Active BE 0446.634.817Public limited company

FONVAL

Avenue de la Porallée 36 ·4920 Aywaille, Belgium· 34 yrs active

Sector: Non-specialised retail sale with food, beverages or tobacco predominating (47110)

Conclusion Checked

FONVAL has been active since 1992 and the Belgian State Gazette contains no insolvency or warning signals. The 2026 annual accounts show equity of €2.04M and a net result of €841k. Equity is shrinking by ~24.3% per year across the filed fiscal years. The computed 12-month bankruptcy probability is 0.3% (very low).

Based on the State Gazette, CBE and 4 annual accounts.

Key figures

Equity	€2.04M
Net result	€841k
Staff (FTE)	41.4
Active	34 yrs

Financial profile 5 of 5 axes measured · computed by Checked

81 / 100

Exceptional profile, strong across almost every axis.

All 5 axes are computed from data Checked has read.

Health 83

Profitability 100

Solvency 88

Growth 32

Stability 100

Bankruptcy probability (12 mo) Checked model v1 · free

0.3% 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 1992, 34 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 2026 · computed

83 / 100 Excellent

050100

Computed from 5 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

€170k

estimate, not credit advice

Score history

93 2023

93 2024

73 2025

83 2026

purely financial, excl. current insolvency signals

Score components

Liquidity Current ratio 1.57 (≥ 1.5) +10

Quick ratio Quick ratio 0.45 (< 0.6) -5

Leverage Debt/equity 0.79 (< 1.0) +10

Profitability ROE 41% (≥ 10%) +10

Interest coverage Interest coverage 70.1× (≥ 3×) +8

Profit trend Net profit down YoY -3

Equity growth Equity growing YoY +3

Computed by Checked from the NBB filing for FY 2026. Indicative, not credit advice.

Financial overview34 NBB filings

Annual accounts filed on 30-07-2026 with the NBB · fiscal year 2026 · full schema

Operating 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 ~24.3%/year over 4 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).

EBITDA

€1.55M

-18.5% 23-26

Net profit

€841k

-35.9% 23-26

Cash flow

€1.15M

-26.3% 23-26

Total assets

€3.64M

-32.7% 23-26

Equity

€2.04M

+2.1% 23-26

Working capital

€910k

+15.4% 23-26

Employees (FTE)

41

+2.5% 23-26

Staff costs

€2.16M

+10.8% 23-26

Income taxes

€476k

+9.6% 23-26

Dividends

€800k

-60.0% 23-26

Debt

€1.60M

-53.0% 23-26

Debt ≤ 1y

€1.60M

-53.0% 23-26

Current ratio

1.57

+27.4% 23-26

Quick ratio

0.45

-37.0% 23-26

Solvency

56.0%

+51.6% 23-26

Debt / equity

0.79

-54.0% 23-26

ROE

41.3%

-37.2% 23-26

ROA

23.1%

-4.8% 23-26

Interest coverage

70.10

-52.2% 23-26

Figures by fiscal year and ratios

Highlight YoY changes (±10%)

Fiscal year	2026	2025	2024	2023
Deposit	full schema	full schema	full schema	full schema
Revenue	-	-	-	-
EBITDA	€1.55M	€1.90M	€2.77M	€2.03M
Net profit	€841k	€1.31M	€1.93M	€1.17M
Cash flow	€1.15M	€1.57M	€2.22M	€1.68M
Staff costs	€2.16M	€1.95M	€2.00M	€1.89M
Income taxes	€476k	€435k	€655k	€403k
Dividends	€800k	€2.00M	€2.00M	€1.00M
Total assets	€3.64M	€5.40M	€5.12M	€6.33M
Equity	€2.04M	€1.99M	€2.68M	€4.46M
Debt	€1.60M	€3.41M	€2.44M	€1.87M
of which ≤ 1y	€1.60M	€3.41M	€2.43M	€1.87M
of which > 1y	-	-	-	-
Working capital	€910k	€788k	€1.60M	€1.96M
Employees (FTE)	41.4	40.4	41.6	41.2

Ratios (computed)

	2026	2025	2024	2023
Current ratio	1.57	1.23	1.66	2.05
Quick ratio	0.45	0.72	0.94	1.22
Working capital ratio	25.0%	14.6%	31.4%	30.9%
Solvency	56.0%	36.9%	52.4%	70.4%
Debt / equity	0.79	1.71	0.91	0.42
Long-term debt ratio	-	-	-	-
Interest coverage	70.10	146.73	720.95	407.33
Gross margin	-	-	-	-
Net margin	-	-	-	-
ROA	23.1%	24.3%	37.7%	18.4%
ROE	41.3%	65.8%	71.9%	26.2%
EBITDA margin	-	-	-	-
Days sales outstanding	-	-	-	-
Days payable outstanding	-	-	-	-
Inventory turnover	-	-	-	-
Days inventory (DSI)	-	-	-	-

Balance-sheet composition 2026

Assets

Fixed assets €1.13M · 31.0% Current assets €2.51M · 69.0%

Equity & liabilities

Equity €2.04M · 56.0% Debt €1.60M · 44.0%

Full annual accounts (24 line items)

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

Line item	Code	2026	2025	2024	2023
Balance sheet, Assets
TOTAL ASSETS	20/58	€3.64M	€5.40M	€5.12M	€6.33M
Fixed assets	21/28	€1.13M	€1.21M	€1.08M	€2.50M
Tangible fixed assets	22/27	€1.13M	€1.21M	€1.08M	€2.50M
Financial fixed assets	28	€180	€180	€180	€180
Current assets	29/58	€2.51M	€4.19M	€4.04M	€3.83M
Stocks & contracts in progress	3	€1.78M	€1.74M	€1.75M	€1.54M
Amounts receivable within one year	40/41	€393k	€2.26M	€1.90M	€1.70M
Cash & bank	54/58	€330k	€193k	€381k	€582k
Balance sheet, Equity & liabilities
TOTAL EQUITY & LIABILITIES	10/49	€3.64M	€5.40M	€5.12M	€6.33M
Equity	10/15	€2.04M	€1.99M	€2.68M	€4.46M
Contributions / capital	10/11	€379k	€379k	€379k	€537k
Reserves	13	€38k	€38k	€38k	€91k
Accumulated profits (losses)	14	€1.62M	€1.58M	€2.27M	€3.83M
Amounts payable	17/49	€1.60M	€3.41M	€2.44M	€1.87M
Amounts payable within one year	42/48	€1.60M	€3.41M	€2.43M	€1.87M
Trade debts payable within one year	44	€486k	€611k	-	€483k
Income statement
Gross operating margin	9900	€3.79M	€3.95M	€4.85M	€4.48M
Operating result	9901	€1.24M	€1.65M	€2.48M	€1.51M
Financial income	75	€103k	€113k	€111k	€61k
Financial charges	65	€22k	€13k	€4k	€5k
Result before taxes	9903	€1.32M	€1.75M	€2.58M	€1.57M
Income taxes	67/77	€476k	€435k	€655k	€403k
Net result for the period	9904	€841k	€1.31M	€1.93M	€1.17M
Result to be appropriated	9905	€841k	€1.31M	€1.96M	€1.17M

Directors & mandates 3 directors

Directors derived from a single State Gazette act, under verification

All 3 current directors first appear in the same act (22076405). Founders or capital subscribers may have been counted as directors here; the real board composition is being verified.

Current directors & mandates

Géral Noirfalisse
Director (executive)
State Gazette act 22076405 (28-06-2022)

Current
28-06-2022 → present
Jean-Luc Noirfalisse
Director (executive)
State Gazette act 22076405 (28-06-2022)

Current
28-06-2022 → present
Philippe Noirfalisse
Director (executive)
State Gazette act 22076405 (28-06-2022)

Current
28-06-2022 → present

Legal Structure

NACE primary	Non-specialised retail sale with food, beverages or tobacco predominating(47110)
Legal form	Public limited company(014)
Incorporation	19-02-1992
Status	Active
Postal code	4920

Establishment units 1 location

Avenue de la Porallée 36, 4920 Aywaille

NACE 52115

since 19982.064.867.506

Real-estate footprint Source: CBE × cadastre

Wallonia 1 (100%)

Parcel (capakey)	Region	Area	Buildings	Height / fl.
62098H1142/00M000	Wallonia	7,561 m²	1 · 2,804 m²	-

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.

Updates 11 events

All 14Financial 3Gazette 1Filings 10

Next filing, fiscal year 2027, expected by 31-08-2027

2026

30-07

NBB filing Annual accounts filed

fiscal year 2026 · full schema

31-01

Financial Weakest financial yearnet €841k ▼35.9%

Net result drops to €841k, the lowest in the series.

31-01

Financial Equity above €2MEq €2.04M ▲2.1%

4 profitable years in a row build equity to €2.04M.

2025

27-06

NBB filing Annual accounts filed

fiscal year 2025 · full schema

2024

27-06

NBB filing Annual accounts filed

fiscal year 2024 · full schema

31-01

Financial Highest result since 2023net €1.93M ▲65.2%

Operating result €2.48M, net result €1.93M, both a record.

2023

06-07

NBB filing Annual accounts filed

fiscal year 2023 · full schema

2022

28-06

State Gazette act Director changes

22-06

NBB filing Annual accounts filed

fiscal year 2022 · full schema

2021

29-06

NBB filing Annual accounts filed

fiscal year 2021 · full schema

2020

01-07

NBB filing Annual accounts filed

fiscal year 2020 · full schema

2019

10-07

NBB filing Annual accounts filed

fiscal year 2019 · full schema

2018

10-07

NBB filing Annual accounts filed

fiscal year 2018 · full schema

2017

25-07

NBB filing Annual accounts filed

fiscal year 2017 · full schema

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

Belgian State Gazette reading coverage 0 of 9 acts read

We know of 9 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 4 years ago

2022

28-06-2022 3 directors appointed, 1 reappointed Director changes

Philippe Noirfalisse, Directeur
Jean-Luc Noirfalisse, Directeur
Géral Noirfalisse, Directeur
Gérald Noirfalisse, Commissaris

Original publication ↗

Technical details

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Credit advice verdict per customer and amount

Company registry (CBE) Crossroads Bank

Activities

Non-specialised retail sale with food, beverages or tobacco predominating47110Supermarkets47114Retail trade471155211452115

Names & trade names

Legal nameFR	FONVAL
AbbreviationFR	Fonval

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