Elmy · Checked.be

Summary

Conclusion

the dossier summarised in one paragraph

The computed 12-month bankruptcy probability of Elmy is 1.2% (low). The 2025 annual accounts show negative equity (€-582k) and a net result of €-202k. Equity is shrinking by ~66% per year across the filed fiscal years. Its solvency ranks better than 5% of 478 sector peers (fiscal year 2025). The company has been active since 2016 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 everyone

1.2% Low

0%0,5%1,5%4%10%≥25%

Annual accounts: weaker financial profile +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 evidence

Negative 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-wide

Latest accounts filed on time

The financial year that closed on 30-06-2025 was due by 31-01-2026 and was filed on 30-01-2026, 1 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 9 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	30-01-2026	1 d early	2026-00024250
30-06-2024	31-01-2025	11-02-2025	11 d late	2025-00034988
30-06-2023	31-01-2024	26-02-2024	26 d late	2024-00039045
30-06-2022	31-01-2023	26-01-2023	5 d early	2023-00005526
30-06-2021	31-01-2022	04-03-2022	32 d late	2022-07000596
30-06-2020	31-01-2021	01-02-2021	1 d late	2021-04400346
30-06-2019	31-01-2020	31-01-2020	on the day	2020-03600318
30-06-2018	31-01-2019	30-01-2019	1 d early	2019-03100004
30-06-2017	31-01-2018	31-01-2018	on the day	2018-04200280

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 signals

Established

Founded in 2016, 10 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€-202k-185.9%

Working capital€-955k-26.6%

CSV export

Annual accounts & ratios

Source: NBB · 2025

Annual accounts filed on 30-01-2026 with the NBB · fiscal year 2025 · verkort

Operating resultNet result

Trajectory (indicative)

Projection over 3 fiscal years from the filed annual accounts, not a forecast, the extended trend.

declining Equity: declining trend of ~66%/year over 7 fiscal years, indicative, assuming unchanged policy.

Solid line = filed figures · dashed = extended trend · area = indicative range.

How do we compute this?

The trend is a robust median of all pairwise slopes between fiscal years (Theil-Sen), so a single odd year cannot hijack the line. For strictly positive series we also fit a log variant (compound annual growth) and keep whichever describes the figures best.

The area around the projection is 1.8 × the median absolute deviation from the trend, widening each year ahead (×1 / ×1.6 / ×2.2), with a minimum of 8% of the last value. It is an indicative range, not a statistical confidence interval.

A series whose deviations exceed 35% of its level is too volatile: we then deliberately show no projection. Every projection assumes unchanged policy and is blind to non-public information (order book, contracts, funding rounds).

Sector comparison

Fiscal year 2025 · NACE 47, Retail trade · compared within the same schema type (abbreviated schema)

Metric	This company	Sector median	Position in the sector
Solvency	-58.7%	21.2%	better than 5% of 478 sector peers
Net result	€-202k	€33k	better than 7% of 476 sector peers
Equity	€-582k	€166k	better than 5% of 478 sector peers
Gross operating margin	€667k	€282k	better than 77% of 478 sector peers
Staff costs	€709k	€212k	higher than 82% of 385 sector peers

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).

Solvency P5

Weakening position over 2020-2025 · n=478-1225

Net result P7

Weakening position over 2020-2025 · n=476-1224

Equity P5

Weakening position over 2020-2025 · n=478-1225

Gross operating margin P77

Improving position over 2020-2025 · n=478-1223

Describes the position versus peers, not a forecast.

EBITDA

€-22k

- 19-25

Net profit

€-202k

-185.9% 19-25

Cash flow

€-85k

- 19-25

Total assets

€991k

-18.5% 19-25

Equity

€-582k

-53.1% 19-25

Working capital

€-955k

-26.6% 19-25

Employees (FTE)

14

+26.8% 19-25

Staff costs

€709k

+28.6% 19-25

Income taxes

€641

+84.2% 19-25

Debt

€1.57M

-1.4% 19-25

Debt ≤ 1y

€1.40M

+6.5% 19-25

Debt > 1y

€171k

-38.9% 19-25

Current ratio

0.32

-25.3% 19-25

Quick ratio

0.12

-43.7% 19-25

Solvency

-58.7%

-87.8% 19-25

Debt / equity

-2.70

+35.6% 19-25

ROE

34.7%

+86.8% 19-25

ROA

-20.3%

-250.8% 19-25

Interest coverage

-0.35

- 19-25

Figures by fiscal year

Highlight YoY changes (±10%)

Fiscal year	2025
Deposit	verkort
Revenue	-
EBITDA	€-22k
Net profit	€-202k
Cash flow	€-85k
Staff costs	€709k
Income taxes	€641
Dividends	-
Total assets	€991k
Equity	€-582k
Debt	€1.57M
of which ≤ 1y	€1.40M
of which > 1y	€171k
Working capital	€-955k
Employees (FTE)	14.2

Ratios (computed)

	2025
Current ratio	0.32
Quick ratio	0.12
Working capital ratio	-96.3%
Solvency	-58.7%
Debt / equity	-2.70
Long-term debt ratio	-0.29
Interest coverage	-0.35
Gross margin	-
Net margin	-
ROA	-20.3%
ROE	34.7%
EBITDA margin	-
Days sales outstanding	-
Days payable outstanding	-
Inventory turnover	-
Days inventory (DSI)	-

Balance-sheet composition 2025

Assets

Fixed assets €544k · 54.9% Current assets €447k · 45.1%

Full annual accounts

Filed balance sheet and income statement, exactly as deposited with the NBB.

Line item	Code	2025
Balance sheet, Assets
TOTAL ASSETS	20/58	€991k
Fixed assets	21/28	€544k
Intangible fixed assets	21	€0
Tangible fixed assets	22/27	€544k
Current assets	29/58	€447k
Stocks & contracts in progress	3	€281k
Amounts receivable within one year	40/41	€96k
Cash & bank	54/58	€65k
Balance sheet, Equity & liabilities
TOTAL EQUITY & LIABILITIES	10/49	€991k
Equity	10/15	€-582k
Contributions / capital	10/11	€12k
Reserves	13	€2k
Accumulated profits (losses)	14	€-596k
Amounts payable	17/49	€1.57M
Amounts payable after one year	17	€171k
Amounts payable within one year	42/48	€1.40M
Trade debts payable within one year	44	€1.08M
Income statement
Gross operating margin	9900	€667k
Operating result	9901	€-139k
Financial income	75	€572
Financial charges	65	€63k
Result before taxes	9903	€-201k
Income taxes	67/77	€641
Net result for the period	9904	€-202k
Result to be appropriated	9905	€-202k

You're seeing the latest fiscal year only. Unlock 4 prior years (figures + ratios) with a paid plan. See plans →

Ratios computed by Checked.

Health barometer

FY 2025 · computed

7 / 100 Critical

050100

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.

Unlock the full score breakdown, per-year score history and the indicative credit limit from Kantoor S.

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Computed by Checked from the NBB filing for FY 2025. Indicative, not credit advice.

Directors

Directors & mandates

3 directors

Current directors & mandates

Atelier GauthierLegal entity
Director
State Gazette act 23054679 (21-04-2023)

Current
01-04-2023 → present

Former directors (2)

Gauthier Van Weehaeghe
Director
State Gazette act 23054679 (21-04-2023)

Former
- → 01-04-2023
Veerle Croubels
Director
State Gazette act 23054679 (21-04-2023)

Former
- → 01-04-2023

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	Niet-gespecialiseerde detailhandel waarbij voedings- en genotmiddelen overheersen(47110)
Legal form	Private limited company(610)
Incorporation	17-03-2016
Status	Active
Postal code	8530

Structure & network

Locations & real estate

Registered office

from the Crossroads Bank

Cannot be placed on the map

This address could not be matched to a point in the Belgian address register (BOSA BEST). The address below comes straight from the Crossroads Bank.

Elzenlaan 98530 Harelbeke

Establishment units

1 location

Proxy Delhaize Olsene

Grote Steenweg 190, 9870 ZulteHandelsbemiddeling in de groothandel in andere specifieke goederen

since 20202.300.447.446

Physical sites registered in the Crossroads Bank for Enterprises (CBE).

Parcels2

Ground area3,351 m²

Buildings2

Building footprint1,272 m²

Volume (LiDAR)710 m³

Tallest building9.5 m · ±1 fl.

Real-estate footprint

Source: CBE × cadastre · address linking

Parcels 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 2 (100%)

Parcel (capakey)	Region	Area	Buildings	Height / fl.
44050A0780/00G003	Flanders	2,622 m²	1 · 1,083 m²	-
34322B0410/00P017	Flanders	730 m²	1 · 189 m²	9.4 m · 1 fl.

Methodology

via registered seat: 1 · via establishment units: 1

2 of 2 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 3 years ago

2023

21-04-2023 1 director appointed, 2 resigning Director changes

Atelier Gauthier, Bestuurder
Gauthier Van Weehaeghe, Bestuurder
Veerle Croubels, Bestuurder

Original publication ↗

Analysis

Snowflake analysis

financial profile on 5 axes

54 / 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

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Generate a structured, factual brief from every signal in this dossier: risk, financial health, ownership, mandates and sector comparison.

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Credit advice

verdict per customer and amount

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We hold annual accounts for 1,627 of the 10,430 companies in this sector. 1,357 of them are within a factor 10 of this company's equity.

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Company registry

Company registry (CBE)

Crossroads Bank

Activities

Niet-gespecialiseerde detailhandel waarbij voedings- en genotmiddelen overheersen47110Detailhandel in niet-gespecialiseerde winkels waarbij voedings- en genotmiddelen overheersen (verkoopsoppervlakte < 100 m²)47112Detailhandel in vlees en vleesproducten in gespecialiseerde winkels, m.u.v. vlees van wild en van gevogelte47221Detailhandel in vlees en vleesproducten, muv vlees van wild en van gevogelte47221Detailhandel in vlees en vleesproducten in gespecialiseerde winkels, m.u.v. vlees van wild en van gevogelte47221Detailhandel in vlees en vleesproducten, muv vlees van wild en van gevogelte47221Detailhandel in vlees van wild en van gevogelte in gespecialiseerde winkels47222Detailhandel in vlees van wild en van gevogelte47222Detailhandel in zuivelproducten en eieren47271Detailhandel in zuivelproducten en eieren in gespecialiseerde winkels47291

Primary activity highlighted.

Names & trade names

Legal nameNL

Elmy

Registered office

Elzenlaan 9

8530 Harelbeke, Belgium

Official data from the Crossroads Bank for Enterprises (CBE). Available for every registered company.