SUBWAY
ActiveSummary
SUBWAY has been active since 2002 and the Belgian State Gazette contains no insolvency or warning signals. The 2024 annual accounts show negative equity (€-1k) and a net result of €473. Equity is shrinking by ~31.8% per year across the filed fiscal years. Its solvency ranks better than 13% of 8966 sector peers (fiscal year 2024). The computed 12-month bankruptcy probability is 0.7% (low).
Checked score
Score 2024
Axes · tick = 2023
Profitability46▲+39
Solvency23=
Growth32=
Track record100
Bankruptcy probability, 12 months
0.7%
Low
0%0.5%1.5%4%10%≥ 25%
No credit on open account
Liquidity short (current ratio 0.3 against 0.54 in 2023; short-term debt: 54.7% of total assets), and equity is negative.
Credit check for your own amount and term
Signals
Five signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
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 2024Solvency, return and age of the figures
Solvency
-1.5%
Return on assets
0.5%
Age of the figures
21 mo
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 13% of 8966 sector peers (2024).
NBB · sector comparisonPosition among 8966 sector peers
Solvency
better than 13%
← weakest
strongest →
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2024 was due by 31-07-2025 and was filed on 16-05-2025, 76 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
not confirmed
2024
76 d early
2023
16 d late
2022
3 d early
2021
24 d early
2020
18 d late
2019
87 d late
← before the deadline
after the deadline →
Checked, nothing found (1)
Financials · fiscal year 2024, micro schema
Equity
€-1k▲ 25.6%
2023 · €-2k
2018: €32k
2019: €38k▲ +17.4% vs 2018highest in 7 years
2020: €21k▼ -43.3% vs 2019
2021: €23k▲ +8.8% vs 2020
2022: €9k▼ -62.7% vs 2021
2023: €-2k▼ -121% vs 2022lowest in 7 years
2024: €-1k▲ +25.6% vs 2023
2018 → 2024
Total assets
€89k▼ 18.6%
2023 · €109k
2018: €132k
2019: €120k▼ -9.2% vs 2018
2020: €109k▼ -9.3% vs 2019
2021: €116k▲ +6.7% vs 2020
2022: €146k▲ +26.2% vs 2021highest in 7 years
2023: €109k▼ -25.2% vs 2022
2024: €89k▼ -18.6% vs 2023lowest in 7 years
2018 → 2024
Net result
€473
2023 · €-10k
2018: €5k
2019: €6k▲ +19.2% vs 2018highest in 7 years
2020: €-16k▼ -392% vs 2019lowest in 7 years
2021: €2k▲ +112% vs 2020
2022: €-15k▼ -875% vs 2021
2023: €-10k▲ +27.8% vs 2022
2024: €473▲ +105% vs 2023
2018 → 2024
Working capital
€-34k▼ 74.6%
2023 · €-20k
2018: €48khighest in 7 years
2019: €40k▼ -16.7% vs 2018
2020: €-64k▼ -260% vs 2019lowest in 7 years
2021: €913▲ +101% vs 2020
2022: €-17k▼ -1937% vs 2021
2023: €-20k▼ -16.8% vs 2022
2024: €-34k▼ -74.6% vs 2023
2018 → 2024
Trend over the years
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20202021202220232024Trend
Equity€21k-€23k▲ 8.8%€9k▼ 62.7%€-2k€-1k▲ 25.6%
2020: €21k
2021: €23k▲ +8.8% vs 2020highest in 5 years
2022: €9k▼ -62.7% vs 2021
2023: €-2k▼ -121% vs 2022lowest in 5 years
2024: €-1k▲ +25.6% vs 2023
Operating result€10k-€4k▼ 57.5%€-14k€-9k▲ 34.0%€6k
2020: €10khighest in 5 years
2021: €4k▼ -57.5% vs 2020
2022: €-14k▼ -433% vs 2021lowest in 5 years
2023: €-9k▲ +34.0% vs 2022
2024: €6k▲ +166% vs 2023
Net result€-16k-€2k€-15k€-10k▲ 27.8%€473
2020: €-16klowest in 5 years
2021: €2k▲ +112% vs 2020highest in 5 years
2022: €-15k▼ -875% vs 2021
2023: €-10k▲ +27.8% vs 2022
2024: €473▲ +105% vs 2023
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result returns to profit in 2024: €6k after a loss of €9k in 2023.
Balance-sheet composition
2024 in colour, 2023 as the grey bar beneath
Assets €89k
Fixed assets
€75k ▼ 13.3%
Current assets
€15k ▼ 37.8%
Key figures and ratios
EBITDA
€8k▲
2023 · €-6k
Cash flow
€2k▲
2023 · €-8k
Solvency
-1.5%▲
2023 · -1.7%
Current ratio
0.30▼
2023 · 0.54
Debt to equity
-65.88▼
2023 · -60.26
ROA
0.5%▲
2023 · -9.6%
Interest coverage
3.18▲
2023 · -1.60
Debt
€90k▼
2023 · €111k
Debt ≤ 1 year
€49k▲
2023 · €43k
Debt > 1 year
€10k▼
2023 · €23k
Income taxes
€7k▲
2023 · €1k
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Filed annual accounts As filed with the NBB · 2024 against 2023 · 45 lines
Balance sheet
Code20232024
Assets
Total assets20/58€109k€89k▼
Fixed assets21/28€86k€75k▼
Tangible fixed assets22/27€7k€6k▼
Furniture and vehicles24€7k€6k▼
Financial fixed assets28€79k€69k▼
Current assets29/58€23k€15k▼
Amounts receivable within one year40/41€22k€14k▼
Trade receivables40€22k€14k▼
Deferred charges and accrued income490/1€1k€235▼
Equity and liabilities
Total equity and liabilities10/49€109k€89k▼
Equity10/15€-2k€-1k▲
Contributions10/11€19k€19k=
Reserves13€7k€7k=
Non-distributable reserves130/1€2k€2k=
Reserves not available under the articles1311€2k€2k=
Distributable reserves133€5k€5k=
Profit (loss) carried forward14€-27k€-27k▲
Amounts payable17/49€111k€90k▼
Amounts payable after more than one year17€23k€10k▼
Financial debts170/4€23k€10k▼
Amounts payable within one year42/48€43k€49k▲
Current portion of amounts payable after more than one year42€14k€28k▲
Financial debts43€11k-
Credit institutions430/8€11k-
Trade debts44€10k€10k▲
Suppliers440/4€10k€10k▲
Taxes, remuneration and social security45€5k€10k▲
Taxes450/3€5k€10k▲
Other amounts payable47/48€3k€362▼
Accrued charges and deferred income492/3€45k€32k▼
Income statement
Code20232024
Remuneration, social security and pensions62€6k-
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€3k€2k▼
Other operating charges640/8€747€1k▲
Gross operating margin9900€398€9k▲
Operating profit (loss)9901€-9k€6k▲
Financial income75/76B€4k€4k=
Recurring financial income75€4k€4k=
Financial charges65/66B€4k€2k▼
Recurring financial charges65€4k€2k▼
Profit (loss) for the period before taxes9903€-9k€7k▲
Income taxes67/77€1k€7k▲
Profit (loss) for the period9904€-10k€473▲
Profit (loss) for the period to be appropriated9905€-10k€473▲
Appropriation of the result
Profit (loss) to be appropriated9906€-27k€-27k▲
Profit (loss) brought forward from the previous period14P€-17k€-27k▼
The notes to these accounts (7 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Accounts by statement
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | €242 | €0 | - | - | - |
| Remuneration, social security and pensions62 | - | - | - | €6k | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €5k | €4k | €4k | €3k | €2k | ▼ 31.1% |
| Other operating charges640/8 | - | €731 | €844 | €747 | €1k | ▲ 89.2% |
| Non-recurring operating charges66A | - | €80 | €917 | - | - | - |
| Gross operating margin9900 | €20k | €9k | €-8k | €398 | €9k | ▲ 2,222% |
| Operating profit (loss)9901 | €10k | €4k | €-14k | €-9k | €6k | ▲ 166% |
| Financial income75/76B | - | €2k | €2k | €4k | €4k | = |
| Recurring financial income75 | €2k | €2k | €2k | €4k | €4k | = |
| Financial charges65/66B | - | €4k | €3k | €4k | €2k | ▼ 38.0% |
| Recurring financial charges65 | €28k | €4k | €3k | €4k | €2k | ▼ 38.0% |
| Profit (loss) for the period before taxes9903 | €-16k | €2k | €-14k | €-9k | €7k | ▲ 179% |
| Income taxes67/77 | €131 | €239 | €326 | €1k | €7k | ▲ 447% |
| Profit (loss) for the period9904 | €-16k | €2k | €-15k | €-10k | €473 | ▲ 105% |
| Profit (loss) for the period to be appropriated9905 | €-16k | €2k | €-15k | €-10k | €473 | ▲ 105% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €109k | €116k | €146k | €109k | €89k | ▼ 18.6% |
| Fixed assets21/28 | €91k | €88k | €88k | €86k | €75k | ▼ 13.3% |
| Tangible fixed assets22/27 | €8k | €4k | €5k | €7k | €6k | ▼ 24.9% |
| Furniture and vehicles24 | - | €4k | €5k | €7k | €6k | ▼ 24.9% |
| Financial fixed assets28 | €84k | €84k | €83k | €79k | €69k | ▼ 12.2% |
| Current assets29/58 | €17k | €28k | €58k | €23k | €15k | ▼ 37.8% |
| Amounts receivable within one year40/41 | €15k | €11k | €49k | €22k | €14k | ▼ 34.7% |
| Trade receivables40 | - | €11k | €49k | €22k | €14k | ▼ 34.7% |
| Other amounts receivable41 | - | €142 | €83 | - | - | - |
| Cash at bank and in hand54/58 | €18 | €5k | €18 | - | - | - |
| Deferred charges and accrued income490/1 | - | €12k | €9k | €1k | €235 | ▼ 84.0% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €109k | €116k | €146k | €109k | €89k | ▼ 18.6% |
| Equity10/15 | €21k | €23k | €9k | €-2k | €-1k | ▲ 25.6% |
| Contributions10/11 | - | €19k | €19k | €19k | €19k | = |
| Reserves13 | €7k | €7k | €7k | €7k | €7k | = |
| Non-distributable reserves130/1 | - | €2k | €2k | €2k | €2k | = |
| Reserves not available under the articles1311 | - | €2k | €2k | €2k | €2k | = |
| Distributable reserves133 | - | €5k | €5k | €5k | €5k | = |
| Profit (loss) carried forward14 | €-4k | €-2k | €-17k | €-27k | €-27k | ▲ 1.7% |
| Amounts payable17/49 | €87k | €93k | €138k | €111k | €90k | ▼ 18.7% |
| Amounts payable after more than one year17 | €7k | €43k | €29k | €23k | €10k | ▼ 59.0% |
| Financial debts170/4 | - | €43k | €29k | €23k | €10k | ▼ 59.0% |
| Amounts payable within one year42/48 | €81k | €27k | €75k | €43k | €49k | ▲ 13.4% |
| Current portion of amounts payable after more than one year42 | - | €14k | €15k | €14k | €28k | ▲ 97.3% |
| Financial debts43 | - | €319 | €26k | €11k | - | - |
| Credit institutions430/8 | - | €319 | €26k | €11k | - | - |
| Other loans439 | - | €0 | - | - | - | - |
| Trade debts44 | €28k | €7k | €18k | €10k | €10k | ▲ 3.9% |
| Suppliers440/4 | - | €7k | €18k | €10k | €10k | ▲ 3.9% |
| Taxes, remuneration and social security45 | - | €6k | €14k | €5k | €10k | ▲ 115% |
| Taxes450/3 | - | €6k | €14k | €5k | €10k | ▲ 115% |
| Other amounts payable47/48 | - | €0 | €3k | €3k | €362 | ▼ 88.8% |
| Accrued charges and deferred income492/3 | - | €23k | €33k | €45k | €32k | ▼ 28.4% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €-16k | €2k | €-15k | €-10k | €473 | ▲ 105% |
| + Depreciation and write-downs630 | €5k | €4k | €4k | €3k | €2k | ▼ 31.1% |
| Operating cash flow (approximation) | €-12k | €6k | €-11k | €-8k | €2k | ▲ 130% |
| Investment in fixed assets (approximation) | - | €-351 | €-4k | €-766 | €10k | ▲ 1,353% |
| Change in cash | - | €5k | €-5k | - | - | - |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
2025
16-05
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
31-12
Financial
Back to profitnet €473
Net result €473 after 2 loss-making years.
16-08
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 16 days late
2023
28-07
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
07-07
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
31-12
Financial
Back to profitnet €2k
Net result €2k after one loss-making year.
31-12
Financial
Liquidity times 5current ratio 1.03
Current ratio from 0.21 to 1.03; short-term debt falls from €81k to €27k.
18-08
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 18 days late
2020
31-12
Financial
Weakest financial yearnet €-16k
Net result drops to €-16k, the lowest in the series; recovery starts the following year.
26-10
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 87 days late
2019
31-12
Financial
Highest result since 2018net €6k ▲19.2%
Operating result €11k, net result €6k, both a record.
31-08
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema · 31 days late
Show earlier events
2018
18-08
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema · 18 days late
2017
30-08
NBB filing
Annual accounts filed
fiscal year 2016 · micro schema · 30 days late
2016
29-08
NBB filing
Annual accounts filed
fiscal year 2015 · full schema · 29 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 4 acts read
About the unread acts
We know of 4 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
Have them read with priority
Sign in to place this company at the front of the reading queue.
Directors · office · real estate
Directors
4 acts for this company are in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Grez-Doiceau · 1 establishment unit since 2002
Ground area
3,790 m²
Building footprint
871 m²
Volume, LiDAR
8,006 m³
2 parcels, Brussels, Wallonia · tallest building 12.5 m, ±3 floors. Linked by address, not a title deed.
1 establishment unit
Van Volxemlaan 264, 1190 Vorst
since 20022.098.914.506
2 parcels
Wallonia
1
(50%)
Brussels
1
(50%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 21007A0065/00N002 | Brussels | 3,351 m² | 1 · 790 m² | 12.5 m · 3 fl. |
| 25037C0163/00F000 | Wallonia | 438 m² | 1 · 81 m² | 9.1 m · 3 fl. |
Linked by address, not proof of ownership
Good to know
2 of 2 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Recognitions · licences · registrations
Legal Entity Identifier
254900NOVN9NYJX6LX59
Similar companies · same sector, comparable size
GOODZO
BE 0644.732.175
Ternat · Eq €8,677
Lightning Business Inside Consulting
BE 0778.570.894
Neupré · Eq €8,578
SEVENSI
BE 0809.656.426
Ganshoren · Eq €8,700
MEG@
BE 0738.944.119
Brussel · Eq €8,557
BLOMMAERT
BE 0413.881.281
Aartselaar · Eq €8,721
Of 9,862 companies in sector 73110 we hold annual accounts for 3,753. 1,970 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company (pre-2019)
Founded22-01-2002
Fiscal year end31-12
Activities, NACEBEL 2025
73110Advertising agencies
46180Agents specialised in the wholesale of other particular products
70200Business and other management consultancy
Scores and ratios are computed by Checked and are not a credit decision.