Turbel

Active

Public limited companyfounded 1955active for 71 yearsSpaarbekkenstraat 11, 1130 Brussel, BelgiumKBO/BCE: BE 0402.712.425

Summary

The computed 12-month bankruptcy probability of Turbel is 3.0% (moderate). The annual accounts of Turbel for financial year 2025 show a net loss of 66% of the equity at the start of that year. The 2025 annual accounts show equity of €398,483 and a net result of -€780,679. Equity is growing by about 6.7% per year across the filed financial years. Its solvency ranks better than 11% of 6,141 sector peers (NACE 46, financial year 2025). The company has been active since 1955 and the Belgian Official Gazette contains no insolvency or warning signals.

Risk analysisFollow Report Compare

TurbelActiveChecked score 48/100

Risk analysis Report Compare

Activity

Wholesale trade

NACE 46493Wholesale trade NACE 46492

1 site

Size

€11.0mturnover 2025

Staff: 47.5 FTE
Equity: €398,483
Loss: -€780,679

Financial health

48 Fair Checked score 2025

Bankruptcy probabilitywithin 12 months: 3.0%

Structure

Parent: EURABEL INVEST · 75.1%

CUVELIER RolandManaging director
CUVELIER SéverineDirector
EURABEL INVESTManaging director · permanent representative CUVELIER Aurélie

Auditor: VCLJ BEDRIJFSREVISOREN2025 accounts 30 days early4 of 15 deeds summarised

Why 48raises riskLoss of €780,679, the second in a row (financial year 2025)Liquidity: current ratio 0.79, cash €55,102Equity €398,483 (7.2% of total assets)Sector: Wholesale trade (NACE 46)Show the evidence

Checked score

Score 2025

48 / 100

Fair

Probability in this band: 1.5% to 4.2%

Financially better than 7% of its sector peers (NACE 46, small)

Every signal that counts is listed under Signals.

Financial strength · tick = 2024

Weak

Solvency 32-10

equity 7.2% of total assets

Liquidity 4-6

short-term debt 86.2% · cash 1.0%

Profitability 4+3

return on assets -14.1%

Bankruptcy probability, 12 months

3.0% Moderate

0%0.5%1.5%4%10%≥ 25%

About 3 in 100 comparable companies go bankrupt within 12 months (an estimate).

Sector median 0.2% (4,373 companies, NACE 46, small)

Last 24 months 11-2024: 2.4% 12-2024: 2.4%● unchanged vs 11-2024 01-2025: 2.4%● unchanged vs 12-2024 02-2025: 2.4%● unchanged vs 01-2025 03-2025: 2.4%● unchanged vs 02-2025 04-2025: 2.4%● unchanged vs 03-2025 05-2025: 2.3%▼ -0.1 percentage points vs 04-2025lowest value 06-2025: 2.4%▲ +0.1 percentage points vs 05-2025 07-2025: 2.4%● unchanged vs 06-2025 08-2025: 2.4%● unchanged vs 07-2025 09-2025: 2.4%● unchanged vs 08-2025 10-2025: 2.7%▲ +0.3 percentage points vs 09-2025 11-2025: 2.5%▼ -0.2 percentage points vs 10-2025 12-2025: 2.5%● unchanged vs 11-2025 01-2026: 2.5%● unchanged vs 12-2025 02-2026: 2.5%● unchanged vs 01-2026 03-2026: 2.5%● unchanged vs 02-2026 04-2026: 2.5%● unchanged vs 03-2026 05-2026: 2.5%● unchanged vs 04-2026 06-2026: 2.5%● unchanged vs 05-2026 07-2026: 2.5%● unchanged vs 06-2026 08-2026: 2.5%● unchanged vs 07-2026 09-2026: 2.5%● unchanged vs 08-2026 10-2026: 3.0%▲ +0.5 percentage points vs 09-2026highest value

Credit of up to €19,000 on 30-day terms, only on tighter conditions

Net loss of at least half of total assets or of the equity at the start of the financial year.

Liquidity insufficient (current ratio 0.79, compared with 0.95 in 2024, below 1; short-term debt: 86.2% and cash: 1% of total assets), and 92.8% of the assets are financed with debt and provisions.

How it is calculated

The band follows from the bankruptcy probability, on a scale where 10 more points roughly halve it:

75-100	Excellent	under 0.55%
60-74	Healthy	0.55% to 1.5%
45-59	Fair	1.5% to 4.2%
25-44	Weak	4.2% to 15.0%
0-24	Critical	over 15.0%

Where the company stands within its band depends half on the bankruptcy probability and half on how it does against its sector peers (NACE 46, small): better than 10% on solvency, 4% on liquidity, 4% on profitability and 10% on growth.

The bankruptcy probability was computed on 25-10-2026 by the bankruptcy model of 2 October 2026, which learns from Belgian bankruptcies and reads the registers, the annual accounts and the Belgian Official Gazette.

Some facts cap the score, however low the probability. Negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late hold it at Fair at most (59); two missing filings, at Weak (44). An ongoing judicial reorganisation or the company's end (bankruptcy, dissolution, liquidation) holds it at Critical at most (24).

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Signals

Seven signals.

raises riskneutral

Loss of €780,679, the second in a row (financial year 2025)

NBB · annual accounts

Liquidity: current ratio 0.79, cash €55,102

NBB · annual accounts

Equity €398,483 (7.2% of total assets)

NBB · annual accounts

Sector: Wholesale trade (NACE 46)

KBO

Persistent losses

Two consecutive loss-making years (2024 and 2025); equity is also lower. May indicate structural pressure on profitability.

NBB · annual accounts 2025

Net result per financial year

19202122232425

2019 to 2025 · latest year -€780,679

Weak solvency vs sector

Solvency (equity / total assets) is in the sector's weakest quartile: better than 11% of 6141 sector peers (2025).

NBB · sector comparison

Position among 6141 sector peers

Solvency

better than 11%

← weakest strongest →

Latest accounts filed on time

The financial year that closed on 31-03-2025 was due by 31-10-2025 and was filed on 01-10-2025, 30 days ahead of the deadline.

NBB · 10 filings

Deviation from the deadline

2025

30 days early

2024

31 days early

2023

39 days early

2022

28 days early

2021

55 days early

2020

43 days early

2019

49 days early

← before the deadline after the deadline →

tick = median of all Belgian filingsring = median in the sector

This company filed its last 7 accounts on average 39 days before the deadline; the sector median (NACE 46) for financial year 2024 is 3 days before the deadline, and 39% of those companies filed late.

Searched, nothing found (2)

Next filing not due yet

The financial year that closed on 31-03-2026 is due by 31-10-2026. Nothing is late today. The company usually files around 30 September (5 of the last 5 filed years within 30 days of that day).

Companies Code · seven months

Where today falls in the filing period

31-03-2026 year end26-10-2026 today31-10-2026 deadline

No strike-offs in the KBO publications

Searched since 2021.

KBO publications · our coverage

17-02-2026 Purpose · Amendment of the articles…Purpose change · Power of…
01-10-2025 Annual accounts filedfinancial year 2025 · full…
19-11-2024 Reappointment: VCLJ BEDRIJFREVISOREN SC SRL (statutory…Power of attorney

Key points

Caution: Among the weakest 5% on net resultsector median €112,347 · 6,076 companies -€780,679 View
Caution: Equity fell in 2025from €1.2m to €398,483 ▼ 66.5% View
Positive: Filed on time since financial year 2018accounts within the deadline every year 8 years View
Controlled by EURABEL INVEST 75.1% View
Caution: 2 loss-making years in a rowloss financial year 2025 -€780,679 View
Active since 1955founded 15-02-1955 71 years View

By topic

Financials

Financial year: 2025
Turnover: €11.0m
Loss: -€780,679
Solvency: 7.2%

Turnover▼ 11.1%

Net result

20192025

Go to Financials

Board & ownership

Board: 3 members
Parent: EURABEL INVEST · 75.1%
Auditor: VCLJ BEDRIJFSREVISOREN

CUVELIER RolandManaging director
CUVELIER SéverineDirector
EURABEL INVESTManaging director

Go to Board & ownership

Timeline

Events: 55
Since: 1978
Next accounts: by 31-10-2026

30-09-2024Annual accounts filed
04-04-2024Reappointments: CUVELIER Roland, CUVELIER Séverine and EURABEL…
31-03-2024Weakest financial year

Go to Timeline

Company details

Sites: 1

Legal form: Public limited company
Activity: Wholesale tradeNACE 46493
Founded: 15-02-1955
Year ends: 31-03
Peppol: Reachable for e-invoices

Go to Company details

Articles of association

Provisions read: 12

Purpose: “L’exportation, l’importation, la vente, l’achat, la représentation, la fabrication, la…” (deed in French)

Go to Articles of association

Key facts about Turbel

What is the company number of Turbel?: 0402.712.425. In Belgium the VAT number is the company number with BE in front: BE 0402.712.425.
Where is Turbel based?: The registered office is at Spaarbekkenstraat 11, 1130 Brussel.Company details
What does Turbel do?: According to the KBO register, the main activity is wholesale trade (NACE 46493).
What is the legal form of Turbel?: Public limited company (NV).
When was Turbel founded?: On 15-02-1955.
Is Turbel still active?: Yes, Turbel is an active enterprise in the KBO register.
How many employees does Turbel have?: On average 47.5 full-time equivalents in financial year 2025, according to the filed annual accounts.Financials
What is the turnover of Turbel?: €11.0m in financial year 2025, according to the filed annual accounts.
Is Turbel profitable?: In financial year 2025, Turbel made a loss of €780,679.
Where can I find the annual accounts of Turbel?: Turbel filed 47 annual accounts with the National Bank of Belgium, the latest for financial year 2025.
When are the next annual accounts of Turbel due?: By 31-10-2026, for financial year 2026.Timeline