BADCON
ActiveSummary
BADCON has been active since 1994 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show negative equity (-€20,583) and a net result of €20,374. The figures fluctuate too strongly year-on-year for a reliable trend projection. Its solvency ranks better than 13% of 18606 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.9% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability100▲+56
Solvency0=
Growth58▲+26
Track record100
Bankruptcy probability, 12 months
0.9%
Low
0%0.5%1.5%4%10%≥ 25%
No credit on open account
Liquidity short (current ratio 0.7 against 0.51 in 2024; short-term debt: 142.9% and cash: 1.8% of total assets), and equity is negative.
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Signals
Six signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
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 · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 47
Relative position
BE, all sectors
reference
Retail trade (NACE 47)
about 45% more bankruptcies
← fewer bankruptcies
more bankruptcies →
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
-42.9%
Return on assets
42.4%
Age of the figures
9 mo
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 13% of 18606 sector peers (2025).
NBB · sector comparisonPosition among 18606 sector peers
Solvency
better than 13%
← weakest
strongest →
neutral · Filed after the deadline
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 17-08-2026, 17 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
17 d late
2024
53 d late
2023
29 d late
2022
11 d late
2021
29 d late
2020
195 d late
2019
383 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 102 days after the deadline; the sector median for financial year 2024 is on the deadline day, and 46% 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.
Companies Code · seven monthsPosition in the running window
28-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, micro schema
Equity
-€20,583▲ 49.7%
2024 · -€40,957
Total assets
€48,019▲ 11.0%
2024 · €43,276
Net result
€20,374▲ 1,590%
2024 · €1,206
Working capital
-€20,583▲ 49.7%
2024 · -€40,957
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 47, Retail trade, 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
Line20212022202320242025
Operating result€12,720€15,538▲ 22.2%-€34,835€225€19,911▲ 8,742%
Net result€15,158within the sector's middle half€16,695within the sector's middle half▲ 10.1%-€32,531below the sector's middle half€1,206within the sector's middle half€20,374within the sector's middle half▲ 1,590%
Equity-€26,327below the sector's middle half▲ 36.5%-€9,632below the sector's middle half▲ 63.4%-€42,163below the sector's middle half▼ 338%-€40,957below the sector's middle half▲ 2.9%-€20,583below the sector's middle half▲ 49.7%
Total assets€82,745within the sector's middle half▲ 19.9%€50,019below the sector's middle half▼ 39.6%€25,641below the sector's middle half▼ 48.7%€43,276below the sector's middle half▲ 68.8%€48,019below the sector's middle half▲ 11.0%
Debt€109,072▼ 1.3%€59,651▼ 45.3%€67,804▲ 13.7%€84,234▲ 24.2%€68,602▼ 18.6%
Working capital-€33,074below the sector's middle half▲ 40.6%-€12,837below the sector's middle half▲ 61.2%-€41,705below the sector's middle half▼ 225%-€40,957below the sector's middle half▲ 1.8%-€20,583below the sector's middle half▲ 49.7%
Solvency-31.8%below the sector's middle half▲ 28.3pp-19.3%below the sector's middle half▲ 12.6pp-164.4%below the sector's middle half▼ 145.2pp-94.6%below the sector's middle half▲ 69.8pp-42.9%below the sector's middle half▲ 51.8pp
Current ratio0.70below the sector's middle half▲ 0.200.78below the sector's middle half▲ 0.090.38below the sector's middle half▼ 0.400.51below the sector's middle half▲ 0.130.70below the sector's middle half▲ 0.19
Return on assets (ROA)18.3%above the sector's middle half▲ 55.5pp33.4%above the sector's middle half▲ 15.1pp-126.9%below the sector's middle half▼ 160.2pp2.8%within the sector's middle half▲ 129.7pp42.4%above the sector's middle half▲ 39.6pp
above
within
below
the middle half (P25 to P75) of NACE 47, Retail trade, 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
After the dip in 2023 the operating result has climbed two years in a row; 2025 is 8,742% above 2024 and is the highest result in the available series.
Key figures and ratios
Quick ratio
0.07▼
2024 · 0.27
Debt to equity
-3.33▼
2024 · -2.06
Debt ≤ 1 year
€68,602▼
2024 · €84,234
Income taxes
-€452▼
2024 · €627
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 3,798 companies that looked in July 2024 the way this one looks now, 2.5% went bankrupt within 24 months and 91% are still going.
- Micro
- 20 years or older
- negative equity
- a profit of 5% of the balance sheet or more
2.5%
went bankrupt
5.3%
stopped otherwise
91%
still going
A further 0.8% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.9% 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 3,798 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 | - | - | - | €3,500 | - | - |
| Remuneration, social security and pensions62 | €3,053 | €11,775 | €172 | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €7,428 | €3,542 | €3,205 | - | - | - |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | €37,755 | -€22,283 | -€801 | -€6,935 | - | - |
| Other operating charges640/8 | €1,967 | €1,924 | €1,609 | €1,149 | €1,076 | ▼ 6.3% |
| Gross operating margin9900 | €62,923 | €10,496 | -€30,650 | -€5,561 | €20,987 | ▲ 477% |
| Operating profit (loss)9901 | €12,720 | €15,538 | -€34,835 | €225 | €19,911 | ▲ 8,742% |
| Financial income75/76B | €3,384 | €4,359 | €2,657 | €3,522 | €522 | ▼ 85.2% |
| Recurring financial income75 | €3,384 | €4,359 | €2,657 | €3,522 | €522 | ▼ 85.2% |
| Financial charges65/66B | €564 | €1,035 | €190 | €1,914 | €511 | ▼ 73.3% |
| Recurring financial charges65 | €564 | €1,035 | €190 | €1,914 | €511 | ▼ 73.3% |
| Profit (loss) for the period before taxes9903 | €15,540 | €18,862 | -€32,367 | €1,832 | €19,922 | ▲ 987% |
| Income taxes67/77 | €381 | €2,167 | €164 | €627 | -€452 | ▼ 172% |
| Profit (loss) for the period9904 | €15,158 | €16,695 | -€32,531 | €1,206 | €20,374 | ▲ 1,590% |
| Profit (loss) for the period to be appropriated9905 | €15,158 | €16,695 | -€32,531 | €1,206 | €20,374 | ▲ 1,590% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €82,745 | €50,019 | €25,641 | €43,276 | €48,019 | ▲ 11.0% |
| Formation expenses20 | €0 | €0 | €0 | €0 | €0 | - |
| Fixed assets21/28 | €6,747 | €3,205 | €0 | €0 | €0 | - |
| Intangible fixed assets21 | €6,000 | €3,000 | €0 | €0 | €0 | - |
| Tangible fixed assets22/27 | €747 | €205 | €0 | €0 | €0 | - |
| Plant, machinery and equipment23 | €747 | €205 | €0 | €0 | €0 | - |
| Furniture and vehicles24 | €0 | €0 | €0 | - | - | - |
| Current assets29/58 | €75,998 | €46,814 | €25,641 | €43,276 | €48,019 | ▲ 11.0% |
| Stocks and contracts in progress3 | €49,161 | €25,511 | €20,805 | €20,499 | €42,937 | ▲ 109% |
| Stocks30/36 | €49,161 | €25,511 | €20,805 | €20,499 | €42,937 | ▲ 109% |
| Amounts receivable within one year40/41 | €7,500 | €5,373 | €2,752 | €2,555 | €4,196 | ▲ 64.3% |
| Trade receivables40 | €7,500 | €4,631 | €2,010 | €1,813 | €4,077 | ▲ 125% |
| Other amounts receivable41 | - | €742 | €742 | €742 | €119 | ▼ 84.0% |
| Cash at bank and in hand54/58 | €17,821 | €15,478 | €2,085 | €20,223 | €886 | ▼ 95.6% |
| Deferred charges and accrued income490/1 | €1,516 | €453 | - | - | - | - |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €82,745 | €50,019 | €25,641 | €43,276 | €48,019 | ▲ 11.0% |
| Equity10/15 | -€26,327 | -€9,632 | -€42,163 | -€40,957 | -€20,583 | ▲ 49.7% |
| Contributions10/11 | €28,508 | €28,508 | €28,508 | €28,508 | €28,508 | = |
| Profit (loss) carried forward14 | -€54,835 | -€38,140 | -€70,671 | -€69,465 | -€49,091 | ▲ 29.3% |
| Amounts payable17/49 | €109,072 | €59,651 | €67,804 | €84,234 | €68,602 | ▼ 18.6% |
| Amounts payable within one year42/48 | €109,072 | €59,651 | €67,346 | €84,234 | €68,602 | ▼ 18.6% |
| Trade debts44 | €0 | €347 | €5,298 | €237 | €0 | ▼ 100% |
| Suppliers440/4 | €0 | €347 | €5,298 | €237 | €0 | ▼ 100% |
| Taxes, remuneration and social security45 | €13,346 | €8,009 | €3,683 | €13,795 | €541 | ▼ 96.1% |
| Taxes450/3 | €12,093 | €8,009 | €3,683 | €13,795 | €541 | ▼ 96.1% |
| Remuneration and social security454/9 | €1,253 | - | - | - | - | - |
| Other amounts payable47/48 | €95,726 | €51,296 | €58,366 | €70,202 | €68,061 | ▼ 3.0% |
| Accrued charges and deferred income492/3 | - | - | €459 | - | - | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €15,158 | €16,695 | -€32,531 | €1,206 | €20,374 | ▲ 1,590% |
| + Depreciation and write-downs630 | €7,428 | €3,542 | €3,205 | - | - | - |
| Operating cash flow (approximation) | €22,587 | €20,237 | -€29,326 | €1,206 | €20,374 | ▲ 1,590% |
| Investment in fixed assets (approximation) | - | €0 | €0 | €0 | €0 | - |
| Change in cash | - | -€2,343 | -€13,393 | €18,138 | -€19,338 | ▼ 207% |
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
17-08
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema · 17 days late
2025
31-12
Financial
Highest result since 2018net €20,374 ▲1,590%
Operating result €19,911, net result €20,374, both a record.
22-09
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 53 days late
2024
31-12
Financial
Back to profitnet €1,206
Net result €1,206 after one loss-making year.
29-08
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 29 days late
2023
31-12
Financial
Weakest financial yearnet -€32,531
Net result drops to -€32,531, the lowest in the series; recovery starts the following year.
11-08
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 11 days late
2022
29-08
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 29 days late
11-02
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 195 days late
2021
31-12
Financial
Back to profitnet €15,158
Net result €15,158 after 2 loss-making years.
18-08
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 383 days late
2019
09-10
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema · 70 days late
2018
25-09
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema · 56 days late
2017
29-09
NBB filing
Annual accounts filed
fiscal year 2016 · micro schema · 60 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
1 act for this company is in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Kapellen · 2 establishment units since 1994
Ground area
510 m²
Building footprint
164 m²
Volume, LiDAR
1,085 m³
2 parcels, Flanders · tallest building 12.0 m, ±3 floors. Linked by address, not a title deed.
3
companies at this address
See who is registered here
2 establishment units
KADET BVBA
since 19942.067.152.944
Doelveldstraat - Edegem
since 20202.319.379.866
2 parcels
Flanders
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 11013A0119/02A000 | Flanders | 299 m² | 1 · 49 m² | 9.3 m · 1 fl. |
| 11902E0080/00T000 | Flanders | 211 m² | 1 · 115 m² | 12.0 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.
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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 1,314 companies in sector 47639 we hold annual accounts for 624. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company (pre-2019)
Founded22-03-1994
Fiscal year end31-12
Activities, NACEBEL 2025
47639Retail sale of other sporting goods
47640Retail sale of games and toys
32300Other manufacturing
46419Wholesale trade
47120Other non-specialised retail sale
47716Retail sale of clothing and accessories for women, men, children and babies (general range)
47721Retail sale of footwear
77210Renting and leasing of sports and recreation goods
E-invoicing
Reachable via Peppol
Peppol ID
0208:0452232410
Also
9925:BE0452232410
Registered
07-11-2024
Register as of 28 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.