FAPS
ActiveSummary
The computed 12-month bankruptcy probability of FAPS is 1.8% (moderate). The 2025 annual accounts show equity of €37,651 and a net result of €10,100. Equity is shrinking by about 16% per year across the filed financial years. Its solvency ranks better than 73% of 13,646 sector peers (NACE 46, financial year 2025). The company has been active since 2000 and the Belgian Official Gazette contains no insolvency or warning signals.
Overview
- Equity
- €37,651
- Profit
- €10,100
- VAN HULLE, Jacques Jules JulietteDirector
- lutsch eddyDirector
Why 55raises risk1 change of registered office in 24 monthsSize: total assets €54,5511 of the last 3 lateLiquidity: current ratio 3.18, cash €284, halvedShow the evidence
Checked score
About 2 in 100 comparable companies go bankrupt within 12 months (an estimate).
How it is calculated
The band follows from the bankruptcy probability, on a scale where 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, micro): better than 74% on solvency, 35% on liquidity, 33% on profitability and 84% on growth.
The bankruptcy probability was computed on 27-10-2026 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.
Some facts cap the score, however low the probability. Negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late hold it at Fair at most (59); two missing filings, at Weak (44). An ongoing judicial reorganisation or the company's end (bankruptcy, dissolution, liquidation) holds it at Critical at most (24).
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Signals
This company filed its last 7 accounts on average 105 days after the deadline; the sector median (NACE 46) for financial year 2024 is 3 days before the deadline, and 39% of those companies filed late.
Searched, nothing found (2)
- Resignation: Jacques Van Hulle (director)Appointment: lutsch eddy (director) ·…
- Annual accounts filedfinancial year 2025 · micro…
- Back to profitnet €10,100
Financials · financial year 2025, micro format
2021 to 2025, 5 financial years 2019 to 2025, 7 financial years
The operating result turns negative in 2025: a loss of €823 after €9,627 in 2024.
What the company sold each financial year and what was left of it. A loss stands below the zero line.
What the company owns (total assets), how much of it is its own (equity) and how much it owes.
Short-term assets minus short-term debts. Above zero the company can pay its bills in the short term.
How much of each euro of turnover is left from operations (EBIT margin) and what the assets earn (return on assets).
The share of the company financed with its own means. The higher it is, the better it absorbs a shock.
Short-term assets per euro of short-term debt. Above 1 the short-term debts are covered.
Use the arrow keys on the chart for the figures per year.
Sector: the middle half of NACE 46, Wholesale trade: a quarter of companies sit below it, a quarter above. Each year compared with accounts in the same format, and only where there are at least 30. Dashed line: the median. Available for Net result, Equity, Total assets, Working capital, Solvency, Current ratio, Return on assets (ROA).
Peer companies
Historical observationOf the 31,368 companies that looked in July 2024 the way this one looks now, 0.5% went bankrupt within 24 months and 93.5% are still going.
- Micro
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
A further 0.1% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a higher bankruptcy probability: 1.8% over twelve months. The score reads more about this company than the group's four characteristics; both figures are right about what they measure.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,445 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% | 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% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 74.5% 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 31,368 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.
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €6,515 | €2,551 | €2,573 | €3,057 | €2,709 | €1,606 | €740 | ▼ 53.9% |
| Other operating charges640/8 | - | - | - | €827 | €985 | €1,132 | €1,134 | ▲ 0.2% |
| Gross operating margin9900 | €6,866 | -€7,198 | €730 | -€7,943 | €1,082 | €12,365 | €1,051 | ▼ 91.5% |
| Operating profit (loss)9901 | -€480 | -€25,953 | -€2,580 | -€11,827 | -€2,612 | €9,627 | -€823 | - |
| Financial income75/76B | - | - | - | €2 | €2,800 | €0 | - | - |
| Recurring financial income75 | €134 | €262 | - | €2 | €2,800 | €0 | - | - |
| Financial charges65/66B | - | - | - | €421 | €2,043 | €501 | €920 | ▲ 83.5% |
| Recurring financial charges65 | €1,529 | €1,710 | €694 | €421 | €2,043 | €501 | €920 | ▲ 83.5% |
| Profit (loss) for the period before taxes9903 | -€1,875 | -€27,401 | -€3,274 | -€12,247 | -€1,855 | €9,126 | -€1,743 | - |
| Income taxes67/77 | €111 | - | €117 | €171 | €187 | €12,203 | -€11,843 | - |
| Profit (loss) for the period9904 | -€1,986 | -€27,401 | -€3,391 | -€12,417 | -€2,042 | -€3,077 | €10,100 | - |
| Profit (loss) for the period to be appropriated9905 | -€1,986 | -€27,401 | -€3,391 | -€12,417 | -€2,042 | -€3,077 | €10,100 | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €94,516 | €67,108 | €61,024 | €77,809 | €48,350 | €48,511 | €54,551 | ▲ 12.5% |
| Fixed assets21/28 | €24,490 | €8,069 | €5,496 | €6,568 | €4,465 | €2,859 | €2,119 | ▼ 25.9% |
| Intangible fixed assets21 | €15,000 | - | - | - | - | - | - | - |
| Tangible fixed assets22/27 | €9,490 | €8,069 | €5,496 | €6,568 | €4,465 | €2,859 | €2,119 | ▼ 25.9% |
| Plant, machinery and equipment23 | - | - | - | €601 | €843 | €390 | €88 | ▼ 77.3% |
| Other tangible fixed assets26 | - | - | - | €5,967 | €3,622 | €2,468 | €2,031 | ▼ 17.7% |
| Current assets29/58 | €70,025 | €59,039 | €55,528 | €71,240 | €43,885 | €45,652 | €52,433 | ▲ 14.9% |
| Stocks and contracts in progress3 | €18,427 | €12,206 | €11,099 | €11,479 | €12,919 | €11,956 | €15,285 | ▲ 27.8% |
| Stocks30/36 | - | - | - | €11,479 | €12,919 | €11,956 | €15,285 | ▲ 27.8% |
| Amounts receivable within one year40/41 | €51,484 | €42,456 | €31,153 | €59,407 | €29,806 | €30,961 | €36,488 | ▲ 17.9% |
| Trade receivables40 | - | - | - | €59,395 | €28,572 | €30,961 | €36,488 | ▲ 17.9% |
| Other amounts receivable41 | - | - | - | €12 | €1,233 | €0 | - | - |
| Cash at bank and in hand54/58 | - | €3,055 | €12,552 | €354 | €456 | €2,247 | €284 | ▼ 87.4% |
| Deferred charges and accrued income490/1 | - | - | - | €0 | €705 | €489 | €376 | ▼ 23.2% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €94,516 | €67,108 | €61,024 | €77,809 | €48,350 | €48,511 | €54,551 | ▲ 12.5% |
| Equity10/15 | €75,879 | €48,478 | €45,087 | €32,670 | €30,629 | €27,552 | €37,651 | ▲ 36.7% |
| Contributions10/11 | €19,000 | - | - | €19,000 | €19,000 | €19,000 | €19,000 | = |
| Reserves13 | €56,879 | €29,478 | €26,087 | €26,087 | €26,087 | €26,087 | €26,087 | = |
| Non-distributable reserves130/1 | - | - | - | €1,900 | €1,900 | €1,900 | €1,900 | = |
| Reserves not available under the articles1311 | - | - | - | €1,900 | €1,900 | €1,900 | €1,900 | = |
| Tax-exempt reserves132 | - | - | - | €1,761 | €1,761 | €1,761 | €1,761 | = |
| Distributable reserves133 | - | - | - | €22,426 | €22,426 | €22,426 | €22,426 | = |
| Profit (loss) carried forward14 | - | - | - | -€12,417 | -€14,459 | -€17,536 | -€7,436 | ▲ 57.6% |
| Amounts payable17/49 | €18,636 | €18,630 | €15,937 | €45,139 | €17,721 | €20,960 | €16,900 | ▼ 19.4% |
| Amounts payable within one year42/48 | €18,636 | €18,630 | €15,937 | €12,503 | €17,306 | €15,079 | €16,507 | ▲ 9.5% |
| Financial debts43 | - | - | - | €0 | - | - | €5,832 | - |
| Credit institutions430/8 | - | - | - | - | - | - | €5,832 | - |
| Other loans439 | - | - | - | €0 | - | - | - | - |
| Trade debts44 | €2,330 | €1,492 | €3,958 | €9,355 | €364 | €401 | €381 | ▼ 5.1% |
| Suppliers440/4 | - | - | - | €9,355 | €364 | €401 | €381 | ▼ 5.1% |
| Taxes, remuneration and social security45 | - | - | - | €2,187 | €1,021 | €8,264 | €7,629 | ▼ 7.7% |
| Taxes450/3 | - | - | - | €2,187 | €1,021 | €8,264 | €7,629 | ▼ 7.7% |
| Other amounts payable47/48 | - | - | - | €961 | €15,922 | €6,413 | €2,666 | ▼ 58.4% |
| Accrued charges and deferred income492/3 | - | - | - | €32,636 | €415 | €5,881 | €393 | ▼ 93.3% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€1,986 | -€27,401 | -€3,391 | -€12,417 | -€2,042 | -€3,077 | €10,100 | - |
| + Depreciation and write-downs630 | €6,515 | €2,551 | €2,573 | €3,057 | €2,709 | €1,606 | €740 | ▼ 53.9% |
| Operating cash flow (approximation) | €4,529 | -€24,851 | -€818 | -€9,360 | €667 | -€1,471 | €10,840 | - |
| Investment in fixed assets (approximation) | - | €13,871 | €0 | -€4,129 | -€605 | €0 | €0 | - |
| Change in cash | - | - | €9,497 | -€12,198 | €101 | €1,791 | -€1,962 | - |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Latest 10 of 24 filings with the National Bank
| Financial year | Type | Filed | Reference |
|---|---|---|---|
| 30-06-2025 | micro format | 26-01-2026 | 2026-00013549 |
| 30-06-2024 | micro format | 29-01-2025 | 2025-00013818 |
| 30-06-2023 | micro format | 25-06-2024 | 2024-00159308 |
| 30-06-2022 | micro format | 25-06-2024 | 2024-00159310 |
| 30-06-2021 | micro format | 31-01-2022 | 2022-04000115 |
| 30-06-2020 | micro format | 29-04-2021 | 2021-12200249 |
| 30-06-2019 | micro format | 31-01-2020 | 2020-03800532 |
| 30-06-2017 | micro format | 12-01-2018 | 2018-01100181 |
| 30-06-2016 | abbreviated format | 30-01-2017 | 2017-03400355 |
| 30-06-2015 | abbreviated format | 29-02-2016 | 2016-05700553 |
Similar companies · same sector, comparable size
Public contracts: No European public contracts awarded found since October 2016. Contracts below the EU thresholds are not in TED.
Directors
Not every act has been read: a resignation may still be missing
Mandate history
- Board
- began earlier
| Name | Functions and periods |
|---|---|
| VAN HULLE, Jacques Jules Juliette |
|
| lutsch eddy |
|
| Jacques Van Hulle |
|
Owners and capital
Owners
No owners or capital events in the accounts and acts we read.
Group and network
Connections & network
2 current directorsThe network starts from this company’s directors. Other companies they run appear here as nodes.
History
Acts, filings and financial milestones
28-09
Gazette deed
Resignation: Jacques Van Hulle (director)Appointment: lutsch eddy (director) · Registered-office move4 facts ▸
- General meeting, 05-09-2026
- Director resignation, Jacques Van Hulle (director)
- Director appointment, lutsch eddy (director)
- Registered-office move, place du champ de mars 5 te 1000 Brussel
30-01
Gazette deed
Appointment: VAN HULLE, Jacques Jules Juliette (director)Amendment of the articles · Capital conversion · Reserve release7 facts ▸
- Amendment of the articles (2 times)
- Capital conversion, “statutair onbeschikbare eigen vermogensrekening, eigen vermogensrekening niet-opgevraagde inbrengen” (deed in Dutch)
- Reserve release, “middelen beschikbaar voor uitkering, aanpassen van BVBA naar BV onbeschikbaar geworden” (deed in Dutch)
- Registered office clause, “Afsneedorp 19,9051 Gent (Afsnee)” (deed in Dutch)
- Other provision, “nieuwe terminologie WVV sedert 2020-01-01, term zaakvoerder van BV vervangen door bestuurder” (deed in Dutch)
- Director appointment, VAN HULLE, Jacques Jules Juliette (director (not named in the articles))
- Power of attorney, Pierre Van Moffaert
About the unread acts
Of the 5 Belgian Official Gazette deeds we know for this company, 2 have been read. The other 3 have not been read yet: what they contain is neither established nor disproved here.
Register details
Left the register on 9 October 2026.
What can you do?
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If you follow this company, Checked tells you the day it appears in the Peppol register.
Register as of 28 October 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.
Environmental permits: No permit applications found in Flanders. Brussels and Wallonia do not publish the applicant.
Sites & property
1 establishment unit
2 parcels
| Cadastral parcel | Region | Area | Buildings | Height / floors |
|---|---|---|---|---|
| 21009A0769/00S002 | Brussels | 3,724 m² | 1 · 1,306 m² | 99.0 m · 27 |
| 44002B0103/00C000 | Flanders | 926 m² | 1 · 113 m² | 6.2 m · 2 |
How the parcels are linked
Articles of association
What the company does
- DurationHow long the company exists; usually unlimited, so until it is dissolved.
- Unlimited
- Name clauseThe name the company operates under according to its articles.
- FAPS
- Registered office clauseThe region of the registered office; it decides among other things the language of official documents.
- “Vlaamse Gewest, bestuursorgaan mag exploitatiezetels,administratieve zetels,filialen,agentschappen,depots in België of buitenland oprichten” (deed in Dutch)
Who represents it, and how
- Board ruleHow the board is made up, meets and takes decisions.
- “Één of meer bestuurders, 12” (deed in Dutch)“13, handelingen waarvoor alleen algemene vergadering bevoegd is” (deed in Dutch)
Capital, shares and profit
- Kind of sharesWhich classes of shares exist and what rights each class carries.
- “Op naam, 190” (deed in Dutch)
- Transfer restrictionWhether shareholders may sell their shares freely or need approval first.
- “Overdracht van aandelen onder levenden, 7” (deed in Dutch)“Overgang van aandelen bij overlijden, 8” (deed in Dutch)
- Share issue ruleHow and by whom new shares can be issued.
- “Authentieke akte, mogelijk bij besluit algemene vergadering” (deed in Dutch)
Meetings and financial year
- Annual meetingWhen the shareholders meet each year, among other things to approve the annual accounts.
- Second Saturday of December at 10:00
Oversight and winding up
- Dissolution ruleWhen and by whom the company can be dissolved.
- “Ontbinding, 35” (deed in Dutch)
- Liquidation ruleHow assets are shared after dissolution: creditors first, then shareholders.
- “Onmiddellijke sluiting vereffening, 36” (deed in Dutch)