Equity
€88.9m from €188.6m in 2011
Equity fell by 53% in 15 years.
BALTA INDUSTRIES
Lifetime
18 annual accounts with figures on one time axis, 35 filings since 1991peak €480.1m (2017)
€132.5m▼ 21.1%
lowest -€73.8m (2026)
-€73.8m▼ €80.1m
peak €188.6m (2011)
€88.9m▲ 177%
€147.4m▼ 43.2%
peak 2,716.5 FTE (2008)
677.9 FTE▼ 22.0%
Board46 names since 2003all names
2 directorsVictoria Midco Holdings Ltd. and 1 other
Owners7 names in the annual accountsall names
consolidatesVictoria PLC
Documentsfilings and deeds
28-10-20263 days before the deadline
2026financial year
Turnover from €167.9m to €132.5mLoss of €73.8mStaff from 869.2 FTE to 677.9 FTEResignation: Marc Dessein BV (director) 21-08Capital increase of €70,000,000 to €124,536,778.84 07-04Capital increase of €70,000,000 to €124,536,778.84 31-03
Key points
from the 2026 annual accountsResult
-€73.8m -€73.8m
From profit to loss in 2026, after a profit of €6.3m in 2025.
Staff
677.9 FTE from 2,716.5 in 2008
Between 2008 and 2026, 75% of the full-time equivalents disappeared.
Payment terms
108 days to suppliers
BALTA INDUSTRIES pays its suppliers 16 days later than in 2025. Customers pay 42 days later.
Filings
35 annual accounts 46 filings since 1991
The 2016 accounts came 22 days late. The other nine of the last ten were filed on time.
Board
1 joined · 1 left
Board changed. Latest change 10-07-2026 · 2 in office.
Equity +177%: capital increase
Checked score
55
Fair
Financially stronger than 40% of all companies
Probability in this band: 1.5% to 4.2%
A net loss of at least half of total assets or of the equity at the start of the financial year caps the score at 59.
Bankruptcy probability within 12 months
0.6% Low
0%0.5%1.5%4%10%≥ 25%
The dashed line is the sector median: 0.2% across 8 companies (NACE 13, large).
About 6 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
Last 24 months
12-2024: 0.4%
01-2025: 0.4%● unchanged vs 12-2024
02-2025: 0.4%● unchanged vs 01-2025
03-2025: 0.4%● unchanged vs 02-2025
04-2025: 0.4%● unchanged vs 03-2025
05-2025: 0.4%● unchanged vs 04-2025
06-2025: 0.4%● unchanged vs 05-2025
07-2025: 0.4%● unchanged vs 06-2025
08-2025: 0.4%● unchanged vs 07-2025
09-2025: 0.4%● unchanged vs 08-2025
10-2025: 0.5%▲ +0.1 percentage points vs 09-2025
11-2025: 0.4%▼ -0.1 percentage points vs 10-2025
12-2025: 0.4%● unchanged vs 11-2025
01-2026: 0.4%● unchanged vs 12-2025
02-2026: 0.4%● unchanged vs 01-2026
03-2026: 0.4%● unchanged vs 02-2026
04-2026: 0.4%● unchanged vs 03-2026
05-2026: 0.4%● unchanged vs 04-2026lowest value
06-2026: 0.4%● unchanged vs 05-2026
07-2026: 0.4%● unchanged vs 06-2026
08-2026: 0.4%● unchanged vs 07-2026
09-2026: 0.4%● unchanged vs 08-2026
10-2026: 0.6%▲ +0.2 percentage points vs 09-2026highest value
11-2026: 0.6%● unchanged vs 10-2026
Financial strengthWeak
Score breakdown
raises risk
Capped at 59: a net loss of at least half of total assets or of the equity at the start of the financial year
Loss of €73.8m (financial year 2026)
Liquidity: current ratio 1.38, cash €2.9m, halved
lowers risk
Sector: Manufacture of textiles (NACE 13)
Size: turnover €132.5m, 677.9 FTE, total assets €273.3m
Calculation
The band follows from the bankruptcy probability. 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 (all companies). It does better than 47% of them on solvency, 50% on liquidity, 4% on profitability and 57% on growth.
The bankruptcy probability was computed on 07-11-2026 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.
The probability rests on the annual accounts with balance sheet date 31-03-2026.
Of the companies with a bankruptcy probability in the low class on 30-06-2025, 0.8% went bankrupt within twelve months.
Some facts cap the score, however low the probability. With negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late, the score is Fair at most (59). With two missing filings, it is Weak at most (44). During a judicial reorganisation or at the company's end (bankruptcy, dissolution, liquidation), it is Critical at most (24).
Comparable companies, two years later
In July 2024, 6,868 companies had the same profile as BALTA INDUSTRIES has now. Each dot stands for 18 companies, two years later.
85.5%
were still trading
12.7%
stopped another way
1.6%
went bankrupt
Another 0.3% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of BALTA INDUSTRIES itself: 0.6% within 12 months.
Test of the method
The method was tested on the 497,447 companies of July 2024. Each company was given the bankruptcy share of the same profile a year earlier, in July 2023. The expectation was that 1.6% would go bankrupt within 24 months. In fact 1.7% went bankrupt.
| 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% |
A company that went bankrupt had a higher expected share than one that kept going in 74.5% of comparisons. The level depends on the economy. In a year with more bankruptcies than the year before, the actual share is higher than the expected one.
This is an observation about 6,868 companies, not a prediction for BALTA INDUSTRIES. The sector does not count, because the KBO no longer lists a sector for a company that has stopped. By sector, mostly the survivors would count, which would paint too rosy a picture.
Credit verdict
Credit of up to €4,850,000 on 30-day terms, only on tighter conditions
Net loss of at least half of total assets or of the equity at the start of the financial year.
Liquidity is tight, with a current ratio of 1.38 (1.41 in 2025), below the usual 1.5. Short-term debt is 20.4% and cash 1.1% of total assets. 67.5% of the assets are financed with debt and provisions.
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The scores and ratios are Checked's own calculations, not a credit decision.
Signals
Six signals.
lowers riskraises riskneutral
lowers risk · Growing equity
Reported equity is higher than in 2024 and did not fall compared with 2025. These amounts do not establish the cause of the change.
NBB · annual accounts 2026Equity per financial year
1819202223242526
2018 to 2026 · latest year €88.9m
neutral · Latest accounts filed on time
The financial year that closed on 31-03-2026 was due by 31-10-2026 and was filed on 28-10-2026, 3 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2026
3 days early
2025
21 days early
2024
31 days early
2023
27 days early
2022
21 days early
2020
19 days early
2019
23 days early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
The company filed its last 7 accounts on average 21 days before the deadline. In the sector (NACE 13), the median for financial year 2024 was 13 days before the deadline, and 32% of those companies filed late.
Searched, nothing found (2)
neutral · Next filing not due yet
The next financial year closes on 31-03-2027 and is due by 31-10-2027. Nothing is late today. The company usually files around 10 October (5 of the last 5 accounts filed within 30 days either side of that date).
Companies Code · seven monthsWhere today falls in the filing period
08-11-2026 today31-03-2027 year end31-10-2027 deadline
Board and ownership
VM
Victoria Midco Holdings Ltd.
Director, Roberto Moreno, since 16-06-2025
DC
DWR Consulting BV
Director, Renaat de Wilde, since 10-07-2026
- VICTORIA P.L.C. consolidatedLEI register
Shares in 5 companies, including BALTA ORIENT TEKSTIL SANAYI VE TICARET A.S and BALTA US
Board & ownershipRecent changes
Resignation: Marc Dessein BV (director)
Appointment: DWR Consulting BV (director) · Gazette deed
Capital increase of €70,000,000 to €124,536,778.84
Capital from €54,536,778.84 to €124,536,778.84 · Gazette deed
Capital increase of €70,000,000 to €124,536,778.84
Capital from €54,536,778.84 to €124,536,778.84, 1,742,380 new shares · Contribution: Victoria Midco Holdings Limited · General meeting of 26-03-2026 · Gazette deed
Capital increase · Amendment of the articles
Capital from 62111911.22 to 110658444.15, 595,517 new shares · Capital from 110658444.15 to 54536778.84 · Contribution: Victoria Midco Holdings Limited (€48,546,532.93) · General meeting of 27-11-2025 · Gazette deed
Comparable companies
same main activity, similar in size and age| Company | ||||
|---|---|---|---|---|
| BALTA INDUSTRIES Wielsbeke | €132.5m | -44.4% | 32.5% | 677.9 |
| B.I.G. FLOORCOVERINGS Wielsbeke | €129.8m | 10.0% | 66.1% | 237.6 |
| IVC Avelgem | €349.8m | 7.0% | 88.5% | 678.3 |
| SPORTS AND LEISURE GROUP Sint-Niklaas | €88.6m | -4.4% | 32.2% | 104.1 |
| BFS Europe NV Kruisem | €130.2m | -1.9% | 20.8% | 407.8 |
| Associated Weavers Europe Ronse | €127.3m | -2.6% | 30.2% | 367.5 |
| Tarkett Dendermonde | €94.3m | 1.9% | 25.8% | 259.1 |
Grey: the largest companies of the sector (textiles (NACE 13)), without their names. Blue: the sector peers from the table.
These companies have the same main activity as BALTA INDUSTRIES: manufacture of textiles (NACE 13930). They are comparable in size and age: total assets between €55m and €288m, founded between 1964 and 2004.
Official details
Source: KBO- Status
- Active since 01-10-1990Normal situation
- Activity
- Manufacture of textilesNACE 13930and 3 others
- Joint committees
- 120Textile industry
- 214White-collar workers in the textile industry · annual accounts 31-03-2026
- Establishment units
- 2.050.237.3328710 Wielsbeke, since 13-11-1990
- 2.050.237.4318793 Waregem, since 13-11-1990and 1 other
- Financial year end
- 31 March
- Peppol
- Reachable since 01-12-2025
Annual accounts to 31-03-2026
- €273.3m▼ 9.2%
- Employeeson 31-03-2026
- 386▼ 54.7%
- Filing
- Filed on 28-10-2026, 3 days before the end of the filing period
Companies linked to BALTA INDUSTRIES
Subsidiaries and holdings
- Ragolle Rugs100%
- BALTA OUDENAARDE95.36%
Insights on BALTA INDUSTRIES
BALTA INDUSTRIES has existed since 1990. Turnover fell from €433.1m in 2008 to €132.5m in 2026 and staff from 2,716.5 to 677.9 full-time equivalents.
Turnover has fallen every year since 2022. Solvency rose in 2026 from 10.7% to 32.5% because of a capital increase and lower debts.
In May 2022, three directors stepped down.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette. Click a figure with a dotted line for the item and the filing.
Key facts about BALTA INDUSTRIES
- What is the company number of BALTA INDUSTRIES?
- The company number of BALTA INDUSTRIES is 0441.533.409. The VAT number is the same number with BE in front: BE 0441.533.409.
- Where is BALTA INDUSTRIES based?
- The registered office is at Wakkensteenweg (S.B.V.) 2, 8710 Wielsbeke.Company details
- What does BALTA INDUSTRIES do?
- According to the KBO register, the main activity is manufacture of textiles (NACE 13930).
- What is the legal form of BALTA INDUSTRIES?
- BALTA INDUSTRIES is a public limited company (NV).
- When was BALTA INDUSTRIES founded?
- BALTA INDUSTRIES was founded on 01-10-1990.
- Is BALTA INDUSTRIES still active?
- Yes, BALTA INDUSTRIES is an active enterprise in the KBO register.
- How many employees does BALTA INDUSTRIES have?
- BALTA INDUSTRIES had an average of 677.9 full-time equivalents in financial year 2026, according to the filed annual accounts.Financials
- Which joint committee does BALTA INDUSTRIES fall under?
- In its 31-03-2026 annual accounts, BALTA INDUSTRIES states joint committees 120 (Textile industry) and 214 (White-collar workers in the textile industry).
- What is the turnover of BALTA INDUSTRIES?
- The turnover of BALTA INDUSTRIES was €132.5m in financial year 2026, according to the filed annual accounts.
- Is BALTA INDUSTRIES profitable?
- In financial year 2026, BALTA INDUSTRIES made a loss of €73.8m.
- Where can I find the annual accounts of BALTA INDUSTRIES?
- BALTA INDUSTRIES filed 46 annual accounts with the National Bank of Belgium, the latest for financial year 2026.
- When are the next annual accounts of BALTA INDUSTRIES due?
- BALTA INDUSTRIES must file the annual accounts for financial year 2027 by 31-10-2027.Timeline
Next steps
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