HORECA PROJECT
ActiveSummary
The computed 12-month bankruptcy probability of HORECA PROJECT is 3.3% (moderate). The 2025 annual accounts show equity of €15,756 and a net result of €1,823. Equity is growing by ~18.1% per year across the filed fiscal years. Its solvency ranks better than 51% of 18606 sector peers (fiscal year 2025). The company has been active since 2021 and the Belgian State Gazette contains no insolvency or warning signals.
Checked score
Score 2025
Axes · tick = 2024
Profitability74▼-7
Solvency61▲+2
Growth52▼-26
Track record94
Bankruptcy probability, 12 months
3.3%
Moderate
0%0.5%1.5%4%10%≥ 25%
Credit up to €500 at 30 days acceptable
Liquidity tight (current ratio 1.43 against 1.3 in 2024; short-term debt: 63.8% and cash: 54.9% of total assets), and 64.3% of the assets are financed with debt.
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Signals
Four signals. The signal on the left, the evidence on the right.
+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 47
Relative position
BE, all sectors
reference
Retail trade (NACE 47)
about 45% more bankruptcies
← fewer bankruptcies
more bankruptcies →
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 02-07-2026, 29 days ahead of the deadline.
NBB · 4 filingsDeviation from the deadline
2025
29 d early
2024
44 d early
2023
64 d early
2022
35 d early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 4 accounts on average 43 days before the deadline; the sector median for financial year 2024 is on the deadline day, and 46% 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 22 June (4 of the last 4 filed years within 30 days of that day).
Companies Code · seven monthsPosition in the running window
29-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, micro schema
Equity
€15,756▲ 7.8%
2024 · €14,621
Total assets
€44,114▲ 3.7%
2024 · €42,532
Net result
€1,823▼ 57.7%
2024 · €4,312
Working capital
€12,103▲ 45.8%
2024 · €8,303
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 47, Retail 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
Line2022202320242025
Operating result€3,005-€2,365▼ 21.3%€5,205▲ 120%€2,182▼ 58.1%
Net result€3,650within the sector's middle half-€2,666within the sector's middle half▼ 27.0%€4,312within the sector's middle half▲ 61.7%€1,823within the sector's middle half▼ 57.7%
Equity€9,019within the sector's middle half-€10,997within the sector's middle half▲ 21.9%€14,621within the sector's middle half▲ 33.0%€15,756within the sector's middle half▲ 7.8%
Total assets€19,027below the sector's middle half-€27,744below the sector's middle half▲ 45.8%€42,532below the sector's middle half▲ 53.3%€44,114below the sector's middle half▲ 3.7%
Debt€9,291-€16,202▲ 74.4%€27,538▲ 70.0%€28,157▲ 2.2%
Working capital-€4,018within the sector's middle half-€1,811within the sector's middle half€8,303within the sector's middle half▲ 358%€12,103within the sector's middle half▲ 45.8%
Solvency47.4%within the sector's middle half-39.6%within the sector's middle half▼ 7.8pp34.4%within the sector's middle half▼ 5.3pp35.7%within the sector's middle half▲ 1.3pp
Current ratio0.57below the sector's middle half-1.11within the sector's middle half▲ 0.541.30within the sector's middle half▲ 0.191.43within the sector's middle half▲ 0.13
Return on assets (ROA)19.2%above the sector's middle half-9.6%within the sector's middle half▼ 9.6pp10.1%within the sector's middle half▲ 0.5pp4.1%within the sector's middle half▼ 6.0pp
above
within
below
the middle half (P25 to P75) of NACE 47, Retail trade, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result falls in 2025; 2025 is 58% below 2024 and is the lowest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €44,114
Fixed assets
€3,854 ▼ 42.4%
Current assets
€40,260 ▲ 12.3%
Equity and liabilities €44,114
Equity
€15,756 ▲ 7.8%
Provisions
€201 ▼ 46.1%
Debt
€28,157 ▲ 2.2%
Debt's share of the balance-sheet total falls from 64.7% to 63.8%. Equity and debt are higher.
Key figures and ratios
EBITDA
€5,019▼
2024 · €8,245
Cash flow
€4,660▼
2024 · €7,352
Quick ratio
1.35▲
2024 · 1.22
Debt to equity
1.79▼
2024 · 1.88
ROE
11.6%▼
2024 · 29.5%
Interest coverage
44.42▼
2024 · 67.58
Debt ≤ 1 year
€28,157▲
2024 · €27,538
Income taxes
€1,109▼
2024 · €1,873
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 2,549 companies that looked in July 2024 the way this one looks now, 1.8% went bankrupt within 24 months and 94% are still going.
- Micro
- 2 to 5 years old
- solvency 30% or more
- a profit under 5% of the balance sheet
1.8%
went bankrupt
3.1%
stopped otherwise
94%
still going
A further 0.8% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a higher bankruptcy probability: 3.3% over twelve months. The score reads more about this company than the group's four characteristics; both figures are right about what they measure.
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 2,549 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 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €3,106 | €3,040 | €3,040 | €2,837 | ▼ 6.7% |
| Other operating charges640/8 | - | €955 | €22,415 | €590 | ▼ 97.4% |
| Non-recurring operating charges66A | - | €583 | - | - | - |
| Gross operating margin9900 | €6,111 | €6,943 | €30,660 | €5,609 | ▼ 81.7% |
| Operating profit (loss)9901 | €3,005 | €2,365 | €5,205 | €2,182 | ▼ 58.1% |
| Financial income75/76B | €583 | €1,220 | €930 | €691 | ▼ 25.7% |
| Recurring financial income75 | €583 | €1,220 | €930 | €691 | ▼ 25.7% |
| Financial charges65/66B | €25 | €243 | €122 | €113 | ▼ 7.4% |
| Recurring financial charges65 | €25 | €243 | €122 | €113 | ▼ 7.4% |
| Profit (loss) for the period before taxes9903 | €3,563 | €3,342 | €6,013 | €2,760 | ▼ 54.1% |
| Transfer from deferred taxes780 | €143 | €172 | €172 | €172 | = |
| Income taxes67/77 | €56 | €848 | €1,873 | €1,109 | ▼ 40.8% |
| Profit (loss) for the period9904 | €3,650 | €2,666 | €4,312 | €1,823 | ▼ 57.7% |
| Profit (loss) for the period to be appropriated9905 | €3,650 | €2,666 | €4,312 | €1,823 | ▼ 57.7% |
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Assets | |||||
| Total assets20/58 | €19,027 | €27,744 | €42,532 | €44,114 | ▲ 3.7% |
| Fixed assets21/28 | €13,754 | €9,731 | €6,691 | €3,854 | ▼ 42.4% |
| Intangible fixed assets21 | €12,314 | €9,494 | €6,674 | €3,854 | ▼ 42.3% |
| Tangible fixed assets22/27 | €1,440 | €237 | €17 | - | - |
| Furniture and vehicles24 | €1,440 | €237 | €17 | - | - |
| Current assets29/58 | €5,273 | €18,013 | €35,841 | €40,260 | ▲ 12.3% |
| Stocks and contracts in progress3 | - | - | €2,318 | €2,172 | ▼ 6.3% |
| Stocks30/36 | - | - | €2,318 | €2,172 | ▼ 6.3% |
| Amounts receivable within one year40/41 | €2,559 | €14,267 | €11,847 | €13,874 | ▲ 17.1% |
| Trade receivables40 | €2,559 | €14,267 | €11,634 | €12,769 | ▲ 9.8% |
| Other amounts receivable41 | - | - | €213 | €1,105 | ▲ 419% |
| Cash at bank and in hand54/58 | €2,714 | €3,746 | €21,676 | €24,214 | ▲ 11.7% |
| Equity and liabilities | |||||
| Total equity and liabilities10/49 | €19,027 | €27,744 | €42,532 | €44,114 | ▲ 3.7% |
| Equity10/15 | €9,019 | €10,997 | €14,621 | €15,756 | ▲ 7.8% |
| Contributions10/11 | €2,500 | €2,500 | €2,500 | €2,500 | = |
| Profit (loss) carried forward14 | €3,650 | €6,316 | €10,628 | €12,451 | ▲ 17.2% |
| Investment grants15 | €2,869 | €2,181 | €1,493 | €805 | ▼ 46.1% |
| Provisions and deferred taxes16 | €717 | €545 | €373 | €201 | ▼ 46.1% |
| Deferred taxes168 | €717 | €545 | €373 | €201 | ▼ 46.1% |
| Amounts payable17/49 | €9,291 | €16,202 | €27,538 | €28,157 | ▲ 2.2% |
| Amounts payable within one year42/48 | €9,291 | €16,202 | €27,538 | €28,157 | ▲ 2.2% |
| Trade debts44 | €4,856 | €1,859 | €1,834 | €2,541 | ▲ 38.5% |
| Suppliers440/4 | €4,856 | €1,859 | €1,834 | €2,541 | ▲ 38.5% |
| Taxes, remuneration and social security45 | €681 | €5,017 | €10,833 | €4,751 | ▼ 56.1% |
| Taxes450/3 | €681 | €5,017 | €10,833 | €4,751 | ▼ 56.1% |
| Other amounts payable47/48 | €3,754 | €9,326 | €14,871 | €20,865 | ▲ 40.3% |
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €3,650 | €2,666 | €4,312 | €1,823 | ▼ 57.7% |
| + Depreciation and write-downs630 | €3,106 | €3,040 | €3,040 | €2,837 | ▼ 6.7% |
| Operating cash flow (approximation) | €6,756 | €5,706 | €7,352 | €4,660 | ▼ 36.6% |
| Investment in fixed assets (approximation) | - | €983 | €0 | €0 | - |
| Change in cash | - | €1,032 | €17,930 | €2,538 | ▼ 85.8% |
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
02-07
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
31-12
Financial
Weakest financial yearnet €1,823 ▼57.7%
Net result drops to €1,823, the lowest in the series.
17-06
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
31-12
Financial
Highest result since 2022net €4,312 ▲61.7%
Operating result €5,205, net result €4,312, both a record.
28-05
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
26-06
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 3 acts read
About the unread acts
We know of 3 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
3 acts for this company are 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, Elsene · 1 establishment unit since 2021
Ground area
672 m²
Building footprint
209 m²
Volume, LiDAR
2,378 m³
Parcel 21445C0230/00C005, Brussels · tallest building 20.2 m, ±5 floors. Linked by address, not a title deed.
1 establishment unit
Eugène Cattoirstraat 14-16, 1050 Elsene
since 20212.327.032.176
1 parcel
Brussels
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 21445C0230/00C005 | Brussels | 672 m² | 1 · 209 m² | 20.2 m · 5 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.
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Of 2,606 companies in sector 47551 we hold annual accounts for 1,723. 837 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
Founded14-12-2021
Fiscal year end31-12
Activities, NACEBEL 2025
47551Retail sale of household furniture
68122Development of non-residential building projects
43990Other specialised construction activities
46441Wholesale trade
47559Retail sale of other household articles
56220Contract catering and other food service activities
70200Business and other management consultancy
82990Other business support services
85599Other education
Contact
Website
www.vaisselle-horeca.be
E-mail
info@vaisselle-horeca.be
E-invoicing
Reachable via Peppol
Peppol ID
0208:0778627413
Also
9925:BE0778627413
Registered
12-11-2025
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.