NAO
ActiveSummary
NAO has been active since 2006 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €159,649 and a net result of -€3,435. Equity remains stable across the filed fiscal years (±1.5% per year). Its solvency ranks better than 87% of 18606 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.7% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability67▼-2
Solvency100=
Growth52▼-26
Track record100
Bankruptcy probability, 12 months
0.7%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €13,000 at 30 days acceptable
Liquidity ample (current ratio 4.13 against 6.59 in 2024; short-term debt: 19.9% and cash: 77% of total assets), and 19.9% of the assets are financed with debt.
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Show the recommended maximum : and see how the verdict changes with amount, term and advance.
Signals
Four signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
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 →
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
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 19-05-2026, 73 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
73 d early
2024
105 d early
2023
119 d early
2022
34 d early
2021
89 d early
2020
73 d early
2019
26 d late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 7 accounts on average 67 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 3 May (4 of the last 5 filed years within 30 days of that day).
Companies Code · seven monthsPosition in the running window
28-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, micro schema
Equity
€159,649▼ 12.9%
2024 · €183,272
Total assets
€199,397▼ 3.9%
2024 · €207,497
Net result
-€3,435
2024 · €649
Working capital
€124,403▼ 8.1%
2024 · €135,382
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
Line20212022202320242025
Operating result€22,615▼ 26.0%€5,959▼ 73.6%€2,268▼ 61.9%€2,187▼ 3.5%-€2,398
Net result€16,055within the sector's middle half▼ 20.5%€2,288within the sector's middle half▼ 85.7%€4within the sector's middle half▼ 99.8%€649within the sector's middle half▲ 17,979%-€3,435within the sector's middle half
Equity€185,131above the sector's middle half▲ 9.5%€185,820above the sector's middle half▲ 0.4%€184,223above the sector's middle half▼ 0.9%€183,272above the sector's middle half▼ 0.5%€159,649above the sector's middle half▼ 12.9%
Total assets€273,836within the sector's middle half▲ 22.5%€248,073within the sector's middle half▼ 9.4%€226,069within the sector's middle half▼ 8.9%€207,497within the sector's middle half▼ 8.2%€199,397within the sector's middle half▼ 3.9%
Debt€88,705▲ 63.1%€62,254▼ 29.8%€41,846▼ 32.8%€24,225▼ 42.1%€39,747▲ 64.1%
Working capital€130,248above the sector's middle half▼ 0.9%€128,114above the sector's middle half▼ 1.6%€126,962above the sector's middle half▼ 0.9%€135,382above the sector's middle half▲ 6.6%€124,403above the sector's middle half▼ 8.1%
Solvency67.6%above the sector's middle half▼ 8.1pp74.9%above the sector's middle half▲ 7.3pp81.5%above the sector's middle half▲ 6.6pp88.3%above the sector's middle half▲ 6.8pp80.1%above the sector's middle half▼ 8.3pp
Current ratio3.29above the sector's middle half▼ 0.983.76above the sector's middle half▲ 0.474.27above the sector's middle half▲ 0.516.59above the sector's middle half▲ 2.324.13above the sector's middle half▼ 2.46
Return on assets (ROA)5.9%within the sector's middle half▼ 3.2pp0.9%within the sector's middle half▼ 4.9pp0.0%within the sector's middle half▼ 0.9pp0.3%within the sector's middle half▲ 0.3pp-1.7%within the sector's middle half▼ 2.0pp
Staff (FTE)1▲ 150%1=1=1=1=
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 turns negative in 2025: a loss of €2,398 after €2,187 in 2024, the lowest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €199,397
Fixed assets
€35,246 ▼ 26.4%
Current assets
€164,150 ▲ 2.8%
Equity and liabilities €199,397
Equity
€159,649 ▼ 12.9%
Debt
€39,747 ▲ 64.1%
Debt's share of the balance-sheet total rises from 11.7% to 19.9%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€10,247▼
2024 · €14,609
Cash flow
€9,210▼
2024 · €13,071
Quick ratio
3.90▼
2024 · 6.20
Debt to equity
0.25▲
2024 · 0.13
ROE
-2.2%▼
2024 · 0.4%
Interest coverage
31.47▼
2024 · 33.45
Debt ≤ 1 year
€39,747▲
2024 · €24,225
Income taxes
€1,102▼
2024 · €2,037
Staff costs
€14,722▲
2024 · €13,686
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 12,321 companies that looked in July 2024 the way this one looks now, 0.6% went bankrupt within 24 months and 90% are still going.
- Micro
- 20 years or older
- solvency 30% or more
- a small loss
0.6%
went bankrupt
8.5%
stopped otherwise
90%
still going
A further 0.6% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.7% over twelve months; the group does not contradict it.
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 12,321 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 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | €10,962 | €11,988 | €13,096 | €13,686 | €14,722 | ▲ 7.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €10,907 | €13,256 | €13,256 | €12,422 | €12,644 | ▲ 1.8% |
| Other operating charges640/8 | €3,431 | €2,648 | €3,583 | €3,856 | €4,523 | ▲ 17.3% |
| Gross operating margin9900 | €47,915 | €33,851 | €32,203 | €32,152 | €29,492 | ▼ 8.3% |
| Operating profit (loss)9901 | €22,615 | €5,959 | €2,268 | €2,187 | -€2,398 | ▼ 210% |
| Financial income75/76B | €73 | €0 | €394 | €935 | €391 | ▼ 58.2% |
| Recurring financial income75 | €73 | €0 | €394 | €935 | €391 | ▼ 58.2% |
| Financial charges65/66B | €1,701 | €1,110 | €723 | €437 | €326 | ▼ 25.4% |
| Recurring financial charges65 | €1,701 | €1,110 | €723 | €437 | €326 | ▼ 25.4% |
| Profit (loss) for the period before taxes9903 | €20,987 | €4,849 | €1,939 | €2,686 | -€2,332 | ▼ 187% |
| Income taxes67/77 | €4,932 | €2,560 | €1,936 | €2,037 | €1,102 | ▼ 45.9% |
| Profit (loss) for the period9904 | €16,055 | €2,288 | €4 | €649 | -€3,435 | ▼ 629% |
| Profit (loss) for the period to be appropriated9905 | €16,055 | €2,288 | €4 | €649 | -€3,435 | ▼ 629% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €273,836 | €248,073 | €226,069 | €207,497 | €199,397 | ▼ 3.9% |
| Fixed assets21/28 | €86,825 | €73,569 | €60,313 | €47,891 | €35,246 | ▼ 26.4% |
| Tangible fixed assets22/27 | €86,825 | €73,569 | €60,313 | €47,891 | €35,246 | ▼ 26.4% |
| Land and buildings22 | €47,748 | €43,674 | €39,600 | €36,360 | €33,120 | ▼ 8.9% |
| Furniture and vehicles24 | €39,077 | €29,895 | €20,713 | €11,531 | €2,126 | ▼ 81.6% |
| Current assets29/58 | €187,011 | €174,505 | €165,756 | €159,607 | €164,150 | ▲ 2.8% |
| Stocks and contracts in progress3 | €9,265 | €9,220 | €9,298 | €9,438 | €9,213 | ▼ 2.4% |
| Stocks30/36 | €9,265 | €9,220 | €9,298 | €9,438 | €9,213 | ▼ 2.4% |
| Amounts receivable within one year40/41 | €21 | €821 | €999 | €301 | €41 | ▼ 86.3% |
| Trade receivables40 | - | - | €389 | €56 | €41 | ▼ 26.0% |
| Other amounts receivable41 | €21 | €821 | €610 | €246 | - | - |
| Cash at bank and in hand54/58 | €176,132 | €162,745 | €153,597 | €147,846 | €153,463 | ▲ 3.8% |
| Deferred charges and accrued income490/1 | €1,593 | €1,719 | €1,862 | €2,021 | €1,433 | ▼ 29.1% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €273,836 | €248,073 | €226,069 | €207,497 | €199,397 | ▼ 3.9% |
| Equity10/15 | €185,131 | €185,820 | €184,223 | €183,272 | €159,649 | ▼ 12.9% |
| Contributions10/11 | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Reserves13 | €178,931 | €179,620 | €178,023 | €177,072 | €156,884 | ▼ 11.4% |
| Non-distributable reserves130/1 | €1,860 | €1,860 | - | - | - | - |
| Reserves not available under the articles1311 | €1,860 | €1,860 | - | - | - | - |
| Distributable reserves133 | €177,071 | €177,760 | €178,023 | €177,072 | €156,884 | ▼ 11.4% |
| Profit (loss) carried forward14 | - | - | - | - | -€3,435 | - |
| Amounts payable17/49 | €88,705 | €62,254 | €41,846 | €24,225 | €39,747 | ▲ 64.1% |
| Amounts payable after more than one year17 | €31,941 | €15,863 | €3,051 | - | - | - |
| Financial debts170/4 | €31,941 | €15,863 | €3,051 | - | - | - |
| Amounts payable within one year42/48 | €56,763 | €46,390 | €38,795 | €24,225 | €39,747 | ▲ 64.1% |
| Current portion of amounts payable after more than one year42 | €15,692 | €16,078 | €12,812 | €3,051 | - | - |
| Trade debts44 | €2,196 | €3,640 | €3,499 | €687 | €1,723 | ▲ 151% |
| Suppliers440/4 | €2,196 | €3,640 | €3,499 | €687 | €1,723 | ▲ 151% |
| Taxes, remuneration and social security45 | €32,357 | €17,526 | €13,578 | €12,009 | €11,934 | ▼ 0.6% |
| Taxes450/3 | €26,265 | €12,462 | €8,168 | €6,349 | €6,063 | ▼ 4.5% |
| Remuneration and social security454/9 | €6,092 | €5,064 | €5,410 | €5,660 | €5,871 | ▲ 3.7% |
| Other amounts payable47/48 | €6,519 | €9,146 | €8,906 | €8,478 | €26,091 | ▲ 208% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €16,055 | €2,288 | €4 | €649 | -€3,435 | ▼ 629% |
| + Depreciation and write-downs630 | €10,907 | €13,256 | €13,256 | €12,422 | €12,644 | ▲ 1.8% |
| Operating cash flow (approximation) | €26,962 | €15,544 | €13,260 | €13,071 | €9,210 | ▼ 29.5% |
| Investment in fixed assets (approximation) | - | €0 | €0 | €0 | €0 | - |
| Change in cash | - | -€13,387 | -€9,148 | -€5,751 | €5,617 | ▲ 198% |
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
19-05
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
17-04
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
03-04
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
27-06
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
03-05
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
19-05
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
2020
31-12
Financial
Back to profitnet €20,188
Net result €20,188 after 2 loss-making years.
31-12
Financial
Equity above €150,000Eq €169,076 ▲13.6%
Equity rises from €148,888 to €169,076.
26-08
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 26 days late
2019
31-12
Financial
Weakest financial yearnet -€4,255
Net result drops to -€4,255, the lowest in the series; recovery starts the following year.
27-05
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
2018
01-08
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema · 1 day late
2017
28-08
NBB filing
Annual accounts filed
fiscal year 2016 · micro schema · 28 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 1 act read
About the unread acts
We know of 1 Belgian State Gazette act for this company. It has not been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
1 act for this company is 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, Liège · 1 establishment unit since 2006
Ground area
139 m²
Building footprint
77 m²
Volume, LiDAR
713 m³
Parcel 62302C0100/00Y000, Wallonia · tallest building 11.0 m, ±3 floors. Linked by address, not a title deed.
2
companies at this address
See who is registered here
1 establishment unit
NAO
since 20062.152.695.858
1 parcel
Wallonia
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 62302C0100/00Y000 | Wallonia | 139 m² | 1 · 77 m² | 11.0 m · 3 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 1,394 companies in sector 47784 we hold annual accounts for 429. 328 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
Founded29-03-2006
Fiscal year end31-12
Activities, NACEBEL 2025
47784Retail sale of souvenirs and religious articles
47711Retail sale of women's outerwear
47715Retail trade
47722Retail trade
E-invoicing
Reachable via Peppol
Peppol ID
0208:0880326171
Registered
10-12-2025
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.