Losses
Every financial year from 2021 to 2024 closed with a loss. 2023 was the heaviest.
Every financial year from 2021 to 2024 closed with a loss. 2023 was the heaviest.
Short-term debts fell from €1,956 to €1,887.
2025 accounts not filed: deadline was 31-07-2026.
A net loss of at least half of total assets or of the equity at the start of the financial year caps the score at 59.
The dashed line is the sector median: 0.2% across 26,628 companies (NACE 68, micro).
About 5 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
The band follows from the bankruptcy probability. 10 more points roughly halve it.
| 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% |
Where the company stands within its band depends half on the bankruptcy probability and half on how it does against its sector peers (NACE 68, micro). It does better than 74% of them on solvency, 92% on liquidity, 4% on profitability and 10% on growth.
The bankruptcy probability was computed on 04-11-2026 by the bankruptcy model of 2 October 2026, which learns from Belgian bankruptcies and reads the registers, the annual accounts and the Belgian Official Gazette.
The probability rests on the annual accounts with balance sheet date 31-12-2024.
Of the companies with a bankruptcy probability in the very low class on 30-06-2025, 0.1% went bankrupt within twelve months.
Some facts cap the score, however low the probability. With negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late, the score is Fair at most (59). With two missing filings, it is Weak at most (44). During a judicial reorganisation or at the company's end (bankruptcy, dissolution, liquidation), it is Critical at most (24).
In July 2024, 4,805 companies had the same profile as CHAMPACA has now. Each dot stands for 13 companies, two years later.
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of CHAMPACA itself: 0.5% within 12 months.
The method was tested on the 497,446 companies of July 2024. Each company was given the bankruptcy share of the same profile a year earlier, in July 2023. The expectation was that 1.6% would go bankrupt within 24 months. In fact 1.7% went bankrupt.
| 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% | 0.9% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.8% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
A company that went bankrupt had a higher expected share than one that kept going in 74.5% of comparisons. The level depends on the economy. In a year with more bankruptcies than the year before, the actual share is higher than the expected one.
This is an observation about 4,805 companies, not a prediction for CHAMPACA. The sector does not count, because the KBO no longer lists a sector for a company that has stopped. By sector, mostly the survivors would count, which would paint too rosy a picture.
Net loss of at least half of total assets or of the equity at the start of the financial year.
Liquidity is ample, with a current ratio of 3.34 (6.74 in 2023), above the usual 1.5. Short-term debt is 22.1% and cash 74% of total assets. 35.8% of the assets are financed with debt and provisions.
Show the recommended maximum and see how the verdict changes with amount, term and advance.
The scores and ratios are Checked's own calculations, not a credit decision.
The company filed its last 6 accounts on average 44 days before the deadline. The Belgian median for financial year 2024 was 4 days before the deadline, and 38% of all filings were late.
CHAMPACA files the micro format. That format states no turnover. The gross margin fell from €2,851 in 2017 to -€5,259 in 2024.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette.
2025 annual accounts not yet filed, deadline passed on 31 July 2026 The financial year closed on 31 December 2025. The accounts are due at the latest 7 months after the close (Companies Code art. 3:10). Source: NBB filings, as of 5 November 2026.
Turnover and EBIT margin are not published. The micro format does not require them.
Staff costs divided by the average number of full-time equivalents.
| Line | Trend | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|
| Balance sheet: assets | |||||||||
Total assets20/58 |
8,528 | 17,267 | 34,432 | 47,436 | 60,568 | 42,080 | 34,617 | 22,704 | |
Fixed assets21/28 |
2,221 | 4,073 | 7,806 | 12,502 | 15,123 | 11,103 | 12,879 | 14,656 | |
Tangible fixed assets22/27 |
2,221 | 4,073 | 7,806 | 12,502 | 15,123 | 11,103 | 12,879 | 14,656 | |
Furniture and vehicles24 |
0 | 76 | 2,032 | 4,952 | 5,796 | - | - | - | |
Other tangible fixed assets26 |
2,221 | 3,997 | 5,774 | 7,550 | 9,326 | 11,103 | 12,879 | 14,656 | |
Current assets29/58 |
6,307 | 13,195 | 26,626 | 34,934 | 45,445 | 30,977 | 21,737 | 8,049 | |
Amounts receivable within one year40/41 |
0 | 1,050 | 49 | 330 | 144 | 3,725 | 4,164 | 1,765 | |
Trade receivables40 |
0 | 1,050 | - | 330 | 144 | 3,725 | 4,125 | 671 | |
Other amounts receivable41 |
- | - | 49 | - | - | - | 39 | 1,094 | |
Cash at bank and in hand54/58 |
6,307 | 12,145 | 26,434 | 34,462 | 45,160 | 27,129 | 17,450 | 3,675 | |
Deferred charges and accrued income490/1 |
- | - | 143 | 141 | 141 | 123 | 123 | 2,609 | |
| Balance sheet: equity and liabilities | |||||||||
Total equity and liabilities10/49 |
8,528 | 17,267 | 34,432 | 47,436 | 60,568 | 42,080 | 34,617 | 22,704 | |
Equity10/15 |
5,471 | 14,171 | 31,637 | 43,029 | 48,898 | 32,306 | 27,487 | 15,534 | |
Contributions10/11 |
19,000 | 19,000 | 19,000 | 19,000 | 19,000 | 19,000 | 19,000 | 19,000 | |
Issued capital100 |
- | - | - | - | - | 19,000 | 19,000 | 19,000 | |
Reserves13 |
16,900 | 16,900 | 16,900 | 16,900 | 16,900 | 1,900 | 1,900 | - | |
Non-distributable reserves130/1 |
1,900 | 1,900 | 1,900 | 1,900 | 1,900 | - | - | - | |
Legal reserve130 |
- | - | - | - | - | 1,900 | 1,900 | - | |
Reserves not available under the articles1311 |
1,900 | 1,900 | 1,900 | 1,900 | 1,900 | - | - | - | |
Distributable reserves133 |
15,000 | 15,000 | 15,000 | 15,000 | 15,000 | - | - | - | |
Profit (loss) carried forward14 |
-30,429 | -21,729 | -4,263 | 7,129 | 12,998 | 11,406 | 6,587 | -3,466 | |
Amounts payable17/49 |
3,057 | 3,096 | 2,795 | 4,407 | 11,669 | 9,774 | 7,129 | 7,171 | |
Amounts payable after more than one year17 |
1,170 | 1,140 | 1,140 | 1,170 | 1,020 | 810 | 690 | 1,611 | |
Financial debts170/4 |
- | - | - | - | - | - | - | 801 | |
Other amounts payable178/9 |
1,170 | 1,140 | 1,140 | 1,170 | 1,020 | 810 | 690 | 810 | |
Amounts payable within one year42/48 |
1,887 | 1,956 | 1,655 | 3,237 | 10,649 | 8,964 | 6,439 | 5,560 | |
Current portion of amounts payable after more than one year42 |
- | - | - | - | - | - | 801 | 2,368 | |
Trade debts44 |
1,578 | 990 | 929 | 1,128 | 1,116 | 2,828 | 1,686 | 877 | |
Suppliers440/4 |
1,578 | 990 | 929 | 1,128 | 1,116 | 2,828 | 1,686 | 877 | |
Advances received on contracts in progress46 |
- | - | - | - | 605 | - | 534 | 2,314 | |
Taxes, remuneration and social security45 |
278 | 952 | 660 | 1,302 | 8,142 | 5,395 | 3,419 | - | |
Taxes450/3 |
278 | 952 | 660 | 1,302 | 8,142 | 5,395 | 3,419 | - | |
Other amounts payable47/48 |
31 | 14 | 66 | 806 | 787 | 741 | - | - | |
| Income statement | |||||||||
Gross operating margin9900 |
-5,259 | -11,672 | -3,901 | 42 | 26,093 | 10,979 | 17,932 | 2,851 | |
Remuneration, social security and pensions62 |
- | 52 | 631 | - | - | - | - | - | |
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 |
1,852 | 3,733 | 4,696 | 4,621 | 2,740 | 1,776 | 1,776 | 3,109 | |
Other operating charges640/8 |
992 | 1,394 | 1,565 | 1,177 | 1,095 | 1,733 | 673 | 1,995 | |
Operating profit (loss)9901 |
-8,103 | -16,852 | -10,794 | -5,756 | 22,258 | 7,470 | 15,482 | -2,253 | |
Financial income75/76B |
48 | 0 | 7 | 17 | 11 | 0 | 44 | 27 | |
Recurring financial income75 |
48 | 0 | 7 | 17 | 11 | 0 | 44 | 27 | |
Financial charges65/66B |
469 | 498 | 486 | 266 | 533 | 691 | 486 | 1,240 | |
Recurring financial charges65 |
469 | 498 | 486 | 266 | 533 | 691 | 486 | 1,240 | |
Profit (loss) for the period before taxes9903 |
-8,525 | -17,349 | -11,272 | -6,005 | 21,736 | 6,778 | 15,039 | -3,466 | |
Income taxes67/77 |
175 | 117 | 120 | -136 | 5,144 | 1,959 | 3,086 | - | |
Profit (loss) for the period9904 |
-8,699 | -17,466 | -11,392 | -5,869 | 16,592 | 4,819 | 11,953 | -3,466 | |
Profit (loss) for the period to be appropriated9905 |
-8,699 | -17,466 | -11,392 | -5,869 | 16,592 | 4,819 | 11,953 | -3,466 | |
| Appropriation of the result | |||||||||
Profit (loss) to be appropriated9906 |
-30,429 | -21,729 | -4,263 | 7,129 | 27,998 | 11,406 | 8,487 | -3,466 | |
Profit (loss) brought forward from the previous period14P |
-21,729 | -4,263 | 7,129 | 12,998 | - | - | - | - | |
Transfer to equity691/2 |
- | - | - | - | 15,000 | - | 1,900 | - | |
To the legal reserve6920 |
- | - | - | - | - | - | 1,900 | - | |
To other reserves6921 |
- | - | - | - | 15,000 | - | - | - | |
| Social balance sheet | |||||||||
Average staff (FTE)9087 |
- | - | 1 | - | - | - | - | - | |
Hours worked1013 |
- | - | 21 | - | - | - | - | - | |
| Document | |||||||||
The notes to these accounts have 8 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the filed accounts (PDF).
Source: Annual accounts 2024 (PDF), filed on 08-07-2025.
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2024 | micro format | 08-07-2025 | 2025-00257918 | |
| 31-12-2023 | micro format | 11-06-2024 | 2024-00145057 | |
| 31-12-2022 | micro format | 18-06-2023 | 2023-00142097 | |
| 31-12-2021 | micro format | 18-06-2022 | 2022-20072140 | |
| 31-12-2020 | micro format | 31-05-2021 | 2021-16300317 | |
| 31-12-2019 | micro format | 15-06-2020 | 2020-17100361 | |
| 31-12-2018 | micro format | 12-06-2019 | 2019-18600581 | |
| 31-12-2017 | micro format | 22-05-2018 | 2018-13700337 |
| Line | Trend | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|
| EBITDA | -6,251 | -13,119 | -6,097 | -1,135 | 24,998 | 9,246 | 17,258 | 856 | |
| Cash flow | -6,847 | -13,733 | -6,696 | -1,248 | 19,332 | 6,595 | 13,730 | -357 | |
| Investment in fixed assets (approximation) | 2,262 | 0 | 0 | 2,001 | 6,760 | 0 | 0 | 17,765 | |
| Change in cash | -5,837 | -14,289 | -8,029 | -10,698 | 18,031 | 9,679 | 13,775 | - | |
| Working capital | 4,421 | 11,238 | 24,971 | 31,697 | 34,796 | 22,013 | 15,298 | 2,489 | |
| Solvency | 64.2% | 82.1% | 91.9% | 90.7% | 80.7% | 76.8% | 79.4% | 68.4% | |
| Current ratio | 3.34 | 6.74 | 16.09 | 10.79 | 4.27 | 3.46 | 3.38 | 1.45 | |
| Debt to equity | 0.56 | 0.22 | 0.09 | 0.10 | 0.24 | 0.30 | 0.26 | 0.46 | |
| ROE | -159.0% | -123.3% | -36.0% | -13.6% | 33.9% | 14.9% | 43.5% | -22.3% | |
| ROA | -102.0% | -101.2% | -33.1% | -12.4% | 27.4% | 11.5% | 34.5% | -15.3% | |
| Interest coverage | -13.32 | -26.37 | -12.55 | -4.26 | - | - | - | - |
A Belgian filing has no cash-flow statement. Cash flow is therefore an approximation, derived from the income statement. Investment is the acquisitions in the notes and, without them, the balance-sheet move.
| Item | 31-12-2022 |
|---|---|
| Average over the year, in full-time equivalents | 0.1 |
| Joined | 1 |
| Left | 1 |
Source: social balance sheet in the 2022 annual accounts
| Item | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|
| Tangible fixed assets | €2,262 | - | - | €2,001 |
| Depreciation and write-downs of the year | €1,852 | €3,733 | €4,696 | €4,621 |
Source: notes to the 2021 to 2024 annual accounts (statement of fixed assets)
The operating result for 2024 is a loss of €8,103, smaller than the loss of €16,852 in 2023.
Debt's share of the balance-sheet total rises from 17.9% to 35.8%. Equity and debt are lower.
CHAMPACA has no parent and no holdings in its annual accounts.
| Secrets Marins
registered office since 17-02-2004 · founded in 2004 · negative equity (2025) |
total assets €26,337 (2025) 0863.479.944 |
| Verhoustraete, Charlotte (sole trader)
establishment since 01-06-2024 |
founded in 2024 1006.857.426 |
| Leclercq, Christelle (sole trader)
establishment since 01-01-2022 |
founded in 2012 0810.097.082 |
| Peeters, Aurélie (sole trader)
establishment since 02-03-2021 |
founded in 2021 0765.479.755 |
| Dewolf, Marie (sole trader)
establishment since 18-02-2020 |
founded in 2020 0887.607.507 |
| Dundic, Carlo (sole trader)
establishment since 04-07-2017 |
founded in 1993 0601.891.631 |
| UP RIGHT DOWN
registered office since 18-11-1988 |
founded in 1988 0435.743.596 |
The network lets you explore the ties of CHAMPACA.
Financial milestones sit on the financial year-end date, not the filing date.
Sources: Publications in the Belgian Official GazetteFilings with the National Bank
| Establishment | Since | Unit number |
|---|---|---|
| Brugmannlaan 227 registered office 1050 Ixelles 47120 Other non-specialised retail sale | 11-04-2016 | 2.252.166.685 |
| Cadastral parcel | Area | Buildings | Height / floors |
|---|---|---|---|
| 21447B0310/00M038 | 189 m² | 1 · 107 m² | 17.9 m · 5 |
If something looks wrong or is missing, please tell us.