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Checked processes every Belgian company, act by act, from the Belgian Official Gazette. The data below is real and verified, this company's full, act-by-act verified dossier is still being assembled.
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Summary
Conclusion
the dossier summarised in one paragraphThe computed 12-month bankruptcy probability of Eqwal is 0.6% (low). The 2024 annual accounts show equity of €9.72M and a net result of €2.39M. Equity is growing by ~12.8% per year across the filed fiscal years. The company has been active since 1984 and the Belgian State Gazette contains no insolvency or warning signals.
Based on the State Gazette, CBE and 6 annual accounts.
Filing behaviour
From the deposit records, complete market-wideLatest accounts filed on time
The financial year that closed on 30-09-2025 was due by 30-04-2026 and was filed on 20-04-2026, 10 days ahead of the deadline. This speaks to administrative punctuality and says nothing about the financial position.
The next deadline is still running
The next financial year closes on 30-09-2026 and is due by 30-04-2027. Nothing is late today.
How we compute the deadline
The year end is derived from 10 filed financial years, each closing on 30-09. The statutory deadline is seven months after the close of the financial year (art. 3:10 par. 1 CAC, art. 3:47 par. 7 for ASBL and foundations). Applied to the financial year that closed on 30-09-2025, that is 30-04-2026.
Deadline per financial year
| Year closed | Due by | Filed | Variance | Reference |
|---|---|---|---|---|
| 30-09-2025 | 30-04-2026 | 20-04-2026 | 10 d early | 2026-00085257 |
| 30-09-2024 | 30-04-2025 | 17-04-2025 | 13 d early | 2025-00073041 |
| 30-09-2023 | 30-04-2024 | 30-04-2024 | on the day | 2024-00078730 |
| 30-09-2022 | 30-04-2023 | 03-05-2023 | 3 d late | 2023-00081269 |
| 30-09-2021 | 30-04-2022 | 31-03-2022 | 30 d early | 2022-09700482 |
| 31-12-2020 | 31-07-2021 | 23-06-2021 | 38 d early | 2021-25400293 |
| 31-12-2019 | 31-07-2020 | 30-07-2020 | 1 d early | 2020-37900241 |
| 31-12-2018 | 31-07-2019 | 23-07-2019 | 8 d early | 2019-37000536 |
| 31-12-2017 | 31-07-2018 | 13-07-2018 | 18 d early | 2018-32600247 |
| 31-12-2016 | 31-07-2017 | 06-10-2017 | 67 d late | 2017-66500413 |
Source: the National Bank's deposit records. Those records are complete, including for years whose figures we have not read yet. Filing late covers nearly half the market and is therefore not scored; only not filing, being more than 90 days late and breaking a punctual record carry weight.
Trust signals
2 signalsLong-established
Founded in 1984, 41 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 Flags
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.
Bankruptcy probability (12 mo)
Checked model v1 · free for everyone0.6%
Low
0%0,5%1,5%4%10%≥25%
Multiple establishment units
+Long track record
−Lower-risk legal form
−
Statistical estimate based on public sources, not credit advice nor a finding of fact. How do we compute this?
Financials
Turnover€34.48M+32.4%
EBIT margin9.3%-3.4pp
Net result€2.39M-2.7%
Working capital€5.24M+71.6%
Annual accounts & ratios
Source: NBB · 2024Annual accounts filed on 20-04-2026 with the NBB · fiscal year 2025 · volledig
Trajectory (indicative)
Projection over 3 fiscal years from the filed annual accounts, not a forecast, the extended trend.
growing
Equity: growth of ~12.8%/year over 6 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).
€34.48M
+32.4%
18-24
€4.40M
+2.2%
18-24
€2.39M
-2.7%
18-24
€3.58M
+3.5%
18-24
€24.33M
+42.5%
18-24
€9.72M
+41.8%
18-24
€5.24M
+71.6%
18-24
158
+42.2%
18-24
€11.29M
+40.3%
18-24
€999k
-1.9%
18-24
€3.80M
+55.1%
18-24
€14.60M
+43.0%
18-24
€14.35M
+46.4%
18-24
€245k
-22.8%
18-24
1.36
+4.1%
18-24
1.04
-1.0%
18-24
40.0%
-0.5%
18-24
1.50
+0.9%
18-24
24.5%
-31.4%
18-24
9.8%
-31.7%
18-24
6.9%
-26.5%
18-24
12.8%
-22.8%
18-24
177.38
-33.5%
18-24
Figures by fiscal year
| Fiscal year | 2024 |
|---|---|
| Deposit | volledig |
| Revenue | €34.48M |
| EBITDA | €4.40M |
| Net profit | €2.39M |
| Cash flow | €3.58M |
| Staff costs | €11.29M |
| Income taxes | €999k |
| Dividends | €3.80M |
| Total assets | €24.33M |
| Equity | €9.72M |
| Debt | €14.60M |
| of which ≤ 1y | €14.35M |
| of which > 1y | €245k |
| Working capital | €5.24M |
| Employees (FTE) | 158.1 |
Ratios (computed)
| 2024 | |
|---|---|
| Current ratio | 1.36 |
| Quick ratio | 1.04 |
| Working capital ratio | 21.5% |
| Solvency | 40.0% |
| Debt / equity | 1.50 |
| Long-term debt ratio | 0.03 |
| Interest coverage | 177.38 |
| Gross margin | 71.0% |
| Net margin | 6.9% |
| ROA | 9.8% |
| ROE | 24.5% |
| EBITDA margin | 12.8% |
| Days sales outstanding | 110d |
| Days payable outstanding | 213d |
| Inventory turnover | 2.14 |
| Days inventory (DSI) | 171d |
Balance-sheet composition 2024
Full annual accounts
Filed balance sheet and income statement, exactly as deposited with the NBB.
| Line item | Code | 2024 |
|---|---|---|
| Balance sheet, Assets | ||
| TOTAL ASSETS | 20/58 | €24.33M |
| Fixed assets | 21/28 | €4.74M |
| Intangible fixed assets | 21 | €2.18M |
| Tangible fixed assets | 22/27 | €2.41M |
| Financial fixed assets | 28 | €142k |
| Current assets | 29/58 | €19.59M |
| Stocks & contracts in progress | 3 | €4.68M |
| Amounts receivable within one year | 40/41 | €14.47M |
| Cash & bank | 54/58 | €158k |
| Balance sheet, Equity & liabilities | ||
| TOTAL EQUITY & LIABILITIES | 10/49 | €24.33M |
| Equity | 10/15 | €9.72M |
| Contributions / capital | 10/11 | €809k |
| Reserves | 13 | €6.37M |
| Accumulated profits (losses) | 14 | €2.55M |
| Amounts payable | 17/49 | €14.60M |
| Amounts payable after one year | 17 | €245k |
| Amounts payable within one year | 42/48 | €14.35M |
| Trade debts payable within one year | 44 | €5.84M |
| Income statement | ||
| Turnover | 70 | €34.48M |
| Operating result | 9901 | €3.20M |
| Financial income | 75 | €247k |
| Financial charges | 65 | €65k |
| Result before taxes | 9903 | €3.38M |
| Income taxes | 67/77 | €999k |
| Net result for the period | 9904 | €2.39M |
| Result to be appropriated | 9905 | €2.39M |
You're seeing the latest fiscal year only. Unlock 4 prior years (figures + ratios) with a paid plan.
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Ratios computed by Checked.
Health barometer
FY 2024 · computed89
/ 100
Excellent
Computed from 6 of the 6 factors this model weighs. The rest cannot be derived from the filed figures, or need a prior year to compare against.
Unlock the full score breakdown, per-year score history and the indicative credit limit from Kantoor S.
See plans →Computed by Checked from the NBB filing for FY 2024. Indicative, not credit advice.
Directors
Directors & mandates
10 directorsHistoric, not recently confirmed (6)
These mandates remain open in the register but have not been confirmed by a new act in over six years. They do not count as active directors.
-
Not recently confirmedlast confirmed in an act from 2020
-
BVBA ROMANI MANAGEMENTLegal entityDirector· perm. rep.: Filip HoornaertState Gazette act 18041259 (06-03-2018)Not recently confirmedlast confirmed in an act from 2018
5 events
- 10-11-2017 Appointed· Director
- 10-11-2017 Appointed· Managing director
- 26-06-2017 Resigned· Director
- 08-03-2016 Mandate renewed· Director
- 08-03-2016 Appointed· Managing director
-
Not recently confirmedlast confirmed in an act from 2017
-
bvba Romari ManagementLegal entityDirector· perm. rep.: Filip HoorraertState Gazette act 17013831 (25-01-2017)Not recently confirmedlast confirmed in an act from 2017
-
REAL ESTATE & MANAGEMENTLegal entityManaging director· perm. rep.: Bart De PrêtreState Gazette act 14226062 (22-12-2014)Not recently confirmedlast confirmed in an act from 2014
-
VIECLegal entityManaging director· perm. rep.: Christiaan De RauwState Gazette act 14226062 (22-12-2014)Not recently confirmedlast confirmed in an act from 2014
Former directors (4)
-
COMM.V. FINICOMALegal entityDirector· perm. rep.: Filip HoornaertState Gazette act 17116138 (09-08-2017)Former27-06-2017 → 10-11-2017
3 events
- 10-11-2017 Resigned· Director
- 27-06-2017 Appointed· Director
- 27-06-2017 Appointed· Managing director
-
bvba Real Estate & ManagementLegal entityManaging director· perm. rep.: Bart De PrêtreState Gazette act 17013831 (25-01-2017)Former- → 25-01-2017
-
BVBA VIECLegal entityDirector· perm. rep.: Christiaan De RauwState Gazette act 16034761 (08-03-2016)Former- → 01-07-2015
2 events
- 01-07-2015 Resigned· Director
- 01-07-2015 Resigned· Managing director
-
nv T&CLegal entityDirector· perm. rep.: Theo DierickxState Gazette act 14226062 (22-12-2014)Former- → 06-10-2014
2 events
- 06-10-2014 Resigned· Director
- 06-10-2014 Resigned· Managing director
Full appointment history from the Belgian State Gazette. Permanent representatives are shown for corporate directors.
Statutory auditor
5 auditors| Statutory auditor | IRE/IBR number | Tenure |
|---|---|---|
| RSM INTERAUDITCurrent Company auditor · represented by Inge Saeys |
- | 01-12-2023 → present |
| RSM Interaudit BVCurrent Statutory auditor · represented by Inge Saeys |
- | 26-04-2024 → present |
| Ernst & Young Bedrijfsrevisoren BV o.v.v.e. CVBA Statutory auditor · represented by Paul Eelen succeeded by FIGURAD BEDRIJFSREVISOREN in 2018 |
- | 08-10-2015 → 29-11-2018 |
| FIGURAD BEDRIJFSREVISOREN Statutory auditor · represented by Stefaan Beirens succeeded by RSM Interaudit SCRL in 2021 |
- | 29-11-2018 → 21-10-2021 |
| RSM Interaudit SCRL Statutory auditor · represented by Inge Saeys succeeded by RSM INTERAUDIT in 2023 |
- | 21-10-2021 → 01-12-2023 |
Appointed statutory auditor from the Belgian State Gazette. The IRE/IBR number refers to the register of the Institute of Registered Auditors.
Insolvency mandates
No insolvency mandates (liquidators, administrators) on record for this company.
Legal Structure
| NACE primary | Groothandel in farmaceutische en medische artikelen(46460) |
| Legal form | Public limited company(014) |
| Incorporation | 26-10-1984 |
| Status | Active |
| Postal code | 9041 |
Structure & network
Connections & network
16 connected companiesGroup structure
Sits on the board · 13 subsidiaries · 1 location
Control→
Sits on the board · 1 subsidiary · 1 location
Control→
Sits on the board · 2 subsidiaries · 1 location
Control→
Network connections
Shared corporate director
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Shared corporate director
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Shared corporate director
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Shared corporate director
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Shared corporate director
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Shared corporate director
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Shared corporate director
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Shared corporate director
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Shared corporate director
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Shared corporate director
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Shared corporate director
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Shared corporate director
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Shared corporate director
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Connections derived from shared directors, addresses, shareholders and group structure in the Belgian State Gazette.
Ownership & control
3 partiesControl over this companysits on this company's board3
13 subsidiaries · 1 location
2 subsidiaries · 1 location
1 subsidiary · 1 location
controls
EqwalBE 0426.419.720
Each band states what its claims rest on. A board seat is influence over the board, not ownership. Court mandates (receiver, interim administrator) and liquidation mandates do not link companies and are therefore absent here; they belong under Directors & mandates.
Locations & real estate
Registered office
on the map · from the address registerEstablishment units
4 locationsHerman Teirlinckstraat 15, 9041 Gent
since 19962.025.740.872
Bisschoppenhoflaan 585, 2100 Antwerpen
since 20242.362.237.832
Aqtor!
since 20252.378.259.163
Eqwal
since 20262.385.649.474
Physical sites registered in the Crossroads Bank for Enterprises (CBE).
Parcels4
Ground area2.0 ha
Buildings4
Building footprint7,577 m²
Volume (LiDAR)53,280 m³
Tallest building16.0 m · ±4 fl.
Real-estate footprint
Source: CBE × cadastre · address linkingParcels linked to this company through its CBE addresses (seat, establishment units, branches), cross-referenced with the cadastral parcel plan. This shows where the company operates, not a deeds register.
Flanders
4
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 44051C0551/00A000 | Flanders | 1.1 ha | 1 · 4,763 m² | 12.2 m · 2 fl. |
| 71328D0383/00P003 | Flanders | 5,551 m² | 1 · 1,032 m² | 16.0 m · 4 fl. |
| 11050B0046/00T005 | Flanders | 2,667 m² | 1 · 1,404 m² | 8.9 m · 2 fl. |
| 11012A0287/00W002 | Flanders | 793 m² | 1 · 377 m² | 13.2 m · 2 fl. |
Methodology
via registered seat: 1 · via establishment units: 3
4 of 4 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Publications
Lifecycle & Insolvency Signals
No insolvency signals in the Belgian State Gazette
Belgisch Staatsblad · acts
39 acts Capital history · 5
09-02-2026
v3.2
09-02-2026
v3.2
28-04-2025
v3.2
01-07-2024
v3.2
20-06-2024
v3.2
Address history · 1
25-11-2013
v3.2
All acts · 39
updated 6 months ago
2026
09-02-2026 Capital increase of €35,560.62 to €844,246.58
09-02-2026 Capital increase of €294,000 to €1,138,246.58
2025
04-12-2025 Articles of association amended
Summary:
v3.2
20-11-2025 Publication in the Belgian Official Gazette, Miscellaneous
Summary:
proposalNotary:
Dimitri Cleenewerck de Crayencour · Brussel
20-11-2025 Publication in the Belgian Official Gazette, Miscellaneous
Summary:
proposalNotary:
Dimitri Cleenewerck de Crayencour · Gent
20-11-2025 Publication in the Belgian Official Gazette, Miscellaneous
Summary:
proposalNotary:
Dimitri CLEENEWERCK de CRAYENCOUR · BrusselFirm:
CMS DeBacker
30-05-2025 Change in the board of directors
Summary:
v3.2
28-04-2025 Capital increase of €821,085.96 to €821,085.96
2024
26-08-2024 Inge Saeys reappointed as statutory auditor
19-08-2024 Publication in the Belgian Official Gazette, Miscellaneous
Summary:
proposalNotary:
Aurore De Plaen · Mechelen
01-07-2024 Capital increase of €18,600 to €817,515.25
20-06-2024 Capital increase of €11,435.25 to €798,915.25
25-04-2024 Publication in the Belgian Official Gazette, Miscellaneous
Summary:
proposalNotary:
Aurore De Plaen · Brussel
15-03-2024 Publication in the Belgian Official Gazette, Miscellaneous
Summary:
proposalNotary:
Ornella Le Brun · Brussel
23-02-2024 Articles of association amended
Summary:
v3.2
2023
30-10-2023 Publication in the Belgian Official Gazette, Miscellaneous
Summary:
proposalNotary:
Aurore De Plaen · Gent
2022
23-08-2022 Change in the board of directors
Summary:
v3.2
04-04-2022 Change in the board of directors
Summary:
v3.2
2021
29-10-2021 Inge Saeys appointed as statutory auditor
20-09-2021 Publication in the Belgian Official Gazette, Minor change
Summary:
v3.2
First 20 of 39 acts
Analysis
Snowflake analysis
financial profile on 5 axes82
/ 100
Exceptional profile, strong across almost every axis.
All 5 axes are computed from data Checked has read.
Health
89
Profitability
75
Solvency
70
Growth
77
Stability
100
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Company registry
Company registry (CBE)
Crossroads BankActivities
Vervaardiging van medische en tandheelkundige instrumenten en benodigdheden32500Vervaardiging van medische en tandheelkundige instrumenten en benodigdheden32500Vervaardiging van orthopedische artikelen en prothesen33103Groothandel in farmaceutische producten46460Groothandel in farmaceutische en medische artikelen46460Detailhandel in medische en orthopedische artikelen in gespecialiseerde winkels47740Detailhandel in medische en orthopedische artikelen, muv corrigerende brillen, lenzen en zonnebrillen47741Groothandel in farmaceutische producten51460Detailhandel in medische en orthopedische artikelen52320
Primary activity highlighted.
Names & trade names
| Legal nameNL | Eqwal |
Registered office
Herman Teirlinckstraat 15
9041 Gent, Belgium
Official data from the Crossroads Bank for Enterprises (CBE). Available for every registered company.