The computed 12-month bankruptcy probability of VOLCANO is 1.5% (moderate). The 2025 annual accounts show negative equity (-€87,666) and a net result of -€15,603. Equity has been shrinking by about 24% per year since 2018. The company has been active since 2000 and the Belgian Official Gazette contains no insolvency or warning signals.
“L'exploitation et la gestion de toute taverne, brasserie, restaurant, hotel, pizzéria, friterie, snack-bar, service…” (deed in French)From the articles, 2 activitiesNo NACE code in the KBO yet
Score breakdownraises riskCapped at 59: negative equityNegative equity -€87,666Sector: Food and beverage service activities (NACE 56)Loss of €15,603, the second in a row (financial year 2025)lowers riskSize: total assets €96,908Show the evidence
Checked score
Score 2025
Checked score
The higher the Checked score (0 to 100), the smaller the chance that the company goes bankrupt within twelve months. That chance sets the band, from Critical to Excellent, and within the band how the company does against its sector peers counts too. With a low score, agree a shorter payment term, an advance or security.
54/ 100
Fair
Probability in this band: 1.5% to 4.2%
Financially stronger than 35% of micro companies in food and beverage service (NACE 56)
Financial strength measures the balance sheet and the results with three figures out of 100 from the latest annual accounts: solvency, liquidity and profitability. It does not directly set the Checked score's band. How the company does against its sector peers on these and on growth does count for its place within the band.
Weak
Solvency0=
equity -90.5% of total assets
Liquidity100=
cash 49.1%
Profitability0-11
return on assets -16.1%
Bankruptcy probability within 12 months
Bankruptcy probability
It is the chance that the company goes bankrupt within twelve months, estimated from the registers, the annual accounts and the Belgian Official Gazette. At 0.2%, about 2 in 1,000 comparable companies go bankrupt. The higher it is, the shorter the payment term to agree.
1.5%Moderate
0%0.5%1.5%4%10%≥ 25%
About 2 in 100 comparable companies go bankrupt within 12 months (an estimate).
Sector median 1.8% (23,779 companies, NACE 56, micro)
Last 24 months12-2024: 2.5%01-2025: 2.4%▼ -0.1 percentage points vs 12-202402-2025: 2.4%● unchanged vs 01-202503-2025: 2.4%● unchanged vs 02-202504-2025: 2.4%● unchanged vs 03-202505-2025: 2.3%▼ -0.1 percentage points vs 04-202506-2025: 2.2%▼ -0.1 percentage points vs 05-202507-2025: 2.5%▲ +0.3 percentage points vs 06-202508-2025: 2.9%▲ +0.4 percentage points vs 07-2025highest value09-2025: 1.3%▼ -1.6 percentage points vs 08-202510-2025: 1.3%● unchanged vs 09-202511-2025: 1.3%● unchanged vs 10-202512-2025: 1.3%● unchanged vs 11-202501-2026: 1.3%● unchanged vs 12-202502-2026: 1.3%● unchanged vs 01-202603-2026: 1.2%▼ -0.1 percentage points vs 02-202604-2026: 1.2%● unchanged vs 03-202605-2026: 1.2%● unchanged vs 04-202606-2026: 1.1%▼ -0.1 percentage points vs 05-2026lowest value07-2026: 1.2%▲ +0.1 percentage points vs 06-202608-2026: 1.4%▲ +0.2 percentage points vs 07-202609-2026: 1.5%▲ +0.1 percentage points vs 08-202610-2026: 1.5%● unchanged vs 09-202611-2026: 1.5%● unchanged vs 10-2026
No credit on open account
Cash is 49.1% of total assets. Equity is negative.
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 9% of them on solvency, 99% on liquidity, 8% on profitability and 24% on growth.
The bankruptcy probability was computed on 04-11-2026 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).
Credit check for an amount and term of your choice
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 13-08-2026, 13 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.
The company filed its last 7 accounts on average 32 days after the deadline. The Belgian median for financial year 2024 was 4 days before the deadline, and 38% of all filings were 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 13 August (5 of the last 5 accounts filed within 30 days either side of that date).
05-11-2026 today31-12-2026 year end31-07-2027 deadline
neutral · No strike-offs in the KBO publications
That holds for every publication since 2021.
KBO publications
Financials
Financials · financial year 2025, abbreviated format
2025 annual accounts filed 13 days after the deadlineFiled on 13 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00399272.
The EBIT margin is the share of each euro of revenue left from ordinary operations. The higher it is, the more room the company has to absorb a setback.
The net result is what is left after all costs and taxes. One loss year is not an alarm on its own. After several loss years in a row, it pays to find out why.
Working capital is what is left when the company pays its short-term debts with its short-term assets. Positive means it can pay its bills in the short term.
Working capital-€72,257--€42,331▲ 41.4%-€9,388▲ 77.8%-€90,328▼ 862%€57,790
The operating result for 2025 is a loss of €6,046, larger than the loss of €2,073 in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €96,908
50.4%
49.6%
Fixed assets€48,810 =
Current assets€48,098 ▼ 12.5%
Equity and liabilities
Equity-€87,666
Debt€184,574
Equity is negative. Debt (€184,574) exceeds the balance-sheet total (€96,908).
Key figures and ratios
2025 value · change against 2024
Solvency
-90.5%▼
2024 · -69.4%
ROA
-16.1%▼
2024 · -10.6%
Debt > 1 year
€184,574▲
2024 · €175,785
Income taxes
€26▼
2024 · €55
Debt to equity is not shown because equity is negative. Debt divided by negative equity means nothing.
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
fixed assets acquired
Item
2021
2022
2023
2024
2025
Financial fixed assets
€48,181
€90
€229
€310
-
Depreciation and write-downs of the year
€1,518
-
-
-
-
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
Filed annual accountsAs filed with the NBB · 2025 against 2024 · 31 lines
Balance sheetCode20242025
Assets
Total assets20/58€103,799€96,908▼
Fixed assets21/28€48,810€48,810=
Financial fixed assets28€48,810€48,810=
Current assets29/58€54,989€48,098▼
Amounts receivable within one year40/41€329€329=
Other amounts receivable41€329€329=
Cash at bank and in hand54/58€54,659€47,621▼
Deferred charges and accrued income490/1-€148
Equity and liabilities
Total equity and liabilities10/49€103,799€96,908▼
Equity10/15-€72,063-€87,666▼
Contributions10/11€18,600€18,600=
Reserves13€245€245=
Distributable reserves133€245€245=
Profit (loss) carried forward14-€90,908-€106,511▼
Amounts payable17/49€175,862€184,574▲
Amounts payable after more than one year17€175,785€184,574▲
Financial debts170/4€175,785€184,574▲
Accrued charges and deferred income492/3€77-
Income statementCode20242025
Other operating charges640/8€818€3,154▲
Gross operating margin9900-€1,255-€2,892▼
Operating profit (loss)9901-€2,073-€6,046▼
Financial income75/76B€365€174▼
Recurring financial income75€365€174▼
Financial charges65/66B€9,198€9,704▲
Recurring financial charges65€9,198€9,704▲
Profit (loss) for the period before taxes9903-€10,906-€15,576▼
Income taxes67/77€55€26▼
Profit (loss) for the period9904-€10,961-€15,603▼
Profit (loss) for the period to be appropriated9905-€10,961-€15,603▼
Appropriation of the result
Profit (loss) to be appropriated9906-€90,908-€106,511▼
Profit (loss) brought forward from the previous period14P-€79,947-€90,908▼
The notes to these accounts have 6 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.
Each bar is one period in a role, from appointment to resignation or to today. An open left edge means the mandate began before its first mention. An open right edge means the mandate ended without a stated end date.
6 people, 2 in office
Board
mandate already running before its first mention
Mandates per person, with start and end dates
Name
Functions and periods202120222023202420252026
AUBISQUE
Director, appointed by deed of 14-09-2021, still in office
Calisco BV
Director, appointed by deed of 21-09-2026, still in office
BVJS BV
Director, appointed by deed of 17-07-2024, until 01-07-2026
The net result drops to -€34,422, the lowest from 2018 to 2025. It recovers the following year.
14-09
Gazette deedRegistered office moved within Durbuy
New registered office: Rue de Rome, 1 à 6940 Durbuy · Previous registered office: Place aux Foires, 17 à 6940 DURBUY · Resignation: Eric GENGOUX (director)7 points ▸
General meeting, 01-09-2021
Director resignation, Eric GENGOUX
Director appointment, AUBISQUE
Permanent representative, Freya LONCIN
Director appointment, CRESCEMUS
Permanent representative, Pieter BOURGEOIS
Registered-office move, Rue de Rome, 1 à 6940 Durbuy
Each sentence rests on a document from the KBO register, the Belgian Official Gazette or the National Bank. The number after the sentence opens that document.
VOLCANO was incorporated on 13 October 2000.1The registered office was moved to Durbuy in 2021.2The board currently has 2 members.3Total assets went from €102,773 in 2018 to €96,908 in 2025.4
Establishment unitPIZZERIA LE VOLCANO, Place aux Foires 17, 6940 Durbuy since 01-04-2007 · unit number 2.164.394.6521085001
Activities
PurposeThe purpose describes the activities the company may carry out under its articles.
“L'exploitation et la gestion de toute taverne, brasserie, restaurant, hotel, pizzéria, friterie, snack-bar, service traiteur, salon de…”
2 activities
L'exploitation et la gestion de toute taverne, brasserie, restaurant, hotel, pizzéria, friterie, snack-bar, service traiteur, salon de dégustation ou autre débit de boissons avec fourniture ou non de petites restaurations
La mise à disposition de salles de réunion ou de banquet avec ou sans service traiteur