Summary
Narwal is a financial institution; the bankruptcy model is trained on trading and manufacturing companies and does not apply here. The 2025 annual accounts show equity of €184,526 and a net result of €198,955. Equity is growing by ~15.4% per year across the filed fiscal years. Its solvency ranks better than 24% of 8074 sector peers (fiscal year 2025). The company has been active since 2018 and the Belgian State Gazette contains no insolvency or warning signals.
Checked score
Outside the general model
Model not applicable to financial institutions
The Checked score weighs liquidity, leverage and margins against norms for trading and manufacturing companies. A bank, insurer or financial holding has a fundamentally different balance-sheet structure, so those ratios, and hence the score, carry no meaning here. That is why we show no financial axes either.
Credit check for your own amount and term
Show the recommended maximum : and see how the verdict changes with amount, term and advance.
Signals
Two signals. The signal on the left, the evidence on the right.
+raises risk○neutral
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 24% of 8074 sector peers (2025).
NBB · sector comparisonPosition among 8074 sector peers
Solvency
better than 24%
← weakest
strongest →
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 31-07-2026, 0 days ahead of the deadline.
NBB · 7 filingsDeviation from the deadline
2025
on the day
2024
42 d early
2023
33 d early
2022
31 d early
2021
32 d early
2020
31 d early
2019
31 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 29 days before the deadline; the sector median for financial year 2024 is 14 days before the deadline, and 28% 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
Go further with this company
How much credit can you give this customer, and on what term?Credit check What should you check before you do business with this company?Supplier due diligence Can you accept this company as a client under the anti-money-laundering law?AML client file Which of your other customers can you e-invoice via Peppol?Peppol check What changed in the latest annual accounts?What changed What held for this company on a given day: board, seat, name?Company as of a date
Is this your company? See how customers and banks see it.
Investigating this company? Keep it with today's facts in a case file.
Financials · fiscal year 2025, micro schema
Equity
€184,526▼ 37.3%
2024 · €294,333
Net result
€198,955▲ 10.0%
2024 · €180,873
Total assets
€942,650▼ 11.0%
2024 · €1.1m
Solvency
19.6%▼ 8.2pp
2024 · 27.8%
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 64, Financial service activities, except insurance and pension funding, each year against the same schema; no band under 30 filings. Dashed line: the median.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result€124,564▲ 5.9%€200,951▲ 61.3%€308,167▲ 53.4%€265,966▼ 13.7%€286,798▲ 7.8%
Net result€86,489above the sector's middle half▲ 8.9%€644,187above the sector's middle half▲ 645%€377,520above the sector's middle half▼ 41.4%€180,873within the sector's middle half▼ 52.1%€198,955above the sector's middle half▲ 10.0%
Equity€235,941within the sector's middle half▲ 57.9%€235,941within the sector's middle half=€613,461above the sector's middle half▲ 160%€294,333within the sector's middle half▼ 52.0%€184,526within the sector's middle half▼ 37.3%
Total assets€352,950within the sector's middle half▲ 48.6%€982,651above the sector's middle half▲ 178%€766,583within the sector's middle half▼ 22.0%€1.1mwithin the sector's middle half▲ 38.2%€942,650above the sector's middle half▼ 11.0%
Debt€117,010▲ 33.0%€746,711▲ 538%€153,122▼ 79.5%€765,240▲ 400%€758,124▼ 0.9%
Working capital€200,311▲ 95.8%€191,689▼ 4.3%€605,613▲ 216%€244,911▼ 59.6%€159,184▼ 35.0%
Solvency66.8%within the sector's middle half▲ 3.9pp24.0%within the sector's middle half▼ 42.8pp80.0%above the sector's middle half▲ 56.0pp27.8%within the sector's middle half▼ 52.2pp19.6%below the sector's middle half▼ 8.2pp
Staff (FTE)0within the sector's middle half
above
within
below
the middle half (P25 to P75) of NACE 64, Financial service activities, except insurance and pension funding, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the abbreviated or micro schema does not require them.
Why a figure moved sharply
- 2024 Net result -52% on 2023. The accounts now follow the abbreviated schema, last year the micro schema.
Result per fiscal year
Operating resultNet result
The operating result recovers in 2025; 2025 is 8% above 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €942,650
Fixed assets
€97,113 ▼ 34.1%
Current assets
€845,537 ▼ 7.3%
Equity and liabilities €942,650
Equity
€184,526 ▼ 37.3%
Debt
€758,124 ▼ 0.9%
Debt's share of the balance-sheet total rises from 72.2% to 80.4%. Equity and debt are lower.
Key figures and ratios
ROE
107.8%▲
2024 · 61.5%
ROA
21.1%▲
2024 · 17.1%
Debt ≤ 1 year
€686,353▲
2024 · €667,328
Debt > 1 year
€47,641▼
2024 · €84,197
Income taxes
€70,453▲
2024 · €66,433
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | €36 | €0 | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €12,608 | €3,468 | €5,621 | €42,445 | €50,220 | ▲ 18.3% |
| Other operating charges640/8 | €419 | €852 | €124 | €697 | €178 | ▼ 74.4% |
| Gross operating margin9900 | €137,590 | €205,270 | €313,949 | €309,108 | €337,197 | ▲ 9.1% |
| Operating profit (loss)9901 | €124,564 | €200,951 | €308,167 | €265,966 | €286,798 | ▲ 7.8% |
| Financial income75/76B | €5,053 | €504,242 | €156,833 | €26 | €4,203 | ▲ 16,330% |
| Recurring financial income75 | €5,053 | €504,242 | €156,833 | €26 | €4,203 | ▲ 16,330% |
| Financial charges65/66B | €237 | €4,697 | €8,908 | €18,685 | €21,593 | ▲ 15.6% |
| Recurring financial charges65 | €237 | €4,697 | €8,908 | €18,685 | €21,593 | ▲ 15.6% |
| Profit (loss) for the period before taxes9903 | €129,380 | €700,495 | €456,092 | €247,306 | €269,408 | ▲ 8.9% |
| Income taxes67/77 | €42,891 | €56,308 | €78,572 | €66,433 | €70,453 | ▲ 6.1% |
| Profit (loss) for the period9904 | €86,489 | €644,187 | €377,520 | €180,873 | €198,955 | ▲ 10.0% |
| Profit (loss) for the period to be appropriated9905 | €86,489 | €644,187 | €377,520 | €180,873 | €198,955 | ▲ 10.0% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €352,950 | €982,651 | €766,583 | €1.1m | €942,650 | ▼ 11.0% |
| Fixed assets21/28 | €36,219 | €44,953 | €11,288 | €147,334 | €97,113 | ▼ 34.1% |
| Tangible fixed assets22/27 | €2,676 | €12,411 | €11,288 | €147,334 | €97,113 | ▼ 34.1% |
| Plant, machinery and equipment23 | - | €2,829 | €1,484 | €3,977 | €2,558 | ▼ 35.7% |
| Furniture and vehicles24 | €2,676 | €966 | €0 | €124,741 | €84,481 | ▼ 32.3% |
| Other tangible fixed assets26 | - | €8,616 | €9,803 | €18,615 | €10,075 | ▼ 45.9% |
| Financial fixed assets28 | €33,543 | €32,543 | €0 | - | - | - |
| Current assets29/58 | €316,732 | €937,698 | €755,295 | €912,239 | €845,537 | ▼ 7.3% |
| Amounts receivable after more than one year29 | - | €496,060 | €496,060 | €496,060 | €496,060 | = |
| Other amounts receivable291 | - | €496,060 | €496,060 | €496,060 | €496,060 | = |
| Amounts receivable within one year40/41 | €180,545 | €297,833 | €217,168 | €167,383 | €261,632 | ▲ 56.3% |
| Trade receivables40 | €30,492 | €125,154 | €217,024 | €167,237 | €178,111 | ▲ 6.5% |
| Other amounts receivable41 | €150,053 | €172,679 | €144 | €146 | €83,521 | ▲ 56,954% |
| Cash at bank and in hand54/58 | €134,328 | €142,952 | €41,125 | €246,945 | €81,782 | ▼ 66.9% |
| Deferred charges and accrued income490/1 | €1,859 | €853 | €943 | €1,851 | €6,063 | ▲ 228% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €352,950 | €982,651 | €766,583 | €1.1m | €942,650 | ▼ 11.0% |
| Equity10/15 | €235,941 | €235,941 | €613,461 | €294,333 | €184,526 | ▼ 37.3% |
| Contributions10/11 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €217,341 | €217,341 | €217,341 | €217,341 | €165,926 | ▼ 23.7% |
| Distributable reserves133 | €217,341 | €217,341 | €217,341 | €217,341 | €165,926 | ▼ 23.7% |
| Profit (loss) carried forward14 | - | €0 | €377,520 | €58,393 | €0 | ▼ 100% |
| Amounts payable17/49 | €117,010 | €746,711 | €153,122 | €765,240 | €758,124 | ▼ 0.9% |
| Amounts payable after more than one year17 | - | - | - | €84,197 | €47,641 | ▼ 43.4% |
| Financial debts170/4 | - | - | - | €84,197 | €47,641 | ▼ 43.4% |
| Amounts payable within one year42/48 | €116,421 | €746,009 | €149,683 | €667,328 | €686,353 | ▲ 2.9% |
| Current portion of amounts payable after more than one year42 | - | - | - | €35,227 | €36,556 | ▲ 3.8% |
| Financial debts43 | - | - | - | - | €10,930 | - |
| Credit institutions430/8 | - | - | - | - | €10,930 | - |
| Trade debts44 | €45,024 | €13,027 | €16,504 | €5,130 | €5,439 | ▲ 6.0% |
| Suppliers440/4 | €45,024 | €13,027 | €16,504 | €5,130 | €5,439 | ▲ 6.0% |
| Taxes, remuneration and social security45 | €67,673 | €82,651 | €33,265 | €24,224 | €68,458 | ▲ 183% |
| Taxes450/3 | €63,673 | €79,651 | €30,265 | €21,224 | €63,830 | ▲ 201% |
| Remuneration and social security454/9 | €4,000 | €3,000 | €3,000 | €3,000 | €4,629 | ▲ 54.3% |
| Other amounts payable47/48 | €3,723 | €650,331 | €99,913 | €602,747 | €564,970 | ▼ 6.3% |
| Accrued charges and deferred income492/3 | €589 | €702 | €3,440 | €13,715 | €24,130 | ▲ 75.9% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €86,489 | €644,187 | €377,520 | €180,873 | €198,955 | ▲ 10.0% |
| + Depreciation and write-downs630 | €12,608 | €3,468 | €5,621 | €42,445 | €50,220 | ▲ 18.3% |
| Operating cash flow (approximation) | €99,097 | €647,654 | €383,142 | €223,318 | €249,175 | ▲ 11.6% |
| Investment in fixed assets (approximation) | - | -€12,202 | €28,044 | -€178,491 | €0 | ▲ 100% |
| Change in cash | - | €8,624 | -€101,826 | €205,820 | -€165,163 | ▼ 180% |
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
25-09
State Gazette act
Auditor appointment · Statutes amendment
Registered-office move · General meeting
31-07
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
19-06
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema
2024
28-06
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
31-12
Financial
Liquidity quadruplescurrent ratio 5.05
Current ratio from 1.26 to 5.05; short-term debt falls from €746,009 to €149,683.
31-12
Financial
Equity above €500,000Eq €613,461 ▲160%
5 profitable years in a row build equity to €613,461.
30-06
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
31-12
Financial
Highest result since 2019net €644,187 ▲645%
Net result €644,187, the highest in the series.
29-06
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
31-12
Financial
Equity above €200,000Eq €235,941 ▲57.9%
3 profitable years in a row build equity to €235,941.
30-06
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
2020
31-12
Financial
Equity above €100,000Eq €149,452 ▲113%
2 profitable years in a row build equity to €149,452.
30-06
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 2 acts read
About the unread acts
We know of 2 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
Have them read with priority
Sign in to place this company at the front of the reading queue.
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, Heusden-Zolder · 1 establishment unit since 2018
Ground area
2,525 m²
Building footprint
238 m²
Volume, LiDAR
1,630 m³
Parcel 71462C0067/00L023, Flanders · tallest building 8.9 m, ±2 floors. Linked by address, not a title deed.
1 establishment unit
Narwal
since 20182.281.925.097
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 71462C0067/00L023 | Flanders | 2,525 m² | 1 · 238 m² | 8.9 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.
Similar companies · same sector, comparable size
DVA Real Estate
BE 0684.748.338
Antwerpen · Eq €184,493
IMMO STARC
BE 0842.036.808
Sint-Truiden · Eq €184,606
DECOURTY HOLDING
BE 1018.928.085
Court-Saint-Etienne · Eq €184,641
KOVADIS
BE 0768.848.031
Charleroi · Eq €184,645
MAARIS
BE 0467.076.675
Gent · Eq €184,667
Of 24,729 companies in sector 64210 we hold annual accounts for 19,773. 13,539 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company
Founded31-10-2018
Fiscal year end31-12
Activities, NACEBEL 2025
64210Activities of holding companies
E-invoicing
Reachable via Peppol
Peppol ID
0208:0712779358
Also
9925:BE0712779358
Registered
03-04-2025
Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.