Al-Fa Projects · Checked.be

Summary

Conclusion

the dossier summarised in one paragraph

The computed 12-month bankruptcy probability of Al-Fa Projects is 2.0% (moderate). The 2025 annual accounts show negative equity (€-22k) and a net result of €-4k. Equity is growing by ~20.8% per year across the filed fiscal years. Its solvency ranks better than 5% of 2873 sector peers (fiscal year 2025). The company has been active since 2009 and the Belgian State Gazette contains no insolvency or warning signals.

Based on the State Gazette, CBE and 8 annual accounts.

Bankruptcy probability (12 mo)

Checked model v1 · free for everyone

2.0% Moderate

0%0,5%1,5%4%10%≥25%

Annual accounts: weaker financial profile +Higher-failure-rate sector +Long track record −

Statistical estimate based on public sources, not credit advice nor a finding of fact. How do we compute this?

Signals

1 signal · with evidence

Negative equity

Equity is negative for financial year 2025: liabilities exceed assets. This is the trigger point of the alarm-bell procedure (Belgian CAC).

View the annual accounts

Signals are derived from the filed annual accounts and the sector comparison. No composite score: each signal is separately verifiable at the source.

Filing behaviour

From the deposit records, complete market-wide

Latest accounts filed on time

The financial year that closed on 30-09-2025 was due by 30-04-2026 and was filed on 27-04-2026, 3 days ahead of the deadline. This speaks to administrative punctuality and says nothing about the financial position.

The next deadline is still running

The next financial year closes on 30-09-2026 and is due by 30-04-2027. Nothing is late today.

How we compute the deadline

The year end is derived from 10 filed financial years, each closing on 30-09. The statutory deadline is seven months after the close of the financial year (art. 3:10 par. 1 CAC, art. 3:47 par. 7 for ASBL and foundations). Applied to the financial year that closed on 30-09-2025, that is 30-04-2026.

Deadline per financial year

Year closed	Due by	Filed	Variance	Reference
30-09-2025	30-04-2026	27-04-2026	3 d early	2026-00087916
30-09-2024	30-04-2025	24-04-2025	6 d early	2025-00074208
30-09-2023	30-04-2024	30-04-2024	on the day	2024-00074490
30-09-2022	30-04-2023	28-04-2023	2 d early	2023-00069865
30-09-2021	30-04-2022	29-04-2022	1 d early	2022-20012735
30-09-2020	30-04-2021	29-04-2021	1 d early	2021-12200309
30-09-2019	30-04-2020	29-04-2020	1 d early	2020-10600417
30-09-2018	30-04-2019	02-05-2019	2 d late	2019-12100448
30-09-2017	30-04-2018	24-04-2018	6 d early	2018-10400448
30-09-2016	30-04-2017	27-04-2017	3 d early	2017-10600447

Source: the National Bank's deposit records. Those records are complete, including for years whose figures we have not read yet. Filing late covers nearly half the market and is therefore not scored; only not filing, being more than 90 days late and breaking a punctual record carry weight.

Trust signals

2 signals

Established

Founded in 2009, 17 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.

Financials

TurnoverNot published (abbreviated filing)

EBIT marginNot published (abbreviated filing)

Net result€-4k

Working capital€-22k-19.7%

CSV export

Annual accounts & ratios

Source: NBB · 2025

Annual accounts filed on 27-04-2026 with the NBB · fiscal year 2025 · micro

Operating resultNet result

Trajectory (indicative)

Projection over 3 fiscal years from the filed annual accounts, not a forecast, the extended trend.

growing Equity: growth of ~20.8%/year over 8 fiscal years, indicative, assuming unchanged policy.

Solid line = filed figures · dashed = extended trend · area = indicative range.

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 43, Specialised construction · compared within the same schema type (micro schema)

Metric	This company	Sector median	Position in the sector
Solvency	-804.2%	43.4%	better than 5% of 2873 sector peers
Net result	€-4k	€13k	better than 12% of 2872 sector peers
Equity	€-22k	€44k	better than 5% of 2873 sector peers
Gross operating margin	€-3k	€39k	better than 5% of 2870 sector peers
Total assets	€3k	€115k	better than 5% of 2873 sector peers

Median and position computed from NBB annual accounts filed by sector peers; own figures from the latest filed accounts.

Sector position over time

Percentile per fiscal year versus peers that filed figures, computed year by year (a year without enough peers is absent).

Solvency P5

Stable position over 2020-2025 · n=1633-11088

Net result P12

Weakening position over 2020-2025 · n=1626-11070

Equity P5

Stable position over 2020-2025 · n=1635-11091

Gross operating margin P5

Weakening position over 2020-2025 · n=1624-11060

Describes the position versus peers, not a forecast.

EBITDA

€-3k

- 18-25

Net profit

€-4k

- 18-25

Cash flow

€-4k

- 18-25

Total assets

€3k

-83.6% 18-25

Equity

€-22k

-21.1% 18-25

Working capital

€-22k

-19.7% 18-25

Employees (FTE)

1

- 18-25

Income taxes

€1k

-61.3% 18-25

Debt

€25k

-29.1% 18-25

Debt ≤ 1y

€25k

-29.1% 18-25

Current ratio

0.11

-77.3% 18-25

Quick ratio

0.11

-77.3% 18-25

Solvency

-804.2%

-640.5% 18-25

Debt / equity

-1.12

+41.5% 18-25

ROE

17.4%

- 18-25

ROA

-140.3%

- 18-25

Interest coverage

-13.80

- 18-25

Figures by fiscal year

Highlight YoY changes (±10%)

Fiscal year	2025
Deposit	micro
Revenue	-
EBITDA	€-3k
Net profit	€-4k
Cash flow	€-4k
Staff costs	-
Income taxes	-
Dividends	-
Total assets	€3k
Equity	€-22k
Debt	€25k
of which ≤ 1y	€25k
of which > 1y	-
Working capital	€-22k
Employees (FTE)	-

Ratios (computed)

	2025
Current ratio	0.11
Quick ratio	0.11
Working capital ratio	-807.6%
Solvency	-804.2%
Debt / equity	-1.12
Long-term debt ratio	-
Interest coverage	-13.80
Gross margin	-
Net margin	-
ROA	-140.3%
ROE	17.4%
EBITDA margin	-
Days sales outstanding	-
Days payable outstanding	-
Inventory turnover	-
Days inventory (DSI)	-

Balance-sheet composition 2025

Assets

Fixed assets €92 · 3.4% Current assets €3k · 96.6%

Full annual accounts

Filed balance sheet and income statement, exactly as deposited with the NBB.

Line item	Code	2025
Balance sheet, Assets
TOTAL ASSETS	20/58	€3k
Fixed assets	21/28	€92
Tangible fixed assets	22/27	€92
Current assets	29/58	€3k
Amounts receivable within one year	40/41	€2k
Cash & bank	54/58	€837
Balance sheet, Equity & liabilities
TOTAL EQUITY & LIABILITIES	10/49	€3k
Equity	10/15	€-22k
Contributions / capital	10/11	€19k
Reserves	13	€792
Accumulated profits (losses)	14	€-41k
Amounts payable	17/49	€25k
Amounts payable within one year	42/48	€25k
Trade debts payable within one year	44	€66
Income statement
Gross operating margin	9900	€-3k
Operating result	9901	€-4k
Financial income	75	€82
Financial charges	65	€249
Result before taxes	9903	€-4k
Net result for the period	9904	€-4k
Result to be appropriated	9905	€-4k

You're seeing the latest fiscal year only. Unlock 4 prior years (figures + ratios) with a paid plan. See plans →

Ratios computed by Checked.

Health barometer

FY 2025 · computed

7 / 100 Critical

050100

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.

Unlock the full score breakdown, per-year score history and the indicative credit limit from Kantoor S.

See plans →

Computed by Checked from the NBB filing for FY 2025. Indicative, not credit advice.

Structure & network

Locations & real estate

Registered office

from the Crossroads Bank

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.

Nijverheidslaan 349400 Ninove

Establishment units

1 location

Al-Fa Projects

Nijverheidslaan 34, 9400 NinoveAlgemene bouw van residentiële gebouwen

since 20092.180.024.718

Physical sites registered in the Crossroads Bank for Enterprises (CBE).

Parcels1

Ground area229 m²

Buildings1

Building footprint142 m²

Volume (LiDAR)634 m³

Tallest building9.4 m · ±1 fl.

Real-estate footprint

Source: CBE × cadastre · address linking

Parcels linked to this company through its CBE addresses (seat, establishment units, branches), cross-referenced with the cadastral parcel plan. This shows where the company operates, not a deeds register.

Flanders 1 (100%)

Parcel (capakey)	Region	Area	Buildings	Height / fl.
41362B1563/00B018	Flanders	229 m²	1 · 142 m²	9.4 m · 1 fl.

Methodology

via registered seat: 1

1 of 1 parcels with an exact address match; the rest are indicative.

Linked through address data, this is not proof of ownership.

Publications

Lifecycle & Insolvency Signals

No insolvency signals in the Belgian State Gazette

Belgian State Gazette · acts

No structured acts for this company yet

That means one of two things: the company has published no company deeds, or its deeds are still queued for reading. The insolvency signals above come from a separate source; the KBO register is the second source and appears as the legal situation on this page.

Analysis

Snowflake analysis

financial profile on 5 axes

61 / 100

Strong profile, led by stability.

All 5 axes are computed from data Checked has read.

Health 7

Profitability 87

Solvency 33

Growth 78

Stability 100

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Generate a structured, factual brief from every signal in this dossier: risk, financial health, ownership, mandates and sector comparison.

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Credit advice

verdict per customer and amount

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We hold no filed accounts for this company, so a size comparison is not possible. These companies share only the sector and the region. We hold annual accounts for 635 of the 7,230 companies in this sector.

See full sector →

Company registry

Company registry (CBE)

Crossroads Bank

Activities

Overige werkzaamheden in verband met de afwerking van gebouwen43350Overige werkzaamheden in verband met de afwerking van gebouwen43390Loodgieterswerk43221Sanitaire werkzaamheden43221Plaatsen van vloer- en wandtegels43331Plaatsen van vloer- en wandtegels43331Chapewerken43422Chapewerken43996

Primary activity highlighted.

Names & trade names

Legal nameNL

Al-Fa Projects

Registered office

Nijverheidslaan 34

9400 Ninove, Belgium

Official data from the Crossroads Bank for Enterprises (CBE). Available for every registered company.