VALPA
ActiveSummary
VALPA has been active since 2016 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show negative equity (-€72,456) and a net result of €6,456. Equity remains stable across the filed fiscal years (±1.2% per year). Its solvency ranks better than 5% of 11502 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 1.0% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability100▲+100
Solvency0=
Growth58=
Track record100
Bankruptcy probability, 12 months
1.0%
Low
0%0.5%1.5%4%10%≥ 25%
No credit on open account
Liquidity short (current ratio 0.0 against 0.02 in 2024; short-term debt: 456.4% and cash: 0% of total assets), and equity is negative.
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Signals
Four 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
-356.4%
Return on assets
31.8%
Age of the figures
9 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 →
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 5% of 11502 sector peers (2025).
NBB · sector comparisonPosition among 11502 sector peers
Solvency
better than 5%
← weakest
strongest →
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 05-02-2026, 176 days ahead of the deadline.
NBB · 9 filingsDeviation from the deadline
2025
176 d early
2024
71 d early
2023
100 d early
2022
18 d late
2021
13 d early
2020
25 d late
2019
88 d late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 7 accounts on average 33 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 (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. Usually files around 21 May (4 of the last 5 filed years within 89 days of that day).
Companies Code · seven monthsPosition in the running window
28-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, micro schema
Equity
-€72,456▲ 8.2%
2024 · -€78,912
Total assets
€20,331▼ 29.5%
2024 · €28,848
Net result
€6,456
2024 · -€8,093
Working capital
-€92,757▲ 12.6%
2024 · -€106,109
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 46, Wholesale trade, each year against the same schema; no band under 30 filings. Dashed line: the median.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result€1,498€1,711▲ 14.3%€3,701▲ 116%-€7,414€7,153
Net result-€877within the sector's middle half▲ 97.3%-€226within the sector's middle half▲ 74.2%€2,756within the sector's middle half-€8,093below the sector's middle half€6,456within the sector's middle half
Equity-€73,349below the sector's middle half▼ 1.2%-€73,575below the sector's middle half▼ 0.3%-€70,819below the sector's middle half▲ 3.7%-€78,912below the sector's middle half▼ 11.4%-€72,456below the sector's middle half▲ 8.2%
Total assets€10,301below the sector's middle half▼ 53.8%€1,037below the sector's middle half▼ 89.9%€19,440below the sector's middle half▲ 1,775%€28,848below the sector's middle half▲ 48.4%€20,331below the sector's middle half▼ 29.5%
Debt€83,650▼ 11.8%€74,612▼ 10.8%€90,259▲ 21.0%€107,760▲ 19.4%€92,787▼ 13.9%
Working capital-€62,808below the sector's middle half▼ 23.8%-€73,575below the sector's middle half▼ 17.1%-€87,842below the sector's middle half▼ 19.4%-€106,109below the sector's middle half▼ 20.8%-€92,757below the sector's middle half▲ 12.6%
Solvency-712.1%below the sector's middle half▼ 387.4pp-364.3%below the sector's middle half-273.5%below the sector's middle half▲ 90.8pp-356.4%below the sector's middle half▼ 82.8pp
Current ratio0.14below the sector's middle half▼ 0.160.03below the sector's middle half0.02below the sector's middle half▼ 0.010.00below the sector's middle half▼ 0.01
Return on assets (ROA)-8.5%below the sector's middle half▲ 137.4pp14.2%above the sector's middle half-28.1%below the sector's middle half▼ 42.2pp31.8%above the sector's middle half▲ 59.8pp
Staff (FTE)
above
within
below
the middle half (P25 to P75) of NACE 46, Wholesale trade, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result returns to profit in 2025: €7,153 after a loss of €7,414 in 2024, the highest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €20,331
Fixed assets
€20,301 ▼ 25.4%
Current assets
€30 ▼ 98.2%
Key figures and ratios
EBITDA
€14,050▲
2024 · -€1,438
Cash flow
€13,352▲
2024 · -€2,116
Debt to equity
-1.28▲
2024 · -1.37
Interest coverage
19.99▲
2024 · -2.84
Debt ≤ 1 year
€92,787▼
2024 · €107,760
Income taxes
€0▼
2024 · €174
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 3,640 companies that looked in July 2024 the way this one looks now, 2.7% went bankrupt within 24 months and 92% are still going.
- Micro
- 10 to 20 years old
- negative equity
- a profit of 5% of the balance sheet or more
2.7%
went bankrupt
4.9%
stopped otherwise
92%
still going
A further 0.7% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 1.0% 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 497,662 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% | 1.7% |
| 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 75% 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 3,640 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 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | €0 | - | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €68 | €68 | €592 | €5,976 | €6,897 | ▲ 15.4% |
| Other operating charges640/8 | €224 | €640 | €499 | €2,566 | €1,615 | ▼ 37.1% |
| Gross operating margin9900 | €1,789 | €2,418 | €4,791 | €1,128 | €15,665 | ▲ 1,289% |
| Operating profit (loss)9901 | €1,498 | €1,711 | €3,701 | -€7,414 | €7,153 | ▲ 196% |
| Financial income75/76B | - | - | - | €3 | €5 | ▲ 91.3% |
| Recurring financial income75 | - | - | - | €3 | €5 | ▲ 91.3% |
| Financial charges65/66B | €2,375 | €1,937 | €945 | €506 | €703 | ▲ 38.8% |
| Recurring financial charges65 | €2,375 | €1,937 | €945 | €506 | €703 | ▲ 38.8% |
| Profit (loss) for the period before taxes9903 | -€877 | -€226 | €2,756 | -€7,918 | €6,456 | ▲ 182% |
| Income taxes67/77 | - | - | - | €174 | €0 | ▼ 100% |
| Profit (loss) for the period9904 | -€877 | -€226 | €2,756 | -€8,093 | €6,456 | ▲ 180% |
| Profit (loss) for the period to be appropriated9905 | -€877 | -€226 | €2,756 | -€8,093 | €6,456 | ▲ 180% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €10,301 | €1,037 | €19,440 | €28,848 | €20,331 | ▼ 29.5% |
| Fixed assets21/28 | €68 | €0 | €17,022 | €27,197 | €20,301 | ▼ 25.4% |
| Tangible fixed assets22/27 | €68 | €0 | €17,022 | €27,197 | €20,301 | ▼ 25.4% |
| Plant, machinery and equipment23 | €68 | €0 | - | - | - | - |
| Furniture and vehicles24 | - | - | - | €11,936 | €6,801 | ▼ 43.0% |
| Other tangible fixed assets26 | - | - | €17,022 | €15,261 | €13,500 | ▼ 11.5% |
| Current assets29/58 | €10,233 | €1,037 | €2,417 | €1,651 | €30 | ▼ 98.2% |
| Amounts receivable within one year40/41 | €9,648 | €76 | €1,203 | €199 | €0 | ▼ 100% |
| Trade receivables40 | €2,648 | €46 | €1,196 | €46 | €0 | ▼ 100% |
| Other amounts receivable41 | €7,000 | €30 | €7 | €153 | €0 | ▼ 100% |
| Cash at bank and in hand54/58 | €586 | €961 | €1,215 | €536 | €0 | ▼ 100% |
| Deferred charges and accrued income490/1 | €0 | - | - | €916 | €30 | ▼ 96.7% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €10,301 | €1,037 | €19,440 | €28,848 | €20,331 | ▼ 29.5% |
| Equity10/15 | -€73,349 | -€73,575 | -€70,819 | -€78,912 | -€72,456 | ▲ 8.2% |
| Contributions10/11 | €18,550 | €18,550 | €18,550 | €18,550 | €18,550 | = |
| Profit (loss) carried forward14 | -€91,899 | -€92,125 | -€89,369 | -€97,462 | -€91,006 | ▲ 6.6% |
| Amounts payable17/49 | €83,650 | €74,612 | €90,259 | €107,760 | €92,787 | ▼ 13.9% |
| Amounts payable after more than one year17 | €10,609 | €0 | - | - | - | - |
| Financial debts170/4 | €10,609 | €0 | - | - | - | - |
| Amounts payable within one year42/48 | €73,041 | €74,612 | €90,259 | €107,760 | €92,787 | ▼ 13.9% |
| Current portion of amounts payable after more than one year42 | €12,438 | €10,609 | €0 | - | - | - |
| Financial debts43 | €6,099 | €5,813 | €0 | - | €923 | - |
| Credit institutions430/8 | €6,099 | €5,813 | €0 | - | €923 | - |
| Trade debts44 | €1,286 | €5,085 | €9,702 | €3,507 | €4,210 | ▲ 20.0% |
| Suppliers440/4 | €1,286 | €5,085 | €9,702 | €3,507 | €4,210 | ▲ 20.0% |
| Taxes, remuneration and social security45 | €25,825 | €3,685 | €2,337 | €2,229 | €2,440 | ▲ 9.5% |
| Taxes450/3 | €2,312 | €3,685 | €2,337 | €2,229 | €2,440 | ▲ 9.5% |
| Remuneration and social security454/9 | €23,513 | €0 | - | - | - | - |
| Other amounts payable47/48 | €27,394 | €49,420 | €78,220 | €102,023 | €85,214 | ▼ 16.5% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€877 | -€226 | €2,756 | -€8,093 | €6,456 | ▲ 180% |
| + Depreciation and write-downs630 | €68 | €68 | €592 | €5,976 | €6,897 | ▲ 15.4% |
| Operating cash flow (approximation) | -€809 | -€158 | €3,347 | -€2,116 | €13,352 | ▲ 731% |
| Investment in fixed assets (approximation) | - | €0 | -€17,614 | -€16,151 | €0 | ▲ 100% |
| Change in cash | - | €376 | €253 | -€679 | -€536 | ▲ 21.1% |
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
05-02
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
31-12
Financial
Back to profitnet €6,456
Net result €6,456 after one loss-making year.
21-05
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
22-04
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
31-12
Financial
Back to profitnet €2,756
Net result €2,756 after 4 loss-making years.
18-08
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 18 days late
2022
18-07
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
25-08
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 25 days late
2020
31-12
Financial
Weakest financial yearnet -€32,576
Net result drops to -€32,576, the lowest in the series; recovery starts the following year.
27-10
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 88 days late
2018
31-07
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema
2017
31-08
NBB filing
Annual accounts filed
fiscal year 2016 · micro schema · 31 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, Gent · 1 establishment unit since 2016
Ground area
1,810 m²
Building footprint
229 m²
Volume, LiDAR
1,442 m³
Parcel 44022A0289/00H000, Flanders · tallest building 9.9 m, ±2 floors. Linked by address, not a title deed.
1 establishment unit
Chocolou
since 20162.250.647.151
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 44022A0289/00H000 | Flanders | 1,809 m² | 1 · 229 m² | 9.8 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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This company's figures show no positive equity and no headcount, so a size comparison is not possible. These companies share only the sector and the region. Of 453 companies in sector 46360 we hold annual accounts for 286. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company
Founded23-02-2016
Fiscal year end31-12
Activities, NACEBEL 2025
46360Wholesale trade
55204Guest rooms (bed and breakfast)
E-invoicing
Reachable via Peppol
Peppol ID
0208:0648923367
Also
9925:BE0648923367
Registered
24-11-2025
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 28 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.