Checked.be
Active
BE 0478.434.286Private limited company
Studio 909
Busleidengang 1/A ·3000 Leuven, Belgium· 23 yrs active
Sector: Retail sale of other cultural and recreation goods
(47690)
Conclusion
Studio 909 has been active since 2002 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show negative equity (€-321k) and a net result of €-21k. Equity is shrinking by ~5.7% per year across the filed fiscal years. Its solvency ranks better than 5% of 1433 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 1.4% (low).
Based on the State Gazette, CBE and 3 annual accounts.
Key figures
| Equity | €-321k |
| Net result | €-21k |
| Better than sector | 5% |
| Active | 23 yrs |
Financial profile
42
/ 100
Fragile profile, watch health in particular.
All 5 axes are computed from data Checked has read.
Health
10
Profitability
33
Solvency
33
Growth
32
Stability
100
Bankruptcy probability (12 mo)
Risk Assessment
0 / 100
Low riskTrust signals
Long-established
Founded in 2002, 23 years in business.
No legal incidents
No bankruptcy, reorganisation or interim measure in the Belgisch Staatsblad, and the KBO register records a normal legal situation.
Administrative Flags
No strikeouts found in the KBO publications we processed. That series starts in 2021 and has gaps, so this is not a confirmation that there is nothing.
Checked score
10
/ 100
Critical
Computed from 4 of the 6 factors this model weighs. The rest cannot be derived from the filed figures, or need a prior year to compare against.
Indicative credit limit
No credit
negative equity or figures too weak
Score history
13
2023
10
2024
10
2025
purely financial, excl. current insolvency signals
Score components
Liquidity
Current ratio 0.01 (< 1.0)
-10
Quick ratio
Quick ratio 0.01 (< 0.6)
-5
Equity
Negative equity
-25
Profitability
ROE 7%
+3
Profit trend
Net profit down YoY
-3
Computed by Checked from the NBB filing for FY 2025. Indicative, not credit advice.
Financial overview
Annual accounts filed on 31-07-2026 with the NBB · fiscal year 2025 · micro schema
Trajectory (indicative)
Projection over 3 fiscal years from the filed annual accounts, not a forecast, the extended trend.
declining
Net result: declining trend of ~72.7%/year over 3 fiscal years, indicative, assuming unchanged policy.
Solid line = filed figures · dashed = extended trend · area = indicative range.
How do we compute this?
The trend is a robust median of all pairwise slopes between fiscal years (Theil-Sen), so a single odd year cannot hijack the line. For strictly positive series we also fit a log variant (compound annual growth) and keep whichever describes the figures best.
The area around the projection is 1.8 × the median absolute deviation from the trend, widening each year ahead (×1 / ×1.6 / ×2.2), with a minimum of 8% of the last value. It is an indicative range, not a statistical confidence interval.
A series whose deviations exceed 35% of its level is too volatile: we then deliberately show no projection. Every projection assumes unchanged policy and is blind to non-public information (order book, contracts, funding rounds).
Sector comparison
Fiscal year 2025 · NACE 47, Retail trade · compared within the same schema type (micro schema)
| Metric | This company | Sector median | Position in the sector |
|---|---|---|---|
| Solvency | -7097.2% | 23.5% | |
| Net result | €-21k | €7k | |
| Equity | €-321k | €25k | |
| Gross operating margin | €-19k | €34k | |
| Total assets | €5k | €132k |
€-21k
-63.4%
23-25
€5k
-31.6%
23-25
€-321k
-7.0%
23-25
€-319k
-7.1%
23-25
€2
-
23-25
€325k
+6.2%
23-25
€324k
+6.2%
23-25
0.01
-35.6%
23-25
0.01
-35.6%
23-25
-7097.2%
-56.5%
23-25
-1.01
+0.8%
23-25
6.6%
+52.6%
23-25
-466.8%
-138.9%
23-25
Figures by fiscal year and ratios
| Fiscal year | 2025 | 2024 | 2023 |
|---|---|---|---|
| Deposit | micro schema | micro schema | micro schema |
| Revenue | - | - | - |
| EBITDA | - | - | - |
| Net profit | €-21k | €-13k | €-2k |
| Cash flow | - | - | - |
| Staff costs | - | - | - |
| Income taxes | - | - | €2 |
| Dividends | - | - | - |
| Total assets | €5k | €7k | €19k |
| Equity | €-321k | €-300k | €-287k |
| Debt | €325k | €306k | €305k |
| of which ≤ 1y | €324k | €305k | €304k |
| of which > 1y | - | - | - |
| Working capital | €-319k | €-298k | €-285k |
| Employees (FTE) | - | - | - |
Ratios (computed)
| 2025 | 2024 | 2023 | |
|---|---|---|---|
| Current ratio | 0.01 | 0.02 | 0.06 |
| Quick ratio | 0.01 | 0.02 | 0.06 |
| Working capital ratio | -7071.8% | -4516.7% | -1521.3% |
| Solvency | -7097.2% | -4534.9% | -1529.2% |
| Debt / equity | -1.01 | -1.02 | -1.07 |
| Long-term debt ratio | - | - | - |
| Interest coverage | - | - | - |
| Gross margin | - | - | - |
| Net margin | - | - | - |
| ROA | -466.8% | -195.4% | -12.4% |
| ROE | 6.6% | 4.3% | 0.8% |
| EBITDA margin | - | - | - |
| Days sales outstanding | - | - | - |
| Days payable outstanding | - | - | - |
| Inventory turnover | - | - | - |
| Days inventory (DSI) | - | - | - |
Full annual accounts (19 line items)
Filed balance sheet and income statement, exactly as deposited with the NBB.
| Line item | Code | 2025 | 2024 | 2023 |
|---|---|---|---|---|
| Balance sheet, Assets | ||||
| TOTAL ASSETS | 20/58 | €5k | €7k | €19k |
| Current assets | 29/58 | €5k | €7k | €19k |
| Amounts receivable within one year | 40/41 | €309 | €1k | €13k |
| Cash & bank | 54/58 | €4k | €5k | €5k |
| Balance sheet, Equity & liabilities | ||||
| TOTAL EQUITY & LIABILITIES | 10/49 | €5k | €7k | €19k |
| Equity | 10/15 | €-321k | €-300k | €-287k |
| Contributions / capital | 10/11 | €12k | €12k | €12k |
| Accumulated profits (losses) | 14 | €-333k | €-312k | €-299k |
| Amounts payable | 17/49 | €325k | €306k | €305k |
| Amounts payable within one year | 42/48 | €324k | €305k | €304k |
| Trade debts payable within one year | 44 | €3k | €3k | €5k |
| Income statement | ||||
| Gross operating margin | 9900 | €-19k | €-11k | €287 |
| Operating result | 9901 | €-21k | €-13k | €-2k |
| Financial income | 75 | €25 | €22 | €36 |
| Financial charges | 65 | €80 | €50 | €45 |
| Result before taxes | 9903 | €-21k | €-13k | €-2k |
| Income taxes | 67/77 | - | - | €2 |
| Net result for the period | 9904 | €-21k | €-13k | €-2k |
| Result to be appropriated | 9905 | €-21k | €-13k | €-2k |
Legal Structure
| NACE primary | Retail sale of other cultural and recreation goods(47690) |
| Legal form | Private limited company(610) |
| Incorporation | 27-09-2002 |
| Status | Active |
| Postal code | 3000 |
Establishment units
MADE IN ART BVBA
since 20032.115.465.575
Real-estate footprint
Flanders
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 24126D0194/00R003 | Flanders | 2,249 m² | - | - |
| 24062A0558/00K000 | Flanders | 88 m² | 1 · 88 m² | 13.8 m · 4 fl. |
Methodology
via registered seat: 1 · via establishment units: 1
2 of 2 parcels 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).
Updates
Next filing, fiscal year 2026, expected by
2026
31-07
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
31-12
Financial
Weakest financial yearnet €-21k
Net result drops to €-21k, the lowest in the series.
04-07
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
18-07
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
31-08
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 31 days late
2022
07-07
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
02-07
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema
2020
11-06
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema
2019
05-07
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema
2018
29-06
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema
2017
11-07
NBB filing
Annual accounts filed
fiscal year 2016 · micro schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
Belgian State Gazette reading coverage
We know of 3 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
Credit advice
Company registry (CBE)
Activities
Retail sale of other cultural and recreation goods47690Retail trade4778752498
Names & trade names
| Legal nameNL | Studio 909 |
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