NØRMAN
ActiveNØRMAN has been active since 2022 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €617k and a net result of €176k. Equity is growing by ~45.5% per year across the filed fiscal years. Its solvency ranks better than 60% of 1026 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.5% (low).
Checked score
Score 2025
81
/ 100
Excellent
The score weighs solvency, liquidity and profitability. Bankruptcy probability contributes 35%. Every signal that weighs is under Signals.
Axes · tick = 2024
Profitability88▼-12
Solvency80▼-2
Growth78=
Track record94
Bankruptcy probability, 12 months
0.5%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €45k at 30 days acceptable
Liquidity ample (current ratio 2.01 against 2.2 in 2024; short-term debt: 39.1% and cash: 34.7% of total assets), and 45.4% 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 · Limited track record
This company has not been active as long as an established one and statistically fails somewhat more often.
KBO · incorporation dateAge against the risk zone
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 25
Relative position
BE, all sectors
reference
Sector 25
higher
← fewer bankruptcies
more bankruptcies →
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
54.6%
Return on assets
15.6%
Age of the figures
9 mo
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 18-07-2026, 13 days ahead of the deadline.
NBB · 3 filingsDeviation from the deadline
2025
13 d early
2024
24 d early
2023
27 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, abbreviated schema
Equity
€617k▲ 39.9%
2024 · €441k
2023: €216k
2024: €441k
2023 → 2025
Total assets
€1.13M▲ 46.7%
2024 · €770k
2023: €413k
2024: €770k
2023 → 2025
Net result
€176k▼ 19.9%
2024 · €220k
2023: €-84k
2024: €220k
2023 → 2025
Working capital
€446k▲ 37.2%
2024 · €325k
2023: €96k
2024: €325k
2023 → 2025
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line202320242025Trend
Equity€216k-€441k▲ 104%€617k▲ 39.9%
Operating result€-83k-€258k€233k▼ 9.8%
Net result€-84k-€220k€176k▼ 19.9%
Turnover and EBIT margin not published: the abbreviated or micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result falls in 2025; 2025 is 10% below 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €1.13M
Fixed assets
€243k▲ 38.8%
Current assets
€887k▲ 49.0%
Equity and liabilities €1.13M
Equity
€617k▲ 39.9%
Debt
€513k▲ 55.8%
The debt ratio rises from 42.7% to 45.4%. Equity and debt are higher.
Key figures and ratios
EBITDA
€287k▼
2024 · €306k
Cash flow
€230k▼
2024 · €267k
Solvency
54.6%▼
2024 · 57.3%
Current ratio
2.01▼
2024 · 2.20
Quick ratio
1.63▼
2024 · 1.74
Debt / equity
0.83▲
2024 · 0.75
ROE
28.5%▼
2024 · 49.8%
ROA
15.6%▼
2024 · 28.5%
Interest coverage
83.59▼
2024 · 92.32
Debt
€513k▲
2024 · €329k
Debt ≤ 1 year
€441k▲
2024 · €270k
Debt > 1 year
€71k▲
2024 · €59k
Income taxes
€54k▲
2024 · €35k
Staff costs
€413k▲
2024 · €271k
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€770k€1.13M▲
Fixed assets21/28€175k€243k▲
Intangible fixed assets21€35k€25k▼
Tangible fixed assets22/27€140k€218k▲
Plant, machinery and equipment23€33k€44k▲
Furniture and vehicles24€107k€174k▲
Current assets29/58€595k€887k▲
Stocks and contracts in progress3€125k€169k▲
Stocks30/36€14k€11k▼
Contracts in progress37€111k€158k▲
Amounts receivable within one year40/41€245k€314k▲
Trade receivables40€240k€314k▲
Other amounts receivable41€6k€0▼
Cash at bank and in hand54/58€221k€392k▲
Deferred charges and accrued income490/1€4k€12k▲
Equity and liabilities
Total equity and liabilities10/49€770k€1.13M▲
Equity10/15€441k€617k▲
Contributions10/11€306k€306k=
Reserves13€136k€312k▲
Distributable reserves133€136k€312k▲
Profit (loss) carried forward14€0-
Amounts payable17/49€329k€513k▲
Amounts payable after more than one year17€59k€71k▲
Financial debts170/4€59k€71k▲
Amounts payable within one year42/48€270k€441k▲
Current portion of amounts payable after more than one year42€20k€34k▲
Trade debts44€90k€185k▲
Suppliers440/4€90k€185k▲
Advances received on contracts in progress46€53k€48k▼
Taxes, remuneration and social security45€107k€174k▲
Taxes450/3€60k€124k▲
Remuneration and social security454/9€47k€51k▲
Other amounts payable47/48€0-
Income statement
Code20242025
Remuneration, social security and pensions62€271k€413k▲
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€47k€54k▲
Other operating charges640/8€1k€2k▲
Gross operating margin9900€578k€702k▲
Operating profit (loss)9901€258k€233k▼
Financial income75/76B€140€46▼
Recurring financial income75€140€46▼
Financial charges65/66B€3k€3k▲
Recurring financial charges65€3k€3k▲
Profit (loss) for the period before taxes9903€255k€230k▼
Income taxes67/77€35k€54k▲
Profit (loss) for the period9904€220k€176k▼
Profit (loss) for the period to be appropriated9905€220k€176k▼
Appropriation of the result
Profit (loss) to be appropriated9906€136k€176k▲
Profit (loss) brought forward from the previous period14P€-84k€0▲
Transfer to equity691/2€136k€176k▲
To other reserves6921€136k€176k▲
The notes to these accounts (13 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
05-08
State Gazette act
Resignations & appointmentsGeneral meeting · Director appointment · Permanent representative13 facts ▸
State Gazette act
Resignations & appointments
General meeting · Director appointment · Permanent representative13 facts ▸
- General meeting, 17/06/2026
- Director appointment, Samsara (bestuurder)
- Director appointment, Bram Bostyn (bestuurder)
- Permanent representative, Pedro Geeraerd
- Director resignation, Mithras (A-bestuurder)
- Director appointment, Mithras (A-bestuurder)
- Board meeting, 17/06/2026
- Director resignation, Sibecon (gedelegeerd bestuurder)
- Director resignation, Edward De Visschere (gedelegeerd bestuurder)
- Director resignation, Mithras (voorzitter van het bestuursorgaan)
- Director appointment, Samsara (voorzitter van het bestuursorgaan)
- Director appointment, Edward De Visschere (A-bestuurder)
- +1 further facts in this act
18-07
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema
2025
31-12
Financial
Equity above €500kEq €617k ▲39.9%
2 profitable years in a row build equity to €617k.
07-07
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema
2024
31-12
Financial
Back to profitnet €220k
Net result €220k after one loss-making year.
04-07
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
Directors · office · real estate
Directors
under verification, no change since 2026
This board is reconstructed from a single act (26350926). A Gazette act generally publishes only CHANGES, not a full roll call, so directors unchanged since then may be missing here. The KBO register holds the complete list of function holders.
Bram Bostyn
CurrentDirector · since 17-06-2026
Edward De Visschere
CurrentA bestuurder · since 17-06-2026 · Private limited company
MITHRAS
CurrentA bestuurder · since 17-06-2026 · Legal entity
Samsara
CurrentVoorzitter van het bestuursorgaan · since 17-06-2026 · Private limited company · perm. rep.: Pedro Geeraerd
SIBECON
CurrentA bestuurder · since 17-06-2026 · Private limited company
17-06-2026
Bram Bostyn: Appointed as Director
17-06-2026
Edward De Visschere: Resigned as Managing director
17-06-2026
Edward De Visschere: Appointed as A bestuurder
17-06-2026
MITHRAS: Resigned as Voorzitter van het bestuursorgaan
17-06-2026
MITHRAS: Resigned as A bestuurder
17-06-2026
MITHRAS: Appointed as A bestuurder
17-06-2026
Samsara: Appointed as Voorzitter van het bestuursorgaan
17-06-2026
Samsara: Appointed as Director
17-06-2026
SIBECON: Appointed as A bestuurder
17-06-2026
SIBECON: Resigned as Managing director
Location & real-estate footprint
Registered office, Zonnebeke · 1 establishment unit since 2023
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.
Kloosterlaan 108980 ZonnebekeGround area
8,571 m²
Building footprint
4,967 m²
Volume, LiDAR
699 m³
2 parcels, Flanders · tallest building 7.8 m, ±2 floors. Linked by address, not a title deed.
1 establishment unit
NORMAN
since 20232.349.096.114
2 parcels
Flanders
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 32006D0114/00B006 | Flanders | 7,617 m² | 1 · 4,835 m² | - |
| 33001E0199/00V000 | Flanders | 954 m² | 1 · 133 m² | 7.8 m · 2 fl. |
Linked by address, not proof of ownership
Methodology
via registered seat: 1 · via establishment units: 1
2 of 2 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Structure & network
Ownership & control
1 partyControl over this companysits on this company's board1
1 subsidiary · 1 location
controls
NØRMANBE 0794.262.130
Public money · subsidies and aid
Flemish government
2023 to 2024 · 2 entries · 1,952 EUR awarded · 1,952 EUR paid| Year | Entries | awarded | paid |
|---|---|---|---|
| 2024 | 1 | 836 EUR | 836 EUR |
| 2023 | 1 | 1,116 EUR | 1,116 EUR |
Schemes
Subsidie voor opleiding en advies voor kmo's en zelfstandigen (kmo-portefeuille)
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Of 3,988 companies in sector 25110 we hold annual accounts for 2,148. 1,507 are within a factor 10 of this equity.See the whole sector
Company data · Crossroads Bank
Identification
Legal formCooperative company
Founded30-11-2022
Fiscal year end31-12
Activities, NACEBEL
25110Manufacture of metal structures and parts of structures
25530Machining of metals
33120Repair and maintenance of machinery
33200Installation of industrial machinery and equipment
71121Engineering and related technical consultancy, excluding land surveyors
Sources
Crossroads Bank for EnterprisesNational Bank · 3 filingsAddress and cadastre registers
Data from official sources, last processed on 16-09-2026. Scores and ratios are computed by Checked and are not a credit decision.