SHUTTLE EXPRESS
ActiveSummary
The computed 12-month bankruptcy probability of SHUTTLE EXPRESS is 2.7% (moderate). The 2025 annual accounts show equity of €26,280 and a net result of €26,068. Equity has been stable since 2023 (±1.2% per year). Its solvency ranks better than 20% of 5,897 sector peers (NACE 49, financial year 2025). The company has been active since 2022 and the Belgian Official Gazette contains no insolvency or warning signals.
Overview
Overview
Official details
Source: KBO- Status
- Active since 03-11-2022 Normal situation
- Activity
- On-demand passenger transport by chauffeured vehicle NACE 49330and 1 other
- Establishment units
- 2.339.077.695 6200 Châtelet, since 03-11-2022
- 2.365.414.977 6042 Charleroi, since 01-09-2023
- Financial year end
- 31 December
- Peppol
- Reachable since 09-11-2022
Financial position
- Bankruptcy probabilitywithin 12 months
- 2.7%
- Gross margin
- €160,927
- ▲ 110%
- Turnover
- ≈ €400,000
- estimated
- Profit
- €26,068
- Equity
- €26,280
- ▲ 86×
- Total assets
- €404,499
- ▲ 6.6%
- Staff
- ≈ 1.9 FTE
- estimated
- 2025 accounts filed 28 days after the deadline
Score breakdownraises riskSector: Land transport and transport via pipelines (NACE 49)Founded in 2022Equity €26,280 (6.5% of total assets)lowers riskSize: total assets €404,499Show the evidence
Checked score
About 3 in 100 comparable companies go bankrupt within 12 months (an estimate).
Calculation
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 49, micro). It does better than 19% of them on solvency, 34% on liquidity, 58% on profitability and 99% on growth.
The bankruptcy probability was computed on 02-11-2026 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.
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).
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The scores and ratios are Checked's own calculations, not a credit decision.
Signals
The company filed its last 3 accounts on average 15 days before the deadline. In the sector (NACE 49), the median for financial year 2024 was on the deadline day, and 49% of those companies filed late.
Searched, nothing found (2)
Financials
Financials · financial year 2025, micro format
2025 annual accounts filed 28 days after the deadline Filed on 28 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00440238.
Annual accounts 2025 filed on 28-08-2026 at the NBB all 3 filings
Every figure per financial year
The operating result for 2025 is a profit of €39,645, after a loss of €23,061 in 2024. It is the highest result since 2023.
Staff
| Item | 31-12-2023 | 31-12-2024 |
|---|---|---|
| Employees at the balance-sheet date | 3 | 3 |
| full-time | 1 | 1 |
| part-time | 2 | 2 |
| in full-time equivalents | 2.1 | 2.1 |
| Average over the year, in full-time equivalents | 1 | 2.1 |
| On a permanent contract | 3 | 3 |
| Joined | 5 | 1 |
| Left | 2 | 1 |
Source: social balance sheet in the 2023 to 2024 annual accounts
Investments
| Item | 2023 | 2024 | 2025 |
|---|---|---|---|
| Tangible fixed assets | - | €372,434 | €366,374 |
| Financial fixed assets | - | €2,000 | - |
| Depreciation and write-downs of the year | - | €6,130 | €15,107 |
Source: notes to the 2023 to 2025 annual accounts (statement of fixed assets)
| Line | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|
| Turnover70 | €76,634 | €174,912 | - | - |
| Goods, raw materials, services and sundry goods60/61 | €25,740 | €106,652 | - | - |
| Remuneration, social security and pensions62 | €37,112 | €91,748 | €98,262 | ▲ 7.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | - | €6,130 | €15,107 | ▲ 146% |
| Other operating charges640/8 | €1,312 | €1,992 | €7,913 | ▲ 297% |
| Gross operating margin9900 | €61,078 | €76,809 | €160,927 | ▲ 110% |
| Operating profit (loss)9901 | €22,654 | -€23,061 | €39,645 | - |
| Financial income75/76B | - | €1 | - | - |
| Recurring financial income75 | - | €1 | - | - |
| Financial charges65/66B | €88 | €3,557 | €207 | ▼ 94.2% |
| Recurring financial charges65 | €88 | €3,557 | €207 | ▼ 94.2% |
| Profit (loss) for the period before taxes9903 | €22,566 | -€26,617 | €39,438 | - |
| Income taxes67/77 | €5,644 | - | €13,370 | - |
| Profit (loss) for the period9904 | €16,922 | -€26,617 | €26,068 | - |
| Profit (loss) for the period to be appropriated9905 | €16,922 | -€26,617 | €26,068 | - |
| Line | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|
| Assets | ||||
| Total assets20/58 | €52,057 | €379,505 | €404,499 | ▲ 6.6% |
| Fixed assets21/28 | - | €368,304 | €359,397 | ▼ 2.4% |
| Tangible fixed assets22/27 | - | €366,304 | €357,397 | ▼ 2.4% |
| Land and buildings22 | - | €346,644 | €342,895 | ▼ 1.1% |
| Furniture and vehicles24 | - | €19,660 | €14,502 | ▼ 26.2% |
| Financial fixed assets28 | - | €2,000 | €2,000 | = |
| Current assets29/58 | €52,057 | €11,201 | €45,102 | ▲ 303% |
| Amounts receivable within one year40/41 | €26,580 | €2,016 | €30,183 | ▲ 15× |
| Trade receivables40 | €8,637 | €106 | €30,183 | ▲ 286× |
| Other amounts receivable41 | €17,943 | €1,910 | - | - |
| Cash at bank and in hand54/58 | €25,477 | €8,982 | €14,716 | ▲ 63.8% |
| Deferred charges and accrued income490/1 | €0 | €203 | €203 | = |
| Equity and liabilities | ||||
| Total equity and liabilities10/49 | €52,057 | €379,505 | €404,499 | ▲ 6.6% |
| Equity10/15 | €26,922 | €305 | €26,280 | ▲ 86× |
| Contributions10/11 | €10,000 | €10,000 | €10,000 | = |
| Profit (loss) carried forward14 | €16,922 | -€9,695 | €16,280 | - |
| Amounts payable17/49 | €25,136 | €379,200 | €378,219 | ▼ 0.3% |
| Amounts payable after more than one year17 | - | €220,965 | €220,965 | = |
| Financial debts170/4 | - | €220,965 | €220,965 | = |
| Amounts payable within one year42/48 | €25,136 | €158,235 | €157,254 | ▼ 0.6% |
| Current portion of amounts payable after more than one year42 | - | €18,761 | €9,966 | ▼ 46.9% |
| Trade debts44 | €2,383 | €2,164 | - | - |
| Suppliers440/4 | €2,383 | €2,164 | - | - |
| Taxes, remuneration and social security45 | €17,753 | €20,172 | €19,557 | ▼ 3.0% |
| Taxes450/3 | €9,963 | €12,856 | €12,240 | ▼ 4.8% |
| Remuneration and social security454/9 | €7,790 | €7,317 | €7,317 | = |
| Other amounts payable47/48 | €5,000 | €117,138 | €127,731 | ▲ 9.0% |
| Line | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|
| Profit (loss) for the period9904 | €16,922 | -€26,617 | €26,068 | - |
| + Depreciation and write-downs630 | - | €6,130 | €15,107 | ▲ 146% |
| Operating cash flow (approximation) | €16,922 | -€20,487 | €41,175 | - |
| Investment in fixed assets (approximation) | - | - | -€6,200 | - |
| Change in cash | - | -€16,495 | €5,734 | - |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Historical observation
In July 2024, 2,157 companies had the same profile as SHUTTLE EXPRESS has now. Two years later, 94.1% were still going and 3.0% had gone bankrupt.
- Micro
- 2 to 5 years old
- solvency under 10%
- a profit of 5% of the balance sheet or more
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of SHUTTLE EXPRESS itself: 2.7% within 12 months.
Test of the method
The method was tested on the 497,446 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 2,157 companies, not a prediction for SHUTTLE EXPRESS. 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.
Board & ownership
Directors
Owners and capital
Shareholders
- MPANITSIOTIS Nicolas 100 shares (100%) · €10,000 in cash
Capital transactions
- 07-11-2022 Incorporation · €10,000 · 100 shares
Articles of association
- Transfer restrictionThis rule says whether shareholders may sell their shares freely or need approval first.
- “Moitié à charge du cédant et moitié à charge du ou des acquéreurs,proportionnellement au nombre d’actions, tenus de solliciter agrément…”
- Statutory auditorA statutory auditor is a registered auditor who checks the annual accounts. Small companies need not have one. According to the deed, the legal criteria do not require one here.
- No statutory auditor
Articles of association, deed of 07-11-2022 (in French)
Network & group
SHUTTLE EXPRESS shares no director with another company.
Companies at the same address
2 other companiesConnections & network
1 current directorThe network starts from the directors of SHUTTLE EXPRESS. Every other company they run is a node.
Timeline
Acts, filings and financial milestones
07-11
Gazette deed
IncorporationStarting capital €10,000 · Appointment: MPANITSIOTIS Nicolas (director) · Founder13 points ▸
- Incorporation, “SHUTTLE EXPRESS” (deed in French)
- Founder, MPANITSIOTIS Nicolas
- Other provision, “versement initial à la constitution, aucun versement ne doit encore être effectué sur les actions au moment de la constitution” (deed in French)
- Founding capital, €10,000
- Bank account, “BE04 0689 4653 6131”, 10000 (deed in French)
- Other provision, “plan financier, remis au notaire soussigné” (deed in French)
- Other provision, “responsabilité des fondateurs en cas de faillite, faillite dans les trois ans de la constitution” (deed in French)
- Capital
- Other provision, “effectivité décisions finales, unanimité comparants” (deed in French)
- Registered office clause, “6200 Châtelineau, Rue de GILLY”, 81 (deed in French)
- Board rule, 1
- Director appointment, MPANITSIOTIS Nicolas (director (not named in the articles))
- The act holds 1 more point.
Sources:Publications in the Belgian Official GazetteFilings with the National Bank
History
Company details
Register details
Identity
KBO recordRegistered office and establishments
Activities
NACEBEL 2025Codes under NACEBEL 2008
Invoicing and payment
Financial year and general meeting
Accounts at the NBBSites & property
Buildings and parcels at the address
| Cadastral parcel | Region | Area | Buildings | Height / floors |
|---|---|---|---|---|
| 52502C0100/00F004 | Wallonia | 173 m² | 1 · 41 m² | 8.6 m · 2 |