Equity
Equity fell by 54% in 3 years.
Equity fell by 54% in 3 years.
Back in profit in 2025, after a loss of €59,408 in 2024.
Of this, €1.8m falls due within a year.
The last five annual accounts were filed 12 to 46 days before the end of the period.
Subsidiary with negative equity. Retsilver Macellaio · loss of €33,909 in 2025.
Lower solvency than 83% of companies in retail trade. Sector median 36.6% · 12,852 companies.
The dashed line is the sector median: 0.4% across 3,699 companies (NACE 47, small).
About 1 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 47, small). It does better than 16% of them on solvency, 21% on liquidity, 54% on profitability and 60% on growth.
The bankruptcy probability was computed on 07-11-2026 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 31-10-2025.
Of the companies with a bankruptcy probability in the low class on 30-06-2025, 0.8% 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, 1,603 companies had the same profile as Retsilver Eeklo has now. Each dot stands for 5 companies, two years later.
Another 0.4% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of Retsilver Eeklo itself: 1.2% 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 1,603 companies, not a prediction for Retsilver Eeklo. 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.
Liquidity is insufficient, with a current ratio of 0.84 (0.78 in 2024), below 1. Short-term debt is 79.7% and cash 13.2% of total assets. 95.3% 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 7 accounts on average 27 days before the deadline. In the sector (NACE 47), the median for financial year 2024 was on the deadline day, and 47% of those companies filed late.
Shares in 1 company, Retsilver Macellaio
Board & ownership| Company | ||||
|---|---|---|---|---|
| Retsilver Eeklo Eeklo | €2.3m | €0.8m | 4.7% | 14.7 |
| AMKO RETAIL Ghent | €3.3m | €0.9m | 15.2% | 15.2 |
| D&D Versmarkt Destelbergen | €3.0m | €0.9m | 23.9% | 13.4 |
| Delxillia Ghent | €1.6m | €1.1m | 68.7% | 16.9 |
| PROXY SINT-PIETER Ghent | €1.5m | €0.9m | 16.6% | 17.7 |
| BELLO DOK Ghent | €2.9m | €0.9m | 27.4% | 12.3 |
| MELLE RETAIL Merelbeke-Melle | €1.9m | €0.8m | 24.4% | 9.8 |
These companies have the same main activity as Retsilver Eeklo: non-specialised retail sale with food, beverages or tobacco predominating (NACE 47110). They are comparable in size and age: total assets between €1.5m and €3.3m, founded between 2015 and 2020.
Retsilver Eeklo files the abbreviated format. That format states no turnover. The gross margin rose from €330,933 in 2019 to €806,769 in 2025.
The balance sheet grew most from 2021 to 2023 through fixed assets.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette.
Turnover and EBIT margin are not published. The abbreviated format does not require them. The turnover shown is an estimate from the gross margin.
Turnover ≈ €7.6m. Estimated: probably between €6.0m and €10.0m.
Higher than 16% of 12,852 companies in 2025.
Higher than 19% of 12,642 companies in 2025.
Higher than 27% of 12,716 companies in 2025.
Net result: middle half · Equity: middle half · Balance sheet total: top quarter · Working capital: bottom quarter · Staff: top quarter
Staff costs divided by the average number of full-time equivalents.
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Balance sheet: assets | ||||||||
20/58 |
2.3m | 1.8m | 2.6m | 2.1m | 1.3m | 908,652 | 611,426 | |
21/28 |
743,815 | 887,105 | 984,783 | 981,474 | 154,024 | 95,960 | 3,810 | |
22/27 |
742,265 | 885,555 | 983,233 | 979,924 | 30,076 | 13,612 | 2,810 | |
23 |
690,899 | 821,804 | 908,726 | 890,301 | 27,360 | 12,467 | 2,810 | |
24 |
4,726 | 2,729 | 1,500 | 2,234 | 2,716 | 1,146 | - | |
26 |
46,640 | 61,022 | 73,007 | 87,389 | - | - | - | |
28 |
1,550 | 1,550 | 1,550 | 1,550 | 123,948 | 82,348 | 1,000 | |
29/58 |
1.5m | 952,077 | 1.6m | 1.1m | 1.1m | 812,691 | 607,616 | |
3 |
543,096 | 546,675 | 552,618 | 506,438 | 506,858 | 386,348 | 389,633 | |
30/36 |
543,096 | 546,675 | 552,618 | 506,438 | 506,858 | 386,348 | 389,633 | |
40/41 |
604,717 | 170,178 | 167,578 | 94,633 | 206,320 | 107,050 | 66,115 | |
40 |
165,815 | 99,571 | 5,271 | 2,320 | 130,283 | 41,927 | 21,241 | |
41 |
438,902 | 70,607 | 162,308 | 92,313 | 76,037 | 65,124 | 44,874 | |
54/58 |
296,458 | 232,369 | 855,047 | 479,047 | 429,496 | 318,271 | 150,975 | |
490/1 |
64,498 | 2,854 | 2,856 | 1,933 | 1,059 | 1,021 | 892 | |
| Balance sheet: equity and liabilities | ||||||||
10/49 |
2.3m | 1.8m | 2.6m | 2.1m | 1.3m | 908,652 | 611,426 | |
10/15 |
106,168 | 99,032 | 158,440 | 228,883 | 213,711 | 149,880 | 28,585 | |
10/11 |
25,000 | 25,000 | 25,000 | 25,000 | 25,000 | 25,000 | 25,000 | |
100 |
- | - | - | - | - | - | 25,000 | |
13 |
117,500 | 117,500 | 133,440 | 124,880 | 124,880 | 124,880 | 3,585 | |
130/1 |
2,500 | 2,500 | 2,500 | 2,500 | 2,500 | 2,500 | - | |
130 |
- | - | - | - | - | - | 2,500 | |
1311 |
2,500 | 2,500 | 2,500 | 2,500 | 2,500 | 2,500 | - | |
133 |
115,000 | 115,000 | 130,940 | 122,380 | 122,380 | 122,380 | 1,085 | |
14 |
-36,332 | -43,468 | - | 79,003 | 63,831 | - | - | |
17/49 |
2.1m | 1.7m | 2.4m | 1.8m | 1.1m | 758,771 | 582,841 | |
17 |
351,313 | 512,177 | 582,244 | 679,017 | - | - | - | |
170/4 |
351,313 | 512,177 | 582,244 | 679,017 | - | - | - | |
42/48 |
1.8m | 1.2m | 1.8m | 1.2m | 1.1m | 758,771 | 582,841 | |
42 |
129,715 | 141,215 | 104,273 | 110,359 | - | - | - | |
44 |
1.6m | 877,233 | 1.5m | 898,065 | 999,844 | 645,107 | 565,007 | |
440/4 |
1.6m | 877,233 | 1.5m | 898,065 | 999,844 | 645,107 | 565,007 | |
45 |
49,912 | 189,907 | 202,568 | 146,808 | 73,432 | 70,453 | 10,461 | |
450/3 |
2,304 | 184 | 2,994 | 18,819 | 68,213 | 50,453 | 4,120 | |
454/9 |
47,607 | 189,723 | 199,573 | 127,989 | 5,218 | 20,000 | 6,341 | |
47/48 |
46,207 | 19,082 | - | 393 | 10,771 | 43,212 | 7,373 | |
492/3 |
- | 536 | - | - | - | - | - | |
| Income statement | ||||||||
9900 |
806,769 | 573,159 | 661,905 | 436,759 | 288,549 | 355,706 | 330,933 | |
62 |
595,811 | 447,289 | 384,077 | 222,512 | 186,786 | 145,486 | 183,811 | |
630 |
187,707 | 149,781 | 166,788 | 65,850 | 5,645 | 1,925 | 777 | |
640/8 |
2,806 | 1,984 | 2,741 | 2,646 | 2,221 | 2,226 | 1,749 | |
9901 |
20,445 | -25,895 | 108,299 | 145,750 | 93,896 | 206,069 | 144,596 | |
75/76B |
13,255 | 717 | 4,462 | 1,703 | 1,304 | 407 | 1,009 | |
75 |
13,255 | 717 | 4,462 | 1,703 | 1,304 | 407 | 1,009 | |
65/66B |
26,565 | 34,231 | 28,204 | 27,828 | 16,213 | 13,560 | 12,019 | |
65 |
26,565 | 34,231 | 28,204 | 27,828 | 16,213 | 13,560 | 12,019 | |
9903 |
7,136 | -59,408 | 84,557 | 119,626 | 78,988 | 192,916 | 133,585 | |
67/77 |
- | - | - | 4,453 | 15,157 | 51,621 | - | |
9904 |
7,136 | -59,408 | 84,557 | 115,172 | 63,831 | 141,295 | 133,585 | |
9905 |
7,136 | -59,408 | 84,557 | 115,172 | 63,831 | 141,295 | 133,585 | |
| Appropriation of the result | ||||||||
9906 |
-36,332 | -59,408 | 163,560 | 179,003 | 63,831 | 141,295 | 133,585 | |
14P |
-43,468 | - | 79,003 | 63,831 | - | - | - | |
791/2 |
- | 15,940 | - | - | - | - | - | |
691/2 |
- | - | 8,560 | - | - | 121,295 | 3,585 | |
6920 |
- | - | - | - | - | - | 2,500 | |
6921 |
- | - | 8,560 | - | - | 121,295 | 1,085 | |
694/7 |
- | - | 155,000 | 100,000 | - | 20,000 | 130,000 | |
695 |
- | - | 155,000 | 100,000 | - | 20,000 | 130,000 | |
| Social balance sheet | ||||||||
9087 |
14.7 | 16.6 | 10.8 | 7 | 6.5 | 6.1 | 6.8 | |
Hours worked1013 |
29,467 | 26,922 | 19,671 | 11,601 | 10,031 | 9,542 | 12,522 | |
| Document | ||||||||
The notes to these accounts have 9 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the filed accounts (PDF).
Source: Annual accounts 2025 (PDF), filed on 11-05-2026.
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-10-2025 | abbreviated format | 11-05-2026 | 2026-00109643 | |
| 31-10-2024 | abbreviated format | 15-04-2025 | 2025-00073596 | |
| 31-12-2023 | abbreviated format | 18-06-2024 | 2024-00136514 | |
| 31-12-2022 | abbreviated format | 27-06-2023 | 2023-00161936 | |
| 31-12-2021 | abbreviated format | 19-07-2022 | 2022-20202668 | |
| 31-12-2020 | abbreviated format | 29-06-2021 | 2021-26600137 | |
| 31-12-2019 | abbreviated format | 31-07-2020 | 2020-36800421 |
| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 3 | €3,464 | €3,944 |
| 2024 | 4 | €3,003 | €4,276 |
| 2023 | 2 | €1,355 | €1,355 |
| 2022 | 2 | €23,461 | €19,848 |
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| 208,153 | 123,886 | 275,087 | 211,601 | 99,542 | 207,994 | 145,373 | ||
| 194,843 | 90,373 | 251,345 | 181,023 | 69,476 | 143,220 | 134,362 | ||
| 44,417 | 52,103 | 170,097 | 1.0m | 63,709 | 94,075 | 4,587 | ||
| 64,089 | -622,678 | 376,000 | 49,552 | 111,224 | 167,296 | - | ||
| -286,335 | -275,360 | -244,099 | -73,574 | 59,687 | 53,920 | 24,775 | ||
| 4.7% | 5.4% | 6.2% | 11.1% | 16.5% | 16.5% | 4.7% | ||
| 0.84 | 0.78 | 0.87 | 0.94 | 1.06 | 1.07 | 1.04 | ||
| 0.54 | 0.33 | 0.56 | 0.50 | 0.59 | 0.56 | 0.37 | ||
| 20.22 | 17.57 | 15.18 | 8.02 | 5.07 | 5.06 | 20.39 | ||
| 6.7% | -60.0% | 53.4% | 50.3% | 29.9% | 94.3% | 467.3% | ||
| 0.3% | -3.2% | 3.3% | 5.6% | 4.9% | 15.5% | 21.8% | ||
| 7.84 | 3.62 | 9.75 | 7.60 | 6.14 | - | - |
A Belgian filing has no cash-flow statement. Cash flow is therefore an approximation, derived from the income statement. Investment is the acquisitions in the notes and, without them, the balance-sheet move.
| Item | 31-10-2025 | 31-10-2024 | 31-12-2023 | 31-12-2022 | 31-12-2021 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 18 | 14 | 23 | 10 | 7 |
| full-time | 16 | 13 | 23 | 9 | 7 |
| part-time | 2 | 1 | - | 1 | - |
| in full-time equivalents | 17 | 13.5 | 23 | 9.2 | 7 |
| 14.7 | 16.6 | 10.8 | 7 | 6.5 | |
| On a permanent contract | 10 | 11 | 8 | 8 | 4 |
| Joined | - | - | - | - | 8 |
| Left | - | - | - | - | 8 |
Source: social balance sheet in the 2021 to 2025 annual accounts
| Item | 31-10-2025 | 31-10-2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Debts secured on the company's own assets | - | - | - | €714,367 | - |
| Debts guaranteed by Belgian public bodies | - | - | - | €714,376 | - |
| - | - | - | €478,000 | - |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
| Item | 31-10-2025 | 31-10-2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Tangible fixed assets | €44,417 | €52,103 | €170,097 | €1.0m | €22,110 |
| Financial fixed assets | - | - | - | - | €41,600 |
| €187,707 | €149,781 | €166,788 | €65,850 | €5,645 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
The operating result for 2025 is a profit of €20,445, after a loss of €25,895 in 2024.
Debt's share of the balance-sheet total rises from 94.6% to 95.3%. Equity and debt are higher.
Source: lists of holdings in the owners' accounts
Source: list of holdings in its own 31-10-2025 accounts. Every holding stands with its own latest accounts.
| Retsilver Macellaio
registered office since 08-07-2019 · founded in 2019 · negative equity (2025) |
total assets €120,853 (2025) 0729.898.769 |
| Name | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Retsilver Macellaio | 100% | ||||||
Source: list of holdings in its own accounts
The connected companies are in the list below.
Deadline for the 2026 accounts: 31-05-2027
Financial milestones sit on the financial year-end date, not the filing date.
Sources: Publications in the Belgian Official GazetteFilings with the National Bank
| Establishment | Since | Unit number | FASFC approval |
|---|---|---|---|
| Koning Albertstraat 106 registered office 9900 Eeklo | 21-11-2018 | 2.282.483.739 | Bakery Retail with processing activity |
| Cadastral parcel | Area | Buildings | Height / floors |
|---|---|---|---|
| 43352E1540/00V000 | 5,125 m² | 1 · 1,812 m² | 7.6 m · 2 |
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