Equity
Debts exceed assets in financial year 2025.
Debts exceed assets in financial year 2025.
The 2024 and 2025 financial years closed with a loss. 2024 was the heaviest.
Of this, €84,056 falls due within a year.
In 2025, 23 people joined and 28 left.
Six of the last ten came late. The 2019 accounts came latest: 69 days after the end of the period.
Lower net result than 92% of companies in retail trade. Sector median €5,084 · 22,799 companies.
The dashed line is the sector median: 0.6% across 40,278 companies (NACE 47, micro).
About 2 in 100 comparable companies go bankrupt within 12 months (an estimate).
The band follows from the bankruptcy probability. 10 more points roughly halve it.
| 75-100 | Excellent | under 0.55% |
| 60-74 | Healthy | 0.55% to 1.5% |
| 45-59 | Fair | 1.5% to 4.2% |
| 25-44 | Weak | 4.2% to 15.0% |
| 0-24 | Critical | over 15.0% |
Where the company stands within its band depends half on the bankruptcy probability and half on how it does against its sector peers (NACE 47, micro). It does better than 6% of them on solvency, 20% on liquidity, 6% on profitability and 5% on growth.
The bankruptcy probability was computed on 05-11-2026 by the bankruptcy model of 2 October 2026, which learns from Belgian bankruptcies and reads the registers, the annual accounts and the Belgian Official Gazette.
The probability rests on the annual accounts with balance sheet date 31-12-2025.
Of the companies with a bankruptcy probability in the moderate class on 30-06-2025, 2.4% went bankrupt within twelve months.
Some facts cap the score, however low the probability. With negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late, the score is Fair at most (59). With two missing filings, it is Weak at most (44). During a judicial reorganisation or at the company's end (bankruptcy, dissolution, liquidation), it is Critical at most (24).
In July 2024, 6,619 companies had the same profile as Andriescu-Ancuta has now. Each dot stands for 17 companies, two years later.
Another 1.0% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of Andriescu-Ancuta itself: 1.9% within 12 months.
The method was tested on the 497,446 companies of July 2024. Each company was given the bankruptcy share of the same profile a year earlier, in July 2023. The expectation was that 1.6% would go bankrupt within 24 months. In fact 1.7% went bankrupt.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.5% |
| 3 | 0.5% | 0.6% |
| 4 | 0.7% | 0.8% |
| 5 | 0.9% | 0.9% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.8% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
A company that went bankrupt had a higher expected share than one that kept going in 74.5% of comparisons. The level depends on the economy. In a year with more bankruptcies than the year before, the actual share is higher than the expected one.
This is an observation about 6,619 companies, not a prediction for Andriescu-Ancuta. The sector does not count, because the KBO no longer lists a sector for a company that has stopped. By sector, mostly the survivors would count, which would paint too rosy a picture.
Liquidity is insufficient, with a current ratio of 0.22 (0.19 in 2024), below 1. Short-term debt is 191.4% and cash 17.5% of total assets. Equity is negative.
Show the recommended maximum and see how the verdict changes with amount, term and advance.
The scores and ratios are Checked's own calculations, not a credit decision.
The company filed its last 7 accounts on average 21 days after the deadline. In the sector (NACE 47), the median for financial year 2024 was on the deadline day, and 47% of those companies filed late.
| Company | Total assets | Gross margin | Solvency | Staff |
|---|---|---|---|---|
| Andriescu-Ancuta Antwerp | €43,909 | €81,707 | -132.8% | - |
| VALMAR Brussels | €33,383 | €75,255 | -172.5% | - |
| ECLAIR DORE Saint-Josse-ten-Noode | €44,658 | €85,747 | 59.1% | - |
| DELI HALLE Halle | €50,435 | €100,048 | -344.4% | 4.1 |
| AMRAOUI Schaerbeek | €47,851 | €70,042 | -1.8% | - |
| DELI HEIST OP DEN BERG Heist-op-den-Berg | €104,881 | €78,212 | 23.5% | - |
| NON STOP Mechelen | €23,435 | €145,973 | -187.7% | - |
These companies have the same main activity as Andriescu-Ancuta: retail sale of bread and pastry (bakery outlets) (NACE 47241). They are comparable in size and age: total assets between €23,400 and €105,000, founded between 1986 and 1999.
Andriescu-Ancuta files the micro format. That format states no turnover. The gross margin rose from €15,388 in 2006 to €81,707 in 2025.
The balance sheet grew most in 2013 through fixed assets, financed with long-term debt.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette. Click a figure with a dotted line for the item and the filing.
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