BTL
ActiveSummary
BTL has been active since 2006 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show negative equity (-€114,515) and a net result of €891. Equity is growing by ~5.5% per year across the filed fiscal years. Its solvency ranks better than 9% of 18537 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 1.0% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability46▼-17
Solvency0=
Growth52▼-26
Track record100
Bankruptcy probability, 12 months
1.0%
Low
0%0.5%1.5%4%10%≥ 25%
No credit on open account
Liquidity ample (current ratio 12.14 against 68.46 in 2024; short-term debt: 7.7% and cash: 25.1% of total assets), but 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 2025Solvency, return and age of the figures
Solvency
-113.7%
Return on assets
0.9%
Age of the figures
15 mo
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 47
Relative position
BE, all sectors
reference
Retail trade (NACE 47)
about 45% 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
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 9% of 18537 sector peers (2025).
NBB · sector comparisonPosition among 18537 sector peers
Solvency
better than 9%
← weakest
strongest →
neutral · Latest accounts filed on time
The financial year that closed on 30-06-2025 was due by 31-01-2026 and was filed on 19-01-2026, 12 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
12 d early
2024
45 d early
2023
48 d early
2022
53 d early
2021
42 d early
2020
102 d early
2019
25 d early
← 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 47 days before the deadline; the sector median for financial year 2024 is on the deadline day, and 46% of the sector filed late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 30-06-2026 and is due by 31-01-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
30-06-2026 close27-09-2026 today31-01-2027 deadline
History
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Financials · fiscal year 2025, micro schema
Equity
-€114,515▲ 0.8%
2024 · -€115,406
Total assets
€100,740▲ 14.8%
2024 · €87,723
Net result
€891▼ 78.1%
2024 · €4,079
Working capital
€86,848▲ 7.1%
2024 · €81,063
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 47, Retail 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
Line20212022202320242025
Operating result€11,847▲ 622%€19,120▲ 61.4%€1,269▼ 93.4%€4,905▲ 286%€1,623▼ 66.9%
Net result€10,723within the sector's middle half▲ 7,350%€17,912within the sector's middle half▲ 67.0%€232within the sector's middle half▼ 98.7%€4,079within the sector's middle half▲ 1,658%€891within the sector's middle half▼ 78.1%
Equity-€137,629below the sector's middle half▲ 7.2%-€119,717below the sector's middle half▲ 13.0%-€119,485below the sector's middle half▲ 0.2%-€115,406below the sector's middle half▲ 3.4%-€114,515below the sector's middle half▲ 0.8%
Total assets€117,807within the sector's middle half▲ 30.2%€127,353within the sector's middle half▲ 8.1%€113,657within the sector's middle half▼ 10.8%€87,723within the sector's middle half▼ 22.8%€100,740within the sector's middle half▲ 14.8%
Debt€255,436▲ 7.0%€247,070▼ 3.3%€233,141▼ 5.6%€203,130▼ 12.9%€215,255▲ 6.0%
Working capital€113,887▲ 34.1%€122,929▲ 7.9%€105,784▼ 13.9%€81,063▼ 23.4%€86,848▲ 7.1%
Solvency-116.8%below the sector's middle half▲ 47.1pp-94.0%below the sector's middle half▲ 22.8pp-105.1%below the sector's middle half▼ 11.1pp-131.6%below the sector's middle half▼ 26.4pp-113.7%below the sector's middle half▲ 17.9pp
above
within
below
the middle half (P25 to P75) of NACE 47, Retail 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 falls in 2025; 2025 is 67% below 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €100,740
Fixed assets
€6,095 ▲ 11.7%
Current assets
€94,645 ▲ 15.0%
Key figures and ratios
EBITDA
€3,423▼
2024 · €6,543
Cash flow
€2,691▼
2024 · €5,716
Current ratio
12.14▼
2024 · 68.46
Quick ratio
3.66▼
2024 · 8.58
Debt to equity
-1.88▼
2024 · -1.76
ROA
0.9%▼
2024 · 4.6%
Interest coverage
3.11▼
2024 · 4.59
Debt ≤ 1 year
€7,797▲
2024 · €1,202
Debt > 1 year
€202,251▲
2024 · €201,928
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 1,447 companies that looked in July 2024 the way this one looks now, 2.1% went bankrupt within 24 months and 92% are still going.
- Micro
- 20 years or older
- negative equity
- a profit under 5% of the balance sheet
2.1%
went bankrupt
4.8%
stopped otherwise
92%
still going
A further 1.0% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 1.0% 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 497,058 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% | 1.6% |
| 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 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 1,447 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 |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €1,946 | €464 | €1,273 | €1,638 | €1,800 | ▲ 9.9% |
| Other operating charges640/8 | - | €3,801 | €2,551 | €3,019 | €3,118 | ▲ 3.3% |
| Gross operating margin9900 | €17,855 | €23,385 | €5,094 | €9,562 | €6,542 | ▼ 31.6% |
| Operating profit (loss)9901 | €11,847 | €19,120 | €1,269 | €4,905 | €1,623 | ▼ 66.9% |
| Financial income75/76B | - | €166 | €244 | €599 | €370 | ▼ 38.3% |
| Recurring financial income75 | €196 | €166 | €244 | €599 | €370 | ▼ 38.3% |
| Financial charges65/66B | - | €1,373 | €1,281 | €1,426 | €1,102 | ▼ 22.7% |
| Recurring financial charges65 | €1,320 | €1,373 | €1,281 | €1,426 | €1,102 | ▼ 22.7% |
| Profit (loss) for the period before taxes9903 | €10,723 | €17,912 | €232 | €4,079 | €891 | ▼ 78.1% |
| Profit (loss) for the period9904 | €10,723 | €17,912 | €232 | €4,079 | €891 | ▼ 78.1% |
| Profit (loss) for the period to be appropriated9905 | €10,723 | €17,912 | €232 | €4,079 | €891 | ▼ 78.1% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €117,807 | €127,353 | €113,657 | €87,723 | €100,740 | ▲ 14.8% |
| Fixed assets21/28 | €2,967 | €2,503 | €7,096 | €5,458 | €6,095 | ▲ 11.7% |
| Tangible fixed assets22/27 | €2,467 | €2,003 | €6,596 | €4,958 | €5,595 | ▲ 12.8% |
| Plant, machinery and equipment23 | - | €2,003 | €6,596 | €4,958 | €3,321 | ▼ 33.0% |
| Furniture and vehicles24 | - | - | - | - | €2,274 | - |
| Financial fixed assets28 | €500 | €500 | €500 | €500 | €500 | = |
| Current assets29/58 | €114,840 | €124,851 | €106,561 | €82,265 | €94,645 | ▲ 15.0% |
| Stocks and contracts in progress3 | €77,510 | €94,448 | €68,699 | €71,956 | €66,145 | ▼ 8.1% |
| Stocks30/36 | - | €94,448 | €68,699 | €71,956 | €66,145 | ▼ 8.1% |
| Amounts receivable within one year40/41 | €24,893 | €20,679 | €4,308 | €4,170 | €2,536 | ▼ 39.2% |
| Trade receivables40 | - | €1,196 | €4,308 | €2,820 | €1,805 | ▼ 36.0% |
| Other amounts receivable41 | - | €19,483 | €0 | €1,350 | €732 | ▼ 45.8% |
| Cash at bank and in hand54/58 | €11,931 | €9,185 | €32,993 | €5,554 | €25,319 | ▲ 356% |
| Deferred charges and accrued income490/1 | - | €539 | €561 | €585 | €645 | ▲ 10.2% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €117,807 | €127,353 | €113,657 | €87,723 | €100,740 | ▲ 14.8% |
| Equity10/15 | -€137,629 | -€119,717 | -€119,485 | -€115,406 | -€114,515 | ▲ 0.8% |
| Contributions10/11 | - | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Profit (loss) carried forward14 | -€156,229 | -€138,317 | -€138,085 | -€134,006 | -€133,115 | ▲ 0.7% |
| Amounts payable17/49 | €255,436 | €247,070 | €233,141 | €203,130 | €215,255 | ▲ 6.0% |
| Amounts payable after more than one year17 | €254,483 | €245,148 | €232,365 | €201,928 | €202,251 | ▲ 0.2% |
| Other amounts payable178/9 | - | €245,148 | €232,365 | €201,928 | €202,251 | ▲ 0.2% |
| Amounts payable within one year42/48 | €953 | €1,922 | €776 | €1,202 | €7,797 | ▲ 549% |
| Trade debts44 | €921 | €1,890 | €443 | €1,170 | €7,768 | ▲ 564% |
| Suppliers440/4 | - | €1,890 | €443 | €1,170 | €7,768 | ▲ 564% |
| Taxes, remuneration and social security45 | - | €31 | €334 | €31 | €29 | ▼ 6.9% |
| Taxes450/3 | - | €31 | €334 | €31 | €29 | ▼ 6.9% |
| Accrued charges and deferred income492/3 | - | - | - | - | €5,206 | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €10,723 | €17,912 | €232 | €4,079 | €891 | ▼ 78.1% |
| + Depreciation and write-downs630 | €1,946 | €464 | €1,273 | €1,638 | €1,800 | ▲ 9.9% |
| Operating cash flow (approximation) | €12,669 | €18,377 | €1,505 | €5,716 | €2,691 | ▼ 52.9% |
| Investment in fixed assets (approximation) | - | €0 | -€5,867 | €0 | -€2,436 | - |
| Change in cash | - | -€2,746 | €23,808 | -€27,439 | €19,766 | ▲ 172% |
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
19-01
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2024
17-12
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2023
14-12
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
30-06
Financial
Liquidity doublescurrent ratio 137.25
Current ratio from 64.97 to 137.25; short-term debt falls from €1,922 to €776.
2022
09-12
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
30-06
Financial
Highest result since 2019net €17,912 ▲67%
Operating result €19,120, net result €17,912, both a record.
2021
20-12
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2020
21-10
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
30-06
Financial
Weakest financial yearnet €144 ▼94.8%
Net result drops to €144, the lowest in the series; recovery starts the following year.
30-06
Financial
Liquidity times 149current ratio 138.26
Current ratio from 0.93 to 138.26; short-term debt falls from €117,680 to €619.
06-01
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
2019
31-01
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
2018
23-01
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema
2017
13-01
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 3 acts read
About the unread acts
We know of 3 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
3 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, Merelbeke-Melle · 1 establishment unit since 2006
Ground area
4,304 m²
Building footprint
257 m²
Volume, LiDAR
1,354 m³
Parcel 44412B0403/00E002, Flanders · tallest building 8.7 m, ±2 floors. Linked by address, not a title deed.
1 establishment unit
Bergwegel 38, 9820 Merelbeke-Melle
since 20062.154.927.749
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 44412B0403/00E002 | Flanders | 4,304 m² | 1 · 256 m² | 8.7 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.
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This company's figures show no positive equity and no headcount, so a size comparison is not possible. These companies share only the sector and the region. Of 2,103 companies in sector 47640 we hold annual accounts for 907. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company
Founded19-06-2006
Fiscal year end30-06
Activities, NACEBEL 2025
47640Retail sale of games and toys
18130Pre-press and pre-media services
46711Wholesale of cars and light vans (up to 3.5 tonnes)
47120Other non-specialised retail sale
E-invoicing
Reachable via Peppol
Peppol ID
0208:0882289729
Registered
07-12-2025
Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.