BORGOO BART
ActiveSummary
The computed 12-month bankruptcy probability of BORGOO BART is 2.5% (moderate). The 2024 annual accounts show equity of €422,131 and a net result of -€46,617. Equity is growing by ~55.7% per year across the filed fiscal years. Its solvency ranks better than 64% of 7461 sector peers (fiscal year 2024). The company has been active since 2019 and the Belgian State Gazette contains no insolvency or warning signals.
Checked score
Score 2024
Axes · tick = 2023
Profitability22▼-77
Solvency80▼-6
Growth35▼-44
Track record100
Bankruptcy probability, 12 months
2.5%
Moderate
0%0.5%1.5%4%10%≥ 25%
Credit up to €21,000 at 30 days acceptable
Liquidity ample (current ratio 2.08 against 3.32 in 2023; short-term debt: 22.2% and cash: 1.6% of total assets), and 45.3% of the assets are financed with debt.
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Signals
Four signals. The signal on the left, the evidence on the right.
+raises risk○neutral
raises risk · Limited track record
This company has not been active as long as an established one and statistically fails somewhat more often.
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 43
Relative position
BE, all sectors
reference
Specialised construction activities (NACE 43)
about 85% more 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 2024Solvency, return and age of the figures
Solvency
54.7%
Return on assets
-6%
Age of the figures
21 mo
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2024 was due by 31-07-2025 and was filed on 12-06-2025, 49 days ahead of the deadline.
NBB · 5 filingsDeviation from the deadline
2025
not confirmed
2024
49 d early
2023
47 d early
2022
34 d early
2021
34 d early
2020
32 d early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 5 accounts on average 39 days before the deadline; the sector median for financial year 2024 is 1 day before the deadline, and 42% of the sector filed late.
Checked, nothing found (1)
History
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Financials · fiscal year 2024, abbreviated schema
Turnover
€640,289▼ 41.7%
2023 · €1.1m
EBIT margin
-5.4%▼ 27.2pp
2023 · 21.7%
Net result
-€46,617
2023 · €177,830
Working capital
€185,712▼ 40.2%
2023 · €310,441
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 43, Specialised construction activities, 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
Turnover€960,884€1.1m▲ 14.3%€640,289▼ 41.7%
Operating result€137,661-€78,326▼ 43.1%€132,241▲ 68.8%€238,668▲ 80.5%-€34,865
Net result€97,827above the sector's middle half-€62,544above the sector's middle half▼ 36.1%€111,548above the sector's middle half▲ 78.4%€177,830above the sector's middle half▲ 59.4%-€46,617below the sector's middle half
EBIT margin13.8%21.7%▲ 8.0pp-5.4%▼ 27.2pp
Equity€116,827within the sector's middle half-€179,371above the sector's middle half▲ 53.5%€290,919above the sector's middle half▲ 62.2%€468,749above the sector's middle half▲ 61.1%€422,131within the sector's middle half▼ 9.9%
Total assets€158,113within the sector's middle half-€277,189within the sector's middle half▲ 75.3%€590,548above the sector's middle half▲ 113%€763,365above the sector's middle half▲ 29.3%€771,648within the sector's middle half▲ 1.1%
Debt€41,285-€97,818▲ 137%€299,629▲ 206%€294,616▼ 1.7%€349,516▲ 18.6%
Working capital€97,562above the sector's middle half-€128,347above the sector's middle half▲ 31.6%€154,602above the sector's middle half▲ 20.5%€310,441above the sector's middle half▲ 101%€185,712within the sector's middle half▼ 40.2%
Solvency73.9%above the sector's middle half-64.7%within the sector's middle half▼ 9.2pp49.3%within the sector's middle half▼ 15.4pp61.4%within the sector's middle half▲ 12.1pp54.7%within the sector's middle half▼ 6.7pp
Current ratio4.66above the sector's middle half-4.01above the sector's middle half▼ 0.652.37within the sector's middle half▼ 1.643.32above the sector's middle half▲ 0.942.08within the sector's middle half▼ 1.24
Return on assets (ROA)61.9%above the sector's middle half-22.6%above the sector's middle half▼ 39.3pp18.9%above the sector's middle half▼ 3.7pp23.3%above the sector's middle half▲ 4.4pp-6.0%below the sector's middle half▼ 29.3pp
Staff (FTE)1within the sector's middle half-1.2▲ 20.0%1.6▲ 33.3%3within the sector's middle half
above
within
below
the middle half (P25 to P75) of NACE 43, Specialised construction activities, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the abbreviated or micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result turns negative in 2024: a loss of €34,865 after €238,668 in 2023, the lowest result in the available series.
Balance-sheet composition
2024 in colour, 2023 as the grey bar beneath
Assets €769,723
Fixed assets
€412,412 ▲ 30.2%
Current assets
€357,310 ▼ 19.6%
Equity and liabilities €771,648
Equity
€422,131 ▼ 9.9%
Debt
€349,516 ▲ 18.6%
Debt's share of the balance-sheet total rises from 38.6% to 45.3%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€12,377▼
2023 · €267,287
Cash flow
€624▼
2023 · €206,449
Quick ratio
1.69▼
2023 · 2.80
Debt to equity
0.83▲
2023 · 0.63
ROE
-11.0%▼
2023 · 37.9%
Interest coverage
0.94▼
2023 · 23.43
Debt ≤ 1 year
€171,598▲
2023 · €133,945
Debt > 1 year
€177,144▲
2023 · €157,886
Income taxes
€2,125▼
2023 · €50,629
Staff costs
€175,982▲
2023 · €96,417
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 3,442 companies that looked in July 2024 the way this one looks now, 2.1% went bankrupt within 24 months and 90% are still going.
- Micro
- 5 to 10 years old
- solvency 30% or more
- a small loss
2.1%
went bankrupt
7.3%
stopped otherwise
90%
still going
A further 0.7% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 2.5% 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 3,442 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 |
|---|---|---|---|---|---|---|
| Turnover70 | - | - | €960,884 | €1.1m | €640,289 | ▼ 41.7% |
| Goods, raw materials, services and sundry goods60/61 | - | - | €723,921 | €749,800 | €477,194 | ▼ 36.4% |
| Remuneration, social security and pensions62 | - | €46,999 | €94,921 | €96,417 | €175,982 | ▲ 82.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €4,145 | €14,559 | €25,004 | €28,619 | €47,241 | ▲ 65.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | €1,573 | - | - | - |
| Other operating charges640/8 | - | €807 | €1,006 | €1,008 | €2,135 | ▲ 112% |
| Non-recurring operating charges66A | - | - | €212 | €6,871 | €115 | ▼ 98.3% |
| Gross operating margin9900 | €177,008 | €140,690 | €254,957 | €371,583 | €190,608 | ▼ 48.7% |
| Operating profit (loss)9901 | €137,661 | €78,326 | €132,241 | €238,668 | -€34,865 | ▼ 115% |
| Financial income75/76B | - | €3,497 | €5,092 | €1,199 | €3,506 | ▲ 192% |
| Recurring financial income75 | €1,290 | €3,497 | €5,092 | €1,199 | €3,506 | ▲ 192% |
| Financial charges65/66B | - | €10,331 | €6,195 | €11,408 | €13,134 | ▲ 15.1% |
| Recurring financial charges65 | €8,513 | €10,331 | €6,195 | €11,408 | €13,134 | ▲ 15.1% |
| Profit (loss) for the period before taxes9903 | €130,438 | €71,492 | €131,138 | €228,459 | -€44,493 | ▼ 119% |
| Income taxes67/77 | €32,611 | €8,948 | €19,590 | €50,629 | €2,125 | ▼ 95.8% |
| Profit (loss) for the period9904 | €97,827 | €62,544 | €111,548 | €177,830 | -€46,617 | ▼ 126% |
| Profit (loss) for the period to be appropriated9905 | €97,827 | €62,544 | €111,548 | €177,830 | -€46,617 | ▼ 126% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €158,113 | €277,189 | €590,548 | €763,365 | €771,648 | ▲ 1.1% |
| Formation expenses20 | €751 | €539 | €2,373 | €2,189 | €1,925 | ▼ 12.1% |
| Fixed assets21/28 | €33,159 | €105,667 | €321,042 | €316,790 | €412,412 | ▲ 30.2% |
| Tangible fixed assets22/27 | €33,159 | €105,667 | €321,042 | €316,790 | €412,412 | ▲ 30.2% |
| Land and buildings22 | - | - | €73,199 | €222,827 | €217,780 | ▼ 2.3% |
| Plant, machinery and equipment23 | - | €10,195 | €23,472 | €21,316 | €20,630 | ▼ 3.2% |
| Furniture and vehicles24 | - | €95,473 | €91,439 | €72,647 | €139,477 | ▲ 92.0% |
| Other tangible fixed assets26 | - | - | - | - | €34,525 | - |
| Assets under construction and advance payments27 | - | - | €132,932 | - | - | - |
| Current assets29/58 | €124,202 | €170,982 | €267,133 | €444,386 | €357,310 | ▼ 19.6% |
| Stocks and contracts in progress3 | €6,774 | €11,255 | €94,565 | €68,737 | €67,590 | ▼ 1.7% |
| Stocks30/36 | - | €11,255 | €94,565 | €68,737 | €67,590 | ▼ 1.7% |
| Amounts receivable within one year40/41 | €82,711 | €87,479 | €153,885 | €289,144 | €260,441 | ▼ 9.9% |
| Trade receivables40 | - | €57,202 | €85,635 | €274,593 | €243,053 | ▼ 11.5% |
| Other amounts receivable41 | - | €30,277 | €68,250 | €14,551 | €17,388 | ▲ 19.5% |
| Cash at bank and in hand54/58 | €32,261 | €68,899 | €16,500 | €73,710 | €12,384 | ▼ 83.2% |
| Deferred charges and accrued income490/1 | - | €3,349 | €2,183 | €12,795 | €16,895 | ▲ 32.0% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €158,113 | €277,189 | €590,548 | €763,365 | €771,648 | ▲ 1.1% |
| Equity10/15 | €116,827 | €179,371 | €290,919 | €468,749 | €422,131 | ▼ 9.9% |
| Contributions10/11 | - | €19,000 | €19,000 | €19,000 | €19,000 | = |
| Reserves13 | €97,827 | €160,371 | €271,919 | €449,749 | €449,749 | = |
| Non-distributable reserves130/1 | - | €160,371 | - | - | - | - |
| Reserves not available under the articles1311 | - | €160,371 | - | - | - | - |
| Distributable reserves133 | - | - | €271,919 | €449,749 | €449,749 | = |
| Profit (loss) carried forward14 | - | - | - | - | -€46,617 | - |
| Amounts payable17/49 | €41,285 | €97,818 | €299,629 | €294,616 | €349,516 | ▲ 18.6% |
| Amounts payable after more than one year17 | €13,783 | €55,134 | €186,971 | €157,886 | €177,144 | ▲ 12.2% |
| Financial debts170/4 | - | €55,134 | €186,971 | €157,886 | €177,144 | ▲ 12.2% |
| Amounts payable within one year42/48 | €26,640 | €42,636 | €112,531 | €133,945 | €171,598 | ▲ 28.1% |
| Current portion of amounts payable after more than one year42 | - | €17,861 | €18,163 | €26,690 | €50,134 | ▲ 87.8% |
| Trade debts44 | €15,564 | €18,317 | €63,057 | €46,485 | €114,578 | ▲ 146% |
| Suppliers440/4 | - | €18,317 | €63,057 | €46,485 | €114,578 | ▲ 146% |
| Advances received on contracts in progress46 | - | - | - | - | €2,591 | - |
| Taxes, remuneration and social security45 | - | €5,172 | €21,561 | €31,907 | - | - |
| Taxes450/3 | - | - | €16,032 | €30,625 | - | - |
| Remuneration and social security454/9 | - | €5,172 | €5,529 | €1,282 | - | - |
| Other amounts payable47/48 | - | €1,286 | €9,750 | €28,863 | €4,294 | ▼ 85.1% |
| Accrued charges and deferred income492/3 | - | €48 | €127 | €2,785 | €774 | ▼ 72.2% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €97,827 | €62,544 | €111,548 | €177,830 | -€46,617 | ▼ 126% |
| + Depreciation and write-downs630 | €4,145 | €14,559 | €25,004 | €28,619 | €47,241 | ▲ 65.1% |
| Operating cash flow (approximation) | €101,972 | €77,103 | €136,553 | €206,449 | €624 | ▼ 99.7% |
| Investment in fixed assets (approximation) | - | -€87,067 | -€240,379 | -€24,367 | -€142,863 | ▼ 486% |
| Change in cash | - | €36,638 | -€52,399 | €57,210 | -€61,326 | ▼ 207% |
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
2025
12-06
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema
2024
31-12
Financial
Weakest financial yearnet -€46,617
Net result drops to -€46,617, the lowest in the series.
14-06
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
31-12
Financial
Highest result since 2020net €177,830 ▲59.4%
Operating result €238,668, net result €177,830, both a record.
27-06
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
31-12
Financial
Equity above €200,000Eq €290,919 ▲62.2%
3 profitable years in a row build equity to €290,919.
27-06
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
31-12
Financial
Equity above €150,000Eq €179,371 ▲53.5%
2 profitable years in a row build equity to €179,371.
29-06
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 2 acts read
About the unread acts
We know of 2 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
2 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, Jabbeke · 1 establishment unit since 2019
Ground area
4.9 ha
Building footprint
1.2 ha
Volume, LiDAR
98,690 m³
2 parcels, Flanders · tallest building 11.3 m, ±3 floors. Linked by address, not a title deed.
4
companies at this address
See who is registered here
1 establishment unit
Borgoo Bart
since 20192.285.775.997
2 parcels
Flanders
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 35382G0267/00T000 | Flanders | 4.9 ha | 1 · 1.2 ha | 11.3 m · 3 fl. |
| 31012C0514/00Y003 | Flanders | 616 m² | 1 · 146 m² | 6.8 m · 2 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 2024 · 3 entries · 1,238 EUR awarded · 1,238 EUR paid| Year | Entries | awarded | paid |
|---|---|---|---|
| 2024 | 1 | 873 EUR | 873 EUR |
| 2023 | 1 | 174 EUR | 174 EUR |
| 2022 | 1 | 191 EUR | 191 EUR |
Recognitions · licences · registrations
Recognised contractor
1 categoryBORGOO BART BV44591
Dual-learning approval
1 live approval · 3 endedMonteur sanitaire en verwarmingsinstallaties duaal (so)
Show 3 ended approvals
Sanitair installateur (so)
Elektrische installaties duaal (so)
Elektrotechnisch installateur (vwo)
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Of 9,536 companies in sector 43222 we hold annual accounts for 5,669. 4,224 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company
Founded20-02-2019
Fiscal year end31-12
Activities, NACEBEL 2025
43222Installation of electric heating, air conditioning, cooling and ventilation
43211General electrical installation work
43221Plumbing work
43240Other construction installation
43990Other specialised construction activities
E-invoicing
Reachable via Peppol
Peppol ID
0208:0720972789
Also
9925:BE0720972789
Registered
06-06-2025
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.