Equity
Debts exceed assets in financial year 2025.
Negative equity caps the score at 59.
The dashed line is the sector median: 0.5% across 5,137 companies (NACE 95, micro).
About 2 in 100 comparable companies go bankrupt within 12 months (an estimate).
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 95, micro). It does better than 14% of them on solvency, 18% on liquidity, 75% on profitability and 87% on growth.
The bankruptcy probability was computed on 07-11-2026 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.
The probability rests on the annual accounts with balance sheet date 31-12-2025.
Of the companies with a bankruptcy probability in the moderate class on 30-06-2025, 2.4% went bankrupt within twelve months.
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).
In July 2024, 2,180 companies had the same profile as FTEX has now. Each dot stands for 6 companies, two years later.
Another 0.7% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of FTEX itself: 1.6% within 12 months.
The method was tested on the 497,447 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 2,180 companies, not a prediction for FTEX. 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.
Liquidity is insufficient, with a current ratio of 0.44 (0.32 in 2024), below 1. Short-term debt is 110.2% and cash 20.3% of total assets. Equity is negative.
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.
The company filed its last 7 accounts on average 27 days after the deadline. In the sector (NACE 95), the median for financial year 2024 was on the deadline day, and 47% of those companies filed late.
| Company | ||||
|---|---|---|---|---|
| FTEX Mortsel | €34,394 | €41,106 | -10.2% | - |
| Retouche Anvers Antwerp | €27,311 | €44,394 | 95.2% | - |
| MG COMPANY Antwerp | €55,080 | €38,089 | -45.0% | - |
| NM-Tech Court-Saint-Etienne | €43,892 | €39,057 | 23.3% | - |
| MRJ GROUP Molenbeek-Saint-Jean | €36,624 | €41,596 | 11.1% | - |
| LIMVAGO Mol | €45,315 | €31,203 | 81.6% | - |
| D & A Management Antwerp | €37,873 | €40,558 | 82.1% | - |
These companies have the same main activity as FTEX: repair and maintenance of other personal and household goods (NACE 95290). They are comparable in size and age: total assets between €27,300 and €55,100, founded between 2013 and 2020.
FTEX files the micro format. That format states no turnover. The gross margin rose from €3,853 in 2019 to €41,106 in 2025.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette.
Higher than 15% of 3,327 companies in 2025.
Higher than 12% of 3,209 companies in 2025.
Higher than 71% of 3,236 companies in 2025.
Net result: middle half · Equity: bottom quarter · Balance sheet total: bottom quarter · Working capital: bottom quarter
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Balance sheet: assets | ||||||||
20/58 |
34,394 | 46,380 | 48,345 | 6,005 | 4,046 | 6,094 | 4,132 | |
21/28 |
17,570 | 28,689 | 37,085 | - | - | - | - | |
22/27 |
17,570 | 28,689 | 37,085 | - | - | - | - | |
24 |
17,570 | 28,689 | 37,085 | - | - | - | - | |
29/58 |
16,824 | 17,692 | 11,260 | 6,005 | 4,046 | 6,094 | 4,132 | |
3 |
5,395 | 3,895 | 4,550 | - | - | - | - | |
30/36 |
5,395 | 3,895 | 4,550 | - | - | - | - | |
40/41 |
4,440 | 9,264 | 2,752 | 356 | 356 | 4,496 | 227 | |
40 |
4,440 | 7,166 | - | - | - | - | - | |
41 |
- | 2,098 | 2,752 | 356 | 356 | 4,496 | 227 | |
54/58 |
6,989 | 4,533 | 3,958 | 5,649 | 3,690 | 1,598 | 3,906 | |
| Balance sheet: equity and liabilities | ||||||||
10/49 |
34,394 | 46,380 | 48,345 | 6,005 | 4,046 | 6,094 | 4,132 | |
10/15 |
-3,496 | -8,376 | -10,435 | 4,377 | 3,548 | 5,939 | 3,594 | |
10/11 |
519 | 519 | 519 | 519 | 519 | 100 | - | |
13 |
180 | 180 | 180 | 180 | 180 | 180 | 180 | |
130/1 |
180 | 180 | 180 | 180 | 180 | 180 | - | |
130 |
- | - | - | - | - | - | 180 | |
1311 |
180 | 180 | 180 | 180 | 180 | 180 | - | |
14 |
-4,195 | -9,075 | -11,133 | 3,679 | 2,849 | 5,660 | 3,415 | |
17/49 |
37,890 | 54,756 | 58,780 | 1,627 | 498 | 154 | 538 | |
42/48 |
37,890 | 54,756 | 58,780 | 1,627 | 498 | 154 | 538 | |
44 |
5,468 | 3,497 | 5,772 | 1,233 | 498 | 154 | 538 | |
440/4 |
5,468 | 3,497 | 5,772 | 1,233 | 498 | 154 | 538 | |
46 |
3,500 | 8,043 | - | - | - | - | - | |
45 |
3,614 | 27 | - | - | - | - | - | |
450/3 |
2,414 | 27 | - | - | - | - | - | |
454/9 |
1,200 | - | - | - | - | - | - | |
47/48 |
25,308 | 43,189 | 53,008 | 394 | - | - | - | |
| Income statement | ||||||||
70 |
- | - | - | - | - | 18,292 | - | |
76A |
- | - | - | - | 4,150 | 9,000 | - | |
9900 |
41,106 | 6,346 | -7,202 | 1,611 | -1,454 | 3,240 | 3,853 | |
60/61 |
- | - | - | - | - | 24,052 | - | |
62 |
21,000 | - | - | - | - | - | - | |
630 |
14,303 | 8,397 | 4,898 | - | - | - | - | |
640/8 |
614 | 118 | 2,673 | - | 373 | 251 | - | |
9901 |
5,189 | -2,168 | -14,773 | 1,611 | -1,827 | 2,989 | 3,853 | |
75/76B |
- | 4,271 | - | - | - | 202 | - | |
75 |
- | 4,271 | - | - | - | 202 | - | |
65/66B |
49 | 44 | 39 | 782 | 983 | 946 | 259 | |
65 |
49 | 44 | 39 | 782 | 983 | 946 | 259 | |
9903 |
5,140 | 2,059 | -14,812 | 830 | -2,811 | 2,245 | 3,594 | |
67/77 |
261 | - | - | - | - | - | - | |
9904 |
4,880 | 2,059 | -14,812 | 830 | -2,811 | 2,245 | 3,594 | |
9905 |
4,880 | 2,059 | -14,812 | 830 | -2,811 | 2,245 | 3,594 | |
| Appropriation of the result | ||||||||
9906 |
-4,195 | -9,075 | -11,133 | 3,679 | 2,849 | 5,660 | 3,594 | |
14P |
-9,075 | -11,133 | 3,679 | 2,849 | 5,660 | - | - | |
691/2 |
- | - | - | - | - | - | 180 | |
6920 |
- | - | - | - | - | - | 180 | |
| Document | ||||||||
The notes to these accounts have 5 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the accounts filed with the NBB.
Source: Annual accounts 2025 at the NBB, filed on 28-08-2026.
2025 annual accounts filed 28 days after the deadline. Filed on 28 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00462406.
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 28-08-2026 | 2026-00462406 | |
| 31-12-2024 | micro format | 08-09-2025 | 2025-00488009 | |
| 31-12-2023 | micro format | 29-08-2024 | 2024-00421042 | |
| 31-12-2022 | micro format | 31-08-2023 | 2023-00405790 | |
| 31-12-2021 | micro format | 30-08-2022 | 2022-20368339 | |
| 31-12-2020 | micro format | 05-07-2021 | 2021-30800110 | |
| 31-12-2019 | micro format | 29-09-2020 | 2020-57900445 |
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| 19,492 | 6,228 | -9,875 | - | - | - | - | ||
| 19,182 | 10,455 | -9,914 | - | - | - | - | ||
| 3,184 | 0 | 41,983 | - | - | - | - | ||
| 2,456 | 574 | -1,690 | 1,959 | 2,092 | -2,308 | - | ||
| -21,066 | -37,065 | -47,520 | 4,377 | 3,548 | 5,939 | 3,594 | ||
| - | - | - | - | - | 16.3% | - | ||
| -10.2% | -18.1% | -21.6% | 72.9% | - | 97.5% | - | ||
| 0.44 | 0.32 | 0.19 | 3.69 | - | 39.45 | - | ||
| 0.30 | 0.25 | 0.11 | 3.69 | - | 39.45 | - | ||
| - | - | - | 0.37 | - | 0.03 | - | ||
| - | - | - | 19.0% | - | 37.8% | - | ||
| 14.2% | 4.4% | -30.6% | 13.8% | - | 36.8% | - | ||
| over 100 | over 100 | -253.20 | - | - | - | - | ||
| - | - | - | - | - | 90 days | - | ||
| - | - | - | - | - | 2 days | - |
Debt to equity is not shown because equity is negative. Debt divided by negative equity means nothing.
A Belgian filing has no cash-flow statement. Cash flow is therefore an approximation, derived from the income statement. Investment is the acquisitions in the notes and, without them, the balance-sheet move.
| Item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Tangible fixed assets | €3,184 | - | €41,983 | - | - |
| €14,303 | €8,397 | €4,898 | - | - |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
The operating result for 2025 is a profit of €5,189, after a loss of €2,168 in 2024. It is the highest result since 2019.
Equity is negative. Debt (€37,890) exceeds the balance-sheet total (€34,394).
FTEX has no parent and no holdings in its annual accounts. WATTAR Firas is the only director. FTEX shares no director with another company.
Deadline for the 2026 accounts: 31-07-2027
Financial milestones sit on the financial year-end date, not the filing date.
Sources: Publications in the Belgian Official GazetteFilings with the National Bank
| Establishment | Since | Unit number |
|---|---|---|
| Antwerpsestraat 12 registered office 2640 Mortsel | ||
| Antwerpsestraat 10-12 2640 Mortsel 9529004 Repair and maintenance of other personal and household goods | 01-10-2018 | 2.281.959.741 |
| FASHION KLEERMAKER Antwerpsestraat 10, 2640 Mortsel 9529004 Repair and maintenance of other personal and household goods | 01-10-2018 | 2.281.959.840 |
| Cadastral parcel | Area | Buildings | Height / floors |
|---|---|---|---|
| 11512B0054/00S002 | 337 m² | 1 · 296 m² | 14.1 m · 3 |
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