GOTHA
ActiveFrom the official registers: KBO 3 annual accounts at the National Bank publications in the Belgian Official Gazette
Summary
The computed 12-month bankruptcy probability of GOTHA is 10.3% (high). The 2025 annual accounts show negative equity (-€162,340) and a net result of -€87,109. Equity has been shrinking by about 109% per year since 2023. Its solvency ranks better than 10% of 16,961 sector peers (NACE 56, financial year 2025). The company has been active since 2023 and the Belgian Official Gazette contains no insolvency or warning signals.
Overview
Overview
Official details
KBO- Status
- Active since 19-04-2023 Normal situation
- Activity
- Cafés and bars NACE 56301
- Establishment unit
- 2.344.803.764 1000 Brussel, since 19-04-2023
- Financial year end
- 31 December
- Peppol
- Reachable since 05-12-2025
Financial position
- Bankruptcy probabilitywithin 12 months
- 10.3%
- Gross margin
- -€14,397
- ▲ 74.0%
- Loss
- €87,109
- ▲ 13.5%
- Equity
- -€162,340
- ▼ 116%
- Total assets
- €148,841
- ▲ 90.4%
- Staff
- ≈ 1.6 FTE
- estimated
Score breakdownraises riskSector: Food and beverage service activities (NACE 56)Last filed accounts filed 63 days late; 2 of the last 3 accounts lateLoss of €87,109, the second in a row (financial year 2025)Founded in 2023Show the evidence
Checked score
About 1 in 10 comparable companies go bankrupt within 12 months (an estimate).
Calculation
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 56, micro). It does better than 9% of them on solvency, 7% on liquidity, 8% on profitability and 7% on growth.
The bankruptcy probability was computed on 31-10-2026 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. 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).
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The scores and ratios are Checked's own calculations, not a credit decision.
Signals
The company filed its last 3 accounts on average 91 days after the deadline. In the sector (NACE 56), the median for financial year 2024 was 7 days after the deadline, and 53% of those companies filed late.
Searched, nothing found (2)
Financials
Financials · financial year 2025, micro format
2025 annual accounts filed 63 days after the deadline Filed on 2 October 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00543232.
Annual accounts 2025 filed on 02-10-2026 at the NBB all 3 filings
2023 to 2025, 3 financial years
The operating result for 2025 is a loss of €86,361, larger than the loss of €76,512 in 2024. It is the lowest result since 2023.
Turnover is what the company sold, the result is what was left of it. A loss stands below the zero line.
Assets, equity and debt per financial year.
Above zero, the company can pay its short-term debts with what it holds in the short term.
The EBIT margin is the share of each euro of turnover left from operations. The return on assets is what the assets earn.
The higher the solvency, the better the company absorbs a setback.
A ratio above 1 means the short-term assets cover the short-term debts.
Use the arrow keys on the chart for the figures per year.
The sector band is the middle half of the companies in Food and beverage service activities (NACE 56). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30. The dashed line is the median. There is a sector band for net result, equity, total assets, working capital, solvency, current ratio and return on assets (ROA).
Comparable companies
These companies have the same main activity as GOTHA: cafés and bars (NACE 56301). They are comparable in size and age: total assets between €142,000 and €176,000, founded between 2022 and 2023.
| Company | Founded | Total assets | Equity | Gross margin | Turnover | Net result | Financial year |
|---|---|---|---|---|---|---|---|
| GOTHA Brussel | 2023 | €148,841 | -€162,340 | -€14,397 | - | -€87,109 | 2025 |
| SHAKES AND BREWS Brussel | 2023 | €165,770 | -€220,918 | -€90,929 | - | -€219,439 | 2025 |
| A&M Events Edegem | 2023 | €147,099 | -€40,317 | -€28,635 | - | -€32,506 | 2024 |
| COCKTAIL CARTEL Tournai | 2023 | €144,591 | -€51,715 | -€8,674 | - | -€30,179 | 2025 |
| THE LAB31 Grez-Doiceau | 2023 | €143,630 | -€201,576 | -€103,142 | - | -€131,298 | 2025 |
| N.Y.J Liège | 2022 | €142,493 | -€74,374 | -€51,734 | €46,404 | -€56,864 | 2025 |
| EAGLESFLY Liège | 2023 | €175,563 | -€11,105 | -€3,604 | - | -€14,083 | 2025 |
They were chosen from the 5,015 other active companies with that main activity and annual accounts from the past two years. All companies with this main activity
Companies with the same profile, two years later
Historical observationIn July 2024, 7,639 companies had the same profile as GOTHA has now. Two years later, 8.8% had gone bankrupt and 84.9% were still going.
- Micro
- 2 to 5 years old
- negative equity
- a loss of 10% of the balance sheet or more
Another 0.7% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of GOTHA itself: 10.3% within 12 months.
Test of the method
The method was tested on the 497,445 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 7,639 companies, not a prediction for GOTHA. 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.
| Line | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | €13,158 | €60,442 | ▲ 359% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €841 | €7,464 | €11,373 | ▲ 52.4% |
| Other operating charges640/8 | - | €435 | €150 | ▼ 65.5% |
| Gross operating margin9900 | -€2,613 | -€55,455 | -€14,397 | ▲ 74.0% |
| Operating profit (loss)9901 | -€3,454 | -€76,512 | -€86,361 | ▼ 12.9% |
| Financial charges65/66B | €16 | €249 | €747 | ▲ 199% |
| Recurring financial charges65 | €16 | €249 | €747 | ▲ 199% |
| Profit (loss) for the period before taxes9903 | -€3,469 | -€76,762 | -€87,109 | ▼ 13.5% |
| Profit (loss) for the period9904 | -€3,469 | -€76,762 | -€87,109 | ▼ 13.5% |
| Profit (loss) for the period to be appropriated9905 | -€3,469 | -€76,762 | -€87,109 | ▼ 13.5% |
| Line | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|
| Assets | ||||
| Total assets20/58 | €76,632 | €78,180 | €148,841 | ▲ 90.4% |
| Fixed assets21/28 | €64,995 | €64,004 | €95,098 | ▲ 48.6% |
| Tangible fixed assets22/27 | €64,995 | €64,004 | €94,008 | ▲ 46.9% |
| Furniture and vehicles24 | €4,995 | €10,004 | €7,036 | ▼ 29.7% |
| Other tangible fixed assets26 | €60,000 | €54,000 | €86,972 | ▲ 61.1% |
| Financial fixed assets28 | - | - | €1,090 | - |
| Current assets29/58 | €11,637 | €14,176 | €53,743 | ▲ 279% |
| Stocks and contracts in progress3 | €6,970 | €6,719 | €8,610 | ▲ 28.1% |
| Stocks30/36 | €6,970 | €6,719 | €8,610 | ▲ 28.1% |
| Amounts receivable within one year40/41 | €2,967 | €308 | €37,311 | ▲ 121× |
| Trade receivables40 | €1,159 | €308 | €2,689 | ▲ 773% |
| Other amounts receivable41 | €1,808 | - | €34,622 | - |
| Cash at bank and in hand54/58 | €1,699 | €7,149 | €7,822 | ▲ 9.4% |
| Equity and liabilities | ||||
| Total equity and liabilities10/49 | €76,632 | €78,180 | €148,841 | ▲ 90.4% |
| Equity10/15 | €1,531 | -€75,231 | -€162,340 | ▼ 116% |
| Contributions10/11 | €5,000 | €5,000 | €5,000 | = |
| Profit (loss) carried forward14 | -€3,469 | -€80,231 | -€167,340 | ▼ 109% |
| Amounts payable17/49 | €75,101 | €153,411 | €311,181 | ▲ 103% |
| Amounts payable within one year42/48 | €75,101 | €153,411 | €311,181 | ▲ 103% |
| Trade debts44 | €65,774 | €76,409 | €132,010 | ▲ 72.8% |
| Suppliers440/4 | €65,774 | €76,409 | €132,010 | ▲ 72.8% |
| Taxes, remuneration and social security45 | €53 | €5,636 | €32,377 | ▲ 474% |
| Taxes450/3 | €53 | €4,112 | €17,535 | ▲ 326% |
| Remuneration and social security454/9 | - | €1,524 | €14,842 | ▲ 874% |
| Other amounts payable47/48 | €9,275 | €71,366 | €146,794 | ▲ 106% |
| Line | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|
| Profit (loss) for the period9904 | -€3,469 | -€76,762 | -€87,109 | ▼ 13.5% |
| + Depreciation and write-downs630 | €841 | €7,464 | €11,373 | ▲ 52.4% |
| Operating cash flow (approximation) | -€2,629 | -€69,297 | -€75,736 | ▼ 9.3% |
| Investment in fixed assets (approximation) | - | -€6,473 | -€42,467 | ▼ 556% |
| Change in cash | - | €5,450 | €673 | ▼ 87.6% |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Board & ownership
Directors
Owners and capital
Shareholders
- MARGARYAN Rafayel 1,000 shares (100%) · €5,000 in cash
Capital transactions
- 21-04-2023 Incorporation · €5,000 · 1,000 shares
Articles of association
Board and representation
- Board ruleThese rules set how the board is made up, meets and takes decisions.
- “Nombre,durée mandat,pouvoirs si pluralité, avec ou sans limitation”“Fixe ou proportionnelle, frais généraux”
Capital, shares and profit
- Kind of sharesThe articles set which classes of shares exist and what rights each class carries.
- “Nominatives, requises par Code des sociétés et des associations”
- Transfer restrictionThis rule says whether shareholders may sell their shares freely or need approval first.
- “Exclusion et retrait, pli recommandé”
Audit, dissolution and liquidation
- Statutory auditorA statutory auditor is a registered auditor who checks the annual accounts. Small companies need not have one. According to the deed, the legal criteria do not require one here.
- No statutory auditor
- Dissolution ruleThe articles set when and by whom the company can be dissolved.
- “Prévues pour modifications aux statuts, assemblée générale”
- Liquidation ruleIn a liquidation the creditors are paid first. What is left goes to the shareholders.
- “Quelque cause et moment que ce soit, si aucun autre liquidateur désigné”
Articles of association, deed of 21-04-2023 (in French)
Network & group
GOTHA shares no director with another company.
Connections & network
1 current directorThe network starts from the directors of GOTHA. Every other company they run is a node.
Timeline
Acts, filings and financial milestones
21-04
Gazette deed
IncorporationAppointment: MARGARYAN Rafayel (director) · Permanent representative: MARGARYAN Rafayel · Registered office clause10 points ▸
- Other provision, “conformément à la loi, prise d'effet des décisions finales et transitoires” (deed in French)
- Registered office clause, “1000 Bruxelles, rue des Patriotes 98” (deed in French)
- Board rule, 1
- Director appointment, MARGARYAN Rafayel (director (not named in the articles))
- Permanent representative, MARGARYAN Rafayel
- Pre-incorporation commitments, “takeover, tous engagements et obligations en résultant et toutes activités entreprises au nom et pour compte de la société en formation” (deed in French)
- Incorporation, “GOTHA” (deed in French)
- Founder, MARGARYAN Rafayel (comparant)
- Founding capital, €5,000
- Bank account, 5000, “société en formation” (deed in French)
Sources:Publications in the Belgian Official GazetteFilings with the National Bank
History
Company details
Register details
Identity
KBO recordRegistered office and establishments
Activities
NACEBEL 2025Invoicing and payment
Financial year and general meeting
Accounts at the NBBRecognitions · licences · registrations
Food safety, FASFC
1 siteSites & property
1 establishment unit
Buildings and parcels at the address
1 parcel
| Cadastral parcel | Region | Area | Buildings | Height / floors |
|---|---|---|---|---|
| 21806F0314/00D002 | Brussels | 184 m² | 1 · 161 m² | 19.5 m · 6 |