PROVAN
ActiveSummary
PROVAN has been active since 1998 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €6.1m and a net result of €1.3m. Equity has been growing by about 24% per year since 2018. Its solvency ranks better than 60% of 830 sector peers (NACE 25, financial year 2025). The computed 12-month bankruptcy probability is 0.2% (very low).
Overview
Overview
Official details
Source: KBO- Status
- Active since 06-04-1998 Normal situation
- Activity
- Manufacture of metal structures and parts of structures NACE 25110and 1 other
- Joint committees
- 209 Paritair Comité voor de bedienden der metaalfabrikatennijverheid
- 111 Paritair Comité voor de metaal-, machine- en elektrische bouw · annual accounts 2025
- Establishment units
- 2.086.454.756 3600 Genk, since 22-04-1998
- 2.253.542.305 3740 Bilzen-Hoeselt, since 16-04-2016and 1 other
- Financial year end
- 31 December
- Peppol
- Reachable
Board and ownership
Board
- LEVEL 12Director · since 31-03-2023 · permanent representative VANHEES Luc
- DLCDirector · since 22-11-2023 · permanent representative Dirk Lacquaye
- Paul KennyDirector · since 22-11-2023
- Auditor
- EY Bedrijfsrevisoren BV
Shareholders
- PROVAN GROUP100%· score 85annual accounts 2025
- Kingspan group plcconsolidatesannual accounts 2025
Financial position
- Bankruptcy probabilitywithin 12 months
- 0.2%
Annual accounts 2025
- Turnover
- €29.3m
- ▲ 29.2%
- Profit
- €1.3m
- ▼ 17.4%
- Equity
- €6.1m
- ▲ 27.3%
- Total assets
- €11.3m
- ▲ 12.2%
- Employees on 31-12-2025
- 78
- ▲ 8.3%
Score breakdownraises riskLiquidity: current ratio 1.63lowers riskFounded in 1998Size: turnover €29.3m, 70.3 FTE, total assets €11.3mEquity €6.1m (54.4% of total assets)Show the evidence
Checked score
Score 2025
92
/ 100
Excellent
Probability in this band: under 0.55%
Financially stronger than 81% of medium-sized companies in fabricated metal products (NACE 25)
Financial strength · tick: 2024
Strong
Solvency
79+6
equity 54.4% of total assets
Liquidity
59+6
short-term debt 42.5%
Profitability
74-7
return on assets 11.7%
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: 0.1%
01-2025: 0.1%● unchanged vs 12-2024
02-2025: 0.1%● unchanged vs 01-2025lowest value
03-2025: 0.1%● unchanged vs 02-2025lowest value
04-2025: 0.1%● unchanged vs 03-2025
05-2025: 0.1%● unchanged vs 04-2025
06-2025: 0.1%● unchanged vs 05-2025
07-2025: 0.3%▲ +0.2 percentage points vs 06-2025
08-2025: 0.3%● unchanged vs 07-2025
09-2025: 0.3%● unchanged vs 08-2025
10-2025: 0.3%● unchanged vs 09-2025
11-2025: 0.3%● unchanged vs 10-2025
12-2025: 0.3%● unchanged vs 11-2025
01-2026: 0.3%● unchanged vs 12-2025
02-2026: 0.3%● unchanged vs 01-2026
03-2026: 0.3%● unchanged vs 02-2026
04-2026: 0.3%● unchanged vs 03-2026
05-2026: 0.3%● unchanged vs 04-2026
06-2026: 0.3%● unchanged vs 05-2026
07-2026: 0.4%▲ +0.1 percentage points vs 06-2026highest value
08-2026: 0.2%▼ -0.2 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
Credit of up to €550,000 on 30-day terms is acceptable
Liquidity is ample, with a current ratio of 1.63 (1.4 in 2024), above the usual 1.5. Short-term debt is 42.5% of total assets. 45.6% of the assets are financed with debt and provisions.
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 25, medium-sized). It does better than 73% of them on solvency, 87% on liquidity, 72% on profitability and 91% on growth.
The bankruptcy probability was computed on 03-11-2026 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
Five signals.
lowers riskraises riskneutral
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 13-07-2026, 18 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
18 days early
2024
37 days early
2023
26 days early
2022
34 days early
2021
30 days early
2020
29 days early
2019
31 days early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
The company filed its last 7 accounts on average 29 days before the deadline. In the sector (NACE 25), the median for financial year 2024 was 7 days before the deadline, and 35% of those companies filed 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 1 July (5 of the last 5 accounts filed within 30 days either side of that date).
Companies Code · seven monthsWhere today falls in the filing period
04-11-2026 today31-12-2026 year end31-07-2027 deadline
Financials
Financials · financial year 2025, full format
Annual accounts 2025 filed on 13-07-2026 at the NBB all 27 filings
Turnover
€29.3m▲ 29.2%
2024 · €22.7m
EBIT margin
6.4%▼ 3.3pp
2024 · 9.7%
Net result
€1.3m▼ 17.4%
2024 · €1.6m
Working capital
€3.0m▲ 58.1%
2024 · €1.9m
In the rankings
#5 company by staff growth in Genk, Manufacturing sector
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
€29.3m
▲ 29.2%
2025
20182025
Operating result
€1.9m
▼ 14.7%
2025
20182025
Net result
€1.3m
▼ 17.4%
2025
highest quarter of the sector
20182025
EBIT margin
6.4%
▼ 3.3pp
2025
20182025
Equity
€6.1m
▲ 27.3%
2025
highest quarter of the sector
20182025
Total assets
€11.3m
▲ 12.2%
2025
highest quarter of the sector
20182025
Debt
€5.1m
▼ 1.7%
2025
20182025
Working capital
€3.0m
▲ 58.1%
2025
highest quarter of the sector
20182025
Solvency
54.4%
▲ 6.5pp
2025
middle half of the sector
20182025
Current ratio
1.63
▲ 0.23
2025
middle half of the sector
20182025
Return on assets (ROA)
11.7%
▼ 4.2pp
2025
highest quarter of the sector
20182025
Staff (FTE)
70.3
▲ 7.3%
2025
highest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Turnover€11.5m-€12.2m▲ 6.2%€10.6m▼ 13.4%€14.4m▲ 35.8%€16.9m▲ 17.6%€18.3m▲ 7.9%€22.7m▲ 24.1%€29.3m▲ 29.2%
Operating result€0.4m-€0.5m▲ 16.5%€0.5m▲ 0.7%€1.4m▲ 179%€2.1m▲ 49.9%€2.6m▲ 23.7%€2.2m▼ 14.2%€1.9m▼ 14.7%
Net result€0.3m-€0.3m▲ 3.0%€0.4mabove the sector's middle half▲ 10.1%€1.0mabove the sector's middle half▲ 196%€1.6mabove the sector's middle half▲ 49.3%€1.9mabove the sector's middle half▲ 19.8%€1.6mabove the sector's middle half▼ 14.6%€1.3mabove the sector's middle half▼ 17.4%
EBIT margin3.7%-4.0%▲ 0.4pp4.7%▲ 0.7pp9.6%▲ 4.9pp12.2%▲ 2.6pp14.0%▲ 1.8pp9.7%▼ 4.3pp6.4%▼ 3.3pp
Equity€1.3m-€1.6m▲ 16.3%€1.8mwithin the sector's middle half▲ 16.9%€2.6mwithin the sector's middle half▲ 42.1%€3.9mabove the sector's middle half▲ 52.5%€3.2mwithin the sector's middle half▼ 18.1%€4.8mabove the sector's middle half▲ 49.4%€6.1mabove the sector's middle half▲ 27.3%
Total assets€6.5m-€5.9m▼ 8.7%€6.1mwithin the sector's middle half▲ 3.3%€7.0mwithin the sector's middle half▲ 13.8%€8.1mwithin the sector's middle half▲ 16.1%€8.5mwithin the sector's middle half▲ 4.5%€10.0mabove the sector's middle half▲ 18.3%€11.3mabove the sector's middle half▲ 12.2%
Debt€5.1m-€4.4m▼ 15.2%€4.3m▼ 1.4%€4.4m▲ 2.1%€4.2m▼ 5.0%€5.3m▲ 25.8%€5.2m▼ 0.6%€5.1m▼ 1.7%
Working capital€0.7m-€0.9m▲ 30.1%€1.3mwithin the sector's middle half▲ 50.5%€2.1mabove the sector's middle half▲ 63.9%€3.3mabove the sector's middle half▲ 53.8%€1.9mwithin the sector's middle half▼ 41.1%€1.9mwithin the sector's middle half▼ 1.8%€3.0mabove the sector's middle half▲ 58.1%
Solvency20.5%-26.1%▲ 5.6pp29.5%within the sector's middle half▲ 3.4pp36.9%within the sector's middle half▲ 7.3pp48.4%within the sector's middle half▲ 11.5pp38.0%within the sector's middle half▼ 10.5pp47.9%within the sector's middle half▲ 10.0pp54.4%within the sector's middle half▲ 6.5pp
Current ratio1.24-1.38▲ 0.151.55within the sector's middle half▲ 0.161.77within the sector's middle half▲ 0.232.11within the sector's middle half▲ 0.341.40within the sector's middle half▼ 0.711.40within the sector's middle half▼ 0.011.63within the sector's middle half▲ 0.23
Return on assets (ROA)4.8%-5.4%▲ 0.6pp5.7%within the sector's middle half▲ 0.4pp14.9%above the sector's middle half▲ 9.2pp19.1%above the sector's middle half▲ 4.2pp21.9%above the sector's middle half▲ 2.8pp15.8%above the sector's middle half▼ 6.1pp11.7%above the sector's middle half▼ 4.2pp
Staff (FTE)64.2-64▼ 0.3%61.6above the sector's middle half▼ 3.8%54above the sector's middle half▼ 12.3%55.3above the sector's middle half▲ 2.4%60.3above the sector's middle half▲ 9.0%65.5above the sector's middle half▲ 8.6%70.3above the sector's middle half▲ 7.3%
above
within
below
The sector band is the middle half of the companies in Manufacture of fabricated metal products, except machinery and equipment (NACE 25). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30.
The operating result for 2025 is 15% lower than in 2024. It is the second fall in a row.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €11.3m
Fixed assets
€3.4m ▲ 3.6%
Current assets
€7.8m ▲ 16.5%
Equity and liabilities €11.3m
Equity
€6.1m ▲ 27.3%
Provisions
€6,563 ▼ 38.6%
Debt
€5.1m ▼ 1.7%
Debt's share of the balance-sheet total falls from 52.0% to 45.6%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€2.5m▼
2024 · €2.7m
Cash flow
€2.0m▼
2024 · €2.1m
Quick ratio
0.61▼
2024 · 0.93
Debt to equity
0.84▼
2024 · 1.08
ROE
21.4%▼
2024 · 33.0%
Interest coverage
50.21▼
2024 · 65.37
Debt ≤ 1 year
€4.8m▼
2024 · €4.8m
Debt > 1 year
€341,342▼
2024 · €420,770
Income taxes
€515,000▼
2024 · €550,000
Customer credit
17 days▼
2024 · 53 days
Supplier credit
76 days▲
2024 · 72 days
Staff costs
€4.4m▲
2024 · €3.9m
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 56 | 58 | 68 | 72 | 78 |
| full-time | 47 | 51 | 58 | 61 | 66 |
| part-time | 9 | 7 | 10 | 11 | 12 |
| in full-time equivalents | 54.4 | 56.5 | 65.1 | 68.9 | 74.4 |
| Average over the year, in full-time equivalents | 54 | 55.3 | 60.3 | 65.5 | 70.3 |
| On a permanent contract | 56 | 58 | 68 | 71 | 78 |
| Joined | 6 | 13 | 15 | 9 | 16 |
| Left | 8 | 11 | 5 | 5 | 10 |
| Agency workers, average number | 5.7 | 6.6 | 6.2 | 6.2 | 9.2 |
| Training hours | 726 | 1,519 | 1,735 | 1,431 | 2,304 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Debts secured on the company's own assets | €2.3m | €1.5m | - | - | - |
| Mortgages, amount registered | €2.0m | €672,894 | - | - | - |
| Mortgage mandates | - | €1.3m | - | - | - |
| Carrying value of the mortgaged assets | €812,379 | €751,059 | - | - | - |
| Pledge on the business | €1.1m | €265,000 | - | - | - |
| Mandates to pledge the business | - | €837,767 | - | - | - |
| Carrying value of the other pledged assets | €782,058 | €474,411 | - | - | - |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €254,762 | €393,439 | €357,258 | €2.1m | €791,875 |
| Depreciation and write-downs of the year | €613,581 | €587,738 | €483,326 | €461,490 | €641,562 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Auditor
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Fee for the audit | €8,750 | €8,750 | €9,555 | €15,000 | €15,080 |
| Other work by the auditor | - | - | €1,800 | - | - |
Source: notes to the 2021 to 2025 annual accounts (relations with the auditor)
Subsidies and aid
Flemish government
2022 to 2025 · 11 entries · €103,890 awarded · €103,890 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 3 | €27,041 | €27,041 |
| 2024 | 2 | €19,163 | €19,163 |
| 2023 | 3 | €30,566 | €30,662 |
| 2022 | 3 | €27,120 | €27,024 |
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Operating income70/76A | - | - | - | €14.9m | €17.3m | €17.9m | €23.0m | €31.3m | ▲ 35.9% |
| Turnover70 | €11.5m | €12.2m | €10.6m | €14.4m | €16.9m | €18.3m | €22.7m | €29.3m | ▲ 29.2% |
| Change in stocks of work in progress, finished goods and contracts in progress71 | - | - | - | €0.4m | €0.1m | -€0.5m | €0.05m | €1.8m | ▲ 35× |
| Own construction capitalised72 | - | - | - | - | €0.08m | - | - | - | - |
| Other operating income74 | - | - | - | €0.1m | €0.1m | €0.2m | €0.2m | €0.2m | ▲ 5.4% |
| Non-recurring operating income76A | - | - | - | €0.01m | €0.005m | €0.004m | €0.1m | €0.01m | ▼ 91.9% |
| Operating charges60/66A | - | - | - | €13.6m | €15.2m | €15.4m | €20.8m | €29.4m | ▲ 41.2% |
| Goods for resale, raw materials and consumables60 | - | - | - | €7.9m | €9.2m | €8.7m | €13.2m | €20.0m | ▲ 51.4% |
| Purchases600/8 | - | - | - | €8.4m | €9.4m | €8.5m | €13.3m | €20.8m | ▲ 56.1% |
| Change in stocks: decrease (increase)609 | - | - | - | -€0.5m | -€0.2m | €0.2m | -€0.1m | -€0.8m | ▼ 557% |
| Services and other goods61 | - | - | - | €2.3m | €2.5m | €2.9m | €3.3m | €4.4m | ▲ 35.0% |
| Remuneration, social security and pensions62 | - | - | - | €2.7m | €2.9m | €3.3m | €3.9m | €4.4m | ▲ 12.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.6m | €0.7m | €0.6m | €0.6m | €0.6m | €0.5m | €0.5m | €0.6m | ▲ 39.0% |
| Other operating charges640/8 | - | - | - | €0.04m | €0.04m | €0.05m | €0.03m | €0.05m | ▲ 43.5% |
| Non-recurring operating charges66A | - | - | - | €0.002m | - | - | €0.002m | €0 | ▼ 100% |
| Operating profit (loss)9901 | €0.4m | €0.5m | €0.5m | €1.4m | €2.1m | €2.6m | €2.2m | €1.9m | ▼ 14.7% |
| Financial income75/76B | - | - | - | €0.04m | €0.04m | €0.03m | €0.01m | €0.01m | ▲ 19.8% |
| Recurring financial income75 | €0.02m | €0.03m | €0.03m | €0.04m | €0.04m | €0.03m | €0.01m | €0.01m | ▲ 19.8% |
| Income from current assets751 | - | - | - | - | - | - | €0.008m | €0.01m | ▲ 42.8% |
| Other financial income752/9 | - | - | - | €0.04m | €0.04m | €0.03m | €0.002m | €0.001m | ▼ 53.6% |
| Financial charges65/66B | - | - | - | €0.09m | €0.09m | €0.1m | €0.07m | €0.06m | ▼ 14.0% |
| Recurring financial charges65 | €0.1m | €0.1m | €0.09m | €0.09m | €0.09m | €0.1m | €0.07m | €0.06m | ▼ 14.0% |
| Debt charges650 | €0.07m | €0.06m | €0.06m | €0.05m | €0.05m | €0.05m | €0.04m | €0.05m | ▲ 23.2% |
| Other financial charges652/9 | - | - | - | €0.04m | €0.04m | €0.05m | €0.03m | €0.01m | ▼ 65.1% |
| Profit (loss) for the period before taxes9903 | €0.3m | €0.4m | €0.4m | €1.3m | €2.0m | €2.5m | €2.1m | €1.8m | ▼ 14.6% |
| Transfer from deferred taxes780 | - | - | - | €0.005m | €0.004m | €0.004m | €0.004m | €0.004m | ▲ 0.1% |
| Income taxes67/77 | €0.009m | €0.1m | €0.08m | €0.3m | €0.5m | €0.6m | €0.6m | €0.5m | ▼ 6.4% |
| Taxes670/3 | - | - | - | €0.3m | €0.5m | €0.6m | €0.6m | €0.5m | ▼ 6.4% |
| Tax adjustments and reversals of tax provisions77 | - | - | - | - | - | €0.003m | - | - | - |
| Profit (loss) for the period9904 | €0.3m | €0.3m | €0.4m | €1.0m | €1.6m | €1.9m | €1.6m | €1.3m | ▼ 17.4% |
| Transfer from tax-exempt reserves789 | - | - | - | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | = |
| Profit (loss) for the period to be appropriated9905 | €0.2m | €0.3m | €0.4m | €1.1m | €1.6m | €1.9m | €1.6m | €1.3m | ▼ 17.2% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €6.5m | €5.9m | €6.1m | €7.0m | €8.1m | €8.5m | €10.0m | €11.3m | ▲ 12.2% |
| Fixed assets21/28 | €3.0m | €2.8m | €2.4m | €2.1m | €1.8m | €1.7m | €3.3m | €3.4m | ▲ 3.6% |
| Tangible fixed assets22/27 | €3.0m | €2.8m | €2.4m | €2.1m | €1.8m | €1.7m | €3.3m | €3.4m | ▲ 3.6% |
| Land and buildings22 | - | - | - | €0.8m | €0.8m | €0.7m | €0.6m | €0.5m | ▼ 11.0% |
| Plant, machinery and equipment23 | - | - | - | €0.4m | €0.6m | €0.5m | €1.7m | €2.4m | ▲ 43.8% |
| Furniture and vehicles24 | - | - | - | €0.01m | €0.01m | €0.02m | €0.01m | €0.06m | ▲ 325% |
| Leasing and similar rights25 | - | - | - | €0.8m | €0.5m | €0.5m | €0.5m | €0.4m | ▼ 18.5% |
| Assets under construction and advance payments27 | - | - | - | €0.02m | - | - | €0.5m | €0.006m | ▼ 98.7% |
| Financial fixed assets28 | €0.005m | €0.005m | €0.005m | €0.005m | €50 | €100 | - | - | - |
| Other financial fixed assets284/8 | - | - | - | €0.005m | €50 | €100 | - | - | - |
| Amounts receivable and cash guarantees285/8 | - | - | - | €0.005m | €50 | €100 | - | - | - |
| Current assets29/58 | €3.5m | €3.1m | €3.7m | €4.9m | €6.3m | €6.8m | €6.7m | €7.8m | ▲ 16.5% |
| Stocks and contracts in progress3 | €1.4m | €1.2m | €1.2m | €2.5m | €2.8m | €2.1m | €2.3m | €4.9m | ▲ 115% |
| Stocks30/36 | - | - | - | €1.6m | €1.8m | €1.6m | €1.7m | €2.6m | ▲ 46.2% |
| Raw materials and consumables30/31 | - | - | - | €1.6m | €1.8m | €1.6m | €1.7m | €2.6m | ▲ 46.3% |
| Advance payments36 | - | - | - | - | - | - | €0.001m | €0.002m | ▲ 31.8% |
| Contracts in progress37 | - | - | - | €0.8m | €0.9m | €0.5m | €0.5m | €2.3m | ▲ 344% |
| Amounts receivable within one year40/41 | €1.8m | €1.5m | €1.7m | €1.8m | €2.4m | €3.3m | €4.4m | €2.9m | ▼ 33.5% |
| Trade receivables40 | - | - | - | €1.7m | €2.3m | €2.6m | €3.3m | €1.4m | ▼ 58.3% |
| Other amounts receivable41 | - | - | - | €0.06m | €0.03m | €0.7m | €1.1m | €1.5m | ▲ 42.4% |
| Cash at bank and in hand54/58 | €0.08m | €0.08m | €0.3m | €0.6m | €1.1m | €1.3m | - | - | - |
| Deferred charges and accrued income490/1 | - | - | - | €0.06m | €0.03m | €0.04m | €0.04m | €0.01m | ▼ 66.8% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €6.5m | €5.9m | €6.1m | €7.0m | €8.1m | €8.5m | €10.0m | €11.3m | ▲ 12.2% |
| Equity10/15 | €1.3m | €1.6m | €1.8m | €2.6m | €3.9m | €3.2m | €4.8m | €6.1m | ▲ 27.3% |
| Contributions10/11 | €0.1m | €0.1m | - | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Capital10 | - | - | - | - | - | €0.1m | €0.1m | €0.1m | = |
| Issued capital100 | - | - | - | - | - | €0.1m | €0.1m | €0.1m | = |
| Reserves13 | €1.2m | €1.4m | €1.7m | €2.5m | €3.8m | €3.1m | €4.7m | €6.0m | ▲ 27.9% |
| Non-distributable reserves130/1 | - | - | - | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | = |
| Legal reserve130 | - | - | - | - | - | €0.01m | €0.01m | €0.01m | = |
| Reserves not available under the articles1311 | - | - | - | €0.01m | €0.01m | - | - | - | - |
| Tax-exempt reserves132 | - | - | - | €0.1m | €0.1m | €0.1m | €0.09m | €0.08m | ▼ 13.5% |
| Distributable reserves133 | - | - | - | €2.3m | €3.7m | €3.0m | €4.6m | €5.9m | ▲ 28.8% |
| Investment grants15 | - | - | - | €30 | €15 | €15 | - | - | - |
| Provisions and deferred taxes16 | €0.04m | €0.03m | €0.03m | €0.02m | €0.02m | €0.01m | €0.01m | €0.007m | ▼ 38.6% |
| Deferred taxes168 | - | - | - | €0.02m | €0.02m | €0.01m | €0.01m | €0.007m | ▼ 38.6% |
| Amounts payable17/49 | €5.1m | €4.4m | €4.3m | €4.4m | €4.2m | €5.3m | €5.2m | €5.1m | ▼ 1.7% |
| Amounts payable after more than one year17 | €2.3m | €2.1m | €1.9m | €1.6m | €1.2m | €0.4m | €0.4m | €0.3m | ▼ 18.9% |
| Financial debts170/4 | - | - | - | €1.6m | €1.2m | €0.4m | €0.4m | €0.3m | ▼ 18.9% |
| Leasing and similar obligations172 | - | - | - | €0.6m | €0.4m | €0.4m | €0.4m | €0.3m | ▼ 18.9% |
| Credit institutions173 | - | - | - | €1.0m | €0.8m | - | - | - | - |
| Amounts payable within one year42/48 | €2.8m | €2.3m | €2.4m | €2.8m | €3.0m | €4.8m | €4.8m | €4.8m | ▼ 0.2% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.4m | €0.4m | €0.2m | €0.09m | €0.1m | ▲ 8.0% |
| Financial debts43 | - | - | - | €0.3m | €0.07m | - | - | €341 | - |
| Credit institutions430/8 | - | - | - | €0.3m | €0.07m | - | - | €341 | - |
| Trade debts44 | €1.4m | €0.9m | €0.9m | €1.3m | €1.7m | €1.6m | €2.6m | €4.1m | ▲ 58.7% |
| Suppliers440/4 | - | - | - | €1.3m | €1.7m | €1.6m | €2.6m | €4.1m | ▲ 58.7% |
| Advances received on contracts in progress46 | - | - | - | €0.03m | €0.04m | €0.1m | - | - | - |
| Taxes, remuneration and social security45 | - | - | - | €0.3m | €0.4m | €0.3m | €0.3m | €0.5m | ▲ 45.7% |
| Taxes450/3 | - | - | - | €0.02m | €0.07m | €0.02m | €0.006m | €0.1m | ▲ 21× |
| Remuneration and social security454/9 | - | - | - | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | ▲ 7.8% |
| Other amounts payable47/48 | - | - | - | €0.5m | €0.4m | €2.6m | €1.8m | €0.1m | ▼ 94.5% |
| Accrued charges and deferred income492/3 | - | - | - | €0.01m | €0.009m | - | - | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €0.3m | €0.3m | €0.4m | €1.0m | €1.6m | €1.9m | €1.6m | €1.3m | ▼ 17.4% |
| + Depreciation and write-downs630 | €0.6m | €0.7m | €0.6m | €0.6m | €0.6m | €0.5m | €0.5m | €0.6m | ▲ 39.0% |
| Operating cash flow (approximation) | €0.9m | €1.0m | €1.0m | €1.7m | €2.1m | €2.3m | €2.1m | €2.0m | ▼ 4.7% |
| Investment in fixed assets (approximation) | - | -€0.5m | -€0.3m | -€0.2m | -€0.4m | -€0.4m | -€2.1m | -€0.8m | ▲ 63.3% |
| Change in cash | - | €0.006m | €0.2m | €0.3m | €0.5m | €0.2m | - | - | - |
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, 1,579 companies had the same profile as PROVAN has now. Two years later, 96.7% were still going and 0.1% had gone bankrupt.
- Medium-sized
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
96.7%
was still going
3.2%
stopped otherwise
0.1%
went bankrupt
That fits the bankruptcy probability of PROVAN 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 1,579 companies, not a prediction for PROVAN. 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 27 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 13-07-2026 | 2026-00289733 | |
| 31-12-2024 | full format | 24-06-2025 | 2025-00179101 | |
| 31-12-2023 | full format | 05-07-2024 | 2024-00224077 | |
| 31-12-2022 | full format | 27-06-2023 | 2023-00161018 | |
| 31-12-2021 | full format | 01-07-2022 | 2022-20132098 | |
| 31-12-2020 | full format | 02-07-2021 | 2021-28900499 | |
| 31-12-2019 | full format | 30-06-2020 | 2020-22500586 | |
| 31-12-2018 | full format | 03-07-2019 | 2019-28700237 | |
| 31-12-2017 | full format | 26-06-2018 | 2018-22200206 | |
| 31-12-2016 | full format | 29-06-2017 | 2017-24700264 |
Board & ownership
Directors
Directors
4 directors, last change in 2024
Board 4
LEVEL 12
Current
Director (not named in the articles) · since 31-03-2023 · Legal entity · permanent representative: VANHEES Luc · listed in the 2025 annual accounts, filed on 13-07-2026
DLC
Current
Director · since 22-11-2023 · Private limited company · permanent representative: Dirk Lacquaye · also on the board of 1 other company · listed in the 2025 annual accounts, filed on 13-07-2026
Current
Current
Permanent representatives 2
VANHEES Luc
Current
Permanent representative · appointed in the act of 11-04-2023 · for LEVEL 12
Dirk Lacquaye
Current
Permanent representative · appointed in the act of 13-03-2024 · for DLC
Statutory auditor 1
EY Bedrijfsrevisoren BV
Current
Statutory auditor · appointed in the act of 14-07-2025 · 3-year term from 2025 · permanent representative: Christophe Beckers · listed in the 2025 annual accounts, filed on 13-07-2026
Signing authorityThe articles say who may bind the company, for example by signing a contract.
Each director alone
deed of 11-04-2023Owners and capital
Shareholders
2 ownersChain of control
- Kingspan group plcIE
- Ever2479GB
- JORIS IDE
- PROVAN GROUP
- PROVAN
Owners 2
- PROVAN GROUPparentEquity €4.5m Profit of €54,099 in 2025 (profit of €2.6m in 2024) Checked score 85100%
- Kingspan group plcIEconsolidating parentconsolidates
Capital transactions
Shareholders according to the deeds
Stated in the act
act of 13-03-2024 ↗
- Provan Group BV all shares
Capital over time
- 11-04-2023 Capital stated in the deed · €99,200 · 2,750 shares
Mandate history
7 people, 5 in office
- Board
- Statutory auditor
- end not dated
| Name | Functions and periods |
|---|---|
| LEVEL 12 |
|
| DLC |
|
| Paul Kenny |
|
| Seamus Cussen |
|
| EY Bedrijfsrevisoren BV |
|
| Robrechts Lenaerts Bedrijfsrevisoren - Réviseurs d'entreprises |
|
| Proesmans Ben Consulting |
|
Articles of association
- Board ruleThese rules set how the board is made up, meets and takes decisions.
- “Raad kiest voorzitter uit midden, één enkele bestuurder tenzij meerdere”
- Liquidation ruleIn a liquidation the creditors are paid first. What is left goes to the shareholders.
- “Bevoegdheden vereffenaars, tenzij algemene vergadering anders besluit bij gewone meerderheid van stemmen”
Articles of association, deed of 11-04-2023 (in Dutch)
Network & group
Part of the group
Kingspan Group plc
15 companies
Group, risk and exposure
Companies at the same address
2 other companiesConnections & network
4 current directorsThe board mandates are listed under Board mandates elsewhere. The network lets you explore the same ties.
This company
Company
Director
Shareholding
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Click a node to look further, drag to arrange, zoom with the mouse wheel.
Timeline
Acts, filings and financial milestones
Deadline for the 2026 accounts:
2026
13-07
full format · 18 days before the deadline
2025
31-12
Financial
Equity above €5mequity €6.1m ▲27.3%
With a profit in every financial year since 2018, equity grows to €6.1m.
14-07
Gazette deed
Appointment: EY Bedrijfsrevisoren BV (statutory auditor)Permanent representative: Lacquaye Dirk4 points ▸
Gazette deed
Appointment: EY Bedrijfsrevisoren BV (statutory auditor)
Permanent representative: Lacquaye Dirk4 points ▸
- General meeting, 20-12-2024
- Auditor appointment, EY Bedrijfsrevisoren BV (statutory auditor)
- Permanent representative, Lacquaye Dirk
- Director in office, DLC BV (director)
24-06
full format · 37 days before the deadline
2024
05-07
full format · 26 days before the deadline
13-03
Gazette deed
3 directors appointed, 1 director resigningResignation: Proesmans Ben Consulting BV (director) · Permanent representatives: Ben Proesmans and Dirk Lacquaye · Appointments: Seamus Cussen, Paul Kenny and DLC BV10 points ▸
Gazette deed
3 directors appointed, 1 director resigning
Resignation: Proesmans Ben Consulting BV (director) · Permanent representatives: Ben Proesmans and Dirk Lacquaye · Appointments: Seamus Cussen, Paul Kenny and DLC BV10 points ▸
- General meeting, 22-11-2023
- Director resignation, Proesmans Ben Consulting BV (director)
- Permanent representative, Ben Proesmans
- Director discharge, Proesmans Ben Consulting BV
- Director appointment, Seamus Cussen (director)
- Director appointment, Paul Kenny (director)
- Director appointment, DLC BV (director)
- Permanent representative, Dirk Lacquaye
- Other provision, “verklaring centraal register van bestuursverboden, nieuwbenoemde bestuurder mag optreden als bestuurder” (deed in Dutch)
- Provan Group BV holds all the shares
2023
31-12
Financial
Highest result from 2018 to 2025net €1.9m ▲19.8%
The operating result of €2.6m and the net result of €1.9m are both a record.
27-06
full format · 34 days before the deadline
11-04
Gazette deed
2 directors appointedAppointments: LEVEL 12 (director) and PROESMANS BEN CONSULTING (director) · Permanent representatives: VANHEES Luc and PROESMANS Ben · Auditor report16 points ▸
Gazette deed
2 directors appointed
Appointments: LEVEL 12 (director) and PROESMANS BEN CONSULTING (director) · Permanent representatives: VANHEES Luc and PROESMANS Ben · Auditor report16 points ▸
- General meeting, 31-03-2023
- Other provision, “aanpassing statuten aan WVV, EERSTE BESLUIT” (deed in Dutch)
- Auditor report, “artikel 14:4 WVV, staat van activa en passiva” (deed in Dutch)
- Other provision, “verslag bestuursorgaan, staat van activa en passiva” (deed in Dutch)
- Legal-form conversion, “naamloze vennootschap” (deed in Dutch)
- Other provision, “behoud inschrijvingsnummer rechtspersonenregister, naamloze vennootschap behoudt nummer besloten vennootschap” (deed in Dutch)
- Amendment of the articles
- Capital, €99,200
- Other provision, “ontslag en kwijting bestuurders, algemene vergadering geeft huidige bestuurders ontslag uit functie” (deed in Dutch)
- Director appointment, LEVEL 12 (director (not named in the articles))
- Director appointment, PROESMANS BEN CONSULTING (director (not named in the articles))
- Permanent representative, VANHEES Luc
- The act holds 4 more points.
2022
22-07
Gazette deed
Reappointment: Robrechts Lenaerts Bedrijfsrevisoren - Révíseurs d'Entreprises (statutory auditor)Permanent representative: Ben Proesmans3 points ▸
Gazette deed
Reappointment: Robrechts Lenaerts Bedrijfsrevisoren - Révíseurs d'Entreprises (statutory auditor)
Permanent representative: Ben Proesmans3 points ▸
- General meeting, 03-06-2022
- Auditor reappointment, Robrechts Lenaerts Bedrijfsrevisoren - Révíseurs d'Entreprises (statutory auditor)
- Permanent representative, Ben Proesmans
01-07
full format · 30 days before the deadline
2021
31-12
Financial
Equity above €2mequity €2.6m ▲42.1%
With a profit in every financial year since 2018, equity grows to €2.6m.
Show earlier events
02-07
full format · 29 days before the deadline
2020
30-06
full format · 31 days before the deadline
2019
03-07
full format · 28 days before the deadline
2018
26-06
full format · 35 days before the deadline
2017
29-06
full format · 32 days before the deadline
1998
18-04
Gazette deed
Incorporation
Financial milestoneGazette deedNBB filingFinancial milestones sit on the financial year-end date, not the filing date.
Sources:Publications in the Belgian Official GazetteFilings with the National Bank
History
Company details
Register details
Identity
KBO recordName
PROVAN in Dutch
Enterprise number
0463.077.307
Legal form
Public limited company
Status
Active, normale toestand
Founded
06-04-1998
Entity type
Legal entity
DurationMost companies exist for an unlimited period, until they are dissolved.
Unlimited
deed of 11-04-2023 (in Dutch)Registered office clauseThe articles name the region of the registered office. The language of official documents depends on that region, among other things.
“Vlaams Gewest, Artikel 2”
deed of 11-04-2023 (in Dutch)Registered office and establishments
Registered office
Troisdorflaan 22, 3600 Genk, Belgium
Establishment units
Troisdorflaan 22, 3600 Genk since 22-04-1998 · unit number 2.086.454.756
Pasweg 6A, 3740 Bilzen-Hoeselt since 16-04-2016 · unit number 2.253.542.305
IPS, Oosterring 12, 3600 Genk since 01-04-2026 · unit number 2.390.113.35525220 Manufacture of fabricated metal products, except machinery and equipment
Activities
NACEBEL 2025VAT activities
25110
Manufacture of metal structures and parts of structures main activity
33110
Repair and maintenance of fabricated metal products
Social security (RSZ) activities
25110
Manufacture of metal structures and parts of structures main activity
Codes under NACEBEL 2008
VAT activities
25110
Manufacture of metal structures and parts of structures main activity
33110
Repair, maintenance and installation of machinery and equipment
Social security (RSZ) activities
25110
Manufacture of metal structures and parts of structures main activity
Joint committees
209 Paritair Comité voor de bedienden der metaalfabrikatennijverheid
111 Paritair Comité voor de metaal-, machine- en elektrische bouw annual accounts 2025
PurposeThe purpose describes the activities the company may carry out under its articles.
deed of 11-04-2023 (in Dutch)
“Onderneming voor het plaatsen van ijzerwerk, metalen luiken, en metalen schrijnwerk; Zelfstandige werkplaats voor algemene mechaniek…”
10 activities
- Onderneming voor het plaatsen van ijzerwerk, metalen luiken, en metalen schrijnwerk
- Zelfstandige werkplaats voor algemene mechaniek
- Bijzondere werkplaats voor de metaalverwerkende nijverheid
- Onderneming voor metalen constructies, de bouw van bruggen en vakwerk, veranda’s, ramen en deuren, metalen kunstwerken
- Tussenpersoon in de handel, trading
- Studie-organisatie- en raadgevend bureau inzake metalen constructies, bouwwerken
- Import en export van en groothandel en kleinhandel in artikelen voor meubilering, bouwmaterialen, kunstvoorwerpen, luxeartikelen en allerhande diverse artikelen
- Onderneming in de opslag en stokkering van allerhande goederen
- Gezins- en bejaardenhulp
- Opvang en aan huisverzorging
Invoicing and payment
VAT number
BE 0463.077.307
Financial year and general meeting
Accounts at the NBBFinancial year end
31-12
Annual meetingThe shareholders approve the annual accounts, among other things, at the annual meeting.
First Friday of June at 20:00
deed of 11-04-2023 (in Dutch)Recognitions · licences · registrations
Dual-learning approval
5 live approvalsConstructielasser (vwo)
Hoeknaadlasser duaal (so)
Lassen-constructie duaal (so)
Lasser-monteerder (vwo)
Lasser-monteerder duaal (so)
Environmental permits
1 application in Flanders since 2022 · 1 granted
Een grond gebruiken, aanleggen of inrichten; Het reliëf van de bodem aanmerkelijk wijzigen; Hoogstammige bomen vellen die geen deel uitmaken van een bos; Nieuwbouw of aanleggen; Nieuwbouw van bijgebouwen, niet-overdekte lage constructies en andere handelingen; Verbouwen en/of uitbreiden zonder functiewijziging en zonder wijziging van aantal woongelegenheden; Verbouwen / Wijzigen Infrastructuur
Source: Omgevingsloket Vlaanderen.
Sites & property
Location
Buildings and parcels at the addresses
Ground area
7,123 m²
Building footprint
3,542 m²
Building volume
27,098 m³
Tallest building: 25.2 m.
| Cadastral parcel | Region | Area | Buildings | Height / floors |
|---|---|---|---|---|
| 71304E0735/00N014 | Flanders | 3,045 m² | 1 · 2,186 m² | 8.2 m · 2 |
| 71304D1230/00A002 | Flanders | 2,999 m² | 1 · 1,355 m² | 25.1 m · 3 |
| 73006H0859/00G004 | Flanders | 1,078 m² | - | - |