BART
ActiveSummary
BART has been active since 1991 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show negative equity (-€129,258) and a net result of €11,791. Equity remains stable across the filed fiscal years (±0.5% per year). The computed 12-month bankruptcy probability is 1.4% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability100=
Solvency0=
Growth78▲+20
Track record100
Bankruptcy probability, 12 months
1.4%
Low
0%0.5%1.5%4%10%≥ 25%
No credit on open account
Liquidity short (current ratio 0.1 against 0.03 in 2024; short-term debt: 544.4% and cash: 36.7% of total assets), and equity is negative.
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Signals
Five 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
-444.4%
Return on assets
40.5%
Age of the figures
9 mo
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
13 d late
2023
63 d early
2022
56 d early
2021
54 d early
2020
46 d early
2019
28 d early
← before the deadline
after the deadline →
tick = median of all Belgian filings
This company filed its last 7 accounts on average 30 days before the deadline; the Belgian median for financial year 2024 is 4 days before the deadline, and 38% of all filings were 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
-€129,258▲ 8.4%
2024 · -€141,049
Total assets
€29,083▲ 60.2%
2024 · €18,157
Net result
€11,791▲ 67.8%
2024 · €7,028
Working capital
-€141,867▲ 7.4%
2024 · -€153,134
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€351▼ 95.3%€7,002▲ 1,895%€566▼ 91.9%€7,746▲ 1,268%€12,167▲ 57.1%
Net result-€8,433▼ 287%-€1,100▲ 87.0%-€593▲ 46.0%€7,028€11,791▲ 67.8%
Equity-€146,384▼ 6.1%-€147,484▼ 0.8%-€148,077▼ 0.4%-€141,049▲ 4.7%-€129,258▲ 8.4%
Total assets€36,777▼ 39.2%€21,234▼ 42.3%€19,505▼ 8.1%€18,157▼ 6.9%€29,083▲ 60.2%
Debt€183,161▼ 7.7%€168,718▼ 7.9%€167,582▼ 0.7%€159,206▼ 5.0%€158,341▼ 0.5%
Working capital-€143,351▼ 22.9%-€159,536▼ 11.3%-€158,581▲ 0.6%-€153,134▲ 3.4%-€141,867▲ 7.4%
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
After the dip in 2023 the operating result has climbed two years in a row; 2025 is 57% above 2024 and is the highest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €29,083
Fixed assets
€12,609 ▼ 1.7%
Current assets
€16,474 ▲ 209%
Key figures and ratios
EBITDA
€12,381▲
2024 · €7,960
Cash flow
€12,005▲
2024 · €7,243
Solvency
-444.4%▲
2024 · -776.8%
Current ratio
0.10▲
2024 · 0.03
Debt to equity
-1.23▼
2024 · -1.13
ROA
40.5%▲
2024 · 38.7%
Interest coverage
32.95▲
2024 · 11.10
Debt ≤ 1 year
€158,341▼
2024 · €158,467
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 3,799 companies that looked in July 2024 the way this one looks now, 2.5% went bankrupt within 24 months and 91% are still going.
- Micro
- 20 years or older
- negative equity
- a profit of 5% of the balance sheet or more
2.5%
went bankrupt
5.3%
stopped otherwise
91%
still going
A further 0.8% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 1.4% 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 3,799 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 |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €214 | €214 | €214 | €214 | €214 | = |
| Other operating charges640/8 | €3,122 | €3,189 | €3,490 | €3,626 | €3,737 | ▲ 3.1% |
| Gross operating margin9900 | €3,688 | €10,406 | €4,271 | €11,585 | €16,118 | ▲ 39.1% |
| Operating profit (loss)9901 | €351 | €7,002 | €566 | €7,746 | €12,167 | ▲ 57.1% |
| Financial income75/76B | €0 | €0 | - | - | - | - |
| Recurring financial income75 | €0 | €0 | - | - | - | - |
| Financial charges65/66B | €8,784 | €8,102 | €1,160 | €717 | €376 | ▼ 47.6% |
| Recurring financial charges65 | €8,784 | €8,102 | €1,160 | €717 | €376 | ▼ 47.6% |
| Profit (loss) for the period before taxes9903 | -€8,433 | -€1,100 | -€593 | €7,028 | €11,791 | ▲ 67.8% |
| Profit (loss) for the period9904 | -€8,433 | -€1,100 | -€593 | €7,028 | €11,791 | ▲ 67.8% |
| Profit (loss) for the period to be appropriated9905 | -€8,433 | -€1,100 | -€593 | €7,028 | €11,791 | ▲ 67.8% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €36,777 | €21,234 | €19,505 | €18,157 | €29,083 | ▲ 60.2% |
| Fixed assets21/28 | €13,466 | €13,252 | €13,038 | €12,823 | €12,609 | ▼ 1.7% |
| Tangible fixed assets22/27 | €13,466 | €13,252 | €13,038 | €12,823 | €12,609 | ▼ 1.7% |
| Land and buildings22 | €13,466 | €13,252 | €13,038 | €12,823 | €12,609 | ▼ 1.7% |
| Current assets29/58 | €23,311 | €7,982 | €6,467 | €5,334 | €16,474 | ▲ 209% |
| Amounts receivable within one year40/41 | €861 | €804 | €2,766 | €0 | €5,808 | - |
| Trade receivables40 | - | - | €2,766 | €0 | €5,808 | - |
| Other amounts receivable41 | €861 | €804 | €0 | - | - | - |
| Cash at bank and in hand54/58 | €20,620 | €4,352 | €2,376 | €5,334 | €10,666 | ▲ 100.0% |
| Deferred charges and accrued income490/1 | €1,830 | €2,826 | €1,326 | €0 | - | - |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €36,777 | €21,234 | €19,505 | €18,157 | €29,083 | ▲ 60.2% |
| Equity10/15 | -€146,384 | -€147,484 | -€148,077 | -€141,049 | -€129,258 | ▲ 8.4% |
| Contributions10/11 | €63,000 | €63,000 | €63,000 | €63,000 | €63,000 | = |
| Reserves13 | €10,564 | €10,564 | €10,564 | €10,564 | €10,564 | = |
| Non-distributable reserves130/1 | €10,564 | €10,564 | €10,564 | €10,564 | €10,564 | = |
| Reserves not available under the articles1311 | €10,564 | €10,564 | €10,564 | €10,564 | €10,564 | = |
| Profit (loss) carried forward14 | -€219,947 | -€221,047 | -€221,641 | -€214,613 | -€202,822 | ▲ 5.5% |
| Amounts payable17/49 | €183,161 | €168,718 | €167,582 | €159,206 | €158,341 | ▼ 0.5% |
| Amounts payable after more than one year17 | €14,999 | €0 | - | - | - | - |
| Financial debts170/4 | €14,999 | €0 | - | - | - | - |
| Amounts payable within one year42/48 | €166,661 | €167,518 | €165,048 | €158,467 | €158,341 | ▼ 0.1% |
| Current portion of amounts payable after more than one year42 | €20,000 | €14,999 | €0 | - | - | - |
| Trade debts44 | €824 | €2,527 | €6,816 | €126 | €0 | ▼ 100% |
| Suppliers440/4 | €824 | €2,527 | €6,816 | €126 | €0 | ▼ 100% |
| Taxes, remuneration and social security45 | €1,711 | €1,760 | €0 | - | - | - |
| Taxes450/3 | €1,711 | €1,760 | €0 | - | - | - |
| Other amounts payable47/48 | €144,126 | €148,232 | €158,232 | €158,341 | €158,341 | = |
| Accrued charges and deferred income492/3 | €1,500 | €1,200 | €2,534 | €739 | €0 | ▼ 100% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€8,433 | -€1,100 | -€593 | €7,028 | €11,791 | ▲ 67.8% |
| + Depreciation and write-downs630 | €214 | €214 | €214 | €214 | €214 | = |
| Operating cash flow (approximation) | -€8,219 | -€886 | -€379 | €7,243 | €12,005 | ▲ 65.8% |
| Investment in fixed assets (approximation) | - | €0 | €0 | €0 | €0 | - |
| Change in cash | - | -€16,267 | -€1,977 | €2,958 | €5,332 | ▲ 80.3% |
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
25-08
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema · 25 days late
2025
31-12
Financial
Highest result since 2018net €11,791 ▲67.8%
Operating result €12,167, net result €11,791, both a record.
13-08
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 13 days late
2024
31-12
Financial
Back to profitnet €7,028
Net result €7,028 after 4 loss-making years.
29-05
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
05-06
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
07-06
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
15-06
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
2020
03-07
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
2019
31-12
Financial
Back to profitnet €4,254
Net result €4,254 after one loss-making year.
17-06
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
2018
08-06
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema
2017
02-06
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 5 acts read
About the unread acts
We know of 5 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
5 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 · 2 establishment units since 1991
Ground area
4,151 m²
Building footprint
715 m²
Volume, LiDAR
3,074 m³
3 parcels, Flanders · tallest building 26.4 m, ±2 floors. Linked by address, not a title deed.
2 establishment units
BART NV
since 19912.054.121.389
Le Bistro Piro Lannoo
since 19912.054.121.488
3 parcels
Flanders
3
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 34030A0992/00G000 | Flanders | 1,682 m² | 1 · 196 m² | 26.4 m · 1 fl. |
| 34026A0612/00A002 | Flanders | 1,514 m² | 1 · 319 m² | 7.3 m · 1 fl. |
| 34001B0909/00G000 | Flanders | 955 m² | 1 · 200 m² | 7.9 m · 2 fl. |
Linked by address, not proof of ownership
Good to know
3 of 3 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Identification & contact
Identification
Legal formPrivate limited company
Founded12-06-1991
Fiscal year end31-12
E-invoicing
Reachable via Peppol
Peppol ID
0208:0444342251
Also
9925:BE0444342251
Registered
15-09-2025
Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.