
Director reappointment, Cédric Pierrard (director)
+10 further facts in this act
26-08
Gazette deedResignations: David Gotchac (director) and Imad Harfouche (director)
Permanent representative, Philippe Blanche (représentant chargé d'exécuter le mandat de commissaire)
17-08
Gazette deedRestructuring
Merger · Accounting effect · Power of attorney4 facts ▸
Board meeting, 30-07-2018
Merger, “absorption” (deed in French)
Accounting effect, 01-01-2018
Power of attorney, PIERRARD Cédric
16-07
Gazette deedAppointments: Imad HARFOUCHE (director) and David GOTCHAC (director)
Capital increase · Share issue · Reserve release10 facts ▸
General meeting, 15-06-2018
Capital increase, €931,098
Share issue, “actions nouvelles ordinaires”, 8233 (deed in French)
Reserve release, 4.862.300 €, “prime d'émission” (deed in French)
Capital, €4,306,144
Director appointment, Imad HARFOUCHE (director)
Director appointment, David GOTCHAC (director)
Mandate compensation, Imad HARFOUCHE
Mandate compensation, David GOTCHAC
Power of attorney, EFFICY
12-06
Gazette deedRestructuring
Merger · Accounting effect2 facts ▸
Merger
Accounting effect, 01-01-2018
11-06
Gazette deedReappointments: Cédric Pierrard, Robert Houdart and 2 others
Appointments: Xavier Péters, Dina De Haeck and Cédric Pierrard · Mandate compensation · Registered-office move16 facts ▸
General meeting, 29-05-2017
Director reappointment, Cédric Pierrard (director)
Director reappointment, Robert Houdart (director)
Director reappointment, Michel Pigerol (director)
Director reappointment, Nicolas Pigerol (director)
Director appointment, Xavier Péters (director)
Director appointment, Dina De Haeck (director)
Mandate compensation, Cédric Pierrard
Mandate compensation, Robert Houdart
Mandate compensation, Michel Pigerol
Mandate compensation, Nicolas Pigerol
Mandate compensation, Xavier Péters
+4 further facts in this act
2016
22-06
Gazette deedCapital & shares
Approval · Power of attorney3 facts ▸
General meeting, 26-05-2016
Approval, 26-05-2016
Power of attorney, Efficy
2015
31-08
Gazette deedRegistered office
Registered-office move2 facts ▸
Board meeting, 19-06-2015
Registered-office move, Rue colonel Bourg, 105 A à 1140 Evere
28-01
Gazette deedCapital & shares · Amendment of the articles
Capital increase · Capital · Share issue8 facts ▸
General meeting, 29-12-2014
Capital increase, €280,000
Capital, €2,954,248
Share issue, “droits de souscription”, 2000 (deed in French)
Share issue, “droits de souscription”, 295 (deed in French)
Power of attorney (2 times)
Power of attorney, Stéphanie Ernaelsteen
Power of attorney, Catherine Lelong
28-01
Gazette deedCapital & shares · Amendment of the articles
Capital increase · Share issue · Capital contribution8 facts ▸
General meeting, 31-12-2014
Capital increase, €420,798
Share issue, “actions ordinaires”, 1165 (deed in French)
Capital contribution
Capital, €3,375,046
Amendment of the articles
Power of attorney, EFFICY
Capital contribution terms, 420798 EUR, “Si les objectifs ne seront pas réalisés pour au moins 65% la partie variable sera réduite à zéro; entre 65% et 100% le bonus sera multiplié de 65%” (deed in French)
2014
04-02
Gazette deedCapital & shares
Capital increase · Capital · Share issue9 facts ▸
General meeting, 20-12-2013
Capital increase, €269,572.33
Capital increase, €1,480,427.67
Capital, €2,674,248
Share issue, “actions ordinaires nominatives sans valeur nominale”, 6250 (deed in French)
Power of attorney
Power of attorney, Stéphanie ERNAELSTEEN
Put option, 900, 280 EUR
Apport en nature, 1.750.000 EUR
2011
26-05
Gazette deedResignation: EFFICY (director)
Appointments: Robert HOUDART, Cedric PIERRARD and 2 others · Capital increase · Share issue24 facts ▸
General meeting, 15-04-2011
Capital increase, €424,248
Share issue, “actions nouvelles de même type que celles existantes”, 6428 (deed in French)
Share transfer, PERSPECTIVE OPTIQUE SAS → EFFICY
Share transfer, Frédéric LARGE → EFFICY
Share transfer, Olivier TAVERNE → EFFICY
Share transfer, Philippe JAMIAN → EFFICY
Share transfer, Alain JEANNETON → EFFICY
Share transfer, Rémi GILLET → EFFICY
Capital, €924,248
Amendment of the articles
Director resignation, EFFICY (director)
+12 further facts in this act
23-05
Gazette deedRestructuring
Merger · Dissolution · Accounting effect6 facts ▸
General meeting, 15-04-2011
Merger, “absorption, simplifiée (articles 719 à 727 du Code des sociétés)” (deed in French)
Dissolution, 01-01-2011
Accounting effect, 01-01-2011
Ownership, “titulaire de toutes les parts sociales et de tous les titres conférant un droit de vote dans l'assemblée générale” (deed in French)
Merger condition, “sans augmentation du capital de la société absorbante et sans échange de titres” (deed in French)
19-04
Gazette deedMiscellaneous
Power of attorney1 fact ▸
Power of attorney, CMS DeBacker
14-03
Gazette deedRestructuring · Miscellaneous
Merger · Power of attorney3 facts ▸
Board meeting, 16-02-2011
Merger
Power of attorney, CMS DeBacker (2 times)
2009
25-08
Gazette deedRegistered office · Name
Name change · Registered-office move · Amendment of the articles5 facts ▸
Financial milestoneGazette deedNBB filingFinancial milestones sit on the financial year-end date, not the filing date.Of the 25 annual accounts filed, the latest 10 are here; all 25 are under Financials.
An act published in both Dutch and French appears here once.
30 of 30 deeds read
Register details
Identification
Legal formPublic limited company
Founded06-09-2005
Financial year end31-12
Activities, NACEBEL 2025
46500Wholesale of information and communication equipment
62200Computer consultancy and computer facilities management
E-invoicing
Reachable via Peppol
Peppol ID0208:0875895449
Also9925:BE0875895449
Registered12-12-2025
If you follow this company, Checked tells you the day it leaves the Peppol register.
Steenweg op Mechelen 455 bt20, 1950 KraainemWholesale of information and communication equipment
since 2006unit no. 2.152.181.461
1 parcel
Flanders1(100%)
Cadastral parcel
Region
Area
Buildings
Height / floors
22002C0073/00N009
Flanders
1.1 ha
1 · 865 m²
42.8 m · 14
How the parcels are linked
Good to know
The parcel matches the address exactly.
Articles of association
PurposeThe activities the company may carry out under its articles.
“De Vennootschap heeft tot voorwerp, zowel in België als in het buitenland, voor eigen rekening, voor rekening van derden of in…” (deed in Dutch)
Text of the purpose (deed in Dutch)
“De Vennootschap heeft tot voorwerp, zowel in België als in het buitenland, voor eigen rekening, voor rekening van derden of in samenwerkingsverband: 1. De adviesverlening aan ondernemingen, zelfstandigen en overheidsinstanties in de ruimst mogelijke zin (consultancy)... [full text of Article 3]”