EXCHANGE
ActiveSummary
EXCHANGE has been active since 1988 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show negative equity (-€16,297) and a net result of -€40,930. Equity is shrinking by ~32.3% per year across the filed fiscal years. Its solvency ranks better than 11% of 4238 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.9% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability65▲+52
Solvency24▼-4
Growth32=
Track record100
Bankruptcy probability, 12 months
0.9%
Low
0%0.5%1.5%4%10%≥ 25%
No credit on open account
Liquidity short (current ratio 0.09 against 0.08 in 2024; short-term debt: 101.4% and cash: 9.3% of total assets), and equity is negative.
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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
-1.4%
Return on assets
-3.4%
Age of the figures
9 mo
raises risk · Negative equity
The 2025 annual accounts show negative equity and a net loss.
NBB · annual accounts 2025Equity per financial year
1819202122232425
2018 to 2025 · latest year -€16,297
neutral · A punctual record breaks
This company filed 9 consecutive financial years on time. The year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 14-08-2026, 14 days late. Weigh it accordingly: a break into the 1-to-90-day band measures 1.41% abnormal legal state, below the 1.66% market average. It is a change in behaviour, not evidence of elevated risk.
NBB · 10 filingsDeviation from the deadline
2025
14 d late
2024
8 d early
2023
89 d early
2022
88 d early
2021
115 d early
2020
121 d early
2019
177 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 83 days before the deadline; the sector median for financial year 2024 is on the deadline day, and 47% 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. Usually files around 4 May (4 of the last 5 filed years within 80 days of that day).
Companies Code · seven monthsPosition in the running window
30-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, full schema
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
-€40,930▼ 2.2%
2024 · -€40,068
Working capital
-€1.1m▼ 31.5%
2024 · -€844,004
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-€16,949▼ 4.2%-€27,723▼ 63.6%-€20,330▲ 26.7%-€40,100▼ 97.2%-€40,810▼ 1.8%
Net result-€10,784below the sector's middle half▲ 34.4%-€21,173below the sector's middle half▼ 96.3%-€16,716below the sector's middle half▲ 21.1%-€40,068below the sector's middle half▼ 140%-€40,930below the sector's middle half▼ 2.2%
Equity€1.5mabove the sector's middle half▼ 0.7%€81,417within the sector's middle half▼ 94.4%€64,702below the sector's middle half▼ 20.5%€24,634below the sector's middle half▼ 61.9%-€16,297below the sector's middle half
Total assets€1.5mwithin the sector's middle half▼ 0.7%€1.4mwithin the sector's middle half▼ 1.5%€964,705within the sector's middle half▼ 32.6%€943,017within the sector's middle half▼ 2.2%€1.2mwithin the sector's middle half▲ 28.0%
Debt€1.4m€900,003▼ 33.3%€918,383▲ 2.0%€1.2m▲ 33.2%
Working capital-€655,535below the sector's middle half-€641,892below the sector's middle half▲ 2.1%-€844,004below the sector's middle half▼ 31.5%-€1.1mbelow the sector's middle half▼ 31.5%
Solvency100.0%above the sector's middle half=5.7%below the sector's middle half▼ 94.3pp6.7%below the sector's middle half▲ 1.0pp2.6%below the sector's middle half▼ 4.1pp-1.4%below the sector's middle half▼ 4.0pp
Current ratio0.51below the sector's middle half0.29below the sector's middle half▼ 0.230.08below the sector's middle half▼ 0.210.09below the sector's middle half▲ 0.01
Return on assets (ROA)-0.7%below the sector's middle half▲ 0.4pp-1.5%below the sector's middle half▼ 0.7pp-1.7%below the sector's middle half▼ 0.3pp-4.2%below the sector's middle half▼ 2.5pp-3.4%below the sector's middle half▲ 0.9pp
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 €40,810 in 2025 against €40,100 in 2024; the loss grows and 2025 has the lowest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €1.2m
Fixed assets
€1.1m ▲ 25.9%
Current assets
€112,668 ▲ 51.5%
Key figures and ratios
EBITDA
€5,070▲
2024 · -€3,304
Cash flow
€4,949▲
2024 · -€3,272
Debt to equity
-75.04▼
2024 · 37.28
Interest coverage
42.05▲
2024 · -26.71
Debt ≤ 1 year
€1.2m▲
2024 · €918,383
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 1,242 companies that looked in July 2024 the way this one looks now, 1.9% went bankrupt within 24 months and 93% are still going.
- Small
- 20 years or older
- negative equity
- a small loss
1.9%
went bankrupt
4.0%
stopped otherwise
93%
still going
A further 1.4% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.9% 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 497,340 companies of July 2024 its group's bankruptcy share. Expected: 1.6%; actually bankrupt within 24 months: 1.7%.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.5% |
| 3 | 0.5% | 0.6% |
| 4 | 0.7% | 0.8% |
| 5 | 0.9% | 1.0% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.8% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
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 1,242 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 |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €36,069 | €36,075 | €35,622 | €36,795 | €45,879 | ▲ 24.7% |
| Other operating charges640/8 | €3,589 | €3,655 | €4,015 | €6,714 | €6,925 | ▲ 3.1% |
| Non-recurring operating charges66A | - | €3,330 | - | - | - | - |
| Gross operating margin9900 | €22,709 | €15,337 | €19,307 | €3,410 | €11,995 | ▲ 252% |
| Operating profit (loss)9901 | -€16,949 | -€27,723 | -€20,330 | -€40,100 | -€40,810 | ▼ 1.8% |
| Financial income75/76B | €6,418 | €6,693 | €3,735 | €156 | - | - |
| Recurring financial income75 | €6,418 | €6,693 | €3,735 | €156 | - | - |
| Financial charges65/66B | €253 | €143 | €121 | €124 | €121 | ▼ 2.5% |
| Recurring financial charges65 | €253 | €143 | €121 | €124 | €121 | ▼ 2.5% |
| Profit (loss) for the period before taxes9903 | -€10,784 | -€21,173 | -€16,716 | -€40,068 | -€40,930 | ▼ 2.2% |
| Profit (loss) for the period9904 | -€10,784 | -€21,173 | -€16,716 | -€40,068 | -€40,930 | ▼ 2.2% |
| Profit (loss) for the period to be appropriated9905 | -€10,784 | -€21,173 | -€16,716 | -€40,068 | -€40,930 | ▼ 2.2% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €1.5m | €1.4m | €964,705 | €943,017 | €1.2m | ▲ 28.0% |
| Fixed assets21/28 | €773,027 | €736,952 | €706,593 | €868,638 | €1.1m | ▲ 25.9% |
| Tangible fixed assets22/27 | €773,027 | €736,952 | €706,593 | €868,638 | €1.1m | ▲ 25.9% |
| Land and buildings22 | €488,831 | €467,852 | €446,873 | €425,894 | €404,915 | ▼ 4.9% |
| Plant, machinery and equipment23 | €284,197 | €269,101 | €259,721 | €442,744 | €689,053 | ▲ 55.6% |
| Current assets29/58 | €679,563 | €694,465 | €258,111 | €74,379 | €112,668 | ▲ 51.5% |
| Amounts receivable within one year40/41 | €656,385 | €675,000 | €250,000 | - | - | - |
| Trade receivables40 | €3,330 | - | - | - | - | - |
| Other amounts receivable41 | €653,055 | €675,000 | €250,000 | - | - | - |
| Cash at bank and in hand54/58 | €23,178 | €19,465 | €8,111 | €74,350 | €112,668 | ▲ 51.5% |
| Deferred charges and accrued income490/1 | - | - | - | €29 | - | - |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €1.5m | €1.4m | €964,705 | €943,017 | €1.2m | ▲ 28.0% |
| Equity10/15 | €1.5m | €81,417 | €64,702 | €24,634 | -€16,297 | ▼ 166% |
| Contributions10/11 | €62,000 | €62,000 | €62,000 | €62,000 | €62,000 | = |
| Capital10 | €62,000 | €62,000 | €62,000 | €62,000 | €62,000 | = |
| Issued capital100 | €62,000 | €62,000 | €62,000 | €62,000 | €62,000 | = |
| Reserves13 | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Non-distributable reserves130/1 | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Legal reserve130 | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Profit (loss) carried forward14 | €1.4m | €13,217 | -€3,498 | -€43,566 | -€84,497 | ▼ 93.9% |
| Amounts payable17/49 | - | €1.4m | €900,003 | €918,383 | €1.2m | ▲ 33.2% |
| Amounts payable within one year42/48 | - | €1.4m | €900,003 | €918,383 | €1.2m | ▲ 33.2% |
| Trade debts44 | - | - | €3 | €3,633 | €8,182 | ▲ 125% |
| Suppliers440/4 | - | - | €3 | €3,633 | €8,182 | ▲ 125% |
| Other amounts payable47/48 | - | €1.4m | €900,000 | €914,750 | €1.2m | ▲ 32.8% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€10,784 | -€21,173 | -€16,716 | -€40,068 | -€40,930 | ▼ 2.2% |
| + Depreciation and write-downs630 | €36,069 | €36,075 | €35,622 | €36,795 | €45,879 | ▲ 24.7% |
| Operating cash flow (approximation) | €25,285 | €14,902 | €18,907 | -€3,272 | €4,949 | ▲ 251% |
| Investment in fixed assets (approximation) | - | €0 | -€5,264 | -€198,840 | -€271,209 | ▼ 36.4% |
| Change in cash | - | -€3,713 | -€11,354 | €66,238 | €38,319 | ▼ 42.2% |
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
14-08
NBB filing
Annual accounts filed
fiscal year 2025 · full schema · 14 days late
2025
31-12
Financial
Weakest financial yearnet -€40,930
Net result drops to -€40,930, the lowest in the series.
23-07
NBB filing
Annual accounts filed
fiscal year 2024 · full schema
2024
03-05
NBB filing
Annual accounts filed
fiscal year 2023 · full schema
2023
04-05
NBB filing
Annual accounts filed
fiscal year 2022 · full schema
2022
07-04
NBB filing
Annual accounts filed
fiscal year 2021 · full schema
2021
01-04
NBB filing
Annual accounts filed
fiscal year 2020 · full schema
2020
05-02
NBB filing
Annual accounts filed
fiscal year 2019 · full schema
2019
31-01
NBB filing
Annual accounts filed
fiscal year 2018 · full schema
2018
06-03
NBB filing
Annual accounts filed
fiscal year 2017 · full schema
2017
15-03
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 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, Sint-Lambrechts-Woluwe · 1 establishment unit since 1998
Ground area
256 m²
Building footprint
113 m²
Volume, LiDAR
1,545 m³
Parcel 21673D0155/00E002, Brussels · tallest building 19.4 m, ±5 floors. Linked by address, not a title deed.
161
companies at this address
See who is registered here
1 establishment unit
Vergoteplein 19, 1200 Sint-Lambrechts-Woluwe
since 19982.040.098.951
1 parcel
Brussels
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 21673D0155/00E002 | Brussels | 256 m² | 1 · 113 m² | 19.4 m · 5 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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100%DECO
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Of 2,605 companies in sector 47551 we hold annual accounts for 1,723. 981 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPublic limited company
Founded23-08-1988
Fiscal year end31-12
Activities, NACEBEL 2025
47551Retail sale of household furniture
E-invoicing
Reachable via Peppol
Peppol ID
0208:0435017185
Also
9925:BE0435017185
Registered
07-01-2026
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 30 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.