BALTHUS
ActiveSummary
The computed 12-month bankruptcy probability of BALTHUS is 2.5% (moderate). The 2025 annual accounts show negative equity (€-601k) and a net result of €274. Equity is shrinking by ~6.8% per year across the filed fiscal years. Its solvency ranks better than 5% of 13417 sector peers (fiscal year 2025). The company has been active since 2012 and the Belgian State Gazette contains no insolvency or warning signals.
Checked score
Score 2025
Axes · tick = 2024
Profitability77▲+27
Solvency0=
Growth58=
Track record100
Bankruptcy probability, 12 months
2.5%
Moderate
0%0.5%1.5%4%10%≥ 25%
No credit on open account
balance sheet total too small for a liquidity verdict, and equity is negative.
Credit check for your own amount and term
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 56
Relative position
BE, all sectors
reference
Food and beverage service activities (NACE 56)
about 206% 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 2025Age of the figures
Age of the figures
9 mo
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 · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 5% of 13417 sector peers (2025).
NBB · sector comparisonPosition among 13417 sector peers
Solvency
better than 5%
← 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 25-08-2026, 25 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
25 d late
2024
28 d early
2023
13 d late
2022
25 d late
2021
18 d late
2020
26 d late
2019
73 d late
← before the deadline
after the deadline →
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
25-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, micro schema
Equity
€-601k=
2024 · €-601k
2018: €-356khighest in 8 years
2019: €-372k▼ -4.4% vs 2018
2020: €-424k▼ -14.0% vs 2019
2021: €-535k▼ -26.2% vs 2020
2022: €-554k▼ -3.6% vs 2021
2023: €-581k▼ -4.9% vs 2022
2024: €-601k▼ -3.4% vs 2023lowest in 8 years
2025: €-601k● +0.0% vs 2024
2018 → 2025
Total assets
€4k▼ 83.9%
2024 · €25k
2018: €453khighest in 8 years
2019: €380k▼ -16.1% vs 2018
2020: €294k▼ -22.7% vs 2019
2021: €175k▼ -40.5% vs 2020
2022: €123k▼ -29.7% vs 2021
2023: €69k▼ -44.0% vs 2022
2024: €25k▼ -63.4% vs 2023
2025: €4k▼ -83.9% vs 2024lowest in 8 years
2018 → 2025
Net result
€274
2024 · €-20k
2018: €-195klowest in 8 years
2019: €-16k▲ +92.1% vs 2018
2020: €-52k▼ -237% vs 2019
2021: €-111k▼ -113% vs 2020
2022: €-19k▲ +82.9% vs 2021
2023: €-27k▼ -42.3% vs 2022
2024: €-20k▲ +26.8% vs 2023
2025: €274▲ +101% vs 2024highest in 8 years
2018 → 2025
Working capital
€-7k▲ 41.2%
2024 · €-12k
2018: €-213k
2019: €-467k▼ -120% vs 2018lowest in 8 years
2020: €-62k▲ +86.8% vs 2019
2021: €-33k▲ +47.0% vs 2020
2022: €-16k▲ +50.3% vs 2021
2023: €-5k▲ +68.1% vs 2022highest in 8 years
2024: €-12k▼ -125% vs 2023
2025: €-7k▲ +41.2% vs 2024
2018 → 2025
Trend over the years
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€-535k-€-554k▼ 3.6%€-581k▼ 4.9%€-601k▼ 3.4%€-601k=
2021: €-535khighest in 5 years
2022: €-554k▼ -3.6% vs 2021
2023: €-581k▼ -4.9% vs 2022
2024: €-601k▼ -3.4% vs 2023lowest in 5 years
2025: €-601k● +0.0% vs 2024
Operating result€-111k-€-19k▲ 83.0%€-27k▼ 42.7%€-20k▲ 27.0%€406
2021: €-111klowest in 5 years
2022: €-19k▲ +83.0% vs 2021
2023: €-27k▼ -42.7% vs 2022
2024: €-20k▲ +27.0% vs 2023
2025: €406▲ +102% vs 2024highest in 5 years
Net result€-111k-€-19k▲ 82.9%€-27k▼ 42.3%€-20k▲ 26.8%€274
2021: €-111klowest in 5 years
2022: €-19k▲ +82.9% vs 2021
2023: €-27k▼ -42.3% vs 2022
2024: €-20k▲ +26.8% vs 2023
2025: €274▲ +101% vs 2024highest in 5 years
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result returns to profit in 2025: €406 after a loss of €20k in 2024, the highest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €4k
Fixed assets
€318 ▼ 98.7%
Current assets
€4k ▲ 916%
Key figures and ratios
EBITDA
€25k▲
2024 · €24k
Cash flow
€25k▲
2024 · €24k
Interest coverage
188.86▲
2024 · 182.22
Debt
€605k▼
2024 · €626k
Debt ≤ 1 year
€11k▼
2024 · €12k
Debt > 1 year
€594k▼
2024 · €614k
Ratios withheld: a balance sheet total of €4k is too small for a meaningful ratio.
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Filed annual accounts As filed with the NBB · 2025 against 2024 · 32 lines
Balance sheet
Code20242025
Assets
Total assets20/58€25k€4k▼
Fixed assets21/28€25k€318▼
Tangible fixed assets22/27€25k€318▼
Plant, machinery and equipment23€663€65▼
Other tangible fixed assets26€24k€253▼
Current assets29/58€370€4k▲
Cash at bank and in hand54/58€20€3k▲
Deferred charges and accrued income490/1€350€331▼
Equity and liabilities
Total equity and liabilities10/49€25k€4k▼
Equity10/15€-601k€-601k=
Contributions10/11€19k€19k=
Profit (loss) carried forward14€-619k€-619k=
Amounts payable17/49€626k€605k▼
Amounts payable after more than one year17€614k€594k▼
Financial debts170/4€614k€594k▼
Amounts payable within one year42/48€12k€11k▼
Trade debts44€350-
Suppliers440/4€350-
Taxes, remuneration and social security45€126-
Taxes450/3€126-
Other amounts payable47/48€12k€11k▼
Income statement
Code20242025
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€44k€25k▼
Other operating charges640/8€387€400▲
Gross operating margin9900€24k€25k▲
Operating profit (loss)9901€-20k€406▲
Financial charges65/66B€132€132▲
Recurring financial charges65€132€132▲
Profit (loss) for the period before taxes9903€-20k€274▲
Profit (loss) for the period9904€-20k€274▲
Profit (loss) for the period to be appropriated9905€-20k€274▲
Appropriation of the result
Profit (loss) to be appropriated9906€-619k€-619k=
Profit (loss) brought forward from the previous period14P€-600k€-619k▼
The notes to these accounts (9 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Accounts by statement
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €52k | €50k | €50k | €44k | €25k | ▼ 43.8% |
| Other operating charges640/8 | €71k | €348 | €384 | €387 | €400 | ▲ 3.2% |
| Non-recurring operating charges66A | €23k | - | - | - | - | - |
| Gross operating margin9900 | €36k | €31k | €23k | €24k | €25k | ▲ 4.1% |
| Operating profit (loss)9901 | €-111k | €-19k | €-27k | €-20k | €406 | ▲ 102% |
| Financial income75/76B | €10 | - | - | - | - | - |
| Recurring financial income75 | €10 | - | - | - | - | - |
| Financial charges65/66B | €184 | €133 | €126 | €132 | €132 | ▲ 0.4% |
| Recurring financial charges65 | €184 | €133 | €126 | €132 | €132 | ▲ 0.4% |
| Profit (loss) for the period before taxes9903 | €-111k | €-19k | €-27k | €-20k | €274 | ▲ 101% |
| Profit (loss) for the period9904 | €-111k | €-19k | €-27k | €-20k | €274 | ▲ 101% |
| Profit (loss) for the period to be appropriated9905 | €-111k | €-19k | €-27k | €-20k | €274 | ▲ 101% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €175k | €123k | €69k | €25k | €4k | ▼ 83.9% |
| Fixed assets21/28 | €169k | €119k | €69k | €25k | €318 | ▼ 98.7% |
| Tangible fixed assets22/27 | €169k | €119k | €69k | €25k | €318 | ▼ 98.7% |
| Plant, machinery and equipment23 | €2k | €2k | €1k | €663 | €65 | ▼ 90.2% |
| Furniture and vehicles24 | €0 | - | - | - | - | - |
| Other tangible fixed assets26 | €166k | €117k | €67k | €24k | €253 | ▼ 99.0% |
| Current assets29/58 | €6k | €4k | €387 | €370 | €4k | ▲ 916% |
| Amounts receivable within one year40/41 | - | €3k | €15 | - | - | - |
| Trade receivables40 | - | €3k | - | - | - | - |
| Other amounts receivable41 | - | - | €15 | - | - | - |
| Cash at bank and in hand54/58 | €6k | €922 | €30 | €20 | €3k | ▲ 17,413% |
| Deferred charges and accrued income490/1 | €286 | €321 | €341 | €350 | €331 | ▼ 5.5% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €175k | €123k | €69k | €25k | €4k | ▼ 83.9% |
| Equity10/15 | €-535k | €-554k | €-581k | €-601k | €-601k | = |
| Contributions10/11 | €19k | €19k | €19k | €19k | €19k | = |
| Profit (loss) carried forward14 | €-553k | €-573k | €-600k | €-619k | €-619k | = |
| Amounts payable17/49 | €710k | €677k | €650k | €626k | €605k | ▼ 3.4% |
| Amounts payable after more than one year17 | €654k | €654k | €644k | €614k | €594k | ▼ 3.3% |
| Financial debts170/4 | €654k | €654k | €644k | €614k | €594k | ▼ 3.3% |
| Amounts payable within one year42/48 | €39k | €21k | €6k | €12k | €11k | ▼ 11.9% |
| Trade debts44 | €156 | - | - | €350 | - | - |
| Suppliers440/4 | €156 | - | - | €350 | - | - |
| Taxes, remuneration and social security45 | €1k | €76 | - | €126 | - | - |
| Taxes450/3 | €1k | €76 | - | €126 | - | - |
| Other amounts payable47/48 | €38k | €21k | €6k | €12k | €11k | ▼ 8.3% |
| Accrued charges and deferred income492/3 | €17k | €2k | €348 | - | - | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €-111k | €-19k | €-27k | €-20k | €274 | ▲ 101% |
| + Depreciation and write-downs630 | €52k | €50k | €50k | €44k | €25k | ▼ 43.8% |
| Operating cash flow (approximation) | €-59k | €31k | €23k | €24k | €25k | ▲ 4.1% |
| Investment in fixed assets (approximation) | - | €0 | €0 | €0 | €0 | - |
| Change in cash | - | €-5k | €-892 | €-11 | €3k | ▲ 31,886% |
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
25-08
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema · 25 days late
2025
31-12
Financial
Back to profitnet €274
Net result €274 after 7 loss-making years.
03-07
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
13-08
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 13 days late
2023
25-08
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 25 days late
2022
18-08
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 18 days late
2021
26-08
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 26 days late
2020
12-10
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 73 days late
2019
27-09
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema · 58 days late
2018
29-08
NBB filing
Annual accounts filed
fiscal year 2017 · full schema · 29 days late
11-04
NBB filing
Annual accounts filed
fiscal year 2016 · micro schema · 254 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 6 acts read
About the unread acts
We know of 6 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
6 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, Linkebeek · 1 establishment unit since 2012
Ground area
2,709 m²
Building footprint
487 m²
Volume, LiDAR
4,146 m³
2 parcels, Brussels, Flanders · tallest building 17.9 m, ±3 floors. Linked by address, not a title deed.
1 establishment unit
Terhulpsesteenweg 194, 1170 Watermaal-Bosvoorde
since 20122.214.251.761
2 parcels
Flanders
1
(50%)
Brussels
1
(50%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 22003B0063/00X002 | Flanders | 2,313 m² | 1 · 154 m² | 8.4 m · 2 fl. |
| 21652E0699/00P000 | Brussels | 395 m² | 1 · 333 m² | 17.9 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 14,009 companies in sector 56301 we hold annual accounts for 4,892. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company
Founded08-11-2012
Fiscal year end31-12
Activities, NACEBEL 2025
56301Cafés and bars
10712Artisanal bread and fresh pastry making
56112Limited-service restaurants, excluding mobile food services
56210Event catering
82300Organisation of conventions and trade shows
85599Other education
Scores and ratios are computed by Checked and are not a credit decision.