Equity
Debts exceed assets in financial year 2025.
Debts exceed assets in financial year 2025.
Lower solvency than 94% of companies in travel agencies. Sector median 37.0% · 559 companies.
Negative equity caps the score at 59.
The dashed line is the sector median: 0.2% across 1,004 companies (NACE 79, micro).
About 1 in 100 comparable companies go bankrupt within 12 months (an estimate).
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 79, micro). It does better than 4% of them on solvency, 0% on liquidity, 95% on profitability and 75% on growth.
The bankruptcy probability was computed on 08-11-2026 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 low class on 30-06-2025, 0.8% 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).
In July 2024, 3,632 companies had the same profile as SKYLARK has now. Each dot stands for 10 companies, two years later.
Another 0.4% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of SKYLARK itself: 1.5% within 12 months.
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 3,632 companies, not a prediction for SKYLARK. 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.
Liquidity is insufficient, with a current ratio of 0.11 (0.03 in 2024), below 1. Short-term debt is 190% of total assets. Equity is negative.
Show the recommended maximum and see how the verdict changes with amount, term and advance.
The scores and ratios are Checked's own calculations, not a credit decision.
The company filed its last 7 accounts on average 151 days after the deadline. In the sector (NACE 79), the median for financial year 2024 was 7 days before the deadline, and 35% of those companies filed late.
| Company | ||||
|---|---|---|---|---|
| SKYLARK Dilbeek | €26,995 | €13,349 | -90.0% | - |
| EURO TOURS TRAVEL ORGANISATION Genk | €21,765 | €14,348 | 100.0% | - |
| EUROPEAN TOURISM ASSOCIATION Brussels | €18,187 | €25,552 | 100.0% | - |
| ENTRÉPICURIENS Neupré | €53,374 | €9,720 | -13.4% | - |
| AMS Groupe Beauraing | €57,331 | €18,255 | 4.4% | - |
| BAUDBAG Liège | €55,789 | €20,076 | 20.2% | - |
| MONTANA TOUROPERATOR Ranst | €44,763 | €6,726 | 45.3% | - |
These companies have the same main activity as SKYLARK: travel agency activities (NACE 79110). They are comparable in size and age: total assets between €18,200 and €57,300, founded between 2010 and 2017.
SKYLARK files the micro format. That format states no turnover. The gross margin fell from €18,581 in 2014 to €13,349 in 2025.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette. Click a figure with a dotted line for the item and the filing.
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