SHETLAND
ActiveSummary
SHETLAND has been active since 1997 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €923,751 and a net result of €65,551. Equity is growing by about 4.7% per year across the filed financial years. The computed 12-month bankruptcy probability is 0.1% (very low).
Overview
- Equity
- €923,751
- Profit
- €65,551
Why 95raises riskLast filed accounts filed 31 days late; 2 of the last 3 latelowers riskSize: total assets €1.0mEquity €923,751 (89.6% of total assets)Founded in 1997Show the evidence
Checked score
Fewer than 1 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
How it is calculated
The band follows from the bankruptcy probability, on a scale where 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 (no NACE code, micro): better than 81% on solvency, 59% on liquidity, 25% on profitability and 64% on growth.
The bankruptcy probability was computed on 27-10-2026 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.
Some facts cap the score, however low the probability. Negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late hold it at Fair at most (59); two missing filings, at Weak (44). An ongoing judicial reorganisation or the company's end (bankruptcy, dissolution, liquidation) holds it at Critical at most (24).
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Signals
This company filed its last 7 accounts on average 22 days after the deadline; the Belgian median for financial year 2024 is 4 days before the deadline, and 38% of all filings were late.
Searched, nothing found (2)
- Annual accounts filedfinancial year 2025 · micro…
- Annual accounts filedfinancial year 2024 · micro…
- Annual accounts filedfinancial year 2023 · micro…
Financials · financial year 2025, micro format
2025 annual accounts filed late (31 days) Filed on 31 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00506932.
2021 to 2025, 5 financial years 2018 to 2025, 8 financial years
The operating result falls in 2025; 2025 is 19% below 2024 and is the lowest result in the available series.
What the company sold each financial year and what was left of it. A loss stands below the zero line.
What the company owns (total assets), how much of it is its own (equity) and how much it owes.
Short-term assets minus short-term debts. Above zero the company can pay its bills in the short term.
How much of each euro of turnover is left from operations (EBIT margin) and what the assets earn (return on assets).
Use the arrow keys on the chart for the figures per year.
Peer companies
Historical observationOf the 20,136 companies that looked in July 2024 the way this one looks now, 0.2% went bankrupt within 24 months and 95.0% are still going.
- Small
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
For this company itself Checked computes a bankruptcy probability of 0.1% 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 497,445 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% | 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% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 74.5% 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 20,136 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.
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Turnover70 | €346,238 | €320,046 | - | - | - | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €1,639 | €9,495 | €8,888 | €8,501 | €8,579 | €8,115 | €883 | €1,548 | ▲ 75.3% |
| Other operating charges640/8 | - | - | - | €1,072 | €1,162 | €1,336 | €1,253 | €1,293 | ▲ 3.2% |
| Gross operating margin9900 | €209,763 | €189,502 | €269,555 | €250,082 | €327,107 | €195,265 | €226,208 | €184,405 | ▼ 18.5% |
| Operating profit (loss)9901 | €207,353 | €179,227 | €258,867 | €240,508 | €317,366 | €185,813 | €224,073 | €181,564 | ▼ 19.0% |
| Financial income75/76B | - | - | - | €33,600 | €35,353 | €65,040 | €53,324 | €91,453 | ▲ 71.5% |
| Recurring financial income75 | €9,664 | €25,214 | €14,341 | €33,600 | €35,353 | €65,040 | €53,324 | €91,453 | ▲ 71.5% |
| Financial charges65/66B | - | - | - | €103,781 | €129,575 | €163,953 | €144,265 | €171,574 | ▲ 18.9% |
| Recurring financial charges65 | €138,785 | €98,607 | €75,443 | €103,781 | €129,575 | €163,953 | €144,265 | €171,574 | ▲ 18.9% |
| Profit (loss) for the period before taxes9903 | €78,233 | €105,835 | €197,765 | €170,327 | €223,144 | €86,899 | €133,132 | €101,443 | ▼ 23.8% |
| Income taxes67/77 | €21,730 | €30,232 | €59,655 | €52,593 | €70,252 | €31,973 | €38,376 | €35,892 | ▼ 6.5% |
| Profit (loss) for the period9904 | €56,502 | €75,603 | €138,110 | €117,734 | €152,892 | €54,926 | €94,756 | €65,551 | ▼ 30.8% |
| Profit (loss) for the period to be appropriated9905 | €56,502 | €75,603 | €138,110 | €117,734 | €152,892 | €54,926 | €94,756 | €65,551 | ▼ 30.8% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €0.7m | €0.8m | €0.9m | €0.8m | €0.8m | €0.9m | €0.9m | €1.0m | ▲ 17.0% |
| Fixed assets21/28 | €0.002m | €0.03m | €0.03m | €0.02m | €0.009m | €0.001m | €0.004m | €0.002m | ▼ 39.4% |
| Tangible fixed assets22/27 | €0.002m | €0.03m | €0.03m | €0.02m | €0.009m | €0.001m | €0.004m | €0.002m | ▼ 39.4% |
| Furniture and vehicles24 | - | - | - | €0.02m | €0.008m | €407 | €0.003m | €0.002m | ▼ 38.1% |
| Other tangible fixed assets26 | - | - | - | €0.001m | €0.001m | €0.001m | €0.001m | €282 | ▼ 47.7% |
| Current assets29/58 | €0.7m | €0.7m | €0.8m | €0.8m | €0.8m | €0.9m | €0.9m | €1.0m | ▲ 17.2% |
| Amounts receivable within one year40/41 | €0.04m | €0.05m | €0.03m | €0.02m | €0.02m | - | €0.007m | €0.01m | ▲ 113% |
| Other amounts receivable41 | - | - | - | €0.02m | €0.02m | - | €0.007m | €0.01m | ▲ 113% |
| Current investments50/53 | €0.5m | €0.6m | €0.7m | €0.8m | €0.8m | €0.8m | €0.9m | €0.9m | ▲ 6.3% |
| Cash at bank and in hand54/58 | €0.1m | €0.07m | €0.1m | €0.05m | €0.03m | €0.05m | €0.02m | €0.1m | ▲ 505% |
| Deferred charges and accrued income490/1 | - | - | - | €0.001m | €0.001m | €0.001m | €0.001m | €0.001m | ▲ 78.3% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €0.7m | €0.8m | €0.9m | €0.8m | €0.8m | €0.9m | €0.9m | €1.0m | ▲ 17.0% |
| Equity10/15 | €0.6m | €0.7m | €0.8m | €0.8m | €0.8m | €0.9m | €0.9m | €0.9m | ▲ 7.6% |
| Contributions10/11 | €0.01m | €0.01m | - | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | = |
| Reserves13 | €0.6m | €0.7m | €0.8m | €0.8m | €0.8m | €0.8m | €0.8m | €0.9m | ▲ 7.8% |
| Non-distributable reserves130/1 | - | - | - | €0.002m | €0.002m | €0.002m | €0.002m | €0.002m | = |
| Reserves not available under the articles1311 | - | - | - | €0.002m | €0.002m | €0.002m | €0.002m | €0.002m | = |
| Distributable reserves133 | - | - | - | €0.8m | €0.8m | €0.8m | €0.8m | €0.9m | ▲ 7.8% |
| Amounts payable17/49 | €0.05m | €0.06m | €0.03m | €0.04m | €0.04m | €0.05m | €0.02m | €0.1m | ▲ 355% |
| Amounts payable within one year42/48 | €0.05m | €0.002m | €0.03m | €0.04m | €0.04m | €0.05m | €0.02m | €0.1m | ▲ 355% |
| Trade debts44 | €92 | €0.001m | - | - | - | €313 | €154 | €101 | ▼ 34.6% |
| Suppliers440/4 | - | - | - | - | - | €313 | €154 | €101 | ▼ 34.6% |
| Taxes, remuneration and social security45 | - | - | - | €0.04m | €0.04m | €0.002m | - | - | - |
| Taxes450/3 | - | - | - | €0.04m | €0.04m | €0.002m | - | - | - |
| Other amounts payable47/48 | - | - | - | €0.002m | - | €0.04m | €0.02m | €0.1m | ▲ 358% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €56,502 | €75,603 | €138,110 | €117,734 | €152,892 | €54,926 | €94,756 | €65,551 | ▼ 30.8% |
| + Depreciation and write-downs630 | €1,639 | €9,495 | €8,888 | €8,501 | €8,579 | €8,115 | €883 | €1,548 | ▲ 75.3% |
| Operating cash flow (approximation) | €58,141 | €85,098 | €146,998 | €126,235 | €161,470 | €63,042 | €95,639 | €67,099 | ▼ 29.8% |
| Investment in fixed assets (approximation) | - | -€40,265 | -€1,635 | €0 | -€959 | €0 | -€3,608 | €0 | - |
| Change in cash | - | -€42,837 | €50,217 | -€71,372 | -€15,449 | €23,952 | -€35,899 | €89,422 | - |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Latest 10 of 29 filings with the National Bank
| Financial year | Type | Filed | Reference |
|---|---|---|---|
| 31-12-2025 | micro format | 31-08-2026 | 2026-00506932 |
| 31-12-2024 | micro format | 29-08-2025 | 2025-00461558 |
| 31-12-2023 | micro format | 31-08-2024 | 2024-00440916 |
| 31-12-2022 | micro format | 30-08-2023 | 2023-00411170 |
| 31-12-2021 | micro format | 25-08-2022 | 2022-20326082 |
| 31-12-2020 | micro format | 26-07-2021 | 2021-45000524 |
| 31-12-2019 | micro format | 10-08-2020 | 2020-41100078 |
| 31-12-2018 | micro format | 12-08-2019 | 2019-46200277 |
| 31-12-2017 | micro format | 20-06-2018 | 2018-21200257 |
| 31-12-2016 | micro format | 28-06-2017 | 2017-24000214 |
Public contracts: No European public contracts awarded found since October 2016. Contracts below the EU thresholds are not in TED.
Directors
Mandate history
- Board
- began earlier
| Name | Functions and periods |
|---|---|
| LEMAITRE Denis |
|
Owners and capital
Capital and shareholders
- 31-10-2023 Converted to unavailable equity
Group and network
Connections & network
1 current directorThe network starts from this company’s directors. Other companies they run appear here as nodes.
History
Acts, filings and financial milestones
31-10
Gazette deed
Reappointment: LEMAITRE Denis (director)Purpose change · Amendment of the articles · Capital conversion8 facts ▸
- General meeting, 13-10-2023
- Other provision, “dispense de lecture du rapport de l’organe d’administration, unanimité” (deed in French)
- Purpose change
- Amendment of the articles (2 times)
- Capital conversion, “conformémentauxformesetmajoritésdelamodificationdesstatuts, Troisième résolution” (deed in French)
- Director reappointment, LEMAITRE Denis (director)
- Registered office clause, “1170 Watermael-Boitsfort,Rue de l'Elan 50” (deed in French)
- Power of attorney
Register details
No listing in the Peppol Directory under this enterprise or VAT number. That proves nothing: being listed there is voluntary.
What can you do?
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If you follow this company, Checked tells you the day it appears in the Peppol register.
Register as of 27 October 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.
Recognitions · licences · registrations
Legal Entity Identifier
Environmental permits: No permit applications found in Flanders. Brussels and Wallonia do not publish the applicant.
Sites & property
1 establishment unit
1 parcel
| Cadastral parcel | Region | Area | Buildings | Height / floors |
|---|---|---|---|---|
| 21652E0016/00G002 | Brussels | 232 m² | 1 · 76 m² | 11.2 m · 3 |
How the parcels are linked
Articles of association
What the company does
- DurationHow long the company exists; usually unlimited, so until it is dissolved.
- Unlimited
- Name clauseThe name the company operates under according to its articles.
- SHETLAND
- Registered office clauseThe region of the registered office; it decides among other things the language of official documents.
- One provision in the deed
Who represents it, and how
- Board ruleHow the board is made up, meets and takes decisions.
- “Organe d’administration, Assemblée Générale” (deed in French)
Capital, shares and profit
- Transfer restrictionWhether shareholders may sell their shares freely or need approval first.
- “Modifier dénomination/objet en excluant activité médicale, négocier actions entre eux si remplissent conditions” (deed in French)
- Share issue ruleHow and by whom new shares can be issued.
- “Apport en numéraire avec émission nouvelles actions, organe qui procède à émission” (deed in French)
Oversight and winding up
- Dissolution ruleWhen and by whom the company can be dissolved.
- “Décision assemblée générale, formes prévues modifications statuts” (deed in French)
- Liquidation ruleHow assets are shared after dissolution: creditors first, then shareholders.
- “Si liquidateur nommé non médecin légalement habilité Belgique assisté par médecin inscrit tableau Ordre Médecins, quelque cause et moment” (deed in French)