NORMADEX
ActiveSummary
NORMADEX has been active since 2018 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €25k and a net result of €-9k. Equity is growing by ~19.5% per year across the filed fiscal years. Its solvency ranks better than 72% of 9494 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.4% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability0▼-60
Solvency100=
Growth52▼-26
Track record100
Bankruptcy probability, 12 months
0.4%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €1.5k at 30 days acceptable
Liquidity ample (current ratio 3.83 against 6.7 in 2024; short-term debt: 25.1% and cash: 24.9% of total assets), and 25.1% 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 · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 71
Relative position
BE, all sectors
reference
Architectural and engineering activities; technical testing and analysis (NACE 71)
about 56% fewer 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
74.9%
Return on assets
-28.2%
Age of the figures
9 mo
raises risk · Limited track record
This company has not been active as long as an established one and statistically fails somewhat more often.
KBO · incorporation dateAge against the risk zone
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
1819202122232425
2018 to 2025 · latest year €-9k
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 23-04-2026, 99 days ahead of the deadline.
NBB · 8 filingsDeviation from the deadline
2025
99 d early
2024
119 d early
2023
147 d early
2022
124 d early
2021
32 d early
2020
67 d early
2019
70 d early
← before the deadline
after the deadline →
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
26-09-2026 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 simulator What should you check before you do business with this company?Supplier due diligence Accepting this client? The AML file with identity, beneficial owners and sanctions lists.AML client file How does this company compare with its sector?Sector benchmark What changed in the latest annual accounts?What changed Roughly what is this company worth?Value indication
Financials · fiscal year 2025, micro schema
Equity
€25k▼ 27.3%
2024 · €34k
Total assets
€33k▼ 16.2%
2024 · €40k
Net result
€-9k▼ 222%
2024 · €-3k
Working capital
€24k▼ 23.0%
2024 · €31k
Trend over the years
Click a name to add, emphasise or remove a line.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result€12k▼ 67.1%€2k▼ 85.7%€8k▲ 356%€-3k€-9k▼ 238%
Net result€9k▼ 69.8%€1k▼ 87.5%€6k▲ 405%€-3k€-9k▼ 222%
Equity€30k▲ 44.9%€31k▲ 3.9%€37k▲ 18.8%€34k▼ 7.8%€25k▼ 27.3%
Total assets€34k▲ 20.1%€35k▲ 2.7%€42k▲ 18.6%€40k▼ 4.6%€33k▼ 16.2%
Debt€4k▼ 47.6%€4k▼ 6.1%€4k▲ 17.0%€5k▲ 22.9%€8k▲ 55.0%
Working capital€24k▲ 47.7%€24k▲ 1.1%€32k▲ 31.1%€31k▼ 3.5%€24k▼ 23.0%
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €9k in 2025 against €3k in 2024; the loss grows and 2025 has the lowest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €33k
Fixed assets
€1k ▼ 64.1%
Current assets
€32k ▼ 11.3%
Equity and liabilities €33k
Equity
€25k ▼ 27.3%
Debt
€8k ▲ 55.0%
Debt's share of the balance-sheet total rises from 13.6% to 25.1%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€-7k▼
2024 · €441
Cash flow
€-7k▼
2024 · €272
Current ratio
3.83▼
2024 · 6.70
Debt to equity
0.33▲
2024 · 0.16
ROE
-37.6%▼
2024 · -8.5%
ROA
-28.2%▼
2024 · -7.3%
Interest coverage
-70.83▼
2024 · 11.31
Debt ≤ 1 year
€8k▲
2024 · €5k
Income taxes
€1▼
2024 · €130
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 |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €2k | €3k | €4k | €3k | €2k | ▼ 37.5% |
| Other operating charges640/8 | €461 | €665 | €510 | €533 | €851 | ▲ 59.7% |
| Gross operating margin9900 | €15k | €5k | €13k | €974 | €-6k | ▼ 762% |
| Operating profit (loss)9901 | €12k | €2k | €8k | €-3k | €-9k | ▼ 238% |
| Financial charges65/66B | €121 | €130 | €166 | €39 | €103 | ▲ 164% |
| Recurring financial charges65 | €121 | €130 | €166 | €39 | €103 | ▲ 164% |
| Profit (loss) for the period before taxes9903 | €12k | €2k | €8k | €-3k | €-9k | ▼ 237% |
| Income taxes67/77 | €3k | €412 | €2k | €130 | €1 | ▼ 99.2% |
| Profit (loss) for the period9904 | €9k | €1k | €6k | €-3k | €-9k | ▼ 222% |
| Profit (loss) for the period to be appropriated9905 | €9k | €1k | €6k | €-3k | €-9k | ▼ 222% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €34k | €35k | €42k | €40k | €33k | ▼ 16.2% |
| Fixed assets21/28 | €6k | €7k | €5k | €4k | €1k | ▼ 64.1% |
| Tangible fixed assets22/27 | €6k | €7k | €5k | €4k | €1k | ▼ 64.1% |
| Plant, machinery and equipment23 | €1k | €1k | €2k | €1k | €506 | ▼ 53.4% |
| Furniture and vehicles24 | €5k | €6k | €4k | €3k | €808 | ▼ 68.5% |
| Current assets29/58 | €28k | €28k | €36k | €36k | €32k | ▼ 11.3% |
| Amounts receivable within one year40/41 | €17k | €16k | €15k | €17k | €24k | ▲ 40.7% |
| Trade receivables40 | €13k | €11k | €14k | €15k | €20k | ▲ 28.6% |
| Other amounts receivable41 | €4k | €5k | €4 | €2k | €4k | ▲ 157% |
| Cash at bank and in hand54/58 | €11k | €12k | €22k | €19k | €8k | ▼ 56.9% |
| Deferred charges and accrued income490/1 | - | €5 | - | - | - | - |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €34k | €35k | €42k | €40k | €33k | ▼ 16.2% |
| Equity10/15 | €30k | €31k | €37k | €34k | €25k | ▼ 27.3% |
| Contributions10/11 | €6k | €6k | €6k | €6k | €6k | = |
| Outside capital11 | €6k | - | - | - | - | - |
| Other1109/19 | €6k | - | - | - | - | - |
| Profit (loss) carried forward14 | €24k | €25k | €31k | €28k | €19k | ▼ 33.4% |
| Amounts payable17/49 | €4k | €4k | €4k | €5k | €8k | ▲ 55.0% |
| Amounts payable within one year42/48 | €4k | €4k | €4k | €5k | €8k | ▲ 55.0% |
| Trade debts44 | €24 | €57 | €108 | €740 | €863 | ▲ 16.6% |
| Suppliers440/4 | €24 | €57 | €108 | €740 | €863 | ▲ 16.6% |
| Taxes, remuneration and social security45 | €4k | €4k | €4k | €4k | €7k | ▲ 61.2% |
| Taxes450/3 | €4k | €4k | €4k | €4k | €7k | ▲ 61.2% |
| Other amounts payable47/48 | €406 | €191 | €226 | €226 | €359 | ▲ 58.8% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €9k | €1k | €6k | €-3k | €-9k | ▼ 222% |
| + Depreciation and write-downs630 | €2k | €3k | €4k | €3k | €2k | ▼ 37.5% |
| Operating cash flow (approximation) | €11k | €4k | €10k | €272 | €-7k | ▼ 2,820% |
| Investment in fixed assets (approximation) | - | €-4k | €-3k | €-1k | €349 | ▲ 125% |
| Change in cash | - | €798 | €9k | €-2k | €-11k | ▼ 342% |
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
23-04
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
31-12
Financial
Weakest financial yearnet €-9k
Net result drops to €-9k, the lowest in the series.
03-04
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
06-03
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
29-03
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
29-06
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
31-12
Financial
Liquidity doublescurrent ratio 7.01
Current ratio from 3.13 to 7.01; short-term debt falls from €8k to €4k.
25-05
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
2020
31-12
Financial
Back to profitnet €31k
Net result €31k after 2 loss-making years.
31-12
Financial
Liquidity times 54current ratio 3.13
Current ratio from 0.06 to 3.13; short-term debt falls from €11k to €8k.
22-05
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
2019
07-05
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 3 acts read
About the unread acts
We know of 3 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
3 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, Comblain-au-Pont · 1 establishment unit since 2018
Ground area
972 m²
Building footprint
96 m²
2 parcels, Wallonia. Linked by address, not a title deed.
1 establishment unit
NORMADEX
since 20182.274.629.907
2 parcels
Wallonia
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 61051D0117/00B002 | Wallonia | 629 m² | - | - |
| 62032C0195/00B003 | Wallonia | 343 m² | 1 · 96 m² | - |
Linked by address, not proof of ownership
Good to know
2 of 2 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
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Of 2,143 companies in sector 71209 we hold annual accounts for 1,086. 674 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
Founded28-02-2018
Fiscal year end31-12
Activities, NACEBEL 2025
71209Other technical testing and analysis
Scores and ratios are computed by Checked and are not a credit decision.