Pretzel Logic
ActiveSummary
The computed 12-month bankruptcy probability of Pretzel Logic is 6.4% (elevated). The 2024 annual accounts show negative equity (-€95,829) and a net result of -€45,768. Equity is shrinking by ~62.7% per year across the filed fiscal years. Its solvency ranks better than 9% of 2940 sector peers (fiscal year 2024). The company has been active since 2018 and the Belgian State Gazette contains no insolvency or warning signals.
Checked score
Score 2024
Axes · tick = 2023
Profitability0=
Solvency0▼-10
Growth58=
Track record100
Bankruptcy probability, 12 months
6.4%
Elevated
0%0.5%1.5%4%10%≥ 25%
No credit on open account
Liquidity short (current ratio 0.41 against 0.54 in 2023; short-term debt: 138.7% and cash: 27.2% of total assets), and equity is negative.
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Signals
Seven signals. The signal on the left, the evidence on the right.
−lowers risk+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 · Limited track record
This company has not been active as long as an established one and statistically fails somewhat more often.
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
-42.5%
Return on assets
-20.3%
Age of the figures
21 mo
raises risk · Negative equity
The 2024 annual accounts show negative equity and a net loss.
NBB · annual accounts 2024Equity per financial year
192021222324
2019 to 2024 · latest year -€95,829
neutral · Filed after the deadline
The financial year that closed on 31-12-2024 was due by 31-07-2025 and was filed on 29-10-2025, 90 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 · 6 filingsDeviation from the deadline
2025
not confirmed
2024
90 d late
2023
29 d late
2022
29 d late
2021
25 d late
2020
26 d late
2019
91 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 48 days after the deadline; the sector median for financial year 2024 is 6 days after the deadline, and 53% of the sector filed late.
Checked, nothing found (1)
History
Go further with this company
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 Is the workforce growing, and do people stay?Employer check 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 What other support did companies like this one receive, and it did not?Public money
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Financials · fiscal year 2024, abbreviated schema
Equity
-€95,829▼ 91.4%
2023 · -€50,061
Total assets
€225,228▼ 30.8%
2023 · €325,425
Net result
-€45,768▲ 34.0%
2023 · -€69,325
Working capital
-€183,904▼ 11.3%
2023 · -€165,257
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-€316,538▼ 151%€87,687€2,616▼ 97.0%-€59,589-€41,470▲ 30.4%
Net result-€286,025below the sector's middle half▼ 122%€124,602above the sector's middle half-€5,188within the sector's middle half-€69,325below the sector's middle half▼ 1,236%-€45,768below the sector's middle half▲ 34.0%
Equity-€100,150below the sector's middle half€24,452within the sector's middle half€19,264within the sector's middle half▼ 21.2%-€50,061below the sector's middle half-€95,829below the sector's middle half▼ 91.4%
Total assets€358,824within the sector's middle half▼ 52.9%€438,184within the sector's middle half▲ 22.1%€375,981within the sector's middle half▼ 14.2%€325,425within the sector's middle half▼ 13.4%€225,228below the sector's middle half▼ 30.8%
Debt€458,973▼ 20.4%€413,732▼ 9.9%€356,717▼ 13.8%€375,486▲ 5.3%€321,057▼ 14.5%
Working capital-€188,693below the sector's middle half▼ 1,512%-€104,955below the sector's middle half▲ 44.4%-€128,563below the sector's middle half▼ 22.5%-€165,257below the sector's middle half▼ 28.5%-€183,904below the sector's middle half▼ 11.3%
Solvency-27.9%below the sector's middle half▼ 52.3pp5.6%below the sector's middle half▲ 33.5pp5.1%below the sector's middle half▼ 0.5pp-15.4%below the sector's middle half▼ 20.5pp-42.5%below the sector's middle half▼ 27.2pp
Current ratio0.42below the sector's middle half▼ 0.550.67below the sector's middle half▲ 0.250.60below the sector's middle half▼ 0.070.54below the sector's middle half▼ 0.050.41below the sector's middle half▼ 0.13
Return on assets (ROA)-79.7%below the sector's middle half▼ 62.8pp28.4%above the sector's middle half▲ 108.1pp-1.4%within the sector's middle half▼ 29.8pp-21.3%below the sector's middle half▼ 19.9pp-20.3%below the sector's middle half▲ 1.0pp
Staff (FTE)28.4above the sector's middle half▲ 15.0%33.5above the sector's middle half▲ 18.0%35.2above the sector's middle half▲ 5.1%29.2above the sector's middle half▼ 17.0%25.9above the sector's middle half▼ 11.3%
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 abbreviated schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €41,470 in 2024 against €59,589 in 2023; the loss shrinks.
Balance-sheet composition
2024 in colour, 2023 as the grey bar beneath
Assets €225,228
Fixed assets
€96,704 ▼ 25.6%
Current assets
€128,524 ▼ 34.2%
Key figures and ratios
EBITDA
-€5,254▼
2023 · -€985
Cash flow
-€9,553▲
2023 · -€10,720
Quick ratio
0.24▼
2023 · 0.41
Debt to equity
-3.35▲
2023 · -7.50
Interest coverage
-1.22▼
2023 · -0.10
Debt ≤ 1 year
€312,428▼
2023 · €360,702
Debt > 1 year
€7,682▼
2023 · €11,743
Staff costs
€252,624▼
2023 · €305,454
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 562 companies that looked in July 2024 the way this one looks now, 7.1% went bankrupt within 24 months and 87% are still going.
- Small
- 5 to 10 years old
- negative equity
- a loss of 10% of the balance sheet or more
7.1%
went bankrupt
4.8%
stopped otherwise
87%
still going
A further 1.2% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 6.4% 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 497,338 companies of July 2024 its group's bankruptcy share. Expected: 1.6%; actually bankrupt within 24 months: 1.7%.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.5% |
| 3 | 0.5% | 0.6% |
| 4 | 0.7% | 0.8% |
| 5 | 0.9% | 1.0% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.9% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 74% 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 562 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 |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | €3,056 | €2,640 | €992 | - | - |
| Remuneration, social security and pensions62 | - | €326,036 | €368,269 | €305,454 | €252,624 | ▼ 17.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €42,320 | €49,667 | €61,422 | €58,605 | €36,216 | ▼ 38.2% |
| Other operating charges640/8 | - | €3,647 | €3,920 | €7,959 | €14,088 | ▲ 77.0% |
| Non-recurring operating charges66A | - | €653 | €2,677 | €11,374 | €2,282 | ▼ 79.9% |
| Gross operating margin9900 | €166,418 | €467,690 | €438,905 | €323,802 | €263,740 | ▼ 18.5% |
| Operating profit (loss)9901 | -€316,538 | €87,687 | €2,616 | -€59,589 | -€41,470 | ▲ 30.4% |
| Financial income75/76B | - | €45,418 | €1,504 | €7 | €3 | ▼ 59.8% |
| Recurring financial income75 | €156 | €6 | €1,504 | €7 | €3 | ▼ 59.8% |
| Non-recurring financial income76B | - | €45,412 | - | - | - | - |
| Financial charges65/66B | - | €8,503 | €9,308 | €9,743 | €4,301 | ▼ 55.8% |
| Recurring financial charges65 | €5,317 | €8,503 | €9,308 | €9,743 | €4,301 | ▼ 55.8% |
| Profit (loss) for the period before taxes9903 | -€286,039 | €124,602 | -€5,188 | -€69,325 | -€45,768 | ▲ 34.0% |
| Income taxes67/77 | -€14 | - | - | - | - | - |
| Profit (loss) for the period9904 | -€286,025 | €124,602 | -€5,188 | -€69,325 | -€45,768 | ▲ 34.0% |
| Profit (loss) for the period to be appropriated9905 | -€286,025 | €124,602 | -€5,188 | -€69,325 | -€45,768 | ▲ 34.0% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €358,824 | €438,184 | €375,981 | €325,425 | €225,228 | ▼ 30.8% |
| Fixed assets21/28 | €221,820 | €225,164 | €186,730 | €129,980 | €96,704 | ▼ 25.6% |
| Intangible fixed assets21 | €23,155 | €23,202 | €15,881 | €8,915 | €3,721 | ▼ 58.3% |
| Tangible fixed assets22/27 | €190,565 | €193,674 | €165,241 | €113,603 | €86,525 | ▼ 23.8% |
| Land and buildings22 | - | €97,161 | €88,343 | €71,414 | €56,144 | ▼ 21.4% |
| Plant, machinery and equipment23 | - | €58,143 | €48,427 | €23,005 | €18,340 | ▼ 20.3% |
| Furniture and vehicles24 | - | €38,370 | €28,472 | €19,184 | €12,041 | ▼ 37.2% |
| Financial fixed assets28 | €8,099 | €8,288 | €5,607 | €7,462 | €6,458 | ▼ 13.5% |
| Current assets29/58 | €137,004 | €213,020 | €189,252 | €195,445 | €128,524 | ▼ 34.2% |
| Stocks and contracts in progress3 | €24,470 | €26,917 | €29,608 | €48,854 | €53,739 | ▲ 10.0% |
| Stocks30/36 | - | €26,917 | €29,608 | €48,854 | €53,739 | ▲ 10.0% |
| Amounts receivable within one year40/41 | €48,874 | €12,749 | €72,237 | €25,938 | €8,601 | ▼ 66.8% |
| Trade receivables40 | - | €8,193 | €62,181 | €25,871 | €7,987 | ▼ 69.1% |
| Other amounts receivable41 | - | €4,556 | €10,056 | €67 | €614 | ▲ 816% |
| Cash at bank and in hand54/58 | €56,396 | €166,747 | €83,872 | €112,856 | €61,274 | ▼ 45.7% |
| Deferred charges and accrued income490/1 | - | €6,608 | €3,534 | €7,798 | €4,909 | ▼ 37.0% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €358,824 | €438,184 | €375,981 | €325,425 | €225,228 | ▼ 30.8% |
| Equity10/15 | -€100,150 | €24,452 | €19,264 | -€50,061 | -€95,829 | ▼ 91.4% |
| Contributions10/11 | €315,000 | €315,000 | €315,000 | €315,000 | €315,000 | = |
| Capital10 | - | €315,000 | €315,000 | €315,000 | €315,000 | = |
| Issued capital100 | - | €315,000 | €315,000 | €315,000 | €315,000 | = |
| Profit (loss) carried forward14 | -€415,150 | -€290,548 | -€295,736 | -€365,061 | -€410,829 | ▼ 12.5% |
| Amounts payable17/49 | €458,973 | €413,732 | €356,717 | €375,486 | €321,057 | ▼ 14.5% |
| Amounts payable after more than one year17 | €124,402 | €92,325 | €36,196 | €11,743 | €7,682 | ▼ 34.6% |
| Financial debts170/4 | - | €92,325 | €36,196 | €11,743 | €7,682 | ▼ 34.6% |
| Amounts payable within one year42/48 | €325,697 | €317,975 | €317,815 | €360,702 | €312,428 | ▼ 13.4% |
| Current portion of amounts payable after more than one year42 | - | €55,265 | €56,128 | €24,453 | €4,061 | ▼ 83.4% |
| Financial debts43 | - | €40,000 | €40,000 | €40,000 | €40,000 | = |
| Credit institutions430/8 | - | €40,000 | €40,000 | €40,000 | €40,000 | = |
| Trade debts44 | €26,944 | €48,231 | €67,868 | €21,639 | €14,861 | ▼ 31.3% |
| Suppliers440/4 | - | €47,079 | €67,868 | €21,639 | €14,861 | ▼ 31.3% |
| Bills of exchange payable441 | - | €1,152 | - | - | - | - |
| Taxes, remuneration and social security45 | - | €41,147 | €19,205 | €22,646 | €26,581 | ▲ 17.4% |
| Taxes450/3 | - | €14,814 | €1,738 | €1,780 | €10,272 | ▲ 477% |
| Remuneration and social security454/9 | - | €26,332 | €17,467 | €20,866 | €16,310 | ▼ 21.8% |
| Other amounts payable47/48 | - | €133,332 | €134,614 | €251,963 | €226,924 | ▼ 9.9% |
| Accrued charges and deferred income492/3 | - | €3,432 | €2,706 | €3,040 | €947 | ▼ 68.8% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€286,025 | €124,602 | -€5,188 | -€69,325 | -€45,768 | ▲ 34.0% |
| + Depreciation and write-downs630 | €42,320 | €49,667 | €61,422 | €58,605 | €36,216 | ▼ 38.2% |
| Operating cash flow (approximation) | -€243,704 | €174,268 | €56,235 | -€10,720 | -€9,553 | ▲ 10.9% |
| Investment in fixed assets (approximation) | - | -€53,011 | -€22,988 | -€1,855 | -€2,939 | ▼ 58.5% |
| Change in cash | - | €110,351 | -€82,874 | €28,984 | -€51,581 | ▼ 278% |
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
29-10
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema · 90 days late
2024
29-08
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema · 29 days late
2023
29-08
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema · 29 days late
2022
25-08
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema · 25 days late
2021
31-12
Financial
Back to profitnet €124,602
Net result €124,602 after 2 loss-making years.
26-08
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema · 26 days late
2020
31-12
Financial
Weakest financial yearnet -€286,025
Net result drops to -€286,025, the lowest in the series; recovery starts the following year.
30-10
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema · 91 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 4 acts read
About the unread acts
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.
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Directors · office · real estate
Directors
4 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, Leuven · 2 establishment units since 2018
Ground area
1,221 m²
Building footprint
282 m²
Volume, LiDAR
2,491 m³
2 parcels, Flanders · tallest building 17.1 m, ±5 floors. Linked by address, not a title deed.
2
companies at this address
See who is registered here
2 establishment units
Würst Leuven
since 20182.281.931.136
Würst - Loods eventvoorbereiding
since 20192.293.817.101
2 parcels
Flanders
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 12036A0467/00M000 | Flanders | 1,130 m² | 1 · 191 m² | 8.1 m · 2 fl. |
| 24062A0637/00E000 | Flanders | 91 m² | 1 · 91 m² | 17.1 m · 5 fl. |
Linked by address, not proof of ownership
Good to know
2 of 2 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Public money · subsidies and aid
Flemish government
2022 to 2024 · 3 entries · 884 EUR awarded · 582 EUR paid| Year | Entries | awarded | paid |
|---|---|---|---|
| 2024 | 1 | 302 EUR | 0 EUR |
| 2023 | 1 | 226 EUR | 226 EUR |
| 2022 | 1 | 356 EUR | 356 EUR |
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Of 21,853 companies in sector 56112 we hold annual accounts for 9,777. 8,016 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
Founded20-11-2018
Fiscal year end31-12
Activities, NACEBEL 2025
56112Limited-service restaurants, excluding mobile food services
56210Event catering
E-invoicing
Not found in the Peppol register
No Peppol card under this enterprise or VAT number. That proves nothing: publishing a card is voluntary.
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Register as of 29 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.