Losses
Every financial year from 2023 to 2025 closed with a loss. 2023 was the heaviest.
Every financial year from 2023 to 2025 closed with a loss. 2023 was the heaviest.
The accounts state no turnover.
Of this, €356,053 falls due within a year.
Latest accounts filed late: after the legal deadline.
New director. Latest change 01-08-2026 · 2 in office.
Lower net result than 80% of companies in food and beverage service. Sector median €10,278 · 4,838 companies.
The dashed line is the sector median: 1.8% across 23,791 companies (NACE 56, micro).
About 7 in 100 comparable companies go bankrupt within 12 months (an estimate).
The band follows from the bankruptcy probability. 10 more points roughly halve it.
| 75-100 | Excellent | under 0.55% |
| 60-74 | Healthy | 0.55% to 1.5% |
| 45-59 | Fair | 1.5% to 4.2% |
| 25-44 | Weak | 4.2% to 15.0% |
| 0-24 | Critical | over 15.0% |
Where the company stands within its band depends half on the bankruptcy probability and half on how it does against its sector peers (NACE 56, micro). It does better than 27% of them on solvency, 16% on liquidity, 30% on profitability and 14% on growth.
The bankruptcy probability was computed on 10-11-2026 by the bankruptcy model of 2 October 2026, which learns from Belgian bankruptcies and reads the registers, the annual accounts and the Belgian Official Gazette.
The probability rests on the annual accounts with balance sheet date 31-12-2025.
Of the companies with a bankruptcy probability in the elevated class on 30-06-2025, 6.3% went bankrupt within twelve months.
Some facts cap the score, however low the probability. With negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late, the score is Fair at most (59). With two missing filings, it is Weak at most (44). During a judicial reorganisation or at the company's end (bankruptcy, dissolution, liquidation), it is Critical at most (24).
In July 2024, 1,301 companies had the same profile as Pulmenti has now. Each dot stands for 4 companies, two years later.
Another 0.3% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of Pulmenti itself: 6.7% within 12 months.
The method was tested on the 497,447 companies of July 2024. Each company was given the bankruptcy share of the same profile a year earlier, in July 2023. The expectation was that 1.6% would go bankrupt within 24 months. In fact 1.7% went bankrupt.
| 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% | 0.9% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.8% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
A company that went bankrupt had a higher expected share than one that kept going in 74.5% of comparisons. The level depends on the economy. In a year with more bankruptcies than the year before, the actual share is higher than the expected one.
This is an observation about 1,301 companies, not a prediction for Pulmenti. The sector does not count, because the KBO no longer lists a sector for a company that has stopped. By sector, mostly the survivors would count, which would paint too rosy a picture.
Net loss of at least half of total assets or of the equity at the start of the financial year.
Liquidity is insufficient, with a current ratio of 0.19 (0.16 in 2024), below 1. Short-term debt is 60.3% and cash 0.8% of total assets. 97.8% of the assets are financed with debt and provisions.
Show the recommended maximum and see how the verdict changes with amount, term and advance.
The scores and ratios are Checked's own calculations, not a credit decision.
The company filed its last 3 accounts on average 66 days after the deadline. In the sector (NACE 56), the median for financial year 2024 was 7 days after the deadline, and 53% of those companies filed late.
| Company | ||||
|---|---|---|---|---|
| Pulmenti Aalst | €590,544 | €59,477 | 2.2% | - |
| DE AFFAIRE Ghent | €637,924 | €69,661 | 11.6% | - |
| JAGO 31 Aalter | €632,029 | €40,380 | 11.1% | - |
| VISITE Evergem | €494,789 | €75,604 | 1.8% | - |
| Arbane Ghent | €409,000 | €61,890 | 2.8% | - |
| LUTETIA Ixelles | €726,406 | €68,293 | -42.9% | - |
| SURFBURGER De Panne | €524,497 | €80,094 | 4.4% | - |
These companies have the same main activity as Pulmenti: full-service restaurants (NACE 56111). They are comparable in size and age: total assets between €409,000 and €726,000, founded between 2022 and 2023.
Pulmenti files the abbreviated format. That format states no turnover. The gross margin rose from -€9,299 in 2023 to €59,477 in 2025.
The balance sheet grew most in 2024 through fixed assets.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette. Click a figure with a dotted line for the item and the filing.
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