Warning lights
Signals from the annual accounts, the CBE and the Official Gazette, each with its threshold and source. No score, no verdict.
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Tight liquidity NBB
Cash and receivables cover 58 % of short-term debt in 2024; threshold 65 %.
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Shrinking team NBB
FTE fell two years in a row, from 4.4 to 0.8.
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Late annual account NBB
Fiscal year 2024 was filed 204 days after the legal deadline.
Financials
Financial year 2024
NAFENCO from Tienen, company number BE0408267654, closed financial year 2024 with a result of € 2.4 million after tax. For that financial year NAFENCO recorded revenue of € 3,306 and equity of € 19.7 million. Compared with financial year 2023, the result moved from € 4.1 million to € 2.4 million. The company is profitable. The company holds a healthy buffer. A strong own buffer against the debts. The most recent annual accounts were filed with the National Bank of Belgium on February 20, 2026.
€ 19.7 million
▼ 20% vs 2023
Assets minus debts, by the books. What is left if everything were sold and paid today.
€ 2.4 million
▼ 42% vs 2023
Profit after tax over the fiscal year.
€ 479,386
▲ € 459,242 vs 2023
Cash and bank balances on the last day of the fiscal year.
€ 7.2 million paid out
More than the year’s profit went to the shareholders; reserves fell.
People and assets in 2024
0.8
▼ 1 vs 2023
Average over the fiscal year, from the social balance sheet.
€ 119,952
▼ 71% vs 2023
Payroll staff only. What the director pays themselves is already netted into the gross margin and is not shown separately in the accounts.
€ 1,747
▼ 44% vs 2023
Book value of vehicles, furniture and equipment.
Debts at end 2024
None
No bank loans on the last day of the fiscal year.
€ 18,186
▼ 53% vs 2023
Supplier invoices still open on the last day of the fiscal year. Pays suppliers within 18 days on average.
€ 161,346
▲ 127% vs 2023
Taxes, VAT and social contributions still to pay.
| 2021 | 2022 | 2023 | 2024 | Change 2023 → 2024 | |
|---|---|---|---|---|---|
| Revenue | - | - | € 1 | € 3,306 | ▲ € 3,305 |
| Profit after taxes | € 32,504 | € 4,421,228 | € 4,056,603 | € 2,364,182 | ▼ 42% |
| Equity | € 24,484,597 | € 24,484,825 | € 24,485,200 | € 19,685,610 | ▼ 20% |
| Total debts | € 1,420,741 | € 7,430,331 | € 6,666,039 | € 10,651,479 | ▲ 60% |
| Cash | € 113,971 | € 11,132 | € 20,144 | € 479,386 | ▲ € 459,242 |
| Land & buildings | € 2,390 | € 4,634 | € 3,329 | € 2,024 | ▼ 39% |
| Retained profit | € 8,249,168 | € 8,249,396 | € 8,249,771 | € 3,450,181 | ▼ 58% |
| Dividend | € 0 | € 4,421,000 | € 4,056,000 | € 7,164,000 | ▲ 77% |
| Bank debt | € 0 | € 1,178,220 | € 1,079,178 | € 0 | ▼ 100% |
| Balance sheet total | € 25,905,338 | € 31,915,156 | € 31,151,239 | € 30,337,089 | ▼ 3% |
| Employees (FTE) | 4.8 | 4.4 | 1.8 | 0.8 | ▼ 1 |
Key figures of NAFENCO, fiscal years 2021 to 2024, from the annual accounts filed with the National Bank of Belgium.The annual account for fiscal year 2025 has not been filed yet; it was expected before 31 July 2026.
What happened to NAFENCO?
What happened at NAFENCO in recent years, according to the Belgian Official Gazette, the CBE and the National Bank:
- David Deltour stepped down as director. NBB
- Markus Linder stepped down as director. NBB
- Adam McMahon stepped down as director. NBB
- New annual accounts for financial year 2024: profit of € 2.4 million (▼ 42% vs 2023). filed late Source: NBB ↗
- David Deltour became a director. NBB
- Dominique Jamar stepped down as director. NBB
- Markus Linder became a director. NBB
- Adam McMahon became a director. NBB
In short
From € 32,504 profit in 2021 to € 2.4 million profit in 2024.
Paid € 55,046 in corporate taxes since 2021.
Best year ever: 2022, with € 4.4 million profit.
Paid out € 15.6 million in dividends to the owners in total.
Management
The stake of EUROGARDEN comes from that shareholder’s own annual accounts; small companies do not report their shareholders themselves.
NAFENCOThe shares are held by EUROGARDEN (5.8%). It owns 100% of Eurogarden, 100% of F1 Distribution and 100% of Eurogarden Nederland BV itself.
Directors
According to the 2024 annual accounts
since 2024 · until 2030
since 2023 · until 2024
since 2023 · until 2029
Adam McMahon
Managing director
since 2023 · until 2029
Shareholders
5.8%
Participations
Establishments
Establishment units
Physical locations of this company
Sint-Truidensesteenweg 252
3300 Tienen
Who else lives here?
A building full of entrepreneurs or one very busy letterbox? Another 3 companies are registered at this address.
All companies at this address →What is an establishment unit? An establishment unit is a geographically identifiable place where activities of the enterprise are carried out.
Details
- Company number
- 0408.267.654
- VAT number
- BE 0408.267.654
- Registered office
- Sint-Truidensesteenweg 252, 3300 Tienen
- Names & denominations
- NAFENCO · E D & L
- Enterprise type
- Rechtspersoon
- Legal form
- Public limited company
- Legal situation
- Normale toestand
- Start date
- 1 April 1971
- Peppol
- Active · Active since 21 Oct 2026
- Activities · NACE
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