MARTIN KALFF & SOHN
ActiveMARTIN KALFF & SOHN has been active since 1990 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €580k and a net result of €-41k. Equity is growing by ~8.8% per year across the filed fiscal years. Its solvency ranks better than 76% of 862 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.9% (low).
Checked score
Score 2025
67
/ 100
Healthy
The score weighs solvency, liquidity, profitability and financial development. Bankruptcy probability contributes 35%. Every signal that weighs is under Signals.
Axes · tick = 2024
Profitability63=
Solvency89▼-2
Growth52=
Track record100
Bankruptcy probability, 12 months
0.9%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €35k at 30 days acceptable
Liquidity short (current ratio 0.81 against 1.16 in 2024; short-term debt: 22.6% and cash: 1.3% of total assets), and 35.7% of the assets are financed with debt.
Credit advice for your own amount and term
Signals
Seven signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 49
Relative position
BE, all sectors
reference
Sector 49
higher
← fewer bankruptcies
more bankruptcies →
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
raises risk · Persistent losses
Two consecutive loss-making years (2024 and 2025); equity is also lower. May indicate structural pressure on profitability.
NBB · annual accounts 2025Net result per financial year
1819202122232425
2018 to 2025 · latest year €-41k
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 28-05-2026, 64 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
64 d early
2024
44 d early
2023
51 d early
2022
39 d early
2021
59 d early
2020
53 d early
2019
58 d early
← 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
17-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, full schema
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
€-41k▲ 8.3%
2024 · €-44k
2018: €84k
2019: €167k
2020: €350k
2021: €191k
2022: €68k
2023: €-106k
2024: €-44k
2018 → 2025
Working capital
€-39k
2024 · €32k
2018: €147k
2019: €285k
2020: €434k
2021: €245k
2022: €168k
2023: €111k
2024: €32k
2018 → 2025
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€859k-€926k▲ 7.9%€820k▼ 11.5%€693k▼ 15.5%€580k▼ 16.3%
Operating result€248k-€104k▼ 58.0%€-102k€-39k▲ 61.7%€-35k▲ 10.9%
Net result€191k-€68k▼ 64.5%€-106k€-44k▲ 58.2%€-41k▲ 8.3%
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €35k in 2025 against €39k in 2024; the loss shrinks.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €902k
Fixed assets
€737k▼ 9.0%
Current assets
€164k▼ 29.3%
Equity and liabilities €902k
Equity
€580k▼ 16.3%
Debt
€322k▼ 8.1%
The debt ratio rises from 33.5% to 35.7%. Equity and debt are lower.
Key figures and ratios
EBITDA
€79k▼
2024 · €119k
Cash flow
€73k▼
2024 · €114k
Solvency
64.3%▼
2024 · 66.5%
Current ratio
0.81▼
2024 · 1.16
Quick ratio
0.79▼
2024 · 1.14
Debt / equity
0.55▲
2024 · 0.50
ROE
-7.0%▼
2024 · -6.4%
ROA
-4.5%▼
2024 · -4.3%
Interest coverage
13.37▼
2024 · 24.35
Debt
€322k▼
2024 · €350k
Debt ≤ 1 year
€204k▲
2024 · €201k
Debt > 1 year
€118k▼
2024 · €149k
Income taxes
€418▲
2024 · €404
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€1.04M€902k▼
Fixed assets21/28€810k€737k▼
Tangible fixed assets22/27€749k€676k▼
Land and buildings22€551k€523k▼
Plant, machinery and equipment23€21k€10k▼
Furniture and vehicles24€177k€143k▼
Financial fixed assets28€61k€61k=
Current assets29/58€232k€164k▼
Stocks and contracts in progress3€4k€4k=
Stocks30/36€4k€4k=
Amounts receivable within one year40/41€212k€140k▼
Trade receivables40€171k€83k▼
Other amounts receivable41€41k€58k▲
Cash at bank and in hand54/58€7k€12k▲
Deferred charges and accrued income490/1€10k€8k▼
Equity and liabilities
Total equity and liabilities10/49€1.04M€902k▼
Equity10/15€693k€580k▼
Contributions10/11€19k€19k=
Reserves13€825k€753k▼
Distributable reserves133€825k€753k▼
Profit (loss) carried forward14€-151k€-191k▼
Amounts payable17/49€350k€322k▼
Amounts payable after more than one year17€149k€118k▼
Financial debts170/4€149k€118k▼
Amounts payable within one year42/48€201k€204k▲
Current portion of amounts payable after more than one year42€63k€59k▼
Trade debts44€104k€39k▼
Suppliers440/4€104k€39k▼
Taxes, remuneration and social security45€4k€8k▲
Taxes450/3€4k€8k▲
Other amounts payable47/48€30k€98k▲
Income statement
Code20242025
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€158k€114k▼
Other operating charges640/8€6k€6k▲
Non-recurring operating charges66A€31k-
Gross operating margin9900€156k€85k▼
Operating profit (loss)9901€-39k€-35k▲
Financial income75/76B€19€481▲
Recurring financial income75€19€481▲
Financial charges65/66B€5k€6k▲
Recurring financial charges65€5k€6k▲
Profit (loss) for the period before taxes9903€-44k€-40k▲
Income taxes67/77€404€418▲
Profit (loss) for the period9904€-44k€-41k▲
Profit (loss) for the period to be appropriated9905€-44k€-41k▲
Appropriation of the result
Profit (loss) to be appropriated9906€-151k€-191k▼
Profit (loss) brought forward from the previous period14P€-106k€-151k▼
Transfer from equity791/2€83k€72k▼
Profit to be distributed694/7€83k€72k▼
Return on contributions (dividend)694€83k€72k▼
The notes to these accounts (11 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
28-05
NBB filing
Annual accounts filed
fiscal year 2025 · full schema
2025
17-06
NBB filing
Annual accounts filed
fiscal year 2024 · full schema
2024
10-06
NBB filing
Annual accounts filed
fiscal year 2023 · full schema
2023
31-12
Financial
Weakest financial yearnet €-106k ▼257%
Net result drops to €-106k, the lowest in the series; recovery starts the following year.
22-06
NBB filing
Annual accounts filed
fiscal year 2022 · full schema
2022
02-06
NBB filing
Annual accounts filed
fiscal year 2021 · full schema
2021
08-06
NBB filing
Annual accounts filed
fiscal year 2020 · full schema
2020
31-12
Financial
Highest result since 2018net €350k ▲109%
Operating result €514k, net result €350k, both a record.
31-12
Financial
Equity above €500kEq €684k ▲87.9%
3 profitable years in a row build equity to €684k.
03-06
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema
2019
31-12
Financial
Equity above €200kEq €364k ▲84.4%
2 profitable years in a row build equity to €364k.
31-05
NBB filing
Annual accounts filed
fiscal year 2018 · full schema
2018
13-07
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema
2017
21-06
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
Directors · office · real estate
Directors
2 acts for this company are 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, Raeren · 1 establishment unit since 1990
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.
Handelsstraße 144731 Raeren1 establishment unit
MARTIN KALFF & SOHN PGMBH
since 19902.049.187.455
Similar companies · same sector, comparable size
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BE 0598.983.215
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BE 0561.837.460
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STRUBBE TRANSPORT
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PEETERS - DE BAKKER
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HU-GO TRANS
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Machelen (Brab.) · Eq €579k
Of 12,605 companies in sector 49410 we hold annual accounts for 8,192. 4,987 are within a factor 10 of this equity.See the whole sector
Company data · Crossroads Bank
Identification
Legal formPrivate limited company
Founded04-07-1990
Fiscal year end31-12
Activities, NACEBEL
49410Freight transport by road
46832Wholesale of timber
Sources
Crossroads Bank for EnterprisesNational Bank · 35 filings
Data from official sources, last processed on 17-09-2026. Scores and ratios are computed by Checked and are not a credit decision.