North Flow
ActiveSummary
North Flow has been active since 1986 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €4,455 and a net result of €4,213. The figures fluctuate too strongly year-on-year for a reliable trend projection. Its solvency ranks better than 14% of 10485 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.5% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability57▲+54
Solvency26▲+1
Growth58=
Track record100
Bankruptcy probability, 12 months
0.5%
Very low
0%0.5%1.5%4%10%≥ 25%
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Signals
Five 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 47
Relative position
BE, all sectors
reference
Retail trade (NACE 47)
about 45% more bankruptcies
← 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
1.5%
Return on assets
1.4%
Age of the figures
9 mo
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 14% of 10485 sector peers (2025).
NBB · sector comparisonPosition among 10485 sector peers
Solvency
better than 14%
← weakest
strongest →
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 30-07-2026, 1 day ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
1 d early
2024
27 d late
2023
14 d early
2022
4 d late
2021
11 d late
2020
3 d early
2019
3 d late
← 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 4 days after the deadline; the sector median for financial year 2024 is on the deadline day, and 46% of the sector filed late.
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
28-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, abbreviated schema
Source amounts without an identifiable currency are assumed to be EUR.
Equity
€4,455▲ 1,742%
2024 · €242
Total assets
€303,640▼ 9.5%
2024 · €335,529
Net result
€4,213
2024 · -€74,933
Working capital
-€42,008▲ 24.9%
2024 · -€55,909
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 47, Retail 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€147,994▲ 15.8%€174,860▲ 18.2%€196,109▲ 12.2%€11,204▼ 94.3%€36,692▲ 227%
Net result€34,268within the sector's middle half▼ 52.1%€125,566above the sector's middle half▲ 266%€85,394within the sector's middle half▼ 32.0%-€74,933below the sector's middle half€4,213within the sector's middle half
Equity€72,196below the sector's middle half▼ 5.1%€172,546within the sector's middle half▲ 139%€257,940within the sector's middle half▲ 49.5%€242below the sector's middle half▼ 99.9%€4,455below the sector's middle half▲ 1,742%
Total assets€713,172within the sector's middle half▼ 3.3%€794,891within the sector's middle half▲ 11.5%€792,235within the sector's middle half▼ 0.3%€335,529below the sector's middle half▼ 57.6%€303,640below the sector's middle half▼ 9.5%
Debt€640,976▼ 3.0%€622,346▼ 2.9%€534,296▼ 14.1%€335,288▼ 37.2%€299,184▼ 10.8%
Working capital-€98,416▲ 18.5%€20,475€113,041▲ 452%-€55,909-€42,008▲ 24.9%
Solvency10.1%below the sector's middle half▼ 0.2pp21.7%within the sector's middle half▲ 11.6pp32.6%within the sector's middle half▲ 10.9pp0.1%below the sector's middle half▼ 32.5pp1.5%below the sector's middle half▲ 1.4pp
Staff (FTE)1.1below the sector's middle half=1below the sector's middle half▼ 9.1%
above
within
below
the middle half (P25 to P75) of NACE 47, Retail 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 recovers in 2025; 2025 is 227% above 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €303,640
Fixed assets
€238,663 ▼ 7.9%
Current assets
€64,976 ▼ 15.0%
Equity and liabilities €303,640
Equity
€4,455 ▲ 1,742%
Debt
€299,184 ▼ 10.8%
Debt's share of the balance-sheet total falls from 99.9% to 98.5%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€57,155▲
2024 · €36,125
Cash flow
€24,676▲
2024 · -€50,012
Current ratio
0.61▲
2024 · 0.58
Debt to equity
67.16
ROE
94.6%
ROA
1.4%▲
2024 · -22.3%
Interest coverage
4.39▲
2024 · 0.42
Debt ≤ 1 year
€106,985▼
2024 · €132,312
Debt > 1 year
€187,976▼
2024 · €191,738
Income taxes
€19,469▲
2024 · €218
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 1,081 companies that looked in July 2024 the way this one looks now, 0.8% went bankrupt within 24 months and 97% are still going.
- Micro
- 20 years or older
- solvency under 10%
- a profit under 5% of the balance sheet
0.8%
went bankrupt
2.2%
stopped otherwise
97%
still going
A further 0.3% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.5% 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 497,058 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% | 1.6% |
| 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 74% 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 1,081 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 |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | €416 | - | - | - | - |
| Remuneration, social security and pensions62 | €33,851 | €12,947 | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €35,194 | €38,143 | €40,736 | €24,921 | €20,463 | ▼ 17.9% |
| Other operating charges640/8 | €790 | €3,467 | €3,591 | €2,763 | €790 | ▼ 71.4% |
| Non-recurring operating charges66A | - | €3,375 | - | - | - | - |
| Gross operating margin9900 | €217,829 | €232,792 | €240,436 | €38,888 | €57,945 | ▲ 49.0% |
| Operating profit (loss)9901 | €147,994 | €174,860 | €196,109 | €11,204 | €36,692 | ▲ 227% |
| Financial income75/76B | €1,172 | €1,223 | €622 | €635 | - | - |
| Recurring financial income75 | €1,172 | €1,223 | €622 | €635 | - | - |
| Financial charges65/66B | €88,563 | €30,177 | €89,439 | €86,554 | €13,010 | ▼ 85.0% |
| Recurring financial charges65 | €88,563 | €30,177 | €89,439 | €86,554 | €13,010 | ▼ 85.0% |
| Profit (loss) for the period before taxes9903 | €60,604 | €145,906 | €107,292 | -€74,715 | €23,682 | ▲ 132% |
| Income taxes67/77 | €26,336 | €20,341 | €21,898 | €218 | €19,469 | ▲ 8,838% |
| Profit (loss) for the period9904 | €34,268 | €125,566 | €85,394 | -€74,933 | €4,213 | ▲ 106% |
| Profit (loss) for the period to be appropriated9905 | €34,268 | €125,566 | €85,394 | -€74,933 | €4,213 | ▲ 106% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €713,172 | €794,891 | €792,235 | €335,529 | €303,640 | ▼ 9.5% |
| Fixed assets21/28 | €387,517 | €389,064 | €358,224 | €259,126 | €238,663 | ▼ 7.9% |
| Tangible fixed assets22/27 | €387,517 | €389,064 | €352,424 | €259,126 | €238,663 | ▼ 7.9% |
| Land and buildings22 | €230,273 | €222,280 | €214,741 | €207,464 | €200,485 | ▼ 3.4% |
| Plant, machinery and equipment23 | €112,841 | €98,487 | €81,395 | €6,966 | €4,529 | ▼ 35.0% |
| Furniture and vehicles24 | €22,224 | €45,865 | €34,997 | €24,130 | €13,685 | ▼ 43.3% |
| Other tangible fixed assets26 | €22,178 | €22,432 | €21,291 | €20,566 | €19,965 | ▼ 2.9% |
| Financial fixed assets28 | - | - | €5,800 | - | - | - |
| Current assets29/58 | €325,655 | €405,828 | €434,011 | €76,404 | €64,976 | ▼ 15.0% |
| Stocks and contracts in progress3 | €107,289 | €87,987 | €100,837 | - | - | - |
| Stocks30/36 | €107,289 | €87,987 | €100,837 | - | - | - |
| Amounts receivable within one year40/41 | €69,196 | €63,212 | €57,195 | €25,093 | €3,477 | ▼ 86.1% |
| Trade receivables40 | €66,239 | €58,809 | €52,249 | €24,689 | €3,459 | ▼ 86.0% |
| Other amounts receivable41 | €2,956 | €4,403 | €4,946 | €404 | €18 | ▼ 95.5% |
| Current investments50/53 | €118,415 | €232,073 | €205,395 | €38,945 | €26,608 | ▼ 31.7% |
| Cash at bank and in hand54/58 | €26,922 | €15,976 | €30,234 | €11,615 | €34,686 | ▲ 199% |
| Deferred charges and accrued income490/1 | €3,833 | €6,579 | €40,350 | €751 | €205 | ▼ 72.7% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €713,172 | €794,891 | €792,235 | €335,529 | €303,640 | ▼ 9.5% |
| Equity10/15 | €72,196 | €172,546 | €257,940 | €242 | €4,455 | ▲ 1,742% |
| Contributions10/11 | €12,400 | €12,400 | €12,400 | €3,614 | €3,614 | = |
| Reserves13 | €185,162 | €169,694 | €255,089 | €74,343 | €74,343 | = |
| Non-distributable reserves130/1 | €1,860 | €1,860 | €1,860 | €542 | €542 | = |
| Reserves not available under the articles1311 | €1,860 | €1,860 | €1,860 | €542 | €542 | = |
| Tax-exempt reserves132 | €18,750 | €18,750 | €18,750 | €5,465 | €5,465 | = |
| Distributable reserves133 | €164,552 | €149,084 | €234,479 | €68,337 | €68,337 | = |
| Profit (loss) carried forward14 | -€125,367 | -€9,549 | -€9,549 | -€77,715 | -€73,502 | ▲ 5.4% |
| Amounts payable17/49 | €640,976 | €622,346 | €534,296 | €335,288 | €299,184 | ▼ 10.8% |
| Amounts payable after more than one year17 | €211,075 | €224,449 | €202,965 | €191,738 | €187,976 | ▼ 2.0% |
| Financial debts170/4 | €211,075 | €224,449 | €202,965 | €191,738 | €187,976 | ▼ 2.0% |
| Amounts payable within one year42/48 | €424,071 | €385,353 | €320,970 | €132,312 | €106,985 | ▼ 19.1% |
| Current portion of amounts payable after more than one year42 | €11,862 | €21,122 | €21,483 | €11,227 | €3,762 | ▼ 66.5% |
| Financial debts43 | - | - | - | - | €1,800 | - |
| Credit institutions430/8 | - | - | - | - | €1,800 | - |
| Trade debts44 | €58,841 | €38,463 | €60,197 | €4,835 | €10,494 | ▲ 117% |
| Suppliers440/4 | €58,841 | €38,463 | €60,197 | €4,835 | €10,494 | ▲ 117% |
| Taxes, remuneration and social security45 | €15,892 | €17,498 | €11,238 | €4,650 | €15,781 | ▲ 239% |
| Taxes450/3 | €11,578 | €17,498 | €11,238 | €4,650 | €15,781 | ▲ 239% |
| Remuneration and social security454/9 | €4,314 | - | - | - | - | - |
| Other amounts payable47/48 | €337,476 | €308,271 | €228,052 | €111,601 | €75,147 | ▼ 32.7% |
| Accrued charges and deferred income492/3 | €5,830 | €12,544 | €10,360 | €11,237 | €4,224 | ▼ 62.4% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €34,268 | €125,566 | €85,394 | -€74,933 | €4,213 | ▲ 106% |
| + Depreciation and write-downs630 | €35,194 | €38,143 | €40,736 | €24,921 | €20,463 | ▼ 17.9% |
| Operating cash flow (approximation) | €69,462 | €163,709 | €126,131 | -€50,012 | €24,676 | ▲ 149% |
| Investment in fixed assets (approximation) | - | -€39,690 | -€9,897 | €74,177 | €0 | ▼ 100% |
| Change in cash | - | -€10,946 | €14,258 | -€18,619 | €23,071 | ▲ 224% |
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
30-07
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema
2025
31-12
Financial
Back to profitnet €4,213
Net result €4,213 after one loss-making year.
27-08
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema · 27 days late
2024
17-07
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema
2023
31-12
Financial
Equity above €200,000Eq €257,940 ▲49.5%
4 profitable years in a row build equity to €257,940.
04-08
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema · 4 days late
2022
31-12
Financial
Highest result since 2018net €125,566 ▲266%
Net result €125,566, the highest in the series.
31-12
Financial
Equity above €150,000Eq €172,546 ▲139%
3 profitable years in a row build equity to €172,546.
11-08
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema · 11 days late
2021
28-07
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema
2020
31-12
Financial
Back to profitnet €71,487
Net result €71,487 after 2 loss-making years.
03-08
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema · 3 days late
Show earlier events
2019
04-07
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema
2018
29-06
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema
2017
29-06
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 10 acts read
About the unread acts
We know of 10 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
10 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, Antwerpen · 1 establishment unit since 1989
Ground area
1,546 m²
Building footprint
227 m²
Volume, LiDAR
172 m³
Parcel 11806F1307/00A011, Flanders · tallest building 2.7 m. Linked by address, not a title deed.
4
companies at this address
See who is registered here
1 establishment unit
north flow
since 19892.041.726.967
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 11806F1307/00A011 | Flanders | 1,546 m² | 1 · 227 m² | 2.7 m |
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.
Public money · subsidies and aid
Flemish government
2022 · 1 entry · 2,000 EUR awarded · 2,000 EUR paid| Year | Entries | awarded | paid |
|---|---|---|---|
| 2022 | 1 | 2,000 EUR | 2,000 EUR |
Schemes
Recognitions · licences · registrations
Food safety, FASFC
1 siteAntwerpen2.041.726.967
Legal Entity Identifier
549300XYH6NSMQJ4ZU05
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Of 5,220 companies in sector 47730 we hold annual accounts for 3,862. 419 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
Founded01-12-1986
Fiscal year end31-12
Activities, NACEBEL 2025
47730Retail sale of pharmaceutical products
64210Activities of holding companies
70200Business and other management consultancy
Contact
Website
www.north-flow.comAntwerpen
E-invoicing
Reachable via Peppol
Peppol ID
0208:0429979323
Registered
05-09-2026
Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.