ENVELBAG
ActiveENVELBAG has been active since 1987 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €457k and a net result of €70k. Equity is growing by ~4.1% per year across the filed fiscal years. Its solvency ranks better than 65% of 4860 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.3% (very low).
Checked score
Score 2025
83
/ 100
Excellent
The score weighs solvency, liquidity, profitability and financial development. Bankruptcy probability contributes 35%. Every signal that weighs is under Signals.
Axes · tick = 2024
Profitability78▲+34
Solvency83▲+14
Growth78=
Track record100
Bankruptcy probability, 12 months
0.3%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €35k at 30 days acceptable
Liquidity ample (current ratio 2.91 against 1.72 in 2024; short-term debt: 27.1% and cash: 18.3% of total assets), and 41.5% 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
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
58.5%
Return on assets
8.9%
Age of the figures
9 mo
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 46
Relative position
BE, all sectors
reference
Sector 46
higher
← fewer bankruptcies
more bankruptcies →
neutral · A punctual record breaks
This company filed 9 consecutive financial years on time. The year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 31-08-2026, 31 days late. Weigh it accordingly: a break into the 1-to-90-day band measures 1.41% abnormal legal state, below the 1.66% market average. It is a change in behaviour, not evidence of elevated risk.
NBB · 10 filingsDeviation from the deadline
2025
31 d late
2024
71 d early
2023
70 d early
2022
69 d early
2021
71 d early
2020
70 d early
2019
43 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
21-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, full schema
Source amounts without an identifiable currency are assumed to be EUR.
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
€70k▲ 536%
2024 · €11k
2018: €-75k
2019: €-151k
2020: €-50k
2021: €53k
2022: €148k
2023: €18k
2024: €11k
2018 → 2025
Working capital
€404k▲ 17.1%
2024 · €345k
2018: €25k
2019: €25k
2020: €-112k
2021: €-31k
2022: €227k
2023: €119k
2024: €345k
2018 → 2025
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€210k-€358k▲ 70.5%€377k▲ 5.1%€388k▲ 2.9%€457k▲ 18.0%
Operating result€64k-€160k▲ 151%€25k▼ 84.5%€19k▼ 23.2%€85k▲ 346%
Net result€53k-€148k▲ 177%€18k▼ 87.8%€11k▼ 39.5%€70k▲ 536%
Result per fiscal year
Operating resultNet result
The operating result recovers in 2025; 2025 is 346% above 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €783k
Fixed assets
€166k▲ 183%
Current assets
€616k▼ 25.5%
Equity and liabilities €783k
Equity
€457k▲ 18.0%
Debt
€325k▼ 34.8%
The debt ratio falls from 56.3% to 41.5%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€121k▲
2024 · €66k
Cash flow
€106k▲
2024 · €58k
Solvency
58.5%▲
2024 · 43.7%
Current ratio
2.91▲
2024 · 1.72
Quick ratio
2.20▲
2024 · 1.43
Debt / equity
0.71▼
2024 · 1.29
ROE
15.3%▲
2024 · 2.8%
ROA
8.9%▲
2024 · 1.2%
Interest coverage
5.77▲
2024 · 2.90
Debt
€325k▼
2024 · €499k
Debt ≤ 1 year
€212k▼
2024 · €482k
Debt > 1 year
€112k
Income taxes
€2k▲
2024 · €838
Staff costs
€52k▼
2024 · €58k
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€886k€783k▼
Fixed assets21/28€59k€166k▲
Intangible fixed assets21€14k€7k▼
Tangible fixed assets22/27€43k€154k▲
Plant, machinery and equipment23€32k€152k▲
Furniture and vehicles24€689€227▼
Other tangible fixed assets26€10k€2k▼
Financial fixed assets28€2k€6k▲
Current assets29/58€828k€616k▼
Stocks and contracts in progress3€138k€150k▲
Stocks30/36€138k€150k▲
Amounts receivable within one year40/41€584k€316k▼
Trade receivables40€384k€309k▼
Other amounts receivable41€200k€7k▼
Cash at bank and in hand54/58€74k€144k▲
Deferred charges and accrued income490/1€32k€7k▼
Equity and liabilities
Total equity and liabilities10/49€886k€783k▼
Equity10/15€388k€457k▲
Contributions10/11€450k€450k=
Capital10€450k€450k=
Issued capital100€450k€450k=
Reserves13€6k€6k=
Non-distributable reserves130/1€6k€6k=
Legal reserve130€6k€6k=
Profit (loss) carried forward14€-69k€1k▲
Amounts payable17/49€499k€325k▼
Amounts payable after more than one year17-€112k
Financial debts170/4-€112k
Amounts payable within one year42/48€482k€212k▼
Trade debts44€147k€141k▼
Suppliers440/4€147k€141k▼
Taxes, remuneration and social security45€10k€11k▲
Taxes450/3€8k€9k▲
Remuneration and social security454/9€1k€2k▲
Other amounts payable47/48€326k€60k▼
Accrued charges and deferred income492/3€16k€1k▼
Income statement
Code20242025
Remuneration, social security and pensions62€58k€52k▼
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€47k€36k▼
Other operating charges640/8€18k€3k▼
Gross operating margin9900€142k€175k▲
Operating profit (loss)9901€19k€85k▲
Financial income75/76B€16k€7k▼
Recurring financial income75€16k€7k▼
Financial charges65/66B€23k€21k▼
Recurring financial charges65€23k€21k▼
Profit (loss) for the period before taxes9903€12k€71k▲
Income taxes67/77€838€2k▲
Profit (loss) for the period9904€11k€70k▲
Profit (loss) for the period to be appropriated9905€11k€70k▲
Appropriation of the result
Profit (loss) to be appropriated9906€-69k€1k▲
Profit (loss) brought forward from the previous period14P€-80k€-69k▲
Social balance
Average headcount (FTE)90871.21.0▼
The notes to these accounts (11 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
31-08
NBB filing
Annual accounts filed
fiscal year 2025 · full schema · 31 days late
2025
21-05
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema
2024
22-05
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema
2023
23-05
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema
2022
31-12
Financial
Highest result since 2018net €148k ▲177%
Operating result €160k, net result €148k, both a record.
21-05
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema
2021
31-12
Financial
Back to profitnet €53k
Net result €53k after 3 loss-making years.
31-12
Financial
Equity above €200kEq €210k ▲34.1%
Equity rises from €157k to €210k.
22-05
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema
2020
18-06
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema
2019
31-12
Financial
Weakest financial yearnet €-151k
Net result drops to €-151k, the lowest in the series; recovery starts the following year.
18-06
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema
2018
10-07
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema
2017
06-07
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
Directors · office · real estate
Directors
no sitting director, no change since 2025
We have established no sitting directors for this company. We derive directors from published Gazette acts; while there are none, or none read, nothing appears here. That does not mean the company has none: the CBE keeps its own list of function holders, which we do not read.
27-10-2025
Drukkerij Van Daele NV: Resigned as Managing director
01-06-2023
Koen Van Daele: Resigned as Managing director
26-10-2020
COVADA: Resigned as Director
26-10-2020
COVADA: Resigned as Managing director
01-01-2013
Anna Degeyter: Resigned as Director
01-01-2013
Mathieu Sys: Resigned as Director
04-07-2007
Serge Mira: Resigned as Director
Location & real-estate footprint
Registered office, Berlare · 1 establishment unit since 1991
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.
Broekstraat(O) 1089290 BerlareGround area
1.8 ha
Building footprint
7,941 m²
Volume, LiDAR
32,045 m³
2 parcels, Flanders · tallest building 8.2 m, ±2 floors. Linked by address, not a title deed.
1 establishment unit
ENVELBAG
since 19912.031.074.486
2 parcels
Flanders
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 42028A1246/00B000 | Flanders | 1.8 ha | 1 · 7,797 m² | 7.0 m · 1 fl. |
| 42017B0102/00F000 | Flanders | 622 m² | 1 · 144 m² | 8.2 m · 2 fl. |
Linked by address, not proof of ownership
Methodology
via registered seat: 1 · via establishment units: 1
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
Connections & network
1 connected companyNetwork connections
Shared address
→
Public money · subsidies and aid
Flemish government
2022 to 2025 · 5 entries · 81,274 EUR awarded · 81,274 EUR paid| Year | Entries | awarded | paid |
|---|---|---|---|
| 2025 | 2 | 23,465 EUR | 23,465 EUR |
| 2024 | 1 | 21,070 EUR | 21,070 EUR |
| 2023 | 1 | 20,062 EUR | 20,062 EUR |
| 2022 | 1 | 16,677 EUR | 16,677 EUR |
Schemes
Vlaamse ondersteuningspremie (VOP) voor werkgevers (uitdovend stelsel)
Subsidie voor opleiding en advies voor kmo's en zelfstandigen (kmo-portefeuille)
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Of 432 companies in sector 46869 we hold annual accounts for 244. 174 are within a factor 10 of this equity.See the whole sector
Company data · Crossroads Bank
Identification
Legal formPublic limited company
Founded15-05-1987
Fiscal year end31-12
Activities, NACEBEL
18120Other printing
46869Wholesale trade
51562
Sources
Crossroads Bank for EnterprisesNational Bank · 39 filingsAddress and cadastre registers
Data from official sources, last processed on 21-09-2026. Scores and ratios are computed by Checked and are not a credit decision.