Equity
Debts exceed assets in financial year 2025.
Debts exceed assets in financial year 2025.
Green is investment, beige is depreciation.
Short-term debts rose from €163,949 to €188,936.
Latest accounts filed late: after the legal deadline.
Higher net result than 95% of companies in food and beverage service. Sector median €4,886 · 17,134 companies.
The dashed line is the sector median: 1.8% across 23,791 companies (NACE 56, micro).
About 5 in 100 comparable companies go bankrupt within 12 months (an estimate).
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 (NACE 56, micro). It does better than 24% of them on solvency, 13% on liquidity, 93% on profitability and 88% on growth.
The bankruptcy probability was computed on 10-11-2026 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 31-12-2025.
Of the companies with a bankruptcy probability in the elevated class on 30-06-2025, 6.3% 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).
In July 2024, 2,180 companies had the same profile as BERHAT has now. Each dot stands for 6 companies, two years later.
Another 0.7% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of BERHAT itself: 5.4% within 12 months.
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 2,180 companies, not a prediction for BERHAT. 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.
Liquidity is insufficient, with a current ratio of 0.93 (0.38 in 2024), below 1. Short-term debt is 104% and cash 11.5% of total assets. Equity is negative.
Show the recommended maximum and see how the verdict changes with amount, term and advance.
The scores and ratios are Checked's own calculations, not a credit decision.
The company filed its last 5 accounts on average 54 days after the deadline. In the sector (NACE 56), the median for financial year 2024 was 7 days after the deadline, and 53% of those companies filed late.
| Company | ||||
|---|---|---|---|---|
| BERHAT Liège | €181,715 | €199,890 | -4.0% | - |
| TFP ROSSA Stavelot | €198,956 | €189,463 | -49.0% | - |
| MES'HRY DELICIOUS Liège | €209,238 | €171,224 | 14.5% | - |
| M'ADAM Bruges | €190,219 | €200,476 | 23.7% | - |
| MMZ Zaventem | €197,523 | €202,348 | 38.9% | - |
| BUBBLE WAFFLE DELICIAS Heist-op-den-Berg | €198,395 | €200,184 | 21.8% | - |
| CHEYAN Frasnes-lez-Anvaing | €203,621 | €204,401 | 1.2% | - |
These companies have the same main activity as BERHAT: limited-service restaurants, excluding mobile food services (NACE 56112). They are comparable in size and age: total assets between €190,000 and €209,000, founded between 2021 and 2022.
BERHAT files the micro format. That format states no turnover. The gross margin rose from €44,745 in 2021 to €199,890 in 2025.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Turnover ≈ €620,000. Estimated: probably between €460,000 and €770,000.
Higher than 24% of 17,158 companies in 2025.
Higher than 43% of 16,582 companies in 2025.
Higher than 95% of 16,665 companies in 2025.
Net result: top quarter · Equity: bottom quarter · Balance sheet total: middle half · Working capital: middle half
Staff costs divided by the average number of full-time equivalents.
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| Balance sheet: assets | ||||||
20/58 |
181,715 | 63,047 | 109,941 | 97,969 | 60,120 | |
21/28 |
6,452 | 1,347 | 1,807 | - | - | |
22/27 |
6,452 | 1,347 | 1,807 | - | - | |
24 |
6,452 | 1,347 | 1,807 | - | - | |
29/58 |
175,263 | 61,700 | 108,134 | 97,969 | 60,120 | |
3 |
55,850 | 16,918 | 16,918 | 16,918 | 11,708 | |
30/36 |
55,850 | 16,918 | 16,918 | 16,918 | 11,708 | |
40/41 |
97,720 | 36,812 | 74,286 | 58,397 | 30,843 | |
40 |
49,380 | 23 | 45,045 | 23,395 | - | |
41 |
48,340 | 36,789 | 29,241 | 35,002 | 30,843 | |
54/58 |
20,890 | 7,793 | 16,930 | 20,903 | 17,568 | |
490/1 |
803 | 176 | 0 | 1,749 | - | |
| Balance sheet: equity and liabilities | ||||||
10/49 |
181,715 | 63,047 | 109,941 | 97,969 | 60,120 | |
10/15 |
-7,221 | -100,902 | -100,649 | 25,657 | 5,927 | |
14 |
-7,221 | -100,902 | -100,649 | 25,657 | 5,927 | |
17/49 |
188,936 | 163,949 | 210,590 | 72,312 | 54,193 | |
42/48 |
188,936 | 163,949 | 210,590 | 72,312 | 54,193 | |
44 |
67,058 | 74,570 | 173,668 | 22,131 | 8,905 | |
440/4 |
67,058 | 74,570 | 173,668 | 22,131 | 8,905 | |
46 |
600 | 3,600 | - | 0 | 369 | |
45 |
52,340 | 67,007 | 32,923 | 50,181 | 20,540 | |
450/3 |
28,820 | 29,547 | 9,195 | 15,211 | 10,187 | |
454/9 |
23,520 | 37,460 | 23,728 | 34,970 | 10,352 | |
47/48 |
68,939 | 18,772 | 4,000 | - | 24,380 | |
| Income statement | ||||||
9900 |
199,890 | 152,995 | 37,334 | 128,916 | 44,745 | |
62 |
94,280 | 115,975 | 137,656 | 101,166 | 35,471 | |
630 |
1,402 | 460 | 33 | - | - | |
640/8 |
4,195 | 22,821 | 17,503 | 1,017 | 609 | |
66A |
- | -594 | - | - | - | |
9901 |
100,012 | 14,334 | -117,857 | 26,734 | 8,664 | |
75/76B |
11 | 7 | 1 | 493 | 5 | |
75 |
11 | 7 | 1 | 493 | 5 | |
65/66B |
5,939 | 9,102 | 8,450 | 2,565 | 1,133 | |
65 |
5,939 | 9,102 | 8,450 | 2,565 | 1,133 | |
9903 |
94,085 | 5,239 | -126,306 | 24,662 | 7,536 | |
67/77 |
404 | 5,491 | 0 | 4,932 | 1,609 | |
9904 |
93,680 | -253 | -126,306 | 19,730 | 5,927 | |
9905 |
93,680 | -253 | -126,306 | 19,730 | 5,927 | |
| Appropriation of the result | ||||||
9906 |
-7,221 | -100,902 | -100,649 | 25,657 | 5,927 | |
14P |
-100,902 | -100,649 | 25,657 | 5,927 | - | |
| Social balance sheet | ||||||
9087 |
7.1 | - | - | - | - | |
Hours worked1013 |
4,064 | - | - | - | - | |
| Document | ||||||
The notes to these accounts have 4 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the accounts filed with the NBB.
Source: Annual accounts 2025 at the NBB, filed on 30-10-2026.
2025 annual accounts filed 91 days after the deadline. Filed on 30 October 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00597414.
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 30-10-2026 | 2026-00597414 | |
| 31-12-2024 | micro format | 29-08-2025 | 2025-00446561 | |
| 31-12-2023 | micro format | 30-08-2024 | 2024-00405266 | |
| 31-12-2022 | micro format | 31-10-2023 | 2023-00498912 | |
| 31-12-2021 | micro format | 30-08-2022 | 2022-20347282 |
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| 101,414 | 14,794 | -117,825 | - | - | ||
| 95,082 | 207 | -126,273 | - | - | ||
| 6,507 | 0 | 1,840 | - | - | ||
| 13,097 | -9,136 | -3,974 | 3,335 | - | ||
| -13,673 | -102,249 | -102,456 | 25,657 | 5,927 | ||
| -4.0% | -160.0% | -91.5% | 26.2% | 9.9% | ||
| 0.93 | 0.38 | 0.51 | 1.35 | 1.11 | ||
| 0.63 | 0.27 | 0.43 | 1.12 | 0.89 | ||
| - | - | - | 2.82 | 9.14 | ||
| - | - | - | 76.9% | 100.0% | ||
| 51.6% | -0.4% | -114.9% | 20.1% | 9.9% | ||
| 17.08 | 1.63 | -13.94 | - | - |
Debt to equity is not shown because equity is negative. Debt divided by negative equity means nothing.
A Belgian filing has no cash-flow statement. Cash flow is therefore an approximation, derived from the income statement. Investment is the acquisitions in the notes and, without them, the balance-sheet move.
| Item | 31-12-2025 |
|---|---|
| Employees at the balance-sheet date | 13 |
| full-time | 1 |
| part-time | 12 |
| in full-time equivalents | 5.4 |
| 2.6 | |
| On a permanent contract | 1 |
Source: social balance sheet in the 2025 annual accounts
| Item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Tangible fixed assets | €6,507 | - | €1,840 | - | - |
| €1,402 | €460 | €33 | - | - |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
The operating result for 2025 is 7 times that of 2024 and the highest since 2021. It is the second rise in a row, after the fall in 2023.
Equity is negative. Debt (€188,936) exceeds the balance-sheet total (€181,715).
BERHAT has no parent and no holdings in its annual accounts. OZCELIK Idris is the only director.
| OZ Energy via OZCELIK Idris, no longer at OZ Energy · Director · deed of 16-03-2021 founded in 2019 · negative equity (2025) |
total assets €234,996 (2025) |
| HEBUN INVEST via OZCELIK Idris, no longer at HEBUN INVEST · Director · deed of 02-09-2022 founded in 2022 |
total assets €181,929 (2025) |
Deadline for the 2026 accounts: 31-07-2027
Financial milestones sit on the financial year-end date, not the filing date.
Sources: Publications in the Belgian Official GazetteFilings with the National Bank
On 30 July 2021, BERHAT was incorporated as a private limited company by one natural person, with a starting capital of €1.12 OZCELIK Idris is director of the company, appointed by deed of 03-08-2021.2 Total assets went from €60,120 in 2021 to €181,715 in 2025.3
| Establishment | Since | Unit number | FASFC approval |
|---|---|---|---|
| Place du Marché 7 registered office 4000 Liège | 30-07-2021 | 2.320.130.429 | Restaurant |
| Cadastral parcel | Area | Buildings | Height / floors |
|---|---|---|---|
| 62063B0722/00B000 | 90 m² | 1 · 95 m² | 16.1 m · 4 |
1 of these parcels carries protected heritage. Expect extra rules on renovation or sale.
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