OPERANDI
ActiveSummary
OPERANDI has been active since 1987 and the Belgian State Gazette contains no insolvency or warning signals. The 2024 annual accounts show equity of €49,737 and a net result of -€21,414. Equity is growing by ~10% per year across the filed fiscal years. Its solvency ranks better than 49% of 5998 sector peers (fiscal year 2024). The computed 12-month bankruptcy probability is 0.5% (low).
Checked score
Score 2024
Axes · tick = 2023
Profitability0▼-33
Solvency66▼-8
Growth52=
Track record100
Bankruptcy probability, 12 months
0.5%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €2,000 at 30 days acceptable
Liquidity ample (current ratio 1.57 against 1.81 in 2023; short-term debt: 58.9% and cash: 0.3% of total assets), but 58.9% of the assets are financed with debt.
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Signals
Seven signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
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 · 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 2024Solvency, return and age of the figures
Solvency
41.1%
Return on assets
-17.7%
Age of the figures
21 mo
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 · Persistent losses
Two consecutive loss-making years (2023 and 2024); equity is also lower. May indicate structural pressure on profitability.
NBB · annual accounts 2024Net result per financial year
18192021222324
2018 to 2024 · latest year -€21,414
neutral · A punctual record breaks
This company filed 9 consecutive financial years on time. The year that closed on 31-12-2024 was due by 31-07-2025 and was filed on 22-09-2025, 53 days late. Weigh it accordingly: a break into the 1-to-90-day band measures 1.41% abnormal legal state, below the 1.66% market average. It is a change in behaviour, not evidence of elevated risk.
NBB · 10 filingsDeviation from the deadline
2025
not confirmed
2024
53 d late
2023
19 d early
2022
12 d early
2021
65 d early
2020
37 d early
2019
45 d early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 6 accounts on average 21 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 (1)
History
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Financials · fiscal year 2024, full schema
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
-€21,414▼ 802%
2023 · -€2,373
Working capital
€40,372▼ 32.8%
2023 · €60,045
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
Line20202021202220232024
Operating result€42,018▲ 2,819%€22,094▼ 47.4%€21,526▼ 2.6%-€1,653-€20,157▼ 1,119%
Net result€30,740within the sector's middle half€16,486within the sector's middle half▼ 46.4%€15,505within the sector's middle half▼ 5.9%-€2,373below the sector's middle half-€21,414below the sector's middle half▼ 802%
Equity€54,820below the sector's middle half▲ 128%€68,018below the sector's middle half▲ 24.1%€73,523below the sector's middle half▲ 8.1%€71,150below the sector's middle half▼ 3.2%€49,737below the sector's middle half▼ 30.1%
Total assets€117,268below the sector's middle half▲ 22.0%€152,702below the sector's middle half▲ 30.2%€153,993below the sector's middle half▲ 0.8%€145,205below the sector's middle half▼ 5.7%€120,902below the sector's middle half▼ 16.7%
Debt€62,448▼ 13.3%€84,684▲ 35.6%€80,470▼ 5.0%€74,055▼ 8.0%€71,165▼ 3.9%
Working capital€60,180▲ 61.3%€63,518▲ 5.5%€62,955▼ 0.9%€60,045▼ 4.6%€40,372▼ 32.8%
Solvency46.7%within the sector's middle half▲ 21.7pp44.5%within the sector's middle half▼ 2.2pp47.7%within the sector's middle half▲ 3.2pp49.0%within the sector's middle half▲ 1.3pp41.1%within the sector's middle half▼ 7.9pp
Staff (FTE)1.3below the sector's middle half1.5below the sector's middle half▲ 15.4%
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 €20,157 in 2024 against €1,653 in 2023; the loss grows and 2024 has the lowest result in the available series.
Balance-sheet composition
2024 in colour, 2023 as the grey bar beneath
Assets €120,902
Fixed assets
€9,365 ▼ 15.7%
Current assets
€111,537 ▼ 16.8%
Equity and liabilities €120,902
Equity
€49,737 ▼ 30.1%
Debt
€71,165 ▼ 3.9%
Debt's share of the balance-sheet total rises from 51.0% to 58.9%. Equity and debt are lower.
Key figures and ratios
EBITDA
-€18,417▼
2023 · -€126
Cash flow
-€19,673▼
2023 · -€846
Current ratio
1.57▼
2023 · 1.81
Quick ratio
0.40▼
2023 · 0.78
Debt to equity
1.43▲
2023 · 1.04
ROE
-43.1%▼
2023 · -3.3%
ROA
-17.7%▼
2023 · -1.6%
Interest coverage
-12.93▼
2023 · 10.65
Debt ≤ 1 year
€71,165▼
2023 · €74,055
Staff costs
€80,632▲
2023 · €78,741
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 5,836 companies that looked in July 2024 the way this one looks now, 1.5% went bankrupt within 24 months and 84% are still going.
- Micro
- 20 years or older
- solvency 30% or more
- a loss of 10% of the balance sheet or more
1.5%
went bankrupt
13%
stopped otherwise
84%
still going
A further 0.7% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.5% 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 5,836 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 | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | €36,116 | €34,433 | €78,741 | €80,632 | ▲ 2.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €622 | €140 | €1,177 | €1,527 | €1,740 | ▲ 14.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | €1,745 | - | €99 | - | - |
| Other operating charges640/8 | - | €593 | €249 | €1,010 | €753 | ▼ 25.5% |
| Gross operating margin9900 | €54,098 | €60,688 | €57,386 | €79,724 | €62,968 | ▼ 21.0% |
| Operating profit (loss)9901 | €42,018 | €22,094 | €21,526 | -€1,653 | -€20,157 | ▼ 1,119% |
| Financial income75/76B | - | €352 | €1 | €2,622 | €168 | ▼ 93.6% |
| Recurring financial income75 | €38 | €352 | €1 | €2,622 | €168 | ▼ 93.6% |
| Financial charges65/66B | - | €489 | €85 | -€12 | €1,424 | ▲ 12,101% |
| Recurring financial charges65 | €1,203 | €489 | €85 | -€12 | €1,424 | ▲ 12,101% |
| Profit (loss) for the period before taxes9903 | €40,852 | €21,958 | €21,443 | €981 | -€21,414 | ▼ 2,283% |
| Income taxes67/77 | €10,112 | €5,472 | €5,937 | €3,354 | - | - |
| Profit (loss) for the period9904 | €30,740 | €16,486 | €15,505 | -€2,373 | -€21,414 | ▼ 802% |
| Profit (loss) for the period to be appropriated9905 | €30,740 | €16,486 | €15,505 | -€2,373 | -€21,414 | ▼ 802% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €117,268 | €152,702 | €153,993 | €145,205 | €120,902 | ▼ 16.7% |
| Fixed assets21/28 | €4,640 | €4,500 | €10,568 | €11,105 | €9,365 | ▼ 15.7% |
| Tangible fixed assets22/27 | €140 | - | €6,068 | €6,605 | €4,865 | ▼ 26.3% |
| Plant, machinery and equipment23 | - | - | €6,068 | €5,760 | €4,266 | ▼ 25.9% |
| Furniture and vehicles24 | - | - | - | €846 | €599 | ▼ 29.2% |
| Financial fixed assets28 | €4,500 | €4,500 | €4,500 | €4,500 | €4,500 | = |
| Current assets29/58 | €112,629 | €148,202 | €143,425 | €134,100 | €111,537 | ▼ 16.8% |
| Stocks and contracts in progress3 | €68,933 | €65,964 | €63,190 | €76,392 | €83,324 | ▲ 9.1% |
| Stocks30/36 | - | €65,964 | €63,190 | €76,392 | €83,324 | ▲ 9.1% |
| Amounts receivable within one year40/41 | €40,977 | €41,176 | €75,700 | €52,153 | €27,778 | ▼ 46.7% |
| Trade receivables40 | - | €38,553 | €72,537 | €45,893 | €19,308 | ▼ 57.9% |
| Other amounts receivable41 | - | €2,623 | €3,162 | €6,260 | €8,470 | ▲ 35.3% |
| Cash at bank and in hand54/58 | €1,932 | €40,543 | €4,535 | €3,510 | €340 | ▼ 90.3% |
| Deferred charges and accrued income490/1 | - | €520 | - | €2,046 | €96 | ▼ 95.3% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €117,268 | €152,702 | €153,993 | €145,205 | €120,902 | ▼ 16.7% |
| Equity10/15 | €54,820 | €68,018 | €73,523 | €71,150 | €49,737 | ▼ 30.1% |
| Contributions10/11 | €62,000 | €62,000 | €62,000 | €62,000 | €62,000 | = |
| Capital10 | - | €62,000 | €62,000 | €62,000 | €62,000 | = |
| Issued capital100 | - | €62,000 | €62,000 | €62,000 | €62,000 | = |
| Reserves13 | €3,099 | €3,099 | €3,099 | €3,099 | €3,099 | = |
| Non-distributable reserves130/1 | - | €3,099 | €3,099 | €3,099 | €3,099 | = |
| Legal reserve130 | - | €3,099 | €3,099 | €3,099 | €3,099 | = |
| Profit (loss) carried forward14 | -€10,279 | €2,919 | €8,425 | €6,052 | -€15,362 | ▼ 354% |
| Amounts payable17/49 | €62,448 | €84,684 | €80,470 | €74,055 | €71,165 | ▼ 3.9% |
| Amounts payable after more than one year17 | €10,000 | - | - | - | - | - |
| Amounts payable within one year42/48 | €52,448 | €84,684 | €80,470 | €74,055 | €71,165 | ▼ 3.9% |
| Current portion of amounts payable after more than one year42 | - | €1,263 | €2,690 | €1,701 | €1,698 | ▼ 0.2% |
| Financial debts43 | - | - | - | - | €1,954 | - |
| Credit institutions430/8 | - | - | - | - | €1,954 | - |
| Trade debts44 | €32,873 | €58,237 | €49,531 | €51,338 | €33,153 | ▼ 35.4% |
| Suppliers440/4 | - | €58,237 | €49,531 | €51,338 | €33,153 | ▼ 35.4% |
| Advances received on contracts in progress46 | - | €726 | - | - | - | - |
| Taxes, remuneration and social security45 | - | €20,860 | €20,939 | €21,016 | €14,360 | ▼ 31.7% |
| Taxes450/3 | - | €15,850 | €19,997 | €14,953 | €9,074 | ▼ 39.3% |
| Remuneration and social security454/9 | - | €5,011 | €942 | €6,063 | €5,286 | ▼ 12.8% |
| Other amounts payable47/48 | - | €3,597 | €7,310 | - | €20,000 | - |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €30,740 | €16,486 | €15,505 | -€2,373 | -€21,414 | ▼ 802% |
| + Depreciation and write-downs630 | €622 | €140 | €1,177 | €1,527 | €1,740 | ▲ 14.0% |
| Operating cash flow (approximation) | €31,362 | €16,625 | €16,682 | -€846 | -€19,673 | ▼ 2,226% |
| Investment in fixed assets (approximation) | - | €0 | -€7,245 | -€2,064 | €0 | ▲ 100% |
| Change in cash | - | €38,611 | -€36,008 | -€1,025 | -€3,170 | ▼ 209% |
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
2025
22-09
NBB filing
Annual accounts filed
fiscal year 2024 · full schema · 53 days late
2024
31-12
Financial
Weakest financial yearnet -€21,414
Net result drops to -€21,414, the lowest in the series.
12-07
NBB filing
Annual accounts filed
fiscal year 2023 · full schema
2023
19-07
NBB filing
Annual accounts filed
fiscal year 2022 · full schema
2022
27-05
NBB filing
Annual accounts filed
fiscal year 2021 · full schema
2021
24-06
NBB filing
Annual accounts filed
fiscal year 2020 · full schema
2020
31-12
Financial
Back to profitnet €30,740
Net result €30,740 after one loss-making year.
16-06
NBB filing
Annual accounts filed
fiscal year 2019 · full schema
2019
04-07
NBB filing
Annual accounts filed
fiscal year 2018 · full schema
2018
20-06
NBB filing
Annual accounts filed
fiscal year 2017 · full schema
2017
07-06
NBB filing
Annual accounts filed
fiscal year 2016 · full schema
2016
18-05
NBB filing
Annual accounts filed
fiscal year 2015 · full schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 6 acts read
About the unread acts
We know of 6 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
6 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, Wavre · 1 establishment unit since 1987
Ground area
2,806 m²
Building footprint
854 m²
Volume, LiDAR
3,044 m³
Parcel 25112B0050/00D000, Wallonia · tallest building 4.9 m, ±1 floor. Linked by address, not a title deed.
3
companies at this address
See who is registered here
1 establishment unit
Avenue Zénobe Gramme 2, 1300 Wavre
since 19872.031.349.947
1 parcel
Wallonia
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 25112B0050/00D000 | Wallonia | 2,806 m² | 1 · 854 m² | 4.9 m · 1 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 1,307 companies in sector 46423 we hold annual accounts for 810. 516 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPublic limited company
Founded19-11-1987
Fiscal year end31-12
Activities, NACEBEL 2025
46423Wholesale of clothing, excluding workwear and underwear
47716Retail sale of clothing and accessories for women, men, children and babies (general range)
E-invoicing
Reachable via Peppol
Peppol ID
0208:0432455197
Registered
23-12-2025
Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.