Summary
Conclusion
the dossier summarised in one paragraphThe computed 12-month bankruptcy probability of BART is 1.0% (low). The 2025 annual accounts show negative equity (€-68k) and a net result of €-108k. The figures fluctuate too strongly year-on-year for a reliable trend projection. Its solvency ranks better than 9% of 138 sector peers (fiscal year 2025). The company has been active since 1995 and the Belgian State Gazette contains no insolvency or warning signals.
Based on the State Gazette, CBE and 7 annual accounts.
Bankruptcy probability (12 mo)
Checked model v1 · free for everyone1.0%
Low
0%0,5%1,5%4%10%≥25%
Annual accounts: weaker financial profile
+Long track record
−Higher-failure-rate sector
+
Statistical estimate based on public sources, not credit advice nor a finding of fact. How do we compute this?
Signals
1 signal · with evidenceNegative equity
Equity is negative for financial year 2025: liabilities exceed assets. This is the trigger point of the alarm-bell procedure (Belgian CAC).
View the annual accounts Signals are derived from the filed annual accounts and the sector comparison. No composite score: each signal is separately verifiable at the source.
Filing behaviour
From the deposit records, complete market-wideLatest accounts filed on time
The financial year that closed on 30-06-2025 was due by 31-01-2026 and was filed on 29-01-2026, 2 days ahead of the deadline. This speaks to administrative punctuality and says nothing about the financial position.
The next deadline is still running
The next financial year closes on 30-06-2026 and is due by 31-01-2027. Nothing is late today.
How we compute the deadline
The year end is derived from 10 filed financial years, each closing on 30-06. The statutory deadline is seven months after the close of the financial year (art. 3:10 par. 1 CAC, art. 3:47 par. 7 for ASBL and foundations). Applied to the financial year that closed on 30-06-2025, that is 31-01-2026.
Deadline per financial year
| Year closed | Due by | Filed | Variance | Reference |
|---|---|---|---|---|
| 30-06-2025 | 31-01-2026 | 29-01-2026 | 2 d early | 2026-00018119 |
| 30-06-2024 | 31-01-2025 | 31-01-2025 | on the day | 2025-00018446 |
| 30-06-2023 | 31-01-2024 | 31-01-2024 | on the day | 2024-00016801 |
| 30-06-2022 | 31-01-2023 | 24-02-2023 | 24 d late | 2023-00030874 |
| 30-06-2021 | 31-01-2022 | 27-01-2022 | 4 d early | 2022-03600601 |
| 30-06-2020 | 31-01-2021 | 27-01-2021 | 4 d early | 2021-02200344 |
| 30-06-2019 | 31-01-2020 | 23-01-2020 | 8 d early | 2020-02200028 |
| 30-06-2018 | 31-01-2019 | 28-01-2019 | 3 d early | 2019-02300316 |
| 30-06-2017 | 31-01-2018 | 03-01-2018 | 28 d early | 2018-00100256 |
| 30-06-2016 | 31-01-2017 | 06-01-2017 | 25 d early | 2017-00700311 |
Source: the National Bank's deposit records. Those records are complete, including for years whose figures we have not read yet. Filing late covers nearly half the market and is therefore not scored; only not filing, being more than 90 days late and breaking a punctual record carry weight.
Trust signals
2 signalsLong-established
Founded in 1995, 30 years in business.
No legal incidents
No bankruptcy, reorganisation or interim measure in the Belgisch Staatsblad, and the KBO register records a normal legal situation.
Administrative Flags
No strikeouts found in the KBO publications we processed. That series starts in 2021 and has gaps, so this is not a confirmation that there is nothing.
Financials
TurnoverNot published (abbreviated filing)
EBIT marginNot published (abbreviated filing)
Net result€-108k-1581.4%
Working capital€-91k-17444.3%
Annual accounts & ratios
Source: NBB · 2025Annual accounts filed on 29-01-2026 with the NBB · fiscal year 2025 · micro
Sector comparison
Fiscal year 2025 · NACE 77, Renting & leasing · compared within the same schema type (micro schema)
| Metric | This company | Sector median | Position in the sector |
|---|---|---|---|
| Solvency | -68.8% | 23.9% | |
| Net result | €-108k | €4k | |
| Equity | €-68k | €29k | |
| Gross operating margin | €-79k | €36k | |
| Total assets | €99k | €133k |
Median and position computed from NBB annual accounts filed by sector peers; own figures from the latest filed accounts.
Sector position over time
Percentile per fiscal year versus peers that filed figures, computed year by year (a year without enough peers is absent).
P9
Weakening position over 2020-2025
· n=98-530
P5
Stable position over 2020-2025
· n=97-529
P5
Weakening position over 2020-2025
· n=98-531
P5
Weakening position over 2020-2025
· n=97-529
Describes the position versus peers, not a forecast.
€-89k
-304.7%
19-25
€-108k
-1581.4%
19-25
€-90k
-
19-25
€99k
-9.1%
19-25
€-68k
-
19-25
€-91k
-17444.3%
19-25
€216
-88.3%
19-25
€128
-
19-25
Show 10 other metrics
€167k
+140.6%
19-25
€167k
+140.6%
19-25
€153k
+44.1%
19-25
0.46
-54.1%
19-25
0.46
-54.1%
19-25
-68.8%
-
19-25
-2.45
-
19-25
157.9%
-
19-25
-108.7%
-1750.7%
19-25
-71.55
-1440.3%
19-25
Figures by fiscal year
| Fiscal year | 2025 |
|---|---|
| Deposit | micro |
| Revenue | - |
| EBITDA | €-89k |
| Net profit | €-108k |
| Cash flow | €-90k |
| Staff costs | €216 |
| Income taxes | - |
| Dividends | - |
| Total assets | €99k |
| Equity | €-68k |
| Debt | €167k |
| of which ≤ 1y | €167k |
| of which > 1y | - |
| Working capital | €-91k |
| Employees (FTE) | - |
Ratios (computed)
| 2025 | |
|---|---|
| Current ratio | 0.46 |
| Quick ratio | 0.46 |
| Working capital ratio | -91.9% |
| Solvency | -68.8% |
| Debt / equity | -2.45 |
| Long-term debt ratio | - |
| Interest coverage | -71.55 |
| Gross margin | - |
| Net margin | - |
| ROA | -108.7% |
| ROE | 157.9% |
| EBITDA margin | - |
| Days sales outstanding | - |
| Days payable outstanding | - |
| Inventory turnover | - |
| Days inventory (DSI) | - |
Balance-sheet composition 2025
Full annual accounts (20 line items)
Filed balance sheet and income statement, exactly as deposited with the NBB.
| Line item | Code | 2025 |
|---|---|---|
| Balance sheet, Assets | ||
| TOTAL ASSETS | 20/58 | €99k |
| Fixed assets | 21/28 | €23k |
| Tangible fixed assets | 22/27 | €22k |
| Financial fixed assets | 28 | €560 |
| Current assets | 29/58 | €76k |
| Amounts receivable within one year | 40/41 | €73k |
| Balance sheet, Equity & liabilities | ||
| TOTAL EQUITY & LIABILITIES | 10/49 | €99k |
| Equity | 10/15 | €-68k |
| Contributions / capital | 10/11 | €37k |
| Reserves | 13 | €44k |
| Accumulated profits (losses) | 14 | €-149k |
| Amounts payable | 17/49 | €167k |
| Amounts payable within one year | 42/48 | €167k |
| Trade debts payable within one year | 44 | €90k |
| Income statement | ||
| Gross operating margin | 9900 | €-79k |
| Operating result | 9901 | €-106k |
| Financial charges | 65 | €1k |
| Result before taxes | 9903 | €-108k |
| Net result for the period | 9904 | €-108k |
| Result to be appropriated | 9905 | €-108k |
This table shows the latest fiscal year. 4 prior years, with figures and ratios, belong to a paid plan.
See plans →
Ratios computed by Checked.
Health barometer
FY 2025 · computed7
/ 100
Critical
Computed from 5 of the 6 factors this model weighs. The rest cannot be derived from the filed figures, or need a prior year to compare against.
The full score breakdown, per-year score history and the indicative credit limit are in Kantoor S.
See plans →Computed by Checked from the NBB filing for FY 2025. Indicative, not credit advice.
Directors
Directors & mandates
1 director3 of this company's 3 Belgian State Gazette acts have not been read yet. Appointments and resignations recorded in them are missing below: a director who resigned there may therefore still show here as sitting. See the acts under Publications.
Current directors & mandates
-
VAN MULDERS JohanDirectorState Gazette act 23430197 (21-11-2023)Current21-11-2023 → present
2 events
- 21-11-2023 Appointed· Director
- 21-11-2023 Resigned· Director
Full appointment history from the Belgian State Gazette. Permanent representatives are shown for corporate directors.This list is read straight from this company's published acts, not from the officer register.
Insolvency mandates
No insolvency mandates (liquidators, administrators) on record for this company.
Legal Structure
| NACE primary | Verhuur en lease van andere machines en werktuigen en andere materiële goederen(77399) |
| Legal form | Private limited company(610) |
| Incorporation | 28-08-1995 |
| Status | Active |
| Postal code | 9400 |
Structure & network
Locations & real estate
Registered office
on the map · from the address registerEstablishment units
1 locationElisabethlaan 151, 9400 Ninove
since 20022.073.087.463
Physical sites registered in the Crossroads Bank for Enterprises (CBE).
Parcels1
Ground area3,897 m²
Buildings1
Building footprint46 m²
Volume (LiDAR)133 m³
Tallest building3.2 m · ±1 fl.
Real-estate footprint
Source: CBE × cadastre · address linkingParcels linked to this company through its CBE addresses (seat, establishment units, branches), cross-referenced with the cadastral parcel plan. This shows where the company operates, not a deeds register.
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 41362B1587/00M003 | Flanders | 3,897 m² | 1 · 46 m² | 3.2 m · 1 fl. |
Methodology
via registered seat: 1
1 of 1 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Publications
Lifecycle & Insolvency Signals
No insolvency signals in the Belgian State Gazette
Belgisch Staatsblad · acts
1 acts All acts · 1
updated 2 years ago
2023
21-11-2023 1 director appointed, 1 resigning
- VAN MULDERS Johan, Bestuurder
- VAN MULDERS Johan, Bestuurder
Notary:
Benjamin VAN HAUWERMEIREN · Oordegem
Analysis
Financial profile
5 of 5 axes measured54
/ 100
Mixed profile: strong on profitability, weaker on health.
All 5 axes are computed from data Checked has read.
Health
7
Profitability
100
Solvency
33
Growth
32
Stability
100
Credit advice
verdict per customer and amountSimilar
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We hold annual accounts for 124 of the 1,183 companies in this sector. 82 of them are within a factor 10 of this company's equity.
Company registry
Company registry (CBE)
Crossroads BankActivities
Grondverzet45112Verhuur en lease van andere machines en werktuigen en andere materiële goederen77399Verhuur en lease van andere machines en werktuigen en andere materiële goederen77399Slopen43110Slopen43110Bouwrijp maken van terreinen43120Bouwrijp maken van terreinen43120Slopen van gebouwen45111Goederenvervoer over de weg, m.u.v. verhuisbedrijven49410Goederenvervoer over de weg49410Goederenvervoer over de weg60242
Primary activity highlighted.
Names & trade names
| Legal nameNL | BART |
Registered office
Elisabethlaan 151
9400 Ninove, Belgium
Official data from the Crossroads Bank for Enterprises (CBE). Available for every registered company.