Equity
Debts exceed assets in financial year 2025.
Debts exceed assets in financial year 2025.
Every financial year from 2022 to 2025 closed with a loss. 2025 was the heaviest.
The 2025 accounts came 31 days late. The other three were filed on time.
Lower solvency than 87% of companies in retail trade. Sector median 33.1% · 22,909 companies.
The dashed line is the sector median: 0.6% across 40,271 companies (NACE 47, micro).
About 2 in 100 comparable companies go bankrupt within 12 months (an estimate).
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 47, micro). It does better than 6% of them on solvency, 33% on liquidity, 6% on profitability and 5% on growth.
The bankruptcy probability was computed on 08-11-2026 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).
In July 2024, 6,008 companies had the same profile as VALAPI has now. Each dot stands for 16 companies, two years later.
Another 0.8% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of VALAPI itself: 2.0% within 12 months.
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 6,008 companies, not a prediction for VALAPI. 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.
Liquidity is insufficient, with a current ratio of 0.66 (0.78 in 2024), below 1. Short-term debt is 147.2% and cash 28.5% of total assets. Equity is negative.
Show the recommended maximum and see how the verdict changes with amount, term and advance.
The scores and ratios are Checked's own calculations, not a credit decision.
The company filed its last 4 accounts on average on the deadline day. In the sector (NACE 47), the median for financial year 2024 was on the deadline day, and 47% of those companies filed late.
| Company | ||||
|---|---|---|---|---|
| VALAPI Rebecq | €42,354 | -€2,384 | -47.2% | - |
| SECODO Wavre | €36,350 | -€7,291 | 27.6% | - |
| Elista Aalst | €42,603 | -€4,915 | 42.1% | - |
| MAJESTIC PADEL Bruges | €44,056 | -€10,145 | -131.0% | - |
| ALOSTA DARTS Aalst | €59,433 | -€13,904 | 91.1% | - |
| BM-Management Bassenge | €60,018 | -€6,728 | 43.5% | - |
| Fly With Roby Zaventem | €38,735 | -€4,046 | -43.2% | - |
These companies have the same main activity as VALAPI: retail sale of other sporting goods (NACE 47639). They are comparable in size and age: total assets between €36,400 and €60,000, founded between 2020 and 2023.
VALAPI files the micro format. That format states no turnover. The gross margin rose from -€3,918 in 2022 to -€2,384 in 2025.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette.
Turnover and EBIT margin are not published. The micro format does not require them.
Higher than 13% of 22,909 companies in 2025.
Higher than 18% of 22,039 companies in 2025.
Higher than 10% of 22,189 companies in 2025.
Net result: bottom quarter · Equity: bottom quarter · Balance sheet total: bottom quarter · Working capital: bottom quarter
| Line | Trend | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Balance sheet: assets | |||||
20/58 |
42,354 | 48,760 | 15,285 | 13,075 | |
21/28 |
1,475 | 3,359 | 2,760 | - | |
22/27 |
1,475 | 3,359 | 2,760 | - | |
24 |
1,475 | 3,359 | 2,760 | - | |
29/58 |
40,878 | 45,401 | 12,525 | 13,075 | |
3 |
24,825 | 24,825 | 7,908 | - | |
30/36 |
24,825 | 24,825 | 7,908 | - | |
40/41 |
3,986 | 13,834 | 1,963 | 12,717 | |
40 |
3,370 | 11,602 | 997 | 2,521 | |
41 |
616 | 2,232 | 966 | 10,196 | |
54/58 |
12,068 | 6,637 | 2,574 | 358 | |
490/1 |
- | 105 | 79 | - | |
| Balance sheet: equity and liabilities | |||||
10/49 |
42,354 | 48,760 | 15,285 | 13,075 | |
10/15 |
-19,972 | -9,439 | -9,111 | 316 | |
10/11 |
5,000 | 5,000 | 5,000 | 5,000 | |
14 |
-24,972 | -14,439 | -14,111 | -4,684 | |
17/49 |
62,326 | 58,199 | 24,396 | 12,759 | |
42/48 |
62,326 | 58,199 | 24,396 | 12,759 | |
44 |
40,402 | 35,543 | 14,010 | 11,644 | |
440/4 |
40,402 | 35,543 | 14,010 | 11,644 | |
45 |
20,939 | 12,515 | 7,238 | 1,116 | |
450/3 |
19,793 | 12,515 | 7,238 | 1,116 | |
454/9 |
1,146 | - | - | - | |
47/48 |
985 | 10,141 | 3,148 | - | |
| Income statement | |||||
9900 |
-2,384 | 2,956 | -8,917 | -3,918 | |
62 |
3,290 | - | - | - | |
630 |
1,883 | 1,318 | 220 | - | |
640/8 |
969 | 332 | - | 111 | |
9901 |
-8,526 | 1,307 | -9,137 | -4,029 | |
75/76B |
19 | 36 | 230 | 298 | |
75 |
19 | 36 | 230 | 298 | |
65/66B |
1,813 | 1,421 | 276 | 50 | |
65 |
1,813 | 1,421 | 276 | 50 | |
9903 |
-10,320 | -79 | -9,183 | -3,781 | |
67/77 |
213 | 249 | 243 | 903 | |
9904 |
-10,533 | -328 | -9,426 | -4,684 | |
9905 |
-10,533 | -328 | -9,426 | -4,684 | |
| Appropriation of the result | |||||
9906 |
-24,972 | -14,439 | -14,111 | -4,684 | |
14P |
-14,439 | -14,111 | -4,684 | - | |
| Document | |||||
The notes to these accounts have 4 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the accounts filed with the NBB.
Source: Annual accounts 2025 at the NBB, filed on 31-08-2026.
2025 annual accounts filed 31 days after the deadline. Filed on 31 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00478911.
| Line | Trend | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| -6,643 | 2,625 | -8,917 | - | ||
| -8,650 | 990 | -9,206 | - | ||
| 0 | 1,916 | 2,981 | - | ||
| 5,431 | 4,063 | 2,216 | - | ||
| -21,448 | -12,798 | -11,871 | 316 | ||
| -47.2% | -19.4% | -59.6% | 2.4% | ||
| 0.66 | 0.78 | 0.51 | 1.02 | ||
| 0.26 | 0.35 | 0.19 | 1.02 | ||
| -24.9% | -0.7% | -61.7% | -35.8% | ||
| -3.66 | 1.85 | -32.28 | - |
Debt to equity is not shown because equity is negative. Debt divided by negative equity means nothing.
A Belgian filing has no cash-flow statement. Cash flow is therefore an approximation, derived from the income statement. Investment is the acquisitions in the notes and, without them, the balance-sheet move.
| Item | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|
| Tangible fixed assets | - | €1,916 | €2,981 | - |
| €1,883 | €1,318 | €220 | - |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
The operating result for 2025 is a loss of €8,526, after a profit of €1,307 in 2024.
Equity is negative. Debt (€62,326) exceeds the balance-sheet total (€42,354).
VALAPI has no parent and no holdings in its annual accounts. BERTRAND Valentin Claude Sabinne is the only director. VALAPI shares no director with another company.
| Bertrand, Valentin (sole trader)
establishment since 11-10-2006 |
founded in 2019 0884.498.854 |
Deadline for the 2026 accounts: 31-07-2027
Financial milestones sit on the financial year-end date, not the filing date.
Sources: Publications in the Belgian Official GazetteFilings with the National Bank
VALAPI was incorporated on 28 June 2021 as a private limited company by one natural person, with a starting capital of €5,000.12 Since 2021, BERTRAND Valentin Claude Sabinne has served as director.3 Total assets rose from €13,075 in 2022 to €42,354 in 2025.4
| Establishment | Since | Unit number |
|---|---|---|
| Chemin Longues Aulnes 7 registered office 1430 Rebecq | 28-06-2021 | 2.318.728.580 |
| Cadastral parcel | Area | Buildings | Height / floors |
|---|---|---|---|
| 25090E0078/00C000 | 482 m² | 1 · 74 m² | 6.0 m · 2 |
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