SYSTEME D-FI
Open bankruptcyA bankruptcy procedure is open for SYSTEME D-FI according to publications in the Belgian State Gazette; curator: DORIEN AVAUX.
Summary
Inactive; last annual accounts for fiscal year 2021.
Are you a creditor?
Open bankruptcy
Source: Belgian Official Gazette
If this company owes you money, you are not paid automatically: you file your claim yourself, within the deadline the judgment sets.
The procedure
- Court
- Enterprise Court of Brussels
- Declared bankrupt
- 29 April 2025
- Supervising judge
- Jean Bonte
- Official Gazette
- 07-05-2025 (pdf) ↗search the document for 2025/118880
Curator
- Dorien AvauxV. Nonnemansstraat 15B, 1600 Sint-Pieters-Leeuwdorien.avaux@noma.law
What to do now
- Do not deliver on credit any more without an agreement with the curator.
- Gather your documents: invoices, purchase orders, contract, delivery notes and reminders.
- File your proof of claim in RegSol (regsol.be), yourself with eID or itsme, or through your lawyer. State principal, interest and costs separately, and any preferential right you hold.
- Delivered under retention of title? Reclaim your goods before the first report on the verification of claims.
- Ask your accountant about the VAT on the unpaid invoices: in a bankruptcy it can be recovered under conditions.
- Follow the file in RegSol: the verification report (admitted or disputed) and the curator's reports appear there.
Deadlines: the judgment sets the last day to file your claim, by law at most thirty days after the judgment, and the day of the first verification report. Both dates are in the publication in the Official Gazette and in RegSol; Checked does not read them yet. A late claim is sometimes still possible, but not without consequences.
File a claim in RegSol ↗
Watch
Follow this bankruptcy: you are alerted when it is closed or reversed.
General information, not legal advice. If in doubt, the curator, your lawyer or your accountant can help. Full guide for creditors
Signals
Three signals. The signal on the left, the evidence on the right.
+raises risk○neutral
raises risk · Two or more financial years not filed
Since the financial year that closed on 31-12-2022, 4 financial years are missing at the National Bank. A company this far behind goes bankrupt within the year nineteen times as often as a punctual filer.
NBB · 10 filingsPosition against the passed deadline
31-12-2022 close31-07-2023 deadline27-09-2026 today
neutral · Filed after the deadline
The financial year that closed on 31-12-2021 was due by 31-07-2022 and was filed on 25-10-2022, 86 days later. For context: 47% of the Belgian market files late and the whole 1-to-90-day band measures 2.0% abnormal legal state against a 1.66% average. We show this as a fact and do not score it.
NBB · 10 filingsDeviation from the deadline
2025
not confirmed
2024
not filed
2023
not filed
2022
not filed
2021
86 d late
2020
517 d late
2019
45 d early
← before the deadline
after the deadline →
tick = median of all Belgian filings
This company filed its last 3 accounts on average 186 days after the deadline; the Belgian median for financial year 2024 is 4 days before the deadline, and 38% of all filings were late.
Checked, nothing found (1)
History
Go further with this company
Who ran this company, and where was it based, on a date before the end?Company as of a date Are there other customers at risk in your own list?Debtor check
Investigating this company? Keep it with today's facts in a case file.
Financials · fiscal year 2021, micro schema
Turnover
€101,560▼ 39.9%
2018 · €168,978
EBIT margin
19.0%▲ 8.7pp
2018 · 10.4%
Net result
€234,250▼ 18.4%
2020 · €287,014
Working capital
€432,501▲ 112%
2020 · €204,111
Trend over the years
Click a name to add, emphasise or remove a line.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line2018201920202021
Turnover€168,978-€101,560▼ 39.9%
Operating result€17,514-€19,339▲ 10.4%€286,660▲ 1,382%€234,250▼ 18.3%
Net result€14,376-€16,017▲ 11.4%€287,014▲ 1,692%€234,250▼ 18.4%
EBIT margin10.4%-19.0%▲ 8.7pp
Equity€49,957-€72,175▲ 44.5%€389,286▲ 439%€748,536▲ 92.3%
Total assets€110,998-€104,334▼ 6.0%€397,303▲ 281%€823,295▲ 107%
Debt€61,041-€32,159▼ 47.3%€8,017▼ 75.1%€74,760▲ 833%
Working capital€49,782-€72,000▲ 44.6%€204,111▲ 183%€432,501▲ 112%
Why a figure moved sharply
- 2021 Equity +92%, Total assets +107% on 2020. Cause not known from the registers.
- 2020 Net result +1,692% on 2019. The accounts now follow the micro schema, last year the full schema.
- 2020 Equity +439%, Total assets +281% on 2019. Cause not known from the registers.
Result per fiscal year
Operating resultNet result
The operating result falls in 2021; 2021 is 18% below 2020.
Balance-sheet composition
2021 in colour, 2020 as the grey bar beneath
Assets €788,295
Fixed assets
€281,035 ▲ 87.1%
Current assets
€507,260 ▲ 139%
Equity and liabilities €823,295
Equity
€748,536 ▲ 92.3%
Debt
€74,760 ▲ 833%
Debt's share of the balance-sheet total rises from 2.0% to 9.1%. Equity and debt are higher.
Key figures and ratios
EBITDA
€239,250
Cash flow
€239,250
Current ratio
6.79▼
2020 · 26.46
Quick ratio
5.76▼
2020 · 26.46
Debt to equity
0.10▲
2020 · 0.02
ROE
31.3%▼
2020 · 73.7%
ROA
28.5%▼
2020 · 72.2%
Debt ≤ 1 year
€74,760▲
2020 · €8,017
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | Change |
|---|---|---|---|---|---|
| Turnover70 | €168,978 | €101,560 | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €1,566 | - | - | €5,000 | - |
| Other operating charges640/8 | - | - | €404 | - | - |
| Non-recurring operating charges66A | - | - | €6,058 | - | - |
| Gross operating margin9900 | €20,070 | €20,522 | €293,122 | €239,250 | ▼ 18.4% |
| Operating profit (loss)9901 | €17,514 | €19,339 | €286,660 | €234,250 | ▼ 18.3% |
| Financial income75/76B | - | - | €1,095 | - | - |
| Recurring financial income75 | €263 | €32 | €1,095 | - | - |
| Financial charges65/66B | - | - | €45 | - | - |
| Recurring financial charges65 | €615 | €567 | €45 | - | - |
| Profit (loss) for the period before taxes9903 | €17,162 | €18,804 | €287,710 | €234,250 | ▼ 18.6% |
| Income taxes67/77 | €2,786 | €2,786 | €696 | - | - |
| Profit (loss) for the period9904 | €14,376 | €16,017 | €287,014 | €234,250 | ▼ 18.4% |
| Profit (loss) for the period to be appropriated9905 | €14,376 | €16,017 | €287,014 | €234,250 | ▼ 18.4% |
| Line | 2018 | 2019 | 2020 | 2021 | Change |
|---|---|---|---|---|---|
| Assets | |||||
| Total assets20/58 | €110,998 | €104,334 | €397,303 | €823,295 | ▲ 107% |
| Formation expenses20 | - | - | €35,000 | €35,000 | = |
| Fixed assets21/28 | €175 | €175 | €150,175 | €281,035 | ▲ 87.1% |
| Intangible fixed assets21 | - | - | €45,000 | €40,000 | ▼ 11.1% |
| Tangible fixed assets22/27 | - | - | €80,000 | €180,860 | ▲ 126% |
| Assets under construction and advance payments27 | - | - | €80,000 | €180,860 | ▲ 126% |
| Financial fixed assets28 | €175 | €175 | €25,175 | €60,175 | ▲ 139% |
| Current assets29/58 | €110,823 | €104,159 | €212,128 | €507,260 | ▲ 139% |
| Amounts receivable after more than one year29 | - | - | - | €244,890 | - |
| Other amounts receivable291 | - | - | - | €244,890 | - |
| Stocks and contracts in progress3 | - | - | - | €76,444 | - |
| Stocks30/36 | - | - | - | €76,444 | - |
| Amounts receivable within one year40/41 | €14,523 | €19,469 | €117,425 | €52,047 | ▼ 55.7% |
| Trade receivables40 | - | - | €72,830 | €47,830 | ▼ 34.3% |
| Other amounts receivable41 | - | - | €44,595 | €4,217 | ▼ 90.5% |
| Cash at bank and in hand54/58 | €86,243 | €84,690 | €49,703 | €77,292 | ▲ 55.5% |
| Deferred charges and accrued income490/1 | - | - | €45,000 | €56,588 | ▲ 25.8% |
| Equity and liabilities | |||||
| Total equity and liabilities10/49 | €110,998 | €104,334 | €397,303 | €823,295 | ▲ 107% |
| Equity10/15 | €49,957 | €72,175 | €389,286 | €748,536 | ▲ 92.3% |
| Contributions10/11 | €12,400 | €18,600 | €18,600 | €18,600 | = |
| Capital10 | - | - | €18,600 | €18,600 | = |
| Issued capital100 | - | - | €18,600 | €18,600 | = |
| Reserves13 | €1,860 | €1,860 | €1,860 | €126,860 | ▲ 6,720% |
| Non-distributable reserves130/1 | - | - | €1,860 | €1,860 | = |
| Legal reserve130 | - | - | €1,860 | €1,860 | = |
| Tax-exempt reserves132 | - | - | - | €125,000 | - |
| Profit (loss) carried forward14 | €35,697 | €51,715 | €368,826 | €603,076 | ▲ 63.5% |
| Amounts payable17/49 | €61,041 | €32,159 | €8,017 | €74,760 | ▲ 833% |
| Amounts payable within one year42/48 | €61,041 | €32,159 | €8,017 | €74,760 | ▲ 833% |
| Trade debts44 | €50,165 | €26,495 | €6,502 | €71,760 | ▲ 1,004% |
| Suppliers440/4 | - | - | €6,502 | €71,760 | ▲ 1,004% |
| Taxes, remuneration and social security45 | - | - | €1,515 | - | - |
| Remuneration and social security454/9 | - | - | €1,515 | - | - |
| Other amounts payable47/48 | - | - | - | €3,000 | - |
| Line | 2018 | 2019 | 2020 | 2021 | Change |
|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €14,376 | €16,017 | €287,014 | €234,250 | ▼ 18.4% |
| + Depreciation and write-downs630 | €1,566 | - | - | €5,000 | - |
| Operating cash flow (approximation) | €15,942 | €16,017 | €287,014 | €239,250 | ▼ 16.6% |
| Investment in fixed assets (approximation) | - | €0 | -€150,000 | -€135,860 | ▲ 9.4% |
| Change in cash | - | -€1,553 | -€34,987 | €27,589 | ▲ 179% |
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
2025
07-05
Bankruptcy
Opening
Ondernemingsrechtbank Brussel · event 29-04-2025
24-01
Bankruptcy
Judicial dissolution
Tribunal de l’entreprise francophone de Bruxelles
2022
30-12
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 517 days late
25-10
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 86 days late
2021
31-12
Financial
Equity above €500,000Eq €748,536 ▲92.3%
4 profitable years in a row build equity to €748,536.
2020
31-12
Financial
Highest result since 2018net €287,014 ▲1,692%
Operating result €286,660, net result €287,014, both a record.
31-12
Financial
Liquidity times 8current ratio 26.46
Current ratio from 3.24 to 26.46; short-term debt falls from €32,159 to €8,017.
31-12
Financial
Equity above €200,000Eq €389,286 ▲439%
3 profitable years in a row build equity to €389,286.
16-06
NBB filing
Annual accounts filed
fiscal year 2019 · full schema
2019
21-08
NBB filing
Annual accounts filed
fiscal year 2018 · full schema · 21 days late
2018
19-09
NBB filing
Annual accounts filed
fiscal year 2017 · full schema · 50 days late
2017
29-09
NBB filing
Annual accounts filed
fiscal year 2016 · full schema · 60 days late
Show earlier events
2016
20-10
NBB filing
Annual accounts filed
fiscal year 2015 · full schema · 81 days late
2015
30-07
NBB filing
Annual accounts filed
fiscal year 2014 · full schema
2014
28-09
NBB filing
Annual accounts filed
fiscal year 2013 · full schema · 59 days late
2013
01-10
NBB filing
Annual accounts filed
fiscal year 2012 · full schema · 62 days late
SignalFinancial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 11 acts read
About the unread acts
We know of 11 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
11 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
Insolvency mandates
1 mandate| Role | Name | Tenure |
|---|---|---|
| Curator | DORIEN AVAUX V. NONNEMANSSTRAAT 15B,
1600 SINT-PIETERS-LEEUW |
29-04-2025 → present |