NORGAD
ActiveNORGAD has been active since 2015 and the Belgian State Gazette contains no insolvency or warning signals. The 2024 annual accounts show equity of €79k and a net result of €12k. Equity is growing by ~19.8% per year across the filed fiscal years. Its solvency ranks better than 28% of 15868 sector peers (fiscal year 2024). The computed 12-month bankruptcy probability is 1.3% (low).
Checked score
Score 2024
52
/ 100
Fair
The score weighs solvency, liquidity, profitability and financial development. Bankruptcy probability contributes 35%. Every signal that weighs is under Signals.
Axes · tick = 2023
Profitability41▲+2
Solvency35▲+7
Growth78=
Track record100
Bankruptcy probability, 12 months
1.3%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €4k at 30 days acceptable
short-term debt: 1% and cash: 0% of total assets, and 89.6% 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 46
Relative position
BE, all sectors
reference
Sector 46
higher
← 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 2024Solvency, return and age of the figures
Solvency
10.4%
Return on assets
1.6%
Age of the figures
21 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 · Filed after the deadline
The financial year that closed on 31-12-2024 was due by 31-07-2025 and was filed on 30-09-2025, 61 days later. For context: 47% of the Belgian market files late and the whole 1-to-90-day band measures 2.0% abnormal legal state against a 1.66% average. We show this as a fact and do not score it.
NBB · 10 filingsDeviation from the deadline
2025
not confirmed
2024
61 d late
2023
22 d late
2022
60 d late
2021
6 d early
2020
30 d late
2019
119 d late
← before the deadline
after the deadline →
Financials · fiscal year 2024, micro schema
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
€12k▼ 8.0%
2023 · €13k
2018: €4k
2019: €-557
2020: €-2k
2021: €11k
2022: €13k
2023: €13k
2018 → 2024
Working capital
€751k▲ 5.1%
2023 · €714k
2018: €33k
2019: €32k
2020: €97k
2021: €102k
2022: €251k
2023: €714k
2018 → 2024
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20202021202220232024Trend
Equity€30k-€41k▲ 37.9%€54k▲ 32.1%€67k▲ 24.0%€79k▲ 17.8%
Operating result€1k-€13k▲ 1,049%€-2k€31k€-5k
Net result€-2k-€11k€13k▲ 16.6%€13k▼ 1.1%€12k▼ 8.0%
Result per fiscal year
Operating resultNet result
The operating result turns negative in 2024: a loss of €5k after €31k in 2023, the lowest result in the available series.
Balance-sheet composition
2024 in colour, 2023 as the grey bar beneath
Equity and liabilities €758k
Equity
€79k▲ 17.8%
Debt
€679k▼ 73.3%
The debt ratio falls from 97.4% to 89.6%. Equity is higher and debt is lower.
Key figures and ratios
Solvency
10.4%▲
2023 · 2.6%
Quick ratio
54.21▲
2023 · 1.27
Debt / equity
8.57▼
2023 · 37.88
ROE
15.1%▼
2023 · 19.4%
ROA
1.6%▲
2023 · 0.5%
Debt
€679k▼
2023 · €2.55M
Debt ≤ 1 year
€7k▼
2023 · €1.90M
Debt > 1 year
€672k▲
2023 · €647k
Income taxes
€3k▼
2023 · €4k
A ratio outside any meaningful range has been withheld (balance sheet total €758k, equity €79k).
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 · 2024 against 2023
Balance sheet
Code20232024
Assets
Total assets20/58€2.61M€758k▼
Current assets29/58€2.61M€758k▼
Stocks and contracts in progress3€207k€357k▲
Stocks30/36€207k€357k▲
Amounts receivable within one year40/41€2.36M€401k▼
Trade receivables40€2.36M€401k▼
Other amounts receivable41€6k-
Cash at bank and in hand54/58€44k€265▼
Deferred charges and accrued income490/1€88-
Equity and liabilities
Total equity and liabilities10/49€2.61M€758k▼
Equity10/15€67k€79k▲
Contributions10/11€21k€21k=
Profit (loss) carried forward14€46k€58k▲
Amounts payable17/49€2.55M€679k▼
Amounts payable after more than one year17€647k€672k▲
Other amounts payable178/9€647k€672k▲
Amounts payable within one year42/48€1.90M€7k▼
Trade debts44€1.88M-
Suppliers440/4€1.88M-
Taxes, remuneration and social security45€22k€7k▼
Taxes450/3€4k€7k▲
Remuneration and social security454/9€18k-
Income statement
Code20232024
Non-recurring operating income76A-€310k
Other operating charges640/8€384€968▲
Gross operating margin9900€31k€-4k▼
Operating profit (loss)9901€31k€-5k▼
Financial income75/76B€114k€46k▼
Recurring financial income75€114k€46k▼
Financial charges65/66B€128k€26k▼
Recurring financial charges65€128k€26k▼
Non-recurring financial charges66B€120-
Profit (loss) for the period before taxes9903€17k€15k▼
Income taxes67/77€4k€3k▼
Profit (loss) for the period9904€13k€12k▼
Profit (loss) for the period to be appropriated9905€13k€12k▼
Appropriation of the result
Profit (loss) to be appropriated9906€46k€58k▲
Profit (loss) brought forward from the previous period14P€33k€46k▲
The notes to these accounts (1 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Timeline · acts, filings and financial milestones
2025
30-09
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 61 days late
2024
31-12
Financial
Liquidity times 74current ratio 102.45
Current ratio from 1.38 to 102.45; short-term debt falls from €1.90M to €7k.
22-08
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 22 days late
2023
29-09
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 60 days late
2022
31-12
Financial
Highest result since 2018net €13k ▲16.6%
Net result €13k, the highest in the series.
25-07
NBB filing
Annual accounts filed
fiscal year 2021 · full schema
2021
31-12
Financial
Back to profitnet €11k
Net result €11k after 2 loss-making years.
30-08
NBB filing
Annual accounts filed
fiscal year 2020 · full schema · 30 days late
2020
31-12
Financial
Weakest financial yearnet €-2k
Net result drops to €-2k, the lowest in the series; recovery starts the following year.
31-12
Financial
Liquidity times 11current ratio 11.75
Current ratio from 1.09 to 11.75; short-term debt falls from €340k to €9k.
27-11
NBB filing
Annual accounts filed
fiscal year 2019 · full schema · 119 days late
2019
29-08
NBB filing
Annual accounts filed
fiscal year 2018 · full schema · 29 days late
2018
24-08
NBB filing
Annual accounts filed
fiscal year 2017 · full schema · 24 days late
2017
20-07
NBB filing
Annual accounts filed
fiscal year 2016 · full schema
2016
30-08
NBB filing
Annual accounts filed
fiscal year 2015 · full schema · 30 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 8 acts read
About the unread acts
We know of 8 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
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Directors · office · real estate
Directors
8 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, Brussel · 1 establishment unit since 2015
Ground area
686 m²
Building footprint
687 m²
Volume, LiDAR
10,345 m³
2 parcels, Brussels · tallest building 25.3 m, ±7 floors. Linked by address, not a title deed.
1 establishment unit
NORGAD
since 20152.239.392.676
2 parcels
Brussels
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 21802B1228/00E000 | Brussels | 350 m² | 1 · 351 m² | 18.1 m · 4 fl. |
| 21802B0142/00E000 | Brussels | 336 m² | 1 · 336 m² | 25.3 m · 7 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.
1 of these parcels carry protected heritage (source: regional heritage registers, Onroerend Erfgoed / patrimoine.brussels).
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Of 857 companies in sector 46832 we hold annual accounts for 588. 304 are within a factor 10 of this equity.See the whole sector
Company data · Crossroads Bank
Identification
Legal formPrivate limited company
Founded13-02-2015
Fiscal year end31-12
Activities, NACEBEL
46832Wholesale of timber
Sources
Crossroads Bank for EnterprisesNational Bank · 10 filingsAddress and cadastre registers
Data from official sources, last processed on 19-09-2026. Scores and ratios are computed by Checked and are not a credit decision.
Contact details
2 entriesWebsite:www.norgad.com
E-mail:info@norgad.com