Equity
€2.3m ▲ 1.4%
TEX DEVELOPMENT has made a profit in every financial year since 2009.
TEX DEVELOPMENT
Overview
Lifetime
17 annual accounts with figures on one time axispeak €26.7m (2010)
€12.3m▼ 30.6%
peak €328,889 (2014)
€31,775▼ 89.7%
peak €2.3m (2025)
€2.3m▲ 1.4%
€2.8m▼ 13.1%
peak 5.4 FTE (2021)
1.8 FTE▼ 5.3%
Board9 names since 2016
4 directorsErol KANDIYOTI and 3 others
Owners4 names in the annual accounts
Documentsfilings and deeds
16-06-202645 days before the deadline
2025financial year
Turnover from €17.7m to €12.3mResult from €309,050 to €31,775Reappointment: SRL Michel Weber (statutory auditor) 28-08Cash from €535,122 to €740,135
Key points
from the 2025 annual accountsResult
€31,775 ▼ 89.7%
The result fell in 2025 from €309,050 to €31,775.
Staff
1.8 FTE from 5.4 in 2021
Between 2021 and 2025, 67% of the full-time equivalents disappeared.
Payment terms
80 days to suppliers
TEX DEVELOPMENT pays its suppliers 14 days later than in 2024. Customers pay 27 days later.
Filings
17 annual accounts since 2009
The last five annual accounts were filed 31 to 54 days before the end of the period.
At the same address
44 companies
Checked score
92
Excellent
Financially stronger than 38% of micro companies in wholesale trade (NACE 46)
Probability in this band: under 0.55%
Bankruptcy probability within 12 months
< 0.1% Very low
0%0.5%1.5%4%10%≥ 25%
The dashed line is the sector median: 0.4% across 26,888 companies (NACE 46, micro).
Fewer than 1 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
Last 24 months
12-2024: 0.2%
01-2025: 0.2%● unchanged vs 12-2024
02-2025: 0.2%● unchanged vs 01-2025
03-2025: 0.2%● unchanged vs 02-2025
04-2025: 0.2%● unchanged vs 03-2025
05-2025: 0.2%● unchanged vs 04-2025
06-2025: 0.3%▲ +0.1 percentage points vs 05-2025highest value
07-2025: 0.1%▼ -0.2 percentage points vs 06-2025
08-2025: 0.1%● unchanged vs 07-2025
09-2025: 0.1%● unchanged vs 08-2025
10-2025: 0.1%● unchanged vs 09-2025
11-2025: 0.1%● unchanged vs 10-2025
12-2025: 0.1%● unchanged vs 11-2025
01-2026: 0.1%● unchanged vs 12-2025
02-2026: 0.1%● unchanged vs 01-2026
03-2026: 0.1%● unchanged vs 02-2026
04-2026: 0.1%● unchanged vs 03-2026
05-2026: 0.1%● unchanged vs 04-2026
06-2026: 0.1%● unchanged vs 05-2026
07-2026: < 0.1%▼ -0.1 percentage points vs 06-2026lowest value
08-2026: < 0.1%● unchanged vs 07-2026lowest value
09-2026: < 0.1%● unchanged vs 08-2026lowest value
10-2026: < 0.1%● unchanged vs 09-2026lowest value
11-2026: < 0.1%● unchanged vs 10-2026lowest value
Financial strengthAverage
Score breakdown
lowers risk
Size: turnover €12.3m, 1.8 FTE, total assets €5.2m
Founded in 2008
Figures for financial year 2025 (filed on 16-06-2026)
Equity €2.3m (45.0% of total assets)
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 46, micro). It does better than 53% of them on solvency, 38% on liquidity, 32% on profitability and 30% on growth.
The bankruptcy probability was computed on 08-11-2026 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 very low class on 30-06-2025, 0.1% 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, 10,904 companies had the same profile as TEX DEVELOPMENT has now. Each dot stands for 28 companies, two years later.
95.2%
were still trading
4.0%
stopped another way
0.7%
went bankrupt
That fits the bankruptcy probability of TEX DEVELOPMENT itself: < 0.1% 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 10,904 companies, not a prediction for TEX DEVELOPMENT. 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 €210,000 on 30-day terms is acceptable
Liquidity is ample, with a current ratio of 1.82 (1.7 in 2024), above the usual 1.5. Short-term debt is 55% and cash 14.4% of total assets. However, 55% of the assets are financed with debt and provisions.
Credit check for an amount and term of your choice
Show the recommended maximum and see how the verdict changes with amount, term and advance.
The scores and ratios are Checked's own calculations, not a credit decision.
Signals
5 signals, none raises the risk
Five signals.
lowers riskneutral
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 16-06-2026, 45 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
45 days early
2024
42 days early
2023
54 days early
2022
32 days early
2021
31 days early
2020
32 days early
2019
52 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 41 days before the deadline. In the sector (NACE 46), the median for financial year 2024 was 3 days before the deadline, and 39% 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 19 June (5 of the last 5 accounts filed within 30 days either side of that date).
Companies Code · seven monthsWhere today falls in the filing period
09-11-2026 today31-12-2026 year end31-07-2027 deadline
Board and ownership
and 1 other
- K FINANCE COORDINATION & SERVICES 100%equity €104.0m (2025) · 2025 annual accounts of K FINANCE COORDINATION & SERVICES
- K FINANCE COORDINATION & SERVICES S.A. consolidatesannual accounts 2025
Recent changes
Registered in the Peppol Directory
Reachable for e-invoices through 0208:0806294682
Reappointment: SRL Michel Weber (statutory auditor)
Gazette deed
2 directors appointed, 2 resignations
Changes of role: Igal KANDIYOTI, Erol KANDIYOTI and Metin KANDIYOTI · Resignations: Claude Isaac KANDIYOTI and K FINANCE COORDINATION & SERVICES · Appointments: K FINANCE COORDINATION & SERVICES and Ralfi KANDIYOTI · General meeting of 15-12-2023 · Gazette deed
5 directors reappointed
Erol KANDIYOTI (managing director), Metin KANDIYOT! (managing director), Igal KANDIYOT! (managing director), Claude KANDIYOTI and K FINANCE COORDINATION & SERVICES · Permanent representative: Ralfi KANDITYOTI · General meeting of 18-05-2023 · Gazette deed
Comparable companies
same main activity, similar in size and ageGrey: the largest companies of the sector (wholesale trade (NACE 46)), without their names. Blue: the sector peers from the table.
These companies have the same main activity as TEX DEVELOPMENT: wholesale trade (NACE 46411). They are comparable in size and age: total assets between €2.7m and €22m, founded between 1993 and 2013.
Official details
Source: KBO- Status
- Active since 11-09-2008Normal situation
- Registered office
- 45 active companies are registered at this addressSource: KBO register, as of 9 November 2026.
- Activity
- Wholesale tradeNACE 46411and 4 others
- Establishment unit
- 2.173.220.9591050 Brussels, since 01-10-2008
- Financial year end
- 31 December
- Peppol
- Reachable since 18-12-2025
Annual accounts 2025
- €12.3m▼ 30.6%
- €31,775▼ 89.7%
- €2.3m▲ 1.4%
- €5.2m▼ 7.1%
- Employeeson 31-12-2025
- 2=
- Filing
- Filed on 16-06-2026, 45 days before the end of the filing period
Insights on TEX DEVELOPMENT
TEX DEVELOPMENT has existed since 2008. In 2010 turnover rose from €9.4m to €26.7m.
K FINANCE COORDINATION & SERVICES holds all the shares. In June 2024, the Official Gazette published the appointment of Igal KANDIYOTI as managing director.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette.
Financials
Annual accounts 2025
full format, filed on 16-06-2026, 45 days before the deadline€12.3m
▼ 30.6%
€104,871
▼ 67.9%
-
-
45.0%
▲ 3.8 percentage points
1.82
▲ 0.12
Money flows
of every €100 of turnover, €0.26 remains as profit in 2025Balance sheet
balance sheet total €5.2m on 31-12-2025What the company ownsHow it is paid for
in €m
in euro
Position in the sector
45.0%
Higher than 50% of 6,192 companies in 2025.
1.82
Higher than 52% of 6,112 companies in 2025.
0.6%
Higher than 30% of 6,176 companies in 2025.
TEX DEVELOPMENT
Middle half of the sector
80% of the sector
Full accounts in wholesale trade (NACE 46)
Net result: middle half · Equity: middle half · Balance sheet total: middle half · Working capital: middle half · Staff: bottom quarter
Staff
Men and women100% women
Not in that year's accounts.
€102,624
Staff costs divided by the average number of full-time equivalents.
people who joined
people who left
Filed annual accounts
as filed with the National Bank, click a year to choose it| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Balance sheet: assets | ||||||||||||||||||
20/58 |
5.2m | 5.6m | 6.6m | 7.3m | 7.6m | 10.0m | 6.3m | 7.4m | 6.9m | 6.7m | 8.4m | 8.0m | 11.0m | 7.0m | 6.4m | 9.0m | 4.9m | |
29/58 |
5.2m | 5.6m | 6.6m | 7.3m | 7.6m | 10.0m | 6.3m | 7.4m | 6.9m | 6.7m | 8.4m | 8.0m | 11.0m | 7.0m | 6.4m | 9.0m | 4.9m | |
3 |
123,760 | 582,655 | 2.1m | 5,457 | 51,312 | 1.9m | 655 | 71,718 | - | - | 5,585 | 47,620 | 238,958 | 222,387 | 160,673 | 43,547 | 83,075 | |
30/36 |
123,760 | 582,655 | 2.1m | 5,457 | 51,312 | 1.9m | 655 | 71,718 | - | - | 5,585 | 47,620 | 238,958 | 222,387 | 160,673 | 43,547 | 83,075 | |
34 |
123,760 | 582,655 | 2.1m | 5,457 | 51,312 | 1.9m | 655 | 71,718 | - | - | 5,585 | 47,620 | 238,958 | 222,387 | 160,673 | 43,547 | 83,075 | |
40/41 |
4.3m | 4.4m | 4.2m | 6.5m | 7.2m | 5.4m | 5.5m | 6.8m | 6.3m | 6.2m | 7.5m | 6.8m | 9.8m | 6.2m | 6.0m | 8.7m | 4.6m | |
40 |
3.8m | 4.2m | 3.6m | 5.5m | 6.8m | 5.1m | 4.8m | 6.0m | 5.7m | 5.9m | 7.0m | 6.5m | 9.6m | 6.0m | 5.6m | 8.0m | 4.2m | |
41 |
474,194 | 215,417 | 568,887 | 1.0m | 483,105 | 308,870 | 680,056 | 851,323 | 614,222 | 285,596 | 518,340 | 293,178 | 242,254 | 199,605 | 347,529 | 678,855 | 390,301 | |
54/58 |
740,135 | 535,122 | 234,143 | 682,236 | 275,217 | 2.7m | 861,647 | 544,888 | 544,959 | 565,148 | 875,141 | 1.2m | 932,992 | 566,021 | 298,214 | 214,294 | 237,394 | |
490/1 |
- | 22,000 | 42,000 | 42,375 | 22,438 | - | - | 90 | 367 | - | - | - | 250 | 10 | 210 | 315 | 117 | |
| Balance sheet: equity and liabilities | ||||||||||||||||||
10/49 |
5.2m | 5.6m | 6.6m | 7.3m | 7.6m | 10.0m | 6.3m | 7.4m | 6.9m | 6.7m | 8.4m | 8.0m | 11.0m | 7.0m | 6.4m | 9.0m | 4.9m | |
10/15 |
2.3m | 2.3m | 2.0m | 1.8m | 1.8m | 1.5m | 1.4m | 1.4m | 1.3m | 1.2m | 1.2m | 993,011 | 664,122 | 509,757 | 362,721 | 213,373 | 110,744 | |
10/11 |
63,000 | 63,000 | 63,000 | 63,000 | 63,000 | 63,000 | 63,000 | 63,000 | 63,000 | 63,000 | 63,000 | 63,000 | 63,000 | 63,000 | 63,000 | 63,000 | 63,000 | |
10 |
63,000 | 63,000 | 63,000 | 63,000 | 63,000 | - | - | - | - | - | - | - | - | - | - | - | - | |
100 |
63,000 | 63,000 | 63,000 | 63,000 | 63,000 | 63,000 | 63,000 | 63,000 | 63,000 | 63,000 | 63,000 | 63,000 | 63,000 | 63,000 | 63,000 | 63,000 | 63,000 | |
13 |
334,680 | 334,680 | 334,680 | 334,680 | 250,480 | 6,300 | 6,300 | 6,300 | 6,300 | 6,300 | 6,300 | 6,300 | 6,300 | 6,300 | 6,300 | 6,300 | 6,300 | |
130/1 |
6,300 | 6,300 | 6,300 | 6,300 | 6,300 | 6,300 | - | - | - | - | - | - | - | - | - | - | - | |
130 |
6,300 | 6,300 | 6,300 | 6,300 | 6,300 | 6,300 | 6,300 | 6,300 | 6,300 | 6,300 | 6,300 | 6,300 | 6,300 | 6,300 | 6,300 | 6,300 | 6,300 | |
132 |
- | 244,180 | 328,380 | 328,380 | 244,180 | - | - | - | - | - | - | - | - | - | - | - | - | |
133 |
328,380 | 84,200 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
14 |
1.9m | 1.9m | 1.6m | 1.4m | 1.5m | 1.4m | 1.4m | 1.3m | 1.2m | 1.2m | 1.1m | 923,711 | 594,822 | 440,457 | 293,421 | 144,073 | 41,444 | |
17/49 |
2.8m | 3.3m | 4.6m | 5.5m | 5.8m | 8.5m | 4.9m | 6.0m | 5.5m | 5.5m | 7.2m | 7.0m | 10.3m | 6.5m | 6.1m | 8.7m | 4.8m | |
42/48 |
2.8m | 3.3m | 4.4m | 5.5m | 5.8m | 8.2m | 4.9m | 6.0m | 5.5m | 5.5m | 7.2m | 7.0m | 10.3m | 6.5m | 6.1m | 8.7m | 4.8m | |
44 |
2.6m | 3.1m | 4.2m | 5.3m | 5.6m | 8.0m | 4.8m | 5.9m | 5.5m | 5.4m | 7.1m | 6.9m | 10.3m | 6.5m | 6.1m | 8.7m | 4.8m | |
440/4 |
2.6m | 3.1m | 4.2m | 5.3m | 5.6m | 8.0m | 4.8m | 5.9m | 5.5m | 5.4m | 7.1m | 6.9m | 10.3m | 6.5m | 6.1m | 8.7m | 4.8m | |
441 |
- | - | - | - | - | - | - | 9,936 | - | 10,852 | 4,349 | 4,772 | - | - | - | - | - | |
45 |
205,806 | 143,651 | 162,312 | 175,381 | 166,272 | 186,501 | 110,772 | 118,393 | 46,319 | 50,166 | 59,619 | 92,754 | 34,884 | 25,111 | 3,134 | 354 | 329 | |
450/3 |
189,766 | 136,672 | 139,650 | 131,024 | 140,613 | 147,332 | 87,228 | 93,035 | 38,474 | 44,387 | 41,755 | 79,202 | 28,958 | 25,111 | 3,134 | 354 | 329 | |
454/9 |
16,040 | 6,979 | 22,661 | 44,357 | 25,659 | 39,169 | 23,544 | 25,358 | 7,845 | 5,779 | 17,864 | 13,552 | 5,927 | - | - | - | - | |
47/48 |
- | 3,994 | 2,539 | - | 64,028 | - | - | - | - | - | - | - | - | - | - | - | - | |
492/3 |
- | - | 217,547 | - | - | 330,269 | 224 | 249 | 5,244 | 358 | 364 | 1,639 | 3,124 | 5,755 | 241 | 5,822 | 122 | |
| Income statement | ||||||||||||||||||
70/76A |
12.3m | 17.7m | 16.1m | 24.8m | 24.5m | 19.9m | 16.3m | 18.9m | 19.4m | 19.1m | 23.1m | 23.2m | 23.9m | 14.9m | 20.6m | 26.7m | 9.4m | |
70 |
12.3m | 17.7m | 16.0m | 24.8m | 24.5m | 19.9m | 16.3m | 18.9m | 19.4m | 19.1m | 23.1m | 23.2m | 23.9m | 14.9m | 20.6m | 26.7m | 9.4m | |
74 |
5,941 | 1,653 | 3,026 | 6,680 | 26,877 | - | - | - | - | - | - | - | - | - | - | - | - | |
60/66A |
12.2m | 17.3m | 15.8m | 24.7m | 24.1m | 19.9m | 16.2m | 18.8m | 19.3m | 19.0m | 22.8m | 22.7m | 23.7m | 14.7m | 20.4m | 26.5m | 9.3m | |
60 |
11.5m | 16.6m | 14.9m | 23.5m | 23.0m | 18.9m | 15.2m | 17.7m | 18.4m | 18.0m | 21.7m | 21.7m | 22.6m | 14.1m | 19.4m | 25.7m | 9.0m | |
600/8 |
11.0m | 15.1m | 17.0m | 23.5m | 21.1m | 20.8m | 15.1m | 17.8m | 18.4m | 18.0m | 21.7m | 21.6m | 22.6m | 14.1m | 19.6m | 25.7m | 9.1m | |
609 |
458,895 | 1.5m | -2.1m | 45,855 | 1.9m | -1.9m | 71,064 | -71,718 | - | 5,585 | 42,035 | 191,338 | -16,571 | -61,713 | -117,127 | 39,528 | -83,075 | |
61 |
490,700 | 538,818 | 509,300 | 790,864 | 750,156 | 657,269 | 645,766 | 854,204 | 860,280 | 900,153 | 923,778 | 814,224 | 968,263 | 673,791 | 851,298 | 803,537 | 293,178 | |
62 |
184,724 | 154,954 | 372,131 | 393,152 | 358,584 | 372,572 | 334,655 | 261,061 | 95,217 | 122,140 | 162,388 | 120,236 | 60,698 | - | - | - | - | |
630 |
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 1,556 | |
631/4 |
- | -9,158 | -477 | 2,385 | -18,989 | -155 | 17,698 | 8,307 | 84 | -4,073 | -10,857 | -15,007 | 17,791 | -63,075 | 63,346 | 6,564 | 5,616 | |
640/8 |
2,673 | 4,683 | 2,725 | 5,248 | 46,233 | 14,027 | 15,266 | 2,357 | 2,146 | 11,597 | 2,565 | 2,102 | 2,283 | 924 | 959 | 89 | 89 | |
66A |
- | - | - | - | - | 654 | - | - | - | - | - | - | - | - | - | - | - | |
9901 |
104,871 | 326,318 | 238,605 | 103,099 | 393,979 | 16,371 | 71,800 | 115,723 | 122,307 | 106,937 | 314,468 | 563,667 | 255,231 | 252,380 | 216,675 | 171,854 | 90,858 | |
75/76B |
37,832 | 103,499 | 33,303 | 105,353 | 101,004 | 121,669 | 17,137 | 29,311 | 54,241 | 73,356 | 31,277 | 25,069 | 32,988 | 56,347 | 155,348 | 99,829 | 33,762 | |
75 |
37,832 | 103,499 | 33,303 | 105,353 | 101,004 | 121,669 | 17,137 | 29,311 | 54,241 | 73,356 | 31,277 | 25,069 | 32,988 | 56,347 | 155,348 | 99,829 | 33,762 | |
751 |
620 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
752/9 |
37,212 | 103,499 | 33,303 | 105,353 | 101,004 | 121,669 | 17,137 | 29,311 | 54,241 | 73,356 | 31,277 | 25,069 | 32,988 | 56,347 | 155,348 | 99,829 | 33,762 | |
65/66B |
67,725 | 40,152 | 61,074 | 155,969 | 77,146 | 90,917 | 26,055 | 35,643 | 59,238 | 82,627 | 71,284 | 95,602 | 59,266 | 91,537 | 149,489 | 118,857 | 54,020 | |
65 |
67,725 | 40,152 | 61,074 | 155,969 | 77,146 | 90,579 | 26,055 | 35,643 | 59,238 | 82,627 | 71,284 | 95,602 | 59,266 | 91,537 | 149,489 | 118,857 | 54,020 | |
650 |
54 | - | - | 928 | - | - | - | - | - | - | - | - | - | - | 183 | - | - | |
652/9 |
67,671 | 40,152 | 61,074 | 155,040 | 77,146 | 90,579 | 26,055 | 35,643 | 59,238 | 82,627 | 71,284 | 95,602 | 59,266 | 91,537 | 149,307 | 118,857 | 54,020 | |
66B |
- | - | - | - | - | 338 | - | - | - | - | - | - | - | - | - | - | - | |
9903 |
74,978 | 389,664 | 210,834 | 52,483 | 417,836 | 47,123 | 62,882 | 109,391 | 117,310 | 97,666 | 274,461 | 493,134 | 228,953 | 217,190 | 222,534 | 152,825 | 70,600 | |
67/77 |
43,203 | 80,615 | 27,359 | 15,989 | 107,122 | 16,133 | 25,124 | 35,677 | 41,949 | 31,169 | 90,714 | 164,246 | 74,587 | 70,154 | 73,185 | 50,196 | 22,856 | |
670/3 |
43,203 | 88,009 | 32,228 | 16,185 | 107,122 | 16,269 | 25,124 | 35,677 | 60,000 | 31,169 | 90,714 | 164,246 | 74,587 | 70,154 | 73,185 | 50,357 | 22,856 | |
77 |
- | 7,394 | 4,870 | 197 | - | 137 | - | 0 | 18,051 | - | - | - | - | - | - | 161 | - | |
9904 |
31,775 | 309,050 | 183,475 | 36,495 | 310,715 | 30,991 | 37,758 | 73,715 | 75,361 | 66,497 | 183,747 | 328,889 | 154,366 | 147,035 | 149,348 | 102,629 | 47,744 | |
789 |
244,180 | 84,200 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
689 |
244,180 | 84,200 | - | 84,200 | 244,180 | - | - | - | - | - | - | - | - | - | - | - | - | |
9905 |
31,775 | 309,050 | 183,475 | -47,705 | 66,535 | 30,991 | 37,758 | 73,715 | 75,361 | 66,497 | 183,747 | 328,889 | 154,366 | 147,035 | 149,348 | 102,629 | 47,744 | |
| Appropriation of the result | ||||||||||||||||||
9906 |
1.9m | 1.9m | 1.6m | 1.4m | 1.5m | 1.4m | 1.4m | 1.3m | 1.2m | 1.2m | 1.1m | 923,711 | 594,822 | 440,457 | 293,421 | 144,073 | 47,744 | |
14P |
1.9m | 1.6m | 1.4m | 1.5m | 1.4m | - | - | - | - | - | - | - | - | - | - | - | - | |
691/2 |
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 6,300 | |
6920 |
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 6,300 | |
694/7 |
- | 3,994 | 2,539 | - | 6,028 | - | - | - | - | - | - | - | - | - | - | - | - | |
696 |
- | 3,994 | 2,539 | - | 6,028 | - | - | - | - | - | - | - | - | - | - | - | - | |
| Social balance sheet | ||||||||||||||||||
9087 |
1.8 | 1.9 | 4.3 | 4 | 5.4 | 5.3 | 4.1 | 4.2 | 2 | 2.3 | 3 | 3 | 1.3 | - | - | - | - | |
Men (FTE)1003 |
- | 0 | 1.3 | 1 | 1 | 1 | 1 | 0.4 | - | 0.7 | 1 | 1 | - | - | - | - | - | |
Women (FTE)1003 |
1.8 | 1.9 | 3 | 3 | 4.4 | 4.3 | 3.1 | 3.8 | 2 | 1.6 | 2 | 2 | 1.3 | - | - | - | - | |
Agency workers1501 |
- | - | - | - | - | - | - | - | - | 1 | - | - | - | - | - | - | - | |
Hours worked1013 |
2,758 | 2,291 | 6,249 | 6,400 | 7,441 | 7,910 | 6,931 | 6,907 | 3,236 | 3,484 | 4,832 | 3,751 | 2,172 | - | - | - | - | |
| Document | ||||||||||||||||||
The notes to these accounts have 25 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the accounts filed with the NBB.
Source: Annual accounts 2025 at the NBB, filed on 16-06-2026.
Filings
each dot is a set of accounts, on the day it reached the National Bank| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 16-06-2026 | 2026-00174162 | |
| 31-12-2024 | full format | 19-06-2025 | 2025-00159840 | |
| 31-12-2023 | full format | 07-06-2024 | 2024-00119398 | |
| 31-12-2022 | full format | 29-06-2023 | 2023-00183014 | |
| 31-12-2021 | full format | 30-06-2022 | 2022-20149306 | |
| 31-12-2020 | full format | 29-06-2021 | 2021-29200171 | |
| 31-12-2019 | full format | 09-06-2020 | 2020-16000042 | |
| 31-12-2018 | full format | 04-06-2019 | 2019-16000058 | |
| 31-12-2017 | full format | 14-06-2018 | 2018-18700287 | |
| 31-12-2016 | full format | 04-05-2017 | 2017-11300550 | |
| 31-12-2015 | full format | 12-05-2016 | 2016-12300454 | |
| 31-12-2014 | full format | 12-05-2015 | 2015-11900584 | |
| 31-12-2013 | full format | 12-05-2014 | 2014-12100443 | |
| 31-12-2012 | full format | 27-05-2013 | 2013-13300366 | |
| 31-12-2011 | full format | 10-05-2012 | 2012-11300555 | |
| 31-12-2010 | full format | 16-05-2011 | 2011-11900098 | |
| 31-12-2009 | full format | 21-05-2010 | 2010-12600367 |
Key figures and ratios
per financial year, computed from the annual accounts| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 92,414 | ||
| - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 49,300 | ||
| 205,013 | 300,980 | -448,094 | 407,020 | -2.4m | 1.8m | 316,759 | -72 | -20,189 | -309,993 | -281,941 | 224,089 | 366,971 | 267,807 | 83,920 | -23,100 | - | ||
| 2.3m | 2.3m | 2.2m | 1.8m | 1.8m | 1.8m | 1.4m | 1.4m | 1.3m | 1.2m | 1.2m | 994,651 | 667,246 | 515,511 | 362,962 | 219,195 | 110,865 | ||
| 0.9% | 1.8% | 1.5% | 0.4% | 1.6% | 0.1% | 0.4% | 0.6% | 0.6% | 0.6% | 1.4% | 2.4% | 1.1% | 1.7% | 1.1% | 0.6% | 1.0% | ||
| 45.0% | 41.2% | 30.3% | 24.8% | 23.3% | 14.7% | 22.6% | 18.7% | 19.2% | 18.5% | 14.1% | 12.4% | 6.0% | 7.3% | 5.6% | 2.4% | 2.3% | ||
| 1.82 | 1.70 | 1.51 | 1.33 | 1.30 | 1.22 | 1.29 | 1.23 | 1.24 | 1.23 | 1.16 | 1.14 | 1.06 | 1.08 | 1.06 | 1.03 | 1.02 | ||
| 1.77 | 1.52 | 1.02 | 1.33 | 1.29 | 0.98 | 1.29 | 1.22 | 1.24 | 1.23 | 1.16 | 1.14 | 1.04 | 1.05 | 1.03 | 1.02 | 1.01 | ||
| 1.22 | 1.43 | 2.31 | 3.03 | 3.30 | 5.82 | 3.42 | 4.35 | 4.20 | 4.41 | 6.12 | 7.04 | 15.54 | 12.76 | 16.71 | 40.97 | 43.31 | ||
| 1.4% | 13.5% | 9.3% | 2.0% | 17.6% | 2.1% | 2.6% | 5.3% | 5.7% | 5.3% | 15.6% | 33.1% | 23.2% | 28.8% | 41.2% | 48.1% | 43.1% | ||
| 0.6% | 5.6% | 2.8% | 0.5% | 4.1% | 0.3% | 0.6% | 1.0% | 1.1% | 1.0% | 2.2% | 4.1% | 1.4% | 2.1% | 2.3% | 1.1% | 1.0% | ||
| 114 days | 87 days | 82 days | 81 days | 101 days | 93 days | 107 days | 115 days | 107 days | 112 days | 110 days | 102 days | 146 days | 147 days | 100 days | 110 days | 163 days | ||
| 80 days | 66 days | 99 days | 79 days | 86 days | 149 days | 110 days | 117 days | 104 days | 105 days | 115 days | 112 days | 159 days | 160 days | 109 days | 120 days | 189 days |
A Belgian filing has no cash-flow statement. Cash flow is therefore an approximation, derived from the income statement. Investment is the acquisitions in the notes and, without them, the balance-sheet move.
Social balance sheet
| Item | 31-12-2025 | 31-12-2024 | 31-12-2023 | 31-12-2022 | 31-12-2021 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 2 | 2 | 2 | 4 | 4 |
| full-time | 1 | 1 | 2 | 4 | 4 |
| part-time | 1 | 1 | - | - | - |
| in full-time equivalents | 1.8 | 1.8 | 2 | 4 | 4 |
| 1.8 | 1.9 | 4.3 | 4 | 5.4 | |
| On a permanent contract | 2 | 2 | 2 | 4 | 4 |
| Joined | - | - | 1 | - | 0 |
| Left | - | - | 3 | - | 2 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Auditor
fees| Item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Fee for the audit | €5,150 | €4,975 | €4,800 | €4,325 | €4,125 |
Source: notes to the 2021 to 2025 annual accounts (relations with the auditor)
Insights on TEX DEVELOPMENT
The operating result for 2025 is 68% lower than in 2024 and the lowest since 2022.
Debt's share of the balance-sheet total falls from 58.8% to 55.0%. Equity is higher and debt is lower.
Board & ownership
Board
4 directors, 5 in day-to-day management, 1 auditor, last change in 2024Director and managing director
director since 18-05-2023
managing director appointed by deed of 03-06-2024
term until 17-05-2029
listed in the 2025 annual accounts, filed on 16-06-2026
Director and managing director
director since 18-05-2023
managing director appointed by deed of 03-06-2024
term until 17-05-2029
listed in the 2025 annual accounts, filed on 16-06-2026
Director, permanent representative Ralfi KANDITYOTI
since 18-05-2023
term until 17-05-2029
listed in the 2025 annual accounts, filed on 16-06-2026
Director and managing director
director since 18-05-2023
managing director appointed by deed of 03-06-2024
term until 17-05-2029
listed in the 2025 annual accounts, filed on 16-06-2026
Statutory auditor
current term since 16-05-2025
3-year term from 2025
listed in the 2025 annual accounts, filed on 16-06-2026
Permanent representatives 1
Ralfi KANDITYOTI
Permanent representative, for K FINANCE COORDINATION & SERVICES
appointed by deed of 03-06-2024
Mandates through the years
9 names, the dashed line is todayErol KANDIYOTI
Director, Managing director
Director, Managing director
Igal KANDIYOTI
Director, Managing director
Director, Managing director
Metin KANDIYOTI
Director, Managing director
Director, Managing director
Igal KANDIYOT!
Managing director
Managing director
Metin KANDIYOT!
Managing director
Managing director
Michel Weber SRL
Statutory auditor
Statutory auditor
Claude KANDIYOTI
Director
Director
Ralfi KANDIYOTI
Director
Director
LeadershipBoardEarlierRest of the termmandate already running before its first mentionend not dated
Mandates as a list
- Erol KANDIYOTI
- Director, from 04-05-2016 to date
- Managing director, since before 19-09-2023
- Igal KANDIYOTI
- Director, from 04-05-2016 to date
- Managing director, appointed by deed of 03-06-2024, still in office
- Metin KANDIYOTI
- Director, from 04-05-2016 to date
- Managing director, appointed by deed of 03-06-2024, still in office
- K FINANCE COORDINATION & SERVICES
- Director, from 18-05-2023 to date
- Igal KANDIYOT!
- Managing director, since before 19-09-2023
- Metin KANDIYOT!
- Managing director, since before 19-09-2023
- Michel Weber SRL
- Statutory auditor, from 02-05-2019 to date
- Claude KANDIYOTI
- Director, from 04-05-2016 to 03-06-2024
- Ralfi KANDIYOTI
- Director, appointed by deed of 03-06-2024, no longer listed in the 2025 annual accounts
Control
100%
This company
TEX DEVELOPMENT
Equity €2.3m
Profit €31,775 in 2025
Further up the chainK FINANCE COORDINATION & SERVICES S.A. consolidates
Capital
- Capital
- €63,000
- Shares
- 2,450
- Contribution per share
- €25.71
- Equity per share
- €947 in 2025
- Source
- 2025 annual accounts
Owners through the years
as the annual accounts name themOwners as a list
- K FINANCE COORDINATION & SERVICES
- RALIG INVEST
- SIETH INVEST
- VANCLO INVEST
Source: lists of holdings in the owners' accounts
Articles of association
deed of 03-06-2024 (in French)- DurationMost companies exist for an unlimited period, until they are dissolved.
- Unlimited
- Liquidation ruleIn a liquidation the creditors are paid first. What is left goes to the shareholders.
- “Liquidation, déterminés le cas échéant par l'assemblée générale”
Shareholders
2 ownersOwners 2
- Equity €104.0m Profit of €8.9m in 2025 (profit of €3.6m in 2024)100%
- K FINANCE COORDINATION & SERVICES S.A.consolidating parentconsolidates
Network & group
Group
K FINANCE COORDINATION & SERVICES has 5 holdings (2025 accounts)Belgium 5 Equity Result
- BE TEX DEVELOPMENT €2.3m result €31,775
- BE CHEMITEX99.92% €86.3m result €1.1m
- BE BELGIAN LAND17.85% €26.7m result -€2.7m
- BE ADMIRO98% €6.0m result €65,941
- BE COTITEX75% €5.0m result €783,497
Source: list of holdings in the 2025 accounts of K FINANCE COORDINATION & SERVICES. Every holding stands with its own latest accounts.
At the same address
Louizalaan 221, 1050 Brussels · 44 other companies| K FINANCE COORDINATION & SERVICES
registered office since 04-08-1993 · founded in 1992 |
turnover €2.0m (2025) 0448.586.002 |
| Chemitex
registered office since 01-12-1970 · founded in 1970 |
17 FTE (2025) 0407.685.456 |
| KREST REAL ESTATE INVESTMENTS
registered office since 24-03-2011 · founded in 2011 |
total assets €108.6m (2025) 0834.802.289 |
| VANCLO INVEST
registered office since 28-11-2007 · founded in 2007 |
total assets €56.7m (2025) 0893.924.383 |
| RALIG INVEST
registered office since 28-11-2007 · founded in 2007 |
total assets €55.5m (2025) 0893.921.910 |
| SIETH INVEST
registered office since 28-11-2007 · founded in 2007 |
total assets €55.4m (2025) 0893.925.175 |
| Admiro
registered office since 01-05-1972 · founded in 1972 |
3 FTE (2025) 0412.443.010 |
| KREST & C°
registered office since 18-02-2022 · founded in 2022 · group KREST REAL ESTATE INVESTMENTS |
total assets €24.5m (2026) 0782.331.625 |
| KREST 2
registered office since 19-06-2012 · founded in 2012 · group KREST REAL ESTATE INVESTMENTS |
turnover €331,116 (2025) 0846.689.739 |
| KRKA Belgium
registered office since 26-12-2012 · founded in 2012 |
18 FTE (2025) 0508.714.223 |
Connections & network
4 current directorsThe network starts from the directors of TEX DEVELOPMENT. Every other company they run is a node.
This company
Company
Director
Shareholding
+N: links not shown yet
Click a node to look further, drag to arrange, zoom with the mouse wheel.
Timeline
Timeline
30 events since 2008Board
Filings
Financial
Establishments
2008201020122014201620182020202220242026
Deadline for the 2026 accounts: 31-07-2027
2026
Annual accounts 2025 filed NBBfull format · 45 days before the deadline
2025
Registered in the Peppol Directory Reachable for e-invoices through 0208:0806294682
Reappointment: SRL Michel Weber (statutory auditor)1 point ▸
- Auditor reappointment, SRL Michel Weber (statutory auditor)
- The deed holds 1 more point.
Annual accounts 2024 filed PDFfull format · 42 days before the deadline
2024
Equity above €2m equity €2.3m ▲15.4% With a profit in every financial year since 2009, equity grows to €2.3m.
Annual accounts 2023 filed PDFfull format · 54 days before the deadline
2 directors appointed, 2 resignationsChanges of role: Igal KANDIYOTI, Erol KANDIYOTI and Metin KANDIYOTI · Resignations: Claude Isaac KANDIYOTI and K FINANCE COORDINATION & SERVICES · Appointments: K FINANCE COORDINATION & SERVICES and Ralfi KANDIYOTI · General meeting of 15-12-202317 points ▸
- General meeting, 15-12-2023
- Capital, €625,931.15, 2,450 shares
- Director resignation, Claude Isaac KANDIYOTI
- Director resignation, K FINANCE COORDINATION & SERVICES
- Director resignation, Igal KANDIYOTI
- Director resignation, Erol KANDIYOTI
- Director resignation, Metin KANDIYOTI
- Director appointment, K FINANCE COORDINATION & SERVICES
- Director appointment, Igal KANDIYOTI
- Director appointment, Ralfi KANDIYOTI
- Director appointment, Erol KANDIYOTI
- Director appointment, Metin KANDIYOTI
- Permanent representative, Claude Isaac KANDIYOTI
- Permanent representative, Ralfi KANDIYOTI
- Director appointment, Erol KANDIYOTI (managing director)
- Director appointment, Igal KANDIYOTI (managing director)
- Director appointment, Metin KANDIYOTI (managing director)
- The deed holds 3 more points.
2023
5 directors reappointedErol KANDIYOTI (managing director), Metin KANDIYOT! (managing director), Igal KANDIYOT! (managing director), Claude KANDIYOTI and K FINANCE COORDINATION & SERVICES · Permanent representative: Ralfi KANDITYOTI · General meeting of 18-05-20237 points ▸
- General meeting, 18-05-2023
- Director reappointment, Erol KANDIYOTI (managing director)
- Director reappointment, Metin KANDIYOT! (managing director)
- Director reappointment, Igal KANDIYOT! (managing director)
- Director reappointment, Claude KANDIYOTI
- Director reappointment, K FINANCE COORDINATION & SERVICES
- Permanent representative, Ralfi KANDITYOTI
Annual accounts 2022 filed PDFfull format · 32 days before the deadline
2022
- General meeting, 01-06-2022
- Auditor reappointment, SRL Michel Weber (statutory auditor)
Annual accounts 2021 filed PDFfull format · 31 days before the deadline
2021
Annual accounts 2020 filed PDFfull format · 32 days before the deadline
2020
Annual accounts 2019 filed PDFfull format · 52 days before the deadline
2019
- General meeting, 16-05-2019
- Auditor reappointment, SPRL Michel Weber (statutory auditor)
Annual accounts 2018 filed PDFfull format · 57 days before the deadline
2018
Annual accounts 2017 filed PDFfull format · 47 days before the deadline
2017
Annual accounts 2016 filed PDFfull format · 88 days before the deadline
2016
Annual accounts 2015 filed PDFfull format · 80 days before the deadline
2015
Equity above €1m equity €1.2m ▲18.5% With a profit in every financial year since 2009, equity grows to €1.2m.
Annual accounts 2014 filed PDFfull format · 80 days before the deadline
2014
Highest result from 2009 to 2025 net €328,889 ▲113% The operating result of €563,667 and the net result of €328,889 are both a record.
Annual accounts 2013 filed PDFfull format · 80 days before the deadline
2013
Annual accounts 2012 filed PDFfull format · 65 days before the deadline
2012
Equity above €500,000 equity €509,757 ▲40.5% With a profit in every financial year since 2009, equity grows to €509,757.
Annual accounts 2011 filed PDFfull format · 82 days before the deadline
2011
Annual accounts 2010 filed PDFfull format · 76 days before the deadline
2010
Equity above €200,000 equity €213,373 ▲92.7% With a profit in every financial year since 2009, equity grows to €213,373.
Annual accounts 2009 filed PDFfull format · 71 days before the deadline
Financial milestones sit on the financial year-end date, not the filing date.
Sources: Publications in the Belgian Official GazetteFilings with the National Bank
History
Company details
Identity
- Enterprise number
- 0806.294.682
- VAT number
- BE 0806.294.682
- Peppol ID
- 0208:0806294682
- Other Peppol ID
- 9925:BE0806294682
- Legal form
- Public limited company
- Status
- Active, normal situation
- Founded
- 11-09-2008
- Financial year
- ends on 31 December
- Peppol
- Reachable since 18-12-2025Follow this company and you will hear the next morning if it leaves the Peppol register.
- Name
- TEX DEVELOPMENT in French
- Entity type
- Legal entity
- DurationMost companies exist for an unlimited period, until they are dissolved.
- Unlimiteddeed of 03-06-2024 (in French)
- Registered office clauseThe articles name the region of the registered office. The language of official documents depends on that region, among other things.
- “Région de Bruxelles-Capitale”deed of 03-06-2024 (in French)
Activities
NACEBEL 202546411
Wholesale trade main activity
47511
Retail trade
47513
Retail trade
47519
Retail trade
Codes under NACEBEL 2008
46411
Wholesale trade main activity
47511
Retail trade
47512
Retail trade
47513
Retail trade
47519
Retail trade
Registered office and establishments
1 establishment| Establishment | Since | Unit number |
|---|---|---|
| TEX DEVELOPMENT registered office Louizalaan 221, 1050 Brussels | 01-10-2008 | 2.173.220.959 |
Buildings and parcels at the address
- Ground area
- 1,410 m²
- Buildings
- 1,363 m²
- Volume, LiDAR
- 17,329 m³
- Tallest building
- 32.1 m
Buildings to scale, each on its own parcel
Parcels
| Cadastral parcel | Area | Buildings | Height / floors |
|---|---|---|---|
| 21807G0129/00W003 | 1,410 m² | 1 · 1,363 m² | 32.1 m · 1 |