Etappe
ActiveSummary
Etappe has been active since 2018 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €201,487 and a net result of -€9,687. Equity is growing by ~14.3% per year across the filed fiscal years. Its solvency ranks better than 72% of 18458 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.9% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability15▲+15
Solvency86▲+3
Growth52=
Track record100
Bankruptcy probability, 12 months
0.9%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €11,000 at 30 days acceptable
Liquidity ample (current ratio 2.5 against 2.5 in 2024; short-term debt: 39.3% and cash: 14.8% of total assets), and 39.3% of the assets are financed with debt.
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Signals
Four signals. The signal on the left, the evidence on the right.
+raises risk○neutral
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 · Limited track record
This company has not been active as long as an established one and statistically fails somewhat more often.
KBO · incorporation dateAge against the risk zone
raises risk · Persistent losses
Two consecutive loss-making years (2024 and 2025); equity is also lower. May indicate structural pressure on profitability.
NBB · annual accounts 2025Net result per financial year
19202122232425
2019 to 2025 · latest year -€9,687
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 · 7 filingsDeviation from the deadline
2025
21 d early
2024
39 d early
2023
30 d late
2022
30 d late
2021
1 d early
2020
15 d early
2019
14 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 4 days before the deadline; the sector median for financial year 2024 is on the deadline day, and 46% 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.
Companies Code · seven monthsPosition in the running window
26-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, micro schema
Equity
€201,487▼ 4.6%
2024 · €211,174
Total assets
€331,847▼ 8.6%
2024 · €363,062
Net result
-€9,687▲ 85.3%
2024 · -€65,722
Working capital
€196,046▼ 9.0%
2024 · €215,445
Trend over the years
Click a name to add, emphasise or remove a line.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result€114,321▼ 3.6%€26,373▼ 76.9%€100,093▲ 280%-€59,324-€2,389▲ 96.0%
Net result€80,139▼ 2.4%€16,592▼ 79.3%€69,161▲ 317%-€65,722-€9,687▲ 85.3%
Equity€191,143▲ 72.2%€207,734▲ 8.7%€276,896▲ 33.3%€211,174▼ 23.7%€201,487▼ 4.6%
Total assets€409,483▲ 34.4%€390,544▼ 4.6%€488,163▲ 25.0%€363,062▼ 25.6%€331,847▼ 8.6%
Debt€218,340▲ 12.7%€182,810▼ 16.3%€211,267▲ 15.6%€151,888▼ 28.1%€130,360▼ 14.2%
Working capital€272,257▲ 32.5%€242,211▼ 11.0%€298,081▲ 23.1%€215,445▼ 27.7%€196,046▼ 9.0%
Staff (FTE)2=2=1.9▼ 5.0%1.8▼ 5.3%2.1▲ 16.7%
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €2,389 in 2025 against €59,324 in 2024; the loss shrinks.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €331,847
Fixed assets
€5,441 ▲ 34.8%
Current assets
€326,406 ▼ 9.1%
Equity and liabilities €331,847
Equity
€201,487 ▼ 4.6%
Debt
€130,360 ▼ 14.2%
Debt's share of the balance-sheet total falls from 41.8% to 39.3%. Equity and debt are lower.
Key figures and ratios
EBITDA
-€949▲
2024 · -€58,900
Cash flow
-€8,247▲
2024 · -€65,298
Current ratio
2.50▲
2024 · 2.50
Quick ratio
0.73▲
2024 · 0.58
Debt to equity
0.65▼
2024 · 0.72
ROE
-4.8%▲
2024 · -31.1%
ROA
-2.9%▲
2024 · -18.1%
Interest coverage
-0.11▲
2024 · -5.82
Debt ≤ 1 year
€130,360▼
2024 · €143,580
Staff costs
€88,829▲
2024 · €83,531
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €8,213 | €8 | ▼ 99.9% |
| Remuneration, social security and pensions62 | €90,546 | €80,539 | €83,300 | €83,531 | €88,829 | ▲ 6.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | - | €15 | €695 | €424 | €1,440 | ▲ 240% |
| Other operating charges640/8 | €2,823 | €570 | €851 | €771 | €1,308 | ▲ 69.8% |
| Non-recurring operating charges66A | - | - | - | - | €5,097 | - |
| Gross operating margin9900 | €207,690 | €107,497 | €184,939 | €25,402 | €94,285 | ▲ 271% |
| Operating profit (loss)9901 | €114,321 | €26,373 | €100,093 | -€59,324 | -€2,389 | ▲ 96.0% |
| Financial income75/76B | €4,018 | €2,659 | €2,982 | €3,730 | €1,062 | ▼ 71.5% |
| Recurring financial income75 | €4,018 | €2,659 | €2,982 | €3,730 | €1,062 | ▼ 71.5% |
| Financial charges65/66B | €6,316 | €5,187 | €6,786 | €10,129 | €8,360 | ▼ 17.5% |
| Recurring financial charges65 | €6,316 | €5,187 | €6,786 | €10,129 | €8,360 | ▼ 17.5% |
| Profit (loss) for the period before taxes9903 | €112,023 | €23,845 | €96,290 | -€65,722 | -€9,687 | ▲ 85.3% |
| Income taxes67/77 | €31,884 | €7,253 | €27,128 | - | - | - |
| Profit (loss) for the period9904 | €80,139 | €16,592 | €69,161 | -€65,722 | -€9,687 | ▲ 85.3% |
| Profit (loss) for the period to be appropriated9905 | €80,139 | €16,592 | €69,161 | -€65,722 | -€9,687 | ▲ 85.3% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €409,483 | €390,544 | €488,163 | €363,062 | €331,847 | ▼ 8.6% |
| Fixed assets21/28 | - | €2,525 | €4,326 | €4,037 | €5,441 | ▲ 34.8% |
| Tangible fixed assets22/27 | - | €2,525 | €4,326 | €4,037 | €5,441 | ▲ 34.8% |
| Plant, machinery and equipment23 | - | €2,525 | €2,271 | €4,037 | €3,521 | ▼ 12.8% |
| Furniture and vehicles24 | - | - | €2,055 | - | €1,920 | - |
| Current assets29/58 | €409,483 | €388,020 | €483,837 | €359,025 | €326,406 | ▼ 9.1% |
| Stocks and contracts in progress3 | €383,194 | €315,063 | €376,000 | €275,586 | €231,890 | ▼ 15.9% |
| Stocks30/36 | €383,194 | €315,063 | €376,000 | €275,586 | €231,890 | ▼ 15.9% |
| Amounts receivable within one year40/41 | €10,489 | €63,229 | €75,421 | €46,251 | €32,312 | ▼ 30.1% |
| Trade receivables40 | €10,489 | €40,459 | €45,041 | €34,935 | €14,501 | ▼ 58.5% |
| Other amounts receivable41 | - | €22,770 | €30,381 | €11,316 | €17,811 | ▲ 57.4% |
| Cash at bank and in hand54/58 | €13,297 | €4,009 | €31,007 | €37,188 | €49,127 | ▲ 32.1% |
| Deferred charges and accrued income490/1 | €2,503 | €5,719 | €1,409 | - | €13,077 | - |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €409,483 | €390,544 | €488,163 | €363,062 | €331,847 | ▼ 8.6% |
| Equity10/15 | €191,143 | €207,734 | €276,896 | €211,174 | €201,487 | ▼ 4.6% |
| Contributions10/11 | €20,000 | €20,000 | €20,000 | €22,000 | €22,000 | = |
| Capital10 | €20,000 | €20,000 | €20,000 | - | - | - |
| Issued capital100 | €20,000 | €20,000 | €20,000 | - | - | - |
| Reserves13 | €171,143 | €187,734 | €256,896 | €253,000 | €253,000 | = |
| Non-distributable reserves130/1 | €2,000 | €2,000 | €2,000 | - | - | - |
| Legal reserve130 | €2,000 | €2,000 | €2,000 | - | - | - |
| Distributable reserves133 | €169,143 | €185,734 | €254,896 | €253,000 | €253,000 | = |
| Profit (loss) carried forward14 | - | - | - | -€63,826 | -€73,513 | ▼ 15.2% |
| Amounts payable17/49 | €218,340 | €182,810 | €211,267 | €151,888 | €130,360 | ▼ 14.2% |
| Amounts payable after more than one year17 | €81,114 | €37,001 | €25,000 | - | - | - |
| Financial debts170/4 | €81,114 | €37,001 | €25,000 | - | - | - |
| Amounts payable within one year42/48 | €137,226 | €145,809 | €185,755 | €143,580 | €130,360 | ▼ 9.2% |
| Current portion of amounts payable after more than one year42 | €23,587 | €24,113 | €7,001 | - | - | - |
| Financial debts43 | €6,701 | €63,381 | €120,000 | €84,770 | €84,755 | = |
| Credit institutions430/8 | €6,701 | €63,381 | €120,000 | €84,770 | €84,755 | = |
| Trade debts44 | €20,938 | €8,662 | €18,155 | €24,197 | €14,878 | ▼ 38.5% |
| Suppliers440/4 | €20,938 | €8,662 | €18,155 | €24,197 | €14,878 | ▼ 38.5% |
| Taxes, remuneration and social security45 | €71,296 | €32,473 | €19,389 | €23,496 | €20,984 | ▼ 10.7% |
| Taxes450/3 | €57,939 | €19,987 | €6,358 | €9,597 | €12,341 | ▲ 28.6% |
| Remuneration and social security454/9 | €13,358 | €12,486 | €13,030 | €13,899 | €8,643 | ▼ 37.8% |
| Other amounts payable47/48 | €14,704 | €17,180 | €21,210 | €11,118 | €9,743 | ▼ 12.4% |
| Accrued charges and deferred income492/3 | - | - | €512 | €8,308 | - | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €80,139 | €16,592 | €69,161 | -€65,722 | -€9,687 | ▲ 85.3% |
| + Depreciation and write-downs630 | - | €15 | €695 | €424 | €1,440 | ▲ 240% |
| Operating cash flow (approximation) | €80,139 | €16,607 | €69,857 | -€65,298 | -€8,247 | ▲ 87.4% |
| Investment in fixed assets (approximation) | - | - | -€2,497 | -€135 | -€2,844 | ▼ 2,014% |
| Change in cash | - | -€9,288 | €26,998 | €6,181 | €11,939 | ▲ 93.2% |
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
10-07
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
22-06
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
31-12
Financial
Weakest financial yearnet -€65,722
Net result drops to -€65,722, the lowest in the series; recovery starts the following year.
30-08
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 30 days late
2023
30-08
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 30 days late
2022
31-12
Financial
Equity above €200,000Eq €207,734 ▲8.7%
4 profitable years in a row build equity to €207,734.
30-07
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
31-12
Financial
Equity above €150,000Eq €191,143 ▲72.2%
3 profitable years in a row build equity to €191,143.
16-07
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
2020
31-12
Financial
Highest result since 2019net €82,078 ▲820%
Operating result €118,577, net result €82,078, both a record.
31-12
Financial
Equity above €100,000Eq €111,003 ▲284%
2 profitable years in a row build equity to €111,003.
17-07
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 4 acts read
About the unread acts
We know of 4 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
4 acts for this company are 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, Beringen · 1 establishment unit since 2018
Ground area
1,503 m²
Building footprint
678 m²
Volume, LiDAR
2,871 m³
Parcel 71049B1315/00F003, Flanders · tallest building 9.9 m, ±1 floor. Linked by address, not a title deed.
1 establishment unit
Etappe
since 20182.278.071.922
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 71049B1315/00F003 | Flanders | 1,503 m² | 1 · 678 m² | 9.9 m · 1 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.
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Of 1,465 companies in sector 47632 we hold annual accounts for 733. 639 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
Founded05-07-2018
Fiscal year end31-12
Activities, NACEBEL 2025
47632Retail sale of bicycles
95290Repair and maintenance of other personal and household goods
Scores and ratios are computed by Checked and are not a credit decision.