Equity
€1.8m ▲ 2.6%
Etn DENAYER paid out €35,000 in dividends. That is 33% of the 2025 profit.
Etn DENAYER
Lifetime
20 annual accounts with figures on one time axis, 49 filings since 1977peak €1.4m (2010)
€873,015▲ 35.2%
lowest -€33,384 (2024)
€104,830▲ €138,213
peak €1.8m (2025)
€1.8m▲ 2.6%
€1.2m▲ 48.0%
peak 13.5 FTE (2013)
12.1 FTE▲ 15.2%
Board5 names since 2020
2 directorsDominique MERCKX and 1 other
Owners2 names in the annual accounts
99.98%MADRON
Documentsfilings and deeds
12-05-202680 days before the deadline
2025abbreviated format
Gross margin from €645,884 to €873,015Back to profit: €104,830Staff from 10.5 FTE to 12.1 FTEDividend €35,000Debts from €801,810 to €1.2mInvestments €197,813
Key points
from the 2025 annual accountsResult
€104,830 €104,830
Back in profit in 2025, after a loss of €33,384 in 2024.
Debts
€1.2m ▲ 48.0%
Debts rose by €385,163 in 2025. A dividend stands under other debts on the balance sheet date until it is paid.
Staff
12 employees on 31-12-2025
In 2025, 4 people joined and 3 left.
Filings
49 annual accounts since 1977
The last five annual accounts were filed 22 to 80 days before the end of the period.
Board
3 joined
New directors. Latest change 07-07-2026 · 3 in office.
Checked score
95
Excellent
Financially stronger than 62% of small companies in wholesale trade (NACE 46)
Probability in this band: under 0.55%
Bankruptcy probability within 12 months
0.1% Very low
0%0.5%1.5%4%10%≥ 25%
The dashed line is the sector median: 0.2% across 4,374 companies (NACE 46, small).
Fewer than 1 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
Last 24 months
12-2024: 0.1%lowest value
01-2025: 0.1%● unchanged vs 12-2024lowest value
02-2025: 0.1%● unchanged vs 01-2025lowest value
03-2025: 0.1%● unchanged vs 02-2025lowest value
04-2025: 0.1%● unchanged vs 03-2025
05-2025: 0.1%● unchanged vs 04-2025
06-2025: 0.2%▲ +0.1 percentage points vs 05-2025
07-2025: 0.2%● unchanged vs 06-2025
08-2025: 0.2%● unchanged vs 07-2025
09-2025: 0.2%● unchanged vs 08-2025
10-2025: 0.2%● unchanged vs 09-2025
11-2025: 0.2%● unchanged vs 10-2025
12-2025: 0.2%● unchanged vs 11-2025
01-2026: 0.2%● unchanged vs 12-2025
02-2026: 0.2%● unchanged vs 01-2026
03-2026: 0.2%● unchanged vs 02-2026
04-2026: 0.2%● unchanged vs 03-2026
05-2026: 0.3%▲ +0.1 percentage points vs 04-2026highest value
06-2026: 0.1%▼ -0.2 percentage points vs 05-2026
07-2026: 0.1%● unchanged vs 06-2026
08-2026: 0.1%● unchanged vs 07-2026
09-2026: 0.1%● unchanged vs 08-2026
10-2026: 0.1%● unchanged vs 09-2026
11-2026: 0.1%● unchanged vs 10-2026
Financial strengthStrong
Score breakdown
lowers risk
Founded in 1960
Liquidity: current ratio 2.48, cash €358,289
Equity €1.8m (60.2% of total assets)
Legal form: public limited company
Calculation
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, small). It does better than 70% of them on solvency, 64% on liquidity, 68% on profitability and 46% 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).
Comparable companies, two years later
In July 2024, 14,766 companies had the same profile as Etn DENAYER has now. Each dot stands for 37 companies, two years later.
96.2%
were still trading
3.5%
stopped another way
0.2%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of Etn DENAYER itself: 0.1% within 12 months.
Test of the method
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 14,766 companies, not a prediction for Etn DENAYER. 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.
Credit verdict
Credit of up to €170,000 on 30-day terms is acceptable
Liquidity is ample, with a current ratio of 2.48 (2.8 in 2024), above the usual 1.5. Short-term debt is 33.1% and cash 12% of total assets. 39.8% of the assets are financed with debt and provisions.
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The scores and ratios are Checked's own calculations, not a credit decision.
Signals
5 signals, none raises the risk
Five signals.
lowers riskneutral
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 12-05-2026, 80 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
80 days early
2024
66 days early
2023
58 days early
2022
22 days early
2021
33 days early
2020
43 days early
2019
15 days early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
The company filed its last 7 accounts on average 45 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.
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 4 June (4 of the last 5 accounts filed within 30 days either side of that date).
Companies Code · seven monthsWhere today falls in the filing period
08-11-2026 today31-12-2026 year end31-07-2027 deadline
Recent changes
2 directors appointed, 1 resignation, 1 reappointment
Change of role: MADRON, from day-to-day manager and chair of the board to director · Resignation: Dominique Merckx · Appointments: Dominique Merckx and EIGENHANDIG · General meeting of 07-07-2026 · Gazette deed
Registered in the Peppol Directory
Reachable for e-invoices through 0208:0400891694
2 directors resigning, 2 reappointments
Resignations: MERCKX Dominique (director) and MADRON (director) · Reappointments: MERCKX Dominique (director) and MADRON (director) · Permanent representative: DENAYER Paul · General meeting of 27-10-2023 · Gazette deed
2 directors appointed, 1 resignation
Appointments: MADRON (day-to-day manager and chair of the board) and Dominique Merckx · Permanent representative: Paul Denayer · Resignation: alle in functie zijnde bestuurders · General meeting of 29-04-2022 · Gazette deed
Comparable companies
same main activity, similar in size and age| Company | ||||
|---|---|---|---|---|
| Etn DENAYER Halle | €3.0m | €0.9m | 60.2% | 12.1 |
| MEERT Erpe-Mere | €5.0m | €1.0m | 21.1% | 12 |
| GARDENCENTER T Genk | €3.7m | €0.9m | 45.0% | 10.3 |
| Erich MEYER - GILLESSEN Saint-Vith | €1.2m | €0.8m | 77.2% | 8.7 |
| PONCELET SIGNALISATION Flémalle | €5.8m | €2.3m | 55.9% | 17.4 |
| DECEUNINCK-DEFORCE Izegem | €3.9m | €1.8m | 46.6% | 21.7 |
| ANKA Sint-Niklaas | €3.8m | €2.3m | 84.2% | 12.9 |
These companies have the same main activity as Etn DENAYER: wholesale trade (NACE 46839). They are comparable in size and age: total assets between €1.2m and €5.8m, founded between 1968 and 1989.
Official details
Source: KBO- Status
- Active since 27-02-1960Normal situation
- Activity
- Wholesale tradeNACE 46839and 1 other
- Joint committees
- 200Auxiliary committee for white-collar workers
- 124Construction · annual accounts 2024
- Establishment units
- 2.010.154.8531500 Halle, since 01-02-1960
- 2.235.632.2441670 Pepingen, since 25-06-2012
- Financial year end
- 31 December
- Peppol
- Reachable since 27-10-2025
Annual accounts 2025
- ≈ €4.4mestimated
- €3.0m▲ 16.9%
- Employeeson 31-12-2025
- 12▲ 9.1%
- Filing
- Filed on 12-05-2026, 80 days before the end of the filing period
Insights on Etn DENAYER
Etn DENAYER files the abbreviated format. That format states no turnover. The gross margin rose from €759,132 in 2006 to €873,015 in 2025.
MADRON holds all the shares.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette. Click a figure with a dotted line for the item and the filing.
Key facts about Etn DENAYER
- What is the company number of Etn DENAYER?
- The company number of Etn DENAYER is 0400.891.694. The VAT number is the same number with BE in front: BE 0400.891.694.
- Where is Etn DENAYER based?
- The registered office is at Suikerkaai 38, 1500 Halle.Company details
- What does Etn DENAYER do?
- According to the KBO register, the main activity is wholesale trade (NACE 46839).
- What is the legal form of Etn DENAYER?
- Etn DENAYER is a public limited company (NV).
- When was Etn DENAYER founded?
- Etn DENAYER was founded on 27-02-1960.
- Is Etn DENAYER still active?
- Yes, Etn DENAYER is an active enterprise in the KBO register.
- How many employees does Etn DENAYER have?
- Etn DENAYER had an average of 12.1 full-time equivalents in financial year 2025, according to the filed annual accounts.Financials
- Which joint committee does Etn DENAYER fall under?
- In its 2024 annual accounts, Etn DENAYER states joint committees 200 (Auxiliary committee for white-collar workers) and 124 (Construction).
- What is the turnover of Etn DENAYER?
- The turnover in financial year 2025 is ≈ €4.4m. This figure is estimated from the gross margin of €873,015 and 139 comparable companies (NACE 46). It probably lies between €2.8m and €7.5m.
- Is Etn DENAYER profitable?
- In financial year 2025, Etn DENAYER made a profit of €104,830.
- Where can I find the annual accounts of Etn DENAYER?
- Etn DENAYER filed 49 annual accounts with the National Bank of Belgium, the latest for financial year 2025.
- When are the next annual accounts of Etn DENAYER due?
- Etn DENAYER must file the annual accounts for financial year 2026 by 31-07-2027.Timeline
Next steps
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