Active BE 0864.456.971Private limited company

LE PAIN CHANTANT

Rue Hubert Stiernet 39 ·4300 Waremme, Belgium· 22 yrs active

Sector: Artisanal bread and fresh pastry making (10712)

Conclusion Checked

LE PAIN CHANTANT has been active since 2004 and the Belgian State Gazette contains no insolvency or warning signals. The 2024 annual accounts show equity of €112k and a net result of €366. Equity remains stable across the filed fiscal years (±0.8% per year). Its solvency ranks better than 69% of 2092 sector peers (fiscal year 2024). The computed 12-month bankruptcy probability is 0.8% (low).

Based on the State Gazette, CBE and 4 annual accounts.

Key figures

Equity	€112k
Net result	€366
Staff (FTE)	8.2
Better than sector	69%

Financial profile 5 of 5 axes measured · computed by Checked

57 / 100

Mixed profile: strong on stability, weaker on profitability.

All 5 axes are computed from data Checked has read.

Health 61

Profitability 2

Solvency 72

Growth 52

Stability 100

Bankruptcy probability (12 mo) Checked model v1 · free

0.8% Low

0%0,5%1,5%4%10%≥25%

How do we compute this?

Risk Assessment rule-based

0 / 100

Low risk

Trust signals 2 signals

Long-established

Founded in 2004, 22 years in business.

No legal incidents

No bankruptcy, reorganisation or interim measure in the Belgisch Staatsblad, and the KBO register records a normal legal situation.

Administrative Flags0 events

No strikeouts found in the KBO publications we processed. That series starts in 2021 and has gaps, so this is not a confirmation that there is nothing.

Checked score FY 2024 · computed

61 / 100 Healthy

050100

Computed from 5 of the 6 factors this model weighs. The rest cannot be derived from the filed figures, or need a prior year to compare against.

Indicative credit limit

€7k

estimate, not credit advice

Score history

81 2021

58 2022

69 2023

61 2024

purely financial, excl. current insolvency signals

Score components

Liquidity Current ratio 0.94 (< 1.0) -10

Leverage Debt/equity 0.96 (< 1.0) +10

Profitability ROE 0% +3

Interest coverage Interest coverage 11.5× (≥ 3×) +8

Profit trend Net profit down YoY -3

Equity growth Equity growing YoY +3

Computed by Checked from the NBB filing for FY 2024. Indicative, not credit advice.

Financial overview21 NBB filings

Annual accounts filed on 06-10-2025 with the NBB · fiscal year 2024 · micro schema

Operating resultNet result

Trajectory (indicative)

Projection over 3 fiscal years from the filed annual accounts, not a forecast, the extended trend.

stable Equity: stable across 4 fiscal years (±0.8%/year).

Solid line = filed figures · dashed = extended trend · area = indicative range.

How do we compute this?

The trend is a robust median of all pairwise slopes between fiscal years (Theil-Sen), so a single odd year cannot hijack the line. For strictly positive series we also fit a log variant (compound annual growth) and keep whichever describes the figures best.

The area around the projection is 1.8 × the median absolute deviation from the trend, widening each year ahead (×1 / ×1.6 / ×2.2), with a minimum of 8% of the last value. It is an indicative range, not a statistical confidence interval.

A series whose deviations exceed 35% of its level is too volatile: we then deliberately show no projection. Every projection assumes unchanged policy and is blind to non-public information (order book, contracts, funding rounds).

Sector comparison

Fiscal year 2024 · NACE 10, Manufacture of food products · compared within the same schema type (micro schema)

Metric	This company	Sector median	Position in the sector
Solvency	51.1%	30.8%	better than 69% of 2092 sector peers
Net result	€366	€9k	better than 32% of 2093 sector peers
Equity	€112k	€48k	better than 70% of 2098 sector peers
Gross operating margin	€176k	€78k	better than 75% of 2090 sector peers
Staff costs	€113k	€70k	higher than 68% of 1423 sector peers

EBITDA

€59k

+26.4% 21-24

Net profit

€366

-86.3% 21-24

Cash flow

€53k

+31.3% 21-24

Total assets

€219k

+16.6% 21-24

Equity

€112k

+0.3% 21-24

Working capital

€-7k

+15.3% 21-24

Employees (FTE)

8

+12.3% 21-24

Staff costs

€113k

+26.8% 21-24

Income taxes

€117

-84.8% 21-24

Debt

€107k

+40.5% 21-24

Debt ≤ 1y

€106k

+49.1% 21-24

Debt > 1y

€1k

-77.2% 21-24

Current ratio

0.94

+5.4% 21-24

Quick ratio

0.89

+8.7% 21-24

Solvency

51.1%

-14.0% 21-24

Debt / equity

0.96

+40.0% 21-24

ROE

0.3%

-86.3% 21-24

ROA

0.2%

-88.2% 21-24

Interest coverage

11.53

+22.5% 21-24

Figures by fiscal year and ratios

Highlight YoY changes (±10%)

Fiscal year	2024	2023	2022	2021
Deposit	micro schema	micro schema	micro schema	micro schema
Revenue	-	-	-	-
EBITDA	€59k	€46k	€35k	€31k
Net profit	€366	€3k	€-817	€2k
Cash flow	€53k	€41k	€31k	€27k
Staff costs	€113k	€89k	€94k	€72k
Income taxes	€117	€771	-	€-7
Dividends	-	-	-	-
Total assets	€219k	€187k	€233k	€208k
Equity	€112k	€111k	€109k	€109k
Debt	€107k	€76k	€125k	€99k
of which ≤ 1y	€106k	€71k	€114k	€82k
of which > 1y	€1k	€5k	€11k	€17k
Working capital	€-7k	€-8k	€25k	€33k
Employees (FTE)	8.2	7.3	7.2	11.1

Ratios (computed)

	2024	2023	2022	2021
Current ratio	0.94	0.89	1.22	1.40
Quick ratio	0.89	0.82	1.18	1.34
Working capital ratio	-3.1%	-4.2%	10.9%	15.8%
Solvency	51.1%	59.4%	46.6%	52.6%
Debt / equity	0.96	0.68	1.15	0.90
Long-term debt ratio	0.01	0.05	0.10	0.15
Interest coverage	11.53	9.42	9.33	7.37
Gross margin	-	-	-	-
Net margin	-	-	-	-
ROA	0.2%	1.4%	-0.3%	1.0%
ROE	0.3%	2.4%	-0.8%	1.8%
EBITDA margin	-	-	-	-
Days sales outstanding	-	-	-	-
Days payable outstanding	-	-	-	-
Inventory turnover	-	-	-	-
Days inventory (DSI)	-	-	-	-

Balance-sheet composition 2024

Assets

Fixed assets €120k · 54.7% Current assets €99k · 45.3%

Equity & liabilities

Equity €112k · 51.1% Debt €107k · 48.9%

Full annual accounts (26 line items)

Filed balance sheet and income statement, exactly as deposited with the NBB.

Line item	Code	2024	2023	2022	2021
Balance sheet, Assets
TOTAL ASSETS	20/58	€219k	€187k	€233k	€208k
Fixed assets	21/28	€120k	€124k	€94k	€94k
Intangible fixed assets	21	-	-	€0	€0
Tangible fixed assets	22/27	€118k	€123k	€93k	€92k
Financial fixed assets	28	€1k	€1k	€1k	€1k
Current assets	29/58	€99k	€63k	€139k	€115k
Stocks & contracts in progress	3	€5k	€5k	€5k	€5k
Amounts receivable within one year	40/41	€42k	€33k	€61k	€79k
Cash & bank	54/58	€51k	€24k	€73k	€30k
Balance sheet, Equity & liabilities
TOTAL EQUITY & LIABILITIES	10/49	€219k	€187k	€233k	€208k
Equity	10/15	€112k	€111k	€109k	€109k
Contributions / capital	10/11	€6k	€6k	€6k	€6k
Reserves	13	€2k	€2k	€2k	€2k
Accumulated profits (losses)	14	€104k	€103k	€101k	€101k
Amounts payable	17/49	€107k	€76k	€125k	€99k
Amounts payable after one year	17	€1k	€5k	€11k	€17k
Amounts payable within one year	42/48	€106k	€71k	€114k	€82k
Trade debts payable within one year	44	€26k	€14k	€65k	€55k
Income statement
Gross operating margin	9900	€176k	€141k	€133k	€104k
Operating result	9901	€6k	€8k	€3k	€6k
Financial income	75	€0	-	-	-
Financial charges	65	€5k	€5k	€4k	€4k
Result before taxes	9903	€483	€3k	€-817	€2k
Income taxes	67/77	€117	€771	-	€-7
Net result for the period	9904	€366	€3k	€-817	€2k
Result to be appropriated	9905	€366	€3k	€-817	€2k

Directors & mandates 1 directors

Current directors & mandates

Denis MORUE
Director
State Gazette act 24317159 (10-01-2024)

Current
10-01-2024 → present

Legal Structure

NACE primary	Artisanal bread and fresh pastry making(10712)
Legal form	Private limited company(610)
Incorporation	01-04-2004
Status	Active
Postal code	4300

Establishment units 1 location

Le Pain Chantant

Rue Hubert Stiernet 39, 4300 WaremmeNACE 15520

since 20072.162.909.859

Real-estate footprint Source: CBE × cadastre

Wallonia 1 (100%)

Parcel (capakey)	Region	Area	Buildings	Height / fl.
64074C0328/00F000indicative	Wallonia	140 m²	1 · 66 m²	-

Methodology

via registered seat: 1

0 of 1 parcel with an exact address match; the rest are indicative.

Linked through address data, this is not proof of ownership.

Updates 11 events

All 13Financial 2Gazette 1Filings 10

2025

06-10

NBB filing Annual accounts filed

fiscal year 2024 · micro schema · 67 days late

2024

29-10

NBB filing Annual accounts filed

fiscal year 2023 · micro schema · 90 days late

10-01

State Gazette act Director changes

Sophie MELON · correction

2023

31-12

Financial Back to profitnet €3k

Net result €3k after one loss-making year.

09-10

NBB filing Annual accounts filed

fiscal year 2022 · micro schema · 70 days late

2022

31-12

Financial Weakest financial yearnet €-817 ▼141%

Net result drops to €-817, the lowest in the series; recovery starts the following year.

29-09

NBB filing Annual accounts filed

fiscal year 2021 · micro schema · 60 days late

2021

29-12

NBB filing Annual accounts filed

fiscal year 2020 · micro schema · 151 days late

2020

31-08

NBB filing Annual accounts filed

fiscal year 2019 · full schema · 31 days late

2019

22-10

NBB filing Annual accounts filed

fiscal year 2018 · full schema · 83 days late

2018

27-10

NBB filing Annual accounts filed

fiscal year 2017 · full schema · 88 days late

2017

27-12

NBB filing Annual accounts filed

fiscal year 2016 · full schema · 149 days late

2016

29-09

NBB filing Annual accounts filed

fiscal year 2015 · full schema · 60 days late

Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.

Belgian State Gazette reading coverage 0 of 3 acts read

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.

Belgisch Staatsblad, acts 1 acts

All acts · 1 updated 2 years ago

2024

10-01-2024 Denis MORUE appointed as director Director changes·Sophie MELONcorrection

Denis MORUE, Bestuurder

Notary: Sophie MELON · Liège

Original publication ↗

Technical details

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Credit advice verdict per customer and amount

Company registry (CBE) Crossroads Bank

Activities

Artisanal bread and fresh pastry making1071215812Manufacture of food products10520Retail sale of bread and pastry (bakery outlets)4724152240

Names & trade names

Legal nameFR

LE PAIN CHANTANT

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