Active BE 0684.659.355Private limited company

ORZESZEK

Jan Welterslaan 21-23 ·2100 Antwerpen, Belgium· 8 yrs active

Sector: Non-specialised retail sale with food, beverages or tobacco predominating (47110)

Conclusion Checked

ORZESZEK has been active since 2017 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €210k and a net result of €97k. Equity is growing by ~3.6% per year across the filed fiscal years. Its solvency ranks better than 56% of 17366 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.8% (low).

Based on the State Gazette, CBE and 4 annual accounts.

Key figures

Equity	€210k
Net result	€97k
Staff (FTE)	10.8
Better than sector	56%

Financial profile 5 of 5 axes measured · computed by Checked

83 / 100

Exceptional profile, strong across almost every axis.

All 5 axes are computed from data Checked has read.

Health 89

Profitability 100

Solvency 72

Growth 52

Stability 100

Bankruptcy probability (12 mo) Checked model v1 · free

0.8% Low

0%0,5%1,5%4%10%≥25%

How do we compute this?

Risk Assessment rule-based

0 / 100

Low risk

Trust signals 2 signals

More than 3 years active

Founded in 2017, past the statistically most fragile first 3 years.

No legal incidents

No bankruptcy, reorganisation or interim measure in the Belgisch Staatsblad, and the KBO register records a normal legal situation.

Administrative Flags0 events

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.

Checked score FY 2025 · computed

89 / 100 Excellent

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.

Indicative credit limit

€19k

estimate, not credit advice

Score history

93 2021

86 2022

40 2024

89 2025

purely financial, excl. current insolvency signals

Score components

Liquidity Current ratio 1.38 (≥ 1.0) +5

Quick ratio Quick ratio 1.14 (≥ 1.0) +5

Leverage Debt/equity 1.41 (< 2.0) +3

Profitability ROE 46% (≥ 10%) +10

Interest coverage Interest coverage 19.6× (≥ 3×) +8

Profit trend Net profit up YoY +5

Equity growth Equity growing YoY +3

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

Financial overview6 NBB filings

Annual accounts filed on 04-02-2026 with the NBB · fiscal year 2025 · micro schema

Operating resultNet result

Trajectory (indicative)

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

growing Equity: growth of ~3.6%/year over 4 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 (micro schema)

Metric	This company	Sector median	Position in the sector
Solvency	41.5%	34.6%	better than 56% of 17366 sector peers
Net result	€97k	€5k	better than 95% of 17348 sector peers
Equity	€210k	€44k	better than 85% of 17394 sector peers
Gross operating margin	€425k	€34k	better than 95% of 17313 sector peers
Staff costs	€260k	€40k	higher than 95% of 7870 sector peers

EBITDA

€162k

+3.5% 21-25

Net profit

€97k

- 21-25

Cash flow

€113k

- 21-25

Total assets

€507k

+11.4% 21-25

Equity

€210k

+84.8% 21-25

Working capital

€112k

+399.1% 21-25

Employees (FTE)

11

+12.5% 21-25

Staff costs

€260k

-53.7% 21-25

Income taxes

€41k

-79.1% 21-25

Debt

€297k

-13.1% 21-25

Debt ≤ 1y

€297k

-13.1% 21-25

Current ratio

1.38

+29.3% 21-25

Quick ratio

1.14

+34.4% 21-25

Solvency

41.5%

+65.9% 21-25

Debt / equity

1.41

-53.0% 21-25

ROE

45.9%

- 21-25

ROA

19.0%

- 21-25

Interest coverage

19.56

+279.4% 21-25

Figures by fiscal year and ratios

Highlight YoY changes (±10%)

Fiscal year	2025	2024	2022	2021
Deposit	micro schema	micro schema	micro schema	micro schema
Revenue	-	-	-	-
EBITDA	€162k	€157k	€66k	€195k
Net profit	€97k	€-79k	€13k	€132k
Cash flow	€113k	€-70k	€21k	€140k
Staff costs	€260k	€562k	€307k	€180k
Income taxes	€41k	€197k	€31k	€41k
Dividends	-	-	-	-
Total assets	€507k	€455k	€312k	€264k
Equity	€210k	€114k	€193k	€180k
Debt	€297k	€342k	€118k	€84k
of which ≤ 1y	€297k	€342k	€118k	€84k
of which > 1y	-	-	-	-
Working capital	€112k	€22k	€156k	€135k
Employees (FTE)	10.8	9.6	7.9	6.9

Ratios (computed)

	2025	2024	2022	2021
Current ratio	1.38	1.07	2.32	2.62
Quick ratio	1.14	0.84	1.64	2.55
Working capital ratio	22.1%	4.9%	50.1%	51.4%
Solvency	41.5%	25.0%	62.0%	68.3%
Debt / equity	1.41	3.00	0.61	0.46
Long-term debt ratio	-	-	-	-
Interest coverage	19.56	5.15	4.73	13.60
Gross margin	-	-	-	-
Net margin	-	-	-	-
ROA	19.0%	-17.5%	4.3%	50.2%
ROE	45.9%	-69.8%	6.9%	73.4%
EBITDA margin	-	-	-	-
Days sales outstanding	-	-	-	-
Days payable outstanding	-	-	-	-
Inventory turnover	-	-	-	-
Days inventory (DSI)	-	-	-	-

Balance-sheet composition 2025

Assets

Fixed assets €98k · 19.4% Current assets €409k · 80.6%

Equity & liabilities

Equity €210k · 41.5% Debt €297k · 58.5%

Full annual accounts (24 line items)

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

Line item	Code	2025	2024	2022	2021
Balance sheet, Assets
TOTAL ASSETS	20/58	€507k	€455k	€312k	€264k
Fixed assets	21/28	€98k	€91k	€37k	€45k
Tangible fixed assets	22/27	€98k	€91k	€36k	€44k
Financial fixed assets	28	€698	€698	€698	€698
Current assets	29/58	€409k	€364k	€275k	€219k
Stocks & contracts in progress	3	€72k	€75k	€80k	€6k
Amounts receivable within one year	40/41	€199k	€136k	€20k	€39k
Cash & bank	54/58	€133k	€153k	€113k	€174k
Balance sheet, Equity & liabilities
TOTAL EQUITY & LIABILITIES	10/49	€507k	€455k	€312k	€264k
Equity	10/15	€210k	€114k	€193k	€180k
Contributions / capital	10/11	€19k	€19k	€19k	€19k
Reserves	13	€2k	€2k	€2k	€2k
Accumulated profits (losses)	14	€190k	€93k	€173k	€160k
Amounts payable	17/49	€297k	€342k	€118k	€84k
Amounts payable within one year	42/48	€297k	€342k	€118k	€84k
Trade debts payable within one year	44	€82k	€141k	€18k	€13k
Income statement
Gross operating margin	9900	€425k	€723k	€395k	€384k
Operating result	9901	€146k	€147k	€58k	€187k
Financial income	75	-	€477	-	-
Financial charges	65	€8k	€30k	€14k	€14k
Result before taxes	9903	€138k	€117k	€44k	€173k
Income taxes	67/77	€41k	€197k	€31k	€41k
Net result for the period	9904	€97k	€-79k	€13k	€132k
Result to be appropriated	9905	€97k	€-79k	€13k	€132k

Directors & mandates 2 directors

Current directors & mandates

NAZAR MOHAMEDTAHIR Ismael
Director
State Gazette act 24380854 (26-03-2024)

Current
26-03-2024 → present
SZWARCZYNSKI Tadeusz Ryszard
Director
State Gazette act 24380854 (26-03-2024)

Current
26-03-2024 → present

Legal Structure

NACE primary	Non-specialised retail sale with food, beverages or tobacco predominating(47110)
Legal form	Private limited company(610)
Incorporation	14-11-2017
Status	Active
Postal code	2100

Establishment units 1 location

ORZESZEK

Jan Welterslaan 21-23, 2100 AntwerpenArtisanal bread and fresh pastry making

since 20172.279.880.773

Real-estate footprint Source: CBE × cadastre

Flanders 1 (100%)

Parcel (capakey)	Region	Area	Buildings	Height / fl.
11012A0161/00E003	Flanders	552 m²	1 · 320 m²	11.6 m · 1 fl.

Methodology

via registered seat: 1

1 of 1 parcel with an exact address match; the rest are indicative.

Linked through address data, this is not proof of ownership.

Updates 7 events

All 10Financial 3Gazette 1Filings 6

Next filing, fiscal year 2026, expected by 31-01-2027

2026

04-02

NBB filing Annual accounts filed

fiscal year 2025 · micro schema · 4 days late

2025

26-09

NBB filing Annual accounts filed

fiscal year 2024 · micro schema · 238 days late

30-06

Financial Back to profitnet €97k

Net result €97k after one loss-making year.

30-06

Financial Equity above €200kEq €210k ▲84.8%

Equity rises from €114k to €210k.

2024

30-06

Financial Weakest financial yearnet €-79k ▼698%

Net result drops to €-79k, the lowest in the series; recovery starts the following year.

26-03

State Gazette act Director changes

Pieter Herman

2023

09-05

NBB filing Annual accounts filed

fiscal year 2022 · micro schema · 9 days late

2022

04-05

NBB filing Annual accounts filed

fiscal year 2021 · micro schema · 4 days late

2021

11-05

NBB filing Annual accounts filed

fiscal year 2020 · micro schema · 11 days late

2020

24-06

NBB filing Annual accounts filed

fiscal year 2019 · micro schema · 55 days late

Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.

Belgian State Gazette reading coverage 0 of 5 acts read

We know of 5 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.

Belgisch Staatsblad, acts 1 acts

All acts · 1 updated 2 years ago

2024

26-03-2024 2 directors appointed, 2 resigning Director changes·Pieter Herman

NAZAR MOHAMEDTAHIR Ismael, Bestuurder
SZWARCZYNSKI Tadeusz Ryszard, Bestuurder
NAZAR MOHAMEDTAHIR Ismael, Zaakvoerder
SZWARCZYNSKI Tadeusz Ryszard, Zaakvoerder

Notary: Pieter Herman · Antwerpen

Original publication ↗

Technical details

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Credit advice verdict per customer and amount

Company registry (CBE) Crossroads Bank

Activities

Non-specialised retail sale with food, beverages or tobacco predominating47110Retail trade47113Supermarkets47114

Names & trade names

Legal nameNL

ORZESZEK

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