Appgrade
ActiveSummary
Appgrade has been active since 2018 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €172,145 and a net result of €78,892. Equity is growing by ~10.4% per year across the filed fiscal years. Its solvency ranks better than 52% of 17123 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.3% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability100▲+8
Solvency87▼-5
Growth78=
Track record100
Bankruptcy probability, 12 months
0.3%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €15,000 at 30 days acceptable
Liquidity ample (current ratio 2.32 against 2.69 in 2024; short-term debt: 38.4% and cash: 60.4% of total assets), and 38.4% 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 · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 62
Relative position
BE, all sectors
reference
Computer programming, consultancy and related activities (NACE 62)
about 64% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
raises risk · Limited track record
This company has not been active as long as an established one and statistically fails somewhat more often.
KBO · incorporation dateAge against the risk zone
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
61.6%
Return on assets
28.2%
Age of the figures
9 mo
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 17-04-2026, 105 days ahead of the deadline.
NBB · 7 filingsDeviation from the deadline
2025
105 d early
2024
30 d early
2023
19 d early
2022
35 d early
2021
32 d early
2020
29 d early
2019
16 d 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 38 days before the deadline; the sector median for financial year 2024 is 9 days before the deadline, and 33% of the sector filed late.
Checked, nothing found (2)
neutral · 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 monthsPosition in the running window
26-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, micro schema
Source amounts without an identifiable currency are assumed to be EUR.
Equity
€172,145▼ 18.4%
2024 · €210,900
Total assets
€279,613▼ 11.2%
2024 · €314,838
Net result
€78,892▲ 35.1%
2024 · €58,389
Working capital
€141,656▼ 19.4%
2024 · €175,656
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
Line20212022202320242025
Operating result€86,243▲ 9.3%€88,564▲ 2.7%€90,232▲ 1.9%€78,493▼ 13.0%€102,579▲ 30.7%
Net result€63,476▲ 13.8%€67,820▲ 6.8%€66,888▼ 1.4%€58,389▼ 12.7%€78,892▲ 35.1%
Equity€179,577▲ 54.7%€247,397▲ 37.8%€212,785▼ 14.0%€210,900▼ 0.9%€172,145▼ 18.4%
Total assets€198,845▲ 43.8%€259,603▲ 30.6%€250,962▼ 3.3%€314,838▲ 25.5%€279,613▼ 11.2%
Debt€19,267▼ 12.9%€12,205▼ 36.7%€38,177▲ 213%€103,938▲ 172%€107,468▲ 3.4%
Working capital€172,781▲ 50.7%€233,296▲ 35.0%€181,498▼ 22.2%€175,656▼ 3.2%€141,656▼ 19.4%
Staff (FTE)11.8▲ 80.0%2▲ 11.1%
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result recovers in 2025; 2025 is 31% above 2024 and is the highest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €279,613
Fixed assets
€30,489 ▼ 13.5%
Current assets
€249,124 ▼ 10.9%
Equity and liabilities €279,613
Equity
€172,145 ▼ 18.4%
Debt
€107,468 ▲ 3.4%
Debt's share of the balance-sheet total rises from 33.0% to 38.4%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€112,460▲
2024 · €86,914
Cash flow
€88,773▲
2024 · €66,810
Current ratio
2.32▼
2024 · 2.69
Debt to equity
0.62▲
2024 · 0.49
ROE
45.8%▲
2024 · 27.7%
ROA
28.2%▲
2024 · 18.5%
Interest coverage
126.58▲
2024 · 114.20
Debt ≤ 1 year
€107,468▲
2024 · €103,938
Income taxes
€23,651▲
2024 · €19,651
Staff costs
€131,803▲
2024 · €104,662
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | €3,455 | €3,483 | €47,685 | €104,662 | €131,803 | ▲ 25.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €1,894 | €1,815 | €5,476 | €8,421 | €9,881 | ▲ 17.3% |
| Other operating charges640/8 | €479 | €584 | €769 | €594 | €754 | ▲ 27.0% |
| Gross operating margin9900 | €92,071 | €94,446 | €144,163 | €192,170 | €245,017 | ▲ 27.5% |
| Operating profit (loss)9901 | €86,243 | €88,564 | €90,232 | €78,493 | €102,579 | ▲ 30.7% |
| Financial income75/76B | €96 | €738 | €1,685 | €308 | €852 | ▲ 177% |
| Recurring financial income75 | €96 | €738 | €1,685 | €308 | €852 | ▲ 177% |
| Financial charges65/66B | €2,582 | €2,218 | €3,408 | €761 | €888 | ▲ 16.7% |
| Recurring financial charges65 | €2,582 | €2,218 | €3,408 | €761 | €888 | ▲ 16.7% |
| Profit (loss) for the period before taxes9903 | €83,757 | €87,084 | €88,509 | €78,040 | €102,543 | ▲ 31.4% |
| Income taxes67/77 | €20,281 | €19,264 | €21,621 | €19,651 | €23,651 | ▲ 20.4% |
| Profit (loss) for the period9904 | €63,476 | €67,820 | €66,888 | €58,389 | €78,892 | ▲ 35.1% |
| Profit (loss) for the period to be appropriated9905 | €63,476 | €67,820 | €66,888 | €58,389 | €78,892 | ▲ 35.1% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €198,845 | €259,603 | €250,962 | €314,838 | €279,613 | ▼ 11.2% |
| Fixed assets21/28 | €6,797 | €14,101 | €31,288 | €35,244 | €30,489 | ▼ 13.5% |
| Tangible fixed assets22/27 | €6,797 | €14,101 | €31,288 | €35,244 | €30,489 | ▼ 13.5% |
| Furniture and vehicles24 | €6,797 | €14,101 | €12,531 | €11,573 | €6,204 | ▼ 46.4% |
| Other tangible fixed assets26 | - | - | €18,757 | €23,671 | €24,285 | ▲ 2.6% |
| Current assets29/58 | €192,048 | €245,502 | €219,675 | €279,594 | €249,124 | ▼ 10.9% |
| Amounts receivable after more than one year29 | - | €40,579 | €8,535 | €7,529 | €6,499 | ▼ 13.7% |
| Trade receivables290 | - | €22,564 | - | - | - | - |
| Other amounts receivable291 | - | €18,014 | €8,535 | €7,529 | €6,499 | ▼ 13.7% |
| Amounts receivable within one year40/41 | €5,870 | - | €69,097 | €36,999 | €861 | ▼ 97.7% |
| Trade receivables40 | €5,150 | - | €69,097 | €35,151 | - | - |
| Other amounts receivable41 | €720 | - | - | €1,849 | €861 | ▼ 53.4% |
| Current investments50/53 | €40,900 | €81,713 | €84,956 | €89,956 | €63,399 | ▼ 29.5% |
| Cash at bank and in hand54/58 | €145,278 | €121,976 | €57,087 | €141,790 | €168,906 | ▲ 19.1% |
| Deferred charges and accrued income490/1 | - | €1,235 | - | €3,320 | €9,459 | ▲ 185% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €198,845 | €259,603 | €250,962 | €314,838 | €279,613 | ▼ 11.2% |
| Equity10/15 | €179,577 | €247,397 | €212,785 | €210,900 | €172,145 | ▼ 18.4% |
| Contributions10/11 | €6,200 | €6,200 | €6,200 | €18,550 | €18,550 | = |
| Reserves13 | €1,855 | €1,855 | €1,855 | €1,855 | €1,855 | = |
| Non-distributable reserves130/1 | €1,855 | €1,855 | €1,855 | €1,855 | €1,855 | = |
| Reserves not available under the articles1311 | €1,855 | €1,855 | €1,855 | €1,855 | €1,855 | = |
| Profit (loss) carried forward14 | €171,522 | €239,342 | €204,730 | €190,495 | €151,740 | ▼ 20.3% |
| Amounts payable17/49 | €19,267 | €12,205 | €38,177 | €103,938 | €107,468 | ▲ 3.4% |
| Amounts payable within one year42/48 | €19,267 | €12,205 | €38,177 | €103,938 | €107,468 | ▲ 3.4% |
| Financial debts43 | €43 | - | €65 | €124 | - | - |
| Credit institutions430/8 | €43 | - | €65 | €124 | - | - |
| Trade debts44 | €238 | €3,261 | €2,753 | €7,182 | €19,845 | ▲ 176% |
| Suppliers440/4 | €238 | €3,261 | €2,753 | €7,182 | €19,845 | ▲ 176% |
| Taxes, remuneration and social security45 | €14,427 | €8,944 | €32,759 | €26,044 | €28,559 | ▲ 9.7% |
| Taxes450/3 | €14,427 | €8,944 | €32,759 | €25,983 | €27,802 | ▲ 7.0% |
| Remuneration and social security454/9 | - | - | - | €61 | €757 | ▲ 1,139% |
| Other amounts payable47/48 | €4,559 | - | €2,600 | €70,588 | €59,063 | ▼ 16.3% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €63,476 | €67,820 | €66,888 | €58,389 | €78,892 | ▲ 35.1% |
| + Depreciation and write-downs630 | €1,894 | €1,815 | €5,476 | €8,421 | €9,881 | ▲ 17.3% |
| Operating cash flow (approximation) | €65,369 | €69,635 | €72,365 | €66,810 | €88,773 | ▲ 32.9% |
| Investment in fixed assets (approximation) | - | -€9,120 | -€22,663 | -€12,378 | -€5,126 | ▲ 58.6% |
| Change in cash | - | -€23,303 | -€64,889 | €84,703 | €27,116 | ▼ 68.0% |
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
Next filing, fiscal year 2026, expected by
2026
17-04
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
31-12
Financial
Highest result since 2019net €78,892 ▲35.1%
Operating result €102,579, net result €78,892, both a record.
01-07
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
12-07
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
26-06
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
31-12
Financial
Liquidity doublescurrent ratio 20.11
Current ratio from 9.97 to 20.11; short-term debt falls from €19,267 to €12,205.
31-12
Financial
Equity above €200,000Eq €247,397 ▲37.8%
4 profitable years in a row build equity to €247,397.
29-06
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
31-12
Financial
Equity above €150,000Eq €179,577 ▲54.7%
3 profitable years in a row build equity to €179,577.
02-07
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
2020
31-12
Financial
Equity above €100,000Eq €116,102 ▲92.5%
2 profitable years in a row build equity to €116,102.
15-07
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 2 acts read
About the unread acts
We know of 2 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
2 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, Dendermonde · 1 establishment unit since 2018
Ground area
855 m²
Building footprint
130 m²
Parcel 42002C0392/00F000, Flanders. Linked by address, not a title deed.
1 establishment unit
Appgrade
since 20182.281.802.759
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 42002C0392/00F000 | Flanders | 855 m² | 1 · 130 m² | 0.0 m |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
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Of 30,002 companies in sector 62200 we hold annual accounts for 18,394. 15,175 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 (pre-2019)
Founded09-11-2018
Fiscal year end31-12
Activities, NACEBEL 2025
62200Computer consultancy and computer facilities management
47400Retail sale of information and communication equipment
70200Business and other management consultancy
82300Organisation of conventions and trade shows
85599Other education
Scores and ratios are computed by Checked and are not a credit decision.