PHINAROM
ActiveSummary
The computed 12-month bankruptcy probability of PHINAROM is 3.4% (moderate). The 2024 annual accounts show negative equity (-€24,414) and a net result of €6,326. Equity remains stable across the filed fiscal years (±0.1% per year). Its solvency ranks better than 9% of 18940 sector peers (fiscal year 2024). The company has been active since 2017 and the Belgian State Gazette contains no insolvency or warning signals.
Checked score
Score 2024
Axes · tick = 2023
Profitability83▲+83
Solvency0=
Growth58=
Track record100
Bankruptcy probability, 12 months
3.4%
Moderate
0%0.5%1.5%4%10%≥ 25%
No credit on open account
Liquidity short (current ratio 0.23 against 0.19 in 2023; short-term debt: 219.8% and cash: 34.8% of total assets), and equity is negative.
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Signals
Five signals. The signal on the left, the evidence on the right.
+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 56
Relative position
BE, all sectors
reference
Food and beverage service activities (NACE 56)
about 206% more bankruptcies
← fewer bankruptcies
more bankruptcies →
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
-130.8%
Return on assets
33.9%
Age of the figures
21 mo
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 9% of 18940 sector peers (2024).
NBB · sector comparisonPosition among 18940 sector peers
Solvency
better than 9%
← weakest
strongest →
neutral · Filed after the deadline
The financial year that closed on 31-12-2024 was due by 31-07-2025 and was filed on 30-09-2025, 61 days later. For context: 47% of the Belgian market files late and the whole 1-to-90-day band measures 2.0% abnormal legal state against a 1.66% average. We show this as a fact and do not score it.
NBB · 7 filingsDeviation from the deadline
2025
not confirmed
2024
61 d late
2023
132 d late
2022
144 d late
2021
78 d late
2020
61 d late
2019
122 d late
← 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 100 days after the deadline; the sector median for financial year 2024 is 6 days after the deadline, and 52% of the sector filed late.
Checked, nothing found (1)
History
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How much credit can you give this customer, and on what term?Credit check What should you check before you do business with this company?Supplier due diligence Can you accept this company as a client under the anti-money-laundering law?AML client file Which of your other customers can you e-invoice via Peppol?Peppol check How does this company compare with its sector?Sector benchmark What changed in the latest annual accounts?What changed
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Financials · fiscal year 2024, micro schema
Equity
-€24,414▲ 20.6%
2023 · -€30,740
Total assets
€18,660▼ 15.0%
2023 · €21,948
Net result
€6,326
2023 · -€6,367
Working capital
-€31,628▲ 22.6%
2023 · -€40,857
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 56, Food and beverage service activities, 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€2,516-€519-€11,444▼ 2,103%-€3,765▲ 67.1%€9,434
Net result€10,791within the sector's middle half€18,796within the sector's middle half▲ 74.2%-€12,694below the sector's middle half-€6,367within the sector's middle half▲ 49.8%€6,326within the sector's middle half
Equity-€30,475below the sector's middle half▲ 26.1%-€11,679below the sector's middle half▲ 61.7%-€24,373below the sector's middle half▼ 109%-€30,740below the sector's middle half▼ 26.1%-€24,414below the sector's middle half▲ 20.6%
Total assets€17,707below the sector's middle half▼ 14.6%€33,458below the sector's middle half▲ 89.0%€28,421below the sector's middle half▼ 15.1%€21,948below the sector's middle half▼ 22.8%€18,660below the sector's middle half▼ 15.0%
Debt€48,181▼ 22.3%€45,136▼ 6.3%€52,795▲ 17.0%€52,689▼ 0.2%€43,075▼ 18.2%
Working capital-€40,133below the sector's middle half▲ 27.3%-€18,639within the sector's middle half▲ 53.6%-€35,986below the sector's middle half▼ 93.1%-€40,857below the sector's middle half▼ 13.5%-€31,628within the sector's middle half▲ 22.6%
Solvency-172.1%below the sector's middle half▲ 27.0pp-34.9%below the sector's middle half▲ 137.2pp-85.8%below the sector's middle half▼ 50.9pp-140.1%below the sector's middle half▼ 54.3pp-130.8%below the sector's middle half▲ 9.2pp
Current ratio0.09below the sector's middle half▲ 0.010.51below the sector's middle half▲ 0.420.29below the sector's middle half▼ 0.220.19below the sector's middle half▼ 0.100.23below the sector's middle half▲ 0.04
Return on assets (ROA)60.9%above the sector's middle half▲ 146.2pp56.2%above the sector's middle half▼ 4.8pp-44.7%below the sector's middle half▼ 100.8pp-29.0%below the sector's middle half▲ 15.7pp33.9%above the sector's middle half▲ 62.9pp
Staff (FTE)1.8within the sector's middle half▼ 5.3%1.7▼ 5.6%1.9▲ 11.8%3▲ 57.9%1.9▼ 36.7%
above
within
below
the middle half (P25 to P75) of NACE 56, Food and beverage service activities, 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 returns to profit in 2024: €9,434 after a loss of €3,765 in 2023, the highest result in the available series.
Balance-sheet composition
2024 in colour, 2023 as the grey bar beneath
Assets €18,660
Fixed assets
€9,269 ▼ 23.8%
Current assets
€9,392 ▼ 3.9%
Key figures and ratios
EBITDA
€12,336▲
2023 · -€918
Cash flow
€9,229▲
2023 · -€3,520
Quick ratio
0.21▲
2023 · 0.18
Debt to equity
-1.76▼
2023 · -1.71
Interest coverage
3.97▲
2023 · -0.35
Debt ≤ 1 year
€41,020▼
2023 · €50,634
Staff costs
€85,748▼
2023 · €107,813
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 2,178 companies that looked in July 2024 the way this one looks now, 4.3% went bankrupt within 24 months and 89% are still going.
- Micro
- 5 to 10 years old
- negative equity
- a profit of 5% of the balance sheet or more
4.3%
went bankrupt
5.6%
stopped otherwise
89%
still going
A further 1.5% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 3.4% 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 2,178 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 | - | €22,073 | €104,950 | €107,813 | €85,748 | ▼ 20.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €2,344 | €2,472 | €2,752 | €2,847 | €2,903 | ▲ 2.0% |
| Other operating charges640/8 | - | €871 | €1,246 | €4,079 | €1,887 | ▼ 53.8% |
| Gross operating margin9900 | €64,892 | €24,898 | €97,504 | €110,974 | €99,971 | ▼ 9.9% |
| Operating profit (loss)9901 | €2,516 | -€519 | -€11,444 | -€3,765 | €9,434 | ▲ 351% |
| Financial income75/76B | - | €21,008 | €27 | €5 | €0 | ▼ 91.4% |
| Recurring financial income75 | €3 | €8 | €27 | €5 | €0 | ▼ 91.4% |
| Non-recurring financial income76B | - | €21,000 | - | - | - | - |
| Financial charges65/66B | - | €1,692 | €1,277 | €2,607 | €3,108 | ▲ 19.2% |
| Recurring financial charges65 | €1,728 | €1,692 | €1,277 | €2,607 | €3,108 | ▲ 19.2% |
| Profit (loss) for the period before taxes9903 | €10,791 | €18,796 | -€12,694 | -€6,367 | €6,326 | ▲ 199% |
| Profit (loss) for the period9904 | €10,791 | €18,796 | -€12,694 | -€6,367 | €6,326 | ▲ 199% |
| Profit (loss) for the period to be appropriated9905 | €10,791 | €18,796 | -€12,694 | -€6,367 | €6,326 | ▲ 199% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €17,707 | €33,458 | €28,421 | €21,948 | €18,660 | ▼ 15.0% |
| Fixed assets21/28 | €13,658 | €13,881 | €13,668 | €12,171 | €9,269 | ▼ 23.8% |
| Intangible fixed assets21 | €10,667 | €9,067 | €7,467 | €5,867 | €4,267 | ▼ 27.3% |
| Tangible fixed assets22/27 | €2,591 | €4,414 | €5,801 | €5,905 | €4,602 | ▼ 22.1% |
| Land and buildings22 | - | €3,395 | €2,935 | €3,746 | €3,152 | ▼ 15.9% |
| Plant, machinery and equipment23 | - | €316 | €1,138 | €892 | €646 | ▼ 27.6% |
| Furniture and vehicles24 | - | €703 | €1,728 | €1,266 | €804 | ▼ 36.5% |
| Financial fixed assets28 | €400 | €400 | €400 | €400 | €400 | = |
| Current assets29/58 | €4,049 | €19,577 | €14,753 | €9,777 | €9,392 | ▼ 3.9% |
| Stocks and contracts in progress3 | €2,108 | €1,841 | €2,412 | €661 | €960 | ▲ 45.1% |
| Stocks30/36 | - | €1,841 | €2,412 | €661 | €960 | ▲ 45.1% |
| Amounts receivable within one year40/41 | €329 | €377 | €985 | €738 | €1,095 | ▲ 48.5% |
| Trade receivables40 | - | - | €473 | - | €355 | - |
| Other amounts receivable41 | - | €377 | €513 | €738 | €741 | ▲ 0.4% |
| Cash at bank and in hand54/58 | €956 | €16,849 | €10,939 | €8,378 | €6,487 | ▼ 22.6% |
| Deferred charges and accrued income490/1 | - | €511 | €417 | - | €851 | - |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €17,707 | €33,458 | €28,421 | €21,948 | €18,660 | ▼ 15.0% |
| Equity10/15 | -€30,475 | -€11,679 | -€24,373 | -€30,740 | -€24,414 | ▲ 20.6% |
| Contributions10/11 | - | €6,500 | €6,500 | €6,500 | €6,500 | = |
| Profit (loss) carried forward14 | -€36,975 | -€18,179 | -€30,873 | -€37,240 | -€30,914 | ▲ 17.0% |
| Amounts payable17/49 | €48,181 | €45,136 | €52,795 | €52,689 | €43,075 | ▼ 18.2% |
| Amounts payable within one year42/48 | €44,181 | €38,216 | €50,740 | €50,634 | €41,020 | ▼ 19.0% |
| Trade debts44 | €13,165 | €11,039 | €18,779 | €17,625 | €9,198 | ▼ 47.8% |
| Suppliers440/4 | - | €11,039 | €18,779 | €17,625 | €9,198 | ▼ 47.8% |
| Taxes, remuneration and social security45 | - | €7,012 | €26,184 | €25,889 | €24,010 | ▼ 7.3% |
| Taxes450/3 | - | €4,684 | €15,589 | €15,284 | €12,264 | ▼ 19.8% |
| Remuneration and social security454/9 | - | €2,328 | €10,595 | €10,604 | €11,746 | ▲ 10.8% |
| Other amounts payable47/48 | - | €20,165 | €5,776 | €7,120 | €7,812 | ▲ 9.7% |
| Accrued charges and deferred income492/3 | - | €6,920 | €2,055 | €2,055 | €2,055 | = |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €10,791 | €18,796 | -€12,694 | -€6,367 | €6,326 | ▲ 199% |
| + Depreciation and write-downs630 | €2,344 | €2,472 | €2,752 | €2,847 | €2,903 | ▲ 2.0% |
| Operating cash flow (approximation) | €13,135 | €21,268 | -€9,942 | -€3,520 | €9,229 | ▲ 362% |
| Investment in fixed assets (approximation) | - | -€2,695 | -€2,539 | -€1,350 | €0 | ▲ 100% |
| Change in cash | - | €15,892 | -€5,910 | -€2,561 | -€1,891 | ▲ 26.1% |
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
30-09
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 61 days late
2024
31-12
Financial
Back to profitnet €6,326
Net result €6,326 after 2 loss-making years.
10-12
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 132 days late
2023
22-12
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 144 days late
2022
17-10
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 78 days late
2021
31-12
Financial
Highest result since 2018net €18,796 ▲74.2%
Net result €18,796, the highest in the series.
30-09
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 61 days late
2020
31-12
Financial
Back to profitnet €10,791
Net result €10,791 after 2 loss-making years.
30-11
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 122 days late
2019
30-08
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema · 30 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, Namur · 1 establishment unit since 2017
Ground area
165 m²
Building footprint
80 m²
Volume, LiDAR
1,157 m³
Parcel 92094C1051/00C000, Wallonia · tallest building 18.0 m, ±5 floors. Linked by address, not a title deed.
2
companies at this address
See who is registered here
1 establishment unit
VIVO
since 20172.268.504.356
1 parcel
Wallonia
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 92094C1051/00C000 | Wallonia | 165 m² | 1 · 80 m² | 18.0 m · 5 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.
Recognitions · licences · registrations
Food safety, FASFC
1 siteNamur2.268.504.356
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This company's figures show no positive equity and no headcount, so a size comparison is not possible. These companies share only the sector and the region. Of 20,509 companies in sector 56111 we hold annual accounts for 11,464. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company (pre-2019)
Founded11-09-2017
Fiscal year end31-12
Activities, NACEBEL 2025
56111Full-service restaurants
Contact
E-mail
papillon_718@hotmail.comNamur
Phone
0477/77.98.68Namur
E-invoicing
Reachable via Peppol
Peppol ID
0208:0680906940
Also
9925:BE0680906940
Registered
13-11-2025
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.