Two Bears Studio
ActiveSummary
Two Bears Studio has been active since 2019 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €40k and a net result of €11k. Equity is growing by ~22.1% per year across the filed fiscal years. Its solvency ranks better than 77% of 2318 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.6% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability91▲+3
Solvency87▼-10
Growth78=
Track record100
Bankruptcy probability, 12 months
0.6%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €3k at 30 days acceptable
Liquidity ample (current ratio 2.25 against 2.93 in 2024; short-term debt: 37.7% and cash: 63.5% of total assets), and 37.7% of the assets are financed with debt.
Credit check for your own amount and term
Signals
Five 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 →
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 · 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
62.3%
Return on assets
17.4%
Age of the figures
9 mo
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 10-07-2026, 21 days ahead of the deadline.
NBB · 7 filingsDeviation from the deadline
2025
21 d early
2024
21 d early
2023
61 d early
2022
60 d early
2021
8 d late
2020
1 d early
2019
41 d late
← before the deadline
after the deadline →
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.
Companies Code · seven monthsPosition in the running window
25-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, micro schema
Equity
€40k▲ 6.3%
2024 · €38k
Total assets
€65k▲ 22.8%
2024 · €53k
Net result
€11k▲ 38.9%
2024 · €8k
Working capital
€30k▲ 7.4%
2024 · €28k
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
Line20212022202320242025
Operating result€11k▲ 126%€3k▼ 67.3%€12k▲ 242%€16k▲ 38.4%€19k▲ 18.2%
Net result€7k▲ 236%€1k▼ 81.5%€7k▲ 441%€8k▲ 18.5%€11k▲ 38.9%
Equity€22k▲ 46.1%€23k▲ 5.8%€30k▲ 29.8%€38k▲ 27.2%€40k▲ 6.3%
Total assets€61k▲ 5.6%€65k▲ 6.9%€62k▼ 3.7%€53k▼ 15.7%€65k▲ 22.8%
Debt€39k▼ 8.5%€42k▲ 7.5%€33k▼ 22.1%€15k▼ 54.9%€24k▲ 65.4%
Working capital€12k▲ 315%€21k▲ 67.2%€21k=€28k▲ 36.9%€30k▲ 7.4%
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
After the dip in 2022 the operating result has climbed three years in a row; 2025 is 18% above 2024 and is the highest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €65k
Fixed assets
€10k ▲ 2.9%
Current assets
€55k ▲ 27.2%
Equity and liabilities €65k
Equity
€40k ▲ 6.3%
Debt
€24k ▲ 65.4%
Debt's share of the balance-sheet total rises from 28.0% to 37.7%. Equity and debt are higher.
Key figures and ratios
EBITDA
€23k▲
2024 · €23k
Cash flow
€15k▲
2024 · €15k
Current ratio
2.25▼
2024 · 2.93
Quick ratio
2.13▼
2024 · 2.72
Debt to equity
0.60▲
2024 · 0.39
ROE
28.0%▲
2024 · 21.4%
ROA
17.4%▲
2024 · 15.4%
Interest coverage
119.08▲
2024 · 11.12
Debt ≤ 1 year
€24k▲
2024 · €15k
Income taxes
€8k▲
2024 · €6k
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | €37 | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €13k | €12k | €11k | €7k | €4k | ▼ 41.1% |
| Other operating charges640/8 | €431 | €446 | €792 | €638 | €501 | ▼ 21.6% |
| Non-recurring operating charges66A | - | €989 | €3k | - | - | - |
| Gross operating margin9900 | €24k | €17k | €27k | €24k | €24k | ▲ 0.1% |
| Operating profit (loss)9901 | €11k | €3k | €12k | €16k | €19k | ▲ 18.2% |
| Financial income75/76B | - | €0 | €38 | €122 | €176 | ▲ 43.9% |
| Recurring financial income75 | - | €0 | €38 | €122 | €176 | ▲ 43.9% |
| Financial charges65/66B | €714 | €622 | €480 | €2k | €195 | ▼ 90.6% |
| Recurring financial charges65 | €714 | €622 | €480 | €2k | €195 | ▼ 90.6% |
| Profit (loss) for the period before taxes9903 | €10k | €3k | €11k | €14k | €19k | ▲ 34.2% |
| Income taxes67/77 | €3k | €2k | €4k | €6k | €8k | ▲ 28.2% |
| Profit (loss) for the period9904 | €7k | €1k | €7k | €8k | €11k | ▲ 38.9% |
| Profit (loss) for the period to be appropriated9905 | €7k | €1k | €7k | €8k | €11k | ▲ 38.9% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €61k | €65k | €62k | €53k | €65k | ▲ 22.8% |
| Fixed assets21/28 | €32k | €19k | €13k | €10k | €10k | ▲ 2.9% |
| Tangible fixed assets22/27 | €32k | €19k | €13k | €10k | €10k | ▲ 2.9% |
| Furniture and vehicles24 | €29k | €16k | €10k | €6k | €4k | ▼ 20.2% |
| Other tangible fixed assets26 | €3k | €3k | €2k | €4k | €5k | ▲ 34.8% |
| Current assets29/58 | €28k | €46k | €50k | €43k | €55k | ▲ 27.2% |
| Stocks and contracts in progress3 | - | €4k | €5k | €3k | €3k | ▲ 2.1% |
| Stocks30/36 | - | €4k | €5k | €3k | €3k | ▲ 2.1% |
| Amounts receivable within one year40/41 | €12k | €5k | €11k | €6k | €10k | ▲ 64.8% |
| Trade receivables40 | €12k | €5k | €9k | €4k | €10k | ▲ 127% |
| Other amounts receivable41 | - | - | €2k | €2k | - | - |
| Cash at bank and in hand54/58 | €15k | €37k | €33k | €33k | €41k | ▲ 24.5% |
| Deferred charges and accrued income490/1 | €204 | €588 | €635 | €1k | €623 | ▼ 37.8% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €61k | €65k | €62k | €53k | €65k | ▲ 22.8% |
| Equity10/15 | €22k | €23k | €30k | €38k | €40k | ▲ 6.3% |
| Contributions10/11 | €6k | €6k | €7k | €7k | €7k | = |
| Capital10 | - | €6k | - | - | - | - |
| Issued capital100 | - | €19k | - | - | - | - |
| Uncalled capital101 | - | €12k | - | - | - | - |
| Reserves13 | €9k | €16k | €22k | €29k | €31k | ▲ 5.6% |
| Non-distributable reserves130/1 | €329 | €329 | - | €22k | - | - |
| Reserves not available under the articles1311 | €329 | €329 | - | €22k | - | - |
| Distributable reserves133 | €9k | €15k | €22k | €8k | €31k | ▲ 313% |
| Profit (loss) carried forward14 | €6k | €1k | €847 | €2k | €3k | ▲ 38.1% |
| Amounts payable17/49 | €39k | €42k | €33k | €15k | €24k | ▲ 65.4% |
| Amounts payable after more than one year17 | €17k | €10k | €3k | - | - | - |
| Financial debts170/4 | €17k | €10k | €3k | - | - | - |
| Amounts payable within one year42/48 | €16k | €25k | €29k | €15k | €24k | ▲ 65.4% |
| Current portion of amounts payable after more than one year42 | €7k | €7k | €7k | €3k | - | - |
| Financial debts43 | - | €635 | €492 | €809 | €242 | ▼ 70.1% |
| Credit institutions430/8 | - | €635 | €492 | €809 | €242 | ▼ 70.1% |
| Trade debts44 | €1k | €8k | €12k | €2k | €1k | ▼ 40.0% |
| Suppliers440/4 | €1k | €8k | €12k | €2k | €1k | ▼ 40.0% |
| Taxes, remuneration and social security45 | €6k | €5k | €5k | €3k | €11k | ▲ 235% |
| Taxes450/3 | €6k | €5k | €5k | €3k | €11k | ▲ 235% |
| Other amounts payable47/48 | €2k | €5k | €5k | €5k | €12k | ▲ 132% |
| Accrued charges and deferred income492/3 | €6k | €6k | - | - | - | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €7k | €1k | €7k | €8k | €11k | ▲ 38.9% |
| + Depreciation and write-downs630 | €13k | €12k | €11k | €7k | €4k | ▼ 41.1% |
| Operating cash flow (approximation) | €20k | €14k | €18k | €15k | €15k | ▲ 2.3% |
| Investment in fixed assets (approximation) | - | €989 | €-5k | €-4k | €-4k | ▼ 12.8% |
| Change in cash | - | €21k | €-3k | €-319 | €8k | ▲ 2,633% |
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
10-07
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
31-12
Financial
Highest result since 2019net €11k ▲38.9%
Operating result €19k, net result €11k, both a record.
10-07
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
31-05
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
01-06
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
31-12
Financial
Weakest financial yearnet €1k ▼81.5%
Net result drops to €1k, the lowest in the series; recovery starts the following year.
08-08
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 8 days late
2021
30-07
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
2020
10-09
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 41 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, Mettet · 1 establishment unit since 2019
Ground area
1,826 m²
Building footprint
266 m²
Volume, LiDAR
1,603 m³
Parcel 92104B0060/00K000, Wallonia · tallest building 8.1 m, ±2 floors. Linked by address, not a title deed.
1 establishment unit
Two Bears Studio
since 20192.286.781.037
1 parcel
Wallonia
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 92104B0060/00K000 | Wallonia | 1,826 m² | 1 · 266 m² | 8.1 m · 2 fl. |
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.
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Of 6,732 companies in sector 93299 we hold annual accounts for 1,168. 902 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
Founded07-03-2019
Fiscal year end31-12
Activities, NACEBEL 2025
93299Other amusement and recreation activities
Scores and ratios are computed by Checked and are not a credit decision.