THE WALL
ActiveSummary
THE WALL has been active since 2018 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €77k and a net result of €5k. The figures fluctuate too strongly year-on-year for a reliable trend projection. Its solvency ranks better than 32% of 2318 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.5% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability50▼-23
Solvency31▼-10
Growth78=
Track record100
Bankruptcy probability, 12 months
0.5%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €4k at 30 days acceptable
Liquidity short (current ratio 0.32 against 0.39 in 2024; short-term debt: 14.2% and cash: 0.9% of total assets), and 94.4% of the assets are financed with debt.
Credit check for your own amount and term
Signals
Seven signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 93
Relative position
BE, all sectors
reference
Sports, amusement and recreation activities (NACE 93)
about 50% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
5.6%
Return on assets
0.3%
Age of the figures
15 mo
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
lowers risk · Growing equity
Reported equity is higher than in 2023 and did not fall compared with 2024. These amounts do not establish the cause of the change.
NBB · annual accounts 2025Equity per financial year
19202122232425
2019 to 2025 · latest year €77k
neutral · Latest accounts filed on time
The financial year that closed on 30-06-2025 was due by 31-01-2026 and was filed on 29-01-2026, 2 days ahead of the deadline.
NBB · 7 filingsDeviation from the deadline
2025
2 d early
2024
2 d early
2023
12 d early
2022
1 d early
2021
3 d early
2020
2 d early
2019
7 d early
← before the deadline
after the deadline →
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 30-06-2026 and is due by 31-01-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
30-06-2026 close25-09-2026 today31-01-2027 deadline
Financials · fiscal year 2025, micro schema
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
€5k▼ 67.9%
2024 · €14k
2019: €-25klowest in 7 years
2020: €-6k▲ +75.0% vs 2019
2021: €9k▲ +236% vs 2020
2022: €16k▲ +83.2% vs 2021
2023: €46k▲ +190% vs 2022highest in 7 years
2024: €14k▼ -68.4% vs 2023
2025: €5k▼ -67.9% vs 2024
2019 → 2025
Working capital
€-133k▼ 183%
2024 · €-47k
2019: €-36k
2020: €-37k▼ -4.5% vs 2019
2021: €-49k▼ -32.0% vs 2020
2022: €-51k▼ -2.4% vs 2021
2023: €-30k▲ +40.3% vs 2022highest in 7 years
2024: €-47k▼ -56.0% vs 2023
2025: €-133k▼ -183% vs 2024lowest in 7 years
2019 → 2025
Trend over the years
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€-3k-€13k€58k▲ 354%€73k▲ 24.7%€77k▲ 6.3%
2021: €-3klowest in 5 years
2022: €13k▲ +555% vs 2021
2023: €58k▲ +354% vs 2022
2024: €73k▲ +24.7% vs 2023
2025: €77k▲ +6.3% vs 2024highest in 5 years
Operating result€16k-€22k▲ 37.2%€54k▲ 146%€28k▼ 48.3%€20k▼ 29.6%
2021: €16klowest in 5 years
2022: €22k▲ +37.2% vs 2021
2023: €54k▲ +146% vs 2022highest in 5 years
2024: €28k▼ -48.3% vs 2023
2025: €20k▼ -29.6% vs 2024
Net result€9k-€16k▲ 83.2%€46k▲ 190%€14k▼ 68.4%€5k▼ 67.9%
2021: €9k
2022: €16k▲ +83.2% vs 2021
2023: €46k▲ +190% vs 2022highest in 5 years
2024: €14k▼ -68.4% vs 2023
2025: €5k▼ -67.9% vs 2024lowest in 5 years
Result per fiscal year
Operating resultNet result
The operating result has fallen two years in a row; 2025 is 30% below 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €1.39M
Fixed assets
€1.32M ▲ 214%
Current assets
€63k ▲ 106%
Equity and liabilities €1.39M
Equity
€77k ▲ 6.3%
Debt
€1.31M ▲ 245%
Debt's share of the balance-sheet total rises from 83.9% to 94.4%. Equity and debt are higher.
Key figures and ratios
EBITDA
€55k▲
2024 · €55k
Cash flow
€40k▼
2024 · €41k
Current ratio
0.32▼
2024 · 0.39
Quick ratio
0.32▼
2024 · 0.37
Debt to equity
16.92▲
2024 · 5.22
ROE
6.0%▼
2024 · 19.8%
ROA
0.3%▼
2024 · 3.2%
Interest coverage
3.76▼
2024 · 6.18
Debt ≤ 1 year
€197k▲
2024 · €78k
Debt > 1 year
€1.11M▲
2024 · €302k
Income taxes
€489▼
2024 · €5k
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 · 2025 against 2024 · 50 lines
Balance sheet
Code20242025
Assets
Total assets20/58€453k€1.39M▲
Fixed assets21/28€422k€1.32M▲
Intangible fixed assets21-€10k
Tangible fixed assets22/27€420k€1.31M▲
Land and buildings22€331k€894k▲
Plant, machinery and equipment23€87k€417k▲
Furniture and vehicles24€3k€2k▼
Financial fixed assets28€2k-
Current assets29/58€31k€63k▲
Stocks and contracts in progress3€2k€752▼
Stocks30/36€2k€752▼
Amounts receivable within one year40/41€24k€48k▲
Trade receivables40€17k€40k▲
Other amounts receivable41€7k€8k▲
Cash at bank and in hand54/58€2k€13k▲
Deferred charges and accrued income490/1€3k€1k▼
Equity and liabilities
Total equity and liabilities10/49€453k€1.39M▲
Equity10/15€73k€77k▲
Contributions10/11€20k€20k=
Reserves13€38k€57k▲
Distributable reserves133€38k€57k▲
Profit (loss) carried forward14€15k€390▼
Amounts payable17/49€380k€1.31M▲
Amounts payable after more than one year17€302k€1.11M▲
Financial debts170/4€297k€1.04M▲
Other amounts payable178/9€5k€68k▲
Amounts payable within one year42/48€78k€197k▲
Current portion of amounts payable after more than one year42€35k€63k▲
Trade debts44€17k€15k▼
Suppliers440/4€17k€15k▼
Advances received on contracts in progress46€408€1k▲
Taxes, remuneration and social security45€7k€766▼
Taxes450/3€7k€766▼
Other amounts payable47/48€18k€117k▲
Accrued charges and deferred income492/3€8€1k▲
Income statement
Code20242025
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€27k€35k▲
Other operating charges640/8€5k€5k▲
Non-recurring operating charges66A-€735
Gross operating margin9900€59k€61k▲
Operating profit (loss)9901€28k€20k▼
Financial charges65/66B€9k€15k▲
Recurring financial charges65€9k€15k▲
Profit (loss) for the period before taxes9903€19k€5k▼
Income taxes67/77€5k€489▼
Profit (loss) for the period9904€14k€5k▼
Profit (loss) for the period to be appropriated9905€14k€5k▼
Appropriation of the result
Profit (loss) to be appropriated9906€15k€5k▼
Profit (loss) brought forward from the previous period14P€375€375=
Transfer to equity691/2-€5k
To other reserves6921-€5k
The notes to these accounts (12 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Accounts by statement
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | €17k | €3k | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €25k | €25k | €26k | €27k | €35k | ▲ 32.5% |
| Other operating charges640/8 | - | €5k | €5k | €5k | €5k | ▲ 19.3% |
| Non-recurring operating charges66A | - | - | - | - | €735 | - |
| Gross operating margin9900 | €57k | €69k | €87k | €59k | €61k | ▲ 3.4% |
| Operating profit (loss)9901 | €16k | €22k | €54k | €28k | €20k | ▼ 29.6% |
| Financial income75/76B | - | €2k | €10 | - | - | - |
| Recurring financial income75 | €136 | €2k | €10 | - | - | - |
| Financial charges65/66B | - | €8k | €8k | €9k | €15k | ▲ 65.6% |
| Recurring financial charges65 | €8k | €8k | €8k | €9k | €15k | ▲ 65.6% |
| Profit (loss) for the period before taxes9903 | €9k | €16k | €46k | €19k | €5k | ▼ 73.5% |
| Income taxes67/77 | - | - | €800 | €5k | €489 | ▼ 89.9% |
| Profit (loss) for the period9904 | €9k | €16k | €46k | €14k | €5k | ▼ 67.9% |
| Profit (loss) for the period to be appropriated9905 | €9k | €16k | €46k | €14k | €5k | ▼ 67.9% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €476k | €456k | €471k | €453k | €1.39M | ▲ 207% |
| Formation expenses20 | €214 | €76 | - | - | - | - |
| Fixed assets21/28 | €463k | €442k | €432k | €422k | €1.32M | ▲ 214% |
| Intangible fixed assets21 | - | - | - | - | €10k | - |
| Tangible fixed assets22/27 | €462k | €440k | €431k | €420k | €1.31M | ▲ 213% |
| Land and buildings22 | - | €352k | €345k | €331k | €894k | ▲ 171% |
| Plant, machinery and equipment23 | - | €86k | €84k | €87k | €417k | ▲ 382% |
| Furniture and vehicles24 | - | €3k | €2k | €3k | €2k | ▼ 41.0% |
| Financial fixed assets28 | €2k | €2k | €2k | €2k | - | - |
| Current assets29/58 | €13k | €14k | €39k | €31k | €63k | ▲ 106% |
| Stocks and contracts in progress3 | €1k | €1k | €1k | €2k | €752 | ▼ 54.6% |
| Stocks30/36 | - | €1k | €1k | €2k | €752 | ▼ 54.6% |
| Amounts receivable within one year40/41 | €2k | €6k | €29k | €24k | €48k | ▲ 97.7% |
| Trade receivables40 | - | €4k | €21k | €17k | €40k | ▲ 133% |
| Other amounts receivable41 | - | €3k | €8k | €7k | €8k | ▲ 10.7% |
| Cash at bank and in hand54/58 | €8k | €5k | €7k | €2k | €13k | ▲ 533% |
| Deferred charges and accrued income490/1 | - | €1k | €1k | €3k | €1k | ▼ 56.6% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €476k | €456k | €471k | €453k | €1.39M | ▲ 207% |
| Equity10/15 | €-3k | €13k | €58k | €73k | €77k | ▲ 6.3% |
| Contributions10/11 | - | €20k | €20k | €20k | €20k | = |
| Reserves13 | - | - | €38k | €38k | €57k | ▲ 50.0% |
| Distributable reserves133 | - | - | €38k | €38k | €57k | ▲ 50.0% |
| Profit (loss) carried forward14 | €-23k | €-7k | €375 | €15k | €390 | ▼ 97.4% |
| Amounts payable17/49 | €479k | €443k | €413k | €380k | €1.31M | ▲ 245% |
| Amounts payable after more than one year17 | €417k | €379k | €344k | €302k | €1.11M | ▲ 268% |
| Financial debts170/4 | - | €367k | €332k | €297k | €1.04M | ▲ 252% |
| Other amounts payable178/9 | - | €12k | €12k | €5k | €68k | ▲ 1,234% |
| Amounts payable within one year42/48 | €62k | €64k | €69k | €78k | €197k | ▲ 153% |
| Current portion of amounts payable after more than one year42 | - | €34k | €35k | €35k | €63k | ▲ 76.4% |
| Trade debts44 | €4k | €6k | €15k | €17k | €15k | ▼ 13.2% |
| Suppliers440/4 | - | €6k | €15k | €17k | €15k | ▼ 13.2% |
| Advances received on contracts in progress46 | - | €1k | €3k | €408 | €1k | ▲ 154% |
| Taxes, remuneration and social security45 | - | €5k | €800 | €7k | €766 | ▼ 88.9% |
| Taxes450/3 | - | - | €800 | €7k | €766 | ▼ 88.9% |
| Remuneration and social security454/9 | - | €5k | - | - | - | - |
| Other amounts payable47/48 | - | €17k | €16k | €18k | €117k | ▲ 562% |
| Accrued charges and deferred income492/3 | - | €8 | - | €8 | €1k | ▲ 13,941% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €9k | €16k | €46k | €14k | €5k | ▼ 67.9% |
| + Depreciation and write-downs630 | €25k | €25k | €26k | €27k | €35k | ▲ 32.5% |
| Operating cash flow (approximation) | €34k | €41k | €71k | €41k | €40k | ▼ 2.6% |
| Investment in fixed assets (approximation) | - | €-4k | €-16k | €-16k | €-937k | ▼ 5,708% |
| Change in cash | - | €-3k | €2k | €-5k | €11k | ▲ 311% |
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
29-01
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
29-01
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
19-01
NBB filing
Annual accounts filed
fiscal year 2023 · full schema
2023
30-06
Financial
Highest result since 2019net €46k ▲190%
Operating result €54k, net result €46k, both a record.
30-01
NBB filing
Annual accounts filed
fiscal year 2022 · full schema
2022
28-01
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
30-06
Financial
Back to profitnet €9k
Net result €9k after 2 loss-making years.
29-01
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
2020
24-01
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 2 acts read
About the unread acts
We know of 2 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
2 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, Waimes · 3 establishment units since 2018
Ground area
9,335 m²
Building footprint
3,466 m²
Volume, LiDAR
25,304 m³
3 parcels, Wallonia · tallest building 15.6 m, ±5 floors. Linked by address, not a title deed.
3 establishment units
The Wall
since 20182.273.279.528
THE WALL
since 20252.378.830.869
THE WALL
since 20252.378.830.770
3 parcels
Wallonia
3
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 63080M0002/00W012 | Wallonia | 8,463 m² | 1 · 3,405 m² | 9.6 m · 3 fl. |
| 63049A0389/00P002 | Wallonia | 713 m² | - | - |
| 63079D0403/00D006 | Wallonia | 159 m² | 1 · 61 m² | 15.6 m · 5 fl. |
Linked by address, not proof of ownership
Good to know
3 of 3 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
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Of 3,292 companies in sector 93110 we hold annual accounts for 1,495. 1,054 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
Founded19-01-2018
Fiscal year end30-06
Activities, NACEBEL 2025
93110Operation of sports facilities
Scores and ratios are computed by Checked and are not a credit decision.