Equity
BORG has made a profit without a break since 2014.
BORG has made a profit without a break since 2014.
€632,571 of the debts are secured on the company's own assets. In 2021 that was €858,469.
Short-term debts fell from €82,412 to €68,099.
The dashed line is the sector median: 0.2% across 11,229 companies (NACE 73, micro).
Fewer than 1 in 1,000 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 73, micro). It does better than 31% of them on solvency, 43% on liquidity, 47% on profitability and 72% on growth.
The bankruptcy probability was computed on 06-11-2026 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 31-12-2025.
Of the companies with a bankruptcy probability in the very low class on 30-06-2025, 0.1% 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, 2,609 companies had the same profile as BORG has now. Each dot stands for 7 companies, two years later.
That fits the bankruptcy probability of BORG itself: 0.1% 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 2,609 companies, not a prediction for BORG. 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.
Liquidity is ample, with a current ratio of 1.66 (0.97 in 2024), above the usual 1.5. Short-term debt is 7.6% and cash 2% of total assets. However, 72.9% of the assets are financed with debt and provisions.
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 7 accounts on average 7 days before the deadline. In the sector (NACE 73), the median for financial year 2024 was 6 days before the deadline, and 36% of those companies filed late.
| Company | ||||
|---|---|---|---|---|
| BORG Balen | €0.9m | €147,092 | 27.1% | 0 |
| GREEN BEAN Edegem | €0.7m | €108,012 | 49.3% | 0 |
| BeContent Mechelen | €1.0m | €139,750 | 15.2% | 0.4 |
| Maric Invest Deinze | €1.0m | €168,450 | 45.5% | 0 |
| NDV-INVEST Beernem | €1.1m | €102,873 | 20.2% | 0 |
| VEROHAM Bruges | €1.3m | €139,136 | 35.3% | 0 |
| Certinvest Lokeren | €1.0m | €237,398 | 80.7% | 0 |
These companies have the same main activity as BORG: public relations and communication consultancy (NACE 73300). They are comparable in size and age: total assets between €724,000 and €1.3m, founded between 2008 and 2015.
BORG files the abbreviated format. That format states no turnover. The gross margin rose from €1,595 in 2013 to €147,092 in 2025.
The balance sheet grew most from 2019 to 2021 through fixed assets.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette.
Turnover and EBIT margin are not published. The abbreviated or micro format does not require them. The turnover shown is an estimate from the gross margin.
Turnover ≈ €270,000. Estimated: probably between €200,000 and €540,000.
Higher than 35% of 2,089 companies in 2025.
Higher than 52% of 2,006 companies in 2025.
Higher than 55% of 2,049 companies in 2025.
Net result: middle half · Equity: middle half · Balance sheet total: middle half · Working capital: middle half · Staff: bottom quarter
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Balance sheet: assets | ||||||||||||||
20/58 |
894,617 | 912,971 | 960,064 | 955,044 | 990,315 | 632,934 | 416,886 | 105,823 | 82,747 | 58,712 | 29,953 | 32,791 | 26,190 | |
20 |
- | - | - | - | - | - | - | - | - | 61 | 219 | 377 | 535 | |
21/28 |
781,632 | 832,659 | 835,260 | 884,687 | 919,399 | 504,913 | 305,353 | 27,315 | 35,669 | 48,614 | 3,184 | 2,866 | 3,542 | |
22/27 |
741,162 | 792,189 | 814,830 | 864,257 | 898,969 | 503,983 | 304,423 | 26,385 | 34,739 | 47,684 | 2,035 | 1,559 | 2,078 | |
22 |
649,246 | 678,945 | 708,971 | 739,792 | 768,171 | 501,512 | 290,253 | - | - | - | - | - | - | |
23 |
55,353 | 53,167 | 66,577 | 75,157 | 71,465 | 2,471 | 1,094 | 233 | 868 | 2,521 | 2,035 | 1,559 | 2,078 | |
24 |
36,563 | 60,076 | 39,282 | 49,307 | 59,333 | - | 13,076 | 26,153 | 33,872 | 45,162 | - | - | - | |
28 |
40,470 | 40,470 | 20,430 | 20,430 | 20,430 | 930 | 930 | 930 | 930 | 930 | 930 | 930 | 930 | |
29/58 |
112,984 | 80,312 | 124,805 | 70,357 | 70,915 | 128,021 | 111,533 | 78,507 | 47,078 | 10,037 | 26,769 | 29,926 | 22,648 | |
40/41 |
26,700 | 9,500 | 21,304 | 18,824 | 8,023 | 20,376 | 8,551 | 8,862 | 8,591 | 358 | 1,441 | 3,301 | 496 | |
40 |
26,700 | 9,500 | 21,304 | 18,824 | 8,023 | 11,550 | - | 8,862 | 8,591 | 358 | 1,313 | 2,990 | 496 | |
41 |
- | - | - | - | 0 | 8,826 | 8,551 | - | - | - | 128 | 310 | - | |
50/53 |
63,829 | 39,533 | 44,181 | 20,040 | - | - | - | - | - | - | - | - | - | |
54/58 |
17,668 | 30,666 | 55,268 | 27,783 | 59,330 | 103,391 | 102,455 | 69,554 | 38,487 | 9,679 | 24,728 | 26,625 | 22,152 | |
490/1 |
4,788 | 612 | 4,052 | 3,710 | 3,562 | 4,254 | 527 | 92 | - | - | 600 | - | - | |
| Balance sheet: equity and liabilities | ||||||||||||||
10/49 |
894,617 | 912,971 | 960,064 | 955,044 | 990,315 | 632,934 | 416,886 | 105,823 | 82,747 | 58,712 | 29,953 | 32,791 | 26,190 | |
10/15 |
242,818 | 197,988 | 189,852 | 133,949 | 102,849 | 93,956 | 86,174 | 85,833 | 55,420 | 27,073 | 15,479 | 14,388 | 9,956 | |
10/11 |
10,600 | 10,600 | 10,600 | 10,600 | 10,600 | 10,600 | 10,600 | 10,600 | 10,600 | 10,600 | 10,600 | 10,600 | 10,600 | |
100 |
- | - | - | - | - | - | 18,550 | 18,550 | 18,550 | 18,550 | 18,550 | 18,550 | 18,550 | |
101 |
- | - | - | - | - | - | 7,950 | 7,950 | 7,950 | 7,950 | 7,950 | 7,950 | 7,950 | |
13 |
232,218 | 187,388 | 179,252 | 123,349 | 92,249 | 83,356 | 75,574 | 75,233 | 44,820 | 16,473 | 4,879 | 3,788 | - | |
130/1 |
- | - | - | - | 0 | 1,855 | - | - | - | - | - | - | - | |
130 |
- | - | - | - | - | - | 1,855 | 1,855 | 1,855 | 1,855 | 1,281 | 189 | - | |
1311 |
- | - | - | - | 0 | 1,855 | - | - | - | - | - | - | - | |
133 |
232,218 | 187,388 | 179,252 | 123,349 | 92,249 | 81,501 | 73,719 | 73,378 | 42,965 | 14,618 | 3,599 | 3,599 | - | |
14 |
0 | 0 | 0 | 0 | 0 | - | - | - | - | - | - | - | -644 | |
17/49 |
651,799 | 714,983 | 770,212 | 821,094 | 887,466 | 538,978 | 330,712 | 19,990 | 27,328 | 31,639 | 14,474 | 18,403 | 16,235 | |
17 |
583,700 | 632,571 | 690,765 | 748,164 | 804,778 | 525,874 | 310,747 | - | 10,600 | 10,600 | 10,600 | 10,600 | 10,600 | |
170/4 |
583,700 | 632,571 | 690,765 | 748,164 | 804,778 | 525,874 | 310,747 | - | - | - | - | - | - | |
178/9 |
- | - | - | - | - | - | - | - | 10,600 | 10,600 | 10,600 | 10,600 | 10,600 | |
42/48 |
68,099 | 82,412 | 79,447 | 72,930 | 82,616 | 13,044 | 19,905 | 19,930 | 15,928 | 21,039 | 3,874 | 7,803 | 5,635 | |
42 |
48,871 | 58,194 | 57,399 | 56,614 | 53,691 | 2,159 | 12,993 | - | - | - | - | - | - | |
44 |
645 | 2,192 | 586 | 1,379 | 2,995 | 650 | 966 | 10,538 | 769 | 1,092 | - | 679 | - | |
440/4 |
645 | 2,192 | 586 | 1,379 | 2,995 | 650 | 966 | 10,538 | 769 | 1,092 | - | 679 | - | |
45 |
16,136 | 17,713 | 16,712 | 12,050 | 9,745 | 4,017 | 250 | 8,215 | 11,246 | 13,813 | 1,309 | 3,351 | 1,373 | |
450/3 |
16,136 | 17,713 | 16,712 | 12,050 | 9,745 | 4,017 | 250 | 8,215 | 11,246 | 13,813 | 1,309 | 3,351 | 1,373 | |
47/48 |
2,447 | 4,313 | 4,750 | 2,887 | 16,185 | 6,217 | 5,695 | 1,176 | 3,912 | 6,133 | 2,565 | 3,773 | 4,262 | |
492/3 |
- | - | - | 0 | 72 | 60 | 60 | 60 | 800 | - | - | - | - | |
| Income statement | ||||||||||||||
76A |
7,306 | - | - | - | - | - | - | - | - | - | - | - | - | |
9900 |
147,092 | 134,331 | 133,788 | 103,417 | 75,940 | 43,513 | 61,079 | 67,309 | 67,146 | 37,320 | 4,728 | 9,318 | 1,595 | |
630 |
66,648 | 53,267 | 54,551 | 52,452 | 34,357 | 24,169 | 51,916 | 13,711 | 13,006 | 13,099 | 1,174 | 676 | 770 | |
640/8 |
3,431 | 3,211 | 2,639 | 2,429 | 1,623 | 1,340 | 690 | 997 | 706 | 1,236 | 171 | 92 | 90 | |
66A |
- | - | - | 0 | 396 | 289 | - | - | - | - | - | - | - | |
9901 |
77,014 | 77,853 | 76,598 | 48,537 | 39,564 | 17,715 | 8,474 | 52,601 | 53,434 | 22,985 | 3,383 | 8,550 | 735 | |
75/76B |
422 | 7,318 | 202 | 57 | 1 | - | 9 | - | 0 | - | - | 7 | 10 | |
75 |
422 | 7,318 | 202 | 57 | 1 | - | 9 | - | 0 | - | - | 7 | 10 | |
65/66B |
9,765 | 11,557 | 12,717 | 13,666 | 13,520 | 7,158 | 968 | 460 | 1,045 | 881 | 982 | 772 | 707 | |
65 |
9,765 | 11,557 | 12,717 | 13,666 | 13,520 | 7,158 | 968 | 460 | 1,045 | 881 | 982 | 772 | 707 | |
9903 |
67,671 | 73,613 | 64,083 | 34,927 | 26,045 | 10,556 | 7,515 | 52,140 | 52,389 | 22,104 | 2,401 | 7,785 | 37 | |
67/77 |
21,241 | 22,577 | 6,581 | 3,827 | 2,867 | 1,174 | 1,959 | 20,127 | 22,762 | 10,510 | 1,309 | 3,353 | 682 | |
9904 |
46,430 | 51,036 | 57,502 | 31,101 | 23,178 | 9,382 | 5,556 | 32,013 | 29,627 | 11,594 | 1,091 | 4,432 | -644 | |
9905 |
46,430 | 51,036 | 57,502 | 31,101 | 23,178 | 9,382 | 5,556 | 32,013 | 29,627 | 11,594 | 1,091 | 4,432 | -644 | |
| Appropriation of the result | ||||||||||||||
9906 |
46,430 | 51,036 | 57,502 | 31,101 | 23,178 | 9,382 | 5,556 | 32,013 | 29,627 | 11,594 | 1,091 | 3,788 | -644 | |
791/2 |
0 | 41,300 | - | 0 | 12,874 | 8 | 3,591 | - | - | - | - | - | - | |
691/2 |
44,830 | 49,436 | 55,902 | 31,101 | 21,767 | 7,790 | 3,932 | 30,413 | 28,347 | 11,594 | 1,091 | 3,788 | - | |
6920 |
- | - | - | - | - | - | - | - | - | 574 | 1,091 | 189 | - | |
6921 |
44,830 | 49,436 | 55,902 | 31,101 | 21,767 | 7,790 | 3,932 | 30,413 | 28,347 | 11,019 | - | 3,599 | - | |
694/7 |
1,600 | 42,900 | 1,600 | 0 | 14,285 | 1,600 | 5,215 | 1,600 | 1,280 | - | - | - | - | |
694 |
1,600 | 42,900 | 1,600 | 0 | 14,285 | 1,600 | 5,215 | 1,600 | 1,280 | - | - | - | - | |
| Social balance sheet | ||||||||||||||
9087 |
0 | 0 | 0 | 0 | - | - | - | - | - | - | - | - | - | |
| Document | ||||||||||||||
The notes to these accounts have 22 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the accounts filed with the NBB.
Source: Annual accounts 2025 at the NBB, filed on 17-07-2026.
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 17-07-2026 | 2026-00304266 | |
| 31-12-2024 | abbreviated format | 25-07-2025 | 2025-00307262 | |
| 31-12-2023 | abbreviated format | 12-07-2024 | 2024-00238589 | |
| 31-12-2022 | abbreviated format | 25-07-2023 | 2023-00288099 | |
| 31-12-2021 | abbreviated format | 30-08-2022 | 2022-20417901 | |
| 31-12-2020 | micro format | 28-07-2021 | 2021-42900117 | |
| 31-12-2019 | micro format | 03-07-2020 | 2020-26700552 | |
| 31-12-2018 | micro format | 28-06-2019 | 2019-26400167 | |
| 31-12-2017 | micro format | 27-07-2018 | 2018-41300218 | |
| 31-12-2016 | micro format | 29-06-2017 | 2017-26700062 | |
| 31-12-2015 | abbreviated format | 15-07-2016 | 2016-32600145 | |
| 31-12-2014 | abbreviated format | 30-07-2015 | 2015-38800112 | |
| 31-12-2013 | abbreviated format | 29-08-2014 | 2014-56500400 |
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 143,661 | 131,120 | 131,149 | 100,988 | 73,921 | 41,884 | 60,389 | 66,312 | 66,440 | 36,084 | 4,557 | 9,226 | 1,505 | ||
| 113,077 | 104,304 | 112,053 | 83,553 | 57,535 | 33,551 | 57,471 | 45,725 | 42,632 | 24,693 | 2,265 | 5,109 | 126 | ||
| 15,621 | 50,667 | 5,124 | 17,739 | 449,240 | 224,018 | 329,954 | 5,358 | 61 | 58,590 | 1,492 | 0 | 3,523 | ||
| -12,999 | -24,602 | 27,485 | -31,547 | -44,061 | 936 | 32,901 | 31,067 | 28,808 | -15,049 | -1,897 | 4,473 | - | ||
| 44,885 | -2,100 | 45,357 | -2,573 | -11,701 | 114,977 | 91,628 | 58,578 | 31,151 | -11,002 | 22,895 | 22,122 | 17,013 | ||
| 27.1% | 21.7% | 19.8% | 14.0% | 10.4% | 14.8% | 20.7% | 81.1% | 67.0% | 46.1% | 51.7% | 43.9% | 38.0% | ||
| 1.66 | 0.97 | 1.57 | 0.96 | 0.86 | 9.81 | 5.60 | 3.94 | 2.96 | 0.48 | 6.91 | 3.84 | 4.02 | ||
| 2.68 | 3.61 | 4.06 | 6.13 | 8.63 | 5.74 | 3.84 | 0.23 | 0.49 | 1.17 | 0.94 | 1.28 | 1.63 | ||
| 19.1% | 25.8% | 30.3% | 23.2% | 22.5% | 10.0% | 6.4% | 37.3% | 53.5% | 42.8% | 7.0% | 30.8% | -6.5% | ||
| 5.2% | 5.6% | 6.0% | 3.3% | 2.3% | 1.5% | 1.3% | 30.3% | 35.8% | 19.7% | 3.6% | 13.5% | -2.5% | ||
| 14.71 | 11.35 | 10.31 | 7.39 | 5.47 | - | - | - | - | - | - | - | - |
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 | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Debts secured on the company's own assets | €632,571 | €690,765 | €748,164 | €804,778 | €858,469 |
| Mortgages, amount registered | €25,000 | €25,000 | €25,000 | €25,000 | €25,000 |
| €725,000 | €725,000 | €725,000 | €725,000 | €725,000 | |
| Carrying value of the mortgaged assets | €649,246 | €678,945 | €708,971 | €739,792 | €768,171 |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
| Item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Tangible fixed assets | €15,621 | €30,626 | €5,124 | €17,739 | €429,740 |
| Financial fixed assets | - | €20,040 | - | - | €19,500 |
| €66,648 | €53,267 | €54,551 | €52,452 | €34,357 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
The operating result for 2025 is 1% lower than in 2024.
Debt's share of the balance-sheet total falls from 78.3% to 72.9%. Equity is higher and debt is lower.
Source: list of holdings in its own 2025 accounts. Every holding stands with its own latest accounts.
| DE KOER
registered office since 03-05-2021 · founded in 2021 · negative equity (2025) |
total assets €76,759 (2025) 0767.757.968 |
| TER KEMPEN via Borgmans Erik, no longer at TER KEMPEN · Director · deed of 29-08-2025 founded in 2005 |
40 FTE (2025) |
Deadline for the 2026 accounts: 31-07-2027
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 |
|---|---|---|
| Kerkstraat 19 registered office 2490 Balen | 23-05-2012 | 2.210.046.317 |
| 18-12-2019 | Granted | Verbouwen en/of uitbreiden met functiewijziging, maar zonder wijziging van het aantal woongelegenheden submitted 15-10-2019 · project 2019129266 | Balen |
Source: Omgevingsloket Vlaanderen.
| Cadastral parcel | Area | Buildings | Height / floors |
|---|---|---|---|
| 13003A0647/00T000 | 626 m² | 1 · 222 m² | 11.2 m · 1 |
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