pigs DO fly
ActiveSummary
The computed 12-month bankruptcy probability of pigs DO fly is 2.8% (moderate). The 2025 annual accounts show negative equity (-€196,746) and a net result of -€19,299. Equity is shrinking by ~17.6% per year across the filed fiscal years. Its solvency ranks better than 10% of 13604 sector peers (fiscal year 2025). The company has been active since 2017 and the Belgian State Gazette contains no insolvency or warning signals.
Checked score
Score 2025
Axes · tick = 2024
Profitability24▲+4
Solvency0=
Growth58=
Track record100
Bankruptcy probability, 12 months
2.8%
Moderate
0%0.5%1.5%4%10%≥ 25%
No credit on open account
Liquidity short (current ratio 0.02 against 0.02 in 2024; short-term debt: 98% and cash: 0.1% of total assets), and equity is negative.
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Signals
Four 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 2025Solvency, return and age of the figures
Solvency
-95.2%
Return on assets
-9.3%
Age of the figures
12 mo
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 -€196,746
neutral · Latest accounts filed on time
The financial year that closed on 30-09-2025 was due by 30-04-2026 and was filed on 17-03-2026, 44 days ahead of the deadline.
NBB · 8 filingsDeviation from the deadline
2025
44 d early
2024
22 d early
2023
1 d early
2022
2 d late
2021
9 d late
2020
17 d late
2019
on the day
← 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 6 days before 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 (2)
neutral · The next deadline is still running
The next financial year closes on 30-09-2026 and is due by 30-04-2027. Nothing is late today. Usually files around 30 April (4 of the last 5 filed years within 30 days of that day).
Companies Code · seven monthsPosition in the running window
28-09-2026 today30-09-2026 close30-04-2027 deadline
History
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Financials · fiscal year 2025, micro schema
Equity
-€196,746▼ 10.9%
2024 · -€177,447
Total assets
€206,696▼ 12.2%
2024 · €235,367
Net result
-€19,299▲ 14.3%
2024 · -€22,513
Working capital
-€198,766▼ 5.6%
2024 · -€188,162
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
Line20212022202320242025
Operating result-€7,339▲ 43.7%€7,757-€21,151-€7,529▲ 64.4%-€6,336▲ 15.8%
Net result-€18,101below the sector's middle half▲ 28.3%-€4,885within the sector's middle half▲ 73.0%-€36,713below the sector's middle half▼ 652%-€22,513below the sector's middle half▲ 38.7%-€19,299below the sector's middle half▲ 14.3%
Equity-€113,335below the sector's middle half▼ 19.0%-€118,220below the sector's middle half▼ 4.3%-€154,934below the sector's middle half▼ 31.1%-€177,447below the sector's middle half▼ 14.5%-€196,746below the sector's middle half▼ 10.9%
Total assets€398,451above the sector's middle half▼ 8.6%€374,061above the sector's middle half▼ 6.1%€311,351above the sector's middle half▼ 16.8%€235,367within the sector's middle half▼ 24.4%€206,696within the sector's middle half▼ 12.2%
Debt€511,786▼ 3.6%€492,281▼ 3.8%€466,285▼ 5.3%€412,813▼ 11.5%€403,441▼ 2.3%
Working capital-€167,249below the sector's middle half▼ 4.5%-€156,114below the sector's middle half▲ 6.7%-€178,916below the sector's middle half▼ 14.6%-€188,162below the sector's middle half▼ 5.2%-€198,766below the sector's middle half▼ 5.6%
Solvency-28.4%below the sector's middle half▼ 6.6pp-31.6%below the sector's middle half▼ 3.2pp-49.8%below the sector's middle half▼ 18.2pp-75.4%below the sector's middle half▼ 25.6pp-95.2%below the sector's middle half▼ 19.8pp
Current ratio0.30below the sector's middle half▼ 0.020.34below the sector's middle half▲ 0.040.21below the sector's middle half▼ 0.120.02below the sector's middle half▼ 0.190.02below the sector's middle half=
Return on assets (ROA)-4.5%below the sector's middle half▲ 1.3pp-1.3%within the sector's middle half▲ 3.2pp-11.8%below the sector's middle half▼ 10.5pp-9.6%below the sector's middle half▲ 2.2pp-9.3%below the sector's middle half▲ 0.2pp
Staff (FTE)0.3▲ 200%0.3=2▲ 567%0.2▼ 90.0%
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 stays negative: a loss of €6,336 in 2025 against €7,529 in 2024; the loss shrinks.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €206,696
Fixed assets
€202,797 ▼ 12.2%
Current assets
€3,898 ▼ 12.7%
Key figures and ratios
EBITDA
€25,953▲
2024 · €24,503
Cash flow
€12,990▲
2024 · €9,518
Debt to equity
-2.05▲
2024 · -2.33
Interest coverage
2.00▲
2024 · 1.64
Debt ≤ 1 year
€202,664▲
2024 · €192,628
Debt > 1 year
€200,777▼
2024 · €220,185
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 1,570 companies that looked in July 2024 the way this one looks now, 4.6% went bankrupt within 24 months and 88% are still going.
- Micro
- 5 to 10 years old
- negative equity
- a small loss
4.6%
went bankrupt
5.5%
stopped otherwise
88%
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 2.8% 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 1,570 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 |
|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | €6,852 | €5,955 | €7,706 | €2,616 | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €34,516 | €33,133 | €32,031 | €32,031 | €32,289 | ▲ 0.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | €6,530 | €6,280 | €5,652 | - | - | - |
| Other operating charges640/8 | €4,409 | €5,182 | €4,582 | €4,528 | €2,667 | ▼ 41.1% |
| Gross operating margin9900 | €44,969 | €58,308 | €28,821 | €31,646 | €28,621 | ▼ 9.6% |
| Operating profit (loss)9901 | -€7,339 | €7,757 | -€21,151 | -€7,529 | -€6,336 | ▲ 15.8% |
| Financial income75/76B | - | €116 | - | - | - | - |
| Recurring financial income75 | - | €116 | - | - | - | - |
| Financial charges65/66B | €10,762 | €12,758 | €15,563 | €14,984 | €12,963 | ▼ 13.5% |
| Recurring financial charges65 | €10,762 | €12,758 | €15,563 | €14,984 | €12,963 | ▼ 13.5% |
| Profit (loss) for the period before taxes9903 | -€18,101 | -€4,885 | -€36,713 | -€22,513 | -€19,299 | ▲ 14.3% |
| Profit (loss) for the period9904 | -€18,101 | -€4,885 | -€36,713 | -€22,513 | -€19,299 | ▲ 14.3% |
| Profit (loss) for the period to be appropriated9905 | -€18,101 | -€4,885 | -€36,713 | -€22,513 | -€19,299 | ▲ 14.3% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €398,451 | €374,061 | €311,351 | €235,367 | €206,696 | ▼ 12.2% |
| Fixed assets21/28 | €328,096 | €294,963 | €262,932 | €230,900 | €202,797 | ▼ 12.2% |
| Tangible fixed assets22/27 | €328,096 | €294,963 | €262,932 | €230,900 | €202,797 | ▼ 12.2% |
| Land and buildings22 | €323,926 | €292,346 | €260,767 | €229,188 | €197,609 | ▼ 13.8% |
| Plant, machinery and equipment23 | €4,170 | €2,617 | €2,165 | €1,712 | €5,189 | ▲ 203% |
| Current assets29/58 | €70,355 | €79,097 | €48,420 | €4,466 | €3,898 | ▼ 12.7% |
| Stocks and contracts in progress3 | €58,773 | €56,524 | €36,088 | €2,300 | - | - |
| Stocks30/36 | €58,773 | €56,524 | €36,088 | €500 | - | - |
| Contracts in progress37 | - | - | - | €1,800 | - | - |
| Amounts receivable within one year40/41 | €1,327 | €9,137 | €4,461 | €276 | €3,677 | ▲ 1,230% |
| Trade receivables40 | €1,327 | €9,137 | €4,461 | €190 | €3,590 | ▲ 1,792% |
| Other amounts receivable41 | - | - | - | €87 | €87 | = |
| Cash at bank and in hand54/58 | €9,097 | €5,577 | €6,764 | €1,169 | €222 | ▼ 81.1% |
| Deferred charges and accrued income490/1 | €1,159 | €7,860 | €1,107 | €720 | - | - |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €398,451 | €374,061 | €311,351 | €235,367 | €206,696 | ▼ 12.2% |
| Equity10/15 | -€113,335 | -€118,220 | -€154,934 | -€177,447 | -€196,746 | ▼ 10.9% |
| Contributions10/11 | €20,000 | €20,000 | €20,000 | €20,000 | €20,000 | = |
| Profit (loss) carried forward14 | -€133,335 | -€138,220 | -€174,934 | -€197,447 | -€216,746 | ▼ 9.8% |
| Amounts payable17/49 | €511,786 | €492,281 | €466,285 | €412,813 | €403,441 | ▼ 2.3% |
| Amounts payable after more than one year17 | €274,182 | €257,069 | €238,950 | €220,185 | €200,777 | ▼ 8.8% |
| Financial debts170/4 | €274,182 | €257,069 | €238,950 | €220,185 | €200,777 | ▼ 8.8% |
| Amounts payable within one year42/48 | €237,604 | €235,212 | €227,335 | €192,628 | €202,664 | ▲ 5.2% |
| Current portion of amounts payable after more than one year42 | €18,254 | €17,542 | €18,119 | €18,765 | €19,408 | ▲ 3.4% |
| Financial debts43 | €50,000 | €50,000 | €50,000 | €50,000 | €50,000 | = |
| Credit institutions430/8 | €50,000 | €50,000 | €50,000 | €50,000 | - | - |
| Other loans439 | - | - | - | - | €50,000 | - |
| Trade debts44 | €17,372 | €7,022 | €19,282 | €2,206 | €3,814 | ▲ 72.9% |
| Suppliers440/4 | €17,372 | €7,022 | €19,282 | €2,206 | €3,814 | ▲ 72.9% |
| Advances received on contracts in progress46 | €492 | €8,152 | - | - | - | - |
| Taxes, remuneration and social security45 | €5,201 | €12,598 | €12,142 | €339 | €836 | ▲ 147% |
| Taxes450/3 | €3,039 | €11,781 | €11,457 | €339 | €836 | ▲ 147% |
| Remuneration and social security454/9 | €2,162 | €817 | €685 | - | - | - |
| Other amounts payable47/48 | €146,284 | €139,898 | €127,792 | €121,319 | €128,606 | ▲ 6.0% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€18,101 | -€4,885 | -€36,713 | -€22,513 | -€19,299 | ▲ 14.3% |
| + Depreciation and write-downs630 | €34,516 | €33,133 | €32,031 | €32,031 | €32,289 | ▲ 0.8% |
| Operating cash flow (approximation) | €16,415 | €28,248 | -€4,682 | €9,518 | €12,990 | ▲ 36.5% |
| Investment in fixed assets (approximation) | - | €0 | €0 | €0 | -€4,187 | - |
| Change in cash | - | -€3,520 | €1,188 | -€5,595 | -€948 | ▲ 83.1% |
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
Next filing, fiscal year 2026, expected by
2026
31-07
State Gazette act
Resignation: Elly Geerts (non-statutory director)Appointment: Jef Janssen (non-statutory director)6 facts ▸
State Gazette act
Resignation: Elly Geerts (non-statutory director)
Appointment: Jef Janssen (non-statutory director)6 facts ▸
- General meeting, 30-06-2026
- Director resignation, Elly Geerts (non-statutory director)
- Director appointment, Jef Janssen (non-statutory director)
- Board meeting, 26-06-2026
- Director resignation, Elly Geerts (day-to-day manager)
- Director appointment, Jef Janssen (day-to-day manager)
17-03
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
08-04
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
29-04
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
02-05
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 2 days late
2022
09-05
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 9 days late
2021
17-05
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 17 days late
2020
30-04
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
2019
30-04
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
State Gazette actNBB filing
1 of 3 acts read
About the unread acts
Of the 3 Belgian State Gazette acts we know for this company, 1 has been read. The other 2 have not been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
1 director, 1 in day-to-day management, last change in 2026
Board 1
Jef Janssen
CurrentNon-statutory director · since 01-07-2026
Day-to-day management 1
Jef Janssen
CurrentDay-to-day manager · since 01-07-2026
Derived from published Gazette acts. The CBE keeps the official list of function holders; we do not read it, so the two can differ.
See the function holders in the CBE →
Not every act has been read: a resignation may be missing here
2 of this company's 3 Belgian State Gazette acts have not been read yet. Appointments and resignations recorded in them are missing above: a director who resigned there may therefore still show here as sitting. The acts are in the Timeline.
Location & real-estate footprint
Registered office, Vosselaar · 1 establishment unit since 2017
Ground area
484 m²
Building footprint
267 m²
Volume, LiDAR
1,728 m³
Parcel 13046B0056/00Y000, Flanders · tallest building 11.0 m, ±2 floors. Linked by address, not a title deed.
3
companies at this address
See who is registered here
1 establishment unit
pigs DO fly
since 20172.261.291.615
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 13046B0056/00Y000 | Flanders | 484 m² | 1 · 267 m² | 11.0 m · 2 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.
Mandate history
2 people since 2026, 1 in office
- Board
- Day-to-day management
- began earlier
| Name | Functions and periods |
|---|---|
| Jef Janssen |
|
| Elly Geerts |
|
Articles of association
Power of attorney
One provision in the deed
Structure & network
Connections & network
1 current directorThe network starts from this company’s directors. Other companies they run appear here as nodes.
This company
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Shareholding
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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 618 companies in sector 56309 we hold annual accounts for 118. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company
Founded13-02-2017
Fiscal year end30-09
Activities, NACEBEL 2025
56309Food and beverage service activities
47715Retail trade
47721Retail sale of footwear
85599Other education
96999Other personal services
E-invoicing
Reachable via Peppol
Peppol ID
0208:0670987008
Also
9925:BE0670987008
Registered
04-11-2024
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.