AA+
ActiveSummary
AA+ has been active since 2004 and the Belgian State Gazette contains no insolvency or warning signals. The 2024 annual accounts show equity of €402,749 and a net result of -€38,493. Equity is growing by ~15.5% per year across the filed fiscal years. Its solvency ranks better than 30% of 1095 sector peers (fiscal year 2024). The computed 12-month bankruptcy probability is 0.6% (low).
Checked score
Score 2024
Axes · tick = 2023
Profitability21▼-3
Solvency48▲+2
Growth52=
Track record100
Bankruptcy probability, 12 months
0.6%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €18,000 at 30 days acceptable
Liquidity ample (current ratio 2.06 against 1.9 in 2023; short-term debt: 30.2% and cash: 0.1% of total assets), but 77.4% of the assets are financed with debt.
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Signals
Four signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
raises risk · 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 2024Solvency, return and age of the figures
Solvency
22.6%
Return on assets
-2.2%
Age of the figures
21 mo
neutral · Filed after the deadline
The financial year that closed on 31-12-2024 was due by 31-07-2025 and was filed on 29-09-2025, 60 days later. For context: 47% of the Belgian market files late and the whole 1-to-90-day band measures 2.0% abnormal legal state against a 1.66% average. We show this as a fact and do not score it.
NBB · 10 filingsDeviation from the deadline
2025
not confirmed
2024
60 d late
2023
75 d late
2022
66 d late
2021
31 d early
2020
6 d late
2019
2 d early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 6 accounts on average 29 days after the deadline; the sector median for financial year 2024 is 6 days before the deadline, and 36% of the sector filed late.
Checked, nothing found (1)
History
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Financials · fiscal year 2024, full schema
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
-€38,493
2023 · €29,358
Working capital
€572,826▼ 12.4%
2023 · €654,148
Trend over the years
Click a name to add, emphasise or remove a line.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20202021202220232024
Operating result€58,918▲ 194%€15,672▼ 73.4%€248,703▲ 1,487%-€5,967-€5,795▲ 2.9%
Net result€44,264▲ 427%€4,770▼ 89.2%€191,266▲ 3,910%€29,358▼ 84.7%-€38,493
Equity€215,848▲ 10.4%€220,618▲ 2.2%€411,884▲ 86.7%€441,242▲ 7.1%€402,749▼ 8.7%
Total assets€1.3m▲ 29.3%€1.5m▲ 15.3%€1.9m▲ 26.5%€2.1m▲ 10.2%€1.8m▼ 13.7%
Debt€1.1m▲ 33.9%€1.3m▲ 18.0%€1.4m▲ 12.0%€1.6m▲ 15.1%€1.4m▼ 15.1%
Working capital€290,009▲ 55.9%€376,703▲ 29.9%€702,982▲ 86.6%€654,148▼ 6.9%€572,826▼ 12.4%
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €5,795 in 2024 against €5,967 in 2023; the loss shrinks.
Balance-sheet composition
2024 in colour, 2023 as the grey bar beneath
Assets €1.8m
Fixed assets
€673,292 ▼ 1.6%
Current assets
€1.1m ▼ 19.7%
Equity and liabilities €1.8m
Equity
€402,749 ▼ 8.7%
Debt
€1.4m ▼ 15.1%
Debt's share of the balance-sheet total falls from 78.7% to 77.4%. Equity and debt are lower.
Key figures and ratios
EBITDA
€4,826▼
2023 · €11,395
Cash flow
-€27,872▼
2023 · €46,720
Current ratio
2.06▲
2023 · 1.90
Debt to equity
3.43▼
2023 · 3.69
ROE
-9.6%▼
2023 · 6.7%
ROA
-2.2%▼
2023 · 1.4%
Interest coverage
0.58▲
2023 · 0.46
Debt ≤ 1 year
€538,009▼
2023 · €730,016
Debt > 1 year
€843,369▼
2023 · €895,119
Income taxes
€39,026▲
2023 · €2,116
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €14,472 | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €21,720 | €29,366 | €22,732 | €17,362 | €10,621 | ▼ 38.8% |
| Other operating charges640/8 | - | €4,785 | €2,860 | €4,564 | €3,390 | ▼ 25.7% |
| Non-recurring operating charges66A | - | - | - | €2,547 | €1,726 | ▼ 32.2% |
| Gross operating margin9900 | €84,807 | €49,823 | €274,296 | €18,506 | €9,942 | ▼ 46.3% |
| Operating profit (loss)9901 | €58,918 | €15,672 | €248,703 | -€5,967 | -€5,795 | ▲ 2.9% |
| Financial income75/76B | - | - | €22,221 | €11,459 | €14,663 | ▲ 28.0% |
| Recurring financial income75 | - | - | €22,221 | €11,459 | €14,663 | ▲ 28.0% |
| Financial charges65/66B | - | €8,764 | €13,952 | €24,655 | €8,335 | ▼ 66.2% |
| Recurring financial charges65 | €9,791 | €8,764 | €13,952 | €24,655 | €8,335 | ▼ 66.2% |
| Profit (loss) for the period before taxes9903 | €49,127 | €6,908 | €256,972 | -€19,163 | €533 | ▲ 103% |
| Transfer from deferred taxes780 | - | - | - | €50,637 | - | - |
| Transfer to deferred taxes680 | - | - | €50,637 | - | - | - |
| Income taxes67/77 | €4,863 | €2,138 | €15,069 | €2,116 | €39,026 | ▲ 1,744% |
| Profit (loss) for the period9904 | €44,264 | €4,770 | €191,266 | €29,358 | -€38,493 | ▼ 231% |
| Transfer from tax-exempt reserves789 | - | - | - | €151,911 | - | - |
| Transfer to tax-exempt reserves689 | - | - | €151,911 | - | - | - |
| Profit (loss) for the period to be appropriated9905 | €44,264 | €4,770 | €39,355 | €181,269 | -€38,493 | ▼ 121% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €1.3m | €1.5m | €1.9m | €2.1m | €1.8m | ▼ 13.7% |
| Fixed assets21/28 | €702,232 | €924,590 | €677,905 | €683,913 | €673,292 | ▼ 1.6% |
| Tangible fixed assets22/27 | €702,232 | €676,833 | €430,149 | €392,380 | €381,759 | ▼ 2.7% |
| Land and buildings22 | - | €634,940 | €397,828 | €388,170 | €378,511 | ▼ 2.5% |
| Plant, machinery and equipment23 | - | - | €3,500 | €574 | €300 | ▼ 47.7% |
| Furniture and vehicles24 | - | €37,064 | €24,618 | €61 | - | - |
| Other tangible fixed assets26 | - | €4,829 | €4,202 | €3,575 | €2,948 | ▼ 17.5% |
| Financial fixed assets28 | - | €247,756 | €247,756 | €291,533 | €291,533 | = |
| Current assets29/58 | €583,162 | €557,880 | €1.2m | €1.4m | €1.1m | ▼ 19.7% |
| Amounts receivable after more than one year29 | - | €500,000 | €500,000 | €500,000 | €500,000 | = |
| Other amounts receivable291 | - | €500,000 | €500,000 | €500,000 | €500,000 | = |
| Amounts receivable within one year40/41 | €184,000 | €43,302 | €662,658 | €490,841 | €608,939 | ▲ 24.1% |
| Trade receivables40 | - | - | €17,303 | - | - | - |
| Other amounts receivable41 | - | €43,302 | €645,355 | €490,841 | €608,939 | ▲ 24.1% |
| Cash at bank and in hand54/58 | €341,228 | €14,255 | €35,469 | €393,323 | €1,546 | ▼ 99.6% |
| Deferred charges and accrued income490/1 | - | €323 | - | - | €350 | - |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €1.3m | €1.5m | €1.9m | €2.1m | €1.8m | ▼ 13.7% |
| Equity10/15 | €215,848 | €220,618 | €411,884 | €441,242 | €402,749 | ▼ 8.7% |
| Contributions10/11 | - | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €197,248 | €202,018 | €353,928 | €202,018 | €202,018 | = |
| Non-distributable reserves130/1 | - | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Reserves not available under the articles1311 | - | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Tax-exempt reserves132 | - | €13,750 | €165,661 | €13,750 | €13,750 | = |
| Distributable reserves133 | - | €186,408 | €186,408 | €186,408 | €186,408 | = |
| Profit (loss) carried forward14 | - | - | €39,355 | €220,624 | €182,131 | ▼ 17.4% |
| Provisions and deferred taxes16 | - | - | €50,637 | - | - | - |
| Deferred taxes168 | - | - | €50,637 | - | - | - |
| Amounts payable17/49 | €1.1m | €1.3m | €1.4m | €1.6m | €1.4m | ▼ 15.1% |
| Amounts payable after more than one year17 | €775,343 | €1.1m | €918,367 | €895,119 | €843,369 | ▼ 5.8% |
| Financial debts170/4 | - | €569,925 | €442,867 | €419,619 | €367,869 | ▼ 12.3% |
| Other amounts payable178/9 | - | €510,000 | €475,500 | €475,500 | €475,500 | = |
| Amounts payable within one year42/48 | €293,153 | €181,177 | €495,146 | €730,016 | €538,009 | ▼ 26.3% |
| Current portion of amounts payable after more than one year42 | - | €37,002 | €14,337 | €9,242 | €37,321 | ▲ 304% |
| Trade debts44 | €113,075 | €454 | €1,868 | €6,531 | €4,807 | ▼ 26.4% |
| Suppliers440/4 | - | €454 | €1,868 | €6,531 | €4,807 | ▼ 26.4% |
| Taxes, remuneration and social security45 | - | €33,677 | €41,158 | €15,039 | - | - |
| Taxes450/3 | - | €33,677 | €17,158 | €15,039 | - | - |
| Remuneration and social security454/9 | - | - | €24,000 | - | - | - |
| Other amounts payable47/48 | - | €110,043 | €437,782 | €699,204 | €495,881 | ▼ 29.1% |
| Accrued charges and deferred income492/3 | - | €750 | - | €1,700 | - | - |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €44,264 | €4,770 | €191,266 | €29,358 | -€38,493 | ▼ 231% |
| + Depreciation and write-downs630 | €21,720 | €29,366 | €22,732 | €17,362 | €10,621 | ▼ 38.8% |
| Operating cash flow (approximation) | €65,984 | €34,135 | €213,998 | €46,720 | -€27,872 | ▼ 160% |
| Investment in fixed assets (approximation) | - | -€251,723 | €223,953 | -€23,370 | €0 | ▲ 100% |
| Change in cash | - | -€326,973 | €21,214 | €357,854 | -€391,777 | ▼ 209% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
2025
29-09
NBB filing
Annual accounts filed
fiscal year 2024 · full schema · 60 days late
2024
31-12
Financial
Weakest financial yearnet -€38,493
Net result drops to -€38,493, the lowest in the series.
14-10
NBB filing
Annual accounts filed
fiscal year 2023 · full schema · 75 days late
2023
05-10
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 66 days late
2022
31-12
Financial
Highest result since 2018net €191,266 ▲3,910%
Operating result €248,703, net result €191,266, both a record.
30-06
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
06-08
NBB filing
Annual accounts filed
fiscal year 2020 · full schema · 6 days late
2020
31-12
Financial
Equity above €200,000Eq €215,848 ▲10.4%
3 profitable years in a row build equity to €215,848.
29-07
NBB filing
Annual accounts filed
fiscal year 2019 · full schema
2019
10-07
NBB filing
Annual accounts filed
fiscal year 2018 · full schema
2018
22-06
NBB filing
Annual accounts filed
fiscal year 2017 · full schema
2017
16-06
NBB filing
Annual accounts filed
fiscal year 2016 · full schema
2016
27-06
NBB filing
Annual accounts filed
fiscal year 2015 · full schema
2014
23-06
State Gazette act
General meeting · Director reappointment
Director appointment
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 3 acts read
About the unread acts
We know of 3 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
3 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, Waterloo · 1 establishment unit since 2004
Ground area
1,966 m²
Building footprint
533 m²
Volume, LiDAR
4,671 m³
2 parcels, Brussels, Wallonia · tallest building 13.3 m, ±4 floors. Linked by address, not a title deed.
9
companies at this address
See who is registered here
1 establishment unit
AA+
since 20042.144.882.806
2 parcels
Wallonia
1
(50%)
Brussels
1
(50%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 25762H0448/00B000 | Wallonia | 1,014 m² | 1 · 158 m² | 7.7 m · 2 fl. |
| 21683D0016/00R006 | Brussels | 952 m² | 1 · 375 m² | 13.3 m · 4 fl. |
Linked by address, not proof of ownership
Good to know
2 of 2 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
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Of 13,417 companies in sector 73300 we hold annual accounts for 6,898. 4,468 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company
Founded21-12-2004
Fiscal year end31-12
Activities, NACEBEL 2025
73300Public relations and communication consultancy
70200Business and other management consultancy
Scores and ratios are computed by Checked and are not a credit decision.