Summary
Conclusion
the dossier summarised in one paragraphThe computed 12-month bankruptcy probability of BULLSWAP is 2.6% (moderate). The 2022 annual accounts show negative equity (€-1.18M) and a net result of €-687k. Equity is shrinking by ~50.6% per year across the filed fiscal years. The company has been active since 2018 and the Belgian State Gazette contains no insolvency or warning signals.
Based on the State Gazette, CBE and 3 annual accounts.
Bankruptcy probability (12 mo)
Checked model v1 · free for everyoneStatistical estimate based on public sources, not credit advice nor a finding of fact. How do we compute this?
Filing behaviour
From the deposit records, complete market-wide| Year closed | Due by | Filed | Variance | Reference |
|---|---|---|---|---|
| 31-12-2025 | 31-07-2026 | nothing on record | not filed | - |
| 31-12-2024 | 31-07-2025 | 28-07-2025 | 3 d early | 2025-00322770 |
| 31-12-2023 | 31-07-2024 | 09-07-2024 | 22 d early | 2024-00247688 |
| 31-12-2022 | 31-07-2023 | 19-07-2023 | 12 d early | 2023-00272140 |
| 31-12-2021 | 31-07-2022 | 06-07-2022 | 25 d early | 2022-20145162 |
| 31-12-2020 | 31-07-2021 | 20-07-2021 | 11 d early | 2021-39300537 |
| 31-12-2019 | 31-07-2020 | 09-10-2020 | 70 d late | 2020-60100126 |
Source: the National Bank's deposit records. Those records are complete, including for years whose figures we have not read yet. Filing late covers nearly half the market and is therefore not scored; only not filing, being more than 90 days late and breaking a punctual record carry weight.
Trust signals
2 signalsAdministrative Flags
Financials
Annual accounts & ratios
Source: NBB · 2022How do we compute this?
The trend is a robust median of all pairwise slopes between fiscal years (Theil-Sen), so a single odd year cannot hijack the line. For strictly positive series we also fit a log variant (compound annual growth) and keep whichever describes the figures best.
The area around the projection is 1.8 × the median absolute deviation from the trend, widening each year ahead (×1 / ×1.6 / ×2.2), with a minimum of 8% of the last value. It is an indicative range, not a statistical confidence interval.
A series whose deviations exceed 35% of its level is too volatile: we then deliberately show no projection. Every projection assumes unchanged policy and is blind to non-public information (order book, contracts, funding rounds).
| Fiscal year | 2022 |
|---|---|
| Deposit | verkort |
| Revenue | - |
| EBITDA | €-576k |
| Net profit | €-687k |
| Cash flow | €-607k |
| Staff costs | €435k |
| Income taxes | €3k |
| Dividends | - |
| Total assets | €1.02M |
| Equity | €-1.18M |
| Debt | €2.20M |
| of which ≤ 1y | €1.27M |
| of which > 1y | €922k |
| Working capital | €-469k |
| Employees (FTE) | 7.6 |
| 2022 | |
|---|---|
| Current ratio | 0.63 |
| Quick ratio | 0.63 |
| Working capital ratio | -46.0% |
| Solvency | -115.3% |
| Debt / equity | -1.87 |
| Long-term debt ratio | -0.78 |
| Interest coverage | -17.74 |
| Gross margin | - |
| Net margin | - |
| ROA | -67.3% |
| ROE | 58.4% |
| EBITDA margin | - |
| Days sales outstanding | - |
| Days payable outstanding | - |
| Inventory turnover | - |
| Days inventory (DSI) | - |
| Line item | Code | 2022 |
|---|---|---|
| Balance sheet, Assets | ||
| TOTAL ASSETS | 20/58 | €1.02M |
| Fixed assets | 21/28 | €223k |
| Intangible fixed assets | 21 | €212k |
| Tangible fixed assets | 22/27 | €2k |
| Financial fixed assets | 28 | €9k |
| Current assets | 29/58 | €796k |
| Amounts receivable within one year | 40/41 | €651k |
| Cash & bank | 54/58 | €139k |
| Balance sheet, Equity & liabilities | ||
| TOTAL EQUITY & LIABILITIES | 10/49 | €1.02M |
| Equity | 10/15 | €-1.18M |
| Contributions / capital | 10/11 | €878k |
| Accumulated profits (losses) | 14 | €-2.05M |
| Amounts payable | 17/49 | €2.20M |
| Amounts payable after one year | 17 | €922k |
| Amounts payable within one year | 42/48 | €1.27M |
| Trade debts payable within one year | 44 | €960k |
| Income statement | ||
| Gross operating margin | 9900 | €-122k |
| Operating result | 9901 | €-656k |
| Financial income | 75 | €5k |
| Financial charges | 65 | €32k |
| Result before taxes | 9903 | €-683k |
| Income taxes | 67/77 | €3k |
| Net result for the period | 9904 | €-687k |
| Result to be appropriated | 9905 | €-687k |
Health barometer
FY 2022 · computedUnlock the full score breakdown, per-year score history and the indicative credit limit from Kantoor S.
See plans →Directors
Directors & mandates
12 directors-
Fedrus InternationalLegal entityDirector· perm. rep.: Mark VandecruysState Gazette act 25313066 (20-02-2025)Current07-02-2025 → present
-
Current07-02-2025 → present
-
PYGMALegal entityDirector· perm. rep.: Peter VandendriesscheState Gazette act 25313066 (20-02-2025)Current07-02-2025 → present
-
Current30-05-2022 → present
-
VALK INVESTLegal entityManaging director· perm. rep.: Jannes ValkeneersState Gazette act 25030089 (04-03-2025)Current30-05-2022 → present
2 events
- 07-02-2025 Appointed· Managing director
- 30-05-2022 Appointed· Director
-
Current17-11-2021 → present
Former directors (6)
-
Former07-11-2023 → 07-02-2025
2 events
- 07-02-2025 Resigned· Director
- 07-11-2023 Appointed· Director
-
Krefton BVLegal entityDirector· perm. rep.: Laurens OpitekState Gazette act 25313066 (20-02-2025)Former- → 06-02-2025
-
Former17-11-2021 → 06-02-2025
3 events
- 06-02-2025 Resigned· Director
- 17-11-2021 Resigned· Director
- 17-11-2021 Appointed· Director
-
Former- → 07-11-2023
-
Former17-11-2021 → 29-04-2022
3 events
- 29-04-2022 Resigned· Director
- 17-11-2021 Resigned· Director
- 17-11-2021 Appointed· Director
-
Former17-11-2021 → 29-04-2022
3 events
- 29-04-2022 Resigned· Director
- 17-11-2021 Resigned· Director
- 17-11-2021 Appointed· Director
Statutory auditor
2 auditors| Statutory auditor | IRE/IBR number | Tenure |
|---|---|---|
| BV Baker Tilly BedrijfsrevisorenCurrent Company auditor · represented by Christel De Blander |
- | 07-02-2025 → present |
| KPMG Bedrijfsrevisoren BV/SRLCurrent Statutory auditor · represented by Sanne Vandebroek |
- | 08-01-2026 → present |
Insolvency mandates
Legal Structure
| NACE primary | Handelsbemiddeling in de groothandel in machines, apparaten en werktuigen voor de industrie en in schepen en luchtvaartuigen(46140) |
| Legal form | Private limited company(610) |
| Incorporation | 03-07-2018 |
| Status | Active |
| Postal code | 3600 |
Structure & network
Connections & network
7 connected companiesOwnership & control
5 partiesEach band states what its claims rest on. A board seat is influence over the board, not ownership. Court mandates (receiver, interim administrator) and liquidation mandates do not link companies and are therefore absent here; they belong under Directors & mandates.
Locations & real estate
Registered office
from the Crossroads BankThis address could not be matched to a point in the Belgian address register (BOSA BEST). The address below comes straight from the Crossroads Bank.
Thor Park 80003600 GenkEstablishment units
1 locationReal-estate footprint
Source: CBE × cadastre · address linkingParcels linked to this company through its CBE addresses (seat, establishment units, branches), cross-referenced with the cadastral parcel plan. This shows where the company operates, not a deeds register.
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 71303B1298/00P004 | Flanders | 7,279 m² | 1 · 8,563 m² | - |
Publications
Lifecycle & Insolvency Signals
Belgisch Staatsblad · acts
11 acts19-01-2026 Registered office moved within Genk
08-01-2026 Sanne Vandebroek reappointed as statutory auditor
04-03-2025 Jannes Valkeneers appointed as managing director
20-02-2025 Articles of association amended
29-02-2024 Capital increase of €900,000
06-12-2023 1 director appointed, 1 resigning
28-12-2022 Articles of association amended
30-05-2022 2 directors appointed, 2 resigning
- Jannes Valkeneers, Bestuurder
- Laurens Opitek, Bestuurder
- Jannes Valkeneers, Bestuurder
- Laurens Opitek, Bestuurder
17-11-2021 4 directors appointed, 3 resigning
- VALKENEERS Jannes, Bestuurder
- OPITEK Laurens, Bestuurder
- VANDEWEYER Michiel, Bestuurder
- VAN HECKE Hilde, Bestuurder
- VALKENEERS Jannes, Bestuurder
- OPITEK Laurens, Bestuurder
- VANDEWEYER Michiel, Bestuurder
15-10-2020 Registered office moved within Genk
05-07-2018 Incorporation of a new BV
Analysis
Snowflake analysis
financial profile on 5 axesMixed profile: strong on profitability, weaker on health.
All 5 axes are computed from data Checked has read.
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Credit advice
verdict per customer and amountSimilar
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Comparable size, same sectorCompany registry
Company registry (CBE)
Crossroads Bank| Legal nameNL | BULLSWAP |