SHADOW CONCEPT
ActiveSummary
The computed 12-month bankruptcy probability of SHADOW CONCEPT is 3.9% (moderate). The 2025 annual accounts show negative equity (€-189k) and a net result of €-13k. Equity is shrinking by ~42.1% per year across the filed fiscal years. Its solvency ranks better than 5% of 18400 sector peers (fiscal year 2025). The company has been active since 2019 and the Belgian State Gazette contains no insolvency or warning signals.
Checked score
Score 2025
Axes · tick = 2024
Profitability27▲+14
Solvency0=
Growth58=
Track record100
Bankruptcy probability, 12 months
3.9%
Moderate
0%0.5%1.5%4%10%≥ 25%
No credit on open account
Liquidity short (current ratio 0.05 against 0.11 in 2024), and equity is negative.
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Signals
Six signals. The signal on the left, the evidence on the right.
+raises risk○neutral
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
Return on assets
-107.2%
Age of the figures
9 mo
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 · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 47
Relative position
BE, all sectors
reference
Retail trade (NACE 47)
about 45% more bankruptcies
← fewer bankruptcies
more bankruptcies →
raises risk · Negative equity
The 2025 annual accounts show negative equity and a net loss.
NBB · annual accounts 2025Equity per financial year
202122232425
2020 to 2025 · latest year €-189k
neutral · Filed after the deadline
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 26-08-2026, 26 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
26 d late
2024
29 d late
2023
5 d late
2022
52 d late
2021
47 d early
2020
25 d early
← before the deadline
after the deadline →
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
25-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, micro schema
Equity
€-189k▼ 7.5%
2024 · €-176k
Total assets
€12k▼ 71.9%
2024 · €44k
Net result
€-13k▲ 60.7%
2024 · €-33k
Working capital
€-192k▲ 2.0%
2024 · €-196k
Trend over the years
Click a name to add, emphasise or remove a line.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result€-19k▲ 54.7%€-95k▼ 414%€-45k▲ 53.2%€-28k▲ 38.0%€-12k▲ 56.9%
Net result€-23k▲ 48.9%€-100k▼ 343%€-51k▲ 49.5%€-33k▲ 33.7%€-13k▲ 60.7%
Equity€8k▼ 73.3%€-92k€-142k▼ 55.0%€-176k▼ 23.5%€-189k▼ 7.5%
Total assets€142k▼ 24.2%€132k▼ 6.6%€89k▼ 32.7%€44k▼ 50.9%€12k▼ 71.9%
Debt€134k▼ 14.5%€224k▲ 67.9%€231k▲ 3.2%€220k▼ 5.1%€201k▼ 8.3%
Working capital€-30k▼ 180%€-119k▼ 297%€-175k▼ 47.4%€-196k▼ 12.1%€-192k▲ 2.0%
Staff (FTE)1.1
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 €12k in 2025 against €28k in 2024; the loss shrinks.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €12k
Fixed assets
€3k ▼ 84.5%
Current assets
€9k ▼ 61.1%
Key figures and ratios
EBITDA
€5k▼
2024 · €9k
Cash flow
€4k▲
2024 · €3k
Current ratio
0.05▼
2024 · 0.11
Quick ratio
0.02▼
2024 · 0.08
Debt to equity
-1.06▲
2024 · -1.25
ROA
-107.2%▼
2024 · -76.5%
Interest coverage
3.26▲
2024 · 1.59
Debt ≤ 1 year
€201k▼
2024 · €220k
Income taxes
€82▲
2024 · €59
A ratio outside any meaningful range has been withheld (balance sheet total €12k, equity €-189k).
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | €2k | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €39k | €39k | €36k | €37k | €17k | ▼ 53.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | €3k | - | - |
| Other operating charges640/8 | €350 | - | €1k | - | €1k | - |
| Gross operating margin9900 | €21k | €-54k | €-7k | €12k | €6k | ▼ 46.6% |
| Operating profit (loss)9901 | €-19k | €-95k | €-45k | €-28k | €-12k | ▲ 56.9% |
| Financial income75/76B | €184 | €22 | €0 | €92 | €435 | ▲ 371% |
| Recurring financial income75 | €184 | €22 | €0 | €92 | €435 | ▲ 371% |
| Financial charges65/66B | €4k | €5k | €6k | €6k | €2k | ▼ 72.7% |
| Recurring financial charges65 | €4k | €5k | €6k | €6k | €2k | ▼ 72.7% |
| Profit (loss) for the period before taxes9903 | €-23k | €-100k | €-50k | €-33k | €-13k | ▲ 60.9% |
| Income taxes67/77 | - | €63 | €56 | €59 | €82 | ▲ 37.6% |
| Profit (loss) for the period9904 | €-23k | €-100k | €-51k | €-33k | €-13k | ▲ 60.7% |
| Profit (loss) for the period to be appropriated9905 | €-23k | €-100k | €-51k | €-33k | €-13k | ▲ 60.7% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €142k | €132k | €89k | €44k | €12k | ▼ 71.9% |
| Fixed assets21/28 | €125k | €86k | €49k | €20k | €3k | ▼ 84.5% |
| Tangible fixed assets22/27 | €125k | €86k | €49k | €20k | €3k | ▼ 84.5% |
| Plant, machinery and equipment23 | €7k | €2k | €397 | €2k | €743 | ▼ 53.8% |
| Furniture and vehicles24 | - | - | - | €4k | €2k | ▼ 44.3% |
| Leasing and similar rights25 | €118k | €84k | €49k | €14k | - | - |
| Current assets29/58 | €17k | €47k | €40k | €23k | €9k | ▼ 61.1% |
| Stocks and contracts in progress3 | €6k | €6k | €6k | €6k | €6k | ▲ 2.6% |
| Stocks30/36 | €6k | €6k | €6k | €6k | €6k | ▲ 2.6% |
| Amounts receivable within one year40/41 | €11k | €30k | €30k | €17k | €3k | ▼ 81.8% |
| Trade receivables40 | €8k | €28k | €30k | €15k | €952 | ▼ 93.7% |
| Other amounts receivable41 | €3k | €2k | €600 | €2k | €2k | = |
| Cash at bank and in hand54/58 | - | - | €4k | - | - | - |
| Deferred charges and accrued income490/1 | €486 | €11k | - | €231 | - | - |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €142k | €132k | €89k | €44k | €12k | ▼ 71.9% |
| Equity10/15 | €8k | €-92k | €-142k | €-176k | €-189k | ▼ 7.5% |
| Contributions10/11 | €75k | €75k | €75k | €75k | €75k | = |
| Profit (loss) carried forward14 | €-67k | €-167k | €-217k | €-251k | €-264k | ▼ 5.2% |
| Amounts payable17/49 | €134k | €224k | €231k | €220k | €201k | ▼ 8.3% |
| Amounts payable after more than one year17 | €84k | €49k | €14k | - | - | - |
| Financial debts170/4 | €84k | €49k | €14k | - | - | - |
| Amounts payable within one year42/48 | €47k | €165k | €215k | €220k | €201k | ▼ 8.3% |
| Current portion of amounts payable after more than one year42 | €34k | €35k | €35k | €20k | €2k | ▼ 88.6% |
| Financial debts43 | €3k | - | - | €6k | €1k | ▼ 77.6% |
| Credit institutions430/8 | €3k | - | - | - | €1k | - |
| Other loans439 | - | - | - | €6k | - | - |
| Trade debts44 | €6k | €30k | €10k | €17k | €17k | ▲ 4.9% |
| Suppliers440/4 | €6k | €30k | €10k | €17k | €17k | ▲ 4.9% |
| Taxes, remuneration and social security45 | €4k | €10k | €26k | €9k | €14k | ▲ 59.1% |
| Taxes450/3 | €4k | €10k | €15k | €9k | €14k | ▲ 59.1% |
| Remuneration and social security454/9 | - | - | €11k | - | - | - |
| Other amounts payable47/48 | - | €91k | €144k | €168k | €166k | ▼ 1.3% |
| Accrued charges and deferred income492/3 | €3k | €10k | €3k | - | - | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €-23k | €-100k | €-51k | €-33k | €-13k | ▲ 60.7% |
| + Depreciation and write-downs630 | €39k | €39k | €36k | €37k | €17k | ▼ 53.6% |
| Operating cash flow (approximation) | €17k | €-61k | €-14k | €3k | €4k | ▲ 14.6% |
| Investment in fixed assets (approximation) | - | €0 | €0 | €-8k | €0 | ▲ 100% |
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
26-08
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema · 26 days late
2025
29-08
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 29 days late
2024
05-08
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 5 days late
2023
21-09
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 52 days late
2022
31-12
Financial
Weakest financial yearnet €-100k
Net result drops to €-100k, the lowest in the series; recovery starts the following year.
14-06
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
06-07
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 2 acts read
About the unread acts
We know of 2 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
2 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, Nivelles · 1 establishment unit since 2019
Ground area
5,267 m²
Building footprint
2,542 m²
Volume, LiDAR
14,623 m³
2 parcels, Wallonia · tallest building 9.6 m, ±2 floors. Linked by address, not a title deed.
2
companies at this address
See who is registered here
1 establishment unit
SHADOW CONCEPT
since 20192.298.182.792
2 parcels
Wallonia
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 25782C0642/00C000 | Wallonia | 4,842 m² | 1 · 2,423 m² | 9.6 m · 2 fl. |
| 25782D0210/00P000 | Wallonia | 425 m² | 1 · 119 m² | - |
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.
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Of 1,466 companies in sector 47632 we hold annual accounts for 732. 203 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company
Founded04-12-2019
Fiscal year end31-12
Activities, NACEBEL 2025
47632Retail sale of bicycles
Scores and ratios are computed by Checked and are not a credit decision.