FINOCAS
ActiveFINOCAS has been active since 1986 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €576.59M and a net result of €5.69M. Equity is growing by ~12.4% per year across the filed fiscal years. Its solvency ranks better than 95% of 121 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.4% (very low).
Checked score
Score 2025
66
/ 100
Healthy
The score weighs solvency, liquidity and profitability. Bankruptcy probability contributes 35%. Every signal that weighs is under Signals.
Axes · tick = 2024
Profitability15▼-2
Solvency100=
Growth71▼-3
Track record100
Bankruptcy probability, 12 months
0.4%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €650k at 30 days acceptable
short-term debt: 0.3% and cash: 0% of total assets, and 0.3% 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 · 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
99.7%
Return on assets
1%
Age of the figures
9 mo
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 · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 24
Relative position
BE, all sectors
reference
Sector 24
higher
← fewer bankruptcies
more bankruptcies →
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 18-05-2026, 74 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
74 d early
2024
73 d early
2023
64 d early
2022
67 d early
2021
74 d early
2020
66 d early
2019
74 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
16-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, full schema
Turnover
€6.88M▼ 1.0%
2024 · €6.95M
2021: €5.18M
2022: €5.92M
2023: €6.59M
2024: €6.95M
2021 → 2025
EBIT margin
-13.1%▼ 1.1pp
2024 · -12.0%
2021: 99.3%
2022: -12.8%
2023: -11.7%
2024: -12.0%
2021 → 2025
Net result
€5.69M▲ 34.8%
2024 · €4.22M
2018: €-1.29M
2019: €27.10M
2020: €-293k
2021: €15.60M
2022: €-189k
2023: €1.49M
2024: €4.22M
2018 → 2025
Working capital
€386.00M▲ 1.7%
2024 · €379.50M
2018: €1.81M
2019: €1.36M
2020: €-1.31M
2021: €11.76M
2022: €49.84M
2023: €50.75M
2024: €379.50M
2018 → 2025
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Turnover€5.18M-€5.92M▲ 14.2%€6.59M▲ 11.3%€6.95M▲ 5.5%€6.88M▼ 1.0%
Equity€200.38M-€240.19M▲ 19.9%€241.68M▲ 0.6%€570.90M▲ 136%€576.59M▲ 1.0%
Operating result€5.15M-€-755k€-771k▼ 2.2%€-834k▼ 8.1%€-898k▼ 7.8%
Net result€15.60M-€-189k€1.49M€4.22M▲ 184%€5.69M▲ 34.8%
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €898k in 2025 against €834k in 2024; the loss grows and 2025 has the lowest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €578.54M
Fixed assets
€190.67M▼ 0.4%
Current assets
€387.87M▲ 1.6%
Equity and liabilities €578.54M
Equity
€576.59M▲ 1.0%
Provisions
€52k▲ 5.3%
Debt
€1.90M▼ 14.5%
The debt ratio falls from 0.4% to 0.3%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€-237k▼
2024 · €-140k
Cash flow
€6.35M▲
2024 · €4.91M
Solvency
99.7%▲
2024 · 99.6%
Debt / equity
0.00▼
2024 · 0.00
ROE
1.0%▲
2024 · 0.7%
ROA
1.0%▲
2024 · 0.7%
Interest coverage
-7.97▼
2024 · -5.36
Debt
€1.90M▼
2024 · €2.22M
Debt ≤ 1 year
€1.87M▼
2024 · €2.19M
Income taxes
€2.07M▲
2024 · €455k
Staff costs
€2.90M▼
2024 · €3.01M
A ratio outside any meaningful range has been withheld (balance sheet total €578.54M, equity €576.59M).
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€573.18M€578.54M▲
Fixed assets21/28€191.48M€190.67M▼
Tangible fixed assets22/27€12.93M€12.57M▼
Land and buildings22€12.12M€11.63M▼
Plant, machinery and equipment23€324k€848k▲
Furniture and vehicles24€50k€61k▲
Assets under construction and advance payments27€429k€34k▼
Financial fixed assets28€178.55M€178.10M▼
Affiliated companies280/1€178.55M€178.10M▼
Participating interests280€178.55M€178.10M▼
Current assets29/58€381.70M€387.87M▲
Amounts receivable after more than one year29€6.00M€5.79M▼
Other amounts receivable291€6.00M€5.79M▼
Amounts receivable within one year40/41€374.61M€381.17M▲
Trade receivables40€2.07M€2.16M▲
Other amounts receivable41€372.53M€379.01M▲
Cash at bank and in hand54/58€10k€10k▼
Deferred charges and accrued income490/1€1.09M€894k▼
Equity and liabilities
Total equity and liabilities10/49€573.18M€578.54M▲
Equity10/15€570.90M€576.59M▲
Contributions10/11€529.38M€529.38M=
Capital10€529.38M€529.38M=
Issued capital100€864.38M€864.38M=
Uncalled capital101€335.00M€335.00M=
Reserves13€41.53M€47.21M▲
Non-distributable reserves130/1€3.90M€4.19M▲
Legal reserve130€3.90M€4.19M▲
Tax-exempt reserves132€1.21M€1.13M▼
Distributable reserves133€36.42M€41.89M▲
Provisions and deferred taxes16€49k€52k▲
Provisions for liabilities and charges160/5€49k€52k▲
Other liabilities and charges164/5€49k€52k▲
Amounts payable17/49€2.22M€1.90M▼
Amounts payable within one year42/48€2.19M€1.87M▼
Trade debts44€1.47M€967k▼
Suppliers440/4€1.47M€967k▼
Taxes, remuneration and social security45€720k€904k▲
Taxes450/3€324k€477k▲
Remuneration and social security454/9€396k€427k▲
Other amounts payable47/48-€1k
Accrued charges and deferred income492/3€31k€31k▲
Income statement
Code20242025
Operating income70/76A€7.43M€7.46M▲
Turnover70€6.95M€6.88M▼
Other operating income74€481k€579k▲
Operating charges60/66A€8.26M€8.36M▲
Services and other goods61€4.47M€4.67M▲
Remuneration, social security and pensions62€3.01M€2.90M▼
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€694k€661k▼
Provisions for liabilities and charges: additions (uses and reversals)635/8€-36k€3k▲
Other operating charges640/8€125k€123k▼
Operating profit (loss)9901€-834k€-898k▼
Financial income75/76B€5.64M€9.14M▲
Recurring financial income75€4.94M€9.14M▲
Income from current assets751€4.94M€9.14M▲
Other financial income752/9€0€2▲
Non-recurring financial income76B€698k-
Financial charges65/66B€132k€480k▲
Recurring financial charges65€26k€30k▲
Debt charges650€26k€30k▲
Other financial charges652/9€361€350▼
Non-recurring financial charges66B€106k€450k▲
Profit (loss) for the period before taxes9903€4.67M€7.76M▲
Income taxes67/77€455k€2.07M▲
Taxes670/3€455k€2.09M▲
Tax adjustments and reversals of tax provisions77-€11k
Profit (loss) for the period9904€4.22M€5.69M▲
Transfer from tax-exempt reserves789€45k€75k▲
Profit (loss) for the period to be appropriated9905€4.26M€5.76M▲
Appropriation of the result
Profit (loss) to be appropriated9906€4.26M€5.76M▲
Transfer to equity691/2€4.26M€5.76M▲
To the legal reserve6920€213k€288k▲
To other reserves6921€4.05M€5.47M▲
Social balance
Average headcount (FTE)908722.022.3▲
The notes to these accounts (53 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
11-09
State Gazette act
General meeting · Director resignationGeneral meeting · Director resignation · Director reappointment22 facts ▸
State Gazette act
General meeting · Director resignation
General meeting · Director resignation · Director reappointment22 facts ▸
- General meeting, 2026-05-15
- Director resignation, Ilse Evenepoel (Bestuurder A)
- Director resignation, Marc De Pauw (Bestuurder A)
- Director reappointment, Davy Scherlippens (Bestuurder A)
- Director reappointment, Koen Devoldere (Bestuurder A)
- Director reappointment, Hanna Piorkowska (Bestuurder B)
- Director reappointment, Manfred Van Vlierberghe (Bestuurder B)
- Director reappointment, Jan Cornelis (Bestuurder B)
- Director reappointment, ArcelorMittal Holding and Services Belgium (Bestuurder B)
- Director appointment, Jan De Craen (Bestuurder A)
- Director appointment, Jan Schaerlakens (Bestuurder A)
- Board composition, Bestuurder A, 2026-05-15
- +10 further facts in this act
18-05
NBB filing
Annual accounts filed
fiscal year 2025 · full schema
2025
19-05
NBB filing
Annual accounts filed
fiscal year 2024 · full schema
2024
31-12
Financial
Liquidity times 7current ratio 174.01
Current ratio from 24.46 to 174.01.
31-12
Financial
Equity above €500MEq €570.90M ▲136%
2 profitable years in a row build equity to €570.90M.
28-05
NBB filing
Annual accounts filed
fiscal year 2023 · full schema
2023
31-12
Financial
Back to profitnet €1.49M
Net result €1.49M after one loss-making year.
25-05
NBB filing
Annual accounts filed
fiscal year 2022 · full schema
2022
31-12
Financial
Liquidity quadruplescurrent ratio 19.15
Current ratio from 4.90 to 19.15; short-term debt falls from €3.01M to €2.75M.
18-05
NBB filing
Annual accounts filed
fiscal year 2021 · full schema
2021
31-12
Financial
Back to profitnet €15.60M
Net result €15.60M after one loss-making year.
31-12
Financial
Liquidity times 11current ratio 4.90
Current ratio from 0.43 to 4.90.
26-05
NBB filing
Annual accounts filed
fiscal year 2020 · full schema
2020
18-05
NBB filing
Annual accounts filed
fiscal year 2019 · full schema
2019
31-12
Financial
Back to profitnet €27.10M
Net result €27.10M after one loss-making year.
24-05
NBB filing
Annual accounts filed
fiscal year 2018 · full schema
2018
16-05
NBB filing
Annual accounts filed
fiscal year 2017 · full schema
2017
15-05
NBB filing
Annual accounts filed
fiscal year 2016 · full schema
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
Directors · office · real estate
Directors
under verification, no change since 2026
This board is reconstructed from a single act (26114757). A Gazette act generally publishes only CHANGES, not a full roll call, so directors unchanged since then may be missing here. The KBO register holds the complete list of function holders.
ArcelorMittal Holding and Services Belgium
CurrentBestuurder b · since 15-05-2026 · Legal entity · perm. rep.: K. VERBEECK
Davy Scherlippens
CurrentBestuurder a · since 15-05-2026
Hanna Piorkowska
CurrentBestuurder b · since 15-05-2026
Jan Cornelis
CurrentBestuurder b · since 15-05-2026
Jan De Craen
CurrentBestuurder a · since 15-05-2026
Jan Schaerlakens
CurrentBestuurder a · since 15-05-2026
+ 2 not shown in this overview
15-05-2026
ArcelorMittal Holding and Services Belgium: Mandate renewed as Bestuurder b
15-05-2026
Davy Scherlippens: Mandate renewed as Bestuurder a
15-05-2026
Hanna Piorkowska: Mandate renewed as Bestuurder b
15-05-2026
Jan Cornelis: Mandate renewed as Bestuurder b
15-05-2026
Jan De Craen: Appointed as Bestuurder a
15-05-2026
Jan Schaerlakens: Appointed as Bestuurder a
15-05-2026
Koen Devoldere: Mandate renewed as Bestuurder a
15-05-2026
Manfred VAN VLIERBERGHE: Mandate renewed as Bestuurder b
15-05-2026
Ilse Evenepoel: Resigned as Bestuurder a
15-05-2026
Marc DE PAUW: Resigned as Bestuurder a
Location & real-estate footprint
Registered office, Zelzate · 3 establishment units since 1996
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.
Pres. J.F. Kennedylaan 39060 ZelzateGround area
5.2 ha
Building footprint
7,355 m²
Volume, LiDAR
80,756 m³
3 parcels, Flanders · tallest building 20.3 m, ±4 floors. Linked by address, not a title deed.
3 establishment units
Pres. J.F. Kennedylaan 3, 9060 Zelzate
since 19962.036.541.031
Technologiepark-Zwijnaarde 66, 9052 Gent
since 20172.344.575.122
Technologiepark-Zwijnaarde 48, 9052 Gent
since 20212.318.060.072
3 parcels
Flanders
3
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 43302F0896/00S000 | Flanders | 4.0 ha | 1 · 3,190 m² | 13.8 m · 4 fl. |
| 44082B0134/00G000 | Flanders | 9,157 m² | 1 · 2,487 m² | 20.2 m · 3 fl. |
| 44082B0141/00G000 | Flanders | 3,522 m² | 1 · 1,677 m² | 20.3 m · 2 fl. |
Linked by address, not proof of ownership
Methodology
via registered seat: 1 · via establishment units: 2
3 of 3 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Structure & network
Connections & network
13 connected companiesLinked via shared directors
viaManfred VAN VLIERBERGHE · Director
→
viaJan Cornelis · Director
→
viaManfred VAN VLIERBERGHE · Director
→
viaJan Cornelis · B bestuurder
→
Show 9 more companies with a shared director
viaJan Cornelis · Director
former→
viaJan Cornelis · Director
former→
viaManfred VAN VLIERBERGHE · Director
former→
viaJan Cornelis · Director
former→
viaJan Cornelis · Director
former→
viaJan Cornelis · Director
former→
viaJan Cornelis · Director
former→
viaJan Cornelis · Director
former→
viaJan Cornelis · Director
former→
Public money · subsidies and aid
Flemish government
2022 to 2024 · 3 entries · 8,569 EUR awarded · 8,569 EUR paid| Year | Entries | awarded | paid |
|---|---|---|---|
| 2024 | 1 | 2,897 EUR | 2,897 EUR |
| 2023 | 1 | 3,372 EUR | 3,883 EUR |
| 2022 | 1 | 2,300 EUR | 1,789 EUR |
Schemes
Vlaams opleidingsverlof (VOV)
European Union, budget
2025 · 1 entry · 56,348 EUR in total| Year | Entries | awarded |
|---|---|---|
| 2025 | 1 | 56,348 EUR |
Projects
ACTION GRANT
European research
1 project · 56,350 EUR EU contributionProgrammes
HORIZON
Projects
CO2 Utilisation Process via Looping tEchnology Demonstration
Similar companies · same sector, comparable size
Of 54 companies in sector 24510 we hold annual accounts for 44. 1 is within a factor 10 of this equity.See the whole sector
Company data · Crossroads Bank
Identification
Legal formPublic limited company
Founded28-05-1986
Fiscal year end31-12
Activities, NACEBEL
24510Manufacture of basic metals
24520Manufacture of basic metals
Sources
Crossroads Bank for EnterprisesNational Bank · 40 filingsAddress and cadastre registers
Data from official sources, last processed on 16-09-2026. Scores and ratios are computed by Checked and are not a credit decision.
Business parks
1 parkOffers a parcel on business park:R4 N60 Wetenschapspark