Overdue debts
€33,307 on 31-12-2025
The annual accounts state €19,200 of overdue tax debts and €14,107 of overdue social security (RSZ) debts on 31-12-2025.
HORECO
Lifetime
20 annual accounts with figures on one time axis, 41 filings since 1985peak €506,402 (2009)
€372,169▼ 11.8%
lowest -€68,962 (2011)
€102,537▼ 12.7%
peak €577,005 (2025)
€577,005▲ 21.6%
€824,663▲ 17.6%
peak 14.4 FTE (2007)
2.5 FTE▼ 10.7%
Board2 names since 2019
1 directorSebastiano RAMONDETTI
Documentsfilings and deeds
29-05-202663 days before the deadline
2025financial year
Staff from 2.8 FTE to 2.5 FTEEquity from €474,467 to €577,005Debts from €701,228 to €824,6631 establishment registeredInvestments €316,789Cash from €80,741 to €6,193
Key points
from the 2025 annual accountsEquity
€577,005 ▲ 21.6%
HORECO has made a profit without a break since 2021.
Turnover
≈ €880,000 estimated
The accounts state no turnover.
Investments
€318,949 3.8 × depreciation
Green is investment, beige is depreciation. Machinery stands 116.4% higher than in 2024.
Staff
2.5 FTE from 14.4 in 2007
Between 2007 and 2025, 83% of the full-time equivalents disappeared.
Filings
41 annual accounts since 1985
Three of the last ten came late. The 2017 accounts came latest: 139 days after the end of the period.
Checked score
92
Excellent
Financially stronger than 56% of micro companies in travel agencies (NACE 79)
Probability in this band: under 0.55%
Bankruptcy probability within 12 months
0.1% Very low
0%0.5%1.5%4%10%≥ 25%
The dashed line is the sector median: 0.2% across 1,004 companies (NACE 79, micro).
About 1 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
Last 24 months
12-2024: < 0.1%
01-2025: < 0.1%● unchanged vs 12-2024
02-2025: < 0.1%● unchanged vs 01-2025
03-2025: < 0.1%● unchanged vs 02-2025lowest value
04-2025: < 0.1%● unchanged vs 03-2025
05-2025: < 0.1%● unchanged vs 04-2025
06-2025: < 0.1%● unchanged vs 05-2025
07-2025: 0.1%▲ +0.1 percentage points vs 06-2025
08-2025: 0.1%● unchanged vs 07-2025
09-2025: 0.1%● unchanged vs 08-2025
10-2025: 0.1%● unchanged vs 09-2025
11-2025: 0.1%● unchanged vs 10-2025
12-2025: 0.1%● unchanged vs 11-2025
01-2026: 0.1%● unchanged vs 12-2025
02-2026: 0.1%● unchanged vs 01-2026
03-2026: 0.1%● unchanged vs 02-2026
04-2026: 0.1%● unchanged vs 03-2026
05-2026: 0.1%● unchanged vs 04-2026
06-2026: 0.1%● unchanged vs 05-2026highest value
07-2026: 0.1%● unchanged vs 06-2026highest value
08-2026: 0.1%● unchanged vs 07-2026highest value
09-2026: 0.1%● unchanged vs 08-2026highest value
10-2026: 0.1%● unchanged vs 09-2026highest value
11-2026: 0.1%● unchanged vs 10-2026highest value
Financial strengthAverage
Score breakdown
raises risk
Liquidity: current ratio 1.17, cash €6,193, halved
lowers risk
Founded in 1983
Size: 2.5 FTE, total assets €1.4m
Legal form: public limited company
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 79, micro). It does better than 58% of them on solvency, 25% on liquidity, 70% on profitability and 72% on growth.
The bankruptcy probability was computed on 10-11-2026 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 very low class on 30-06-2025, 0.1% 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).
Comparable companies, two years later
In July 2024, 31,368 companies had the same profile as HORECO has now. Each dot stands for 79 companies, two years later.
93.5%
were still trading
5.9%
stopped another way
0.5%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of HORECO itself: 0.1% within 12 months.
Test of the method
The method was tested on the 497,448 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 31,368 companies, not a prediction for HORECO. 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.
Credit verdict
Credit of up to €50,000 on 30-day terms is acceptable
Liquidity is tight, with a current ratio of 1.17 (2.2 in 2024), below the usual 1.5. Short-term debt is 22.3% and cash 0.4% of total assets. 58.8% of the assets are financed with debt and provisions.
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The scores and ratios are Checked's own calculations, not a credit decision.
Signals
Five signals.
lowers riskraises riskneutral
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 29-05-2026, 63 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
63 days early
2024
42 days early
2023
86 days early
2022
59 days early
2021
6 days early
2020
46 days early
2019
48 days late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
The company filed its last 7 accounts on average 36 days before the deadline. In the sector (NACE 79), the median for financial year 2024 was 7 days before the deadline, and 35% of those companies filed late.
Searched, nothing found (2)
neutral · Next filing not due yet
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today. The company usually files around 2 June (4 of the last 5 accounts filed within 30 days either side of that date).
Companies Code · seven monthsWhere today falls in the filing period
11-11-2026 today31-12-2026 year end31-07-2027 deadline
Recent changes
Registered in the Peppol Directory
Reachable for e-invoices through 0208:0424775668
New establishment in Sint-Gillis (bij-Brussel)
meridianis travel, Alsembergse Steenweg 55
Company renamed from HORECO to 1449 Holdings
Resignation: Natale RAMONDETTI (managing director) · Appointment: Sebastiano RAMONDETTI (managing director) · General meeting of 28-12-2022 · Gazette deed
Reappointments: Ramondetti Natale (director) and Ramondetti Sebastiano (director)
General meeting of 26-07-2019 · Gazette deed
Comparable companies
same main activity, similar in size and age| Company | ||||
|---|---|---|---|---|
| HORECO Ixelles | €1.4m | €372,169 | 41.2% | 2.5 |
| LIMBURG INTERNATIONAL Pelt | €1.3m | €312,572 | 63.6% | 3 |
| AQUATOUR Forest | €1.1m | €281,032 | 20.4% | 3.1 |
| FLY AWAY REIZEN Halle | €1.3m | €303,188 | 33.5% | 2.6 |
| TIELT TRAVEL Tielt | €1.0m | €290,263 | 42.6% | 2.2 |
| Reizen De Cauwer Sint-Niklaas | €1.5m | €216,602 | 15.5% | 2.6 |
| STAF TOURS Pelt | €1.0m | €307,599 | 27.6% | 3.2 |
These companies have the same main activity as HORECO: travel agency activities (NACE 79110). They are comparable in size and age: total assets between €999,000 and €1.5m, founded between 1981 and 1990.
Official details
Source: KBO- Status
- Active since 12-07-1983Normal situation
- Activity
- Travel agency activitiesNACE 79110
- Establishment units
- 2.023.194.6231050 Ixelles, since 12-07-1983
- 2.023.194.7221060 Sint-Gillis (bij-Brussel), since 12-05-2000and 1 other
- Financial year end
- 31 December
- Peppol
- Reachable since 27-06-2025
Annual accounts 2025
- €1.4m▲ 19.2%
- Employeeson 31-12-2025
- 3=
- Filing
- Filed on 29-05-2026, 63 days before the end of the filing period
Insights on HORECO
HORECO has existed since 1983. The gross margin fell from €441,025 in 2011 to €183,106 in 2012 and staff from 10.3 to 6.2 full-time equivalents.
In January 2023, the Official Gazette published the appointment of Sebastiano RAMONDETTI as managing director.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette. Click a figure with a dotted line for the item and the filing.
Key facts about HORECO
- What is the company number of HORECO?
- The company number of HORECO is 0424.775.668. The VAT number is the same number with BE in front: BE 0424.775.668.
- Where is HORECO based?
- The registered office is at Kapitein Crespelstraat 18, 1050 Ixelles.Company details
- What does HORECO do?
- According to the KBO register, the main activity is travel agency activities (NACE 79110).
- What is the legal form of HORECO?
- HORECO is a public limited company (NV).
- When was HORECO founded?
- HORECO was founded on 12-07-1983.
- Is HORECO still active?
- Yes, HORECO is an active enterprise in the KBO register.
- How many employees does HORECO have?
- HORECO had an average of 2.5 full-time equivalents in financial year 2025, according to the filed annual accounts.Financials
- What is the turnover of HORECO?
- The turnover in financial year 2025 is ≈ €880,000. This figure is estimated from the gross margin of €372,169 and 2,275 comparable companies of the same size. It probably lies between €530,000 and €1.5m. It is a rough estimate.
- Is HORECO profitable?
- In financial year 2025, HORECO made a profit of €102,537.
- Where can I find the annual accounts of HORECO?
- HORECO filed 41 annual accounts with the National Bank of Belgium, the latest for financial year 2025.
- When are the next annual accounts of HORECO due?
- HORECO must file the annual accounts for financial year 2026 by 31-07-2027.Timeline
Next steps
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