TURTLE
ActiveSummary
The computed 12-month bankruptcy probability of TURTLE is 2.1% (moderate). The annual accounts of TURTLE for fiscal year 2024 show a net loss of 208% of the equity at the start of that year. The 2024 annual accounts show equity of €136,994 and a net result of -€226,858. The figures fluctuate too strongly year-on-year for a reliable trend projection. Its solvency ranks better than 16% of 5998 sector peers (fiscal year 2024). The company has been active since 2014 and the Belgian State Gazette contains no insolvency or warning signals.
Checked score
Score 2024
Axes · tick = 2023
Profitability0=
Solvency37=
Growth52=
Track record100
Bankruptcy probability, 12 months
2.1%
Moderate
0%0.5%1.5%4%10%≥ 25%
Credit up to €4,500 at 30 days only on tighter terms
Net loss of at least half of total assets or of the equity at the start of the financial year.
Liquidity ample (current ratio 2.01 against 1.81 in 2023; short-term debt: 49.7% and cash: 7.2% of total assets), but 88.1% of the assets are financed with debt.
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Signals
Seven 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
11.9%
Return on assets
-19.8%
Age of the figures
21 mo
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 46
Relative position
BE, all sectors
reference
Wholesale trade (NACE 46)
about 21% more bankruptcies
← 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 · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 16% of 5998 sector peers (2024).
NBB · sector comparisonPosition among 5998 sector peers
Solvency
better than 16%
← 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 10-06-2025, 51 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
not confirmed
2024
51 d early
2023
50 d early
2022
43 d early
2021
80 d early
2020
142 d early
2019
56 d early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 6 accounts on average 70 days before the deadline; the sector median for financial year 2024 is 3 days before the deadline, and 39% of the sector filed late.
Checked, nothing found (1)
History
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Financials · fiscal year 2024, full schema
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
-€226,858▼ 29.5%
2023 · -€175,148
Working capital
€577,011▲ 44.9%
2023 · €398,311
Trend over the years
Click a name to add, emphasise or remove a line.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20202021202220232024
Operating result€13,380€18,503▲ 38.3%€10,966▼ 40.7%-€153,413-€196,603▼ 28.2%
Net result€12,139€14,083▲ 16.0%€5,672▼ 59.7%-€175,148-€226,858▼ 29.5%
Equity€14,723▲ 470%€28,806▲ 95.7%€284,424▲ 887%€109,276▼ 61.6%€136,994▲ 25.4%
Total assets€160,498▲ 19.4%€322,630▲ 101%€762,897▲ 136%€887,770▲ 16.4%€1.1m▲ 29.2%
Debt€145,775▲ 10.6%€293,824▲ 102%€478,473▲ 62.8%€778,494▲ 62.7%€1.0m▲ 29.8%
Working capital€10,304€70,070▲ 580%€635,922▲ 808%€398,311▼ 37.4%€577,011▲ 44.9%
Staff (FTE)0.8▼ 38.5%0.6▼ 25.0%0.9▲ 50.0%1.5▲ 66.7%3.3▲ 120%
Why a figure moved sharply
- 2023 Equity -62% on 2022. Cause not known from the registers.
- 2022 Equity +887%, Total assets +136% on 2021. Cause not known from the registers.
- 2021 Total assets +101% on 2020. Cause not known from the registers.
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €196,603 in 2024 against €153,413 in 2023; the loss grows and 2024 has the lowest result in the available series.
Balance-sheet composition
2024 in colour, 2023 as the grey bar beneath
Assets €1.1m
Fixed assets
€2 =
Current assets
€1.1m ▲ 29.2%
Equity and liabilities €1.1m
Equity
€136,994 ▲ 25.4%
Debt
€1.0m ▲ 29.8%
Debt's share of the balance-sheet total rises from 87.7% to 88.1%. Equity and debt are higher.
Key figures and ratios
Current ratio
2.01▲
2023 · 1.81
Quick ratio
1.20▲
2023 · 1.00
Debt to equity
7.38▲
2023 · 7.12
ROE
-165.6%▼
2023 · -160.3%
ROA
-19.8%▼
2023 · -19.7%
Debt ≤ 1 year
€570,374▲
2023 · €489,457
Debt > 1 year
€440,019▲
2023 · €289,037
Income taxes
€367▲
2023 · €270
Staff costs
€110,482▲
2023 · €69,410
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 1,295 companies that looked in July 2024 the way this one looks now, 3.6% went bankrupt within 24 months and 89% are still going.
- Micro
- 10 to 20 years old
- solvency 10 to 30%
- a loss of 10% of the balance sheet or more
3.6%
went bankrupt
5.9%
stopped otherwise
89%
still going
A further 1.1% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 2.1% 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 497,058 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% | 1.6% |
| 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 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 1,295 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 | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | €17,555 | €32,573 | €69,410 | €110,482 | ▲ 59.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €4,663 | €14,369 | €17,706 | €7,257 | - | - |
| Other operating charges640/8 | - | €1,895 | €1,858 | €2,741 | €3,035 | ▲ 10.7% |
| Gross operating margin9900 | €47,661 | €52,323 | €63,104 | -€74,006 | -€83,087 | ▼ 12.3% |
| Operating profit (loss)9901 | €13,380 | €18,503 | €10,966 | -€153,413 | -€196,603 | ▼ 28.2% |
| Financial income75/76B | - | €203 | €117 | €113 | €374 | ▲ 232% |
| Recurring financial income75 | €61 | €203 | €117 | €113 | €374 | ▲ 232% |
| Financial charges65/66B | - | €4,178 | €5,380 | €21,578 | €30,262 | ▲ 40.2% |
| Recurring financial charges65 | €1,021 | €4,178 | €5,380 | €21,578 | €30,262 | ▲ 40.2% |
| Profit (loss) for the period before taxes9903 | €12,420 | €14,528 | €5,703 | -€174,878 | -€226,491 | ▼ 29.5% |
| Income taxes67/77 | €281 | €445 | €31 | €270 | €367 | ▲ 36.2% |
| Profit (loss) for the period9904 | €12,139 | €14,083 | €5,672 | -€175,148 | -€226,858 | ▼ 29.5% |
| Profit (loss) for the period to be appropriated9905 | €12,139 | €14,083 | €5,672 | -€175,148 | -€226,858 | ▼ 29.5% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €160,498 | €322,630 | €762,897 | €887,770 | €1.1m | ▲ 29.2% |
| Fixed assets21/28 | €4,419 | €10,451 | €7,259 | €2 | €2 | = |
| Intangible fixed assets21 | - | €10,201 | €7,257 | - | - | - |
| Tangible fixed assets22/27 | €4,417 | €249 | - | - | - | - |
| Furniture and vehicles24 | - | €249 | - | - | - | - |
| Financial fixed assets28 | €2 | €2 | €2 | €2 | €2 | = |
| Current assets29/58 | €156,079 | €312,179 | €755,638 | €887,768 | €1.1m | ▲ 29.2% |
| Stocks and contracts in progress3 | €70,767 | €134,586 | €222,348 | €397,130 | €465,295 | ▲ 17.2% |
| Stocks30/36 | - | €134,586 | €222,348 | €397,130 | €465,295 | ▲ 17.2% |
| Amounts receivable within one year40/41 | €77,572 | €100,818 | €198,142 | €412,176 | €595,225 | ▲ 44.4% |
| Trade receivables40 | - | €94,835 | €196,521 | €385,696 | €574,464 | ▲ 48.9% |
| Other amounts receivable41 | - | €5,983 | €1,621 | €26,480 | €20,762 | ▼ 21.6% |
| Cash at bank and in hand54/58 | €7,405 | €74,963 | €334,111 | €78,161 | €82,313 | ▲ 5.3% |
| Deferred charges and accrued income490/1 | - | €1,813 | €1,038 | €302 | €4,552 | ▲ 1,407% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €160,498 | €322,630 | €762,897 | €887,770 | €1.1m | ▲ 29.2% |
| Equity10/15 | €14,723 | €28,806 | €284,424 | €109,276 | €136,994 | ▲ 25.4% |
| Contributions10/11 | - | €162,500 | €412,446 | €412,446 | €667,022 | ▲ 61.7% |
| Profit (loss) carried forward14 | -€147,777 | -€133,694 | -€128,022 | -€303,170 | -€530,028 | ▼ 74.8% |
| Amounts payable17/49 | €145,775 | €293,824 | €478,473 | €778,494 | €1.0m | ▲ 29.8% |
| Amounts payable after more than one year17 | - | €51,715 | €358,756 | €289,037 | €440,019 | ▲ 52.2% |
| Financial debts170/4 | - | €51,715 | €358,756 | €289,037 | €440,019 | ▲ 52.2% |
| Amounts payable within one year42/48 | €145,775 | €242,109 | €119,717 | €489,457 | €570,374 | ▲ 16.5% |
| Current portion of amounts payable after more than one year42 | - | €27,996 | €44,086 | €69,857 | €149,139 | ▲ 113% |
| Financial debts43 | - | - | - | €30,000 | €40,000 | ▲ 33.3% |
| Other loans439 | - | - | - | €30,000 | €40,000 | ▲ 33.3% |
| Trade debts44 | €34,250 | €47,402 | €67,465 | €364,013 | €367,975 | ▲ 1.1% |
| Suppliers440/4 | - | €47,402 | €67,465 | €364,013 | €367,975 | ▲ 1.1% |
| Advances received on contracts in progress46 | - | - | - | €16,287 | - | - |
| Taxes, remuneration and social security45 | - | €8,180 | €8,165 | €8,745 | €12,670 | ▲ 44.9% |
| Taxes450/3 | - | €6,645 | €5,636 | €150 | - | - |
| Remuneration and social security454/9 | - | €1,535 | €2,529 | €8,595 | €12,670 | ▲ 47.4% |
| Other amounts payable47/48 | - | €158,531 | - | €555 | €591 | ▲ 6.5% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €12,139 | €14,083 | €5,672 | -€175,148 | -€226,858 | ▼ 29.5% |
| + Depreciation and write-downs630 | €4,663 | €14,369 | €17,706 | €7,257 | - | - |
| Operating cash flow (approximation) | €16,802 | €28,452 | €23,378 | -€167,891 | -€226,858 | ▼ 35.1% |
| Investment in fixed assets (approximation) | - | -€20,402 | -€14,514 | €0 | €0 | - |
| Change in cash | - | €67,558 | €259,148 | -€255,950 | €4,152 | ▲ 102% |
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
10-06
NBB filing
Annual accounts filed
fiscal year 2024 · full schema
2024
31-12
Financial
Weakest financial yearnet -€226,858
Net result drops to -€226,858, the lowest in the series.
11-06
NBB filing
Annual accounts filed
fiscal year 2023 · full schema
2023
18-06
NBB filing
Annual accounts filed
fiscal year 2022 · full schema
2022
31-12
Financial
Liquidity times 5current ratio 6.31
Current ratio from 1.29 to 6.31; short-term debt falls from €242,109 to €119,717.
31-12
Financial
Equity above €200,000Eq €284,424 ▲887%
3 profitable years in a row build equity to €284,424.
12-05
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
31-12
Financial
Highest result since 2018net €14,083 ▲16%
Operating result €18,503, net result €14,083, both a record.
11-03
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
2020
31-12
Financial
Back to profitnet €12,139
Net result €12,139 after 2 loss-making years.
05-06
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
2019
18-06
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
Show earlier events
2018
07-06
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema
2017
08-06
NBB filing
Annual accounts filed
fiscal year 2016 · micro schema
2016
17-06
NBB filing
Annual accounts filed
fiscal year 2015 · full schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 10 acts read
About the unread acts
We know of 10 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
10 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, Vorst · 2 establishment units since 2015
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.
Luitenant Lotinstraat 401190 VorstGround area
2.7 ha
Building footprint
1.6 ha
Parcel 12007C0455/00H000, Flanders. Linked by address, not a title deed.
2 establishment units
Luitenant Lotinstraat 40, 1190 Vorst
since 20152.237.171.079
VRD
since 20262.393.106.596
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 12007C0455/00H000 | Flanders | 2.7 ha | 1 · 1.6 ha | - |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel 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 siteVorst2.237.171.079
Legal Entity Identifier
875500WW5E0BC3P10A11
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Of 174 companies in sector 46211 we hold annual accounts for 79. 52 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
Founded20-10-2014
Fiscal year end31-12
Activities, NACEBEL 2025
46211Wholesale trade
46389Wholesale of other food products
47120Other non-specialised retail sale
47279Other retail sale of food
Contact
E-mail
laurencemeeus@hotmail.comVorst
E-invoicing
Reachable via Peppol
Peppol ID
0208:0564842975
Also
9925:BE0564842975
Registered
01-09-2025
Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.