Equity
-€255,491
Debts exceed assets in financial year 2025.
SHW
Lifetime
3 annual accounts with figures on one time axispeak €12.3m (2025)
€12.3m▲ 200%
lowest -€204,785 (2025)
-€204,785▼ €190,002
peak -€35,923 (2023)
-€255,491▼ €204,785
€9.3m▲ 79.4%
peak 13.1 FTE (2025)
13.1 FTE▲ 236%
Board2 names since 2022
2 directorsFRELOTTE and 1 other
Owners2 names in the annual accounts
50%HEMCOR and 1 other
Documentsfilings and deeds
26-06-202635 days before the deadline
2025financial year
Turnover from €4.1m to €12.3mLoss of €204,785Staff from 3.9 FTE to 13.1 FTEEquity from -€50,706 to -€255,491Debts from €5.2m to €9.3mCash from €89,362 to €52,557
Key points
from the 2025 annual accountsLosses
-€260,491 in three years
Every financial year from 2023 to 2025 closed with a loss. 2025 was the heaviest.
Turnover
€12.3m ▲ 200%
Turnover rose in 2025 from €4.1m to €12.3m.
Debts
€9.3m 103% of the balance sheet
Financial debts 29%Suppliers 16%Taxes and wages 1%Other 54%
Of this, €8.2m falls due within a year.
Staff
12 employees on 31-12-2025
In 2025, 20 people joined and 16 left. On top of that, 8 agency workers worked there on average.
Payment terms
47 days to suppliers
SHW pays its suppliers 130 days earlier than in 2024. Customers pay 100 days earlier.
Checked score
46
Fair
Financially stronger than 18% of small companies in food products (NACE 10)
Probability in this band: 1.5% to 4.2%
Bankruptcy probability within 12 months
4.3% Elevated
0%0.5%1.5%4%10%≥ 25%
The dashed line is the sector median: 0.5% across 632 companies (NACE 10, small).
About 4 in 100 comparable companies go bankrupt within 12 months (an estimate).
Last 24 months
12-2024: 4.1%
01-2025: 4.2%▲ +0.1 percentage points vs 12-2024
02-2025: 4.2%● unchanged vs 01-2025
03-2025: 4.2%● unchanged vs 02-2025
04-2025: 5.0%▲ +0.8 percentage points vs 03-2025
05-2025: 5.8%▲ +0.8 percentage points vs 04-2025
06-2025: 6.1%▲ +0.3 percentage points vs 05-2025
07-2025: 6.3%▲ +0.2 percentage points vs 06-2025highest value
08-2025: 4.9%▼ -1.4 percentage points vs 07-2025
09-2025: 5.0%▲ +0.1 percentage points vs 08-2025
10-2025: 5.0%● unchanged vs 09-2025
11-2025: 5.0%● unchanged vs 10-2025
12-2025: 5.0%● unchanged vs 11-2025
01-2026: 5.0%● unchanged vs 12-2025
02-2026: 4.4%▼ -0.6 percentage points vs 01-2026
03-2026: 4.5%▲ +0.1 percentage points vs 02-2026
04-2026: 3.4%▼ -1.1 percentage points vs 03-2026lowest value
05-2026: 3.5%▲ +0.1 percentage points vs 04-2026
06-2026: 3.6%▲ +0.1 percentage points vs 05-2026
07-2026: 3.9%▲ +0.3 percentage points vs 06-2026
08-2026: 3.9%● unchanged vs 07-2026
09-2026: 4.0%▲ +0.1 percentage points vs 08-2026
10-2026: 4.3%▲ +0.3 percentage points vs 09-2026
11-2026: 4.3%● unchanged vs 10-2026
Financial strengthWeak
Score breakdown
raises risk
Sector: Manufacture of food products (NACE 10)
Liquidity: current ratio 0.83, cash €52,557
Negative equity -€255,491
Founded in 2022
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 10, small). It does better than 6% of them on solvency, 1% on liquidity, 14% on profitability and 50% on growth.
The bankruptcy probability was computed on 09-11-2026 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.
The probability rests on the annual accounts with balance sheet date 31-12-2025.
Of the companies with a bankruptcy probability in the elevated class on 30-06-2025, 6.3% went bankrupt within twelve months.
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).
Comparable companies, two years later
In July 2024, 1,251 companies had the same profile as SHW has now. Each dot stands for 4 companies, two years later.
96.6%
were still trading
2.1%
stopped another way
1.0%
went bankrupt
Another 0.3% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of SHW itself is higher: 4.3% within 12 months. It rests on far more data about SHW than the profile alone.
Test of the method
The method was tested on the 497,447 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 1,251 companies, not a prediction for SHW. 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.
Credit verdict
No credit on open account
Liquidity is insufficient, with a current ratio of 0.83 (0.69 in 2024), below 1. Short-term debt is 91.4% and cash 0.6% of total assets. Equity is negative.
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The scores and ratios are Checked's own calculations, not a credit decision.
Signals
Six signals.
raises riskneutral
raises risk · Negative equity
The 2025 annual accounts show negative equity and a net loss.
NBB · annual accounts 2025Equity per financial year
232425
2023 to 2025 · latest year -€255,491
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 26-06-2026, 35 days ahead of the deadline.
NBB · 3 filingsDeviation from the deadline
2025
35 days early
2024
6 days early
2023
26 days early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
The company filed its last 3 accounts on average 22 days before the deadline. In the sector (NACE 10), the median for financial year 2024 was 4 days before the deadline, and 38% of those companies filed late.
Searched, nothing found (2)
neutral · Next filing not due yet
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today. The company usually files around 6 July (3 of the last 3 accounts filed within 30 days either side of that date).
Companies Code · seven monthsWhere today falls in the filing period
09-11-2026 today31-12-2026 year end31-07-2027 deadline
Board and ownership
- FRELOTTE 50%score 95equity €13.4m (2025) · 2025 annual accounts of FRELOTTE
- HEMCOR 50%score 80equity €2.2m (2025) · 2025 annual accounts of HEMCOR
Recent changes
Registered in the Peppol Directory
Reachable for e-invoices through 0208:0786882509
Registered office moved within Temse
New registered office: Haagdam 2A te 9140 Temse · Previous registered office: Haagdam 2A en 2A+ te 9140 Temse · Board meeting of 31-01-2024 · Gazette deed
First establishment
Haagdam 2A, Temse
Comparable companies
same main activity, similar in size and age| Company | ||||
|---|---|---|---|---|
| SHW Temse | €12.3m | -0.6% | -2.8% | 13.1 |
| DHAGRAMEAT Zwevegem | €17.2m | 6.1% | 43.2% | 8.2 |
| ANZCO FOODS EU Oudenaarde | €67.8m | 0.4% | 16.1% | 7.5 |
| Esro Petfood Belgium Bilzen-Hoeselt | - | - | -46.3% | 6.3 |
| Fresh & Saucy Foods Herentals | €22.6m | 4.2% | 29.4% | 37 |
| Sus Campiniae Westerlo | €23.0m | 2.9% | 43.0% | 43.3 |
| HTL Food Eupen | - | - | 72.5% | 21 |
Grey: the largest companies of the sector (food products (NACE 10)), without their names. Blue: the sector peers from the table.
These companies have the same main activity as SHW: manufacture of food products (NACE 10111). They are comparable in size and age: total assets between €5.2m and €26m, founded between 2010 and 2023.
Official details
Source: KBO- Status
- Active since 07-06-2022Normal situation
- Activity
- Manufacture of food productsNACE 10111and 1 other
- Joint committee
- 220White-collar workers in the food industry · annual accounts 2025
- Establishment unit
- 2.332.935.4199140 Temse, since 07-06-2022
- Financial year end
- 31 December
- Peppol
- Reachable since 26-11-2025
Annual accounts 2025
- €9.0m▲ 76.2%
- Employeeson 31-12-2025
- 12▲ 50.0%
- Filing
- Filed on 26-06-2026, 35 days before the end of the filing period
Insights on SHW
SHW has existed since 2022. In 2024 turnover rose from €138,194 to €4.1m.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette. Click a figure with a dotted line for the item and the filing.
Key facts about SHW
- What is the company number of SHW?
- The company number of SHW is 0786.882.509. The VAT number is the same number with BE in front: BE 0786.882.509.
- Where is SHW based?
- The registered office is at Haagdam 2A, 9140 Temse.Company details
- What does SHW do?
- According to the KBO register, the main activity is manufacture of food products (NACE 10111).
- What is the legal form of SHW?
- SHW is a private limited company (BV).
- When was SHW founded?
- SHW was founded on 07-06-2022.
- Is SHW still active?
- Yes, SHW is an active enterprise in the KBO register.
- How many employees does SHW have?
- SHW had an average of 13.1 full-time equivalents in financial year 2025, according to the filed annual accounts.Financials
- Which joint committee does SHW fall under?
- In its 2025 annual accounts, SHW states joint committee 220 (White-collar workers in the food industry).
- What is the turnover of SHW?
- The turnover of SHW was €12.3m in financial year 2025, according to the filed annual accounts.
- Is SHW profitable?
- In financial year 2025, SHW made a loss of €204,785.
- Where can I find the annual accounts of SHW?
- SHW filed 3 annual accounts with the National Bank of Belgium, the latest for financial year 2025.
- When are the next annual accounts of SHW due?
- SHW must file the annual accounts for financial year 2026 by 31-07-2027.Timeline
Next steps
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