First Cut
ActiveSummary
First Cut has been active since 2022 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €53,978 and a net result of €533. Equity is growing by ~21% per year across the filed fiscal years. Its solvency ranks better than 16% of 8160 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 1.5% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability54▼-18
Solvency34▲+3
Growth52▼-26
Track record94
Bankruptcy probability, 12 months
1.5%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €2,000 at 30 days acceptable
Liquidity ample (current ratio 1.55 against 0.98 in 2024; short-term debt: 57.5% and cash: 2.4% of total assets), but 91.3% of the assets are financed with debt.
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Signals
Five signals. The signal on the left, the evidence on the right.
−lowers risk+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 46
Relative position
BE, all sectors
reference
Wholesale trade (NACE 46)
about 21% more bankruptcies
← fewer bankruptcies
more bankruptcies →
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
8.7%
Return on assets
0.1%
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 16% of 8160 sector peers (2025).
NBB · sector comparisonPosition among 8160 sector peers
Solvency
better than 16%
← weakest
strongest →
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 31-07-2026, 0 days ahead of the deadline.
NBB · 3 filingsDeviation from the deadline
2025
on the day
2024
1 d early
2023
1 d early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 3 accounts on average 1 day before the deadline; the sector median for financial year 2024 is 3 days before the deadline, and 39% 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 31 July (3 of the last 3 filed years within 30 days of that day).
Companies Code · seven monthsPosition in the running window
28-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, abbreviated schema
Equity
€53,978▲ 1.0%
2024 · €53,445
Total assets
€622,607▼ 29.9%
2024 · €888,392
Net result
€533▼ 97.6%
2024 · €21,883
Working capital
€197,901
2024 · -€15,789
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 46, Wholesale 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
Line202320242025
Operating result€39,790-€34,010▼ 14.5%€13,327▼ 60.8%
Net result€21,563within the sector's middle half-€21,883within the sector's middle half▲ 1.5%€533within the sector's middle half▼ 97.6%
Equity€31,563below the sector's middle half-€53,445below the sector's middle half▲ 69.3%€53,978below the sector's middle half▲ 1.0%
Total assets€896,376within the sector's middle half-€888,392within the sector's middle half▼ 0.9%€622,607within the sector's middle half▼ 29.9%
Debt€864,813-€834,947▼ 3.5%€568,629▼ 31.9%
Working capital-€68,252below the sector's middle half--€15,789below the sector's middle half▲ 76.9%€197,901within the sector's middle half
Solvency3.5%below the sector's middle half-6.0%below the sector's middle half▲ 2.5pp8.7%below the sector's middle half▲ 2.7pp
Current ratio0.92below the sector's middle half-0.98below the sector's middle half▲ 0.061.55within the sector's middle half▲ 0.57
Return on assets (ROA)2.4%within the sector's middle half-2.5%within the sector's middle half▲ 0.1pp0.1%within the sector's middle half▼ 2.4pp
Staff (FTE)3within the sector's middle half-3within the sector's middle half=3.5within the sector's middle half▲ 16.7%
above
within
below
the middle half (P25 to P75) of NACE 46, Wholesale trade, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the abbreviated schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result has fallen two years in a row; 2025 is 61% below 2024 and is the lowest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €622,607
Fixed assets
€66,721 ▼ 32.8%
Current assets
€555,886 ▼ 29.6%
Equity and liabilities €622,607
Equity
€53,978 ▲ 1.0%
Debt
€568,629 ▼ 31.9%
Debt's share of the balance-sheet total falls from 94.0% to 91.3%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€47,303▼
2024 · €67,302
Cash flow
€34,509▼
2024 · €55,174
Quick ratio
0.27▼
2024 · 0.45
Debt to equity
10.53▼
2024 · 15.62
ROE
1.0%▼
2024 · 40.9%
Interest coverage
4.23▼
2024 · 22.62
Debt ≤ 1 year
€357,985▼
2024 · €804,947
Debt > 1 year
€180,644
Income taxes
€1,824▼
2024 · €9,445
Staff costs
€189,080▲
2024 · €154,177
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 2,136 companies that looked in July 2024 the way this one looks now, 4.9% went bankrupt within 24 months and 92% are still going.
- Micro
- 2 to 5 years old
- solvency under 10%
- a profit under 5% of the balance sheet
4.9%
went bankrupt
2.0%
stopped otherwise
92%
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 1.5% 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 497,662 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% | 1.7% |
| 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 75% 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 2,136 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 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|
| Non-recurring operating income76A | €129 | €0 | - | - |
| Remuneration, social security and pensions62 | €318,263 | €154,177 | €189,080 | ▲ 22.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €32,619 | €33,292 | €33,976 | ▲ 2.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | €635 | €0 | ▼ 100% |
| Other operating charges640/8 | €10,335 | €9,634 | €11,656 | ▲ 21.0% |
| Gross operating margin9900 | €401,007 | €231,747 | €248,039 | ▲ 7.0% |
| Operating profit (loss)9901 | €39,790 | €34,010 | €13,327 | ▼ 60.8% |
| Financial income75/76B | €31 | €293 | €219 | ▼ 25.1% |
| Recurring financial income75 | €31 | €293 | €219 | ▼ 25.1% |
| Financial charges65/66B | €10,259 | €2,975 | €11,190 | ▲ 276% |
| Recurring financial charges65 | €10,259 | €2,975 | €11,190 | ▲ 276% |
| Profit (loss) for the period before taxes9903 | €29,563 | €31,327 | €2,356 | ▼ 92.5% |
| Income taxes67/77 | €8,000 | €9,445 | €1,824 | ▼ 80.7% |
| Profit (loss) for the period9904 | €21,563 | €21,883 | €533 | ▼ 97.6% |
| Profit (loss) for the period to be appropriated9905 | €21,563 | €21,883 | €533 | ▼ 97.6% |
| Line | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|
| Assets | ||||
| Total assets20/58 | €896,376 | €888,392 | €622,607 | ▼ 29.9% |
| Fixed assets21/28 | €129,814 | €99,234 | €66,721 | ▼ 32.8% |
| Intangible fixed assets21 | €121,555 | €91,172 | €60,633 | ▼ 33.5% |
| Tangible fixed assets22/27 | €8,260 | €8,062 | €6,088 | ▼ 24.5% |
| Land and buildings22 | €1,666 | €1,497 | €1,327 | ▼ 11.3% |
| Plant, machinery and equipment23 | €2,405 | €1,218 | €1,565 | ▲ 28.5% |
| Furniture and vehicles24 | €4,189 | €5,348 | €3,195 | ▼ 40.2% |
| Current assets29/58 | €766,561 | €789,158 | €555,886 | ▼ 29.6% |
| Stocks and contracts in progress3 | €406,622 | €423,129 | €459,138 | ▲ 8.5% |
| Stocks30/36 | €406,622 | €423,129 | €459,138 | ▲ 8.5% |
| Amounts receivable within one year40/41 | €347,492 | €315,940 | €81,675 | ▼ 74.1% |
| Trade receivables40 | €132,002 | €315,940 | €81,675 | ▼ 74.1% |
| Other amounts receivable41 | €215,490 | €0 | - | - |
| Cash at bank and in hand54/58 | €11,421 | €47,081 | €15,073 | ▼ 68.0% |
| Deferred charges and accrued income490/1 | €1,027 | €3,008 | €0 | ▼ 100% |
| Equity and liabilities | ||||
| Total equity and liabilities10/49 | €896,376 | €888,392 | €622,607 | ▼ 29.9% |
| Equity10/15 | €31,563 | €53,445 | €53,978 | ▲ 1.0% |
| Contributions10/11 | €10,000 | €10,000 | €10,000 | = |
| Reserves13 | €21,563 | €43,445 | €43,978 | ▲ 1.2% |
| Distributable reserves133 | €21,563 | €43,445 | €43,978 | ▲ 1.2% |
| Amounts payable17/49 | €864,813 | €834,947 | €568,629 | ▼ 31.9% |
| Amounts payable after more than one year17 | - | - | €180,644 | - |
| Financial debts170/4 | - | - | €180,644 | - |
| Amounts payable within one year42/48 | €834,813 | €804,947 | €357,985 | ▼ 55.5% |
| Current portion of amounts payable after more than one year42 | - | - | €29,987 | - |
| Financial debts43 | - | - | €45,934 | - |
| Credit institutions430/8 | - | - | €45,934 | - |
| Trade debts44 | €715,090 | €730,593 | €136,304 | ▼ 81.3% |
| Suppliers440/4 | €715,090 | €730,593 | €136,304 | ▼ 81.3% |
| Advances received on contracts in progress46 | - | €35 | €35 | ▲ 0.1% |
| Taxes, remuneration and social security45 | €107,931 | €43,405 | €56,961 | ▲ 31.2% |
| Taxes450/3 | €71,379 | €21,799 | €34,080 | ▲ 56.3% |
| Remuneration and social security454/9 | €36,552 | €21,606 | €22,881 | ▲ 5.9% |
| Other amounts payable47/48 | €11,792 | €30,914 | €88,763 | ▲ 187% |
| Accrued charges and deferred income492/3 | €30,000 | €30,000 | €30,000 | = |
| Line | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|
| Profit (loss) for the period9904 | €21,563 | €21,883 | €533 | ▼ 97.6% |
| + Depreciation and write-downs630 | €32,619 | €33,292 | €33,976 | ▲ 2.1% |
| Operating cash flow (approximation) | €54,182 | €55,174 | €34,509 | ▼ 37.5% |
| Investment in fixed assets (approximation) | - | -€2,711 | -€1,463 | ▲ 46.0% |
| Change in cash | - | €35,660 | -€32,009 | ▼ 190% |
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
31-07
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema
2025
31-12
Financial
Weakest financial yearnet €533 ▼97.6%
Net result drops to €533, the lowest in the series.
30-07
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema
2024
31-12
Financial
Highest result since 2023net €21,883 ▲1.5%
Net result €21,883, the highest in the series.
30-07
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema
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, Sint-Truiden · 1 establishment unit since 2022
Ground area
3,974 m²
Building footprint
1,270 m²
Volume, LiDAR
6,305 m³
Parcel 71009A0060/00C000, Flanders · tallest building 10.2 m, ±1 floor. Linked by address, not a title deed.
3
companies at this address
See who is registered here
1 establishment unit
Festraets Cosmetics
since 20222.330.281.973
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 71009A0060/00C000 | Flanders | 3,974 m² | 1 · 1,270 m² | 10.2 m · 1 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.
Similar companies · same sector, comparable size
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WELLNESS PARTNERS
BE 0771.643.215
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NADINE SALEMBIER DIFFUSION
BE 0413.692.726
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Jarco
BE 1003.667.809
Tremelo · Eq €51,702
Of 798 companies in sector 46450 we hold annual accounts for 453. 316 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
Founded15-04-2022
Fiscal year end31-12
Activities, NACEBEL 2025
46450Wholesale of perfume and cosmetics
46494Wholesale of non-electrical household articles
47551Retail sale of household furniture
47750Retail sale of cosmetics and toilet articles
E-invoicing
Reachable via Peppol
Peppol ID
0208:0784891930
Registered
04-08-2025
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 28 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.