ETUDE

Active

Private limited companyfounded 20241 yr activeArgendaalstraat(Bel) 34, 8510 Kortrijk, BelgiumKBO/BCE: BE 1018.095.964

The computed 12-month bankruptcy probability of ETUDE is 2.2% (moderate). The 2025 annual accounts show equity of €107k and a net result of €97k. Its solvency ranks better than 62% of 13090 sector peers (fiscal year 2025). The company has been active since 2024 and the Belgian State Gazette contains no insolvency or warning signals.

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Checked score

Score 2025

81 / 100

Excellent

The score combines four axes. Every signal that weighs is under Signals.

Axes

Profitability100

Solvency73

Growth-

Stability67

Bankruptcy probability, 12 months

2.2% Moderate

0%0.5%1.5%4%10%≥ 25%

Credit up to €9k at 30 days only on tighter terms

Liquidity tight (current ratio 1.28), and 56% of the assets are financed with debt.

How do we compute the score and the probability?

Credit advice for your own amount and term

Signals

Five signals. The signal on the left, the evidence on the right.

−lowers risk+raises risk○neutral

Higher-failure-rate sector

In this sector companies fail more often than the Belgian average.

Gazette · bankruptcies per sector, NACE 56

Relative position

BE, all sectors

reference

Sector 56

higher

← fewer bankruptcies more bankruptcies →

Young company

A young company has little track record yet and statistically fails more often than an established one.

KBO · incorporation date

Age against the risk zone

Annual accounts: healthy financial profile

The latest annual accounts show a healthy profile in solvency, result and liquidity.

NBB · annual accounts 2025

Solvency, return and age of the figures

Solvency

44%

Return on assets

39.8%

Age of the figures

9 mo

Filed after the deadline

The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 31-08-2026, 31 days later. For context: 47% of the Belgian market files late and the whole 1-to-90-day band measures 2.0% abnormal legal state against a 1.66% average. We show this as a fact and do not score it.

NBB · 1 filing

Deviation from the deadline

2025

31 d late

← before the deadline after the deadline →

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

Financials · fiscal year 2025, micro schema

Equity

€107k

Total assets

€243k

Net result

€97k

Working capital

€39k

Turnover and EBIT margin not published: the micro schema does not require them.

Balance-sheet composition

Assets €243k

28.0%

72.0%

Fixed assets €68k

Current assets €175k

Equity and liabilities €243k

44.0%

56.0%

Equity €107k

Debt €136k

Debt finances 56.0% of the balance-sheet total.

Key figures and ratios

2025 value

EBITDA

€121k

Cash flow

€101k

Solvency

44.0%

Current ratio

1.28

Quick ratio

1.20

Debt / equity

1.27

ROE

90.6%

ROA

39.8%

Interest coverage

101.77

Debt

€136k

Debt ≤ 1 year

€136k

Income taxes

€28k

Staff costs

€136k

Filed annual accounts

As filed with the NBB · 2025

Balance sheet Code2025

Assets

Total assets20/58€243k

Fixed assets21/28€68k

Tangible fixed assets22/27€68k

Land and buildings22€56k

Plant, machinery and equipment23€11k

Furniture and vehicles24€974

Financial fixed assets28€454

Current assets29/58€175k

Stocks and contracts in progress3€12k

Stocks30/36€12k

Amounts receivable within one year40/41€151k

Trade receivables40€5k

Other amounts receivable41€146k

Cash at bank and in hand54/58€3k

Deferred charges and accrued income490/1€9k

Equity and liabilities

Total equity and liabilities10/49€243k

Equity10/15€107k

Contributions10/11€10k

Profit (loss) carried forward14€97k

Amounts payable17/49€136k

Amounts payable within one year42/48€136k

Trade debts44€83k

Suppliers440/4€83k

Taxes, remuneration and social security45€53k

Taxes450/3€45k

Remuneration and social security454/9€8k

Income statement Code2025

Remuneration, social security and pensions62€136k

Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€5k

Other operating charges640/8€2k

Gross operating margin9900€259k

Operating profit (loss)9901€116k

Financial income75/76B€9k

Recurring financial income75€9k

Financial charges65/66B€1k

Recurring financial charges65€1k

Profit (loss) for the period before taxes9903€124k

Income taxes67/77€28k

Profit (loss) for the period9904€97k

Profit (loss) for the period to be appropriated9905€97k

Appropriation of the result

Profit (loss) to be appropriated9906€97k

The notes to these accounts (9 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.

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Timeline · acts, filings and financial milestones

All 1Filings 1

2026

31-08

NBB filing Annual accounts filed

fiscal year 2025 · micro schema · 31 days late

NBB filing

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, Kortrijk · 1 establishment unit since 2024

establishment The establishment unit on the map

Cannot be placed on the map

This address could not be matched to a point in the Belgian address register (BOSA BEST). The address below comes straight from the Crossroads Bank.

Argendaalstraat(Bel) 348510 Kortrijk

Ground area

2,304 m²

Building footprint

662 m²

Volume, LiDAR

4,397 m³

2 parcels, Flanders · tallest building 16.9 m, ±3 floors. Linked by address, not a title deed.

1 establishment unit

ETUDE

Sint-Maartenskerkhof(Kor) 8, 8500 KortrijkFood and beverage service activities

since 20242.368.961.516

2 parcels

Flanders 2 (100%)

Parcel (capakey)	Region	Area	Buildings	Height / fl.
34005B0052/00A000	Flanders	1,504 m²	1 · 218 m²	4.9 m · 1 fl.
34353H0236/00B000 ProtectedMonument · Townscape or village viewDekenij Sint-MaartensparochieSource ↗	Flanders	800 m²	1 · 444 m²	16.9 m · 3 fl.