EXCEPTION
ActiveSummary
EXCEPTION has been active since 1984 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €11,457 and a net result of -€216. Equity is shrinking by ~13.2% per year across the filed fiscal years. Its solvency ranks better than 21% of 10485 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 1.4% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability31▲+7
Solvency35▲+1
Growth58▲+26
Track record100
Bankruptcy probability, 12 months
1.4%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €500 at 30 days acceptable
Liquidity tight (current ratio 1.13 against 1.04 in 2024; short-term debt: 85.5% and cash: 35.2% of total assets), and 89.6% of the assets are financed with debt.
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Signals
Seven signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
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 · Annual accounts: weaker financial profile
The latest annual accounts show a weaker profile in solvency, result or liquidity than companies that stay afloat.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
10.4%
Return on assets
-0.2%
Age of the figures
9 mo
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 21% of 10485 sector peers (2025).
NBB · sector comparisonPosition among 10485 sector peers
Solvency
better than 21%
← weakest
strongest →
neutral · 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 · 10 filingsDeviation from the deadline
2025
31 d late
2024
28 d late
2023
58 d late
2022
54 d early
2021
25 d early
2020
45 d early
2019
22 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
27-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, abbreviated schema
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
-€216▲ 94.0%
2024 · -€3,611
Working capital
€12,114▲ 165%
2024 · €4,576
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 47, Retail trade, each year against the same schema; no band under 30 filings. Dashed line: the median.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result€8,285-€15,530-€15,326▲ 1.3%-€4,485▲ 70.7%-€2,974▲ 33.7%
Net result€10,197within the sector's middle half-€14,683below the sector's middle half-€3,500below the sector's middle half▲ 76.2%-€3,611below the sector's middle half▼ 3.2%-€216below the sector's middle half▲ 94.0%
Equity€33,466below the sector's middle half▲ 43.8%€18,783below the sector's middle half▼ 43.9%€15,284below the sector's middle half▼ 18.6%€11,673below the sector's middle half▼ 23.6%€11,457below the sector's middle half▼ 1.8%
Total assets€164,823below the sector's middle half▲ 27.5%€179,699below the sector's middle half▲ 9.0%€168,899below the sector's middle half▼ 6.0%€135,606below the sector's middle half▼ 19.7%€109,973below the sector's middle half▼ 18.9%
Debt€131,356▲ 24.0%€160,915▲ 22.5%€153,615▼ 4.5%€123,933▼ 19.3%€98,517▼ 20.5%
Working capital€18,858▼ 19.0%€6,679▼ 64.6%€5,683▼ 14.9%€4,576▼ 19.5%€12,114▲ 165%
Solvency20.3%within the sector's middle half▲ 2.3pp10.5%below the sector's middle half▼ 9.9pp9.0%below the sector's middle half▼ 1.4pp8.6%below the sector's middle half▼ 0.4pp10.4%below the sector's middle half▲ 1.8pp
Staff (FTE)3.7within the sector's middle half▲ 23.3%4within the sector's middle half▲ 8.1%4within the sector's middle half=3.7within the sector's middle half▼ 7.5%4within the sector's middle half▲ 8.1%
above
within
below
the middle half (P25 to P75) of NACE 47, Retail trade, each year against the same schema; no band under 30 filings.
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €2,974 in 2025 against €4,485 in 2024; the loss shrinks.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €109,973
Fixed assets
€3,782 ▼ 75.3%
Current assets
€106,191 ▼ 11.7%
Equity and liabilities €109,973
Equity
€11,457 ▼ 1.8%
Debt
€98,517 ▼ 20.5%
Debt's share of the balance-sheet total falls from 91.4% to 89.6%. Equity and debt are lower.
Key figures and ratios
EBITDA
€8,531▲
2024 · €7,019
Cash flow
€11,288▲
2024 · €7,893
Current ratio
1.13▲
2024 · 1.04
Quick ratio
0.62▼
2024 · 0.62
Debt to equity
8.60▼
2024 · 10.62
ROE
-1.9%▲
2024 · -30.9%
ROA
-0.2%▲
2024 · -2.7%
Interest coverage
1.52▲
2024 · 1.02
Debt ≤ 1 year
€94,077▼
2024 · €115,743
Debt > 1 year
€4,440▼
2024 · €8,190
Income taxes
€4,700▲
2024 · €3,365
Staff costs
€200,189▲
2024 · €164,008
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 2,448 companies that looked in July 2024 the way this one looks now, 1.4% went bankrupt within 24 months and 93% are still going.
- Micro
- 20 years or older
- solvency 10 to 30%
- a small loss
1.4%
went bankrupt
5.0%
stopped otherwise
93%
still going
A further 0.4% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 1.4% over twelve months; the group does not contradict it.
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%.
| 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 2,448 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
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | €74,928 | €170,292 | €182,950 | €164,008 | €200,189 | ▲ 22.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €7,722 | €11,504 | €11,504 | €11,504 | €11,504 | = |
| Other operating charges640/8 | €3,327 | €938 | €765 | €775 | €804 | ▲ 3.7% |
| Gross operating margin9900 | €94,262 | €167,204 | €179,893 | €171,803 | €209,524 | ▲ 22.0% |
| Operating profit (loss)9901 | €8,285 | -€15,530 | -€15,326 | -€4,485 | -€2,974 | ▲ 33.7% |
| Financial income75/76B | €11,172 | €7,069 | €13,859 | €11,135 | €13,058 | ▲ 17.3% |
| Recurring financial income75 | €11,172 | €7,069 | €13,859 | €11,135 | €13,058 | ▲ 17.3% |
| Financial charges65/66B | €2,415 | €5,935 | €2,881 | €6,896 | €5,600 | ▼ 18.8% |
| Recurring financial charges65 | €2,415 | €5,935 | €2,881 | €6,896 | €5,600 | ▼ 18.8% |
| Profit (loss) for the period before taxes9903 | €17,041 | -€14,396 | -€4,349 | -€246 | €4,484 | ▲ 1,920% |
| Income taxes67/77 | €6,844 | €287 | -€849 | €3,365 | €4,700 | ▲ 39.7% |
| Profit (loss) for the period9904 | €10,197 | -€14,683 | -€3,500 | -€3,611 | -€216 | ▲ 94.0% |
| Profit (loss) for the period to be appropriated9905 | €10,197 | -€14,683 | -€3,500 | -€3,611 | -€216 | ▲ 94.0% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €164,823 | €179,699 | €168,899 | €135,606 | €109,973 | ▼ 18.9% |
| Fixed assets21/28 | €49,799 | €38,295 | €26,790 | €15,286 | €3,782 | ▼ 75.3% |
| Tangible fixed assets22/27 | €49,799 | €38,295 | €26,790 | €15,286 | €3,782 | ▼ 75.3% |
| Furniture and vehicles24 | €49,799 | €38,295 | €26,790 | €15,286 | €3,782 | ▼ 75.3% |
| Current assets29/58 | €115,024 | €141,404 | €142,109 | €120,320 | €106,191 | ▼ 11.7% |
| Stocks and contracts in progress3 | €38,755 | €83,405 | €94,584 | €48,124 | €48,124 | = |
| Stocks30/36 | €38,755 | €83,405 | €94,584 | €48,124 | €48,124 | = |
| Amounts receivable within one year40/41 | €8,128 | €12,755 | €16,288 | €3,416 | €5,112 | ▲ 49.6% |
| Other amounts receivable41 | €8,128 | €12,755 | €16,288 | €3,416 | €5,112 | ▲ 49.6% |
| Cash at bank and in hand54/58 | €61,547 | €37,861 | €23,612 | €57,363 | €38,657 | ▼ 32.6% |
| Deferred charges and accrued income490/1 | €6,594 | €7,384 | €7,625 | €11,417 | €14,299 | ▲ 25.2% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €164,823 | €179,699 | €168,899 | €135,606 | €109,973 | ▼ 18.9% |
| Equity10/15 | €33,466 | €18,783 | €15,284 | €11,673 | €11,457 | ▼ 1.8% |
| Contributions10/11 | €18,592 | €18,592 | €18,592 | €18,592 | €18,592 | = |
| Reserves13 | €25,337 | €25,337 | €25,337 | €25,337 | €25,337 | = |
| Non-distributable reserves130/1 | €1,859 | €1,859 | €1,859 | €1,859 | €1,859 | = |
| Reserves not available under the articles1311 | €1,859 | €1,859 | €1,859 | €1,859 | €1,859 | = |
| Distributable reserves133 | €23,478 | €23,478 | €23,478 | €23,478 | €23,478 | = |
| Profit (loss) carried forward14 | -€10,463 | -€25,146 | -€28,645 | -€32,257 | -€32,473 | ▼ 0.7% |
| Amounts payable17/49 | €131,356 | €160,915 | €153,615 | €123,933 | €98,517 | ▼ 20.5% |
| Amounts payable after more than one year17 | €35,190 | €26,190 | €17,190 | €8,190 | €4,440 | ▼ 45.8% |
| Financial debts170/4 | €30,750 | €21,750 | €12,750 | €3,750 | - | - |
| Other amounts payable178/9 | €4,440 | €4,440 | €4,440 | €4,440 | €4,440 | = |
| Amounts payable within one year42/48 | €96,166 | €134,725 | €136,425 | €115,743 | €94,077 | ▼ 18.7% |
| Current portion of amounts payable after more than one year42 | €9,000 | €9,000 | €8,999 | €9,000 | €3,750 | ▼ 58.3% |
| Trade debts44 | €37,555 | €51,273 | €63,788 | €44,631 | €36,401 | ▼ 18.4% |
| Suppliers440/4 | €37,555 | €51,273 | €63,788 | €44,631 | €36,401 | ▼ 18.4% |
| Taxes, remuneration and social security45 | €44,612 | €69,452 | €58,638 | €62,113 | €52,895 | ▼ 14.8% |
| Taxes450/3 | €21,168 | €32,070 | €21,623 | €22,849 | €23,633 | ▲ 3.4% |
| Remuneration and social security454/9 | €23,444 | €37,382 | €37,015 | €39,263 | €29,262 | ▼ 25.5% |
| Other amounts payable47/48 | €5,000 | €5,000 | €5,000 | - | €1,031 | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €10,197 | -€14,683 | -€3,500 | -€3,611 | -€216 | ▲ 94.0% |
| + Depreciation and write-downs630 | €7,722 | €11,504 | €11,504 | €11,504 | €11,504 | = |
| Operating cash flow (approximation) | €17,919 | -€3,179 | €8,005 | €7,893 | €11,288 | ▲ 43.0% |
| Investment in fixed assets (approximation) | - | €0 | €0 | €0 | €0 | - |
| Change in cash | - | -€23,686 | -€14,248 | €33,751 | -€18,706 | ▼ 155% |
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
31-08
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema · 31 days late
2025
28-08
NBB filing
Annual accounts filed
fiscal year 2024 · full schema · 28 days late
2024
27-09
NBB filing
Annual accounts filed
fiscal year 2023 · full schema · 58 days late
2023
07-06
NBB filing
Annual accounts filed
fiscal year 2022 · full schema
2022
31-12
Financial
Weakest financial yearnet -€14,683
Net result drops to -€14,683, the lowest in the series; recovery starts the following year.
06-07
NBB filing
Annual accounts filed
fiscal year 2021 · full schema
2021
31-12
Financial
Back to profitnet €10,197
Net result €10,197 after 3 loss-making years.
16-06
NBB filing
Annual accounts filed
fiscal year 2020 · full schema
2020
09-07
NBB filing
Annual accounts filed
fiscal year 2019 · full schema
2019
03-07
NBB filing
Annual accounts filed
fiscal year 2018 · full schema
2018
05-07
NBB filing
Annual accounts filed
fiscal year 2017 · full schema
2017
07-07
NBB filing
Annual accounts filed
fiscal year 2016 · full schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 3 acts read
About the unread acts
We know of 3 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
3 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, Etterbeek · 2 establishment units since 1984
Ground area
522 m²
Building footprint
375 m²
Volume, LiDAR
3,535 m³
2 parcels, Brussels · tallest building 20.7 m, ±3 floors. Linked by address, not a title deed.
2
companies at this address
See who is registered here
2 establishment units
EXCEPTION
since 19842.155.498.069
EXCEPTION
since 20192.285.361.174
2 parcels
Brussels
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 21447B0216/00K005 | Brussels | 283 m² | 1 · 195 m² | 20.7 m · 3 fl. |
| 21005A0574/00W000 | Brussels | 239 m² | 1 · 180 m² | 18.6 m · 1 fl. |
Linked by address, not proof of ownership
Good to know
2 of 2 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Similar companies · same sector, comparable size
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AKA SOLUTIONS
BE 0542.775.475
Watermaal-Bosvoorde · Eq €11,370
SMILING FACE
BE 0472.112.856
Waterloo · Eq €11,323
Cardé
BE 0428.476.417
Durbuy · Eq €11,607
Of 6,495 companies in sector 47716 we hold annual accounts for 2,439. 1,308 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 (pre-2019)
Founded27-04-1984
Fiscal year end31-12
Activities, NACEBEL 2025
47716Retail sale of clothing and accessories for women, men, children and babies (general range)
46412Wholesale of household textiles and bedding
Contact
Phone
02-735-32-43Etterbeek
Fax
02-520-45-24Etterbeek
E-invoicing
Reachable via Peppol
Peppol ID
0208:0425682124
Also
9925:BE0425682124
Registered
06-12-2025
Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.