Equity
-€19,523
Debts exceed assets in financial year 2025.
Niagara
Lifetime
18 annual accounts with figures on one time axis, 48 filings since 1977peak €928 (2011)
-€1,509▼ €850
lowest -€4,375 (2010)
-€1,941▼ €858
peak €8,250 (2007)
-€19,523▼ €1,941
€35,369▼ 5.6%
Board6 names since 2007
3 directorsLouis Vandermeersch and 2 others
Documentsfilings and deeds
27-05-202627 days late
2025micro format
Gross margin from -€659 to -€1,509Loss of €1,941Cash from €4,484 to €2,744
Key points
from the 2025 annual accountsLosses
-€12,050 in eleven years
Every financial year from 2015 to 2025 closed with a loss. 2025 was the heaviest.
Debts
€35,369 223% of the balance sheet
Filings
48 annual accounts since 1977
Seven of the last ten came late. The 2020 accounts came latest: 31 days after the end of the period.
At the same address
92 companies
Position in the sector
-123.2%
Lower solvency than 95% of companies in machinery and equipment. Sector median 49.8% · 465 companies.
Turnover not published (micro format)
Checked score
53
Fair
Financially stronger than 14% of micro companies in machinery and equipment (NACE 28)
Probability in this band: 1.5% to 4.2%
Negative equity caps the score at 59.
Bankruptcy probability within 12 months
0.7% Low
0%0.5%1.5%4%10%≥ 25%
The dashed line is the sector median: 0.3% across 980 companies (NACE 28, micro).
About 7 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
Last 24 months
12-2024: 0.8%
01-2025: 0.8%● unchanged vs 12-2024
02-2025: 0.8%● unchanged vs 01-2025
03-2025: 0.8%● unchanged vs 02-2025
04-2025: 1.0%▲ +0.2 percentage points vs 03-2025
05-2025: 1.5%▲ +0.5 percentage points vs 04-2025highest value
06-2025: 0.5%▼ -1.0 percentage point vs 05-2025
07-2025: 0.5%● unchanged vs 06-2025
08-2025: 0.5%● unchanged vs 07-2025
09-2025: 0.5%● unchanged vs 08-2025
10-2025: 0.5%● unchanged vs 09-2025lowest value
11-2025: 0.5%● unchanged vs 10-2025lowest value
12-2025: 0.5%● unchanged vs 11-2025
01-2026: 0.5%● unchanged vs 12-2025
02-2026: 0.5%● unchanged vs 01-2026
03-2026: 0.5%● unchanged vs 02-2026
04-2026: 0.5%● unchanged vs 03-2026
05-2026: 0.8%▲ +0.3 percentage points vs 04-2026
06-2026: 0.8%● unchanged vs 05-2026
07-2026: 0.8%● unchanged vs 06-2026
08-2026: 0.8%● unchanged vs 07-2026
09-2026: 0.8%● unchanged vs 08-2026
10-2026: 0.7%▼ -0.1 percentage points vs 09-2026
11-2026: 0.7%● unchanged vs 10-2026
Financial strengthWeak
Score breakdown
raises risk
Capped at 59: negative equity
Loss of €1,941, the second in a row (financial year 2025)
Negative equity -€19,523
Sector: Manufacture of machinery and equipment not elsewhere classified (NACE 28)
lowers risk
Size: total assets €15,845
Calculation
The band follows from the bankruptcy probability. 10 more points roughly halve it.
| 75-100 | Excellent | under 0.55% |
| 60-74 | Healthy | 0.55% to 1.5% |
| 45-59 | Fair | 1.5% to 4.2% |
| 25-44 | Weak | 4.2% to 15.0% |
| 0-24 | Critical | over 15.0% |
Where the company stands within its band depends half on the bankruptcy probability and half on how it does against its sector peers (NACE 28, micro). It does better than 4% of them on solvency, 14% on liquidity, 12% on profitability and 24% on growth.
The bankruptcy probability was computed on 09-11-2026 by the bankruptcy model of 2 October 2026, which learns from Belgian bankruptcies and reads the registers, the annual accounts and the Belgian Official Gazette.
The probability rests on the annual accounts with balance sheet date 30-09-2025.
Of the companies with a bankruptcy probability in the low class on 30-06-2025, 0.8% went bankrupt within twelve months.
Some facts cap the score, however low the probability. With negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late, the score is Fair at most (59). With two missing filings, it is Weak at most (44). During a judicial reorganisation or at the company's end (bankruptcy, dissolution, liquidation), it is Critical at most (24).
Comparable companies, two years later
In July 2024, 6,619 companies had the same profile as Niagara has now. Each dot stands for 17 companies, two years later.
84.5%
were still trading
10.0%
stopped another way
4.5%
went bankrupt
Another 1.0% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of Niagara itself is lower: 0.7% within 12 months. It rests on far more data about Niagara than the profile alone.
Test of the method
The method was tested on the 497,447 companies of July 2024. Each company was given the bankruptcy share of the same profile a year earlier, in July 2023. The expectation was that 1.6% would go bankrupt within 24 months. In fact 1.7% went bankrupt.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.5% |
| 3 | 0.5% | 0.6% |
| 4 | 0.7% | 0.8% |
| 5 | 0.9% | 0.9% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.8% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
A company that went bankrupt had a higher expected share than one that kept going in 74.5% of comparisons. The level depends on the economy. In a year with more bankruptcies than the year before, the actual share is higher than the expected one.
This is an observation about 6,619 companies, not a prediction for Niagara. The sector does not count, because the KBO no longer lists a sector for a company that has stopped. By sector, mostly the survivors would count, which would paint too rosy a picture.
Credit verdict
No credit on open account
Liquidity is insufficient, with a current ratio of 0.45 (0.53 in 2024), below 1. Short-term debt is 223.2% and cash 17.3% of total assets. Equity is negative.
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The scores and ratios are Checked's own calculations, not a credit decision.
Signals
Six signals.
lowers riskraises risk
raises risk · Negative equity
The 2025 annual accounts show negative equity and a net loss.
NBB · annual accounts 2025Equity per financial year
19202122232425
2019 to 2025 · latest year -€19,523
raises risk · 2025 accounts filed 27 days late
The financial year that closed on 30-09-2025 was due by 30-04-2026 and was filed on 27-05-2026, 27 days later. Nearly half (47%) of Belgian companies file late; of those that file 1 to 90 days late, 2.0% are now bankrupt, dissolved or in another special legal status, against 1.66% of all filers. A delay like this does not count in the score.
NBB · 10 filingsDeviation from the deadline
2025
27 days late
2024
16 days late
2023
29 days late
2022
30 days late
2021
4 days early
2020
31 days late
2019
on the day
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
The company filed its last 7 accounts on average 18 days after the deadline. In the sector (NACE 28), the median for financial year 2024 was 11 days before the deadline, and 32% of those companies filed late.
Searched, nothing found (2)
neutral · Next filing not due yet
The financial year that closed on 30-09-2026 is due by 30-04-2027. Nothing is late today. The company usually files around 27 May (4 of the last 5 accounts filed within 30 days either side of that date).
Companies Code · seven monthsWhere today falls in the filing period
30-09-2026 year end10-11-2026 today30-04-2027 deadline
Board and ownership
Recent changes
Registered in the Peppol Directory
Reachable for e-invoices through 0208:0400311773
Resignation: FrançoisVandermeersch (director)
Appointment: RuttachukRungsiwiwut (director) · General meeting of 31-05-2021 · Gazette deed
4 directors appointed
Gaetan Van de Wyer, François Vandermeersch, Louis Vandermeersch and Xavier Vandermeersch (managing director) · General meeting of 20-11-2017 · Gazette deed
First establishment
Paul Gilsonlaan 86, Sint-Pieters-Leeuw
Comparable companies
same main activity, similar in size and age| Company | ||||
|---|---|---|---|---|
| Niagara Ixelles | €15,845 | -€1,509 | -123.2% | - |
| Landbouwmachines Van Edom Guido Boechout | €71,987 | -€791 | 84.5% | - |
| FIRMA J. BAEKE Oudenaarde | €126,227 | -€2,873 | 43.9% | 0 |
| VAN EDOM TECHNICS Duffel | €113,248 | -€1,997 | 98.8% | - |
| TRIPTOLEMUS Ghent | €70,755 | €26,818 | 25.4% | - |
| Hector Products Staden | €25,000 | €6,548 | 55.2% | - |
| Vanheule Technics Middelkerke | €103,221 | €34,679 | 38.4% | - |
These companies have the same main activity as Niagara: manufacture of machinery and equipment not elsewhere classified (NACE 28300). They are comparable in size and age: total assets between €25,000 and €126,000, founded between 1976 and 2023.
Official details
Source: KBO- Status
- ActiveNormal situation
- Registered office
- 93 active companies are registered at this address4 started in the 12 months before. Source: KBO register, as of 10 November 2026.
- Activity
- Manufacture of machinery and equipment not elsewhere classifiedNACE 28300
- Establishment unit
- 2.123.792.5311601 Sint-Pieters-Leeuw, since 24-03-2003
- Financial year end
- 30 September
- Peppol
- Reachable since 19-03-2026
Insights on Niagara
Niagara files the micro format. That format states no turnover. The gross margin fell from -€1,336 in 2007 to -€1,509 in 2025.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette. Click a figure with a dotted line for the item and the filing.
Key facts about Niagara
- What is the company number of Niagara?
- The company number of Niagara is 0400.311.773. The VAT number is the same number with BE in front: BE 0400.311.773.
- Where is Niagara based?
- The registered office is at Louizalaan 390, 1050 Ixelles.Company details
- What does Niagara do?
- According to the KBO register, the main activity is manufacture of machinery and equipment not elsewhere classified (NACE 28300).
- What is the legal form of Niagara?
- Niagara is a public limited company (NV).
- When was Niagara founded?
- Niagara was founded on 01-01-1968.
- Is Niagara still active?
- Yes, Niagara is an active enterprise in the KBO register.
- What is the turnover of Niagara?
- The annual accounts for financial year 2025 state no turnover. The micro format does not require it.Financials
- Is Niagara profitable?
- In financial year 2025, Niagara made a loss of €1,941.
- Where can I find the annual accounts of Niagara?
- Niagara filed 48 annual accounts with the National Bank of Belgium, the latest for financial year 2025.
- When are the next annual accounts of Niagara due?
- Niagara must file the annual accounts for financial year 2026 by 30-04-2027.Timeline
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