A4F
ActiveSummary
A4F has been active since 1992 and the Belgian State Gazette contains no insolvency or warning signals. The 2024 annual accounts show equity of €286k and a net result of €-18k. The figures fluctuate too strongly year-on-year for a reliable trend projection. Its solvency ranks better than 46% of 9715 sector peers (fiscal year 2024). The computed 12-month bankruptcy probability is 0.2% (very low).
Checked score
Score 2024
Axes · tick = 2023
Profitability33▲+2
Solvency52▼-39
Growth52=
Track record100
Bankruptcy probability, 12 months
0.2%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €16k at 30 days acceptable
Liquidity tight (current ratio 1.37 against 2.94 in 2023; short-term debt: 73% and cash: 22.6% of total assets), and 73% of the assets are financed with debt.
Credit check for your own amount and term
Signals
Six signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 68
Relative position
BE, all sectors
reference
Real estate activities (NACE 68)
about 43% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
raises risk · Annual accounts: weaker financial profile
The latest annual accounts show a weaker profile in solvency, result or liquidity than companies that stay afloat.
NBB · annual accounts 2024Solvency, return and age of the figures
Solvency
27%
Return on assets
-1.7%
Age of the figures
21 mo
raises risk · Persistent losses
Two consecutive loss-making years (2023 and 2024); equity is also lower. May indicate structural pressure on profitability.
NBB · annual accounts 2024Net result per financial year
18192021222324
2018 to 2024 · latest year €-18k
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2024 was due by 31-07-2025 and was filed on 03-07-2025, 28 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
not confirmed
2024
28 d early
2023
35 d early
2022
32 d early
2021
20 d early
2020
43 d early
2019
38 d early
← before the deadline
after the deadline →
Checked, nothing found (1)
Financials · fiscal year 2024, abbreviated schema
Equity
€286k▼ 5.9%
2023 · €304k
2018: €61k
2019: €65k▲ +7.5% vs 2018
2020: €47k▼ -27.3% vs 2019
2021: €42k▼ -10.8% vs 2020
2022: €-85k▼ -300% vs 2021lowest in 7 years
2023: €304k▲ +459% vs 2022highest in 7 years
2024: €286k▼ -5.9% vs 2023
2018 → 2024
Total assets
€1.06M▲ 130%
2023 · €460k
2018: €110k
2019: €65k▼ -40.5% vs 2018
2020: €47k▼ -27.3% vs 2019
2021: €46k▼ -3.2% vs 2020lowest in 7 years
2022: €49k▲ +6.9% vs 2021
2023: €460k▲ +835% vs 2022
2024: €1.06M▲ +130% vs 2023highest in 7 years
2018 → 2024
Net result
€-18k▼ 52.4%
2023 · €-12k
2018: €12khighest in 7 years
2019: €5k▼ -61.9% vs 2018
2020: €-18k▼ -492% vs 2019
2021: €-5k▲ +71.2% vs 2020
2022: €-127k▼ -2377% vs 2021lowest in 7 years
2023: €-12k▲ +90.7% vs 2022
2024: €-18k▼ -52.4% vs 2023
2018 → 2024
Working capital
€286k▼ 5.7%
2023 · €304k
2018: €61k
2019: €65k▲ +7.5% vs 2018
2020: €47k▼ -27.3% vs 2019
2021: €42k▼ -10.8% vs 2020
2022: €-85k▼ -300% vs 2021lowest in 7 years
2023: €304k▲ +459% vs 2022highest in 7 years
2024: €286k▼ -5.7% vs 2023
2018 → 2024
Trend over the years
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20202021202220232024Trend
Equity€47k-€42k▼ 10.8%€-85k€304k€286k▼ 5.9%
2020: €47k
2021: €42k▼ -10.8% vs 2020
2022: €-85k▼ -300% vs 2021lowest in 5 years
2023: €304k▲ +459% vs 2022highest in 5 years
2024: €286k▼ -5.9% vs 2023
Operating result€-19k-€-6k▲ 69.3%€-128k▼ 2,086%€-13k▲ 89.7%€-6k▲ 52.5%
2020: €-19k
2021: €-6k▲ +69.3% vs 2020highest in 5 years
2022: €-128k▼ -2086% vs 2021lowest in 5 years
2023: €-13k▲ +89.7% vs 2022
2024: €-6k▲ +52.5% vs 2023
Net result€-18k-€-5k▲ 71.2%€-127k▼ 2,377%€-12k▲ 90.7%€-18k▼ 52.4%
2020: €-18k
2021: €-5k▲ +71.2% vs 2020highest in 5 years
2022: €-127k▼ -2377% vs 2021lowest in 5 years
2023: €-12k▲ +90.7% vs 2022
2024: €-18k▼ -52.4% vs 2023
Turnover and EBIT margin not published: the abbreviated or micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €6k in 2024 against €13k in 2023; the loss shrinks.
Balance-sheet composition
2024 in colour, 2023 as the grey bar beneath
Equity and liabilities €1.06M
Equity
€286k ▼ 5.9%
Debt
€773k ▲ 395%
Debt's share of the balance-sheet total rises from 34.0% to 73.0%. Equity is lower and debt is higher.
Key figures and ratios
Current ratio
1.37▼
2023 · 2.94
Quick ratio
0.32▼
2023 · 2.45
Debt to equity
2.71▲
2023 · 0.51
ROE
-6.3%▼
2023 · -3.9%
ROA
-1.7%▲
2023 · -2.6%
Debt ≤ 1 year
€773k▲
2023 · €156k
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Filed annual accounts As filed with the NBB · 2024 against 2023 · 42 lines
Balance sheet
Code20232024
Assets
Total assets20/58€460k€1.06M▲
Fixed assets21/28€0-
Financial fixed assets28€0-
Current assets29/58€460k€1.06M▲
Stocks and contracts in progress3€78k€814k▲
Contracts in progress37€78k€814k▲
Amounts receivable within one year40/41€329k€6k▼
Trade receivables40€0€174▲
Other amounts receivable41€329k€5k▼
Cash at bank and in hand54/58€53k€239k▲
Equity and liabilities
Total equity and liabilities10/49€460k€1.06M▲
Equity10/15€304k€286k▼
Contributions10/11€810k€810k=
Capital10€810k€810k=
Issued capital100€810k€810k=
Reserves13€31k€31k=
Non-distributable reserves130/1€31k€31k=
Legal reserve130€31k€31k=
Profit (loss) carried forward14€-538k€-556k▼
Amounts payable17/49€156k€773k▲
Amounts payable within one year42/48€156k€773k▲
Financial debts43-€56k
Other loans439-€56k
Trade debts44€26k€398▼
Suppliers440/4€26k€398▼
Advances received on contracts in progress46-€514k
Taxes, remuneration and social security45-€58k
Taxes450/3-€58k
Other amounts payable47/48€130k€144k▲
Accrued charges and deferred income492/3-€658
Income statement
Code20232024
Other operating charges640/8€1k€2k▲
Gross operating margin9900€-12k€-4k▲
Operating profit (loss)9901€-13k€-6k▲
Financial income75/76B€7k€6k▼
Recurring financial income75€7k€6k▼
Financial charges65/66B€5k€18k▲
Recurring financial charges65€5k€18k▲
Profit (loss) for the period before taxes9903€-12k€-18k▼
Profit (loss) for the period9904€-12k€-18k▼
Profit (loss) for the period to be appropriated9905€-12k€-18k▼
Appropriation of the result
Profit (loss) to be appropriated9906€-538k€-556k▼
Profit (loss) brought forward from the previous period14P€-526k€-538k▼
The notes to these accounts (12 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Accounts by statement
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Other operating charges640/8 | - | €690 | €127k | €1k | €2k | ▲ 81.3% |
| Gross operating margin9900 | €-19k | €-5k | €-1k | €-12k | €-4k | ▲ 63.8% |
| Operating profit (loss)9901 | €-19k | €-6k | €-128k | €-13k | €-6k | ▲ 52.5% |
| Financial income75/76B | - | €763 | €1k | €7k | €6k | ▼ 6.7% |
| Recurring financial income75 | €1k | €763 | €1k | €7k | €6k | ▼ 6.7% |
| Financial charges65/66B | - | €21 | €124 | €5k | €18k | ▲ 246% |
| Recurring financial charges65 | €25 | €21 | €124 | €5k | €18k | ▲ 246% |
| Profit (loss) for the period before taxes9903 | €-18k | €-5k | €-127k | €-12k | €-18k | ▼ 52.4% |
| Profit (loss) for the period9904 | €-18k | €-5k | €-127k | €-12k | €-18k | ▼ 52.4% |
| Profit (loss) for the period to be appropriated9905 | €-18k | €-5k | €-127k | €-12k | €-18k | ▼ 52.4% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €47k | €46k | €49k | €460k | €1.06M | ▲ 130% |
| Fixed assets21/28 | €8 | €8 | €8 | €0 | - | - |
| Financial fixed assets28 | €8 | €8 | €8 | €0 | - | - |
| Current assets29/58 | €47k | €46k | €49k | €460k | €1.06M | ▲ 130% |
| Stocks and contracts in progress3 | - | - | - | €78k | €814k | ▲ 949% |
| Contracts in progress37 | - | - | - | €78k | €814k | ▲ 949% |
| Amounts receivable within one year40/41 | €44k | €46k | €47k | €329k | €6k | ▼ 98.3% |
| Trade receivables40 | - | €6k | €6k | €0 | €174 | - |
| Other amounts receivable41 | - | €40k | €41k | €329k | €5k | ▼ 98.4% |
| Cash at bank and in hand54/58 | €4k | €268 | €2k | €53k | €239k | ▲ 347% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €47k | €46k | €49k | €460k | €1.06M | ▲ 130% |
| Equity10/15 | €47k | €42k | €-85k | €304k | €286k | ▼ 5.9% |
| Contributions10/11 | €410k | €410k | €410k | €810k | €810k | = |
| Capital10 | - | €410k | €410k | €810k | €810k | = |
| Issued capital100 | - | €410k | €410k | €810k | €810k | = |
| Reserves13 | €31k | €31k | €31k | €31k | €31k | = |
| Non-distributable reserves130/1 | - | €31k | €31k | €31k | €31k | = |
| Legal reserve130 | - | €31k | €31k | €31k | €31k | = |
| Profit (loss) carried forward14 | €-394k | €-399k | €-526k | €-538k | €-556k | ▼ 3.4% |
| Amounts payable17/49 | €42 | €4k | €134k | €156k | €773k | ▲ 395% |
| Amounts payable within one year42/48 | €42 | €4k | €134k | €156k | €773k | ▲ 395% |
| Financial debts43 | - | - | - | - | €56k | - |
| Other loans439 | - | - | - | - | €56k | - |
| Trade debts44 | €42 | €4k | €4k | €26k | €398 | ▼ 98.5% |
| Suppliers440/4 | - | €4k | €4k | €26k | €398 | ▼ 98.5% |
| Advances received on contracts in progress46 | - | - | - | - | €514k | - |
| Taxes, remuneration and social security45 | - | - | - | - | €58k | - |
| Taxes450/3 | - | - | - | - | €58k | - |
| Other amounts payable47/48 | - | - | €130k | €130k | €144k | ▲ 10.7% |
| Accrued charges and deferred income492/3 | - | - | - | - | €658 | - |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €-18k | €-5k | €-127k | €-12k | €-18k | ▼ 52.4% |
| Operating cash flow (approximation) | €-18k | €-5k | €-127k | €-12k | €-18k | ▼ 52.4% |
| Investment in fixed assets (approximation) | - | €0 | €0 | €8 | - | - |
| Change in cash | - | €-3k | €1k | €52k | €185k | ▲ 259% |
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
03-07
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema
2024
26-06
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema
2023
31-12
Financial
Liquidity times 8current ratio 2.94
Current ratio from 0.37 to 2.94.
31-12
Financial
Equity above €200kEq €304k
Equity rises from €-85k to €304k.
29-06
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
31-12
Financial
Weakest financial yearnet €-127k
Net result drops to €-127k, the lowest in the series; recovery starts the following year.
11-07
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
18-06
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
2020
23-06
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
2019
31-12
Financial
Liquidity times 689current ratio 1541.76
Current ratio from 2.24 to 1541.76; short-term debt falls from €49k to €42.
11-06
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
2018
12-06
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema
2017
08-06
NBB filing
Annual accounts filed
fiscal year 2016 · micro schema
2016
28-06
NBB filing
Annual accounts filed
fiscal year 2015 · abbreviated schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 15 acts read
About the unread acts
We know of 15 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
15 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, Aalst · 1 establishment unit since 1992
Ground area
9,053 m²
Building footprint
1,601 m²
Volume, LiDAR
10,903 m³
Parcel 41342B1195/00M000, Flanders · tallest building 7.8 m, ±2 floors. Linked by address, not a title deed.
93
companies at this address
See who is registered here
1 establishment unit
Industrielaan 4, 9320 Aalst
since 19922.058.898.640
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 41342B1195/00M000 | Flanders | 9,053 m² | 1 · 1,601 m² | 7.8 m · 2 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.
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Of 1,292 companies in sector 68122 we hold annual accounts for 901. 596 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPublic limited company
Founded16-03-1992
Fiscal year end31-12
Activities, NACEBEL 2025
68122Development of non-residential building projects
68310Real estate agency activities
Scores and ratios are computed by Checked and are not a credit decision.