PHINOTES · Checked.be

Summary

Conclusion

the dossier summarised in one paragraph

PHINOTES is a financial institution; the bankruptcy model is trained on trading and manufacturing companies and does not apply here. The 2025 annual accounts show equity of €271k and a net result of €109k. Equity is growing by ~69.2% per year across the filed fiscal years. The company has been active since 2022 and the Belgian State Gazette contains no insolvency or warning signals.

Based on the State Gazette, CBE and 3 annual accounts.

Filing behaviour

From the deposit records, complete market-wide

Filed after the deadline

The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 28-08-2026, 28 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.

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.

How we compute the deadline

The year end is derived from 3 filed financial years, each closing on 31-12. The statutory deadline is seven months after the close of the financial year (art. 3:10 par. 1 CAC, art. 3:47 par. 7 for ASBL and foundations). Applied to the financial year that closed on 31-12-2025, that is 31-07-2026.

Deadline per financial year

Year closed	Due by	Filed	Variance	Reference
31-12-2025	31-07-2026	28-08-2026	28 d late	2026-00479369
31-12-2024	31-07-2025	02-07-2025	29 d early	2025-00217701
31-12-2023	31-07-2024	19-07-2024	12 d early	2024-00265368

Source: the National Bank's deposit records, as we have ingested them. NOTE: our copy has a gap across June to August 2026, missing roughly 220,000 deposits; for July we hold 15,605 of about 137,000 expected. A year whose deadline falls in that window shows as not confirmed, not as not filed. Filing late covers nearly half the market and is therefore not scored; only not filing, being more than 90 days late and breaking a punctual record carry weight.

Trust signals

2 signals

More than 3 years active

Founded in 2022, past the statistically most fragile first 3 years.

No legal incidents

No bankruptcy, reorganisation or interim measure in the Belgisch Staatsblad, and the KBO register records a normal legal situation.

Administrative Flags

No strikeouts found in the KBO publications we processed. That series starts in 2021 and has gaps, so this is not a confirmation that there is nothing.

Bankruptcy probability (12 mo)

Checked model v1 · free for everyone

This is a financial institution (bank, insurer or financial holding). Our bankruptcy model is trained on ordinary trading and manufacturing companies; a bank balance sheet falls outside that scope. We therefore show no bankruptcy probability rather than a misleading figure.

Financials

Equity€271k+67.9%

Net result€109k-3.7%

Total assets€351k+58.6%

Solvency77.1%+4.3pp

CSV export

Annual accounts & ratios

Source: NBB · 2025

Annual accounts filed on 28-08-2026 with the NBB · fiscal year 2025 · micro

Operating resultNet result

Trajectory (indicative)

Projection over 3 fiscal years from the filed annual accounts, not a forecast, the extended trend.

growing Net result: growth of ~29.7%/year over 3 fiscal years, indicative, assuming unchanged policy.

Solid line = filed figures · dashed = extended trend · area = indicative range.

How do we compute this?

The trend is a robust median of all pairwise slopes between fiscal years (Theil-Sen), so a single odd year cannot hijack the line. For strictly positive series we also fit a log variant (compound annual growth) and keep whichever describes the figures best.

The area around the projection is 1.8 × the median absolute deviation from the trend, widening each year ahead (×1 / ×1.6 / ×2.2), with a minimum of 8% of the last value. It is an indicative range, not a statistical confidence interval.

A series whose deviations exceed 35% of its level is too volatile: we then deliberately show no projection. Every projection assumes unchanged policy and is blind to non-public information (order book, contracts, funding rounds).

Net profit

€109k

-3.7% 23-25

Total assets

€351k

+58.6% 23-25

Equity

€271k

+67.9% 23-25

Income taxes

€37k

-2.7% 23-25

Debt

€80k

+33.7% 23-25

Debt ≤ 1y

€80k

+33.7% 23-25

Solvency

77.1%

+5.9% 23-25

ROE

40.5%

-42.6% 23-25

Show 1 other metrics

ROA

31.2%

-39.3% 23-25

Figures by fiscal year

Highlight YoY changes (±10%)

Fiscal year	2025
Deposit	micro
Revenue	n/a
EBITDA	n/a
Net profit	€109k
Cash flow	n/a
Staff costs	-
Income taxes	€37k
Dividends	-
Total assets	€351k
Equity	€271k
Debt	€80k
of which ≤ 1y	€80k
of which > 1y	-
Working capital	n/a
Employees (FTE)	-

Ratios (computed)

	2025
Current ratio	n/a
Quick ratio	n/a
Working capital ratio	n/a
Solvency	77.1%
Debt / equity	n/a
Long-term debt ratio	n/a
Interest coverage	n/a
Gross margin	n/a
Net margin	n/a
ROA	31.2%
ROE	40.5%
EBITDA margin	n/a
Days sales outstanding	n/a
Days payable outstanding	n/a
Inventory turnover	n/a
Days inventory (DSI)	n/a

Balance-sheet composition 2025

Assets

Fixed assets €388 · 0.1% Current assets €351k · 99.9%

Equity & liabilities

Equity €271k · 77.1% Debt €80k · 22.9%

Full annual accounts (22 line items)

Filed balance sheet and income statement, exactly as deposited with the NBB.

Line item	Code	2025
Balance sheet, Assets
TOTAL ASSETS	20/58	€351k
Fixed assets	21/28	€388
Tangible fixed assets	22/27	€388
Current assets	29/58	€351k
Amounts receivable within one year	40/41	€6k
Cash & bank	54/58	€344k
Balance sheet, Equity & liabilities
TOTAL EQUITY & LIABILITIES	10/49	€351k
Equity	10/15	€271k
Contributions / capital	10/11	€3k
Reserves	13	€158k
Accumulated profits (losses)	14	€109k
Amounts payable	17/49	€80k
Amounts payable within one year	42/48	€80k
Trade debts payable within one year	44	€2k
Income statement
Gross operating margin	9900	€148k
Operating result	9901	€147k
Financial income	75	€1
Financial charges	65	€171
Result before taxes	9903	€147k
Income taxes	67/77	€37k
Net result for the period	9904	€109k
Result to be appropriated	9905	€109k

This table shows the latest fiscal year. 2 prior years, with figures and ratios, belong to a paid plan. See plans →

Ratios computed by Checked.

Health barometer

FY 2025 · computed

Model not applicable to financial institutions

The health score weighs liquidity, leverage and margins against norms for trading and manufacturing companies. A bank, insurer or financial holding has a fundamentally different balance-sheet structure, so those ratios, and hence the score, carry no meaning here.

Structure & network

Locations & real estate

Registered office

on the map · from the address register

exact location from the address register On OpenStreetMap

2 companies at this address See who is registered here

Establishment units

1 location

Kasteelstraat 49, 9820 Merelbeke-Melle

Managementsactiviteiten van holdings : tussenkomen in het dagelijks bestuur, vertegenwoordigen van bedrijven op grond van bezit van of controle over het maatschappelijk kapitaal, enz.

since 20222.339.950.794

Physical sites registered in the Crossroads Bank for Enterprises (CBE).

Parcels1

Ground area1,563 m²

Buildings1

Building footprint185 m²

Volume (LiDAR)1,003 m³

Tallest building9.2 m · ±2 fl.

Real-estate footprint

Source: CBE × cadastre · address linking

Parcels linked to this company through its CBE addresses (seat, establishment units, branches), cross-referenced with the cadastral parcel plan. This shows where the company operates, not a deeds register.

Flanders 1 (100%)