Active BE 0535.534.624Private limited company

SIMAF

Herenstraat(SGW) 56 ·9170 Sint-Gillis-Waas, Belgium· 13 yrs active

Sector: General construction of residential buildings (41001)

Conclusion Checked

SIMAF has been active since 2013 and the Belgian State Gazette contains no insolvency or warning signals. The 2024 annual accounts show equity of €86k and a net result of €-3k. Equity is growing by ~3.4% per year across the filed fiscal years. Its solvency ranks better than 59% of 9987 sector peers (fiscal year 2024). The computed 12-month bankruptcy probability is 1.1% (low).

Based on the State Gazette, CBE and 4 annual accounts.

Key figures

Equity	€86k
Net result	€-3k
Better than sector	59%
Active	13 yrs

Financial profile 5 of 5 axes measured · computed by Checked

62 / 100

Strong profile, led by stability.

All 5 axes are computed from data Checked has read.

Health 70

Profitability 0

Solvency 86

Growth 52

Stability 100

Bankruptcy probability (12 mo) Checked model v1 · free

1.1% Low

0%0,5%1,5%4%10%≥25%

How do we compute this?

Risk Assessment rule-based

0 / 100

Low risk

Trust signals 2 signals

Established

Founded in 2013, 13 years in business.

No legal incidents

No bankruptcy, reorganisation or interim measure in the Belgisch Staatsblad, and the KBO register records a normal legal situation.

Administrative Flags0 events

No strikeouts found in the KBO publications we processed. That series starts in 2021 and has gaps, so this is not a confirmation that there is nothing.

Checked score FY 2024 · computed

70 / 100 Healthy

050100

Computed from 5 of the 6 factors this model weighs. The rest cannot be derived from the filed figures, or need a prior year to compare against.

Indicative credit limit

€6k

estimate, not credit advice

Score history

93 2021

86 2022

86 2023

70 2024

purely financial, excl. current insolvency signals

Score components

Liquidity Current ratio 1.56 (≥ 1.5) +10

Quick ratio Quick ratio 1.56 (≥ 1.0) +5

Leverage Debt/equity 0.96 (< 1.0) +10

Profitability Negatieve ROE -3% -10

Interest coverage Interest coverage 9.2× (≥ 3×) +8

Profit trend Net profit down YoY -3

Computed by Checked from the NBB filing for FY 2024. Indicative, not credit advice.

Financial overview12 NBB filings

Annual accounts filed on 24-02-2026 with the NBB · fiscal year 2024 · micro schema

Operating resultNet result

Trajectory (indicative)

Projection over 3 fiscal years from the filed annual accounts, not a forecast, the extended trend.

growing Equity: growth of ~3.4%/year over 4 fiscal years, indicative, assuming unchanged policy.

Solid line = filed figures · dashed = extended trend · area = indicative range.

How do we compute this?

The trend is a robust median of all pairwise slopes between fiscal years (Theil-Sen), so a single odd year cannot hijack the line. For strictly positive series we also fit a log variant (compound annual growth) and keep whichever describes the figures best.

The area around the projection is 1.8 × the median absolute deviation from the trend, widening each year ahead (×1 / ×1.6 / ×2.2), with a minimum of 8% of the last value. It is an indicative range, not a statistical confidence interval.

A series whose deviations exceed 35% of its level is too volatile: we then deliberately show no projection. Every projection assumes unchanged policy and is blind to non-public information (order book, contracts, funding rounds).

Sector comparison

Fiscal year 2024 · NACE 41, Construction of residential and non-residential buildings · compared within the same schema type (micro schema)

Metric	This company	Sector median	Position in the sector
Solvency	51.0%	42.3%	better than 59% of 9987 sector peers
Net result	€-3k	€8k	better than 22% of 9974 sector peers
Equity	€86k	€45k	better than 68% of 10001 sector peers
Gross operating margin	€28k	€31k	better than 47% of 9961 sector peers
Staff costs	€14k	€31k	higher than 39% of 3519 sector peers

EBITDA

€11k

-26.8% 21-24

Net profit

€-3k

- 21-24

Cash flow

€3k

-64.0% 21-24

Total assets

€169k

+30.0% 21-24

Equity

€86k

-3.2% 21-24

Working capital

€42k

-15.5% 21-24

Staff costs

€14k

-70.9% 21-24

Income taxes

€7k

+18.1% 21-24

Debt

€83k

+102.4% 21-24

Debt ≤ 1y

€75k

+158.2% 21-24

Debt > 1y

€8k

-35.7% 21-24

Current ratio

1.56

-42.4% 21-24

Quick ratio

1.56

-42.4% 21-24

Solvency

51.0%

-25.6% 21-24

Debt / equity

0.96

+109.2% 21-24

ROE

-3.3%

- 21-24

ROA

-1.7%

- 21-24

Interest coverage

9.16

-37.5% 21-24

Figures by fiscal year and ratios

Highlight YoY changes (±10%)

Fiscal year	2024	2023	2022	2021
Deposit	micro schema	micro schema	micro schema	micro schema
Revenue	-	-	-	-
EBITDA	€11k	€15k	€14k	€22k
Net profit	€-3k	€3k	€8k	€12k
Cash flow	€3k	€8k	€12k	€17k
Staff costs	€14k	€48k	€46k	€36k
Income taxes	€7k	€6k	-	€4k
Dividends	-	-	-	-
Total assets	€169k	€130k	€133k	€148k
Equity	€86k	€89k	€86k	€78k
Debt	€83k	€41k	€47k	€69k
of which ≤ 1y	€75k	€29k	€31k	€49k
of which > 1y	€8k	€12k	€16k	€20k
Working capital	€42k	€50k	€49k	€54k
Employees (FTE)	-	-	-	-

Ratios (computed)

	2024	2023	2022	2021
Current ratio	1.56	2.71	2.59	2.09
Quick ratio	1.56	2.71	2.59	2.09
Working capital ratio	24.9%	38.3%	37.2%	36.5%
Solvency	51.0%	68.5%	64.7%	53.1%
Debt / equity	0.96	0.46	0.55	0.88
Long-term debt ratio	0.09	0.13	0.18	0.25
Interest coverage	9.16	14.65	6.49	27.48
Gross margin	-	-	-	-
Net margin	-	-	-	-
ROA	-1.7%	2.4%	5.8%	8.4%
ROE	-3.3%	3.5%	9.0%	15.8%
EBITDA margin	-	-	-	-
Days sales outstanding	-	-	-	-
Days payable outstanding	-	-	-	-
Inventory turnover	-	-	-	-
Days inventory (DSI)	-	-	-	-

Balance-sheet composition 2024

Assets

Fixed assets €52k · 30.6% Current assets €118k · 69.4%

Equity & liabilities

Equity €86k · 51.0% Debt €83k · 49.0%

Full annual accounts (22 line items)

Filed balance sheet and income statement, exactly as deposited with the NBB.

Line item	Code	2024	2023	2022	2021
Balance sheet, Assets
TOTAL ASSETS	20/58	€169k	€130k	€133k	€148k
Fixed assets	21/28	€52k	€51k	€53k	€44k
Tangible fixed assets	22/27	€52k	€51k	€53k	€44k
Current assets	29/58	€118k	€79k	€81k	€103k
Amounts receivable within one year	40/41	€90k	€75k	€73k	€103k
Cash & bank	54/58	€23k	€189	€7k	€44
Balance sheet, Equity & liabilities
TOTAL EQUITY & LIABILITIES	10/49	€169k	€130k	€133k	€148k
Equity	10/15	€86k	€89k	€86k	€78k
Contributions / capital	10/11	€18k	€18k	€18k	€18k
Reserves	13	€2k	€2k	€2k	€2k
Accumulated profits (losses)	14	€66k	€69k	€66k	€58k
Amounts payable	17/49	€83k	€41k	€47k	€69k
Amounts payable after one year	17	€8k	€12k	€16k	€20k
Amounts payable within one year	42/48	€75k	€29k	€31k	€49k
Trade debts payable within one year	44	€29k	€16k	€18k	€25k
Income statement
Gross operating margin	9900	€28k	€68k	€61k	€60k
Operating result	9901	€5k	€10k	€10k	€18k
Financial charges	65	€1k	€1k	€2k	€793
Result before taxes	9903	€4k	€9k	€8k	€17k
Income taxes	67/77	€7k	€6k	-	€4k
Net result for the period	9904	€-3k	€3k	€8k	€12k
Result to be appropriated	9905	€-3k	€3k	€8k	€12k

Directors & mandates 2 directors

Current directors & mandates

Shahwan Abdelaziz
Director
State Gazette act 24446016 (26-11-2024)

Current
26-11-2024 → present
2 events
- 26-11-2024 Resigned· Director
- 26-11-2024 Mandate renewed· Director

Former directors (1)

KAHRAMAN Mohamed
Manager
State Gazette act 18111185 (17-07-2018)

Former
- → 26-06-2018

Legal Structure

NACE primary	General construction of residential buildings(41001)
Legal form	Private limited company(610)
Incorporation	07-06-2013
Status	Active
Postal code	9170

Establishment units 1 location

Gaversstraat(SGW) 48, 9170 Sint-Gillis-Waas

Site preparation

since 20132.219.730.281

Real-estate footprint Source: CBE × cadastre

Flanders 2 (100%)

Parcel (capakey)	Region	Area	Buildings	Height / fl.
46020C0224/00P000	Flanders	1,298 m²	1 · 198 m²	-
46020C1037/00T000	Flanders	194 m²	1 · 120 m²	-

Methodology

via registered seat: 1 · via establishment units: 1

2 of 2 parcels with an exact address match; the rest are indicative.

Linked through address data, this is not proof of ownership.

Updates 12 events

All 12Financial 1Gazette 1Filings 10

2026

31-03

State Gazette act Registered office

Registered-office move1 fact ▸

Registered-office move, 9170 Sint-Gillis-Waas, Herenstraat 56

24-02

NBB filing Annual accounts filed

fiscal year 2024 · micro schema · 208 days late

2024

31-12

Financial Weakest financial yearnet €-3k ▼191%

Net result drops to €-3k, the lowest in the series.

18-11

NBB filing Annual accounts filed

fiscal year 2023 · micro schema · 110 days late

2023

18-12

NBB filing Annual accounts filed

fiscal year 2022 · micro schema · 140 days late

22-01

NBB filing Annual accounts filed

fiscal year 2021 · micro schema · 175 days late

2021

24-10

NBB filing Annual accounts filed

fiscal year 2020 · micro schema · 85 days late

2020

18-11

NBB filing Annual accounts filed

fiscal year 2019 · micro schema · 110 days late

17-01

NBB filing Annual accounts filed

fiscal year 2018 · micro schema · 170 days late

2018

16-09

NBB filing Annual accounts filed

fiscal year 2017 · micro schema · 47 days late

2017

12-12

NBB filing Annual accounts filed

fiscal year 2016 · micro schema · 134 days late

2016

06-09

NBB filing Annual accounts filed

fiscal year 2015 · abbreviated schema · 37 days late

Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.

Belgian State Gazette reading coverage 1 of 5 acts read

Of the 5 Belgian State Gazette acts we know for this company, 1 has been read. The other 4 have not been read yet: what they contain is neither established nor disproved here.

Belgisch Staatsblad, acts 2 acts

Capital history · 1

17-07-2018

v3.2

All acts · 2 updated 1 year ago

2024

26-11-2024 Articles of association amended Statutes amendment

Summary: v3.2

Original publication ↗

Technical details

{
  "schema": "v3.2",
  "act_meta": {
    "model_id": 36,
    "extractor": "constrained-core-35b"
  },
  "statute_change": {
    "name_change": false,
    "seat_change": false,
    "object_change": true,
    "effective_date": "2024-11-20",
    "legal_form_change": false
  },
  "bedrijfsrevisor": null,
  "subject_company": {
    "kbo": "0535.534.624",
    "name_full": "SIMAF",
    "legal_form": "BVBA"
  },
  "signature_regime": "solo",
  "special_mandates": [],
  "governance_change": {
    "admin_delegated_added": []
  }
}

2018

17-07-2018 Transaction in capital or shares Capital & shares

Summary: v3.2

Original publication ↗

Technical details

{
  "events": [
    {
      "kind": "share_transfer",
      "amount": 50,
      "currency": "BEF",
      "after_eur": null,
      "delta_eur": null,
      "before_eur": null,
      "amount_type": "onbekend",
      "effective_date": "2018-06-26",
      "evidence_quote": "De heer KAHRAMAN Mohamed, wonende te 2660 Antwerpen, Schaapskooi 11 bus 303, draagt zijn 50 aandelen over aan de heer SHAHWAN Abdelaziz, wonende te 9170 Sint-Gillis-Waas, Gaversstraat 31.",
      "contribution_type": null
    }
  ],
  "schema": "v3.2",
  "act_meta": {
    "model_id": 36,
    "extractor": "constrained-core-35b"
  },
  "subject_company": {
    "kbo": "0535.534.624",
    "name_full": "SIMAF",
    "legal_form": "BVBA"
  }
}

Credit advice verdict per customer and amount

Company registry (CBE) Crossroads Bank

Activities

General construction of residential buildings41001Roofing work43410

Names & trade names

Legal nameNL

SIMAF

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