Azulatis
ActiveSummary
The computed 12-month bankruptcy probability of Azulatis is 1.5% (moderate). The 2024 annual accounts show equity of €8.7m and a net result of -€2.0m. Its solvency ranks better than 74% of 98 sector peers (fiscal year 2024). The company has been active since 2022 and the Belgian State Gazette contains no insolvency or warning signals.
Checked score
Score 2024
Axes · tick = 2023
Profitability19▼-22
Solvency68▼-12
Growth32
Track record94
Bankruptcy probability, 12 months
1.5%
Moderate
0%0.5%1.5%4%10%≥ 25%
Credit up to €390,000 at 30 days acceptable
Liquidity short (current ratio 0.33 against 0.54 in 2023; short-term debt: 56.7% and cash: 1.6% of total assets), and 56.7% of the assets are financed with debt.
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Signals
Six signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
raises risk · Limited track record
This company has not been active as long as an established one and statistically fails somewhat more often.
KBO · incorporation dateAge against the risk zone
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 11
Relative position
BE, all sectors
reference
Manufacture of beverages (NACE 11)
about 8% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
raises risk · Persistent losses
Two consecutive loss-making years (2023 and 2024); equity is also lower. May indicate structural pressure on profitability.
NBB · annual accounts 2024Net result per financial year
2324
2023 to 2024 · latest year -€2.0m
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2024 was due by 31-07-2025 and was filed on 14-03-2025, 139 days ahead of the deadline.
NBB · 2 filingsDeviation from the deadline
2025
not confirmed
2024
139 d early
2023
29 d late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 2 accounts on average 55 days before the deadline; the sector median for financial year 2024 is 2 days before the deadline, and 43% of the sector filed late.
Checked, nothing found (1)
History
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Financials · fiscal year 2024, abbreviated schema
In the rankings
#2 company by total assets in Deerlijk, Manufacturing sector#2 company by equity in Deerlijk, Manufacturing sector#7 employer in West Flanders, Beverages sector
Turnover
€21.1m
EBIT margin
-8.8%
Net result
-€2.0m▼ 14.5%
2023 · -€1.8m
Working capital
-€7.7m▼ 88.7%
2023 · -€4.1m
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 11, Manufacture of beverages, each year against the same schema; no band under 30 filings. Dashed line: the median.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20232024
Turnover€21.1m-
Operating result-€1.8m--€1.6m▲ 13.4%
Net result-€1.8mbelow the sector's middle half--€2.0mbelow the sector's middle half▼ 14.5%
EBIT margin-8.8%-
Equity€10.8mabove the sector's middle half-€8.7mabove the sector's middle half▼ 18.9%
Total assets€19.6mabove the sector's middle half-€20.2mabove the sector's middle half▲ 2.8%
Debt€8.8m-€11.4m▲ 29.3%
Working capital-€4.1m--€7.7m▼ 88.7%
Solvency54.9%within the sector's middle half-43.3%within the sector's middle half▼ 11.6pp
Staff (FTE)27.4within the sector's middle half-30.2above the sector's middle half▲ 10.2%
above
within
below
the middle half (P25 to P75) of NACE 11, Manufacture of beverages, each year against the same schema; no band under 30 filings.
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €1.6m in 2024 against €1.8m in 2023; the loss shrinks.
Balance-sheet composition
2024 in colour, 2023 as the grey bar beneath
Assets €20.2m
Fixed assets
€16.4m ▲ 9.9%
Current assets
€3.8m ▼ 19.8%
Equity and liabilities €20.2m
Equity
€8.7m ▼ 18.9%
Debt
€11.4m ▲ 29.3%
Debt's share of the balance-sheet total rises from 45.1% to 56.7%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€697,070▼
2023 · €743,590
Cash flow
€252,395▼
2023 · €804,637
Current ratio
0.33▼
2023 · 0.54
Quick ratio
0.27▼
2023 · 0.44
Debt to equity
1.31▲
2023 · 0.82
ROE
-23.4%▼
2023 · -16.5%
ROA
-10.1%▼
2023 · -9.1%
Interest coverage
1.50▼
2023 · 4.46
Debt ≤ 1 year
€11.4m▲
2023 · €8.8m
Income taxes
€5,537
Staff costs
€3.6m▼
2023 · €4.2m
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 133 companies that looked in July 2024 the way this one looks now, 3.0% went bankrupt within 24 months and 94% are still going.
- Small
- 2 to 5 years old
- solvency 30% or more
- a loss of 10% of the balance sheet or more
3.0%
went bankrupt
3.0%
stopped otherwise
94%
still going
For this company itself Checked computes a bankruptcy probability of 1.5% over twelve months; the group does not contradict it.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,662 companies of July 2024 its group's bankruptcy share. Expected: 1.5%; actually bankrupt within 24 months: 1.6%.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.4% |
| 3 | 0.5% | 0.5% |
| 4 | 0.6% | 0.7% |
| 5 | 0.8% | 0.9% |
| 6 | 1.2% | 1.3% |
| 7 | 1.5% | 1.7% |
| 8 | 1.7% | 1.7% |
| 9 | 2.7% | 2.8% |
| 10 | 5.3% | 5.7% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 75% of comparisons. The level follows the economy: in a year with more bankruptcies, the actual share is higher than the year before.
An observation about 133 comparable companies, not a prediction for this company. The sector does not count: the register keeps no sector for companies that stopped, so it would make the outcome look better than it was.
Annual accounts
| Line | 2023 | 2024 | Change |
|---|---|---|---|
| Operating income70/76A | €14.4m | - | - |
| Turnover70 | €21.1m | - | - |
| Change in stocks of work in progress, finished goods and contracts in progress71 | -€7.1m | - | - |
| Own construction capitalised72 | €102,087 | - | - |
| Other operating income74 | €401,611 | - | - |
| Non-recurring operating income76A | €10,300 | €0 | ▼ 100% |
| Operating charges60/66A | €16.3m | - | - |
| Goods for resale, raw materials and consumables60 | -€5,958 | - | - |
| Change in stocks: decrease (increase)609 | -€5,958 | - | - |
| Services and other goods61 | €9.1m | - | - |
| Remuneration, social security and pensions62 | €4.2m | €3.6m | ▼ 14.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €2.6m | €2.3m | ▼ 11.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | €226,620 | €246,627 | ▲ 8.8% |
| Other operating charges640/8 | €177,566 | €178,796 | ▲ 0.7% |
| Non-recurring operating charges66A | €16,163 | €0 | ▼ 100% |
| Gross operating margin9900 | - | €4.7m | - |
| Operating profit (loss)9901 | -€1.8m | -€1.6m | ▲ 13.4% |
| Financial income75/76B | €231,248 | €24,687 | ▼ 89.3% |
| Recurring financial income75 | €231,248 | €24,687 | ▼ 89.3% |
| Other financial income752/9 | €231,248 | - | - |
| Financial charges65/66B | €170,201 | €463,826 | ▲ 173% |
| Recurring financial charges65 | €170,201 | €463,826 | ▲ 173% |
| Debt charges650 | €166,818 | - | - |
| Other financial charges652/9 | €3,383 | - | - |
| Profit (loss) for the period before taxes9903 | -€1.8m | -€2.0m | ▼ 14.2% |
| Income taxes67/77 | - | €5,537 | - |
| Profit (loss) for the period9904 | -€1.8m | -€2.0m | ▼ 14.5% |
| Profit (loss) for the period to be appropriated9905 | -€1.8m | -€2.0m | ▼ 14.5% |
| Line | 2023 | 2024 | Change |
|---|---|---|---|
| Assets | |||
| Total assets20/58 | €19.6m | €20.2m | ▲ 2.8% |
| Fixed assets21/28 | €14.9m | €16.4m | ▲ 9.9% |
| Intangible fixed assets21 | €42,453 | €29,370 | ▼ 30.8% |
| Tangible fixed assets22/27 | €14.9m | €16.4m | ▲ 10.0% |
| Land and buildings22 | €12.7m | €14.8m | ▲ 16.1% |
| Plant, machinery and equipment23 | €148,706 | €221,964 | ▲ 49.3% |
| Assets under construction and advance payments27 | €2.0m | €1.4m | ▼ 31.2% |
| Financial fixed assets28 | €1,350 | €150 | ▼ 88.9% |
| Other financial fixed assets284/8 | €1,350 | - | - |
| Amounts receivable and cash guarantees285/8 | €1,350 | - | - |
| Current assets29/58 | €4.7m | €3.8m | ▼ 19.8% |
| Stocks and contracts in progress3 | €831,678 | €742,457 | ▼ 10.7% |
| Stocks30/36 | €522,292 | €422,258 | ▼ 19.2% |
| Raw materials and consumables30/31 | €336,436 | - | - |
| Finished goods33 | €185,856 | - | - |
| Contracts in progress37 | €309,386 | €320,198 | ▲ 3.5% |
| Amounts receivable within one year40/41 | €3.6m | €2.6m | ▼ 26.4% |
| Trade receivables40 | €3.4m | €2.6m | ▼ 23.2% |
| Other amounts receivable41 | €181,736 | €25,868 | ▼ 85.8% |
| Cash at bank and in hand54/58 | €201,390 | €319,903 | ▲ 58.8% |
| Deferred charges and accrued income490/1 | €94,253 | €76,972 | ▼ 18.3% |
| Equity and liabilities | |||
| Total equity and liabilities10/49 | €19.6m | €20.2m | ▲ 2.8% |
| Equity10/15 | €10.8m | €8.7m | ▼ 18.9% |
| Contributions10/11 | €12.6m | €12.6m | = |
| Capital10 | €12.6m | €12.6m | = |
| Issued capital100 | €12.6m | €12.6m | = |
| Profit (loss) carried forward14 | -€1.8m | -€3.8m | ▼ 114% |
| Amounts payable17/49 | €8.8m | €11.4m | ▲ 29.3% |
| Amounts payable within one year42/48 | €8.8m | €11.4m | ▲ 30.4% |
| Trade debts44 | €2.5m | €1.5m | ▼ 40.5% |
| Suppliers440/4 | €2.5m | €1.5m | ▼ 40.5% |
| Advances received on contracts in progress46 | €285,795 | €285,795 | = |
| Taxes, remuneration and social security45 | €762,860 | €736,223 | ▼ 3.5% |
| Taxes450/3 | €4,629 | €223,472 | ▲ 4,728% |
| Remuneration and social security454/9 | €758,231 | €512,751 | ▼ 32.4% |
| Other amounts payable47/48 | €5.2m | €8.9m | ▲ 70.4% |
| Accrued charges and deferred income492/3 | €80,427 | €0 | ▼ 100% |
| Line | 2023 | 2024 | Change |
|---|---|---|---|
| Profit (loss) for the period9904 | -€1.8m | -€2.0m | ▼ 14.5% |
| + Depreciation and write-downs630 | €2.6m | €2.3m | ▼ 11.4% |
| Operating cash flow (approximation) | €804,637 | €252,395 | ▼ 68.6% |
| Investment in fixed assets (approximation) | - | -€3.8m | - |
| Change in cash | - | €118,513 | - |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
2026
16-09
State Gazette act
Permanent representative: Joachim VAN IMPE2 facts ▸
State Gazette act
Permanent representative: Joachim VAN IMPE
2 facts ▸
- Board meeting, 10-08-2026
- Permanent representative, Joachim VAN IMPE (permanent representative)
29-07
State Gazette act
Appointments: BDO BEDRIJFSREVISOREN BV (statutory auditor) and Philippe Geurts (director)Permanent representatives: Dave Minnoy, Stéphanie Dobbelaere and Filip Audenaert · Resignation: Stéphanie Dobbelaere (director) · Power of attorney19 facts ▸
State Gazette act
Appointments: BDO BEDRIJFSREVISOREN BV (statutory auditor) and Philippe Geurts (director)
Permanent representatives: Dave Minnoy, Stéphanie Dobbelaere and Filip Audenaert · Resignation: Stéphanie Dobbelaere (director) · Power of attorney19 facts ▸
- General meeting, 29-05-2026
- Auditor appointment, BDO BEDRIJFSREVISOREN BV (statutory auditor)
- Permanent representative, Dave Minnoy (permanent representative)
- Power of attorney, Dries De Grave
- Power of attorney, Valérie Rivière
- General meeting, 15-06-2026
- Director resignation, Stéphanie Dobbelaere (director)
- Director appointment, Philippe Geurts (director)
- Permanent representative, Stéphanie Dobbelaere (permanent representative)
- Permanent representative, Filip Audenaert (permanent representative)
- Power of attorney, Tim DAUSY
- Power of attorney, Ann-Sophie DE BIE
- +7 further facts in this act
2025
14-03
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema
2024
29-08
NBB filing
Annual accounts filed
fiscal year 2023 · full schema · 29 days late
State Gazette actNBB filing
2 of 10 acts read
About the unread acts
Of the 10 Belgian State Gazette acts we know for this company, 2 have been read. The other 8 have not been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
1 director, last change in 2026
Board 1
Philippe Geurts
CurrentDirector · since 15-06-2026
Statutory auditor 1
BDO BEDRIJFSREVISOREN-BDO REVISEURS D'ENTREPRISES
CurrentStatutory auditor · since 29-05-2026 · perm. rep.: Dave Minnoy
Derived from published Gazette acts. The CBE keeps the official list of function holders; we do not read it, so the two can differ.
See the function holders in the CBE →
Not every act has been read: a resignation may be missing here
8 of this company's 10 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, Deerlijk · 2 establishment units since 2022
Ground area
5.4 ha
Building footprint
1.7 ha
Volume, LiDAR
121,962 m³
2 parcels, Flanders · tallest building 14.5 m, ±3 floors. Linked by address, not a title deed.
2
companies at this address
See who is registered here
2 establishment units
Azulatis
since 20222.341.025.318
Azulatis
since 20232.342.629.083
2 parcels
Flanders
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 71542B0713/00R000 | Flanders | 3.3 ha | 1 · 1.4 ha | 14.5 m · 2 fl. |
| 34392D0592/00E002 | Flanders | 2.2 ha | 1 · 3,359 m² | 9.2 m · 3 fl. |
Linked by address, not proof of ownership
Good to know
2 of 2 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Mandate history
3 people since 2026, 2 in office
- Board
- Statutory auditor
- began earlier
| Name | Functions and periods |
|---|---|
| Philippe Geurts |
|
| BDO BEDRIJFSREVISOREN-BDO REVISEURS D'ENTREPRISES |
|
| Stéphanie Dobbelaere |
|
Structure & network
Owners and holdings
1 ownerChain of control
Highest known parent: Vlaamse Maatschappij voor Watervoorziening. The sources do not say who stands above it.
Owners 1
- 51%
Holdings 0
The accounts to 31-12-2024 list no holdings, and no other source names one.
According to the 2024 annual accounts of Azulatis and those of the other companies, the acts in the Belgian Gazette and the LEI register. The register of ultimate beneficial owners (UBO) is not public: who ultimately stands behind a natural person or a foreign parent is not stated here. A company that does not fill in these statements, or need not, is missing.
Connections & network
1 current directorThe network starts from this company’s directors. Other companies they run appear here as nodes.
This company
Company
Director
Shareholding
+N: links not shown yet
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Public money · subsidies and aid
Flemish government
2023 to 2025 · 3 entries · 64,607 EUR awarded · 1,702 EUR paid| Year | Entries | awarded | paid |
|---|---|---|---|
| 2025 | 1 | 62,905 EUR | 0 EUR |
| 2024 | 1 | 1,020 EUR | 1,020 EUR |
| 2023 | 1 | 682 EUR | 682 EUR |
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Of 97 companies in sector 11070 we hold annual accounts for 50. 13 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPublic limited company
Founded23-12-2022
Fiscal year end31-12
Activities, NACEBEL 2025
11070Manufacture of beverages
36000Water collection, treatment and supply
28295Manufacture of machinery and equipment not elsewhere classified
70200Business and other management consultancy
71121Engineering and related technical consultancy, excluding land surveyors
Contact
E-mail
info@azulatis.com
E-invoicing
Reachable via Peppol
Peppol ID
0208:0795326754
Also
9925:BE0795326754
Registered
26-09-2025
Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.