FINIPAN
ActiveFINIPAN has been active since 1988 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €81k and a net result of €161k. Equity remains stable across the filed fiscal years (±2.3% per year). Its solvency ranks better than 21% of 4812 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.3% (very low).
Checked score
Score 2025
73
/ 100
Healthy▲ +8 vs 2024
The score combines four axes. Every signal that weighs is under Signals.
Axes · tick = 2024
Profitability100=
Solvency29=
Growth32=
Stability100
Bankruptcy probability, 12 months
0.3%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €6k at 30 days acceptable
Liquidity tight (current ratio 1.24 against 1.23 in 2024), and 80.6% of the assets are financed with debt.
Credit advice for your own amount and term
Signals
Eight 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
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
19.4%
Return on assets
38.4%
Age of the figures
8 mo
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 16
Relative position
BE, all sectors
reference
Sector 16
higher
← fewer bankruptcies
more bankruptcies →
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 21% of 4812 sector peers (2025).
NBB · sector comparisonPosition among 4812 sector peers
Solvency
better than 21%
← weakest
strongest →
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 17-07-2026, 14 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
14 d early
2024
38 d early
2023
35 d early
2022
95 d early
2021
62 d early
2020
32 d early
2019
36 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
12-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, full schema
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
€161k▲ 141%
2024 · €67k
2018: €277k
2019: €472k
2020: €457k
2021: €487k
2022: €492k
2023: €309k
2024: €67k
2018 → 2025
Working capital
€81k▼ 5.8%
2024 · €86k
2018: €78k
2019: €97k
2020: €113k
2021: €112k
2022: €157k
2023: €218k
2024: €86k
2018 → 2025
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€119k-€161k▲ 35.1%€214k▲ 33.5%€86k▼ 60.0%€81k▼ 5.0%
Operating result€661k-€670k▲ 1.3%€426k▼ 36.4%€102k▼ 76.1%€235k▲ 131%
Net result€487k-€492k▲ 0.9%€309k▼ 37.2%€67k▼ 78.4%€161k▲ 141%
Result per fiscal year
Operating resultNet result
The operating result recovers in 2025; 2025 is 131% above 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €419k
Fixed assets
€819▼ 59.5%
Current assets
€418k▼ 8.7%
Equity and liabilities €419k
Equity
€81k▼ 5.0%
Debt
€337k▼ 9.9%
The debt ratio falls from 81.4% to 80.6%: debt falls faster than equity shrinks.
Key figures and ratios
EBITDA
€237k▲
2024 · €104k
Cash flow
€163k▲
2024 · €68k
Solvency
19.4%▲
2024 · 18.6%
Current ratio
1.24▲
2024 · 1.23
Quick ratio
1.24▲
2024 · 1.23
Debt / equity
4.14▼
2024 · 4.36
ROE
197.2%▲
2024 · 77.5%
ROA
38.4%▲
2024 · 14.5%
Interest coverage
66.50▲
2024 · 60.02
Debt
€337k▼
2024 · €374k
Debt ≤ 1 year
€337k▼
2024 · €373k
Income taxes
€72k▲
2024 · €37k
Staff costs
€731k▲
2024 · €625k
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€460k€419k▼
Fixed assets21/28€2k€819▼
Tangible fixed assets22/27€2k€819▼
Furniture and vehicles24€2k€819▼
Current assets29/58€458k€418k▼
Amounts receivable within one year40/41€276k€138k▼
Trade receivables40€154k€135k▼
Other amounts receivable41€122k€4k▼
Cash at bank and in hand54/58€182k€280k▲
Equity and liabilities
Total equity and liabilities10/49€460k€419k▼
Equity10/15€86k€81k▼
Contributions10/11€62k€62k=
Capital10€62k€62k=
Issued capital100€62k€62k=
Reserves13€24k€19k▼
Non-distributable reserves130/1€6k€6k=
Legal reserve130€6k€6k=
Distributable reserves133€18k€13k▼
Profit (loss) carried forward14€0€0=
Amounts payable17/49€374k€337k▼
Amounts payable within one year42/48€373k€337k▼
Trade debts44€74k€71k▼
Suppliers440/4€74k€71k▼
Taxes, remuneration and social security45€103k€101k▼
Taxes450/3€36k€25k▼
Remuneration and social security454/9€68k€77k▲
Other amounts payable47/48€195k€165k▼
Accrued charges and deferred income492/3€2k€0▼
Income statement
Code20242025
Remuneration, social security and pensions62€625k€731k▲
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€2k€2k▲
Other operating charges640/8€8k€12k▲
Gross operating margin9900€737k€981k▲
Operating profit (loss)9901€102k€235k▲
Financial income75/76B€3k€726▼
Recurring financial income75€3k€726▼
Financial charges65/66B€2k€4k▲
Recurring financial charges65€2k€4k▲
Profit (loss) for the period before taxes9903€103k€232k▲
Income taxes67/77€37k€72k▲
Profit (loss) for the period9904€67k€161k▲
Profit (loss) for the period to be appropriated9905€67k€161k▲
Appropriation of the result
Profit (loss) to be appropriated9906€67k€161k▲
Transfer from equity791/2€128k€4k▼
Transfer to equity691/2€0-
To other reserves6921€0-
Profit to be distributed694/7€195k€165k▼
Return on contributions (dividend)694€195k€165k▼
Social balance
Average headcount (FTE)90874.96.5▲
The notes to these accounts (7 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
17-07
NBB filing
Annual accounts filed
fiscal year 2025 · full schema
2025
23-06
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema
2024
31-12
Financial
Weakest financial yearnet €67k ▼78.4%
Net result drops to €67k, the lowest in the series; recovery starts the following year.
26-06
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema
2023
31-12
Financial
Equity above €200kEq €214k ▲33.5%
6 profitable years in a row build equity to €214k.
27-04
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema
2022
31-12
Financial
Highest result since 2018net €492k ▲0.9%
Operating result €670k, net result €492k, both a record.
31-12
Financial
Equity above €150kEq €161k ▲35.1%
5 profitable years in a row build equity to €161k.
30-05
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema
2021
29-06
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema
2020
25-06
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema
2019
31-12
Financial
Equity above €100kEq €111k ▲18.1%
2 profitable years in a row build equity to €111k.
25-06
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema
2018
23-06
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema
2017
12-07
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
5 directors, no change since 2025
BV "DEVAX"
CurrentDirector · since 01-07-2025 · Legal entity · perm. rep.: Axel DEVOS
BV "SEASTAR CAPITAL"
CurrentDirector · since 01-07-2025 · Legal entity · perm. rep.: Michael Van Cauwenberge
INTERNATIONAL WOOD HOLDING
CurrentDirector · since 18-07-2024 · Legal entity · perm. rep.: Joost Van Cauwerberge
01-07-2025
BV "DEVAX": Appointed as Director
01-07-2025
BV "SEASTAR CAPITAL": Appointed as Director
01-07-2025
Michael Van Cauwenberge: Resigned as Director
18-07-2024
INTERNATIONAL WOOD HOLDING: Appointed as Director
28-06-2024
2ADVISE: Resigned as Director
Location & real-estate footprint
Registered office, Wevelgem · 1 establishment unit since 1988
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.
Oostlaan 48560 WevelgemGround area
4,000 m²
Building footprint
1,106 m²
Volume, LiDAR
1,667 m³
Parcel 34012A0360/00C000, Flanders · tallest building 7.3 m. Linked by address, not a title deed.
1 establishment unit
Oostlaan 4, 8560 Wevelgem
since 19882.040.372.432
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 34012A0360/00C000 | Flanders | 4,000 m² | 1 · 1,105 m² | 7.3 m |
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.
Similar companies · same sector, comparable size
Stoneable
BE 0727.489.706
Maaseik · Eq €82k
MIJN AFSLUITING
BE 0670.424.804
Mechelen · Eq €85k
FOREST AVENUE GROUP
BE 0476.673.044
Wevelgem · Eq €104k
M P Constructions Bois
BE 0840.196.479
Stavelot · Eq €60k
Bois & Structure
BE 0684.949.266
La Hulpe · Eq €158k
Of 104 companies in sector 16210 we hold annual accounts for 74. 38 are within a factor 10 of this equity.See the whole sector
Company data · Crossroads Bank
Identification
Legal formPublic limited company
Founded02-09-1988
Fiscal year end31-12
Activities, NACEBEL
16210Manufacture of wood and of products of wood and cork, except furniture; manufacture of articles of straw and plaiting materials
20200
46130Agents in the wholesale of timber and building materials
46832Wholesale of timber
70100Activities of head offices
73110Advertising agencies
Sources
Crossroads Bank for EnterprisesNational Bank · 37 filingsAddress and cadastre registers
Data from official sources, last processed on 12-09-2026. Scores and ratios are computed by Checked and are not a credit decision.