GLAM CODE
ActiveSummary
The computed 12-month bankruptcy probability of GLAM CODE is 2.1% (moderate). The 2025 annual accounts show negative equity (-€91,535) and a net result of -€65,205. The figures fluctuate too strongly year-on-year for a reliable trend projection. Its solvency ranks better than 5% of 13,618 sector peers (NACE 46, financial year 2025). The company has been active since 2017 and the Belgian Official Gazette contains no insolvency or warning signals.
Overview
- Equity
- -€91,535
- Loss
- -€65,205
Why 51raises riskLoss of €65,205 (financial year 2025)Negative equity -€91,5351 of the last 3 latelowers riskSize: total assets €18,564Show the evidence
Checked score
About 2 in 100 comparable companies go bankrupt within 12 months (an estimate).
How it is calculated
The band follows from the bankruptcy probability, on a scale where 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 46, micro): better than 6% on solvency, 9% on liquidity and 6% on profitability.
The bankruptcy probability was computed on 22-10-2026 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. Negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late hold it at Fair at most (59); two missing filings, at Weak (44). An ongoing judicial reorganisation or the company's end (bankruptcy, dissolution, liquidation) holds it at Critical at most (24).
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Signals
This company filed its last 7 accounts on average 5 days before the deadline; the sector median (NACE 46) for financial year 2024 is 3 days before the deadline, and 39% of those companies filed late.
Searched, nothing found (1)
- Annual accounts filedfinancial year 2025 · micro…
- Weakest financial yearnet -€65,205
- Amendment of the articlesGeneral meeting
Financials · financial year 2025, micro format
2021 to 2025, 5 financial years 2018 to 2025, 7 financial years
The operating result turns negative in 2025: a loss of €61,401 after €7,219 in 2024, the lowest result in the available series.
What the company sold each financial year and what was left of it. A loss stands below the zero line.
What the company owns (total assets), how much of it is its own (equity) and how much it owes.
Short-term assets minus short-term debts. Above zero the company can pay its bills in the short term.
How much of each euro of turnover is left from operations (EBIT margin) and what the assets earn (return on assets).
The share of the company financed with its own means. The higher it is, the better it absorbs a shock.
Short-term assets per euro of short-term debt. Above 1 the short-term debts are covered.
Average staff in full-time equivalents (FTE).
Use the arrow keys on the chart for the figures per year.
Sector: the middle half of NACE 46, Wholesale trade: a quarter of companies sit below it, a quarter above. Each year compared with accounts in the same format, and only where there are at least 30. Dashed line: the median. Available for Net result, Equity, Total assets, Working capital, Solvency, Current ratio, Return on assets (ROA), Staff (FTE).
Peer companies
Historical observationOf the 6,007 companies that looked in July 2024 the way this one looks now, 7.9% went bankrupt within 24 months and 82.9% are still going.
- Micro
- 5 to 10 years old
- negative equity
- a loss of 10% of the balance sheet or more
A further 0.8% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 2.1% 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 497,473 companies of July 2024 its group's bankruptcy share. Expected: 1.6%; actually bankrupt within 24 months: 1.7%.
| 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% | 1.0% |
| 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% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 74.5% 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 6,007 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.
| Line | 2018 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | €14,149 | €15,810 | €17,219 | €16,701 | €15,836 | ▼ 5.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €1,264 | €4,587 | €3,415 | €3,703 | €4,621 | €2,528 | €1,744 | ▼ 31.0% |
| Other operating charges640/8 | - | - | €3,831 | €2,824 | €4,681 | €1,434 | €4,428 | ▲ 209% |
| Gross operating margin9900 | -€4,001 | €16,218 | €22,937 | €6,175 | €5,829 | €27,881 | -€39,393 | - |
| Operating profit (loss)9901 | -€5,612 | €9,605 | €1,543 | -€16,162 | -€20,692 | €7,219 | -€61,401 | - |
| Financial income75/76B | - | - | €11 | €38 | €39 | €39 | €3 | ▼ 92.1% |
| Recurring financial income75 | - | €96 | €11 | €38 | €39 | €39 | €3 | ▼ 92.1% |
| Financial charges65/66B | - | - | €666 | €3,507 | €2,322 | €2,216 | €3,044 | ▲ 37.4% |
| Recurring financial charges65 | €37 | €392 | €666 | €3,507 | €2,322 | €2,216 | €3,044 | ▲ 37.4% |
| Profit (loss) for the period before taxes9903 | -€5,650 | €9,309 | €889 | -€19,631 | -€22,974 | €5,042 | -€64,442 | - |
| Income taxes67/77 | - | €1,930 | €342 | €0 | €706 | €1,936 | €763 | ▼ 60.6% |
| Profit (loss) for the period9904 | -€5,650 | €7,379 | €547 | -€19,631 | -€23,680 | €3,106 | -€65,205 | - |
| Profit (loss) for the period to be appropriated9905 | -€5,650 | €7,379 | €547 | -€19,631 | -€23,680 | €3,106 | -€65,205 | - |
| Line | 2018 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €9,995 | €70,539 | €62,870 | €50,355 | €43,592 | €57,765 | €18,564 | ▼ 67.9% |
| Fixed assets21/28 | €1,491 | €12,742 | €13,635 | €12,152 | €11,074 | €8,546 | €8,751 | ▲ 2.4% |
| Tangible fixed assets22/27 | €291 | €7,192 | €8,085 | €6,602 | €5,524 | €2,996 | €3,201 | ▲ 6.9% |
| Plant, machinery and equipment23 | - | - | €355 | €198 | €42 | €0 | - | - |
| Furniture and vehicles24 | - | - | €6,780 | €4,560 | €1,982 | €449 | €0 | ▼ 100% |
| Other tangible fixed assets26 | - | - | €950 | €1,844 | €3,500 | €2,547 | €3,201 | ▲ 25.7% |
| Financial fixed assets28 | €1,200 | €5,550 | €5,550 | €5,550 | €5,550 | €5,550 | €5,550 | = |
| Current assets29/58 | €8,504 | €57,797 | €49,235 | €38,203 | €32,518 | €49,219 | €9,813 | ▼ 80.1% |
| Stocks and contracts in progress3 | €7,136 | €24,773 | €25,200 | €24,500 | €25,500 | €31,500 | €3,300 | ▼ 89.5% |
| Stocks30/36 | - | - | €25,200 | €24,500 | €25,500 | €31,500 | €3,300 | ▼ 89.5% |
| Amounts receivable within one year40/41 | €135 | €2,057 | €1,366 | €3,123 | €2,729 | €7,917 | €4,435 | ▼ 44.0% |
| Trade receivables40 | - | - | €1,366 | €3,037 | €2,729 | €7,917 | €4,435 | ▼ 44.0% |
| Other amounts receivable41 | - | - | - | €86 | - | - | - | - |
| Cash at bank and in hand54/58 | €993 | €30,208 | €21,283 | €9,126 | €3,401 | €9,803 | €971 | ▼ 90.1% |
| Deferred charges and accrued income490/1 | - | - | €1,386 | €1,454 | €888 | €0 | €1,107 | - |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €9,995 | €70,539 | €62,870 | €50,355 | €43,592 | €57,765 | €18,564 | ▼ 67.9% |
| Equity10/15 | €6,750 | €13,329 | €13,876 | -€5,755 | -€29,435 | -€26,330 | -€91,535 | ▼ 248% |
| Contributions10/11 | €12,400 | - | €12,400 | €12,400 | €12,400 | €12,400 | €12,400 | = |
| Profit (loss) carried forward14 | -€5,650 | €929 | €1,476 | -€18,155 | -€41,835 | -€38,730 | -€103,935 | ▼ 168% |
| Amounts payable17/49 | €3,245 | €57,209 | €48,994 | €56,110 | €73,027 | €84,095 | €110,099 | ▲ 30.9% |
| Amounts payable within one year42/48 | €2,725 | €57,209 | €48,994 | €56,110 | €73,027 | €84,095 | €110,099 | ▲ 30.9% |
| Financial debts43 | - | - | €3,597 | €9,784 | €2,019 | €0 | - | - |
| Credit institutions430/8 | - | - | €3,597 | €9,784 | €2,019 | €0 | - | - |
| Trade debts44 | - | €1,776 | €3,942 | €9,880 | €22,156 | €26,378 | €15,739 | ▼ 40.3% |
| Suppliers440/4 | - | - | €3,942 | €9,880 | €22,156 | €26,378 | €15,739 | ▼ 40.3% |
| Taxes, remuneration and social security45 | - | - | €8,518 | €11,373 | €23,729 | €18,349 | €5,352 | ▼ 70.8% |
| Taxes450/3 | - | - | €7,833 | €9,608 | €12,277 | €7,655 | €852 | ▼ 88.9% |
| Remuneration and social security454/9 | - | - | €685 | €1,765 | €11,452 | €10,694 | €4,500 | ▼ 57.9% |
| Other amounts payable47/48 | - | - | €32,938 | €25,073 | €25,124 | €39,368 | €89,008 | ▲ 126% |
| Line | 2018 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€5,650 | €7,379 | €547 | -€19,631 | -€23,680 | €3,106 | -€65,205 | - |
| + Depreciation and write-downs630 | €1,264 | €4,587 | €3,415 | €3,703 | €4,621 | €2,528 | €1,744 | ▼ 31.0% |
| Operating cash flow (approximation) | -€4,386 | €11,967 | €3,961 | -€15,928 | -€19,059 | €5,634 | -€63,461 | - |
| Investment in fixed assets (approximation) | - | - | -€4,307 | -€2,221 | -€3,543 | €0 | -€1,950 | - |
| Change in cash | - | - | -€8,925 | -€12,157 | -€5,725 | €6,402 | -€8,832 | - |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Filings with the National Bank (7)
| Financial year | Type | Filed | Reference |
|---|---|---|---|
| 31-12-2025 | micro format | 02-04-2026 | 2026-00071179 |
| 30-09-2024 | micro format | 29-04-2025 | 2025-00078898 |
| 30-09-2023 | micro format | 07-06-2024 | 2024-00132578 |
| 30-09-2022 | micro format | 31-05-2023 | 2023-00109871 |
| 30-09-2021 | micro format | 09-05-2022 | 2022-20028059 |
| 30-09-2020 | micro format | 05-05-2021 | 2021-13600590 |
| 31-12-2018 | micro format | 02-08-2019 | 2019-43500381 |
Similar companies · same sector and region
Public contracts: No European public contracts awarded found since October 2016. Contracts below the EU thresholds are not in TED.
Directors
Owners and capital
Owners
No owners or capital events in the accounts and acts we read.
History
Acts, filings and financial milestones
22-07
Gazette deed
Amendment of the articlesGeneral meeting1 fact ▸
- General meeting, 17-04-2025
29-04
Gazette deed
Algemene Vergadering - BoekjaarRegistered-office move · Amendment of the articles3 facts ▸
- General meeting, “buitengewone algemene vergadering” (deed in Dutch)
- Registered-office move, Brussels Hoofdstedelijk Gewest
- Amendment of the articles
About the unread acts
Of the 6 Belgian Official Gazette deeds we know for this company, 2 have been read. The other 4 have not been read yet: what they contain is neither established nor disproved here.
Register details
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 23 October 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.
Environmental permits: No permit applications found in Flanders. Brussels and Wallonia do not publish the applicant.
Sites & property
1 establishment unit
1 parcel
| Cadastral parcel | Region | Area | Buildings | Height / floors |
|---|---|---|---|---|
| 21003A0105/00E006 | Brussels | 1,599 m² | 1 · 890 m² | 15.4 m · 1 |
How the parcels are linked
Articles of association
What the company does
- PurposeThe activities the company may carry out under its articles.
- “Commerce de détail de vêtements pour dame en magasin spécialisé (TVA 2008 47.711); Commerce de détail d'accessoires du vêtement en magasin…” (deed in Dutch)
11 activities (deed in Dutch)
- Commerce de détail de vêtements pour dame en magasin spécialisé (TVA 2008 47.711)
- Commerce de détail d'accessoires du vêtement en magasin spécialisé (TVA 2008.47.715)
- Commerce de détail de vêtements, de sous-vêtements et d'accessoires pour dame, homme, enfant et bébé en magasin spécialisé, assortiment général (TVA 2008 47.716)
- Commerce de détail de chaussures en magasin spécialisé (TVA 2008 47.721)
- Commerce de détail d'articles d'horlogerie et de bijouterie en magasin spécialisé (TVA 2008 47.770)
- Commerce de détail par correspondance ou par Internet (TVA 2008 47.910)
- Soins de beauté (TVA 96.022)
- Commerce de détail de parfumerie et de produits de beauté en magasin spécialisé (TVA 2008 47.750)
- Conseil pour les affaires et autres conseils de gestion (TVA 2008 70.220)
- Importation et exportation, achat et vente de textiles et de vêtements pour hommes, femmes et enfants.
- Toutes opérations qui concerne l'achat et la vente, l'exportation et l'importation, de biens immobiliers, de matériels et de services en général, déterminant aléatoirement le commerce en général, y compris l'organisation administrative, la politique financière, la structure, la technique ainsi que la promotion et la publicitė.
- DurationHow long the company exists; usually unlimited, so until it is dissolved.
- Unlimited
- Name clauseThe name the company operates under according to its articles.
- GLAM CODE
- Registered office clauseThe region of the registered office; it decides among other things the language of official documents.
- “Région de Bruxelles-Capitale, simple décision de l'organe d'administration” (deed in Dutch)
Who represents it, and how
- Board ruleHow the board is made up, meets and takes decisions.
- “Organe d'administration, un ou plusieurs administrateurs” (deed in Dutch)“Fixe ou proportionnelle, frais généraux” (deed in Dutch)
Capital, shares and profit
- Kind of sharesWhich classes of shares exist and what rights each class carries.
- “Titulaires peuvent prendre connaissance du registre relatif à leurs titres, nominatives” (deed in Dutch)
- Transfer restrictionWhether shareholders may sell their shares freely or need approval first.
- “Frais de procédure et d'expertise pour moitié à charge du cédant et pour moitié à charge du ou des acquéreurs, proportionnellement au nombre…” (deed in Dutch)
- Share issue ruleHow and by whom new shares can be issued.
- “Courrier électronique, ou courrier ordinaire pour personnes sans adresse électronique, à envoyer le même jour que les communications…” (deed in Dutch)
Meetings and financial year
- Annual meetingWhen the shareholders meet each year, among other things to approve the annual accounts.
- First Friday of June at 18:00
Oversight and winding up
- Dissolution ruleWhen and by whom the company can be dissolved.
- “Formes prévues pour modifications aux statuts, assemblée générale” (deed in Dutch)
- Liquidation ruleHow assets are shared after dissolution: creditors first, then shareholders.
- “Dissolution pour quelque cause et à quelque moment que ce soit, faculté de désigner un ou plusieurs liquidateurs et déterminer pouvoirs et…” (deed in Dutch)