Checked.be
Active
BE 0444.295.632Public limited company
TRANSFOSAC
Chemin de la Guelenne 64 ·7060 Soignies, Belgium· 35 yrs active
Sector: Manufacture of paper and paper products
(17250)
Conclusion
TRANSFOSAC has been active since 1991 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €214k and a net result of €-17k. Equity is shrinking by ~4.6% per year across the filed fiscal years. Its solvency ranks better than 46% of 68 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.5% (very low).
Based on the State Gazette, CBE and 5 annual accounts.
Key figures
| Equity | €214k |
| Net result | €-17k |
| Staff (FTE) | 4 |
| Better than sector | 46% |
Financial profile
49
/ 100
Mixed profile: strong on stability, weaker on profitability.
All 5 axes are computed from data Checked has read.
Health
35
Profitability
0
Solvency
80
Growth
32
Stability
100
Bankruptcy probability (12 mo)
Risk Assessment
0 / 100
Low riskTrust signals
Long-established
Founded in 1991, 35 years in business.
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.
Checked score
35
/ 100
Weak
Computed from 5 of the 6 factors this model weighs. The rest cannot be derived from the filed figures, or need a prior year to compare against.
Indicative credit limit
€7k
estimate, not credit advice
Score history
69
2021
27
2022
72
2023
64
2024
35
2025
purely financial, excl. current insolvency signals
Score components
Liquidity
Current ratio 1.70 (≥ 1.5)
+10
Quick ratio
Quick ratio 0.44 (< 0.6)
-5
Leverage
Debt/equity 1.37 (< 2.0)
+3
Profitability
Negatieve ROE -8%
-10
Interest coverage
Interest coverage -1.9× (< 1.5×)
-10
Profit trend
Net profit down YoY
-3
Computed by Checked from the NBB filing for FY 2025. Indicative, not credit advice.
Financial overview
Annual accounts filed on 29-07-2026 with the NBB · fiscal year 2025 · full schema
Trajectory (indicative)
Projection over 3 fiscal years from the filed annual accounts, not a forecast, the extended trend.
volatile
Too volatile to project: the yearly deviation from the trend is ~131% of the level (threshold 35%). We therefore deliberately show no projection line.
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 2025 · NACE 17, Manufacture of paper and paper products · compared within the same schema type (full schema)
| Metric | This company | Sector median | Position in the sector |
|---|---|---|---|
| Solvency | 42.2% | 44.5% | |
| Net result | €-17k | €232k | |
| Equity | €214k | €3.56M | |
| Staff costs | €154k | €2.58M | |
| Employees (FTE) | 4.0 | 41.4 |
€-8k
-
21-25
€-17k
-
21-25
€-4k
-
21-25
€506k
-10.0%
21-25
€214k
-7.2%
21-25
€204k
-3.8%
21-25
4
-14.9%
21-25
€154k
-32.5%
21-25
€81
-
21-25
€292k
-11.9%
21-25
€290k
-12.6%
21-25
€7k
-76.2%
21-25
1.70
+3.9%
21-25
0.44
+47.6%
21-25
42.2%
+3.1%
21-25
1.37
-5.0%
21-25
-7.8%
-
21-25
-3.3%
-
21-25
-1.87
-
21-25
Figures by fiscal year and ratios
| Fiscal year | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Deposit | full schema | full schema | full schema | full schema | full schema |
| Revenue | - | - | - | - | - |
| EBITDA | €-8k | €18k | €13k | €-38k | €21k |
| Net profit | €-17k | €98 | €3k | €-47k | €3k |
| Cash flow | €-4k | €13k | €17k | €-33k | €19k |
| Staff costs | €154k | €228k | €233k | €226k | €247k |
| Income taxes | €81 | - | - | - | - |
| Dividends | - | - | - | - | - |
| Total assets | €506k | €562k | €666k | €783k | €707k |
| Equity | €214k | €230k | €230k | €227k | €274k |
| Debt | €292k | €332k | €436k | €557k | €433k |
| of which ≤ 1y | €290k | €332k | €436k | €550k | €403k |
| of which > 1y | - | - | - | €7k | €29k |
| Working capital | €204k | €212k | €199k | €189k | €245k |
| Employees (FTE) | 4.0 | 4.7 | 5.3 | 6.5 | 6.7 |
Ratios (computed)
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Current ratio | 1.70 | 1.64 | 1.46 | 1.34 | 1.61 |
| Quick ratio | 0.44 | 0.30 | 0.43 | 0.43 | 0.38 |
| Working capital ratio | 40.3% | 37.7% | 29.9% | 24.1% | 34.7% |
| Solvency | 42.2% | 41.0% | 34.6% | 28.9% | 38.7% |
| Debt / equity | 1.37 | 1.44 | 1.89 | 2.46 | 1.58 |
| Long-term debt ratio | - | - | - | 0.03 | 0.10 |
| Interest coverage | -1.87 | 2.91 | 6.24 | -11.20 | 7.25 |
| Gross margin | - | - | - | - | - |
| Net margin | - | - | - | - | - |
| ROA | -3.3% | 0.0% | 0.5% | -6.0% | 0.5% |
| ROE | -7.8% | 0.0% | 1.4% | -20.7% | 1.2% |
| EBITDA margin | - | - | - | - | - |
| Days sales outstanding | - | - | - | - | - |
| Days payable outstanding | - | - | - | - | - |
| Inventory turnover | - | - | - | - | - |
| Days inventory (DSI) | - | - | - | - | - |
Balance-sheet composition 2025
Full annual accounts (24 line items)
Filed balance sheet and income statement, exactly as deposited with the NBB.
| Line item | Code | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| Balance sheet, Assets | ||||||
| TOTAL ASSETS | 20/58 | €506k | €562k | €666k | €783k | €707k |
| Fixed assets | 21/28 | €13k | €19k | €31k | €45k | €59k |
| Tangible fixed assets | 22/27 | €13k | €19k | €31k | €45k | €59k |
| Current assets | 29/58 | €493k | €543k | €635k | €739k | €648k |
| Stocks & contracts in progress | 3 | €365k | €443k | €449k | €500k | €494k |
| Amounts receivable within one year | 40/41 | €93k | €78k | €171k | €217k | €143k |
| Cash & bank | 54/58 | €35k | €22k | €14k | €21k | €11k |
| Balance sheet, Equity & liabilities | ||||||
| TOTAL EQUITY & LIABILITIES | 10/49 | €506k | €562k | €666k | €783k | €707k |
| Equity | 10/15 | €214k | €230k | €230k | €227k | €274k |
| Contributions / capital | 10/11 | €216k | €216k | €216k | €216k | €216k |
| Reserves | 13 | €22k | €22k | €22k | €22k | €22k |
| Accumulated profits (losses) | 14 | €-24k | €-8k | €-8k | €-11k | €36k |
| Amounts payable | 17/49 | €292k | €332k | €436k | €557k | €433k |
| Amounts payable after one year | 17 | - | - | - | €7k | €29k |
| Amounts payable within one year | 42/48 | €290k | €332k | €436k | €550k | €403k |
| Trade debts payable within one year | 44 | €212k | €158k | €255k | €266k | €181k |
| Income statement | ||||||
| Gross operating margin | 9900 | €167k | €249k | €250k | €192k | €272k |
| Operating result | 9901 | €-20k | €6k | €-352 | €-51k | €5k |
| Financial income | 75 | €8k | €769 | €6k | €8k | €1k |
| Financial charges | 65 | €4k | €6k | €2k | €3k | €3k |
| Result before taxes | 9903 | €-17k | €98 | €3k | €-47k | €3k |
| Income taxes | 67/77 | €81 | - | - | - | - |
| Net result for the period | 9904 | €-17k | €98 | €3k | €-47k | €3k |
| Result to be appropriated | 9905 | €-17k | €98 | €3k | €-47k | €3k |
Legal Structure
| NACE primary | Manufacture of paper and paper products(17250) |
| Legal form | Public limited company(014) |
| Incorporation | 21-05-1991 |
| Status | Active |
| Postal code | 7060 |
Establishment units
TRANSFOSAC
since 19912.053.094.377
Real-estate footprint
Wallonia
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 55040A0192/00E000 | Wallonia | 6,313 m² | 1 · 2,525 m² | 7.5 m · 2 fl. |
Methodology
via registered seat: 1
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Updates
Next filing, fiscal year 2026, expected by
2026
29-07
NBB filing
Annual accounts filed
fiscal year 2025 · full schema
2025
20-09
NBB filing
Annual accounts filed
fiscal year 2024 · full schema · 51 days late
2024
28-08
NBB filing
Annual accounts filed
fiscal year 2023 · full schema · 28 days late
2023
31-12
Financial
Back to profitnet €3k
Net result €3k after one loss-making year.
25-06
NBB filing
Annual accounts filed
fiscal year 2022 · full schema
2022
31-12
Financial
Weakest financial yearnet €-47k ▼1561%
Net result drops to €-47k, the lowest in the series; recovery starts the following year.
27-09
NBB filing
Annual accounts filed
fiscal year 2021 · full schema · 58 days late
01-02
NBB filing
Annual accounts filed
fiscal year 2020 · full schema · 185 days late
2021
19-03
NBB filing
Annual accounts filed
fiscal year 2019 · full schema · 231 days late
2019
29-08
NBB filing
Annual accounts filed
fiscal year 2018 · full schema · 29 days late
2018
20-07
NBB filing
Annual accounts filed
fiscal year 2017 · full schema
2017
31-08
NBB filing
Annual accounts filed
fiscal year 2016 · full schema · 31 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
Belgian State Gazette reading coverage
We know of 4 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
Credit advice
Company registry (CBE)
Activities
Manufacture of paper and paper products17210Manufacture of paper and paper products1725021250
Names & trade names
| Legal nameFR | TRANSFOSAC |
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