Losses
-€24,065 in two years
The 2024 and 2025 financial years closed with a loss. 2025 was the heaviest.
NATHAN
Lifetime
7 annual accounts with figures on one time axispeak €359,373 (2018)
€242,635▲ 9.1%
lowest -€14,309 (2025)
-€14,309▼ €4,553
peak €218,719 (2023)
€194,654▼ 6.8%
€755,655▲ 223%
peak 5.7 FTE (2020)
3.9 FTE▼ 11.4%
Board1 name since 2023
1 directorVan Echelpoel Nathan
Documentsfilings and deeds
31-10-2025on the last day
2025abbreviated format
Loss of €14,309Staff from 4.4 FTE to 3.9 FTEDebts from €234,092 to €755,655Investments €621,345Cash from €187,451 to €126,244
Key points
from the 2025 annual accountsDebts
€755,655 ▲ 223%
Debts rose by €521,564 in 2025.
Securities
€500,000
Mortgages, new in 2025. 2.6 times equity · not in the 2024 accounts.
Investments
€629,307 11.8 × depreciation
Green is investment, beige is depreciation.
Staff
4 employees on 31-03-2025
In 2025, 27 people joined and 28 left.
Filings
7 annual accounts 10 days past the deadline
2026 accounts not filed: deadline was 31-10-2026.
Checked score
55
Fair
Financially stronger than 43% of micro companies in food and beverage service (NACE 56)
Probability in this band: 1.5% to 4.2%
Bankruptcy probability within 12 months
1.7% Moderate
0%0.5%1.5%4%10%≥ 25%
The dashed line is the sector median: 1.8% across 23,788 companies (NACE 56, micro).
About 2 in 100 comparable companies go bankrupt within 12 months (an estimate).
Last 24 months
12-2024: 0.5%
01-2025: 0.5%● unchanged vs 12-2024
02-2025: 0.5%● unchanged vs 01-2025
03-2025: 0.5%● unchanged vs 02-2025
04-2025: 0.5%● unchanged vs 03-2025lowest value
05-2025: 0.5%● unchanged vs 04-2025lowest value
06-2025: 0.5%● unchanged vs 05-2025lowest value
07-2025: 0.5%● unchanged vs 06-2025
08-2025: 0.5%● unchanged vs 07-2025
09-2025: 0.5%● unchanged vs 08-2025
10-2025: 0.6%▲ +0.1 percentage points vs 09-2025
11-2025: 0.8%▲ +0.2 percentage points vs 10-2025
12-2025: 0.8%● unchanged vs 11-2025
01-2026: 0.8%● unchanged vs 12-2025
02-2026: 0.8%● unchanged vs 01-2026
03-2026: 0.8%● unchanged vs 02-2026
04-2026: 0.8%● unchanged vs 03-2026
05-2026: 0.8%● unchanged vs 04-2026
06-2026: 0.8%● unchanged vs 05-2026
07-2026: 0.9%▲ +0.1 percentage points vs 06-2026
08-2026: 0.9%● unchanged vs 07-2026
09-2026: 1.0%▲ +0.1 percentage points vs 08-2026
10-2026: 1.4%▲ +0.4 percentage points vs 09-2026
11-2026: 1.7%▲ +0.3 percentage points vs 10-2026highest value
Financial strengthAverage
Score breakdown
raises risk
Figures for financial year 2025 (filed on 31-10-2025)
Sector: Food and beverage service activities (NACE 56)
1 financial year not filed after the legal deadline
lowers risk
Founded in 2016
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 56, micro). It does better than 42% of them on solvency, 65% on liquidity, 33% on profitability and 33% on growth.
The bankruptcy probability was computed on 09-11-2026 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 31-03-2025.
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).
Comparable companies, two years later
In July 2024, 2,166 companies had the same profile as NATHAN has now. Each dot stands for 6 companies, two years later.
94.1%
were still trading
3.0%
stopped another way
2.5%
went bankrupt
Another 0.3% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of NATHAN itself: 1.7% within 12 months.
Test of the method
The method was tested on the 497,447 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 2,166 companies, not a prediction for NATHAN. 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 €10,000 on 30-day terms is acceptable
Liquidity is tight, with a current ratio of 1.24 (1.69 in 2024), below the usual 1.5. Short-term debt is 18.5% and cash 13.3% of total assets. 79.5% 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
Six signals.
lowers riskraises riskneutral
raises risk · Persistent losses
Two consecutive loss-making years (2024 and 2025); equity is also lower. May indicate structural pressure on profitability.
NBB · annual accounts 2025Net result per financial year
192021232425
2019 to 2025 · latest year -€14,309
neutral · Latest accounts filed on time
The financial year that closed on 31-03-2025 was due by 31-10-2025 and was filed on 31-10-2025, 0 days ahead of the deadline.
NBB · 7 filingsDeviation from the deadline
2026
not filed
2025
on the day
2024
1 day early
2023
on the day
2021
30 days late
2020
27 days late
2019
2 days early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
The company filed its last 6 accounts on average 9 days after the deadline. In the sector (NACE 56), the median for financial year 2024 was 7 days after the deadline, and 53% of those companies filed late.
Searched, nothing found (1)
Recent changes
Registered in the Peppol Directory
Reachable for e-invoices through 0208:0654864420
Incorporation
published on 24-05-2016 · Gazette deed
First establishment
Lange Koepoortstraat 13, Antwerp
Comparable companies
same main activity, similar in size and age| Company | ||||
|---|---|---|---|---|
| NATHAN Antwerp | €1.0m | €242,635 | 20.5% | 3.9 |
| Nores Genk | €0.9m | €256,822 | 11.7% | 4.1 |
| INPROVA Schelle | €0.9m | €312,447 | -41.8% | 5 |
| FIKO Antwerp | €1.2m | €328,233 | 13.8% | 4.4 |
| VERWEST Maldegem | €1.0m | €307,222 | 55.7% | 3.6 |
| Charles Branding Sint-Niklaas | €1.0m | €265,432 | 72.9% | 3 |
| 'T WINNERHOF Hechtel-Eksel | €0.7m | €216,377 | 67.1% | 3.6 |
These companies have the same main activity as NATHAN: full-service restaurants (NACE 56111). They are comparable in size and age: total assets between €745,000 and €1.2m, founded between 2015 and 2017.
Official details
Source: KBO- Status
- Active since 20-05-2016Normal situation
- Activity
- Full-service restaurantsNACE 56111and 1 other
- Joint committee
- 302Hotels and catering · annual accounts 31-03-2023
- Establishment unit
- 2.253.063.0452000 Antwerp, since 20-05-2016
- Financial year end
- 31 March
- Peppol
- Reachable since 27-11-2025
Annual accounts to 31-03-2025
- ≈ €740,000estimated
- €950,309▲ 114%
- Employeeson 31-03-2025
- 4▼ 20.0%
- Filing
- Filed on 31-10-2025
Insights on NATHAN
NATHAN files the abbreviated format. That format states no turnover. The gross margin fell from €359,373 in 2018 to €242,635 in 2025.
The balance sheet grew most in 2025 through fixed assets, financed with long-term debt.
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 NATHAN
- What is the company number of NATHAN?
- The company number of NATHAN is 0654.864.420. The VAT number is the same number with BE in front: BE 0654.864.420.
- Where is NATHAN based?
- The registered office is at Lange Koepoortstraat 13, 2000 Antwerp.Company details
- What does NATHAN do?
- According to the KBO register, the main activity is full-service restaurants (NACE 56111).
- What is the legal form of NATHAN?
- NATHAN is a private limited company (pre-2019) (BVBA).
- When was NATHAN founded?
- NATHAN was founded on 20-05-2016.
- Is NATHAN still active?
- Yes, NATHAN is an active enterprise in the KBO register.
- How many employees does NATHAN have?
- NATHAN had an average of 3.9 full-time equivalents in financial year 2025, according to the filed annual accounts.Financials
- Which joint committee does NATHAN fall under?
- In its 31-03-2023 annual accounts, NATHAN states joint committee 302 (Hotels and catering).
- What is the turnover of NATHAN?
- The turnover in financial year 2025 is ≈ €740,000. This figure is estimated from the gross margin of €242,635 and 31 comparable companies (NACE 56111). It probably lies between €610,000 and €810,000.
- Is NATHAN profitable?
- In financial year 2025, NATHAN made a loss of €14,309.
- Where can I find the annual accounts of NATHAN?
- NATHAN filed 7 annual accounts with the National Bank of Belgium, the latest for financial year 2025.
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