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BULLSWAP

Active
KBO/BCE: BE 0699.556.476
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Age8 yrs
Board6
Staff (FTE)7.6
Connections7
Real estate1 parcel · 7,279 m²

Summary

Conclusion

the dossier summarised in one paragraph

The 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 everyone
2.6% Moderate
0%0,5%1,5%4%10%≥25%
Annual accounts: weaker financial profile +Higher-failure-rate sector +Young company +

Statistical 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
Deadline passed, not yet counted as missing
The deadline for the year that closed on 31-12-2025 passed on 31-07-2026, 12 days ago. Our copy of the deposit register trails the National Bank (measured: median 14 days, p99 45 days), so we only call this filing missing from 45 days past the deadline.
Latest accounts filed on time
The financial year that closed on 31-12-2024 was due by 31-07-2025 and was filed on 28-07-2025, 3 days ahead of the deadline. This speaks to administrative punctuality and says nothing about the financial position.
How we compute the deadline
The year end is derived from 6 filed financial years, each closing on 31-12. The statutory deadline is seven months after the close of the financial year (art. 3:10 par. 1 CAC, art. 3:47 par. 7 for ASBL and foundations). Applied to the financial year that closed on 31-12-2024, that is 31-07-2025.
Deadline per financial year
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 signals
More than 3 years active
Founded in 2018, past the statistically most fragile first 3 years.
No legal incidents
No bankruptcy, reorganisation or interim measure in the Belgisch Staatsblad, and the KBO register records a normal legal situation.

Administrative Flags

No strikeouts found in the KBO publications we processed. That series starts in 2021 and has gaps, so this is not a confirmation that there is nothing.

Financials

TurnoverNot published (abbreviated filing)
EBIT marginNot published (abbreviated filing)
Net result€-687k+10.2%
Working capital€-469k

Annual accounts & ratios

Source: NBB · 2022
Annual accounts filed on 28-07-2025 with the NBB · fiscal year 2024 · verkort
€-800k€-600k€-400k€-200k€0Operating result 2020: €-282k€-282kNet result 2020: €-603k€-603kOperating result 2021: €-633k€-633kNet result 2021: €-765k€-765kOperating result 2022: €-656k€-656kNet result 2022: €-687k€-687k202020212022
Operating resultNet result
Trajectory (indicative)
Projection over 3 fiscal years from the filed annual accounts, not a forecast, the extended trend.
declining Equity: declining trend of ~50.6%/year over 3 fiscal years, indicative, assuming unchanged policy.
€-2.50M€-2.00M€-1.50M€-1.00M€-500k2023: €-1.47M (€-1.57M - €-1.38M)2024: €-1.77M (€-1.86M - €-1.67M)2025: €-2.06M (€-2.16M - €-1.97M)2020: €-584k2021: €-489k2022: €-1.18M202020212022202320242025
Solid line = filed figures · dashed = extended trend · area = indicative range.
How 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).

EBITDA
€-576k
+0.2% 20-22
Net profit
€-687k
+10.2% 20-22
Cash flow
€-607k
+14.4% 20-22
Total assets
€1.02M
+22.0% 20-22
Equity
€-1.18M
-140.4% 20-22
Working capital
€-469k
- 20-22
Employees (FTE)
8
+22.6% 20-22
Staff costs
€435k
+48.7% 20-22
Income taxes
€3k
+65.0% 20-22
Debt
€2.20M
+65.7% 20-22
Debt ≤ 1y
€1.27M
+124.4% 20-22
Debt > 1y
€922k
+21.2% 20-22
Current ratio
0.63
-47.3% 20-22
Quick ratio
0.63
-47.3% 20-22
Solvency
-115.3%
-97.1% 20-22
Debt / equity
-1.87
+31.1% 20-22
ROE
58.4%
-62.7% 20-22
ROA
-67.3%
+26.4% 20-22
Interest coverage
-17.74
-301.1% 20-22
Figures by fiscal year
Fiscal year2022
Depositverkort
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
Ratios (computed)
2022
Current ratio0.63
Quick ratio0.63
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%
ROE58.4%
EBITDA margin-
Days sales outstanding-
Days payable outstanding-
Inventory turnover-
Days inventory (DSI)-
Balance-sheet composition 2022
Full annual accounts
Filed balance sheet and income statement, exactly as deposited with the NBB.
Line item Code2022
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
You're seeing the latest fiscal year only. Unlock 2 prior years (figures + ratios) with a paid plan. See plans →
Ratios computed by Checked.

Health barometer

FY 2022 · computed
20 / 100 Critical
050100
Computed from 5 of the 6 factors this model weighs. The rest cannot be derived from the filed figures, or need a prior year to compare against.

Unlock the full score breakdown, per-year score history and the indicative credit limit from Kantoor S.

See plans →
Computed by Checked from the NBB filing for FY 2022. Indicative, not credit advice.

Directors

Directors & mandates

12 directors
Current directors & mandates
  • Fedrus InternationalLegal entity
    Director· perm. rep.: Mark Vandecruys
    State Gazette act 25313066 (20-02-2025)
    Current
    07-02-2025 → present
  • GUFOSLegal entity
    Director· perm. rep.: Steven Geirnaert
    State Gazette act 25313066 (20-02-2025)
    Current
    07-02-2025 → present
  • PYGMALegal entity
    Director· perm. rep.: Peter Vandendriessche
    State Gazette act 25313066 (20-02-2025)
    Current
    07-02-2025 → present
  • KREFTONLegal entity
    Director· perm. rep.: Laurens Opitek
    State Gazette act 22064630 (30-05-2022)
    Current
    30-05-2022 → present
  • VALK INVESTLegal entity
    Managing director· perm. rep.: Jannes Valkeneers
    State Gazette act 25030089 (04-03-2025)
    Current
    30-05-2022 → present
    2 events
    • 07-02-2025 Appointed· Managing director
    • 30-05-2022 Appointed· Director
  • VAN HECKE Hilde
    Director
    State Gazette act 21367276 (17-11-2021)
    Current
    17-11-2021 → present
Former directors (6)
  • VANDECRUYS Mark
    Director
    State Gazette act 23156254 (06-12-2023)
    Former
    07-11-2023 → 07-02-2025
    2 events
    • 07-02-2025 Resigned· Director
    • 07-11-2023 Appointed· Director
  • Krefton BVLegal entity
    Director· perm. rep.: Laurens Opitek
    State Gazette act 25313066 (20-02-2025)
    Former
    - → 06-02-2025
  • Vandeweyer Michiel
    Director
    State Gazette act 21367276 (17-11-2021)
    Former
    17-11-2021 → 06-02-2025
    3 events
    • 06-02-2025 Resigned· Director
    • 17-11-2021 Resigned· Director
    • 17-11-2021 Appointed· Director
  • Hilda VAN HECKE
    Director
    State Gazette act 23156254 (06-12-2023)
    Former
    - → 07-11-2023
  • Jannes Valkeneers
    Director
    State Gazette act 21367276 (17-11-2021)
    Former
    17-11-2021 → 29-04-2022
    3 events
    • 29-04-2022 Resigned· Director
    • 17-11-2021 Resigned· Director
    • 17-11-2021 Appointed· Director
  • Laurens Opitek
    Director
    State Gazette act 21367276 (17-11-2021)
    Former
    17-11-2021 → 29-04-2022
    3 events
    • 29-04-2022 Resigned· Director
    • 17-11-2021 Resigned· Director
    • 17-11-2021 Appointed· Director
Full appointment history from the Belgian State Gazette. Permanent representatives are shown for corporate directors.

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
Appointed statutory auditor from the Belgian State Gazette. The IRE/IBR number refers to the register of the Institute of Registered Auditors.

Insolvency mandates

No insolvency mandates (liquidators, administrators) on record for this company.

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)
Incorporation03-07-2018
StatusActive
Postal code3600

Structure & network

Connections & network

7 connected companies
Fedrus International, Sits on the board FIFedrusInternationalGUFOS, Sits on the board GGUFOSKREFTON, Sits on the board KKREFTONPYGMA, Sits on the board PPYGMAVALK INVEST, Sits on the board VIVALK INVESTFedrus Growth Capital, Shared corporate director FGFedrus GrowthCapitalVM BUILDING SOLUTIONS, Shared corporate director VBVM BUILDINGSOLUTIONSBULLSWAP BULLSWAP0699.556.476
Group structureShared directors
Group structure
Fedrus International
Sits on the board · 3 subsidiaries · 1 location
Control→
GUFOS
Sits on the board · 2 subsidiaries · 1 location
Control→
KREFTON
Sits on the board · 1 subsidiary · 1 location
Control→
PYGMA
Sits on the board · 2 subsidiaries · 1 location
Control→
VALK INVEST
Sits on the board · 1 subsidiary · 1 location
Control→
Network connections
Fedrus Growth Capital
Shared corporate director
→
VM BUILDING SOLUTIONS
Shared corporate director
→
Connections derived from shared directors, addresses, shareholders and group structure in the Belgian State Gazette.

Ownership & control

5 parties
Control over this companysits on this company's board5
Fedrus International
3 subsidiaries · 1 location
GUFOS
2 subsidiaries · 1 location
PYGMA
2 subsidiaries · 1 location
KREFTON
1 subsidiary · 1 location
VALK INVEST
1 subsidiary · 1 location
controls
BULLSWAPBE 0699.556.476

Each 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 Bank
Cannot be placed on the map

This 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 Genk

Establishment units

1 location
Bullswap
Thor Park 8000, 3600 GenkHandelsbemiddeling in de groothandel in machines, apparaten en werktuigen voor de industrie en in schepen en luchtvaartuigen
since 20182.277.566.235
Physical sites registered in the Crossroads Bank for Enterprises (CBE).
Parcels1
Ground area7,279 m²
Buildings1
Building footprint8,563 m²

Real-estate footprint

Source: CBE × cadastre · address linking

Parcels 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.

Flanders 1 (100%)
Parcel (capakey) Region Area Buildings Height / fl.
71303B1298/00P004
ProtectedMonumentSteenkoolmijn Waterschei: hoofdgebouwSource ↗
 Flanders 7,279 m² 1 · 8,563 m² -
Methodology
via registered seat: 1
1 of 1 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
1 of these parcels carry protected heritage (source: regional heritage registers, Onroerend Erfgoed / patrimoine.brussels).

Publications

Lifecycle & Insolvency Signals

No insolvency signals in the Belgian State Gazette

Belgisch Staatsblad · acts

11 acts
Capital history · 1
29-02-2024
v3.2
Address history · 2
19-01-2026
v3.2
15-10-2020
v3.2
All acts · 11 updated 6 months ago
2026
19-01-2026 Registered office moved within Genk Registered-office change
  • Nieuwpoortlaan 15, 3600 Genk → Thor Park 8000, 3600 Genk
Summary: v3.2
08-01-2026 Sanne Vandebroek reappointed as statutory auditor Director changes
  • Sanne Vandebroek, Commissaris
Summary: v3.2
2025
04-03-2025 Jannes Valkeneers appointed as managing director Director changes
  • Jannes Valkeneers, Gedelegeerd bestuurder
Summary: v3.2
20-02-2025 Articles of association amended Statutes amendment
Summary: v3.2
2024
29-02-2024 Capital increase of €900,000 Capital & shares
Summary: v3.2
2023
06-12-2023 1 director appointed, 1 resigning Director changes
  • Mark VANDECRUYS, Bestuurder
  • Hilda VAN HECKE, Bestuurder
Summary: v3.2
2022
28-12-2022 Articles of association amended Statutes amendment
Summary: v3.2
30-05-2022 2 directors appointed, 2 resigning Director changes
  • Jannes Valkeneers, Bestuurder
  • Laurens Opitek, Bestuurder
  • Jannes Valkeneers, Bestuurder
  • Laurens Opitek, Bestuurder
Summary: v3.2
2021
17-11-2021 4 directors appointed, 3 resigning Director changes
  • VALKENEERS Jannes, Bestuurder
  • OPITEK Laurens, Bestuurder
  • VANDEWEYER Michiel, Bestuurder
  • VAN HECKE Hilde, Bestuurder
  • VALKENEERS Jannes, Bestuurder
  • OPITEK Laurens, Bestuurder
  • VANDEWEYER Michiel, Bestuurder
Summary: v3.2
2020
15-10-2020 Registered office moved within Genk Registered-office change
  • Slingerweg 62, 3600 Genk → Nieuwpoortlaan 15, 3600 Genk
Summary: v3.2
2018
05-07-2018 Incorporation of a new BV Incorporation
Summary: oprichting

Analysis

Snowflake analysis

financial profile on 5 axes
Health20Profitability100Solvency36Growth32Stability100
58 / 100

Mixed profile: strong on profitability, weaker on health.

All 5 axes are computed from data Checked has read.

Health 20
Profitability 100
Solvency 36
Growth 32
Stability 100

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Credit advice

verdict per customer and amount

Should this customer buy amount X on invoice? Enter the amount and payment terms, you get an instant GREEN/AMBER/RED verdict, with a suggested ceiling and concrete conditions.

Based on official sources (NBB, CBE, State Gazette). Indicative, not credit advice.

Similar

Similar companies

Comparable size, same sector
We hold annual accounts for 129 of the 1,076 companies in this sector. 27 of them are within a factor 10 of this company's equity.

Company registry

Company registry (CBE)

Crossroads Bank
Activities
Handelsbemiddeling in machines, apparaten en werktuigen voor de industrie en in schepen en luchtvaartuigen46140Handelsbemiddeling in de groothandel in machines, apparaten en werktuigen voor de industrie en in schepen en luchtvaartuigen46140Handelsbemiddeling gespecialiseerd in andere goederen46180Handelsbemiddeling in de groothandel in andere specifieke goederen46180
Primary activity highlighted.
Names & trade names
Legal nameNL BULLSWAP
Registered office
Thor Park 8000
3600 Genk, Belgium
Official data from the Crossroads Bank for Enterprises (CBE). Available for every registered company.