GOLFINGER SA
ActiveGOLFINGER SA has been active since 1986 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €2k and a net result of €22k. Equity is shrinking by ~32.2% per year and would, assuming unchanged policy, indicatively turn negative around fiscal year 2026. Its solvency ranks better than 5% of 297 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.3% (very low).
Checked score
Score 2025
45
/ 100
Fair
The score weighs solvency, liquidity and profitability. Bankruptcy probability contributes 35%. Every signal that weighs is under Signals.
Axes · tick = 2024
Profitability25▲+14
Solvency25=
Growth58▲+26
Track record100
Bankruptcy probability, 12 months
0.3%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit advice for your own amount and term
Signals
Nine 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
0%
Return on assets
0.3%
Age of the figures
9 mo
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 42
Relative position
BE, all sectors
reference
Sector 42
higher
← fewer bankruptcies
more bankruptcies →
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 5% of 297 sector peers (2025).
NBB · sector comparisonPosition among 297 sector peers
Solvency
better than 5%
← 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 11-06-2026, 50 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
50 d early
2024
22 d late
2023
126 d late
2022
4 d late
2021
26 d late
2020
30 d late
2019
59 d late
← 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
21-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, full schema
Source amounts without an identifiable currency are assumed to be EUR.
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
€22k
2024 · €-426k
2018: €-356k
2019: €-356k
2020: €-322k
2021: €36k
2022: €-251k
2023: €-209k
2024: €-426k
2018 → 2025
Working capital
€-3.23M▲ 11.0%
2024 · €-3.63M
2018: €-2.06M
2019: €-2.21M
2020: €-2.24M
2021: €-2.11M
2022: €-2.34M
2023: €-3.20M
2024: €-3.63M
2018 → 2025
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€866k-€615k▼ 29.0%€406k▼ 34.0%€-20k€2k
Operating result€-130k-€-265k▼ 104%€-294k▼ 10.8%€-357k▼ 21.4%€-126k▲ 64.7%
Net result€36k-€-251k€-209k▲ 16.8%€-426k▼ 104%€22k
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €126k in 2025 against €357k in 2024; the loss shrinks.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €6.82M
Fixed assets
€4.27M▼ 3.1%
Current assets
€2.55M▲ 12.8%
Equity and liabilities €6.82M
Equity
€2k
Debt
€6.81M
Debt finances 100.0% of the balance-sheet total.
Key figures and ratios
EBITDA
€126k▲
2024 · €-111k
Cash flow
€274k▲
2024 · €-180k
Solvency
0.0%▲
2024 · -0.3%
Current ratio
0.44▲
2024 · 0.38
Quick ratio
0.44▲
2024 · 0.38
ROA
0.3%▲
2024 · -6.4%
Interest coverage
0.75▲
2024 · -0.95
Debt
€6.81M▲
2024 · €6.69M
Debt ≤ 1 year
€5.77M▼
2024 · €5.88M
Debt > 1 year
€494k▼
2024 · €547k
Income taxes
€221▼
2024 · €450
Staff costs
€328k▲
2024 · €280k
A ratio outside any meaningful range has been withheld (balance sheet total €6.82M, equity €2k).
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€6.67M€6.82M▲
Fixed assets21/28€4.41M€4.27M▼
Intangible fixed assets21€13k€8k▼
Tangible fixed assets22/27€4.40M€4.26M▼
Land and buildings22€4.10M€3.97M▼
Plant, machinery and equipment23€211k€211k=
Furniture and vehicles24€49k€40k▼
Other tangible fixed assets26€40k€39k▼
Current assets29/58€2.26M€2.55M▲
Amounts receivable within one year40/41€126k€98k▼
Trade receivables40€48k€49k▲
Other amounts receivable41€78k€49k▼
Current investments50/53€1.56M€1.56M▼
Cash at bank and in hand54/58€563k€888k▲
Deferred charges and accrued income490/1€3k-
Equity and liabilities
Total equity and liabilities10/49€6.67M€6.82M▲
Equity10/15€-20k€2k▲
Contributions10/11€8.50M€8.50M=
Capital10€8.50M€8.50M=
Issued capital100€8.50M€8.50M=
Profit (loss) carried forward14€-8.52M€-8.50M▲
Amounts payable17/49€6.69M€6.81M▲
Amounts payable after more than one year17€547k€494k▼
Financial debts170/4€547k€494k▼
Amounts payable within one year42/48€5.88M€5.77M▼
Current portion of amounts payable after more than one year42€70k€71k▲
Trade debts44€117k€103k▼
Suppliers440/4€117k€103k▼
Advances received on contracts in progress46€809k€693k▼
Taxes, remuneration and social security45€138k€163k▲
Taxes450/3€45k€48k▲
Remuneration and social security454/9€93k€114k▲
Other amounts payable47/48€4.75M€4.74M▼
Accrued charges and deferred income492/3€255k€548k▲
Income statement
Code20242025
Remuneration, social security and pensions62€280k€328k▲
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€246k€252k▲
Other operating charges640/8€35k€24k▼
Gross operating margin9900€205k€478k▲
Operating profit (loss)9901€-357k€-126k▲
Financial income75/76B€71k€325k▲
Recurring financial income75€68k€245k▲
Non-recurring financial income76B€3k€80k▲
Financial charges65/66B€140k€176k▲
Recurring financial charges65€116k€169k▲
Non-recurring financial charges66B€24k€8k▼
Profit (loss) for the period before taxes9903€-426k€23k▲
Income taxes67/77€450€221▼
Profit (loss) for the period9904€-426k€22k▲
Profit (loss) for the period to be appropriated9905€-426k€22k▲
Appropriation of the result
Profit (loss) to be appropriated9906€-8.52M€-8.50M▲
Profit (loss) brought forward from the previous period14P€-8.09M€-8.52M▼
The notes to these accounts (18 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
01-09
State Gazette act
Resignations & appointmentsGeneral meeting · Director reappointment2 facts ▸
State Gazette act
Resignations & appointments
General meeting · Director reappointment2 facts ▸
- General meeting, 2026-06-08
- Director reappointment, Harold le Hardy de Beaulieu (administrateur)
11-06
NBB filing
Annual accounts filed
fiscal year 2025 · full schema
2025
31-12
Financial
Back to profitnet €22k
Net result €22k after 3 loss-making years.
22-08
NBB filing
Annual accounts filed
fiscal year 2024 · full schema · 22 days late
2024
31-12
Financial
Weakest financial yearnet €-426k
Net result drops to €-426k, the lowest in the series; recovery starts the following year.
04-12
NBB filing
Annual accounts filed
fiscal year 2023 · full schema · 126 days late
2023
04-08
NBB filing
Annual accounts filed
fiscal year 2022 · full schema · 4 days late
2022
26-08
NBB filing
Annual accounts filed
fiscal year 2021 · full schema · 26 days late
2021
31-12
Financial
Back to profitnet €36k
Net result €36k after 3 loss-making years.
30-08
NBB filing
Annual accounts filed
fiscal year 2020 · full schema · 30 days late
2020
28-09
NBB filing
Annual accounts filed
fiscal year 2019 · full schema · 59 days late
2019
30-10
NBB filing
Annual accounts filed
fiscal year 2018 · full schema · 91 days late
2018
30-08
NBB filing
Annual accounts filed
fiscal year 2017 · full schema · 30 days late
2017
29-08
NBB filing
Annual accounts filed
fiscal year 2016 · full schema · 29 days late
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
Directors · office · real estate
Location & real-estate footprint
Registered office, Wavre · 1 establishment unit since 1986
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.
Chaussée Château de la Bawette 51300 WavreGround area
861 m²
Building footprint
858 m²
Volume, LiDAR
5,203 m³
Parcel 25112D0067/00K000, Wallonia · tallest building 13.8 m, ±2 floors. Linked by address, not a title deed.
1 establishment unit
Chaussée Château de la Bawette 5, 1300 Wavre
since 19862.035.571.130
1 parcel
Wallonia
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 25112D0067/00K000 | Wallonia | 861 m² | 1 · 858 m² | 13.8 m · 2 fl. |
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.
Recognitions · licences · registrations
Legal Entity Identifier
9676003YK6B5ANAS3194
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INFRA-TECHNICS
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Of 2,327 companies in sector 42110 we hold annual accounts for 1,097. 120 are within a factor 10 of this equity.See the whole sector
Company data · Crossroads Bank
Identification
Legal formPublic limited company
Founded24-07-1986
Fiscal year end31-12
Abbreviation FR
Société de Financement et de Gérance de Golfs
Activities, NACEBEL
42110Construction of roads and motorways
45230
92611
93110Operation of sports facilities
Sources
Crossroads Bank for EnterprisesNational Bank · 39 filingsAddress and cadastre registers
Data from official sources, last processed on 21-09-2026. Scores and ratios are computed by Checked and are not a credit decision.