STARFLAM

Active

Public limited companyfounded 1987active for 39 yearsZwartenhoekstraat 2, 8660 De Panne, BelgiumKBO/BCE: BE 0430.862.221

Summary

The computed 12-month bankruptcy probability of STARFLAM is 4.7% (elevated). The 2025 annual accounts show equity of €671,289 and a net result of -€515,508. Equity remains stable across the filed financial years (±2.3% per year). Its solvency ranks better than 24% of 9,806 sector peers (NACE 43, financial year 2025). The company has been active since 1987 and the Belgian Official Gazette contains no insolvency or warning signals.

Risk analysisFollow Report Compare

STARFLAMActiveChecked score 35/100

Risk analysis Report Compare

Activity

Other specialised construction activities

NACE 43990Specialised construction activities NACE 43223

Largest company by total assets in De Panne, Construction sector2 sites

Size

€2.9mtotal assets 2025

Staff: 18.5 FTE
Equity: €671,289
Loss: -€515,508

Turnover not published (abbreviated format)

Financial health

35 Weak Checked score 2025

Bankruptcy probabilitywithin 12 months: 4.7%

Structure

2025 accounts 4 days early2 of 4 deeds summarised

Why 35raises riskLoss of €515,508, the second in a row (financial year 2025)Size: 18.5 FTE, total assets €2.9mEquity €671,289 (23.0% of total assets)Sector: Specialised construction activities (NACE 43)Show the evidence

Checked score

Score 2025

35 / 100

Weak

Probability in this band: 4.2% to 15.0%

Financially better than 10% of its sector peers (NACE 43, small)

Every signal that counts is listed under Signals.

Financial strength · tick = 2024

Weak

Solvency 48-11

equity 23.0% of total assets

Liquidity 17-6

short-term debt 67.3% · cash 2.4%

Profitability 0-51

return on assets -17.7%

Bankruptcy probability, 12 months

4.7% Elevated

0%0.5%1.5%4%10%≥ 25%

About 5 in 100 comparable companies go bankrupt within 12 months (an estimate).

Sector median 0.3% (2,647 companies, NACE 43, small)

Last 24 months 11-2024: 1.5% 12-2024: 1.9%▲ +0.4 percentage points vs 11-2024 01-2025: 2.8%▲ +0.9 percentage points vs 12-2024 02-2025: 2.8%● unchanged vs 01-2025 03-2025: 1.0%▼ -1.8 percentage points vs 02-2025 04-2025: 1.0%● unchanged vs 03-2025lowest value 05-2025: 1.0%● unchanged vs 04-2025lowest value 06-2025: 1.2%▲ +0.2 percentage points vs 05-2025 07-2025: 1.2%● unchanged vs 06-2025 08-2025: 1.2%● unchanged vs 07-2025 09-2025: 1.3%▲ +0.1 percentage points vs 08-2025 10-2025: 1.4%▲ +0.1 percentage points vs 09-2025 11-2025: 3.8%▲ +2.4 percentage points vs 10-2025 12-2025: 3.8%● unchanged vs 11-2025 01-2026: 3.8%● unchanged vs 12-2025 02-2026: 3.8%● unchanged vs 01-2026 03-2026: 3.8%● unchanged vs 02-2026 04-2026: 3.8%● unchanged vs 03-2026 05-2026: 3.8%● unchanged vs 04-2026 06-2026: 4.2%▲ +0.4 percentage points vs 05-2026 07-2026: 4.3%▲ +0.1 percentage points vs 06-2026 08-2026: 4.3%● unchanged vs 07-2026 09-2026: 4.2%▼ -0.1 percentage points vs 08-2026 10-2026: 4.7%▲ +0.5 percentage points vs 09-2026highest value

Credit of up to €23,000 on 30-day terms, only on tighter conditions: elevated estimated bankruptcy probability calls for adjusted credit terms

Liquidity insufficient (current ratio 0.98, compared with 1.17 in 2024, below 1; short-term debt: 67.3% and cash: 2.4% of total assets), and 77% of the assets are financed with debt and provisions.

How it is calculated

The band follows from the bankruptcy probability, on a scale where 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 43, small): better than 26% on solvency, 9% on liquidity, 2% on profitability and 6% on growth.

The bankruptcy probability was computed on 25-10-2026 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. Negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late hold it at Fair at most (59); two missing filings, at Weak (44). An ongoing judicial reorganisation or the company's end (bankruptcy, dissolution, liquidation) holds it at Critical at most (24).

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Signals

Seven signals.

raises riskneutral

Loss of €515,508, the second in a row (financial year 2025)

NBB · annual accounts

Size: 18.5 FTE, total assets €2.9m

Companies of this size fail more often; how much that weighs depends on the rest of its profile.

NBB · annual accounts

Equity €671,289 (23.0% of total assets)

NBB · annual accounts

Sector: Specialised construction activities (NACE 43)

KBO

Persistent losses

Two consecutive loss-making years (2024 and 2025); equity is also lower. May indicate structural pressure on profitability.

NBB · annual accounts 2025

Net result per financial year

19202122232425

2019 to 2025 · latest year -€515,508

Weak solvency vs sector

Solvency (equity / total assets) is in the sector's weakest quartile: better than 24% of 9806 sector peers (2025).

NBB · sector comparison

Position among 9806 sector peers

Solvency

better than 24%

← weakest strongest →

Latest accounts filed on time

The financial year that closed on 31-03-2025 was due by 31-10-2025 and was filed on 27-10-2025, 4 days ahead of the deadline.

NBB · 10 filings

Deviation from the deadline

2025

4 days early

2024

106 days late

2023

on the day

2022

2 days late

2021

4 days late

2020

5 days early

2019

on the day

← before the deadline after the deadline →

tick = median of all Belgian filingsring = median in the sector

This company filed its last 7 accounts on average 15 days after the deadline; the sector median (NACE 43) for financial year 2024 is 1 day before the deadline, and 43% of those companies filed late.

Searched, nothing found (2)

Next filing not due yet

The financial year that closed on 31-03-2026 is due by 31-10-2026. Nothing is late today. The company usually files around 2 November (4 of the last 5 filed years within 30 days of that day).

Companies Code · seven months

Where today falls in the filing period

31-03-2026 year end26-10-2026 today31-10-2026 deadline

No strike-offs in the KBO publications

Searched since 2021.

KBO publications · our coverage

27-10-2025 Annual accounts filedfinancial year 2025 · abbreviated…
08-09-2025 Appointment: CAILLIAU Bernard (director)Resignation: CAILLIAU Bernard (managing director)…
31-03-2025 Weakest financial yearnet -€515,508

Key points

Risk: 3 loss-making years in a rowloss financial year 2025 -€515,508 View
Caution: Result fell in 2025from -€33,335 to -€515,508 ▼ 1,446% View
Caution: Among the weakest 5% on net resultsector median €27,008 · 9,798 companies -€515,508 View

By topic

Financials

Financial year: 2025
Total assets: €2.9m
Loss: -€515,508
Solvency: 23.0%

Total assets▼ 16.5%

Net result

20192025

Go to Financials

Timeline

Events: 42
Since: 1989
Next accounts: by 31-10-2026

14-02-2025Annual accounts filed
24-05-2024Resignation: Rodéric Cailliau (director)
31-10-2023Annual accounts filed

Go to Timeline

Company details

Sites: 2

Legal form: Public limited company
Activity: Other specialised construction activitiesNACE 43990
Founded: 28-03-1987
Year ends: 31-03
Peppol: Reachable for e-invoices

Go to Company details

Articles of association

Provisions read: 2

See the provisions in the deeds

Go to Articles of association

Key facts about STARFLAM

What is the company number of STARFLAM?: 0430.862.221. In Belgium the VAT number is the company number with BE in front: BE 0430.862.221.
Where is STARFLAM based?: The registered office is at Zwartenhoekstraat 2, 8660 De Panne.Company details
What does STARFLAM do?: According to the KBO register, the main activity is other specialised construction activities (NACE 43990).
What is the legal form of STARFLAM?: Public limited company (NV).
When was STARFLAM founded?: On 28-03-1987.
Is STARFLAM still active?: Yes, STARFLAM is an active enterprise in the KBO register.
How many employees does STARFLAM have?: On average 18.5 full-time equivalents in financial year 2025, according to the filed annual accounts.Financials
What is the turnover of STARFLAM?: Not stated in the processed annual accounts. The abridged format for small companies does not require turnover.
Is STARFLAM profitable?: In financial year 2025, STARFLAM made a loss of €515,508.
Where can I find the annual accounts of STARFLAM?: STARFLAM filed 38 annual accounts with the National Bank of Belgium, the latest for financial year 2025.
When are the next annual accounts of STARFLAM due?: By 31-10-2026, for financial year 2026.Timeline