Active BE 0422.391.844Public limited company

Fasska

Rue Bon Air 47 ·1470 Genappe, Belgium· 44 yrs active

Sector: Agents in non-specialised wholesale trade (46190)

Conclusion Checked

Fasska has been active since 1981 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €7.10M and a net result of €1.55M. Equity is shrinking by ~9% per year across the filed fiscal years. Its solvency ranks better than 62% of 4761 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.2% (very low).

Based on the State Gazette, CBE and 6 annual accounts.

Key figures

Equity	€7.10M
Net result	€1.55M
Better than sector	62%
Active	44 yrs

Financial profile 5 of 5 axes measured · computed by Checked

77 / 100

Exceptional profile, strong across almost every axis.

All 5 axes are computed from data Checked has read.

Health 95

Profitability 52

Solvency 97

Growth 39

Stability 100

Bankruptcy probability (12 mo) Checked model v1 · free

0.2% Very low

0%0,5%1,5%4%10%≥25%

How do we compute this?

Risk Assessment rule-based

0 / 100

Low risk

Trust signals 2 signals

Long-established

Founded in 1981, 44 years in business.

No legal incidents

No bankruptcy, reorganisation or interim measure in the Belgisch Staatsblad, and the KBO register records a normal legal situation.

Administrative Flags0 events

No strikeouts found in the KBO publications we processed. That series starts in 2021 and has gaps, so this is not a confirmation that there is nothing.

Checked score FY 2025 · computed

95 / 100 Excellent

050100

Computed from 6 of the 6 factors this model weighs. The rest cannot be derived from the filed figures, or need a prior year to compare against.

Indicative credit limit

€650k

estimate, not credit advice

Score history

77 2020

92 2021

95 2022

75 2023

88 2024

95 2025

purely financial, excl. current insolvency signals

Score components

Liquidity Current ratio 2.21 (≥ 1.5) +10

Quick ratio Quick ratio 2.02 (≥ 1.0) +5

Leverage Debt/equity 0.78 (< 1.0) +10

Profitability ROE 22% (≥ 10%) +10

EBITDA margin EBITDA-marge 4% +2

Interest coverage Interest coverage 454.7× (≥ 3×) +8

Profit trend Net profit down YoY -3

Equity growth Equity growing YoY +3

Computed by Checked from the NBB filing for FY 2025. Indicative, not credit advice.

Financial overview44 NBB filings

Annual accounts filed on 23-07-2026 with the NBB · fiscal year 2025 · full schema

RevenueOperating resultNet result

Trajectory (indicative)

Projection over 3 fiscal years from the filed annual accounts, not a forecast, the extended trend.

declining Equity: declining trend of ~9%/year over 6 fiscal years, indicative, assuming unchanged policy.

Solid line = filed figures · dashed = extended trend · area = indicative range.

How do we compute this?

The trend is a robust median of all pairwise slopes between fiscal years (Theil-Sen), so a single odd year cannot hijack the line. For strictly positive series we also fit a log variant (compound annual growth) and keep whichever describes the figures best.

The area around the projection is 1.8 × the median absolute deviation from the trend, widening each year ahead (×1 / ×1.6 / ×2.2), with a minimum of 8% of the last value. It is an indicative range, not a statistical confidence interval.

A series whose deviations exceed 35% of its level is too volatile: we then deliberately show no projection. Every projection assumes unchanged policy and is blind to non-public information (order book, contracts, funding rounds).

Sector comparison

Fiscal year 2025 · NACE 46, Wholesale trade · compared within the same schema type (full schema)

Metric	This company	Sector median	Position in the sector
Solvency	56.2%	45.7%	better than 62% of 4761 sector peers
Net result	€1.55M	€116k	better than 87% of 4758 sector peers
Equity	€7.10M	€1.63M	better than 80% of 4763 sector peers
Total assets	€12.62M	€4.24M	better than 75% of 4761 sector peers

Revenue

€57.30M

-14.9% 20-25

EBITDA

€2.01M

-36.2% 20-25

Net profit

€1.55M

-39.6% 20-25

Cash flow

€1.57M

-39.3% 20-25

Total assets

€12.62M

+6.2% 20-25

Equity

€7.10M

+28.0% 20-25

Working capital

€6.66M

+30.6% 20-25

Income taxes

€512k

-40.7% 20-25

Dividends

€8.00M

+6.7% 20-25

Debt

€5.52M

-13.0% 20-25

Debt ≤ 1y

€5.52M

-13.0% 20-25

Current ratio

2.21

+22.3% 20-25

Quick ratio

2.02

+12.8% 20-25

Solvency

56.2%

+20.6% 20-25

Debt / equity

0.78

-32.0% 20-25

ROE

21.9%

-52.8% 20-25

ROA

12.3%

-43.1% 20-25

Net margin

2.7%

-29.0% 20-25

EBITDA margin

3.5%

-25.1% 20-25

Interest coverage

454.72

-35.6% 20-25

Figures by fiscal year and ratios

Highlight YoY changes (±10%)

Fiscal year	2025	2024	2023	2022	2021
Deposit	full schema	full schema	full schema	full schema	full schema
Revenue	€57.30M	€67.31M	€93.14M	€58.44M	€50.81M
EBITDA	€2.01M	€3.15M	€4.94M	€3.12M	€3.32M
Net profit	€1.55M	€2.57M	€3.76M	€2.32M	€2.45M
Cash flow	€1.57M	€2.59M	€3.76M	€2.35M	€2.49M
Staff costs	-	-	-	-	-
Income taxes	€512k	€863k	€1.25M	€771k	€829k
Dividends	-	-	€8.00M	-	€7.50M
Total assets	€12.62M	€11.88M	€17.95M	€9.25M	€6.35M
Equity	€7.10M	€5.54M	€2.97M	€7.21M	€4.89M
Debt	€5.52M	€6.34M	€14.99M	€2.04M	€1.45M
of which ≤ 1y	€5.52M	€6.34M	€14.99M	€2.04M	€1.45M
of which > 1y	-	-	-	-	-
Working capital	€6.66M	€5.10M	€2.52M	€6.77M	€4.48M
Employees (FTE)	-	-	-	-	-

Ratios (computed)

	2025	2024	2023	2022	2021
Current ratio	2.21	1.80	1.17	4.32	4.09
Quick ratio	2.02	1.79	1.08	3.08	3.77
Working capital ratio	52.8%	43.0%	14.0%	73.2%	70.7%
Solvency	56.2%	46.6%	16.5%	78.0%	77.1%
Debt / equity	0.78	1.14	5.05	0.28	0.30
Long-term debt ratio	-	-	-	-	-
Interest coverage	454.72	706.11	901.01	684.13	804.56
Gross margin	5.5%	7.9%	6.8%	7.7%	8.4%
Net margin	2.7%	3.8%	4.0%	4.0%	4.8%
ROA	12.3%	21.6%	20.9%	25.0%	38.6%
ROE	21.9%	46.4%	126.6%	32.1%	50.1%
EBITDA margin	3.5%	4.7%	5.3%	5.3%	6.5%
Days sales outstanding	9d	2d	15d	4d	3d
Days payable outstanding	35d	33d	25d	8d	6d
Inventory turnover	52.74	800.87	63.22	21.38	98.43
Days inventory (DSI)	7d	0d	6d	17d	4d

Balance-sheet composition 2025

Assets

Fixed assets €431k · 3.4% Current assets €12.18M · 96.6%

Equity & liabilities

Equity €7.10M · 56.2% Debt €5.52M · 43.8%

Full annual accounts (25 line items)

Filed balance sheet and income statement, exactly as deposited with the NBB.

Line item	Code	2025	2024	2023	2022	2021
Balance sheet, Assets
TOTAL ASSETS	20/58	€12.62M	€11.88M	€17.95M	€9.25M	€6.35M
Fixed assets	21/28	€431k	€437k	€453k	€443k	€410k
Tangible fixed assets	22/27	€151k	€157k	€173k	€163k	€130k
Financial fixed assets	28	€280k	€280k	€280k	€280k	€280k
Current assets	29/58	€12.18M	€11.45M	€17.50M	€8.80M	€5.93M
Stocks & contracts in progress	3	€1.03M	€77k	€1.37M	€2.52M	€473k
Amounts receivable within one year	40/41	€1.92M	€491k	€4.00M	€818k	€462k
Investments	50/53	€2.50M	€2.50M	€7.00M	-	-
Cash & bank	54/58	€6.70M	€8.36M	€5.07M	€5.45M	€4.99M
Balance sheet, Equity & liabilities
TOTAL EQUITY & LIABILITIES	10/49	€12.62M	€11.88M	€17.95M	€9.25M	€6.35M
Equity	10/15	€7.10M	€5.54M	€2.97M	€7.21M	€4.89M
Contributions / capital	10/11	€250k	€250k	€250k	€250k	€250k
Reserves	13	€3.60M	€2.72M	€2.72M	€3.04M	€2.19M
Accumulated profits (losses)	14	€3.24M	€2.57M	-	€3.93M	€2.45M
Amounts payable	17/49	€5.52M	€6.34M	€14.99M	€2.04M	€1.45M
Amounts payable within one year	42/48	€5.52M	€6.34M	€14.99M	€2.04M	€1.45M
Trade debts payable within one year	44	€5.14M	€5.56M	€6.06M	€1.15M	€754k
Income statement
Turnover	70	€57.30M	€67.31M	€93.14M	€58.44M	€50.81M
Operating result	9901	€1.99M	€3.13M	€4.94M	€3.09M	€3.28M
Financial income	75	€80k	€308k	€75k	€3k	€1k
Financial charges	65	€4k	€4k	€5k	€5k	€4k
Result before taxes	9903	€2.07M	€3.44M	€5.01M	€3.09M	€3.28M
Income taxes	67/77	€512k	€863k	€1.25M	€771k	€829k
Net result for the period	9904	€1.55M	€2.57M	€3.76M	€2.32M	€2.45M
Result to be appropriated	9905	€1.17M	€2.57M	€3.76M	€2.13M	€3.29M

Directors & mandates 3 directors

Current directors & mandates

Shahriar SOLTANINASSAB
Director
State Gazette act 23452050 (11-12-2023)

Current
11-12-2023 → present
2 events
- 11-12-2023 Resigned· Director
- 11-12-2023 Appointed· Director

Former directors (2)

Akbar SOLTANINASSAB
Director
State Gazette act 23452050 (11-12-2023)

Former
- → 11-12-2023
Fakhri SALASI
Director
State Gazette act 23452050 (11-12-2023)

Former
- → 11-12-2023

Legal Structure

NACE primary	Agents in non-specialised wholesale trade(46190)
Legal form	Public limited company(014)
Incorporation	29-12-1981
Status	Active
Postal code	1470

Establishment units 1 location

FASSKA

Rue du Bosquet 1, 1348 Ottignies-Louvain-la-NeuveNACE 1588001

since 19932.035.018.527

Real-estate footprint Source: CBE × cadastre

Wallonia 2 (100%)

Parcel (capakey)	Region	Area	Buildings	Height / fl.
25003F0463/00A000	Wallonia	5,951 m²	1 · 170 m²	8.5 m · 2 fl.
25384B0033/00H000	Wallonia	5,282 m²	1 · 1,233 m²	9.0 m · 2 fl.

Methodology

via registered seat: 1 · via establishment units: 1

2 of 2 parcels with an exact address match; the rest are indicative.

Linked through address data, this is not proof of ownership.

Updates 11 events

All 14Financial 3Gazette 1Filings 10

Next filing, fiscal year 2026, expected by 31-07-2027

2026

23-07

NBB filing Annual accounts filed

fiscal year 2025 · full schema

2025

31-12

Financial Weakest financial yearnet €1.55M ▼39.6%

Net result drops to €1.55M, the lowest in the series.

05-08

NBB filing Annual accounts filed

fiscal year 2024 · full schema · 5 days late

2024

31-12

Financial Equity above €5MEq €5.54M ▲86.6%

5 profitable years in a row build equity to €5.54M.

18-12

NBB filing Annual accounts filed

fiscal year 2023 · full schema · 140 days late

2023

11-12

State Gazette act Director changes

JEAN DIDIER GYSELINCK

06-07

NBB filing Annual accounts filed

fiscal year 2022 · full schema

2022

31-12

Financial Equity above €5MEq €7.21M ▲47.3%

3 profitable years in a row build equity to €7.21M.

02-08

NBB filing Annual accounts filed

fiscal year 2021 · full schema · 2 days late

2021

28-07

NBB filing Annual accounts filed

fiscal year 2020 · full schema

2020

18-08

NBB filing Annual accounts filed

fiscal year 2019 · full schema · 18 days late

2019

27-06

NBB filing Annual accounts filed

fiscal year 2018 · full schema

2018

26-07

NBB filing Annual accounts filed

fiscal year 2017 · full schema

2017

24-08

NBB filing Annual accounts filed

fiscal year 2016 · full schema · 24 days late

Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.

Belgian State Gazette reading coverage 0 of 12 acts read

We know of 12 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.

Belgisch Staatsblad, acts 1 acts

All acts · 1 updated 2 years ago

2023

11-12-2023 1 director appointed, 3 resigning Director changes·JEAN DIDIER GYSELINCK

Shahriar SOLTANINASSAB, Bestuurder
Akbar SOLTANINASSAB, Bestuurder
Fakhri SALASI, Bestuurder
Shahriar SOLTANINASSAB, Bestuurder

Notary: JEAN DIDIER GYSELINCK · Bruxelles

Original publication ↗

Technical details

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Credit advice verdict per customer and amount

Company registry (CBE) Crossroads Bank

Activities

Agents in non-specialised wholesale trade46190Wholesale trade46331Non-specialised wholesale46392Non-specialised wholesale trade46900513315139251900

Names & trade names

Legal nameFR

Fasska

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