Spicy India
ActiveThe computed 12-month bankruptcy probability of Spicy India is 4.1% (elevated). The 2025 annual accounts show equity of €44k and a net result of €-5k. Equity is shrinking by ~6.1% per year across the filed fiscal years. Its solvency ranks better than 69% of 13204 sector peers (fiscal year 2025). The company has been active since 2021 and the Belgian State Gazette contains no insolvency or warning signals.
Checked score
Score 2025
52
/ 100
Fair
The score weighs solvency, liquidity and profitability. Bankruptcy probability contributes 35%. Every signal that weighs is under Signals.
Axes · tick = 2024
Profitability60▲+60
Solvency78▼-21
Growth32=
Track record94
Bankruptcy probability, 12 months
4.1%
Elevated
0%0.5%1.5%4%10%≥ 25%
Credit up to €2k at 30 days only on tighter terms
Liquidity short (current ratio 0.4 against 0.78 in 2024; short-term debt: 47.3% and cash: 10.1% of total assets), and 47.3% of the assets are financed with debt.
Credit advice for your own amount and term
Signals
Seven signals. The signal on the left, the evidence on the right.
+raises risk○neutral
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 56
Relative position
BE, all sectors
reference
Sector 56
higher
← fewer bankruptcies
more bankruptcies →
raises risk · Limited track record
This company has not been active as long as an established one and statistically fails somewhat more often.
KBO · incorporation dateAge against the risk zone
raises risk · 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 2025Solvency, return and age of the figures
Solvency
52.7%
Return on assets
-6.6%
Age of the figures
9 mo
raises risk · Persistent losses
Two consecutive loss-making years (2024 and 2025); equity is also lower. May indicate structural pressure on profitability.
NBB · annual accounts 2025Net result per financial year
2122232425
2021 to 2025 · latest year €-5k
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 07-07-2026, 24 days ahead of the deadline.
NBB · 5 filingsDeviation from the deadline
2025
24 d early
2024
61 d late
2023
60 d late
2022
23 d late
2021
11 d late
← before the deadline
after the deadline →
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
19-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, micro schema
Equity
€44k▼ 11.2%
2024 · €49k
2021: €55k
2022: €57k
2023: €59k
2024: €49k
2021 → 2025
Total assets
€83k▲ 24.8%
2024 · €66k
2021: €127k
2022: €105k
2023: €75k
2024: €66k
2021 → 2025
Net result
€-5k▲ 43.3%
2024 · €-10k
2021: €35k
2022: €2k
2023: €2k
2024: €-10k
2021 → 2025
Working capital
€-23k▼ 517%
2024 · €-4k
2021: €-21k
2022: €-11k
2023: €-3k
2024: €-4k
2021 → 2025
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€55k-€57k▲ 3.1%€59k▲ 3.5%€49k▼ 16.5%€44k▼ 11.2%
Operating result€43k-€12k▼ 71.8%€4k▼ 67.7%€-9k€-5k▲ 43.7%
Net result€35k-€2k▼ 95.1%€2k▲ 16.8%€-10k€-5k▲ 43.3%
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €5k in 2025 against €9k in 2024; the loss shrinks.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €83k
Fixed assets
€67k▲ 26.6%
Current assets
€16k▲ 17.8%
Equity and liabilities €83k
Equity
€44k▼ 11.2%
Debt
€39k▲ 128%
The debt ratio rises from 25.9% to 47.3%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€7k▲
2024 · €-624
Cash flow
€6k▲
2024 · €-929
Solvency
52.7%▼
2024 · 74.1%
Current ratio
0.40▼
2024 · 0.78
Quick ratio
0.26▼
2024 · 0.27
Debt / equity
0.90▲
2024 · 0.35
ROE
-12.6%▲
2024 · -19.7%
ROA
-6.6%▲
2024 · -14.6%
Interest coverage
32.05▲
2024 · -2.05
Debt
€39k▲
2024 · €17k
Debt ≤ 1 year
€39k▲
2024 · €17k
Staff costs
€18k▼
2024 · €22k
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 · 2025 against 2024
Balance sheet
Code20242025
Assets
Total assets20/58€66k€83k▲
Fixed assets21/28€53k€67k▲
Intangible fixed assets21€42k€35k▼
Tangible fixed assets22/27€3k€24k▲
Plant, machinery and equipment23€3k€24k▲
Financial fixed assets28€7k€7k=
Current assets29/58€13k€16k▲
Stocks and contracts in progress3€9k€6k▼
Stocks30/36€9k€6k▼
Amounts receivable within one year40/41-€2k
Other amounts receivable41-€2k
Cash at bank and in hand54/58€5k€8k▲
Equity and liabilities
Total equity and liabilities10/49€66k€83k▲
Equity10/15€49k€44k▼
Contributions10/11€20k€20k=
Reserves13€2k€2k=
Distributable reserves133€2k€2k=
Profit (loss) carried forward14€27k€22k▼
Amounts payable17/49€17k€39k▲
Amounts payable within one year42/48€17k€39k▲
Trade debts44€3k€2k▼
Suppliers440/4€3k€2k▼
Taxes, remuneration and social security45€7k-
Taxes450/3€3k-
Remuneration and social security454/9€4k-
Other amounts payable47/48€6k€37k▲
Income statement
Code20242025
Remuneration, social security and pensions62€22k€18k▼
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€9k€12k▲
Other operating charges640/8€1k€2k▲
Non-recurring operating charges66A-€2k
Gross operating margin9900€23k€29k▲
Operating profit (loss)9901€-9k€-5k▲
Financial charges65/66B€305€209▼
Recurring financial charges65€305€209▼
Profit (loss) for the period before taxes9903€-10k€-5k▲
Profit (loss) for the period9904€-10k€-5k▲
Profit (loss) for the period to be appropriated9905€-10k€-5k▲
Appropriation of the result
Profit (loss) to be appropriated9906€27k€22k▼
Profit (loss) brought forward from the previous period14P€37k€27k▼
The notes to these accounts (9 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
27-08
State Gazette act
Capital & shares · Resignations & appointmentsGeneral meeting · Director resignation · Director discharge8 facts ▸
State Gazette act
Capital & shares · Resignations & appointments
General meeting · Director resignation · Director discharge8 facts ▸
- General meeting, 2026-08-17
- Director resignation, Subedi Keshab Raj (bestuurder)
- Director discharge, Subedi Keshab Raj
- Director appointment, Mukesh Kumar (bestuurder)
- Mandate compensation, Mukesh Kumar
- Director appointment, Kumari Kanika (werkende vennoot)
- Share transfer, Subedi Keshab Raj → Mukesh Kumar
- Share transfer, Subedi Keshab Raj → Kumari Kanika
07-07
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
30-09
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 61 days late
2024
31-12
Financial
Weakest financial yearnet €-10k ▼583%
Net result drops to €-10k, the lowest in the series; recovery starts the following year.
29-09
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 60 days late
2023
23-08
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 23 days late
2022
11-08
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 11 days late
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
Directors · office · real estate
Directors
3 directors, no change since 2026
Kumari Kanika
CurrentWerkende vennoot · since 17-08-2026
Mukesh Kumar
CurrentDirector · since 17-08-2026
17-08-2026
Kumari Kanika: Appointed as Werkende vennoot
17-08-2026
Mukesh Kumar: Appointed as Director
16-08-2026
Subedi Keshab Raj: Resigned as Director
Location & real-estate footprint
Registered office, Gent · 1 establishment unit since 2021
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.
Oudburg 119000 GentGround area
97 m²
Building footprint
96 m²
Volume, LiDAR
807 m³
Parcel 44021A0677/00A000, Flanders · tallest building 16.2 m, ±2 floors. Linked by address, not a title deed.
1 establishment unit
Spicy India
since 20212.311.738.939
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 44021A0677/00A000 | Flanders | 97 m² | 1 · 96 m² | 16.1 m · 2 fl. |
Linked by address, not proof of ownership
Methodology
via registered seat: 1
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
1 of these parcels carry protected heritage (source: regional heritage registers, Onroerend Erfgoed / patrimoine.brussels).
Structure & network
Capital and shareholders
Transfer of 50/100 from Subedi Keshab Raj to Mukesh Kumar
Transfer of 50/100 from Subedi Keshab Raj to Kumari Kanika
Recognitions · licences · registrations
Food safety, FASFC
1 siteGent2.311.738.939
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Of 20,495 companies in sector 56111 we hold annual accounts for 11,455. 9,776 are within a factor 10 of this equity.See the whole sector
Company data · Crossroads Bank
Identification
Legal formPrivate limited company
Founded12-01-2021
Fiscal year end31-12
Activities, NACEBEL
56101Full-service restaurants
56111Full-service restaurants
Sources
Crossroads Bank for EnterprisesNational Bank · 5 filingsAddress and cadastre registers
Data from official sources, last processed on 17-09-2026. Scores and ratios are computed by Checked and are not a credit decision.