The predictive models of bankruptcy in academic literature are extensive, yet they frequently exhibit inconsistencies, particularly within the tourism sector. This paper investigates the viability of SMEs in the tourism industry, emphasizing how financial predictors influence their sustainability and capacity to implement resilient practices. Utilizing logistic regression to analyze financial data from 1070 SMEs, including 535 that declared bankruptcy between 2018 and 2022, the study identifies asset tangibility as a critical determinant of resilience, particularly during periods of crisis. Furthermore, elevated profitability, as indicated by the return on assets (ROA) and the working capital ratio, is shown to reduce the likelihood of bankruptcy. Firm-level attributes such as size and age are also significant, contributing to greater financial stability and enhancing businesses’ ability to endure economic disruptions. This research advances the understanding of bankruptcy risk factors in the Belgian tourism context and underscores the crucial role of effective financial management and sustainable practices in securing long-term profitability. The findings provide strategic insights essential for fostering resilience and sustainability within the tourism industry, contributing to the shaping of more robust and future business models.