Result
€45,397 €45,397
Back in profit in 2025, after a loss of €17,503 in 2024.
NAXCO BELGIUM
Lifetime
19 annual accounts with figures on one time axis, 49 filings since 1977peak €41.6m (2022)
€20.0m▼ 5.6%
lowest -€430,173 (2016)
€45,397▲ €62,900
peak €823,968 (2022)
€785,485▲ 6.1%
€8.3m▲ 42.9%
peak 35.3 FTE (2022)
25.3 FTE▼ 6.6%
Board5 names since 2019
3 directorsJan Spruyt and 2 others
Owners4 names in the annual accounts
Documentsfilings and deeds
25-06-202636 days before the deadline
2025financial year
Back to profit: €45,397Debts from €5.8m to €8.3mCash from €12,144 to €214,994
Key points
from the 2025 annual accountsDebts
€8.3m 91% of the balance sheet
Financial debts 19%Suppliers 50%Taxes and wages 29%Other 3%
Of this, €8.1m falls due within a year.
Staff
25.3 FTE from 35.3 in 2022
Between 2022 and 2025, 28% of the full-time equivalents disappeared.
Filings
49 annual accounts 50 filings since 1977
Two of the last ten came late. The 2016 accounts came latest: 30 days after the end of the period.
At the same address
5 companies
Position in the sector
8.6%
Lower solvency than 83% of companies in warehousing and transport support. Sector median 37.5% · 863 companies.
Checked score
53
Fair
Financially stronger than 20% of small companies in warehousing and transport support (NACE 52)
Probability in this band: 1.5% to 4.2%
Bankruptcy probability within 12 months
1.7% Moderate
0%0.5%1.5%4%10%≥ 25%
The dashed line is the sector median: 0.4% across 596 companies (NACE 52, small).
About 2 in 100 comparable companies go bankrupt within 12 months (an estimate).
Last 24 months
12-2024: 1.7%
01-2025: 1.7%● unchanged vs 12-2024
02-2025: 1.6%▼ -0.1 percentage points vs 01-2025lowest value
03-2025: 1.6%● unchanged vs 02-2025
04-2025: 1.7%▲ +0.1 percentage points vs 03-2025
05-2025: 1.7%● unchanged vs 04-2025
06-2025: 1.9%▲ +0.2 percentage points vs 05-2025
07-2025: 1.9%● unchanged vs 06-2025
08-2025: 1.9%● unchanged vs 07-2025
09-2025: 1.9%● unchanged vs 08-2025
10-2025: 1.9%● unchanged vs 09-2025
11-2025: 1.9%● unchanged vs 10-2025
12-2025: 1.9%● unchanged vs 11-2025
01-2026: 1.9%● unchanged vs 12-2025
02-2026: 1.9%● unchanged vs 01-2026
03-2026: 1.9%● unchanged vs 02-2026
04-2026: 1.9%● unchanged vs 03-2026
05-2026: 1.9%● unchanged vs 04-2026
06-2026: 2.0%▲ +0.1 percentage points vs 05-2026highest value
07-2026: 1.7%▼ -0.3 percentage points vs 06-2026
08-2026: 1.7%● unchanged vs 07-2026
09-2026: 1.7%● unchanged vs 08-2026
10-2026: 1.7%● unchanged vs 09-2026
11-2026: 1.7%● unchanged vs 10-2026
Financial strengthWeak
Score breakdown
raises risk
Equity €785,485 (8.6% of total assets)
Liquidity: current ratio 1.12, cash €214,994
Sector: Warehousing and support activities for transportation (NACE 52)
Size: turnover €20.0m, 25.3 FTE, total assets €9.1m
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 52, small). It does better than 19% of them on solvency, 6% on liquidity, 18% on profitability and 39% on growth.
The bankruptcy probability was computed on 06-11-2026 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 moderate class on 30-06-2025, 2.4% 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, 1,217 companies had the same profile as NAXCO BELGIUM has now. Each dot stands for 4 companies, two years later.
95.9%
were still trading
2.5%
stopped another way
1.5%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of NAXCO BELGIUM itself: 1.7% within 12 months.
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 1,217 companies, not a prediction for NAXCO BELGIUM. 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 €40,000 on 30-day terms is acceptable
Liquidity is tight, with a current ratio of 1.12 (1.04 in 2024), below the usual 1.5. Short-term debt is 88.8% and cash 2.4% of total assets. 91.4% 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.
raises riskneutral
raises risk · Weak solvency compared with the sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 17% of 863 sector peers (2025).
NBB · sector comparisonPosition among 863 sector peers
Solvency
better than 17%
← weakest
strongest →
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 25-06-2026, 36 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
36 days early
2024
72 days early
2023
27 days early
2022
2 days late
2021
19 days early
2020
45 days early
2019
2 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 28 days before the deadline. In the sector (NACE 52), the median for financial year 2024 was 8 days before the deadline, and 36% 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 5 July (4 of the last 5 accounts filed within 30 days either side of that date).
Companies Code · seven monthsWhere today falls in the filing period
06-11-2026 today31-12-2026 year end31-07-2027 deadline
Board and ownership
NS
Naxco Services SAS
Director, Patrick Bryon, since 09-05-2025
SC
SDM Consulting & Development bv
Director, Sven De Meester, since 09-05-2025
- NAXCO SERVICES SAS consolidatesannual accounts 2024
- De Keyser Thornton Naxco (Belgium) 44%score 62equity €2.4m (2025) · 2024 annual accounts of De Keyser Thornton Naxco (Belgium)
Shares in 1 company, DKT CHARTERING ANTWERP
Board & ownershipRecent changes
3 directors reappointed, 1 statutory auditor reappointed
Jan Spruyt, Naxco Services SAS, SDM Consulting & Development bv and Moore Audit bv (statutory auditor) · General meeting of 09-05-2025 · Gazette deed
Registered in the Peppol Directory
Reachable for e-invoices through 0208:0404520880
Reappointment: C. Rombaut Bedrijfsrevisoren bvba (statutory auditor)
General meeting of 13-05-2022 · Gazette deed
Merger: NAXCO BELGIUM takes over DAS Logistics
Permanent representative: BRYON Patrick · General meeting of 24-05-2022 · Gazette deed
Comparable companies
same main activity, similar in size and age| Company | ||||
|---|---|---|---|---|
| NAXCO BELGIUM Antwerp | €20.0m | 0.0% | 8.6% | 25.3 |
| Boschmans Steinacher Antwerp | €17.4m | -0.4% | 24.7% | 20.5 |
| Panalpina World Transport Machelen (Brab.) | €19.3m | -4.6% | 7.2% | 37.2 |
| DGA Shipping Antwerp | €36.8m | 4.6% | 69.0% | 22.8 |
| Malca - Amit, Antwerp Antwerp | €13.2m | -6.0% | -19.2% | 35.8 |
| Belgian Fruit Forwarding Company Antwerp | €10.9m | 14.1% | 55.7% | 33.6 |
| Triton International Container Antwerp | €8.7m | 4.8% | 56.1% | 24 |
Grey: the largest companies of the sector (warehousing and transport support (NACE 52)), without their names. Blue: the sector peers from the table.
These companies have the same main activity as NAXCO BELGIUM: logistics services (NACE 52250). They are comparable in size and age: total assets between €4m and €14m, founded between 1937 and 1981.
Official details
Source: KBO- Status
- Active since 13-12-1948Normal situation
- Activity
- Logistics servicesNACE 52250
- Joint committee
- 226White-collar workers in international trade, transport and logistics · annual accounts 2024
- Establishment units
- 2.006.104.5102000 Antwerp, since 01-12-1948
- 2.329.533.9841830 Machelen (Brab.), since 01-12-2021
- Financial year end
- 31 December
- Peppol
- Reachable since 31-12-2025
Annual accounts 2025
- €9.1m▲ 38.7%
- Filing
- Filed on 25-06-2026, 36 days before the end of the filing period
Insights on NAXCO BELGIUM
NAXCO BELGIUM has existed since 1948. In 2021 turnover rose from €10.7m to €28.9m and staff from 15.8 to 20.7 full-time equivalents. On 1 December 2021 a site was added.
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 NAXCO BELGIUM
- What is the company number of NAXCO BELGIUM?
- The company number of NAXCO BELGIUM is 0404.520.880. The VAT number is the same number with BE in front: BE 0404.520.880.
- Where is NAXCO BELGIUM based?
- The registered office is at Brouwersvliet 25, 2000 Antwerp.Company details
- What does NAXCO BELGIUM do?
- According to the KBO register, the main activity is logistics services (NACE 52250).
- What is the legal form of NAXCO BELGIUM?
- NAXCO BELGIUM is a public limited company (NV).
- When was NAXCO BELGIUM founded?
- NAXCO BELGIUM was founded on 13-12-1948.
- Is NAXCO BELGIUM still active?
- Yes, NAXCO BELGIUM is an active enterprise in the KBO register.
- How many employees does NAXCO BELGIUM have?
- NAXCO BELGIUM had an average of 25.3 full-time equivalents in financial year 2025, according to the filed annual accounts.Financials
- Which joint committee does NAXCO BELGIUM fall under?
- In its 2024 annual accounts, NAXCO BELGIUM states joint committee 226 (White-collar workers in international trade, transport and logistics).
- What is the turnover of NAXCO BELGIUM?
- The turnover of NAXCO BELGIUM was €20.0m in financial year 2025, according to the filed annual accounts.
- Is NAXCO BELGIUM profitable?
- In financial year 2025, NAXCO BELGIUM made a profit of €45,397.
- Where can I find the annual accounts of NAXCO BELGIUM?
- NAXCO BELGIUM filed 50 annual accounts with the National Bank of Belgium, the latest for financial year 2025.
- When are the next annual accounts of NAXCO BELGIUM due?
- NAXCO BELGIUM must file the annual accounts for financial year 2026 by 31-07-2027.Timeline
Next steps
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