Checked.be · Company dossierhttps://checked.be/en/c/2work-0688891030 · as of 03-11-2026
2WORK
Active
Public limited company · founded 2018 · active for 8 yearsZavelbosstraat(HRT) 3, 2200 Herentals, BelgiumKBO/BCE: BE 0688.891.030
Summary
2WORK has been active since 2018 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €499,413 and a net result of €61,460. Equity has been growing by about 28% per year since 2018. Its solvency ranks better than 38% of 314 sector peers (NACE 78, financial year 2025). The computed 12-month bankruptcy probability is 0.5% (low).
Score breakdownraises riskSize: 66.3 FTE, total assets €2.2mlowers riskFigures for financial year 2025 (filed on 26-07-2026)Sector: Employment activities (NACE 78)Legal form: public limited companyShow the evidence
Checked score
Score 2025
Checked score
The higher the Checked score (0 to 100), the smaller the chance that the company goes bankrupt within twelve months. That chance sets the band, from Critical to Excellent, and within the band how the company does against its sector peers counts too. With a low score, agree a shorter payment term, an advance or security.
81/ 100
Excellent
Probability in this band: under 0.55%
Financially stronger than 43% of medium-sized companies in employment activities (NACE 78)
Financial strength measures the balance sheet and the results with three figures out of 100 from the latest annual accounts: solvency, liquidity and profitability. It does not directly set the Checked score's band. How the company does against its sector peers on these and on growth does count for its place within the band.
Weak
Solvency48+5
equity 22.6% of total assets
Liquidity15-10
short-term debt 74.9% · cash 4.8%
Profitability60-2
return on assets 2.8%
Bankruptcy probability within 12 months
Bankruptcy probability
It is the chance that the company goes bankrupt within twelve months, estimated from the registers, the annual accounts and the Belgian Official Gazette. At 0.2%, about 2 in 1,000 comparable companies go bankrupt. The higher it is, the shorter the payment term to agree.
0.5%Low
0%0.5%1.5%4%10%≥ 25%
About 5 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
Sector median 0.3% (118 companies, NACE 78, medium-sized)
Last 24 months12-2024: 0.8%01-2025: 0.8%● unchanged vs 12-202402-2025: 0.8%● unchanged vs 01-202503-2025: 0.8%● unchanged vs 02-202504-2025: 0.8%● unchanged vs 03-202505-2025: 0.9%▲ +0.1 percentage points vs 04-202506-2025: 0.9%● unchanged vs 05-202507-2025: 1.1%▲ +0.2 percentage points vs 06-2025highest value08-2025: 0.4%▼ -0.7 percentage points vs 07-202509-2025: 0.4%● unchanged vs 08-202510-2025: 0.4%● unchanged vs 09-202511-2025: 0.4%● unchanged vs 10-202512-2025: 0.4%● unchanged vs 11-202501-2026: 0.3%▼ -0.1 percentage points vs 12-202502-2026: 0.4%▲ +0.1 percentage points vs 01-202603-2026: 0.3%▼ -0.1 percentage points vs 02-2026lowest value04-2026: 0.4%▲ +0.1 percentage points vs 03-202605-2026: 0.4%● unchanged vs 04-202606-2026: 0.4%● unchanged vs 05-202607-2026: 0.5%▲ +0.1 percentage points vs 06-202608-2026: 0.5%● unchanged vs 07-202609-2026: 0.5%● unchanged vs 08-202610-2026: 0.5%● unchanged vs 09-202611-2026: 0.5%● unchanged vs 10-2026
Credit of up to €40,000 on 30-day terms is acceptable
Liquidity is tight, with a current ratio of 1.11 (1.12 in 2024), below the usual 1.5. Short-term debt is 74.9% and cash 4.8% of total assets. 77.4% of the assets are financed with debt and provisions.
Calculation
The band follows from the bankruptcy probability. 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 78, medium-sized). It does better than 45% of them on solvency, 12% on liquidity, 48% on profitability and 68% on growth.
The bankruptcy probability was computed on 02-11-2026 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. With negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late, the score is Fair at most (59). With two missing filings, it is Weak at most (44). During a judicial reorganisation or at the company's end (bankruptcy, dissolution, liquidation), it is Critical at most (24).
Credit check for an amount and term of your choice
tick = median of all Belgian filingsring = median in the sector
The company filed its last 7 accounts on average 12 days before the deadline. In the sector (NACE 78), the median for financial year 2024 was 14 days before the deadline, and 30% of those companies filed late.
Searched, nothing found (2)
neutral · Next filing not due yet
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today. The company usually files around 26 July (5 of the last 5 accounts filed within 30 days either side of that date).
The EBIT margin is the share of each euro of revenue left from ordinary operations. The higher it is, the more room the company has to absorb a setback.
The net result is what is left after all costs and taxes. One loss year is not an alarm on its own. After several loss years in a row, it pays to find out why.
Working capital is what is left when the company pays its short-term debts with its short-term assets. Positive means it can pay its bills in the short term.
Net result-€0.1m--€0.2mbelow the sector's middle half-€0.02mwithin the sector's middle half-€0.2mwithin the sector's middle half▲ 659%€0.07mwithin the sector's middle half▼ 55.6%€0.06mwithin the sector's middle half▼ 7.0%€0.1mwithin the sector's middle half▲ 69.7%€0.06mwithin the sector's middle half▼ 42.8%
Equity€0.01m--€0.2mbelow the sector's middle half-€0.05mwithin the sector's middle half-€0.2mwithin the sector's middle half▲ 331%€0.3mwithin the sector's middle half▲ 34.1%€0.3mwithin the sector's middle half▲ 23.7%€0.4mwithin the sector's middle half▲ 32.5%€0.5mwithin the sector's middle half▲ 14.0%
Total assets€1.0m-€1.6mabove the sector's middle half-€1.4mabove the sector's middle half-€1.3mwithin the sector's middle half▼ 5.6%€1.8mabove the sector's middle half▲ 43.6%€2.2mabove the sector's middle half▲ 17.1%€2.4mabove the sector's middle half▲ 10.1%€2.2mwithin the sector's middle half▼ 7.0%
Working capital-€0.09m--€0.3mbelow the sector's middle half--€0.03mbelow the sector's middle half-€0.1mwithin the sector's middle half€0.2mwithin the sector's middle half▲ 75.0%€0.2mwithin the sector's middle half▼ 7.7%€0.2mwithin the sector's middle half▲ 31.8%€0.2mwithin the sector's middle half▼ 17.8%
Solvency1.2%--14.4%below the sector's middle half-3.4%below the sector's middle half-15.5%within the sector's middle half▲ 12.1pp14.5%within the sector's middle half▼ 1.0pp15.3%within the sector's middle half▲ 0.8pp18.4%within the sector's middle half▲ 3.1pp22.6%within the sector's middle half▲ 4.2pp
Current ratio0.90-0.84below the sector's middle half-0.98below the sector's middle half-1.09within the sector's middle half▲ 0.121.11within the sector's middle half▲ 0.021.09within the sector's middle half▼ 0.021.12within the sector's middle half▲ 0.021.11within the sector's middle half▼ 0.01
Return on assets (ROA)-11.4%--15.2%below the sector's middle half-1.5%within the sector's middle half-11.9%within the sector's middle half▲ 10.4pp3.7%within the sector's middle half▼ 8.2pp2.9%within the sector's middle half▼ 0.8pp4.5%within the sector's middle half▲ 1.6pp2.8%within the sector's middle half▼ 1.7pp
Staff (FTE)14.2-30.9within the sector's middle half-8.2within the sector's middle half-30.6within the sector's middle half▲ 273%42.8within the sector's middle half▲ 39.9%49.8above the sector's middle half▲ 16.4%58.5above the sector's middle half▲ 17.5%66.3within the sector's middle half▲ 13.3%
abovewithinbelowThe sector band is the middle half of the companies in Employment activities (NACE 78). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30.
The operating result for 2025 is 0% lower than in 2024.
Large changes and their cause
2021Net result +659% on 2020.The previous financial year ran 3 months, this one 12.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €2.2m
17.2%
82.8%
Fixed assets€379,689 ▲ 20.5%
Current assets€1.8m ▼ 11.2%
Equity and liabilities €2.2m
22.6%
77.4%
Equity€499,413 ▲ 14.0%
Debt€1.7m ▼ 11.7%
Debt's share of the balance-sheet total falls from 81.6% to 77.4%. Equity is higher and debt is lower.
Key figures and ratios
2025 value · change against 2024
EBITDA
€265,115▼
2024 · €266,032
Cash flow
€137,566▼
2024 · €183,987
Debt to equity
3.43▼
2024 · 4.43
ROE
12.3%▼
2024 · 24.5%
Interest coverage
4.52▼
2024 · 4.55
Debt ≤ 1 year
€1.7m▼
2024 · €1.9m
Debt > 1 year
€27,178▼
2024 · €66,206
Income taxes
€73,611▲
2024 · €23,585
Staff costs
€6.1m▲
2024 · €5.2m
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
social balance sheet
Item
31-12-2021
31-12-2022
31-12-2023
31-12-2024
31-12-2025
Employees at the balance-sheet date
20
44
14
14
21
full-time
20
38
13
11
17
part-time
-
6
1
3
4
in full-time equivalents
20
40.5
13.9
13.2
19.4
Average over the year, in full-time equivalents
30.6
42.8
49.8
58.5
66.3
On a permanent contract
4
4
7
6
9
Joined
2,160
2,559
2,713
3,744
5,115
Left
2,157
2,539
2,739
3,744
5,108
Training hours
-
-
-
-
832
Source: social balance sheet in the 2021 to 2025 annual accounts
Securities and guarantees
on own assets and for others
Item
2021
2022
2023
2024
2025
Debts secured on the company's own assets
€371,975
€371,975
€510,362
€475,217
€436,206
Pledge on the business
€412,500
€412,500
€412,500
€412,500
€412,500
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
fixed assets acquired
Item
2021
2022
2023
2024
2025
Tangible fixed assets
€29,371
€13,887
€194,179
€114,470
€202,522
Intangible fixed assets
-
-
-
-
€34,640
Financial fixed assets
-
-
€1,339
€670
-
Depreciation and write-downs of the year
€6,589
€6,128
€25,596
€76,620
€76,106
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
Filed annual accountsAs filed with the NBB · 2025 against 2024 · 50 lines
Balance sheetCode20242025
Assets
Total assets20/58€2.4m€2.2m▼
Fixed assets21/28€0.3m€0.4m▲
Intangible fixed assets21-€0.03m
Tangible fixed assets22/27€0.2m€0.3m▲
Plant, machinery and equipment23€0.004m€0.005m▲
Furniture and vehicles24€0.2m€0.3m▲
Financial fixed assets28€0.08m€0.08m=
Current assets29/58€2.1m€1.8m▼
Amounts receivable within one year40/41€1.7m€1.7m▲
Trade receivables40€1.6m€1.7m▲
Other amounts receivable41€0.08m€0.04m▼
Cash at bank and in hand54/58€0.3m€0.1m▼
Deferred charges and accrued income490/1€0.01m€0.004m▼
Equity and liabilities
Total equity and liabilities10/49€2.4m€2.2m▼
Equity10/15€0.4m€0.5m▲
Contributions10/11€0.4m€0.4m=
Capital10€0.4m€0.4m=
Issued capital100€0.4m€0.4m=
Profit (loss) carried forward14€0.06m€0.1m▲
Amounts payable17/49€1.9m€1.7m▼
Amounts payable after more than one year17€0.07m€0.03m▼
Financial debts170/4€0.07m€0.03m▼
Amounts payable within one year42/48€1.9m€1.7m▼
Current portion of amounts payable after more than one year42€0.04m€0.04m▲
Financial debts43€0.4m€0.4m▼
Credit institutions430/8€0.4m€0.4m▼
Trade debts44€0.08m€0.09m▲
Suppliers440/4€0.08m€0.09m▲
Taxes, remuneration and social security45€0.7m€0.8m▲
Taxes450/3€0.2m€0.2m▼
Remuneration and social security454/9€0.6m€0.6m▲
Other amounts payable47/48€0.6m€0.4m▼
Accrued charges and deferred income492/3€0.02m€0.03m▲
Income statementCode20242025
Remuneration, social security and pensions62€5.2m€6.1m▲
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€0.08m€0.08m▼
Other operating charges640/8€0.008m€0.007m▼
Non-recurring operating charges66A-€0.01m
Gross operating margin9900€5.5m€6.4m▲
Operating profit (loss)9901€0.2m€0.2m▼
Financial income75/76B€25€0.005m▲
Recurring financial income75€25€0.005m▲
Financial charges65/66B€0.06m€0.06m▲
Recurring financial charges65€0.06m€0.06m▲
Profit (loss) for the period before taxes9903€0.1m€0.1m▲
Income taxes67/77€0.02m€0.07m▲
Profit (loss) for the period9904€0.1m€0.06m▼
Profit (loss) for the period to be appropriated9905€0.1m€0.06m▼
Appropriation of the result
Profit (loss) to be appropriated9906€0.06m€0.1m▲
Profit (loss) brought forward from the previous period14P-€0.04m€0.06m▲
Social balance sheet
Average headcount (FTE)908758.566.3▲
The notes to these accounts have 19 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the accounts filed with the NBB.
The figures are counted, not predicted. They describe the group, not 2WORK.
In July 2024, 144 companies had the same profile as 2WORK has now. Two years later, 96.5% were still going and 1.4% had gone bankrupt.
Medium-sized
5 to 10 years old
solvency 10 to 30%
a profit under 5% of the balance sheet
96.5%was still going
2.1%stopped otherwise
1.4%went bankrupt
That fits the bankruptcy probability of 2WORK itself: 0.5% within 12 months.
Test of the method
The method was tested on the 497,446 companies of July 2024. Each company was given the bankruptcy share of the same profile a year earlier, in July 2023. The expectation was that 1.6% would go bankrupt within 24 months. In fact 1.7% went bankrupt.
The companies in ten equal groups, from the lowest to the highest expected share
Group
Expected
Actual
1
0.2%
0.2%
2
0.3%
0.5%
3
0.5%
0.6%
4
0.7%
0.8%
5
0.9%
0.9%
6
1.3%
1.5%
7
1.6%
1.8%
8
1.8%
1.8%
9
3.0%
3.1%
10
5.6%
6.2%
A company that went bankrupt had a higher expected share than one that kept going in 74.5% of comparisons. The level depends on the economy. In a year with more bankruptcies than the year before, the actual share is higher than the expected one.
This is an observation about 144 companies, not a prediction for 2WORK. The sector does not count, because the KBO no longer lists a sector for a company that has stopped. By sector, mostly the survivors would count, which would paint too rosy a picture.
Chair of the board · in office according to the act of 29-10-2024 · Director · since 25-01-2024 · Public limited company · permanent representative: Paul Peeters · also on the board of 4 other companies · listed in the 2025 annual accounts, filed on 26-07-2026
Director · since 23-06-2025 · earlier managing director, until 01-01-2025 · also on the board of 2 other companies · 1 other company bankrupt · listed in the 2025 annual accounts, filed on 26-07-2026
Statutory auditor · appointed in the act of 22-09-2022 · permanent representative: Bart Dauwen · listed in the 2025 annual accounts, filed on 26-07-2026
Source: Belgian Official Gazette (bankruptcies, judicial dissolutions, board mandates), FPS Economy (strike-offs) and the KBO register. A bankruptcy, dissolution or strike-off says nothing about the director's part in it.
Mandate history
Mandate history
Each bar is one period in a function, from appointment to resignation or to today. An open left edge means the mandate began before its first mention. An open right edge means the mandate ended without a stated end date.
Each sentence rests on a document from the KBO register, the Belgian Official Gazette or the National Bank. The number after the sentence opens that document.
2WORK was incorporated on 25 January 2018.1Total assets rose from €992,647 in 2018 to €2.2m in 2025 and headcount from 14.2 to 66.3 full-time equivalents.2