Checked.be
Active
BE 0463.261.112Private limited company
TROUBADOUR
Tiensestraat 32 ·3000 Leuven, Belgium· 28 yrs active
Sector: Full-service restaurants
(56111)
Conclusion
TROUBADOUR has been active since 1998 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €373k and a net result of €31k. Equity is shrinking by ~3% per year across the filed fiscal years. Its solvency ranks better than 60% of 3511 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 1.3% (low).
Based on the State Gazette, CBE and 5 annual accounts.
Key figures
| Equity | €373k |
| Net result | €31k |
| Staff (FTE) | 11.5 |
| Better than sector | 60% |
Financial profile
67
/ 100
Strong profile, led by stability.
All 5 axes are computed from data Checked has read.
Health
76
Profitability
42
Solvency
83
Growth
32
Stability
100
Bankruptcy probability (12 mo)
Risk Assessment
0 / 100
Low riskTrust signals
Long-established
Founded in 1998, 28 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.
Checked score
76
/ 100
Excellent
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
€30k
estimate, not credit advice
Score history
93
2021
70
2022
94
2023
86
2024
76
2025
purely financial, excl. current insolvency signals
Score components
Liquidity
Current ratio 2.03 (≥ 1.5)
+10
Quick ratio
Quick ratio 2.00 (≥ 1.0)
+5
Leverage
Debt/equity 1.53 (< 2.0)
+3
Profitability
ROE 8%
+3
Interest coverage
Interest coverage 3.7× (≥ 3×)
+8
Profit trend
Net profit down YoY
-3
Computed by Checked from the NBB filing for FY 2025. Indicative, not credit advice.
Financial overview
Annual accounts filed on 08-07-2026 with the NBB · fiscal year 2025 · abbreviated schema
Trajectory (indicative)
Projection over 3 fiscal years from the filed annual accounts, not a forecast, the extended trend.
declining
Equity: declining trend of ~3%/year over 5 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 56, Food and beverage service activities · compared within the same schema type (abbreviated schema)
| Metric | This company | Sector median | Position in the sector |
|---|---|---|---|
| Solvency | 39.5% | 29.7% | |
| Net result | €31k | €11k | |
| Equity | €373k | €90k | |
| Gross operating margin | €724k | €260k | |
| Staff costs | €637k | €251k |
€82k
-59.2%
21-25
€31k
-72.4%
21-25
€51k
-62.7%
21-25
€946k
-5.4%
21-25
€373k
-20.3%
21-25
€453k
-18.3%
21-25
12
-0.9%
21-25
€637k
-0.5%
21-25
€17k
-68.3%
21-25
€126k
-
21-25
€572k
+7.8%
21-25
€438k
+14.3%
21-25
€6k
-85.2%
21-25
2.03
-16.9%
21-25
2.00
-17.0%
21-25
39.5%
-15.8%
21-25
1.53
+35.2%
21-25
8.4%
-65.4%
21-25
3.3%
-70.8%
21-25
3.74
-64.6%
21-25
Figures by fiscal year and ratios
| Fiscal year | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Deposit | abbreviated schema | abbreviated schema | abbreviated schema | abbreviated schema | abbreviated schema |
| Revenue | - | - | - | - | - |
| EBITDA | €82k | €201k | €214k | €133k | €233k |
| Net profit | €31k | €113k | €118k | €54k | €156k |
| Cash flow | €51k | €136k | €143k | €94k | €198k |
| Staff costs | €637k | €640k | €616k | €515k | €247k |
| Income taxes | €17k | €53k | €55k | €26k | €18k |
| Dividends | €126k | - | - | - | - |
| Total assets | €946k | €999k | €983k | €951k | €1.12M |
| Equity | €373k | €468k | €355k | €237k | €563k |
| Debt | €572k | €531k | €628k | €714k | €553k |
| of which ≤ 1y | €438k | €383k | €437k | €427k | €207k |
| of which > 1y | - | €6k | €43k | €131k | €182k |
| Working capital | €453k | €555k | €472k | €449k | €801k |
| Employees (FTE) | 11.5 | 11.6 | 19.7 | 14.2 | 11.3 |
Ratios (computed)
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Current ratio | 2.03 | 2.45 | 2.08 | 2.05 | 4.87 |
| Quick ratio | 2.00 | 2.41 | 2.05 | 2.01 | 4.85 |
| Working capital ratio | 47.9% | 55.5% | 48.0% | 47.2% | 71.8% |
| Solvency | 39.5% | 46.9% | 36.1% | 24.9% | 50.4% |
| Debt / equity | 1.53 | 1.13 | 1.77 | 3.01 | 0.98 |
| Long-term debt ratio | - | 0.01 | 0.12 | 0.55 | 0.32 |
| Interest coverage | 3.74 | 10.55 | 9.25 | 6.21 | 13.85 |
| Gross margin | - | - | - | - | - |
| Net margin | - | - | - | - | - |
| ROA | 3.3% | 11.3% | 12.0% | 5.7% | 14.0% |
| ROE | 8.4% | 24.2% | 33.3% | 23.0% | 27.8% |
| EBITDA margin | - | - | - | - | - |
| Days sales outstanding | - | - | - | - | - |
| Days payable outstanding | - | - | - | - | - |
| Inventory turnover | - | - | - | - | - |
| Days inventory (DSI) | - | - | - | - | - |
Balance-sheet composition 2025
Full annual accounts (25 line items)
Filed balance sheet and income statement, exactly as deposited with the NBB.
| Line item | Code | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| Balance sheet, Assets | ||||||
| TOTAL ASSETS | 20/58 | €946k | €999k | €983k | €951k | €1.12M |
| Fixed assets | 21/28 | €54k | €61k | €75k | €75k | €108k |
| Intangible fixed assets | 21 | €1k | €2k | €2k | €3k | €3k |
| Tangible fixed assets | 22/27 | €49k | €56k | €70k | €69k | €102k |
| Financial fixed assets | 28 | €5k | €3k | €3k | €3k | €3k |
| Current assets | 29/58 | €891k | €938k | €908k | €876k | €1.01M |
| Stocks & contracts in progress | 3 | €13k | €13k | €12k | €16k | €4k |
| Amounts receivable within one year | 40/41 | €83k | €50k | €62k | €63k | €146k |
| Cash & bank | 54/58 | €202k | €260k | €207k | €153k | €181k |
| Balance sheet, Equity & liabilities | ||||||
| TOTAL EQUITY & LIABILITIES | 10/49 | €946k | €999k | €983k | €951k | €1.12M |
| Equity | 10/15 | €373k | €468k | €355k | €237k | €563k |
| Contributions / capital | 10/11 | €31k | €31k | €31k | €31k | €19k |
| Reserves | 13 | €342k | €437k | €324k | €206k | €544k |
| Amounts payable | 17/49 | €572k | €531k | €628k | €714k | €553k |
| Amounts payable after one year | 17 | - | €6k | €43k | €131k | €182k |
| Amounts payable within one year | 42/48 | €438k | €383k | €437k | €427k | €207k |
| Trade debts payable within one year | 44 | €123k | €105k | €85k | €63k | €45k |
| Income statement | ||||||
| Gross operating margin | 9900 | €724k | €844k | €834k | €654k | €482k |
| Operating result | 9901 | €63k | €178k | €189k | €94k | €191k |
| Financial income | 75 | €8k | €8k | €7k | €8k | €98 |
| Financial charges | 65 | €22k | €19k | €23k | €21k | €17k |
| Result before taxes | 9903 | €48k | €167k | €173k | €81k | €174k |
| Income taxes | 67/77 | €17k | €53k | €55k | €26k | €18k |
| Net result for the period | 9904 | €31k | €113k | €118k | €54k | €156k |
| Result to be appropriated | 9905 | €31k | €113k | €118k | €54k | €156k |
Legal Structure
| NACE primary | Full-service restaurants(56111) |
| Legal form | Private limited company(610) |
| Incorporation | 29-04-1998 |
| Status | Active |
| Postal code | 3000 |
Establishment units
De Troubadour
since 19982.087.093.669
Merkat
since 20182.283.208.764
Real-estate footprint
Flanders
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 24502B0872/00H000 | Flanders | 216 m² | 1 · 216 m² | 18.4 m · 4 fl. |
| 24502B0870/00P000 | Flanders | 81 m² | 1 · 78 m² | 14.0 m · 4 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.
Updates
Next filing, fiscal year 2026, expected by
2026
08-07
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema
2025
31-12
Financial
Weakest financial yearnet €31k ▼72.4%
Net result drops to €31k, the lowest in the series.
18-06
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema
2024
19-06
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema
2023
03-07
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema
2022
23-08
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema · 23 days late
2021
19-08
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema · 19 days late
2020
26-08
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema · 26 days late
2019
08-07
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema
2018
27-06
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema
2017
26-07
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
Belgian State Gazette reading coverage
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.
Credit advice
Company registry (CBE)
Activities
55301Full-service restaurants56101Full-service restaurants561115530255522Event catering56210
Names & trade names
| Legal nameNL | TROUBADOUR |
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