BARDOEL
ActiveSummary
BARDOEL has been active since 1981 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show negative equity (-€49,118) and a net result of -€161,183. Equity is shrinking by ~29.2% per year across the filed fiscal years. Its solvency ranks better than 12% of 221 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.4% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability43▼-12
Solvency22▼-13
Growth32=
Track record100
Bankruptcy probability, 12 months
0.4%
Very low
0%0.5%1.5%4%10%≥ 25%
No credit on open account
Liquidity short (current ratio 0.18 against 0.72 in 2024; short-term debt: 102.2% and cash: 0% of total assets), and equity is negative.
Credit check for your own amount and term
Show the recommended maximum : and see how the verdict changes with amount, term and advance.
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 · 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
-3%
Return on assets
-9.7%
Age of the figures
9 mo
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 38
Relative position
BE, all sectors
reference
Waste collection, recovery and disposal activities (NACE 38)
about 10% more bankruptcies
← fewer bankruptcies
more bankruptcies →
raises risk · Negative equity
The 2025 annual accounts show negative equity and a net loss.
NBB · annual accounts 2025Equity per financial year
1819202122232425
2018 to 2025 · latest year -€49,118
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 09-06-2026, 52 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
52 d early
2024
50 d early
2023
33 d early
2022
46 d early
2021
27 d early
2020
44 d early
2019
51 d early
← 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 43 days before the deadline; the sector median for financial year 2024 is 8 days before the deadline, and 33% 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. Usually files around 15 June (5 of the last 5 filed years within 30 days of that day).
Companies Code · seven monthsPosition in the running window
01-10-2026 today31-12-2026 close31-07-2027 deadline
History
Go further with this company
How much credit can you give this customer, and on what term?Credit check What should you check before you do business with this company?Supplier due diligence Can you accept this company as a client under the anti-money-laundering law?AML client file Which of your other customers can you e-invoice via Peppol?Peppol check Which other companies belong to the same group?VALTECH · 20 companies How does this company compare with its sector?Sector benchmark
Your own company? See how customers, suppliers and banks see it and what to improve first.
Investigating this company? Keep it with today's facts in a case file.
Financials · fiscal year 2025, abbreviated schema
Equity
-€49,118
2024 · €112,066
Total assets
€1.7m▲ 44.3%
2024 · €1.1m
Net result
-€161,183▼ 413%
2024 · -€31,392
Working capital
-€1.4m▼ 483%
2024 · -€239,214
Trend over the years
In euros
In per cent
Ratio
In euros
No line ticked in this group.
In per cent
No line ticked in this group.
Ratio
No line ticked in this group.
Untick a line to hide it. Point at a year (or use the arrow keys on the chart) for the exact figures; the table below gives them all.Sector: the middle half (P25 to P75) of NACE 38, Waste collection, recovery and disposal activities, each year against the same schema; no band under 30 filings. Dashed line: the median. Available for Net result, Equity, Total assets, Working capital, Solvency, Current ratio, Return on assets (ROA).
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result€701,863▲ 57.8%€388,903▼ 44.6%-€355,511-€14,345▲ 96.0%-€131,158▼ 814%
Net result€519,713above the sector's middle half▼ 17.0%€284,789within the sector's middle half▼ 45.2%-€358,463below the sector's middle half-€31,392below the sector's middle half▲ 91.2%-€161,183below the sector's middle half▼ 413%
Equity€522,131within the sector's middle half▼ 14.7%€501,921within the sector's middle half▼ 3.9%€143,458below the sector's middle half▼ 71.4%€112,066below the sector's middle half▼ 21.9%-€49,118below the sector's middle half
Total assets€2.6mwithin the sector's middle half▼ 25.5%€2.2mwithin the sector's middle half▼ 15.8%€1.0mbelow the sector's middle half▼ 53.3%€1.1mbelow the sector's middle half▲ 13.2%€1.7mwithin the sector's middle half▲ 44.3%
Debt€2.0m▼ 27.8%€1.7m▼ 18.7%€868,721▼ 47.7%€1.0m▲ 19.0%€1.7m▲ 64.7%
Working capital€264,247within the sector's middle half▼ 12.7%€237,916within the sector's middle half▼ 10.0%€167,432within the sector's middle half▼ 29.6%-€239,214below the sector's middle half-€1.4mbelow the sector's middle half▼ 483%
Solvency20.3%within the sector's middle half▲ 2.6pp23.2%within the sector's middle half▲ 2.9pp14.2%below the sector's middle half▼ 9.0pp9.8%below the sector's middle half▼ 4.4pp-3.0%below the sector's middle half▼ 12.8pp
Current ratio1.22within the sector's middle half▲ 0.031.22within the sector's middle half=1.33within the sector's middle half▲ 0.110.72below the sector's middle half▼ 0.610.18below the sector's middle half▼ 0.55
Return on assets (ROA)20.2%above the sector's middle half▲ 2.1pp13.1%within the sector's middle half▼ 7.1pp-35.4%below the sector's middle half▼ 48.6pp-2.7%below the sector's middle half▲ 32.7pp-9.7%below the sector's middle half▼ 7.0pp
Staff (FTE)3.8within the sector's middle half
above
within
below
the middle half (P25 to P75) of NACE 38, Waste collection, recovery and disposal activities, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the abbreviated schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €131,158 in 2025 against €14,345 in 2024; the loss grows.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €1.7m
Fixed assets
€1.4m ▲ 156%
Current assets
€295,836 ▼ 51.9%
Equity and liabilities
Equity-€49,118
Debt€1.7m
Equity is negative: debt (€1.7m) exceeds the balance-sheet total (€1.7m).
Key figures and ratios
EBITDA
€129,665▲
2024 · €95,545
Cash flow
€99,640▲
2024 · €78,497
Quick ratio
0.16▼
2024 · 0.72
Interest coverage
4.32▼
2024 · 4.82
Debt ≤ 1 year
€1.7m▲
2024 · €854,838
Debt > 1 year
€0▼
2024 · €150,000
Staff costs
€164,467
No debt to equity: equity is negative, so debt divided by equity means nothing.
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 2,795 companies that looked in July 2024 the way this one looks now, 2.1% went bankrupt within 24 months and 90% are still going.
- Micro
- 20 years or older
- negative equity
- a small loss
2.1%
went bankrupt
6.0%
stopped otherwise
90%
still going
A further 1.6% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a lower bankruptcy probability: 0.4% over twelve months. The score reads more about this company than the group's four characteristics; both figures are right about what they measure.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,341 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% | 1.0% |
| 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% 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 2,795 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 | €295,674 | €49,133 | €500 | €30,750 | €74,946 | ▲ 144% |
| Remuneration, social security and pensions62 | - | - | - | - | €164,467 | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €558,004 | €527,548 | €539,027 | €109,889 | €260,823 | ▲ 137% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | €5,631 | €0 | ▼ 100% |
| Other operating charges640/8 | €5,233 | €6,107 | €4,704 | €59,169 | €8,668 | ▼ 85.4% |
| Non-recurring operating charges66A | - | - | - | €8,546 | €51,310 | ▲ 500% |
| Gross operating margin9900 | €1.3m | €922,559 | €188,219 | €168,891 | €354,109 | ▲ 110% |
| Operating profit (loss)9901 | €701,863 | €388,903 | -€355,511 | -€14,345 | -€131,158 | ▼ 814% |
| Financial income75/76B | €382 | €69 | - | €2,793 | €0 | ▼ 100.0% |
| Recurring financial income75 | €382 | €69 | - | €2,793 | €0 | ▼ 100.0% |
| Financial charges65/66B | €9,868 | €8,617 | €7,174 | €19,841 | €30,025 | ▲ 51.3% |
| Recurring financial charges65 | €9,868 | €8,617 | €7,174 | €19,841 | €30,025 | ▲ 51.3% |
| Profit (loss) for the period before taxes9903 | €692,377 | €380,355 | -€362,685 | -€31,392 | -€161,183 | ▼ 413% |
| Transfer from deferred taxes780 | €4,339 | €4,339 | €4,221 | - | - | - |
| Income taxes67/77 | €177,003 | €99,905 | - | - | - | - |
| Profit (loss) for the period9904 | €519,713 | €284,789 | -€358,463 | -€31,392 | -€161,183 | ▼ 413% |
| Transfer from tax-exempt reserves789 | €13,018 | €13,018 | €12,664 | - | - | - |
| Profit (loss) for the period to be appropriated9905 | €532,731 | €297,807 | -€345,799 | -€31,392 | -€161,183 | ▼ 413% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €2.6m | €2.2m | €1.0m | €1.1m | €1.7m | ▲ 44.3% |
| Fixed assets21/28 | €1.1m | €844,492 | €337,966 | €530,053 | €1.4m | ▲ 156% |
| Intangible fixed assets21 | €2,463 | €1,829 | - | €26,539 | €23,884 | ▼ 10.0% |
| Tangible fixed assets22/27 | €1.1m | €823,894 | €319,196 | €503,455 | €1.3m | ▲ 165% |
| Plant, machinery and equipment23 | €904,366 | €679,760 | €225,174 | €229,600 | €854,955 | ▲ 272% |
| Furniture and vehicles24 | €123,537 | €125,825 | €92,418 | €218,278 | €341,963 | ▲ 56.7% |
| Leasing and similar rights25 | €19,680 | - | - | - | - | - |
| Other tangible fixed assets26 | €36,717 | €18,309 | €1,604 | €55,577 | €136,876 | ▲ 146% |
| Financial fixed assets28 | €18,660 | €18,770 | €18,770 | €60 | €60 | = |
| Current assets29/58 | €1.5m | €1.3m | €674,213 | €615,624 | €295,836 | ▼ 51.9% |
| Stocks and contracts in progress3 | €104,961 | €102,868 | €51,270 | - | €29,722 | - |
| Stocks30/36 | €104,961 | €102,868 | €51,270 | - | €29,722 | - |
| Amounts receivable within one year40/41 | €437,078 | €452,909 | €333,435 | €556,510 | €205,735 | ▼ 63.0% |
| Trade receivables40 | €403,301 | €328,537 | €288,510 | €516,347 | €205,735 | ▼ 60.2% |
| Other amounts receivable41 | €33,777 | €124,371 | €44,924 | €40,163 | €0 | ▼ 100% |
| Cash at bank and in hand54/58 | €878,349 | €712,214 | €249,534 | €58,612 | €0 | ▼ 100% |
| Deferred charges and accrued income490/1 | €47,000 | €54,022 | €39,975 | €502 | €60,379 | ▲ 11,923% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €2.6m | €2.2m | €1.0m | €1.1m | €1.7m | ▲ 44.3% |
| Equity10/15 | €522,131 | €501,921 | €143,458 | €112,066 | -€49,118 | ▼ 144% |
| Contributions10/11 | €177,478 | €177,478 | €177,478 | €177,478 | €177,478 | = |
| Capital10 | €177,034 | €177,034 | €177,034 | €177,034 | €177,034 | = |
| Issued capital100 | €177,034 | €177,034 | €177,034 | €177,034 | €177,034 | = |
| Outside capital11 | €444 | €444 | €444 | €444 | €444 | = |
| Share premium1100/10 | €444 | €444 | €444 | €444 | €444 | = |
| Reserves13 | €344,654 | €324,443 | €311,779 | €311,779 | €311,779 | = |
| Non-distributable reserves130/1 | €17,703 | €17,703 | €17,703 | €17,703 | €17,703 | = |
| Legal reserve130 | €17,703 | €17,703 | €17,703 | €17,703 | €17,703 | = |
| Tax-exempt reserves132 | €25,682 | €12,664 | - | - | - | - |
| Distributable reserves133 | €301,268 | €294,076 | €294,076 | €294,076 | €294,076 | = |
| Profit (loss) carried forward14 | - | - | -€345,799 | -€377,191 | -€538,375 | ▼ 42.7% |
| Provisions and deferred taxes16 | €8,561 | €4,221 | - | - | - | - |
| Deferred taxes168 | €8,561 | €4,221 | - | - | - | - |
| Amounts payable17/49 | €2.0m | €1.7m | €868,721 | €1.0m | €1.7m | ▲ 64.7% |
| Amounts payable after more than one year17 | €782,939 | €558,940 | €350,000 | €150,000 | €0 | ▼ 100% |
| Financial debts170/4 | €782,939 | €558,940 | €350,000 | €150,000 | €0 | ▼ 100% |
| Amounts payable within one year42/48 | €1.2m | €1.1m | €506,781 | €854,838 | €1.7m | ▲ 97.7% |
| Current portion of amounts payable after more than one year42 | €223,788 | €223,999 | €208,940 | €200,000 | €150,000 | ▼ 25.0% |
| Trade debts44 | €360,706 | €462,824 | €296,034 | €47,645 | €271,192 | ▲ 469% |
| Suppliers440/4 | €360,706 | €462,824 | €296,034 | €47,645 | €271,192 | ▲ 469% |
| Taxes, remuneration and social security45 | - | - | €763 | €838 | €18,346 | ▲ 2,090% |
| Taxes450/3 | - | - | €763 | €838 | €640 | ▼ 23.5% |
| Remuneration and social security454/9 | - | - | - | - | €17,705 | - |
| Other amounts payable47/48 | €618,647 | €397,274 | €1,043 | €606,355 | €1.3m | ▲ 106% |
| Accrued charges and deferred income492/3 | €56,038 | €17,326 | €11,940 | €28,774 | €12,618 | ▼ 56.1% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €519,713 | €284,789 | -€358,463 | -€31,392 | -€161,183 | ▼ 413% |
| + Depreciation and write-downs630 | €558,004 | €527,548 | €539,027 | €109,889 | €260,823 | ▲ 137% |
| Operating cash flow (approximation) | €1.1m | €812,338 | €180,564 | €78,497 | €99,640 | ▲ 26.9% |
| Investment in fixed assets (approximation) | - | -€266,618 | -€32,500 | -€301,977 | -€1.1m | ▼ 260% |
| Change in cash | - | -€166,135 | -€462,681 | -€190,922 | -€58,612 | ▲ 69.3% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
09-06
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema
05-06
State Gazette act
Statutes amendmentCorrection · Capital2 facts ▸
State Gazette act
Statutes amendment
Correction · Capital2 facts ▸
- Correction, corrective deed correcting material error in minutes of extraordinary general meeting of 2022-10-18 regarding capital amount, Article 5
- Capital, €177.033,74
2025
11-06
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema
2024
28-06
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema
2023
31-12
Financial
Weakest financial yearnet -€358,463
Net result drops to -€358,463, the lowest in the series; recovery starts the following year.
15-06
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema
2022
04-07
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema
2021
17-06
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema
2020
31-12
Financial
Highest result since 2018net €626,023 ▲1,166%
Net result €626,023, the highest in the series.
10-06
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema
2019
24-07
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema
2018
28-06
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema
2017
30-08
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema · 30 days late
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
1 of 11 acts read
About the unread acts
Of the 11 Belgian State Gazette acts we know for this company, 1 has been read. The other 10 have not been read yet: what they contain is neither established nor disproved here.
Have them read with priority
Sign in to place this company at the front of the reading queue.
Directors · office · real estate
Directors
No directors read yet: 1 of 11 Gazette acts processed. See the function holders in the CBE →
Location & real-estate footprint
Registered office, Menen · 1 establishment unit since 1982
Ground area
6.6 ha
Building footprint
2.5 ha
Volume, LiDAR
145,767 m³
2 parcels, Flanders · tallest building 12.1 m, ±3 floors. Linked by address, not a title deed.
11
companies at this address
See who is registered here
1 establishment unit
BARDOEL NV
since 19822.019.711.333
2 parcels
Flanders
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 34372B0339/00A000 | Flanders | 3.8 ha | 1 · 6,781 m² | - |
| 37017C0328/00L000 | Flanders | 2.7 ha | 1 · 1.8 ha | 12.1 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.
Structure & network
Part of the group
VALTECH
20 companies
Group, risk and exposure
Owners and holdings
1 ownerChain of control
- VALTECH
- BARDOEL
Highest known parent: VALTECH. The sources do not say who stands above it.
Owners 1
- VALTECHparentSourceaccounts VALTECH 2025100%
Holdings 0
No holding stated in the accounts, acts or LEI register we read.
According to the annual accounts of the other companies, the acts in the Belgian Gazette and the LEI register. 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 fill in these statements, or need not, is missing.
Connections & network
No current directors or connected companies found in the register.
Capital and shareholders
Capital over the years
- 05-06-2026 Capital stated in the act · 177,033.74 EUR · 33,900 shares
Similar companies · same sector, comparable size
Vandewiele Recycling
BE 0472.496.106
Gistel · FTE 3.8
EK RECYCLING
BE 0694.852.570
Sint-Katelijne-Waver · FTE 3.9
Recycling Seyen Steven
BE 0665.739.011
Hulshout · FTE 3.7
W.E. TRADE
BE 0869.768.316
Maasmechelen · FTE 3.7
WYFFELS SERVICES
BE 0416.637.764
Waregem · FTE 4
Of 977 companies in this sector we hold annual accounts for 587. 306 are within a factor 10 of this headcount. The 5 above are the closest to it. See the whole sector
Company details
Identification
Legal formPublic limited company
Founded11-12-1981
Fiscal year end31-12
Activities, NACEBEL 2025
16110Sawmilling and planing of wood
38210Materials recovery from waste
47781Retail sale of solid, liquid and gaseous fuels, excluding motor fuels
E-invoicing
Reachable via Peppol
Peppol ID
0208:0422198141
Also
9925:BE0422198141
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 1 October 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.