Result
-€86,513 -€86,513
From profit to loss in 2025, after a profit of €49,942 in 2024.
De Korrelatie
Lifetime
10 annual accounts with figures on one time axispeak €2.3m (2019)
€1.9m▼ 6.1%
lowest -€113,933 (2017)
-€86,513▼ €136,455
peak €1.7m (2024)
€1.5m▼ 11.6%
€2.8m▲ 0.1%
peak 35 FTE (2019)
28 FTE▲ 1.8%
Board20 names since 2018all names
7 directorsMinou Esquenet and 6 others
Documentsfilings and deeds
10-07-202621 days before the deadline
2025financial year
Loss of €86,5133 directors appointed, 5 resignations 24-10Cash from €382,841 to €267,817
Key points
from the 2025 annual accountsTurnover
≈ €3.2m estimated
The accounts state no turnover.
Staff
24 employees on 31-12-2025
In 2025, 109 people joined and 110 left.
Filings
10 annual accounts since 2016
The last five annual accounts were filed 14 to 100 days before the end of the period.
At the same address
9 companies
Position in the sector
-€86,513
Lower net result than 88% of companies in food and beverage service. Sector median €9,729 · 963 companies.
Checked score
93
Excellent
Financially stronger than 44% of small companies in food and beverage service (NACE 56)
Probability in this band: under 0.55%
Bankruptcy probability within 12 months
< 0.1% Very low
0%0.5%1.5%4%10%≥ 25%
The dashed line is the sector median: 0.9% across 1,615 companies (NACE 56, small).
Fewer than 1 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
Last 24 months
12-2024: < 0.1%
01-2025: < 0.1%● unchanged vs 12-2024
02-2025: < 0.1%● unchanged vs 01-2025
03-2025: < 0.1%● unchanged vs 02-2025
04-2025: < 0.1%● unchanged vs 03-2025
05-2025: < 0.1%● unchanged vs 04-2025highest value
06-2025: < 0.1%● unchanged vs 05-2025lowest value
07-2025: < 0.1%● unchanged vs 06-2025lowest value
08-2025: < 0.1%● unchanged vs 07-2025lowest value
09-2025: < 0.1%● unchanged vs 08-2025lowest value
10-2025: < 0.1%● unchanged vs 09-2025lowest value
11-2025: < 0.1%● unchanged vs 10-2025lowest value
12-2025: < 0.1%● unchanged vs 11-2025
01-2026: < 0.1%● unchanged vs 12-2025
02-2026: < 0.1%● unchanged vs 01-2026
03-2026: < 0.1%● unchanged vs 02-2026
04-2026: < 0.1%● unchanged vs 03-2026
05-2026: < 0.1%● unchanged vs 04-2026
06-2026: < 0.1%● unchanged vs 05-2026
07-2026: < 0.1%● unchanged vs 06-2026
08-2026: < 0.1%● unchanged vs 07-2026
09-2026: < 0.1%● unchanged vs 08-2026
10-2026: < 0.1%● unchanged vs 09-2026
11-2026: < 0.1%● unchanged vs 10-2026
Financial strengthAverage
Score breakdown
raises risk
Sector: Food and beverage service activities (NACE 56)
Liquidity: current ratio 0.69, cash €267,817
lowers risk
Legal form: non-profit association
Founded in 1993
Calculation
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 56, small). It does better than 59% of them on solvency, 62% on liquidity, 28% on profitability and 28% on growth.
The bankruptcy probability was computed on 07-11-2026 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 31-12-2025.
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).
Comparable companies, two years later
In July 2024, 8,617 companies had the same profile as De Korrelatie has now. Each dot stands for 22 companies, two years later.
94.2%
were still trading
5.2%
stopped another way
0.4%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of De Korrelatie itself: < 0.1% within 12 months.
Test of the method
The method was tested on the 497,447 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 8,617 companies, not a prediction for De Korrelatie. 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.
Credit verdict
Credit of up to €140,000 on 30-day terms is acceptable
Liquidity is insufficient, with a current ratio of 0.69 (0.98 in 2024), below 1. Short-term debt is 15.8% and cash 6.2% of total assets. 64.7% of the assets are financed with debt and provisions.
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The scores and ratios are Checked's own calculations, not a credit decision.
Signals
Five signals.
lowers riskraises riskneutral
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 10-07-2026, 21 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
21 days early
2024
65 days early
2023
14 days early
2022
67 days early
2021
100 days early
2020
11 days early
2019
39 days early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
The company filed its last 7 accounts on average 45 days before the deadline. In the sector (NACE 56), the median for financial year 2024 was 7 days after the deadline, and 53% of those companies filed late.
Searched, nothing found (2)
neutral · Next filing not due yet
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today. The company usually files around 27 May (4 of the last 5 accounts filed within 44 days either side of that date).
Companies Code · seven monthsWhere today falls in the filing period
08-11-2026 today31-12-2026 year end31-07-2027 deadline
Recent changes
Registered in the Peppol Directory
Reachable for e-invoices through 0208:0450910537
New establishment in Bruges
Bar Brusk, Dijver 12
3 directors appointed, 5 resignations
Resignations: Nele Dekeyser, Eric Van Hove, Mercedes Van Volcem, Philip Van Eeckhoute and Dominique Savelkoul (day-to-day manager) · Appointments: Veerle Mans, Mathijs Goderis and Jan Denolf · General meeting of 05-05-2025 · Gazette deed
New treasurer
Melissa Misseeuw appointed, Seppe Vanhaecke resigned · General meeting of 02-05-2023 · Gazette deed
Comparable companies
same main activity, similar in size and age| Company | ||||
|---|---|---|---|---|
| De Korrelatie Bruges | €4.3m | €1.9m | 35.3% | 28 |
| HUISBROUWERIJ DE HALVE MAAN Bruges | €3.2m | €3.5m | 58.5% | 40.8 |
| DE GUSTIBUS Merelbeke-Melle | €6.8m | €2.9m | 92.2% | 33.2 |
| DW - ACCENT Hasselt | €2.8m | €1.4m | 79.4% | 21.8 |
| Gestion Loisirs Tintigny | €5.4m | €2.4m | 84.5% | 25.7 |
| Central Brugge Bruges | €2.3m | €1.2m | 75.4% | 19.2 |
| Stuk Kunstencentrum Leuven | €5.8m | €3.0m | 63.0% | 32.5 |
These companies have the same main activity as De Korrelatie: cafés and bars (NACE 56301). They are comparable in size and age: total assets between €2.3m and €6.8m, founded between 1972 and 2002.
Official details
Source: KBO- Status
- Active since 01-09-1993Normal situation
- Registered office
- 10 active companies are registered at this address1 started in the 12 months before. Source: KBO register, as of 8 November 2026.
- Activity
- Cafés and barsNACE 56301and 3 others
- Joint committees
- 329.01Socio-cultural sector
- 304Performing arts
- 302Hotels and catering · annual accounts 2025
- Establishment units
- 2.158.033.3338000 Bruges, since 01-07-2003
- 2.261.963.5868000 Bruges, since 01-01-2017and 3 others
- Financial year end
- 31 December
- Peppol
- Reachable since 21-10-2026
Annual accounts 2025
- €4.3m▼ 4.3%
- Employeeson 31-12-2025
- 24▼ 17.2%
- Filing
- Filed on 10-07-2026, 21 days before the end of the filing period
Insights on De Korrelatie
De Korrelatie has existed since 1993. The gross margin fell from €2.3m in 2019 to €1.0m in 2020 and staff from 35 to 24.3 full-time equivalents.
In January 2025, three directors stepped down.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette. Click a figure with a dotted line for the item and the filing.
Key facts about De Korrelatie
- What is the company number of De Korrelatie?
- The company number of De Korrelatie is 0450.910.537. The VAT number is the same number with BE in front: BE 0450.910.537.
- Where is De Korrelatie based?
- The registered office is at Sint-Jakobsstraat 36, 8000 Bruges.Company details
- What does De Korrelatie do?
- According to the KBO register, the main activity is cafés and bars (NACE 56301).
- What is the legal form of De Korrelatie?
- De Korrelatie is a non-profit association (VZW).
- When was De Korrelatie founded?
- De Korrelatie was founded on 01-09-1993.
- Is De Korrelatie still active?
- Yes, De Korrelatie is an active enterprise in the KBO register.
- How many employees does De Korrelatie have?
- De Korrelatie had an average of 28 full-time equivalents in financial year 2025, according to the filed annual accounts.Financials
- Which joint committee does De Korrelatie fall under?
- In its 2025 annual accounts, De Korrelatie states joint committees 329.01 (Socio-cultural sector), 304 (Performing arts) and 302 (Hotels and catering).
- What is the turnover of De Korrelatie?
- The turnover in financial year 2025 is ≈ €3.2m. This figure is estimated from the gross margin of €1.9m and 1,585 comparable companies of the same size. It probably lies between €2.2m and €5.3m. It is a rough estimate.
- Is De Korrelatie profitable?
- In financial year 2025, De Korrelatie made a loss of €86,513.
- Where can I find the annual accounts of De Korrelatie?
- De Korrelatie filed 10 annual accounts with the National Bank of Belgium, the latest for financial year 2025.
- When are the next annual accounts of De Korrelatie due?
- De Korrelatie must file the annual accounts for financial year 2026 by 31-07-2027.Timeline
Next steps
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