Equity
BLUE PEN paid out €36,750 in dividends. That is 46% of the 2025 profit.
BLUE PEN paid out €36,750 in dividends. That is 46% of the 2025 profit.
Short-term debts fell from €44,878 to €26,603.
Four of the last ten came late. The 2018 accounts came latest: 57 days after the end of the period.
In July 2024, 17,806 companies had the same profile as BLUE PEN has now. Each dot stands for 45 companies, two years later.
The method was tested on the 497,331 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 | 2.9% | 3.1% |
| 10 | 5.6% | 6.1% |
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 17,806 companies, not a prediction for BLUE PEN. 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.
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.
| Company | ||||
|---|---|---|---|---|
| BLUE PEN Kortrijk | €510,233 | €142,528 | 93.9% | - |
| Benestef Zedelgem | €505,752 | €129,764 | 85.7% | - |
| CONSULTANCY LIAM Izegem | €450,813 | €149,053 | 69.0% | - |
| D-KONSULD Bruges | €484,388 | €124,599 | 57.1% | - |
| LIMAGE CONSULT Lendelede | €512,662 | €122,140 | 79.6% | - |
| VÄGSKÄL Ichtegem | €509,781 | €120,374 | 50.3% | - |
| CLH Bruges | €460,755 | €163,695 | 53.5% | 0 |
These companies have the same main activity as BLUE PEN: business and other management consultancy (NACE 70200). They are comparable in size and age: total assets between €451,000 and €513,000, founded between 2009 and 2011.
BLUE PEN files the micro format. That format states no turnover. The gross margin rose from €105,829 in 2012 to €142,528 in 2025.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Turnover ≈ €240,000. Estimated: probably between €200,000 and €290,000.
Higher than 93% of 41,211 companies in 2025.
Higher than 94% of 39,782 companies in 2025.
Higher than 53% of 40,303 companies in 2025.
Net result: top quarter · Equity: top quarter · Balance sheet total: top quarter · Working capital: top quarter
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Balance sheet: assets | |||||||||||||||
20/58 |
510,233 | 482,919 | 357,394 | 323,587 | 239,002 | 208,447 | 197,194 | 189,979 | 193,633 | 194,229 | 214,116 | 195,216 | 126,951 | 110,579 | |
21/28 |
53,222 | 62,690 | 65,467 | 49,771 | 42,337 | 40,791 | 43,350 | 50,842 | 59,678 | 71,795 | 87,092 | 62,707 | 72,086 | 13,958 | |
22/27 |
53,222 | 62,690 | 65,467 | 49,771 | 42,337 | 40,791 | 43,350 | 50,842 | 59,678 | 71,795 | 87,092 | 62,707 | 72,086 | 13,958 | |
23 |
3,425 | 5,324 | - | - | - | - | - | - | - | - | - | - | - | - | |
24 |
7,053 | 11,676 | 22,527 | 6,022 | 1,677 | 3,678 | 5,676 | - | 1,393 | 3,135 | 6,415 | 2,676 | 8,359 | 12,217 | |
26 |
42,745 | 45,691 | 42,940 | 43,748 | 40,660 | 37,113 | 37,674 | 50,842 | 58,285 | 68,660 | 80,678 | 60,031 | 63,726 | 1,741 | |
29/58 |
457,011 | 420,229 | 291,927 | 273,816 | 196,665 | 167,656 | 153,843 | 139,137 | 133,955 | 122,434 | 127,024 | 132,509 | 54,865 | 96,621 | |
29 |
35,000 | 35,000 | 35,000 | 35,000 | 12,000 | 12,000 | - | - | - | - | - | - | - | - | |
291 |
35,000 | 35,000 | 35,000 | 35,000 | 12,000 | 12,000 | - | - | - | - | - | - | - | - | |
40/41 |
36,255 | 104,028 | 19,049 | 47,540 | 69,128 | 23,461 | 72,156 | 53,548 | 49,723 | 42,217 | 59,109 | 86,206 | 36,560 | 21,034 | |
40 |
23,120 | 101,119 | 12,792 | 47,416 | 64,583 | 22,740 | 72,046 | 53,323 | 49,723 | - | 15,518 | 63,273 | 17,275 | 16,227 | |
41 |
13,136 | 2,909 | 6,257 | 125 | 4,544 | 721 | 111 | 225 | - | 42,217 | 43,591 | 22,934 | 19,285 | 4,808 | |
54/58 |
354,926 | 249,511 | 195,220 | 151,651 | 75,334 | 89,633 | 35,867 | 37,195 | 32,549 | 73,181 | 64,212 | 44,612 | 18,033 | 75,587 | |
490/1 |
30,829 | 31,690 | 42,657 | 39,625 | 40,203 | 42,562 | 45,821 | 48,393 | 51,684 | 7,036 | 3,702 | 1,691 | 272 | - | |
| Balance sheet: equity and liabilities | |||||||||||||||
10/49 |
510,233 | 482,919 | 357,394 | 323,587 | 239,002 | 208,447 | 197,194 | 189,979 | 193,633 | 194,229 | 214,116 | 195,216 | 126,951 | 110,579 | |
10/15 |
478,891 | 435,337 | 343,730 | 296,851 | 225,291 | 191,119 | 175,511 | 138,761 | 162,315 | 158,258 | 157,751 | 157,187 | 102,492 | 75,370 | |
10/11 |
20,000 | 20,000 | 20,000 | 20,000 | 20,000 | - | 20,000 | 20,000 | 20,000 | 20,000 | 20,000 | 20,000 | 20,000 | 20,000 | |
100 |
- | - | - | - | - | - | 20,000 | 20,000 | 20,000 | 20,000 | 20,000 | 20,000 | 20,000 | 20,000 | |
11 |
- | - | - | - | - | 20,000 | - | - | - | - | - | - | - | - | |
1100/10 |
- | - | - | - | - | 20,000 | - | - | - | - | - | - | - | - | |
13 |
458,891 | 415,337 | 206,629 | 159,750 | 88,250 | 54,250 | 38,750 | 2,000 | 2,000 | 2,000 | 2,000 | 2,000 | 2,000 | 2,000 | |
130/1 |
- | - | - | - | - | 2,000 | - | - | - | - | - | - | - | - | |
130 |
- | - | - | - | - | - | 2,000 | 2,000 | 2,000 | 2,000 | 2,000 | 2,000 | 2,000 | 2,000 | |
1319 |
- | - | - | - | - | 2,000 | - | - | - | - | - | - | - | - | |
133 |
458,891 | 415,337 | 206,629 | 159,750 | 88,250 | 52,250 | 36,750 | - | - | - | - | - | - | - | |
14 |
0 | 0 | 117,101 | 117,101 | 117,041 | 116,869 | 116,761 | 116,761 | 140,315 | 136,258 | 135,751 | 135,187 | 80,492 | 53,370 | |
17/49 |
31,342 | 47,582 | 13,664 | 26,736 | 13,710 | 17,327 | 21,683 | 51,218 | 31,318 | 35,970 | 56,365 | 38,029 | 24,459 | 35,209 | |
42/48 |
26,603 | 44,878 | 13,479 | 26,562 | 13,434 | 17,052 | 18,795 | 50,826 | 30,932 | 35,970 | 56,365 | 34,808 | 21,062 | 34,032 | |
44 |
3,951 | 766 | 847 | 3,159 | 1,136 | 10,383 | 1,440 | 27,270 | 2,214 | 16,921 | 16,500 | 24 | 12 | 384 | |
440/4 |
3,951 | 766 | 847 | 3,159 | 1,136 | 10,383 | 1,440 | 27,270 | 2,214 | 16,921 | 16,500 | 24 | 12 | 384 | |
45 |
22,652 | 44,112 | 12,632 | 22,329 | 12,298 | 6,669 | 11,248 | 9,065 | 23,000 | 19,049 | 39,865 | 34,783 | 21,050 | 31,189 | |
450/3 |
22,652 | 44,112 | 12,632 | 22,329 | 12,298 | 6,669 | 8,595 | 4,775 | 18,985 | 15,035 | 35,872 | 30,793 | 18,743 | 31,189 | |
454/9 |
- | - | - | - | - | - | 2,653 | 4,291 | 4,015 | 4,015 | 3,993 | 3,990 | 2,307 | - | |
47/48 |
- | - | 0 | 1,074 | - | - | 6,107 | 14,490 | 5,719 | - | - | - | - | 2,460 | |
492/3 |
4,739 | 2,704 | 184 | 174 | 276 | 276 | 2,888 | 393 | 385 | - | - | 3,221 | 3,397 | 1,177 | |
| Income statement | |||||||||||||||
9900 |
142,528 | 166,062 | 92,339 | 124,502 | 62,267 | 44,010 | 95,743 | -4,686 | 31,084 | 57,829 | 95,430 | 102,390 | 73,149 | 105,829 | |
630 |
12,721 | 12,885 | 11,956 | 9,807 | 8,977 | 15,570 | 16,952 | 15,312 | 14,705 | 16,676 | 21,195 | 20,014 | 27,974 | 17,825 | |
640/8 |
2,795 | 8,930 | 2,393 | 2,428 | 1,991 | 2,466 | 1,416 | 2,234 | 3,257 | 1,878 | 1,151 | 1,081 | 1,068 | 2,712 | |
9901 |
127,012 | 144,247 | 77,990 | 112,266 | 51,299 | 25,974 | 77,375 | -22,232 | 13,121 | 39,275 | 73,084 | 81,295 | 44,107 | 85,291 | |
75/76B |
1,180 | 932 | 849 | 1,833 | 444 | 346 | 155 | 69 | 160 | 3,356 | 3,123 | 1,442 | 367 | 155 | |
75 |
1,180 | 932 | 849 | 1,833 | 444 | 346 | 155 | 69 | 160 | 3,356 | 3,123 | 1,442 | 367 | 155 | |
65/66B |
2,875 | 3,005 | 969 | 634 | 437 | 513 | 161 | 208 | 241 | 650 | 78 | 1,185 | 261 | 137 | |
65 |
2,875 | 3,005 | 969 | 634 | 437 | 513 | 161 | 208 | 241 | 650 | 78 | 1,185 | 261 | 137 | |
9903 |
125,318 | 142,174 | 77,870 | 113,465 | 51,306 | 25,807 | 77,370 | -22,372 | 13,041 | 41,982 | 76,129 | 81,552 | 44,212 | 85,310 | |
67/77 |
45,013 | 50,566 | 30,991 | 41,905 | 17,134 | 10,199 | 40,619 | 1,183 | 8,984 | 16,474 | 28,565 | 26,858 | 17,090 | 29,940 | |
9904 |
80,304 | 91,607 | 46,879 | 71,559 | 34,172 | 15,608 | 36,750 | -23,554 | 4,057 | 25,507 | 47,564 | 54,695 | 27,122 | 55,370 | |
9905 |
80,304 | 91,607 | 46,879 | 71,559 | 34,172 | 15,608 | 36,750 | -23,554 | 4,057 | 25,507 | 47,564 | 54,695 | 27,122 | 55,370 | |
| Appropriation of the result | |||||||||||||||
9906 |
80,304 | 208,708 | 163,980 | 188,601 | 151,041 | 132,369 | 153,511 | 116,761 | 140,315 | 161,258 | 182,751 | 135,187 | 80,492 | 55,370 | |
14P |
0 | 117,101 | 117,101 | 117,041 | - | - | - | - | - | - | - | - | - | - | |
791/2 |
36,750 | - | - | - | - | - | - | - | - | - | - | - | - | - | |
691/2 |
80,304 | 208,708 | 46,879 | 71,500 | 34,000 | 15,500 | 36,750 | - | - | - | - | - | - | 2,000 | |
6920 |
- | - | - | - | - | - | - | - | - | - | - | - | - | 2,000 | |
6921 |
80,304 | 208,708 | 46,879 | 71,500 | 34,000 | 15,500 | 36,750 | - | - | - | - | - | - | - | |
694/7 |
36,750 | - | - | - | - | - | - | - | - | 25,000 | 47,000 | - | - | - | |
694 |
36,750 | - | - | - | - | - | - | - | - | 25,000 | 47,000 | - | - | - | |
| Document | |||||||||||||||
The notes to these accounts have 6 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 2025 (PDF), filed on 02-02-2026.
2025 annual accounts filed 2 days after the deadline. Filed on 2 February 2026, deadline 31 January 2026 (7 months after the close on 30 June 2025, Companies Code art. 3:10). Source: NBB, 2026-00026919.
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-06-2025 | micro format | 02-02-2026 | 2026-00026919 | |
| 30-06-2024 | micro format | 27-02-2025 | 2025-00039882 | |
| 30-06-2023 | micro format | 31-01-2024 | 2024-00020060 | |
| 30-06-2022 | micro format | 31-01-2023 | 2023-00011039 | |
| 30-06-2021 | micro format | 26-01-2022 | 2022-02800021 | |
| 30-06-2020 | micro format | 29-01-2021 | 2021-03000435 | |
| 30-06-2019 | micro format | 21-01-2020 | 2020-01700597 | |
| 30-06-2018 | micro format | 29-03-2019 | 2019-08700354 | |
| 30-06-2017 | micro format | 30-01-2018 | 2018-03300311 | |
| 30-06-2016 | abbreviated format | 08-02-2017 | 2017-04200246 | |
| 30-06-2015 | abbreviated format | 14-01-2016 | 2016-01600247 | |
| 30-06-2014 | abbreviated format | 22-01-2015 | 2015-02200383 | |
| 30-06-2013 | abbreviated format | 07-02-2014 | 2014-03000264 | |
| 30-06-2012 | abbreviated format | 08-01-2013 | 2013-00500331 |
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 139,734 | 157,132 | 89,946 | 122,073 | 60,276 | 41,544 | 94,327 | -6,920 | 27,826 | 55,951 | 94,280 | 101,309 | 72,080 | 103,117 | ||
| 93,026 | 104,492 | 58,836 | 81,367 | 43,149 | 31,178 | 53,702 | -8,242 | 18,762 | 42,183 | 68,759 | 74,709 | 55,096 | 73,195 | ||
| 3,254 | 21,941 | 27,653 | 17,241 | 10,524 | 13,010 | 9,460 | 6,476 | 2,588 | 1,378 | 45,581 | 10,635 | 86,102 | 31,783 | ||
| 105,415 | 54,290 | 43,569 | 76,317 | -14,299 | 53,766 | -1,329 | 4,647 | -40,632 | 8,968 | 19,600 | 26,579 | -57,553 | - | ||
| 430,408 | 375,351 | 278,447 | 247,254 | 183,231 | 150,604 | 135,049 | 88,311 | 103,022 | 86,463 | 70,659 | 97,701 | 33,803 | 62,589 | ||
| 93.9% | 90.1% | 96.2% | 91.7% | 94.3% | 91.7% | 89.0% | 73.0% | 83.8% | 81.5% | 73.7% | 80.5% | 80.7% | 68.2% | ||
| 17.18 | 9.36 | 21.66 | 10.31 | 14.64 | 9.83 | 8.19 | 2.74 | 4.33 | 3.40 | 2.25 | 3.81 | 2.60 | 2.84 | ||
| 0.07 | 0.11 | 0.04 | 0.09 | 0.06 | 0.09 | 0.12 | 0.37 | 0.19 | 0.23 | 0.36 | 0.24 | 0.24 | 0.47 | ||
| 16.8% | 21.0% | 13.6% | 24.1% | 15.2% | 8.2% | 20.9% | -17.0% | 2.5% | 16.1% | 30.2% | 34.8% | 26.5% | 73.5% | ||
| 15.7% | 19.0% | 13.1% | 22.1% | 14.3% | 7.5% | 18.6% | -12.4% | 2.1% | 13.1% | 22.2% | 28.0% | 21.4% | 50.1% | ||
| 48.61 | 52.29 | 92.78 | over 100 | - | - | - | - | - | - | - | - | - | - |
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 | 30-06-2025 | 30-06-2024 | 30-06-2023 | 30-06-2022 |
|---|---|---|---|---|
| Tangible fixed assets | €3,254 | €21,941 | €27,653 | €17,241 |
| €12,721 | €12,885 | €11,956 | €9,807 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
The operating result for 2025 is 12% lower than in 2024.
Debt's share of the balance-sheet total falls from 9.9% to 6.1%. Equity is higher and debt is lower.
BLUE PEN has no parent and no holdings in its annual accounts. BLUE PEN shares no director with another company.
Deadline for the 2026 accounts: 31-01-2027
Financial milestones sit on the financial year-end date, not the filing date.
Sources: Publications in the Belgian Official GazetteFilings with the National Bank
| Establishment | Since | Unit number |
|---|---|---|
| Abdis Erkastraat 42 registered office 8510 Kortrijk | 03-01-2011 | 2.194.783.267 |
| Cadastral parcel | Area | Buildings | Height / floors |
|---|---|---|---|
| 34026A0526/00L000 | 838 m² | 1 · 136 m² | 7.8 m · 2 |
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