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Complete company report
Generated 19-08-2026
Active BE 0431.956.440Public limited company

PIANOS ESTHER

Rue des Carmes 18 ·4000 Liège, Belgium· 38 yrs active
Sector: Overige detailhandel in nieuwe artikelen neg (47789)
Conclusion Checked

The computed 12-month bankruptcy probability of PIANOS ESTHER is 0.5% (low). The 2024 annual accounts show equity of €700 and a net result of €21k. Equity is growing by ~23.9% per year across the filed fiscal years. Its solvency ranks better than 28% of 6720 sector peers (fiscal year 2024). The company has been active since 1987 and the Belgian State Gazette contains no insolvency or warning signals.

Based on the State Gazette, CBE and 7 annual accounts.
Key figures
Equity €700
Net result €21k
Better than sector 28%
Active 38 yrs
Financial profile 5 of 5 axes measured · computed by Checked
Health43Profitability100Solvency11Growth78Stability100
66 / 100

Strong profile, led by profitability.

All 5 axes are computed from data Checked has read.

Health 43
Profitability 100
Solvency 11
Growth 78
Stability 100
Bankruptcy probability (12 mo) Checked model v1 · free
0.5% Low
0%0,5%1,5%4%10%≥25%
Long track record −Higher-failure-rate sector +Lower-risk legal form −

Statistical estimate based on public sources, not credit advice nor a finding of fact. How do we compute this?

Risk Assessment rule-based
0 / 100
Low risk
Trust signals 2 signals
Long-established
Founded in 1987, 38 years in business.
No legal incidents
No bankruptcy, reorganisation or interim measure in the Belgisch Staatsblad, and the KBO register records a normal legal situation.
Administrative Flags0 events
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.
Health barometer FY 2024 · computed
43 / 100 Weak
050100
Computed from 5 of the 6 factors this model weighs. The rest cannot be derived from the filed figures, or need a prior year to compare against.

The full score breakdown, per-year score history and the indicative credit limit are in Kantoor S.

See plans →
Computed by Checked from the NBB filing for FY 2024. Indicative, not credit advice.
Financial overview10 NBB filings
Annual accounts filed on 01-07-2025 with the NBB · fiscal year 2024 · micro
€-200k€-100k€0Operating result 2020: €14k€14kNet result 2020: €-159k€-159kOperating result 2021: €16k€16kNet result 2021: €10k€10kOperating result 2022: €43k€43kNet result 2022: €36k€36kOperating result 2023: €34k€34kNet result 2023: €28k€28kOperating result 2024: €26k€26kNet result 2024: €21k€21k20202021202220232024
Operating resultNet result
Trajectory (indicative)
Projection over 3 fiscal years from the filed annual accounts, not a forecast, the extended trend.
growing Equity: growth of ~23.9%/year over 7 fiscal years, indicative, assuming unchanged policy.
€-150k€-100k€-50k€0€50k€100k2025: €20k (€6k - €34k)2026: €41k (€18k - €63k)2027: €61k (€30k - €92k)2018: €-103k2019: €-102k2020: €-96k2021: €-85k2022: €-49k2023: €-21k2024: €7002018201920202021202220232024202520262027
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).

Sector comparison
Fiscal year 2024 · NACE 47, Retail trade · compared within the same schema type (micro schema)
Metric This company Sector median Position in the sector
Solvency 0.9% 20.4%
better than 28% of 6720 sector peers
Net result €21k €4k
better than 75% of 6701 sector peers
Equity €700 €16k
better than 29% of 6735 sector peers
Gross operating margin €28k €24k
better than 53% of 6680 sector peers
Total assets €82k €94k
better than 46% of 6724 sector peers
Median and position computed from NBB annual accounts filed by sector peers; own figures from the latest filed accounts.
EBITDA
€26k
-23.3% 18-24
Net profit
€21k
-24.9% 18-24
Cash flow
€22k
-24.3% 18-24
Total assets
€82k
+7.7% 18-24
Equity
€700
- 18-24
Working capital
€-1k
+94.2% 18-24
Income taxes
€174
+6.1% 18-24
Debt
€81k
-15.9% 18-24
Show 9 other metrics
Debt ≤ 1y
€81k
-15.9% 18-24
Debt > 1y
€0
-100.0% 18-24
Current ratio
0.98
+26.5% 18-24
Quick ratio
0.12
+78.3% 18-24
Solvency
0.9%
- 18-24
Debt / equity
115.98
- 18-24
ROE
3032.4%
- 18-24
ROA
25.9%
-30.3% 18-24
Interest coverage
5.63
-4.6% 18-24
Figures by fiscal year
Fiscal year2024
Depositmicro
Revenue-
EBITDA€26k
Net profit€21k
Cash flow€22k
Staff costs-
Income taxes€174
Dividends-
Total assets€82k
Equity€700
Debt€81k
of which ≤ 1y€81k
of which > 1y-
Working capital€-1k
Employees (FTE)-
Ratios (computed)
2024
Current ratio0.98
Quick ratio0.12
Working capital ratio-1.5%
Solvency0.9%
Debt / equity115.98
Long-term debt ratio-
Interest coverage5.63
Gross margin-
Net margin-
ROA25.9%
ROE3032.4%
EBITDA margin-
Days sales outstanding-
Days payable outstanding-
Inventory turnover-
Days inventory (DSI)-
Balance-sheet composition 2024
Full annual accounts (23 line items)
Filed balance sheet and income statement, exactly as deposited with the NBB.
Line item Code2024
Balance sheet, Assets
TOTAL ASSETS 20/58€82k
Fixed assets 21/28€2k
Tangible fixed assets 22/27€2k
Current assets 29/58€80k
Stocks & contracts in progress 3€70k
Amounts receivable within one year 40/41€6k
Cash & bank 54/58€2k
Balance sheet, Equity & liabilities
TOTAL EQUITY & LIABILITIES 10/49€82k
Equity 10/15€700
Contributions / capital 10/11€62k
Reserves 13€1k
Accumulated profits (losses) 14€-63k
Amounts payable 17/49€81k
Amounts payable within one year 42/48€81k
Trade debts payable within one year 44€741
Income statement
Gross operating margin 9900€28k
Operating result 9901€26k
Financial income 75€78
Financial charges 65€5k
Result before taxes 9903€21k
Income taxes 67/77€174
Net result for the period 9904€21k
Result to be appropriated 9905€21k
This table shows the latest fiscal year. 4 prior years, with figures and ratios, belong to a paid plan. See plans →
Ratios computed by Checked.
Directors & mandates 2 directors
Current directors & mandates
  • Carl-Frédéric ESTHER
    Managing director
    State Gazette act 24132491 (11-09-2024)
    Current
    11-09-2024 → present
Former directors (1)
  • Freddy ESTHER
    Managing director
    State Gazette act 24132491 (11-09-2024)
    Former
    - → 11-09-2024
Full appointment history from the Belgian State Gazette. Permanent representatives are shown for corporate directors.This list is read straight from this company's published acts, not from the officer register.
Legal Structure
NACE primary Overige detailhandel in nieuwe artikelen neg(47789)
Legal form Public limited company(014)
Incorporation10-09-1987
StatusActive
Postal code4000
Establishment units 1 location
Rue des Carmes 18, 4000 Liège
de groothandel in muziekinstrumenten
since 19872.029.576.134
Physical sites registered in the Crossroads Bank for Enterprises (CBE).
Real-estate footprint Source: CBE × cadastre

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.

Wallonia 1 (100%)
Parcel (capakey) Region Area Buildings Height / fl.
62063A1608/00N000 Wallonia 356 m² 1 · 119 m² 18.1 m · 5 fl.
Methodology
via registered seat: 1
1 of 1 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Updates 11 events

A single timeline of everything that happened to this company, publications, insolvency and lifecycle events, administrative changes and filed annual accounts.

2025
01-07-2025
NBB filing Annual accounts filed
fiscal year 2024 · micro
2024
11-09-2024
State Gazette act Director changes
01-08-2024
NBB filing Annual accounts filed
fiscal year 2023 · micro
2023
28-09-2023
NBB filing Annual accounts filed
fiscal year 2022 · micro
2022
29-09-2022
NBB filing Annual accounts filed
fiscal year 2021 · micro
2021
30-08-2021
NBB filing Annual accounts filed
fiscal year 2020 · micro
2020
06-11-2020
NBB filing Annual accounts filed
fiscal year 2019 · micro
2019
30-09-2019
NBB filing Annual accounts filed
fiscal year 2018 · micro
2018
28-08-2018
NBB filing Annual accounts filed
fiscal year 2017 · micro
2017
28-08-2017
NBB filing Annual accounts filed
fiscal year 2016 · micro
2016
31-08-2016
NBB filing Annual accounts filed
fiscal year 2015 · volledig
Belgian State Gazette reading coverage 0 of 4 acts read

We know of 4 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.

Belgisch Staatsblad, acts 1 acts
All acts · 1 updated 1 year ago
2024
11-09-2024 1 director appointed, 1 resigning, 3 reappointed Director changes
  • Carl-Frédéric ESTHER, Gedelegeerd bestuurder
  • Freddy ESTHER, Gedelegeerd bestuurder
  • Anne-Frédérique ESTHER, Commissaris
  • Carl-Frédéric ESTHER, Commissaris
  • Freddy ESTHER, Commissaris
Technical details 
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  "events": [
    {
      "kind": "commissaris_renew",
      "role": "commissaris",
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        "rrn": null,
        "name": "Anne-Fr\u00E9d\u00E9rique ESTHER",
        "address": null,
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      },
      "reason": null,
      "subkind": "renewal",
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      "decharge_status": null,
      "mandate_duration": {
        "kind": "until_agm_year",
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      },
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        "kind": "until_agm_year",
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    },
    {
      "kind": "commissaris_renew",
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      },
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      "decharge_status": null,
      "mandate_duration": {
        "kind": "until_agm_year",
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      },
      "rep_rotation_new_rep": null,
      "rep_rotation_old_rep": null,
      "effective_date_qualifier": null
    },
    {
      "kind": "director_out",
      "role": "administrateur d\u00E9l\u00E9gu\u00E9",
      "person": {
        "rrn": null,
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        "address": null,
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      },
      "reason": null,
      "subkind": null,
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      "decharge_status": null,
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      "rep_rotation_new_rep": null,
      "rep_rotation_old_rep": null,
      "effective_date_qualifier": null
    },
    {
      "kind": "director_in",
      "role": "administrateur d\u00E9l\u00E9gu\u00E9",
      "person": {
        "rrn": null,
        "name": "Carl-Fr\u00E9d\u00E9ric ESTHER",
        "address": null,
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      },
      "reason": null,
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      "decharge_status": null,
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      "rep_rotation_new_rep": null,
      "rep_rotation_old_rep": "Freddy ESTHER",
      "effective_date_qualifier": null
    }
  ],
  "notary": {
    "name": null,
    "firm_city": null,
    "firm_name": null,
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    "is_associated": false
  },
  "act_meta": {
    "language": "fr",
    "pub_date": "2024-09-11",
    "filing_date": null,
    "act_kind_objet": "Objet de l\u0027acte:"
  },
  "decisions": [
    {
      "body": "algemene_vergadering",
      "date": "2024-06-28",
      "unanimous": null
    }
  ],
  "is_correction": false,
  "subject_company": {
    "kbo": "0431.956.440",
    "name_full": "TRIBUNAL",
    "legal_form": "SA"
  },
  "publication_proxy": {
    "kind": "none",
    "org_kbo": null,
    "org_name": null,
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    "org_rep_person_name": null,
    "person_role_at_subject": null
  },
  "co_filed_documents": [
    "proc\u00E8s-verbal de l\u0027assembl\u00E9e g\u00E9n\u00E9rale ordinaire du 28.06.2024",
    "copie des cartes d\u0027identit\u00E9 de Anne-Fr\u00E9d\u00E9rique ESTHER, Carl-Fr\u00E9d\u00E9ric ESTHER et Freddy ESTHER"
  ],
  "corrected_publication_numac": null
}
Credit advice verdict per customer and amount

May this customer buy amount X on invoice? Enter the amount and the payment term. This page computes a GREEN, AMBER or RED verdict from them, with a suggested ceiling and concrete conditions.

Based on official sources (NBB, CBE, State Gazette). Indicative, not credit advice.
Company registry (CBE) Crossroads Bank
Activities
Overige detailhandel in nieuwe artikelen neg47789Overige gespecialiseerde detailhandel in artikelen, andere dan voedingsmiddelen, n.e.g.52498Overige reparaties, n.e.g.52740Verhuur van overige roerende goederen voor persoonlijk of huishoudelijk gebruik, n.e.g.71408Verhuur en lease van andere huishoudelijke of persoonlijke artikelen, neg77229Verhuur en lease van andere consumentenartikelen, n.e.g.77299Reparatie en onderhoud van consumentenartikelen, neg95290
Primary activity highlighted.
Names & trade names
Legal nameFR PIANOS ESTHER
Registered office
Rue des Carmes 18
4000 Liège, Belgium
Official data from the Crossroads Bank for Enterprises (CBE). Available for every registered company.
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Source: Belgian State Gazette, CBE, NBB · generated via checked.be · indicative