ESPACE CUIR BENELUX
ESPACE CUIR BENELUX has been active since 1983 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show negative equity (€-422k) and a net result of €-295k. Equity is shrinking by ~69.7% per year across the filed fiscal years. Its solvency ranks better than 5% of 4040 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 1.3% (low).
| Equity | €-422k |
| Net result | €-295k |
| Staff (FTE) | 2 |
| Better than sector | 5% |
Mixed profile: strong on stability, weaker on health.
All 5 axes are computed from data Checked has read.
How do we compute this?
The trend is a robust median of all pairwise slopes between fiscal years (Theil-Sen), so a single odd year cannot hijack the line. For strictly positive series we also fit a log variant (compound annual growth) and keep whichever describes the figures best.
The area around the projection is 1.8 × the median absolute deviation from the trend, widening each year ahead (×1 / ×1.6 / ×2.2), with a minimum of 8% of the last value. It is an indicative range, not a statistical confidence interval.
A series whose deviations exceed 35% of its level is too volatile: we then deliberately show no projection. Every projection assumes unchanged policy and is blind to non-public information (order book, contracts, funding rounds).
| Metric | This company | Sector median | Position in the sector |
|---|---|---|---|
| Solvency | -41.1% | 36.2% | |
| Net result | €-295k | €42k | |
| Equity | €-422k | €441k | |
| Staff costs | €90k | €339k | |
| Employees (FTE) | 2.0 | 7.6 |
Figures by fiscal year and ratios
| Fiscal year | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Deposit | full schema | full schema | full schema | full schema | full schema |
| Revenue | €713k | €844k | €806k | €1.01M | €1.03M |
| EBITDA | €-265k | €-217k | €-159k | €-88k | €-34k |
| Net profit | €-295k | €-247k | €-189k | €-120k | €-65k |
| Cash flow | €-275k | €-226k | €-167k | €-98k | €-44k |
| Staff costs | €90k | €96k | €101k | €96k | €103k |
| Income taxes | - | - | - | - | - |
| Dividends | - | - | - | - | - |
| Total assets | €1.03M | €1.04M | €1.15M | €1.17M | €1.48M |
| Equity | €-422k | €-127k | €120k | €310k | €430k |
| Debt | €1.44M | €1.17M | €1.03M | €864k | €1.05M |
| of which ≤ 1y | €775k | €511k | €363k | €194k | €376k |
| of which > 1y | €636k | €636k | €636k | €636k | €636k |
| Working capital | €220k | €481k | €710k | €883k | €987k |
| Employees (FTE) | 2.0 | 2.0 | 2.0 | 2.0 | 2.0 |
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Current ratio | 1.28 | 1.94 | 2.96 | 5.55 | 3.62 |
| Quick ratio | 0.98 | 1.45 | 2.27 | 4.19 | 2.92 |
| Working capital ratio | 21.4% | 46.0% | 61.9% | 75.2% | 66.7% |
| Solvency | -41.1% | -12.2% | 10.5% | 26.4% | 29.0% |
| Debt / equity | -3.40 | -9.22 | 8.55 | 2.79 | 2.45 |
| Long-term debt ratio | -1.51 | -5.00 | 5.29 | 2.05 | 1.48 |
| Interest coverage | -26.86 | -25.53 | -20.62 | -9.02 | -3.61 |
| Gross margin | 48.1% | 47.6% | 48.6% | 48.0% | 48.9% |
| Net margin | -41.3% | -29.3% | -23.5% | -11.9% | -6.3% |
| ROA | -28.7% | -23.7% | -16.5% | -10.2% | -4.4% |
| ROE | 69.9% | 194.5% | -157.6% | -38.8% | -15.2% |
| EBITDA margin | -37.2% | -25.8% | -19.8% | -8.8% | -3.3% |
| Days sales outstanding | 16d | 24d | 40d | 30d | 34d |
| Days payable outstanding | 86d | 73d | 66d | 69d | 112d |
| Inventory turnover | 1.56 | 1.77 | 1.66 | 1.98 | 1.98 |
| Days inventory (DSI) | 235d | 206d | 220d | 184d | 184d |
Full annual accounts (25 line items)
| Line item | Code | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| Balance sheet, Assets | ||||||
| TOTAL ASSETS | 20/58 | €1.03M | €1.04M | €1.15M | €1.17M | €1.48M |
| Fixed assets | 21/28 | €33k | €53k | €74k | €96k | €117k |
| Intangible fixed assets | 21 | €0 | - | - | - | - |
| Tangible fixed assets | 22/27 | €33k | €53k | €74k | €96k | €117k |
| Current assets | 29/58 | €995k | €992k | €1.07M | €1.08M | €1.36M |
| Stocks & contracts in progress | 3 | €238k | €250k | €249k | €264k | €264k |
| Amounts receivable within one year | 40/41 | €700k | €706k | €718k | €720k | €947k |
| Cash & bank | 54/58 | €26k | €5k | €75k | €62k | €118k |
| Balance sheet, Equity & liabilities | ||||||
| TOTAL EQUITY & LIABILITIES | 10/49 | €1.03M | €1.04M | €1.15M | €1.17M | €1.48M |
| Equity | 10/15 | €-422k | €-127k | €120k | €310k | €430k |
| Contributions / capital | 10/11 | €444k | €444k | €444k | €444k | €444k |
| Reserves | 13 | €21k | €21k | €21k | €21k | €21k |
| Accumulated profits (losses) | 14 | €-887k | €-592k | €-345k | €-155k | €-35k |
| Provisions & deferred taxes | 16 | €13k | - | - | - | - |
| Amounts payable | 17/49 | €1.44M | €1.17M | €1.03M | €864k | €1.05M |
| Amounts payable after one year | 17 | €636k | €636k | €636k | €636k | €636k |
| Amounts payable within one year | 42/48 | €775k | €511k | €363k | €194k | €376k |
| Trade debts payable within one year | 44 | €87k | €88k | €75k | €98k | €160k |
| Income statement | ||||||
| Turnover | 70 | €713k | €844k | €806k | €1.01M | €1.03M |
| Operating result | 9901 | €-285k | €-239k | €-182k | €-110k | €-56k |
| Financial income | 75 | - | - | - | - | €37 |
| Financial charges | 65 | €10k | €9k | €8k | €10k | €9k |
| Result before taxes | 9903 | €-295k | €-247k | €-189k | €-120k | €-65k |
| Net result for the period | 9904 | €-295k | €-247k | €-189k | €-120k | €-65k |
| Result to be appropriated | 9905 | €-295k | €-247k | €-189k | €-120k | €-65k |
-
Anna ENJELVINDirectorState Gazette act 20144766 (07-12-2020)Current07-12-2020 → present
-
Guillaume DemulierDirectorState Gazette act 20144766 (07-12-2020)Current07-12-2020 → present
-
Martin GleizeManaging directorState Gazette act 20144766 (07-12-2020)Current07-12-2020 → present
4 events
- 07-12-2020 Resigned· Managing director
- 07-12-2020 Appointed· Managing director
- 28-07-2014 Resigned· Managing director
- 28-07-2014 Appointed· Managing director
Historic, not recently confirmed (1)
-
Hugues FronvilleAuditorState Gazette act 14144334 (28-07-2014)Not recently confirmedlast confirmed in an act from 2014
2 events
- 28-07-2014 Resigned· Auditor
- 28-07-2014 Appointed· Auditor
Former directors (2)
-
Gilles BonanManaging directorState Gazette act 14144333 (28-07-2014)Former28-06-2004 → 07-12-2020
4 events
- 07-12-2020 Resigned· Managing director
- 28-07-2014 Resigned· Managing director
- 28-07-2014 Appointed· Managing director
- 28-06-2004 Appointed· Managing director
-
Pierre TizzaniDirectorState Gazette act 14144333 (28-07-2014)Former28-07-2014 → 07-12-2020
3 events
- 07-12-2020 Resigned· Director
- 28-07-2014 Resigned· Director
- 28-07-2014 Appointed· Director
| DELVAUX, FRONVILLE, SERVAIS ET ASSOCIES Commissaire succeeded by Katleen Daems in 2020 | 09-08-2007 → 12-03-2020 |
Show 3 earlier auditors
| Gérard DELVAUX Commissaire succeeded by DELVAUX, FRONVILLE, SERVAIS ET ASSOCIES in 2007 | 28-06-2004 → 09-08-2007 |
| Katleen Daems Commissaire | 12-03-2020 → 12-03-2020 |
| Sandrine BASTOGNE Commissaire succeeded by DELVAUX, FRONVILLE, SERVAIS ET ASSOCIES in 2007 | 28-06-2004 → 09-08-2007 |
| NACE primary | Retail sale of household furniture(47551) |
| Legal form | Public limited company(014) |
| Incorporation | 31-12-1983 |
| Status | Active |
| Postal code | 1180 |
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 22552E0048/00Z025 | Flanders | 7,308 m² | 1 · 838 m² | 16.9 m · 4 fl. |
| 23027D0391/00N000 | Flanders | 3,595 m² | 1 · 1,128 m² | 8.5 m · 2 fl. |
| 21614I0541/00R003 | Brussels | 1,862 m² | 1 · 533 m² | 13.8 m · 2 fl. |
We know of 13 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
07-12-2020 3 directors appointed, 3 resigning
- Guillaume Demulier, Bestuurder
- Anna ENJELVIN, Bestuurder
- Martin Gleize, Gedelegeerd bestuurder
- Gilles BONAN, Gedelegeerd bestuurder
- Pierre TIZZANI, Bestuurder
- Martin Gleize, Gedelegeerd bestuurder
Technical details
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}12-03-2020 Katleen Daems appointed as commissaire
- Katleen Daems, Commissaire
Technical details
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}28-07-2014 3 directors appointed, 3 resigning
- Pierre Tizzani, Bestuurder
- Gilles Bonan, Gedelegeerd bestuurder
- Martin Gleize, Gedelegeerd bestuurder
- Pierre Tizzani, Bestuurder
- Gilles Bonan, Gedelegeerd bestuurder
- Martin Gleize, Gedelegeerd bestuurder
Technical details
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}28-07-2014 1 director appointed, 1 resigning
- Hugues Fronville, Auditor
- Hugues Fronville, Auditor
Technical details
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}28-07-2014 Pierre Tizzani appointed as director
- Pierre Tizzani, Bestuurder
Technical details
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}03-12-2010 Publication in the Belgian Official Gazette, Miscellaneous
Technical details
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"stage": "completed",
"notary": {
"name": "Jean-Philippe Lagae",
"firm_city": null,
"firm_name": null,
"office_city": "Bruxelles",
"is_associated": false
},
"act_meta": {
"language": "fr",
"pub_date": "2010-12-03",
"filing_date": "2010-11-24",
"act_kind_objet": "OPERATION ASSIMILEE A FUSION -SOCIETE ABSORBANTE"
},
"decision": {
"body": "buitengewone_algemene_vergadering",
"act_date": "2010-11-15",
"unanimous": null
},
"conversion": null,
"detected_kind": "merger_absorption",
"report_waiver": null,
"restructuring": {
"parties": [
{
"kbo": "0425.129.818",
"name": "ESPACE CUIR BENELUX",
"role": "acquiring",
"address": "Chauss\u00E9e de Waterloo 1605 \u00E0 Uccle (1180 Bruxelles)",
"is_foreign": false,
"legal_form": "Soci\u00E9t\u00E9 anonyme",
"is_new_company": false,
"jurisdiction_country": "BE"
},
{
"kbo": "0479.356.776",
"name": "FURNITURE COMPANY BENELUX",
"role": "absorbed",
"address": "1600 Sint-Pieters-Leeuw, Groot-Bijgaardenstraat 15",
"is_foreign": false,
"legal_form": "Soci\u00E9t\u00E9 anonyme",
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],
"exchange_ratio": null,
"legal_articles": [
"719",
"720",
"721",
"722",
"723",
"724",
"725",
"726",
"727"
],
"is_cross_border": false,
"is_silent_merger": true,
"balance_basis_date": null,
"exchange_ratio_text": null,
"new_shares_issued_n": 0,
"real_estate_included": false,
"patrimony_description": "L\u0027int\u00E9gralit\u00E9 du patrimoine, actif et passif, de la soci\u00E9t\u00E9 absorb\u00E9e est transf\u00E9r\u00E9e \u00E0 la soci\u00E9t\u00E9 absorbante. L\u0027op\u00E9ration s\u0027effectue sans liquidation.",
"equity_transferred_eur": null,
"accounting_effective_date": "2010-07-01"
},
"subject_company": {
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"org_kbo": null,
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"person_name": "Jean-Philippe Lagae",
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},
"summary_narrative": "L\u0027assembl\u00E9e g\u00E9n\u00E9rale extraordinaire d\u0027ESPACE CUIR BENELUX a d\u00E9cid\u00E9, le 15 novembre 2010, de fusionner par voie d\u0027op\u00E9ration assimil\u00E9e \u00E0 fusion la soci\u00E9t\u00E9 absorbante ESPACE CUIR BENELUX avec la soci\u00E9t\u00E9 anonyme FURNITURE COMPANY BENELUX. L\u0027int\u00E9gralit\u00E9 du patrimoine de la soci\u00E9t\u00E9 absorb\u00E9e est transf\u00E9r\u00E9e \u00E0 la soci\u00E9t\u00E9 absorbante sans liquidation, conform\u00E9ment aux articles 719 \u00E0 727 du Code des soci\u00E9t\u00E9s. L\u0027effet comptable est r\u00E9troactif au 1er juillet 2010.",
"co_filed_documents": [
"proc\u00E8s-verbal",
"deux procurations"
],
"detected_real_type": "fusion_completed",
"referenced_correction": null,
"should_reroute_to_category": null
}09-08-2007 DELVAUX, FRONVILLE, SERVAIS ET ASSOCIES appointed as commissaire
- DELVAUX, FRONVILLE, SERVAIS ET ASSOCIES, Commissaire
Technical details
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}28-06-2004 3 directors appointed
- Gérard DELVAUX, Commissaire
- Sandrine BASTOGNE, Commissaire
- Gilles BONAN, Gedelegeerd bestuurder
Technical details
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}| Legal nameFR | ESPACE CUIR BENELUX |