TUNNEL LIEFKENSHOEK

Active

Public limited companyfounded 198739 yrs activeSint-Annalaan(KAL) 1, 9130 Beveren-Kruibeke-Zwijndrecht, BelgiumKBO/BCE: BE 0431.234.779

TUNNEL LIEFKENSHOEK has been active since 1987 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €180.50M and a net result of €6.84M. Equity remains stable across the filed fiscal years (±0% per year). Its solvency ranks better than 89% of 52 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is < 0.1% (very low).

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Checked score

Score 2025

87 / 100

Excellent

The score weighs solvency, liquidity, profitability and financial development. Bankruptcy probability contributes 35%. Every signal that weighs is under Signals.

Axes · tick = 2024

Profitability82=

Solvency100=

Growth65=

Track record100

Bankruptcy probability, 12 months

< 0.1% Very low

0%0.5%1.5%4%10%≥ 25%

Credit up to €2M at 30 days acceptable

Liquidity ample (current ratio 2.11 against 1.55 in 2024; short-term debt: 10.1% and cash: 5.7% of total assets), and 10.1% of the assets are financed with debt.

How do we compute the score and the probability?

Credit advice for your own amount and term

Signals

Seven signals. The signal on the left, the evidence on the right.

−lowers risk○neutral

Lower-failure-rate sector

In this sector companies fail less often than the Belgian average.

Gazette · bankruptcies per sector, NACE 84

Relative position

BE, all sectors

reference

Sector 84

lower

← fewer bankruptcies more bankruptcies →

Annual accounts: healthy financial profile

The latest annual accounts show a healthy profile in solvency, result and liquidity.

NBB · annual accounts 2025

Solvency, return and age of the figures

Solvency

89.9%

Return on assets

3.4%

Age of the figures

9 mo

Long track record

A company with a long track record statistically fails less often than a young one.

KBO · incorporation date

Age against the risk zone

Lower-risk legal form

Companies with this legal form statistically fail less often than a BV.

KBO · legal form

Latest accounts filed on time

The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 29-04-2026, 93 days ahead of the deadline.

NBB · 10 filings

Deviation from the deadline

2025

93 d early

2024

93 d early

2023

92 d early

2022

90 d early

2021

93 d early

2020

94 d early

2019

95 d early

← before the deadline after the deadline →

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.

Companies Code · seven months

Position in the running window

23-09-2026 today31-12-2026 close31-07-2027 deadline

No strike-offs in the KBO publications

We found no ex-officio strike-off or cessation. Our series starts in 2021 and has gaps, so this is not a confirmation that there is nothing.

KBO publications · our coverage

Financials · fiscal year 2025, full schema

Turnover

€81.44M▼ 1.5%

2024 · €82.71M

2018: €72.66M 2019: €73.55M 2020: €63.02M 2021: €69.16M 2022: €74.34M 2023: €83.50M 2024: €82.71M

2018 → 2025

EBIT margin

10.8%▼ 0.5pp

2024 · 11.3%

2018: 20.1% 2019: 18.7% 2020: 17.9% 2021: 16.2% 2022: 14.6% 2023: 12.8% 2024: 11.3%

2018 → 2025

Net result

€6.84M▼ 3.9%

2024 · €7.11M

2018: €6.52M 2019: €5.77M 2020: €4.76M 2021: €5.49M 2022: €6.07M 2023: €6.89M 2024: €7.11M

2018 → 2025

Working capital

€22.46M▲ 64.8%

2024 · €13.63M

2018: €24.86M 2019: €26.80M 2020: €22.71M 2021: €18.67M 2022: €15.17M 2023: €10.24M 2024: €13.63M

2018 → 2025

Multi-year overview

Every figure with its change against the year before

▲ rise ▼ fall

Line20212022202320242025Trend

Turnover€69.16M-€74.34M▲ 7.5%€83.50M▲ 12.3%€82.71M▼ 0.9%€81.44M▼ 1.5%

Equity€180.50M-€180.50M=€180.50M=€180.50M=€180.50M=

Operating result€11.22M-€10.87M▼ 3.1%€10.67M▼ 1.8%€9.33M▼ 12.5%€8.79M▼ 5.8%

Net result€5.49M-€6.07M▲ 10.6%€6.89M▲ 13.5%€7.11M▲ 3.2%€6.84M▼ 3.9%

Result per fiscal year

Operating resultNet result

The operating result has fallen four years in a row; 2025 is 6% below 2024 and is the lowest result in the available series.

Balance-sheet composition

2025 in colour, 2024 as the grey bar beneath

Assets €200.77M

78.7%

21.3%

Fixed assets €158.10M▼ 5.5%

Current assets €42.66M▲ 10.6%

Equity and liabilities €200.77M

89.9%

10%

Equity €180.50M=

Debt €20.27M▼ 19.9%

The debt ratio falls from 12.3% to 10.1%. Debt is lower.

Key figures and ratios

2025 value · change against 2024

EBITDA

€23.48M▼

2024 · €23.70M

Cash flow

€21.53M▲

2024 · €21.48M

Solvency

89.9%▲

2024 · 87.7%

Current ratio

2.11▲

2024 · 1.55

Quick ratio

2.11▲

2024 · 1.55

Debt / equity

0.11▼

2024 · 0.14

ROE

3.8%▼

2024 · 3.9%

ROA

3.4%▼

2024 · 3.5%

Interest coverage

8197.09▲

2024 · 27.73

Debt

€20.27M▼

2024 · €25.30M

Debt ≤ 1 year

€20.21M▼

2024 · €24.95M

Income taxes

€2.35M▲

2024 · €2.22M

Staff costs

€2.92M▼

2024 · €3.13M

Green means a favourable move, even when the figure itself falls: as with debt or debt / equity.

Filed annual accounts

As filed with the NBB · 2025 against 2024

Balance sheet Code20242025

Assets

Total assets20/58€205.81M€200.77M▼

Fixed assets21/28€167.22M€158.10M▼

Intangible fixed assets21€158.48M€145.89M▼

Tangible fixed assets22/27€8.75M€12.22M▲

Land and buildings22€7.60M€10.12M▲

Plant, machinery and equipment23€788k€1.80M▲

Furniture and vehicles24€359k€297k▼

Current assets29/58€38.58M€42.66M▲

Amounts receivable after more than one year29€4k-

Other amounts receivable291€4k-

Amounts receivable within one year40/41€18.38M€12.82M▼

Trade receivables40€9.62M€11.19M▲

Other amounts receivable41€8.76M€1.63M▼

Current investments50/53€15.00M€18.00M▲

Other investments51/53€15.00M€18.00M▲

Cash at bank and in hand54/58€4.88M€11.44M▲

Deferred charges and accrued income490/1€318k€409k▲

Equity and liabilities

Total equity and liabilities10/49€205.81M€200.77M▼

Equity10/15€180.50M€180.50M=

Contributions10/11€28.86M€28.86M=

Capital10€28.86M€28.86M=

Issued capital100€28.86M€28.86M=

Reserves13€151.64M€151.64M=

Non-distributable reserves130/1€2.89M€2.89M=

Legal reserve130€2.89M€2.89M=

Distributable reserves133€148.76M€148.76M=

Amounts payable17/49€25.30M€20.27M▼

Amounts payable after more than one year17€0-

Financial debts170/4€0-

Subordinated loans170€0-

Amounts payable within one year42/48€24.95M€20.21M▼

Current portion of amounts payable after more than one year42€8.05M-

Trade debts44€315k€2.17M▲

Suppliers440/4€315k€2.17M▲

Taxes, remuneration and social security45€3.59M€4.01M▲

Taxes450/3€3.24M€3.72M▲

Remuneration and social security454/9€350k€290k▼

Other amounts payable47/48€13.00M€14.03M▲

Accrued charges and deferred income492/3€350k€58k▼

Income statement Code20242025

Operating income70/76A€83.30M€81.73M▼

Turnover70€82.71M€81.44M▼

Other operating income74€487k€223k▼

Non-recurring operating income76A€103k€71k▼

Operating charges60/66A€73.97M€72.94M▼

Services and other goods61€56.43M€55.27M▼

Remuneration, social security and pensions62€3.13M€2.92M▼

Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€14.36M€14.70M▲

Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4€-211€4k▲

Other operating charges640/8€44k€50k▲

Operating profit (loss)9901€9.33M€8.79M▼

Financial income75/76B€855k€407k▼

Recurring financial income75€855k€407k▼

Income from current assets751€854k€406k▼

Other financial income752/9€703€432▼

Financial charges65/66B€860k€3k▼

Recurring financial charges65€860k€3k▼

Debt charges650€855k-

Other financial charges652/9€5k€3k▼

Profit (loss) for the period before taxes9903€9.33M€9.19M▼

Income taxes67/77€2.22M€2.35M▲

Taxes670/3€2.22M€2.35M▲

Profit (loss) for the period9904€7.11M€6.84M▼

Profit (loss) for the period to be appropriated9905€7.11M€6.84M▼

Appropriation of the result

Profit (loss) to be appropriated9906€7.11M€6.84M▼

Profit to be distributed694/7€7.11M€6.84M▼

Return on contributions (dividend)694€7.11M€6.84M▼

Social balance

Average headcount (FTE)908730.527.5▼

The notes to these accounts (54 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.

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Timeline · acts, filings and financial milestones

All 31Financial 2Gazette 19Filings 10

Next filing, fiscal year 2026, expected by 31-07-2027

2026

19-06

State Gazette act Resignations & appointments

General meeting · Director appointment · Number of directors6 facts ▸

General meeting, 2026-04-24
Director appointment, Patricia De Somer (bestuurder)
Director appointment, Koen Kennis (bestuurder)
Director appointment, David Van Herreweghe (bestuurder)
Number of directors, 3
Director resignation, Tunnel Liefkenshoek

29-04

NBB filing Annual accounts filed

fiscal year 2025 · full schema

2025

22-07

State Gazette act Resignations & appointments

General meeting · Director reappointment5 facts ▸

General meeting, 2025-04-23
Director reappointment, Wivina Demeester (bestuurder)
Director reappointment, Marc Descheemaecker (bestuurder)
Director reappointment, Koen Kennis (bestuurder)
Director reappointment, David Van Herreweghe (bestuurder)

29-04

NBB filing Annual accounts filed

fiscal year 2024 · full schema

2024

31-12

Financial Highest result since 2018net €7.11M ▲3.2%

Net result €7.11M, the highest in the series.

05-11

State Gazette act Resignations & appointments

General meeting · Auditor appointment · Permanent representative4 facts ▸

General meeting, 2024-04-26
Auditor appointment, Callens, Vandelanotte & Theunissen BV (commissaris)
Permanent representative, Lieven Van Brussel
Mandate term, 3 years (2024, 2025, 2026)

30-04

NBB filing Annual accounts filed

fiscal year 2023 · full schema

2023

02-05

NBB filing Annual accounts filed

fiscal year 2022 · full schema

2022

25-05

State Gazette act Resignations & appointments

General meeting · Director appointment · Director resignation6 facts ▸

General meeting, 2022-04-28
Director appointment, Wivina Demeester (bestuurder)
Director appointment, Marc Descheemaecker (bestuurder)
Director appointment, Koen Kennis (bestuurder)
Director appointment, David Van Herreweghe (bestuurder)
Director resignation, Mark Andries (bestuurder)

29-04

NBB filing Annual accounts filed

fiscal year 2021 · full schema

2021

11-05

State Gazette act Resignations & appointments

General meeting · Auditor appointment · Permanent representative3 facts ▸

General meeting, 2021-04-26
Auditor appointment, Callens, Pirenne & Co Bedrijfsrevisoren Burg Ven. CVBA (commissaris)
Permanent representative, Lieven Van Brussel

28-04

NBB filing Annual accounts filed

fiscal year 2020 · full schema

2020

31-12

Financial Weakest financial yearnet €4.76M ▼17.5%

Net result drops to €4.76M, the lowest in the series; recovery starts the following year.

12-05

State Gazette act Resignations & appointments

General meeting · Auditor appointment · Permanent representative3 facts ▸

General meeting, 2020-04-24
Auditor appointment, PricewaterhouseCoopers Bedrijfsrevisoren (commissaris)
Permanent representative, Bart Van Gompel

12-05

State Gazette act Resignations & appointments

General meeting · Director appointment · Board mandate end7 facts ▸

General meeting, 2020-04-24
Director appointment, Wivina Demeester (bestuurder)
Director appointment, Mark Andries (bestuurder)
Director appointment, Koen Kennis (bestuurder)
Director appointment, David Van Herreweghe (bestuurder)
Board mandate end, alle bestuurders
Number of directors, 4

27-04

NBB filing Annual accounts filed

fiscal year 2019 · full schema

2019

09-12

State Gazette act Miscellaneous

General meeting · Statutes amendment · Purpose change6 facts ▸

General meeting, 2019-12-05
Statutes amendment
Purpose change, Wijziging van Artikel 3: Voorwerp van de vennootschap
Corporate purpose, De vennootschap heeft tot voorwerp, zowel voor eigen rekening als voor rekening van derden, rechtstreeks of onrechtstreeks: de concessieopdracht voor het uitbat…
Capital, €28.860.000
Board report, Verslag van de raad van bestuur

22-11

State Gazette act Resignations & appointments

Board meeting · Director appointment2 facts ▸

Board meeting, 2019-10-18
Director appointment, Marc Persoon (persoon belast met het dagelijks bestuur (algemeen manager))

11-10

State Gazette act Resignations & appointments

Auditor appointment · Director resignation2 facts ▸

Auditor appointment, PwC Bedrijfsrevisoren cvba
Director resignation, Peter Van den Eynde (commissaris)

16-04

NBB filing Annual accounts filed

fiscal year 2018 · full schema

2018

02-05

NBB filing Annual accounts filed

fiscal year 2017 · full schema

2017

20-06

State Gazette act Resignations & appointments

General meeting · Auditor appointment · Permanent representative3 facts ▸

General meeting, 2017-04-27
Auditor appointment, PricewaterhouseCoopers Bedrjfsrevisoren (commissaris)
Permanent representative, Peter Van den Eynde

03-05

NBB filing Annual accounts filed

fiscal year 2016 · full schema

2015

21-05

State Gazette act Resignations & appointments

General meeting · Director resignation · Number of directors7 facts ▸

General meeting, 2015-04-24
Director resignation, Tunnel Liefkenshoek
Number of directors, 4
Director appointment, Wivina De Meyer (bestuurder)
Director appointment, Mark Andries (bestuurder)
Director appointment, Koen Kennis (bestuurder)
Director appointment, David Van Herreweghe (bestuurder)

2014

27-05

State Gazette act Resignations & appointments

General meeting · Director reappointment · Number of directors7 facts ▸

General meeting, 2014-04-25
Director reappointment, Greta Bernaers (bestuurder)
Director reappointment, Willy Borré (bestuurder)
Director reappointment, Eddy Bruyninckx (bestuurder)
Director reappointment, David Van Herreweghe (bestuurder)
Director reappointment, Dirk Van Melkebeke (bestuurder)
Number of directors, 5

12-05

State Gazette act Resignations & appointments

General meeting · Auditor appointment · Permanent representative3 facts ▸

General meeting, 2014-04-25
Auditor appointment, PricewaterhouseCoopers Bedrijfsrevisoren (commissaris)
Permanent representative, Peter Van den Eynde

2013

10-05

State Gazette act Resignations & appointments

General meeting · Number of directors · Director reappointment7 facts ▸

General meeting, 2013-04-24
Number of directors, 5
Director reappointment, Greta Bermaers (bestuurder)
Director reappointment, Willy Borré (bestuurder)
Director reappointment, Eddy Bruyninckx (bestuurder)
Director reappointment, David Van Herreweghe (bestuurder)
Director reappointment, Dirk Van Melkebeke (bestuurder)

2011

23-05

State Gazette act Resignations & appointments

General meeting · Auditor appointment · Permanent representative3 facts ▸

General meeting, 2011-04-29
Auditor appointment, PricewaterhouseCoopers Bedrijfsrevisoren (commissaris)
Permanent representative, Peter Van den Eynde

2010

22-01

State Gazette act Resignations & appointments

Director resignation · Power of attorney2 facts ▸

Director resignation, Marc Plehiers (algemeen manager)
Power of attorney, Marc Plehiers

2009

26-10

State Gazette act Resignations & appointments

Board meeting · Director resignation2 facts ▸

Board meeting, 2009-10-01
Director resignation, Ingrid Lieten (bestuurder)

2007

04-07

State Gazette act Resignations & appointments

General meeting · Director appointment9 facts ▸

General meeting, 2007-04-27
Director appointment, Willy Borré (bestuurder)
Director appointment, Dirk Van Melkebeke (bestuurder)
Director appointment, Eddy Bruyninckx (bestuurder)
Director appointment, David Van Herreweghe (bestuurder)
Director appointment, Greta Bernaers (bestuurder)
Director appointment, Ingrid Lieten (bestuurder)
Director appointment, Marc Vercruysse (extern adviseur)
Director appointment, Jan Van Rensbergen (waarnemer)

Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.

Directors · office · real estate

Directors

17 directors, no change since 2026

Patricia De Somer

Director · since 25-04-2026

Current

Wivina Demeester

Director · since 24-04-2020

Current

Koen Kennis

Director · since 24-04-2015

Current

David Van Herreweghe

Director · since 17-03-2007

Current

Persoon, Marc

Persoon belast met het dagelijks bestuur (algemeen manager) · since 02-07-2004

Not recently confirmed

De Meyer, Wivina

Director · since 24-04-2015

Not recently confirmed

+ 7 not shown in this overview

25-04-2026 Patricia De Somer: Appointed as Director

25-04-2026 Koen Kennis: Appointed as Director

25-04-2026 David Van Herreweghe: Appointed as Director

15-04-2026 Marc DESCHEEMAECKER: Resigned as Director

23-04-2025 Wivina Demeester: Mandate renewed as Director

23-04-2025 Koen Kennis: Mandate renewed as Director

23-04-2025 David Van Herreweghe: Mandate renewed as Director

23-04-2025 Marc DESCHEEMAECKER: Mandate renewed as Director

28-04-2022 Wivina Demeester: Appointed as Director

28-04-2022 Koen Kennis: Appointed as Director

28-04-2022 David Van Herreweghe: Appointed as Director

28-04-2022 Marc DESCHEEMAECKER: Appointed as Director

01-02-2022 Mark Andries: Resigned as Director

24-04-2020 Wivina Demeester: Appointed as Director

24-04-2020 Koen Kennis: Appointed as Director

24-04-2020 David Van Herreweghe: Appointed as Director

24-04-2020 Mark Andries: Appointed as Director

24-04-2015 Koen Kennis: Appointed as Director

24-04-2015 David Van Herreweghe: Appointed as Director

24-04-2015 De Meyer, Wivina: Appointed as Director

24-04-2015 Mark Andries: Appointed as Director

25-04-2014 David Van Herreweghe: Mandate renewed as Director

25-04-2014 Eddy Bruyninckx: Mandate renewed as Director

25-04-2014 Greta Bernaers: Mandate renewed as Director

+ 18 not shown in this overview

Location & real-estate footprint

Registered office, Beveren-Kruibeke-Zwijndrecht · 1 establishment unit since 1987

establishment The establishment unit on the map

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.

Sint-Annalaan(KAL) 19130 Beveren-Kruibeke-Zwijndrecht

Ground area

1,431 m²

Building footprint

546 m²

Volume, LiDAR

3,599 m³

Parcel 46010A0250/00F000, Flanders · tallest building 9.5 m, ±3 floors. Linked by address, not a title deed.

1 establishment unit

TUNNEL LIEFKENSHOEK

Sint-Annalaan(KAL) 1, 9130 Beveren-Kruibeke-ZwijndrechtNACE 7412401

since 19872.029.480.520

1 parcel

Flanders 1 (100%)

Parcel (capakey)	Region	Area	Buildings	Height / fl.
46010A0250/00F000	Flanders	1,431 m²	1 · 546 m²	9.5 m · 3 fl.

Linked by address, not proof of ownership

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.

Statutory auditor

6 auditors

Callens, Vandelanotte & Theunissen BVCurrent

Statutory auditor · represented by Lieven Van Brussel

26-04-2024 → present

Show 5 earlier auditors

Callens, Pirenne & Co Bedrijfsrevisoren Burg Ven. CVBA Statutory auditor · represented by Lieven Van Brussel succeeded by Callens, Vandelanotte & Theunissen BV in 2024	26-04-2021 → 26-04-2024
Peter Van den Eynde Statutory auditor	- → 02-10-2019
PricewaterhouseCoopers Bedrjfsrevisoren Statutory auditor succeeded by PwC Bedrijfsrevisoren CVBA in 2019	27-04-2017 → 01-01-2019
PricewaterhouseCoopers, Bedrijfsrevisoren Statutory auditor · represented by Bart Van Gompel succeeded by PricewaterhouseCoopers Bedrjfsrevisoren in 2017	29-04-2011 → 27-04-2017
PwC Bedrijfsrevisoren CVBA Auditor · represented by Bart Van Gompel succeeded by Callens, Pirenne & Co Bedrijfsrevisoren Burg Ven. CVBA in 2021	01-01-2019 → 26-04-2021