FAPS2007
ActiveFrom the official registers: KBO 18 annual accounts at the National Bank publications in the Belgian Official Gazette
Summary
FAPS2007 has been active since 2007 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €78,952 and a net result of €14,738. The figures fluctuate too strongly year-on-year for a reliable trend projection. Its solvency ranks better than 28% of 17,107 sector peers (NACE 68, financial year 2025). The computed 12-month bankruptcy probability is 0.7% (low).
Overview
Official details
KBO- Status
- Active since 29-01-2007 Normal situation
- Legal form
- Private limited company
- Registered office
- Emblève 15, 4920 Aywaille
- Activity
- Real estate agency activities NACE 68310
- Establishment unit
- 2.217.185.715 4920 Aywaille, since 29-01-2007
- Financial year end
- 31 March
- Peppol
- Reachable since 14-01-2026
How it is doing
- Bankruptcy probabilitywithin 12 months
- 0.7%
- Turnover
- €270,273
- ▲ 28.5%
- Profit
- €14,738
- ▼ 68.1%
- Equity
- €78,952
- ▲ 23.0%
- Total assets
- €1.3m
- ▲ 8.2%
Why 70raises riskFigures for financial year 2025 (filed 05-11-2025)Equity €78,952 (5.9% of total assets)Liquidity: current ratio 0.63, cash €22,053lowers riskSize: turnover €270,273, total assets €1.3mShow the evidence
Checked score
About 7 in 1,000 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 68, micro): better than 27% on solvency, 45% on liquidity, 77% on profitability and 80% on growth.
The bankruptcy probability was computed on 31-10-2026 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 6 accounts on average 15 days before the deadline; the sector median (NACE 68) for financial year 2024 is 7 days before the deadline, and 36% of those companies filed late.
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Financials · financial year 2025, micro format
Annual accounts 2025
- Financial year ended
- 31-03-2025
- Filed on
- 30-10-2025
- Format
- micro format
- Reference
- 2025-00561496
2021 to 2025, 5 financial years 2019 to 2025, 7 financial years
The operating result falls in 2025; 2025 is 60% below 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 68, Real estate activities: 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 1,448 companies that looked in July 2024 the way this one looks now, 2.0% went bankrupt within 24 months and 95.6% are still going.
- Small
- 10 to 20 years old
- solvency under 10%
- a profit under 5% of the balance sheet
A further 0.3% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.7% 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 497,445 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 1,448 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 |
|---|---|---|---|---|---|---|---|---|
| Turnover70 | - | €78,615 | €85,763 | €109,899 | €96,674 | €210,394 | €270,273 | ▲ 28.5% |
| Goods, raw materials, services and sundry goods60/61 | - | - | - | €32,693 | €45,435 | €96,893 | €182,314 | ▲ 88.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €51,760 | €51,832 | €51,832 | €51,867 | €51,867 | €54,535 | €60,460 | ▲ 10.9% |
| Other operating charges640/8 | - | - | - | €5,591 | €6,157 | €6,897 | €7,124 | ▲ 3.3% |
| Non-recurring operating charges66A | - | - | - | - | €0 | - | - | - |
| Gross operating margin9900 | €42,888 | €48,720 | €55,190 | €83,145 | €51,973 | €113,501 | €88,332 | ▼ 22.2% |
| Operating profit (loss)9901 | -€14,701 | -€5,970 | -€3,034 | €25,686 | -€6,051 | €52,069 | €20,748 | ▼ 60.2% |
| Financial income75/76B | - | - | - | €21 | €77 | €111 | €72 | ▼ 34.5% |
| Recurring financial income75 | €126 | €50 | €53 | €21 | €77 | €111 | €72 | ▼ 34.5% |
| Financial charges65/66B | - | - | - | €6,701 | €6,487 | €5,996 | €6,083 | ▲ 1.4% |
| Recurring financial charges65 | €13,969 | €13,120 | €19,264 | €6,701 | €6,487 | €5,996 | €6,083 | ▲ 1.4% |
| Profit (loss) for the period before taxes9903 | -€28,544 | -€19,041 | -€22,246 | €19,007 | -€12,461 | €46,184 | €14,738 | ▼ 68.1% |
| Profit (loss) for the period9904 | -€28,544 | -€19,041 | -€22,246 | €19,007 | -€12,461 | €46,184 | €14,738 | ▼ 68.1% |
| Profit (loss) for the period to be appropriated9905 | -€28,544 | -€19,041 | -€22,246 | €19,007 | -€12,461 | €46,184 | €14,738 | ▼ 68.1% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €1.3m | €1.3m | €1.3m | €1.2m | €1.2m | €1.2m | €1.3m | ▲ 8.2% |
| Fixed assets21/28 | €1.3m | €1.2m | €1.2m | €1.1m | €1.1m | €1.1m | €1.2m | ▲ 8.5% |
| Tangible fixed assets22/27 | €1.3m | €1.2m | €1.2m | €1.1m | €1.1m | €1.1m | €1.2m | ▲ 8.5% |
| Land and buildings22 | - | - | - | €1.1m | €1.1m | €1.1m | €1.2m | ▲ 8.5% |
| Plant, machinery and equipment23 | - | - | - | €303 | €231 | €159 | €87 | ▼ 45.4% |
| Furniture and vehicles24 | - | - | - | €0.002m | €0.002m | €0.002m | €0.002m | ▼ 18.8% |
| Current assets29/58 | €0.03m | €0.04m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | ▲ 5.3% |
| Amounts receivable within one year40/41 | €0.01m | €0.01m | €0.01m | €0.02m | €0.02m | €0.06m | €0.07m | ▲ 9.3% |
| Trade receivables40 | - | - | - | €0.007m | €0.009m | €0.05m | €0.04m | ▼ 17.7% |
| Other amounts receivable41 | - | - | - | €0.008m | €0.009m | €0.01m | €0.03m | ▲ 126% |
| Cash at bank and in hand54/58 | €0.02m | €0.02m | €0.03m | €0.04m | €0.04m | €0.02m | €0.02m | ▲ 33.9% |
| Deferred charges and accrued income490/1 | - | - | - | €0.05m | €0.05m | €0.04m | €0.04m | ▼ 12.4% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €1.3m | €1.3m | €1.3m | €1.2m | €1.2m | €1.2m | €1.3m | ▲ 8.2% |
| Equity10/15 | €0.05m | €0.03m | €0.01m | €0.03m | €0.02m | €0.06m | €0.08m | ▲ 23.0% |
| Contributions10/11 | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | = |
| Reserves13 | €0.003m | €0.003m | €0.003m | €0.003m | €0.003m | €0.003m | €0.003m | = |
| Non-distributable reserves130/1 | - | - | - | €0.003m | €0.003m | €0.003m | €0.003m | = |
| Other1319 | - | - | - | €0.003m | €0.003m | €0.003m | €0.003m | = |
| Profit (loss) carried forward14 | -€0.2m | -€0.2m | -€0.2m | -€0.2m | -€0.2m | -€0.1m | -€0.1m | ▲ 10.6% |
| Amounts payable17/49 | €1.2m | €1.2m | €1.3m | €1.2m | €1.2m | €1.2m | €1.3m | ▲ 7.4% |
| Amounts payable after more than one year17 | €1.2m | €1.2m | €1.2m | €1.2m | €1.1m | €1.1m | €1.0m | ▼ 3.3% |
| Financial debts170/4 | - | - | - | €0.5m | €0.5m | €0.4m | €0.4m | ▼ 8.1% |
| Other amounts payable178/9 | - | - | - | €0.7m | €0.6m | €0.6m | €0.6m | = |
| Amounts payable within one year42/48 | €0.03m | €0.03m | €0.04m | €0.04m | €0.04m | €0.08m | €0.2m | ▲ 150% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.04m | €0.04m | €0.04m | €0.1m | ▲ 280% |
| Trade debts44 | €0.004m | €0.001m | €0.001m | €0 | €0 | €0 | €0.003m | - |
| Suppliers440/4 | - | - | - | €0 | - | - | €0.003m | - |
| Taxes, remuneration and social security45 | - | - | - | €116 | €116 | €0.002m | €0.005m | ▲ 156% |
| Taxes450/3 | - | - | - | €116 | €116 | €0.002m | €0.005m | ▲ 156% |
| Remuneration and social security454/9 | - | - | - | €0 | €0 | €0 | €0 | - |
| Other amounts payable47/48 | - | - | - | €0.004m | €0.005m | €0.04m | €0.06m | ▲ 34.6% |
| Accrued charges and deferred income492/3 | - | - | - | - | €0.006m | €0 | €0 | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€28,544 | -€19,041 | -€22,246 | €19,007 | -€12,461 | €46,184 | €14,738 | ▼ 68.1% |
| + Depreciation and write-downs630 | €51,760 | €51,832 | €51,832 | €51,867 | €51,867 | €54,535 | €60,460 | ▲ 10.9% |
| Operating cash flow (approximation) | €23,216 | €32,791 | €29,586 | €70,874 | €39,406 | €100,719 | €75,198 | ▼ 25.3% |
| Investment in fixed assets (approximation) | - | -€520 | €0 | -€10,493 | €0 | -€85,634 | -€154,410 | ▼ 80.3% |
| Change in cash | - | €7,394 | €10,876 | €8,204 | €719 | -€26,723 | €5,589 | - |
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 18 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-03-2025 | micro format | 30-10-2025 | 2025-00561496 | |
| 31-03-2024 | micro format | 30-10-2024 | 2024-00525357 | |
| 31-03-2023 | micro format | 23-11-2023 | 2023-00516704 | |
| 31-03-2022 | micro format | 21-09-2022 | 2022-20438889 | |
| 31-03-2021 | micro format | 02-11-2021 | 2021-75800485 | |
| 31-03-2020 | micro format | 18-08-2020 | 2020-42500247 | |
| 31-03-2019 | micro format | 07-06-2019 | 2019-16400524 | |
| 31-03-2018 | micro format | 22-06-2018 | 2018-21000307 | |
| 31-03-2017 | micro format | 25-09-2017 | 2017-61900508 | |
| 31-03-2016 | full format | 03-06-2016 | 2016-15200519 |
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
Mandate history
- Board
- began earlier
| Name | Functions and periods |
|---|---|
| Fabian LE PICOLO |
|
How the board is organised
Who represents it, and how
- Who signsWho may bind the company towards others, for example by signing a contract.
- “Article 14. Pouvoir de représentation Chaque administrateur représente la société à l'égard des tiers et en justice, soit en demandant, soit…”
- Board ruleHow the board is made up, meets and takes decisions.
- “Avec ou sans limitation durée, organe d'administration”“Chaque administrateur agissant seul peut accomplir tous actes nécessaires ou utiles accomplissement objet, totalité pouvoirs administration…”“Portée aux frais généraux indépendamment frais représentation,voyages et déplacements, assemblée générale décide si mandat exercé…”
Oversight and winding up
- Dissolution ruleWhen and by whom the company can be dissolved.
- “Formes prévues pour les modifications aux statuts, en tout temps”
- Liquidation ruleHow assets are shared after dissolution: creditors first, then shareholders.
- “Assemblée générale peut désigner un ou plusieurs liquidateurs et déterminer pouvoirs et émoluments, dissolution pour quelque cause et à…”
Articles of association, deed of 20-06-2022
Owners and capital
Capital and shareholders
- 20-06-2022 Converted to unavailable equity · €202,858
Shares according to the articles of association
Capital, shares and profit
- Transfer restrictionWhether shareholders may sell their shares freely or need approval first.
- One provision in the deed
- Share issue ruleHow and by whom new shares can be issued.
- “Apport en numéraire avec émission de nouvelles actions, organe qui procède à l’émission”
Other provisionsRules from the articles on subjects other than the board, the shares, the purpose and the meetings.
Articles of association, deed of 20-06-2022 (in French)
Group and network
Connections & network
1 current directorThe network starts from this company’s directors. Other companies they run appear here as nodes.
History
Acts, filings and financial milestones
20-06
Gazette deed
Resignation: Fabian LE PICOLO (manager)Appointment: Fabian LE PICOLO (director) · Director discharge · Registered office clause12 facts ▸
- Director resignation, Fabian LE PICOLO (manager)
- Director appointment, Fabian LE PICOLO (director (not named in the articles))
- Director discharge, Fabian LE PICOLO
- Registered office clause, “4920 Aywaille,Emblève 15” (deed in French)
- Other provision, “fabian.lepicolo@skynet.be, adresse électronique” (deed in French)
- General meeting, “4920 Aywaille, Emblève 15, assemblée générale extraordinaire des associés” (deed in French)
- Other provision, “adaptation des statuts au Code des sociétés et des associations et maintien de la forme SRL, adapter les statuts aux dispositions du Code des sociétés et des as…” (deed in French)
- Capital conversion, “compte de capitaux propres statutairement indisponible” (deed in French)
- Other provision, “libération du capital, capital entièrement libéré” (deed in French)
- Amendment of the articles
- Capital
- Capital, €202,858
Sources:Publications in the Belgian Official GazetteFilings with the National Bank
Register details
Who it is
KBO recordWhere it is based
What it does
NACEBEL 2025Invoicing and payment
Financial year and general meeting
Accounts at the NBBScores and ratios are computed by Checked and are not a credit decision.
Purpose, financial year and meetings according to the 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 2007
- Registered office clauseThe region of the registered office; it decides among other things the language of official documents.
- “Région wallonne”“Par simple décision, établir des sièges administratifs, agences, ateliers, dépôts et succursales, tant en Belgique qu'à l'étranger; établir…”
Meetings and financial year
- Annual meetingWhen the shareholders meet each year, among other things to approve the annual accounts.
- Second Tuesday of May at 13:00
Articles of association, deed of 20-06-2022 (in French)
Sites & property
1 establishment unit
Buildings and parcels at the address
1 parcel
| Cadastral parcel | Region | Area | Buildings | Height / floors |
|---|---|---|---|---|
| 62009F0561/00H002 | Wallonia | 2,717 m² | 1 · 175 m² | - |