Warning lights
Signals from the annual accounts, the CBE and the Official Gazette, each with its threshold and source. No score, no verdict.
-
Tight liquidity NBB
Cash and receivables cover 59 % of short-term debt in 2025; threshold 65 %.
Financials
Financial year 2025
NORDIC MOTORS from Sint-Niklaas, company number BE0446000951, closed financial year 2025 with a result of € 98,380 after tax. For that financial year NORDIC MOTORS recorded a gross margin of € 506,421 and equity of € 913,678. Compared with financial year 2024, the result moved from € 72,424 to € 98,380. Profitable, and profit is growing. The buffer is growing. A strong own buffer against the debts. The most recent annual accounts were filed with the National Bank of Belgium on August 26, 2026.
€ 913,678
▲ 12% vs 2024
Assets minus debts, by the books. What is left if everything were sold and paid today.
€ 98,380
▲ 36% vs 2024
Profit after tax over the fiscal year.
€ 131,622
▼ 13% vs 2024
Cash and bank balances on the last day of the fiscal year.
Stays in the company
No dividend for 2025. Retained profit grew to € 473,678.
People and assets in 2025
4.1
▲ 0.3 vs 2024
Average over the fiscal year, from the social balance sheet.
€ 285,584
▲ 3% vs 2024
€ 69,700 per full-time equivalent. Payroll staff only. What the director pays themselves is already netted into the gross margin and is not shown separately in the accounts.
€ 77,503
▼ 24% vs 2024
Book value of vehicles, furniture and equipment.
Debts at end 2025
€ 152,500
▼ 57% vs 2024
Loans from banks and other lenders, long and short.
€ 119,854
▼ 37% vs 2024
Supplier invoices still open on the last day of the fiscal year.
€ 33,529
▼ 6% vs 2024
Taxes, VAT and social contributions still to pay.
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| 2022 | 2023 | 2024 | 2025 | Change 2024 → 2025 | |
|---|---|---|---|---|---|
| Gross margin | € 405,252 | € 420,704 | € 468,855 | € 506,421 | ▲ 8% |
| Profit after taxes | € 27,363 | € 36,717 | € 72,424 | € 98,380 | ▲ 36% |
| Equity | € 706,156 | € 742,874 | € 815,298 | € 913,678 | ▲ 12% |
| Total debts | € 889,860 | € 1,082,651 | € 878,965 | € 500,890 | ▼ 43% |
| Cash | € 11,479 | € 85,883 | € 150,805 | € 131,622 | ▼ 13% |
| Retained profit | € 266,156 | € 302,874 | € 375,298 | € 473,678 | ▲ 26% |
| Bank debt | € 352,500 | € 402,500 | € 352,500 | € 152,500 | ▼ 57% |
| Balance sheet total | € 1,596,016 | € 1,825,525 | € 1,694,263 | € 1,414,569 | ▼ 17% |
| Employees (FTE) | 4.2 | 4.2 | 3.8 | 4.1 | ▲ 0.3 |
Key figures of NORDIC MOTORS, fiscal years 2022 to 2025, from the annual accounts filed with the National Bank of Belgium.Next annual account (fiscal year 2026) expected before 31 July 2027.
What happened to NORDIC MOTORS?
What happened at NORDIC MOTORS in recent years, according to the Belgian Official Gazette, the CBE and the National Bank:
- Lieven De Keulenaer stepped down as director. NBB
- Sdk Management CommV stepped down as director. NBB
- KDK Management CommV stepped down as director. NBB
- New annual accounts for financial year 2025: profit of € 98,380 (▲ 36% vs 2024). filed late Source: NBB ↗
- Lieven De Keulenaer became a director. NBB
- Sdk Management CommV became a director. NBB
- KDK Management CommV became a director. NBB
- New establishment in Sint-Niklaas. KBO
In short
From € 27,363 profit in 2022 to € 98,380 profit in 2025.
Paid € 87,669 in corporate taxes since 2022.
Best year ever: 2025, with € 98,380 profit.
On average € 123,500 of value added per employee in 2025.
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De Lijn 8 June 2026 New annual account 2025
filed on 8 June 2026
What was left
€ 20 k ▼ 91%
Money in the bank
€ 178 k ▼ 98%
Open the dossier →
NMBS 8 June 2026 New annual account 2025 What was left ▼ 80%
bpost 18 May 2026 New annual account 2025 What was left from loss to profit
Management
The stake of Garage Lieven De Keulenaer comes from that shareholder’s own annual accounts; small companies do not report their shareholders themselves.
NORDIC MOTORSThe shares are held by Garage Lieven De Keulenaer (98.9%). It owns 49% of Raap Invest itself.
Directors
According to the 2025 annual accounts
since 2026 · until 2032
Managing director · represented by Steven De Keulenaer
since 2026 · until 2032
Managing director · represented by Kris De Keulenaer
since 2026 · until 2032
Shareholders
Participations
49%
Establishments
Establishment units
Physical locations of this company
Raapstraat 77-79
9100 Sint-Niklaas
Raapstraat 77 7
9100 Sint-Niklaas
Active since 23 July 1992
What is an establishment unit? An establishment unit is a geographically identifiable place where activities of the enterprise are carried out.
Details
- Company number
- 0446.000.951
- VAT number
- BE 0446.000.951
- Registered office
- Raapstraat 77-79, 9100 Sint-Niklaas
- Names & denominations
- NORDIC MOTORS
- Enterprise type
- Rechtspersoon
- Legal form
- Public limited company
- Legal situation
- Normale toestand
- Start date
- 30 December 1991
- Peppol
- Active · Active since 18 Dec 2025
- Activities · NACE
Detailhandel in auto's en lichte bestelwagens (<= 3,5 ton)
Algemeen onderhoud en reparatie van auto's en lichte bestelwagens (<= 3,5 ton)
Onderhoud en reparatie van auto's
Detailhandel in auto's en lichte bestelwagens (= 3,5 ton)
Algemeen onderhoud en reparatie van auto's en lichte bestelwagens (= 3,5 ton)