BALMAR
ActiveSummary
BALMAR has been active since 1991 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €1.1m and a net result of -€35,563. Equity is shrinking by ~2.7% per year across the filed fiscal years. Its solvency ranks better than 95% of 7081 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.3% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability15▼-1
Solvency100=
Growth58=
Track record100
Bankruptcy probability, 12 months
0.3%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €70,000 at 30 days acceptable
Liquidity ample (current ratio 64.01 against 52.77 in 2024; short-term debt: 0.8% and cash: 0.4% of total assets), and 0.8% of the assets are financed with debt.
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Signals
Four 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
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
99.2%
Return on assets
-3.2%
Age of the figures
9 mo
raises risk · Persistent losses
Two consecutive loss-making years (2024 and 2025); equity is also lower. May indicate structural pressure on profitability.
NBB · annual accounts 2025Net result per financial year
1819202122232425
2018 to 2025 · latest year -€35,563
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 16-07-2026, 15 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
15 d early
2024
16 d early
2023
16 d early
2022
32 d early
2021
34 d early
2020
12 d early
2019
61 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 9 days before the deadline; the sector median for financial year 2024 is 6 days before the deadline, and 36% 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
27-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, micro schema
Equity
€1.1m▼ 3.1%
2024 · €1.2m
Total assets
€1.1m▼ 3.3%
2024 · €1.2m
Net result
-€35,563▼ 28.1%
2024 · -€27,757
Working capital
€557,586▼ 8.0%
2024 · €605,753
Trend over the years
Click a name to add, emphasise or remove a line.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result-€44,144▼ 44.6%-€25,945▲ 41.2%-€31,893▼ 22.9%-€32,631▼ 2.3%-€27,072▲ 17.0%
Net result-€41,451▲ 3.3%-€23,184▲ 44.1%-€31,316▼ 35.1%-€27,757▲ 11.4%-€35,563▼ 28.1%
Equity€1.2m▼ 3.2%€1.2m▼ 1.9%€1.2m▼ 2.6%€1.2m▼ 2.3%€1.1m▼ 3.1%
Total assets€1.2m▼ 4.2%€1.2m▼ 2.0%€1.2m▼ 2.1%€1.2m▼ 2.3%€1.1m▼ 3.3%
Debt€7,521▼ 62.4%€5,995▼ 20.3%€11,955▲ 99.4%€12,201▲ 2.1%€9,349▼ 23.4%
Working capital€687,985▼ 4.7%€664,995▼ 3.3%€640,364▼ 3.7%€605,753▼ 5.4%€557,586▼ 8.0%
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €27,072 in 2025 against €32,631 in 2024; the loss shrinks.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €1.1m
Fixed assets
€561,440 ▲ 2.3%
Current assets
€566,435 ▼ 8.3%
Equity and liabilities €1.1m
Equity
€1.1m ▼ 3.1%
Debt
€9,349 ▼ 23.4%
Debt's share of the balance-sheet total falls from 1.0% to 0.8%. Equity and debt are lower.
Key figures and ratios
EBITDA
-€18,592▲
2024 · -€25,557
Cash flow
-€27,082▼
2024 · -€20,683
Current ratio
64.01▲
2024 · 52.77
Debt to equity
0.01▼
2024 · 0.01
ROE
-3.2%▼
2024 · -2.4%
ROA
-3.2%▼
2024 · -2.4%
Interest coverage
-4.79▲
2024 · -7.54
Debt ≤ 1 year
€8,849▼
2024 · €11,701
Income taxes
-€98▲
2024 · -€200
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 8,594 companies that looked in July 2024 the way this one looks now, 0.4% went bankrupt within 24 months and 94% are still going.
- Small
- 20 years or older
- solvency 30% or more
- a small loss
0.4%
went bankrupt
5.2%
stopped otherwise
94%
still going
A further 0.3% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.3% 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 497,058 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% | 1.6% |
| 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 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 8,594 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 | - | - | €12,500 | - | - | - |
| Remuneration, social security and pensions62 | €1,007 | - | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €17,113 | €6,879 | €7,419 | €7,074 | €8,480 | ▲ 19.9% |
| Other operating charges640/8 | €6,943 | €7,723 | €8,489 | €6,516 | €6,379 | ▼ 2.1% |
| Gross operating margin9900 | -€19,082 | -€11,343 | -€15,985 | -€19,041 | -€12,213 | ▲ 35.9% |
| Operating profit (loss)9901 | -€44,144 | -€25,945 | -€31,893 | -€32,631 | -€27,072 | ▲ 17.0% |
| Financial income75/76B | €3,793 | €3,404 | €1,939 | €9,033 | €8,619 | ▼ 4.6% |
| Recurring financial income75 | €3,793 | €2,956 | €1,939 | €4,623 | €2,204 | ▼ 52.3% |
| Non-recurring financial income76B | - | €448 | - | €4,410 | €6,415 | ▲ 45.5% |
| Financial charges65/66B | €1,364 | €1,243 | €1,642 | €4,359 | €17,209 | ▲ 295% |
| Recurring financial charges65 | €1,364 | €1,243 | €1,642 | €3,391 | €3,883 | ▲ 14.5% |
| Non-recurring financial charges66B | - | - | - | €968 | €13,326 | ▲ 1,276% |
| Profit (loss) for the period before taxes9903 | -€41,716 | -€23,784 | -€31,595 | -€27,957 | -€35,661 | ▼ 27.6% |
| Income taxes67/77 | -€265 | -€600 | -€279 | -€200 | -€98 | ▲ 50.8% |
| Profit (loss) for the period9904 | -€41,451 | -€23,184 | -€31,316 | -€27,757 | -€35,563 | ▼ 28.1% |
| Profit (loss) for the period to be appropriated9905 | -€41,451 | -€23,184 | -€31,316 | -€27,757 | -€35,563 | ▼ 28.1% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €1.2m | €1.2m | €1.2m | €1.2m | €1.1m | ▼ 3.3% |
| Fixed assets21/28 | €548,859 | €548,665 | €541,980 | €548,835 | €561,440 | ▲ 2.3% |
| Tangible fixed assets22/27 | €548,859 | €548,665 | €541,980 | €548,835 | €561,440 | ▲ 2.3% |
| Land and buildings22 | €94,452 | €92,189 | €87,203 | €86,077 | €94,520 | ▲ 9.8% |
| Plant, machinery and equipment23 | €454,407 | €456,476 | €454,777 | €461,998 | €466,312 | ▲ 0.9% |
| Furniture and vehicles24 | - | - | - | €760 | €608 | ▼ 20.0% |
| Current assets29/58 | €695,006 | €670,490 | €651,819 | €617,454 | €566,435 | ▼ 8.3% |
| Amounts receivable within one year40/41 | €444,858 | €422,011 | €312,369 | €326,050 | €304,049 | ▼ 6.7% |
| Trade receivables40 | €79,860 | €52,030 | €43,560 | €52,030 | €26,190 | ▼ 49.7% |
| Other amounts receivable41 | €364,998 | €369,981 | €268,809 | €274,020 | €277,859 | ▲ 1.4% |
| Current investments50/53 | €242,223 | €238,701 | €334,976 | €283,574 | €255,586 | ▼ 9.9% |
| Cash at bank and in hand54/58 | €4,084 | €7,144 | €1,312 | €4,689 | €3,962 | ▼ 15.5% |
| Deferred charges and accrued income490/1 | €3,840 | €2,634 | €3,162 | €3,140 | €2,837 | ▼ 9.6% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €1.2m | €1.2m | €1.2m | €1.2m | €1.1m | ▼ 3.3% |
| Equity10/15 | €1.2m | €1.2m | €1.2m | €1.2m | €1.1m | ▼ 3.1% |
| Contributions10/11 | €1.3m | €1.3m | €1.3m | €1.3m | €1.3m | = |
| Reserves13 | €21,849 | €21,849 | €21,849 | €21,849 | €21,849 | = |
| Non-distributable reserves130/1 | €3,099 | €3,099 | €3,099 | €3,099 | €3,099 | = |
| Reserves not available under the articles1311 | €3,099 | €3,099 | €3,099 | €3,099 | €3,099 | = |
| Tax-exempt reserves132 | €18,750 | €18,750 | €18,750 | €18,750 | €18,750 | = |
| Profit (loss) carried forward14 | -€128,048 | -€151,232 | -€182,547 | -€210,304 | -€245,867 | ▼ 16.9% |
| Amounts payable17/49 | €7,521 | €5,995 | €11,955 | €12,201 | €9,349 | ▼ 23.4% |
| Amounts payable within one year42/48 | €7,021 | €5,495 | €11,455 | €11,701 | €8,849 | ▼ 24.4% |
| Current portion of amounts payable after more than one year42 | €1,784 | - | - | - | - | - |
| Trade debts44 | €2,721 | €2,158 | €8,661 | €8,670 | €5,646 | ▼ 34.9% |
| Suppliers440/4 | €2,721 | €2,158 | €8,661 | €8,670 | €5,646 | ▼ 34.9% |
| Taxes, remuneration and social security45 | €2,516 | €3,337 | €2,793 | €3,031 | €3,203 | ▲ 5.7% |
| Taxes450/3 | €2,516 | €3,337 | €2,793 | €2,817 | €3,090 | ▲ 9.7% |
| Remuneration and social security454/9 | - | - | - | €214 | €113 | ▼ 47.2% |
| Accrued charges and deferred income492/3 | €500 | €500 | €500 | €500 | €500 | = |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€41,451 | -€23,184 | -€31,316 | -€27,757 | -€35,563 | ▼ 28.1% |
| + Depreciation and write-downs630 | €17,113 | €6,879 | €7,419 | €7,074 | €8,480 | ▲ 19.9% |
| Operating cash flow (approximation) | -€24,338 | -€16,304 | -€23,897 | -€20,683 | -€27,082 | ▼ 30.9% |
| Investment in fixed assets (approximation) | - | -€6,686 | -€734 | -€13,929 | -€21,084 | ▼ 51.4% |
| Change in cash | - | €3,060 | -€5,832 | €3,377 | -€727 | ▼ 122% |
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
16-07
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
15-07
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
15-07
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
29-06
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
27-06
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
31-12
Financial
Liquidity doublescurrent ratio 98.99
Current ratio from 41.73 to 98.99; short-term debt falls from €17,730 to €7,021.
19-07
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
2020
31-12
Financial
Weakest financial yearnet -€42,847
Net result drops to -€42,847, the lowest in the series; recovery starts the following year.
30-09
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 61 days late
2019
19-07
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
2018
23-07
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema
2017
18-07
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 3 acts read
About the unread acts
We know of 3 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
3 acts for this company are 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, Kortrijk · 1 establishment unit since 1991
Ground area
322 m²
Building footprint
89 m²
Volume, LiDAR
656 m³
Parcel 34007B0153/00K010, Flanders · tallest building 9.6 m, ±2 floors. Linked by address, not a title deed.
1 establishment unit
BALMAR
since 19912.052.884.838
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 34007B0153/00K010 | Flanders | 322 m² | 1 · 89 m² | 9.6 m · 2 fl. |
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.
Recognitions · licences · registrations
Legal Entity Identifier
967600BFVIRT985JJ975
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Of 2,711 companies in sector 73200 we hold annual accounts for 1,781. 1,057 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company
Founded23-04-1991
Fiscal year end31-12
Activities, NACEBEL 2025
73200Market research and public opinion polling
E-invoicing
Reachable via Peppol
Peppol ID
0208:0444040165
Also
9925:BE0444040165
Registered
17-04-2025
Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.