FINESA
ActiveSummary
FINESA has been active since 2009 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show negative equity (-€167,980) and a net result of €5,596. Equity is shrinking by ~2.5% per year across the filed fiscal years. Its solvency ranks better than 11% of 660 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.4% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability55▲+31
Solvency0=
Growth58=
Track record100
Bankruptcy probability, 12 months
0.4%
Very low
0%0.5%1.5%4%10%≥ 25%
No credit on open account
Liquidity short (current ratio 0.35 against 0.32 in 2024; short-term debt: 111.8% and cash: 1% of total assets), and equity is negative.
Credit check for your own amount and term
Show the recommended maximum : and see how the verdict changes with amount, term and advance.
Signals
Five 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 32
Relative position
BE, all sectors
reference
Other manufacturing (NACE 32)
about 28% 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
-48.7%
Return on assets
1.6%
Age of the figures
12 mo
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 11% of 660 sector peers (2025).
NBB · sector comparisonPosition among 660 sector peers
Solvency
better than 11%
← weakest
strongest →
neutral · Latest accounts filed on time
The financial year that closed on 30-09-2025 was due by 30-04-2026 and was filed on 24-03-2026, 37 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
37 d early
2024
on the day
2023
on the day
2022
54 d early
2021
39 d early
2020
48 d late
2019
235 d late
← 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 22 days after the deadline; the sector median for financial year 2024 is 2 days before the deadline, and 40% of the sector filed late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 30-09-2026 and is due by 30-04-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
28-09-2026 today30-09-2026 close30-04-2027 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
#9 company by total assets in Zwalm, Manufacturing sector
Equity
-€167,980▲ 3.2%
2024 · -€173,576
Total assets
€345,220▼ 0.3%
2024 · €346,226
Net result
€5,596
2024 · -€11,663
Working capital
-€251,531▲ 3.5%
2024 · -€260,580
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 32, Other manufacturing, 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€13,603-€2,431€19,641-€3,126€10,910
Net result-€4,196below the sector's middle half▲ 65.1%-€8,730below the sector's middle half▼ 108%€14,567within the sector's middle half-€11,663below the sector's middle half€5,596within the sector's middle half
Equity-€167,749below the sector's middle half▼ 2.6%-€176,479below the sector's middle half▼ 5.2%-€161,912below the sector's middle half▲ 8.3%-€173,576below the sector's middle half▼ 7.2%-€167,980below the sector's middle half▲ 3.2%
Total assets€364,537above the sector's middle half▲ 1.2%€360,822within the sector's middle half▼ 1.0%€358,295within the sector's middle half▼ 0.7%€346,226within the sector's middle half▼ 3.4%€345,220within the sector's middle half▼ 0.3%
Debt€532,287▲ 1.6%€537,301▲ 0.9%€520,207▼ 3.2%€519,801▼ 0.1%€513,200▼ 1.3%
Working capital-€246,480below the sector's middle half▲ 2.7%-€254,491below the sector's middle half▼ 3.3%-€251,527below the sector's middle half▲ 1.2%-€260,580below the sector's middle half▼ 3.6%-€251,531below the sector's middle half▲ 3.5%
Solvency-46.0%below the sector's middle half▼ 0.6pp-48.9%below the sector's middle half▼ 2.9pp-45.2%below the sector's middle half▲ 3.7pp-50.1%below the sector's middle half▼ 4.9pp-48.7%below the sector's middle half▲ 1.5pp
Current ratio0.33below the sector's middle half▲ 0.030.33below the sector's middle half=0.34below the sector's middle half=0.32below the sector's middle half▼ 0.010.35below the sector's middle half▲ 0.02
Return on assets (ROA)-1.2%below the sector's middle half▲ 2.2pp-2.4%below the sector's middle half▼ 1.3pp4.1%within the sector's middle half▲ 6.5pp-3.4%below the sector's middle half▼ 7.4pp1.6%within the sector's middle half▲ 5.0pp
above
within
below
the middle half (P25 to P75) of NACE 32, Other manufacturing, 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 returns to profit in 2025: €10,910 after a loss of €3,126 in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €345,220
Fixed assets
€210,727 ▼ 4.8%
Current assets
€134,493 ▲ 7.7%
Key figures and ratios
EBITDA
€21,523▲
2024 · €9,311
Cash flow
€16,209▲
2024 · €774
Quick ratio
0.05▼
2024 · 0.06
Debt to equity
-3.06▼
2024 · -2.99
Interest coverage
4.16▲
2024 · 1.11
Debt ≤ 1 year
€386,024▲
2024 · €385,465
Debt > 1 year
€127,176▼
2024 · €134,337
Income taxes
€144▲
2024 · €132
Staff costs
€682▼
2024 · €3,360
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 1,381 companies that looked in July 2024 the way this one looks now, 2.0% went bankrupt within 24 months and 94% are still going.
- Micro
- 10 to 20 years old
- negative equity
- a profit under 5% of the balance sheet
2.0%
went bankrupt
3.1%
stopped otherwise
94%
still going
A further 0.7% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.4% 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 497,662 companies of July 2024 its group's bankruptcy share. Expected: 1.5%; actually bankrupt within 24 months: 1.6%.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.4% |
| 3 | 0.5% | 0.5% |
| 4 | 0.6% | 0.7% |
| 5 | 0.8% | 0.9% |
| 6 | 1.2% | 1.3% |
| 7 | 1.5% | 1.7% |
| 8 | 1.7% | 1.7% |
| 9 | 2.7% | 2.8% |
| 10 | 5.3% | 5.7% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 75% 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 1,381 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 | - | €216 | €216 | €1,489 | €1,580 | ▲ 6.1% |
| Remuneration, social security and pensions62 | - | - | €1,816 | €3,360 | €682 | ▼ 79.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €9,086 | €8,709 | €9,687 | €12,437 | €10,614 | ▼ 14.7% |
| Other operating charges640/8 | - | €1,917 | €725 | €3,013 | €1,063 | ▼ 64.7% |
| Gross operating margin9900 | €23,599 | €8,196 | €31,869 | €15,685 | €23,268 | ▲ 48.3% |
| Operating profit (loss)9901 | €13,603 | -€2,431 | €19,641 | -€3,126 | €10,910 | ▲ 449% |
| Financial income75/76B | - | €81 | €1 | €6 | €0 | ▼ 98.8% |
| Recurring financial income75 | €159 | €81 | €1 | €6 | €0 | ▼ 98.8% |
| Financial charges65/66B | - | €6,380 | €5,075 | €8,413 | €5,170 | ▼ 38.5% |
| Recurring financial charges65 | €17,959 | €6,380 | €5,075 | €8,413 | €5,170 | ▼ 38.5% |
| Profit (loss) for the period before taxes9903 | -€4,196 | -€8,730 | €14,567 | -€11,532 | €5,739 | ▲ 150% |
| Income taxes67/77 | - | - | - | €132 | €144 | ▲ 9.4% |
| Profit (loss) for the period9904 | -€4,196 | -€8,730 | €14,567 | -€11,663 | €5,596 | ▲ 148% |
| Profit (loss) for the period to be appropriated9905 | -€4,196 | -€8,730 | €14,567 | -€11,663 | €5,596 | ▲ 148% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €364,537 | €360,822 | €358,295 | €346,226 | €345,220 | ▼ 0.3% |
| Fixed assets21/28 | €242,059 | €233,350 | €230,886 | €221,341 | €210,727 | ▼ 4.8% |
| Tangible fixed assets22/27 | €242,059 | €233,350 | €230,886 | €221,341 | €210,727 | ▼ 4.8% |
| Land and buildings22 | - | €232,894 | €224,640 | €216,386 | €208,133 | ▼ 3.8% |
| Plant, machinery and equipment23 | - | €456 | - | - | - | - |
| Furniture and vehicles24 | - | - | €6,245 | €4,955 | €2,595 | ▼ 47.6% |
| Current assets29/58 | €122,479 | €127,473 | €127,410 | €124,885 | €134,493 | ▲ 7.7% |
| Stocks and contracts in progress3 | €102,432 | €103,068 | €101,688 | €103,511 | €115,336 | ▲ 11.4% |
| Stocks30/36 | - | €103,068 | €101,688 | €103,511 | €115,336 | ▲ 11.4% |
| Amounts receivable within one year40/41 | €11,183 | €12,707 | €20,755 | €19,808 | €15,728 | ▼ 20.6% |
| Trade receivables40 | - | €1,986 | €10,000 | €7,897 | €3,690 | ▼ 53.3% |
| Other amounts receivable41 | - | €10,721 | €10,755 | €11,911 | €12,038 | ▲ 1.1% |
| Cash at bank and in hand54/58 | €8,864 | €11,254 | €4,967 | €1,566 | €3,429 | ▲ 119% |
| Deferred charges and accrued income490/1 | - | €444 | - | - | - | - |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €364,537 | €360,822 | €358,295 | €346,226 | €345,220 | ▼ 0.3% |
| Equity10/15 | -€167,749 | -€176,479 | -€161,912 | -€173,576 | -€167,980 | ▲ 3.2% |
| Contributions10/11 | - | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €138 | €138 | €138 | €138 | €138 | = |
| Non-distributable reserves130/1 | - | €138 | €138 | €138 | €138 | = |
| Reserves not available under the articles1311 | - | €138 | €138 | €138 | €138 | = |
| Profit (loss) carried forward14 | -€186,488 | -€195,217 | -€180,651 | -€192,314 | -€186,719 | ▲ 2.9% |
| Amounts payable17/49 | €532,287 | €537,301 | €520,207 | €519,801 | €513,200 | ▼ 1.3% |
| Amounts payable after more than one year17 | €161,996 | €155,338 | €141,271 | €134,337 | €127,176 | ▼ 5.3% |
| Financial debts170/4 | - | €155,338 | €141,271 | €134,337 | €127,176 | ▼ 5.3% |
| Amounts payable within one year42/48 | €368,959 | €381,963 | €378,936 | €385,465 | €386,024 | ▲ 0.1% |
| Current portion of amounts payable after more than one year42 | - | €7,034 | €6,714 | €6,934 | €7,161 | ▲ 3.3% |
| Trade debts44 | €1,624 | €6,315 | €1,414 | €12,768 | €5,069 | ▼ 60.3% |
| Suppliers440/4 | - | €6,315 | €1,414 | €12,768 | €5,069 | ▼ 60.3% |
| Taxes, remuneration and social security45 | - | €33,780 | €33,361 | €29,338 | €31,487 | ▲ 7.3% |
| Taxes450/3 | - | €33,780 | €33,361 | €29,338 | €31,487 | ▲ 7.3% |
| Other amounts payable47/48 | - | €334,835 | €337,447 | €336,424 | €342,307 | ▲ 1.7% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€4,196 | -€8,730 | €14,567 | -€11,663 | €5,596 | ▲ 148% |
| + Depreciation and write-downs630 | €9,086 | €8,709 | €9,687 | €12,437 | €10,614 | ▼ 14.7% |
| Operating cash flow (approximation) | €4,890 | -€20 | €24,253 | €774 | €16,209 | ▲ 1,995% |
| Investment in fixed assets (approximation) | - | €0 | -€7,223 | -€2,893 | €0 | ▲ 100% |
| Change in cash | - | €2,389 | -€6,286 | -€3,401 | €1,864 | ▲ 155% |
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
24-03
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
30-09
Financial
Back to profitnet €5,596
Net result €5,596 after one loss-making year.
30-04
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
30-04
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
30-09
Financial
Back to profitnet €14,567
Net result €14,567 after 5 loss-making years.
07-03
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
22-03
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
17-06
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 48 days late
2020
21-12
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 235 days late
21-12
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema · 601 days late
2018
12-04
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema
2017
28-04
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
Directors · office · real estate
Directors
We have established no sitting directors for this company. We derive directors from published Gazette acts; while there are none, or none read, nothing appears here. That does not mean the company has none: the CBE keeps its own list of function holders, which we do not read.
Location & real-estate footprint
Registered office, Zwalm · 1 establishment unit since 2009
Ground area
1,936 m²
Building footprint
507 m²
Volume, LiDAR
2,489 m³
Parcel 45046A0371/00K000, Flanders · tallest building 9.9 m, ±2 floors. Linked by address, not a title deed.
1 establishment unit
FINESA
since 20092.178.196.366
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 45046A0371/00K000 | Flanders | 1,936 m² | 1 · 507 m² | 9.9 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.
Recognitions · licences · registrations
Food safety, FASFC
1 siteZwalm2.178.196.366
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This company's figures show no positive equity and no headcount, so a size comparison is not possible. These companies share only the sector and the region. Of 1,248 companies in sector 32500 we hold annual accounts for 694. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company (pre-2019)
Founded06-02-2009
Fiscal year end30-09
Activities, NACEBEL 2025
32500Manufacture of medical and dental instruments and supplies
E-invoicing
Reachable via Peppol
Peppol ID
0208:0809632175
Also
9925:BE0809632175
Registered
02-09-2023
Register as of 28 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.