Equity
Equity fell by 57% in 3 years.
Equity fell by 57% in 3 years.
The accounts state no turnover.
Of this, €36,625 falls due within a year.
Green is investment, beige is depreciation.
Short-term debts rose from €30,051 to €36,625.
The 2024 accounts came latest: 25 days after the end of the period.
The dashed line is the sector median: 0.1% across 115 companies (NACE 08, micro).
About 4 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
The band follows from the bankruptcy probability. 10 more points roughly halve it.
| 75-100 | Excellent | under 0.55% |
| 60-74 | Healthy | 0.55% to 1.5% |
| 45-59 | Fair | 1.5% to 4.2% |
| 25-44 | Weak | 4.2% to 15.0% |
| 0-24 | Critical | over 15.0% |
Where the company stands within its band depends half on the bankruptcy probability and half on how it does against its sector peers (NACE 08, micro). It does better than 22% of them on solvency, 52% on liquidity, 57% on profitability and 85% on growth.
The bankruptcy probability was computed on 10-11-2026 by the bankruptcy model of 2 October 2026, which learns from Belgian bankruptcies and reads the registers, the annual accounts and the Belgian Official Gazette.
The probability rests on the annual accounts with balance sheet date 31-12-2025.
Of the companies with a bankruptcy probability in the very low class on 30-06-2025, 0.1% went bankrupt within twelve months.
Some facts cap the score, however low the probability. With negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late, the score is Fair at most (59). With two missing filings, it is Weak at most (44). During a judicial reorganisation or at the company's end (bankruptcy, dissolution, liquidation), it is Critical at most (24).
In July 2024, 3,274 companies had the same profile as FS-ADMIN has now. Each dot stands for 9 companies, two years later.
Another 0.2% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of FS-ADMIN itself is lower: 0.4% within 12 months. It rests on far more data about FS-ADMIN than the profile alone.
The method was tested on the 497,448 companies of July 2024. Each company was given the bankruptcy share of the same profile a year earlier, in July 2023. The expectation was that 1.6% would go bankrupt within 24 months. In fact 1.7% went bankrupt.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.5% |
| 3 | 0.5% | 0.6% |
| 4 | 0.7% | 0.8% |
| 5 | 0.9% | 0.9% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.8% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
A company that went bankrupt had a higher expected share than one that kept going in 74.5% of comparisons. The level depends on the economy. In a year with more bankruptcies than the year before, the actual share is higher than the expected one.
This is an observation about 3,274 companies, not a prediction for FS-ADMIN. The sector does not count, because the KBO no longer lists a sector for a company that has stopped. By sector, mostly the survivors would count, which would paint too rosy a picture.
Liquidity is ample, with a current ratio of 2.83 (1.57 in 2024), above the usual 1.5. Short-term debt is 26.7% and cash 11.7% of total assets. However, 78% of the assets are financed with debt and provisions.
Show the recommended maximum and see how the verdict changes with amount, term and advance.
The scores and ratios are Checked's own calculations, not a credit decision.
The company filed its last 7 accounts on average 21 days before the deadline. In the sector (NACE 08), the median for financial year 2024 was 21 days before the deadline, and 30% of those companies filed late.
| Company | ||||
|---|---|---|---|---|
| FS-ADMIN Aalter | €137,304 | €37,640 | 22.0% | - |
| Assistance pour Carrières de Roche Ornementale Guillaume Orban Jurbise | €131,641 | €36,442 | 52.5% | - |
| BAKOBELGIUM Fernelmont | €77,288 | €32,171 | 86.2% | 0.8 |
| CARRIERE LES ROCHETTES Bertrix | €285,321 | €37,112 | 8.6% | - |
| L’atelier Cutaia La Louvière | €184,420 | €17,622 | -3.1% | - |
| PIERRE ANGULAIRE Molenbeek-Saint-Jean | €395,213 | €193,658 | 28.3% | - |
| PARYSTONE Oudenaarde | €689,807 | €270,993 | 32.3% | - |
These companies have the same main activity as FS-ADMIN: other mining and quarrying (NACE 08111). They are comparable in size and age: total assets between €77,300 and €690,000, founded between 2012 and 2021.
FS-ADMIN files the micro format. That format states no turnover. The gross margin fell from €211,885 in 2018 to €37,640 in 2025.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette.
Turnover and EBIT margin are not published. The abbreviated or micro format does not require them. The turnover shown is an estimate from the gross margin.
Turnover ≈ €150,000. Estimated: probably between €91,000 and €270,000.
Amounts without an identifiable currency are taken as euros.
Higher than 31% of 41 companies in 2025.
Higher than 77% of 40 companies in 2025.
Higher than 52% of 40 companies in 2025.
Net result: middle half · Equity: bottom quarter · Balance sheet total: bottom quarter · Working capital: middle half
Staff costs divided by the average number of full-time equivalents.
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Balance sheet: assets | |||||||||
20/58 |
137,304 | 108,455 | 653,157 | 619,911 | 609,446 | 710,025 | 739,212 | 781,355 | |
21/28 |
33,489 | 61,250 | 499,045 | 382,360 | 413,449 | 476,492 | 545,001 | 585,135 | |
22/27 |
33,489 | 61,250 | 498,910 | 382,225 | 413,314 | 476,357 | 544,866 | 585,000 | |
22 |
- | 0 | 359,920 | 368,002 | 334,420 | 338,079 | 343,464 | 345,000 | |
23 |
- | 0 | 9,576 | 13,989 | 78,403 | 137,531 | 201,402 | 240,000 | |
24 |
0 | 61,250 | 0 | 234 | 490 | 746 | - | - | |
25 |
33,489 | 0 | 129,414 | - | - | - | - | - | |
28 |
- | 0 | 135 | 135 | 135 | 135 | 135 | 135 | |
29/58 |
103,815 | 47,205 | 154,111 | 237,551 | 195,997 | 233,534 | 194,211 | 196,220 | |
3 |
- | 0 | 85,500 | 132,785 | 114,935 | 99,215 | 118,890 | 99,225 | |
30/36 |
- | 0 | 85,500 | 132,785 | 114,935 | 99,215 | 103,890 | 99,225 | |
37 |
- | - | - | - | - | - | 15,000 | - | |
40/41 |
86,565 | 32,744 | 64,237 | 89,866 | 65,708 | 128,634 | 54,133 | 74,093 | |
40 |
85,855 | 14,888 | 61,443 | 89,557 | 65,708 | 128,442 | 51,574 | 71,307 | |
41 |
709 | 17,857 | 2,794 | 309 | 0 | 193 | 2,559 | 2,787 | |
54/58 |
16,001 | 12,443 | 4 | 14,901 | 15,063 | 5,684 | 14,721 | 15,638 | |
490/1 |
1,250 | 2,017 | 4,371 | 0 | 292 | - | 6,467 | 7,264 | |
| Balance sheet: equity and liabilities | |||||||||
10/49 |
137,304 | 108,455 | 653,157 | 619,911 | 609,446 | 710,025 | 739,212 | 781,355 | |
10/15 |
30,274 | 24,904 | -13,135 | 71,169 | 62,154 | 26,419 | 58,557 | 51,760 | |
10/11 |
60,000 | 60,000 | 60,000 | 60,000 | 60,000 | 60,000 | 60,000 | 60,000 | |
100 |
- | - | - | - | - | - | 60,000 | 60,000 | |
11 |
- | - | - | - | - | 60,000 | - | - | |
1109/19 |
- | - | - | - | - | 60,000 | - | - | |
13 |
1,787 | 1,787 | 1,787 | 1,787 | 1,787 | - | - | - | |
130/1 |
- | - | - | 0 | 1,787 | - | - | - | |
1311 |
- | - | - | 0 | 1,787 | - | - | - | |
133 |
1,787 | 1,787 | 1,787 | 1,787 | - | - | - | - | |
14 |
-31,513 | -36,883 | -74,922 | 9,383 | 367 | -33,581 | -1,443 | -8,240 | |
17/49 |
107,030 | 83,551 | 666,292 | 548,742 | 547,292 | 683,606 | 680,654 | 729,596 | |
17 |
70,406 | 53,500 | 516,278 | 456,509 | 475,127 | 524,416 | 551,840 | 590,229 | |
170/4 |
70,406 | 53,500 | 516,278 | 456,509 | 475,127 | 524,416 | 551,840 | 590,229 | |
42/48 |
36,625 | 30,051 | 150,014 | 92,233 | 72,165 | 159,190 | 128,815 | 139,367 | |
42 |
7,495 | 0 | 58,034 | 49,335 | 49,289 | 46,657 | 38,389 | 37,493 | |
43 |
- | 0 | 17,419 | - | - | - | - | - | |
430/8 |
- | 0 | 17,419 | - | - | - | - | - | |
44 |
5,711 | 6,523 | 59,266 | 21,462 | 15,938 | 91,151 | 84,315 | 89,374 | |
440/4 |
5,711 | 6,523 | 59,266 | 21,462 | 15,938 | 91,151 | 84,315 | 89,374 | |
45 |
565 | 5,430 | 13,397 | 20,734 | 4,736 | 19,005 | 3,234 | 9,105 | |
450/3 |
565 | 1,570 | 7,896 | 20,734 | 4,736 | 19,005 | 3,234 | 9,105 | |
454/9 |
0 | 3,860 | 5,501 | - | - | - | - | - | |
47/48 |
22,854 | 18,098 | 1,898 | 701 | 2,201 | 2,377 | 2,877 | 3,395 | |
| Income statement | |||||||||
76A |
0 | 104,240 | - | - | - | - | - | - | |
9900 |
37,640 | 186,247 | 86,305 | 237,361 | 270,412 | 201,363 | 185,487 | 211,885 | |
62 |
-763 | 69,059 | 133,335 | 134,809 | 141,167 | 144,476 | 92,201 | 97,186 | |
630 |
7,502 | 2,719 | 15,815 | 70,508 | 69,717 | 69,277 | 66,755 | 106,770 | |
640/8 |
5,490 | 48,130 | 6,404 | 7,887 | 6,373 | 5,660 | 5,034 | 4,664 | |
66A |
17,795 | - | - | 0 | 2,896 | - | - | - | |
9901 |
7,616 | 66,339 | -69,250 | 24,156 | 50,259 | -18,050 | 21,498 | 3,265 | |
75/76B |
0 | 465 | 398 | 5 | 334 | 182 | 101 | 9 | |
75 |
0 | 465 | 398 | 5 | 334 | 182 | 101 | 9 | |
65/66B |
1,680 | 28,439 | 15,834 | 12,647 | 13,179 | 14,270 | 14,801 | 11,515 | |
65 |
1,680 | 28,439 | 15,834 | 12,647 | 13,179 | 14,270 | 14,801 | 11,515 | |
9903 |
5,936 | 38,364 | -84,686 | 11,515 | 37,414 | -32,138 | 6,798 | -8,240 | |
67/77 |
565 | 326 | -381 | 2,500 | 1,680 | - | - | - | |
9904 |
5,371 | 38,039 | -84,304 | 9,015 | 35,735 | -32,138 | 6,798 | -8,240 | |
9905 |
5,371 | 38,039 | -84,304 | 9,015 | 35,735 | -32,138 | 6,798 | -8,240 | |
| Appropriation of the result | |||||||||
9906 |
-31,513 | -36,883 | -74,922 | 9,383 | 2,154 | -33,581 | -1,443 | -8,240 | |
14P |
-36,883 | -74,922 | 9,383 | 367 | -33,581 | - | - | - | |
691/2 |
- | - | - | 0 | 1,787 | - | - | - | |
6920 |
- | - | - | 0 | 1,787 | - | - | - | |
| Social balance sheet | |||||||||
9087 |
- | - | 2.4 | 2.5 | 2.4 | 2.4 | 2 | 2 | |
Hours worked1013 |
- | - | 3,772 | 3,975 | 4,566 | 4,879 | 3,408 | 3,464 | |
| Document | |||||||||
The notes to these accounts have 17 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the accounts filed with the NBB.
Source: Annual accounts 2025 at the NBB, filed on 02-07-2026.
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 02-07-2026 | 2026-00240687 | |
| 31-12-2024 | micro format | 25-08-2025 | 2025-00416901 | |
| 31-12-2023 | micro format | 20-06-2024 | 2024-00144827 | |
| 31-12-2022 | micro format | 27-06-2023 | 2023-00160259 | |
| 31-12-2021 | micro format | 27-06-2022 | 2022-20102303 | |
| 31-12-2020 | micro format | 28-06-2021 | 2021-26300192 | |
| 31-12-2019 | abbreviated format | 31-07-2020 | 2020-38100276 | |
| 31-12-2018 | micro format | 11-08-2019 | 2019-45700248 |
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
| 15,118 | 69,057 | -53,435 | 94,665 | 119,976 | 51,227 | 88,253 | 110,035 | ||
| 12,873 | 40,757 | -68,489 | 79,524 | 105,452 | 37,139 | 73,553 | 98,530 | ||
| 40,991 | 63,969 | 132,500 | 39,420 | 5,721 | 768 | 26,621 | 691,905 | ||
| 3,557 | 12,440 | -14,897 | -162 | 9,378 | -9,036 | -917 | - | ||
| 67,191 | 17,154 | 4,097 | 145,318 | 123,832 | 74,344 | 65,397 | 56,854 | ||
| 22.0% | 23.0% | -2.0% | 11.5% | 10.2% | 3.7% | 7.9% | 6.6% | ||
| 2.83 | 1.57 | 1.03 | 2.58 | 2.72 | 1.47 | 1.51 | 1.41 | ||
| 2.83 | 1.57 | 0.46 | 1.14 | 1.12 | 0.84 | 0.58 | 0.70 | ||
| 3.54 | 3.35 | - | 7.71 | 8.81 | 25.88 | 11.62 | 14.10 | ||
| 17.7% | 152.7% | - | 12.7% | 57.5% | -121.6% | 11.6% | -15.9% | ||
| 3.9% | 35.1% | -12.9% | 1.5% | 5.9% | -4.5% | 0.9% | -1.1% | ||
| 9.00 | 2.43 | -3.37 | 7.49 | 9.10 | - | - | - |
A Belgian filing has no cash-flow statement. Cash flow is therefore an approximation, derived from the income statement. Investment is the acquisitions in the notes and, without them, the balance-sheet move.
| Item | 31-12-2023 | 31-12-2022 | 31-12-2021 |
|---|---|---|---|
| Employees at the balance-sheet date | 3 | 3 | 3 |
| full-time | 2 | 2 | 3 |
| part-time | 1 | 1 | 0 |
| in full-time equivalents | 2.4 | 2.4 | 3 |
| 2.4 | 2.5 | 2.4 | |
| On a permanent contract | 3 | 3 | 2 |
| Joined | - | 2 | 1 |
| Left | - | 1 | 1 |
Source: social balance sheet in the 2021 to 2023 annual accounts
| Item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Tangible fixed assets | €40,991 | €63,969 | €132,500 | €39,420 | €5,721 |
| Financial fixed assets | €0 | - | - | - | - |
| €7,502 | €2,719 | €15,815 | €70,508 | €69,717 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
The operating result for 2025 is 89% lower than in 2024.
Debt's share of the balance-sheet total rises from 77.0% to 78.0%. Equity and debt are higher.
FS-ADMIN has no parent and no holdings in its annual accounts. FS-ADMIN shares no director with another company.
| Gillebeert, Frederique (sole trader)
establishment since 19-05-2025 |
founded in 2025 0665.807.109 |
| Dhuyvetters, Sanne (sole trader)
establishment since 16-05-2024 |
founded in 2024 1009.444.752 |
Deadline for the 2026 accounts: 31-07-2027
Financial milestones sit on the financial year-end date, not the filing date.
Sources: Publications in the Belgian Official GazetteFilings with the National Bank
On 6 December 2017, FS-ADMIN was incorporated.1 The name was changed to FS-ADMIN in 2024.2 In 2024 the registered office moved to Aalter.2 Of the 2 current board members, DHUYVETTERS Sanne has served longest, since 2019.3 Total assets went from €781,355 in 2018 to €137,304 in 2025 and headcount from 2 full-time equivalents in 2018 to 2.4 in 2023.4
| Establishment | Since | Unit number |
|---|---|---|
| Urselseweg 117 registered office 9910 Aalter 68110 Buying and selling of own real estate | 02-01-2018 | 2.270.989.140 |
| Cadastral parcel | Area | Buildings | Height / floors |
|---|---|---|---|
| 44029B0616/00G000 | 210 m² | 1 · 210 m² | 9.3 m · 2 |
Check the withholding obligation If you pay this company for building or cleaning work, check before every payment whether you must withhold part of the invoice. Use the enterprise number 0685.679.142
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