MONFASOL
ActiveSummary
MONFASOL has been active since 1986 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €116,142 and a net result of -€27,433. Equity remains stable across the filed fiscal years (±2.2% per year). Its solvency ranks better than 69% of 270 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.1% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability3▼-6
Solvency76▼-6
Growth32▼-14
Track record100
Bankruptcy probability, 12 months
0.1%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €5,000 at 30 days acceptable
Liquidity ample (current ratio 1.7 against 2.02 in 2024; short-term debt: 49.3% and cash: 21.8% of total assets), and 49.3% of the assets are financed with debt.
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Signals
Seven signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 35
Relative position
BE, all sectors
reference
Electricity, gas, steam and air conditioning supply (NACE 35)
about 42% fewer bankruptcies
← 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 · Annual accounts: weaker financial profile
The latest annual accounts show a weaker profile in solvency, result or liquidity than companies that stay afloat.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
50.7%
Return on assets
-12%
Age of the figures
9 mo
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 -€27,433
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 22-07-2026, 9 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
9 d early
2024
13 d early
2023
17 d early
2022
18 d early
2021
24 d early
2020
16 d early
2019
17 d early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 7 accounts on average 16 days before the deadline; the sector median for financial year 2024 is 23 days before the deadline, and 27% of the sector filed late.
Checked, nothing found (2)
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
27-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, full schema
In the rankings
#1 oldest company in the province of Namur, Energy sector
Turnover
€51,421▼ 8.5%
2024 · €56,210
EBIT margin
-53.4%▼ 34.4pp
2024 · -19.0%
Net result
-€27,433▼ 145%
2024 · -€11,191
Working capital
€78,634▼ 27.4%
2024 · €108,326
Trend over the years
Click a name to add, emphasise or remove a line.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Turnover€82,163▲ 37.6%€104,499▲ 27.2%€73,656▼ 29.5%€56,210▼ 23.7%€51,421▼ 8.5%
Operating result€10,592▲ 17.0%€7,141▼ 32.6%€5,430▼ 24.0%-€10,656-€27,440▼ 158%
Net result€6,935▼ 0.2%€5,913▼ 14.7%€3,859▼ 34.7%-€11,191-€27,433▼ 145%
EBIT margin12.9%▼ 2.3pp6.8%▼ 6.1pp7.4%▲ 0.5pp-19.0%▼ 26.3pp-53.4%▼ 34.4pp
Equity€144,994▲ 5.0%€150,907▲ 4.1%€154,766▲ 2.6%€143,575▼ 7.2%€116,142▼ 19.1%
Total assets€272,631▲ 7.4%€268,803▼ 1.4%€257,385▼ 4.2%€250,181▼ 2.8%€228,993▼ 8.5%
Debt€127,637▲ 10.3%€117,896▼ 7.6%€102,619▼ 13.0%€106,606▲ 3.9%€112,851▲ 5.9%
Working capital€125,445▲ 7.8%€118,372▼ 5.6%€126,011▲ 6.5%€108,326▼ 14.0%€78,634▼ 27.4%
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €27,440 in 2025 against €10,656 in 2024; the loss grows and 2025 has the lowest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €228,993
Fixed assets
€37,508 ▲ 6.4%
Current assets
€191,485 ▼ 10.9%
Equity and liabilities €228,993
Equity
€116,142 ▼ 19.1%
Debt
€112,851 ▲ 5.9%
Debt's share of the balance-sheet total rises from 42.6% to 49.3%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
-€20,699▼
2024 · -€5,715
Cash flow
-€20,692▼
2024 · -€6,250
Current ratio
1.70▼
2024 · 2.02
Debt to equity
0.97▲
2024 · 0.74
ROE
-23.6%▼
2024 · -7.8%
ROA
-12.0%▼
2024 · -4.5%
Interest coverage
-181.57▼
2024 · -51.49
Debt ≤ 1 year
€112,851▲
2024 · €106,606
Income taxes
€52▼
2024 · €601
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 5,827 companies that looked in July 2024 the way this one looks now, 1.5% went bankrupt within 24 months and 84% are still going.
- Micro
- 20 years or older
- solvency 30% or more
- a loss of 10% of the balance sheet or more
1.5%
went bankrupt
14%
stopped otherwise
84%
still going
A further 0.7% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a lower bankruptcy probability: 0.1% over twelve months. The score reads more about this company than the group's four characteristics; both figures are right about what they measure.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,058 companies of July 2024 its group's bankruptcy share. Expected: 1.5%; actually bankrupt within 24 months: 1.6%.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.4% |
| 3 | 0.5% | 0.5% |
| 4 | 0.6% | 0.7% |
| 5 | 0.8% | 0.9% |
| 6 | 1.2% | 1.3% |
| 7 | 1.5% | 1.6% |
| 8 | 1.7% | 1.7% |
| 9 | 2.7% | 2.8% |
| 10 | 5.3% | 5.7% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 74% of comparisons. The level follows the economy: in a year with more bankruptcies, the actual share is higher than the year before.
An observation about 5,827 comparable companies, not a prediction for this company. The sector does not count: the register keeps no sector for companies that stopped, so it would make the outcome look better than it was.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Turnover70 | €82,163 | €104,499 | €73,656 | €56,210 | €51,421 | ▼ 8.5% |
| Goods, raw materials, services and sundry goods60/61 | €61,982 | €93,356 | €59,993 | €56,240 | €66,084 | ▲ 17.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €2,118 | €3,798 | €3,798 | €4,941 | €6,741 | ▲ 36.4% |
| Other operating charges640/8 | €7,470 | €4,306 | €4,435 | €5,685 | €6,036 | ▲ 6.2% |
| Non-recurring operating charges66A | €1 | - | - | - | - | - |
| Gross operating margin9900 | €20,181 | €15,245 | €13,663 | -€30 | -€14,663 | ▼ 48,777% |
| Operating profit (loss)9901 | €10,592 | €7,141 | €5,430 | -€10,656 | -€27,440 | ▼ 158% |
| Financial income75/76B | €56 | - | - | €177 | €173 | ▼ 2.3% |
| Recurring financial income75 | €56 | - | - | €177 | €173 | ▼ 2.3% |
| Financial charges65/66B | €311 | €192 | €90 | €111 | €114 | ▲ 2.7% |
| Recurring financial charges65 | €311 | €192 | €90 | €111 | €114 | ▲ 2.7% |
| Profit (loss) for the period before taxes9903 | €10,337 | €6,949 | €5,340 | -€10,590 | -€27,381 | ▼ 159% |
| Income taxes67/77 | €3,402 | €1,036 | €1,481 | €601 | €52 | ▼ 91.3% |
| Profit (loss) for the period9904 | €6,935 | €5,913 | €3,859 | -€11,191 | -€27,433 | ▼ 145% |
| Profit (loss) for the period to be appropriated9905 | €6,935 | €5,913 | €3,859 | -€11,191 | -€27,433 | ▼ 145% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €272,631 | €268,803 | €257,385 | €250,181 | €228,993 | ▼ 8.5% |
| Fixed assets21/28 | €19,549 | €32,553 | €28,755 | €35,249 | €37,508 | ▲ 6.4% |
| Tangible fixed assets22/27 | €19,549 | €32,553 | €28,755 | €35,249 | €37,508 | ▲ 6.4% |
| Land and buildings22 | €19,549 | €32,553 | €28,755 | €35,249 | €30,308 | ▼ 14.0% |
| Furniture and vehicles24 | - | - | - | - | €7,200 | - |
| Current assets29/58 | €253,082 | €236,250 | €228,630 | €214,932 | €191,485 | ▼ 10.9% |
| Amounts receivable within one year40/41 | €53,335 | €65,507 | €51,313 | €97,799 | €62,043 | ▼ 36.6% |
| Trade receivables40 | €51,649 | €60,724 | €45,264 | €88,923 | €62,043 | ▼ 30.2% |
| Other amounts receivable41 | €1,686 | €4,783 | €6,049 | €8,876 | €0 | ▼ 100% |
| Current investments50/53 | €157,649 | €127,631 | €127,613 | €77,649 | €77,750 | ▲ 0.1% |
| Cash at bank and in hand54/58 | €39,933 | €43,112 | €49,704 | €37,949 | €49,894 | ▲ 31.5% |
| Deferred charges and accrued income490/1 | €2,165 | - | - | €1,535 | €1,798 | ▲ 17.1% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €272,631 | €268,803 | €257,385 | €250,181 | €228,993 | ▼ 8.5% |
| Equity10/15 | €144,994 | €150,907 | €154,766 | €143,575 | €116,142 | ▼ 19.1% |
| Contributions10/11 | €18,592 | €18,592 | €18,592 | €18,592 | €18,592 | = |
| Capital10 | €18,592 | €18,592 | €18,592 | €18,592 | €18,592 | = |
| Issued capital100 | €18,592 | €18,592 | €18,592 | €18,592 | €18,592 | = |
| Reserves13 | €1,859 | €1,859 | €1,859 | €1,859 | €1,859 | = |
| Non-distributable reserves130/1 | €1,859 | €1,859 | €1,859 | €1,859 | €1,859 | = |
| Legal reserve130 | €1,859 | €1,859 | €1,859 | €1,859 | €1,859 | = |
| Profit (loss) carried forward14 | €124,543 | €130,456 | €134,315 | €123,124 | €95,691 | ▼ 22.3% |
| Amounts payable17/49 | €127,637 | €117,896 | €102,619 | €106,606 | €112,851 | ▲ 5.9% |
| Amounts payable within one year42/48 | €127,637 | €117,878 | €102,619 | €106,606 | €112,851 | ▲ 5.9% |
| Trade debts44 | €21,951 | €19,335 | €10,181 | €22,578 | €26,004 | ▲ 15.2% |
| Suppliers440/4 | €21,951 | €19,335 | €10,181 | €22,578 | €26,004 | ▲ 15.2% |
| Taxes, remuneration and social security45 | €2,687 | €1,515 | €1,410 | - | €86 | - |
| Taxes450/3 | €2,687 | €1,515 | €1,410 | - | - | - |
| Remuneration and social security454/9 | - | - | - | - | €86 | - |
| Other amounts payable47/48 | €102,999 | €97,028 | €91,028 | €84,028 | €86,761 | ▲ 3.3% |
| Accrued charges and deferred income492/3 | - | €18 | - | - | - | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €6,935 | €5,913 | €3,859 | -€11,191 | -€27,433 | ▼ 145% |
| + Depreciation and write-downs630 | €2,118 | €3,798 | €3,798 | €4,941 | €6,741 | ▲ 36.4% |
| Operating cash flow (approximation) | €9,053 | €9,711 | €7,657 | -€6,250 | -€20,692 | ▼ 231% |
| Investment in fixed assets (approximation) | - | -€16,802 | €0 | -€11,435 | -€9,000 | ▲ 21.3% |
| Change in cash | - | €3,179 | €6,592 | -€11,755 | €11,945 | ▲ 202% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
22-07
NBB filing
Annual accounts filed
fiscal year 2025 · full schema
2025
31-12
Financial
Weakest financial yearnet -€27,433
Net result drops to -€27,433, the lowest in the series.
18-07
NBB filing
Annual accounts filed
fiscal year 2024 · full schema
2024
14-07
NBB filing
Annual accounts filed
fiscal year 2023 · full schema
2023
13-07
NBB filing
Annual accounts filed
fiscal year 2022 · full schema
2022
31-12
Financial
Equity above €150,000Eq €150,907 ▲4.1%
5 profitable years in a row build equity to €150,907.
07-07
NBB filing
Annual accounts filed
fiscal year 2021 · full schema
2021
15-07
NBB filing
Annual accounts filed
fiscal year 2020 · full schema
2020
31-12
Financial
Highest result since 2018net €6,949 ▲3,030%
Net result €6,949, the highest in the series.
14-07
NBB filing
Annual accounts filed
fiscal year 2019 · full schema
2019
25-07
NBB filing
Annual accounts filed
fiscal year 2018 · full schema
2018
23-06
NBB filing
Annual accounts filed
fiscal year 2017 · full schema
2017
20-07
NBB filing
Annual accounts filed
fiscal year 2016 · full schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 1 act read
About the unread acts
We know of 1 Belgian State Gazette act for this company. It has not been read yet: what they contain is neither established nor disproved here.
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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, Namur · 1 establishment unit since 1986
Ground area
309 m²
Building footprint
165 m²
Volume, LiDAR
1,060 m³
Parcel 92136B0399/00T000, Wallonia · tallest building 9.0 m, ±2 floors. Linked by address, not a title deed.
1 establishment unit
MONFASOL
since 19862.036.841.830
1 parcel
Wallonia
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 92136B0399/00T000 | Wallonia | 309 m² | 1 · 165 m² | 9.0 m · 2 fl. |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
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Of 563 companies in sector 35150 we hold annual accounts for 230. 134 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formCoöperatieve vennootschap met beperkte aansprakelijkheid
Founded12-06-1986
Fiscal year end31-12
Activities, NACEBEL 2025
35150Electricity, gas, steam and air conditioning supply
68203Renting and operating of own or leased non-residential real estate, excluding land
E-invoicing
Reachable via Peppol
Peppol ID
0208:0429014667
Also
9925:BE0429014667
Registered
03-11-2025
Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.