Bluesquare
ActiveBluesquare has been active since 2012 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €4.64M and a net result of €394k. Equity is growing by ~24.2% per year across the filed fiscal years. Its solvency ranks better than 67% of 711 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.3% (very low).
Checked score
Score 2025
100
/ 100
Excellent▲ +14 vs 2024
The score combines four axes. Every signal that weighs is under Signals.
Axes · tick = 2024
Profitability56▲+19
Solvency99=
Growth78=
Stability100
Bankruptcy probability, 12 months
0.3%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €460k at 30 days acceptable
Liquidity ample (current ratio 2.17 against 2.11 in 2024), and 38.5% of the assets are financed with debt.
Credit advice for your own amount and term
Signals
Nine 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
Sector 62
lower
← fewer bankruptcies
more bankruptcies →
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
61.5%
Return on assets
5.2%
Age of the figures
9 mo
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
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 10-07-2026, 21 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
21 d early
2024
33 d late
2023
23 d early
2022
6 d early
2021
127 d late
2020
16 d late
2019
6 d late
← before the deadline
after the deadline →
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
16-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, full schema
Turnover
€10.19M
EBIT margin
7.0%
Net result
€394k▲ 21.6%
2024 · €324k
2018: €81k
2020: €278k
2021: €480k
2022: €641k
2023: €930k
2024: €324k
2018 → 2025
Working capital
€3.23M▲ 13.8%
2024 · €2.84M
2018: €1.13M
2020: €1.43M
2021: €1.82M
2022: €1.91M
2023: €2.76M
2024: €2.84M
2018 → 2025
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Turnover€10.19M
Equity€2.23M-€2.84M▲ 27.5%€3.77M▲ 32.8%€4.40M▲ 16.7%€4.64M▲ 5.5%
Operating result€399k-€587k▲ 47.3%€1.03M▲ 75.4%€578k▼ 43.9%€717k▲ 24.1%
Net result€480k-€641k▲ 33.6%€930k▲ 45.1%€324k▼ 65.2%€394k▲ 21.6%
Result per fiscal year
Operating resultNet result
The operating result recovers in 2025; 2025 is 24% above 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €7.55M
Fixed assets
€1.54M▼ 0.9%
Current assets
€6.00M▲ 11.1%
Equity and liabilities €7.55M
Equity
€4.64M▲ 5.5%
Debt
€2.91M▲ 13.4%
The debt ratio rises from 36.8% to 38.5%: debt grows faster than equity.
Key figures and ratios
EBITDA
€1.69M▲
2024 · €1.39M
Cash flow
€1.37M▲
2024 · €1.13M
Solvency
61.5%▼
2024 · 63.2%
Current ratio
2.17▲
2024 · 2.11
Quick ratio
1.78▲
2024 · 1.66
Debt / equity
0.63▲
2024 · 0.58
ROE
8.5%▲
2024 · 7.4%
ROA
5.2%▲
2024 · 4.6%
Interest coverage
7.48▲
2024 · 5.94
Debt
€2.91M▲
2024 · €2.56M
Debt ≤ 1 year
€2.77M▲
2024 · €2.56M
Income taxes
€164k▲
2024 · €55k
Staff costs
€2.66M▲
2024 · €2.33M
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€6.96M€7.55M▲
Fixed assets21/28€1.56M€1.54M▼
Intangible fixed assets21€1.50M€1.49M▼
Tangible fixed assets22/27€39k€29k▼
Plant, machinery and equipment23€16k€12k▼
Furniture and vehicles24€23k€17k▼
Financial fixed assets28€18k€24k▲
Current assets29/58€5.40M€6.00M▲
Amounts receivable after more than one year29€191k€191k=
Other amounts receivable291€191k€191k=
Stocks and contracts in progress3€1.14M€1.08M▼
Contracts in progress37€1.14M€1.08M▼
Amounts receivable within one year40/41€853k€1.21M▲
Trade receivables40€433k€1.00M▲
Other amounts receivable41€419k€210k▼
Cash at bank and in hand54/58€3.17M€3.40M▲
Deferred charges and accrued income490/1€45k€118k▲
Equity and liabilities
Total equity and liabilities10/49€6.96M€7.55M▲
Equity10/15€4.40M€4.64M▲
Contributions10/11€1.60M€1.60M=
Capital10€949k€949k=
Issued capital100€949k€949k=
Outside capital11€653k€653k=
Share premium1100/10€653k€653k=
Reserves13€80k€100k▲
Non-distributable reserves130/1€80k€100k▲
Legal reserve130€80k€100k▲
Profit (loss) carried forward14€2.71M€2.94M▲
Amounts payable17/49€2.56M€2.91M▲
Amounts payable within one year42/48€2.56M€2.77M▲
Trade debts44€488k€837k▲
Suppliers440/4€488k€837k▲
Advances received on contracts in progress46€1.76M€1.48M▼
Taxes, remuneration and social security45€274k€301k▲
Taxes450/3€0-
Remuneration and social security454/9€274k€301k▲
Other amounts payable47/48€41k€150k▲
Accrued charges and deferred income492/3€427€136k▲
Income statement
Code20242025
Turnover70-€10.19M
Non-recurring operating income76A€41k€8▼
Goods, raw materials, services and sundry goods60/61-€6.99M
Remuneration, social security and pensions62€2.33M€2.66M▲
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€808k€974k▲
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4€140k€-95k▼
Other operating charges640/8€3k€1k▼
Non-recurring operating charges66A€1k€0▼
Gross operating margin9900€3.86M€4.26M▲
Operating profit (loss)9901€578k€717k▲
Financial income75/76B€34k€68k▲
Recurring financial income75€34k€68k▲
Financial charges65/66B€234k€227k▼
Recurring financial charges65€234k€226k▼
Non-recurring financial charges66B€158€1k▲
Profit (loss) for the period before taxes9903€378k€558k▲
Income taxes67/77€55k€164k▲
Profit (loss) for the period9904€324k€394k▲
Profit (loss) for the period to be appropriated9905€324k€394k▲
Appropriation of the result
Profit (loss) to be appropriated9906€2.73M€3.11M▲
Profit (loss) brought forward from the previous period14P€2.41M€2.71M▲
Transfer to equity691/2€16k€20k▲
To the legal reserve6920€16k€20k▲
Profit to be distributed694/7-€150k
Return on contributions (dividend)694-€150k
Social balance
Average headcount (FTE)908724.426.6▲
The notes to these accounts (18 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
10-07
NBB filing
Annual accounts filed
fiscal year 2025 · full schema
2025
02-09
NBB filing
Annual accounts filed
fiscal year 2024 · full schema · 33 days late
2024
08-07
NBB filing
Annual accounts filed
fiscal year 2023 · full schema
2023
31-12
Financial
Highest result since 2018net €930k ▲45.1%
Operating result €1.03M, net result €930k, both a record.
25-07
NBB filing
Annual accounts filed
fiscal year 2022 · full schema
2022
05-12
NBB filing
Annual accounts filed
fiscal year 2021 · full schema · 127 days late
2021
31-12
Financial
Equity above €2MEq €2.23M ▲22.5%
3 profitable years in a row build equity to €2.23M.
16-08
NBB filing
Annual accounts filed
fiscal year 2020 · full schema · 16 days late
2020
06-08
NBB filing
Annual accounts filed
fiscal year 2019 · full schema · 6 days late
2019
26-09
NBB filing
Annual accounts filed
fiscal year 2018 · full schema · 57 days late
2018
11-07
NBB filing
Annual accounts filed
fiscal year 2017 · full schema
2017
19-06
NBB filing
Annual accounts filed
fiscal year 2016 · full schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
Directors · office · real estate
Directors
no sitting director, no change since 2025
We have established no sitting directors for this company. We derive directors from published Gazette acts; while there are none, or none read, nothing appears here. That does not mean the company has none: the CBE keeps its own list of function holders, which we do not read.
24-07-2025
Romain Olekhnovitch: Resigned as Director
07-10-2022
Olivier DELENS: Resigned as Director
08-06-2017
IMPACT DIRECTORS: Resigned as Director
08-09-2016
Alex Parisel: Resigned as Director
01-04-2016
Laurent Mikolajczak: Resigned as Director
11-02-2016
Laurent Mikolajczak: Resigned as Director
11-02-2016
Laurent MIKOLAJZACK: Resigned as Manager
11-02-2016
Nicolas de Borman: Resigned as Director
Location & real-estate footprint
Registered office, Watermaal-Bosvoorde · 2 establishment units since 2012
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.
Glimwormenlaan 201170 Watermaal-BosvoordeGround area
4,781 m²
Building footprint
3,782 m²
Volume, LiDAR
56,081 m³
3 parcels, Brussels, Wallonia · tallest building 22.8 m, ±5 floors. Linked by address, not a title deed.
2 establishment units
Blue Square
since 20122.216.027.950
Blanc Scourchet 17, 7890 Ellezelles
since 20142.231.682.661
3 parcels
Wallonia
1
(33.3%)
Brussels
2
(66.7%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 21362B0225/00Z005 | Brussels | 3,610 m² | 1 · 3,528 m² | 22.8 m · 5 fl. |
| 51063A0532/00E002 | Wallonia | 622 m² | 1 · 157 m² | - |
| 21652E0907/00A000 | Brussels | 549 m² | 1 · 97 m² | 9.0 m · 2 fl. |
Linked by address, not proof of ownership
Methodology
via registered seat: 1 · via establishment units: 2
3 of 3 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
European Union, budget
2024 to 2025 · 2 entries| Year | Entries | awarded |
|---|---|---|
| 2025 | 1 | 0 EUR |
| 2024 | 1 | 0 EUR |
Projects
THIRD-PARTY ASSESSMENTS - PBF/FNLC- FED 2023/451-059- IMPROVED ACCESS TO SECONDARY EDUCATION IN MALAWI
MAPPING STUDY ON AID FLOWS FROM EU AND ITS MS TO THE UN AGENCIES IN JORDAN
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Of 16,868 companies in sector 62100 we hold annual accounts for 8,779. 1,401 are within a factor 10 of this equity.See the whole sector
Company data · Crossroads Bank
Identification
Legal formPublic limited company
Founded26-11-2012
Fiscal year end31-12
Activities, NACEBEL
62010Computer programming, consultancy and related activities
62100Computer programming
70210Activities of head offices; management consultancy activities
73300Public relations and communication consultancy
70200Business and other management consultancy
70220Business consulting
82990Other business support services
Sources
Crossroads Bank for EnterprisesNational Bank · 13 filingsAddress and cadastre registers
Data from official sources, last processed on 16-09-2026. Scores and ratios are computed by Checked and are not a credit decision.