BORN TO RUN
ActiveSummary
BORN TO RUN has been active since 2008 and the Belgian State Gazette contains no insolvency or warning signals. The 2024 annual accounts show equity of €37k and a net result of €6k. Equity is growing by ~7% per year across the filed fiscal years. Its solvency ranks better than 15% of 5989 sector peers (fiscal year 2024). The computed 12-month bankruptcy probability is 0.7% (low).
Checked score
Score 2024
Axes · tick = 2023
Profitability51▲+1
Solvency36▲+2
Growth78=
Track record100
Bankruptcy probability, 12 months
0.7%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €2k at 30 days acceptable
Liquidity short (current ratio 0.91 against 0.95 in 2023; short-term debt: 26.6% and cash: 2.1% of total assets), and 88.6% of the assets are financed with debt.
Credit check for your own amount and term
Signals
Six 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 →
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
11.4%
Return on assets
1.9%
Age of the figures
21 mo
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 15% of 5989 sector peers (2024).
NBB · sector comparisonPosition among 5989 sector peers
Solvency
better than 15%
← weakest
strongest →
neutral · Filed after the deadline
The financial year that closed on 31-12-2024 was due by 31-07-2025 and was filed on 27-09-2025, 58 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
not confirmed
2024
58 d late
2023
58 d late
2022
25 d late
2021
30 d late
2020
16 d late
2019
94 d late
← before the deadline
after the deadline →
Checked, nothing found (1)
Financials · fiscal year 2024, full schema
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
€6k▼ 25.9%
2023 · €8k
2018: €-6k
2019: €2k▲ +129% vs 2018
2020: €-2k▼ -226% vs 2019
2021: €7k▲ +427% vs 2020
2022: €-9k▼ -234% vs 2021lowest in 7 years
2023: €8k▲ +193% vs 2022highest in 7 years
2024: €6k▼ -25.9% vs 2023
2018 → 2024
Working capital
€-8k▼ 64.9%
2023 · €-5k
2018: €8k
2019: €-8k▼ -194% vs 2018
2020: €32k▲ +516% vs 2019highest in 7 years
2021: €20k▼ -35.5% vs 2020
2022: €-8k▼ -141% vs 2021lowest in 7 years
2023: €-5k▲ +45.6% vs 2022
2024: €-8k▼ -64.9% vs 2023
2018 → 2024
Trend over the years
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20202021202220232024Trend
Equity€25k-€31k▲ 27.7%€22k▼ 29.0%€31k▲ 37.8%€37k▲ 20.3%
2020: €25k
2021: €31k▲ +27.7% vs 2020
2022: €22k▼ -29.0% vs 2021lowest in 5 years
2023: €31k▲ +37.8% vs 2022
2024: €37k▲ +20.3% vs 2023highest in 5 years
Operating result€9k-€17k▲ 81.3%€2k▼ 87.9%€18k▲ 780%€14k▼ 20.9%
2020: €9k
2021: €17k▲ +81.3% vs 2020
2022: €2k▼ -87.9% vs 2021lowest in 5 years
2023: €18k▲ +780% vs 2022highest in 5 years
2024: €14k▼ -20.9% vs 2023
Net result€-2k-€7k€-9k€8k€6k▼ 25.9%
2020: €-2k
2021: €7k▲ +427% vs 2020
2022: €-9k▼ -234% vs 2021lowest in 5 years
2023: €8k▲ +193% vs 2022highest in 5 years
2024: €6k▼ -25.9% vs 2023
Result per fiscal year
Operating resultNet result
The operating result falls in 2024; 2024 is 21% below 2023.
Balance-sheet composition
2024 in colour, 2023 as the grey bar beneath
Assets €324k
Fixed assets
€245k ▼ 5.0%
Current assets
€79k ▼ 13.2%
Equity and liabilities €324k
Equity
€37k ▲ 20.3%
Debt
€287k ▼ 9.8%
Debt's share of the balance-sheet total falls from 91.2% to 88.6%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€27k▼
2023 · €30k
Cash flow
€19k▼
2023 · €21k
Current ratio
0.91▼
2023 · 0.95
Quick ratio
0.08▲
2023 · 0.08
Debt to equity
7.77▼
2023 · 10.36
ROE
16.9%▼
2023 · 27.4%
ROA
1.9%▼
2023 · 2.4%
Interest coverage
3.57▲
2023 · 3.40
Debt ≤ 1 year
€86k▼
2023 · €95k
Debt > 1 year
€199k▼
2023 · €220k
Income taxes
€140▼
2023 · €142
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Filed annual accounts As filed with the NBB · 2024 against 2023 · 45 lines
Balance sheet
Code20232024
Assets
Total assets20/58€349k€324k▼
Fixed assets21/28€258k€245k▼
Tangible fixed assets22/27€257k€244k▼
Land and buildings22€252k€243k▼
Furniture and vehicles24€5k€2k▼
Financial fixed assets28€1k€1k=
Current assets29/58€91k€79k▼
Stocks and contracts in progress3€83k€72k▼
Stocks30/36€83k€72k▼
Amounts receivable within one year40/41€1k-
Other amounts receivable41€1k-
Cash at bank and in hand54/58€6k€7k▲
Deferred charges and accrued income490/1€102-
Equity and liabilities
Total equity and liabilities10/49€349k€324k▼
Equity10/15€31k€37k▲
Contributions10/11€60k€60k=
Capital10€60k€60k=
Issued capital100€60k€60k=
Profit (loss) carried forward14€-29k€-23k▲
Amounts payable17/49€318k€287k▼
Amounts payable after more than one year17€220k€199k▼
Financial debts170/4€220k€199k▼
Amounts payable within one year42/48€95k€86k▼
Current portion of amounts payable after more than one year42€28k€21k▼
Trade debts44€32k€19k▼
Suppliers440/4€32k€19k▼
Taxes, remuneration and social security45€18k€15k▼
Taxes450/3€5k€2k▼
Remuneration and social security454/9€13k€13k=
Other amounts payable47/48€17k€31k▲
Accrued charges and deferred income492/3€3k€2k▼
Income statement
Code20232024
Non-recurring operating income76A-€13k
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€13k€13k=
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4€-6k€-2k▲
Other operating charges640/8€3k€6k▲
Gross operating margin9900€27k€31k▲
Operating profit (loss)9901€18k€14k▼
Financial charges65/66B€9k€7k▼
Recurring financial charges65€9k€7k▼
Profit (loss) for the period before taxes9903€9k€6k▼
Income taxes67/77€142€140▼
Profit (loss) for the period9904€8k€6k▼
Profit (loss) for the period to be appropriated9905€8k€6k▼
Appropriation of the result
Profit (loss) to be appropriated9906€-29k€-23k▲
Profit (loss) brought forward from the previous period14P€-38k€-29k▲
The notes to these accounts (8 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Accounts by statement
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | €13k | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €11k | €13k | €13k | €13k | €13k | = |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | €8k | €8k | €-6k | €-2k | ▲ 72.6% |
| Other operating charges640/8 | - | €3k | €3k | €3k | €6k | ▲ 114% |
| Gross operating margin9900 | €24k | €40k | €25k | €27k | €31k | ▲ 15.2% |
| Operating profit (loss)9901 | €9k | €17k | €2k | €18k | €14k | ▼ 20.9% |
| Financial income75/76B | - | €3k | €79 | - | - | - |
| Recurring financial income75 | €5k | €3k | €79 | - | - | - |
| Financial charges65/66B | - | €12k | €11k | €9k | €7k | ▼ 16.4% |
| Recurring financial charges65 | €14k | €12k | €11k | €9k | €7k | ▼ 16.4% |
| Profit (loss) for the period before taxes9903 | €881 | €7k | €-9k | €9k | €6k | ▼ 25.5% |
| Income taxes67/77 | €3k | €129 | €137 | €142 | €140 | ▼ 1.5% |
| Profit (loss) for the period9904 | €-2k | €7k | €-9k | €8k | €6k | ▼ 25.9% |
| Profit (loss) for the period to be appropriated9905 | €-2k | €7k | €-9k | €8k | €6k | ▼ 25.9% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €383k | €379k | €374k | €349k | €324k | ▼ 7.1% |
| Fixed assets21/28 | €297k | €284k | €271k | €258k | €245k | ▼ 5.0% |
| Tangible fixed assets22/27 | €296k | €283k | €270k | €257k | €244k | ▼ 5.0% |
| Land and buildings22 | - | €270k | €261k | €252k | €243k | ▼ 3.6% |
| Furniture and vehicles24 | - | €13k | €9k | €5k | €2k | ▼ 71.3% |
| Financial fixed assets28 | €1k | €1k | €1k | €1k | €1k | = |
| Current assets29/58 | €86k | €95k | €103k | €91k | €79k | ▼ 13.2% |
| Stocks and contracts in progress3 | €67k | €84k | €96k | €83k | €72k | ▼ 13.6% |
| Stocks30/36 | - | €84k | €96k | €83k | €72k | ▼ 13.6% |
| Amounts receivable within one year40/41 | €6k | €1k | €4k | €1k | - | - |
| Trade receivables40 | - | - | €950 | - | - | - |
| Other amounts receivable41 | - | €1k | €3k | €1k | - | - |
| Cash at bank and in hand54/58 | €13k | €10k | €2k | €6k | €7k | ▲ 10.3% |
| Deferred charges and accrued income490/1 | - | €87 | €376 | €102 | - | - |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €383k | €379k | €374k | €349k | €324k | ▼ 7.1% |
| Equity10/15 | €25k | €31k | €22k | €31k | €37k | ▲ 20.3% |
| Contributions10/11 | €60k | €60k | €60k | €60k | €60k | = |
| Capital10 | - | €60k | €60k | €60k | €60k | = |
| Issued capital100 | - | €60k | €60k | €60k | €60k | = |
| Profit (loss) carried forward14 | €-35k | €-29k | €-38k | €-29k | €-23k | ▲ 21.3% |
| Amounts payable17/49 | €358k | €348k | €352k | €318k | €287k | ▼ 9.8% |
| Amounts payable after more than one year17 | €301k | €270k | €238k | €220k | €199k | ▼ 9.4% |
| Financial debts170/4 | - | €270k | €238k | €220k | €199k | ▼ 9.4% |
| Amounts payable within one year42/48 | €54k | €75k | €111k | €95k | €86k | ▼ 9.4% |
| Current portion of amounts payable after more than one year42 | - | €31k | €33k | €28k | €21k | ▼ 25.6% |
| Trade debts44 | €20k | €32k | €54k | €32k | €19k | ▼ 39.5% |
| Suppliers440/4 | - | €32k | €54k | €32k | €19k | ▼ 39.5% |
| Taxes, remuneration and social security45 | - | €129 | €15k | €18k | €15k | ▼ 15.0% |
| Taxes450/3 | - | €129 | €7k | €5k | €2k | ▼ 52.2% |
| Remuneration and social security454/9 | - | - | €8k | €13k | €13k | = |
| Other amounts payable47/48 | - | €12k | €9k | €17k | €31k | ▲ 78.1% |
| Accrued charges and deferred income492/3 | - | €3k | €3k | €3k | €2k | ▼ 41.0% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €-2k | €7k | €-9k | €8k | €6k | ▼ 25.9% |
| + Depreciation and write-downs630 | €11k | €13k | €13k | €13k | €13k | = |
| Operating cash flow (approximation) | €9k | €20k | €4k | €21k | €19k | ▼ 10.2% |
| Investment in fixed assets (approximation) | - | €-50 | €0 | €50 | €0 | ▼ 100% |
| Change in cash | - | €-3k | €-8k | €4k | €644 | ▼ 85.4% |
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
27-09
NBB filing
Annual accounts filed
fiscal year 2024 · full schema · 58 days late
2024
27-09
NBB filing
Annual accounts filed
fiscal year 2023 · full schema · 58 days late
2023
31-12
Financial
Back to profitnet €8k
Net result €8k after one loss-making year.
25-08
NBB filing
Annual accounts filed
fiscal year 2022 · full schema · 25 days late
2022
31-12
Financial
Weakest financial yearnet €-9k
Net result drops to €-9k, the lowest in the series; recovery starts the following year.
30-08
NBB filing
Annual accounts filed
fiscal year 2021 · full schema · 30 days late
2021
31-12
Financial
Back to profitnet €7k
Net result €7k after one loss-making year.
16-08
NBB filing
Annual accounts filed
fiscal year 2020 · full schema · 16 days late
2020
02-11
NBB filing
Annual accounts filed
fiscal year 2019 · full schema · 94 days late
2019
31-12
Financial
Back to profitnet €2k
Net result €2k after one loss-making year.
16-09
NBB filing
Annual accounts filed
fiscal year 2018 · full schema · 47 days late
2018
30-07
NBB filing
Annual accounts filed
fiscal year 2017 · full schema
2017
12-10
NBB filing
Annual accounts filed
fiscal year 2016 · full schema · 73 days late
2016
28-12
NBB filing
Annual accounts filed
fiscal year 2015 · full schema · 150 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
Directors · office · real estate
Directors
We have established no sitting directors for this company. We derive directors from published Gazette acts; while there are none, or none read, nothing appears here. That does not mean the company has none: the CBE keeps its own list of function holders, which we do not read.
Location & real-estate footprint
Registered office, Nivelles · 1 establishment unit since 2008
Ground area
6,360 m²
Building footprint
312 m²
Volume, LiDAR
667 m³
2 parcels, Wallonia · tallest building 13.6 m, ±3 floors. Linked by address, not a title deed.
2
companies at this address
See who is registered here
1 establishment unit
Rue Octave Grillaert 1A, 1400 Nivelles
since 20082.174.554.512
2 parcels
Wallonia
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 25782C0258/00D000 | Wallonia | 6,279 m² | 1 · 250 m² | - |
| 25782D0042/00A000 | Wallonia | 82 m² | 1 · 62 m² | 13.6 m · 3 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.
Similar companies · same sector, comparable size
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BE 0845.416.762
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EXCO-LINES
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Of 1,308 companies in sector 46423 we hold annual accounts for 810. 495 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 (pre-2019)
Founded30-09-2008
Fiscal year end31-12
Activities, NACEBEL 2025
46423Wholesale of clothing, excluding workwear and underwear
46496Wholesale trade
47639Retail sale of other sporting goods
77210Renting and leasing of sports and recreation goods
Scores and ratios are computed by Checked and are not a credit decision.