FAPI
ActiveSummary
FAPI has been active since 2005 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €325,502 and a net result of -€132,972. Equity is shrinking by ~27.7% per year and would, assuming unchanged policy, indicatively turn negative around fiscal year 2026. Its solvency ranks better than 67% of 14258 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.2% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability0▼-100
Solvency78▼-7
Growth52▼-26
Track record100
Bankruptcy probability, 12 months
0.2%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €21,000 at 30 days acceptable
Liquidity ample (current ratio 2.16 against 2.53 in 2024; short-term debt: 45.8% and cash: 98.8% of total assets), and 47.2% of the assets are financed with debt.
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Signals
Six signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 68
Relative position
BE, all sectors
reference
Real estate activities (NACE 68)
about 43% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
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
raises risk · Annual accounts: weaker financial profile
The latest annual accounts show a weaker profile in solvency, result or liquidity than companies that stay afloat.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
52.8%
Return on assets
-21.6%
Age of the figures
15 mo
neutral · Latest accounts filed on time
The financial year that closed on 30-06-2025 was due by 31-01-2026 and was filed on 26-01-2026, 5 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
5 d early
2024
3 d early
2023
124 d late
2022
480 d late
2021
30 d late
2020
8 d late
2019
28 d early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 7 accounts on average 87 days after the deadline; the sector median for financial year 2024 is 7 days before the deadline, and 36% of the sector filed late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 30-06-2026 and is due by 31-01-2027. Nothing is late today. Usually files around 2 March (4 of the last 5 filed years within 94 days of that day).
Companies Code · seven monthsPosition in the running window
30-06-2026 close29-09-2026 today31-01-2027 deadline
History
Go further with this company
How much credit can you give this customer, and on what term?Credit check What should you check before you do business with this company?Supplier due diligence Can you accept this company as a client under the anti-money-laundering law?AML client file Which of your other customers can you e-invoice via Peppol?Peppol check How does this company compare with its sector?Sector benchmark What changed in the latest annual accounts?What changed
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Investigating this company? Keep it with today's facts in a case file.
Financials · fiscal year 2025, micro schema
In the rankings
#8 oldest company in Blegny, Real estate sector
Equity
€325,502▼ 29.0%
2024 · €458,474
Total assets
€617,036▼ 19.9%
2024 · €770,008
Net result
-€132,972
2024 · €618,613
Working capital
€328,802▼ 28.8%
2024 · €461,774
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 68, Real estate activities, 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
Line20212022202320242025
Operating result-€52,307▼ 44.1%-€32,652▲ 37.6%-€41,955▼ 28.5%€616,733-€8,569
Net result-€52,328below the sector's middle half▼ 43.9%-€32,674below the sector's middle half▲ 37.6%-€41,994below the sector's middle half▼ 28.5%€618,613above the sector's middle half-€132,972below the sector's middle half
Equity-€85,472below the sector's middle half▼ 158%-€118,146below the sector's middle half▼ 38.2%-€160,140below the sector's middle half▼ 35.5%€458,474above the sector's middle half€325,502above the sector's middle half▼ 29.0%
Total assets€330,668within the sector's middle half▼ 5.1%€316,177within the sector's middle half▼ 4.4%€303,183within the sector's middle half▼ 4.1%€770,008within the sector's middle half▲ 154%€617,036within the sector's middle half▼ 19.9%
Debt€416,140▲ 9.1%€434,323▲ 4.4%€463,323▲ 6.7%€311,534▼ 32.8%€291,534▼ 6.4%
Working capital-€424,225below the sector's middle half-€451,133below the sector's middle half▼ 6.3%€461,774above the sector's middle half€328,802above the sector's middle half▼ 28.8%
Solvency-25.8%below the sector's middle half▼ 16.3pp-37.4%below the sector's middle half▼ 11.5pp-52.8%below the sector's middle half▼ 15.5pp59.5%within the sector's middle half▲ 112.4pp52.8%within the sector's middle half▼ 6.8pp
Current ratio0.00below the sector's middle half0.01below the sector's middle half=2.53within the sector's middle half▲ 2.522.16within the sector's middle half▼ 0.36
Return on assets (ROA)-15.8%below the sector's middle half▼ 5.4pp-10.3%below the sector's middle half▲ 5.5pp-13.9%below the sector's middle half▼ 3.5pp80.3%above the sector's middle half▲ 94.2pp-21.6%below the sector's middle half▼ 101.9pp
above
within
below
the middle half (P25 to P75) of NACE 68, Real estate activities, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result turns negative in 2025: a loss of €8,569 after €616,733 in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €617,036
Fixed assets
€5,800 =
Current assets
€611,236 ▼ 20.0%
Equity and liabilities €617,036
Equity
€325,502 ▼ 29.0%
Debt
€291,534 ▼ 6.4%
Debt's share of the balance-sheet total rises from 40.5% to 47.2%. Equity and debt are lower.
Key figures and ratios
Debt to equity
0.90▲
2024 · 0.68
ROE
-40.9%▼
2024 · 134.9%
Debt ≤ 1 year
€282,434▼
2024 · €302,434
Income taxes
€124,307▲
2024 · -€2,000
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 928 companies that looked in July 2024 the way this one looks now, 1.1% went bankrupt within 24 months and 90% are still going.
- Small
- 20 years or older
- solvency 30% or more
- a loss of 10% of the balance sheet or more
1.1%
went bankrupt
8.8%
stopped otherwise
90%
still going
A further 0.1% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.2% over twelve months; the group does not contradict it.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,338 companies of July 2024 its group's bankruptcy share. Expected: 1.6%; actually bankrupt within 24 months: 1.7%.
| 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% | 1.0% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.9% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 74% of comparisons. The level follows the economy: in a year with more bankruptcies, the actual share is higher than the year before.
An observation about 928 comparable companies, not a prediction for this company. The sector does not count: the register keeps no sector for companies that stopped, so it would make the outcome look better than it was.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €671,576 | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €15,086 | €15,086 | €15,086 | - | - | - |
| Other operating charges640/8 | - | €3,842 | €4,101 | - | €1,293 | - |
| Gross operating margin9900 | -€37,220 | -€13,724 | -€22,768 | €616,733 | -€7,275 | ▼ 101% |
| Operating profit (loss)9901 | -€52,307 | -€32,652 | -€41,955 | €616,733 | -€8,569 | ▼ 101% |
| Financial income75/76B | - | - | - | - | €51 | - |
| Recurring financial income75 | - | - | - | - | €51 | - |
| Financial charges65/66B | - | €23 | €38 | €120 | €147 | ▲ 22.8% |
| Recurring financial charges65 | €21 | €23 | €38 | €120 | €147 | ▲ 22.8% |
| Profit (loss) for the period before taxes9903 | -€52,328 | -€32,674 | -€41,994 | €616,613 | -€8,665 | ▼ 101% |
| Income taxes67/77 | - | - | - | -€2,000 | €124,307 | ▲ 6,315% |
| Profit (loss) for the period9904 | -€52,328 | -€32,674 | -€41,994 | €618,613 | -€132,972 | ▼ 121% |
| Profit (loss) for the period to be appropriated9905 | -€52,328 | -€32,674 | -€41,994 | €618,613 | -€132,972 | ▼ 121% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €330,668 | €316,177 | €303,183 | €770,008 | €617,036 | ▼ 19.9% |
| Fixed assets21/28 | €330,668 | €315,582 | €300,496 | €5,800 | €5,800 | = |
| Tangible fixed assets22/27 | €330,668 | €315,582 | €300,496 | €5,800 | €5,800 | = |
| Land and buildings22 | - | €309,782 | €294,696 | - | - | - |
| Furniture and vehicles24 | - | €5,800 | €5,800 | €5,800 | €5,800 | = |
| Current assets29/58 | - | €596 | €2,688 | €764,208 | €611,236 | ▼ 20.0% |
| Amounts receivable within one year40/41 | - | - | - | €1,850 | €1,850 | = |
| Other amounts receivable41 | - | - | - | €1,850 | €1,850 | = |
| Cash at bank and in hand54/58 | - | €596 | €2,688 | €761,096 | €609,386 | ▼ 19.9% |
| Deferred charges and accrued income490/1 | - | - | - | €1,262 | - | - |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €330,668 | €316,177 | €303,183 | €770,008 | €617,036 | ▼ 19.9% |
| Equity10/15 | -€85,472 | -€118,146 | -€160,140 | €458,474 | €325,502 | ▼ 29.0% |
| Contributions10/11 | €100,000 | €100,000 | €100,000 | €100,000 | €100,000 | = |
| Capital10 | - | €100,000 | €100,000 | €100,000 | €100,000 | = |
| Issued capital100 | - | €100,000 | €100,000 | €100,000 | €100,000 | = |
| Reserves13 | €30,000 | €30,000 | €30,000 | €30,000 | €30,000 | = |
| Non-distributable reserves130/1 | - | €10,000 | €10,000 | €10,000 | €10,000 | = |
| Legal reserve130 | - | €10,000 | €10,000 | €10,000 | €10,000 | = |
| Distributable reserves133 | - | €20,000 | €20,000 | €20,000 | €20,000 | = |
| Profit (loss) carried forward14 | -€215,472 | -€248,146 | -€290,140 | €328,474 | €195,502 | ▼ 40.5% |
| Amounts payable17/49 | €416,140 | €434,323 | €463,323 | €311,534 | €291,534 | ▼ 6.4% |
| Amounts payable within one year42/48 | €406,637 | €424,820 | €453,820 | €302,434 | €282,434 | ▼ 6.6% |
| Trade debts44 | €150,066 | €150,066 | €150,066 | - | - | - |
| Suppliers440/4 | - | €150,066 | €150,066 | - | - | - |
| Taxes, remuneration and social security45 | - | €13,971 | €13,971 | - | - | - |
| Taxes450/3 | - | €13,971 | €13,971 | - | - | - |
| Other amounts payable47/48 | - | €260,784 | €289,784 | €302,434 | €282,434 | ▼ 6.6% |
| Accrued charges and deferred income492/3 | - | €9,503 | €9,503 | €9,100 | €9,100 | = |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€52,328 | -€32,674 | -€41,994 | €618,613 | -€132,972 | ▼ 121% |
| + Depreciation and write-downs630 | €15,086 | €15,086 | €15,086 | - | - | - |
| Operating cash flow (approximation) | -€37,241 | -€17,588 | -€26,908 | €618,613 | -€132,972 | ▼ 121% |
| Investment in fixed assets (approximation) | - | €0 | €0 | €294,696 | €0 | ▼ 100% |
| Change in cash | - | - | €2,092 | €758,408 | -€151,710 | ▼ 120% |
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
Next filing, fiscal year 2026, expected by
2026
26-01
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
30-06
Financial
Weakest financial yearnet -€132,972
Net result drops to -€132,972, the lowest in the series.
28-01
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
30-06
Financial
Back to profitnet €618,613
Net result €618,613 after 5 loss-making years.
30-06
Financial
Liquidity times 427current ratio 2.53
Current ratio from 0.01 to 2.53; short-term debt falls from €453,820 to €302,434.
30-06
Financial
Equity above €200,000Eq €458,474
Equity rises from -€160,140 to €458,474.
03-06
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 124 days late
25-05
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 480 days late
2022
02-03
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 30 days late
2021
08-02
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 8 days late
2020
03-01
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
2018
28-12
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
08-01
NBB filing
Annual accounts filed
fiscal year 2017 · full schema
2017
23-01
NBB filing
Annual accounts filed
fiscal year 2016 · full schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 4 acts read
About the unread acts
We know of 4 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
4 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, Blégny
Ground area
576 m²
Building footprint
146 m²
Volume, LiDAR
858 m³
Parcel 62095B0241/00F000, Wallonia · tallest building 7.7 m, ±2 floors. Linked by address, not a title deed.
3
companies at this address
See who is registered here
1 parcel
Wallonia
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 62095B0241/00F000 | Wallonia | 576 m² | 1 · 146 m² | 7.7 m · 2 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.
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Of 9,145 companies in sector 68201 we hold annual accounts for 6,776. 5,006 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPublic limited company
Founded15-07-2005
Fiscal year end30-06
Activities, NACEBEL 2025
68201Renting and operating of own or leased residential real estate, excluding social housing
68121Development of residential building projects
73110Advertising agencies
74209Other photographic activities
E-invoicing
Reachable via Peppol
Peppol ID
0208:0875134889
Also
9925:BE0875134889
Registered
25-03-2026
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 29 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.