Summary
POLCAF has a registered holding activity and consists mainly of financial fixed assets; the bankruptcy model is trained on trading and manufacturing companies and does not apply here. The 2024 annual accounts show equity of €86.7m and a net result of -€217,645. Equity is growing by ~9.1% per year across the filed fiscal years. Its solvency ranks better than 87% of 517 sector peers (fiscal year 2024). The company has been active since 1999 and the Belgian State Gazette contains no insolvency or warning signals.
Checked score
Outside the general model
Holding: general score not applicable
The company has a registered holding activity and financial fixed assets account for more than half of its assets. The general operating-company model is unsuitable for this profile, so we show no financial axes either. Filed figures remain available.
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Signals
1 signal. The signal on the left, the evidence on the right.
○neutral
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 15-07-2026, 16 days ahead of the deadline.
NBB · 6 filingsDeviation from the deadline
2025
16 d early
2024
30 d early
2023
15 d early
2022
26 d early
2021
25 d early
2020
25 d early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 6 accounts on average 23 days before the deadline; the sector median for financial year 2024 is 3 days before the deadline, and 38% 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
27-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2024, full schema, statutory accounts
In the rankings
#1 fastest grower in West Flanders, Rental and leasing sector#1 company by total assets in Zonnebeke#1 company by equity in Zonnebeke, Administrative and support services sector
Turnover
€8.3m▲ 16.2%
2023 · €7.1m
EBIT margin
1.4%▼ 3.6pp
2023 · 5.0%
Net result
-€217,645
2023 · €1.4m
Working capital
-€9.6m▼ 34.6%
2023 · -€7.1m
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
Line20202021202220232024
Turnover€4.1m▲ 0.9%€5.3m▲ 28.2%€5.8m▲ 9.3%€7.1m▲ 23.8%€8.3m▲ 16.2%
Operating result€979,870▼ 44.8%€1.9m▲ 91.1%€655,425▼ 65.0%€356,162▼ 45.7%€117,522▼ 67.0%
Net result€3.1m▼ 26.9%€6.6m▲ 116%€18.8m▲ 184%€1.4m▼ 92.4%-€217,645
EBIT margin23.9%▼ 19.7pp35.6%▲ 11.7pp11.4%▼ 24.2pp5.0%▼ 6.4pp1.4%▼ 3.6pp
Equity€60.1m▲ 5.4%€66.7m▲ 11.0%€85.5m▲ 28.1%€87.0m▲ 1.7%€86.7m▼ 0.3%
Total assets€82.4m▲ 1.4%€97.6m▲ 18.4%€106.0m▲ 8.7%€109.9m▲ 3.6%€110.3m▲ 0.4%
Debt€22.3m▼ 7.9%€30.8m▲ 38.2%€20.5m▼ 33.4%€23.0m▲ 11.9%€23.6m▲ 2.8%
Working capital€444,753▼ 73.3%-€8.6m-€4.8m▲ 44.2%-€7.1m▼ 48.2%-€9.6m▼ 34.6%
Staff (FTE)14.6▲ 7.4%15.5▲ 6.2%19.5▲ 25.8%20.3▲ 4.1%26.9▲ 32.5%
Why a figure moved sharply
- 2023 Net result -92% on 2022. Cause not known from the registers.
- 2022 Net result +184% on 2021. Cause not known from the registers.
- 2021 Net result +116% on 2020. Cause not known from the registers.
Result per fiscal year
Operating resultNet result
The operating result has fallen three years in a row; 2024 is 67% below 2023 and is the lowest result in the available series.
Balance-sheet composition
2024 in colour, 2023 as the grey bar beneath
Assets €110.3m
Fixed assets
€109.0m ▲ 2.2%
Current assets
€1.4m ▼ 59.0%
Equity and liabilities €110.3m
Equity
€86.7m ▼ 0.3%
Debt
€23.6m ▲ 2.8%
Debt's share of the balance-sheet total rises from 20.9% to 21.4%. Equity is lower and debt is higher.
Key figures and ratios
ROE
-0.3%▼
2023 · 1.6%
ROA
-0.2%▼
2023 · 1.3%
Debt ≤ 1 year
€10.9m▲
2023 · €10.4m
Debt > 1 year
€11.7m▼
2023 · €11.8m
Income taxes
€2,492▲
2023 · €1,941
Staff costs
€2.7m▲
2023 · €2.1m
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Operating income70/76A | - | €5.3m | €6.0m | €7.3m | €8.4m | ▲ 14.9% |
| Turnover70 | €4.1m | €5.3m | €5.8m | €7.1m | €8.3m | ▲ 16.2% |
| Other operating income74 | - | €68,341 | €213,007 | €182,314 | €120,584 | ▼ 33.9% |
| Non-recurring operating income76A | - | €0 | - | - | - | - |
| Operating charges60/66A | - | €3.5m | €5.3m | €7.0m | €8.3m | ▲ 19.1% |
| Services and other goods61 | - | €2.0m | €3.4m | €4.5m | €4.7m | ▲ 4.6% |
| Remuneration, social security and pensions62 | - | €1.4m | €1.8m | €2.1m | €2.7m | ▲ 28.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €57,041 | €98,554 | €120,725 | €343,828 | €873,012 | ▲ 154% |
| Other operating charges640/8 | - | €4,110 | €3,513 | €10,405 | €6,348 | ▼ 39.0% |
| Operating profit (loss)9901 | €979,870 | €1.9m | €655,425 | €356,162 | €117,522 | ▼ 67.0% |
| Financial income75/76B | - | €5.7m | €18.9m | €2.1m | €1.2m | ▼ 42.4% |
| Recurring financial income75 | €2.8m | €5.7m | €18.9m | €2.1m | €1.2m | ▼ 42.4% |
| Income from financial fixed assets750 | - | €5.7m | €6.6m | €2.0m | €1.1m | ▼ 44.3% |
| Income from current assets751 | - | €38 | €45,599 | €0 | - | - |
| Other financial income752/9 | - | €11,952 | €12.3m | €36,284 | €58,859 | ▲ 62.2% |
| Financial charges65/66B | - | €664,793 | €697,575 | €992,816 | €1.5m | ▲ 53.3% |
| Recurring financial charges65 | €632,777 | €664,793 | €697,575 | €992,814 | €1.5m | ▲ 53.3% |
| Debt charges650 | €605,136 | €662,005 | €670,529 | €940,491 | €1.5m | ▲ 57.6% |
| Other financial charges652/9 | - | €2,788 | €27,046 | €52,324 | €39,592 | ▼ 24.3% |
| Non-recurring financial charges66B | - | - | - | €1 | €0 | ▼ 100% |
| Profit (loss) for the period before taxes9903 | €3.2m | €6.9m | €18.9m | €1.4m | -€215,153 | ▼ 115% |
| Income taxes67/77 | €112,753 | €319,031 | €102,002 | €1,941 | €2,492 | ▲ 28.4% |
| Taxes670/3 | - | €319,031 | €102,002 | €1,989 | €2,492 | ▲ 25.3% |
| Tax adjustments and reversals of tax provisions77 | - | - | - | €49 | €0 | ▼ 100% |
| Profit (loss) for the period9904 | €3.1m | €6.6m | €18.8m | €1.4m | -€217,645 | ▼ 115% |
| Transfer from tax-exempt reserves789 | - | €682,000 | €620,000 | €801,000 | €356,000 | ▼ 55.6% |
| Transfer to tax-exempt reserves689 | - | €421,000 | €421,000 | €0 | - | - |
| Profit (loss) for the period to be appropriated9905 | €3.4m | €6.9m | €19.0m | €2.2m | €138,355 | ▼ 93.8% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €82.4m | €97.6m | €106.0m | €109.9m | €110.3m | ▲ 0.4% |
| Fixed assets21/28 | €79.0m | €92.5m | €104.2m | €106.6m | €109.0m | ▲ 2.2% |
| Intangible fixed assets21 | €0 | €428,903 | €1.7m | €3.2m | €2.7m | ▼ 14.7% |
| Tangible fixed assets22/27 | €222,361 | €158,849 | €321,994 | €1.0m | €3.9m | ▲ 280% |
| Land and buildings22 | - | €18,734 | €110,853 | €56,663 | €52,452 | ▼ 7.4% |
| Plant, machinery and equipment23 | - | €25,435 | €45,487 | €359 | €67 | ▼ 81.3% |
| Furniture and vehicles24 | - | €15,906 | €10,951 | €194,872 | €154,494 | ▼ 20.7% |
| Other tangible fixed assets26 | - | €98,774 | €154,703 | €177,744 | €126,252 | ▼ 29.0% |
| Assets under construction and advance payments27 | - | - | - | €585,860 | €3.5m | ▲ 502% |
| Financial fixed assets28 | €78.7m | €91.9m | €102.2m | €102.4m | €102.4m | = |
| Affiliated companies280/1 | - | €91.9m | €102.2m | €102.4m | €102.4m | = |
| Participating interests280 | - | €91.9m | €102.2m | €102.4m | €102.4m | = |
| Current assets29/58 | €3.5m | €5.1m | €1.9m | €3.3m | €1.4m | ▼ 59.0% |
| Stocks and contracts in progress3 | €0 | €0 | €0 | €0 | €0 | - |
| Amounts receivable within one year40/41 | €3.5m | €5.1m | €1.8m | €3.3m | €1.3m | ▼ 61.8% |
| Trade receivables40 | - | €1.0m | €1.4m | €3.3m | €1.2m | ▼ 62.9% |
| Other amounts receivable41 | - | €4.1m | €449,517 | €32,671 | €46,241 | ▲ 41.5% |
| Cash at bank and in hand54/58 | - | - | - | €374 | €27,182 | ▲ 7,169% |
| Deferred charges and accrued income490/1 | - | €4,300 | €4,010 | €22,893 | €74,284 | ▲ 224% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €82.4m | €97.6m | €106.0m | €109.9m | €110.3m | ▲ 0.4% |
| Equity10/15 | €60.1m | €66.7m | €85.5m | €87.0m | €86.7m | ▼ 0.3% |
| Contributions10/11 | €6.2m | €6.2m | €6.2m | €6.2m | €6.2m | = |
| Capital10 | - | €6.2m | €6.2m | €6.2m | €6.2m | = |
| Issued capital100 | - | €6.2m | €6.2m | €6.2m | €6.2m | = |
| Reserves13 | €4.5m | €4.9m | €5.3m | €5.3m | €5.4m | ▲ 1.2% |
| Non-distributable reserves130/1 | - | €620,000 | €620,000 | €620,000 | €620,000 | = |
| Legal reserve130 | - | €620,000 | €620,000 | €620,000 | €620,000 | = |
| Tax-exempt reserves132 | - | €2.2m | €2.0m | €1.2m | €842,000 | ▼ 29.7% |
| Distributable reserves133 | - | €2.1m | €2.7m | €3.5m | €3.9m | ▲ 12.0% |
| Profit (loss) carried forward14 | €49.5m | €55.6m | €74.0m | €75.4m | €75.2m | ▼ 0.4% |
| Amounts payable17/49 | €22.3m | €30.8m | €20.5m | €23.0m | €23.6m | ▲ 2.8% |
| Amounts payable after more than one year17 | €19.3m | €17.1m | €13.3m | €11.8m | €11.7m | ▼ 1.4% |
| Financial debts170/4 | - | €17.1m | €13.3m | €11.8m | €11.7m | ▼ 1.4% |
| Subordinated loans170 | - | €12.9m | €11.2m | €11.2m | €11.2m | = |
| Credit institutions173 | - | €4.3m | €2.1m | €640,000 | €480,000 | ▼ 25.0% |
| Amounts payable within one year42/48 | €3.0m | €13.7m | €6.7m | €10.4m | €10.9m | ▲ 4.8% |
| Current portion of amounts payable after more than one year42 | - | €2.1m | €2.1m | €2.3m | €160,000 | ▼ 93.1% |
| Trade debts44 | €323,973 | €414,435 | €1.6m | €1.3m | €1.5m | ▲ 19.0% |
| Suppliers440/4 | - | €414,435 | €1.6m | €1.3m | €1.5m | ▲ 19.0% |
| Taxes, remuneration and social security45 | - | €368,869 | €425,737 | €355,204 | €418,696 | ▲ 17.9% |
| Taxes450/3 | - | €135,941 | €140,711 | €23,487 | €27,860 | ▲ 18.6% |
| Remuneration and social security454/9 | - | €232,928 | €285,026 | €331,717 | €390,836 | ▲ 17.8% |
| Other amounts payable47/48 | - | €10.7m | €2.5m | €6.5m | €8.9m | ▲ 36.0% |
| Accrued charges and deferred income492/3 | - | €10,000 | €516,151 | €690,119 | €979,010 | ▲ 41.9% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €3.1m | €6.6m | €18.8m | €1.4m | -€217,645 | ▼ 115% |
| + Depreciation and write-downs630 | €57,041 | €98,554 | €120,725 | €343,828 | €873,012 | ▲ 154% |
| Operating cash flow (approximation) | €3.1m | €6.7m | €18.9m | €1.8m | €655,367 | ▼ 62.9% |
| Investment in fixed assets (approximation) | - | -€13.6m | -€11.8m | -€2.8m | -€3.2m | ▼ 18.0% |
| Change in cash | - | - | - | - | €26,808 | - |
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
15-07
NBB filing
Annual accounts filed
fiscal year 2025 · consolidated
2025
18-07
NBB filing
Annual accounts filed
fiscal year 2024 · consolidated
01-07
NBB filing
Annual accounts filed
fiscal year 2024 · full schema
2024
31-12
Financial
Weakest financial yearnet -€217,645
Net result drops to -€217,645, the lowest in the series.
17-07
NBB filing
Annual accounts filed
fiscal year 2023 · full schema
16-07
NBB filing
Annual accounts filed
fiscal year 2023 · consolidated
2023
05-07
NBB filing
Annual accounts filed
fiscal year 2022 · full schema
05-07
NBB filing
Annual accounts filed
fiscal year 2022 · consolidated
2022
31-12
Financial
Highest result since 2018net €18.8m ▲184%
Net result €18.8m, the highest in the series.
07-07
NBB filing
Annual accounts filed
fiscal year 2021 · consolidated
06-07
NBB filing
Annual accounts filed
fiscal year 2021 · full schema
2021
06-07
NBB filing
Annual accounts filed
fiscal year 2020 · full schema
2019
31-12
Financial
Liquidity doublescurrent ratio 1.60
Current ratio from 0.79 to 1.60.
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 14 acts read
About the unread acts
We know of 14 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
14 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, Zonnebeke · 1 establishment unit since 2000
Ground area
5,624 m²
Building footprint
989 m²
Parcel 33008A0518/00R000, Flanders. Linked by address, not a title deed.
2
companies at this address
See who is registered here
1 establishment unit
POLCAF
since 20002.097.047.948
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 33008A0518/00R000 | Flanders | 5,624 m² | 1 · 989 m² | - |
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.
Structure & network
Heads the group
POLCAF
7 companies
Group, risk and exposure
Owners and holdings
15 holdings · 17 subsidiaries in the treeOwners 0
The accounts to 31-12-2024 list no shareholders, and no other source names one.
Holdings 15
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100%
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100%
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100%
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100%
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100%
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100%
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100%
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100%
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100%
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100%
Show 5 more holdings
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100%
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100%
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100%
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10%
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1.54%
All subsidiaries, including indirect ones 17
Companies in which this company or one of its subsidiaries holds more than half, or which it consolidates according to the LEI register.
FICAF 100%2 subsidiaries
- Poppies Bakeries Ekeby ABSE 100%
- Ekeby Plant 1 ABSE 98.46%
- HUGO WAFELS-GAUFRES HUGO 100%
- Poppies Asia PTE Ltd.SG 100%
POPPIES BAKERIES 100%2 subsidiaries
- Pioneering Foods Group LimitedGB 100%
- Poppies Bakeries Deutschland GmbhDE 100%
- Poppies Bakeries Bunsschoten BVNL 100%
- POPPIES BAKERIES COMINES 100%
- Poppies Bakeries France SASFR 100%
- Poppies Bakeries Holding LLCUS 100%
- Poppies Bakeries Iberia SLES 100%
- Poppies Bakeries Laudun SAFR 100%
- POPPIES BAKERIES SUPPLY 100%
- POPPIES BAKERIES ZONNEBEKE 100%
- Van Diermen Onroerende zaken BVNL 100%
According to the 2024 annual accounts of POLCAF and those of the other companies, the acts in the Belgian Gazette and the LEI register. The register of ultimate beneficial owners (UBO) is not public: who ultimately stands behind a natural person or a foreign parent is not stated here. A company that does not fill in these statements, or need not, is missing.
Connections & network
No current directors or connected companies found in the register.
Recognitions · licences · registrations
Legal Entity Identifier
549300N8MDY0943BHK02
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Of 1,188 companies in sector 77399 we hold annual accounts for 711. 33 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPublic limited company
Founded08-07-1999
Fiscal year end31-12
Activities, NACEBEL 2025
64210Activities of holding companies
77399Renting and leasing of other machinery, equipment and tangible goods
70200Business and other management consultancy
Contact
E-mail
info@poppies.com
Phone
+32 57460200
E-invoicing
Reachable via Peppol
Peppol ID
0208:0466459142
Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.