FONVAL
ActiveFONVAL has been active since 1992 and the Belgian State Gazette contains no insolvency or warning signals. The 2026 annual accounts show equity of €2.04M and a net result of €841k. Equity is shrinking by ~4.3% per year across the filed fiscal years. Its solvency ranks better than 75% of 106 sector peers (fiscal year 2026). The computed 12-month bankruptcy probability is 0.3% (very low).
Checked score
Score 2026
83
/ 100
Excellent▲ +10 vs 2025
The score combines four axes. Every signal that weighs is under Signals.
Axes · tick = 2025
Profitability100=
Solvency88▲+25
Growth32▼-26
Stability100
Bankruptcy probability, 12 months
0.3%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €170k at 30 days acceptable
Liquidity ample (current ratio 1.57 against 1.23 in 2025), and 44% of the assets are financed with debt.
Credit advice for your own amount and term
Signals
Eight signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
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 · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 47
Relative position
BE, all sectors
reference
Sector 47
higher
← fewer bankruptcies
more bankruptcies →
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2026Solvency, return and age of the figures
Solvency
56%
Return on assets
23.1%
Age of the figures
7 mo
neutral · Latest accounts filed on time
The financial year that closed on 31-01-2026 was due by 31-08-2026 and was filed on 30-07-2026, 32 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2026
32 d early
2025
65 d early
2024
65 d early
2023
56 d early
2022
70 d early
2021
63 d early
2020
61 d early
← before the deadline
after the deadline →
neutral · The next deadline is still running
The next financial year closes on 31-01-2027 and is due by 31-08-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
08-09-2026 today31-01-2027 close31-08-2027 deadline
Financials · fiscal year 2026, full schema
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
€841k▼ 35.9%
2025 · €1.31M
2019: €1.02M
2020: €451k
2021: €1.37M
2022: €1.51M
2023: €1.17M
2024: €1.93M
2025: €1.31M
2019 → 2026
Working capital
€910k▲ 15.4%
2025 · €788k
2019: €-310k
2020: €-712k
2021: €278k
2022: €1.55M
2023: €1.96M
2024: €1.60M
2025: €788k
2019 → 2026
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20222023202420252026Trend
Equity€4.29M-€4.46M▲ 3.9%€2.68M▼ 39.8%€1.99M▼ 25.6%€2.04M▲ 2.1%
Operating result€2.01M-€1.51M▼ 24.7%€2.48M▲ 63.6%€1.65M▼ 33.5%€1.24M▼ 24.9%
Net result€1.51M-€1.17M▼ 22.5%€1.93M▲ 65.2%€1.31M▼ 32.0%€841k▼ 35.9%
Result per fiscal year
Operating resultNet result
The operating result has fallen two years in a row; 2026 is 25% below 2025 and is the lowest year so far.
Balance-sheet composition
2026 in colour, 2025 as the grey bar beneath
Assets €3.64M
Fixed assets
€1.13M▼ 6.6%
Current assets
€2.51M▼ 40.2%
Equity and liabilities €3.64M
Equity
€2.04M▲ 2.1%
Debt
€1.60M▼ 53.0%
The debt ratio falls from 63.1% to 44.0%: equity grows while debt is paid down.
Key figures and ratios
EBITDA
€1.55M▼
2025 · €1.90M
Cash flow
€1.15M▼
2025 · €1.57M
Solvency
56.0%▲
2025 · 36.9%
Current ratio
1.57▲
2025 · 1.23
Quick ratio
0.45▼
2025 · 0.72
Debt / equity
0.79▼
2025 · 1.71
ROE
41.3%▼
2025 · 65.8%
ROA
23.1%▼
2025 · 24.3%
Interest coverage
70.10▼
2025 · 146.73
Debt
€1.60M▼
2025 · €3.41M
Debt ≤ 1 year
€1.60M▼
2025 · €3.41M
Income taxes
€476k▲
2025 · €435k
Staff costs
€2.16M▲
2025 · €1.95M
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 · 2026 against 2025
Balance sheet
Code20252026
Assets
Total assets20/58€5.40M€3.64M▼
Fixed assets21/28€1.21M€1.13M▼
Tangible fixed assets22/27€1.21M€1.13M▼
Plant, machinery and equipment23€984k€939k▼
Furniture and vehicles24€50k€35k▼
Other tangible fixed assets26€172k€151k▼
Financial fixed assets28€180€180=
Current assets29/58€4.19M€2.51M▼
Stocks and contracts in progress3€1.74M€1.78M▲
Stocks30/36€1.74M€1.78M▲
Amounts receivable within one year40/41€2.26M€393k▼
Trade receivables40€350k€330k▼
Other amounts receivable41€1.91M€63k▼
Cash at bank and in hand54/58€193k€330k▲
Deferred charges and accrued income490/1€4k€4k▼
Equity and liabilities
Total equity and liabilities10/49€5.40M€3.64M▼
Equity10/15€1.99M€2.04M▲
Contributions10/11€379k€379k=
Capital10€379k€379k=
Issued capital100€379k€379k=
Reserves13€38k€38k=
Non-distributable reserves130/1€38k€38k=
Legal reserve130€38k€38k=
Profit (loss) carried forward14€1.58M€1.62M▲
Amounts payable17/49€3.41M€1.60M▼
Amounts payable within one year42/48€3.41M€1.60M▼
Financial debts43€480k-
Other loans439€480k-
Trade debts44€611k€486k▼
Suppliers440/4€611k€486k▼
Taxes, remuneration and social security45€286k€289k▲
Taxes450/3€26k€27k▲
Remuneration and social security454/9€260k€262k▲
Other amounts payable47/48€2.03M€826k▼
Income statement
Code20252026
Remuneration, social security and pensions62€1.95M€2.16M▲
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€256k€313k▲
Other operating charges640/8€93k€80k▼
Gross operating margin9900€3.95M€3.79M▼
Operating profit (loss)9901€1.65M€1.24M▼
Financial income75/76B€113k€103k▼
Recurring financial income75€113k€103k▼
Financial charges65/66B€13k€22k▲
Recurring financial charges65€13k€22k▲
Profit (loss) for the period before taxes9903€1.75M€1.32M▼
Income taxes67/77€435k€476k▲
Profit (loss) for the period9904€1.31M€841k▼
Profit (loss) for the period to be appropriated9905€1.31M€841k▼
Appropriation of the result
Profit (loss) to be appropriated9906€3.58M€2.42M▼
Profit (loss) brought forward from the previous period14P€2.27M€1.58M▼
Profit to be distributed694/7€2.00M€800k▼
Return on contributions (dividend)694€2.00M€800k▼
Social balance
Average headcount (FTE)908740.441.4▲
The notes to these accounts (5 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 2027, expected by
2026
30-07
NBB filing
Annual accounts filed
fiscal year 2026 · full schema
31-01
Financial
Equity above €2MEq €2.04M ▲2.1%
8 profitable years in a row build equity to €2.04M.
2025
27-06
NBB filing
Annual accounts filed
fiscal year 2025 · full schema
2024
27-06
NBB filing
Annual accounts filed
fiscal year 2024 · full schema
31-01
Financial
Highest result since 2019net €1.93M ▲65.2%
Operating result €2.48M, net result €1.93M, both a record.
2023
06-07
NBB filing
Annual accounts filed
fiscal year 2023 · full schema
2022
22-06
NBB filing
Annual accounts filed
fiscal year 2022 · full schema
2021
29-06
NBB filing
Annual accounts filed
fiscal year 2021 · full schema
2020
01-07
NBB filing
Annual accounts filed
fiscal year 2020 · full schema
31-01
Financial
Weakest financial yearnet €451k ▼55.5%
Net result drops to €451k, the lowest in the series; recovery starts the following year.
2019
10-07
NBB filing
Annual accounts filed
fiscal year 2019 · full schema
2018
10-07
NBB filing
Annual accounts filed
fiscal year 2018 · full schema
2017
25-07
NBB filing
Annual accounts filed
fiscal year 2017 · full schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 9 acts read
About the unread acts
We know of 9 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
under verification, last change in 2022
This board is reconstructed from a single act (22076405). A Gazette act generally publishes only CHANGES, not a full roll call, so directors unchanged since then may be missing here. The KBO register holds the complete list of function holders.
Géral Noirfalisse
CurrentDirector (executive) · since 28-06-2022
Jean-Luc Noirfalisse
CurrentDirector (executive) · since 28-06-2022
Philippe Noirfalisse
CurrentDirector (executive) · since 28-06-2022
28-06-2022
Géral Noirfalisse: Appointed as Director (executive)
28-06-2022
Jean-Luc Noirfalisse: Appointed as Director (executive)
28-06-2022
Philippe Noirfalisse: Appointed as Director (executive)
Not every act has been read: a resignation may be missing here
9 of this company's 9 Belgian State Gazette acts have not been read yet. Appointments and resignations recorded in them are missing above: a director who resigned there may therefore still show here as sitting. The acts are in the Timeline.
Location & real-estate footprint
Registered office, Aywaille · 1 establishment unit since 1998
Ground area
7,561 m²
Building footprint
2,804 m²
Parcel 62098H1142/00M000, Wallonia. Linked by address, not a title deed.
1 establishment unit
Avenue de la Porallée 36, 4920 Aywaille
since 19982.064.867.506
1 parcel
Wallonia
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 62098H1142/00M000 | Wallonia | 7,561 m² | 1 · 2,804 m² | - |
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.
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Of 10,397 companies in sector 47110 we hold annual accounts for 5,782. 1,480 are within a factor 10 of this equity.See the whole sector
Company data · Crossroads Bank
Identification
Legal formPublic limited company
Founded19-02-1992
Fiscal year end31-01
Activities, NACEBEL
47110Non-specialised retail sale with food, beverages or tobacco predominating
47114Supermarkets
47115Retail trade
52114
52115
Sources
Crossroads Bank for EnterprisesNational Bank · 34 filingsAddress and cadastre registers
Data from official sources, last processed on 08-09-2026. Scores and ratios are computed by Checked and are not a credit decision.