Equity
Equity fell by 79% in 18 years.
In July 2024, 31,386 companies had the same profile as BUBBLE has now. Each dot stands for 79 companies, two years later.
Another 0.1% stopped without a precise date, possibly only after those two years.
The method was tested on the 497,762 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 31,386 companies, not a prediction for BUBBLE. 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 | ||||
|---|---|---|---|---|
| BUBBLE Schilde | €50,287 | €10,768 | 58.1% | - |
| HUMANS TECHNOLOGY Fléron | €61,177 | €8,608 | -33.9% | - |
| 3DG-PROJECT Bree | €73,550 | €13,848 | -17.6% | - |
| NEXTPRINT SOLUTIONS SA Watermael-Boitsfort | €47,584 | €6,079 | 84.5% | - |
| ISIDO Kortrijk | €86,159 | €16,341 | 90.7% | - |
| ARSEN K Evere | €59,681 | €18,744 | 52.9% | - |
| BOUGRIA Molenbeek-Saint-Jean | €38,731 | €19,512 | -3.0% | - |
These companies have the same main activity as BUBBLE: wired, wireless and satellite telecommunications (NACE 61100). They are comparable in size and age: total assets between €38,700 and €86,200, founded between 2002 and 2006.
BUBBLE files the micro format. That format states no turnover. The gross margin fell from €28,991 in 2006 to €10,768 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 ≈ €82,000. Estimated: probably between €37,000 and €200,000.
Higher than 64% of 367 companies in 2025.
Higher than 61% of 353 companies in 2025.
Higher than 58% of 357 companies in 2025.
Net result: middle half · Equity: middle half · Balance sheet total: middle half · Working capital: middle half
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 | 2006 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Balance sheet: assets | |||||||||||||||||||||
20/58 |
50,287 | 42,145 | 39,027 | 28,304 | 30,308 | 25,158 | 10,284 | 14,546 | 31,055 | 29,595 | 27,946 | 32,110 | 41,741 | 51,342 | 80,231 | 83,253 | 109,680 | 127,169 | 171,575 | 167,320 | |
21/28 |
6,154 | 8,188 | 10,394 | 9,972 | 2,444 | 3,360 | 400 | 4,177 | 7,953 | 12,171 | 17,034 | 3,691 | 7,161 | 11,058 | 37,415 | 37,610 | 38,201 | 49,319 | 39,475 | 11,350 | |
21 |
- | - | - | - | - | - | - | - | - | - | - | - | 426 | - | - | - | - | - | - | - | |
22/27 |
6,154 | 8,188 | 10,394 | 9,972 | 2,444 | 3,360 | - | 3,777 | 7,554 | 11,771 | 16,634 | 3,291 | 6,335 | 10,658 | 37,015 | 37,210 | 37,802 | 36,209 | 35,075 | 9,153 | |
22 |
- | - | - | - | - | - | - | - | - | 661 | 1,156 | 1,651 | 2,211 | 2,884 | 27,360 | 28,436 | 30,589 | 32,742 | 30,396 | 4,473 | |
23 |
5,485 | 7,133 | 10,394 | 9,916 | 2,209 | 2,945 | - | 100 | 199 | 79 | 650 | 1,285 | 3,325 | 6,438 | 7,568 | 7,036 | 6,121 | 3,413 | 3,462 | 1,567 | |
24 |
669 | 1,055 | - | 56 | 236 | 416 | - | 3,677 | 7,354 | 11,031 | 14,828 | 355 | 799 | 1,336 | 2,087 | 1,738 | 1,091 | 54 | 1,217 | 3,113 | |
28 |
- | - | - | - | - | - | 400 | 400 | 400 | 400 | 400 | 400 | 400 | 400 | 400 | 400 | 400 | 13,110 | 4,400 | 2,197 | |
29/58 |
44,132 | 33,956 | 28,633 | 18,332 | 27,863 | 21,798 | 9,884 | 10,369 | 23,101 | 17,423 | 10,912 | 28,419 | 34,581 | 40,284 | 42,816 | 45,643 | 71,478 | 77,850 | 132,100 | 155,970 | |
40/41 |
9,571 | 2,076 | 4,584 | 5,845 | - | 693 | 2,641 | 3,046 | 5,088 | 2,845 | 4,371 | 4,214 | 5,335 | 6,639 | 13,185 | 2,152 | 9,437 | 15,881 | 19,129 | 48,237 | |
40 |
8,138 | 1,455 | 3,155 | 4,301 | - | 693 | 655 | 1,220 | 3,814 | 1,571 | 1,611 | 2,940 | 4,061 | 4,264 | 10,050 | 696 | 8,120 | 8,347 | 13,617 | 41,752 | |
41 |
1,434 | 621 | 1,429 | 1,544 | - | - | 1,986 | 1,826 | 1,274 | 1,274 | 2,760 | 1,274 | 1,274 | 2,376 | 3,135 | 1,456 | 1,317 | 7,534 | 5,512 | 6,485 | |
54/58 |
33,663 | 31,881 | 24,049 | 12,487 | 27,863 | 21,105 | 5,802 | 5,687 | 16,186 | 13,501 | 5,490 | 22,142 | 28,836 | 33,321 | 29,217 | 41,191 | 60,332 | 61,969 | 112,971 | 107,733 | |
490/1 |
898 | - | - | - | - | - | 1,441 | 1,636 | 1,827 | 1,077 | 1,051 | 2,062 | 410 | 323 | 414 | 2,300 | 1,709 | - | - | - | |
| Balance sheet: equity and liabilities | |||||||||||||||||||||
10/49 |
50,287 | 42,145 | 39,027 | 28,304 | 30,308 | 25,158 | 10,284 | 14,546 | 31,055 | 29,595 | 27,946 | 32,110 | 41,741 | 51,342 | 80,231 | 83,253 | 109,680 | 127,169 | 171,575 | 167,320 | |
10/15 |
29,219 | 23,537 | 20,472 | 17,230 | 11,876 | 13,041 | 9,589 | 14,184 | 29,541 | 27,936 | 26,561 | 31,343 | 39,550 | 42,876 | 69,385 | 73,801 | 96,301 | 112,879 | 136,238 | 114,264 | |
10/11 |
22,000 | 22,000 | 22,000 | 20,000 | 20,000 | 20,000 | 20,000 | 20,000 | 20,000 | 20,000 | 20,000 | 20,000 | 20,000 | 20,000 | 20,000 | 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 | 20,000 | 20,000 | 20,000 | 20,000 | 20,000 | 20,000 | |
13 |
74,579 | 74,579 | 74,579 | 76,579 | 76,579 | 76,579 | 76,579 | 76,579 | 76,579 | 76,579 | 76,579 | 76,579 | 76,579 | 76,579 | 76,579 | 76,579 | 76,579 | 76,579 | 76,579 | 65,592 | |
130/1 |
- | - | - | 2,000 | 2,000 | 2,000 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
130 |
- | - | - | - | - | - | 2,000 | 2,000 | 2,000 | 2,000 | 2,000 | 2,000 | 2,000 | 2,000 | 2,000 | 2,000 | 2,000 | 2,000 | 2,000 | 2,000 | |
1311 |
- | - | - | 2,000 | 2,000 | 2,000 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
132 |
29,028 | 29,028 | 29,028 | 29,028 | 29,028 | 29,028 | 29,028 | 29,028 | 29,028 | 29,028 | 29,028 | 29,028 | 29,028 | 29,028 | 29,028 | 29,028 | 29,028 | 29,028 | 29,028 | 18,041 | |
133 |
45,551 | 45,551 | 45,551 | 45,551 | 45,551 | 45,551 | 45,551 | 45,551 | 45,551 | 45,551 | 45,551 | 45,551 | 45,551 | 45,551 | 45,551 | 45,551 | 45,551 | 45,551 | 45,551 | 45,551 | |
14 |
-67,359 | -73,041 | -76,107 | -79,348 | -84,703 | -83,537 | -86,990 | -82,394 | -67,037 | -68,643 | -70,017 | -65,235 | -57,029 | -53,703 | -27,194 | -22,777 | -277 | 16,300 | 39,659 | 28,672 | |
17/49 |
21,067 | 18,607 | 18,555 | 11,073 | 18,432 | 12,117 | 695 | 362 | 1,513 | 1,659 | 1,384 | 766 | 2,191 | 8,466 | 10,846 | 9,452 | 13,378 | 14,290 | 35,337 | 53,056 | |
42/48 |
21,067 | 18,607 | 18,555 | 11,073 | 18,432 | 12,117 | 695 | 362 | 1,513 | 1,659 | 1,384 | 766 | 2,191 | 8,466 | 10,845 | 9,450 | 13,376 | 14,290 | 25,942 | 50,898 | |
44 |
1,641 | 2,267 | 618 | 2,557 | 2,521 | 121 | 531 | - | 211 | - | - | - | 508 | 7,075 | 6,586 | 744 | 559 | 2,978 | 12,342 | 28,014 | |
440/4 |
1,641 | 2,267 | 618 | 2,557 | 2,521 | 121 | 531 | - | 211 | - | - | - | 508 | 7,075 | 6,586 | 744 | 559 | 2,978 | 12,342 | 28,014 | |
46 |
3,600 | - | - | 1,222 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
45 |
7,000 | 5,000 | 7,200 | 120 | 12,237 | 6,234 | 164 | 362 | 601 | 1,039 | 48 | 124 | 186 | 52 | - | 912 | - | 11 | 11,390 | 20,674 | |
450/3 |
1,500 | - | 1,200 | 120 | 237 | 1,434 | 164 | 362 | 601 | 1,039 | 48 | 124 | 186 | 52 | - | 912 | - | 11 | 390 | 9,674 | |
454/9 |
5,500 | 5,000 | 6,000 | - | 12,000 | 4,800 | - | - | - | - | - | - | - | - | - | - | - | - | 11,000 | 11,000 | |
47/48 |
8,826 | 11,340 | 10,737 | 7,175 | 3,674 | 5,762 | - | - | 702 | 620 | 1,337 | 642 | 1,497 | 1,339 | 4,259 | 7,793 | 12,817 | 11,301 | 2,210 | 2,210 | |
492/3 |
- | - | - | - | - | - | - | - | - | - | - | 0 | - | 0 | 0 | 2 | 3 | - | 9,395 | 2,158 | |
| Income statement | |||||||||||||||||||||
76A |
860 | - | 537 | - | - | - | 160 | - | - | - | - | - | - | 241 | - | - | 1 | 1,585 | 1,554 | 5,636 | |
9900 |
10,768 | 9,975 | 8,660 | 9,230 | 216 | 4,757 | -372 | -8,890 | 6,853 | 6,710 | 1,187 | -2,945 | 1,617 | 3,723 | -941 | -15,986 | 115 | 1,467 | 32,588 | 28,991 | |
630 |
4,525 | 6,438 | 4,919 | 3,326 | 916 | 860 | 3,777 | 3,777 | 3,856 | 4,863 | 5,042 | 3,470 | 4,293 | 4,224 | 2,762 | 6,396 | 5,199 | 4,797 | 4,268 | 4,258 | |
631/4 |
- | - | - | - | - | - | - | 1,896 | - | - | - | 605 | - | - | - | - | - | - | - | - | |
640/8 |
359 | 231 | 328 | 303 | 299 | 297 | 292 | 708 | 1,303 | 452 | 871 | 1,542 | 859 | 897 | 1,141 | 785 | 899 | 519 | 1,282 | 370 | |
66A |
- | 63 | - | - | - | - | - | - | - | - | - | - | - | 25,578 | - | - | 11,436 | 350 | 408 | 454 | |
9901 |
5,884 | 3,243 | 3,412 | 5,601 | -999 | 3,600 | -4,440 | -15,271 | 1,694 | 1,395 | -4,725 | -8,562 | -3,535 | -1,398 | -4,844 | -23,167 | -5,983 | -3,849 | 27,038 | 24,363 | |
75/76B |
40 | 22 | 17 | 0 | - | 1 | 4 | 5 | 5 | 68 | 38 | 492 | 343 | 416 | 586 | 925 | 1,227 | 1,701 | 1,969 | 1,316 | |
75 |
40 | 22 | 17 | 0 | - | 1 | 4 | 5 | 5 | 68 | 38 | 492 | 343 | 416 | 586 | 925 | 1,227 | 1,701 | 1,969 | 1,316 | |
65/66B |
242 | 67 | 60 | 124 | 46 | 32 | 43 | 43 | 38 | 35 | 41 | 84 | 81 | 139 | 158 | 258 | 386 | 21,980 | 90 | 106 | |
65 |
107 | 67 | 60 | 124 | 46 | 32 | 43 | 43 | 38 | 35 | 41 | 84 | 81 | 139 | 158 | 258 | 386 | 21,980 | 90 | 106 | |
66B |
135 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
9903 |
5,682 | 3,198 | 3,369 | 5,477 | -1,046 | 3,570 | -4,479 | -15,309 | 1,660 | 1,428 | -4,729 | -8,153 | -3,273 | -26,457 | -4,416 | -22,500 | -16,577 | -22,893 | 30,063 | 30,755 | |
67/77 |
- | 132 | 128 | 123 | 120 | 117 | 117 | 48 | 54 | 54 | 54 | 53 | 53 | 53 | - | - | - | 466 | 5,489 | 3,202 | |
9904 |
5,682 | 3,066 | 3,241 | 5,354 | -1,165 | 3,453 | -4,596 | -15,357 | 1,606 | 1,374 | -4,782 | -8,207 | -3,325 | -26,509 | -4,416 | -22,500 | -16,577 | -23,359 | 24,574 | 27,553 | |
689 |
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 10,987 | 5,210 | |
9905 |
5,682 | 3,066 | 3,241 | 5,354 | -1,165 | 3,453 | -4,596 | -15,357 | 1,606 | 1,374 | -4,782 | -8,207 | -3,325 | -26,509 | -4,416 | -22,500 | -16,577 | -23,359 | 13,587 | 22,343 | |
| Appropriation of the result | |||||||||||||||||||||
9906 |
-67,359 | -73,041 | -76,107 | -79,348 | -84,703 | -83,537 | -86,990 | -82,394 | -67,037 | -68,643 | -70,017 | -65,235 | -57,029 | -53,703 | -27,194 | -22,777 | -277 | 16,300 | 42,259 | 31,272 | |
14P |
-73,041 | -76,107 | -79,348 | -84,703 | -83,537 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
691/2 |
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 0 | |
694/7 |
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 2,600 | 2,600 | |
694 |
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 2,600 | 2,600 | |
| Document | |||||||||||||||||||||
The accounts for 6 older financial years (2000-2005) were filed as documents without figures as data, scans for example.
The notes to these accounts have 9 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 07-08-2026.
2025 annual accounts filed 7 days after the deadline. Filed on 7 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00387624.
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 07-08-2026 | 2026-00387624 | |
| 31-12-2024 | micro format | 30-06-2025 | 2025-00197017 | |
| 31-12-2023 | micro format | 26-08-2024 | 2024-00367538 | |
| 31-12-2022 | micro format | 27-07-2023 | 2023-00275724 | |
| 31-12-2021 | micro format | 05-07-2022 | 2022-20132728 | |
| 31-12-2020 | micro format | 30-07-2021 | 2021-42600231 | |
| 31-12-2019 | micro format | 29-07-2020 | 2020-35300065 | |
| 31-12-2018 | micro format | 02-07-2019 | 2019-27700181 | |
| 31-12-2017 | micro format | 10-07-2018 | 2018-31700287 | |
| 31-12-2016 | micro format | 10-07-2017 | 2017-30400101 | |
| 31-12-2015 | abbreviated format | 04-07-2016 | 2016-27400503 | |
| 31-12-2014 | abbreviated format | 30-07-2015 | 2015-36700343 | |
| 31-12-2013 | abbreviated format | 22-07-2014 | 2014-33500313 | |
| 31-12-2012 | abbreviated format | 23-07-2013 | 2013-33900130 | |
| 31-12-2011 | abbreviated format | 26-07-2012 | 2012-35100082 | |
| 31-12-2010 | abbreviated format | 20-07-2011 | 2011-32000596 | |
| 31-12-2009 | abbreviated format | 20-07-2010 | 2010-32500302 | |
| 31-12-2008 | abbreviated format | 03-09-2009 | 2009-74600250 | |
| 31-12-2007 | abbreviated format | 27-08-2008 | 2008-64400397 | |
| 31-12-2006 | abbreviated format | 26-07-2007 | 2007-49200162 | |
| 31-12-2005 | abbreviated format | 20-07-2006 | 2006-51004703 | |
| 31-12-2004 | abbreviated format | 26-07-2005 | 2005-56202457 | |
| 31-12-2003 | abbreviated format | 20-07-2004 | 2004-48505100 | |
| 31-12-2002 | abbreviated format | 23-07-2003 | 2003-48801152 | |
| 31-12-2001 | abbreviated format | 04-03-2004 | 2004-05700294 | |
| 31-12-2000 | abbreviated format | 17-10-2001 | 2001-65001610 |
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 | 2006 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 10,409 | 9,682 | 8,331 | 8,927 | -83 | 4,460 | -664 | -11,494 | 5,550 | 6,258 | 317 | -5,092 | 758 | 2,826 | -2,082 | -16,771 | -784 | 948 | 31,306 | 28,621 | ||
| 10,207 | 9,504 | 8,160 | 8,680 | -249 | 4,312 | -819 | -11,580 | 5,462 | 6,237 | 260 | -4,737 | 967 | -22,286 | -1,654 | -16,104 | -11,378 | -18,562 | 28,842 | 31,811 | ||
| 2,491 | 4,233 | 5,341 | 10,853 | 0 | 539 | -0 | 0 | 299 | 0 | 18,385 | 0 | 396 | 4,469 | 2,567 | 6,189 | 6,791 | 36,517 | 34,314 | 582 | ||
| 1,782 | 7,832 | 11,562 | -15,376 | 6,758 | 15,303 | 115 | -10,499 | 2,686 | 8,011 | -16,653 | -6,694 | -4,485 | 4,105 | -11,974 | -19,142 | -1,637 | -51,002 | 5,238 | - | ||
| 23,065 | 15,349 | 10,078 | 7,259 | 9,432 | 9,681 | 9,189 | 10,008 | 21,588 | 15,764 | 9,527 | 27,653 | 32,389 | 31,818 | 31,970 | 36,193 | 58,102 | 63,560 | 106,158 | 105,072 | ||
| 58.1% | 55.8% | 52.5% | 60.9% | 39.2% | 51.8% | 93.2% | 97.5% | 95.1% | 94.4% | 95.0% | 97.6% | 94.8% | 83.5% | 86.5% | 88.6% | 87.8% | 88.8% | 79.4% | 68.3% | ||
| 2.09 | 1.82 | 1.54 | 1.66 | 1.51 | 1.80 | 14.21 | 28.68 | 15.27 | 10.50 | 7.88 | 37.10 | 15.78 | 4.76 | 3.95 | 4.83 | 5.34 | 5.45 | 5.09 | 3.06 | ||
| 0.72 | 0.79 | 0.91 | 0.64 | 1.55 | 0.93 | 0.07 | 0.03 | 0.05 | 0.06 | 0.05 | 0.02 | 0.06 | 0.20 | 0.16 | 0.13 | 0.14 | 0.13 | 0.26 | 0.46 | ||
| 19.4% | 13.0% | 15.8% | 31.1% | -9.8% | 26.5% | -47.9% | -108.3% | 5.4% | 4.9% | -18.0% | -26.2% | -8.4% | -61.8% | -6.4% | -30.5% | -17.2% | -20.7% | 18.0% | 24.1% | ||
| 11.3% | 7.3% | 8.3% | 18.9% | -3.8% | 13.7% | -44.7% | -105.6% | 5.2% | 4.6% | -17.1% | -25.6% | -8.0% | -51.6% | -5.5% | -27.0% | -15.1% | -18.4% | 14.3% | 16.5% | ||
| 97.22 | over 100 | over 100 | 72.11 | -1.80 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
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 |
|---|---|---|---|---|---|
| Tangible fixed assets | €2,491 | €4,233 | €5,341 | €10,853 | - |
| €4,525 | €6,438 | €4,919 | €3,326 | €916 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
The operating result for 2025 is 81% higher than in 2024 and the highest since 2007. It is a recovery after the fall in 2024.
Debt's share of the balance-sheet total falls from 44.2% to 41.9%. Equity and debt are higher.
BUBBLE has no parent and no holdings in its annual accounts. is the only director. BUBBLE shares no director with another company.
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 |
|---|---|---|
| BUBBLE / King Emperor registered office Elzendreef 12, 2970 Schilde 46500 Wholesale of information and communication equipment | 03-04-2000 | 2.100.685.547 |
| Cadastral parcel | Area | Buildings | Height / floors |
|---|---|---|---|
| 11039A0184/00G002 | 2,519 m² | 1 · 237 m² | 20.0 m · 1 |
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