Financials
- Fiscal year
- 2025
- Turnover
- €58.5m
- Profit
- €25,494
- Solvency
- -3.9%
Turnover▲ 12.8%
Net result
20182025
CHALLENGE HANDLING
ActiveSummary
CHALLENGE HANDLING has been active since 1997 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show negative equity (-€676,043) and a net result of €25,494. Equity is shrinking by ~30.7% per year across the filed fiscal years. Its solvency ranks better than 10% of 748 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 1.2% (low).
Overview
Activity
Warehousing and support activities for transportation
NACE 52249Warehousing and support activities for transportation NACE 52230NACE 63112
#2 employer in Grâce-Hollogne3 sites
Size
€58.5mturnover 2025
- Staff
- 571.8 FTE
- Equity
- -€676,043
- Profit
- €25,494
Structure
- Parent
- CHALLENGE AIRLINES (IL) LTD · 100%
Auditor: BDO Réviseurs d'EntreprisesAccounts filed 3 d late1 of 15 deeds read
Why 54Capped at 59: negative equity- Negative equity -€676,043- Sector Warehousing and support activities for transportation (NACE 52)+ Size: turnover €58.5m, 571.8 FTE, total assets €17.3m+ Founded in 1997Show the evidence
Checked score
Score 2025
54
/ 100
Fair
Probability in this band: 1.5% to 4.2%
Better than 35% of its sector peers (NACE 52, large)
Performance against the sector, not lower risk
Negative equity caps the score at 59. Every signal that weighs is under Signals.
Financial strength · tick = 2024
Weak
Solvency
21+4
equity -3.9% of total assets
Liquidity
25-6
short-term debt 70.6% · cash 10.0%
Profitability
49+18
return on assets 0.1%
Bankruptcy probability, 12 months
1.2%
Low
0%0.5%1.5%4%10%≥ 25%
About 1 in 100 comparable companies go bankrupt within 12 months (an estimate).
Last 15 months
08-2025: 2.2%
09-2025: 2.2%● 0.0% vs 08-2025
10-2025: 2.2%● 0.0% vs 09-2025
11-2025: 2.2%● 0.0% vs 10-2025
12-2025: 2.2%● 0.0% vs 11-2025
01-2026: 2.2%● 0.0% vs 12-2025
02-2026: 2.1%▼ -3.0% vs 01-2026
03-2026: 2.1%● 0.0% vs 02-2026
04-2026: 2.1%● 0.0% vs 03-2026
05-2026: 2.1%▼ -0.6% vs 04-2026
06-2026: 2.0%▼ -1.4% vs 05-2026
07-2026: 2.1%▲ +3.5% vs 06-2026
08-2026: 2.2%▲ +2.3% vs 07-2026highest value
09-2026: 1.2%▼ -46.1% vs 08-2026lowest value
10-2026: 1.2%● 0.0% vs 09-2026lowest value
- Negative equity -€676,043 raises the probability
- Sector Warehousing and support activities for transportation (NACE 52) raises the probability
- Size: turnover €58.5m, 571.8 FTE, total assets €17.3m lowers the probability for this profile
- Founded in 1997 lowers the probability for this profile
No credit on open account
Liquidity short (current ratio 0.84 against 0.77 in 2024; short-term debt: 70.6% and cash: 10% of total assets), and equity is negative.
How it is calculated
The band comes from the bankruptcy probability on a scale of 0 to 100: every 10 points more double the odds of getting through the year without bankruptcy.
| 75-100 | Excellent | under 0.55% |
| 60-74 | Healthy | 0.55% to 1.5% |
| 45-59 | Fair | 1.5% to 4.2% |
| 25-44 | Weak | 4.2% to 15.0% |
| 0-24 | Critical | over 15.0% |
Place inside the band: half the bankruptcy probability, half how the company does against its sector peers (NACE 52, large). Better than this share of them on solvency 11%, liquidity 26%, profitability 29%, growth against the median 75%. That is performance, not lower risk; the band itself always comes from the probability.
Bankruptcy probability: model pd-v3.202610021621, computed on 02-10-2026. The model learns from Belgian bankruptcies and reads the registers, the annual accounts and the gazette.
Ceilings: negative or zero equity, a heavy loss, a special KBO legal situation and a missing filing 59 (two missing 44), an ongoing judicial reorganisation or an ending 24. Financial strength does not count in the score.
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Signals
Six signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 10% of 748 sector peers (2025).
NBB · sector comparisonPosition among 748 sector peers
Solvency
better than 10%
← weakest
strongest →
neutral · A punctual record breaks
This company filed 5 consecutive financial years on time. The year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 03-08-2026, 3 days late. Weigh it accordingly: a break into the 1-to-90-day band measures 1.41% abnormal legal state, below the 1.66% market average. It is a change in behaviour, not evidence of elevated risk.
NBB · 10 filingsDeviation from the deadline
2025
3 d late
2024
22 d early
2023
30 d early
2022
31 d early
2021
25 d early
2020
26 d early
2019
13 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 17 days before the deadline; the sector median for financial year 2024 is 8 days before the deadline, and 36% 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 6 July (5 of the last 5 filed years within 30 days of that day).
Companies Code · seven monthsPosition in the running window
02-10-2026 today31-12-2026 close31-07-2027 deadline
- Annual accounts filedfiscal year 2025 · full…
- Appointment: BDO Réviseurs d'Entreprises (statutory auditor)Permanent representative: Jean-François BERNARD
- Back to profitnet €25,494
Key points
- Risk: Negative equityfiscal year 2025: debts exceed assets -€676,043 View
- Caution: Among the weakest 5% on equitysector median €1.5m · 741 companies -€676,043 View
- Positive: Back in profit in 2025after -€1.7m in 2024 €25,494 View
- Positive: 6 years of growth in a rowturnover 2025: €58.5m 6 years View
- Controlled by CHALLENGE AIRLINES (IL) LTDknown shareholders 100% 100% View
By topic
Board & ownership
- Parent
- CHALLENGE AIRLINES (IL) LTD · 100%
- Known shareholders
- 100%
- Auditor
- BDO Réviseurs d'Entreprises
Network & group
- Group
- Challenge Airlines LTD
Timeline
- Events
- 15
- Since
- 2017
- Next accounts
- by 31-07-2027
- 03-08-2026Annual accounts filed
- 17-07-2026Appointment: BDO Réviseurs d'Entreprises (statutory auditor)
- 31-12-2025Back to profit
Company details
- Sites
- 3
- Legal form
- Public limited company
- Activity
- Warehousing and support activities for transportationNACE 52249
- Founded
- 20-01-1997
- Year ends
- 31-12
- Peppol
- Reachable for e-invoices
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