TWO BOYS
ActiveSummary
TWO BOYS has been active since 2017 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €601,467 and a net result of -€8,247. Equity is growing by ~33% per year across the filed fiscal years. The computed 12-month bankruptcy probability is 1.3% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability42▼-10
Solvency66▼-16
Growth52=
Track record100
Bankruptcy probability, 12 months
1.3%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €30,000 at 30 days acceptable
Liquidity ample (current ratio 4.39 against 6.14 in 2024; short-term debt: 3.8% and cash: 2.4% of total assets), but 59.3% of the assets are financed with debt.
Credit check for your own amount and term
Show the recommended maximum : and see how the verdict changes with amount, term and advance.
Signals
Three signals. The signal on the left, the evidence on the right.
+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 2025Solvency, return and age of the figures
Solvency
40.7%
Return on assets
-0.6%
Age of the figures
16 mo
neutral · Latest accounts filed on time
The financial year that closed on 31-05-2025 was due by 31-12-2025 and was filed on 28-11-2025, 33 days ahead of the deadline.
NBB · 7 filingsDeviation from the deadline
2025
33 d early
2024
332 d late
2023
60 d late
2021
28 d late
2020
28 d late
2019
55 d late
2018
28 d late
← before the deadline
after the deadline →
tick = median of all Belgian filings
This company filed its last 7 accounts on average 71 days after the deadline; the Belgian median for financial year 2024 is 4 days before the deadline, and 38% of all filings were late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-05-2026 and is due by 31-12-2026. Nothing is late today. Usually files around 1 March (3 of the last 3 filed years within 272 days of that day).
Companies Code · seven monthsPosition in the running window
31-05-2026 close01-10-2026 today31-12-2026 deadline
History
Go further with this company
How much credit can you give this customer, and on what term?Credit check What should you check before you do business with this company?Supplier due diligence Can you accept this company as a client under the anti-money-laundering law?AML client file Which of your other customers can you e-invoice via Peppol?Peppol check How does this company compare with its sector?Sector benchmark What changed in the latest annual accounts?What changed
Your own company? See how customers, suppliers and banks see it and what to improve first.
Investigating this company? Keep it with today's facts in a case file.
Financials · fiscal year 2025, micro schema
Equity
€601,467▼ 1.4%
2024 · €609,714
Total assets
€1.5m▲ 37.4%
2024 · €1.1m
Net result
-€8,247▼ 22.2%
2024 · -€6,748
Working capital
€187,933▼ 39.5%
2024 · €310,608
Trend over the years
In euros
In full-time equivalents (FTE)
In euros
No line ticked in this group.
In full-time equivalents (FTE)
No line ticked in this group.
Untick a line to hide it. Point at a year (or use the arrow keys on the chart) for the exact figures; the table below gives them all.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20202021202320242025
Operating result€24,941▼ 49.3%€56,167▲ 125%€835,630--€1,453-€502▲ 65.4%
Net result€5,188▼ 75.0%€23,203▲ 347%€546,398--€6,748-€8,247▼ 22.2%
Equity€46,861▲ 12.4%€70,064▲ 49.5%€616,462-€609,714▼ 1.1%€601,467▼ 1.4%
Total assets€1.3m▲ 4.1%€1.3m▲ 5.3%€1.1m-€1.1m▼ 2.5%€1.5m▲ 37.4%
Debt€1.2m▲ 3.8%€1.3m▲ 3.6%€487,544-€467,033▼ 4.2%€877,623▲ 87.9%
Working capital-€113,325▼ 54.7%-€48,687▲ 57.0%€290,443-€310,608▲ 6.9%€187,933▼ 39.5%
Staff (FTE)1.6▲ 60.0%2.4▲ 50.0%2-
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 €502 in 2025 against €1,453 in 2024; the loss shrinks.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €1.5m
Fixed assets
€1.2m ▲ 75.1%
Current assets
€243,400 ▼ 34.4%
Equity and liabilities €1.5m
Equity
€601,467 ▼ 1.4%
Debt
€877,623 ▲ 87.9%
Debt's share of the balance-sheet total rises from 43.4% to 59.3%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€32,037▲
2024 · €25,460
Cash flow
€24,292▲
2024 · €20,165
Current ratio
4.39▼
2024 · 6.14
Debt to equity
1.46▲
2024 · 0.77
ROE
-1.4%▼
2024 · -1.1%
ROA
-0.6%▲
2024 · -0.6%
Interest coverage
2.93▼
2024 · 4.07
Debt ≤ 1 year
€55,467▼
2024 · €60,411
Debt > 1 year
€822,155▲
2024 · €406,622
Income taxes
-€93▼
2024 · €0
Staff costs
€0▼
2024 · €131
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 929 companies that looked in July 2024 the way this one looks now, 1.7% went bankrupt within 24 months and 93% are still going.
- Small
- 5 to 10 years old
- solvency 30% or more
- a small loss
1.7%
went bankrupt
5.6%
stopped otherwise
93%
still going
For this company itself Checked computes a bankruptcy probability of 1.3% 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 497,341 companies of July 2024 its group's bankruptcy share. Expected: 1.6%; actually bankrupt within 24 months: 1.7%.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.5% |
| 3 | 0.5% | 0.6% |
| 4 | 0.7% | 0.8% |
| 5 | 0.9% | 1.0% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.8% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
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 929 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 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | €623,558 | €0 | - | - |
| Remuneration, social security and pensions62 | - | - | €157,248 | €131 | €0 | ▼ 100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €115,648 | €121,366 | €23,155 | €26,913 | €32,539 | ▲ 20.9% |
| Other operating charges640/8 | - | - | €9,217 | €6,199 | €2,309 | ▼ 62.7% |
| Gross operating margin9900 | €212,819 | €310,577 | €1.0m | €31,790 | €34,346 | ▲ 8.0% |
| Operating profit (loss)9901 | €24,941 | €56,167 | €835,630 | -€1,453 | -€502 | ▲ 65.4% |
| Financial income75/76B | - | - | €155 | €964 | €3,097 | ▲ 221% |
| Recurring financial income75 | - | €0 | €155 | €964 | €3,097 | ▲ 221% |
| Financial charges65/66B | - | - | €27,139 | €6,259 | €10,935 | ▲ 74.7% |
| Recurring financial charges65 | €19,032 | €18,013 | €27,139 | €6,259 | €10,935 | ▲ 74.7% |
| Profit (loss) for the period before taxes9903 | €5,910 | €38,154 | €808,645 | -€6,748 | -€8,340 | ▼ 23.6% |
| Income taxes67/77 | €722 | €14,951 | €262,247 | €0 | -€93 | - |
| Profit (loss) for the period9904 | €5,188 | €23,203 | €546,398 | -€6,748 | -€8,247 | ▼ 22.2% |
| Profit (loss) for the period to be appropriated9905 | €5,188 | €23,203 | €546,398 | -€6,748 | -€8,247 | ▼ 22.2% |
| Line | 2020 | 2021 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €1.3m | €1.3m | €1.1m | €1.1m | €1.5m | ▲ 37.4% |
| Fixed assets21/28 | €1.1m | €1.2m | €732,642 | €705,729 | €1.2m | ▲ 75.1% |
| Intangible fixed assets21 | €639,000 | €547,250 | - | - | - | - |
| Tangible fixed assets22/27 | €491,358 | €626,874 | €732,442 | €705,529 | €1.2m | ▲ 75.1% |
| Land and buildings22 | - | - | €729,522 | €703,610 | €1.2m | ▲ 75.5% |
| Furniture and vehicles24 | - | - | €2,920 | €1,919 | €918 | ▼ 52.2% |
| Financial fixed assets28 | €200 | €200 | €200 | €200 | €200 | = |
| Current assets29/58 | €150,082 | €174,248 | €371,364 | €371,019 | €243,400 | ▼ 34.4% |
| Amounts receivable after more than one year29 | - | - | - | - | €205,000 | - |
| Other amounts receivable291 | - | - | - | - | €205,000 | - |
| Amounts receivable within one year40/41 | €572 | €54,065 | €392 | €543 | €2,811 | ▲ 418% |
| Other amounts receivable41 | - | - | €392 | €543 | €2,811 | ▲ 418% |
| Cash at bank and in hand54/58 | €97,759 | €118,829 | €369,233 | €369,911 | €34,819 | ▼ 90.6% |
| Deferred charges and accrued income490/1 | - | - | €1,738 | €564 | €771 | ▲ 36.6% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €1.3m | €1.3m | €1.1m | €1.1m | €1.5m | ▲ 37.4% |
| Equity10/15 | €46,861 | €70,064 | €616,462 | €609,714 | €601,467 | ▼ 1.4% |
| Contributions10/11 | - | - | €20,000 | €20,000 | €20,000 | = |
| Reserves13 | €26,861 | €50,064 | €596,462 | €596,462 | €596,462 | = |
| Non-distributable reserves130/1 | - | - | €1,343 | €0 | - | - |
| Reserves not available under the articles1311 | - | - | €1,343 | €0 | - | - |
| Distributable reserves133 | - | - | €595,119 | €596,462 | €596,462 | = |
| Profit (loss) carried forward14 | - | - | - | -€6,748 | -€14,995 | ▼ 122% |
| Amounts payable17/49 | €1.2m | €1.3m | €487,544 | €467,033 | €877,623 | ▲ 87.9% |
| Amounts payable after more than one year17 | €968,372 | €1.1m | €406,622 | €406,622 | €822,155 | ▲ 102% |
| Financial debts170/4 | - | - | €406,622 | €406,622 | €822,155 | ▲ 102% |
| Amounts payable within one year42/48 | €263,407 | €222,935 | €80,921 | €60,411 | €55,467 | ▼ 8.2% |
| Current portion of amounts payable after more than one year42 | - | - | €26,871 | €1,569 | €54,553 | ▲ 3,377% |
| Trade debts44 | €138,221 | €117,461 | €693 | €5,124 | €0 | ▼ 100% |
| Suppliers440/4 | - | - | €693 | €5,124 | €0 | ▼ 100% |
| Taxes, remuneration and social security45 | - | - | €53,357 | €52,803 | €0 | ▼ 100% |
| Taxes450/3 | - | - | €52,803 | €52,803 | €0 | ▼ 100% |
| Remuneration and social security454/9 | - | - | €553 | €0 | - | - |
| Other amounts payable47/48 | - | - | - | €915 | €915 | = |
| Line | 2020 | 2021 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €5,188 | €23,203 | €546,398 | -€6,748 | -€8,247 | ▼ 22.2% |
| + Depreciation and write-downs630 | €115,648 | €121,366 | €23,155 | €26,913 | €32,539 | ▲ 20.9% |
| Operating cash flow (approximation) | €120,836 | €144,569 | €569,553 | €20,165 | €24,292 | ▲ 20.5% |
| Investment in fixed assets (approximation) | - | -€165,132 | - | €0 | -€562,500 | - |
| Change in cash | - | €21,070 | - | €678 | -€335,092 | ▼ 49,525% |
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
2025
28-11
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
28-11
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 332 days late
31-05
Financial
Weakest financial yearnet -€8,247
Net result drops to -€8,247, the lowest in the series.
2024
29-02
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 60 days late
2023
31-05
Financial
Highest result since 2019net €546,398 ▲2,255%
Operating result €835,630, net result €546,398, both a record.
31-05
Financial
Liquidity times 6current ratio 4.59
Current ratio from 0.78 to 4.59; short-term debt falls from €222,935 to €80,921.
31-05
Financial
Equity above €500,000Eq €616,462 ▲780%
4 profitable years in a row build equity to €616,462.
2022
28-02
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 28 days late
2021
28-02
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 28 days late
2020
26-03
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 55 days late
2019
28-02
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema · 28 days late
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.
Have them read with priority
Sign in to place this company at the front of the reading queue.
Directors · office · real estate
Directors
No directors read yet: 0 of 2 Gazette acts processed. See the function holders in the CBE →
Location & real-estate footprint
Registered office, Ninove · 1 establishment unit since 2017
Ground area
1,303 m²
Building footprint
144 m²
Volume, LiDAR
708 m³
Parcel 41073B0024/00R000, Flanders · tallest building 8.4 m, ±2 floors. Linked by address, not a title deed.
2
companies at this address
See who is registered here
1 establishment unit
Brakelsesteenweg(Voo) 526, 9400 Ninove
since 20172.264.739.271
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 41073B0024/00R000 | Flanders | 1,303 m² | 1 · 144 m² | 8.4 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.
Company details
Identification
Legal formPrivate limited company
Founded03-05-2017
Fiscal year end31-05
E-invoicing
Reachable via Peppol
Peppol ID
0208:0675367943
Registered
30-12-2025
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 30 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.