BRAINCAP
ActiveSummary
BRAINCAP has been active since 1998 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show negative equity (-€404,291) and a net result of €102,656. Equity has been growing by about 12% per year since 2018. Its solvency ranks better than 5% of 3,863 sector peers (NACE 70, financial year 2025). The computed 12-month bankruptcy probability is 0.2% (very low).
Overview
Overview
Official details
Source: KBO- Status
- Active since 28-07-1998 Normal situation
- Activity
- Business and other management consultancy NACE 70200
- Establishment unit
- 2.088.528.180 2950 Kapellen, since 25-09-1998
- Financial year end
- 31 December
- Peppol
- Reachable since 17-10-2025
Board and ownership
- RONICManaging director · permanent representative Jan VLASVELD
- JUNGEN NicoleDirector · since 23-02-2023
Financial position
- Bankruptcy probabilitywithin 12 months
- 0.2%
- Gross margin
- €102,916
- ▲ 154%
- Turnover
- ≈ €160,000
- estimated
- Profit
- €102,656
- ▲ 154%
- Equity
- -€404,291
- ▲ 20.2%
- Total assets
- €44,300
- ▲ 12×
- Negative equity on 31-12-2025
- 2025 accounts filed 31 days after the deadline
Score breakdownraises riskCapped at 59: negative equityNegative equity -€404,291Last filed accounts filed 31 days late; 2 of the last 3 accounts latelowers riskSize: total assets €44,300Sector: Activities of head offices; management consultancy activities (NACE 70)Show the evidence
Checked score
About 2 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
Calculation
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 70, micro). It does better than 3% of them on solvency, 41% on liquidity, 84% on profitability and 67% on growth.
The bankruptcy probability was computed on 03-11-2026 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.
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).
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Signals
The company filed its last 7 accounts on average 10 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.
Searched, nothing found (2)
Financials
Financials · financial year 2025, full format
2025 annual accounts filed 31 days after the deadline Filed on 31 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00490402.
Annual accounts 2025 filed on 31-08-2026 at the NBB all 27 filings
Every figure per financial year
The operating result for 2025 is 156% higher than in 2024 and the highest since 2021. It is a recovery after the fall in 2024.
The turnover shown is an estimate from the gross margin.
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Other operating charges640/8 | - | - | - | €503 | €507 | €456 | €299 | €120 | ▼ 59.8% |
| Gross operating margin9900 | €20,219 | €109,680 | €125,858 | €75,067 | €58,418 | €56,369 | €40,517 | €102,916 | ▲ 154% |
| Operating profit (loss)9901 | €19,776 | €109,235 | €125,411 | €74,564 | €57,912 | €55,913 | €40,219 | €102,796 | ▲ 156% |
| Financial income75/76B | - | - | - | €166 | €189 | €298 | €361 | - | - |
| Recurring financial income75 | - | €219 | €10,645 | €166 | €189 | €298 | €361 | - | - |
| Financial charges65/66B | - | - | - | €60 | €120 | €92 | €140 | €140 | = |
| Recurring financial charges65 | €40 | - | €40 | €60 | €120 | €92 | €140 | €140 | = |
| Profit (loss) for the period before taxes9903 | €19,736 | €109,454 | €136,016 | €74,670 | €57,981 | €56,120 | €40,440 | €102,656 | ▲ 154% |
| Profit (loss) for the period9904 | €19,736 | €109,454 | €136,016 | €74,670 | €57,981 | €56,120 | €40,440 | €102,656 | ▲ 154% |
| Profit (loss) for the period to be appropriated9905 | €19,736 | €109,454 | €136,016 | €74,670 | €57,981 | €56,120 | €40,440 | €102,656 | ▲ 154% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €0.02m | €0.07m | €0.04m | €0.02m | €0.06m | €0.04m | €0.004m | €0.04m | ▲ 12× |
| Current assets29/58 | €0.02m | €0.07m | €0.04m | €0.02m | €0.06m | €0.04m | €0.004m | €0.04m | ▲ 12× |
| Amounts receivable within one year40/41 | €0.02m | €0.001m | €0.001m | €0.006m | €0.007m | €0.01m | €0.002m | €0.03m | ▲ 16× |
| Trade receivables40 | - | - | - | - | - | €0.007m | - | €0.03m | - |
| Other amounts receivable41 | - | - | - | €0.006m | €0.007m | €0.007m | €0.002m | €0.003m | ▲ 30.8% |
| Cash at bank and in hand54/58 | €0.004m | €0.07m | €0.04m | €0.02m | €0.05m | €0.03m | €0.001m | €0.009m | ▲ 564% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €0.02m | €0.07m | €0.04m | €0.02m | €0.06m | €0.04m | €0.004m | €0.04m | ▲ 12× |
| Equity10/15 | -€1.0m | -€0.9m | -€0.7m | -€0.7m | -€0.6m | -€0.5m | -€0.5m | -€0.4m | ▲ 20.2% |
| Contributions10/11 | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Capital10 | - | - | - | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Issued capital100 | - | - | - | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Reserves13 | €0.006m | €0.006m | €0.006m | €0.006m | €0.006m | €0.006m | €0.006m | €0.006m | = |
| Non-distributable reserves130/1 | - | - | - | €0.006m | €0.006m | €0.006m | €0.006m | €0.006m | = |
| Legal reserve130 | - | - | - | €0.006m | €0.006m | €0.006m | €0.006m | €0.006m | = |
| Profit (loss) carried forward14 | -€1.0m | -€0.9m | -€0.8m | -€0.7m | -€0.7m | -€0.6m | -€0.6m | -€0.5m | ▲ 17.8% |
| Amounts payable17/49 | €1.0m | €0.9m | €0.8m | €0.7m | €0.7m | €0.6m | €0.5m | €0.4m | ▼ 12.1% |
| Amounts payable after more than one year17 | €1.0m | €0.9m | €0.8m | €0.7m | €0.7m | €0.6m | €0.5m | €0.4m | ▼ 12.1% |
| Financial debts170/4 | - | - | - | €0.7m | €0.7m | €0.6m | €0.5m | €0.4m | ▼ 12.1% |
| Other amounts payable178/9 | - | - | - | €0 | - | - | - | - | - |
| Amounts payable within one year42/48 | €0.004m | €0.008m | €0 | - | €60 | €0.007m | - | - | - |
| Trade debts44 | €143 | - | - | - | €60 | €0.007m | - | - | - |
| Suppliers440/4 | - | - | - | - | €60 | €0.007m | - | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €19,736 | €109,454 | €136,016 | €74,670 | €57,981 | €56,120 | €40,440 | €102,656 | ▲ 154% |
| Operating cash flow (approximation) | €19,736 | €109,454 | €136,016 | €74,670 | €57,981 | €56,120 | €40,440 | €102,656 | ▲ 154% |
| Change in cash | - | €64,095 | -€26,128 | -€25,043 | €32,631 | -€19,707 | -€28,144 | €7,969 | - |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Historical observation
In July 2024, 3,794 companies had the same profile as BRAINCAP has now. Two years later, 91.5% were still going and 2.7% had gone bankrupt.
- Micro
- 20 years or older
- negative equity
- a profit of 5% of the balance sheet or more
Another 0.6% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of BRAINCAP itself is lower: 0.2% within 12 months. It rests on far more data about BRAINCAP than the profile alone.
Test of the method
The method was tested on the 497,446 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 3,794 companies, not a prediction for BRAINCAP. 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.
Latest 10 of 27 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 31-08-2026 | 2026-00490402 | |
| 31-12-2024 | micro format | 31-07-2025 | 2025-00359370 | |
| 31-12-2023 | micro format | 27-09-2024 | 2024-00483558 | |
| 31-12-2022 | micro format | 10-07-2023 | 2023-00218267 | |
| 31-12-2021 | micro format | 01-08-2022 | 2022-20253911 | |
| 31-12-2020 | micro format | 30-08-2021 | 2021-55700192 | |
| 31-12-2019 | micro format | 03-07-2020 | 2020-25100469 | |
| 31-12-2018 | abbreviated format | 24-06-2019 | 2019-21000508 | |
| 31-12-2017 | abbreviated format | 16-07-2018 | 2018-32700259 | |
| 31-12-2016 | abbreviated format | 01-08-2017 | 2017-38700195 |
Board & ownership
Directors
Board 2
Day-to-day management 1
Permanent representatives 1
Owners and capital
Capital transactions
- 29-01-2024 Capital stated in the deed · €61,973.38 · 2,500 shares
Mandate history
- Board
- Day-to-day management
- began earlier
| Name | Functions and periods |
|---|---|
| RONIC |
|
| JUNGEN Nicole |
|
| AXIMET |
|
Articles of association
Capital, shares and profit
- Kind of sharesThe articles set which classes of shares exist and what rights each class carries.
- “1.9.Aard van de aandelen, niet volgestorte aandelen op naam”
Audit, dissolution and liquidation
- Dissolution ruleThe articles set when and by whom the company can be dissolved.
- “Vereist voor statutenwijziging, 40”
- Liquidation ruleIn a liquidation the creditors are paid first. What is left goes to the shareholders.
- “41, bestuursorgaan in functie als college van vereffenaars bij gebrek benoeming”“42, algemene vergadering anders bij gewone meerderheid”
Articles of association, deed of 29-01-2024 (in Dutch)
Network & group
BRAINCAP shares no director with another company.
Companies at the same address
2 other companiesConnections & network
2 current directorsThe network starts from the directors of BRAINCAP. Every other company they run is a node.
Timeline
Acts, filings and financial milestones
29-01
Gazette deed
3 reappointedReappointments: JUNGEN Nicole (director) and RONIC (director) · Permanent representative: Jan VLASVELD · Amendment of the articles17 points ▸
- General meeting, 19-12-2023
- Amendment of the articles, mentioned 2 times in the deed
- Registered office clause, “aanduiding van het adres van de zetel niet meer opnemen in de statuten, TWEEDE BESLUIT” (deed in Dutch)
- Kind of shares, “DERDE BESLUIT, in de nieuwe statuten op te nemen” (deed in Dutch)
- Capital, €61,973.38
- General meeting, “VIJFDE BESLUIT: OPDRACHT TOT COÖRDINATIE, coördinatie statuten opmaken en ondertekenen overeenkomstig vorig besluit en neerlegging in vennootschapsdossier” (deed in Dutch)
- Board rule, 2, “ZESDE BESLUIT” (deed in Dutch)
- Director discharge, JUNGEN Nicole
- Director discharge, RONIC
- Director reappointment, JUNGEN Nicole (director (not named in the articles))
- Director reappointment, RONIC (director (not named in the articles))
- Other provision, “geen verbod functie-uitoefening, uitoefening functie niet verboden” (deed in Dutch), mentioned 2 times in the deed
- The act holds 5 more points.
04-10
Gazette deed
Resignation: Aximet BV (director)Appointment: Ronic BV (director)4 points ▸
- General meeting, 02-09-2019
- Director resignation, Aximet BV (director)
- Director appointment, Ronic BV (director)
- Other provision, “bekend te maken kopie, na neerlegging van de akte ter griffie” (deed in Dutch)
Sources:Publications in the Belgian Official GazetteFilings with the National Bank
History
Company details
Register details
Identity
KBO recordRegistered office and establishments
Activities
NACEBEL 2025Codes under NACEBEL 2008
Invoicing and payment
Financial year and general meeting
Accounts at the NBBSites & property
Buildings and parcels at the address
| Cadastral parcel | Region | Area | Buildings | Height / floors |
|---|---|---|---|---|
| 11023K0007/02W007 | Flanders | 5,437 m² | 1 · 338 m² | 8.1 m · 1 |