Losses
-€58,154 in three years
Every financial year from 2023 to 2025 closed with a loss. 2025 was the heaviest.
PAFOR
Lifetime
3 annual accounts with figures on one time axispeak -€4,893 (2023)
-€22,235▼ €12,481
lowest -€29,093 (2025)
-€29,093▼ €9,748
peak €190,284 (2023)
€141,846▼ 17.0%
€705,228▼ 28.8%
peak 0 FTE (2025)
0 FTE
Board1 name since 2022
1 directorTER HEYDE
Documentsfilings and deeds
23-07-20268 days before the deadline
2025abbreviated format
Gross margin from -€9,754 to -€22,235Loss of €29,093Equity from €170,939 to €141,846Debts from €989,985 to €705,228Cash from €306,101 to €52,809
Key points
from the 2025 annual accountsDebts
€705,228 83% of the balance sheet
Financial debts 97%Suppliers 2%Taxes and wages 1%
Of this, €19,093 falls due within a year.
Starting capital
€200,000 1,000 shares
Turnover not published (abbreviated format)
Checked score
86
Excellent
Financially stronger than 28% of micro companies without a NACE code
Probability in this band: under 0.55%
Bankruptcy probability within 12 months
0.2% Very low
0%0.5%1.5%4%10%≥ 25%
About 2 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
Last 24 months
12-2024: 0.2%
01-2025: 0.2%● unchanged vs 12-2024
02-2025: 0.3%▲ +0.1 percentage points vs 01-2025
03-2025: 0.3%● unchanged vs 02-2025
04-2025: 0.2%▼ -0.1 percentage points vs 03-2025
05-2025: 0.2%● unchanged vs 04-2025
06-2025: 0.3%▲ +0.1 percentage points vs 05-2025
07-2025: 0.3%● unchanged vs 06-2025highest value
08-2025: 0.1%▼ -0.2 percentage points vs 07-2025
09-2025: 0.1%● unchanged vs 08-2025
10-2025: 0.1%● unchanged vs 09-2025
11-2025: 0.1%● unchanged vs 10-2025
12-2025: 0.1%● unchanged vs 11-2025
01-2026: 0.1%● unchanged vs 12-2025
02-2026: 0.1%● unchanged vs 01-2026
03-2026: 0.1%● unchanged vs 02-2026
04-2026: 0.1%● unchanged vs 03-2026lowest value
05-2026: 0.1%● unchanged vs 04-2026
06-2026: 0.1%● unchanged vs 05-2026
07-2026: 0.1%● unchanged vs 06-2026
08-2026: 0.2%▲ +0.1 percentage points vs 07-2026
09-2026: 0.2%● unchanged vs 08-2026
10-2026: 0.2%● unchanged vs 09-2026
11-2026: 0.2%● unchanged vs 10-2026
Financial strengthWeak
Score breakdown
raises risk
Founded in 2022
lowers risk
Size: total assets €847,074
No main activity registered
Figures for financial year 2025 (filed on 23-07-2026)
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 (no NACE code, micro). It does better than 26% of them on solvency, 54% on liquidity, 14% on profitability and 19% 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 31-12-2025.
Of the companies with a bankruptcy probability in the very low class on 30-06-2025, 0.1% 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, 440 companies had the same profile as PAFOR has now. Each dot is one company, two years later.
95.5%
were still trading
3.0%
stopped another way
1.6%
went bankrupt
The bankruptcy probability of PAFOR itself is lower: 0.2% within 12 months. It rests on far more data about PAFOR 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 440 companies, not a prediction for PAFOR. 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
Credit of up to €12,000 on 30-day terms is acceptable
Liquidity is ample, with a current ratio of 3.13, above the usual 1.5. Short-term debt is 2.3% and cash 6.2% of total assets. However, 83.3% of the assets are financed with debt and provisions.
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The scores and ratios are Checked's own calculations, not a credit decision.
Signals
Six signals.
lowers riskraises riskneutral
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
232425
2023 to 2025 · latest year -€29,093
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 23-07-2026, 8 days ahead of the deadline.
NBB · 3 filingsDeviation from the deadline
2025
8 days early
2024
21 days early
2023
20 days early
← before the deadline
after the deadline →
tick = median of all Belgian filings
The company filed its last 3 accounts on average 16 days before the deadline. The Belgian median for financial year 2024 was 4 days before the deadline, and 38% of all filings were late.
Searched, nothing found (2)
neutral · Next filing not due yet
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today. The company usually files around 12 July (3 of the last 3 accounts filed within 30 days either side of that date).
Companies Code · seven monthsWhere today falls in the filing period
10-11-2026 today31-12-2026 year end31-07-2027 deadline
Recent changes
Registered in the Peppol Directory
Reachable for e-invoices through 0208:0791337381
Incorporation
Founding capital of €200,000, 1,000 shares · Founder: TER HEYDE · Appointment: TER HEYDE (niet statutair bestuurder met individuele vertegenwoordigingsbevoegdheid) · published on 27-09-2022 · Gazette deed
First establishment
Abdijhoek 11, Zedelgem
Official details
Source: KBO- Status
- Active since 23-09-2022Normal situation
- Activity
- “2. Advies, bijstand, bemiddeling, dienstverlening en knowhow verlenen in alle domeinen waarin zij competent…” (deed in Dutch)From the articles, 18 activitiesNo NACE code in the KBO yet
- Establishment unit
- 2.338.629.5178210 Zedelgem, since 23-09-2022
- Financial year end
- 31 December
- Peppol
- Reachable since 28-11-2025
Annual accounts 2025
- €847,074▼ 27.0%
- Filing
- Filed on 23-07-2026, 8 days before the end of the filing period
Insights on PAFOR
PAFOR files the abbreviated format. That format states no turnover. The gross margin fell from -€4,893 in 2023 to -€22,235 in 2025.
TER HEYDE holds all the shares.
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 PAFOR
- What is the company number of PAFOR?
- The company number of PAFOR is 0791.337.381. The VAT number is the same number with BE in front: BE 0791.337.381.
- Where is PAFOR based?
- The registered office is at Abdijhoek 11, 8210 Zedelgem.Company details
- What is the legal form of PAFOR?
- PAFOR is a private limited company (BV).
- When was PAFOR founded?
- PAFOR was founded on 23-09-2022.
- Is PAFOR still active?
- Yes, PAFOR is an active enterprise in the KBO register.
- What is the turnover of PAFOR?
- The annual accounts for financial year 2025 state no turnover. The abbreviated format does not require it.Financials
- Is PAFOR profitable?
- In financial year 2025, PAFOR made a loss of €29,093.
- Where can I find the annual accounts of PAFOR?
- PAFOR filed 3 annual accounts with the National Bank of Belgium, the latest for financial year 2025.
- When are the next annual accounts of PAFOR due?
- PAFOR must file the annual accounts for financial year 2026 by 31-07-2027.Timeline
Next steps
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