Summary
FINNIC is a financial institution; the bankruptcy model is trained on trading and manufacturing companies and does not apply here. The 2025 annual accounts show equity of €95,058 and a net result of €8,733. Equity is shrinking by about 3.7% per year across the filed financial years. Its solvency ranks better than 18% of 6,655 sector peers (NACE 64, financial year 2025). The company has been active since 2011 and the Belgian Official Gazette contains no insolvency or warning signals.
Overview
Activity
Activities of holding companies
NACE 64210
1 site
Size
€604,406total assets 2025
- Equity
- €95,058
- Profit
- €8,733
Turnover not published (abbreviated or micro format)
Financial health
Financial institution: outside the modelBankruptcy probability: sector outside the model
Structure
- Largest shareholder
- LoFiN · 49%
- LOOS InekeDirector
- WUESTENBERGS NickDirector
2025 accounts 2 days early1 of 5 deeds summarised
Signalsraises riskWeak solvency vs sectorneutralLatest accounts filed on timeShow the evidence
Checked score
Outside the general model
Model not applicable to financial institutions
The Checked score weighs liquidity, leverage and margins against norms for trading and manufacturing companies. A bank, insurer or financial holding has a fundamentally different balance-sheet structure, so those ratios, and hence the score, carry no meaning here. That is why we show no financial axes either.
Bankruptcy probability, 12 months
This is a financial institution (bank, insurer or financial holding). A bank balance sheet works differently from that of an ordinary trading or manufacturing company. We therefore show no bankruptcy probability rather than a misleading figure.
Credit check for your own amount and term
Show the recommended maximum and see how the verdict changes with amount, term and advance.
Signals
Two signals.
raises riskneutral
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 18% of 6655 sector peers (2025).
NBB · sector comparisonPosition among 6655 sector peers
Solvency
better than 18%
← 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 29-07-2026, 2 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
2 days early
2024
1 day early
2023
13 days early
2022
on the day
2021
5 days early
2020
5 days early
2019
1 day early
← 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 4 days before the deadline; the sector median (NACE 64) for financial year 2024 is 14 days before the deadline, and 28% of those companies filed late.
Searched, nothing found (2)
neutral · Next filing not due yet
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today. The company usually files around 29 July (5 of the last 5 filed years within 30 days of that day).
Companies Code · seven monthsWhere today falls in the filing period
27-10-2026 today31-12-2026 year end31-07-2027 deadline
- Annual accounts filedfinancial year 2025 · abbreviated…
- Back to profitnet €8,733
- Annual accounts filedfinancial year 2024 · abbreviated…
Financials · financial year 2025, abbreviated format
Equity
€95,058▲ 10.1%
2024 · €86,325
Net result
€8,733
2024 · -€564
Total assets
€604,406▲ 0.8%
2024 · €599,585
Solvency
15.7%▲ 1.3pp
2024 · 14.4%
Trend over the years
2021 to 2025, 5 financial years 2018 to 2025, 8 financial years
After the dip in 2022 the operating result has climbed three years in a row; 2025 is 32% above 2024 and is the highest result in the available series.
What the company sold each financial year and what was left of it. A loss stands below the zero line.
Operating result€25,655
2025
Net result€8,733
2025
What the company owns (total assets), how much of it is its own (equity) and how much it owes.
Total assets€604,406
2025
Equity€95,058
2025
Debt€509,348
2025
Short-term assets minus short-term debts. Above zero the company can pay its bills in the short term.
Working capital-€18,514
2025
How much of each euro of turnover is left from operations (EBIT margin) and what the assets earn (return on assets).
Return on assets (ROA)1.4%
2025
The share of the company financed with its own means. The higher it is, the better it absorbs a shock.
Solvency15.7%
2025
Short-term assets per euro of short-term debt. Above 1 the short-term debts are covered.
Current ratio0.65
2025
Use the arrow keys on the chart for the figures per year.
Sector: the middle half of NACE 64, Financial service activities, except insurance and pension funding: 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).
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€24,409-€13,069▼ 46.5%€7,964▼ 39.1%-€38-€12,351▼ 32,619%€14,382€19,425▲ 35.1%€25,655▲ 32.1%
Net result€14,298-€4,222▼ 70.5%-€532below the sector's middle half-€7,838below the sector's middle half▼ 1,373%-€22,100below the sector's middle half▼ 182%-€1,588below the sector's middle half▲ 92.8%-€564below the sector's middle half▲ 64.5%€8,733within the sector's middle half
Equity€107,785-€118,947▲ 10.4%€118,415below the sector's middle half▼ 0.4%€110,577below the sector's middle half▼ 6.6%€88,478below the sector's middle half▼ 20.0%€104,637below the sector's middle half▲ 18.3%€86,325below the sector's middle half▼ 17.5%€95,058below the sector's middle half▲ 10.1%
Total assets€373,909-€463,824▲ 24.0%€431,045below the sector's middle half▼ 7.1%€409,759below the sector's middle half▼ 4.9%€530,856below the sector's middle half▲ 29.6%€543,512below the sector's middle half▲ 2.4%€599,585below the sector's middle half▲ 10.3%€604,406within the sector's middle half▲ 0.8%
Debt€266,124-€344,877▲ 29.6%€312,630▼ 9.4%€299,182▼ 4.3%€442,378▲ 47.9%€438,875▼ 0.8%€513,260▲ 16.9%€509,348▼ 0.8%
Working capital€54,417--€77,339-€82,670within the sector's middle half▼ 6.9%-€95,162within the sector's middle half▼ 15.1%-€14,262within the sector's middle half▲ 85.0%-€22,264within the sector's middle half▼ 56.1%-€15,962within the sector's middle half▲ 28.3%-€18,514within the sector's middle half▼ 16.0%
Solvency28.8%-25.6%▼ 3.2pp27.5%within the sector's middle half▲ 1.8pp27.0%within the sector's middle half▼ 0.5pp16.7%below the sector's middle half▼ 10.3pp19.3%below the sector's middle half▲ 2.6pp14.4%below the sector's middle half▼ 4.9pp15.7%below the sector's middle half▲ 1.3pp
Current ratio2.84-0.37▼ 2.470.22below the sector's middle half▼ 0.150.12below the sector's middle half▼ 0.100.49within the sector's middle half▲ 0.370.45within the sector's middle half▼ 0.040.60within the sector's middle half▲ 0.150.65within the sector's middle half▲ 0.05
Return on assets (ROA)3.8%-0.9%▼ 2.9pp-0.1%below the sector's middle half▼ 1.0pp-1.9%below the sector's middle half▼ 1.8pp-4.2%below the sector's middle half▼ 2.3pp-0.3%below the sector's middle half▲ 3.9pp-0.1%below the sector's middle half▲ 0.2pp1.4%within the sector's middle half▲ 1.5pp
above
within
below
the middle half of NACE 64, Financial service activities, except insurance and pension funding: 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.
Turnover and EBIT margin not published: the abbreviated or micro format does not require them.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €604,406
Fixed assets
€570,345 ▼ 0.9%
Current assets
€34,061 ▲ 42.4%
Equity and liabilities €604,406
Equity
€95,058 ▲ 10.1%
Debt
€509,348 ▼ 0.8%
Debt's share of the balance-sheet total falls from 85.6% to 84.3%. Equity is higher and debt is lower.
Key figures and ratios
ROE
9.2%▲
2024 · -0.7%
Debt ≤ 1 year
€52,575▲
2024 · €39,879
Debt > 1 year
€455,773▼
2024 · €472,381
Income taxes
€197
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | - | - | €34,347 | €316 | ▼ 99.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €6,940 | €10,709 | €10,709 | €10,709 | €28,574 | €11,020 | €39,072 | €10,709 | ▼ 72.6% |
| Other operating charges640/8 | - | - | - | €1,298 | €1,397 | €1,536 | €1,826 | €1,684 | ▼ 7.8% |
| Gross operating margin9900 | €46,213 | €24,125 | €20,036 | €11,969 | €17,620 | €26,938 | €60,322 | €38,048 | ▼ 36.9% |
| Operating profit (loss)9901 | €24,409 | €13,069 | €7,964 | -€38 | -€12,351 | €14,382 | €19,425 | €25,655 | ▲ 32.1% |
| Recurring financial income75 | €41 | €22 | - | - | - | - | - | - | - |
| Financial charges65/66B | - | - | - | €7,800 | €9,748 | €15,971 | €19,989 | €16,725 | ▼ 16.3% |
| Recurring financial charges65 | €1,725 | €7,176 | €8,496 | €7,800 | €9,748 | €15,971 | €19,989 | €16,725 | ▼ 16.3% |
| Profit (loss) for the period before taxes9903 | €22,726 | €5,915 | -€532 | -€7,838 | -€22,100 | -€1,588 | -€564 | €8,930 | - |
| Income taxes67/77 | €8,428 | €1,693 | - | - | - | - | - | €197 | - |
| Profit (loss) for the period9904 | €14,298 | €4,222 | -€532 | -€7,838 | -€22,100 | -€1,588 | -€564 | €8,733 | - |
| Profit (loss) for the period to be appropriated9905 | €14,298 | €4,222 | -€532 | -€7,838 | -€22,100 | -€1,588 | -€564 | €8,733 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €373,909 | €463,824 | €431,045 | €409,759 | €530,856 | €543,512 | €599,585 | €604,406 | ▲ 0.8% |
| Fixed assets21/28 | €289,878 | €418,021 | €407,754 | €397,046 | €517,380 | €525,569 | €575,668 | €570,345 | ▼ 0.9% |
| Tangible fixed assets22/27 | €289,878 | €418,021 | €407,312 | €396,603 | €516,938 | €525,127 | €575,226 | €569,902 | ▼ 0.9% |
| Land and buildings22 | - | - | - | €396,603 | €385,894 | €375,185 | €364,477 | €353,768 | ▼ 2.9% |
| Other tangible fixed assets26 | - | - | - | - | €131,044 | €149,941 | €210,749 | €216,135 | ▲ 2.6% |
| Financial fixed assets28 | - | - | €443 | €443 | €443 | €443 | €443 | €443 | = |
| Current assets29/58 | €84,031 | €45,804 | €23,291 | €12,714 | €13,476 | €17,943 | €23,917 | €34,061 | ▲ 42.4% |
| Amounts receivable within one year40/41 | €34,464 | €897 | €2,510 | €10 | €6,294 | €750 | €8,671 | €14,784 | ▲ 70.5% |
| Trade receivables40 | - | - | - | - | €6,294 | - | €7,671 | €13,981 | ▲ 82.3% |
| Other amounts receivable41 | - | - | - | €10 | - | €750 | €1,000 | €803 | ▼ 19.7% |
| Cash at bank and in hand54/58 | €49,567 | €44,907 | €20,781 | €12,704 | €7,182 | €17,193 | €15,246 | €19,277 | ▲ 26.4% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €373,909 | €463,824 | €431,045 | €409,759 | €530,856 | €543,512 | €599,585 | €604,406 | ▲ 0.8% |
| Equity10/15 | €107,785 | €118,947 | €118,415 | €110,577 | €88,478 | €104,637 | €86,325 | €95,058 | ▲ 10.1% |
| Contributions10/11 | €9,300 | €9,300 | - | €9,300 | €9,300 | €9,300 | €9,300 | €9,300 | = |
| Revaluation surpluses12 | - | - | - | €6,940 | €6,940 | €24,688 | €6,940 | €6,940 | = |
| Reserves13 | €98,485 | €102,707 | €102,175 | €94,337 | €72,238 | €70,649 | €70,085 | €78,818 | ▲ 12.5% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | - | - | - | - |
| Distributable reserves133 | - | - | - | €92,477 | €70,378 | €70,649 | €70,085 | €78,818 | ▲ 12.5% |
| Amounts payable17/49 | €266,124 | €344,877 | €312,630 | €299,182 | €442,378 | €438,875 | €513,260 | €509,348 | ▼ 0.8% |
| Amounts payable after more than one year17 | €235,511 | €220,735 | €205,669 | €190,306 | €413,641 | €397,668 | €472,381 | €455,773 | ▼ 3.5% |
| Financial debts170/4 | - | - | - | €190,306 | €174,641 | €158,668 | €142,381 | €125,773 | ▼ 11.7% |
| Other amounts payable178/9 | - | - | - | - | €239,000 | €239,000 | €330,000 | €330,000 | = |
| Amounts payable within one year42/48 | €29,613 | €123,142 | €105,961 | €107,876 | €27,737 | €40,206 | €39,879 | €52,575 | ▲ 31.8% |
| Current portion of amounts payable after more than one year42 | - | - | - | €15,363 | €15,665 | €15,973 | €16,287 | €16,608 | ▲ 2.0% |
| Trade debts44 | €907 | €5,000 | €1,991 | €1,246 | €944 | €1,496 | - | €2,840 | - |
| Suppliers440/4 | - | - | - | €1,246 | €944 | €1,496 | - | €2,840 | - |
| Taxes, remuneration and social security45 | - | - | - | €1,065 | €4,818 | €5,478 | €7,121 | €6,125 | ▼ 14.0% |
| Taxes450/3 | - | - | - | €1,065 | €4,818 | €5,478 | €7,121 | €6,125 | ▼ 14.0% |
| Other amounts payable47/48 | - | - | - | €90,202 | €6,310 | €17,260 | €16,471 | €27,002 | ▲ 63.9% |
| Accrued charges and deferred income492/3 | - | - | - | €1,000 | €1,000 | €1,000 | €1,000 | €1,000 | = |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €14,298 | €4,222 | -€532 | -€7,838 | -€22,100 | -€1,588 | -€564 | €8,733 | - |
| + Depreciation and write-downs630 | €6,940 | €10,709 | €10,709 | €10,709 | €28,574 | €11,020 | €39,072 | €10,709 | ▼ 72.6% |
| Operating cash flow (approximation) | €21,238 | €14,931 | €10,177 | €2,871 | €6,475 | €9,431 | €38,508 | €19,442 | ▼ 49.5% |
| Investment in fixed assets (approximation) | - | -€138,851 | -€443 | €0 | -€148,909 | -€19,208 | -€89,171 | -€5,386 | ▲ 94.0% |
| Change in cash | - | -€4,660 | -€24,126 | -€8,077 | -€5,523 | €10,011 | -€1,947 | €4,031 | - |
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 14 filings with the National Bank
| Financial year | Type | Filed | Reference |
|---|---|---|---|
| 31-12-2025 | abbreviated format | 29-07-2026 | 2026-00345355 |
| 31-12-2024 | abbreviated format | 30-07-2025 | 2025-00327441 |
| 31-12-2023 | abbreviated format | 18-07-2024 | 2024-00261091 |
| 31-12-2022 | abbreviated format | 31-07-2023 | 2023-00295811 |
| 31-12-2021 | abbreviated format | 26-07-2022 | 2022-20220803 |
| 31-12-2020 | abbreviated format | 26-07-2021 | 2021-39400165 |
| 31-12-2019 | abbreviated format | 30-07-2020 | 2020-35800469 |
| 31-12-2018 | micro format | 23-07-2019 | 2019-35800423 |
| 31-12-2017 | micro format | 19-07-2018 | 2018-35800066 |
| 31-12-2016 | abbreviated format | 20-07-2017 | 2017-34800345 |
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Of the 24,459 active companies whose main activity is activities of holding companies (NACE 64210), figures are known for 20,049. 12,406 are within a factor 10 of this equity. These 5 are the closest to it. See the whole sector
Public contracts: No European public contracts awarded found since October 2016. Contracts below the EU thresholds are not in TED.
Directors
Directors
2 directors, last change in 2023
LOOS Ineke
CurrentDirector (not named in the articles) · since 08-12-2023
WUESTENBERGS Nick
CurrentDirector (not named in the articles) · since 08-12-2023
Derived from published Gazette deeds. The KBO keeps the official list of office holders; we do not read it, so the two can differ.
See the directors and other office holders in the KBO →
Not every act has been read: a resignation may still be missing
4 of this company's 5 Belgian Official Gazette deeds have not been read yet. Appointments and resignations recorded in them are not yet in the list of directors: someone who resigned there may still be listed as sitting. The acts are in the Timeline.
Mandate history
2 people since 2023, 2 in office
- Board
- began earlier
| Name | Functions and periods |
|---|---|
| LOOS Ineke |
|
| WUESTENBERGS Nick |
|
Owners and capital
Owners
1 ownerOwners 1
- Sourceaccounts LoFiN 202549%
Sources: the companies' annual accounts, the acts in the Belgian Official Gazette and the LEI register. Annual accounts state the shareholders that notified the company under article 7:225 of the Code of Companies and Associations and the parent companies that consolidate it. The register of ultimate beneficial owners (UBO) is not public: who ultimately stands behind a natural person or a foreign parent is not stated here. A company that does not include these statements in its annual accounts, or does not have to, is not listed.
Group and network
Connections & network
2 current directorsThe network starts from this company’s directors. Other companies they run appear here as nodes.
This company
Company
Director
Shareholding
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History
Acts, filings and financial milestones
Next filing, financial year 2026, expected by
2026
29-07
NBB filing
Annual accounts filed
financial year 2025 · abbreviated format
2025
31-12
Financial
Back to profitnet €8,733
Net result €8,733 after 5 loss-making years.
30-07
NBB filing
Annual accounts filed
financial year 2024 · abbreviated format
2024
18-07
NBB filing
Annual accounts filed
financial year 2023 · abbreviated format
2023
31-12
Financial
Equity above €100,000equity €104,637 ▲18.3%
Equity rises from €88,478 to €104,637.
08-12
Gazette deed
Resignations: LOOS Ineke (director) and WUESTENBERGS Nick (director)Appointments: LOOS Ineke (director) and WUESTENBERGS Nick (director) · Amendment of the articles · Capital conversion15 facts ▸
Gazette deed
Resignations: LOOS Ineke (director) and WUESTENBERGS Nick (director)
Appointments: LOOS Ineke (director) and WUESTENBERGS Nick (director) · Amendment of the articles · Capital conversion15 facts ▸
- General meeting, 02-12-2023
- Amendment of the articles (3 times)
- Capital conversion, “vaststelling algemene vergadering, statutair onbeschikbare eigen vermogensrekening” (deed in Dutch)
- Reserve release, “opheffen, middelen beschikbaar voor uitkering” (deed in Dutch)
- Other provision, “interim-dividenden, artikelen 5:142 en 5:143 WVV” (deed in Dutch)
- Other provision, “Luik B, neerlegging ter griffie” (deed in Dutch)
- Capital
- Director resignation, LOOS Ineke (director)
- Director resignation, WUESTENBERGS Nick (director)
- Director discharge, LOOS Ineke
- Director discharge, WUESTENBERGS Nick
- Director appointment, LOOS Ineke (director (not named in the articles))
- +3 further facts in this act
31-07
NBB filing
Annual accounts filed
financial year 2022 · abbreviated format
2022
31-12
Financial
Weakest financial yearnet -€22,100
Net result drops to -€22,100, the lowest in the series; recovery starts the following year.
26-07
NBB filing
Annual accounts filed
financial year 2021 · abbreviated format
2021
26-07
NBB filing
Annual accounts filed
financial year 2020 · abbreviated format
2020
30-07
NBB filing
Annual accounts filed
financial year 2019 · abbreviated format
2019
23-07
NBB filing
Annual accounts filed
financial year 2018 · micro format
2018
19-07
NBB filing
Annual accounts filed
financial year 2017 · micro format
2017
20-07
NBB filing
Annual accounts filed
financial year 2016 · abbreviated format
Financial milestoneGazette deedNBB filingFinancial milestones sit on the financial year-end date, not the filing date.Of the 14 annual accounts filed, the latest 10 are here; all 14 are under Financials.
1 of 5 deeds read
About the unread acts
Of the 5 Belgian Official Gazette deeds we know for this company, 1 has been read. The other 4 have not been read yet: what they contain is neither established nor disproved here.
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Register details
Identification
Legal formPrivate limited company
Founded09-08-2011
Financial year end31-12
Activities, NACEBEL 2025
64210Activities of holding companies
E-invoicing
Reachable via Peppol
Peppol ID
0208:0838433653
Registered
02-12-2025
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 27 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
Location & real-estate footprint
Registered office, Kortenaken · 1 establishment unit since 2011
Ground area
449 m²
Building footprint
84 m²
Building volume
31 m³
Parcel 24091A0447/00D000, Flanders · tallest building 1.7 m. Linked by address, not a title deed.
2
companies at this address
See who is registered here
1 establishment unit
FINNIC
since 2011unit no. 2.201.968.987
1 parcel
Flanders
1
(100%)
| Cadastral parcel | Region | Area | Buildings | Height / floors |
|---|---|---|---|---|
| 24091A0447/00D000 | Flanders | 449 m² | 1 · 84 m² | 1.7 m |
How the parcels are linked
Good to know
The parcel matches the address exactly.
Articles of association
What the company does
- Name clauseThe name the company operates under according to its articles.
- FINNIC
- Registered office clauseThe region of the registered office; it decides among other things the language of official documents.
- “Vlaams Gewest, geen wijziging taalregime” (deed in Dutch)
Who represents it, and how
- Board ruleHow the board is made up, meets and takes decisions.
- “Een of meer bestuurders, met of zonder beperking van duur” (deed in Dutch)“Algemene kosten los van representatie-,reis- en verplaatsingskosten, algemene vergadering met absolute meerderheid of enige aandeelhouder…” (deed in Dutch)
Capital, shares and profit
- Kind of sharesWhich classes of shares exist and what rights each class carries.
- One provision in the deed
- Transfer restrictionWhether shareholders may sell their shares freely or need approval first.
- “Prijs in oorspronkelijke bekendmaking of bij betwisting door deskundige, na aftrek van rechten waarvan overdracht wordt voorgesteld” (deed in Dutch)
- Share issue ruleHow and by whom new shares can be issued.
- “Inbreng in geld met uitgifte nieuwe aandelen, tot uitgifte volledig geplaatst of geen gebruik meer” (deed in Dutch)
Meetings and financial year
- Annual meetingWhen the shareholders meet each year, among other things to approve the annual accounts.
- “TITEL V. ALGEMENE VERGADERING Artikel 15. Organisatie en bijeenroeping Ieder jaar wordt een gewone algemene vergadering van aandeelhouders…” (deed in Dutch)
Oversight and winding up
- Dissolution ruleWhen and by whom the company can be dissolved.
- “Beslissing algemene vergadering beslissende in vormen vereist voor statutenwijziging, op elk moment” (deed in Dutch)
- Liquidation ruleHow assets are shared after dissolution: creditors first, then shareholders.
- “Ontbinding om welke reden en op welk ogenblik ook, bestuurders in functie krachtens statuten indien geen andere vereffenaar benoemd” (deed in Dutch)