Bilerma
ActiveSummary
Bilerma has been active since 2025 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €13,702 and a net result of €8,702. Its solvency ranks better than 22% of 20,598 sector peers (NACE 86, financial year 2025). The computed 12-month bankruptcy probability is below 0.1% (very low).
Overview
Activity
Physiotherapy
NACE 86951
1 site
Size
€59,463total assets 2025
- Equity
- €13,702
- Profit
- €8,702
Turnover not published (micro format)
Why 92lowers riskSector: Human health activities (NACE 86)Liquidity: current ratio 1.07, cash €12,979Figures for financial year 2025 (filed 06-07-2026)Size: total assets €59,463Show the evidence
Checked score
Score 2025
92
/ 100
Excellent
Probability in this band: under 0.55%
Financially better than 37% of its sector peers (NACE 86, micro)
Financial strength
Strong
Solvency
48
equity 23.0% of total assets
Liquidity
70
short-term debt 22.1% · cash 21.8%
Profitability
87
return on assets 14.6%
Bankruptcy probability, 12 months
< 0.1%
Very low
0%0.5%1.5%4%10%≥ 25%
Fewer than 1 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
Last 24 months
08-2026: < 0.1%lowest value
09-2026: < 0.1%● unchanged vs 08-2026lowest value
10-2026: < 0.1%● unchanged vs 09-2026highest value
Credit of up to €1,000 on 30-day terms is acceptable
Liquidity tight (current ratio 1.07, below the usual 1.5; short-term debt: 22.1% and cash: 21.8% of total assets), and 77% of the assets are financed with debt and provisions.
How it is calculated
The band follows from the bankruptcy probability, on a scale where 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 86, micro): better than 22% on solvency, 50% on liquidity and 39% on profitability.
The bankruptcy probability was computed on 24-10-2026 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.
Some facts cap the score, however low the probability. Negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late hold it at Fair at most (59); two missing filings, at Weak (44). An ongoing judicial reorganisation or the company's end (bankruptcy, dissolution, liquidation) holds it at Critical at most (24).
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Signals
Seven signals.
lowers riskraises riskneutral
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 22% of 20598 sector peers (2025).
NBB · sector comparisonPosition among 20598 sector peers
Solvency
better than 22%
← weakest
strongest →
raises risk · Young company
Founded in 2025, a year ago. Young companies fail more often than established ones; the risk is highest 2 to 8 years after founding.
KBO · incorporation dateAge against the risk zone
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 06-07-2026, 25 days ahead of the deadline.
NBB · 1 filingDeviation from the deadline
2025
25 days early
← before the deadline
after the deadline →
Searched, nothing found (1)
- Annual accounts filedfinancial year 2025 · micro…
- IncorporationAppointment: Billen, Manuel Gregory William…
Financials · financial year 2025, micro format
Equity
€13,702
Total assets
€59,463
Net result
€8,702
Working capital
€906
Turnover and EBIT margin not published: the micro format does not require them.
Balance-sheet composition
Assets €59,463
Fixed assets
€45,432
Current assets
€14,031
Equity and liabilities €59,463
Equity
€13,702
Debt
€45,761
Debt finances 77.0% of the balance-sheet total.
Key figures and ratios
EBITDA
€18,714
Cash flow
€15,492
Current ratio
1.07
Debt to equity
3.34
ROE
63.5%
ROA
14.6%
Interest coverage
22.52
Debt ≤ 1 year
€13,125
Debt > 1 year
€32,636
Income taxes
€2,391
Staff costs
€69
Peer companies
Historical observationOf the 2,390 companies that looked in July 2024 the way this one looks now, 1.2% went bankrupt within 24 months and 96.7% are still going.
- Micro
- under 2 years old
- solvency 10 to 30%
- a profit of 5% of the balance sheet or more
1.2%
went bankrupt
2.0%
stopped otherwise
96.7%
still going
A further 0.2% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a lower bankruptcy probability: < 0.1% 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 497,474 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% | 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% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 74.5% 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 2,390 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 | 2025 |
|---|---|
| Remuneration, social security and pensions62 | €69 |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €6,790 |
| Other operating charges640/8 | €299 |
| Non-recurring operating charges66A | €4,375 |
| Gross operating margin9900 | €23,457 |
| Operating profit (loss)9901 | €11,924 |
| Financial income75/76B | €0 |
| Recurring financial income75 | €0 |
| Financial charges65/66B | €831 |
| Recurring financial charges65 | €831 |
| Profit (loss) for the period before taxes9903 | €11,093 |
| Income taxes67/77 | €2,391 |
| Profit (loss) for the period9904 | €8,702 |
| Profit (loss) for the period to be appropriated9905 | €8,702 |
| Line | 2025 | |
|---|---|---|
| Assets | ||
| Total assets20/58 | €59,463 | |
| Fixed assets21/28 | €45,432 | |
| Tangible fixed assets22/27 | €45,432 | |
| Plant, machinery and equipment23 | €2,394 | |
| Furniture and vehicles24 | €39,375 | |
| Leasing and similar rights25 | €3,663 | |
| Current assets29/58 | €14,031 | |
| Amounts receivable within one year40/41 | €9 | |
| Other amounts receivable41 | €9 | |
| Cash at bank and in hand54/58 | €12,979 | |
| Deferred charges and accrued income490/1 | €1,044 | |
| Equity and liabilities | ||
| Total equity and liabilities10/49 | €59,463 | |
| Equity10/15 | €13,702 | |
| Contributions10/11 | €5,000 | |
| Reserves13 | €8,702 | |
| Distributable reserves133 | €8,702 | |
| Amounts payable17/49 | €45,761 | |
| Amounts payable after more than one year17 | €32,636 | |
| Financial debts170/4 | €32,636 | |
| Amounts payable within one year42/48 | €13,125 | |
| Current portion of amounts payable after more than one year42 | €11,954 | |
| Trade debts44 | €1,171 | |
| Suppliers440/4 | €1,171 | |
| Line | 2025 |
|---|---|
| Profit (loss) for the period9904 | €8,702 |
| + Depreciation and write-downs630 | €6,790 |
| Operating cash flow (approximation) | €15,492 |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Filings with the National Bank (1)
| Financial year | Type | Filed | Reference |
|---|---|---|---|
| 31-12-2025 | micro format | 06-07-2026 | 2026-00259971 |
Similar companies · same sector, comparable size
KINE-BOOM
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ICRK
BE 0781.284.520
Tremelo · equity €13,707
SABEAU
BE 0456.890.091
Thuin · equity €13,707
PEERS RUBEN KINE
BE 0713.551.004
Lier · equity €13,668
Kinesitherapie Evelien Theunis
BE 1028.357.871
Heusden-Zolder · equity €13,743
Of the 12,611 active companies whose main activity is physiotherapy (NACE 86951), figures are known for 2,246. 1,792 are within a factor 10 of this equity. These 5 are the closest to it. See the whole sector
Subsidies and aid
Flemish government
2025 · 1 entry · €353 awarded · €192 paidPublic contracts: No European public contracts awarded found since October 2016. Contracts below the EU thresholds are not in TED.
Directors
Directors
1 director, no change since 2025
Billen, Manuel Gregory William
CurrentDirector (not named in the articles) · since 03-07-2025
Derived from published Gazette deeds. The KBO keeps the official list of office holders; we do not read it, so the two can differ.
See the directors and other office holders in the KBO →
Mandate history
1 person since 2025, 1 in office
- Board
| Name | Functions and periods |
|---|---|
| Billen, Manuel Gregory William |
|
Owners and capital
Capital and shareholders
Shareholders according to the deeds
At incorporation
act of 03-07-2025 ↗
- Billen, Manuel Gregory William 100 shares (100%) · €5,000 in cash
The Belgian Official Gazette names shareholders only when an act mentions them; the share register itself is not published.
Capital over the years
- 03-07-2025 Incorporation · €5,000 · 100 shares
Group and network
Connections & network
1 current directorThe network starts from this company’s directors. Other companies they run appear here as nodes.
This company
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History
Acts, filings and financial milestones
2026
06-07
NBB filing
Annual accounts filed
financial year 2025 · micro format
2025
03-07
Gazette deed
IncorporationAppointment: Billen, Manuel Gregory William (director) · Founder · Founding capital4 facts ▸
Gazette deed
Incorporation
Appointment: Billen, Manuel Gregory William (director) · Founder · Founding capital4 facts ▸
- Incorporation, 01-07-2025
- Founder, Billen, Manuel Gregory William
- Founding capital, €5,000
- Director appointment, Billen, Manuel Gregory William (director (not named in the articles))
Gazette deedNBB filing
1 of 1 deed read
Register details
Identification
Legal formPrivate limited company
Founded01-07-2025
Financial year end31-12
Activities, NACEBEL 2025
86951Physiotherapy
85510Sports and recreation education
93199Other sports activities
96999Other personal services
E-invoicing
Reachable via Peppol
Peppol ID
0208:1024953171
Also
9925:BE1024953171
Registered
04-11-2025
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 24 October 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.
Environmental permits: No permit applications found in Flanders. Brussels and Wallonia do not publish the applicant.
Sites & property
Location & real-estate footprint
Registered office, Diepenbeek · 1 establishment unit since 2025
Ground area
628 m²
Building footprint
102 m²
Building volume
654 m³
Parcel 71011I0429/00A000, Flanders · tallest building 9.3 m. Linked by address, not a title deed.
2
companies at this address
See who is registered here
1 establishment unit
Bilerma
since 2025unit no. 2.375.220.588
1 parcel
Flanders
1
(100%)
| Cadastral parcel | Region | Area | Buildings | Height / floors |
|---|---|---|---|---|
| 71011I0429/00A000 | Flanders | 628 m² | 1 · 102 m² | 9.3 m · 2 |
How the parcels are linked
Good to know
The parcel matches the address exactly.
Articles of association
What the company does
- PurposeThe activities the company may carry out under its articles.
- “De toepassing en de uitoefening van kinesitherapie. Dit omvat onder meer: alle klassieke kinesitherapeutische behandelingstechnieken…” (deed in Dutch)
19 activities (deed in Dutch)
- De toepassing en de uitoefening van kinesitherapie. Dit omvat onder meer: alle klassieke kinesitherapeutische behandelingstechnieken, manuele therapie sportkinesitherapie en taping, lymfedrainage, respiratoire kinesitherapie, relaxatietherapie, medische trainingstherapie, pre-, perien postnatale therapie, pelvische reëducatie, rug- en nekscholing, psychomotorische therapie, cardiale en cardiovasculaire kinesitherapie, geriatrische kinesitherapie, postoperatieve kinesitherapie, pijntherapie, hydrotherapie, warmtetherapie, enzovoort
- De uitoefening van alle disciplines die aanverwant zijn aan de kinesitherapie
- De toepassing van alternatieve behandelingswijzen. Dit omvat onder meer: osteopathie, (elektro)acupunctuur, energetisch advies, enzovoort
- Het aanbieden van personal coaching en van medische sportbegeleiding
- Het aanbieden van fitness, powertraining, conditietraining, body building, alle vormen van aerobics, dans, yoga, ontspanningsmogelijkheden, enzovoort
- De uitoefening van medische en paramedische activiteiten
- Het verrichten van wetenschappelijk onderzoek
- De samenwerking met alle beoefenaars van medische en paramedische beroepen
- Het inrichten van een medisch secretariaat
- Het verlenen van advies, management, consultancy, het maken van expertises, het geven van onderricht, onderwijs, enzovoort, met betrekking tot al de voorgaande activiteiten
- De aan- en verkoop, de groot- en kleinhandel, de in- en uitvoer, de huur en verhuur van alle mogelijke producten, goederen en toestellen bestemd voor de uitoefening van de in vorige punten vermelde activiteiten of activiteiten ter bevordering van de lichaamsbeweging in de meest ruime zin van het woord
- Het ter beschikking stellen van alle nodige middelen voor de uitoefening van de beroepsactiviteit, de aankoop, het huren en/of leasen van alle apparatuur en accommodaties, gebouwen, kortom van een volledige materiële infrastructuur, om deze ter beschikking te stellen van de vennoten, het scheppen van de mogelijkheden om de vennoten toe te laten zich verder te bekwamen in de osteopathie en/of andere alternatieve en/of klassieke geneeswijzen
- De diensten in verband met het lichamelijk welzijn, zoals verleent in inrichtingen van thalassotherapie, kuuroorden, Turkse baden, sauna’s, stoombaden, solariums, massagesalons, enzovoort
- Alle onroerende handelingen in de meest brede zin van het woord, en onder meer het verwerven, verkopen en verhuren van onroerende goederen
- Het beheer en de uitbreiding voor eigen rekening van een patrimonium bestaande uit roerende en onroerende goederen zowel in het binnenland als in het buitenland alsmede alle handelingen die daar rechtstreeks of onrechtstreeks verband mee houden of die van aard zijn de opbrengst van haar goederen te bevorderen, zoals de aankoop en de verkoop, huur en verhuur, de ruiling of in het algemeen de verwerving of de overdracht van goederen zo roerende als onroerende, het onderhoud, de ontwikkeling, de verfraaiing en de verhuring van goederen, met uitzondering van die verrichtingen die verband houden met de normale activiteiten uitgeoefend door vastgoedmakelaars
- De volle rechtsbekwaamheid om alle handelingen en verrichtingen te voltrekken die een rechtstreeks of onrechtstreeks verband houden met haar voorwerp of welke van die aard zouden zijn dat zij de verwezenlijking van dit voorwerp, rechtstreeks of onrechtstreeks, geheel of ten dele vergemakkelijken
- Belangen nemen door associatie, inbreng, fusie, financiële tussenkomst of op gelijk welke andere wijze, in alle vennootschappen, verenigingen of ondernemingen met een identiek, gelijklopend of samenhangend voorwerp met het hare, of die van aard kunnen zijn de ontwikkeling van haar onderneming te begunstigen of een bron van afzetten te vormen
- De functies van bestuurder of vereffenaar uitoefenen in andere vennootschappen
- Zich borgstellen of zakelijke zekerheden verlenen ten voordele van vennootschappen of particulieren, in de meest ruime zin
- DurationHow long the company exists; usually unlimited, so until it is dissolved.
- Unlimited
Who represents it, and how
- Who signsWho may bind the company towards others, for example by signing a contract.
- Each director alone
- Board ruleHow the board is made up, meets and takes decisions.
- “Met of zonder beperking van duur, 1” (deed in Dutch)“Oprichting, 1” (deed in Dutch)3 more provisions on this in the deed
Capital, shares and profit
- Profit allocationHow profit is distributed; a BV may only pay out after a balance-sheet and liquidity test.
- “Bestuursorgaan, elk aandeel recht geeft op een gelijk aandeel in de winstverdeling” (deed in Dutch)1 more provision on this in the deed
Meetings and financial year
- Annual meetingWhen the shareholders meet each year, among other things to approve the annual accounts.
- Last Friday of June at 17:30
- Meeting accessWho may attend the meeting and what is needed to be admitted.
- “Indien enkel de stemrechten geschorst zijn, mag hij nog steeds deelnemen aan de algemene vergadering zonder te kunnen deelnemen aan de…” (deed in Dutch)“De aandelen worden niet geblokkeerd ten gevolge van het bovenstaande registratieproces, zodat de aandeelhouders vrij over hun aandelen…” (deed in Dutch)1 more provision on this in the deed
Oversight and winding up
- Statutory auditorA statutory auditor is a registered auditor who checks the accounts; small companies need not have one. According to the deed, the legal criteria do not require one here.
- No statutory auditor
- Dissolution ruleWhen and by whom the company can be dissolved.
- “Besluit van de algemene vergadering, beraadslaagt zoals inzake statutenwijziging” (deed in Dutch)
- Liquidation ruleHow assets are shared after dissolution: creditors first, then shareholders.
- “Zonder afbreuk te doen aan het recht van de algemene vergadering om één of meerdere vereffenaars aan te duiden, hun bevoegdheden te omlijnen…” (deed in Dutch)