BULER
InactiveBULER was declared bankrupt on 04-12-2023 (Ondernemingsrechtbank Antwerpen, afdeling Mechelen); the bankruptcy was closed by liquidation by judgment of 15-09-2025, published in the Belgian State Gazette on 19-09-2025.
Summary
Inactive; last annual accounts for fiscal year 2021.
Signals
Three signals. The signal on the left, the evidence on the right.
+raises risk○neutral
raises risk · Two or more financial years not filed
Since the financial year that closed on 31-03-2022, 4 financial years are missing at the National Bank. A company this far behind goes bankrupt within the year nineteen times as often as a punctual filer.
NBB · 10 filingsPosition against the passed deadline
31-03-2022 close31-10-2022 deadline27-09-2026 today
neutral · Filed after the deadline
The financial year that closed on 31-03-2021 was due by 31-10-2021 and was filed on 03-11-2021, 3 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 filed
2024
not filed
2023
not filed
2022
not filed
2021
3 d late
2020
25 d late
2019
1 d early
← before the deadline
after the deadline →
tick = median of all Belgian filings
This company filed its last 3 accounts on average 9 days after the deadline; the Belgian median for financial year 2024 is 4 days before the deadline, and 38% of all filings were late.
Checked, nothing found (1)
History
Financials · fiscal year 2021, micro schema
Equity
€31,492▲ 147%
2020 · €12,732
Total assets
€35,755▲ 114%
2020 · €16,732
Net result
€18,759▲ 19.7%
2020 · €15,670
Working capital
€28,849▲ 187%
2020 · €10,068
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
Line201920202021
Operating result-€7,456-€16,983€19,557▲ 15.2%
Net result-€7,699-€15,670€18,759▲ 19.7%
Equity-€2,938-€12,732€31,492▲ 147%
Total assets€17,433-€16,732▼ 4.0%€35,755▲ 114%
Debt€20,371-€4,000▼ 80.4%€4,264▲ 6.6%
Working capital-€5,332-€10,068€28,849▲ 187%
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result has risen two years in a row; 2021 is 15% above 2020 and is the highest result in the available series.
Balance-sheet composition
2021 in colour, 2020 as the grey bar beneath
Assets €35,755
Fixed assets
€2,643 ▼ 0.8%
Current assets
€33,113 ▲ 135%
Equity and liabilities €35,755
Equity
€31,492 ▲ 147%
Debt
€4,264 ▲ 6.6%
Debt's share of the balance-sheet total falls from 23.9% to 11.9%. Equity and debt are higher.
Key figures and ratios
EBITDA
€21,169▲
2020 · €18,635
Cash flow
€20,371▲
2020 · €17,322
Current ratio
7.77▲
2020 · 3.52
Quick ratio
7.69▲
2020 · 3.44
ROE
59.6%▼
2020 · 123.1%
ROA
52.5%▼
2020 · 93.7%
Debt ≤ 1 year
€4,264▲
2020 · €4,000
Income taxes
€161▼
2020 · €1,191
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2019 | 2020 | 2021 | Change |
|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €1,802 | €1,652 | €1,612 | ▼ 2.4% |
| Gross operating margin9900 | -€1,536 | €34,764 | €33,429 | ▼ 3.8% |
| Operating profit (loss)9901 | -€7,456 | €16,983 | €19,557 | ▲ 15.2% |
| Recurring financial income75 | - | €1 | €3 | ▲ 124% |
| Recurring financial charges65 | €243 | €123 | €640 | ▲ 419% |
| Profit (loss) for the period before taxes9903 | -€7,699 | €16,861 | €18,921 | ▲ 12.2% |
| Income taxes67/77 | - | €1,191 | €161 | ▼ 86.5% |
| Profit (loss) for the period9904 | -€7,699 | €15,670 | €18,759 | ▲ 19.7% |
| Profit (loss) for the period to be appropriated9905 | -€7,699 | €15,670 | €18,759 | ▲ 19.7% |
| Line | 2019 | 2020 | 2021 | Change |
|---|---|---|---|---|
| Assets | ||||
| Total assets20/58 | €17,433 | €16,732 | €35,755 | ▲ 114% |
| Fixed assets21/28 | €2,839 | €2,664 | €2,643 | ▼ 0.8% |
| Tangible fixed assets22/27 | €2,657 | €2,483 | €2,461 | ▼ 0.9% |
| Financial fixed assets28 | €182 | €182 | €182 | = |
| Current assets29/58 | €14,594 | €14,068 | €33,113 | ▲ 135% |
| Stocks and contracts in progress3 | - | €312 | €312 | = |
| Amounts receivable within one year40/41 | €5,984 | €1,807 | €3,749 | ▲ 107% |
| Cash at bank and in hand54/58 | €8,610 | €11,949 | €29,052 | ▲ 143% |
| Equity and liabilities | ||||
| Total equity and liabilities10/49 | €17,433 | €16,732 | €35,755 | ▲ 114% |
| Equity10/15 | -€2,938 | €12,732 | €31,492 | ▲ 147% |
| Contributions10/11 | €15,300 | €15,300 | - | - |
| Reserves13 | €1,860 | €1,860 | €1,860 | = |
| Profit (loss) carried forward14 | -€20,098 | -€4,428 | €14,332 | ▲ 424% |
| Amounts payable17/49 | €20,371 | €4,000 | €4,264 | ▲ 6.6% |
| Amounts payable within one year42/48 | €19,926 | €4,000 | €4,264 | ▲ 6.6% |
| Trade debts44 | €6,531 | €909 | €1,899 | ▲ 109% |
| Line | 2019 | 2020 | 2021 | Change |
|---|---|---|---|---|
| Profit (loss) for the period9904 | -€7,699 | €15,670 | €18,759 | ▲ 19.7% |
| + Depreciation and write-downs630 | €1,802 | €1,652 | €1,612 | ▼ 2.4% |
| Operating cash flow (approximation) | -€5,897 | €17,322 | €20,371 | ▲ 17.6% |
| Investment in fixed assets (approximation) | - | -€1,478 | -€1,590 | ▼ 7.6% |
| Change in cash | - | €3,339 | €17,103 | ▲ 412% |
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
19-09
Bankruptcy
Bankruptcy closure (by liquidation)
Ondernemingsrechtbank Antwerpen, afdeling Mechelen · event 15-09-2025
2023
08-12
Bankruptcy
Opening
Ondernemingsrechtbank Antwerpen, afdeling Mechelen · event 04-12-2023
2021
03-11
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 3 days late
31-03
Financial
Highest result since 2019net €18,759 ▲19.7%
Operating result €19,557, net result €18,759, both a record.
31-03
Financial
Liquidity doublescurrent ratio 7.77
Current ratio from 3.52 to 7.77.
2020
25-11
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 25 days late
31-03
Financial
Back to profitnet €15,670
Net result €15,670 after one loss-making year.
31-03
Financial
Liquidity times 5current ratio 3.52
Current ratio from 0.73 to 3.52; short-term debt falls from €19,926 to €4,000.
2019
30-10
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
2017
31-10
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema
2016
27-10
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema
04-02
NBB filing
Annual accounts filed
fiscal year 2015 · abbreviated schema · 96 days late
Show earlier events
2014
27-10
NBB filing
Annual accounts filed
fiscal year 2014 · abbreviated schema
2013
31-10
NBB filing
Annual accounts filed
fiscal year 2013 · abbreviated schema
2011
27-12
NBB filing
Annual accounts filed
fiscal year 2011 · abbreviated schema · 57 days late
2009
24-09
NBB filing
Annual accounts filed
fiscal year 2009 · abbreviated schema
SignalFinancial 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
Insolvency mandates
1 mandate| Role | Name | Tenure |
|---|---|---|
| Curator | PHILIPPE VAN DER HEYDEN NEETWEG 24, 2220 HEIST-
OP-DEN-BERG |
04-12-2023 → 15-09-2025 |