A PROPOS

Active

Public limited companyfounded 198738 yrs activeKoninginnegalerij 11, 1000 Brussel, BelgiumKBO/BCE: BE 0432.232.691

A PROPOS has been active since 1987 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show negative equity (€-172k) and a net result of €-280k. The figures fluctuate too strongly year-on-year for a reliable trend projection. Its solvency ranks better than 17% of 377 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 1.1% (low).

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Checked score

Score 2025

35 / 100

Weak

The score weighs solvency, liquidity and profitability. Bankruptcy probability contributes 35%. Every signal that weighs is under Signals.

Axes · tick = 2024

Profitability2▼-70

Solvency17▼-14

Growth32=

Track record100

Bankruptcy probability, 12 months

1.1% Low

0%0.5%1.5%4%10%≥ 25%

No credit on open account

Liquidity short (current ratio 0.65 against 0.9 in 2024; short-term debt: 107.2% and cash: 27% of total assets), and equity is negative.

How do we compute the score and the probability?

Credit advice for your own amount and term

Signals

Ten signals. The signal on the left, the evidence on the right.

−lowers risk+raises risk○neutral

Higher-failure-rate region

In this region companies fail more often than in the rest of the country.

KBO · registered office

Multiple establishment units

Several establishment units mean more fixed costs, and such companies fail more often than a company with one establishment.

KBO · establishment units

Long track record

A company with a long track record statistically fails less often than a young one.

KBO · incorporation date

Age against the risk zone

Lower-risk legal form

Companies with this legal form statistically fail less often than a BV.

KBO · legal form

Annual accounts: weaker financial profile

The latest annual accounts show a weaker profile in solvency, result or liquidity than companies that stay afloat.

NBB · annual accounts 2025

Solvency, return and age of the figures

Solvency

-8.1%

Return on assets

-13.2%

Age of the figures

9 mo

Higher-failure-rate sector

In this sector companies fail more often than the Belgian average.

Gazette · bankruptcies per sector, NACE 55

Relative position

BE, all sectors

reference

Sector 55

higher

← fewer bankruptcies more bankruptcies →

Negative equity

The 2025 annual accounts show negative equity and a net loss.

NBB · annual accounts 2025

Equity per financial year

1819202122232425

2018 to 2025 · latest year €-172k

Latest accounts filed on time

The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 24-07-2026, 7 days ahead of the deadline.

NBB · 10 filings

Deviation from the deadline

2025

7 d early

2024

13 d late

2023

28 d late

2022

14 d late

2021

19 d late

2020

6 d late

2019

20 d late

← before the deadline after the deadline →

The next deadline is still running

The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today.

Companies Code · seven months

Position in the running window

22-09-2026 today31-12-2026 close31-07-2027 deadline

No strike-offs in the KBO publications

We found no ex-officio strike-off or cessation. Our series starts in 2021 and has gaps, so this is not a confirmation that there is nothing.

KBO publications · our coverage

Financials · fiscal year 2025, full schema

Turnover

Not included in this filing

EBIT margin

Not included in this filing

Net result

€-280k

2024 · €39k

2018: €44k 2019: €40k 2020: €-303k 2021: €74k 2022: €141k 2023: €77k 2024: €39k

2018 → 2025

Working capital

€-791k▼ 406%

2024 · €-156k

2018: €29k 2019: €147k 2020: €-115k 2021: €-77k 2022: €-68k 2023: €-21k 2024: €-156k

2018 → 2025

Multi-year overview

Every figure with its change against the year before

▲ rise ▼ fall

Line20212022202320242025Trend

Equity€-80k-€52k€129k▲ 146%€108k▼ 16.4%€-172k

Operating result€41k-€141k▲ 247%€100k▼ 29.4%€49k▼ 50.7%€-290k

Net result€74k-€141k▲ 90.1%€77k▼ 45.6%€39k▼ 49.4%€-280k

Result per fiscal year

Operating resultNet result

The operating result turns negative in 2025: a loss of €290k after €49k in 2024, the lowest result in the available series.

Balance-sheet composition

2025 in colour, 2024 as the grey bar beneath

Assets €2.13M

29.9%

70.1%

Fixed assets €636k▲ 141%

Current assets €1.49M▲ 5.8%

Key figures and ratios

2025 value · change against 2024

EBITDA

€-273k▼

2024 · €63k

Cash flow

€-263k▼

2024 · €52k

Solvency

-8.1%▼

2024 · 6.4%

Current ratio

0.65▼

2024 · 0.90

Quick ratio

0.65▼

2024 · 0.90

Debt / equity

-13.38▼

2024 · 14.50

ROA

-13.2%▼

2024 · 2.3%

Interest coverage

-70.04▼

2024 · 32.51

Debt

€2.30M▲

2024 · €1.57M

Debt ≤ 1 year

€2.28M▲

2024 · €1.57M

Debt > 1 year

€18k

Income taxes

€432▼

2024 · €15k

Staff costs

€368k▲

2024 · €273k

Green means a favourable move, even when the figure itself falls: as with debt or debt / equity.

Filed annual accounts

As filed with the NBB · 2025 against 2024

Balance sheet Code20242025

Assets

Total assets20/58€1.67M€2.13M▲

Fixed assets21/28€264k€636k▲

Tangible fixed assets22/27€261k€633k▲

Furniture and vehicles24€565€27k▲

Other tangible fixed assets26€261k€607k▲

Financial fixed assets28€3k€3k=

Current assets29/58€1.41M€1.49M▲

Stocks and contracts in progress3€1k-

Stocks30/36€1k-

Amounts receivable within one year40/41€644k€916k▲

Trade receivables40€497k€430k▼

Other amounts receivable41€147k€486k▲

Cash at bank and in hand54/58€759k€575k▼

Deferred charges and accrued income490/1€4k-

Equity and liabilities

Total equity and liabilities10/49€1.67M€2.13M▲

Equity10/15€108k€-172k▼

Contributions10/11€62k€62k=

Capital10€62k€62k=

Issued capital100€62k€62k=

Reserves13€6k€6k=

Non-distributable reserves130/1€6k€6k=

Legal reserve130€6k€6k=

Profit (loss) carried forward14€40k€-240k▼

Amounts payable17/49€1.57M€2.30M▲

Amounts payable after more than one year17-€18k

Financial debts170/4-€18k

Amounts payable within one year42/48€1.57M€2.28M▲

Current portion of amounts payable after more than one year42-€5k

Trade debts44€1.21M€2.01M▲

Suppliers440/4€1.21M€2.01M▲

Advances received on contracts in progress46€208k€186k▼

Taxes, remuneration and social security45€89k€82k▼

Taxes450/3€60k€30k▼

Remuneration and social security454/9€29k€52k▲

Other amounts payable47/48€60k-

Income statement Code20242025

Remuneration, social security and pensions62€273k€368k▲

Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€14k€17k▲

Other operating charges640/8€7k€12k▲

Gross operating margin9900€342k€106k▼

Operating profit (loss)9901€49k€-290k▼

Financial income75/76B€7k€14k▲

Recurring financial income75€7k€14k▲

Financial charges65/66B€2k€4k▲

Recurring financial charges65€2k€4k▲

Profit (loss) for the period before taxes9903€54k€-279k▼

Income taxes67/77€15k€432▼

Profit (loss) for the period9904€39k€-280k▼

Profit (loss) for the period to be appropriated9905€39k€-280k▼

Appropriation of the result

Profit (loss) to be appropriated9906€100k€-240k▼

Profit (loss) brought forward from the previous period14P€61k€40k▼

Profit to be distributed694/7€60k-

Return on contributions (dividend)694€60k-

Social balance

Average headcount (FTE)90875.26.2▲

The notes to these accounts (14 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.

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Timeline · acts, filings and financial milestones

All 14Financial 4Filings 10

Next filing, fiscal year 2026, expected by 31-07-2027

2026

24-07

NBB filing Annual accounts filed

fiscal year 2025 · full schema

2025

13-08

NBB filing Annual accounts filed

fiscal year 2024 · full schema · 13 days late

2024

28-08

NBB filing Annual accounts filed

fiscal year 2023 · full schema · 28 days late

2023

31-12

Financial Equity above €100kEq €129k ▲146%

3 profitable years in a row build equity to €129k.

14-08

NBB filing Annual accounts filed

fiscal year 2022 · full schema · 14 days late

2022

31-12

Financial Highest result since 2018net €141k ▲90.1%

Operating result €141k, net result €141k, both a record.

19-08

NBB filing Annual accounts filed

fiscal year 2021 · full schema · 19 days late

2021

31-12

Financial Back to profitnet €74k

Net result €74k after one loss-making year.

06-08

NBB filing Annual accounts filed

fiscal year 2020 · full schema · 6 days late

2020

31-12

Financial Weakest financial yearnet €-303k ▼848%

Net result drops to €-303k, the lowest in the series; recovery starts the following year.

20-08

NBB filing Annual accounts filed

fiscal year 2019 · full schema · 20 days late

2019

30-08

NBB filing Annual accounts filed

fiscal year 2018 · full schema · 30 days late

2018

31-07

NBB filing Annual accounts filed

fiscal year 2017 · full schema

2017

12-07

NBB filing Annual accounts filed

fiscal year 2016 · full schema

Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.

Directors · office · real estate

Directors

6 acts for this company are in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.

Location & real-estate footprint

Registered office, Brussel · 3 establishment units since 1987

establishment All 3 establishment units on the map

Cannot be placed on the map

This address could not be matched to a point in the Belgian address register (BOSA BEST). The address below comes straight from the Crossroads Bank.

Koninginnegalerij 111000 Brussel

Ground area

1,045 m²

Building footprint

82 m²

Volume, LiDAR

1,411 m³

3 parcels, Brussels · tallest building 19.1 m, ±6 floors. Linked by address, not a title deed.

3 establishment units

CAFE DU VAUDEVILLE

Koninginnegalerij 11, 1000 BrusselNACE 5530101

since 19872.031.540.878

Koninginnegalerij 15, 1000 Brussel

Other holiday and short-stay accommodation

since 20082.311.006.984

Grote Markt 19, 1000 Brussel

Full-service restaurants

since 20162.254.071.746

3 parcels

Brussels 3 (100%)

Parcel (capakey)	Region	Area	Buildings	Height / fl.
21802B1096/00H000 ProtectedMonumentKoninklijke Sint-HubertusgalerijenSource ↗	Brussels	719 m²	1 · 82 m²	19.1 m · 6 fl.
21004A1207/00B000	Brussels	269 m²	-	-
21802B1102/00L002	Brussels	57 m²	-	-