Equity
-€902,144
Debts exceed assets in financial year 2025.
USTEL
Lifetime
20 annual accounts with figures on one time axis, 34 filings since 1992peak €3.1m (2022)
€2.4m▼ 4.4%
lowest -€1.3m (2020)
€321,587▼ 59.8%
peak -€213,238 (2006)
-€902,144▲ €321,587
€29.4m▲ 13.4%
peak 31.4 FTE (2006)
9.9 FTE▲ 15.1%
Board6 names since 2019
3 directorsAmit MOR and 2 others
Owners2 names in the annual accounts
Documentsfilings and deeds
14-10-202675 days late
2025financial year
Result from €800,638 to €321,587Staff from 8.6 FTE to 9.9 FTEAmendment of the articles 24-10Reappointment: Amit MOR (director) 07-10Equity from -€1.2m to -€902,144Cash from €1.1m to €111,309
Key points
from the 2025 annual accountsResult
€321,587 ▼ 59.8%
The result fell in 2025 from €800,638 to €321,587.
Debts
€29.4m 103% of the balance sheet
Suppliers 2%Taxes and wages 4%Other 95%
Of this, €7.8m falls due within a year.
Staff
9.9 FTE from 31.4 in 2006
Between 2006 and 2025, 68% of the full-time equivalents disappeared.
Filings
34 annual accounts 75 days
Latest accounts filed late: after the legal deadline.
Position in the sector
-€902,144
Less equity than 95% of companies in food and beverage service. Sector median €110,353 · 962 companies.
Checked score
51
Fair
Financially stronger than 39% of micro companies in food and beverage service (NACE 56)
Probability in this band: 1.5% to 4.2%
Bankruptcy probability within 12 months
2.7% Moderate
0%0.5%1.5%4%10%≥ 25%
The dashed line is the sector median: 1.8% across 23,791 companies (NACE 56, micro).
About 3 in 100 comparable companies go bankrupt within 12 months (an estimate).
Last 24 months
12-2024: 2.3%
01-2025: 2.3%● unchanged vs 12-2024
02-2025: 2.3%● unchanged vs 01-2025
03-2025: 2.3%● unchanged vs 02-2025
04-2025: 2.4%▲ +0.1 percentage points vs 03-2025
05-2025: 2.4%● unchanged vs 04-2025
06-2025: 2.5%▲ +0.1 percentage points vs 05-2025
07-2025: 2.6%▲ +0.1 percentage points vs 06-2025
08-2025: 2.9%▲ +0.3 percentage points vs 07-2025
09-2025: 3.2%▲ +0.3 percentage points vs 08-2025
10-2025: 2.2%▼ -1.0 percentage point vs 09-2025
11-2025: 2.2%● unchanged vs 10-2025
12-2025: 2.2%● unchanged vs 11-2025
01-2026: 2.2%● unchanged vs 12-2025
02-2026: 2.2%● unchanged vs 01-2026
03-2026: 2.2%● unchanged vs 02-2026lowest value
04-2026: 2.3%▲ +0.1 percentage points vs 03-2026
05-2026: 2.3%● unchanged vs 04-2026
06-2026: 2.4%▲ +0.1 percentage points vs 05-2026
07-2026: 2.5%▲ +0.1 percentage points vs 06-2026
08-2026: 3.2%▲ +0.7 percentage points vs 07-2026
09-2026: 3.5%▲ +0.3 percentage points vs 08-2026highest value
10-2026: 2.7%▼ -0.8 percentage points vs 09-2026
11-2026: 2.7%● unchanged vs 10-2026
Financial strengthWeak
Score breakdown
raises risk
Negative equity -€902,144
Sector: Food and beverage service activities (NACE 56)
Liquidity: current ratio 2.24, cash €111,309, halved
Last filed accounts filed 75 days late; 3 of the last 3 accounts late
Calculation
The band follows from the bankruptcy probability. 10 more points roughly halve it.
| 75-100 | Excellent | under 0.55% |
| 60-74 | Healthy | 0.55% to 1.5% |
| 45-59 | Fair | 1.5% to 4.2% |
| 25-44 | Weak | 4.2% to 15.0% |
| 0-24 | Critical | over 15.0% |
Where the company stands within its band depends half on the bankruptcy probability and half on how it does against its sector peers (NACE 56, micro). It does better than 24% of them on solvency, 34% on liquidity, 28% on profitability and 71% on growth.
The bankruptcy probability was computed on 06-11-2026 by the bankruptcy model of 2 October 2026, which learns from Belgian bankruptcies and reads the registers, the annual accounts and the Belgian Official Gazette.
The probability rests on the annual accounts with balance sheet date 31-12-2025.
Of the companies with a bankruptcy probability in the moderate class on 30-06-2025, 2.4% went bankrupt within twelve months.
Some facts cap the score, however low the probability. With negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late, the score is Fair at most (59). With two missing filings, it is Weak at most (44). During a judicial reorganisation or at the company's end (bankruptcy, dissolution, liquidation), it is Critical at most (24).
Comparable companies, two years later
In July 2024, 1,449 companies had the same profile as USTEL has now. Each dot stands for 4 companies, two years later.
92.2%
were still trading
4.8%
stopped another way
2.5%
went bankrupt
Another 0.5% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of USTEL itself: 2.7% within 12 months.
Test of the method
The method was tested on the 497,447 companies of July 2024. Each company was given the bankruptcy share of the same profile a year earlier, in July 2023. The expectation was that 1.6% would go bankrupt within 24 months. In fact 1.7% went bankrupt.
| 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% | 0.9% |
| 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% |
A company that went bankrupt had a higher expected share than one that kept going in 74.5% of comparisons. The level depends on the economy. In a year with more bankruptcies than the year before, the actual share is higher than the expected one.
This is an observation about 1,449 companies, not a prediction for USTEL. The sector does not count, because the KBO no longer lists a sector for a company that has stopped. By sector, mostly the survivors would count, which would paint too rosy a picture.
Credit verdict
No credit on open account
Liquidity is ample, with a current ratio of 2.24 (2.55 in 2024), above the usual 1.5. Short-term debt is 27.5% and cash 0.4% of total assets. However, equity is negative.
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The scores and ratios are Checked's own calculations, not a credit decision.
Signals
Six signals.
raises risk
raises risk · Weak solvency compared with the sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 21% of 959 sector peers (2025).
NBB · sector comparisonPosition among 959 sector peers
Solvency
better than 21%
← weakest
strongest →
raises risk · 2025 accounts filed 75 days late
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 14-10-2026, 75 days later. Nearly half (47%) of Belgian companies file late; of those that file 1 to 90 days late, 2.0% are now bankrupt, dissolved or in another special legal status, against 1.66% of all filers. A delay like this does not count in the score.
NBB · 10 filingsDeviation from the deadline
2025
75 days late
2024
63 days late
2023
71 days late
2022
30 days late
2021
19 days late
2020
101 days late
2019
112 days late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
The company filed its last 7 accounts on average 67 days after the deadline. In the sector (NACE 56), the median for financial year 2024 was 7 days after the deadline, and 53% of those companies filed late.
Searched, nothing found (2)
neutral · Next filing not due yet
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today. The company usually files around 2 October (4 of the last 5 accounts filed within 33 days either side of that date).
Companies Code · seven monthsWhere today falls in the filing period
07-11-2026 today31-12-2026 year end31-07-2027 deadline
Board and ownership
- Etablissements Kulche - Machines 69.14%score 53equity -€802,685 (2025) · 2022 annual accounts of Etablissements Kulche - Machines
- FLoris Holding SA consolidatesannual accounts 2013
Recent changes
Registered in the Peppol Directory
Reachable for e-invoices through 0208:0444616128
Amendment of the articles
General meeting of 16-10-2025 · Gazette deed
Reappointment: Amit MOR (director)
General meeting of 23-09-2025 · Gazette deed
Appointments: Michaël Barmoshe (day-to-day manager) and Mehdi Benzine (day-to-day manager)
Board meeting of 22-02-2024 · Gazette deed
Comparable companies
same main activity, similar in size and age| Company | ||||
|---|---|---|---|---|
| USTEL Anderlecht | €28.5m | €2.4m | -3.2% | 9.9 |
| LE DAVIS Berchem-Sainte-Agathe | €11.4m | €1.1m | 55.1% | 8 |
| SOFIAS Oud-Heverlee | €25.6m | €0.7m | 52.2% | 4.5 |
| LANAKEN INVEST Lanaken | €10.1m | €1.1m | 23.6% | - |
| WPC Bilzen-Hoeselt | €11.5m | €0.9m | 44.4% | 3.9 |
| De Montil Affligem | €5.8m | €1.4m | 41.6% | 10.1 |
| IMMO HANLEE Bruges | €8.4m | €1.2m | 9.9% | 20.1 |
These companies have the same main activity as USTEL: full-service restaurants (NACE 56111). They are comparable in size and age: total assets between €5.8m and €26m, founded between 1979 and 2005.
Official details
Source: KBO- Status
- Active since 02-07-1991Normal situation
- Activity
- Full-service restaurantsNACE 56111and 3 others
- Establishment unit
- 2.054.238.0861070 Anderlecht, since 19-09-1991
- Financial year end
- 31 December
- Peppol
- Reachable since 07-11-2025
Insights on USTEL
USTEL has existed since 1991. In 2018 the gross margin rose from €587,338 to €2.1m.
The gross margin has fallen every year since 2022.
Etablissements Kulche - Machines holds 69.14% of the shares. In June 2024, the Official Gazette published the appointment of Mehdi Benzine as managing director.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette. Click a figure with a dotted line for the item and the filing.
Key facts about USTEL
- What is the company number of USTEL?
- The company number of USTEL is 0444.616.128. The VAT number is the same number with BE in front: BE 0444.616.128.
- Where is USTEL based?
- The registered office is at Luchtvaartsquare 6-8, 1070 Anderlecht.Company details
- What does USTEL do?
- According to the KBO register, the main activity is full-service restaurants (NACE 56111).
- What is the legal form of USTEL?
- USTEL is a public limited company (NV).
- When was USTEL founded?
- USTEL was founded on 02-07-1991.
- Is USTEL still active?
- Yes, USTEL is an active enterprise in the KBO register.
- How many employees does USTEL have?
- USTEL had an average of 9.9 full-time equivalents in financial year 2025, according to the filed annual accounts.Financials
- What is the turnover of USTEL?
- The turnover in financial year 2025 is ≈ €4.1m. This figure is estimated from the gross margin of €2.4m and 1,586 comparable companies of the same size. It probably lies between €2.8m and €6.7m. It is a rough estimate.
- Is USTEL profitable?
- In financial year 2025, USTEL made a profit of €321,587.
- Where can I find the annual accounts of USTEL?
- USTEL filed 34 annual accounts with the National Bank of Belgium, the latest for financial year 2025.
- When are the next annual accounts of USTEL due?
- USTEL must file the annual accounts for financial year 2026 by 31-07-2027.Timeline
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