BACCARNE
ActiveSummary
BACCARNE has been active since 1993 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show negative equity (-€42,311) and a net result of -€7,363. Equity is growing by ~16.3% per year across the filed fiscal years. Its solvency ranks better than 5% of 28806 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 1.0% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability60▼-15
Solvency0=
Growth78=
Track record100
Bankruptcy probability, 12 months
1.0%
Low
0%0.5%1.5%4%10%≥ 25%
No credit on open account
Liquidity short (current ratio 0.1 against 0.07 in 2024; short-term debt: 118.9% and cash: 0.1% of total assets), and equity is negative.
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Signals
Five signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 43
Relative position
BE, all sectors
reference
Specialised construction activities (NACE 43)
about 85% more bankruptcies
← fewer bankruptcies
more bankruptcies →
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 · Annual accounts: weaker financial profile
The latest annual accounts show a weaker profile in solvency, result or liquidity than companies that stay afloat.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
-38%
Return on assets
-6.6%
Age of the figures
9 mo
raises risk · Negative equity
The 2025 annual accounts show negative equity and a net loss.
NBB · annual accounts 2025Equity per financial year
1819202122232425
2018 to 2025 · latest year -€42,311
neutral · Filed after the deadline
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 30-08-2026, 30 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
30 d late
2024
28 d late
2023
27 d late
2022
31 d late
2021
29 d late
2020
89 d late
2019
102 d late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 7 accounts on average 48 days after the deadline; the sector median for financial year 2024 is 1 day before the deadline, and 42% of the sector filed late.
Checked, nothing found (2)
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. Usually files around 29 August (5 of the last 5 filed years within 30 days of that day).
Companies Code · seven monthsPosition in the running window
01-10-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, micro schema
Source amounts without an identifiable currency are assumed to be EUR.
Equity
-€42,311▼ 21.1%
2024 · -€34,948
Total assets
€111,479▼ 5.2%
2024 · €117,643
Net result
-€7,363
2024 · €5,778
Working capital
-€119,564▼ 0.5%
2024 · -€119,016
Trend over the years
In euros
In per cent
Ratio
In euros
No line ticked in this group.
In per cent
No line ticked in this group.
Ratio
No line ticked in this group.
Untick a line to hide it. Point at a year (or use the arrow keys on the chart) for the exact figures; the table below gives them all.Sector: the middle half (P25 to P75) of NACE 43, Specialised construction activities, each year against the same schema; no band under 30 filings. Dashed line: the median. Available for Net result, Equity, Total assets, Working capital, Solvency, Current ratio, Return on assets (ROA).
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result€18,605▼ 3.0%€10,875▼ 41.5%€14,207▲ 30.6%€6,444▼ 54.6%-€6,821
Net result€17,910within the sector's middle half▼ 3.1%€10,180within the sector's middle half▼ 43.2%€13,313within the sector's middle half▲ 30.8%€5,778within the sector's middle half▼ 56.6%-€7,363below the sector's middle half
Equity-€64,219below the sector's middle half▲ 36.2%-€54,039below the sector's middle half▲ 15.9%-€40,726below the sector's middle half▲ 24.6%-€34,948below the sector's middle half▲ 14.2%-€42,311below the sector's middle half▼ 21.1%
Total assets€121,355within the sector's middle half▼ 12.2%€122,344within the sector's middle half▲ 0.8%€130,594within the sector's middle half▲ 6.7%€117,643within the sector's middle half▼ 9.9%€111,479within the sector's middle half▼ 5.2%
Debt€185,574▼ 22.3%€176,383▼ 5.0%€171,320▼ 2.9%€152,591▼ 10.9%€153,789▲ 0.8%
Working capital-€141,057below the sector's middle half▲ 25.2%-€134,180below the sector's middle half▲ 4.9%-€129,729below the sector's middle half▲ 3.3%-€119,016below the sector's middle half▲ 8.3%-€119,564below the sector's middle half▼ 0.5%
Solvency-52.9%below the sector's middle half▲ 19.8pp-44.2%below the sector's middle half▲ 8.7pp-31.2%below the sector's middle half▲ 13.0pp-29.7%below the sector's middle half▲ 1.5pp-38.0%below the sector's middle half▼ 8.2pp
Current ratio0.07below the sector's middle half▲ 0.010.07below the sector's middle half=0.07below the sector's middle half▼ 0.010.07below the sector's middle half=0.10below the sector's middle half▲ 0.03
Return on assets (ROA)14.8%within the sector's middle half▲ 1.4pp8.3%within the sector's middle half▼ 6.4pp10.2%within the sector's middle half▲ 1.9pp4.9%within the sector's middle half▼ 5.3pp-6.6%below the sector's middle half▼ 11.5pp
above
within
below
the middle half (P25 to P75) of NACE 43, Specialised construction activities, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result turns negative in 2025: a loss of €6,821 after €6,444 in 2024, the lowest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €111,479
Fixed assets
€98,444 ▼ 9.8%
Current assets
€13,035 ▲ 53.8%
Equity and liabilities
Equity-€42,311
Debt€153,789
Equity is negative: debt (€153,789) exceeds the balance-sheet total (€111,479).
Key figures and ratios
EBITDA
€6,481▼
2024 · €19,663
Cash flow
€5,939▼
2024 · €18,997
Quick ratio
0.05▲
2024 · 0.02
Interest coverage
11.97▼
2024 · 29.52
Debt ≤ 1 year
€132,599▲
2024 · €127,491
Debt > 1 year
€21,190▼
2024 · €24,513
No debt to equity: equity is negative, so debt divided by equity means nothing.
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 2,795 companies that looked in July 2024 the way this one looks now, 2.1% went bankrupt within 24 months and 90% are still going.
- Micro
- 20 years or older
- negative equity
- a small loss
2.1%
went bankrupt
6.0%
stopped otherwise
90%
still going
A further 1.6% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 1.0% 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 497,341 companies of July 2024 its group's bankruptcy share. Expected: 1.6%; actually bankrupt within 24 months: 1.7%.
| 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% | 1.0% |
| 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% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 74% 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 2,795 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 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | €750 | €0 | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €10,512 | €10,901 | €12,314 | €13,219 | €13,302 | ▲ 0.6% |
| Other operating charges640/8 | €3,247 | €4,284 | €4,890 | €4,181 | €5,227 | ▲ 25.0% |
| Gross operating margin9900 | €32,363 | €26,061 | €31,412 | €23,844 | €11,708 | ▼ 50.9% |
| Operating profit (loss)9901 | €18,605 | €10,875 | €14,207 | €6,444 | -€6,821 | ▼ 206% |
| Financial income75/76B | €1 | €3 | €0 | €0 | €0 | ▼ 66.7% |
| Recurring financial income75 | €1 | €3 | €0 | €0 | €0 | ▼ 66.7% |
| Financial charges65/66B | €591 | €698 | €894 | €666 | €542 | ▼ 18.7% |
| Recurring financial charges65 | €591 | €698 | €894 | €666 | €542 | ▼ 18.7% |
| Profit (loss) for the period before taxes9903 | €18,015 | €10,180 | €13,313 | €5,778 | -€7,363 | ▼ 227% |
| Income taxes67/77 | €105 | €0 | - | - | - | - |
| Profit (loss) for the period9904 | €17,910 | €10,180 | €13,313 | €5,778 | -€7,363 | ▼ 227% |
| Transfer from tax-exempt reserves789 | €984 | €0 | - | - | - | - |
| Profit (loss) for the period to be appropriated9905 | €18,894 | €10,180 | €13,313 | €5,778 | -€7,363 | ▼ 227% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €121,355 | €122,344 | €130,594 | €117,643 | €111,479 | ▼ 5.2% |
| Fixed assets21/28 | €111,022 | €111,871 | €121,387 | €109,168 | €98,444 | ▼ 9.8% |
| Tangible fixed assets22/27 | €111,022 | €111,871 | €121,387 | €109,168 | €98,444 | ▼ 9.8% |
| Land and buildings22 | €107,629 | €109,353 | €111,505 | €99,988 | €88,470 | ▼ 11.5% |
| Plant, machinery and equipment23 | €2,386 | €1,846 | €8,827 | €8,764 | €9,862 | ▲ 12.5% |
| Furniture and vehicles24 | €1,006 | €672 | €1,054 | €417 | €112 | ▼ 73.1% |
| Current assets29/58 | €10,333 | €10,474 | €9,207 | €8,475 | €13,035 | ▲ 53.8% |
| Stocks and contracts in progress3 | €4,528 | €4,929 | €7,455 | €5,370 | €6,413 | ▲ 19.4% |
| Stocks30/36 | €4,528 | €4,929 | €7,455 | €5,370 | €6,413 | ▲ 19.4% |
| Amounts receivable within one year40/41 | €2,476 | €657 | €734 | €2,272 | €2,039 | ▼ 10.2% |
| Trade receivables40 | €2,476 | €286 | €471 | €2,272 | €2,039 | ▼ 10.2% |
| Other amounts receivable41 | - | €371 | €263 | €0 | - | - |
| Current investments50/53 | €200 | - | - | - | - | - |
| Cash at bank and in hand54/58 | €147 | €1,871 | €300 | €45 | €153 | ▲ 237% |
| Deferred charges and accrued income490/1 | €2,982 | €3,017 | €719 | €788 | €4,430 | ▲ 462% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €121,355 | €122,344 | €130,594 | €117,643 | €111,479 | ▼ 5.2% |
| Equity10/15 | -€64,219 | -€54,039 | -€40,726 | -€34,948 | -€42,311 | ▼ 21.1% |
| Contributions10/11 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €14,567 | €14,567 | €14,567 | €14,567 | €14,567 | = |
| Non-distributable reserves130/1 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Reserves not available under the articles1311 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Distributable reserves133 | €12,707 | €12,707 | €12,707 | €12,707 | €12,707 | = |
| Profit (loss) carried forward14 | -€97,385 | -€87,206 | -€73,893 | -€68,114 | -€75,477 | ▼ 10.8% |
| Amounts payable17/49 | €185,574 | €176,383 | €171,320 | €152,591 | €153,789 | ▲ 0.8% |
| Amounts payable after more than one year17 | €33,597 | €30,557 | €27,691 | €24,513 | €21,190 | ▼ 13.6% |
| Financial debts170/4 | €14,997 | €11,957 | €9,091 | €5,913 | €2,590 | ▼ 56.2% |
| Other amounts payable178/9 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Amounts payable within one year42/48 | €151,390 | €144,654 | €138,937 | €127,491 | €132,599 | ▲ 4.0% |
| Current portion of amounts payable after more than one year42 | €2,980 | €2,989 | €3,040 | €3,179 | €3,323 | ▲ 4.5% |
| Financial debts43 | €50 | €2 | €276 | €35 | €24 | ▼ 32.2% |
| Credit institutions430/8 | €50 | €2 | €276 | €35 | €24 | ▼ 32.2% |
| Trade debts44 | €1,158 | €6,584 | €4,109 | €1,715 | €3,358 | ▲ 95.8% |
| Suppliers440/4 | €1,158 | €6,584 | €4,109 | €1,715 | €3,358 | ▲ 95.8% |
| Taxes, remuneration and social security45 | €306 | €0 | - | €962 | €729 | ▼ 24.2% |
| Taxes450/3 | €306 | €0 | - | €962 | €729 | ▼ 24.2% |
| Other amounts payable47/48 | €146,896 | €135,079 | €131,512 | €121,601 | €125,165 | ▲ 2.9% |
| Accrued charges and deferred income492/3 | €586 | €1,173 | €4,692 | €586 | €0 | ▼ 100% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €17,910 | €10,180 | €13,313 | €5,778 | -€7,363 | ▼ 227% |
| + Depreciation and write-downs630 | €10,512 | €10,901 | €12,314 | €13,219 | €13,302 | ▲ 0.6% |
| Operating cash flow (approximation) | €28,421 | €21,081 | €25,627 | €18,997 | €5,939 | ▼ 68.7% |
| Investment in fixed assets (approximation) | - | -€11,750 | -€21,831 | -€1,000 | -€2,578 | ▼ 158% |
| Change in cash | - | €1,724 | -€1,571 | -€254 | €108 | ▲ 142% |
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
Next filing, fiscal year 2026, expected by
2026
30-08
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema · 30 days late
2025
28-08
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 28 days late
2024
27-08
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 27 days late
2023
31-08
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 31 days late
2022
29-08
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 29 days late
2021
28-10
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 89 days late
2020
31-12
Financial
Back to profitnet €18,488
Net result €18,488 after 2 loss-making years.
10-11
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 102 days late
2019
31-12
Financial
Weakest financial yearnet -€15,207
Net result drops to -€15,207, the lowest in the series; recovery starts the following year.
30-08
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema · 30 days late
2018
31-08
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema · 31 days late
2017
31-08
NBB filing
Annual accounts filed
fiscal year 2016 · micro schema · 31 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 1 act read
About the unread acts
We know of 1 Belgian State Gazette act for this company. It has not been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
No directors read yet: 0 of 1 Gazette acts processed. See the function holders in the CBE →
Location & real-estate footprint
Registered office, Gent · 1 establishment unit since 1993
Ground area
1,618 m²
Parcel 44022A0640/00C000, Flanders. Linked by address, not a title deed.
4
companies at this address
See who is registered here
1 establishment unit
BACCARNE BVBA
since 19932.060.842.303
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 44022A0640/00C000 | Flanders | 1,617 m² | - | - |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
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This company's figures show no positive equity and no headcount, so a size comparison is not possible. These companies share only the sector and the region. Of 15,518 companies in this sector we hold annual accounts for 7,427. See the whole sector
Company details
Identification
Legal formPrivate limited company
Founded06-01-1993
Fiscal year end31-12
Activities, NACEBEL 2025
43990Other specialised construction activities
E-invoicing
Reachable via Peppol
Peppol ID
0208:0449194528
Also
9925:BE0449194528
Registered
18-12-2025
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 1 October 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.