NDQ
ActiveNDQ has been active since 2004 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €5.16M and a net result of €865k. Equity is growing by ~25.9% per year across the filed fiscal years. Its solvency ranks better than 39% of 862 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.7% (low).
Checked score
Score 2025
88
/ 100
Excellent▲ +8 vs 2024
The score combines four axes. Every signal that weighs is under Signals.
Axes · tick = 2024
Profitability51▲+15
Solvency50▲+1
Growth70▲+1
Stability100
Bankruptcy probability, 12 months
0.7%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €450k at 30 days acceptable
Liquidity tight (current ratio 1.12 against 1.26 in 2024), and 70.2% of the assets are financed with debt.
Credit advice for your own amount and term
Signals
Six 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 · 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
29.8%
Return on assets
5%
Age of the figures
9 mo
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
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 03-07-2026, 28 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
28 d early
2024
38 d early
2023
7 d early
2022
30 d late
2021
29 d late
2020
1 d early
2019
35 d late
← 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
16-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, full schema
Turnover
€34.65M▲ 11.3%
2024 · €31.14M
2019: €23.94M
2020: €20.57M
2021: €25.28M
2022: €31.65M
2023: €30.65M
2024: €31.14M
2019 → 2025
EBIT margin
3.4%▲ 1.2pp
2024 · 2.2%
2019: 0.4%
2020: 2.4%
2021: 0.7%
2022: 3.5%
2023: 8.5%
2024: 2.2%
2019 → 2025
Net result
€865k▲ 87.9%
2024 · €460k
2018: €81k
2019: €67k
2020: €364k
2021: €85k
2022: €820k
2023: €1.92M
2024: €460k
2018 → 2025
Working capital
€773k▼ 46.3%
2024 · €1.44M
2018: €558k
2019: €374k
2020: €882k
2021: €313k
2022: €-966k
2023: €1.35M
2024: €1.44M
2018 → 2025
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Turnover€25.28M-€31.65M▲ 25.2%€30.65M▼ 3.2%€31.14M▲ 1.6%€34.65M▲ 11.3%
Equity€1.73M-€2.55M▲ 47.3%€4.32M▲ 69.3%€4.55M▲ 5.3%€5.16M▲ 13.3%
Operating result€189k-€1.12M▲ 493%€2.61M▲ 133%€673k▼ 74.2%€1.17M▲ 74.3%
Net result€85k-€820k▲ 861%€1.92M▲ 134%€460k▼ 76.0%€865k▲ 87.9%
Result per fiscal year
Operating resultNet result
The operating result recovers in 2025; 2025 is 74% above 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €17.32M
Fixed assets
€10.27M▲ 10.7%
Current assets
€7.04M▲ 1.5%
Equity and liabilities €17.32M
Equity
€5.16M▲ 13.3%
Debt
€12.16M▲ 4.2%
The debt ratio falls from 72.0% to 70.2%: equity grows faster than debt.
Key figures and ratios
EBITDA
€2.14M▲
2024 · €1.49M
Cash flow
€1.83M▲
2024 · €1.28M
Solvency
29.8%▲
2024 · 28.0%
Current ratio
1.12▼
2024 · 1.26
Quick ratio
1.12▼
2024 · 1.26
Debt / equity
2.36▼
2024 · 2.57
ROE
16.8%▲
2024 · 10.1%
ROA
5.0%▲
2024 · 2.8%
Interest coverage
12.89▲
2024 · 8.60
Debt
€12.16M▲
2024 · €11.67M
Debt ≤ 1 year
€6.27M▲
2024 · €5.50M
Debt > 1 year
€5.89M▼
2024 · €6.17M
Income taxes
€199k▲
2024 · €94k
Staff costs
€2.10M▲
2024 · €1.84M
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€16.22M€17.32M▲
Fixed assets21/28€9.28M€10.27M▲
Intangible fixed assets21€188k€726k▲
Tangible fixed assets22/27€9.09M€9.54M▲
Land and buildings22€8.32M€7.80M▼
Plant, machinery and equipment23€41k€87k▲
Furniture and vehicles24€729k€1.00M▲
Assets under construction and advance payments27-€653k
Financial fixed assets28€5k€5k=
Other financial fixed assets284/8€5k€5k=
Shares284€5k€5k=
Amounts receivable and cash guarantees285/8€452€452=
Current assets29/58€6.94M€7.04M▲
Amounts receivable after more than one year29-€36k
Other amounts receivable291-€36k
Stocks and contracts in progress3€0€0=
Amounts receivable within one year40/41€4.27M€5.85M▲
Trade receivables40€3.86M€5.45M▲
Other amounts receivable41€407k€398k▼
Cash at bank and in hand54/58€2.57M€1.01M▼
Deferred charges and accrued income490/1€98k€151k▲
Equity and liabilities
Total equity and liabilities10/49€16.22M€17.32M▲
Equity10/15€4.55M€5.16M▲
Contributions10/11€19k€19k=
Reserves13€4.53M€5.14M▲
Non-distributable reserves130/1€0-
Reserves not available under the articles1311€0-
Distributable reserves133€4.53M€5.14M▲
Amounts payable17/49€11.67M€12.16M▲
Amounts payable after more than one year17€6.17M€5.89M▼
Financial debts170/4€6.17M€5.89M▼
Credit institutions173€6.17M€5.89M▼
Amounts payable within one year42/48€5.50M€6.27M▲
Current portion of amounts payable after more than one year42€675k€809k▲
Financial debts43€208k€175k▼
Credit institutions430/8€208k€175k▼
Trade debts44€4.20M€4.74M▲
Suppliers440/4€4.20M€4.74M▲
Taxes, remuneration and social security45€192k€284k▲
Taxes450/3€34k€118k▲
Remuneration and social security454/9€157k€166k▲
Other amounts payable47/48€230k€260k▲
Accrued charges and deferred income492/3€6k€0▼
Income statement
Code20242025
Operating income70/76A€31.22M€34.78M▲
Turnover70€31.14M€34.65M▲
Other operating income74€80k€123k▲
Non-recurring operating income76A€800€0▼
Operating charges60/66A€30.55M€33.60M▲
Goods for resale, raw materials and consumables60€23.21M€26.27M▲
Purchases600/8€23.21M€26.27M▲
Services and other goods61€4.48M€4.23M▼
Remuneration, social security and pensions62€1.84M€2.10M▲
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€817k€965k▲
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4€77k€0▼
Other operating charges640/8€42k€43k▲
Non-recurring operating charges66A€80k€0▼
Operating profit (loss)9901€673k€1.17M▲
Financial income75/76B€131k€168k▲
Recurring financial income75€126k€168k▲
Income from financial fixed assets750-€432
Other financial income752/9€126k€168k▲
Non-recurring financial income76B€5k€120▼
Financial charges65/66B€250k€277k▲
Recurring financial charges65€250k€277k▲
Debt charges650€173k€166k▼
Other financial charges652/9€77k€112k▲
Profit (loss) for the period before taxes9903€554k€1.06M▲
Income taxes67/77€94k€199k▲
Taxes670/3€94k€199k▲
Profit (loss) for the period9904€460k€865k▲
Profit (loss) for the period to be appropriated9905€460k€865k▲
Appropriation of the result
Profit (loss) to be appropriated9906€460k€865k▲
Profit (loss) brought forward from the previous period14P€0-
Transfer to equity691/2€230k€605k▲
To other reserves6921€230k€605k▲
Profit to be distributed694/7€230k€260k▲
Return on contributions (dividend)694€0-
Directors or managers695€230k€260k▲
Social balance
Average headcount (FTE)908723.823.3▼
The notes to these accounts (81 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
03-07
NBB filing
Annual accounts filed
fiscal year 2025 · full schema
2025
31-12
Financial
Equity above €5MEq €5.16M ▲13.3%
8 profitable years in a row build equity to €5.16M.
23-06
NBB filing
Annual accounts filed
fiscal year 2024 · full schema
2024
24-07
NBB filing
Annual accounts filed
fiscal year 2023 · full schema
2023
31-12
Financial
Highest result since 2018net €1.92M ▲134%
Operating result €2.61M, net result €1.92M, both a record.
30-08
NBB filing
Annual accounts filed
fiscal year 2022 · full schema · 30 days late
2022
31-12
Financial
Equity above €2MEq €2.55M ▲47.3%
5 profitable years in a row build equity to €2.55M.
29-08
NBB filing
Annual accounts filed
fiscal year 2021 · full schema · 29 days late
2021
30-07
NBB filing
Annual accounts filed
fiscal year 2020 · full schema
2020
04-09
NBB filing
Annual accounts filed
fiscal year 2019 · full schema · 35 days late
2019
31-12
Financial
Weakest financial yearnet €67k ▼17.6%
Net result drops to €67k, the lowest in the series; recovery starts the following year.
20-08
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema · 20 days late
2018
02-07
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema
2017
07-07
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
6 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, Brugge · 1 establishment unit since 2004
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.
Koffieweg 28380 BruggeGround area
1.1 ha
Building footprint
2,760 m²
Volume, LiDAR
259 m³
Parcel 31811A0245/00G000, Flanders · tallest building 2.0 m. Linked by address, not a title deed.
1 establishment unit
NDQ logistics
since 20042.144.522.817
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 31811A0245/00G000 | Flanders | 1.1 ha | 1 · 2,760 m² | 2.0 m |
Linked by address, not proof of ownership
Methodology
via registered seat: 1
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Public money · subsidies and aid
Flemish government
2023 to 2025 · 4 entries · 29,998 EUR awarded · 17,837 EUR paid| Year | Entries | awarded | paid |
|---|---|---|---|
| 2025 | 1 | 25,000 EUR | 12,500 EUR |
| 2024 | 1 | 0 EUR | 4,500 EUR |
| 2023 | 2 | 4,998 EUR | 837 EUR |
Schemes
Kmo-groeisubsidie: steun voor groeitrajecten bij kmo's (stopgezet)
Subsidies voor internationaal ondernemen
Subsidie voor opleiding en advies voor kmo's en zelfstandigen (kmo-portefeuille)
Recognitions · licences · registrations
Food safety, FASFC
1 siteBrugge2.144.522.817
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Of 12,449 companies in sector 49410 we hold annual accounts for 8,086. 1,707 are within a factor 10 of this equity.See the whole sector
Company data · Crossroads Bank
Identification
Legal formPrivate limited company
Founded22-11-2004
Fiscal year end31-12
Activities, NACEBEL
49410Freight transport by road
52250Logistics services
52290Warehousing and support activities for transportation
63405
46180Agents specialised in the wholesale of other particular products
51180
52100Warehousing and storage
63122
Sources
Crossroads Bank for EnterprisesNational Bank · 21 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.