NAQI
ActiveNAQI has been active since 1986 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €106k and a net result of €-13k. Equity is shrinking by ~15.4% per year and would, assuming unchanged policy, indicatively turn negative around fiscal year 2028. Its solvency ranks better than 12% of 64 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.3% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability0▼-100
Solvency37▲+13
Growth32=
Stability100
Bankruptcy probability, 12 months
0.3%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €5k at 30 days acceptable
Liquidity ample (current ratio 1.89 against 1.3 in 2024), but 91.5% 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
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 21
Relative position
BE, all sectors
reference
Sector 21
higher
← fewer bankruptcies
more bankruptcies →
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 12% of 64 sector peers (2025).
NBB · sector comparisonPosition among 64 sector peers
Solvency
better than 12%
← weakest
strongest →
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
3 d early
2023
27 d late
2022
29 d late
2021
26 d late
2020
31 d late
2019
69 d late
← 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
€-13k
2024 · €36k
2018: €46k
2019: €21k
2020: €-34k
2021: €320
2022: €-25k
2023: €11k
2024: €36k
2018 → 2025
Working capital
€291k▲ 123%
2024 · €130k
2018: €194k
2019: €634k
2020: €534k
2021: €424k
2022: €52k
2023: €39k
2024: €130k
2018 → 2025
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€248k-€222k▼ 10.3%€83k▼ 62.7%€119k▲ 43.2%€106k▼ 10.6%
Operating result€-14k-€-20k▼ 39.7%€-21▲ 99.9%€81k€30k▼ 62.4%
Net result€320-€-25k€11k€36k▲ 219%€-13k
Result per fiscal year
Operating resultNet result
The operating result falls in 2025; 2025 is 62% below 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €1.22M
Fixed assets
€600k▼ 8.1%
Current assets
€619k▲ 10.7%
Equity and liabilities €1.25M
Equity
€106k▼ 10.6%
Debt
€1.14M▲ 1.0%
The debt ratio rises from 90.5% to 91.5%: debt grows while equity shrinks.
Key figures and ratios
EBITDA
€127k▼
2024 · €181k
Cash flow
€84k▼
2024 · €136k
Solvency
8.5%▼
2024 · 9.5%
Current ratio
1.89▲
2024 · 1.30
Quick ratio
0.64▲
2024 · 0.37
Debt / equity
10.76▲
2024 · 9.53
ROE
-11.8%▼
2024 · 30.2%
ROA
-1.0%▼
2024 · 2.9%
Interest coverage
3.15▼
2024 · 6.52
Debt
€1.14M▲
2024 · €1.13M
Debt ≤ 1 year
€328k▼
2024 · €429k
Debt > 1 year
€814k▲
2024 · €703k
Income taxes
€4k▼
2024 · €19k
Staff costs
€357k▲
2024 · €354k
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€1.25M€1.25M▼
Formation expenses20€38k€30k▼
Fixed assets21/28€653k€600k▼
Intangible fixed assets21€80k€57k▼
Tangible fixed assets22/27€240k€187k▼
Land and buildings22€83k€72k▼
Plant, machinery and equipment23€120k€91k▼
Furniture and vehicles24€37k€25k▼
Leasing and similar rights25€0-
Financial fixed assets28€333k€356k▲
Current assets29/58€559k€619k▲
Stocks and contracts in progress3€401k€411k▲
Stocks30/36€401k€411k▲
Amounts receivable within one year40/41€151k€175k▲
Trade receivables40€148k€175k▲
Other amounts receivable41€3k€274▼
Cash at bank and in hand54/58€0€25k▲
Deferred charges and accrued income490/1€7k€7k▲
Equity and liabilities
Total equity and liabilities10/49€1.25M€1.25M▼
Equity10/15€119k€106k▼
Contributions10/11€62k€62k=
Capital10€62k€62k=
Issued capital100€62k€62k=
Reserves13€57k€44k▼
Non-distributable reserves130/1€6k€6k=
Legal reserve130€6k€6k=
Distributable reserves133€51k€38k▼
Profit (loss) carried forward14€0-
Amounts payable17/49€1.13M€1.14M▲
Amounts payable after more than one year17€703k€814k▲
Financial debts170/4€703k€814k▲
Amounts payable within one year42/48€429k€328k▼
Current portion of amounts payable after more than one year42€134k€124k▼
Financial debts43€180k€59k▼
Credit institutions430/8€180k€59k▼
Trade debts44€24k€75k▲
Suppliers440/4€24k€75k▲
Taxes, remuneration and social security45€91k€64k▼
Taxes450/3€39k€30k▼
Remuneration and social security454/9€52k€34k▼
Other amounts payable47/48€0€6k▲
Accrued charges and deferred income492/3€187€667▲
Income statement
Code20242025
Non-recurring operating income76A€5k€0▼
Remuneration, social security and pensions62€354k€357k▲
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€100k€96k▼
Other operating charges640/8€17k€32k▲
Gross operating margin9900€552k€515k▼
Operating profit (loss)9901€81k€30k▼
Financial income75/76B€2k€1k▼
Recurring financial income75€2k€1k▼
Financial charges65/66B€28k€40k▲
Recurring financial charges65€28k€40k▲
Profit (loss) for the period before taxes9903€55k€-8k▼
Income taxes67/77€19k€4k▼
Profit (loss) for the period9904€36k€-13k▼
Profit (loss) for the period to be appropriated9905€36k€-13k▼
Appropriation of the result
Profit (loss) to be appropriated9906€36k€-13k▼
Transfer from equity791/2€0€13k▲
Transfer to equity691/2€36k€0▼
To other reserves6921€36k€0▼
Profit to be distributed694/7€0-
Return on contributions (dividend)694€0-
Social balance
Average headcount (FTE)90876.16.3▲
The notes to these accounts (23 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
28-07
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema
2024
31-12
Financial
Equity above €100kEq €119k ▲43.2%
2 profitable years in a row build equity to €119k.
27-08
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema · 27 days late
2023
31-12
Financial
Back to profitnet €11k
Net result €11k after one loss-making year.
29-08
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema · 29 days late
2022
26-08
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema · 26 days late
2021
31-12
Financial
Back to profitnet €320
Net result €320 after one loss-making year.
31-08
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema · 31 days late
2020
31-12
Financial
Weakest financial yearnet €-34k ▼265%
Net result drops to €-34k, the lowest in the series; recovery starts the following year.
08-10
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema · 69 days late
2019
31-12
Financial
Liquidity triplescurrent ratio 3.59
Current ratio from 1.42 to 3.59; short-term debt falls from €462k to €244k.
24-07
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema
2018
28-06
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema
2017
22-06
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
Directors · office · real estate
Directors
8 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, Halen · 1 establishment unit since 1986
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.
Stadsbeemd 10373545 HalenGround area
3,504 m²
Building footprint
1,613 m²
Volume, LiDAR
7,910 m³
Parcel 71020B0296/00D000, Flanders · tallest building 6.3 m, ±2 floors. Linked by address, not a title deed.
1 establishment unit
Stadsbeemd 1037, 3545 Halen
since 19862.036.861.032
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 71020B0296/00D000 | Flanders | 3,504 m² | 1 · 1,613 m² | 6.3 m · 2 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.
Public money · subsidies and aid
Flemish government
2022 to 2025 · 10 entries · 124,780 EUR awarded · 86,030 EUR paid| Year | Entries | awarded | paid |
|---|---|---|---|
| 2025 | 2 | 1,389 EUR | 1,389 EUR |
| 2024 | 2 | -16,346 EUR | 718 EUR |
| 2023 | 2 | 44,014 EUR | 44,014 EUR |
| 2022 | 4 | 95,723 EUR | 39,909 EUR |
Schemes
Subsidies voor internationaal ondernemen
Ontwikkelingsproject
Subsidie voor opleiding en advies voor kmo's en zelfstandigen (kmo-portefeuille)
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Of 149 companies in sector 21201 we hold annual accounts for 116. 41 are within a factor 10 of this equity.See the whole sector
Company data · Crossroads Bank
Identification
Legal formPublic limited company
Founded15-05-1986
Fiscal year end31-12
Activities, NACEBEL
21201Manufacture of basic pharmaceutical products and pharmaceutical preparations
21209Manufacture of basic pharmaceutical products and pharmaceutical preparations
Sources
Crossroads Bank for EnterprisesNational Bank · 39 filingsAddress and cadastre registers
Data from official sources, last processed on 13-09-2026. Scores and ratios are computed by Checked and are not a credit decision.