CIWAN FOOD
ActiveCIWAN FOOD has been active since 2008 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €210k and a net result of €19k. Equity is growing by ~23.4% per year across the filed fiscal years. Its solvency ranks better than 85% of 637 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.7% (low).
Checked score
Score 2025
86
/ 100
Excellent▼ -7 vs 2024
The score combines four axes. Every signal that weighs is under Signals.
Axes · tick = 2024
Profitability46▼-51
Solvency100=
Growth78=
Stability100
Bankruptcy probability, 12 months
0.7%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €18k at 30 days acceptable
Liquidity ample (current ratio 4.01 against 3.55 in 2024), and 24.4% of the assets are financed with debt.
Credit advice for your own amount and term
Signals
Seven signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 10
Relative position
BE, all sectors
reference
Sector 10
higher
← 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
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
75.6%
Return on assets
7%
Age of the figures
8 mo
neutral · Filed after the deadline
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 31-08-2026, 31 days later. For context: 47% of the Belgian market files late and the whole 1-to-90-day band measures 2.0% abnormal legal state against a 1.66% average. We show this as a fact and do not score it.
NBB · 10 filingsDeviation from the deadline
2025
31 d late
2024
29 d late
2023
61 d late
2022
61 d late
2021
88 d late
2019
87 d late
2017
7 d early
← before the deadline
after the deadline →
neutral · 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 monthsPosition in the running window
15-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, full schema
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
€19k▼ 47.4%
2024 · €37k
2019: €8k
2021: €11k
2022: €7k
2023: €66k
2024: €37k
2019 → 2025
Working capital
€204k▲ 14.4%
2024 · €178k
2019: €71k
2021: €23k
2022: €48k
2023: €146k
2024: €178k
2019 → 2025
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€80k-€87k▲ 8.6%€153k▲ 76.1%€190k▲ 24.0%€210k▲ 10.2%
Operating result€14k-€9k▼ 36.5%€89k▲ 878%€52k▼ 41.2%€29k▼ 44.7%
Net result€11k-€7k▼ 34.8%€66k▲ 859%€37k▼ 44.4%€19k▼ 47.4%
Result per fiscal year
Operating resultNet result
The operating result has fallen two years in a row; 2025 is 45% below 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €277k
Fixed assets
€6k▼ 52.2%
Current assets
€272k▲ 9.4%
Equity and liabilities €277k
Equity
€210k▲ 10.2%
Debt
€68k▼ 3.2%
The debt ratio falls from 26.9% to 24.4%: equity grows while debt is paid down.
Key figures and ratios
EBITDA
€35k▼
2024 · €70k
Cash flow
€26k▼
2024 · €55k
Solvency
75.6%▲
2024 · 73.1%
Current ratio
4.01▲
2024 · 3.55
Quick ratio
3.90▲
2024 · 3.45
Debt / equity
0.32▼
2024 · 0.37
ROE
9.2%▼
2024 · 19.4%
ROA
7.0%▼
2024 · 14.2%
Interest coverage
98.04▼
2024 · 140.33
Debt
€68k▼
2024 · €70k
Debt ≤ 1 year
€68k▼
2024 · €70k
Income taxes
€9k▼
2024 · €15k
Staff costs
€223k▲
2024 · €153k
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€260k€277k▲
Fixed assets21/28€12k€6k▼
Tangible fixed assets22/27€12k€6k▼
Plant, machinery and equipment23€1k€0▼
Furniture and vehicles24€10k€5k▼
Other tangible fixed assets26€444€187▼
Financial fixed assets28€160€160=
Current assets29/58€248k€272k▲
Stocks and contracts in progress3€7k€8k▲
Stocks30/36€7k€8k▲
Amounts receivable within one year40/41€223k€225k▲
Trade receivables40-€51k
Other amounts receivable41€223k€174k▼
Cash at bank and in hand54/58€18k€39k▲
Deferred charges and accrued income490/1€514-
Equity and liabilities
Total equity and liabilities10/49€260k€277k▲
Equity10/15€190k€210k▲
Contributions10/11€19k€19k=
Capital10€19k€19k=
Issued capital100€19k€19k=
Reserves13€2k€2k=
Non-distributable reserves130/1€2k€2k=
Legal reserve130€2k€2k=
Profit (loss) carried forward14€170k€189k▲
Amounts payable17/49€70k€68k▼
Amounts payable within one year42/48€70k€68k▼
Trade debts44€32k€47k▲
Suppliers440/4€32k€47k▲
Taxes, remuneration and social security45€38k€20k▼
Taxes450/3€19k€6k▼
Remuneration and social security454/9€19k€13k▼
Other amounts payable47/48-€1k
Income statement
Code20242025
Remuneration, social security and pensions62€153k€223k▲
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€18k€6k▼
Other operating charges640/8€3k€10k▲
Gross operating margin9900€227k€268k▲
Operating profit (loss)9901€52k€29k▼
Financial income75/76B€10€0▼
Recurring financial income75€10€0▼
Financial charges65/66B€502€359▼
Recurring financial charges65€502€359▼
Profit (loss) for the period before taxes9903€52k€29k▼
Income taxes67/77€15k€9k▼
Profit (loss) for the period9904€37k€19k▼
Profit (loss) for the period to be appropriated9905€37k€19k▼
Appropriation of the result
Profit (loss) to be appropriated9906€170k€189k▲
Profit (loss) brought forward from the previous period14P€133k€170k▲
Social balance
Average headcount (FTE)9087-4.4
The notes to these accounts (4 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
31-08
NBB filing
Annual accounts filed
fiscal year 2025 · full schema · 31 days late
2025
31-12
Financial
Equity above €200kEq €210k ▲10.2%
6 profitable years in a row build equity to €210k.
29-08
NBB filing
Annual accounts filed
fiscal year 2024 · full schema · 29 days late
2024
30-09
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 61 days late
2023
31-12
Financial
Highest result since 2019net €66k ▲859%
Operating result €89k, net result €66k, both a record.
31-12
Financial
Liquidity triplescurrent ratio 4.59
Current ratio from 1.82 to 4.59; short-term debt falls from €58k to €41k.
31-12
Financial
Equity above €150kEq €153k ▲76.1%
4 profitable years in a row build equity to €153k.
30-09
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 61 days late
2022
31-12
Financial
Weakest financial yearnet €7k ▼34.8%
Net result drops to €7k, the lowest in the series; recovery starts the following year.
27-10
NBB filing
Annual accounts filed
fiscal year 2021 · full schema · 88 days late
2020
26-10
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 87 days late
2018
24-07
NBB filing
Annual accounts filed
fiscal year 2017 · full schema
03-07
NBB filing
Annual accounts filed
fiscal year 2016 · full schema · 337 days late
2016
28-09
NBB filing
Annual accounts filed
fiscal year 2015 · full schema · 59 days late
2015
26-08
NBB filing
Annual accounts filed
fiscal year 2014 · full schema · 26 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
Directors · office · real estate
Directors
3 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, La Louvière · 1 establishment unit since 2008
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.
Rue Kéramis(L.L) 617100 La LouvièreGround area
115 m²
Building footprint
44 m²
Volume, LiDAR
494 m³
Parcel 55372D0024/00N006, Wallonia · tallest building 12.1 m, ±4 floors. Linked by address, not a title deed.
1 establishment unit
CIWAN FOOD
since 20082.172.483.264
1 parcel
Wallonia
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 55372D0024/00N006 | Wallonia | 115 m² | 1 · 44 m² | 12.1 m · 4 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.
Recognitions · licences · registrations
Food safety, FASFC
1 siteLa Louvière2.172.483.264
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Of 4,200 companies in sector 10712 we hold annual accounts for 1,851. 1,502 are within a factor 10 of this equity.See the whole sector
Company data · Crossroads Bank
Identification
Legal formPrivate limited company
Founded11-08-2008
Fiscal year end31-12
Activities, NACEBEL
10712Artisanal bread and fresh pastry making
47110Non-specialised retail sale with food, beverages or tobacco predominating
47112Retail trade
Sources
Crossroads Bank for EnterprisesNational Bank · 15 filingsAddress and cadastre registers
Data from official sources, last processed on 14-09-2026. Scores and ratios are computed by Checked and are not a credit decision.