FAPRO
ActiveFAPRO has been active since 1972 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €23.37M and a net result of €6.59M. Equity is growing by ~17.6% per year across the filed fiscal years. Its solvency ranks better than 64% of 637 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.3% (very low).
Checked score
Score 2025
73
/ 100
Healthy
The score weighs solvency, liquidity and profitability. Bankruptcy probability contributes 35%. Every signal that weighs is under Signals.
Axes · tick = 2024
Profitability91▲+79
Solvency74▲+3
Growth73▲+19
Track record100
Bankruptcy probability, 12 months
0.3%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €1.7M at 30 days acceptable
Liquidity ample (current ratio 1.8 against 1.68 in 2024; short-term debt: 50.7% and cash: 1.7% of total assets), but 50.7% 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
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 10
Relative position
BE, all sectors
reference
Sector 10
higher
← fewer bankruptcies
more bankruptcies →
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
49.3%
Return on assets
13.9%
Age of the figures
9 mo
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 25-03-2026, 128 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
128 d early
2024
140 d early
2023
147 d early
2022
152 d early
2021
117 d early
2020
143 d early
2019
112 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
16-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, full schema
Turnover
€42.21M▲ 19.4%
2024 · €35.36M
2018: €23.33M
2019: €23.35M
2020: €32.76M
2021: €56.76M
2022: €74.37M
2023: €46.80M
2024: €35.36M
2018 → 2025
EBIT margin
19.1%▲ 24.2pp
2024 · -5.1%
2018: 4.4%
2019: 22.1%
2020: 15.3%
2021: 24.6%
2022: 15.5%
2023: -2.7%
2024: -5.1%
2018 → 2025
Net result
€6.59M
2024 · €-1.46M
2018: €717k
2019: €3.62M
2020: €3.73M
2021: €10.63M
2022: €8.77M
2023: €-959k
2024: €-1.46M
2018 → 2025
Working capital
€19.30M▲ 53.1%
2024 · €12.61M
2018: €5.32M
2019: €7.70M
2020: €8.20M
2021: €11.28M
2022: €15.31M
2023: €14.04M
2024: €12.61M
2018 → 2025
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Turnover€56.76M-€74.37M▲ 31.0%€46.80M▼ 37.1%€35.36M▼ 24.4%€42.21M▲ 19.4%
Equity€13.93M-€18.20M▲ 30.7%€17.24M▼ 5.3%€15.78M▼ 8.5%€23.37M▲ 48.1%
Operating result€13.95M-€11.51M▼ 17.6%€-1.26M€-1.82M▼ 44.3%€8.06M
Net result€10.63M-€8.77M▼ 17.5%€-959k€-1.46M▼ 52.0%€6.59M
Result per fiscal year
Operating resultNet result
The operating result returns to profit in 2025: €8.06M after a loss of €1.82M in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €47.35M
Fixed assets
€4.07M▲ 27.7%
Current assets
€43.28M▲ 38.6%
Equity and liabilities €47.35M
Equity
€23.37M▲ 48.1%
Provisions
€0▼ 100%
Debt
€23.99M▲ 28.8%
The debt ratio falls from 54.1% to 50.7%. Equity and debt are higher.
Key figures and ratios
EBITDA
€8.88M▲
2024 · €-978k
Cash flow
€7.41M▲
2024 · €-620k
Solvency
49.3%▲
2024 · 45.9%
Current ratio
1.80▲
2024 · 1.68
Quick ratio
1.79▲
2024 · 1.65
Debt / equity
1.03▼
2024 · 1.18
ROE
28.2%▲
2024 · -9.2%
ROA
13.9%▲
2024 · -4.2%
Interest coverage
20.08▲
2024 · -3.36
Debt
€23.99M▲
2024 · €18.62M
Debt ≤ 1 year
€23.98M▲
2024 · €18.61M
Income taxes
€1.82M▲
2024 · €851
Staff costs
€2.14M▲
2024 · €2.08M
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€34.40M€47.35M▲
Fixed assets21/28€3.18M€4.07M▲
Intangible fixed assets21€6k€2k▼
Tangible fixed assets22/27€3.18M€4.07M▲
Land and buildings22€556k€508k▼
Plant, machinery and equipment23€1.26M€1.14M▼
Furniture and vehicles24€302k€439k▲
Other tangible fixed assets26€383k€378k▼
Assets under construction and advance payments27€680k€1.60M▲
Financial fixed assets28€50€55▲
Other financial fixed assets284/8€50€55▲
Amounts receivable and cash guarantees285/8€50€55▲
Current assets29/58€31.22M€43.28M▲
Stocks and contracts in progress3€498k€398k▼
Stocks30/36€498k€398k▼
Raw materials and consumables30/31€12k€26k▲
Finished goods33€486k€372k▼
Amounts receivable within one year40/41€30.03M€41.99M▲
Trade receivables40€3.32M€2.99M▼
Other amounts receivable41€26.71M€38.99M▲
Cash at bank and in hand54/58€649k€788k▲
Deferred charges and accrued income490/1€41k€108k▲
Equity and liabilities
Total equity and liabilities10/49€34.40M€47.35M▲
Equity10/15€15.78M€23.37M▲
Contributions10/11€868k€868k=
Capital10€620k€620k=
Issued capital100€620k€620k=
Outside capital11€248k€248k=
Share premium1100/10€248k€248k=
Reserves13€3.37M€3.35M▼
Non-distributable reserves130/1€77k€77k=
Legal reserve130€62k€62k=
Reserves not available under the articles1311€15k€15k=
Tax-exempt reserves132€122k€107k▼
Distributable reserves133€3.17M€3.17M=
Profit (loss) carried forward14€11.54M€18.14M▲
Investment grants15-€1.00M
Provisions and deferred taxes16€5k€0▼
Deferred taxes168€5k€0▼
Amounts payable17/49€18.62M€23.99M▲
Amounts payable within one year42/48€18.61M€23.98M▲
Trade debts44€3.28M€3.27M▼
Suppliers440/4€3.28M€3.27M▼
Taxes, remuneration and social security45€357k€278k▼
Taxes450/3€49k€10k▼
Remuneration and social security454/9€308k€267k▼
Other amounts payable47/48€14.98M€20.43M▲
Accrued charges and deferred income492/3€8k€2k▼
Income statement
Code20242025
Operating income70/76A€35.71M€42.62M▲
Turnover70€35.36M€42.21M▲
Change in stocks of work in progress, finished goods and contracts in progress71€-117k€-114k▲
Other operating income74€298k€228k▼
Non-recurring operating income76A€167k€292k▲
Operating charges60/66A€37.53M€34.56M▼
Goods for resale, raw materials and consumables60€28.58M€25.16M▼
Purchases600/8€28.57M€25.17M▼
Change in stocks: decrease (increase)609€6k€-15k▼
Services and other goods61€5.95M€6.35M▲
Remuneration, social security and pensions62€2.08M€2.14M▲
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€839k€821k▼
Other operating charges640/8€77k€88k▲
Operating profit (loss)9901€-1.82M€8.06M▲
Financial income75/76B€658k€804k▲
Recurring financial income75€658k€804k▲
Income from current assets751€658k€804k▲
Other financial income752/9€0-
Financial charges65/66B€306k€460k▲
Recurring financial charges65€306k€460k▲
Debt charges650€291k€442k▲
Other financial charges652/9€14k€18k▲
Profit (loss) for the period before taxes9903€-1.46M€8.40M▲
Transfer from deferred taxes780€7k€5k▼
Income taxes67/77€851€1.82M▲
Taxes670/3€851€1.82M▲
Profit (loss) for the period9904€-1.46M€6.59M▲
Transfer from tax-exempt reserves789€21k€15k▼
Profit (loss) for the period to be appropriated9905€-1.44M€6.60M▲
Appropriation of the result
Profit (loss) to be appropriated9906€11.54M€18.14M▲
Profit (loss) brought forward from the previous period14P€12.98M€11.54M▼
Transfer to equity691/2€0-
To other reserves6921€0-
Social balance
Average headcount (FTE)908727.927.5▼
The notes to these accounts (64 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
11-08
State Gazette act
Resignations & appointmentsGeneral meeting · Director reappointment · Auditor appointment4 facts ▸
State Gazette act
Resignations & appointments
General meeting · Director reappointment · Auditor appointment4 facts ▸
- General meeting, 27/02/2026
- Director reappointment, Bürger Carl (bestuurder)
- Auditor appointment, BV PKF Bofidi Audit (commissaris)
- Permanent representative, VAN NUFFEL Clint
25-03
NBB filing
Annual accounts filed
fiscal year 2025 · full schema
2025
31-12
Financial
Back to profitnet €6.59M
Net result €6.59M after 2 loss-making years.
13-03
NBB filing
Annual accounts filed
fiscal year 2024 · full schema
2024
31-12
Financial
Weakest financial yearnet €-1.46M
Net result drops to €-1.46M, the lowest in the series; recovery starts the following year.
06-03
NBB filing
Annual accounts filed
fiscal year 2023 · full schema
2023
01-03
NBB filing
Annual accounts filed
fiscal year 2022 · full schema
2022
05-04
NBB filing
Annual accounts filed
fiscal year 2021 · full schema
2021
31-12
Financial
Highest result since 2018net €10.63M ▲185%
Operating result €13.95M, net result €10.63M, both a record.
10-03
NBB filing
Annual accounts filed
fiscal year 2020 · full schema
2020
31-12
Financial
Equity above €10MEq €10.30M ▲13.7%
3 profitable years in a row build equity to €10.30M.
10-04
NBB filing
Annual accounts filed
fiscal year 2019 · full schema
2019
15-04
NBB filing
Annual accounts filed
fiscal year 2018 · full schema
2018
06-04
NBB filing
Annual accounts filed
fiscal year 2017 · full schema
2017
06-04
NBB filing
Annual accounts filed
fiscal year 2016 · full schema
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
Directors · office · real estate
Directors
1 director, no change since 2026
Bürger Carl
CurrentDirector · since 27-02-2026
27-02-2026
Mandate renewed as Director
Location & real-estate footprint
Registered office, Ichtegem · 1 establishment unit since 1972
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.
Oostendesteenweg(FICH) 968480 IchtegemGround area
945 m²
Building footprint
160 m²
Volume, LiDAR
786 m³
Parcel 35006D0150/00N002, Flanders · tallest building 8.5 m, ±1 floor. Linked by address, not a title deed.
1 establishment unit
FAPRO
since 19722.007.486.957
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 35006D0150/00N002 | Flanders | 945 m² | 1 · 160 m² | 8.5 m · 1 fl. |
Linked by address, not proof of ownership
Methodology
via registered seat: 1
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Statutory auditor
1 auditor| PKF Bofidi AuditCurrent Statutory auditor | 11-08-2026 → present |
Public money · subsidies and aid
Flemish government
2024 to 2025 · 3 entries · 1,000,304 EUR awarded · 304 EUR paid| Year | Entries | awarded | paid |
|---|---|---|---|
| 2025 | 2 | 1,000,056 EUR | 56 EUR |
| 2024 | 1 | 248 EUR | 248 EUR |
Schemes
Strategische ecologiesteun voor ondernemingen
Subsidie voor opleiding en advies voor kmo's en zelfstandigen (kmo-portefeuille)
Recognitions · licences · registrations
Food safety, FASFC
1 siteIchtegem2.007.486.957
Legal Entity Identifier
894500C21WL0J9OM1839
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BE 0407.113.453
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VANDEN AVENNE COMMODITIES
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Of 182 companies in sector 10910 we hold annual accounts for 149. 69 are within a factor 10 of this equity.See the whole sector
Company data · Crossroads Bank
Identification
Legal formPublic limited company
Founded01-01-1972
Fiscal year end31-12
Activities, NACEBEL
10910Manufacture of food products
Sources
Crossroads Bank for EnterprisesNational Bank · 49 filingsAddress and cadastre registers
Data from official sources, last processed on 15-09-2026. Scores and ratios are computed by Checked and are not a credit decision.