Shinwari

Active

Private limited companyfounded 20187 yrs activeContributiestraat 4, 9000 Gent, BelgiumKBO/BCE: BE 0708.895.695

The computed 12-month bankruptcy probability of Shinwari is 2.9% (moderate). The 2024 annual accounts show equity of €48k and a net result of €23k. Equity is growing by ~20.6% per year across the filed fiscal years. Its solvency ranks better than 52% of 26053 sector peers (fiscal year 2024). The company has been active since 2018 and the Belgian State Gazette contains no insolvency or warning signals.

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Checked score

Score 2024

59 / 100

Fair

The score weighs solvency, liquidity and profitability. Bankruptcy probability contributes 35%. Every signal that weighs is under Signals.

Axes · tick = 2023

Profitability89▲+40

Solvency60▲+2

Growth78▲+26

Track record100

Bankruptcy probability, 12 months

2.9% Moderate

0%0.5%1.5%4%10%≥ 25%

Credit up to €2.5k at 30 days acceptable

Liquidity tight (current ratio 1.47 against 1.46 in 2023; short-term debt: 65.3% and cash: 21.1% of total assets), and 65.3% of the assets are financed with debt.

How do we compute the score and the probability?

Credit advice for your own amount and term

Signals

Six signals. The signal on the left, the evidence on the right.

+raises risk○neutral

Limited track record

This company has not been active as long as an established one and statistically fails somewhat more often.

KBO · incorporation date

Age against the risk zone

Multiple establishment units

Several establishment units mean more fixed costs, and such companies fail more often than a company with one establishment.

KBO · establishment units

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

Sector 47

higher

← fewer bankruptcies more bankruptcies →

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 2024

Solvency, return and age of the figures

Solvency

34.7%

Return on assets

16.5%

Age of the figures

20 mo

Filed after the deadline

The financial year that closed on 31-12-2024 was due by 31-07-2025 and was filed on 22-09-2025, 53 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 filings

Deviation from the deadline

2025

not confirmed

2024

53 d late

2023

60 d late

2022

40 d early

2021

57 d late

2020

73 d late

2019

63 d late

← before the deadline after the deadline →

No strike-offs in the KBO publications

We found no ex-officio strike-off or cessation. Our series starts in 2021 and has gaps, so this is not a confirmation that there is nothing.

KBO publications · our coverage

Financials · fiscal year 2024, micro schema

Equity

€48k▲ 90.7%

2023 · €25k

2019: €24k 2020: €11k 2021: €20k 2022: €22k 2023: €25k

2019 → 2024

Total assets

€140k▲ 81.2%

2023 · €77k

2019: €109k 2020: €48k 2021: €45k 2022: €40k 2023: €77k

2019 → 2024

Net result

€23k▲ 513%

2023 · €4k

2019: €8k 2020: €-15k 2021: €8k 2022: €2k 2023: €4k

2019 → 2024

Working capital

€43k▲ 82.7%

2023 · €24k

2019: €16k 2020: €9k 2021: €19k 2022: €22k 2023: €24k

2019 → 2024

Multi-year overview

Every figure with its change against the year before

▲ rise ▼ fall

Line20202021202220232024Trend

Equity€11k-€20k▲ 74.6%€22k▲ 9.5%€25k▲ 17.4%€48k▲ 90.7%

Operating result€-15k-€9k€3k▼ 65.6%€6k▲ 85.8%€31k▲ 418%

Net result€-15k-€8k€2k▼ 77.8%€4k▲ 101%€23k▲ 513%

Turnover and EBIT margin not published: the micro schema does not require them.

Result per fiscal year

Operating resultNet result

After the dip in 2022 the operating result has climbed two years in a row; 2024 is 418% above 2023 and is the highest result in the available series.

Balance-sheet composition

2024 in colour, 2023 as the grey bar beneath

Assets €140k

96.2%

Fixed assets €5k▲ 196%

Current assets €134k▲ 78.5%

Equity and liabilities €140k

34.7%

65.3%

Equity €48k▲ 90.7%

Debt €91k▲ 76.6%

The debt ratio falls from 67.0% to 65.3%. Equity and debt are higher.

Key figures and ratios

2024 value · change against 2023

EBITDA

€31k▲

2023 · €6k

Cash flow

€24k▲

2023 · €4k

Solvency

34.7%▲

2023 · 33.0%

Current ratio

1.47▲

2023 · 1.46

Quick ratio

0.62▲

2023 · 0.10

Debt / equity

1.88▼

2023 · 2.03

ROE

47.6%▲

2023 · 14.8%

ROA

16.5%▲

2023 · 4.9%

Interest coverage

11.12▲

2023 · 2.93

Debt

€91k▲

2023 · €52k

Debt ≤ 1 year

€91k▲

2023 · €52k

Income taxes

€5k▲

2023 · €132

Staff costs

€35k▲

2023 · €4k

Green means a favourable move, even when the figure itself falls: as with debt or debt / equity.

Filed annual accounts

As filed with the NBB · 2024 against 2023

Balance sheet Code20232024

Assets

Total assets20/58€77k€140k▲

Fixed assets21/28€2k€5k▲

Tangible fixed assets22/27€0€4k▲

Plant, machinery and equipment23€0€4k▲

Financial fixed assets28€2k€2k=

Current assets29/58€75k€134k▲

Stocks and contracts in progress3€70k€78k▲

Stocks30/36€70k€78k▲

Amounts receivable within one year40/41-€27k

Trade receivables40-€27k

Cash at bank and in hand54/58€5k€30k▲

Equity and liabilities

Total equity and liabilities10/49€77k€140k▲

Equity10/15€25k€48k▲

Contributions10/11€19k€19k=

Reserves13€2k€2k=

Distributable reserves133€2k€2k=

Profit (loss) carried forward14€5k€28k▲

Amounts payable17/49€52k€91k▲

Amounts payable within one year42/48€52k€91k▲

Financial debts43€4k-

Credit institutions430/8€4k-

Trade debts44€34k€61k▲

Suppliers440/4€34k€61k▲

Taxes, remuneration and social security45€5k€19k▲

Taxes450/3€4k€14k▲

Remuneration and social security454/9€511€5k▲

Other amounts payable47/48€9k€11k▲

Income statement Code20232024

Remuneration, social security and pensions62€4k€35k▲

Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€104€479▲

Other operating charges640/8€11k€2k▼

Non-recurring operating charges66A€524-

Gross operating margin9900€22k€68k▲

Operating profit (loss)9901€6k€31k▲

Financial charges65/66B€2k€3k▲

Recurring financial charges65€2k€3k▲

Profit (loss) for the period before taxes9903€4k€28k▲

Income taxes67/77€132€5k▲

Profit (loss) for the period9904€4k€23k▲

Profit (loss) for the period to be appropriated9905€4k€23k▲

Appropriation of the result

Profit (loss) to be appropriated9906€5k€28k▲

Profit (loss) brought forward from the previous period14P€1k€5k▲

The notes to these accounts (6 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.

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Timeline · acts, filings and financial milestones

All 9Financial 3Filings 6

2025

22-09

NBB filing Annual accounts filed

fiscal year 2024 · micro schema · 53 days late

2024

31-12

Financial Highest result since 2019net €23k ▲513%

Operating result €31k, net result €23k, both a record.

29-09

NBB filing Annual accounts filed

fiscal year 2023 · micro schema · 60 days late

2023

21-06

NBB filing Annual accounts filed

fiscal year 2022 · micro schema

2022

26-09

NBB filing Annual accounts filed

fiscal year 2021 · micro schema · 57 days late

2021

31-12

Financial Back to profitnet €8k

Net result €8k after one loss-making year.

12-10

NBB filing Annual accounts filed

fiscal year 2020 · micro schema · 73 days late

2020

31-12

Financial Weakest financial yearnet €-15k ▼296%

Net result drops to €-15k, the lowest in the series; recovery starts the following year.

02-10

NBB filing Annual accounts filed

fiscal year 2019 · micro schema · 63 days late

Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.

Directors · office · real estate

Directors

3 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, Gent · 3 establishment units since 2018

establishment All 3 establishment units on the map

Cannot be placed on the map

This address could not be matched to a point in the Belgian address register (BOSA BEST). The address below comes straight from the Crossroads Bank.

Contributiestraat 49000 Gent

Ground area

1,131 m²

Building footprint

1,144 m²

Volume, LiDAR

19,870 m³

3 parcels, Flanders · tallest building 27.1 m, ±8 floors. Linked by address, not a title deed.

3 establishment units

Shinwari

Contributiestraat 4, 9000 GentWholesale trade

since 20182.280.817.715

Top Mart

Bevrijdingslaan 73, 9000 GentAgents in the wholesale of furniture, household goods and hardware

since 20232.352.227.630

Frituur Overpoort

Overpoortstraat 34, 9000 GentLimited-service restaurants

since 20242.359.769.478

3 parcels

Flanders 3 (100%)

Parcel (capakey)	Region	Area	Buildings	Height / fl.
44815F2604/00X000	Flanders	898 m²	1 · 911 m²	27.1 m · 8 fl.
44816K0600/00R000	Flanders	158 m²	1 · 158 m²	13.1 m · 1 fl.
44805E0627/00B000	Flanders	76 m²	1 · 76 m²	11.4 m · 3 fl.