Checked.be
Active
BE 0548.819.367Private limited company (pre-2019)
SFD BAKERY
Jean d'Ostastraat 18 ·1190 Vorst, Belgium· 12 yrs active
Sector: Vocational training
(85592)
Conclusion
SFD BAKERY has been active since 2014 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €40k and a net result of €-12k. Equity is shrinking by ~28.7% per year and would, assuming unchanged policy, indicatively turn negative around fiscal year 2028. Its solvency ranks better than 47% of 245 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.3% (very low).
Based on the State Gazette, CBE and 3 annual accounts.
Key figures
| Equity | €40k |
| Net result | €-12k |
| Better than sector | 47% |
| Active | 12 yrs |
Financial profile
55
/ 100
Mixed profile: strong on stability, weaker on profitability.
All 5 axes are computed from data Checked has read.
Health
71
Profitability
0
Solvency
74
Growth
32
Stability
100
Bankruptcy probability (12 mo)
Risk Assessment
0 / 100
Low riskTrust signals
Established
Founded in 2014, 12 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 Flags
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.
Checked score
71
/ 100
Healthy
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.
Indicative credit limit
€3k
estimate, not credit advice
Score history
93
2023
45
2024
71
2025
purely financial, excl. current insolvency signals
Score components
Liquidity
Current ratio 1.55 (≥ 1.5)
+10
Quick ratio
Quick ratio 1.55 (≥ 1.0)
+5
Leverage
Debt/equity 1.46 (< 2.0)
+3
Profitability
Negatieve ROE -30%
-10
Interest coverage
Interest coverage 4.4× (≥ 3×)
+8
Profit trend
Net profit up YoY
+5
Computed by Checked from the NBB filing for FY 2025. Indicative, not credit advice.
Financial overview
Annual accounts filed on 26-01-2026 with the NBB · fiscal year 2025 · micro schema
Trajectory (indicative)
Projection over 3 fiscal years from the filed annual accounts, not a forecast, the extended trend.
declining
At this pace, equity would indicatively turn negative around fiscal year 2028, assuming unchanged policy.
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 2025 · NACE 85, Education · compared within the same schema type (micro schema)
| Metric | This company | Sector median | Position in the sector |
|---|---|---|---|
| Solvency | 40.6% | 43.1% | |
| Net result | €-12k | €11k | |
| Equity | €40k | €25k | |
| Gross operating margin | €10k | €29k | |
| Total assets | €99k | €78k |
€9k
-
23-25
€-12k
+32.3%
23-25
€7k
-
23-25
€99k
-23.3%
23-25
€40k
-23.2%
23-25
€18k
-31.4%
23-25
€0
-
23-25
€321
+6.3%
23-25
€7k
-
23-25
€59k
-23.3%
23-25
€32k
-11.2%
23-25
€27k
-33.9%
23-25
1.55
-9.5%
23-25
1.55
-9.5%
23-25
40.6%
+0.1%
23-25
1.46
-0.2%
23-25
-30.1%
+11.9%
23-25
-12.2%
+11.8%
23-25
4.40
-
23-25
Figures by fiscal year and ratios
| Fiscal year | 2025 | 2024 | 2023 |
|---|---|---|---|
| Deposit | micro schema | micro schema | micro schema |
| Revenue | - | - | - |
| EBITDA | €9k | €-4k | €54k |
| Net profit | €-12k | €-18k | €32k |
| Cash flow | €7k | €-5k | €43k |
| Staff costs | - | €0 | - |
| Income taxes | €321 | €302 | €10k |
| Dividends | - | - | €7k |
| Total assets | €99k | €130k | €131k |
| Equity | €40k | €53k | €71k |
| Debt | €59k | €77k | €61k |
| of which ≤ 1y | €32k | €36k | €33k |
| of which > 1y | €27k | €41k | €28k |
| Working capital | €18k | €26k | €50k |
| Employees (FTE) | - | - | - |
Ratios (computed)
| 2025 | 2024 | 2023 | |
|---|---|---|---|
| Current ratio | 1.55 | 1.71 | 2.53 |
| Quick ratio | 1.55 | 1.71 | 2.53 |
| Working capital ratio | 17.7% | 19.8% | 38.0% |
| Solvency | 40.6% | 40.5% | 53.7% |
| Debt / equity | 1.46 | 1.47 | 0.86 |
| Long-term debt ratio | 0.67 | 0.78 | 0.40 |
| Interest coverage | 4.40 | -2.58 | 37.41 |
| Gross margin | - | - | - |
| Net margin | - | - | - |
| ROA | -12.2% | -13.9% | 24.2% |
| ROE | -30.1% | -34.2% | 45.0% |
| EBITDA margin | - | - | - |
| Days sales outstanding | - | - | - |
| Days payable outstanding | - | - | 6d |
| Inventory turnover | - | - | - |
| Days inventory (DSI) | - | - | - |
Balance-sheet composition 2025
Full annual accounts (25 line items)
Filed balance sheet and income statement, exactly as deposited with the NBB.
| Line item | Code | 2025 | 2024 | 2023 |
|---|---|---|---|---|
| Balance sheet, Assets | ||||
| TOTAL ASSETS | 20/58 | €99k | €130k | €131k |
| Fixed assets | 21/28 | €50k | €68k | €49k |
| Formation expenses | 20 | €0 | €0 | €0 |
| Tangible fixed assets | 22/27 | €50k | €68k | €49k |
| Financial fixed assets | 28 | €90 | €90 | €90 |
| Current assets | 29/58 | €49k | €61k | €83k |
| Amounts receivable within one year | 40/41 | €54 | €4k | €167 |
| Cash & bank | 54/58 | €45k | €56k | €79k |
| Balance sheet, Equity & liabilities | ||||
| TOTAL EQUITY & LIABILITIES | 10/49 | €99k | €130k | €131k |
| Equity | 10/15 | €40k | €53k | €71k |
| Contributions / capital | 10/11 | €19k | €19k | €19k |
| Reserves | 13 | €2k | €2k | €2k |
| Accumulated profits (losses) | 14 | €20k | €32k | €50k |
| Amounts payable | 17/49 | €59k | €77k | €61k |
| Amounts payable after one year | 17 | €27k | €41k | €28k |
| Amounts payable within one year | 42/48 | €32k | €36k | €33k |
| Trade debts payable within one year | 44 | €1k | €7k | €2k |
| Income statement | ||||
| Gross operating margin | 9900 | €10k | €-2k | €58k |
| Operating result | 9901 | €-10k | €-16k | €43k |
| Financial income | 75 | €8 | €0 | €0 |
| Financial charges | 65 | €2k | €1k | €1k |
| Result before taxes | 9903 | €-12k | €-18k | €42k |
| Income taxes | 67/77 | €321 | €302 | €10k |
| Net result for the period | 9904 | €-12k | €-18k | €32k |
| Result to be appropriated | 9905 | €-12k | €-18k | €32k |
Legal Structure
| NACE primary | Vocational training(85592) |
| Legal form | Private limited company (pre-2019)(015) |
| Incorporation | 24-03-2014 |
| Status | Active |
| Postal code | 1190 |
Establishment units
Roosendaelstraat 125, 1190 Vorst
since 20142.229.394.748
Real-estate footprint
Brussels
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 21383B0021/00N002 | Brussels | 1,506 m² | 1 · 1,335 m² | 14.0 m · 2 fl. |
| 21384D0277/00L002 | Brussels | 161 m² | 1 · 60 m² | 11.3 m · 3 fl. |
Methodology
via registered seat: 1 · via establishment units: 1
2 of 2 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Updates
Next filing, fiscal year 2026, expected by
2026
26-01
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
10-02
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 10 days late
2024
30-06
Financial
Weakest financial yearnet €-18k ▼157%
Net result drops to €-18k, the lowest in the series; recovery starts the following year.
30-01
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
16-01
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
04-01
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
25-01
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
2020
10-01
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
2019
24-01
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
2018
26-01
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema
2017
24-01
NBB filing
Annual accounts filed
fiscal year 2016 · full schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
Belgian State Gazette reading coverage
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.
Credit advice
Company registry (CBE)
Activities
Vocational training85592Other business support services82990
Names & trade names
| Legal nameFR | SFD BAKERY |
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