ORPHA
ActiveSummary
ORPHA has been active since 1996 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €109,759 and a net result of €27,089. Equity has been growing by about 43% per year since 2018. Its solvency ranks better than 66% of 5,801 sector peers (NACE 68, financial year 2025). The computed 12-month bankruptcy probability is 0.2% (very low).
Overview
Overview
Official details
Source: KBO- Status
- Active since 21-06-1996 Normal situation
- Activity
- Real estate appraisal on a fee or contract basis NACE 68322and 2 others
- Establishment unit
- 2.078.021.397 9940 Evergem, since 30-08-1996
- Financial year end
- 31 December
- Peppol
- Reachable since 22-09-2025
Board and ownership
- DENEEF JacquesDirector · since 12-09-2023
- NOTE NadineDirector · since 12-09-2023
- Holdings
- Shares in 1 company JANAOR
Financial position
- Bankruptcy probabilitywithin 12 months
- 0.2%
- Gross margin
- €44,089
- ▲ 58.6%
- Turnover
- ≈ €99,000
- estimated
- Profit
- €27,089
- ▲ 76.3%
- Equity
- €109,759
- ▲ 31.4%
- Total assets
- €187,645
- ▼ 0.3%
Score breakdownraises riskLiquidity: current ratio 2.14, cash €464lowers riskFounded in 1996Legal form: public limited companyFigures for financial year 2025 (filed on 27-07-2026)Show the evidence
Checked score
About 2 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
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 68, micro). It does better than 70% of them on solvency, 29% on liquidity, 83% on profitability and 81% on growth.
The bankruptcy probability was computed on 04-11-2026 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.
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).
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The scores and ratios are Checked's own calculations, not a credit decision.
Signals
The company filed its last 7 accounts on average 9 days before the deadline. In the sector (NACE 68), the median for financial year 2024 was 7 days before the deadline, and 36% of those companies filed late.
Searched, nothing found (2)
Financials
Financials · financial year 2025, full format
Annual accounts 2025 filed on 27-07-2026 at the NBB all 29 filings
Every figure per financial year
The operating result for 2025 is 72% higher than in 2024. It is a recovery after the fall in 2024.
The turnover shown is an estimate from the gross margin.
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Debts secured on the company's own assets | €42,052 | €47,511 | €40,573 | - | €25,627 |
| Debts guaranteed by Belgian public bodies | - | - | - | €33,288 | - |
| Mortgages, amount registered | €37,184 | €37,184 | €37,184 | €37,184 | €37,184 |
| Mortgage mandates | €111,552 | €111,552 | €111,552 | €111,552 | €111,552 |
| Carrying value of the mortgaged assets | €65,628 | €62,268 | €58,908 | €55,549 | €52,488 |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €13,813 | €4,623 | €3,446 | €3,446 | €3,360 | €3,360 | €3,360 | €3,061 | ▼ 8.9% |
| Other operating charges640/8 | - | - | - | €1,859 | €1,229 | €1,300 | €1,329 | €1,367 | ▲ 2.9% |
| Gross operating margin9900 | €24,951 | €21,683 | €49,645 | €44,822 | €49,626 | €58,180 | €27,798 | €44,089 | ▲ 58.6% |
| Operating profit (loss)9901 | €9,771 | €15,680 | €44,476 | €39,517 | €45,037 | €53,520 | €23,110 | €39,662 | ▲ 71.6% |
| Financial income75/76B | - | - | - | - | €765 | €1,526 | €3,459 | €4,916 | ▲ 42.1% |
| Recurring financial income75 | - | - | - | - | €765 | €1,526 | €3,459 | €4,916 | ▲ 42.1% |
| Financial charges65/66B | - | - | - | €6,297 | €5,000 | €3,819 | €4,256 | €4,045 | ▼ 4.9% |
| Recurring financial charges65 | €6,782 | €5,931 | €6,127 | €6,297 | €5,000 | €3,819 | €4,256 | €4,045 | ▼ 4.9% |
| Profit (loss) for the period before taxes9903 | €2,989 | €9,749 | €38,349 | €33,220 | €40,803 | €51,227 | €22,313 | €40,532 | ▲ 81.7% |
| Income taxes67/77 | - | - | - | - | - | €4,909 | €6,945 | €13,442 | ▲ 93.5% |
| Profit (loss) for the period9904 | €2,989 | €9,749 | €38,349 | €33,220 | €40,803 | €46,318 | €15,368 | €27,089 | ▲ 76.3% |
| Profit (loss) for the period to be appropriated9905 | €2,989 | €9,749 | €38,349 | €33,220 | €40,803 | €46,318 | €15,368 | €27,089 | ▲ 76.3% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €85,386 | €81,695 | €76,697 | €73,166 | €102,483 | €121,724 | €188,198 | €187,645 | ▼ 0.3% |
| Fixed assets21/28 | €83,143 | €78,520 | €75,074 | €71,628 | €68,268 | €64,908 | €61,549 | €58,488 | ▼ 5.0% |
| Tangible fixed assets22/27 | €77,143 | €72,520 | €69,074 | €65,628 | €62,268 | €58,908 | €55,549 | €52,488 | ▼ 5.5% |
| Land and buildings22 | - | - | - | €63,549 | €60,619 | €57,690 | €54,760 | €51,831 | ▼ 5.3% |
| Plant, machinery and equipment23 | - | - | - | €2,079 | €1,649 | €1,219 | €789 | €657 | ▼ 16.7% |
| Financial fixed assets28 | €6,000 | €6,000 | €6,000 | €6,000 | €6,000 | €6,000 | €6,000 | €6,000 | = |
| Current assets29/58 | €2,243 | €3,176 | €1,623 | €1,538 | €34,215 | €56,815 | €126,649 | €129,157 | ▲ 2.0% |
| Amounts receivable after more than one year29 | - | - | - | - | €30,000 | €30,000 | €30,000 | €30,000 | = |
| Other amounts receivable291 | - | - | - | - | €30,000 | €30,000 | €30,000 | €30,000 | = |
| Amounts receivable within one year40/41 | - | - | €271 | €179 | €67 | €24,572 | €94,197 | €96,936 | ▲ 2.9% |
| Trade receivables40 | - | - | - | - | €42 | - | €35,677 | - | - |
| Other amounts receivable41 | - | - | - | €179 | €25 | €24,572 | €58,519 | €96,936 | ▲ 65.6% |
| Cash at bank and in hand54/58 | €1,651 | €2,559 | €716 | €700 | €2,710 | €542 | €741 | €464 | ▼ 37.4% |
| Deferred charges and accrued income490/1 | - | - | - | €660 | €1,438 | €1,701 | €1,711 | €1,756 | ▲ 2.6% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €85,386 | €81,695 | €76,697 | €73,166 | €102,483 | €121,724 | €188,198 | €187,645 | ▼ 0.3% |
| Equity10/15 | -€98,585 | -€88,837 | -€50,488 | -€17,268 | €23,535 | €69,853 | €83,502 | €109,759 | ▲ 31.4% |
| Contributions10/11 | €62,000 | €62,000 | €62,000 | €62,000 | €62,000 | €62,000 | €62,000 | €62,000 | = |
| Capital10 | - | - | - | €62,000 | €62,000 | €62,000 | €62,000 | €62,000 | = |
| Issued capital100 | - | - | - | €62,000 | €62,000 | €62,000 | €62,000 | €62,000 | = |
| Reserves13 | - | - | - | - | - | €7,853 | €21,502 | €47,759 | ▲ 122% |
| Non-distributable reserves130/1 | - | - | - | - | - | €785 | €1,622 | €2,976 | ▲ 83.5% |
| Legal reserve130 | - | - | - | - | - | €785 | €1,622 | €2,976 | ▲ 83.5% |
| Distributable reserves133 | - | - | - | - | - | €7,068 | €19,881 | €44,782 | ▲ 125% |
| Profit (loss) carried forward14 | -€160,585 | -€150,837 | -€112,488 | -€79,268 | -€38,465 | - | - | - | - |
| Amounts payable17/49 | €183,971 | €170,532 | €127,185 | €90,434 | €78,949 | €51,871 | €104,696 | €77,886 | ▼ 25.6% |
| Amounts payable after more than one year17 | €87,169 | €74,798 | €62,114 | €49,111 | €40,573 | €33,288 | €25,627 | €17,577 | ▼ 31.4% |
| Financial debts170/4 | - | - | - | €49,111 | €40,573 | €33,288 | €25,627 | €17,577 | ▼ 31.4% |
| Amounts payable within one year42/48 | €96,802 | €93,436 | €65,070 | €41,323 | €38,375 | €18,583 | €79,069 | €60,310 | ▼ 23.7% |
| Current portion of amounts payable after more than one year42 | - | - | - | €13,003 | €8,538 | €7,285 | €7,661 | €8,050 | ▲ 5.1% |
| Trade debts44 | €1,166 | €1,815 | €2,245 | €3,484 | €3,715 | €2,429 | €2,313 | €3,233 | ▲ 39.7% |
| Suppliers440/4 | - | - | - | €3,484 | €3,715 | €2,429 | €2,313 | €3,233 | ▲ 39.7% |
| Taxes, remuneration and social security45 | - | - | - | €74 | €13,201 | €4,934 | €1,967 | €15,388 | ▲ 682% |
| Taxes450/3 | - | - | - | €74 | €13,201 | €4,934 | €1,967 | €15,388 | ▲ 682% |
| Other amounts payable47/48 | - | - | - | €24,763 | €12,921 | €3,935 | €67,128 | €33,639 | ▼ 49.9% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €2,989 | €9,749 | €38,349 | €33,220 | €40,803 | €46,318 | €15,368 | €27,089 | ▲ 76.3% |
| + Depreciation and write-downs630 | €13,813 | €4,623 | €3,446 | €3,446 | €3,360 | €3,360 | €3,360 | €3,061 | ▼ 8.9% |
| Operating cash flow (approximation) | €16,802 | €14,372 | €41,795 | €36,666 | €44,163 | €49,678 | €18,727 | €30,150 | ▲ 61.0% |
| Investment in fixed assets (approximation) | - | €0 | €0 | €0 | €0 | €0 | €0 | €0 | - |
| Change in cash | - | €908 | -€1,843 | -€16 | €2,010 | -€2,168 | €199 | -€277 | - |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Historical observation
In July 2024, 31,368 companies had the same profile as ORPHA has now. Two years later, 93.5% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of ORPHA itself: 0.2% within 12 months.
Test of the method
The method was tested on the 497,446 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 31,368 companies, not a prediction for ORPHA. 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.
Latest 10 of 29 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 27-07-2026 | 2026-00333790 | |
| 31-12-2024 | abbreviated format | 20-07-2025 | 2025-00289931 | |
| 31-12-2023 | abbreviated format | 16-07-2024 | 2024-00252417 | |
| 31-12-2022 | abbreviated format | 08-07-2023 | 2023-00218567 | |
| 31-12-2021 | abbreviated format | 27-07-2022 | 2022-20228939 | |
| 31-12-2020 | abbreviated format | 29-07-2021 | 2021-42400449 | |
| 31-12-2019 | abbreviated format | 24-07-2020 | 2020-35300297 | |
| 31-12-2018 | abbreviated format | 08-07-2019 | 2019-30200229 | |
| 31-12-2017 | abbreviated format | 10-07-2018 | 2018-31700375 | |
| 31-12-2016 | abbreviated format | 17-07-2017 | 2017-32700015 |
Board & ownership
Directors
Owners and capital
Capital transactions
- 02-10-2023 Capital stated in the deed · €62,000 · 5,750 shares
Mandate history
- Board
- mandate already running before its first mention
- end not dated
| Name | Functions and periods |
|---|---|
| DENEEF Jacques |
|
| NOTE Nadine |
|
| CLAUS Dimitri |
|
Articles of association
- Board ruleThese rules set how the board is made up, meets and takes decisions.
- At least 3 directorsTerm of at most 6 years2 directors“Raad, gewone meerderheid”
- Liquidation ruleIn a liquidation the creditors are paid first. What is left goes to the shareholders.
- “Bevoegdheden vereffenaars, algemene vergadering anders bij gewone meerderheid”
Articles of association, deed of 02-10-2023 (in Dutch)
Network & group
Holdings and subsidiaries
1 holdingHoldings 1
- JANAORsubsidiarySourceown accounts 2025Equity €11,103 Profit of €45,759 in 2026 (profit of €45,854 in 2025) Checked score 9296.77%
Companies at the same address
1 other companyConnections & network
2 current directorsThe network starts from the directors of ORPHA. Every other company they run is a node.
Timeline
Acts, filings and financial milestones
02-10
Gazette deed
2 directors appointed, 3 directors resigning, 3 reappointedResignations: DENEEF Jacques, NOTE Nadine and CLAUS Dimitri · Reappointments: DENEEF Jacques, NOTE Nadine and CLAUS Dimitri · Appointments: DENEEF Jacques (director) and NOTE Nadine (director)12 points ▸
- General meeting, 12-09-2023
- Capital, €62,000, 5,750 shares
- Power of attorney, Fabienne FEVERY
- Registered office clause, Callemansputtestraat 4, 9940 Ertvelde (Evergem)
- Director resignation, DENEEF Jacques (director)
- Director resignation, NOTE Nadine (director)
- Director resignation, CLAUS Dimitri (director)
- Director reappointment, DENEEF Jacques (director (not named in the articles))
- Director reappointment, NOTE Nadine (director (not named in the articles))
- Director reappointment, CLAUS Dimitri (director (not named in the articles))
- Director appointment, DENEEF Jacques (director (not named in the articles))
- Director appointment, NOTE Nadine (director (not named in the articles))
- The act holds 2 more points.
Sources:Publications in the Belgian Official GazetteFilings with the National Bank
History
Company details
Register details
Identity
KBO recordRegistered office and establishments
Activities
NACEBEL 2025Codes under NACEBEL 2008
10 activities
- Het verwerven en vervreemden van onroerende goederen met uitsluiting van de handelingen als vastgoedhandelaar;het beheer van een onroerend vermogen en de huurfinanciering of het verlenen van soortgelijke rechten betreffende onroerende goederen;alsmede alle handelingen die rechtstreeks of onrechtstreeks verband houden met dit voorwerp en die de opbrengst van de onroerende goederen moeten bevorderen,zoals het onderhoud van deze goederen
- De verwerving van participaties onder gelijk welke vorm in handels-,industriële en financiële ondernemingen,zowel Belgische als buitenlandse;het beheer evenals het te gelde maken van deze participaties;de verwerving door deelneming,inschrijving,aankoop,optie of om het even welke andere middelen van alle deelbewijzen,aandelen,obligaties,waarden en titels
- Het toestaan van leningen en kredietopeningen aan vennootschappen of particulieren,onder om het even welke vorm;in dit kader kan zij zich borg stellen of haar aval verlenen,en in de meest ruime zin,alle handels- en financiële operaties verrichten,behalve deze die wettelijk voorbehouden zijn aan depositobanken,houders van deposito's op korte termijn,spaarkassen,hypotheekmaatschappijen en kapitalisatieondernemingen
- Het waarnemen van alle bestuursopdrachten,het uitoefenen van mandaten en functies die rechtstreeks of onrechtstreeks verband houden met haar voorwerp
- In België en in het buitenland alle commerciële-industriële,financiële,roerende en onroerende verrichtingen doen die rechtstreeks of onrechtstreeks in verband staan met haar voorwerp
- Belangen hebben bij wijze van inbrengsten,inschrijvingen of andere,in alle ondernemingen,verenigingen of vennootschappen die een gelijkaardig,analoog of aanverwant voorwerp nastreven of wier voorwerp van aard is dat van de vennootschap te bevorderen
- Alle handelingen verrichten,die in rechtstreeks of onrechtstreeks verband staan met haar voorwerp,of die van aard zijn de verwezenlijking ervan te bevorderen,belangen nemen,hetzij door deelneming,inbreng of elke andere wijze in alle vennootschappen,ondernemingen of groeperingen,bestaande of op te richten,zowel in België als in het buitenland,die een aanvullend of soortgelijk voorwerp nastreven,of die van aard zijn de ontwikkeling van haar ondernemingen te bevorderen
- Optreden als bestuurder of vereffenaar in andere vennootschappen
- Zich borg stellen voor derden,zaakvoerders en vennoten
- Hen leningen,voorschotten en kredieten toestaan,behoudens wettelijke beperkingen
Invoicing and payment
Financial year and general meeting
Accounts at the NBBAgenda
Sites & property
Buildings and parcels at the address
| Cadastral parcel | Region | Area | Buildings | Height / floors |
|---|---|---|---|---|
| 43006A0386/00F000 | Flanders | 2,523 m² | 1 · 316 m² | 8.9 m · 2 |