EXPLORERS
ActiveSummary
EXPLORERS has been active since 2016 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €83,862 and a net result of €1,883. Equity fluctuates too strongly from year to year to read a trend from it. Its solvency ranks better than 48% of 1,597 sector peers (NACE 55, financial year 2025). The computed 12-month bankruptcy probability is 0.2% (very low).
Overview
Overview
Official details
Source: KBO- Status
- Active since 11-03-2016 Normal situation
- Activity
- Hotels and similar accommodation NACE 55100and 1 other
- Establishment unit
- 2.253.827.563 9000 Gent, since 11-03-2016
- Financial year end
- 31 August
- Peppol
- Reachable since 12-02-2025
Financial position
- Bankruptcy probabilitywithin 12 months
- 0.2%
- Gross margin
- €8,276
- ▼ 11.4%
- Turnover
- ≈ €43,000
- estimated
- Profit
- €1,883
- ▲ 22×
- Equity
- €83,862
- ▲ 162%
- Total assets
- €499,238
- ▲ 0.8%
- Staff
- ≈ 0.1 FTE
- estimated
Score breakdownraises riskEquity €83,862 (16.8% of total assets)lowers riskSize: total assets €499,238Figures for financial year 2025 (filed on 26-02-2026)Founded in 2016Show the evidence
Checked score
About 2 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
Calculation
The band follows from the bankruptcy probability. 10 more points roughly halve it.
| 75-100 | Excellent | under 0.55% |
| 60-74 | Healthy | 0.55% to 1.5% |
| 45-59 | Fair | 1.5% to 4.2% |
| 25-44 | Weak | 4.2% to 15.0% |
| 0-24 | Critical | over 15.0% |
Where the company stands within its band depends half on the bankruptcy probability and half on how it does against its sector peers (NACE 55, micro). It does better than 45% of them on solvency, 46% on liquidity, 32% on profitability and 96% on growth.
The bankruptcy probability was computed on 02-11-2026 by the bankruptcy model of 2 October 2026, which learns from Belgian bankruptcies and reads the registers, the annual accounts and the Belgian Official Gazette.
Some facts cap the score, however low the probability. With negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late, the score is Fair at most (59). With two missing filings, it is Weak at most (44). During a judicial reorganisation or at the company's end (bankruptcy, dissolution, liquidation), it is Critical at most (24).
Credit check for an amount and term of your choice
Show the recommended maximum and see how the verdict changes with amount, term and advance.
The scores and ratios are Checked's own calculations, not a credit decision.
Signals
The company filed its last 7 accounts on average 7 days before the deadline. In the sector (NACE 55), the median for financial year 2024 was 1 day before the deadline, and 45% of those companies filed late.
Searched, nothing found (2)
Financials
Financials · financial year 2025, micro format
Annual accounts 2025 filed on 25-02-2026 PDF all 8 filings
Every figure per financial year
The operating result for 2025 is 19% lower than in 2024.
Turnover and EBIT margin are not published. The abbreviated or micro format does not require them. The turnover shown is an estimate from the gross margin.
| Line | 2019 | 2020 | 2021 | 2022 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | - | €2,867 | €3,013 | ▲ 5.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | €1,470 | - | - | - | - |
| Other operating charges640/8 | - | - | €55 | €57 | - | - | - |
| Gross operating margin9900 | €3,848 | €3,143 | -€1,866 | -€1,372 | €9,346 | €8,276 | ▼ 11.4% |
| Operating profit (loss)9901 | €3,775 | €3,071 | -€3,391 | -€1,429 | €6,479 | €5,264 | ▼ 18.8% |
| Financial income75/76B | - | - | - | - | €20 | €375 | ▲ 19× |
| Recurring financial income75 | - | - | - | - | €20 | €375 | ▲ 19× |
| Financial charges65/66B | - | - | €29 | €31 | €6,411 | €3,009 | ▼ 53.1% |
| Recurring financial charges65 | €5 | €15 | €29 | €31 | €6,411 | €3,009 | ▼ 53.1% |
| Profit (loss) for the period before taxes9903 | €3,771 | €3,056 | -€3,420 | -€1,459 | €87 | €2,629 | ▲ 30× |
| Income taxes67/77 | €1,141 | - | - | - | - | €746 | - |
| Profit (loss) for the period9904 | €2,629 | €3,056 | -€3,420 | -€1,459 | €87 | €1,883 | ▲ 22× |
| Transfer from tax-exempt reserves789 | - | - | €3,056 | - | - | - | - |
| Profit (loss) for the period to be appropriated9905 | €2,629 | - | -€364 | -€1,459 | €87 | €1,883 | ▲ 22× |
| Line | 2019 | 2020 | 2021 | 2022 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Assets | |||||||
| Total assets20/58 | €10,035 | €12,783 | €9,057 | €7,250 | €495,041 | €499,238 | ▲ 0.8% |
| Current assets29/58 | €10,035 | €12,783 | €9,057 | €7,250 | €495,041 | €499,238 | ▲ 0.8% |
| Amounts receivable within one year40/41 | €6,150 | €5,881 | €4,725 | €4,991 | €456,972 | €379,065 | ▼ 17.0% |
| Trade receivables40 | - | - | €4,410 | €4,410 | €447,901 | €379,065 | ▼ 15.4% |
| Other amounts receivable41 | - | - | €314 | €580 | €9,071 | - | - |
| Cash at bank and in hand54/58 | €3,885 | €6,903 | €4,332 | €2,260 | €38,070 | €37,073 | ▼ 2.6% |
| Deferred charges and accrued income490/1 | - | - | - | - | - | €83,100 | - |
| Equity and liabilities | |||||||
| Total equity and liabilities10/49 | €10,035 | €12,783 | €9,057 | €7,250 | €495,041 | €499,238 | ▲ 0.8% |
| Equity10/15 | €8,715 | €11,771 | €8,351 | €6,892 | €31,979 | €83,862 | ▲ 162% |
| Contributions10/11 | €6,200 | €6,200 | €6,200 | €6,200 | €31,200 | €81,200 | ▲ 160% |
| Capital10 | - | - | €6,200 | €6,200 | - | - | - |
| Issued capital100 | - | - | €18,600 | €18,600 | - | - | - |
| Uncalled capital101 | - | - | €12,400 | €12,400 | - | - | - |
| Contributions outside capital11 | - | - | - | - | €31,200 | €81,200 | ▲ 160% |
| Other1109/19 | - | - | - | - | €31,200 | €81,200 | ▲ 160% |
| Reserves13 | €126 | €3,182 | €126 | €126 | €126 | €126 | = |
| Non-distributable reserves130/1 | - | - | €126 | €126 | - | - | - |
| Legal reserve130 | - | - | €126 | €126 | - | - | - |
| Distributable reserves133 | - | - | - | - | €126 | €126 | = |
| Profit (loss) carried forward14 | €2,389 | €2,389 | €2,026 | €566 | €653 | €2,536 | ▲ 288% |
| Amounts payable17/49 | €1,320 | €1,012 | €706 | €358 | €463,062 | €415,375 | ▼ 10.3% |
| Amounts payable after more than one year17 | - | - | - | - | €8,746 | - | - |
| Financial debts170/4 | - | - | - | - | €8,746 | - | - |
| Amounts payable within one year42/48 | €1,320 | €1,012 | €706 | €358 | €454,317 | €154,651 | ▼ 66.0% |
| Current portion of amounts payable after more than one year42 | - | - | - | - | €50,877 | €13,148 | ▼ 74.2% |
| Trade debts44 | €179 | €527 | €706 | €358 | €46,272 | €53,076 | ▲ 14.7% |
| Suppliers440/4 | - | - | €706 | €358 | €46,272 | €53,076 | ▲ 14.7% |
| Advances received on contracts in progress46 | - | - | - | - | €357,168 | €68,464 | ▼ 80.8% |
| Taxes, remuneration and social security45 | - | - | - | - | - | €19,963 | - |
| Taxes450/3 | - | - | - | - | - | €19,473 | - |
| Remuneration and social security454/9 | - | - | - | - | - | €490 | - |
| Accrued charges and deferred income492/3 | - | - | - | - | - | €260,724 | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €2,629 | €3,056 | -€3,420 | -€1,459 | €87 | €1,883 | ▲ 22× |
| Operating cash flow (approximation) | €2,629 | €3,056 | -€3,420 | -€1,459 | €87 | €1,883 | ▲ 22× |
| Change in cash | - | €3,017 | -€2,570 | -€2,073 | - | -€997 | - |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Historical observation
In July 2024, 4,107 companies had the same profile as EXPLORERS has now. Two years later, 98.0% were still going and 1.0% had gone bankrupt.
- Small
- 10 to 20 years old
- solvency 10 to 30%
- a profit under 5% of the balance sheet
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of EXPLORERS itself: 0.2% within 12 months.
Test of the method
The method was tested on the 497,446 companies of July 2024. Each company was given the bankruptcy share of the same profile a year earlier, in July 2023. The expectation was that 1.6% would go bankrupt within 24 months. In fact 1.7% went bankrupt.
| 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% | 0.9% |
| 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% |
A company that went bankrupt had a higher expected share than one that kept going in 74.5% of comparisons. The level depends on the economy. In a year with more bankruptcies than the year before, the actual share is higher than the expected one.
This is an observation about 4,107 companies, not a prediction for EXPLORERS. The sector does not count, because the KBO no longer lists a sector for a company that has stopped. By sector, mostly the survivors would count, which would paint too rosy a picture.
Filings with the National Bank (8)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-08-2025 | micro format | 25-02-2026 | 2026-00043555 | |
| 31-08-2024 | micro format | 20-03-2025 | 2025-00051727 | |
| 30-09-2022 | micro format | 28-04-2023 | 2023-00075614 | |
| 30-09-2021 | micro format | 29-04-2022 | 2022-20020740 | |
| 30-09-2020 | micro format | 30-04-2021 | 2021-12800263 | |
| 30-09-2019 | abbreviated format | 30-04-2020 | 2020-11000601 | |
| 30-09-2018 | abbreviated format | 30-04-2019 | 2019-11700468 | |
| 30-09-2017 | abbreviated format | 30-04-2018 | 2018-11500085 |
Board & ownership
Directors
Owners and capital
Shareholders
- Padis Koen 100 shares · €18,750
- Sabels Jordy 100 shares · €18,750
- Droyers Didier 200 shares · €37,500
Capital transactions
- 02-10-2023 Converted to unavailable equity · €6,200
- 06-07-2023 Converted to available equity
Mandate history
- Board
- began earlier
| Name | Functions and periods |
|---|---|
| Jordy Sabels |
|
| Sven Walraevens |
|
Articles of association
- Board ruleThese rules set how the board is made up, meets and takes decisions.
- “Met of zonder beperking van duur, algemene vergadering die benoemt bepaalt aantal,duur opdracht en bij meerdere bevoegdheid”“Algemene kosten los van representatie-,reis- en verplaatsingskosten, algemene vergadering beslist al dan niet ten kosteloze titel”
- Transfer restrictionThis rule says whether shareholders may sell their shares freely or need approval first.
- “Procedure- en expertisekosten helft overdrager helft koper(s) naar evenredigheid bij meerdere kopers,ook bij weigering erfgenaam of…”
Articles of association, deed of 06-07-2023 (in Dutch)
Network & group
EXPLORERS shares no director with another company.
Companies at the same address
4 other companiesConnections & network
1 current directorThe network starts from the directors of EXPLORERS. Every other company they run is a node.
Timeline
Acts, filings and financial milestones
02-10
Gazette deed
Amendment of the articlesShare issue · Capital contribution · Declaration8 points ▸
- General meeting, 21-09-2023
- Share issue, 75000, “bijkomende inbreng in geld” (deed in Dutch)
- Capital contribution, €18,750, mentioned 2 times in the deed
- Capital contribution, €37,500
- Declaration, “bevestiging volstorting nieuwe aandelen, bedragen hiervoor vermeld” (deed in Dutch)
- Bank account, “overgeschreven”, 25000 (deed in Dutch)
- Capital conversion, “onbeschikbare eigenvermogensrekening Inbreng” (deed in Dutch)
- Amendment of the articles, “Artikel 5” (deed in Dutch)
06-07
Gazette deed
Registered office moved from Oostende to GentResignation: Sven Walraevens (director) · Appointment: Jordy Sabels (director) · Capital conversion7 points ▸
- Director resignation, Sven Walraevens (director)
- Director appointment, Jordy Sabels (director (not named in the articles))
- Registered-office move, 9000 Gent,Sportstraat 270,bus 1
- Other provision, “handelsnaam, enige bestuurder” (deed in Dutch)
- General meeting, 30-06-2023
- Capital conversion, “beschikbaar voor uitkering” (deed in Dutch)
- Amendment of the articles
29-11
Gazette deed
Registered officeRegistered-office move2 points ▸
- General meeting, 05-09-2022
- Registered-office move, HendrikBaelskaai21bus04.02in8400Oostende
Show earlier events
Sources:Publications in the Belgian Official GazetteFilings with the National Bank
History
Company details
Register details
Identity
KBO recordRegistered office and establishments
1 former office
- 8400 Oostende until the act of 06-07-2023
Activities
NACEBEL 2025Codes under NACEBEL 2008
25 activities
- De exploitatie van reisbureaus dan wel tour operating,hieronder mede verstaan,de aan- en verkoop,huur en verhuur en de exploitatie van hotels,bungalows en andere goederen die in dit kader in aanmerking komen.
- Touroperator,volledige organisatie en samenstelling van reizen,combineren van vlucht,hotel en transfer,verkoop van hotelaccommodaties alsmede van toeristische arrangementen in verband met zulke reizen;
- Verkoop aan de hand van brochures en catalogi van door touroperators georganiseerde reizen;
- Reisorganisator,die in het algemeen,een uitgebreid assortiment van reizen aanbiedt,waarbij de cliënt aan de hand van brochures en catalogi kan kiezen tussen diverse formules en bestemmingen;
- Reisorganisator,gespecialiseerd in bepaalde vakantieformules die daarin specifieke bestemmingen aanbieden;
- De organisatie,als aannemer of als onderaannemer,het ontwerpen,de aan- en verkoop,promotie,commercialisering en begeleiding van individuele en/of groepsreizen en- uitstappen tegen een vaste som en verblijven tegen een vaste som via eender welk kanaal (onder meer via internet);
- De verkoop,als tussenpersoon,van door derden georganiseerde reizen en uitstappen tegen een vaste som en verblijven tegen een vaste som,van logies bons en van maaltijdbons;
- Het verkopen van reizen via reiskantoren;
- Verschaffen van informatie en advies over reizen;
- Organiseren van reizen en excursies,regelen van reizen op maat,onderdak en vervoer van reizigers en toeristen;
- Toeristische informatiedienst;
- De verkoop,als tussenpersoon,van biljetten van alle vervoermiddelen;
- De verkoop van entreekaarten,enzovoort;
- Het huren en verhuren van vakantiewoningen,hotelreservaties en de aan- en verkoop van hotelaccommodaties;
- Het begeleiden en gidsen van groepen;
- Het aanbieden,opvolgen en bemiddelen inzake reisverzekeringen;
- De verstrekking van diensten in het buitenland met betrekking tot de voornoemde activiteiten;
- Consultancy in toerisme;
- Het inrichten van groepsreizen en particuliere reizen met alle vervoermiddelen,het verkopen van reisbiljetten voor alle vervoermiddelen,het huren en verhuren van alle mogelijke voertuigen zoals personenwagens,minibussen,autobussen,autocars,caravans,bromfietsen,fietsen en/of vaartuigen,zowel met als zonder chauffeur;
- Het bemiddelen van alle door derden georganiseerde groepsreizen en particuliere reizen;
- De vertegenwoordiging van alle lucht- en zeevaartmaatschappijen,hotels,transportfirma’s te land;
- Alle activiteiten die rechtstreeks of onrechtstreeks verband houden met een reisagentschap.
- Het optreden als tussenpersoon bij het afsluiten van verzekeringen,dan wel organiseren van evenementen;
- Het optreden als reisagent voor derden;
- De aan- en verkoop,in- en uitvoer van alle mogelijke artikelen die verband houden met reizen of de reisindustrie,zoals onder meer doch niet beperkt tot boeken,kaarten,koffers.
Invoicing and payment
Financial year and general meeting
Accounts at the NBBSites & property
Buildings and parcels at the address
| Cadastral parcel | Region | Area | Buildings | Height / floors |
|---|---|---|---|---|
| 44809I0244/00L007 | Flanders | 141 m² | 1 · 108 m² | 10.2 m · 3 |