DE CLIPPEL
ActiveSummary
DE CLIPPEL has been active since 1983 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €9,051 and a net result of -€4,434. Equity is shrinking by ~12.3% per year and would, assuming unchanged policy, indicatively turn negative around fiscal year 2027. Its solvency ranks better than 24% of 18716 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.6% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability20▼-3
Solvency28▼-1
Growth32=
Track record100
Bankruptcy probability, 12 months
0.6%
Low
0%0.5%1.5%4%10%≥ 25%
No publishable credit limit; credit only on tighter terms
Liquidity ample (current ratio 1.95 against 1.66 in 2024; short-term debt: 51.2% and cash: 0.2% of total assets), but 96.8% of the assets are financed with debt.
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Signals
Five 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 47
Relative position
BE, all sectors
reference
Retail trade (NACE 47)
about 45% more bankruptcies
← fewer bankruptcies
more bankruptcies →
raises risk · Annual accounts: weaker financial profile
The latest annual accounts show a weaker profile in solvency, result or liquidity than companies that stay afloat.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
3.2%
Return on assets
-1.6%
Age of the figures
9 mo
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 24% of 18716 sector peers (2025).
NBB · sector comparisonPosition among 18716 sector peers
Solvency
better than 24%
← weakest
strongest →
neutral · A punctual record breaks
This company filed 9 consecutive financial years on time. The year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 13-08-2026, 13 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
13 d late
2024
6 d early
2023
48 d early
2022
7 d early
2021
16 d early
2020
37 d early
2019
49 d early
← 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 21 days before the deadline; the sector median for financial year 2024 is on the deadline day, and 47% 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 24 July (4 of the last 5 filed years within 30 days of that day).
Companies Code · seven monthsPosition in the running window
30-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, micro schema
Equity
€9,051▼ 32.9%
2024 · €13,485
Total assets
€279,067▼ 20.9%
2024 · €352,791
Net result
-€4,434
2024 · €353
Working capital
€135,853▼ 2.7%
2024 · €139,556
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 47, Retail trade, 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€8,834▼ 50.0%€11,096▲ 25.6%-€32,911€7,058€4,843▼ 31.4%
Net result-€1,989below the sector's middle half€528within the sector's middle half-€40,827below the sector's middle half€353below the sector's middle half-€4,434below the sector's middle half
Equity€53,431within the sector's middle half▼ 3.6%€53,959within the sector's middle half▲ 1.0%€13,132below the sector's middle half▼ 75.7%€13,485below the sector's middle half▲ 2.7%€9,051within the sector's middle half▼ 32.9%
Total assets€466,196above the sector's middle half▲ 11.2%€355,229above the sector's middle half▼ 23.8%€336,611below the sector's middle half▼ 5.2%€352,791below the sector's middle half▲ 4.8%€279,067within the sector's middle half▼ 20.9%
Debt€412,765▲ 13.5%€301,270▼ 27.0%€323,479▲ 7.4%€339,306▲ 4.9%€270,016▼ 20.4%
Working capital€171,332above the sector's middle half▲ 44.5%€184,163above the sector's middle half▲ 7.5%€162,347within the sector's middle half▼ 11.8%€139,556within the sector's middle half▼ 14.0%€135,853above the sector's middle half▼ 2.7%
Solvency11.5%within the sector's middle half▼ 1.8pp15.2%within the sector's middle half▲ 3.7pp3.9%below the sector's middle half▼ 11.3pp3.8%below the sector's middle half▼ 0.1pp3.2%below the sector's middle half▼ 0.6pp
Current ratio1.65within the sector's middle half▲ 0.192.19within the sector's middle half▲ 0.551.99within the sector's middle half▼ 0.201.66within the sector's middle half▼ 0.341.95within the sector's middle half▲ 0.29
Return on assets (ROA)-0.4%within the sector's middle half▼ 1.8pp0.1%within the sector's middle half▲ 0.6pp-12.1%below the sector's middle half▼ 12.3pp0.1%below the sector's middle half▲ 12.2pp-1.6%within the sector's middle half▼ 1.7pp
Staff (FTE)0below the sector's middle half0below the sector's middle half
above
within
below
the middle half (P25 to P75) of NACE 47, Retail trade, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the abbreviated or micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result falls in 2025; 2025 is 31% below 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €279,067
Fixed assets
€207 ▼ 33.6%
Current assets
€278,860 ▼ 20.9%
Equity and liabilities €279,067
Equity
€9,051 ▼ 32.9%
Debt
€270,016 ▼ 20.4%
Debt's share of the balance-sheet total rises from 96.2% to 96.8%. Equity and debt are lower.
Key figures and ratios
EBITDA
€4,947▼
2024 · €7,344
Cash flow
-€4,329▼
2024 · €639
Quick ratio
0.92▲
2024 · 0.78
Debt to equity
29.83▲
2024 · 25.16
ROE
-49.0%▼
2024 · 2.6%
Interest coverage
0.39▼
2024 · 0.50
Debt ≤ 1 year
€143,007▼
2024 · €212,923
Debt > 1 year
€127,009▲
2024 · €126,257
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 974 companies that looked in July 2024 the way this one looks now, 2.3% went bankrupt within 24 months and 93% are still going.
- Micro
- 20 years or older
- solvency under 10%
- a small loss
2.3%
went bankrupt
4.5%
stopped otherwise
93%
still going
A further 0.5% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.6% 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 497,340 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% | 1.8% |
| 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 974 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 |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €7,819 | €0 | ▼ 100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €12,604 | €12,604 | €6,209 | €286 | €105 | ▼ 63.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | -€7,060 | -€9,722 | -€8,156 | €0 | -€9,000 | - |
| Other operating charges640/8 | €1,871 | €1,476 | €1,276 | €2,258 | €1,252 | ▼ 44.6% |
| Gross operating margin9900 | €16,249 | €15,455 | -€33,582 | €9,602 | -€2,801 | ▼ 129% |
| Operating profit (loss)9901 | €8,834 | €11,096 | -€32,911 | €7,058 | €4,843 | ▼ 31.4% |
| Financial income75/76B | €1,262 | €1,428 | €2,314 | €7,889 | €3,291 | ▼ 58.3% |
| Recurring financial income75 | €1,262 | €1,428 | €2,314 | €7,889 | €3,291 | ▼ 58.3% |
| Financial charges65/66B | €12,085 | €11,996 | €10,230 | €14,594 | €12,567 | ▼ 13.9% |
| Recurring financial charges65 | €12,085 | €11,996 | €10,230 | €14,594 | €12,567 | ▼ 13.9% |
| Profit (loss) for the period before taxes9903 | -€1,989 | €528 | -€40,827 | €353 | -€4,434 | ▼ 1,356% |
| Profit (loss) for the period9904 | -€1,989 | €528 | -€40,827 | €353 | -€4,434 | ▼ 1,356% |
| Profit (loss) for the period to be appropriated9905 | -€1,989 | €528 | -€40,827 | €353 | -€4,434 | ▼ 1,356% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €466,196 | €355,229 | €336,611 | €352,791 | €279,067 | ▼ 20.9% |
| Fixed assets21/28 | €29,359 | €16,627 | €10,418 | €312 | €207 | ▼ 33.6% |
| Tangible fixed assets22/27 | €29,024 | €16,419 | €10,211 | €105 | €0 | ▼ 100% |
| Plant, machinery and equipment23 | €7,950 | €972 | €390 | €105 | €0 | ▼ 100% |
| Leasing and similar rights25 | €21,074 | €15,447 | €9,820 | €0 | - | - |
| Financial fixed assets28 | €335 | €207 | €207 | €207 | €207 | = |
| Current assets29/58 | €436,837 | €338,603 | €326,193 | €352,479 | €278,860 | ▼ 20.9% |
| Amounts receivable after more than one year29 | €90,873 | €112,176 | €133,769 | €98,260 | €115,563 | ▲ 17.6% |
| Other amounts receivable291 | €90,873 | €112,176 | €133,769 | €98,260 | €115,563 | ▲ 17.6% |
| Stocks and contracts in progress3 | €266,768 | €211,679 | €165,463 | €187,146 | €146,869 | ▼ 21.5% |
| Stocks30/36 | €266,768 | €211,679 | €165,463 | €187,146 | €146,869 | ▼ 21.5% |
| Amounts receivable within one year40/41 | - | €828 | €21,537 | €48,154 | €15,416 | ▼ 68.0% |
| Trade receivables40 | - | €828 | €21,474 | €46,026 | €14,291 | ▼ 69.0% |
| Other amounts receivable41 | - | - | €63 | €2,128 | €1,126 | ▼ 47.1% |
| Current investments50/53 | €520 | €520 | €520 | €0 | - | - |
| Cash at bank and in hand54/58 | €74,527 | €8,530 | €2,896 | €18,341 | €463 | ▼ 97.5% |
| Deferred charges and accrued income490/1 | €4,150 | €4,870 | €2,008 | €577 | €549 | ▼ 5.0% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €466,196 | €355,229 | €336,611 | €352,791 | €279,067 | ▼ 20.9% |
| Equity10/15 | €53,431 | €53,959 | €13,132 | €13,485 | €9,051 | ▼ 32.9% |
| Contributions10/11 | €47,100 | €47,100 | €47,100 | €47,100 | €47,100 | = |
| Reserves13 | €52,998 | €52,998 | €4,710 | €0 | - | - |
| Non-distributable reserves130/1 | €4,710 | €4,710 | €4,710 | €0 | - | - |
| Reserves not available under the articles1311 | €4,710 | €4,710 | €4,710 | €0 | - | - |
| Distributable reserves133 | €48,288 | €48,288 | €0 | - | - | - |
| Profit (loss) carried forward14 | -€46,666 | -€46,138 | -€38,678 | -€33,615 | -€38,049 | ▼ 13.2% |
| Amounts payable17/49 | €412,765 | €301,270 | €323,479 | €339,306 | €270,016 | ▼ 20.4% |
| Amounts payable after more than one year17 | €147,259 | €146,831 | €159,633 | €126,257 | €127,009 | ▲ 0.6% |
| Financial debts170/4 | €85,351 | €63,023 | €37,248 | €13,333 | €24,264 | ▲ 82.0% |
| Other amounts payable178/9 | €61,908 | €83,808 | €122,386 | €112,924 | €102,745 | ▼ 9.0% |
| Amounts payable within one year42/48 | €265,506 | €154,439 | €163,846 | €212,923 | €143,007 | ▼ 32.8% |
| Current portion of amounts payable after more than one year42 | €121,171 | €100,662 | €119,843 | €133,417 | €33,564 | ▼ 74.8% |
| Financial debts43 | €943 | €4,589 | €5,281 | €5,889 | €76,283 | ▲ 1,195% |
| Credit institutions430/8 | €943 | €4,589 | €5,281 | €5,889 | €76,283 | ▲ 1,195% |
| Trade debts44 | €47,886 | €28,010 | €26,183 | €41,400 | €22,413 | ▼ 45.9% |
| Suppliers440/4 | €47,886 | €28,010 | €26,183 | €41,400 | €22,413 | ▼ 45.9% |
| Advances received on contracts in progress46 | €74,297 | €0 | €8,898 | €29,011 | €1,439 | ▼ 95.0% |
| Taxes, remuneration and social security45 | €21,209 | €19,511 | €1,975 | €3,204 | €9,309 | ▲ 191% |
| Taxes450/3 | €21,209 | €19,511 | €1,975 | €3,204 | €9,309 | ▲ 191% |
| Other amounts payable47/48 | - | €1,667 | €1,667 | €0 | - | - |
| Accrued charges and deferred income492/3 | - | - | - | €127 | €0 | ▼ 100% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€1,989 | €528 | -€40,827 | €353 | -€4,434 | ▼ 1,356% |
| + Depreciation and write-downs630 | €12,604 | €12,604 | €6,209 | €286 | €105 | ▼ 63.3% |
| Operating cash flow (approximation) | €10,615 | €13,132 | -€34,618 | €639 | -€4,329 | ▼ 778% |
| Investment in fixed assets (approximation) | - | €128 | €0 | €9,820 | €0 | ▼ 100% |
| Change in cash | - | -€65,997 | -€5,634 | €15,445 | -€17,879 | ▼ 216% |
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
13-08
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema · 13 days late
2025
25-07
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema
2024
31-12
Financial
Back to profitnet €353
Net result €353 after one loss-making year.
13-06
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema
2023
31-12
Financial
Weakest financial yearnet -€40,827
Net result drops to -€40,827, the lowest in the series; recovery starts the following year.
24-07
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
31-12
Financial
Back to profitnet €528
Net result €528 after one loss-making year.
15-07
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
24-06
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
2020
31-12
Financial
Back to profitnet €5,685
Net result €5,685 after one loss-making year.
12-06
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
2019
21-06
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema
2018
22-06
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema
2017
22-06
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 1 act read
About the unread acts
We know of 1 Belgian State Gazette act for this company. It has not been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
1 act for this company is 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, Aalst · 1 establishment unit since 1987
Ground area
538 m²
Building footprint
512 m²
Volume, LiDAR
6,225 m³
Parcel 41002A0434/00N000, Flanders · tallest building 16.6 m, ±4 floors. Linked by address, not a title deed.
3
companies at this address
See who is registered here
1 establishment unit
COCINELLA
since 19872.110.005.069
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 41002A0434/00N000 | Flanders | 538 m² | 1 · 511 m² | 16.6 m · 4 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.
1 of these parcels carry protected heritage: expect extra rules on renovation or sale.
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DE SCHOUWENBURG
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Of 12,951 companies in sector 47120 we hold annual accounts for 2,192. 1,194 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
Founded11-05-1983
Fiscal year end31-12
Activities, NACEBEL 2025
47120Other non-specialised retail sale
47241Retail sale of bread and pastry (bakery outlets)
47713Retail trade
E-invoicing
Reachable via Peppol
Peppol ID
0208:0424005509
Registered
01-11-2025
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 30 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.