BOEL
ActiveSummary
BOEL has been active since 1985 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show negative equity (-€984,443) and a net result of -€281,698. Equity is shrinking by ~26.1% per year across the filed fiscal years. Its solvency ranks better than 5% of 694 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.8% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability0=
Solvency0=
Growth32=
Track record100
Bankruptcy probability, 12 months
0.8%
Low
0%0.5%1.5%4%10%≥ 25%
No credit on open account
Liquidity short (current ratio 0.06 against 0.09 in 2024; short-term debt: 968.1% and cash: 6.3% 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
Seven signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 85
Relative position
BE, all sectors
reference
Education (NACE 85)
about 77% fewer 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 2025Solvency, return and age of the figures
Return on assets
-324.4%
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 · 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 -€984,443
neutral · Filed after the deadline
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 31-08-2026, 31 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
31 d late
2024
28 d late
2023
28 d late
2022
29 d late
2021
31 d late
2020
100 d late
2019
90 d late
← 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 48 days after the deadline; the sector median for financial year 2024 is 16 days before the deadline, and 32% 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 29 August (5 of the last 5 filed years within 30 days of that day).
Companies Code · seven monthsPosition in the running window
30-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, abbreviated schema
In the rankings
#6 oldest company in Watermaal-Bosvoorde, Education sector
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
-€281,698▼ 73.9%
2024 · -€161,959
Working capital
-€789,910▼ 33.1%
2024 · -€593,407
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 85, Education, each year against the same schema; no band under 30 filings. Dashed line: the median.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result-€204,483▼ 95.4%€300,279-€222,874-€150,303▲ 32.6%-€245,864▼ 63.6%
Net result-€217,529below the sector's middle half▼ 94.6%€276,640above the sector's middle half-€237,216below the sector's middle half-€161,959below the sector's middle half▲ 31.7%-€281,698below the sector's middle half▼ 73.9%
Equity-€515,209below the sector's middle half▼ 92.7%-€400,006below the sector's middle half▲ 22.4%-€540,785below the sector's middle half▼ 35.2%-€702,745below the sector's middle half▼ 29.9%-€984,443below the sector's middle half▼ 40.1%
Total assets€475,182within the sector's middle half▼ 19.7%€181,939below the sector's middle half▼ 61.7%€139,693below the sector's middle half▼ 23.2%€107,469below the sector's middle half▼ 23.1%€86,831below the sector's middle half▼ 19.2%
Debt€990,391▲ 15.3%€581,944▼ 41.2%€680,478▲ 16.9%€810,214▲ 19.1%€1.1m▲ 32.2%
Working capital-€874,355below the sector's middle half▼ 31.8%-€480,976below the sector's middle half▲ 45.0%-€596,361below the sector's middle half▼ 24.0%-€593,407below the sector's middle half▲ 0.5%-€789,910below the sector's middle half▼ 33.1%
Solvency-108.4%below the sector's middle half▼ 63.3pp-219.9%below the sector's middle half▼ 111.4pp-387.1%below the sector's middle half▼ 167.3pp-653.9%below the sector's middle half▼ 266.8pp
Current ratio0.11below the sector's middle half▼ 0.110.17below the sector's middle half▲ 0.060.10below the sector's middle half▼ 0.070.09below the sector's middle half▼ 0.010.06below the sector's middle half▼ 0.03
Return on assets (ROA)-45.8%below the sector's middle half▼ 26.9pp152.1%above the sector's middle half▲ 197.8pp-169.8%below the sector's middle half▼ 321.9pp-150.7%below the sector's middle half▲ 19.1pp-324.4%below the sector's middle half▼ 173.7pp
Staff (FTE)7.2within the sector's middle half▲ 2.9%7within the sector's middle half▼ 2.8%8.5within the sector's middle half▲ 21.4%8.7within the sector's middle half▲ 2.4%8.6within the sector's middle half▼ 1.1%
above
within
below
the middle half (P25 to P75) of NACE 85, Education, each year against the same schema; no band under 30 filings.
Why a figure moved sharply
- 2025 Net result -74% on 2024. The accounts now follow the abbreviated schema, last year the full schema.
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €245,864 in 2025 against €150,303 in 2024; the loss grows and 2025 has the lowest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €86,831
Fixed assets
€36,122 ▼ 23.4%
Current assets
€50,709 ▼ 15.9%
Key figures and ratios
EBITDA
-€233,624▼
2024 · -€119,713
Cash flow
-€269,458▼
2024 · -€131,369
Quick ratio
0.06▼
2024 · 0.09
Debt to equity
-1.09▲
2024 · -1.15
Interest coverage
-9.64▲
2024 · -9.87
Debt ≤ 1 year
€840,619▲
2024 · €653,714
Debt > 1 year
€223,668▲
2024 · €156,500
Income taxes
€21,911▲
2024 · €174
Staff costs
€427,925▲
2024 · €420,878
A ratio outside any meaningful range has been withheld (balance sheet total €86,831, equity -€984,443).
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 6,621 companies that looked in July 2024 the way this one looks now, 4.5% went bankrupt within 24 months and 84% are still going.
- Micro
- 20 years or older
- negative equity
- a loss of 10% of the balance sheet or more
4.5%
went bankrupt
10.0%
stopped otherwise
84%
still going
A further 1.0% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a lower bankruptcy probability: 0.8% 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 497,340 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 6,621 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 | - | €532,733 | - | €61,863 | €0 | ▼ 100% |
| Remuneration, social security and pensions62 | €262,676 | €291,120 | €423,573 | €420,878 | €427,925 | ▲ 1.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €67,777 | €28,355 | €30,446 | €30,590 | €12,240 | ▼ 60.0% |
| Other operating charges640/8 | €13,425 | €587 | €2,071 | €9,297 | €16,428 | ▲ 76.7% |
| Non-recurring operating charges66A | - | €15,405 | - | - | - | - |
| Gross operating margin9900 | €139,395 | €635,746 | €233,215 | €310,462 | €210,729 | ▼ 32.1% |
| Operating profit (loss)9901 | -€204,483 | €300,279 | -€222,874 | -€150,303 | -€245,864 | ▼ 63.6% |
| Financial income75/76B | €325 | €2,042 | €3,371 | €651 | €10,314 | ▲ 1,485% |
| Recurring financial income75 | €325 | €2,042 | €3,371 | €651 | €10,314 | ▲ 1,485% |
| Non-recurring financial income76B | - | €0 | - | - | - | - |
| Financial charges65/66B | €13,370 | €25,680 | €17,166 | €12,133 | €24,237 | ▲ 99.8% |
| Recurring financial charges65 | €13,370 | €25,680 | €17,166 | €12,133 | €24,237 | ▲ 99.8% |
| Profit (loss) for the period before taxes9903 | -€217,529 | €276,640 | -€236,669 | -€161,785 | -€259,787 | ▼ 60.6% |
| Income taxes67/77 | - | - | €547 | €174 | €21,911 | ▲ 12,464% |
| Profit (loss) for the period9904 | -€217,529 | €276,640 | -€237,216 | -€161,959 | -€281,698 | ▼ 73.9% |
| Profit (loss) for the period to be appropriated9905 | -€217,529 | €276,640 | -€237,216 | -€161,959 | -€281,698 | ▼ 73.9% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €475,182 | €181,939 | €139,693 | €107,469 | €86,831 | ▼ 19.2% |
| Formation expenses20 | - | - | €0 | - | - | - |
| Fixed assets21/28 | €363,251 | €81,026 | €71,862 | €47,162 | €36,122 | ▼ 23.4% |
| Intangible fixed assets21 | €55,251 | €38,914 | €22,577 | €6,240 | €3,740 | ▼ 40.1% |
| Tangible fixed assets22/27 | €299,585 | €33,697 | €44,997 | €36,635 | €26,895 | ▼ 26.6% |
| Land and buildings22 | €240,021 | - | - | - | - | - |
| Plant, machinery and equipment23 | €13,849 | €0 | €0 | - | - | - |
| Furniture and vehicles24 | €38,573 | €27,709 | €27,168 | €15,507 | €8,863 | ▼ 42.8% |
| Other tangible fixed assets26 | €7,143 | €5,988 | €17,830 | €21,128 | €18,031 | ▼ 14.7% |
| Financial fixed assets28 | €8,415 | €8,415 | €4,288 | €4,288 | €5,488 | ▲ 28.0% |
| Current assets29/58 | €111,931 | €100,913 | €67,831 | €60,307 | €50,709 | ▼ 15.9% |
| Stocks and contracts in progress3 | €1,418 | €3,530 | €5,128 | €3,896 | €1,465 | ▼ 62.4% |
| Stocks30/36 | €1,418 | €3,530 | €5,128 | €3,896 | €1,465 | ▼ 62.4% |
| Amounts receivable within one year40/41 | €84,273 | €19,560 | €43,511 | €48,919 | €39,023 | ▼ 20.2% |
| Trade receivables40 | €37,387 | €19,014 | €25,634 | €27,613 | €30,626 | ▲ 10.9% |
| Other amounts receivable41 | €46,886 | €545 | €17,877 | €21,306 | €8,397 | ▼ 60.6% |
| Cash at bank and in hand54/58 | €22,047 | €73,851 | €14,218 | €3,172 | €5,489 | ▲ 73.0% |
| Deferred charges and accrued income490/1 | €4,194 | €3,973 | €4,974 | €4,320 | €4,732 | ▲ 9.5% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €475,182 | €181,939 | €139,693 | €107,469 | €86,831 | ▼ 19.2% |
| Equity10/15 | -€515,209 | -€400,006 | -€540,785 | -€702,745 | -€984,443 | ▼ 40.1% |
| Contributions10/11 | €8,676 | €8,676 | €27,268 | €27,268 | €27,268 | = |
| Revaluation surpluses12 | €161,437 | - | - | - | - | - |
| Reserves13 | €227,320 | €227,320 | €256,811 | €256,811 | €256,811 | = |
| Non-distributable reserves130/1 | €1,859 | - | - | - | - | - |
| Reserves not available under the articles1311 | €1,859 | - | - | - | - | - |
| Tax-exempt reserves132 | - | - | €27,065 | €27,065 | €27,065 | = |
| Distributable reserves133 | €225,461 | €227,320 | €229,747 | €229,747 | €229,747 | = |
| Profit (loss) carried forward14 | -€912,642 | -€636,002 | -€824,865 | -€986,824 | -€1.3m | ▼ 28.5% |
| Amounts payable17/49 | €990,391 | €581,944 | €680,478 | €810,214 | €1.1m | ▲ 32.2% |
| Amounts payable after more than one year17 | - | - | €15,000 | €156,500 | €223,668 | ▲ 42.9% |
| Financial debts170/4 | - | - | €15,000 | €156,500 | €223,668 | ▲ 42.9% |
| Amounts payable within one year42/48 | €986,286 | €581,889 | €664,192 | €653,714 | €840,619 | ▲ 28.6% |
| Financial debts43 | €26,743 | €6,980 | €31,456 | €13,515 | €37,764 | ▲ 179% |
| Credit institutions430/8 | €26,743 | €6,980 | €31,456 | €13,515 | €37,764 | ▲ 179% |
| Trade debts44 | €46,141 | €36,995 | €49,519 | €108,088 | €177,721 | ▲ 64.4% |
| Suppliers440/4 | €46,141 | €36,995 | €49,519 | €108,088 | €177,721 | ▲ 64.4% |
| Taxes, remuneration and social security45 | €60,879 | €68,567 | €144,569 | €151,648 | €77,042 | ▼ 49.2% |
| Taxes450/3 | €5,292 | €6,471 | €32,492 | €30,088 | €5,577 | ▼ 81.5% |
| Remuneration and social security454/9 | €55,587 | €62,096 | €112,077 | €121,560 | €71,464 | ▼ 41.2% |
| Other amounts payable47/48 | €852,523 | €469,347 | €438,648 | €380,464 | €548,093 | ▲ 44.1% |
| Accrued charges and deferred income492/3 | €4,104 | €55 | €1,287 | €0 | €6,986 | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€217,529 | €276,640 | -€237,216 | -€161,959 | -€281,698 | ▼ 73.9% |
| + Depreciation and write-downs630 | €67,777 | €28,355 | €30,446 | €30,590 | €12,240 | ▼ 60.0% |
| Operating cash flow (approximation) | -€149,752 | €304,996 | -€206,770 | -€131,369 | -€269,458 | ▼ 105% |
| Investment in fixed assets (approximation) | - | €253,870 | -€21,282 | -€5,890 | -€1,200 | ▲ 79.6% |
| Change in cash | - | €51,804 | -€59,633 | -€11,045 | €2,317 | ▲ 121% |
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
31-08
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema · 31 days late
2025
31-12
Financial
Weakest financial yearnet -€281,698
Net result drops to -€281,698, the lowest in the series.
28-08
NBB filing
Annual accounts filed
fiscal year 2024 · full schema · 28 days late
2024
28-08
NBB filing
Annual accounts filed
fiscal year 2023 · full schema · 28 days late
2023
29-08
NBB filing
Annual accounts filed
fiscal year 2022 · full schema · 29 days late
2022
31-12
Financial
Back to profitnet €276,640
Net result €276,640 after 4 loss-making years.
31-08
NBB filing
Annual accounts filed
fiscal year 2021 · full schema · 31 days late
2021
08-11
NBB filing
Annual accounts filed
fiscal year 2020 · full schema · 100 days late
2020
29-10
NBB filing
Annual accounts filed
fiscal year 2019 · full schema · 90 days late
2019
29-08
NBB filing
Annual accounts filed
fiscal year 2018 · full schema · 29 days late
2018
28-08
NBB filing
Annual accounts filed
fiscal year 2017 · full schema · 28 days late
2017
30-08
NBB filing
Annual accounts filed
fiscal year 2016 · full schema · 30 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 8 acts read
About the unread acts
We know of 8 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
8 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, Watermaal-Bosvoorde · 7 establishment units since 1985
Ground area
4,415 m²
Building footprint
3,567 m²
Volume, LiDAR
42,427 m³
7 parcels, Brussels · tallest building 25.3 m, ±8 floors. Linked by address, not a title deed.
3
companies at this address
See who is registered here
7 establishment units
Meiersplein 3, 1150 Sint-Pieters-Woluwe
since 19852.027.444.906
Terkamerenlaan 34, 1000 Brussel
since 20082.190.124.002
Gootstraat 25, 1000 Brussel
since 20082.190.124.101
Middelburgstraat 83, 1170 Watermaal-Bosvoorde
since 20082.190.124.594
AUTO-ECOLE BARA
since 20192.299.099.641
AUTO-ECOLE BARA
since 20232.350.368.002
Show 1 more locations
AUTO-ECOLE BARA
since 20232.350.368.101
7 parcels
Brussels
7
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 21019A0101/00N000indicative | Brussels | 2,839 m² | 1 · 2,655 m² | 18.5 m · 5 fl. |
| 21822R0295/00C000 | Brussels | 1,006 m² | 1 · 468 m² | 25.2 m · 8 fl. |
| 21652E0649/00V000 | Brussels | 184 m² | 1 · 76 m² | 8.3 m · 2 fl. |
| 21302A0024/00R007 | Brussels | 135 m² | 1 · 115 m² | 14.3 m · 2 fl. |
| 21444B0010/00E011 | Brussels | 125 m² | 1 · 126 m² | 17.0 m · 5 fl. |
| 21004A1669/00C000 | Brussels | 66 m² | 1 · 69 m² | 22.2 m · 6 fl. |
| 21308H0528/00C002 | Brussels | 60 m² | 1 · 60 m² | 12.5 m · 3 fl. |
Linked by address, not proof of ownership
Good to know
6 of 7 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
NICO HOLDING
12 companies
Group, risk and exposure
Owners and holdings
1 ownerChain of control
- NICO HOLDING
- BOEL
Highest known parent: NICO HOLDING. The sources do not say who stands above it.
Owners 1
-
99.96%
Holdings 0
The accounts to 31-12-2025 list no holdings, and no other source names one.
According to the 2025 annual accounts of BOEL and those 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.
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Of 1,038 companies in sector 85531 we hold annual accounts for 348. 65 are within a factor 10 of this headcount. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company
Founded17-06-1985
Fiscal year end31-12
Activities, NACEBEL 2025
85531Driving schools for cars and motorcycles
Contact
E-mail
administration@nicoholding.be
Phone
+3271549997Elsene
E-invoicing
Reachable via Peppol
Peppol ID
0208:0427378931
Also
9925:BE0427378931
Registered
09-04-2025
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 30 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.