Reorganisation by transfer under court supervision
Docket number
20180007
Moratorium until
6 August 2019 (passed, unless a later judgment extended it)
Delegated judge
Reginald D’Hoop De Synghem
Official Gazette
03-07-2019search the document for 2019/135489
Steps for a creditor
Do not attach assets or start enforcement for debts from before the opening while the moratorium runs.
A court officer sells the business or part of it. Creditors are paid from the proceeds, according to their ranking.
What you deliver after the opening is not covered by the moratorium. Agree clear payment terms for it.
The file is in RegSol, where you can read the documents of the procedure.
The judgment sets how long the moratorium runs. That date is in RegSol and in the publication in the Official Gazette.
Your claim still exists, but while the moratorium runs you cannot enforce it. What you do now depends on the track of the reorganisation.
FollowFollow this reorganisation and you are notified of an extension, the court's approval, the closure or a bankruptcy.
This is general information, not legal advice. If in doubt, your lawyer or your accountant can help.
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Lifetime
19 annual accounts with figures on one time axis, 32 filings since 1994
2025 accounts filed 2 days after the deadlineReorganisation running: about 1 in 4 bankrupt within the yearTurnover not published (micro format)
Checked score
Checked score
The higher the Checked score (0 to 100), the smaller the chance that the company goes bankrupt within twelve months. That chance sets the band, from Critical to Excellent, and within the band how the company does against its sector peers counts too. With a low score, agree a shorter payment term, an advance or security.
20
Critical
Without a bankruptcy probability, the score rests on the figures alone.
Bankruptcy probability within 12 months
Bankruptcy probability
It is the chance that the company goes bankrupt within twelve months, estimated from the registers, the annual accounts and the Belgian Official Gazette. At 0.2%, about 2 in 1,000 comparable companies go bankrupt. The higher it is, the shorter the payment term to agree.
Judicial reorganisation
About 1 in 4 comparable companies went bankrupt within the year
A judicial reorganisation is open. There is then no bankruptcy probability from the figures. Of every Belgian company in an open or failed reorganisation, 25% to 26% went bankrupt within twelve months (measured in 2024 and 2025).
Financial strength
Financial strength
Financial strength measures the balance sheet and the results with three figures out of 100 from the latest annual accounts: solvency, liquidity and profitability. Without a bankruptcy probability, the company's Checked score rests on these figures.
Weak
42-4equity 17.1% of total assets
5-2short-term debt 82.9% · cash 0.1%
13-54return on assets -4.5%
Credit verdict
Credit verdict
The credit verdict says how much credit you can give the company on open account. “Acceptable” means normal terms, “With conditions” means limiting the amount or the term. “Not advised” means asking for payment up front.
No credit on open account during an ongoing judicial reorganisation
Liquidity is insufficient, with a current ratio of 0.03 (0.03 in 2024), below 1. Short-term debt is 82.9% and cash 0.1% of total assets. 82.9% of the assets are financed with debt and provisions.
The scores and ratios are Checked's own calculations, not a credit decision.
Signals
Three signals.
raises risk
raises risk · Persistent losses
Two consecutive loss-making years (2024 and 2025); equity is also lower. May indicate structural pressure on profitability.
The financial year that closed on 30-06-2025 was due by 31-01-2026 and was filed on 02-02-2026, 2 days later. Nearly half (47%) of Belgian companies file late; of those that file 1 to 90 days late, 2.0% are now bankrupt, dissolved or in another special legal status, against 1.66% of all filers. A delay like this does not count in the score.
The company filed its last 7 accounts on average 10 days after the deadline. The Belgian median for financial year 2024 was 4 days before the deadline, and 38% of all filings were late.
Searched, nothing found (2)
neutral · Next filing not due yet
The financial year that closed on 30-06-2026 is due by 31-01-2027. Nothing is late today. The company usually files around 20 February (5 of the last 5 accounts filed within 30 days either side of that date).
Publication in the Belgian Official Gazette
Gazette deed
1 director appointed, 2 reappointments
Appointment: JEBIRA Manelle · Reappointments: DE BRABANTER Louise (managing director) and JEBIRA Manelle · General meeting of 06-05-2022 · Gazette deed
“La société peut notamment sans que cette énumération soit limitative,acheter,vendre,échanger,prendre ou donner en location…” (deed in French)From the articles, 4 activitiesNo NACE code in the KBO yet