ITIHAD

Active

Private limited companyfounded 200719 yrs activeMasuistraat 70, 1000 Brussel, BelgiumKBO/BCE: BE 0888.967.881

The computed 12-month bankruptcy probability of ITIHAD is 2.2% (moderate). The 2024 annual accounts show equity of €68k and a net result of €14k. The figures fluctuate too strongly year-on-year for a reliable trend projection. Its solvency ranks better than 40% of 6537 sector peers (fiscal year 2024). The company has been active since 2007 and the Belgian State Gazette contains no insolvency or warning signals.

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Checked score

Score 2024

54 / 100

Fair

The score weighs solvency, liquidity and profitability. Bankruptcy probability contributes 35%. Every signal that weighs is under Signals.

Axes · tick = 2023

Profitability75▼-8

Solvency50▼-7

Growth78=

Track record100

Bankruptcy probability, 12 months

2.2% Moderate

0%0.5%1.5%4%10%≥ 25%

Credit up to €3.5k at 30 days only on tighter terms

Liquidity short (current ratio 0.57 against 1.15 in 2023; short-term debt: 75.4% and cash: 21.5% of total assets), and 75.4% of the assets are financed with debt.

How do we compute the score and the probability?

Credit advice for your own amount and term

Signals

Eight signals. The signal on the left, the evidence on the right.

−lowers risk+raises risk○neutral

Higher-failure-rate region

In this region companies fail more often than in the rest of the country.

KBO · registered office

Multiple establishment units

Several establishment units mean more fixed costs, and such companies fail more often than a company with one establishment.

KBO · establishment units

Higher-failure-rate sector

In this sector companies fail more often than the Belgian average.

Gazette · bankruptcies per sector, NACE 47

Relative position

BE, all sectors

reference

Sector 47

higher

← fewer bankruptcies more bankruptcies →

Long track record

A company with a long track record statistically fails less often than a young one.

KBO · incorporation date

Age against the risk zone

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 2024

Solvency, return and age of the figures

Solvency

24.6%

Return on assets

5.1%

Age of the figures

21 mo

Growing equity

Reported equity is higher than in 2022 and did not fall compared with 2023. These amounts do not establish the cause of the change.

NBB · annual accounts 2024

Equity per financial year

18192021222324

2018 to 2024 · latest year €68k

Filed more than 90 days late

The financial year that closed on 31-12-2024 was due by 31-07-2025 and was filed on 24-12-2025, 146 days past the deadline. Measured on financial year 2023: companies more than 90 days late are in an abnormal legal state today in 5.61% of cases, against 1.66% across all filers.

NBB · 10 filings

Deviation from the deadline

2025

not confirmed

2024

146 d late

2023

138 d late

2022

39 d late

2021

29 d late

2020

31 d late

2019

39 d late

← before the deadline after the deadline →

No strike-offs in the KBO publications

We found no ex-officio strike-off or cessation. Our series starts in 2021 and has gaps, so this is not a confirmation that there is nothing.

KBO publications · our coverage

Financials · fiscal year 2024, full schema

Turnover

Not included in this filing

EBIT margin

Not included in this filing

Net result

€14k▼ 26.1%

2023 · €19k

2018: €6k 2019: €522 2020: €602 2021: €-17k 2022: €37k 2023: €19k

2018 → 2024

Working capital

€-89k

2023 · €17k

2018: €17k 2019: €4k 2020: €7k 2021: €-12k 2022: €-14k 2023: €17k

2018 → 2024

Multi-year overview

Every figure with its change against the year before

▲ rise ▼ fall

Line20202021202220232024Trend

Equity€14k-€-3k€35k€54k▲ 55.6%€68k▲ 26.4%

Operating result€5k-€-13k€56k€29k▼ 48.8%€14k▼ 52.6%

Net result€602-€-17k€37k€19k▼ 48.5%€14k▼ 26.1%

Result per fiscal year

Operating resultNet result

The operating result has fallen two years in a row; 2024 is 53% below 2023.

Balance-sheet composition

2024 in colour, 2023 as the grey bar beneath

Assets €276k

56.7%

43.3%

Fixed assets €157k▲ 327%

Current assets €119k▼ 10.4%

Equity and liabilities €276k

24.6%

75.4%

Equity €68k▲ 26.4%

Debt €208k▲ 79.0%

The debt ratio rises from 68.4% to 75.4%. Equity and debt are higher.

Key figures and ratios

2024 value · change against 2023

EBITDA

€37k▼

2023 · €40k

Cash flow

€37k▲

2023 · €30k

Solvency

24.6%▼

2023 · 31.6%

Current ratio

0.57▼

2023 · 1.15

Quick ratio

0.31▼

2023 · 0.35

Debt / equity

3.06▲

2023 · 2.16

ROE

20.9%▼

2023 · 35.7%

ROA

5.1%▼

2023 · 11.3%

Interest coverage

96.98▲

2023 · 29.91

Debt

€208k▲

2023 · €116k

Debt ≤ 1 year

€208k▲

2023 · €116k

Income taxes

€-852▼

2023 · €8k

Staff costs

€156k▲

2023 · €75k

Green means a favourable move, even when the figure itself falls: as with debt or debt / equity.

Filed annual accounts

As filed with the NBB · 2024 against 2023

Balance sheet Code20232024

Assets

Total assets20/58€170k€276k▲

Fixed assets21/28€37k€157k▲

Intangible fixed assets21€13k€51k▲

Tangible fixed assets22/27€14k€83k▲

Plant, machinery and equipment23-€2k

Furniture and vehicles24€14k€81k▲

Financial fixed assets28€10k€22k▲

Current assets29/58€133k€119k▼

Amounts receivable after more than one year29-€221

Trade receivables290-€221

Stocks and contracts in progress3€92k€55k▼

Stocks30/36€92k€55k▼

Amounts receivable within one year40/41-€5k

Other amounts receivable41-€5k

Cash at bank and in hand54/58€41k€59k▲

Equity and liabilities

Total equity and liabilities10/49€170k€276k▲

Equity10/15€54k€68k▲

Contributions10/11€19k€19k=

Capital10€19k€19k=

Issued capital100€19k€19k=

Profit (loss) carried forward14€35k€49k▲

Amounts payable17/49€116k€208k▲

Amounts payable within one year42/48€116k€208k▲

Trade debts44€12k€59k▲

Suppliers440/4€12k€59k▲

Taxes, remuneration and social security45€44k€50k▲

Taxes450/3€26k€8k▼

Remuneration and social security454/9€18k€41k▲

Other amounts payable47/48€61k€99k▲

Income statement Code20232024

Remuneration, social security and pensions62€75k€156k▲

Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€11k€23k▲

Other operating charges640/8€6k€21k▲

Gross operating margin9900€122k€214k▲

Operating profit (loss)9901€29k€14k▼

Financial charges65/66B€1k€380▼

Recurring financial charges65€1k€380▼

Profit (loss) for the period before taxes9903€28k€13k▼

Income taxes67/77€8k€-852▼

Profit (loss) for the period9904€19k€14k▼

Profit (loss) for the period to be appropriated9905€19k€14k▼

Appropriation of the result

Profit (loss) to be appropriated9906€35k€49k▲

Profit (loss) brought forward from the previous period14P€16k€35k▲

The notes to these accounts (11 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.

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Timeline · acts, filings and financial milestones

All 12Financial 2Filings 10

2025

24-12

NBB filing Annual accounts filed

fiscal year 2024 · full schema · 146 days late

2024

16-12

NBB filing Annual accounts filed

fiscal year 2023 · full schema · 138 days late

2023

08-09

NBB filing Annual accounts filed

fiscal year 2022 · full schema · 39 days late

2022

31-12

Financial Back to profitnet €37k

Net result €37k after one loss-making year.

29-08

NBB filing Annual accounts filed

fiscal year 2021 · full schema · 29 days late

2021

31-12

Financial Weakest financial yearnet €-17k ▼2953%

Net result drops to €-17k, the lowest in the series; recovery starts the following year.

31-08

NBB filing Annual accounts filed

fiscal year 2020 · full schema · 31 days late

2020

08-09

NBB filing Annual accounts filed

fiscal year 2019 · full schema · 39 days late

2019

09-09

NBB filing Annual accounts filed

fiscal year 2018 · full schema · 40 days late

2018

31-08

NBB filing Annual accounts filed

fiscal year 2017 · full schema · 31 days late

2017

28-08

NBB filing Annual accounts filed

fiscal year 2016 · full schema · 28 days late

2016

19-08

NBB filing Annual accounts filed

fiscal year 2015 · full schema · 19 days late

Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.

Directors · office · real estate

Directors

8 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, Brussel · 3 establishment units since 2019

establishment All 3 establishment units on the map

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.

Masuistraat 701000 Brussel

Ground area

2,590 m²

Building footprint

1,601 m²

Volume, LiDAR

33,335 m³

3 parcels, Brussels · tallest building 28.8 m, ±8 floors. Linked by address, not a title deed.

3 establishment units

ITIHAD

Masuistraat 70, 1000 BrusselRetail trade

since 20192.284.387.018

ITIHAD

Pagodenlaan 343, 1020 BrusselRetail trade

since 20222.331.473.885

Metro Express

Adolphe Maxlaan 10, 1000 BrusselRetail sale of beverages, general range

since 20242.356.833.546

3 parcels

Brussels 3 (100%)

Parcel (capakey)	Region	Area	Buildings	Height / fl.
21802B0429/00M002	Brussels	2,095 m²	1 · 1,425 m²	28.8 m · 8 fl.
21818E0200/00C002	Brussels	348 m²	1 · 176 m²	12.8 m · 3 fl.
21814P0432/00X017	Brussels	147 m²	-	-