Liquidity
Short-term debts fell from €19,901 to €14,679.
Short-term debts fell from €19,901 to €14,679.
The 2025 accounts came latest: 53 days after the end of the period.
The dashed line is the sector median: 1.1% across 3,080 companies (NACE 10, micro).
About 3 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 10, micro). It does better than 57% of them on solvency, 72% on liquidity, 95% on profitability and 97% 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 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, 39,278 companies had the same profile as KARLIOGLU has now. Each dot stands for 99 companies, two years later.
Another 0.1% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of KARLIOGLU itself is higher: 2.8% within 12 months. It rests on far more data about KARLIOGLU than the profile alone.
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 39,278 companies, not a prediction for KARLIOGLU. 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 tight, with a current ratio of 1.47 (0.37 in 2024), below the usual 1.5. Short-term debt is 60.3% and cash 38.9% of total assets. 60.3% of the assets are financed with debt and provisions.
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 3 accounts on average 41 days after the deadline. In the sector (NACE 10), the median for financial year 2024 was 4 days before the deadline, and 38% of those companies filed late.
| Company | ||||
|---|---|---|---|---|
| KARLIOGLU Kraainem | €24,351 | €28,772 | 39.7% | - |
| BENKACHOR Dilbeek | €27,375 | €28,271 | 34.0% | - |
| ALADNAN SWEETS Sint-Pieters-Leeuw | €24,815 | €38,386 | -17.7% | - |
| AIN SFA Dilbeek | €26,122 | €27,646 | 59.4% | - |
| L’ATELIER DU BLÉ Zaventem | €30,129 | €21,145 | 66.7% | - |
| DENISE NIESSEN Eupen | €26,195 | €21,931 | 93.2% | - |
| NYMPH - MOUNIR Ronse | €30,015 | €35,765 | -216.1% | - |
These companies have the same main activity as KARLIOGLU: artisanal bread and fresh pastry making (NACE 10712). They are comparable in size and age: total assets between €24,800 and €30,100, founded between 2021 and 2024.
KARLIOGLU files the micro format. That format states no turnover. The gross margin rose from -€27,937 in 2023 to €28,772 in 2025.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Turnover ≈ €120,000. Estimated: probably between €70,000 and €210,000.
Higher than 59% of 1,918 companies in 2025.
Higher than 61% of 1,862 companies in 2025.
Higher than 95% of 1,878 companies in 2025.
Net result: middle half · Equity: middle half · Balance sheet total: bottom quarter · Working capital: middle half
Staff costs divided by the average number of full-time equivalents.
In 2025, 1 person joined and nobody left.
| Line | Trend | 2025 | 2024 | 2023 |
|---|---|---|---|---|
| Balance sheet: assets | ||||
20/58 |
24,351 | 12,608 | 8,906 | |
21/28 |
2,703 | 5,294 | 7,885 | |
22/27 |
2,703 | 5,294 | 7,885 | |
24 |
2,703 | 5,294 | 7,885 | |
29/58 |
21,648 | 7,314 | 1,021 | |
3 |
688 | 980 | - | |
30/36 |
688 | 980 | - | |
40/41 |
11,473 | - | 385 | |
40 |
11,473 | - | - | |
41 |
- | - | 385 | |
54/58 |
9,466 | 6,334 | 636 | |
490/1 |
21 | - | - | |
| Balance sheet: equity and liabilities | ||||
10/49 |
24,351 | 12,608 | 8,906 | |
10/15 |
9,673 | -7,293 | -28,833 | |
14 |
9,673 | -7,293 | -28,833 | |
17/49 |
14,679 | 19,901 | 37,739 | |
42/48 |
14,679 | 19,901 | 37,739 | |
44 |
336 | 15,452 | 3,761 | |
440/4 |
336 | 15,452 | 3,761 | |
45 |
11,843 | 4,449 | 372 | |
450/3 |
10,621 | 4,449 | 372 | |
454/9 |
1,222 | - | - | |
47/48 |
2,500 | - | 33,605 | |
| Income statement | ||||
76A |
36,900 | 47,881 | 134 | |
9900 |
28,772 | 24,823 | -27,937 | |
62 |
3,786 | - | - | |
630 |
2,591 | 2,591 | 815 | |
640/8 |
1,682 | 547 | - | |
9901 |
20,714 | 21,685 | -28,752 | |
65/66B |
180 | 145 | 81 | |
65 |
180 | 145 | 81 | |
9903 |
20,534 | 21,539 | -28,833 | |
67/77 |
3,568 | - | - | |
9904 |
16,966 | 21,539 | -28,833 | |
9905 |
16,966 | 21,539 | -28,833 | |
| Appropriation of the result | ||||
9906 |
9,673 | -7,293 | -28,833 | |
14P |
-7,293 | -28,833 | - | |
| Social balance sheet | ||||
9087 |
0.7 | - | - | |
Hours worked1013 |
144 | - | - | |
| Document | ||||
The notes to these accounts have 3 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 22-09-2026.
2025 annual accounts filed 53 days after the deadline. Filed on 22 September 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00518701.
| Line | Trend | 2025 | 2024 | 2023 |
|---|---|---|---|---|
| 23,305 | 24,276 | -27,937 | ||
| 19,557 | 24,130 | -28,018 | ||
| 0 | 0 | 8,700 | ||
| 3,132 | 5,698 | - | ||
| 6,970 | -12,587 | -36,718 | ||
| 39.7% | -57.8% | -323.7% | ||
| 1.47 | 0.37 | 0.03 | ||
| 1.43 | 0.32 | 0.03 | ||
| 1.52 | - | - | ||
| 175.4% | - | - | ||
| 69.7% | 170.8% | -323.7% | ||
| over 100 | over 100 | -344.56 |
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 | 31-12-2025 |
|---|---|
| Employees at the balance-sheet date | 1 |
| part-time | 1 |
| in full-time equivalents | 0.3 |
| 0.2 | |
| On a permanent contract | 1 |
| Joined | 1 |
| Left | 0 |
Source: social balance sheet in the 2025 annual accounts
| Item | 2025 | 2024 | 2023 |
|---|---|---|---|
| Tangible fixed assets | - | - | €8,700 |
| €2,591 | €2,591 | €815 |
Source: notes to the 2023 to 2025 annual accounts (statement of fixed assets)
The operating result for 2025 is 4% lower than in 2024.
Debt's share of the balance-sheet total is 60.3%.
KARLIOGLU has no parent and no holdings in its annual accounts. KARLIOGLU Memik is the only director. KARLIOGLU shares no director with another company.
| EFFICY
registered office since 13-03-2006 · founded in 2005 |
74 FTE (2025) 0875.895.449 |
| VERISURE
establishment since 15-11-2021 · founded in 1997 · group Verisure Midholding AB |
201 FTE (2025) 0459.866.904 |
| Efficy HoldCo
registered office since 16-10-2025 · founded in 2025 · group EFFICY |
total assets €124.5m (2025) 1029.273.829 |
| INFORMEX
registered office since 31-01-1983 · founded in 1983 |
12 FTE (2025) 0423.709.559 |
| NOVASOL
registered office since 13-06-1997 · founded in 1997 · group EGREGORA · accounts filed late |
13 FTE (2024) 0460.802.557 |
| Verzekeringskantoor Van Dessel
establishment since 01-04-2018 · founded in 1991 |
164 FTE (2025) 0446.433.491 |
| VERISURE SECURITY
establishment since 15-11-2021 · founded in 2005 · group Verisure Midholding AB |
390 FTE (2025) 0877.035.396 |
| Efficy Finco
registered office since 23-07-2025 · founded in 2025 · negative equity (2025) · group EFFICY |
total assets €30.0m (2025) 1025.813.503 |
| CENTER FOR CREATIVE LEADERSHIP
establishment since 27-07-1990 · founded in 1990 |
80 FTE (2019) 0544.219.785 |
| PerkinElmer (Belgium)
registered office since 18-10-2022 · founded in 2022 · accounts filed late |
32 FTE (2024) 0792.588.483 |
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
KARLIOGLU was incorporated on 10 January 2023 as a private limited company by one natural person, with a starting capital of €1,000.12 Since 2023, KARLIOGLU Memik has served as director.3 Total assets rose from €8,906 in 2023 to €24,351 in 2025.4
| Establishment | Since | Unit number | FASFC approval |
|---|---|---|---|
| Steenweg op Mechelen 455 registered office 1950 Kraainem | |||
| Koninklijke Sinte-Mariastraat 40 1030 Schaerbeek | 07-04-2023 | 2.343.818.324 | Restaurant |
| KARLIOGLU 2 Haachtsesteenweg 148, 1030 Schaerbeek | 06-03-2024 | 2.356.514.535 | Retail trade |
| Cadastral parcel | Region | Area | Buildings | Height / floors |
|---|---|---|---|---|
| 22002C0073/00N009 | Flanders | 1.1 ha | 1 · 865 m² | 42.8 m · 14 |
| 21906D0344/00F010 | Brussels | 222 m² | 1 · 140 m² | 16.9 m · 5 |
| 21908E0234/00T004 | Brussels | 108 m² | 1 · 93 m² | 15.9 m · 4 |
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