Black Flag Design Studio

Active

Private limited companyfounded 20214 yrs activeBroekstraat 22, 1831 Machelen (Brab.), BelgiumKBO/BCE: BE 0778.546.744

The computed 12-month bankruptcy probability of Black Flag Design Studio is 1.6% (moderate). The 2025 annual accounts show equity of €220k and a net result of €94k. Equity is growing by ~66.9% per year across the filed fiscal years. Its solvency ranks better than 36% of 402 sector peers (fiscal year 2025). The company has been active since 2021 and the Belgian State Gazette contains no insolvency or warning signals.

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Checked score

Score 2025

81 / 100

Excellent▼ -15 vs 2024

The score combines four axes. Every signal that weighs is under Signals.

Axes · tick = 2024

Profitability100=

Solvency61▼-31

Growth78=

Stability94

Bankruptcy probability, 12 months

1.6% Moderate

0%0.5%1.5%4%10%≥ 25%

Credit up to €18k at 30 days acceptable

Liquidity ample (current ratio 1.96 against 1.82 in 2024), but 73.9% of the assets are financed with debt.

How do we compute the score and the probability?

Credit advice for your own amount and term

Signals

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

−lowers risk+raises risk○neutral

Limited track record

This company has not been active as long as an established one and statistically fails somewhat more often.

KBO · incorporation date

Age against the risk zone

Higher-failure-rate sector

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

Gazette · bankruptcies per sector, NACE 31

Relative position

BE, all sectors

reference

Sector 31

higher

← fewer bankruptcies more bankruptcies →

Annual accounts: healthy financial profile

The latest annual accounts show a healthy profile in solvency, result and liquidity.

NBB · annual accounts 2025

Solvency, return and age of the figures

Solvency

26.1%

Return on assets

11.2%

Age of the figures

12 mo

Latest accounts filed on time

The financial year that closed on 30-09-2025 was due by 30-04-2026 and was filed on 02-04-2026, 28 days ahead of the deadline.

NBB · 3 filings

Deviation from the deadline

2025

28 d early

2024

8 d early

2023

1 d early

← before the deadline after the deadline →

The next deadline is still running

The next financial year closes on 30-09-2026 and is due by 30-04-2027. Nothing is late today.

Companies Code · seven months

Position in the running window

16-09-2026 today30-09-2026 close30-04-2027 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, micro schema

Equity

€220k▲ 75.0%

2024 · €126k

2023: €52k 2024: €126k

2023 → 2025

Total assets

€843k▲ 253%

2024 · €239k

2023: €99k 2024: €239k

2023 → 2025

Net result

€94k▲ 27.4%

2024 · €74k

2023: €46k 2024: €74k

2023 → 2025

Working capital

€123k▲ 32.6%

2024 · €92k

2023: €31k 2024: €92k

2023 → 2025

Multi-year overview

Every figure with its change against the year before

▲ rise ▼ fall

Line202320242025Trend

Equity€52k-€126k▲ 143%€220k▲ 75.0%

Operating result€69k-€98k▲ 41.5%€126k▲ 29.1%

Net result€46k-€74k▲ 59.8%€94k▲ 27.4%

Turnover and EBIT margin not published: the micro schema does not require them.

Result per fiscal year

Operating resultNet result

The operating result has risen two years in a row; 2025 is 29% above 2024 and is the highest year so far.

Balance-sheet composition

2025 in colour, 2024 as the grey bar beneath

Assets €843k

70.3%

29.7%

Fixed assets €593k▲ 1,618%

Current assets €250k▲ 22.3%

Equity and liabilities €843k

26.1%

73.9%

Equity €220k▲ 75.0%

Debt €623k▲ 449%

The debt ratio rises from 47.5% to 73.9%: debt grows faster than equity.

Key figures and ratios

2025 value · change against 2024

EBITDA

€209k▲

2024 · €104k

Cash flow

€177k▲

2024 · €80k

Solvency

26.1%▼

2024 · 52.5%

Current ratio

1.96▲

2024 · 1.82

Quick ratio

0.39▼

2024 · 0.70

Debt / equity

2.83▲

2024 · 0.90

ROE

42.8%▼

2024 · 58.8%

ROA

11.2%▼

2024 · 30.9%

Interest coverage

59.65▼

2024 · 67.25

Debt

€623k▲

2024 · €113k

Debt ≤ 1 year

€128k▲

2024 · €112k

Debt > 1 year

€484k▲

2024 · €1k

Income taxes

€28k▲

2024 · €22k

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€239k€843k▲

Fixed assets21/28€35k€593k▲

Tangible fixed assets22/27€32k€591k▲

Land and buildings22-€550k

Plant, machinery and equipment23€23k€18k▼

Furniture and vehicles24€9k€23k▲

Financial fixed assets28€2k€2k=

Current assets29/58€205k€250k▲

Stocks and contracts in progress3€126k€200k▲

Stocks30/36€9k€10k▲

Contracts in progress37€117k€191k▲

Amounts receivable within one year40/41€32k€17k▼

Trade receivables40€23k€11k▼

Other amounts receivable41€10k€7k▼

Current investments50/53€10k€18k▲

Cash at bank and in hand54/58€35k€14k▼

Deferred charges and accrued income490/1€1k€382▼

Equity and liabilities

Total equity and liabilities10/49€239k€843k▲

Equity10/15€126k€220k▲

Contributions10/11€6k€6k=

Reserves13€46k€46k=

Distributable reserves133€46k€46k=

Profit (loss) carried forward14€74k€168k▲

Amounts payable17/49€113k€623k▲

Amounts payable after more than one year17€1k€484k▲

Financial debts170/4€1k€484k▲

Amounts payable within one year42/48€112k€128k▲

Current portion of amounts payable after more than one year42€5k€25k▲

Trade debts44€44k€28k▼

Suppliers440/4€44k€28k▼

Taxes, remuneration and social security45€22k€32k▲

Taxes450/3€22k€28k▲

Remuneration and social security454/9-€4k

Other amounts payable47/48€42k€42k▲

Accrued charges and deferred income492/3-€12k

Income statement Code20242025

Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€6k€83k▲

Other operating charges640/8€1k€1k▲

Non-recurring operating charges66A-€5k

Gross operating margin9900€105k€215k▲

Operating profit (loss)9901€98k€126k▲

Financial income75/76B€1€2▲

Recurring financial income75€1€2▲

Financial charges65/66B€2k€4k▲

Recurring financial charges65€2k€4k▲

Profit (loss) for the period before taxes9903€96k€122k▲

Income taxes67/77€22k€28k▲

Profit (loss) for the period9904€74k€94k▲

Profit (loss) for the period to be appropriated9905€74k€94k▲

Appropriation of the result

Profit (loss) to be appropriated9906€74k€168k▲

Profit (loss) brought forward from the previous period14P-€74k

The notes to these accounts (9 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 6Financial 3Filings 3

Next filing, fiscal year 2026, expected by 30-04-2027

2026

02-04

NBB filing Annual accounts filed

fiscal year 2025 · micro schema

2025

30-09

Financial Highest result since 2023net €94k ▲27.4%

Operating result €126k, net result €94k, both a record.

30-09

Financial Equity above €200kEq €220k ▲75%

3 profitable years in a row build equity to €220k.

22-04

NBB filing Annual accounts filed

fiscal year 2024 · micro schema

2024

30-09

Financial Equity above €100kEq €126k ▲143%

2 profitable years in a row build equity to €126k.

29-04

NBB filing Annual accounts filed

fiscal year 2023 · micro schema

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

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, Machelen (Brab.) · 1 establishment unit since 2021

establishment The establishment unit 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.

Broekstraat 221831 Machelen (Brab.)

Ground area

7,529 m²

Building footprint

3,357 m²

Volume, LiDAR

24,612 m³

2 parcels, Flanders · tallest building 22.4 m, ±3 floors. Linked by address, not a title deed.

1 establishment unit

Black Flag Design Studio

Fabrieksstraat 15, 1930 ZaventemRetail trade

since 20212.329.236.452

2 parcels

Flanders 2 (100%)

Parcel (capakey)	Region	Area	Buildings	Height / fl.
23094D0126/00T003	Flanders	6,513 m²	1 · 2,799 m²	22.4 m · 3 fl.
23015C0052/00W003	Flanders	1,016 m²	1 · 558 m²	-

Linked by address, not proof of ownership

Methodology

via registered seat: 1 · via establishment units: 1

2 of 2 parcels with an exact address match; the rest are indicative.

Linked through address data, this is not proof of ownership.

Public money · subsidies and aid

Flemish government

2024 · 1 entry · 9,000 EUR awarded · 9,000 EUR paid

Year	Entries	awarded	paid
2024	1	9,000 EUR	9,000 EUR

Schemes

Subsidies voor internationaal ondernemen

1 entry · 9,000 EUR · 9,000 EUR paid · Vlaams Agentschap voor Internationaal Ondernemen

Similar companies · same sector, comparable size

Lieven Coppens Schrijnwerkerij

CRULEYN INTERIEURATELIER

BE 0833.653.731

Tielt · Eq €236k

Of 456 companies in sector 31009 we hold annual accounts for 124. 85 are within a factor 10 of this equity.See the whole sector

Company data · Crossroads Bank

Identification

Legal formPrivate limited company

Founded13-12-2021

Fiscal year end30-09

Activities, NACEBEL

31009Manufacture of furniture

27402Manufacture of electrical equipment

47690Retail sale of other cultural and recreation goods

47787Retail trade

Sources

Crossroads Bank for EnterprisesNational Bank · 3 filingsAddress and cadastre registers

Data from official sources, last processed on 15-09-2026. Scores and ratios are computed by Checked and are not a credit decision.