Steelforce Packaging · Checked.be

Summary

Conclusion

the dossier summarised in one paragraph

The computed 12-month bankruptcy probability of Steelforce Packaging is 1.3% (low). The 2024 annual accounts show equity of €19.26M and a net result of €5.36M. Equity is growing by ~26.8% per year across the filed fiscal years. Its solvency ranks better than 28% of 549 sector peers (fiscal year 2024). The company has been active since 2022 and the Belgian State Gazette contains no insolvency or warning signals.

Based on the State Gazette, CBE and 3 annual accounts.

Signals

2 signals · with evidence

Consistently profitable

Positive net result in the two most recent financial years (2023 and 2024).

View the result trend

Growing equity

Equity grew over 2022-2024. Profits are largely retained rather than distributed.

View the equity trend

Signals are derived from the filed annual accounts and the sector comparison. No composite score: each signal is separately verifiable at the source.

Filing behaviour

From the deposit records, complete market-wide

Deadline passed, not yet counted as missing

The deadline for the year that closed on 31-12-2025 passed on 31-07-2026, 28 days ago. Our copy of the deposit register trails the National Bank (measured: median 14 days, p99 45 days), so we only call this filing missing from 45 days past the deadline.

Latest accounts filed on time

The financial year that closed on 31-12-2024 was due by 31-07-2025 and was filed on 10-06-2025, 51 days ahead of the deadline. This speaks to administrative punctuality and says nothing about the financial position.

How we compute the deadline

The year end is derived from 3 filed financial years, each closing on 31-12. The statutory deadline is seven months after the close of the financial year (art. 3:10 par. 1 CAC, art. 3:47 par. 7 for ASBL and foundations). Applied to the financial year that closed on 31-12-2024, that is 31-07-2025.

Deadline per financial year

Year closed	Due by	Filed	Variance	Reference
31-12-2025	31-07-2026	nothing on record	not filed	-
31-12-2024	31-07-2025	10-06-2025	51 d early	2025-00131194
31-12-2023	31-07-2024	21-06-2024	40 d early	2024-00153894
31-12-2022	31-07-2023	08-06-2023	53 d early	2023-00122030

Source: the National Bank's deposit records. Those records are complete, including for years whose figures we have not read yet. Filing late covers nearly half the market and is therefore not scored; only not filing, being more than 90 days late and breaking a punctual record carry weight.

Trust signals

2 signals

More than 3 years active

Founded in 2022, past the statistically most fragile first 3 years.

No legal incidents

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

Administrative Flags

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.

Bankruptcy probability (12 mo)

Checked model v1 · free for everyone

1.3% Low

0%0,5%1,5%4%10%≥25%

Young company +Annual accounts: healthy financial profile −Higher-failure-rate sector +

Statistical estimate based on public sources, not credit advice nor a finding of fact. How do we compute this?

Financials

Turnover€273.59M+114.3%

EBIT margin2.5%-2.9pp

Net result€5.36M+47.1%

Working capital€26.53M+68.5%

CSV export

Annual accounts & ratios

Source: NBB · 2024

Annual accounts filed on 10-06-2025 with the NBB · fiscal year 2024 · volledig

RevenueOperating resultNet result

Trajectory (indicative)

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

growing Equity: growth of ~26.8%/year over 3 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 46, Wholesale trade · compared within the same schema type (full schema)

Metric	This company	Sector median	Position in the sector
Solvency	12.1%	31.0%	better than 28% of 549 sector peers
Net result	€5.36M	€47k	better than 95% of 549 sector peers
Equity	€19.26M	€468k	better than 93% of 550 sector peers
Staff costs	€631k	€494k	higher than 55% of 404 sector peers
Employees (FTE)	5.9	7.5	better than 44% of 359 sector peers

Median and position computed from NBB annual accounts filed by sector peers; own figures from the latest filed accounts.

Sector position over time

Percentile per fiscal year versus peers that filed figures, computed year by year (a year without enough peers is absent).

Solvency P28

Weakening position over 2022-2024 · n=520-597

Net result P95

Stable position over 2022-2024 · n=520-596

Equity P93

Stable position over 2022-2024 · n=521-597

Staff costs P55

Weakening position over 2022-2024 · n=397-446

Describes the position versus peers, not a forecast.

Revenue

€273.59M

+114.3% 22-24

EBITDA

€6.73M

-2.1% 22-24

Net profit

€5.36M

+47.1% 22-24

Cash flow

€5.36M

+47.0% 22-24

Total assets

€159.19M

+54.0% 22-24

Equity

€19.26M

+29.2% 22-24

Working capital

€26.53M

+68.5% 22-24

Employees (FTE)

6

+20.4% 22-24

Show 15 other metrics

Staff costs

€631k

+44.4% 22-24

Income taxes

€1.79M

+48.8% 22-24

Dividends

€1.00M

- 22-24

Debt

€139.93M

+58.2% 22-24

Debt ≤ 1y

€130.98M

+52.4% 22-24

Debt > 1y

€4.53M

+277.9% 22-24

Current ratio

1.20

+1.6% 22-24

Quick ratio

0.46

-7.6% 22-24

Solvency

12.1%

-16.1% 22-24

Debt / equity

7.27

+22.4% 22-24

ROE

27.8%

+13.8% 22-24

ROA

3.4%

-4.5% 22-24

Net margin

2.0%

-31.4% 22-24

EBITDA margin

2.5%

-54.3% 22-24

Interest coverage

0.98

-34.5% 22-24

Figures by fiscal year

Highlight YoY changes (±10%)

Fiscal year	2024
Deposit	volledig
Revenue	€273.59M
EBITDA	€6.73M
Net profit	€5.36M
Cash flow	€5.36M
Staff costs	€631k
Income taxes	€1.79M
Dividends	€1.00M
Total assets	€159.19M
Equity	€19.26M
Debt	€139.93M
of which ≤ 1y	€130.98M
of which > 1y	€4.53M
Working capital	€26.53M
Employees (FTE)	5.9

Ratios (computed)

	2024
Current ratio	1.20
Quick ratio	0.46
Working capital ratio	16.7%
Solvency	12.1%
Debt / equity	7.27
Long-term debt ratio	0.24
Interest coverage	0.98
Gross margin	3.9%
Net margin	2.0%
ROA	3.4%
ROE	27.8%
EBITDA margin	2.5%
Days sales outstanding	63d
Days payable outstanding	24d
Inventory turnover	2.71
Days inventory (DSI)	135d

Balance-sheet composition 2024

Assets

Fixed assets €1.68M · 1.1% Current assets €157.51M · 99.0%

Equity & liabilities

Equity €19.26M · 12.1% Debt €139.93M · 87.9%

Full annual accounts (24 line items)

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

Line item	Code	2024
Balance sheet, Assets
TOTAL ASSETS	20/58	€159.19M
Fixed assets	21/28	€1.68M
Formation expenses	20	€2k
Financial fixed assets	28	€1.68M
Current assets	29/58	€157.51M
Stocks & contracts in progress	3	€97.07M
Amounts receivable within one year	40/41	€53.60M
Cash & bank	54/58	€18k
Balance sheet, Equity & liabilities
TOTAL EQUITY & LIABILITIES	10/49	€159.19M
Equity	10/15	€19.26M
Contributions / capital	10/11	€5.00M
Reserves	13	€14.26M
Amounts payable	17/49	€139.93M
Amounts payable after one year	17	€4.53M
Amounts payable within one year	42/48	€130.98M
Trade debts payable within one year	44	€17.46M
Income statement
Turnover	70	€273.59M
Operating result	9901	€6.72M
Financial income	75	€12.35M
Financial charges	65	€11.92M
Result before taxes	9903	€7.16M
Income taxes	67/77	€1.79M
Net result for the period	9904	€5.36M
Result to be appropriated	9905	€4.37M

This table shows the latest fiscal year. 2 prior years, with figures and ratios, belong to a paid plan. See plans →

Ratios computed by Checked.

Health barometer

FY 2024 · computed

50 / 100 Fair

050100

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

The full score breakdown, per-year score history and the indicative credit limit are in Kantoor S.

See plans →

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

Structure & network

Locations & real estate

Registered office

from the Crossroads Bank

Cannot be placed on the map

This address could not be matched to a point in the Belgian address register (BOSA BEST). The address below comes straight from the Crossroads Bank.

Lange Klarenstraat 162000 Antwerpen

Establishment units

1 location

Steelforce Packaging

Lange Klarenstraat 16, 2000 AntwerpenGroothandel in onderdelen en accessoires van auto's inclusief de groothandel in tweedehands onderdelen

since 20222.330.956.025

Physical sites registered in the Crossroads Bank for Enterprises (CBE).

Parcels1

Ground area546 m²

Buildings1

Building footprint460 m²

Volume (LiDAR)6,982 m³

Tallest building19.0 m · ±5 fl.

Real-estate footprint

Source: CBE × cadastre · address linking

Parcels linked to this company through its CBE addresses (seat, establishment units, branches), cross-referenced with the cadastral parcel plan. This shows where the company operates, not a deeds register.

Flanders 1 (100%)