Summary
SUFINA is a financial institution; the bankruptcy model is trained on trading and manufacturing companies and does not apply here. The 2025 annual accounts show equity of €27.4m and a net result of €4.4m. Equity is growing by ~4.8% per year across the filed fiscal years. Its solvency ranks better than 63% of 2444 sector peers (fiscal year 2025). The company has been active since 1988 and the Belgian State Gazette contains no insolvency or warning signals.
Checked score
Outside the general model
Model not applicable to financial institutions
The Checked score weighs liquidity, leverage and margins against norms for trading and manufacturing companies. A bank, insurer or financial holding has a fundamentally different balance-sheet structure, so those ratios, and hence the score, carry no meaning here. That is why we show no financial axes either.
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Signals
1 signal. The signal on the left, the evidence on the right.
○neutral
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 14-07-2026, 17 days ahead of the deadline.
NBB · 9 filingsDeviation from the deadline
2025
17 d early
2024
34 d early
2023
21 d early
2022
28 d late
2021
39 d early
2020
12 d early
2019
23 d early
← 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 17 days before the deadline; the sector median for financial year 2024 is 14 days before the deadline, and 28% of the sector filed late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today. Usually files around 11 July (4 of the last 5 filed years within 30 days of that day).
Companies Code · seven monthsPosition in the running window
29-09-2026 today31-12-2026 close31-07-2027 deadline
History
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How much credit can you give this customer, and on what term?Credit check What should you check before you do business with this company?Supplier due diligence Can you accept this company as a client under the anti-money-laundering law?AML client file Which of your other customers can you e-invoice via Peppol?Peppol check What other support did companies like this one receive, and it did not?Public money Which other companies belong to the same group?MILAUHRET · 26 companies
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Financials · fiscal year 2025, full schema, statutory accounts
Equity
€27.4m▲ 19.3%
2024 · €22.9m
Net result
€4.4m▲ 39.3%
2024 · €3.2m
Total assets
€36.4m▲ 1.3%
2024 · €35.9m
Solvency
75.3%▲ 11.4pp
2024 · 63.9%
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 64, Financial service activities, except insurance and pension funding, each year against the same schema; no band under 30 filings. Dashed line: the median.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Turnover€873,333▲ 191%€727,712▼ 16.7%€732,527▲ 0.7%€648,317▼ 11.5%€647,962▼ 0.1%
Operating result€401,855▲ 270%€372,879▼ 7.2%-€137,983-€304,008▼ 120%-€335,227▼ 10.3%
Net result€2.3mabove the sector's middle half▼ 36.0%€467,309within the sector's middle half▼ 80.1%€7.4mabove the sector's middle half▲ 1,481%€3.2mabove the sector's middle half▼ 56.9%€4.4mabove the sector's middle half▲ 39.3%
Equity€25.8mabove the sector's middle half▲ 9.8%€12.8mwithin the sector's middle half▼ 50.2%€20.1mabove the sector's middle half▲ 56.5%€22.9mabove the sector's middle half▲ 14.4%€27.4mabove the sector's middle half▲ 19.3%
Total assets€34.9mwithin the sector's middle half▼ 20.3%€34.5mwithin the sector's middle half▼ 1.2%€34.7mwithin the sector's middle half▲ 0.6%€35.9mwithin the sector's middle half▲ 3.4%€36.4mwithin the sector's middle half▲ 1.3%
Debt€9.2m▼ 55.0%€21.7m▲ 137%€14.6m▼ 32.5%€13.0m▼ 11.5%€9.0m▼ 30.6%
Working capital€5.7mabove the sector's middle half▼ 28.5%-€11.8mbelow the sector's middle half-€10.1mbelow the sector's middle half▲ 14.6%€1.6mwithin the sector's middle half€1.3mwithin the sector's middle half▼ 16.2%
Solvency73.8%within the sector's middle half▲ 20.2pp37.2%within the sector's middle half▼ 36.6pp57.8%within the sector's middle half▲ 20.6pp63.9%within the sector's middle half▲ 6.1pp75.3%within the sector's middle half▲ 11.4pp
Current ratio39.20above the sector's middle half▲ 0.740.13below the sector's middle half▼ 39.070.22below the sector's middle half▲ 0.094.41above the sector's middle half▲ 4.1818.69above the sector's middle half▲ 14.28
Return on assets (ROA)6.7%within the sector's middle half▼ 1.6pp1.4%within the sector's middle half▼ 5.4pp21.3%above the sector's middle half▲ 19.9pp8.9%above the sector's middle half▼ 12.4pp12.2%above the sector's middle half▲ 3.3pp
Staff (FTE)2.8within the sector's middle half▲ 21.7%2.2within the sector's middle half▼ 21.4%1.8within the sector's middle half▼ 18.2%1.8within the sector's middle half=1.8within the sector's middle half=
above
within
below
the middle half (P25 to P75) of NACE 64, Financial service activities, except insurance and pension funding, each year against the same schema; no band under 30 filings.
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €335,227 in 2025 against €304,008 in 2024; the loss grows and 2025 has the lowest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €36.4m
Fixed assets
€35.0m ▲ 3.3%
Current assets
€1.4m ▼ 31.6%
Equity and liabilities €36.4m
Equity
€27.4m ▲ 19.3%
Debt
€9.0m ▼ 30.6%
Debt's share of the balance-sheet total falls from 36.1% to 24.7%. Equity is higher and debt is lower.
Key figures and ratios
ROE
16.2%▲
2024 · 13.9%
Debt ≤ 1 year
€74,144▼
2024 · €459,259
Debt > 1 year
€8.9m▼
2024 · €12.4m
Income taxes
€236▼
2024 · €6,810
Staff costs
€149,748▲
2024 · €142,184
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Operating income70/76A | €1.3m | €1.3m | €879,032 | €774,475 | €907,743 | ▲ 17.2% |
| Turnover70 | €873,333 | €727,712 | €732,527 | €648,317 | €647,962 | ▼ 0.1% |
| Other operating income74 | €438,000 | €584,681 | €146,505 | €119,597 | €259,782 | ▲ 117% |
| Non-recurring operating income76A | - | €8,848 | €0 | €6,561 | €0 | ▼ 100% |
| Operating charges60/66A | €909,478 | €948,361 | €1.0m | €1.1m | €1.2m | ▲ 15.3% |
| Goods for resale, raw materials and consumables60 | €14,036 | - | €15 | €20,032 | €0 | ▼ 100% |
| Purchases600/8 | €14,036 | - | €15 | €20,032 | €0 | ▼ 100% |
| Services and other goods61 | €614,868 | €718,173 | €827,195 | €874,375 | €1.0m | ▲ 18.2% |
| Remuneration, social security and pensions62 | €229,920 | €170,469 | €139,716 | €142,184 | €149,748 | ▲ 5.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €45,058 | €43,264 | €39,803 | €40,060 | €58,069 | ▲ 45.0% |
| Other operating charges640/8 | €5,595 | €16,455 | €10,285 | €1,833 | €1,639 | ▼ 10.6% |
| Operating profit (loss)9901 | €401,855 | €372,879 | -€137,983 | -€304,008 | -€335,227 | ▼ 10.3% |
| Financial income75/76B | €3.0m | €457,809 | €7.8m | €3.7m | €5.4m | ▲ 46.4% |
| Recurring financial income75 | €1.3m | €457,809 | €7.8m | €3.7m | €5.4m | ▲ 46.4% |
| Income from financial fixed assets750 | €427,901 | €435,778 | €7.8m | €3.5m | €5.3m | ▲ 50.5% |
| Income from current assets751 | €485 | - | - | €46,359 | €8,386 | ▼ 81.9% |
| Other financial income752/9 | €920,904 | €22,031 | €0 | €119,443 | €89,669 | ▼ 24.9% |
| Non-recurring financial income76B | €1.7m | - | - | - | - | - |
| Financial charges65/66B | €888,075 | €303,074 | €288,747 | €182,653 | €612,153 | ▲ 235% |
| Recurring financial charges65 | €679,220 | €298,244 | €209,547 | €145,102 | €612,153 | ▲ 322% |
| Debt charges650 | €644,531 | €276,865 | €209,547 | €131,285 | €159,500 | ▲ 21.5% |
| Other financial charges652/9 | €34,689 | €21,379 | €0 | €13,817 | €452,653 | ▲ 3,176% |
| Non-recurring financial charges66B | €208,855 | €4,830 | €79,200 | €37,551 | €0 | ▼ 100% |
| Profit (loss) for the period before taxes9903 | €2.5m | €527,615 | €7.4m | €3.2m | €4.4m | ▲ 39.0% |
| Income taxes67/77 | €188,179 | €60,306 | €221 | €6,810 | €236 | ▼ 96.5% |
| Taxes670/3 | €188,179 | €60,306 | €221 | €68,650 | €236 | ▼ 99.7% |
| Tax adjustments and reversals of tax provisions77 | - | - | - | €61,840 | €0 | ▼ 100% |
| Profit (loss) for the period9904 | €2.3m | €467,309 | €7.4m | €3.2m | €4.4m | ▲ 39.3% |
| Transfer to tax-exempt reserves689 | - | €252,600 | €0 | - | - | - |
| Profit (loss) for the period to be appropriated9905 | €2.3m | €214,709 | €7.4m | €3.2m | €4.4m | ▲ 39.3% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €34.9m | €34.5m | €34.7m | €35.9m | €36.4m | ▲ 1.3% |
| Fixed assets21/28 | €29.1m | €32.8m | €31.8m | €33.9m | €35.0m | ▲ 3.3% |
| Intangible fixed assets21 | €12,270 | €9,768 | €7,266 | €35,557 | €27,617 | ▼ 22.3% |
| Tangible fixed assets22/27 | €215,525 | €174,763 | €162,705 | €192,047 | €202,423 | ▲ 5.4% |
| Plant, machinery and equipment23 | €16,782 | €9,638 | €27,243 | €20,110 | €17,432 | ▼ 13.3% |
| Furniture and vehicles24 | €158,799 | €132,530 | €109,664 | €146,423 | €149,990 | ▲ 2.4% |
| Other tangible fixed assets26 | €39,944 | €32,596 | €25,798 | €25,514 | €35,000 | ▲ 37.2% |
| Financial fixed assets28 | €28.8m | €32.6m | €31.6m | €33.6m | €34.7m | ▲ 3.3% |
| Affiliated companies280/1 | €20.0m | €22.0m | €22.0m | €22.9m | €23.0m | ▲ 0.5% |
| Participating interests280 | €19.9m | €21.9m | €22.0m | €22.8m | €22.9m | ▲ 0.5% |
| Amounts receivable281 | €43,594 | €43,594 | €56,094 | €62,344 | €67,344 | ▲ 8.0% |
| Companies linked by participating interests282/3 | €1.8m | €1.4m | €3.1m | €2.9m | €2.8m | ▼ 3.7% |
| Participating interests282 | €1.3m | €1.1m | €2.9m | €2.9m | €2.8m | ▼ 2.7% |
| Amounts receivable283 | €419,250 | €244,250 | €244,250 | €30,750 | €0 | ▼ 100% |
| Other financial fixed assets284/8 | €7.1m | €9.2m | €6.5m | €7.8m | €8.9m | ▲ 14.0% |
| Shares284 | €7.1m | €9.2m | €6.5m | €7.3m | €8.4m | ▲ 15.1% |
| Amounts receivable and cash guarantees285/8 | - | - | - | €550,000 | €550,000 | = |
| Current assets29/58 | €5.8m | €1.7m | €2.9m | €2.0m | €1.4m | ▼ 31.6% |
| Stocks and contracts in progress3 | - | - | €0 | €0 | €0 | - |
| Amounts receivable within one year40/41 | €623,942 | €550,301 | €814,721 | €686,098 | €237,759 | ▼ 65.3% |
| Trade receivables40 | €60,500 | €134,498 | €351,625 | €162,249 | €102,018 | ▼ 37.1% |
| Other amounts receivable41 | €563,442 | €415,803 | €463,096 | €523,849 | €135,741 | ▼ 74.1% |
| Current investments50/53 | €9,996 | €259,996 | €1.0m | €759,996 | €184,996 | ▼ 75.7% |
| Other investments51/53 | €9,996 | €259,996 | €1.0m | €759,996 | €184,996 | ▼ 75.7% |
| Cash at bank and in hand54/58 | €4.9m | €665,194 | €819,406 | €337,210 | €614,670 | ▲ 82.3% |
| Deferred charges and accrued income490/1 | €298,722 | €274,474 | €250,226 | €240,783 | €347,975 | ▲ 44.5% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €34.9m | €34.5m | €34.7m | €35.9m | €36.4m | ▲ 1.3% |
| Equity10/15 | €25.8m | €12.8m | €20.1m | €22.9m | €27.4m | ▲ 19.3% |
| Contributions10/11 | €360,000 | €360,000 | €360,000 | €360,000 | €360,000 | = |
| Reserves13 | €19.4m | €6.2m | €6.2m | €22.6m | €27.0m | ▲ 19.6% |
| Tax-exempt reserves132 | - | €252,600 | €252,600 | €252,600 | €252,600 | = |
| Distributable reserves133 | €19.4m | €6.0m | €6.0m | €22.3m | €26.8m | ▲ 19.8% |
| Profit (loss) carried forward14 | €6.0m | €6.3m | €13.5m | €0 | - | - |
| Amounts payable17/49 | €9.2m | €21.7m | €14.6m | €13.0m | €9.0m | ▼ 30.6% |
| Amounts payable after more than one year17 | €8.6m | €8.0m | €1.6m | €12.4m | €8.9m | ▼ 28.5% |
| Financial debts170/4 | €8.6m | €8.0m | €1.6m | €12.4m | €8.9m | ▼ 28.5% |
| Other loans174 | €8.6m | €8.0m | €1.6m | €12.4m | €8.9m | ▼ 28.5% |
| Amounts payable within one year42/48 | €148,998 | €13.5m | €12.9m | €459,259 | €74,144 | ▼ 83.9% |
| Trade debts44 | €37,297 | €111,814 | €59,991 | €140,737 | €50,481 | ▼ 64.1% |
| Suppliers440/4 | €37,297 | €111,814 | €59,991 | €140,737 | €50,481 | ▼ 64.1% |
| Taxes, remuneration and social security45 | €51,701 | €10,430 | €26,604 | €18,521 | €23,663 | ▲ 27.8% |
| Taxes450/3 | €19,360 | €683 | €8,968 | €0 | €4,143 | - |
| Remuneration and social security454/9 | €32,340 | €9,747 | €17,636 | €18,521 | €19,520 | ▲ 5.4% |
| Other amounts payable47/48 | €60,000 | €13.4m | €12.9m | €300,000 | €0 | ▼ 100% |
| Accrued charges and deferred income492/3 | €457,918 | €157,217 | €95,684 | €113,014 | €60,143 | ▼ 46.8% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €2.3m | €467,309 | €7.4m | €3.2m | €4.4m | ▲ 39.3% |
| + Depreciation and write-downs630 | €45,058 | €43,264 | €39,803 | €40,060 | €58,069 | ▲ 45.0% |
| Operating cash flow (approximation) | €2.4m | €510,573 | €7.4m | €3.2m | €4.5m | ▲ 39.4% |
| Investment in fixed assets (approximation) | - | -€3.7m | €904,688 | -€2.1m | -€1.2m | ▲ 44.5% |
| Change in cash | - | -€4.2m | €154,212 | -€482,196 | €277,460 | ▲ 158% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
14-07
NBB filing
Annual accounts filed
fiscal year 2025 · full schema
04-06
State Gazette act
Incorporation · Statutes amendment
Permanent representative · Corporate purpose
04-06
State Gazette act
Statutes amendment · Permanent representative
Incorporation · Board composition
04-06
State Gazette act
Demerger · Shareholding
Incorporation · Statutes amendment
04-06
State Gazette act
Incorporation · Statutes amendment
Board composition · Permanent representative
04-06
State Gazette act
Demerger · Incorporation
Statutes amendment · Board composition
2025
31-12
Financial
Liquidity quadruplescurrent ratio 18.69
Current ratio from 4.41 to 18.69; short-term debt falls from €459,259 to €74,144.
31-12
Financial
Equity above €25mEq €27.4m ▲19.3%
8 profitable years in a row build equity to €27.4m.
27-06
NBB filing
Annual accounts filed
fiscal year 2024 · full schema
2024
31-12
Financial
Liquidity times 20current ratio 4.41
Current ratio from 0.22 to 4.41; short-term debt falls from €12.9m to €459,259.
10-07
NBB filing
Annual accounts filed
fiscal year 2023 · full schema
02-04
State Gazette act
General meeting · Director resignation
Director appointment · Board composition
Show earlier events
10-01
State Gazette act
General meeting · Purpose change
Corporate purpose · Capital decrease
2023
31-12
Financial
Highest result since 2018net €7.4m ▲1,481%
Net result €7.4m, the highest in the series.
13-12
NBB filing
Annual accounts filed
fiscal year 2022 · consolidated · 28 days late
28-08
NBB filing
Annual accounts filed
fiscal year 2022 · full schema · 28 days late
2022
31-12
Financial
Weakest financial yearnet €467,309 ▼80.1%
Net result drops to €467,309, the lowest in the series; recovery starts the following year.
22-06
NBB filing
Annual accounts filed
fiscal year 2021 · full schema
11-01
State Gazette act
General meeting · Director resignation
Permanent representative · Director appointment
2021
31-12
Financial
Equity above €25mEq €25.8m ▲9.8%
4 profitable years in a row build equity to €25.8m.
19-07
NBB filing
Annual accounts filed
fiscal year 2020 · full schema
2020
08-07
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema
2019
31-12
Financial
Liquidity times 5current ratio 23.11
Current ratio from 4.65 to 23.11; short-term debt falls from €302,110 to €189,667.
03-07
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema
2018
11-06
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 8 acts read
About the unread acts
We know of 8 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
8 acts for this company are in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Waregem · 1 establishment unit since 1989
Ground area
1.1 ha
Building footprint
383 m²
Volume, LiDAR
1,417 m³
Parcel 34452B1150/00A000, Flanders · tallest building 11.8 m, ±1 floor. Linked by address, not a title deed.
15
companies at this address
See who is registered here
1 establishment unit
Sufina
since 19892.041.827.630
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 34452B1150/00A000 | Flanders | 1.1 ha | 1 · 383 m² | 11.8 m · 1 fl. |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Structure & network
Part of the group
MILAUHRET
26 companies
Group, risk and exposure
Owners and holdings
1 owner · 14 holdings · 27 subsidiaries in the treeChain of control
- MILAUHRET
- SUFINA
Highest known parent: MILAUHRET. The sources do not say who stands above it.
Owners 1
- MILAUHRETparentSourceaccounts MILAUHRET 2025100%
Holdings 14
-
100%
-
73%
- BOUWBEDRIJF VMG - DE COCKsubsidiaryEquity €3.2mResult €388,62873%
-
66.66%
-
62.5%
-
60%
-
60%
-
60%
-
58.13%
-
50%
Show 4 more holdings
-
50%
-
42%
-
33.33%
-
10.15%
All subsidiaries, including indirect ones 27
Companies in which this company or one of its subsidiaries holds more than half, or which it consolidates according to the LEI register.
- IMEAU 100%
- ABRIM 73%
BOUWBEDRIJF VMG - DE COCK 73%1 subsidiary
- BLUECAP HOLDING 62.5%
DG² 60%1 subsidiary
- De Groote Gaston 100%
Pintohold 60%6 subsidiaries
World of Tents 100%5 subsidiaries
WINSOL INTERNATIONAL 58.13%7 subsidiaries
- Winbalu 100%
- WINSOL 100%
- WINSOL ACTUELL 100%
WINSOL GROUP 100%2 subsidiaries
- S.A.R.L. STORES-FERMETURES-OUVERTURES (SFO)FR 100%
- HELIOS TRADING 99.99%
- WINSOL INDUSTRIES 100%
According to the 2025 annual accounts of SUFINA and those of the other companies, the acts in the Belgian Gazette and the LEI register. The register of ultimate beneficial owners (UBO) is not public: who ultimately stands behind a natural person or a foreign parent is not stated here. A company that does not fill in these statements, or need not, is missing.
Connections & network
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Ownership & control
2 board mandatesBoard mandates of this companythis company sits on their board2
1 location
1 location
Public money · subsidies and aid
Flemish government
2023 to 2025 · 3 entries · 1,284 EUR awarded · 628 EUR paid| Year | Entries | awarded | paid |
|---|---|---|---|
| 2025 | 1 | 60 EUR | 129 EUR |
| 2024 | 1 | 1,224 EUR | 439 EUR |
| 2023 | 1 | 0 EUR | 60 EUR |
Recognitions · licences · registrations
Legal Entity Identifier
967600NE3LESK54RIO63
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Identification & contact
Identification
Legal formPrivate limited company
Founded23-12-1988
Fiscal year end31-12
Activities, NACEBEL 2025
64210Activities of holding companies
Contact
E-invoicing
Reachable via Peppol
Peppol ID
0208:0436303030
Also
9925:BE0436303030
Registered
20-11-2025
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 29 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.