FINE
ActiveSummary
The computed 12-month bankruptcy probability of FINE is 5.9% (elevated). The 2025 annual accounts show negative equity (-€357,611) and a net result of €78,102. Equity is shrinking by ~30.3% per year across the filed fiscal years. Its solvency ranks better than 5% of 4209 sector peers (fiscal year 2025). The company has been active since 2020 and the Belgian State Gazette contains no insolvency or warning signals.
Checked score
Score 2025
Axes · tick = 2024
Profitability79▲+16
Solvency0=
Growth58▲+26
Track record100
Bankruptcy probability, 12 months
5.9%
Elevated
0%0.5%1.5%4%10%≥ 25%
No credit on open account
Liquidity short (current ratio 0.24 against 0.15 in 2024; short-term debt: 138.3% and cash: 14.4% of total assets), and equity is negative.
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Signals
Seven signals. The signal on the left, the evidence on the right.
+raises risk○neutral
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 · 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
-38.3%
Return on assets
8.4%
Age of the figures
15 mo
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 5% of 4209 sector peers (2025).
NBB · sector comparisonPosition among 4209 sector peers
Solvency
better than 5%
← weakest
strongest →
neutral · Filed after the deadline
The financial year that closed on 30-06-2025 was due by 31-01-2026 and was filed on 02-02-2026, 2 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 · 5 filingsDeviation from the deadline
2025
2 d late
2024
28 d late
2023
21 d late
2022
on the day
2021
23 d late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 5 accounts on average 15 days after 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 30-06-2026 and is due by 31-01-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
30-06-2026 close27-09-2026 today31-01-2027 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
€78,102
2024 · -€37,546
Working capital
-€980,709▲ 10.1%
2024 · -€1.1m
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-€20,970--€178,173▼ 750%-€249,823▼ 40.2%-€36,707▲ 85.3%€85,722
Net result-€21,161below the sector's middle half--€176,498below the sector's middle half▼ 734%-€248,427below the sector's middle half▼ 40.8%-€37,546below the sector's middle half▲ 84.9%€78,102within the sector's middle half
Equity-€11,161below the sector's middle half--€140,943below the sector's middle half▼ 1,163%-€394,288below the sector's middle half▼ 180%-€436,751below the sector's middle half▼ 10.8%-€357,611below the sector's middle half▲ 18.1%
Total assets€210,759within the sector's middle half-€575,723above the sector's middle half▲ 173%€589,788within the sector's middle half▲ 2.4%€845,770within the sector's middle half▲ 43.4%€933,892within the sector's middle half▲ 10.4%
Debt€221,920-€716,666▲ 223%€984,076▲ 37.3%€1.3m▲ 30.3%€1.3m▲ 0.7%
Working capital-€187,586--€638,579▼ 240%-€863,540▼ 35.2%-€1.1m▼ 26.3%-€980,709▲ 10.1%
Solvency-5.3%below the sector's middle half--24.5%below the sector's middle half▼ 19.2pp-66.9%below the sector's middle half▼ 42.4pp-51.6%below the sector's middle half▲ 15.2pp-38.3%below the sector's middle half▲ 13.3pp
Staff (FTE)2.5-11.8▲ 372%16.9above the sector's middle half▲ 43.2%19.6above the sector's middle half▲ 16.0%22above the sector's middle half▲ 12.2%
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 returns to profit in 2025: €85,722 after a loss of €36,707 in 2024, the highest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €933,892
Fixed assets
€623,098 ▼ 4.8%
Current assets
€310,794 ▲ 62.4%
Key figures and ratios
EBITDA
€195,131▲
2024 · €41,177
Cash flow
€187,512▲
2024 · €40,338
Current ratio
0.24▲
2024 · 0.15
Quick ratio
0.21▲
2024 · 0.12
Debt to equity
-3.61▼
2024 · -2.94
ROA
8.4%▲
2024 · -4.4%
Interest coverage
14.08▲
2024 · 6.82
Debt ≤ 1 year
€1.3m▲
2024 · €1.3m
Staff costs
€1.1m▲
2024 · €782,670
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 178 companies that looked in July 2024 the way this one looks now, 5.6% went bankrupt within 24 months and 90% are still going.
- Small
- 5 to 10 years old
- negative equity
- a profit of 5% of the balance sheet or more
5.6%
went bankrupt
2.8%
stopped otherwise
90%
still going
A further 1.1% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 5.9% 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 497,058 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 178 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 | - | €231,007 | €668,525 | €782,670 | €1.1m | ▲ 38.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €18,817 | €46,272 | €68,846 | €77,884 | €109,409 | ▲ 40.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | €1,067 | - |
| Other operating charges640/8 | - | €3,291 | €6,804 | €12,102 | €4,285 | ▼ 64.6% |
| Gross operating margin9900 | €86,074 | €102,397 | €494,351 | €835,949 | €1.3m | ▲ 53.6% |
| Operating profit (loss)9901 | -€20,970 | -€178,173 | -€249,823 | -€36,707 | €85,722 | ▲ 334% |
| Financial income75/76B | - | €2,461 | €4,921 | €5,199 | €6,236 | ▲ 20.0% |
| Recurring financial income75 | €772 | €2,461 | €4,921 | €5,199 | €6,236 | ▲ 20.0% |
| Financial charges65/66B | - | €786 | €3,525 | €6,038 | €13,855 | ▲ 129% |
| Recurring financial charges65 | €963 | €786 | €3,525 | €6,038 | €13,855 | ▲ 129% |
| Profit (loss) for the period before taxes9903 | -€21,161 | -€176,498 | -€248,427 | -€37,546 | €78,102 | ▲ 308% |
| Profit (loss) for the period9904 | -€21,161 | -€176,498 | -€248,427 | -€37,546 | €78,102 | ▲ 308% |
| Profit (loss) for the period to be appropriated9905 | -€21,161 | -€176,498 | -€248,427 | -€37,546 | €78,102 | ▲ 308% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €210,759 | €575,723 | €589,788 | €845,770 | €933,892 | ▲ 10.4% |
| Formation expenses20 | €589 | €427 | €265 | €103 | - | - |
| Fixed assets21/28 | €175,836 | €497,209 | €469,506 | €654,289 | €623,098 | ▼ 4.8% |
| Intangible fixed assets21 | €6,477 | €7,027 | €5,630 | €4,232 | €12,153 | ▲ 187% |
| Tangible fixed assets22/27 | €151,559 | €472,382 | €431,077 | €601,957 | €562,845 | ▼ 6.5% |
| Plant, machinery and equipment23 | - | €13,392 | €11,570 | €9,747 | €13,521 | ▲ 38.7% |
| Furniture and vehicles24 | - | €93,229 | €78,504 | €143,103 | €112,871 | ▼ 21.1% |
| Other tangible fixed assets26 | - | €365,761 | €341,003 | €449,106 | €436,453 | ▼ 2.8% |
| Financial fixed assets28 | €17,800 | €17,800 | €32,800 | €48,100 | €48,100 | = |
| Current assets29/58 | €34,334 | €78,087 | €120,017 | €191,378 | €310,794 | ▲ 62.4% |
| Stocks and contracts in progress3 | €4,264 | €15,024 | €19,383 | €33,229 | €35,001 | ▲ 5.3% |
| Stocks30/36 | - | €15,024 | €19,383 | €33,229 | €35,001 | ▲ 5.3% |
| Amounts receivable within one year40/41 | €1,170 | €17,368 | €20,972 | €64,847 | €136,944 | ▲ 111% |
| Trade receivables40 | - | €8,304 | €20,972 | €51,424 | €136,836 | ▲ 166% |
| Other amounts receivable41 | - | €9,064 | - | €13,422 | €109 | ▼ 99.2% |
| Cash at bank and in hand54/58 | €27,243 | €43,288 | €76,747 | €89,979 | €134,709 | ▲ 49.7% |
| Deferred charges and accrued income490/1 | - | €2,407 | €2,915 | €3,323 | €4,140 | ▲ 24.6% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €210,759 | €575,723 | €589,788 | €845,770 | €933,892 | ▲ 10.4% |
| Equity10/15 | -€11,161 | -€140,943 | -€394,288 | -€436,751 | -€357,611 | ▲ 18.1% |
| Contributions10/11 | - | €10,000 | €10,000 | €10,000 | €10,000 | = |
| Profit (loss) carried forward14 | -€21,161 | -€197,659 | -€446,086 | -€483,632 | -€405,529 | ▲ 16.1% |
| Investment grants15 | - | €46,716 | €41,798 | €36,881 | €37,918 | ▲ 2.8% |
| Amounts payable17/49 | €221,920 | €716,666 | €984,076 | €1.3m | €1.3m | ▲ 0.7% |
| Amounts payable within one year42/48 | €221,920 | €716,666 | €983,557 | €1.3m | €1.3m | ▲ 0.7% |
| Financial debts43 | - | - | - | - | €10,000 | - |
| Other loans439 | - | - | - | - | €10,000 | - |
| Trade debts44 | €24,213 | €55,330 | €101,518 | €92,989 | €15,839 | ▼ 83.0% |
| Suppliers440/4 | - | €55,330 | €101,518 | €92,989 | €15,839 | ▼ 83.0% |
| Taxes, remuneration and social security45 | - | €52,453 | €134,988 | €128,018 | €200,594 | ▲ 56.7% |
| Taxes450/3 | - | €1,211 | €13,611 | - | €39,558 | - |
| Remuneration and social security454/9 | - | €51,243 | €121,377 | €128,018 | €161,037 | ▲ 25.8% |
| Other amounts payable47/48 | - | €608,884 | €747,051 | €1.1m | €1.1m | ▲ 0.3% |
| Accrued charges and deferred income492/3 | - | - | €519 | €134 | - | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€21,161 | -€176,498 | -€248,427 | -€37,546 | €78,102 | ▲ 308% |
| + Depreciation and write-downs630 | €18,817 | €46,272 | €68,846 | €77,884 | €109,409 | ▲ 40.5% |
| Operating cash flow (approximation) | -€2,344 | -€130,226 | -€179,581 | €40,338 | €187,512 | ▲ 365% |
| Investment in fixed assets (approximation) | - | -€367,645 | -€41,143 | -€262,667 | -€78,218 | ▲ 70.2% |
| Change in cash | - | €16,045 | €33,459 | €13,231 | €44,731 | ▲ 238% |
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
02-02
NBB filing
Annual accounts filed
fiscal year 2025 · full schema · 2 days late
2025
30-06
Financial
Back to profitnet €78,102
Net result €78,102 after 4 loss-making years.
28-02
NBB filing
Annual accounts filed
fiscal year 2024 · full schema · 28 days late
2024
21-02
NBB filing
Annual accounts filed
fiscal year 2023 · full schema · 21 days late
2023
30-06
Financial
Weakest financial yearnet -€248,427
Net result drops to -€248,427, the lowest in the series; recovery starts the following year.
31-01
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
23-02
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 23 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 1 act read
About the unread acts
We know of 1 Belgian State Gazette act for this company. It has not been read yet: what they contain is neither established nor disproved here.
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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, Brussel · 3 establishment units since 2020
Ground area
718 m²
Building footprint
681 m²
Volume, LiDAR
8,890 m³
3 parcels, Brussels · tallest building 26.0 m, ±8 floors. Linked by address, not a title deed.
3 establishment units
FINE
since 20202.303.235.405
FINE
since 20212.323.552.450
FINE
since 20242.358.033.772
3 parcels
Brussels
3
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 21616A0269/00F004 | Brussels | 276 m² | 1 · 275 m² | 24.1 m · 2 fl. |
| 21618B0278/00R019 | Brussels | 256 m² | 1 · 254 m² | 21.1 m · 5 fl. |
| 21808H1509/00D000 | Brussels | 187 m² | 1 · 152 m² | 26.0 m · 8 fl. |
Linked by address, not proof of ownership
Good to know
3 of 3 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Recognitions · licences · registrations
Food safety, FASFC
3 sitesUkkel2.358.033.772
Brussel2.303.235.405
Ukkel2.323.552.450
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Of 2,403 companies in sector 47241 we hold annual accounts for 1,101. 261 are within a factor 10 of this headcount. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company
Founded20-02-2020
Fiscal year end30-06
Activities, NACEBEL 2025
47241Retail sale of bread and pastry (bakery outlets)
E-invoicing
Reachable via Peppol
Peppol ID
0208:0743926751
Also
9925:BE0743926751
Registered
04-02-2025
Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.