Equity
Debts exceed assets in financial year 2024.
Debts exceed assets in financial year 2024.
2025 accounts not filed: deadline was 31-07-2026.
Board changed. Latest change 08-05-2026 · 1 in office.
The dashed line is the sector median: 1.8% across 23,788 companies (NACE 56, micro).
About 5 in 100 comparable companies go bankrupt within 12 months (an estimate).
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 56, micro). It does better than 9% of them on solvency, 49% on liquidity, 8% on profitability and 5% on growth.
The bankruptcy probability was computed on 08-11-2026 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.
The probability rests on the annual accounts with balance sheet date 31-12-2024.
Of the companies with a bankruptcy probability in the elevated class on 30-06-2025, 6.3% went bankrupt within twelve months.
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).
In July 2024, 6,008 companies had the same profile as BLAES has now. Each dot stands for 16 companies, two years later.
Another 0.8% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of BLAES itself: 4.8% within 12 months.
The method was tested on the 497,447 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.
| 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 6,008 companies, not a prediction for BLAES. 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.
The balance sheet total is too small for a liquidity verdict. Equity is negative.
Show the recommended maximum and see how the verdict changes with amount, term and advance.
The scores and ratios are Checked's own calculations, not a credit decision.
The company filed its last 5 accounts on average 43 days after the deadline. In the sector (NACE 70), the median for financial year 2024 was 9 days before the deadline, and 32% of those companies filed late.
| Company | ||||
|---|---|---|---|---|
| BLAES Awans | €335 | -€2,406 | -505.8% | - |
| ISOFIRM Vilvoorde | €342 | -€442 | -676.4% | - |
| WORLD WIDE RISK CONSULTANT Dinant | €363 | -€2,498 | 81.7% | - |
| ROLO Consultancy & Events Sint-Katelijne-Waver | €389 | -€1,010 | -2537.7% | - |
| RETHINK LOGISTICS Court-Saint-Etienne | €368 | -€1,773 | -3441.5% | - |
| NEOLYA Molenbeek-Saint-Jean | €394 | -€4,870 | -6926.7% | - |
| BINDELS CORPORATION Zaventem | €272 | -€516 | 58.4% | - |
These companies have the same main activity as BLAES: business and other management consultancy (NACE 70200). They are comparable in size and age: total assets between €272 and €394, founded between 2019 and 2020.
BLAES files the micro format. That format states no turnover. The gross margin fell from €3,436 in 2020 to -€2,406 in 2024.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette.
2025 annual accounts not yet filed, deadline passed on 31 July 2026 The financial year closed on 31 December 2025. The accounts are due at the latest 7 months after the close (Companies Code art. 3:10). Source: NBB filings, as of 9 November 2026.
Higher than 11% of 33,811 companies in 2023.
Higher than 25% of 32,769 companies in 2023.
Higher than 91% of 33,173 companies in 2023.
Net result: bottom quarter · Equity: bottom quarter · Balance sheet total: bottom quarter · Working capital: bottom quarter
Staff costs divided by the average number of full-time equivalents.
| Line | Trend | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|
| Balance sheet: assets | ||||||
20/58 |
335 | 65,256 | 39,833 | 42,797 | 53,800 | |
21/28 |
- | 0 | 14,165 | 20,687 | 24,581 | |
22/27 |
- | 0 | 14,165 | 20,687 | 24,581 | |
23 |
- | 0 | 11,907 | 17,291 | 21,418 | |
24 |
- | 0 | 2,258 | 3,397 | 3,164 | |
29/58 |
335 | 65,256 | 25,668 | 22,110 | 29,218 | |
3 |
- | 0 | 14,596 | 11,382 | 11,382 | |
30/36 |
- | 0 | 14,596 | 11,382 | 11,382 | |
40/41 |
128 | 65,256 | 8,096 | 8,775 | 11,657 | |
40 |
0 | 65,256 | 300 | - | 3,951 | |
41 |
128 | 0 | 7,796 | 8,775 | 7,706 | |
54/58 |
206 | 0 | 2,698 | 1,330 | 6,179 | |
490/1 |
- | 0 | 278 | 622 | - | |
| Balance sheet: equity and liabilities | ||||||
10/49 |
335 | 65,256 | 39,833 | 42,797 | 53,800 | |
10/15 |
-1,692 | 2,596 | -34,503 | -15,644 | 3,209 | |
10/11 |
15,000 | 15,000 | 13,250 | 13,250 | 13,250 | |
14 |
-16,692 | -12,404 | -47,753 | -28,894 | -10,041 | |
17/49 |
2,027 | 62,660 | 74,337 | 58,441 | 50,590 | |
17 |
- | 0 | 10,955 | 21,649 | 33,041 | |
170/4 |
- | 0 | 10,955 | 21,649 | 33,041 | |
42/48 |
2,027 | 62,660 | 63,382 | 36,791 | 16,750 | |
42 |
0 | 11,917 | 12,618 | 13,279 | 10,561 | |
43 |
0 | 2,479 | 0 | 1,670 | - | |
430/8 |
0 | 2,479 | 0 | 1,670 | - | |
44 |
73 | 38,400 | 23,760 | 21,843 | - | |
440/4 |
73 | 38,400 | 23,760 | 21,843 | - | |
441 |
- | - | 0 | - | - | |
45 |
164 | 9,864 | 27,004 | - | 6,189 | |
450/3 |
164 | 9,703 | 21,260 | - | 6,189 | |
454/9 |
0 | 160 | 5,744 | - | - | |
47/48 |
1,789 | - | - | - | - | |
492/3 |
- | - | - | - | 799 | |
| Income statement | ||||||
70 |
- | - | - | - | 240,595 | |
76A |
0 | 47,080 | 0 | 10,000 | 8,000 | |
9900 |
-2,406 | 45,753 | 21,398 | -5,022 | 3,436 | |
60/61 |
- | - | - | - | 246,519 | |
62 |
0 | 5,362 | 30,398 | - | - | |
630 |
0 | 1,750 | 6,522 | 9,919 | 7,312 | |
640/8 |
1,174 | 1,417 | 2,265 | 1,570 | 1,497 | |
9901 |
-3,580 | 37,224 | -17,787 | -16,511 | -5,373 | |
75/76B |
0 | 1,369 | 2,819 | - | - | |
75 |
0 | 1,369 | 2,819 | - | - | |
76B |
- | - | 0 | - | - | |
65/66B |
709 | 3,130 | 3,592 | 2,342 | 4,667 | |
65 |
709 | 3,130 | 3,274 | 2,342 | 4,667 | |
66B |
- | 0 | 318 | - | - | |
9903 |
-4,289 | 35,463 | -18,560 | -18,853 | -10,041 | |
67/77 |
-1 | 114 | 300 | - | - | |
9904 |
-4,288 | 35,349 | -18,860 | -18,853 | -10,041 | |
9905 |
-4,288 | 35,349 | -18,860 | -18,853 | -10,041 | |
| Appropriation of the result | ||||||
9906 |
-16,692 | -12,404 | -47,753 | -28,894 | -10,041 | |
14P |
-12,404 | -47,753 | -28,894 | -10,041 | - | |
| Social balance sheet | ||||||
9087 |
- | 0 | 0.8 | - | - | |
Hours worked1013 |
- | 152 | 1,633 | - | - | |
| Document | ||||||
The notes to these accounts have 5 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the filed accounts (PDF).
Source: Annual accounts 2024 (PDF), filed on 05-09-2025.
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2024 | micro format | 05-09-2025 | 2025-00485999 | |
| 31-12-2023 | micro format | 01-03-2024 | 2024-00038043 | |
| 31-12-2022 | micro format | 30-08-2023 | 2023-00398149 | |
| 31-12-2021 | micro format | 23-03-2023 | 2023-00047596 | |
| 31-12-2020 | micro format | 07-10-2021 | 2021-71500011 |
| Line | Trend | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|
| -3,580 | 38,974 | -11,264 | -6,592 | 1,938 | ||
| -4,288 | 37,099 | -12,337 | -8,934 | -2,729 | ||
| 0 | 1,750 | 0 | 6,024 | 31,893 | ||
| 206 | -2,698 | 1,368 | -4,849 | - | ||
| -1,692 | 2,596 | -37,713 | -14,682 | 12,468 | ||
| - | - | - | - | -2.2% | ||
| - | 4.0% | -86.6% | -36.6% | 6.0% | ||
| - | 1.04 | 0.40 | 0.60 | 1.74 | ||
| - | 1.04 | 0.17 | 0.29 | 1.06 | ||
| - | 24.14 | - | - | 15.76 | ||
| - | - | - | - | -312.9% | ||
| - | 54.2% | -47.3% | -44.1% | -18.7% | ||
| -5.05 | 12.45 | -3.44 | -2.81 | - | ||
| - | - | - | - | 6 days |
The ratios are withheld because a balance sheet total of €335 is too small for a meaningful ratio.
A Belgian filing has no cash-flow statement. Cash flow is therefore an approximation, derived from the income statement. Investment is the acquisitions in the notes and, without them, the balance-sheet move.
| Item | 31-12-2023 | 31-12-2022 |
|---|---|---|
| Employees at the balance-sheet date | - | 1 |
| full-time | - | 1 |
| part-time | - | 0 |
| in full-time equivalents | - | 1 |
| 0 | 0.8 | |
| On a permanent contract | - | 1 |
| Joined | 0 | 1 |
| Left | 1 | 0 |
| Training hours | 1 | - |
Source: social balance sheet in the 2022 to 2023 annual accounts
| Item | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|
| Overdue tax debts | - | - | €8,439 | - |
Source: notes to the 2021 to 2024 annual accounts (statement of debts)
| Item | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|
| Tangible fixed assets | - | €1,750 | - | €6,024 |
| €0 | €1,750 | €6,522 | €9,919 |
Source: notes to the 2021 to 2024 annual accounts (statement of fixed assets)
The operating result for 2024 is a loss of €3,580, after a profit of €37,224 in 2023.
Equity is negative. Debt (€2,027) exceeds the balance-sheet total (€335).
BLAES has no parent and no holdings in its annual accounts. Michaël ANTOINE is the only director.
| VAP'R
registered office since 28-04-2017 · founded in 2017 |
total assets €970,885 (2025) 0674.944.113 |
| R-SMOKING
registered office since 07-03-2005 · founded in 2005 |
total assets €654,011 (2026) 0872.342.576 |
| MAGNUM IN SPIRIT
registered office since 01-10-2010 · founded in 2010 |
total assets €67,649 (2025) 0829.473.229 |
| NETWORK GLOBAL MANAGEMENT via Richard VIGNETTE, at BLAES until 2026 · Director · deed of 01-10-2021 founded in 1982 · accounts filed late |
total assets €16.2m (2025) |
| OPEN RETAIL SERVICES via Richard VIGNETTE, at BLAES until 2026 · Director · deed of 01-10-2021 founded in 2012 · accounts filed late |
total assets €14.6m (2024) |
| CYNAP via Richard VIGNETTE, at BLAES until 2026 · Director · deed of 20-10-2021 founded in 1993 · accounts filed late |
turnover €132,319 (2024) |
| MISSIL PETROLEUM via Richard VIGNETTE, at BLAES until 2026 · Director · deed of 20-10-2021 founded in 1995 · accounts filed late |
total assets €1.8m (2024) |
Financial milestones sit on the financial year-end date, not the filing date.
Sources: Publications in the Belgian Official GazetteFilings with the National Bank
On 29 May 2019, BLAES was incorporated as a private limited company.1 In 2024 the registered office moved to Awans.2 Michaël ANTOINE is director of the company, appointed by deed of 08-05-2026.3 Total assets went from €53,800 in 2020 to €65,256 in 2023.4
| Establishment | Since | Unit number |
|---|---|---|
| Rue du Château 16 registered office 4340 Awans | ||
| Chaussée de Waremme 43 4540 Amay | 29-05-2019 | 2.289.868.607 |
| Cadastral parcel | Area | Buildings | Height / floors |
|---|---|---|---|
| 61004A0639/00F009 | 1,611 m² | 1 · 81 m² | 6.8 m · 2 |
| 62006B0447/00Z000 | 341 m² | 1 · 190 m² | 9.5 m · 1 |
1 of these parcels carries protected heritage. Expect extra rules on renovation or sale.
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