MALFROID & COENE

Active

Private limited companyfounded 20206 yrs activeBreeweg(App) 83, 9400 Ninove, BelgiumKBO/BCE: BE 0743.394.637

The computed 12-month bankruptcy probability of MALFROID & COENE is 1.6% (moderate). The 2025 annual accounts show equity of €72k and a net result of €52k. Equity is growing by ~58.1% per year across the filed fiscal years. Its solvency ranks better than 70% of 7376 sector peers (fiscal year 2025). The company has been active since 2020 and the Belgian State Gazette contains no insolvency or warning signals.

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Checked score

Score 2025

78 / 100

Excellent

The score weighs solvency, liquidity and profitability. Bankruptcy probability contributes 35%. Every signal that weighs is under Signals.

Axes · tick = 2024

Profitability100▲+10

Solvency88▲+19

Growth78=

Track record100

Bankruptcy probability, 12 months

1.6% Moderate

0%0.5%1.5%4%10%≥ 25%

Credit up to €5k at 30 days acceptable

Liquidity ample (current ratio 2.62 against 1.57 in 2024; short-term debt: 34.4% and cash: 33.7% of total assets), and 37.5% of the assets are financed with debt.

How do we compute the score and the probability?

Credit advice for your own amount and term

Signals

Six signals. The signal on the left, the evidence on the right.

−lowers risk+raises risk○neutral

Limited track record

This company has not been active as long as an established one and statistically fails somewhat more often.

KBO · incorporation date

Age against the risk zone

Higher-failure-rate sector

In this sector companies fail more often than the Belgian average.

Gazette · bankruptcies per sector, NACE 41

Relative position

BE, all sectors

reference

Sector 41

higher

← fewer bankruptcies more bankruptcies →

Annual accounts: healthy financial profile

The latest annual accounts show a healthy profile in solvency, result and liquidity.

NBB · annual accounts 2025

Solvency, return and age of the figures

Solvency

62.5%

Return on assets

44.8%

Age of the figures

9 mo

Filed after the deadline

The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 18-08-2026, 18 days later. For context: 47% of the Belgian market files late and the whole 1-to-90-day band measures 2.0% abnormal legal state against a 1.66% average. We show this as a fact and do not score it.

NBB · 6 filings

Deviation from the deadline

2025

18 d late

2024

28 d early

2023

20 d late

2022

31 d early

2021

19 d late

2020

46 d early

← before the deadline after the deadline →

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 months

Position in the running window

18-09-2026 today31-12-2026 close31-07-2027 deadline

No strike-offs in the KBO publications

We found no ex-officio strike-off or cessation. Our series starts in 2021 and has gaps, so this is not a confirmation that there is nothing.

KBO publications · our coverage

Financials · fiscal year 2025, micro schema

Equity

€72k▲ 149%

2024 · €29k

2020: €-162 2021: €12k 2022: €25k 2023: €18k 2024: €29k

2020 → 2025

Total assets

€116k▲ 74.6%

2024 · €66k

2020: €39k 2021: €66k 2022: €108k 2023: €67k 2024: €66k

2020 → 2025

Net result

€52k▲ 357%

2024 · €11k

2020: €-20k 2021: €12k 2022: €13k 2023: €13k 2024: €11k

2020 → 2025

Working capital

€65k▲ 296%

2024 · €16k

2020: €-5k 2021: €8k 2022: €11k 2023: €4k 2024: €16k

2020 → 2025

Multi-year overview

Every figure with its change against the year before

▲ rise ▼ fall

Line20212022202320242025Trend

Equity€12k-€25k▲ 104%€18k▼ 29.2%€29k▲ 64.1%€72k▲ 149%

Operating result€13k-€14k▲ 7.6%€17k▲ 22.7%€15k▼ 8.5%€71k▲ 364%

Net result€12k-€13k▲ 2.9%€13k▼ 0.4%€11k▼ 10.9%€52k▲ 357%

Turnover and EBIT margin not published: the micro schema does not require them.

Result per fiscal year

Operating resultNet result

The operating result recovers in 2025; 2025 is 364% above 2024 and is the highest result in the available series.

Balance-sheet composition

2025 in colour, 2024 as the grey bar beneath

Assets €116k

10%

90.3%

Fixed assets €11k▼ 47.6%

Current assets €104k▲ 133%

Equity and liabilities €116k

62.5%

37.5%

Equity €72k▲ 149%

Debt €43k▲ 16.4%

The debt ratio falls from 56.2% to 37.5%. Equity and debt are higher.

Key figures and ratios

2025 value · change against 2024

EBITDA

€82k▲

2024 · €26k

Cash flow

€62k▲

2024 · €22k

Solvency

62.5%▲

2024 · 43.8%

Current ratio

2.62▲

2024 · 1.57

Quick ratio

2.56▲

2024 · 1.42

Debt / equity

0.60▼

2024 · 1.28

ROE

71.6%▲

2024 · 39.0%

ROA

44.8%▲

2024 · 17.1%

Interest coverage

125.31▲

2024 · 28.68

Debt

€43k▲

2024 · €37k

Debt ≤ 1 year

€40k▲

2024 · €28k

Debt > 1 year

€4k▼

2024 · €9k

Income taxes

€19k▲

2024 · €3k

Staff costs

€49k▲

2024 · €39k

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€66k€116k▲

Fixed assets21/28€21k€11k▼

Tangible fixed assets22/27€21k€11k▼

Plant, machinery and equipment23€970€668▼

Furniture and vehicles24€20k€11k▼

Current assets29/58€45k€104k▲

Stocks and contracts in progress3€4k€3k▼

Stocks30/36€4k€3k▼

Amounts receivable within one year40/41€34k€63k▲

Trade receivables40€12k€18k▲

Other amounts receivable41€22k€44k▲

Cash at bank and in hand54/58€6k€39k▲

Equity and liabilities

Total equity and liabilities10/49€66k€116k▲

Equity10/15€29k€72k▲

Contributions10/11€20k€20k=

Reserves13€9k€52k▲

Distributable reserves133€9k€52k▲

Amounts payable17/49€37k€43k▲

Amounts payable after more than one year17€9k€4k▼

Financial debts170/4€9k€4k▼

Amounts payable within one year42/48€28k€40k▲

Current portion of amounts payable after more than one year42€9k€5k▼

Trade debts44€1k€3k▲

Suppliers440/4€1k€3k▲

Taxes, remuneration and social security45€18k€32k▲

Taxes450/3€7k€24k▲

Remuneration and social security454/9€12k€8k▼

Income statement Code20242025

Remuneration, social security and pensions62€39k€49k▲

Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€11k€10k▼

Other operating charges640/8€950€1k▲

Gross operating margin9900€66k€131k▲

Operating profit (loss)9901€15k€71k▲

Financial income75/76B€46€431▲

Recurring financial income75€46€431▲

Financial charges65/66B€915€650▼

Recurring financial charges65€915€650▼

Profit (loss) for the period before taxes9903€15k€71k▲

Income taxes67/77€3k€19k▲

Profit (loss) for the period9904€11k€52k▲

Profit (loss) for the period to be appropriated9905€11k€52k▲

Appropriation of the result

Profit (loss) to be appropriated9906€4k€52k▲

Profit (loss) brought forward from the previous period14P€-7k-

Transfer from equity791/2-€9k

Transfer to equity691/2€4k€52k▲

To other reserves6921€4k€52k▲

Profit to be distributed694/7-€9k

Directors or managers695-€9k

The notes to these accounts (5 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.

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Timeline · acts, filings and financial milestones

All 8Financial 2Filings 6

Next filing, fiscal year 2026, expected by 31-07-2027

2026

18-08

NBB filing Annual accounts filed

fiscal year 2025 · micro schema · 18 days late

2025

31-12

Financial Highest result since 2020net €52k ▲357%

Operating result €71k, net result €52k, both a record.

03-07

NBB filing Annual accounts filed

fiscal year 2024 · micro schema

2024

20-08

NBB filing Annual accounts filed

fiscal year 2023 · micro schema · 20 days late

2023

30-06

NBB filing Annual accounts filed

fiscal year 2022 · micro schema

2022

19-08

NBB filing Annual accounts filed

fiscal year 2021 · micro schema · 19 days late

2021

31-12

Financial Back to profitnet €12k

Net result €12k after one loss-making year.

15-06

NBB filing Annual accounts filed

fiscal year 2020 · micro schema

Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.

Directors · office · real estate

Directors

1 act for this company is in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.

Location & real-estate footprint

Registered office, Ninove · 1 establishment unit since 2020

establishment The establishment unit on the map

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.

Breeweg(App) 839400 Ninove

Ground area

855 m²

Building footprint

94 m²

Volume, LiDAR

705 m³

Parcel 41003B0135/00V002, Flanders · tallest building 10.3 m, ±3 floors. Linked by address, not a title deed.

1 establishment unit

Malfroid & Coene

Breeweg(App) 83, 9400 NinoveGeneral construction of buildings

since 20202.299.221.286

1 parcel

Flanders 1 (100%)

Parcel (capakey)	Region	Area	Buildings	Height / fl.
41003B0135/00V002	Flanders	855 m²	1 · 94 m²	10.2 m · 3 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.

Similar companies · same sector, comparable size

Leopoldsburg · Eq €72k

BJORN ROOSE

BE 0805.474.439

Koekelare · Eq €72k

Of 29,810 companies in sector 41001 we hold annual accounts for 16,041. 13,231 are within a factor 10 of this equity.See the whole sector

Company data · Crossroads Bank

Identification

Legal formPrivate limited company

Founded07-02-2020

Fiscal year end31-12

Activities, NACEBEL

41001General construction of residential buildings

43410Roofing work

43230Insulation installation

43291Specialised construction activities

43990Other specialised construction activities

43999Specialised construction activities

81210General cleaning of buildings

Sources

Crossroads Bank for EnterprisesNational Bank · 6 filingsAddress and cadastre registers

Data from official sources, last processed on 18-09-2026. Scores and ratios are computed by Checked and are not a credit decision.