Summary
Conclusion
the dossier summarised in one paragraphA bankruptcy procedure is open for Four Star Bornem according to publications in the Belgian State Gazette. The 2025 annual accounts show negative equity (€-266k) and a net result of €-14k.
Based on the State Gazette, CBE and 5 annual accounts.
Bankruptcy probability (12 mo)
Checked model v1 · free for everyoneBankruptcy opened
A bankruptcy procedure is already open, a probability score is no longer meaningful. See the insolvency timeline for the state of the procedure.
Insolvency timeline
1 events29-09-2025
Bankruptcy
Opening
Signals
1 signal · with evidenceNegative equity
Equity is negative for financial year 2025: liabilities exceed assets. This is the trigger point of the alarm-bell procedure (Belgian CAC).
View the annual accounts Signals are derived from the filed annual accounts and the sector comparison. No composite score: each signal is separately verifiable at the source.
Filing behaviour
From the deposit records, complete market-wideLatest accounts filed on time
The financial year that closed on 31-03-2025 was due by 31-10-2025 and was filed on 03-09-2025, 58 days ahead of the deadline. This speaks to administrative punctuality and says nothing about the financial position.
The next deadline is still running
The next financial year closes on 31-03-2026 and is due by 31-10-2026. Nothing is late today.
Filing behaviour not assessed
The register records an open bankruptcy. From that point the trustee files and the ordinary seven-month rhythm no longer governs. The register carries no start date, so we cannot tell which filings fall before it: we show the facts and do not assess the behaviour.
How we compute the deadline
The year end is derived from 5 filed financial years, each closing on 31-03. The statutory deadline is seven months after the close of the financial year (art. 3:10 par. 1 CAC, art. 3:47 par. 7 for ASBL and foundations). Applied to the financial year that closed on 31-03-2025, that is 31-10-2025.
Deadline per financial year
| Year closed | Due by | Filed | Variance | Reference |
|---|---|---|---|---|
| 31-03-2025 | 31-10-2025 | 03-09-2025 | 58 d early | 2025-00479328 |
| 31-03-2024 | 31-10-2024 | 03-09-2025 | 307 d late | 2025-00475147 |
| 31-03-2023 | 31-10-2023 | 07-05-2024 | 189 d late | 2024-00084035 |
| 31-03-2022 | 31-10-2022 | 26-10-2022 | 5 d early | 2022-20478020 |
| 31-03-2021 | 31-10-2021 | 26-10-2021 | 5 d early | 2021-73400256 |
Source: the National Bank's deposit records. Those records are complete, including for years whose figures we have not read yet. Filing late covers nearly half the market and is therefore not scored; only not filing, being more than 90 days late and breaking a punctual record carry weight.
Trust signals
2 signalsRegister: open bankruptcy
The KBO register records legal situation 050 for this company. This is today's state according to the register itself; the register carries no start date.
Open bankruptcy
Active bankruptcy procedure in the Belgisch Staatsblad. Claims are handled by the appointed curator.
Administrative Flags
No strikeouts found in the KBO publications we processed. That series starts in 2021 and has gaps, so this is not a confirmation that there is nothing.
Financials
TurnoverNot published (abbreviated filing)
EBIT marginNot published (abbreviated filing)
Net result€-14k+89.7%
Working capital€-270k-8.7%
Directors1
Annual accounts & ratios
Source: NBB · 2025Annual accounts filed on 03-09-2025 with the NBB · fiscal year 2025 · micro
Sector comparison
Fiscal year 2025 · NACE 55, Accommodation · compared within the same schema type (micro schema)
| Metric | This company | Sector median | Position in the sector |
|---|---|---|---|
| Solvency | -354.3% | 7.7% | |
| Net result | €-14k | €-2k | |
| Equity | €-266k | €12k | |
| Gross operating margin | €194k | €17k | |
| Total assets | €75k | €252k |
Median and position computed from NBB annual accounts filed by sector peers; own figures from the latest filed accounts.
Sector position over time
Percentile per fiscal year versus peers that filed figures, computed year by year (a year without enough peers is absent).
P5
Weakening position over 2021-2025
· n=111-466
P30
Weakening position over 2021-2025
· n=111-466
P5
Weakening position over 2021-2025
· n=111-466
P92
Improving position over 2021-2025
· n=111-465
Describes the position versus peers, not a forecast.
€-3k
+97.2%
21-25
€-14k
+89.7%
21-25
€-4k
+97.0%
21-25
€75k
+66.7%
21-25
€-266k
-5.4%
21-25
€-270k
-8.7%
21-25
5
0.0%
21-25
€191k
+12.0%
21-25
Show 10 other metrics
€341k
+14.7%
21-25
€311k
+24.7%
21-25
€30k
-37.6%
21-25
0.13
+5225.0%
21-25
0.13
+5225.0%
21-25
-354.3%
+36.8%
21-25
-1.28
-8.8%
21-25
5.1%
-90.2%
21-25
-18.1%
+93.8%
21-25
-14.85
+97.7%
21-25
Figures by fiscal year
| Fiscal year | 2025 |
|---|---|
| Deposit | micro |
| Revenue | - |
| EBITDA | €-3k |
| Net profit | €-14k |
| Cash flow | €-4k |
| Staff costs | €191k |
| Income taxes | - |
| Dividends | - |
| Total assets | €75k |
| Equity | €-266k |
| Debt | €341k |
| of which ≤ 1y | €311k |
| of which > 1y | €30k |
| Working capital | €-270k |
| Employees (FTE) | 4.6 |
Ratios (computed)
| 2025 | |
|---|---|
| Current ratio | 0.13 |
| Quick ratio | 0.13 |
| Working capital ratio | -360.3% |
| Solvency | -354.3% |
| Debt / equity | -1.28 |
| Long-term debt ratio | -0.11 |
| Interest coverage | -14.85 |
| Gross margin | - |
| Net margin | - |
| ROA | -18.1% |
| ROE | 5.1% |
| EBITDA margin | - |
| Days sales outstanding | - |
| Days payable outstanding | - |
| Inventory turnover | - |
| Days inventory (DSI) | - |
Balance-sheet composition 2025
Full annual accounts (22 line items)
Filed balance sheet and income statement, exactly as deposited with the NBB.
| Line item | Code | 2025 |
|---|---|---|
| Balance sheet, Assets | ||
| TOTAL ASSETS | 20/58 | €75k |
| Fixed assets | 21/28 | €34k |
| Tangible fixed assets | 22/27 | €7k |
| Financial fixed assets | 28 | €27k |
| Current assets | 29/58 | €41k |
| Amounts receivable within one year | 40/41 | €38k |
| Cash & bank | 54/58 | €2k |
| Balance sheet, Equity & liabilities | ||
| TOTAL EQUITY & LIABILITIES | 10/49 | €75k |
| Equity | 10/15 | €-266k |
| Contributions / capital | 10/11 | €28k |
| Accumulated profits (losses) | 14 | €-294k |
| Amounts payable | 17/49 | €341k |
| Amounts payable after one year | 17 | €30k |
| Amounts payable within one year | 42/48 | €311k |
| Trade debts payable within one year | 44 | €27k |
| Income statement | ||
| Gross operating margin | 9900 | €194k |
| Operating result | 9901 | €-13k |
| Financial income | 75 | €0 |
| Financial charges | 65 | €228 |
| Result before taxes | 9903 | €-14k |
| Net result for the period | 9904 | €-14k |
| Result to be appropriated | 9905 | €-14k |
This table shows the latest fiscal year. 4 prior years, with figures and ratios, belong to a paid plan.
See plans →
Ratios computed by Checked.
Health barometer
FY 2025 · computed0
/ 100
Critical
Computed from 5 of the 6 factors this model weighs. The rest cannot be derived from the filed figures, or need a prior year to compare against.
The full score breakdown, per-year score history and the indicative credit limit are in Kantoor S.
See plans →Computed by Checked from the NBB filing for FY 2025 and an insolvency signal from the Belgian State Gazette. Indicative, not credit advice.
Directors
Directors & mandates
4 directors4 of this company's 4 Belgian State Gazette acts have not been read yet. Appointments and resignations recorded in them are missing below: a director who resigned there may therefore still show here as sitting. See the acts under Publications.
Current directors & mandates
-
SIMKHADA GopalDirectorState Gazette act 22047039 (12-04-2022)Current01-04-2022 → present
Former directors (3)
-
Dinesh BhandariDirectorState Gazette act 25099625 (05-08-2025)Former- → 01-03-2025
2 events
- 01-03-2025 Resigned· Director
- 01-03-2025 Resigned· Daily management
-
Kumar Shrestha ArjunDirectorState Gazette act 25099625 (05-08-2025)Former- → 01-03-2025
2 events
- 01-03-2025 Resigned· Director
- 01-03-2025 Resigned· Daily management
-
Dahal Yam LalDirectorState Gazette act 22047039 (12-04-2022)Former- → 31-03-2022
Full appointment history from the Belgian State Gazette. Permanent representatives are shown for corporate directors.This list is read straight from this company's published acts, not from the officer register.
Insolvency mandates
1 mandate| Role | Name | Tenure | Source |
|---|---|---|---|
| Curator | INGE VANHOUTTE HEIDEBAAN 130E, 9100 SINT-
NIKLAAS |
23-09-2025 → present | Belgian State Gazette |
Legal Structure
| NACE primary | Hotels en dergelijke accommodatie(55100) |
| Legal form | Private limited company(610) |
| Incorporation | 25-03-2020 |
| Status | Active |
| Postal code | 9140 |
| First BS signal | 29-09-2025 |
| Latest BS signal | 29-09-2025 |
Structure & network
Ownership & control
No ownership or control structure found in the sources.
For this we read shareholding and parent/subsidiary relations from the acts in the Belgian State Gazette, plus the board seats that legal entities hold in one another. Nothing of the sort is published for this company, which is common: most Belgian companies do not publish a shareholding structure.
1 court or liquidation mandate is on record for this company. Such a mandate is a fact about the company itself, not about a tie to another one: two bankruptcies handled by the same receiver are two separate cases. They are listed under Directors & mandates.
Locations & real estate
Registered office
on the map · from the address registerEstablishment units
1 locationDe Notelaer
since 20202.300.518.514
Physical sites registered in the Crossroads Bank for Enterprises (CBE).
Parcels1
Ground area7,219 m²
Buildings1
Building footprint1,412 m²
Volume (LiDAR)16,298 m³
Tallest building16.4 m · ±4 fl.
Real-estate footprint
Source: CBE × cadastre · address linkingParcels linked to this company through its CBE addresses (seat, establishment units, branches), cross-referenced with the cadastral parcel plan. This shows where the company operates, not a deeds register.
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 46025B0179/09E000 | Flanders | 7,219 m² | 1 · 1,412 m² | 16.4 m · 4 fl. |
Methodology
via registered seat: 1
1 of 1 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Publications
Lifecycle & Insolvency Signals
1 event from the State Gazette29-09-2025
Bankruptcy
Opening
Time machine: BS events + macro context
2021-2026Macro context
2020-Q2/Q3 COVID lockdown
2022 energy crisis
2023-2024 ECB rate hikes
Legend
Bankruptcy
Interim / reorg
KBO event
Belgisch Staatsblad · acts
3 acts Address history · 1
09-09-2025
Registered-office move
All acts · 3
updated 11 months ago
2025
09-09-2025 Registered office moved from Bornem to Temse
- Stationsplein (BOR) 2, 2880 Bornem → Luxemburgstraat 20, 9140 Temse
05-08-2025 4 resigning
- Kumar Shrestha Arjun, Bestuurder
- Dinesh Bhandari, Bestuurder
- Kumar Shrestha Arjun, Dagelijks bestuur
- Dinesh Bhandari, Dagelijks bestuur
2022
12-04-2022 1 director appointed, 1 resigning
- SIMKHADA Gopal, Bestuurder
- Dahal Yam Lal, Bestuurder
Analysis
Financial profile
5 of 5 axes measured23
/ 100
Fragile profile, watch health in particular.
All 5 axes are computed from data Checked has read.
Health
0
Profitability
26
Solvency
33
Growth
58
Stability
0
Credit advice
verdict per customer and amountSimilar
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We hold annual accounts for 247 of the 2,387 companies in this sector. 122 of them are within a factor 10 of this company's equity.
Company registry
Company registry (CBE)
Crossroads BankActivities
Hotels en dergelijke accommodatie55100Hotels en dergelijke accommodatie55100Eetgelegenheden met volledige bediening56101Activiteiten van eetgelegenheden met volledige bediening56111
Primary activity highlighted.
Names & trade names
| Legal nameNL | Four Star Bornem |
| Trade nameNL | Hotel/Restaurant De Notelaer |
Registered office
Luxemburgstraat 20
9140 Temse, Belgium
Official data from the Crossroads Bank for Enterprises (CBE). Available for every registered company.