F-Trade
Open bankruptcyA bankruptcy procedure is open for F-Trade according to publications in the Belgian State Gazette; curator: Yves FRANCOIS.
Summary
The 2023 annual accounts show negative equity (-€329,680) and a net result of -€417,939.
Are you a creditor?
Open bankruptcy
Source: Belgian Official Gazette
If this company owes you money, you are not paid automatically: you file your claim yourself, within the deadline the judgment sets.
The procedure
- Court
- Enterprise Court of Ghent, Kortrijk division
- Declared bankrupt
- 14 January 2025
- Supervising judge
- Frank Vandelanotte
- Official Gazette
- 20-01-2025 (pdf) ↗search the document for 2025/102008
Deadlines
- Provisional date payments stopped
- 14 January 2025A later judgment can change the date.art. XX.105 CEL
- Appeal or third-party opposition until
- passed on 4 February 2025Fifteen days after the publication in the Official Gazette.art. XX.108 CEL
- File the claim in RegSol until
- passed on 13 February 2025art. XX.104 and XX.155 CEL
- First verification report
- passed on 4 March 2025Goods that belong to you, such as those delivered under retention of title, are reclaimed before this day.art. XX.104 and XX.194 CEL
- Late claim until
- passed on 14 January 2026Late, you share only in what has not been paid out yet, and the costs are yours.art. XX.165 CEL
Curator
- Yves FrancoisEertbruggestraat 10, 8790 Waregeminfo@advocaatfrancois.be
What to do now
- Do not deliver on credit any more without an agreement with the curator.
- Gather your documents: invoices, purchase orders, contract, delivery notes and reminders.
- File your proof of claim in RegSol (regsol.be), yourself with eID or itsme, or through your lawyer. State principal, interest and costs separately, and any preferential right you hold.
- Delivered under retention of title? Reclaim your goods before the first report on the verification of claims.
- Ask your accountant about the VAT on the unpaid invoices: in a bankruptcy it can be recovered under conditions.
- Follow the file in RegSol: the verification report (admitted or disputed) and the curator's reports appear there.
The deadlines above come from the publication of the judgment. Check them in RegSol before you file anything; a passed deadline no longer applies.
File a claim in RegSol ↗
Watch
Follow this bankruptcy: you are alerted when it is closed or reversed.
General information, not legal advice. If in doubt, the curator, your lawyer or your accountant can help.Creditor guide for this company
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Signals
Three signals. The signal on the left, the evidence on the right.
+raises risk○neutral
neutral · Filed after the deadline
The financial year that closed on 31-12-2023 was due by 31-07-2024 and was filed on 30-08-2024, 30 days later. For context: 47% of the Belgian market files late and the whole 1-to-90-day band measures 2.0% abnormal legal state against a 1.66% average. We show this as a fact and do not score it.
NBB · 6 filingsDeviation from the deadline
2025
not confirmed
2024
not filed
2023
30 d late
2022
31 d late
2021
26 d late
2020
11 d early
2019
43 d early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 5 accounts on average 7 days after the deadline; the sector median for financial year 2024 is 3 days before the deadline, and 39% of the sector filed late.
Checked, nothing found (1)
History
Go further with this company
Who ran this company, and where was it based, on a date before the end?Company as of a date Is the registered address a letterbox address or a business centre?Addresses Are there other customers at risk in your own list?List enrichment How is the Agents in non-specialised wholesale trade sector doing?Sector figures
Investigating this company? Keep it with today's facts in a case file.
Financials · fiscal year 2023, abbreviated schema
Equity
-€329,680
2022 · €88,258
Total assets
€1.5m▼ 19.8%
2022 · €1.8m
Net result
-€417,939▲ 11.0%
2022 · -€469,493
Working capital
-€340,011
2022 · €89,584
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 46, Wholesale trade, 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
Line20192020202120222023
Operating result€65,242-€75,749▲ 16.1%€227,107▲ 200%-€426,938-€368,863▲ 13.6%
Net result€48,170-€29,777within the sector's middle half▼ 38.2%€168,147within the sector's middle half▲ 465%-€469,493below the sector's middle half-€417,939below the sector's middle half▲ 11.0%
Equity€109,827-€389,604within the sector's middle half▲ 255%€557,751within the sector's middle half▲ 43.2%€88,258below the sector's middle half▼ 84.2%-€329,680below the sector's middle half
Total assets€669,379-€741,011within the sector's middle half▲ 10.7%€1.6mwithin the sector's middle half▲ 112%€1.8mwithin the sector's middle half▲ 15.8%€1.5mwithin the sector's middle half▼ 19.8%
Debt€559,551-€351,407▼ 37.2%€1.0m▲ 187%€1.7m▲ 71.0%€1.8m▲ 3.4%
Working capital€68,541-€331,743within the sector's middle half▲ 384%€525,275within the sector's middle half▲ 58.3%€89,584within the sector's middle half▼ 82.9%-€340,011below the sector's middle half
Solvency16.4%-52.6%within the sector's middle half▲ 36.2pp35.6%within the sector's middle half▼ 17.0pp4.9%below the sector's middle half▼ 30.7pp-22.7%below the sector's middle half▼ 27.5pp
Current ratio1.12-2.03within the sector's middle half▲ 0.911.66within the sector's middle half▼ 0.371.07below the sector's middle half▼ 0.600.78below the sector's middle half▼ 0.29
Return on assets (ROA)7.2%-4.0%within the sector's middle half▼ 3.2pp10.7%within the sector's middle half▲ 6.7pp-25.9%below the sector's middle half▼ 36.6pp-28.7%below the sector's middle half▼ 2.9pp
Staff (FTE)1-1.2below the sector's middle half▲ 20.0%2.2within the sector's middle half▲ 83.3%3.8within the sector's middle half▲ 72.7%3.7within the sector's middle half▼ 2.6%
above
within
below
the middle half (P25 to P75) of NACE 46, Wholesale trade, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the abbreviated schema does not require them.
Why a figure moved sharply
- 2021 Net result +465% on 2020. The previous fiscal year ran 18 months, this one 12.
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €368,863 in 2023 against €426,938 in 2022; the loss shrinks.
Balance-sheet composition
2023 in colour, 2022 as the grey bar beneath
Assets €1.5m
Fixed assets
€254,584 ▼ 26.9%
Current assets
€1.2m ▼ 18.1%
Key figures and ratios
EBITDA
-€273,973▲
2022 · -€338,513
Cash flow
-€323,049▲
2022 · -€381,068
Quick ratio
0.36▼
2022 · 0.50
Debt to equity
-5.41▼
2022 · 19.56
Interest coverage
-5.71▲
2022 · -6.80
Debt ≤ 1 year
€1.5m▲
2022 · €1.4m
Debt > 1 year
€244,253▼
2022 · €349,708
Income taxes
€1,685▲
2022 · €481
Staff costs
€229,927▼
2022 · €286,456
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | €1,892 | - |
| Remuneration, social security and pensions62 | - | - | €123,934 | €286,456 | €229,927 | ▼ 19.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €17,563 | €30,237 | €31,486 | €88,425 | €94,890 | ▲ 7.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | €3,564 | - | - |
| Other operating charges640/8 | - | - | €3,521 | €29,569 | €2,979 | ▼ 89.9% |
| Gross operating margin9900 | €97,023 | €182,545 | €386,048 | -€18,925 | -€41,067 | ▼ 117% |
| Operating profit (loss)9901 | €65,242 | €75,749 | €227,107 | -€426,938 | -€368,863 | ▲ 13.6% |
| Financial income75/76B | - | - | €2,206 | €7,710 | €552 | ▼ 92.8% |
| Recurring financial income75 | €12,360 | €82 | €2,206 | €7,710 | €552 | ▼ 92.8% |
| Financial charges65/66B | - | - | €13,518 | €49,783 | €47,942 | ▼ 3.7% |
| Recurring financial charges65 | €9,880 | €34,180 | €13,518 | €49,783 | €47,942 | ▼ 3.7% |
| Profit (loss) for the period before taxes9903 | €67,722 | €41,651 | €215,795 | -€469,012 | -€416,254 | ▲ 11.2% |
| Income taxes67/77 | €19,552 | €11,874 | €47,648 | €481 | €1,685 | ▲ 250% |
| Profit (loss) for the period9904 | €48,170 | €29,777 | €168,147 | -€469,493 | -€417,939 | ▲ 11.0% |
| Profit (loss) for the period to be appropriated9905 | €48,170 | €29,777 | €168,147 | -€469,493 | -€417,939 | ▲ 11.0% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €669,379 | €741,011 | €1.6m | €1.8m | €1.5m | ▼ 19.8% |
| Fixed assets21/28 | €51,188 | €87,643 | €250,886 | €348,382 | €254,584 | ▼ 26.9% |
| Intangible fixed assets21 | €17,896 | €28,664 | €36,759 | €77,531 | €59,326 | ▼ 23.5% |
| Tangible fixed assets22/27 | €33,292 | €58,974 | €214,097 | €270,822 | €195,228 | ▼ 27.9% |
| Land and buildings22 | - | - | - | - | €2,647 | - |
| Plant, machinery and equipment23 | - | - | €173,595 | €237,293 | €174,736 | ▼ 26.4% |
| Furniture and vehicles24 | - | - | €40,501 | €33,528 | €17,845 | ▼ 46.8% |
| Financial fixed assets28 | - | €6 | €30 | €30 | €30 | = |
| Current assets29/58 | €618,191 | €653,368 | €1.3m | €1.5m | €1.2m | ▼ 18.1% |
| Stocks and contracts in progress3 | €5,617 | €24,983 | €54,483 | €773,382 | €645,481 | ▼ 16.5% |
| Stocks30/36 | - | - | €54,483 | €773,382 | €645,481 | ▼ 16.5% |
| Amounts receivable within one year40/41 | €331,678 | €252,567 | €633,400 | €392,036 | €493,011 | ▲ 25.8% |
| Trade receivables40 | - | - | €546,440 | €383,318 | €469,633 | ▲ 22.5% |
| Other amounts receivable41 | - | - | €86,960 | €8,718 | €23,378 | ▲ 168% |
| Cash at bank and in hand54/58 | €280,896 | €375,818 | €628,622 | €298,462 | €60,292 | ▼ 79.8% |
| Deferred charges and accrued income490/1 | - | - | - | €2,072 | €1,421 | ▼ 31.4% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €669,379 | €741,011 | €1.6m | €1.8m | €1.5m | ▼ 19.8% |
| Equity10/15 | €109,827 | €389,604 | €557,751 | €88,258 | -€329,680 | ▼ 474% |
| Contributions10/11 | €60,000 | - | €310,000 | €310,000 | €310,000 | = |
| Reserves13 | €2,491 | €2,491 | €2,491 | €2,491 | €2,491 | = |
| Distributable reserves133 | - | - | €2,491 | €2,491 | €2,491 | = |
| Profit (loss) carried forward14 | €47,336 | €77,113 | €245,260 | -€224,233 | -€642,172 | ▼ 186% |
| Amounts payable17/49 | €559,551 | €351,407 | €1.0m | €1.7m | €1.8m | ▲ 3.4% |
| Amounts payable after more than one year17 | €9,901 | €29,782 | €218,410 | €349,708 | €244,253 | ▼ 30.2% |
| Financial debts170/4 | - | - | €218,410 | €349,708 | €244,253 | ▼ 30.2% |
| Amounts payable within one year42/48 | €549,650 | €321,625 | €791,230 | €1.4m | €1.5m | ▲ 11.9% |
| Current portion of amounts payable after more than one year42 | - | - | €31,372 | €32,659 | €105,455 | ▲ 223% |
| Financial debts43 | - | - | - | €750,000 | €625,000 | ▼ 16.7% |
| Credit institutions430/8 | - | - | - | €750,000 | €625,000 | ▼ 16.7% |
| Trade debts44 | €520,108 | €299,051 | €707,867 | €380,263 | €433,844 | ▲ 14.1% |
| Suppliers440/4 | - | - | €707,867 | €380,263 | €433,844 | ▲ 14.1% |
| Taxes, remuneration and social security45 | - | - | €37,702 | €10,996 | €639 | ▼ 94.2% |
| Taxes450/3 | - | - | €37,648 | €10,996 | €639 | ▼ 94.2% |
| Remuneration and social security454/9 | - | - | €54 | - | - | - |
| Other amounts payable47/48 | - | - | €14,289 | €202,451 | €375,278 | ▲ 85.4% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €48,170 | €29,777 | €168,147 | -€469,493 | -€417,939 | ▲ 11.0% |
| + Depreciation and write-downs630 | €17,563 | €30,237 | €31,486 | €88,425 | €94,890 | ▲ 7.3% |
| Operating cash flow (approximation) | €65,733 | €60,014 | €199,634 | -€381,068 | -€323,049 | ▲ 15.2% |
| Investment in fixed assets (approximation) | - | -€66,693 | -€194,729 | -€185,921 | -€1,092 | ▲ 99.4% |
| Change in cash | - | €94,923 | €252,804 | -€330,160 | -€238,171 | ▲ 27.9% |
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
2025
20-01
Bankruptcy
Opening
Ondernemingsrechtbank Gent, afdeling Kortrijk · event 14-01-2025
2024
30-08
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema · 30 days late
2023
31-08
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema · 31 days late
2022
31-12
Financial
Weakest financial yearnet -€469,493
Net result drops to -€469,493, the lowest in the series.
26-08
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema · 26 days late
2021
31-12
Financial
Highest result since 2019net €168,147 ▲465%
Operating result €227,107, net result €168,147, both a record.
31-12
Financial
Equity above €500,000Eq €557,751 ▲43.2%
3 profitable years in a row build equity to €557,751.
20-07
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema
2020
31-12
Financial
Equity above €200,000Eq €389,604 ▲255%
2 profitable years in a row build equity to €389,604.
2019
19-12
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema
2018
17-12
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema
SignalFinancial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 6 acts read
About the unread acts
We know of 6 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
6 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 · 1 establishment unit since 2016
Ground area
5,377 m²
Building footprint
2,166 m²
Volume, LiDAR
12,721 m³
Parcel 34452B0839/00C005, Flanders · tallest building 21.6 m, ±1 floor. Linked by address, not a title deed.
3
companies at this address
See who is registered here
1 establishment unit
FEELDS
since 20162.254.330.676
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 34452B0839/00C005 | Flanders | 5,377 m² | 1 · 2,166 m² | 21.6 m · 1 fl. |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Insolvency mandates
1 mandate| Role | Name | Tenure |
|---|---|---|
| Curator | Yves FRANCOIS EERTBRUGGESTRAAT 10,
8790 WAREGEM |
14-01-2025 → present |
Structure & network
Owners and holdings
1 ownerChain of control
- Midori Group
- F-Trade
Highest known parent: Midori Group. The sources do not say who stands above it.
Owners 1
- Midori Groupparent100%
Holdings 0
No holding stated in the accounts, acts or LEI register we read.
According to the annual accounts 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
2023 · 2 entries · 5,829 EUR awarded · 5,829 EUR paid| Year | Entries | awarded | paid |
|---|---|---|---|
| 2023 | 2 | 5,829 EUR | 5,829 EUR |
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Of 6,144 companies in sector 46190 we hold annual accounts for 2,577. 1,977 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
Founded04-07-2016
Fiscal year end31-12
Activities, NACEBEL 2025
46190Agents in non-specialised wholesale trade
46499Wholesale of other household goods
64210Activities of holding companies
70200Business and other management consultancy
73300Public relations and communication consultancy
E-invoicing
Not found in the Peppol register
No Peppol card under this enterprise or VAT number. That proves nothing: publishing a card is voluntary.
Register as of 30 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.