BY-TWO-BY
ActiveSummary
BY-TWO-BY has been active since 2007 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €5.37M and a net result of €-505k. Equity is shrinking by ~8% per year across the filed fiscal years. Its solvency ranks better than 83% of 11389 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.9% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability9=
Solvency100▲+16
Growth32=
Track record100
Bankruptcy probability, 12 months
0.9%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €320k at 30 days acceptable
Liquidity ample (current ratio 14.67 against 2.13 in 2024; short-term debt: 3.4% and cash: 1.5% of total assets), and 17.7% of the assets are financed with debt.
Credit check for your own amount and term
Signals
Six signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
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 · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 46
Relative position
BE, all sectors
reference
Wholesale trade (NACE 46)
about 21% more bankruptcies
← fewer bankruptcies
more bankruptcies →
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
82.3%
Return on assets
-7.7%
Age of the figures
12 mo
raises risk · Persistent losses
Two consecutive loss-making years (2024 and 2025); equity is also lower. May indicate structural pressure on profitability.
NBB · annual accounts 2025Net result per financial year
1819202122232425
2018 to 2025 · latest year €-505k
neutral · Latest accounts filed on time
The financial year that closed on 30-09-2025 was due by 30-04-2026 and was filed on 15-12-2025, 136 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
136 d early
2024
19 d late
2023
35 d early
2022
2 d early
2021
32 d early
2020
35 d early
2019
6 d early
← before the deadline
after the deadline →
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 30-09-2026 and is due by 30-04-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
25-09-2026 today30-09-2026 close30-04-2027 deadline
Financials · fiscal year 2025, micro schema
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
€-505k▲ 31.6%
2024 · €-738k
2018: €-264k
2019: €-333k▼ -26.0% vs 2018
2020: €-1.46M▼ -338% vs 2019lowest in 8 years
2021: €-743k▲ +49.1% vs 2020
2022: €103k▲ +114% vs 2021highest in 8 years
2023: €-201k▼ -295% vs 2022
2024: €-738k▼ -268% vs 2023
2025: €-505k▲ +31.6% vs 2024
2018 → 2025
Working capital
€3.07M▼ 9.8%
2024 · €3.40M
2018: €1.75Mlowest in 8 years
2019: €4.15M▲ +137% vs 2018
2020: €3.88M▼ -6.6% vs 2019
2021: €4.13M▲ +6.6% vs 2020
2022: €3.03M▼ -26.7% vs 2021
2023: €4.29M▲ +41.8% vs 2022highest in 8 years
2024: €3.40M▼ -20.8% vs 2023
2025: €3.07M▼ -9.8% vs 2024
2018 → 2025
Trend over the years
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€6.71M-€6.81M▲ 1.5%€6.61M▼ 2.9%€5.88M▼ 11.2%€5.37M▼ 8.6%
2021: €6.71M
2022: €6.81M▲ +1.5% vs 2021highest in 5 years
2023: €6.61M▼ -2.9% vs 2022
2024: €5.88M▼ -11.2% vs 2023
2025: €5.37M▼ -8.6% vs 2024lowest in 5 years
Operating result€-517k-€-105k▲ 79.8%€-313k▼ 199%€-246k▲ 21.3%€-185k▲ 24.6%
2021: €-517klowest in 5 years
2022: €-105k▲ +79.8% vs 2021highest in 5 years
2023: €-313k▼ -199% vs 2022
2024: €-246k▲ +21.3% vs 2023
2025: €-185k▲ +24.6% vs 2024
Net result€-743k-€103k€-201k€-738k▼ 268%€-505k▲ 31.6%
2021: €-743klowest in 5 years
2022: €103k▲ +114% vs 2021highest in 5 years
2023: €-201k▼ -295% vs 2022
2024: €-738k▼ -268% vs 2023
2025: €-505k▲ +31.6% vs 2024
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €185k in 2025 against €246k in 2024; the loss shrinks.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €6.53M
Fixed assets
€3.23M ▼ 7.7%
Current assets
€3.29M ▼ 48.6%
Equity and liabilities €6.53M
Equity
€5.37M ▼ 8.6%
Debt
€1.15M ▼ 71.4%
Debt's share of the balance-sheet total falls from 40.7% to 17.7%. Equity and debt are lower.
Key figures and ratios
EBITDA
€-150k▲
2024 · €-223k
Cash flow
€-469k▲
2024 · €-715k
Current ratio
14.67▲
2024 · 2.13
Quick ratio
2.78▲
2024 · 0.39
Debt to equity
0.21▼
2024 · 0.69
ROE
-9.4%▲
2024 · -12.6%
ROA
-7.7%▼
2024 · -7.4%
Interest coverage
-1.73▼
2024 · -0.36
Debt ≤ 1 year
€225k▼
2024 · €3.01M
Debt > 1 year
€929k▼
2024 · €1.02M
Income taxes
€3k▲
2024 · €720
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Filed annual accounts As filed with the NBB · 2025 against 2024 · 50 lines
Balance sheet
Code20242025
Assets
Total assets20/58€9.91M€6.53M▼
Fixed assets21/28€3.50M€3.23M▼
Tangible fixed assets22/27€80k€3.23M▲
Land and buildings22-€3.18M
Furniture and vehicles24€78k€45k▼
Other tangible fixed assets26€2k€2k▼
Financial fixed assets28€3.42M€712▼
Current assets29/58€6.41M€3.29M▼
Stocks and contracts in progress3€5.24M€2.67M▼
Stocks30/36€5.24M€2.67M▼
Amounts receivable within one year40/41€52k€18k▼
Trade receivables40€28k€13k▼
Other amounts receivable41€24k€5k▼
Current investments50/53€33k€501k▲
Cash at bank and in hand54/58€1.08M€99k▼
Deferred charges and accrued income490/1€4k€5k▲
Equity and liabilities
Total equity and liabilities10/49€9.91M€6.53M▼
Equity10/15€5.88M€5.37M▼
Contributions10/11€7.00M€7.00M=
Profit (loss) carried forward14€-1.12M€-1.63M▼
Amounts payable17/49€4.03M€1.15M▼
Amounts payable after more than one year17€1.02M€929k▼
Financial debts170/4€1.00M€909k▼
Other amounts payable178/9€21k€21k▼
Amounts payable within one year42/48€3.01M€225k▼
Current portion of amounts payable after more than one year42€92k€95k▲
Trade debts44€10k€4k▼
Suppliers440/4€10k€4k▼
Taxes, remuneration and social security45€900€2k▲
Taxes450/3€900€2k▲
Other amounts payable47/48€2.90M€124k▼
Accrued charges and deferred income492/3€889€0▼
Income statement
Code20242025
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€23k€36k▲
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4€0€-94k▼
Other operating charges640/8€40k€13k▼
Gross operating margin9900€-183k€-231k▼
Operating profit (loss)9901€-246k€-185k▲
Financial income75/76B€135k€131k▼
Recurring financial income75€135k€131k▼
Financial charges65/66B€626k€447k▼
Recurring financial charges65€626k€86k▼
Non-recurring financial charges66B-€361k
Profit (loss) for the period before taxes9903€-737k€-502k▲
Income taxes67/77€720€3k▲
Profit (loss) for the period9904€-738k€-505k▲
Profit (loss) for the period to be appropriated9905€-738k€-505k▲
Appropriation of the result
Profit (loss) to be appropriated9906€-1.12M€-1.63M▼
Profit (loss) brought forward from the previous period14P€-386k€-1.12M▼
Transfer from equity791/2€0-
Social balance
Average headcount (FTE)90870.0-
The notes to these accounts (10 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Accounts by statement
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | €86k | €0 | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €12k | €7k | €13k | €23k | €36k | ▲ 53.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | €-474k | €-28k | €0 | €-94k | - |
| Other operating charges640/8 | - | €26k | €16k | €40k | €13k | ▼ 68.4% |
| Non-recurring operating charges66A | - | €0 | - | - | - | - |
| Gross operating margin9900 | €-410k | €-545k | €-312k | €-183k | €-231k | ▼ 26.4% |
| Operating profit (loss)9901 | €-517k | €-105k | €-313k | €-246k | €-185k | ▲ 24.6% |
| Financial income75/76B | - | €357k | €169k | €135k | €131k | ▼ 2.9% |
| Recurring financial income75 | €23k | €357k | €169k | €135k | €131k | ▼ 2.9% |
| Financial charges65/66B | - | €149k | €57k | €626k | €447k | ▼ 28.6% |
| Recurring financial charges65 | €7k | €29k | €57k | €626k | €86k | ▼ 86.2% |
| Non-recurring financial charges66B | - | €120k | €0 | - | €361k | - |
| Profit (loss) for the period before taxes9903 | €-742k | €103k | €-200k | €-737k | €-502k | ▲ 31.9% |
| Income taxes67/77 | €552 | €700 | €508 | €720 | €3k | ▲ 290% |
| Profit (loss) for the period9904 | €-743k | €103k | €-201k | €-738k | €-505k | ▲ 31.6% |
| Profit (loss) for the period to be appropriated9905 | €-743k | €103k | €-201k | €-738k | €-505k | ▲ 31.6% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €11.36M | €11.12M | €10.77M | €9.91M | €6.53M | ▼ 34.1% |
| Fixed assets21/28 | €4.06M | €3.81M | €3.40M | €3.50M | €3.23M | ▼ 7.7% |
| Tangible fixed assets22/27 | €18k | €15k | €89k | €80k | €3.23M | ▲ 3,935% |
| Land and buildings22 | - | - | - | - | €3.18M | - |
| Furniture and vehicles24 | - | €12k | €87k | €78k | €45k | ▼ 42.7% |
| Other tangible fixed assets26 | - | €3k | €2k | €2k | €2k | ▼ 16.0% |
| Financial fixed assets28 | €4.05M | €3.80M | €3.32M | €3.42M | €712 | ▼ 100.0% |
| Current assets29/58 | €7.29M | €7.30M | €7.36M | €6.41M | €3.29M | ▼ 48.6% |
| Stocks and contracts in progress3 | €6.58M | €5.41M | €5.23M | €5.24M | €2.67M | ▼ 49.0% |
| Stocks30/36 | - | €5.41M | €5.23M | €5.24M | €2.67M | ▼ 49.0% |
| Amounts receivable within one year40/41 | €296k | €866k | €62k | €52k | €18k | ▼ 66.1% |
| Trade receivables40 | - | €854k | €44k | €28k | €13k | ▼ 53.3% |
| Other amounts receivable41 | - | €12k | €19k | €24k | €5k | ▼ 80.8% |
| Current investments50/53 | €68k | €71k | €633k | €33k | €501k | ▲ 1,403% |
| Cash at bank and in hand54/58 | €321k | €948k | €1.44M | €1.08M | €99k | ▼ 90.8% |
| Deferred charges and accrued income490/1 | - | €3k | €1k | €4k | €5k | ▲ 48.7% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €11.36M | €11.12M | €10.77M | €9.91M | €6.53M | ▼ 34.1% |
| Equity10/15 | €6.71M | €6.81M | €6.61M | €5.88M | €5.37M | ▼ 8.6% |
| Contributions10/11 | - | €7.00M | €7.00M | €7.00M | €7.00M | = |
| Reserves13 | €289k | €289k | €0 | - | - | - |
| Non-distributable reserves130/1 | - | €289k | €0 | - | - | - |
| Reserves not available under the articles1311 | - | €289k | €0 | - | - | - |
| Profit (loss) carried forward14 | €-577k | €-474k | €-386k | €-1.12M | €-1.63M | ▼ 44.9% |
| Amounts payable17/49 | €4.64M | €4.30M | €4.15M | €4.03M | €1.15M | ▼ 71.4% |
| Amounts payable after more than one year17 | €1.48M | €25k | €1.08M | €1.02M | €929k | ▼ 9.3% |
| Financial debts170/4 | - | €0 | €1.06M | €1.00M | €909k | ▼ 9.5% |
| Other amounts payable178/9 | - | €25k | €23k | €21k | €21k | ▼ 1.8% |
| Amounts payable within one year42/48 | €3.16M | €4.27M | €3.07M | €3.01M | €225k | ▼ 92.5% |
| Current portion of amounts payable after more than one year42 | - | - | €125k | €92k | €95k | ▲ 3.2% |
| Financial debts43 | - | €854k | €0 | - | - | - |
| Credit institutions430/8 | - | €854k | €0 | - | - | - |
| Trade debts44 | €294k | €376k | €24k | €10k | €4k | ▼ 57.6% |
| Suppliers440/4 | - | €376k | €24k | €10k | €4k | ▼ 57.6% |
| Taxes, remuneration and social security45 | - | €5k | €1k | €900 | €2k | ▲ 66.7% |
| Taxes450/3 | - | €5k | €1k | €900 | €2k | ▲ 66.7% |
| Remuneration and social security454/9 | - | €0 | - | - | - | - |
| Other amounts payable47/48 | - | €3.04M | €2.92M | €2.90M | €124k | ▼ 95.7% |
| Accrued charges and deferred income492/3 | - | €2k | €1k | €889 | €0 | ▼ 100% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €-743k | €103k | €-201k | €-738k | €-505k | ▲ 31.6% |
| + Depreciation and write-downs630 | €12k | €7k | €13k | €23k | €36k | ▲ 53.6% |
| Operating cash flow (approximation) | €-731k | €110k | €-188k | €-715k | €-469k | ▲ 34.4% |
| Investment in fixed assets (approximation) | - | €244k | €397k | €-118k | €233k | ▲ 297% |
| Change in cash | - | €627k | €487k | €-355k | €-981k | ▼ 176% |
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
2025
15-12
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
30-09
Financial
Liquidity times 7current ratio 14.67
Current ratio from 2.13 to 14.67; short-term debt falls from €3.01M to €225k.
19-05
NBB filing
Annual accounts filed
fiscal year 2024 · full schema · 19 days late
2024
26-03
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
28-04
NBB filing
Annual accounts filed
fiscal year 2022 · full schema
2022
30-09
Financial
Back to profitnet €103k
Net result €103k after 4 loss-making years.
29-03
NBB filing
Annual accounts filed
fiscal year 2021 · full schema
2021
26-03
NBB filing
Annual accounts filed
fiscal year 2020 · full schema
2020
30-09
Financial
Weakest financial yearnet €-1.46M
Net result drops to €-1.46M, the lowest in the series; recovery starts the following year.
24-04
NBB filing
Annual accounts filed
fiscal year 2019 · full schema
2019
29-03
NBB filing
Annual accounts filed
fiscal year 2018 · full schema
2018
03-04
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema
2017
31-03
NBB filing
Annual accounts filed
fiscal year 2016 · full schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 7 acts read
About the unread acts
We know of 7 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
7 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, Vorst · 1 establishment unit since 2007
Ground area
156 m²
Parcel 21383B0064/00V002, Brussels. Linked by address, not a title deed.
1 establishment unit
BY-TWO-BY
since 20072.167.614.854
1 parcel
Brussels
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 21383B0064/00V002 | Brussels | 156 m² | - | - |
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.
Recognitions · licences · registrations
Legal Entity Identifier
967600MH7Z21UN8QHC69
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VERMEIRE TRANSMISSIONS
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COCHLEAR BENELUX
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LEVICO
BE 0881.737.522
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COEMAN TRADING
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Of 4,418 companies in sector 46180 we hold annual accounts for 1,885. 351 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
Founded10-09-2007
Fiscal year end30-09
Activities, NACEBEL 2025
46180Agents specialised in the wholesale of other particular products
68110Buying and selling of own real estate
68201Renting and operating of own or leased residential real estate, excluding social housing
74111Design of textile patterns, clothing, jewellery, furniture and decorative items
Scores and ratios are computed by Checked and are not a credit decision.