BORGH
ActiveSummary
BORGH has been active since 1980 and the Belgian State Gazette contains no insolvency or warning signals. The 2026 annual accounts show equity of €2.43M and a net result of €-78k. Equity is shrinking by ~4.2% per year across the filed fiscal years. Its solvency ranks better than 66% of 142 sector peers (fiscal year 2026). The computed 12-month bankruptcy probability is 0.3% (very low).
Checked score
Score 2026
Axes · tick = 2025
Profitability17▼-44
Solvency87=
Growth29▼-18
Track record100
Bankruptcy probability, 12 months
0.3%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €140k at 30 days acceptable
Liquidity ample (current ratio 1.71 against 2.33 in 2025; short-term debt: 35.4% and cash: 2.6% of total assets), and 37.9% of the assets are financed with debt.
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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 · 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 · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2026Solvency, return and age of the figures
Solvency
62.1%
Return on assets
-2%
Age of the figures
6 mo
neutral · Latest accounts filed on time
The financial year that closed on 31-03-2026 was due by 31-10-2026 and was filed on 15-09-2026, 46 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2026
46 d early
2025
25 d early
2024
37 d early
2023
50 d early
2022
28 d early
2021
31 d early
2020
26 d early
← before the deadline
after the deadline →
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-03-2027 and is due by 31-10-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
25-09-2026 today31-03-2027 close31-10-2027 deadline
History
Go further with this company
How much credit can you give this customer, and on what term?Credit simulator What should you check before you do business with this company?Supplier due diligence Accepting this client? The AML file with identity, beneficial owners and sanctions lists.AML client file How does this company compare with its sector?Sector benchmark What changed in the latest annual accounts?What changed Roughly what is this company worth?Value indication
Financials · fiscal year 2026, full schema
Turnover
€7.11M▼ 8.0%
2025 · €7.72M
EBIT margin
-1.0%▼ 4.0pp
2025 · 3.0%
Net result
€-78k
2025 · €152k
Working capital
€977k▼ 49.7%
2025 · €1.94M
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
Line20222023202420252026
Turnover€9.09M▲ 4.3%€8.95M▼ 1.6%€8.20M▼ 8.3%€7.72M▼ 5.8%€7.11M▼ 8.0%
Operating result€273k▲ 5.9%€268k▼ 1.6%€246k▼ 8.3%€232k▼ 5.8%€-68k
Net result€166k▲ 24.7%€153k▼ 7.8%€172k▲ 12.1%€152k▼ 11.7%€-78k
EBIT margin3.0%=3.0%=3.0%=3.0%=-1.0%▼ 4.0pp
Equity€4.03M▲ 4.3%€4.18M▲ 3.8%€2.35M▼ 43.7%€2.51M▲ 6.4%€2.43M▼ 3.1%
Total assets€5.46M▼ 3.4%€5.85M▲ 7.0%€5.61M▼ 4.1%€4.07M▼ 27.5%€3.91M▼ 3.9%
Debt€1.43M▼ 20.0%€1.67M▲ 16.1%€3.26M▲ 95.4%€1.56M▼ 52.0%€1.48M▼ 5.1%
Working capital€1.16M▲ 35.5%€1.35M▲ 16.1%€-358k€1.94M€977k▼ 49.7%
Staff (FTE)25.5▼ 4.9%25.4▼ 0.4%26.9▲ 5.9%25.4▼ 5.6%25.7▲ 1.2%
Result per fiscal year
Operating resultNet result
The operating result turns negative in 2026: a loss of €68k after €232k in 2025, the lowest result in the available series.
Balance-sheet composition
2026 in colour, 2025 as the grey bar beneath
Assets €3.91M
Fixed assets
€1.55M ▲ 131%
Current assets
€2.36M ▼ 30.5%
Equity and liabilities €3.91M
Equity
€2.43M ▼ 3.1%
Debt
€1.48M ▼ 5.1%
Debt's share of the balance-sheet total falls from 38.4% to 37.9%. Equity and debt are lower.
Key figures and ratios
EBITDA
€-4k▼
2025 · €301k
Cash flow
€-13k▼
2025 · €221k
Current ratio
1.71▼
2025 · 2.33
Quick ratio
1.70▼
2025 · 2.33
Debt to equity
0.61▼
2025 · 0.62
ROE
-3.2%▼
2025 · 6.1%
ROA
-2.0%▼
2025 · 3.7%
Interest coverage
-0.08▼
2025 · 6.34
Debt ≤ 1 year
€1.39M▼
2025 · €1.46M
Income taxes
€4k▼
2025 · €77k
Staff costs
€2.24M▼
2025 · €2.28M
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|
| Operating income70/76A | €9.23M | €9.08M | €8.34M | €7.86M | €7.22M | ▼ 8.2% |
| Turnover70 | €9.09M | €8.95M | €8.20M | €7.72M | €7.11M | ▼ 8.0% |
| Other operating income74 | €98k | €106k | €108k | €111k | €114k | ▲ 3.2% |
| Non-recurring operating income76A | €38k | €31k | €32k | €29k | - | - |
| Operating charges60/66A | €8.95M | €8.82M | €8.09M | €7.63M | €7.29M | ▼ 4.5% |
| Goods for resale, raw materials and consumables60 | €3.61M | €3.44M | €3.39M | €3.07M | €2.88M | ▼ 6.4% |
| Purchases600/8 | €3.61M | €3.45M | €3.40M | €3.06M | €2.89M | ▼ 5.8% |
| Change in stocks: decrease (increase)609 | €8k | €-2k | €-5k | €8k | €-10k | ▼ 218% |
| Services and other goods61 | €3.00M | €2.98M | €2.21M | €2.18M | €2.05M | ▼ 5.9% |
| Remuneration, social security and pensions62 | €2.19M | €2.28M | €2.37M | €2.28M | €2.24M | ▼ 1.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €73k | €72k | €69k | €70k | €64k | ▼ 7.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | €33k | €-9k | €11k | €-30k | €14k | ▲ 145% |
| Other operating charges640/8 | €38k | €48k | €42k | €60k | €43k | ▼ 27.2% |
| Operating profit (loss)9901 | €273k | €268k | €246k | €232k | €-68k | ▼ 129% |
| Financial income75/76B | €61k | €61k | €116k | €99k | €92k | ▼ 6.3% |
| Recurring financial income75 | €61k | €61k | €116k | €99k | €92k | ▼ 6.3% |
| Income from financial fixed assets750 | €47k | €43k | €40k | €18k | €14k | ▼ 22.2% |
| Income from current assets751 | €9k | €14k | €70k | €79k | €72k | ▼ 8.4% |
| Other financial income752/9 | €5k | €4k | €6k | €2k | €6k | ▲ 209% |
| Financial charges65/66B | €86k | €83k | €97k | €102k | €98k | ▼ 4.1% |
| Recurring financial charges65 | €86k | €83k | €97k | €102k | €92k | ▼ 9.8% |
| Debt charges650 | €20k | €20k | €37k | €47k | €42k | ▼ 11.3% |
| Write-downs on current assets other than stocks, contracts in progress and trade receivables: additions (reversals)651 | €-272 | - | - | - | - | - |
| Other financial charges652/9 | €66k | €63k | €59k | €55k | €50k | ▼ 8.4% |
| Non-recurring financial charges66B | - | - | - | - | €6k | - |
| Profit (loss) for the period before taxes9903 | €249k | €247k | €265k | €228k | €-73k | ▼ 132% |
| Income taxes67/77 | €82k | €93k | €94k | €77k | €4k | ▼ 94.7% |
| Taxes670/3 | €84k | €93k | €94k | €77k | €4k | ▼ 94.7% |
| Tax adjustments and reversals of tax provisions77 | €2k | €0 | - | - | - | - |
| Profit (loss) for the period9904 | €166k | €153k | €172k | €152k | €-78k | ▼ 151% |
| Profit (loss) for the period to be appropriated9905 | €166k | €153k | €172k | €152k | €-78k | ▼ 151% |
| Line | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €5.46M | €5.85M | €5.61M | €4.07M | €3.91M | ▼ 3.9% |
| Fixed assets21/28 | €3.08M | €2.94M | €2.81M | €669k | €1.55M | ▲ 131% |
| Tangible fixed assets22/27 | €534k | €474k | €419k | €349k | €303k | ▼ 13.2% |
| Land and buildings22 | €524k | €470k | €413k | €346k | €300k | ▼ 13.2% |
| Plant, machinery and equipment23 | €185 | - | €620 | €402 | €185 | ▼ 54.0% |
| Furniture and vehicles24 | €9k | €4k | €6k | €3k | €3k | ▼ 4.8% |
| Financial fixed assets28 | €2.55M | €2.47M | €2.40M | €320k | €1.25M | ▲ 289% |
| Affiliated companies280/1 | €2.55M | €2.47M | €2.40M | €320k | €1.25M | ▲ 289% |
| Participating interests280 | €20k | €20k | €20k | €20k | €20k | = |
| Amounts receivable281 | €2.53M | €2.45M | €2.38M | €300k | €1.23M | ▲ 308% |
| Current assets29/58 | €2.38M | €2.90M | €2.80M | €3.40M | €2.36M | ▼ 30.5% |
| Stocks and contracts in progress3 | €11k | €11k | €10k | €9k | €9k | ▼ 1.7% |
| Stocks30/36 | €11k | €11k | €10k | €9k | €9k | ▼ 1.7% |
| Goods purchased for resale34 | €11k | €11k | €10k | €9k | €9k | ▼ 1.7% |
| Amounts receivable within one year40/41 | €2.09M | €2.65M | €2.62M | €2.95M | €2.19M | ▼ 25.6% |
| Trade receivables40 | €1.22M | €1.15M | €1.19M | €881k | €811k | ▼ 7.9% |
| Other amounts receivable41 | €865k | €1.50M | €1.43M | €2.06M | €1.38M | ▼ 33.1% |
| Current investments50/53 | €54k | €56k | €39k | €41k | €37k | ▼ 9.5% |
| Other investments51/53 | €54k | €56k | €39k | €41k | €37k | ▼ 9.5% |
| Cash at bank and in hand54/58 | €190k | €163k | €107k | €380k | €103k | ▼ 73.1% |
| Deferred charges and accrued income490/1 | €41k | €26k | €23k | €22k | €22k | ▼ 0.3% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €5.46M | €5.85M | €5.61M | €4.07M | €3.91M | ▼ 3.9% |
| Equity10/15 | €4.03M | €4.18M | €2.35M | €2.51M | €2.43M | ▼ 3.1% |
| Contributions10/11 | €94k | €94k | €94k | €94k | €94k | = |
| Capital10 | €94k | €94k | €94k | €94k | €94k | = |
| Issued capital100 | €94k | €94k | €94k | €94k | €94k | = |
| Reserves13 | €3.94M | €4.09M | €2.26M | €2.41M | €2.33M | ▼ 3.2% |
| Non-distributable reserves130/1 | €9k | €9k | €9k | €9k | €9k | = |
| Legal reserve130 | €9k | €9k | €9k | €9k | €9k | = |
| Distributable reserves133 | €3.93M | €4.08M | €2.25M | €2.40M | €2.32M | ▼ 3.2% |
| Amounts payable17/49 | €1.43M | €1.67M | €3.26M | €1.56M | €1.48M | ▼ 5.1% |
| Amounts payable within one year42/48 | €1.22M | €1.55M | €3.15M | €1.46M | €1.39M | ▼ 4.9% |
| Trade debts44 | €296k | €612k | €240k | €344k | €127k | ▼ 63.0% |
| Suppliers440/4 | €296k | €612k | €240k | €344k | €127k | ▼ 63.0% |
| Taxes, remuneration and social security45 | €624k | €706k | €652k | €796k | €492k | ▼ 38.2% |
| Taxes450/3 | €271k | €338k | €299k | €461k | €162k | ▼ 64.9% |
| Remuneration and social security454/9 | €353k | €367k | €354k | €335k | €330k | ▼ 1.4% |
| Other amounts payable47/48 | €301k | €235k | €2.26M | €317k | €766k | ▲ 142% |
| Accrued charges and deferred income492/3 | €214k | €113k | €102k | €106k | €98k | ▼ 7.8% |
| Line | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €166k | €153k | €172k | €152k | €-78k | ▼ 151% |
| + Depreciation and write-downs630 | €73k | €72k | €69k | €70k | €64k | ▼ 7.4% |
| Operating cash flow (approximation) | €239k | €226k | €241k | €221k | €-13k | ▼ 106% |
| Investment in fixed assets (approximation) | - | €62k | €61k | €2.08M | €-943k | ▼ 145% |
| Change in cash | - | €-26k | €-56k | €273k | €-278k | ▼ 202% |
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 2027, expected by
2026
15-09
NBB filing
Annual accounts filed
fiscal year 2026 · full schema
31-03
Financial
Weakest financial yearnet €-78k
Net result drops to €-78k, the lowest in the series.
2025
06-10
NBB filing
Annual accounts filed
fiscal year 2025 · full schema
31-03
Financial
Liquidity triplescurrent ratio 2.33
Current ratio from 0.89 to 2.33; short-term debt falls from €3.15M to €1.46M.
2024
24-09
NBB filing
Annual accounts filed
fiscal year 2024 · full schema
2023
11-09
NBB filing
Annual accounts filed
fiscal year 2023 · full schema
2022
03-10
NBB filing
Annual accounts filed
fiscal year 2022 · full schema
2021
30-09
NBB filing
Annual accounts filed
fiscal year 2021 · full schema
2020
05-10
NBB filing
Annual accounts filed
fiscal year 2020 · full schema
31-03
Financial
Highest result since 2019net €295k ▲131%
Operating result €515k, net result €295k, both a record.
2019
30-09
NBB filing
Annual accounts filed
fiscal year 2019 · full schema
2018
27-09
NBB filing
Annual accounts filed
fiscal year 2018 · full schema
2017
03-10
NBB filing
Annual accounts filed
fiscal year 2017 · full schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 10 acts read
About the unread acts
We know of 10 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
10 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, Arendonk · 1 establishment unit since 1980
Ground area
1.4 ha
Building footprint
2,350 m²
Volume, LiDAR
12,503 m³
2 parcels, Flanders · tallest building 7.6 m, ±2 floors. Linked by address, not a title deed.
2
companies at this address
See who is registered here
1 establishment unit
Hoge Mauw 56, 2370 Arendonk
since 19802.035.860.645
2 parcels
Flanders
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 13322C1263/00N000 | Flanders | 9,283 m² | 1 · 1,554 m² | 6.6 m · 2 fl. |
| 13322C1272/00D000 | Flanders | 4,625 m² | 1 · 796 m² | 7.6 m · 1 fl. |
Linked by address, not proof of ownership
Good to know
2 of 2 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Public money · subsidies and aid
Flemish government
2022 to 2025 · 8 entries · 113,671 EUR awarded · 113,671 EUR paid| Year | Entries | awarded | paid |
|---|---|---|---|
| 2025 | 2 | 28,654 EUR | 28,654 EUR |
| 2024 | 2 | 27,876 EUR | 28,042 EUR |
| 2023 | 2 | 27,958 EUR | 27,951 EUR |
| 2022 | 2 | 29,183 EUR | 29,024 EUR |
Schemes
Vlaamse ondersteuningspremie (VOP) voor werkgevers (uitdovend stelsel)
Subsidie voor opleiding en advies voor kmo's en zelfstandigen (kmo-portefeuille)
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Of 505 companies in sector 46841 we hold annual accounts for 365. 263 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPublic limited company
Founded30-09-1980
Fiscal year end31-03
Activities, NACEBEL 2025
46841Wholesale trade
47521Retail sale of hardware, building materials, paint and glass (general range)
Scores and ratios are computed by Checked and are not a credit decision.