THEATRAL
ActiveSummary
The computed 12-month bankruptcy probability of THEATRAL is 6.2% (elevated). The 2025 annual accounts show negative equity (-€608,051) and a net result of -€37,904. Equity is shrinking by ~11.2% per year across the filed fiscal years. Its solvency ranks better than 10% of 13604 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
Axes · tick = 2024
Profitability60▼-3
Solvency0=
Growth58=
Track record94
Bankruptcy probability, 12 months
6.2%
Elevated
0%0.5%1.5%4%10%≥ 25%
No credit on open account
Liquidity short (current ratio 0.18 against 0.14 in 2024; short-term debt: 213.7% and cash: 25.7% 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 56
Relative position
BE, all sectors
reference
Food and beverage service activities (NACE 56)
about 206% more bankruptcies
← 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
-114.5%
Return on assets
-7.1%
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
22232425
2022 to 2025 · latest year -€608,051
neutral · Filed after the deadline
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 26-08-2026, 26 days later. For context: 47% of the Belgian market files late and the whole 1-to-90-day band measures 2.0% abnormal legal state against a 1.66% average. We show this as a fact and do not score it.
NBB · 4 filingsDeviation from the deadline
2025
26 d late
2024
26 d late
2023
61 d late
2022
29 d late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 4 accounts on average 36 days after the deadline; the sector median for financial year 2024 is 6 days after the deadline, and 52% 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 August (3 of the last 4 filed years within 30 days of that day).
Companies Code · seven monthsPosition in the running window
28-09-2026 today31-12-2026 close31-07-2027 deadline
History
Go further with this company
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Financials · fiscal year 2025, micro schema
Equity
-€608,051▼ 6.6%
2024 · -€570,147
Total assets
€531,030▼ 2.5%
2024 · €544,762
Net result
-€37,904▼ 47.2%
2024 · -€25,753
Working capital
-€928,507▲ 2.3%
2024 · -€950,410
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 56, Food and beverage service activities, 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
Line2022202320242025
Operating result-€363,268--€191,444▲ 47.3%-€21,696▲ 88.7%-€34,808▼ 60.4%
Net result-€368,257below the sector's middle half--€196,136below the sector's middle half▲ 46.7%-€25,753below the sector's middle half▲ 86.9%-€37,904below the sector's middle half▼ 47.2%
Equity-€348,257below the sector's middle half--€544,393below the sector's middle half▼ 56.3%-€570,147below the sector's middle half▼ 4.7%-€608,051below the sector's middle half▼ 6.6%
Total assets€655,224above the sector's middle half-€543,785above the sector's middle half▼ 17.0%€544,762above the sector's middle half▲ 0.2%€531,030above the sector's middle half▼ 2.5%
Debt€1.0m-€1.1m▲ 8.4%€1.1m▲ 2.5%€1.1m▲ 2.2%
Working capital-€840,022below the sector's middle half--€982,862below the sector's middle half▼ 17.0%-€950,410below the sector's middle half▲ 3.3%-€928,507below the sector's middle half▲ 2.3%
Solvency-53.2%below the sector's middle half--100.1%below the sector's middle half▼ 47.0pp-104.7%below the sector's middle half▼ 4.5pp-114.5%below the sector's middle half▼ 9.8pp
Current ratio0.15below the sector's middle half-0.09below the sector's middle half▼ 0.060.14below the sector's middle half▲ 0.050.18below the sector's middle half▲ 0.04
Return on assets (ROA)-56.2%below the sector's middle half--36.1%below the sector's middle half▲ 20.1pp-4.7%within the sector's middle half▲ 31.3pp-7.1%below the sector's middle half▼ 2.4pp
Staff (FTE)6.7-5.5▼ 17.9%5.7▲ 3.6%4.5▼ 21.1%
above
within
below
the middle half (P25 to P75) of NACE 56, Food and beverage service activities, each year against the same schema; no band under 30 filings.
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 €34,808 in 2025 against €21,696 in 2024; the loss grows.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €531,030
Fixed assets
€324,926 ▼ 15.6%
Current assets
€206,105 ▲ 29.1%
Key figures and ratios
EBITDA
€26,605▼
2024 · €40,291
Cash flow
€23,509▼
2024 · €36,234
Quick ratio
0.16▲
2024 · 0.12
Debt to equity
-1.87▲
2024 · -1.96
Interest coverage
8.58▼
2024 · 9.90
Debt ≤ 1 year
€1.1m▲
2024 · €1.1m
Staff costs
€229,279▼
2024 · €275,342
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 1,570 companies that looked in July 2024 the way this one looks now, 4.6% went bankrupt within 24 months and 88% are still going.
- Micro
- 5 to 10 years old
- negative equity
- a small loss
4.6%
went bankrupt
5.5%
stopped otherwise
88%
still going
A further 1.5% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a higher bankruptcy probability: 6.2% over twelve months. The score reads more about this company than the group's four characteristics; both figures are right about what they measure.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,662 companies of July 2024 its group's bankruptcy share. Expected: 1.5%; actually bankrupt within 24 months: 1.6%.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.4% |
| 3 | 0.5% | 0.5% |
| 4 | 0.6% | 0.7% |
| 5 | 0.8% | 0.9% |
| 6 | 1.2% | 1.3% |
| 7 | 1.5% | 1.7% |
| 8 | 1.7% | 1.7% |
| 9 | 2.7% | 2.8% |
| 10 | 5.3% | 5.7% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 75% 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 1,570 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 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | €395,218 | €259,479 | €275,342 | €229,279 | ▼ 16.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €76,218 | €62,578 | €61,987 | €61,413 | ▼ 0.9% |
| Other operating charges640/8 | €3,217 | €19,556 | €12,580 | €10,609 | ▼ 15.7% |
| Gross operating margin9900 | €111,385 | €150,169 | €328,213 | €266,492 | ▼ 18.8% |
| Operating profit (loss)9901 | -€363,268 | -€191,444 | -€21,696 | -€34,808 | ▼ 60.4% |
| Financial income75/76B | €12 | €1,237 | €11 | €3 | ▼ 73.2% |
| Recurring financial income75 | €12 | €1,237 | €11 | €3 | ▼ 73.2% |
| Financial charges65/66B | €5,000 | €5,930 | €4,069 | €3,099 | ▼ 23.8% |
| Recurring financial charges65 | €5,000 | €5,930 | €4,069 | €3,099 | ▼ 23.8% |
| Profit (loss) for the period before taxes9903 | -€368,257 | -€196,136 | -€25,753 | -€37,904 | ▼ 47.2% |
| Profit (loss) for the period9904 | -€368,257 | -€196,136 | -€25,753 | -€37,904 | ▼ 47.2% |
| Profit (loss) for the period to be appropriated9905 | -€368,257 | -€196,136 | -€25,753 | -€37,904 | ▼ 47.2% |
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Assets | |||||
| Total assets20/58 | €655,224 | €543,785 | €544,762 | €531,030 | ▼ 2.5% |
| Formation expenses20 | €1,854 | €588 | €0 | - | - |
| Fixed assets21/28 | €504,588 | €443,688 | €385,100 | €324,926 | ▼ 15.6% |
| Intangible fixed assets21 | €14,602 | €10,437 | €6,272 | €2,107 | ▼ 66.4% |
| Tangible fixed assets22/27 | €489,156 | €432,421 | €377,998 | €321,988 | ▼ 14.8% |
| Plant, machinery and equipment23 | €138,872 | €120,125 | €104,150 | €86,589 | ▼ 16.9% |
| Furniture and vehicles24 | €58,530 | €49,906 | €40,821 | €31,736 | ▼ 22.3% |
| Other tangible fixed assets26 | €291,754 | €262,390 | €233,026 | €203,663 | ▼ 12.6% |
| Financial fixed assets28 | €830 | €830 | €830 | €830 | = |
| Current assets29/58 | €148,783 | €99,509 | €159,662 | €206,105 | ▲ 29.1% |
| Stocks and contracts in progress3 | €18,754 | €25,616 | €26,863 | €29,599 | ▲ 10.2% |
| Stocks30/36 | €18,754 | €25,616 | €26,863 | €29,599 | ▲ 10.2% |
| Amounts receivable within one year40/41 | €84,084 | €31,780 | €14,097 | €37,468 | ▲ 166% |
| Trade receivables40 | €28,766 | €11,061 | €10,968 | €37,464 | ▲ 242% |
| Other amounts receivable41 | €55,318 | €20,720 | €3,129 | €4 | ▼ 99.9% |
| Cash at bank and in hand54/58 | €44,769 | €40,042 | €117,565 | €136,415 | ▲ 16.0% |
| Deferred charges and accrued income490/1 | €1,176 | €2,071 | €1,137 | €2,623 | ▲ 131% |
| Equity and liabilities | |||||
| Total equity and liabilities10/49 | €655,224 | €543,785 | €544,762 | €531,030 | ▼ 2.5% |
| Equity10/15 | -€348,257 | -€544,393 | -€570,147 | -€608,051 | ▼ 6.6% |
| Contributions10/11 | €20,000 | €20,000 | €20,000 | €20,000 | = |
| Profit (loss) carried forward14 | -€368,257 | -€564,393 | -€590,147 | -€628,051 | ▼ 6.4% |
| Amounts payable17/49 | €1.0m | €1.1m | €1.1m | €1.1m | ▲ 2.2% |
| Amounts payable within one year42/48 | €988,805 | €1.1m | €1.1m | €1.1m | ▲ 2.2% |
| Trade debts44 | €47,833 | €22,168 | €21,021 | €40,010 | ▲ 90.3% |
| Suppliers440/4 | €47,833 | €22,168 | €21,021 | €40,010 | ▲ 90.3% |
| Taxes, remuneration and social security45 | €16,447 | €25,284 | €36,607 | €43,386 | ▲ 18.5% |
| Taxes450/3 | €306 | €628 | €19,844 | €21,072 | ▲ 6.2% |
| Remuneration and social security454/9 | €16,141 | €24,656 | €16,762 | €22,314 | ▲ 33.1% |
| Other amounts payable47/48 | €924,524 | €1.0m | €1.1m | €1.1m | ▼ 0.1% |
| Accrued charges and deferred income492/3 | €14,676 | €5,808 | €4,836 | €4,470 | ▼ 7.6% |
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€368,257 | -€196,136 | -€25,753 | -€37,904 | ▼ 47.2% |
| + Depreciation and write-downs630 | €76,218 | €62,578 | €61,987 | €61,413 | ▼ 0.9% |
| Operating cash flow (approximation) | -€292,038 | -€133,558 | €36,234 | €23,509 | ▼ 35.1% |
| Investment in fixed assets (approximation) | - | -€1,678 | -€3,399 | -€1,239 | ▲ 63.6% |
| Change in cash | - | -€4,727 | €77,523 | €18,850 | ▼ 75.7% |
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
01-09
State Gazette act
General meeting · Director resignation
Permanent representative · Director discharge
31-08
State Gazette act
General meeting · Director resignation
Director discharge · Director appointment
26-08
State Gazette act
General meeting · Director resignation
Permanent representative · Director discharge
26-08
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema · 26 days late
21-08
State Gazette act
General meeting · Director resignation
Director discharge · Director appointment
2025
26-08
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 26 days late
2024
30-09
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 61 days late
2023
29-08
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 29 days late
State Gazette actNBB filing
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, Messancy · 1 establishment unit since 2021
Ground area
3,961 m²
Building footprint
618 m²
Volume, LiDAR
2,689 m³
2 parcels, Wallonia · tallest building 5.3 m, ±1 floor. Linked by address, not a title deed.
1 establishment unit
Rue des Ardennes,Wolkrange 18 B, 6780 Messancy
since 20212.319.614.052
2 parcels
Wallonia
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 81023B1184/00N000 | Wallonia | 2,819 m² | 1 · 618 m² | 5.3 m · 1 fl. |
| 81023B1165/00B000indicative | Wallonia | 1,142 m² | - | - |
Linked by address, not proof of ownership
Good to know
1 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
Food safety, FASFC
1 siteMessancy2.319.614.052
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This company's figures show no positive equity and no headcount, so a size comparison is not possible. These companies share only the sector and the region. Of 20,505 companies in sector 56111 we hold annual accounts for 11,464. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company
Founded04-06-2021
Fiscal year end31-12
Activities, NACEBEL 2025
56111Full-service restaurants
Contact
E-mail
Bernard.ricco@groupe-ricco.be
E-invoicing
Reachable via Peppol
Peppol ID
0208:0769340355
Also
9925:BE0769340355
Registered
22-10-2025
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 28 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.