NATHAN SYSTEMS
ActiveSummary
NATHAN SYSTEMS has been active since 1993 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show negative equity (-€2.4m) and a net result of -€299,241. Equity is shrinking by ~8.8% per year across the filed fiscal years. Its solvency ranks better than 5% of 5048 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.7% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability0=
Solvency0=
Growth58=
Track record100
Bankruptcy probability, 12 months
0.7%
Low
0%0.5%1.5%4%10%≥ 25%
No credit on open account
Liquidity short (current ratio 0.07 against 0.08 in 2024; cash: 1.8% of total assets), and equity is negative.
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Signals
Six signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
raises risk · Annual accounts: weaker financial profile
The latest annual accounts show a weaker profile in solvency, result or liquidity than companies that stay afloat.
NBB · annual accounts 2025Solvency, return and age of the figures
Return on assets
-151.4%
Age of the figures
9 mo
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
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 46
Relative position
BE, all sectors
reference
Wholesale trade (NACE 46)
about 21% more bankruptcies
← fewer bankruptcies
more bankruptcies →
raises risk · Negative equity
The 2025 annual accounts show negative equity and a net loss.
NBB · annual accounts 2025Equity per financial year
1819202122232425
2018 to 2025 · latest year -€2.4m
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 13-07-2026, 18 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
18 d early
2024
7 d early
2023
on the day
2022
34 d early
2021
33 d early
2020
36 d early
2019
15 d early
← 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 20 days before the deadline; the sector median for financial year 2024 is 3 days before the deadline, and 39% 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 13 July (5 of the last 5 filed years within 30 days of that day).
Companies Code · seven monthsPosition in the running window
29-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, full schema
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
-€299,241▲ 25.6%
2024 · -€402,473
Working capital
-€2.4m▼ 16.5%
2024 · -€2.0m
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 46, Wholesale 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-€110,719▲ 17.8%€237,525-€20,670-€360,903▼ 1,646%-€252,887▲ 29.9%
Net result-€147,633below the sector's middle half▲ 10.3%€203,273above the sector's middle half-€53,619below the sector's middle half-€402,473below the sector's middle half▼ 651%-€299,241below the sector's middle half▲ 25.6%
Equity-€1.9mbelow the sector's middle half▼ 8.6%-€1.7mbelow the sector's middle half▲ 10.9%-€1.7mbelow the sector's middle half▼ 3.2%-€2.1mbelow the sector's middle half▼ 23.4%-€2.4mbelow the sector's middle half▼ 14.1%
Total assets€230,012below the sector's middle half▼ 30.8%€474,704below the sector's middle half▲ 106%€280,710below the sector's middle half▼ 40.9%€207,275below the sector's middle half▼ 26.2%€197,659below the sector's middle half▼ 4.6%
Debt€2.1m▲ 2.2%€2.1m▲ 2.0%€2.0m▼ 6.6%€2.3m▲ 16.5%€2.6m▲ 12.4%
Working capital-€1.8mbelow the sector's middle half▼ 4.2%-€1.6mbelow the sector's middle half▲ 13.3%-€1.6mbelow the sector's middle half▼ 1.1%-€2.0mbelow the sector's middle half▼ 28.7%-€2.4mbelow the sector's middle half▼ 16.5%
Solvency-811.5%below the sector's middle half▼ 294.6pp-350.4%below the sector's middle half▲ 461.1pp-611.6%below the sector's middle half▼ 261.2pp
Current ratio0.10below the sector's middle half▼ 0.050.22below the sector's middle half▲ 0.120.14below the sector's middle half▼ 0.080.08below the sector's middle half▼ 0.060.07below the sector's middle half▼ 0.01
Return on assets (ROA)-64.2%below the sector's middle half▼ 14.7pp42.8%above the sector's middle half▲ 107.0pp-19.1%below the sector's middle half▼ 61.9pp-194.2%below the sector's middle half▼ 175.1pp-151.4%below the sector's middle half▲ 42.8pp
Staff (FTE)9.3above the sector's middle half=9.1above the sector's middle half▼ 2.2%9.8above the sector's middle half▲ 7.7%8.9above the sector's middle half▼ 9.2%8.2within the sector's middle half▼ 7.9%
above
within
below
the middle half (P25 to P75) of NACE 46, Wholesale trade, each year against the same schema; no band under 30 filings.
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €252,887 in 2025 against €360,903 in 2024; the loss shrinks.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €197,659
Fixed assets
€18,265 ▲ 1.7%
Current assets
€179,395 ▼ 5.2%
Key figures and ratios
EBITDA
-€249,993▲
2024 · -€358,257
Cash flow
-€296,346▲
2024 · -€399,827
Quick ratio
0.05▼
2024 · 0.06
Debt to equity
-1.08▲
2024 · -1.10
Interest coverage
-6.09▲
2024 · -9.27
Debt ≤ 1 year
€2.6m▲
2024 · €2.2m
Income taxes
€5,299▲
2024 · €2,932
Staff costs
€899,383▼
2024 · €947,934
A ratio outside any meaningful range has been withheld (balance sheet total €197,659, equity -€2.4m).
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 6,622 companies that looked in July 2024 the way this one looks now, 4.6% went bankrupt within 24 months and 84% are still going.
- Micro
- 20 years or older
- negative equity
- a loss of 10% of the balance sheet or more
4.6%
went bankrupt
10.0%
stopped otherwise
84%
still going
A further 1.1% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a lower bankruptcy probability: 0.7% over twelve months. The score reads more about this company than the group's four characteristics; both figures are right about what they measure.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,338 companies of July 2024 its group's bankruptcy share. Expected: 1.6%; actually bankrupt within 24 months: 1.7%.
| 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% | 1.0% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.9% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 74% 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 6,622 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 |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €10,966 | €0 | ▼ 100% |
| Remuneration, social security and pensions62 | €750,011 | €830,528 | €1.0m | €947,934 | €899,383 | ▼ 5.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €6,972 | €3,912 | €2,783 | €2,646 | €2,894 | ▲ 9.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | -€813 | €1,020 | €0 | - | -€27,046 | - |
| Other operating charges640/8 | €2,597 | €3,361 | €284 | €23,921 | €34,968 | ▲ 46.2% |
| Non-recurring operating charges66A | - | - | - | €12,195 | €0 | ▼ 100% |
| Gross operating margin9900 | €648,048 | €1.1m | €999,429 | €625,793 | €657,312 | ▲ 5.0% |
| Operating profit (loss)9901 | -€110,719 | €237,525 | -€20,670 | -€360,903 | -€252,887 | ▲ 29.9% |
| Financial charges65/66B | €35,008 | €31,830 | €32,949 | €38,638 | €41,055 | ▲ 6.3% |
| Recurring financial charges65 | €35,008 | €31,830 | €32,949 | €38,638 | €41,055 | ▲ 6.3% |
| Profit (loss) for the period before taxes9903 | -€145,728 | €205,696 | -€53,619 | -€399,541 | -€293,942 | ▲ 26.4% |
| Income taxes67/77 | €1,905 | €2,423 | €0 | €2,932 | €5,299 | ▲ 80.7% |
| Profit (loss) for the period9904 | -€147,633 | €203,273 | -€53,619 | -€402,473 | -€299,241 | ▲ 25.6% |
| Profit (loss) for the period to be appropriated9905 | -€147,633 | €203,273 | -€53,619 | -€402,473 | -€299,241 | ▲ 25.6% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €230,012 | €474,704 | €280,710 | €207,275 | €197,659 | ▼ 4.6% |
| Fixed assets21/28 | €23,766 | €23,390 | €20,607 | €17,961 | €18,265 | ▲ 1.7% |
| Intangible fixed assets21 | - | - | - | - | €1,493 | - |
| Tangible fixed assets22/27 | €12,827 | €12,451 | €9,668 | €7,022 | €5,832 | ▼ 16.9% |
| Plant, machinery and equipment23 | €2,545 | €2,745 | €1,546 | €483 | €888 | ▲ 83.7% |
| Furniture and vehicles24 | €0 | €758 | €509 | €260 | €0 | ▼ 100% |
| Other tangible fixed assets26 | €10,282 | €8,948 | €7,613 | €6,279 | €4,945 | ▼ 21.3% |
| Financial fixed assets28 | €10,939 | €10,939 | €10,939 | €10,939 | €10,939 | = |
| Current assets29/58 | €206,246 | €451,314 | €260,103 | €189,314 | €179,395 | ▼ 5.2% |
| Stocks and contracts in progress3 | €12,952 | €14,064 | €30,184 | €53,535 | €59,892 | ▲ 11.9% |
| Stocks30/36 | €12,952 | €14,064 | €30,184 | €53,535 | €59,892 | ▲ 11.9% |
| Amounts receivable within one year40/41 | €158,625 | €363,552 | €74,731 | €97,941 | €94,010 | ▼ 4.0% |
| Trade receivables40 | €158,625 | €363,552 | €74,731 | €97,941 | €94,010 | ▼ 4.0% |
| Cash at bank and in hand54/58 | €19,300 | €42,601 | €125,194 | €12,185 | €3,572 | ▼ 70.7% |
| Deferred charges and accrued income490/1 | €15,369 | €31,097 | €29,993 | €25,652 | €21,920 | ▼ 14.5% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €230,012 | €474,704 | €280,710 | €207,275 | €197,659 | ▼ 4.6% |
| Equity10/15 | -€1.9m | -€1.7m | -€1.7m | -€2.1m | -€2.4m | ▼ 14.1% |
| Contributions10/11 | €500,000 | €500,000 | €500,000 | €500,000 | €500,000 | = |
| Capital10 | €500,000 | €500,000 | €500,000 | €500,000 | €500,000 | = |
| Issued capital100 | €500,000 | €500,000 | €500,000 | €500,000 | €500,000 | = |
| Reserves13 | €6,700 | €6,700 | €6,700 | €6,700 | €6,700 | = |
| Non-distributable reserves130/1 | €6,700 | €6,700 | €6,700 | €6,700 | €6,700 | = |
| Legal reserve130 | €6,700 | €6,700 | €6,700 | €6,700 | €6,700 | = |
| Profit (loss) carried forward14 | -€2.4m | -€2.2m | -€2.2m | -€2.6m | -€2.9m | ▼ 11.4% |
| Amounts payable17/49 | €2.1m | €2.1m | €2.0m | €2.3m | €2.6m | ▲ 12.4% |
| Amounts payable within one year42/48 | €2.0m | €2.0m | €1.9m | €2.2m | €2.6m | ▲ 14.7% |
| Trade debts44 | €1.2m | €1.1m | €835,215 | €1.1m | €1.4m | ▲ 27.6% |
| Suppliers440/4 | €1.2m | €1.1m | €835,215 | €1.1m | €1.4m | ▲ 27.6% |
| Taxes, remuneration and social security45 | €98,748 | €82,709 | €133,068 | €118,195 | €96,450 | ▼ 18.4% |
| Taxes450/3 | €20,957 | €20,722 | €38,672 | €46,903 | €36,436 | ▼ 22.3% |
| Remuneration and social security454/9 | €77,791 | €61,986 | €94,396 | €71,293 | €60,013 | ▼ 15.8% |
| Other amounts payable47/48 | €759,745 | €800,000 | €882,000 | €990,000 | €1.0m | ▲ 3.9% |
| Accrued charges and deferred income492/3 | €76,019 | €113,536 | €147,348 | €91,006 | €52,719 | ▼ 42.1% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€147,633 | €203,273 | -€53,619 | -€402,473 | -€299,241 | ▲ 25.6% |
| + Depreciation and write-downs630 | €6,972 | €3,912 | €2,783 | €2,646 | €2,894 | ▲ 9.4% |
| Operating cash flow (approximation) | -€140,661 | €207,186 | -€50,836 | -€399,827 | -€296,346 | ▲ 25.9% |
| Investment in fixed assets (approximation) | - | -€3,536 | €0 | €0 | -€3,198 | - |
| Change in cash | - | €23,302 | €82,592 | -€113,008 | -€8,613 | ▲ 92.4% |
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
13-07
NBB filing
Annual accounts filed
fiscal year 2025 · full schema
2025
24-07
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema
2024
31-07
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema
2023
27-06
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema
2022
31-12
Financial
Back to profitnet €203,273
Net result €203,273 after 4 loss-making years.
28-06
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema
2021
25-06
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema
2020
16-07
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema
2019
31-12
Financial
Weakest financial yearnet -€694,481
Net result drops to -€694,481, the lowest in the series; recovery starts the following year.
25-06
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema
2018
31-07
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema
2017
14-07
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 7 acts read
About the unread acts
We know of 7 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
7 acts for this company are 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, Zaventem · 1 establishment unit since 2001
Ground area
2,618 m²
Building footprint
781 m²
Volume, LiDAR
6,016 m³
Parcel 23078A0346/00C000, Flanders · tallest building 9.4 m, ±3 floors. Linked by address, not a title deed.
4
companies at this address
See who is registered here
1 establishment unit
NATHAN SYSTEMS
since 20012.062.778.640
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 23078A0346/00C000 | Flanders | 2,618 m² | 1 · 781 m² | 9.4 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 473 companies in sector 46842 we hold annual accounts for 347. 185 are within a factor 10 of this headcount. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPublic limited company
Founded07-06-1993
Fiscal year end31-12
Activities, NACEBEL 2025
46140Agents in the wholesale of industrial machinery, ships and aircraft
46842Wholesale trade
33110Repair and maintenance of fabricated metal products
E-invoicing
Reachable via Peppol
Peppol ID
0208:0450269149
Also
9925:BE0450269149
Registered
28-01-2026
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 29 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.