NAVAL
ActiveSummary
NAVAL has been active since 1995 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €646,937 and a net result of -€23,128. Equity is shrinking by ~22.3% per year across the filed fiscal years. Its solvency ranks better than 43% of 8160 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.4% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability67▲+32
Solvency62▲+6
Growth32=
Track record100
Bankruptcy probability, 12 months
0.4%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €40,000 at 30 days acceptable
Liquidity tight (current ratio 1.17 against 3.51 in 2024; short-term debt: 4.6% and cash: 4% of total assets), and 62.8% of the assets are financed with debt.
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Signals
Six signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
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 · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 46
Relative position
BE, all sectors
reference
Wholesale trade (NACE 46)
about 21% more bankruptcies
← fewer bankruptcies
more bankruptcies →
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
37.2%
Return on assets
-1.3%
Age of the figures
18 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
19202122232425
2019 to 2025 · latest year -€23,128
neutral · Latest accounts filed on time
The financial year that closed on 31-03-2025 was due by 31-10-2025 and was filed on 13-10-2025, 18 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
18 d early
2024
6 d early
2023
on the day
2022
18 d early
2021
8 d late
2020
30 d late
2019
44 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 7 days before the deadline; the sector median for financial year 2024 is 3 days before the deadline, and 39% of the sector filed late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-03-2026 and is due by 31-10-2026. Nothing is late today. Usually files around 25 October (5 of the last 5 filed years within 30 days of that day).
Companies Code · seven monthsPosition in the running window
31-03-2026 close28-09-2026 today31-10-2026 deadline
History
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Financials · fiscal year 2025, abbreviated schema
Source amounts without an identifiable currency are assumed to be EUR.
Equity
€646,937▼ 3.5%
2024 · €670,065
Total assets
€1.7m▼ 19.7%
2024 · €2.2m
Net result
-€23,128▲ 7.3%
2024 · -€24,939
Working capital
€13,636▼ 95.8%
2024 · €326,822
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 46, Wholesale trade, 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€287,096▲ 21.8%€170,704▼ 40.5%€42,423▼ 75.1%€74,015▲ 74.5%-€17,930
Net result€215,341▲ 74.9%€3,722below the sector's middle half▼ 98.3%-€6,677below the sector's middle half-€24,939below the sector's middle half▼ 274%-€23,128below the sector's middle half▲ 7.3%
Equity€2.3m=€907,114within the sector's middle half▼ 60.4%€695,004within the sector's middle half▼ 23.4%€670,065within the sector's middle half▼ 3.6%€646,937within the sector's middle half▼ 3.5%
Total assets€2.5m=€1.8mwithin the sector's middle half▼ 29.8%€2.1mwithin the sector's middle half▲ 18.9%€2.2mwithin the sector's middle half▲ 4.0%€1.7mwithin the sector's middle half▼ 19.7%
Debt€796,506▲ 236%€843,766▲ 5.9%€1.4m▲ 64.3%€1.5m▲ 7.8%€1.1m▼ 27.0%
Working capital€830,640▼ 3.9%€204,129within the sector's middle half▼ 75.4%€15,732below the sector's middle half▼ 92.3%€326,822within the sector's middle half▲ 1,977%€13,636below the sector's middle half▼ 95.8%
Solvency91.7%=51.8%within the sector's middle half▼ 39.9pp33.4%within the sector's middle half▼ 18.4pp31.0%within the sector's middle half▼ 2.4pp37.2%within the sector's middle half▲ 6.3pp
Current ratio6.49▼ 1.883.44above the sector's middle half▼ 3.051.06below the sector's middle half▼ 2.383.51above the sector's middle half▲ 2.451.17within the sector's middle half▼ 2.34
Return on assets (ROA)8.6%▲ 3.7pp0.2%below the sector's middle half▼ 8.4pp-0.3%below the sector's middle half▼ 0.5pp-1.2%below the sector's middle half▼ 0.8pp-1.3%below the sector's middle half▼ 0.2pp
Staff (FTE)2.5=1.5below the sector's middle half▼ 40.0%1.5within the sector's middle half=1.5within the sector's middle half=0.8below the sector's middle half▼ 46.7%
above
within
below
the middle half (P25 to P75) of NACE 46, Wholesale trade, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the abbreviated schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result turns negative in 2025: a loss of €17,930 after €74,015 in 2024, the lowest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €1.7m
Fixed assets
€1.6m ▼ 3.7%
Current assets
€93,679 ▼ 79.5%
Equity and liabilities €1.7m
Equity
€646,937 ▼ 3.5%
Debt
€1.1m ▼ 27.0%
Debt's share of the balance-sheet total falls from 69.0% to 62.8%. Equity and debt are lower.
Key figures and ratios
EBITDA
€67,951▼
2024 · €178,656
Cash flow
€62,752▼
2024 · €79,702
Debt to equity
1.69▼
2024 · 2.23
ROE
-3.6%▲
2024 · -3.7%
Interest coverage
32.74▲
2024 · 2.10
Debt ≤ 1 year
€80,044▼
2024 · €130,448
Debt > 1 year
€1.0m▼
2024 · €1.4m
Income taxes
€3,147▼
2024 · €14,950
Staff costs
€47,827▼
2024 · €171,981
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 12,321 companies that looked in July 2024 the way this one looks now, 0.6% went bankrupt within 24 months and 90% are still going.
- Micro
- 20 years or older
- solvency 30% or more
- a small loss
0.6%
went bankrupt
8.5%
stopped otherwise
90%
still going
A further 0.6% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.4% over twelve months; the group does not contradict it.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,662 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% | 1.7% |
| 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 75% 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 12,321 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 |
|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | €134,257 | €139,603 | €171,981 | €47,827 | ▼ 72.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €127,194 | €114,974 | €105,129 | €104,641 | €85,880 | ▼ 17.9% |
| Other operating charges640/8 | - | €10,683 | €5,708 | €6,718 | €6,418 | ▼ 4.5% |
| Gross operating margin9900 | €553,297 | €430,617 | €292,863 | €357,355 | €122,196 | ▼ 65.8% |
| Operating profit (loss)9901 | €287,096 | €170,704 | €42,423 | €74,015 | -€17,930 | ▼ 124% |
| Financial income75/76B | - | €1,349 | €1,026 | €1,079 | €24 | ▼ 97.8% |
| Recurring financial income75 | €14,822 | €1,349 | €1,026 | €1,079 | €24 | ▼ 97.8% |
| Financial charges65/66B | - | €42,228 | €40,581 | €85,083 | €2,076 | ▼ 97.6% |
| Recurring financial charges65 | €26,999 | €42,228 | €40,581 | €85,083 | €2,076 | ▼ 97.6% |
| Profit (loss) for the period before taxes9903 | €274,919 | €129,825 | €2,868 | -€9,989 | -€19,981 | ▼ 100% |
| Income taxes67/77 | €91,132 | €126,103 | €9,545 | €14,950 | €3,147 | ▼ 78.9% |
| Profit (loss) for the period9904 | €215,341 | €3,722 | -€6,677 | -€24,939 | -€23,128 | ▲ 7.3% |
| Profit (loss) for the period to be appropriated9905 | €215,341 | €3,722 | -€6,677 | -€24,939 | -€23,128 | ▲ 7.3% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €2.5m | €1.8m | €2.1m | €2.2m | €1.7m | ▼ 19.7% |
| Formation expenses20 | €0 | - | - | - | - | - |
| Fixed assets21/28 | €1.5m | €1.5m | €1.8m | €1.7m | €1.6m | ▼ 3.7% |
| Intangible fixed assets21 | €0 | - | - | - | - | - |
| Tangible fixed assets22/27 | €1.5m | €1.5m | €1.8m | €1.7m | €1.6m | ▼ 3.7% |
| Land and buildings22 | - | €1.3m | €1.6m | €1.6m | €1.6m | ▼ 2.2% |
| Plant, machinery and equipment23 | - | €1,836 | €938 | €635 | €333 | ▼ 47.6% |
| Furniture and vehicles24 | - | €170,756 | €139,270 | €90,596 | €64,388 | ▼ 28.9% |
| Financial fixed assets28 | €500 | €500 | €500 | €500 | €500 | = |
| Current assets29/58 | €982,019 | €287,945 | €293,734 | €457,269 | €93,679 | ▼ 79.5% |
| Stocks and contracts in progress3 | €138,928 | €169,541 | €212,894 | €252,067 | €0 | ▼ 100% |
| Stocks30/36 | - | €169,541 | €212,894 | €252,067 | €0 | ▼ 100% |
| Amounts receivable within one year40/41 | €91,981 | €20,530 | €34,901 | €37,575 | €18,662 | ▼ 50.3% |
| Trade receivables40 | - | €238 | €352 | €31,481 | €10,238 | ▼ 67.5% |
| Other amounts receivable41 | - | €20,292 | €34,549 | €6,094 | €8,424 | ▲ 38.2% |
| Current investments50/53 | €0 | - | - | - | - | - |
| Cash at bank and in hand54/58 | €783,474 | €93,530 | €42,047 | €162,573 | €70,134 | ▼ 56.9% |
| Deferred charges and accrued income490/1 | - | €4,344 | €3,891 | €5,053 | €4,884 | ▼ 3.4% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €2.5m | €1.8m | €2.1m | €2.2m | €1.7m | ▼ 19.7% |
| Equity10/15 | €2.3m | €907,114 | €695,004 | €670,065 | €646,937 | ▼ 3.5% |
| Contributions10/11 | €1.9m | €272,800 | €272,800 | €272,800 | €272,800 | = |
| Capital10 | - | €272,800 | €272,800 | €272,800 | €272,800 | = |
| Issued capital100 | - | €272,800 | €272,800 | €272,800 | €272,800 | = |
| Reserves13 | €630,592 | €634,314 | €428,881 | €428,881 | €428,881 | = |
| Non-distributable reserves130/1 | - | €27,280 | €27,280 | €27,280 | €27,280 | = |
| Legal reserve130 | - | €27,280 | €27,280 | €27,280 | €27,280 | = |
| Distributable reserves133 | - | €607,034 | €401,601 | €401,601 | €401,601 | = |
| Profit (loss) carried forward14 | €0 | - | -€6,677 | -€31,616 | -€54,744 | ▼ 73.2% |
| Amounts payable17/49 | €796,506 | €843,766 | €1.4m | €1.5m | €1.1m | ▼ 27.0% |
| Amounts payable after more than one year17 | €645,127 | €759,950 | €1.1m | €1.4m | €1.0m | ▼ 25.8% |
| Other amounts payable178/9 | - | €759,950 | €1.1m | €1.4m | €1.0m | ▼ 25.8% |
| Amounts payable within one year42/48 | €151,379 | €83,816 | €278,002 | €130,448 | €80,044 | ▼ 38.6% |
| Trade debts44 | €86,192 | €5,618 | €2,511 | €70,688 | €70,262 | ▼ 0.6% |
| Suppliers440/4 | - | €5,618 | €2,511 | €70,688 | €70,262 | ▼ 0.6% |
| Taxes, remuneration and social security45 | - | €78,198 | €80,329 | €59,760 | €9,781 | ▼ 83.6% |
| Taxes450/3 | - | €61,832 | €64,495 | €41,105 | €8,374 | ▼ 79.6% |
| Remuneration and social security454/9 | - | €16,366 | €15,835 | €18,655 | €1,407 | ▼ 92.5% |
| Other amounts payable47/48 | - | - | €195,161 | €0 | - | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €215,341 | €3,722 | -€6,677 | -€24,939 | -€23,128 | ▲ 7.3% |
| + Depreciation and write-downs630 | €127,194 | €114,974 | €105,129 | €104,641 | €85,880 | ▼ 17.9% |
| Operating cash flow (approximation) | €342,535 | €118,696 | €98,452 | €79,702 | €62,752 | ▼ 21.3% |
| Investment in fixed assets (approximation) | - | -€66,001 | -€429,698 | -€24,253 | -€23,394 | ▲ 3.5% |
| Change in cash | - | -€689,945 | -€51,482 | €120,526 | -€92,439 | ▼ 177% |
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
2025
13-10
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema
2024
25-10
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema
31-03
Financial
Weakest financial yearnet -€24,939
Net result drops to -€24,939, the lowest in the series; recovery starts the following year.
31-03
Financial
Liquidity triplescurrent ratio 3.51
Current ratio from 1.06 to 3.51; short-term debt falls from €278,002 to €130,448.
2023
31-10
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema
2022
13-10
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema
2021
08-11
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema · 8 days late
31-03
Financial
Highest result since 2019net €215,341 ▲74.9%
Operating result €287,096, net result €215,341, both a record.
2020
30-11
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema · 30 days late
31-03
Financial
Liquidity triplescurrent ratio 8.37
Current ratio from 3.22 to 8.37; short-term debt falls from €141,884 to €117,320.
2019
17-09
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema
2018
20-09
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema
2017
27-09
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema
2016
26-09
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.
0 of 9 acts read
About the unread acts
We know of 9 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
9 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, Brecht · 1 establishment unit since 1995
Ground area
3,262 m²
Building footprint
250 m²
Volume, LiDAR
1,382 m³
Parcel 11042B0223/00C002, Flanders · tallest building 13.7 m, ±2 floors. Linked by address, not a title deed.
2
companies at this address
See who is registered here
1 establishment unit
Goudvinklaan 42, 2960 Brecht
since 19952.074.082.803
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 11042B0223/00C002 | Flanders | 3,262 m² | 1 · 250 m² | 13.7 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 855 companies in sector 46832 we hold annual accounts for 590. 456 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPublic limited company
Founded27-06-1995
Fiscal year end31-03
Activities, NACEBEL 2025
46832Wholesale of timber
46130Agents in the wholesale of timber and building materials
46190Agents in non-specialised wholesale trade
46349Wholesale of beverages, general range
46820Wholesale trade
66199Other activities auxiliary to financial services, excluding insurance and pension funding
E-invoicing
Reachable via Peppol
Peppol ID
0208:0455483690
Registered
27-03-2026
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 28 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.
General meetings
1 convocationExtraordinary general meeting
Agenda
1. Jaarverslag van de raad van bestuur. 2. Goedkeuring van de jaarrekening afgesloten op 30.06.2003. 3. Bestemming van het resultaat. 4. Kwijting aan de bestuurders. 5. Rondvraag. De