Public limited company · founded 2011 · 14 yrs activeBrusselsesteenweg 185, 1785 Merchtem, BelgiumKBO/BCE: BE 0839.710.489
Summary
The computed 12-month bankruptcy probability of ECHO BAY is 2.2% (moderate). The 2025 annual accounts show equity of €680,943 and a net result of -€479,763. Equity is shrinking by ~17.2% per year and would, assuming unchanged policy, indicatively turn negative around fiscal year 2026. Its solvency ranks better than 42% of 10485 sector peers (fiscal year 2025). The company has been active since 2011 and the Belgian State Gazette contains no insolvency or warning signals.
How financially healthy the company is, how likely a bankruptcy is and how much credit is sensible. Start here to know whether you can do business safely.
Score 2025
Checked score
A figure from 0 to 100 for financial health from the latest annual accounts: the higher, the healthier. Without a figure, the card says why. A low score is a reason to look closely at payment terms and security.
Four sides of financial health side by side. You see at a glance where the company is strong and where it is vulnerable.
Profitability0▼-11
Solvency55▲+55
Growth45▲+13
Track record100
Bankruptcy probability, 12 months
Bankruptcy probability
The chance that this company goes bankrupt within twelve months. A low chance is reassuring; with a higher one, agree shorter payment terms or an advance.
2.2%Moderate
0%0.5%1.5%4%10%≥ 25%
Credit up to €24,000 at 30 days only on tighter terms
Liquidity tight (current ratio 1.3 against 0.65 in 2023; short-term debt: 69% and cash: 4.7% of total assets), and 69.7% of the assets are financed with debt.
tick = median of all Belgian filingsring = median in the sector
This company filed its last 7 accounts on average 2 days before the deadline; the sector median for financial year 2023 is on the deadline day, and 48% of the sector filed late.
Checked, nothing found (1)
○
neutral · No strike-offs in the KBO publications
We found no ex-officio strike-off or cessation. Our series starts in 2021 and has gaps, so this is not a confirmation that there is nothing.
KBO publications · our coverage
History
History
The company's story in a few sentences, from the company register, the Belgian State Gazette and the filed annual accounts. Each number opens the document the sentence rests on.
ECHO BAY was incorporated on 28 September 2011.1Revenue went from EUR 11 million in 2019 to EUR 11 million in 2023 and headcount from 35.2 full-time equivalents in 2019 to 35.5 in 2025.2
The operating result is -€456,586 in 2025, compared with -€184,989 in 2023. Comparable figures for the intervening years are unavailable.
Balance-sheet composition
2025 in colour, 2023 as the grey bar beneath
Assets €2.2m
10%
89.5%
Fixed assets€235,305 ▲ 13.9%
Current assets€2.0m ▲ 7.1%
Equity and liabilities €2.2m
30.3%
69.7%
Equity€680,943
Debt€1.6m
Debt finances 69.7% of the balance-sheet total.
Key figures and ratios
2025 value · change against 2023
EBITDA
-€347,927▼
2023 · -€9,123
Cash flow
-€371,104▼
2023 · -€22,932
Current ratio
1.30▲
2023 · 0.65
Quick ratio
0.07▲
2023 · 0.02
Debt to equity
2.30▲
2023 · -3.48
ROE
-70.5%
ROA
-21.4%▼
2023 · -9.5%
Interest coverage
-20.48▼
2023 · -1.54
Debt ≤ 1 year
€1.5m▼
2023 · €2.9m
Income taxes
€6,190▲
2023 · €1,930
Staff costs
€2.0m▲
2023 · €1.4m
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observation
Peer companies
What happened to companies that once looked just like this one does now. It describes the group, not this company: the figures are counted, not predicted.
Of the 371 companies that looked in July 2024 the way this one looks now, 0.8% went bankrupt within 24 months and 92% are still going.
Small
10 to 20 years old
solvency 30% or more
a loss of 10% of the balance sheet or more
0.8%went bankrupt
6.7%stopped otherwise
92%still going
A further 0.8% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a higher bankruptcy probability: 2.2% over twelve months. The score reads more about this company than the group's four characteristics; both figures are right about what they measure.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,058 companies of July 2024 its group's bankruptcy share. Expected: 1.5%; actually bankrupt within 24 months: 1.6%.
The companies in ten equal groups, from lowest to highest expected share.
Group
Expected
Actual
1
0.2%
0.2%
2
0.3%
0.4%
3
0.5%
0.5%
4
0.6%
0.7%
5
0.8%
0.9%
6
1.2%
1.3%
7
1.5%
1.6%
8
1.7%
1.7%
9
2.7%
2.8%
10
5.3%
5.7%
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 371 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
Filed annual accountsAs filed with the NBB · 2025 against 2023 · 69 lines
Balance sheetCode20232025
Assets
Total assets20/58€2.1m€2.2m▲
Fixed assets21/28€206,556€235,305▲
Tangible fixed assets22/27€205,722€234,471▲
Land and buildings22€974€974=
Plant, machinery and equipment23€51,965€66,159▲
Furniture and vehicles24€27,832€15,486▼
Other tangible fixed assets26€124,951€151,852▲
Financial fixed assets28€834€834=
Other financial fixed assets284/8€834-
Amounts receivable and cash guarantees285/8€834-
Current assets29/58€1.9m€2.0m▲
Amounts receivable after more than one year29€4,978-
Other amounts receivable291€4,978-
Stocks and contracts in progress3€1.8m€1.9m▲
Stocks30/36€1.8m€1.9m▲
Goods purchased for resale34€1.8m-
Amounts receivable within one year40/41-€33
Trade receivables40-€33
Cash at bank and in hand54/58€55,253€104,974▲
Deferred charges and accrued income490/1€1,544-
Equity and liabilities
Total equity and liabilities10/49€2.1m€2.2m▲
Equity10/15-€839,294€680,943▲
Contributions10/11€61,500€2.1m▲
Capital10€61,500€2.1m▲
Issued capital100€61,500€2.1m▲
Reserves13€6,150€6,150=
Non-distributable reserves130/1€6,150€6,150=
Legal reserve130€6,150€6,150=
Profit (loss) carried forward14-€906,944-€1.4m▼
Amounts payable17/49€2.9m€1.6m▼
Amounts payable within one year42/48€2.9m€1.5m▼
Current portion of amounts payable after more than one year42€8,359-
Trade debts44€975,794€224,905▼
Suppliers440/4€975,794€224,905▼
Taxes, remuneration and social security45€472,087€636,655▲
Taxes450/3€219,869€430,915▲
Remuneration and social security454/9€252,218€205,740▼
Other amounts payable47/48€1.4m€687,766▼
Accrued charges and deferred income492/3€38,499€15,151▼
Income statementCode20232025
Operating income70/76A€11.0m-
Turnover70€10.9m-
Other operating income74€96,555-
Non-recurring operating income76A-€35,143
Operating charges60/66A€11.2m-
Goods for resale, raw materials and consumables60€6.1m-
Purchases600/8€6.2m-
Change in stocks: decrease (increase)609-€127,079-
Services and other goods61€3.6m-
Remuneration, social security and pensions62€1.4m€2.0m▲
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€175,866€108,659▼
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4-€106,599€23,218▲
Other operating charges640/8€89,684€75,236▼
Gross operating margin9900-€1.8m
Operating profit (loss)9901-€184,989-€456,586▼
Financial income75/76B€93€3▼
Recurring financial income75€93€3▼
Other financial income752/9€93-
Financial charges65/66B€11,972€16,990▲
Recurring financial charges65€11,972€16,990▲
Debt charges650€5,911-
Other financial charges652/9€6,061-
Profit (loss) for the period before taxes9903-€196,868-€473,573▼
Income taxes67/77€1,930€6,190▲
Taxes670/3€1,930-
Profit (loss) for the period9904-€198,798-€479,763▼
Profit (loss) for the period to be appropriated9905-€198,798-€479,763▼
Appropriation of the result
Profit (loss) to be appropriated9906-€906,944-€1.4m▼
Profit (loss) brought forward from the previous period14P-€708,146-€906,944▼
Social balance
Average headcount (FTE)908735.135.5▲
The notes to these accounts (10 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Line
2020
2021
2022
2023
2025
Change
Operating income70/76A
-
-
€11.0m
€11.0m
-
-
Turnover70
€9.2m
€9.4m
€10.9m
€10.9m
-
-
Other operating income74
-
-
€59,419
€96,555
-
-
Non-recurring operating income76A
-
-
€12,342
-
€35,143
-
Operating charges60/66A
-
-
€11.0m
€11.2m
-
-
Goods for resale, raw materials and consumables60
-
-
€5.6m
€6.1m
-
-
Purchases600/8
-
-
€5.7m
€6.2m
-
-
Change in stocks: decrease (increase)609
-
-
-€86,292
-€127,079
-
-
Services and other goods61
-
-
€3.9m
€3.6m
-
-
Remuneration, social security and pensions62
-
-
€1.3m
€1.4m
€2.0m
-
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630
€381,294
€279,618
€216,741
€175,866
€108,659
-
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4
-
-
€28,716
-€106,599
€23,218
-
Other operating charges640/8
-
-
€32,950
€89,684
€75,236
-
Gross operating margin9900
-
-
-
-
€1.8m
-
Operating profit (loss)9901
-€802,276
-€104,174
-€17,382
-€184,989
-€456,586
-
Financial income75/76B
-
-
€21
€93
€3
-
Recurring financial income75
€5,735
€14,505
€21
€93
€3
-
Other financial income752/9
-
-
€21
€93
-
-
Financial charges65/66B
-
-
€12,701
€11,972
€16,990
-
Recurring financial charges65
€17,412
€8,841
€12,701
€11,972
€16,990
-
Debt charges650
€13,592
€8,327
€5,993
€5,911
-
-
Other financial charges652/9
-
-
€6,708
€6,061
-
-
Profit (loss) for the period before taxes9903
-€813,953
-€98,510
-€30,062
-€196,868
-€473,573
-
Income taxes67/77
-€17,020
€8,914
-
€1,930
€6,190
-
Taxes670/3
-
-
-
€1,930
-
-
Profit (loss) for the period9904
-€796,933
-€107,424
-€30,062
-€198,798
-€479,763
-
Profit (loss) for the period to be appropriated9905
-€796,933
-€107,424
-€30,062
-€198,798
-€479,763
-
Line
2020
2021
2022
2023
2025
Change
Assets
Total assets20/58
€8.3m
€4.8m
€2.2m
€2.1m
€2.2m
-
Fixed assets21/28
€772,687
€508,433
€370,760
€206,556
€235,305
-
Intangible fixed assets21
€105
-
-
-
-
-
Tangible fixed assets22/27
€771,748
€507,599
€369,926
€205,722
€234,471
-
Land and buildings22
-
-
-
€974
€974
-
Plant, machinery and equipment23
-
-
€78,185
€51,965
€66,159
-
Furniture and vehicles24
-
-
€8,777
€27,832
€15,486
-
Other tangible fixed assets26
-
-
€282,964
€124,951
€151,852
-
Financial fixed assets28
€834
€834
€834
€834
€834
-
Other financial fixed assets284/8
-
-
€834
€834
-
-
Amounts receivable and cash guarantees285/8
-
-
€834
€834
-
-
Current assets29/58
€7.5m
€4.3m
€1.8m
€1.9m
€2.0m
-
Amounts receivable after more than one year29
-
-
€4,627
€4,978
-
-
Other amounts receivable291
-
-
€4,627
€4,978
-
-
Stocks and contracts in progress3
€1.3m
€1.5m
€1.6m
€1.8m
€1.9m
-
Stocks30/36
-
-
€1.6m
€1.8m
€1.9m
-
Goods purchased for resale34
-
-
€1.6m
€1.8m
-
-
Amounts receivable within one year40/41
€6.2m
€2.6m
-
-
€33
-
Trade receivables40
-
-
-
-
€33
-
Cash at bank and in hand54/58
€41,757
€146,794
€200,342
€55,253
€104,974
-
Deferred charges and accrued income490/1
-
-
€1,544
€1,544
-
-
Equity and liabilities
Total equity and liabilities10/49
€8.3m
€4.8m
€2.2m
€2.1m
€2.2m
-
Equity10/15
-€503,010
-€610,434
-€640,496
-€839,294
€680,943
-
Contributions10/11
€61,500
€61,500
€61,500
€61,500
€2.1m
-
Capital10
-
-
€61,500
€61,500
€2.1m
-
Issued capital100
-
-
€61,500
€61,500
€2.1m
-
Reserves13
€6,150
€6,150
€6,150
€6,150
€6,150
-
Non-distributable reserves130/1
-
-
€6,150
€6,150
€6,150
-
Legal reserve130
-
-
€6,150
€6,150
€6,150
-
Profit (loss) carried forward14
-€570,660
-€678,084
-€708,146
-€906,944
-€1.4m
-
Amounts payable17/49
€8.8m
€5.4m
€2.8m
€2.9m
€1.6m
-
Amounts payable after more than one year17
€201,198
€109,092
€8,392
-
-
-
Financial debts170/4
-
-
€8,392
-
-
-
Credit institutions173
-
-
€8,392
-
-
-
Amounts payable within one year42/48
€8.6m
€5.3m
€2.8m
€2.9m
€1.5m
-
Current portion of amounts payable after more than one year42
-
-
€100,700
€8,359
-
-
Trade debts44
€4.9m
€260,841
€360,946
€975,794
€224,905
-
Suppliers440/4
-
-
€360,946
€975,794
€224,905
-
Taxes, remuneration and social security45
-
-
€480,367
€472,087
€636,655
-
Taxes450/3
-
-
€252,630
€219,869
€430,915
-
Remuneration and social security454/9
-
-
€227,737
€252,218
€205,740
-
Other amounts payable47/48
-
-
€1.8m
€1.4m
€687,766
-
Accrued charges and deferred income492/3
-
-
€39,153
€38,499
€15,151
-
Line
2020
2021
2022
2023
2025
Change
Profit (loss) for the period9904
-€796,933
-€107,424
-€30,062
-€198,798
-€479,763
-
+ Depreciation and write-downs630
€381,294
€279,618
€216,741
€175,866
€108,659
-
Operating cash flow (approximation)
-€415,639
€172,194
€186,679
-€22,932
-€371,104
-
Investment in fixed assets (approximation)
-
-€15,364
-€79,068
-€11,662
-
-
Change in cash
-
€105,037
€53,548
-€145,089
-
-
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
What happened to the company over the years, from its founding to recent changes. Many changes in a short time are a reason to ask questions.
2026
21-09
State Gazette actReappointments: Jo Willemyns, Kris Castelein and Stefaan Vandamme
Resignations: Stefan Goethaert (director) and Stefaan Vandamme (director) · Appointments: Stefan Goethaert BV, Peter Vanbellingen and Michaël Hamelryck · Permanent representatives: Stefan Goethaert and Geoffrey Baudts16 facts ▸
General meeting, 09-06-2026
Director reappointment, Jo Willemyns (director)
Director reappointment, Kris Castelein (director)
Director reappointment, Stefaan Vandamme (director)
Director resignation, Stefan Goethaert (director)
Director appointment, Stefan Goethaert BV (director)
Permanent representative, Stefan Goethaert (permanent representative)
Director appointment, Peter Vanbellingen (director)
Board meeting, 23-07-2026
Board meeting, 00u00, einde aan delegatie van het dagelijks bestuur
Board meeting, 00u00, met inbegrip van de vertegenwoordiging van de Vennootschap wat dat bestuur aangaat
Net result drops to -€796,933, the lowest in the series; recovery starts the following year.
05-02
NBB filingAnnual accounts filed
fiscal year 2019 · full schema
2019
06-03
NBB filingAnnual accounts filed
fiscal year 2018 · full schema · 6 days late
2018
28-02
NBB filingAnnual accounts filed
fiscal year 2017 · full schema
2017
28-02
NBB filingAnnual accounts filed
fiscal year 2016 · full schema
2016
22-02
NBB filingAnnual accounts filed
fiscal year 2015 · full schema
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
1 of 11 acts read
About the unread acts
Of the 11 Belgian State Gazette acts we know for this company, 1 has been read. The other 10 have not been read yet: what they contain is neither established nor disproved here.
Who runs the company and where it is based. It tells you who you are talking to and whether the address checks out.
Directors
Directors
Who runs the company today and since when, grouped the way the CBE groups its function holders. Many recent board changes are a reason to keep a close eye.
under verification, last change in 2026
This board is reconstructed from a single act (26117901). A Gazette act generally publishes only CHANGES, not a full roll call, so directors unchanged since then may be missing here. The KBO register holds the complete list of function holders.
Permanent representative · since 09-06-2026 · for Stefan Goethaert BV
Current
Derived from published Gazette acts. The CBE keeps the official list of function holders; we do not read it, so the two can differ.
See the function holders in the CBE →
Not every act has been read: a resignation may be missing here
10 of this company's 11 Belgian State Gazette acts have not been read yet. Appointments and resignations recorded in them are missing above: a director who resigned there may therefore still show here as sitting. The acts are in the Timeline.
Location & real-estate footprint
Location & real estate
Where the company is based and which parcels are linked to its addresses. An address shared by many companies is often a registered-office service.
Tragel 6 B, 9300 AalstRetail sale of clothing and accessories for women, men, children and babies (general range)
since 19932.060.412.632
ZEB Merchtem
Brusselsesteenweg 185, 1785 MerchtemRetail sale of women's outerwear
since 20062.156.336.922
ZEB Denderleeuw
Steenweg 536, 9470 DenderleeuwRetail sale of women's outerwear
since 20102.185.923.704
ZEB Halle
Nijvelsesteenweg 286, 1500 HalleRetail sale of clothing and accessories for women, men, children and babies (general range)
since 20112.204.644.407
ZEB Sint-Pieters-Leeuw
Bergensesteenweg 65-67, 1600 Sint-Pieters-LeeuwRetail sale of women's outerwear
since 20132.217.182.052
ZEB Asse
Brusselsesteenweg 325, 1730 AsseRetail sale of women's outerwear
since 20132.221.406.797
Show 2 more locations
ZEB Sint Genesius Rode
Hallesesteenweg 58, 1640 Sint-Genesius-RodeRetail sale of women's outerwear
since 20142.233.591.878
ZEB Groot-Bijgaarden
Robert Dansaertlaan 9E, 1702 DilbeekRetail sale of women's outerwear
since 20152.238.598.860
8 parcels
Flanders8(100%)
Parcel (capakey)
Region
Area
Buildings
Height / fl.
23077A0147/00P000
Flanders
7.7 ha
1 · 2.8 ha
-
23026B0116/00Z022
Flanders
2.1 ha
1 · 6,594 m²
0.9 m
22004D0020/00D002
Flanders
1.0 ha
1 · 1,973 m²
10.2 m · 3 fl.
41302C0975/00K002
Flanders
5,465 m²
1 · 3,331 m²
14.1 m · 2 fl.
23602I0093/00H003
Flanders
4,312 m²
1 · 1,588 m²
12.8 m · 3 fl.
23322C0259/00N000
Flanders
2,394 m²
1 · 879 m²
6.8 m · 2 fl.
23412I0326/00T002
Flanders
1,701 m²
1 · 367 m²
11.2 m · 3 fl.
41402B0657/00P000
Flanders
1,499 m²
1 · 854 m²
6.7 m · 2 fl.
Linked by address, not proof of ownership
Good to know
8 of 8 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Mandate history
Mandate history
Who held which function and when, per person: one bar per period, from appointment to resignation or to today. An open left edge means the mandate began before the oldest act we hold.
“Het mandaat zal onbezoldigd uitgeoefend worden. De Dagelijks Bestuurder zal in deze hoedanigheid, afzonderlijk optredend, beschikken over alle machten van en over de maatschappelijke handtekening voor alle bewerkingen van het dagelijks bestuur, evenwel rekening houdende met eventuele statutaire…”
Full text
Het mandaat zal onbezoldigd uitgeoefend worden. De Dagelijks Bestuurder zal in deze hoedanigheid, afzonderlijk optredend, beschikken over alle machten van en over de maatschappelijke handtekening voor alle bewerkingen van het dagelijks bestuur, evenwel rekening houdende met eventuele statutaire en/of contractuele beperkingen (inclusief de interne handtekeningenmatrix van Colruyt Group). Naar banken behelst dit onder meer: het openen van alle rekeningen bij de banken of bij het bestuur der postcheques; op de geopende of te openen rekeningen alle verrichtingen doen en goedkeuren; de rekeningen opzeggen of afsluiten en het saldo innen.
Het openen van alle rekeningen bij de banken of bij het bestuur der postcheques; op de geopende of te openen rekeningen alle verrichtingen doen en goedkeuren; d…
Alle verrichtingen bij de bedrijven die openbare nutsvoorzieningen en openbare diensten aanbieden, zoals energieleveranciers, post, telefoon, water en andere, v…
Who owns the company and which companies it holds shares in, as the companies file it in their annual accounts. It shows which group it belongs to and who ultimately stands behind it.
The accounts to 31-07-2022 list no holdings, and no other source names one.
According to the annual accounts to 31-07-2022 of ECHO BAY and those of the other companies, the acts in the Belgian Gazette and the LEI register.
The register of ultimate beneficial owners (UBO) is not public: who ultimately stands behind a natural person or a foreign parent is not stated here. A company that does not fill in these statements, or need not, is missing.
Connections & network
Connections & network
Which other companies are linked to this one through directors or shares. Look especially for linked companies in trouble.
52 connected companies
Depth
Shared directors
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Of 6,495 companies in sector 47716 we hold annual accounts for 2,439. 1,319 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Company details
The company's official details: legal form, status, activities and founding date. Useful to draw up an invoice or contract correctly.
Identification
Legal formPublic limited company
Founded28-09-2011
Fiscal year end31-01
Activities, NACEBEL 2025
47716Retail sale of clothing and accessories for women, men, children and babies (general range)