TRAILFINDERS
ActiveTRAILFINDERS has been active since 2009 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €38k and a net result of €-20k. Equity is shrinking by ~21.6% per year and would, assuming unchanged policy, indicatively turn negative around fiscal year 2028. Its solvency ranks better than 27% of 443 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 1.2% (low).
Checked score
Score 2025
45
/ 100
Fair
The score weighs solvency, liquidity and profitability. Bankruptcy probability contributes 35%. Every signal that weighs is under Signals.
Axes · tick = 2024
Profitability12▲+5
Solvency41▼-8
Growth32=
Track record100
Bankruptcy probability, 12 months
1.2%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €1.5k at 30 days acceptable
Liquidity short (current ratio 0.78 against 0.93 in 2024; short-term debt: 74.8% and cash: 29.7% of total assets), and 84.4% of the assets are financed with debt.
Credit advice for your own amount and term
Signals
Seven signals. The signal on the left, the evidence on the right.
−lowers risk+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 79
Relative position
BE, all sectors
reference
Sector 79
higher
← fewer bankruptcies
more bankruptcies →
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 · 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
15.6%
Return on assets
-8.3%
Age of the figures
9 mo
raises risk · Persistent losses
Two consecutive loss-making years (2024 and 2025); equity is also lower. May indicate structural pressure on profitability.
NBB · annual accounts 2025Net result per financial year
1819202122232425
2018 to 2025 · latest year €-20k
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 · 10 filingsDeviation from the deadline
2025
2 d early
2024
26 d late
2023
4 d early
2022
on the day
2021
31 d late
2020
31 d late
2019
28 d late
← before the deadline
after the deadline →
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.
Companies Code · seven monthsPosition in the running window
18-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, micro schema
Equity
€38k▼ 34.7%
2024 · €59k
2018: €163k
2019: €164k
2020: €82k
2021: €50k
2022: €94k
2023: €82k
2024: €59k
2018 → 2025
Total assets
€245k▼ 1.9%
2024 · €250k
2018: €277k
2019: €292k
2020: €194k
2021: €262k
2022: €175k
2023: €241k
2024: €250k
2018 → 2025
Net result
€-20k▲ 10.3%
2024 · €-23k
2018: €18k
2019: €637
2020: €-82k
2021: €-32k
2022: €44k
2023: €-12k
2024: €-23k
2018 → 2025
Working capital
€-41k▼ 285%
2024 · €-11k
2018: €85k
2019: €92k
2020: €21k
2021: €38k
2022: €87k
2023: €50k
2024: €-11k
2018 → 2025
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€50k-€94k▲ 89.1%€82k▼ 13.0%€59k▼ 27.9%€38k▼ 34.7%
Operating result€-31k-€43k€-11k€-19k▼ 80.6%€-15k▲ 23.3%
Net result€-32k-€44k€-12k€-23k▼ 86.7%€-20k▲ 10.3%
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 €15k in 2025 against €19k in 2024; the loss shrinks.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €245k
Fixed assets
€102k▼ 12.0%
Current assets
€143k▲ 6.9%
Equity and liabilities €245k
Equity
€38k▼ 34.7%
Debt
€207k▲ 8.2%
The debt ratio rises from 76.5% to 84.4%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€3k▲
2024 · €-9k
Cash flow
€-3k▲
2024 · €-13k
Solvency
15.6%▼
2024 · 23.5%
Current ratio
0.78▼
2024 · 0.93
Quick ratio
0.67▲
2024 · 0.66
Debt / equity
5.39▲
2024 · 3.25
ROE
-53.2%▼
2024 · -38.7%
ROA
-8.3%▲
2024 · -9.1%
Interest coverage
0.38▲
2024 · -1.96
Debt
€207k▲
2024 · €191k
Debt ≤ 1 year
€184k▲
2024 · €144k
Debt > 1 year
€22k▼
2024 · €46k
Income taxes
€141▲
2024 · €58
Staff costs
€38k▲
2024 · €32k
Green means a favourable move, even when the figure itself falls: as with debt or debt / equity.
Filed annual accounts
As filed with the NBB · 2025 against 2024
Balance sheet
Code20242025
Assets
Total assets20/58€250k€245k▼
Fixed assets21/28€116k€102k▼
Intangible fixed assets21€48k€41k▼
Tangible fixed assets22/27€68k€61k▼
Land and buildings22€40k€40k=
Plant, machinery and equipment23€3k€3k▼
Furniture and vehicles24€25k€19k▼
Financial fixed assets28€250€250=
Current assets29/58€134k€143k▲
Stocks and contracts in progress3€38k€20k▼
Stocks30/36€38k€20k▼
Amounts receivable within one year40/41€54k€43k▼
Trade receivables40€36k€8k▼
Other amounts receivable41€17k€35k▲
Cash at bank and in hand54/58€37k€73k▲
Deferred charges and accrued income490/1€5k€7k▲
Equity and liabilities
Total equity and liabilities10/49€250k€245k▼
Equity10/15€59k€38k▼
Contributions10/11€25k€25k=
Reserves13€3k€3k=
Non-distributable reserves130/1€3k€3k=
Reserves not available under the articles1311€3k€3k=
Profit (loss) carried forward14€31k€11k▼
Amounts payable17/49€191k€207k▲
Amounts payable after more than one year17€46k€22k▼
Financial debts170/4€46k€22k▼
Amounts payable within one year42/48€144k€184k▲
Current portion of amounts payable after more than one year42-€5k
Trade debts44€79k€159k▲
Suppliers440/4€79k€159k▲
Advances received on contracts in progress46€56k€6k▼
Taxes, remuneration and social security45€8k€13k▲
Taxes450/3€2k€7k▲
Remuneration and social security454/9€7k€6k▼
Accrued charges and deferred income492/3€1k€1k=
Income statement
Code20242025
Remuneration, social security and pensions62€32k€38k▲
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€10k€17k▲
Other operating charges640/8€1k€1k▼
Gross operating margin9900€24k€42k▲
Operating profit (loss)9901€-19k€-15k▲
Financial income75/76B€1k€1k▲
Recurring financial income75€1k€1k▲
Financial charges65/66B€5k€7k▲
Recurring financial charges65€5k€7k▲
Profit (loss) for the period before taxes9903€-23k€-20k▲
Income taxes67/77€58€141▲
Profit (loss) for the period9904€-23k€-20k▲
Profit (loss) for the period to be appropriated9905€-23k€-20k▲
Appropriation of the result
Profit (loss) to be appropriated9906€31k€11k▼
Profit (loss) brought forward from the previous period14P€54k€31k▼
The notes to these accounts (12 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
29-07
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
26-08
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 26 days late
2024
27-07
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
31-07
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
31-12
Financial
Back to profitnet €44k
Net result €44k after 2 loss-making years.
31-12
Financial
Liquidity triplescurrent ratio 3.18
Current ratio from 1.22 to 3.18; short-term debt falls from €171k to €40k.
31-08
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 31 days late
2021
31-08
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 31 days late
2020
31-12
Financial
Weakest financial yearnet €-82k ▼12920%
Net result drops to €-82k, the lowest in the series; recovery starts the following year.
28-08
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 28 days late
2019
22-08
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema · 22 days late
2018
30-08
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema · 30 days late
2017
24-07
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.
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, Riemst · 1 establishment unit since 2009
Cannot be placed on the map
This address could not be matched to a point in the Belgian address register (BOSA BEST). The address below comes straight from the Crossroads Bank.
Waterstraat 253770 RiemstGround area
2,784 m²
Building footprint
851 m²
Volume, LiDAR
4,145 m³
Parcel 73102A0932/00H000, Flanders · tallest building 10.3 m, ±2 floors. Linked by address, not a title deed.
1 establishment unit
Trailfinders
since 20092.178.344.638
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 73102A0932/00H000 | Flanders | 2,784 m² | 1 · 851 m² | 10.3 m · 2 fl. |
Linked by address, not proof of ownership
Methodology
via registered seat: 1
1 of 1 parcel 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).
Public money · subsidies and aid
Flemish government
2022 to 2025 · 5 entries · 50,631 EUR awarded · 50,631 EUR paid| Year | Entries | awarded | paid |
|---|---|---|---|
| 2025 | 1 | 293 EUR | 293 EUR |
| 2022 | 4 | 50,338 EUR | 50,338 EUR |
Schemes
Vlaams beschermingsmechanisme 12 (stopgezet)
Globalisatiemechanisme (stopgezet)
Vlaams Beschermingsmechanisme 11 (stopgezet)
Subsidie voor opleiding en advies voor kmo's en zelfstandigen (kmo-portefeuille)
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Of 1,439 companies in sector 79110 we hold annual accounts for 880. 638 are within a factor 10 of this equity.See the whole sector
Company data · Crossroads Bank
Identification
Legal formPrivate limited company
Founded05-03-2009
Fiscal year end31-12
Activities, NACEBEL
79110Travel agency activities
79120Travel agency, tour operator and other reservation service and related activities
79901Tourist information services
Sources
Crossroads Bank for EnterprisesNational Bank · 16 filingsAddress and cadastre registers
Data from official sources, last processed on 18-09-2026. Scores and ratios are computed by Checked and are not a credit decision.