BorderSystem
ActiveSummary
The computed 12-month bankruptcy probability of BorderSystem is 1.6% (moderate). The 2024 annual accounts show negative equity (-€1.7m) and a net result of -€176,705. Equity is shrinking by ~16.5% per year across the filed fiscal years. The company has been active since 2013 and the Belgian State Gazette contains no insolvency or warning signals.
Checked score
Score 2024
Axes · tick = 2023
Profitability0=
Solvency0=
Growth58=
Track record100
Bankruptcy probability, 12 months
1.6%
Moderate
0%0.5%1.5%4%10%≥ 25%
No credit on open account
Liquidity short (current ratio 0.1 against 0.16 in 2023; short-term debt: 935.8% and cash: 4.8% 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
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 2024Solvency, return and age of the figures
Return on assets
-127.4%
Age of the figures
21 mo
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 46
Relative position
BE, all sectors
reference
Wholesale trade (NACE 46)
about 21% more bankruptcies
← fewer bankruptcies
more bankruptcies →
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
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 22-06-2026, 39 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
39 d early
2024
6 d late
2023
29 d late
2022
31 d early
2021
38 d early
2020
5 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 3 days after the deadline; the sector median for financial year 2024 is 3 days before the deadline, and 39% 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 30 June (4 of the last 5 filed years within 37 days of that day).
Companies Code · seven monthsPosition in the running window
29-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2024, micro schema
Equity
-€1.7m▼ 11.4%
2023 · -€1.5m
Total assets
€138,743▼ 33.5%
2023 · €208,556
Net result
-€176,705▼ 6.0%
2023 · -€166,674
Working capital
-€1.2m▼ 17.2%
2023 · -€997,860
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 46, Wholesale trade, 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
Line20202021202220232024
Operating result-€243,738▲ 5.2%-€196,011▲ 19.6%-€197,946▼ 1.0%-€164,034▲ 17.1%-€173,373▼ 5.7%
Net result-€225,370below the sector's middle half▼ 30.2%-€197,052below the sector's middle half▲ 12.6%-€195,193below the sector's middle half▲ 0.9%-€166,674below the sector's middle half▲ 14.6%-€176,705below the sector's middle half▼ 6.0%
Equity-€988,946below the sector's middle half▼ 29.5%-€1.2mbelow the sector's middle half▼ 19.9%-€1.4mbelow the sector's middle half▼ 16.5%-€1.5mbelow the sector's middle half▼ 12.1%-€1.7mbelow the sector's middle half▼ 11.4%
Total assets€327,834within the sector's middle half▲ 16.4%€274,995within the sector's middle half▼ 16.1%€231,697within the sector's middle half▼ 15.7%€208,556within the sector's middle half▼ 10.0%€138,743within the sector's middle half▼ 33.5%
Debt€1.3m▲ 26.0%€1.5m▲ 11.0%€1.6m▲ 10.4%€1.8m▲ 8.9%€1.9m▲ 6.1%
Working capital-€452,687below the sector's middle half▼ 48.7%-€640,237below the sector's middle half▼ 41.4%-€838,015below the sector's middle half▼ 30.9%-€997,860below the sector's middle half▼ 19.1%-€1.2mbelow the sector's middle half▼ 17.2%
Solvency-301.7%below the sector's middle half▼ 30.7pp-431.3%below the sector's middle half▼ 129.6pp-596.1%below the sector's middle half▼ 164.8pp-742.2%below the sector's middle half▼ 146.1pp
Current ratio0.40below the sector's middle half▲ 0.030.29below the sector's middle half▼ 0.110.20below the sector's middle half▼ 0.090.16below the sector's middle half▼ 0.040.10below the sector's middle half▼ 0.06
Return on assets (ROA)-68.7%below the sector's middle half▼ 7.3pp-71.7%below the sector's middle half▼ 2.9pp-84.2%below the sector's middle half▼ 12.6pp-79.9%below the sector's middle half▲ 4.3pp-127.4%below the sector's middle half▼ 47.4pp
Staff (FTE)1within the sector's middle half=1=1=1=1=
above
within
below
the middle half (P25 to P75) of NACE 46, Wholesale trade, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €173,373 in 2024 against €164,034 in 2023; the loss grows.
Balance-sheet composition
2024 in colour, 2023 as the grey bar beneath
Assets €138,743
Fixed assets
€9,985 ▼ 33.4%
Current assets
€128,758 ▼ 33.5%
Key figures and ratios
EBITDA
-€167,227▼
2023 · -€155,594
Cash flow
-€170,559▼
2023 · -€158,234
Quick ratio
0.04▲
2023 · 0.03
Debt to equity
-1.08▲
2023 · -1.13
Interest coverage
-54.06▲
2023 · -71.59
Debt ≤ 1 year
€1.3m▲
2023 · €1.2m
Debt > 1 year
€565,000=
2023 · €565,000
Income taxes
€256▼
2023 · €473
Staff costs
€115,015▲
2023 · €113,095
A ratio outside any meaningful range has been withheld (balance sheet total €138,743, equity -€1.7m).
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 6,940 companies that looked in July 2024 the way this one looks now, 5.5% went bankrupt within 24 months and 85% are still going.
- Micro
- 10 to 20 years old
- negative equity
- a loss of 10% of the balance sheet or more
5.5%
went bankrupt
8.0%
stopped otherwise
85%
still going
A further 1.5% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 1.6% 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 497,662 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% | 1.7% |
| 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 75% 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 6,940 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 | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | €4,132 | - | - | - |
| Remuneration, social security and pensions62 | - | €99,724 | €101,457 | €113,095 | €115,015 | ▲ 1.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €83,356 | €12,071 | €9,502 | €8,440 | €6,146 | ▼ 27.2% |
| Other operating charges640/8 | - | €3,028 | €6,646 | €1,332 | €1,690 | ▲ 27.0% |
| Gross operating margin9900 | -€78,085 | -€81,188 | -€80,341 | -€41,168 | -€50,521 | ▼ 22.7% |
| Operating profit (loss)9901 | -€243,738 | -€196,011 | -€197,946 | -€164,034 | -€173,373 | ▼ 5.7% |
| Financial income75/76B | - | €10 | €0 | €7 | €17 | ▲ 154% |
| Recurring financial income75 | €0 | €10 | €0 | €7 | €17 | ▲ 154% |
| Financial charges65/66B | - | €587 | €2,038 | €2,173 | €3,093 | ▲ 42.3% |
| Recurring financial charges65 | €509 | €587 | €2,038 | €2,173 | €3,093 | ▲ 42.3% |
| Profit (loss) for the period before taxes9903 | -€244,247 | -€196,588 | -€199,984 | -€166,201 | -€176,449 | ▼ 6.2% |
| Income taxes67/77 | -€18,877 | €464 | -€4,791 | €473 | €256 | ▼ 45.9% |
| Profit (loss) for the period9904 | -€225,370 | -€197,052 | -€195,193 | -€166,674 | -€176,705 | ▼ 6.0% |
| Profit (loss) for the period to be appropriated9905 | -€225,370 | -€197,052 | -€195,193 | -€166,674 | -€176,705 | ▼ 6.0% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €327,834 | €274,995 | €231,697 | €208,556 | €138,743 | ▼ 33.5% |
| Formation expenses20 | - | - | €0 | €0 | €0 | - |
| Fixed assets21/28 | €28,741 | €19,240 | €21,825 | €14,995 | €9,985 | ▼ 33.4% |
| Intangible fixed assets21 | €27,287 | €18,135 | €21,293 | €13,523 | €8,205 | ▼ 39.3% |
| Tangible fixed assets22/27 | €1,454 | €1,105 | €531 | €1,473 | €1,780 | ▲ 20.8% |
| Plant, machinery and equipment23 | - | - | €0 | €0 | €0 | - |
| Furniture and vehicles24 | - | €1,105 | €531 | €1,473 | €1,780 | ▲ 20.8% |
| Current assets29/58 | €299,093 | €255,755 | €209,873 | €193,561 | €128,758 | ▼ 33.5% |
| Stocks and contracts in progress3 | €215,300 | €219,564 | €168,168 | €153,875 | €80,333 | ▼ 47.8% |
| Stocks30/36 | - | €219,564 | €168,168 | €153,875 | €80,333 | ▼ 47.8% |
| Amounts receivable within one year40/41 | €60,251 | €31,222 | €17,612 | €32,816 | €40,630 | ▲ 23.8% |
| Trade receivables40 | - | €8,877 | €12,245 | €30,813 | €40,249 | ▲ 30.6% |
| Other amounts receivable41 | - | €22,345 | €5,367 | €2,004 | €381 | ▼ 81.0% |
| Cash at bank and in hand54/58 | €22,805 | €3,201 | €21,540 | €6,022 | €6,665 | ▲ 10.7% |
| Deferred charges and accrued income490/1 | - | €1,768 | €2,552 | €848 | €1,131 | ▲ 33.4% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €327,834 | €274,995 | €231,697 | €208,556 | €138,743 | ▼ 33.5% |
| Equity10/15 | -€988,946 | -€1.2m | -€1.4m | -€1.5m | -€1.7m | ▼ 11.4% |
| Contributions10/11 | - | €200,000 | €200,000 | €200,000 | €200,000 | = |
| Profit (loss) carried forward14 | -€1.2m | -€1.4m | -€1.6m | -€1.7m | -€1.9m | ▼ 10.1% |
| Investment grants15 | - | - | €0 | €0 | €0 | - |
| Amounts payable17/49 | €1.3m | €1.5m | €1.6m | €1.8m | €1.9m | ▲ 6.1% |
| Amounts payable after more than one year17 | €565,000 | €565,000 | €565,000 | €565,000 | €565,000 | = |
| Financial debts170/4 | - | €565,000 | €565,000 | €565,000 | €565,000 | = |
| Amounts payable within one year42/48 | €751,780 | €895,992 | €1.0m | €1.2m | €1.3m | ▲ 9.0% |
| Trade debts44 | €36,502 | €29,035 | €42,476 | €43,366 | €45,005 | ▲ 3.8% |
| Suppliers440/4 | - | €29,035 | €42,476 | €43,366 | €45,005 | ▲ 3.8% |
| Taxes, remuneration and social security45 | - | €23,818 | €27,244 | €36,027 | €44,017 | ▲ 22.2% |
| Taxes450/3 | - | €4,996 | €3,936 | €8,166 | €18,840 | ▲ 131% |
| Remuneration and social security454/9 | - | €18,823 | €23,307 | €27,860 | €25,176 | ▼ 9.6% |
| Other amounts payable47/48 | - | €843,139 | €978,167 | €1.1m | €1.2m | ▲ 8.7% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€225,370 | -€197,052 | -€195,193 | -€166,674 | -€176,705 | ▼ 6.0% |
| + Depreciation and write-downs630 | €83,356 | €12,071 | €9,502 | €8,440 | €6,146 | ▼ 27.2% |
| Operating cash flow (approximation) | -€142,014 | -€184,981 | -€185,690 | -€158,234 | -€170,559 | ▼ 7.8% |
| Investment in fixed assets (approximation) | - | -€2,570 | -€12,087 | -€1,611 | -€1,136 | ▲ 29.5% |
| Change in cash | - | -€19,603 | €18,339 | -€15,518 | €642 | ▲ 104% |
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
27-07
State Gazette act
Resignation: ROLAND GUILLAUME (non-statutory director)Appointment: ROLAND GHISLAIN (non-statutory director) · Permanent representative: Arnaud CHAVANNE4 facts ▸
State Gazette act
Resignation: ROLAND GUILLAUME (non-statutory director)
Appointment: ROLAND GHISLAIN (non-statutory director) · Permanent representative: Arnaud CHAVANNE4 facts ▸
- General meeting, 17-06-2026
- Director resignation, ROLAND GUILLAUME (non-statutory director)
- Director appointment, ROLAND GHISLAIN (non-statutory director)
- Permanent representative, Arnaud CHAVANNE (permanent representative)
22-06
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
06-08
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 6 days late
2024
29-08
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 29 days late
2023
30-06
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
23-06
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
05-08
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 5 days late
2020
31-12
Financial
Weakest financial yearnet -€225,370
Net result drops to -€225,370, the lowest in the series; recovery starts the following year.
29-10
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 90 days late
2019
27-09
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema · 58 days late
2018
08-08
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema · 8 days late
2017
11-07
NBB filing
Annual accounts filed
fiscal year 2016 · micro schema
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
1 of 6 acts read
About the unread acts
Of the 6 Belgian State Gazette acts we know for this company, 1 has been read. The other 5 have not been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
1 director, last change in 2026
ROLAND GHISLAIN
CurrentNon-statutory director · since 17-06-2026
Derived from published Gazette acts. The CBE keeps the official list of function holders; we do not read it, so the two can differ.
See the function holders in the CBE →
Not every act has been read: a resignation may be missing here
5 of this company's 6 Belgian State Gazette acts have not been read yet. Appointments and resignations recorded in them are missing above: a director who resigned there may therefore still show here as sitting. The acts are in the Timeline.
Location & real-estate footprint
Registered office, Chaudfontaine · 1 establishment unit since 2013
Ground area
8,460 m²
Building footprint
281 m²
Volume, LiDAR
2,030 m³
Parcel 62012D0045/00W000, Wallonia · tallest building 9.6 m, ±2 floors. Linked by address, not a title deed.
2
companies at this address
See who is registered here
1 establishment unit
Bois Manant 27, 4052 Chaudfontaine
since 20132.222.942.268
1 parcel
Wallonia
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 62012D0045/00W000 | Wallonia | 8,460 m² | 1 · 281 m² | 9.6 m · 2 fl. |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Mandate history
2 people since 2026, 1 in office
- Board
- began earlier
| Name | Functions and periods |
|---|---|
| ROLAND GHISLAIN |
|
| ROLAND GUILLAUME |
|
Structure & 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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Shareholding
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Identification & contact
Identification
Legal formPrivate limited company
Founded09-07-2013
Fiscal year end31-12
Activities, NACEBEL 2025
46643Wholesale of electrical equipment, including installation materials
46649Wholesale of other machinery and equipment
47559Retail sale of other household articles
E-invoicing
Reachable via Peppol
Peppol ID
0208:0536649629
Registered
08-12-2025
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 28 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.