SWARO
ActiveSummary
The computed 12-month bankruptcy probability of SWARO is 1.7% (moderate). The 2025 annual accounts show negative equity (-€23,040) and a net result of -€4,884. The figures fluctuate too strongly year-on-year for a reliable trend projection. Its solvency ranks better than 11% of 10522 sector peers (fiscal year 2025). The company has been active since 2016 and the Belgian State Gazette contains no insolvency or warning signals.
Checked score
Score 2025
Axes · tick = 2024
Profitability38▲+37
Solvency18▼-1
Growth32=
Track record100
Bankruptcy probability, 12 months
1.7%
Moderate
0%0.5%1.5%4%10%≥ 25%
No credit on open account
Liquidity short (current ratio 0.89 against 0.81 in 2024; short-term debt: 106.8% and cash: 14.3% of total assets), and equity is negative.
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Signals
Six 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 47
Relative position
BE, all sectors
reference
Retail trade (NACE 47)
about 45% more bankruptcies
← fewer bankruptcies
more bankruptcies →
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
-6.8%
Return on assets
-1.4%
Age of the figures
9 mo
raises risk · Negative equity
The 2025 annual accounts show negative equity and a net loss.
NBB · annual accounts 2025Equity per financial year
1819202122232425
2018 to 2025 · latest year -€23,040
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 29-07-2026, 2 days ahead of the deadline.
NBB · 9 filingsDeviation from the deadline
2025
2 d early
2024
9 d early
2023
33 d early
2022
3 d early
2021
30 d late
2020
3 d early
2019
55 d late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 7 accounts on average 5 days after the deadline; the sector median for financial year 2024 is on the deadline day, and 47% of the sector filed late.
Checked, nothing found (2)
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. Usually files around 28 July (4 of the last 5 filed years within 30 days of that day).
Companies Code · seven monthsPosition in the running window
29-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, abbreviated schema
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
-€4,884▲ 88.2%
2024 · -€41,414
Working capital
-€40,432▲ 29.9%
2024 · -€57,712
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 47, Retail trade, each year against the same schema; no band under 30 filings. Dashed line: the median.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result€22,909▲ 269%€6,874▼ 70.0%-€16,541-€32,746▼ 98.0%€6,003
Net result€19,224within the sector's middle half▲ 219%€1,918within the sector's middle half▼ 90.0%-€24,460below the sector's middle half-€41,414below the sector's middle half▼ 69.3%-€4,884below the sector's middle half▲ 88.2%
Equity€45,798below the sector's middle half▲ 72.3%€47,717below the sector's middle half▲ 4.2%€23,257below the sector's middle half▼ 51.3%-€18,157below the sector's middle half-€23,040below the sector's middle half▼ 26.9%
Total assets€448,931within the sector's middle half▲ 128%€247,552below the sector's middle half▼ 44.9%€283,879below the sector's middle half▲ 14.7%€288,960below the sector's middle half▲ 1.8%€340,268below the sector's middle half▲ 17.8%
Debt€403,133▲ 136%€199,835▼ 50.4%€260,622▲ 30.4%€307,116▲ 17.8%€363,308▲ 18.3%
Working capital-€49,136below the sector's middle half-€36,168below the sector's middle half▲ 26.4%-€38,463below the sector's middle half▼ 6.3%-€57,712below the sector's middle half▼ 50.0%-€40,432below the sector's middle half▲ 29.9%
Solvency10.2%below the sector's middle half▼ 3.3pp19.3%within the sector's middle half▲ 9.1pp8.2%below the sector's middle half▼ 11.1pp-6.3%below the sector's middle half▼ 14.5pp-6.8%below the sector's middle half▼ 0.5pp
Current ratio0.88below the sector's middle half▼ 0.360.82below the sector's middle half▼ 0.060.85below the sector's middle half▲ 0.030.81below the sector's middle half▼ 0.040.89below the sector's middle half▲ 0.08
Return on assets (ROA)4.3%within the sector's middle half▲ 1.2pp0.8%within the sector's middle half▼ 3.5pp-8.6%below the sector's middle half▼ 9.4pp-14.3%below the sector's middle half▼ 5.7pp-1.4%below the sector's middle half▲ 12.9pp
Staff (FTE)2.9within the sector's middle half▼ 19.4%2.9within the sector's middle half=3within the sector's middle half▲ 3.4%3.8within the sector's middle half▲ 26.7%2.9within the sector's middle half▼ 23.7%
above
within
below
the middle half (P25 to P75) of NACE 47, Retail trade, each year against the same schema; no band under 30 filings.
Result per fiscal year
Operating resultNet result
The operating result returns to profit in 2025: €6,003 after a loss of €32,746 in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €340,268
Fixed assets
€17,391 ▼ 56.0%
Current assets
€322,876 ▲ 29.5%
Key figures and ratios
EBITDA
€28,167▲
2024 · -€10,582
Cash flow
€17,281▲
2024 · -€19,249
Quick ratio
0.55▲
2024 · 0.34
Debt to equity
-15.77▲
2024 · -16.91
Interest coverage
2.57▲
2024 · -1.22
Debt ≤ 1 year
€363,308▲
2024 · €307,116
Staff costs
€106,150▼
2024 · €115,318
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 2,332 companies that looked in July 2024 the way this one looks now, 2.8% went bankrupt within 24 months and 91% are still going.
- Micro
- 10 to 20 years old
- negative equity
- a small loss
2.8%
went bankrupt
5.8%
stopped otherwise
91%
still going
A further 0.7% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 1.7% over twelve months; the group does not contradict it.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,338 companies of July 2024 its group's bankruptcy share. Expected: 1.6%; actually bankrupt within 24 months: 1.7%.
| 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% | 1.0% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.9% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 74% of comparisons. The level follows the economy: in a year with more bankruptcies, the actual share is higher than the year before.
An observation about 2,332 comparable companies, not a prediction for this company. The sector does not count: the register keeps no sector for companies that stopped, so it would make the outcome look better than it was.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | €77,116 | €92,021 | €104,620 | €115,318 | €106,150 | ▼ 7.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €5,123 | €22,050 | €22,164 | €22,164 | €22,164 | = |
| Other operating charges640/8 | €1,424 | €644 | €1,930 | €949 | €1,030 | ▲ 8.5% |
| Gross operating margin9900 | €106,571 | €121,589 | €112,174 | €105,685 | €135,347 | ▲ 28.1% |
| Operating profit (loss)9901 | €22,909 | €6,874 | -€16,541 | -€32,746 | €6,003 | ▲ 118% |
| Financial income75/76B | €3,056 | €117 | €385 | €20 | €59 | ▲ 190% |
| Recurring financial income75 | €3,056 | €117 | €385 | €20 | €59 | ▲ 190% |
| Financial charges65/66B | €6,636 | €5,072 | €8,304 | €8,688 | €10,946 | ▲ 26.0% |
| Recurring financial charges65 | €6,636 | €5,072 | €8,304 | €8,688 | €10,946 | ▲ 26.0% |
| Profit (loss) for the period before taxes9903 | €19,329 | €1,918 | -€24,460 | -€41,414 | -€4,884 | ▲ 88.2% |
| Income taxes67/77 | €105 | - | - | - | - | - |
| Profit (loss) for the period9904 | €19,224 | €1,918 | -€24,460 | -€41,414 | -€4,884 | ▲ 88.2% |
| Profit (loss) for the period to be appropriated9905 | €19,224 | €1,918 | -€24,460 | -€41,414 | -€4,884 | ▲ 88.2% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €448,931 | €247,552 | €283,879 | €288,960 | €340,268 | ▲ 17.8% |
| Fixed assets21/28 | €94,935 | €83,885 | €61,720 | €39,556 | €17,391 | ▼ 56.0% |
| Tangible fixed assets22/27 | €94,935 | €83,885 | €61,720 | €39,556 | €17,391 | ▼ 56.0% |
| Other tangible fixed assets26 | €94,935 | €83,885 | €61,720 | €39,556 | €17,391 | ▼ 56.0% |
| Current assets29/58 | €353,997 | €163,667 | €222,159 | €249,404 | €322,876 | ▲ 29.5% |
| Stocks and contracts in progress3 | €119,028 | €122,528 | €136,779 | €144,241 | €124,534 | ▼ 13.7% |
| Stocks30/36 | €119,028 | €122,528 | €136,779 | €144,241 | €124,534 | ▼ 13.7% |
| Amounts receivable within one year40/41 | €14,755 | €17,873 | €51,489 | €76,052 | €125,441 | ▲ 64.9% |
| Trade receivables40 | €1,703 | €3,466 | €16,281 | €18,289 | €69,959 | ▲ 283% |
| Other amounts receivable41 | €13,052 | €14,407 | €35,208 | €57,763 | €55,481 | ▼ 4.0% |
| Cash at bank and in hand54/58 | €219,973 | €23,024 | €33,551 | €28,626 | €48,665 | ▲ 70.0% |
| Deferred charges and accrued income490/1 | €241 | €243 | €339 | €485 | €24,237 | ▲ 4,895% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €448,931 | €247,552 | €283,879 | €288,960 | €340,268 | ▲ 17.8% |
| Equity10/15 | €45,798 | €47,717 | €23,257 | -€18,157 | -€23,040 | ▼ 26.9% |
| Contributions10/11 | €40,000 | €40,000 | €40,000 | €40,000 | €40,000 | = |
| Reserves13 | €444 | €444 | €444 | €444 | €444 | = |
| Non-distributable reserves130/1 | €444 | €444 | €444 | - | - | - |
| Reserves not available under the articles1311 | €444 | €444 | €444 | - | - | - |
| Distributable reserves133 | - | - | - | €444 | €444 | = |
| Profit (loss) carried forward14 | €5,354 | €7,273 | -€17,187 | -€58,601 | -€63,484 | ▼ 8.3% |
| Amounts payable17/49 | €403,133 | €199,835 | €260,622 | €307,116 | €363,308 | ▲ 18.3% |
| Amounts payable within one year42/48 | €403,133 | €199,835 | €260,622 | €307,116 | €363,308 | ▲ 18.3% |
| Current portion of amounts payable after more than one year42 | €8,465 | €2,865 | €2,865 | - | - | - |
| Financial debts43 | - | - | - | €50,000 | €100,000 | ▲ 100% |
| Credit institutions430/8 | - | - | - | €50,000 | €100,000 | ▲ 100% |
| Trade debts44 | €253,897 | €84,886 | €171,297 | €193,237 | €190,241 | ▼ 1.6% |
| Suppliers440/4 | €253,897 | €84,886 | €171,297 | €193,237 | €190,241 | ▼ 1.6% |
| Taxes, remuneration and social security45 | €34,320 | €42,134 | €38,960 | €40,170 | €32,114 | ▼ 20.1% |
| Taxes450/3 | €18,737 | €24,212 | €21,092 | €23,710 | €23,486 | ▼ 0.9% |
| Remuneration and social security454/9 | €15,584 | €17,922 | €17,867 | €16,460 | €8,628 | ▼ 47.6% |
| Other amounts payable47/48 | €106,450 | €69,950 | €47,500 | €23,710 | €40,953 | ▲ 72.7% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €19,224 | €1,918 | -€24,460 | -€41,414 | -€4,884 | ▲ 88.2% |
| + Depreciation and write-downs630 | €5,123 | €22,050 | €22,164 | €22,164 | €22,164 | = |
| Operating cash flow (approximation) | €24,346 | €23,968 | -€2,296 | -€19,249 | €17,281 | ▲ 190% |
| Investment in fixed assets (approximation) | - | -€11,000 | €0 | €0 | €0 | - |
| Change in cash | - | -€196,949 | €10,527 | -€4,925 | €20,040 | ▲ 507% |
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
Next filing, fiscal year 2026, expected by
2026
29-07
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema
2025
22-07
NBB filing
Annual accounts filed
fiscal year 2024 · full schema
2024
31-12
Financial
Weakest financial yearnet -€41,414
Net result drops to -€41,414, the lowest in the series; recovery starts the following year.
28-06
NBB filing
Annual accounts filed
fiscal year 2023 · full schema
2023
28-07
NBB filing
Annual accounts filed
fiscal year 2022 · full schema
2022
30-08
NBB filing
Annual accounts filed
fiscal year 2021 · full schema · 30 days late
2021
31-12
Financial
Highest result since 2018net €19,224 ▲219%
Operating result €22,909, net result €19,224, both a record.
28-07
NBB filing
Annual accounts filed
fiscal year 2020 · full schema
2020
31-12
Financial
Back to profitnet €6,018
Net result €6,018 after 2 loss-making years.
24-09
NBB filing
Annual accounts filed
fiscal year 2019 · full schema · 55 days late
2019
28-08
NBB filing
Annual accounts filed
fiscal year 2018 · full schema · 28 days late
2018
31-08
NBB filing
Annual accounts filed
fiscal year 2017 · full schema · 31 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 3 acts read
About the unread acts
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.
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Directors · office · real estate
Directors
3 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, Liège · 2 establishment units since 2016
Ground area
2,714 m²
Building footprint
2,245 m²
Volume, LiDAR
23,711 m³
2 parcels, Wallonia · tallest building 13.3 m, ±4 floors. Linked by address, not a title deed.
2 establishment units
Swaro sprl
since 20162.256.301.657
SWAROVSKI CORA ROCOURT
since 20172.258.345.288
2 parcels
Wallonia
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 62087B0259/00M002 | Wallonia | 2,262 m² | 1 · 2,158 m² | 13.3 m · 4 fl. |
| 62030A0052/00L002 | Wallonia | 452 m² | 1 · 87 m² | 10.2 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.
Structure & network
Owners and holdings
1 ownerChain of control
Highest known parent: DUO-GEST. The sources do not say who stands above it.
Owners 1
- BEL - ORparent100%
Holdings 0
No holding stated in the accounts, acts or LEI register we read.
According to the annual accounts of the other companies, the acts in the Belgian Gazette and the LEI register. The register of ultimate beneficial owners (UBO) is not public: who ultimately stands behind a natural person or a foreign parent is not stated here. A company that does not fill in these statements, or need not, is missing.
Connections & network
No current directors or connected companies found in the register.
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Of 2,017 companies in sector 47770 we hold annual accounts for 899. 515 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
Founded23-06-2016
Fiscal year end31-12
Activities, NACEBEL 2025
47770Retail sale of watches and jewellery
E-invoicing
Reachable via Peppol
Peppol ID
0208:0656917454
Also
9925:BE0656917454
Registered
17-12-2025
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 29 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.