Bulteel
ActiveSummary
Bulteel has been active since 2018 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €207,885 and a net result of -€657. Equity is growing by ~36.5% per year across the filed fiscal years. Its solvency ranks better than 58% of 28281 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 1.2% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability39▼-42
Solvency80▼-1
Growth78=
Track record100
Bankruptcy probability, 12 months
1.2%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €12,000 at 30 days acceptable
Liquidity ample (current ratio 2.21 against 2.26 in 2024; short-term debt: 44.2% and cash: 19.7% of total assets), and 45.4% of the assets are financed with debt.
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Signals
Three signals. The signal on the left, the evidence on the right.
+raises risk○neutral
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 43
Relative position
BE, all sectors
reference
Specialised construction activities (NACE 43)
about 85% more bankruptcies
← fewer bankruptcies
more bankruptcies →
raises risk · Limited track record
This company has not been active as long as an established one and statistically fails somewhat more often.
KBO · incorporation dateAge against the risk zone
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 07-07-2026, 24 days ahead of the deadline.
NBB · 7 filingsDeviation from the deadline
2025
24 d early
2024
28 d early
2023
83 d late
2022
44 d late
2021
58 d late
2020
58 d late
2019
61 d late
← 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 36 days after the deadline; the sector median for financial year 2024 is 1 day before the deadline, and 42% of the sector filed late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today. Usually files around 13 September (4 of the last 5 filed years within 68 days of that day).
Companies Code · seven monthsPosition in the running window
29-09-2026 today31-12-2026 close31-07-2027 deadline
History
Go further with this company
How much credit can you give this customer, and on what term?Credit check What should you check before you do business with this company?Supplier due diligence Can you trust this company with building work?Contractor check Can you accept this company as a client under the anti-money-laundering law?AML client file Which of your other customers can you e-invoice via Peppol?Peppol check What other support did companies like this one receive, and it did not?Public money
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Financials · fiscal year 2025, micro schema
Equity
€207,885▼ 0.3%
2024 · €208,542
Total assets
€380,603▲ 2.0%
2024 · €373,068
Net result
-€657
2024 · €35,508
Working capital
€203,325▲ 0.7%
2024 · €201,921
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 43, Specialised construction activities, 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€30,910▼ 51.8%€53,870▲ 74.3%€68,988▲ 28.1%€54,793▼ 20.6%€2,060▼ 96.2%
Net result€20,423within the sector's middle half▼ 60.9%€37,658above the sector's middle half▲ 84.4%€47,600above the sector's middle half▲ 26.4%€35,508above the sector's middle half▼ 25.4%-€657below the sector's middle half
Equity€87,777within the sector's middle half▲ 30.3%€125,435within the sector's middle half▲ 42.9%€173,034above the sector's middle half▲ 37.9%€208,542above the sector's middle half▲ 20.5%€207,885above the sector's middle half▼ 0.3%
Total assets€280,731within the sector's middle half▼ 15.1%€305,944above the sector's middle half▲ 9.0%€366,511above the sector's middle half▲ 19.8%€373,068above the sector's middle half▲ 1.8%€380,603above the sector's middle half▲ 2.0%
Debt€192,954▼ 26.7%€180,510▼ 6.4%€193,477▲ 7.2%€164,526▼ 15.0%€172,717▲ 5.0%
Working capital€75,636within the sector's middle half▲ 43.7%€119,612above the sector's middle half▲ 58.1%€165,083above the sector's middle half▲ 38.0%€201,921above the sector's middle half▲ 22.3%€203,325above the sector's middle half▲ 0.7%
Solvency31.3%within the sector's middle half▲ 10.9pp41.0%within the sector's middle half▲ 9.7pp47.2%within the sector's middle half▲ 6.2pp55.9%within the sector's middle half▲ 8.7pp54.6%within the sector's middle half▼ 1.3pp
Current ratio1.40within the sector's middle half▲ 0.201.70within the sector's middle half▲ 0.301.88within the sector's middle half▲ 0.182.26within the sector's middle half▲ 0.382.21within the sector's middle half▼ 0.05
Return on assets (ROA)7.3%within the sector's middle half▼ 8.5pp12.3%within the sector's middle half▲ 5.0pp13.0%within the sector's middle half▲ 0.7pp9.5%within the sector's middle half▼ 3.5pp-0.2%below the sector's middle half▼ 9.7pp
Staff (FTE)4.1▲ 28.1%4.1=4▼ 2.4%4.5▲ 12.5%4.5=
above
within
below
the middle half (P25 to P75) of NACE 43, Specialised construction activities, 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 has fallen two years in a row; 2025 is 96% below 2024 and is the lowest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €380,603
Fixed assets
€8,880 ▼ 18.4%
Current assets
€371,723 ▲ 2.6%
Equity and liabilities €380,603
Equity
€207,885 ▼ 0.3%
Debt
€172,717 ▲ 5.0%
Debt's share of the balance-sheet total rises from 44.1% to 45.4%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€4,060▼
2024 · €56,793
Cash flow
€1,343▼
2024 · €37,508
Quick ratio
1.42▼
2024 · 1.68
Debt to equity
0.83▲
2024 · 0.79
ROE
-0.3%▼
2024 · 17.0%
Interest coverage
2.44▼
2024 · 34.09
Debt ≤ 1 year
€168,398▲
2024 · €160,267
Income taxes
€1,931▼
2024 · €18,955
Staff costs
€259,784▼
2024 · €287,420
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 3,441 companies that looked in July 2024 the way this one looks now, 2.3% went bankrupt within 24 months and 90% are still going.
- Micro
- 5 to 10 years old
- solvency 30% or more
- a small loss
2.3%
went bankrupt
7.5%
stopped otherwise
90%
still going
A further 0.3% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 1.2% 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 497,338 companies of July 2024 its group's bankruptcy share. Expected: 1.6%; actually bankrupt within 24 months: 1.7%.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.5% |
| 3 | 0.5% | 0.6% |
| 4 | 0.7% | 0.8% |
| 5 | 0.9% | 1.0% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.9% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
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 3,441 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 |
|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | €132,112 | €161,467 | €227,312 | €287,420 | €259,784 | ▼ 9.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €2,000 | €2,000 | €2,000 | €2,000 | €2,000 | = |
| Other operating charges640/8 | €3,048 | €2,367 | €2,563 | €5,602 | €4,040 | ▼ 27.9% |
| Gross operating margin9900 | €168,070 | €219,704 | €300,864 | €349,815 | €267,884 | ▼ 23.4% |
| Operating profit (loss)9901 | €30,910 | €53,870 | €68,988 | €54,793 | €2,060 | ▼ 96.2% |
| Financial income75/76B | €321 | €1,362 | €427 | €1,336 | €879 | ▼ 34.2% |
| Recurring financial income75 | €321 | €1,362 | €427 | €1,336 | €879 | ▼ 34.2% |
| Financial charges65/66B | €1,815 | €2,228 | €2,492 | €1,666 | €1,665 | = |
| Recurring financial charges65 | €1,815 | €2,228 | €2,492 | €1,666 | €1,665 | = |
| Profit (loss) for the period before taxes9903 | €29,416 | €53,004 | €66,923 | €54,463 | €1,274 | ▼ 97.7% |
| Income taxes67/77 | €8,993 | €15,346 | €19,323 | €18,955 | €1,931 | ▼ 89.8% |
| Profit (loss) for the period9904 | €20,423 | €37,658 | €47,600 | €35,508 | -€657 | ▼ 102% |
| Profit (loss) for the period to be appropriated9905 | €20,423 | €37,658 | €47,600 | €35,508 | -€657 | ▼ 102% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €280,731 | €305,944 | €366,511 | €373,068 | €380,603 | ▲ 2.0% |
| Fixed assets21/28 | €16,880 | €14,880 | €12,880 | €10,880 | €8,880 | ▼ 18.4% |
| Intangible fixed assets21 | €16,499 | €14,499 | €12,499 | €10,499 | €8,499 | ▼ 19.0% |
| Financial fixed assets28 | €381 | €381 | €381 | €381 | €381 | = |
| Current assets29/58 | €263,851 | €291,064 | €353,631 | €362,188 | €371,723 | ▲ 2.6% |
| Stocks and contracts in progress3 | €99,800 | €114,769 | €97,554 | €93,690 | €132,690 | ▲ 41.6% |
| Stocks30/36 | €99,800 | €114,769 | €97,554 | €93,690 | €132,690 | ▲ 41.6% |
| Amounts receivable within one year40/41 | €146,268 | €124,917 | €215,127 | €159,670 | €150,155 | ▼ 6.0% |
| Trade receivables40 | €141,206 | €109,769 | €197,617 | €156,288 | €125,484 | ▼ 19.7% |
| Other amounts receivable41 | €5,062 | €15,148 | €17,510 | €3,382 | €24,671 | ▲ 629% |
| Cash at bank and in hand54/58 | €14,461 | €50,078 | €38,094 | €95,986 | €74,877 | ▼ 22.0% |
| Deferred charges and accrued income490/1 | €3,323 | €1,299 | €2,857 | €12,843 | €14,001 | ▲ 9.0% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €280,731 | €305,944 | €366,511 | €373,068 | €380,603 | ▲ 2.0% |
| Equity10/15 | €87,777 | €125,435 | €173,034 | €208,542 | €207,885 | ▼ 0.3% |
| Contributions10/11 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Outside capital11 | €18,600 | €18,600 | €18,600 | - | - | - |
| Other1109/19 | €18,600 | €18,600 | €18,600 | - | - | - |
| Reserves13 | €69,177 | €106,835 | €154,434 | €189,942 | €189,285 | ▼ 0.3% |
| Distributable reserves133 | €69,177 | €106,835 | €154,434 | €189,942 | €189,285 | ▼ 0.3% |
| Amounts payable17/49 | €192,954 | €180,510 | €193,477 | €164,526 | €172,717 | ▲ 5.0% |
| Amounts payable within one year42/48 | €188,214 | €171,452 | €188,549 | €160,267 | €168,398 | ▲ 5.1% |
| Financial debts43 | €3,344 | €11,633 | €3,385 | €3,388 | €3,376 | ▼ 0.4% |
| Credit institutions430/8 | €3,344 | €11,633 | €3,385 | €3,388 | €3,376 | ▼ 0.4% |
| Trade debts44 | €82,360 | €68,567 | €104,128 | €61,355 | €84,471 | ▲ 37.7% |
| Suppliers440/4 | €82,360 | €68,567 | €104,128 | €61,355 | €84,471 | ▲ 37.7% |
| Taxes, remuneration and social security45 | €13,865 | €13,892 | €26,439 | €47,624 | €32,073 | ▼ 32.7% |
| Taxes450/3 | €2,768 | €2,429 | €11,543 | €18,717 | €12,143 | ▼ 35.1% |
| Remuneration and social security454/9 | €11,097 | €11,463 | €14,896 | €28,906 | €19,930 | ▼ 31.1% |
| Other amounts payable47/48 | €88,646 | €77,361 | €54,597 | €47,901 | €48,479 | ▲ 1.2% |
| Accrued charges and deferred income492/3 | €4,739 | €9,057 | €4,928 | €4,259 | €4,320 | ▲ 1.4% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €20,423 | €37,658 | €47,600 | €35,508 | -€657 | ▼ 102% |
| + Depreciation and write-downs630 | €2,000 | €2,000 | €2,000 | €2,000 | €2,000 | = |
| Operating cash flow (approximation) | €22,423 | €39,658 | €49,600 | €37,508 | €1,343 | ▼ 96.4% |
| Investment in fixed assets (approximation) | - | €0 | €0 | €0 | €0 | - |
| Change in cash | - | €35,617 | -€11,985 | €57,893 | -€21,109 | ▼ 136% |
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
15-07
State Gazette act
Appointment: Bulteel Sven (director)2 facts ▸
State Gazette act
Appointment: Bulteel Sven (director)
2 facts ▸
- General meeting, 19-06-2026
- Director appointment, Bulteel Sven (director)
07-07
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
03-07
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
31-12
Financial
Equity above €200,000Eq €208,542 ▲20.5%
5 profitable years in a row build equity to €208,542.
22-10
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 83 days late
2023
31-12
Financial
Equity above €150,000Eq €173,034 ▲37.9%
4 profitable years in a row build equity to €173,034.
13-09
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 44 days late
2022
31-12
Financial
Equity above €100,000Eq €125,435 ▲42.9%
3 profitable years in a row build equity to €125,435.
27-09
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 58 days late
2021
27-09
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 58 days late
2020
31-12
Financial
Back to profitnet €52,245
Net result €52,245 after one loss-making year.
30-09
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 61 days late
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
1 of 3 acts read
About the unread acts
Of the 3 Belgian State Gazette acts we know for this company, 1 has been read. The other 2 have not been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
1 director, last change in 2026
Bulteel Sven
CurrentDirector · since 01-07-2026
Derived from published Gazette acts. The CBE keeps the official list of function holders; we do not read it, so the two can differ.
See the function holders in the CBE →
Not every act has been read: a resignation may be missing here
2 of this company's 3 Belgian State Gazette acts have not been read yet. Appointments and resignations recorded in them are missing above: a director who resigned there may therefore still show here as sitting. The acts are in the Timeline.
Location & real-estate footprint
Registered office, Oudenaarde · 1 establishment unit since 2018
Ground area
1.1 ha
Building footprint
9 m²
Volume, LiDAR
28 m³
Parcel 45508B0072/00T000, Flanders · tallest building 4.6 m, ±1 floor. Linked by address, not a title deed.
1 establishment unit
Bulteel
since 20182.277.804.478
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 45508B0072/00T000 | Flanders | 1.1 ha | 1 · 9 m² | 4.6 m · 1 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.
Mandate history
1 person since 2026, 1 in office
- Board
| Name | Functions and periods |
|---|---|
| Bulteel Sven |
|
Structure & network
Connections & network
1 current directorThe network starts from this company’s directors. Other companies they run appear here as nodes.
This company
Company
Director
Shareholding
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Public money · subsidies and aid
Flemish government
2022 to 2025 · 4 entries · 840 EUR awarded · 792 EUR paid| Year | Entries | awarded | paid |
|---|---|---|---|
| 2025 | 1 | 108 EUR | 60 EUR |
| 2024 | 1 | 372 EUR | 372 EUR |
| 2023 | 1 | 328 EUR | 360 EUR |
| 2022 | 1 | 32 EUR | 0 EUR |
Recognitions · licences · registrations
Dual-learning approval
1 live approvalTechnicus hernieuwbare energietechnieken duaal (so)
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Of 7,044 companies in sector 43221 we hold annual accounts for 3,477. 2,869 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
Founded29-06-2018
Fiscal year end31-12
Activities, NACEBEL 2025
43221Plumbing work
43222Installation of electric heating, air conditioning, cooling and ventilation
E-invoicing
Reachable via Peppol
Peppol ID
0208:0698987641
Registered
29-09-2025
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 29 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.