Equity
Debts exceed assets in financial year 2025.
Debts exceed assets in financial year 2025.
The result fell in 2025 from -€393,767 to -€1.5m.
Of this, €1.9m falls due within a year.
Short-term debts rose from €1.1m to €1.9m.
Lower solvency than 95% of companies in retail trade. Sector median 36.2% · 5,069 companies.
The dashed line is the sector median: 0.6% across 40,277 companies (NACE 47, micro).
About 4 in 100 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 47, micro). It does better than 6% of them on solvency, 32% on liquidity, 6% on profitability and 1% 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 moderate class on 30-06-2025, 2.4% 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, 7,639 companies had the same profile as INTERFAR has now. Each dot stands for 20 companies, two years later.
Another 0.8% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of INTERFAR itself: 3.9% within 12 months.
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 7,639 companies, not a prediction for INTERFAR. 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 insufficient, with a current ratio of 0.08 (0.55 in 2024), below 1. Short-term debt is 589.6% and cash 28.1% of total assets. Equity is negative.
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 2 accounts on average 44 days after the deadline. In the sector (NACE 47), the median for financial year 2024 was on the deadline day, and 47% of those companies filed late.
| Company | ||||
|---|---|---|---|---|
| INTERFAR Farciennes | €316,334 | -€233,650 | -563.4% | 9.6 |
| EXPRESS HEMIKSEM Hemiksem | €174,953 | -€84,789 | -90.1% | 6 |
| COPROSAIN TOURNAI Frasnes-lez-Anvaing | €391,148 | -€104,550 | -230.3% | - |
| VALGA DISTRIBUTION Boussu | €207,538 | -€56,264 | 1.9% | - |
| TS Retail BE Schaerbeek | €382,269 | -€459,911 | -278.0% | - |
| HONA Mechelen | €297,769 | €1,000 | 0.5% | - |
| ARSCOTIM Ottignies-Louvain-la-Neuve | €430,034 | -€716 | 100.0% | - |
These companies have the same main activity as INTERFAR: non-specialised retail sale with food, beverages or tobacco predominating (NACE 47110). They are comparable in size and age: total assets between €175,000 and €430,000, founded between 2022 and 2024.
Solvency fell in 2025 from -37.4% to -563.4% because of the loss.
ITM ALIMENTAIRE BELGIUM holds all the shares.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette.
Turnover: not included in this filing.
Lower than 95% of 5,069 companies in 2025.
Lower than 95% of 4,995 companies in 2025.
Lower than 95% of 5,038 companies in 2025.
Net result: bottom quarter · Equity: bottom quarter · Balance sheet total: bottom quarter · Working capital: bottom quarter · Staff: middle half
Staff costs divided by the average number of full-time equivalents.
In 2025, 17 people joined and 28 left.
| Line | Trend | 2025 | 2024 |
|---|---|---|---|
| Balance sheet: assets | |||
20/58 |
316,334 | 785,154 | |
21/28 |
162,432 | 195,231 | |
21 |
1 | 1 | |
22/27 |
162,432 | 195,230 | |
22 |
57,306 | 64,506 | |
23 |
3,814 | 4,971 | |
24 |
33,365 | 49,269 | |
26 |
67,947 | 76,484 | |
29/58 |
153,901 | 589,923 | |
3 |
- | 388,947 | |
30/36 |
- | 388,947 | |
40/41 |
64,679 | 11,339 | |
40 |
28,727 | - | |
41 |
35,952 | 11,339 | |
54/58 |
88,734 | 165,825 | |
490/1 |
489 | 23,812 | |
| Balance sheet: equity and liabilities | |||
10/49 |
316,334 | 785,154 | |
10/15 |
-1.8m | -293,767 | |
10/11 |
100,000 | 100,000 | |
10 |
100,000 | 100,000 | |
100 |
100,000 | 100,000 | |
14 |
-1.9m | -393,767 | |
17/49 |
2.1m | 1.1m | |
17 |
233,427 | - | |
175 |
233,427 | - | |
42/48 |
1.9m | 1.1m | |
44 |
235,820 | 960,861 | |
440/4 |
235,820 | 960,861 | |
45 |
37,809 | 117,065 | |
450/3 |
1,330 | 2,910 | |
454/9 |
36,479 | 114,155 | |
47/48 |
1.6m | 994 | |
| Income statement | |||
76A |
480 | 500,564 | |
9900 |
-233,650 | 623,677 | |
62 |
1.2m | 947,688 | |
630 |
32,798 | 33,992 | |
640/8 |
9,777 | 35,209 | |
66A |
375 | - | |
9901 |
-1.4m | -393,212 | |
75/76B |
14,183 | 11,544 | |
75 |
14,183 | 11,544 | |
65/66B |
68,025 | 12,098 | |
65 |
34,120 | 12,098 | |
66B |
33,904 | - | |
9903 |
-1.5m | -393,767 | |
9904 |
-1.5m | -393,767 | |
9905 |
-1.5m | -393,767 | |
| Appropriation of the result | |||
9906 |
-1.9m | -393,767 | |
14P |
-393,767 | - | |
| Social balance sheet | |||
9087 |
9.6 | 18.3 | |
Hours worked1013 |
647 | 22,292 | |
| Document | |||
The notes to these accounts have 9 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 28-08-2026.
2025 annual accounts filed 28 days after the deadline. Filed on 28 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00483631.
| Line | Trend | 2025 | 2024 |
|---|---|---|---|
| -1.4m | -359,220 | ||
| -1.5m | -359,775 | ||
| 0 | 229,223 | ||
| -77,091 | - | ||
| -1.7m | -488,998 | ||
| -563.4% | -37.4% | ||
| 0.08 | 0.55 | ||
| 0.08 | 0.19 | ||
| -470.5% | -50.2% | ||
| -41.08 | -29.69 |
EBIT margin: not included in this filing.
Debt to equity is not shown because equity is negative. Debt divided by negative equity means nothing.
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 | 31-12-2025 | 31-12-2024 |
|---|---|---|
| Employees at the balance-sheet date | - | 21 |
| full-time | - | 8 |
| part-time | - | 13 |
| in full-time equivalents | - | 18 |
| 9.6 | 18.3 | |
| On a permanent contract | - | 21 |
| Joined | 17 | 11 |
| Left | 28 | 2 |
Source: social balance sheet in the 2024 to 2025 annual accounts
| Item | 2025 | 2024 |
|---|---|---|
| Tangible fixed assets | - | €229,222 |
| Intangible fixed assets | - | €1 |
| €32,798 | €33,992 |
Source: notes to the 2024 to 2025 annual accounts (statement of fixed assets)
The operating result for 2025 is a loss of €1.4m, larger than the loss of €393,212 in 2024.
Equity is negative. Debt (€2.1m) exceeds the balance-sheet total (€316,334).
Source: lists of holdings in the owners' accounts
Source: list of holdings in the 2025 accounts of ITM ALIMENTAIRE BELGIUM. Every holding stands with its own latest accounts.
Part of the group ITM ALIMENTAIRE BELGIUM Group, risk and exposureDeadline for the 2026 accounts: 31-07-2027
Sources: Publications in the Belgian Official GazetteFilings with the National Bank
On 14 November 2023, INTERFAR was incorporated as a public limited company by NIVALIM, COUDIS, 10 other companies and one natural person, with a starting capital of €100,000.12 PAMUKCU Sedat Özgüç has served as sole director since 2023.3 The company has filed 2 sets of annual accounts, the latest for financial year 2025.3
| Establishment | Since | Unit number |
|---|---|---|
| Intermarché Farciennes registered office Rue Francisco Ferrer 127, 6240 Farciennes | 04-12-2023 | 2.352.171.509 |
| Cadastral parcel | Area | Buildings | Height / floors |
|---|---|---|---|
| 52018D0091/00N002 | 6,519 m² | 1 · 1,909 m² | 8.2 m · 2 |
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