BAGECO
ActiveSummary
The computed 12-month bankruptcy probability of BAGECO is 1.6% (moderate). The 2025 annual accounts show negative equity (-€1,297) and a net result of -€10,526. Equity is shrinking by about 25% per year across the filed financial years. The company has been active since 1993 and the Belgian Official Gazette contains no insolvency or warning signals.
Overview
- Equity
- -€1,297
- Loss
- -€10,526
- Parent
- AKM SERVICES · 100%
- BARTCZAK Romuald RobertDirector
- NEES Christel Josine GuidoDirector
- AKM SERVICESDirector · permanent representative Sen Mehmet
Why 53raises riskLoss of €10,526, the second in a row (financial year 2025)Negative equity -€1,297lowers riskSize: total assets €40,114Founded in 1993Show the evidence
Checked score
About 2 in 100 comparable companies go bankrupt within 12 months (an estimate).
How it is calculated
The band follows from the bankruptcy probability, on a scale where 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 (no NACE code, micro): better than 14% on solvency, 13% on liquidity, 4% on profitability and 3% on growth.
The bankruptcy probability was computed on 28-10-2026 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.
Some facts cap the score, however low the probability. Negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late hold it at Fair at most (59); two missing filings, at Weak (44). An ongoing judicial reorganisation or the company's end (bankruptcy, dissolution, liquidation) holds it at Critical at most (24).
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Signals
This company filed its last 7 accounts on average 2 days after the deadline; the Belgian median for financial year 2024 is 4 days before the deadline, and 38% of all filings were late.
Searched, nothing found (2)
- Annual accounts filedfinancial year 2025 · micro…
- Resignations: Bartczak Romuald (administrateur gérant) and…Appointment: AKM Services (sole director)…
- Annual accounts filedfinancial year 2024 · full…
Financials · financial year 2025, micro format
2025 annual accounts filed late (59 days) Filed on 28 September 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00526894.
2021 to 2025, 5 financial years 2018 to 2025, 8 financial years
The operating result stays negative: a loss of €10,422 in 2025 against €22,873 in 2024; the loss shrinks.
What the company sold each financial year and what was left of it. A loss stands below the zero line.
What the company owns (total assets), how much of it is its own (equity) and how much it owes.
Short-term assets minus short-term debts. Above zero the company can pay its bills in the short term.
Use the arrow keys on the chart for the figures per year.
Peer companies
Historical observationOf the 6,619 companies that looked in July 2024 the way this one looks now, 4.5% went bankrupt within 24 months and 84.4% are still going.
- Micro
- 20 years or older
- negative equity
- a loss of 10% of the balance sheet or more
A further 1.0% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 1.6% 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 497,445 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% | 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% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 74.5% 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 6,619 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.
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | - | - | - | - | €10 | €3,482 | €3,132 | €3,132 | = |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | -€15,000 | - | - | - | - |
| Provisions for liabilities and charges: additions (uses and reversals)635/8 | - | - | - | - | - | - | €20,000 | - | - |
| Other operating charges640/8 | - | - | - | €4,732 | €43,415 | €5,141 | €5,689 | €5,343 | ▼ 6.1% |
| Non-recurring operating charges66A | - | - | - | - | €37,184 | - | - | €474 | - |
| Gross operating margin9900 | €16,305 | €15,613 | €2,486 | €1,857 | €5,696 | €7,968 | €5,948 | -€1,473 | - |
| Operating profit (loss)9901 | €11,704 | €10,963 | -€2,210 | -€2,875 | -€59,913 | -€655 | -€22,873 | -€10,422 | ▲ 54.4% |
| Financial income75/76B | - | - | - | €194 | - | €74,368 | €33 | - | - |
| Recurring financial income75 | €311 | €340 | €294 | €194 | - | €74,368 | €33 | - | - |
| Non-recurring financial income76B | - | - | - | - | - | €74,368 | - | - | - |
| Financial charges65/66B | - | - | - | €833 | €431 | €74,368 | €53 | €104 | ▲ 96.2% |
| Recurring financial charges65 | €212 | €353 | €330 | €833 | €431 | €74,368 | €53 | €104 | ▲ 96.2% |
| Non-recurring financial charges66B | - | - | - | - | - | €74,368 | - | - | - |
| Profit (loss) for the period before taxes9903 | €11,803 | €10,950 | -€2,246 | -€3,514 | -€60,344 | -€655 | -€22,893 | -€10,526 | ▲ 54.0% |
| Income taxes67/77 | €3,783 | €3,239 | €236 | €197 | - | - | - | - | - |
| Profit (loss) for the period9904 | €8,020 | €7,711 | -€2,482 | -€3,711 | -€60,344 | -€655 | -€22,893 | -€10,526 | ▲ 54.0% |
| Profit (loss) for the period to be appropriated9905 | €8,020 | €7,711 | -€2,482 | -€3,711 | -€60,344 | -€655 | -€22,893 | -€10,526 | ▲ 54.0% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €109,456 | €119,451 | €122,509 | €111,517 | €52,546 | €48,333 | €41,365 | €40,114 | ▼ 3.0% |
| Fixed assets21/28 | €52,992 | €52,992 | €52,992 | €52,992 | €48,167 | €44,685 | €40,852 | €37,720 | ▼ 7.7% |
| Tangible fixed assets22/27 | €15,808 | €15,808 | €15,808 | €15,808 | €48,167 | €44,685 | €40,852 | €37,720 | ▼ 7.7% |
| Land and buildings22 | - | - | - | €15,808 | €47,116 | €43,984 | €40,852 | €37,720 | ▼ 7.7% |
| Plant, machinery and equipment23 | - | - | - | - | €725 | €483 | - | - | - |
| Furniture and vehicles24 | - | - | - | - | €326 | €218 | - | - | - |
| Financial fixed assets28 | €37,184 | €37,184 | €37,184 | €37,184 | - | €0 | - | - | - |
| Current assets29/58 | €56,464 | €66,459 | €69,517 | €58,525 | €4,379 | €3,648 | €513 | €2,394 | ▲ 367% |
| Amounts receivable after more than one year29 | - | - | - | €15,000 | - | - | - | - | - |
| Trade receivables290 | - | - | - | €15,000 | - | - | - | - | - |
| Amounts receivable within one year40/41 | €18,106 | €15,936 | €13,486 | €5,926 | - | - | - | €2,352 | - |
| Other amounts receivable41 | - | - | - | €5,926 | - | - | - | €2,352 | - |
| Cash at bank and in hand54/58 | €352 | €211 | €12 | €2,021 | €3,977 | - | €39 | €42 | ▲ 7.7% |
| Deferred charges and accrued income490/1 | - | - | - | €35,578 | €402 | €3,648 | €474 | - | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €109,456 | €119,451 | €122,509 | €111,517 | €52,546 | €48,333 | €41,365 | €40,114 | ▼ 3.0% |
| Equity10/15 | €91,603 | €99,314 | €96,832 | €93,121 | €32,777 | €32,122 | €9,230 | -€1,297 | - |
| Contributions10/11 | €68,200 | €68,200 | - | €68,200 | €68,200 | €68,200 | €68,200 | €68,200 | = |
| Reserves13 | €23,403 | €31,114 | €28,632 | €24,921 | €6,946 | €6,946 | €6,946 | €6,946 | = |
| Non-distributable reserves130/1 | - | - | - | €6,946 | €6,946 | €6,946 | €609 | €609 | = |
| Reserves not available under the articles1311 | - | - | - | €6,337 | €6,946 | €6,946 | €609 | €609 | = |
| Other1319 | - | - | - | €609 | - | - | - | - | - |
| Distributable reserves133 | - | - | - | €17,975 | - | - | €6,337 | €6,337 | = |
| Profit (loss) carried forward14 | - | - | - | - | -€42,369 | -€43,024 | -€65,916 | -€76,443 | ▼ 16.0% |
| Provisions and deferred taxes16 | - | - | - | - | - | - | €20,000 | €20,000 | = |
| Provisions for liabilities and charges160/5 | - | - | - | - | - | - | €20,000 | €20,000 | = |
| Environmental obligations163 | - | - | - | - | - | - | €20,000 | €20,000 | = |
| Amounts payable17/49 | €17,853 | €20,137 | €25,677 | €18,396 | €19,769 | €16,211 | €12,135 | €21,411 | ▲ 76.4% |
| Amounts payable within one year42/48 | €17,353 | €19,637 | €21,579 | €14,298 | €14,071 | €14,326 | €12,135 | €21,411 | ▲ 76.4% |
| Trade debts44 | €565 | €1,691 | €623 | - | €33 | €33 | - | - | - |
| Suppliers440/4 | - | - | - | - | €33 | €33 | - | - | - |
| Taxes, remuneration and social security45 | - | - | - | €1,048 | €1,020 | €1,019 | - | - | - |
| Taxes450/3 | - | - | - | €1,048 | €1,020 | €1,019 | - | - | - |
| Other amounts payable47/48 | - | - | - | €13,250 | €13,018 | €13,274 | €12,135 | €21,411 | ▲ 76.4% |
| Accrued charges and deferred income492/3 | - | - | - | €4,098 | €5,698 | €1,885 | - | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €8,020 | €7,711 | -€2,482 | -€3,711 | -€60,344 | -€655 | -€22,893 | -€10,526 | ▲ 54.0% |
| + Depreciation and write-downs630 | - | - | - | - | €10 | €3,482 | €3,132 | €3,132 | = |
| Operating cash flow (approximation) | €8,020 | €7,711 | -€2,482 | -€3,711 | -€60,334 | €2,827 | -€19,761 | -€7,394 | ▲ 62.6% |
| Investment in fixed assets (approximation) | - | €0 | €0 | €0 | €4,815 | €0 | €701 | €0 | ▼ 100% |
| Change in cash | - | -€141 | -€199 | €2,009 | €1,956 | - | - | €3 | - |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Latest 10 of 32 filings with the National Bank
| Financial year | Type | Filed | Reference |
|---|---|---|---|
| 31-12-2025 | micro format | 28-09-2026 | 2026-00526894 |
| 31-12-2024 | full format | 10-03-2025 | 2025-00046475 |
| 31-12-2023 | full format | 30-08-2024 | 2024-00442308 |
| 31-12-2022 | full format | 29-09-2023 | 2023-00469487 |
| 31-12-2021 | full format | 31-08-2022 | 2022-20419211 |
| 31-12-2020 | full format | 07-06-2021 | 2021-17900248 |
| 31-12-2019 | full format | 28-08-2020 | 2020-47200591 |
| 31-12-2018 | full format | 01-06-2019 | 2019-15500399 |
| 31-12-2017 | full format | 27-08-2018 | 2018-51100586 |
| 31-12-2016 | full format | 28-08-2017 | 2017-49800094 |
Public contracts: No European public contracts awarded found since October 2016. Contracts below the EU thresholds are not in TED.
Directors
Board 3
Permanent representatives 1
Not every act has been read: a resignation may still be missing
Mandate history
- Board
- began earlier
| Name | Functions and periods |
|---|---|
| BARTCZAK Romuald Robert |
|
| NEES Christel Josine Guido |
|
| AKM SERVICES |
|
| Bartczak Romuald |
|
| Nees Christel |
|
Owners and capital
Owners
1 ownerChain of control
- AKM SERVICES
- BAGECO
Highest known parent: AKM SERVICES. The sources do not say who stands above it.
Owners 1
- AKM SERVICESparentSourceact 06-05-2025100%
Sources: the companies' annual accounts, the acts in the Belgian Official Gazette and the LEI register. Annual accounts state the shareholders that notified the company under article 7:225 of the Code of Companies and Associations and the parent companies that consolidate it. 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 include these statements in its annual accounts, or does not have to, is not listed.
Capital and shareholders
- AKM Services (BE 0761.563.925) all shares · 100%
- Bartczak Romuald to AKM Services (BE 0761.563.925) 2,700 shares
- Nees Christel to AKM Services (BE 0761.563.925) 50 shares
The Belgian Official Gazette names shareholders only when an act mentions them; the share register itself is not published.
- 31-01-2025 Capital stated in the deed · 2,750 shares
Group and network
Connections & network
3 current directorsThe network starts from this company’s directors. Other companies they run appear here as nodes.
History
Acts, filings and financial milestones
06-05
Gazette deed
Resignations: Bartczak Romuald (administrateur gérant) and Nees Christel (administratrice gérante)Appointment: AKM Services (sole director) · Permanent representative: Sen Mehmet · Share transfer9 facts ▸
- General meeting, 23-04-2025
- Share transfer, Bartczak Romuald → AKM Services
- Share transfer, Nees Christel → AKM Services
- Director resignation, Bartczak Romuald (administrateur gérant)
- Director resignation, Nees Christel (administratrice gérante)
- Director appointment, AKM Services (sole director)
- Permanent representative, Sen Mehmet (representative)
- Shareholding, “suite aux cessions mentionnées ci-dessus”, 2750 (deed in French)
- Other provision, “meeting attendance”, 23-04-2025 (deed in French) (2 times)
31-01
Gazette deed
Resignations: BARTCZAK Romuald Robert (manager) and NEES Christel Josine Guido (manager)Appointments: BARTCZAK Romuald Robert (director) and NEES Christel Josine Guido (director) · Capital conversion · Amendment of the articles14 facts ▸
- General meeting, 20-12-2024
- Other provision, “adaptation des statuts au Code des sociétés et des associations, Première résolution” (deed in French)
- Capital conversion, “de plein droit, Deuxième résolution” (deed in French)
- Other provision, “suppression du compte de capitaux propres statutairement indisponible, fonds disponibles pour distribution” (deed in French)
- Amendment of the articles
- Capital
- Power of attorney, Sandry Gypens
- Director resignation, BARTCZAK Romuald Robert (manager)
- Director appointment, BARTCZAK Romuald Robert (director (not named in the articles))
- Director resignation, NEES Christel Josine Guido (manager)
- Director appointment, NEES Christel Josine Guido (director (not named in the articles))
- Other provision, “décharge au gérant démissionnaire, assemblée générale décidera à la prochaine assemblée générale annuelle” (deed in French)
- +2 further facts in this act
About the unread acts
Of the 3 Belgian Official Gazette deeds we know for this company, 2 have been read. The other one has not been read yet: what they contain is neither established nor disproved here.
Register details
No listing in the Peppol Directory under this enterprise or VAT number. That proves nothing: being listed there is voluntary.
What can you do?
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If you follow this company, Checked tells you the day it appears in the Peppol register.
Register as of 28 October 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.
Environmental permits: No permit applications found in Flanders. Brussels and Wallonia do not publish the applicant.
Sites & property
1 establishment unit
1 parcel
| Cadastral parcel | Region | Area | Buildings | Height / floors |
|---|---|---|---|---|
| 21821B0383/00C000 | Brussels | 490 m² | - | - |
How the parcels are linked
Articles of association
What the company does
- PurposeThe activities the company may carry out under its articles.
- “La société a pour objet de faire soit pour elle-même,soit pour compte de tiers ou en participation avec des tiers toutes opérations…” (deed in French)
4 activities (deed in French)
- La société a pour objet de faire soit pour elle-même,soit pour compte de tiers ou en participation avec des tiers toutes opérations immobilières,notamment l'achat,la vente,la construction,la location,la restauration,la négociation,la rénovation,l'exploitation et la mise en valeur dans le sens le plus large de tous biens immeubles et de terrains généralement quelconques.
- Elle pourra réaliser son objet en tous lieux,de toutes les manières et suivant les modalités qui lui paraitront les mieux appropriées.
- La société peut effecteur toutes opérations commerciales,industrielles,financières,mobilières ou immobilières se se rapportant directement ou indirectement à son objet.
- La société peut s'intéresser par toutes voies,dans toutes affaires,entreprises ou sociétés ayant un objet analogue,similaire ou connexe au sien ou qui soient de nature à favoriser le développement de son entreprise,à lui procurer des matières premières ou à faciliter l'écoulement de ses produits
- DurationHow long the company exists; usually unlimited, so until it is dissolved.
- Unlimited
- Name clauseThe name the company operates under according to its articles.
- BAGECO
- Registered office clauseThe region of the registered office; it decides among other things the language of official documents.
- “Région de Bruxelles-Capitale, Belgique,étranger” (deed in French)
Who represents it, and how
- Who signsWho may bind the company towards others, for example by signing a contract.
- Each director alone
- Board ruleHow the board is made up, meets and takes decisions.
- “Avec ou sans limitation, un ou plusieurs administrateurs” (deed in French)
Capital, shares and profit
- Kind of sharesWhich classes of shares exist and what rights each class carries.
- “Nominatives, usufruitier et nu-propriétaire inscrits séparément avec droits respectifs” (deed in French)
- Transfer restrictionWhether shareholders may sell their shares freely or need approval first.
- “Moitié cédant,moitié acquéreurs au prorata, mêmes formalités si non de plein droit actionnaires” (deed in French)
- Share issue ruleHow and by whom new shares can be issued.
- “Apport en numéraire avec émission de nouvelles actions, courrier électronique,à défaut courrier ordinaire même jour” (deed in French)
Meetings and financial year
- Annual meetingWhen the shareholders meet each year, among other things to approve the annual accounts.
- “TITRE V. ASSEMBLEE GENERALE Article 16. Tenue et convocation Il est tenu chaque année, au siège, une assemblée générale ordinaire le 1ier…” (deed in French)
Oversight and winding up
- Dissolution ruleWhen and by whom the company can be dissolved.
- “Assemblée générale délibérant dans formes prévues pour modifications aux statuts, en tout temps” (deed in French)
- Liquidation ruleHow assets are shared after dissolution: creditors first, then shareholders.
- “Dissolution pour quelque cause et à quelque moment, faculté assemblée de désigner un ou plusieurs liquidateurs et déterminer pouvoirs et…” (deed in French)