Calculus
ActiveSummary
Calculus has been active since 1998 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €273,846 and a net result of €2,173. Equity remains stable across the filed fiscal years (±1.1% per year). Its solvency ranks better than 65% of 8763 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.1% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability19▼-1
Solvency93▼-7
Growth32=
Track record100
Bankruptcy probability, 12 months
0.1%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €17,000 at 30 days acceptable
Liquidity ample (current ratio 3.15; short-term debt: 31.6% and cash: 3.4% of total assets), and 31.6% of the assets are financed with debt.
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Signals
Four signals. The signal on the left, the evidence on the right.
−lowers risk○neutral
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 70
Relative position
BE, all sectors
reference
Activities of head offices; management consultancy activities (NACE 70)
about 69% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
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
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
68.4%
Return on assets
0.5%
Age of the figures
9 mo
neutral · Filed after the deadline
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 30-08-2026, 30 days later. For context: 47% of the Belgian market files late and the whole 1-to-90-day band measures 2.0% abnormal legal state against a 1.66% average. We show this as a fact and do not score it.
NBB · 10 filingsDeviation from the deadline
2025
30 d late
2024
30 d late
2023
19 d late
2022
29 d late
2021
30 d late
2020
20 d late
2019
92 d late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 7 accounts on average 36 days after the deadline; the sector median for financial year 2024 is 9 days before the deadline, and 32% of the sector filed late.
Checked, nothing found (2)
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. Usually files around 30 August (5 of the last 5 filed years within 30 days of that day).
Companies Code · seven monthsPosition in the running window
29-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, abbreviated schema
Equity
€273,846▲ 0.8%
2024 · €271,673
Total assets
€400,122▲ 47.0%
2024 · €272,117
Net result
€2,173▼ 27.4%
2024 · €2,994
Working capital
€271,169▲ 1.8%
2024 · €266,259
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 70, Activities of head offices; management consultancy activities, each year against the same schema; no band under 30 filings. Dashed line: the median.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result-€14,883▲ 30.1%-€8,408▲ 43.5%-€14,278▼ 69.8%-€8,035▲ 43.7%-€11,831▼ 47.2%
Net result-€9,069below the sector's middle half▲ 17.7%-€3,271below the sector's middle half▲ 63.9%-€6,032below the sector's middle half▼ 84.4%€2,994within the sector's middle half€2,173within the sector's middle half▼ 27.4%
Equity€277,981within the sector's middle half▼ 3.2%€274,710above the sector's middle half▼ 1.2%€268,678above the sector's middle half▼ 2.2%€271,673above the sector's middle half▲ 1.1%€273,846within the sector's middle half▲ 0.8%
Total assets€333,347below the sector's middle half▼ 12.2%€311,216within the sector's middle half▼ 6.6%€284,179within the sector's middle half▼ 8.7%€272,117within the sector's middle half▼ 4.2%€400,122within the sector's middle half▲ 47.0%
Debt€55,366▼ 40.3%€36,506▼ 34.1%€15,501▼ 57.5%€444▼ 97.1%€126,276▲ 28,319%
Working capital€217,795within the sector's middle half▼ 24.1%€263,822above the sector's middle half▲ 21.1%€260,527above the sector's middle half▼ 1.2%€266,259above the sector's middle half▲ 2.2%€271,169within the sector's middle half▲ 1.8%
Solvency83.4%above the sector's middle half▲ 7.8pp88.3%above the sector's middle half▲ 4.9pp94.5%above the sector's middle half▲ 6.3pp99.8%above the sector's middle half▲ 5.3pp68.4%within the sector's middle half▼ 31.4pp
Current ratio4.94above the sector's middle half▲ 0.848.23above the sector's middle half▲ 3.2917.81above the sector's middle half▲ 9.583.15within the sector's middle half
Return on assets (ROA)-2.7%below the sector's middle half▲ 0.2pp-1.1%below the sector's middle half▲ 1.7pp-2.1%below the sector's middle half▼ 1.1pp1.1%below the sector's middle half▲ 3.2pp0.5%within the sector's middle half▼ 0.6pp
above
within
below
the middle half (P25 to P75) of NACE 70, Activities of head offices; management consultancy activities, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the abbreviated or micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €11,831 in 2025 against €8,035 in 2024; the loss grows.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €400,122
Fixed assets
€2,677 ▼ 50.6%
Current assets
€397,445 ▲ 49.0%
Equity and liabilities €400,122
Equity
€273,846 ▲ 0.8%
Debt
€126,276 ▲ 28,319%
Debt's share of the balance-sheet total rises from 0.2% to 31.6%. Equity and debt are higher.
Key figures and ratios
EBITDA
-€9,094▼
2024 · -€5,298
Cash flow
€4,910▼
2024 · €5,731
Quick ratio
2.93
Debt to equity
0.46▲
2024 · 0.00
ROE
0.8%▼
2024 · 1.1%
Interest coverage
-3.00▼
2024 · -1.20
Debt ≤ 1 year
€126,276▲
2024 · €444
Income taxes
€1,956▲
2024 · €533
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 17,027 companies that looked in July 2024 the way this one looks now, 0.5% went bankrupt within 24 months and 94% are still going.
- Micro
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
0.5%
went bankrupt
4.9%
stopped otherwise
94%
still going
A further 0.3% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.1% over twelve months; the group does not contradict it.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,662 companies of July 2024 its group's bankruptcy share. Expected: 1.5%; actually bankrupt within 24 months: 1.6%.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.4% |
| 3 | 0.5% | 0.5% |
| 4 | 0.6% | 0.7% |
| 5 | 0.8% | 0.9% |
| 6 | 1.2% | 1.3% |
| 7 | 1.5% | 1.7% |
| 8 | 1.7% | 1.7% |
| 9 | 2.7% | 2.8% |
| 10 | 5.3% | 5.7% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 75% of comparisons. The level follows the economy: in a year with more bankruptcies, the actual share is higher than the year before.
An observation about 17,027 comparable companies, not a prediction for this company. The sector does not count: the register keeps no sector for companies that stopped, so it would make the outcome look better than it was.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €4,054 | €2,737 | €2,737 | €2,737 | €2,737 | = |
| Other operating charges640/8 | €876 | €1,035 | €7,635 | €1,431 | €1,483 | ▲ 3.6% |
| Gross operating margin9900 | -€9,953 | -€4,636 | -€3,906 | -€3,867 | -€7,611 | ▼ 96.8% |
| Operating profit (loss)9901 | -€14,883 | -€8,408 | -€14,278 | -€8,035 | -€11,831 | ▼ 47.2% |
| Financial income75/76B | €6,355 | €5,734 | €9,059 | €15,969 | €18,988 | ▲ 18.9% |
| Recurring financial income75 | €6,355 | €5,734 | €9,059 | €15,969 | €18,988 | ▲ 18.9% |
| Financial charges65/66B | €542 | €477 | €389 | €4,407 | €3,028 | ▼ 31.3% |
| Recurring financial charges65 | €542 | €477 | €389 | €4,407 | €3,028 | ▼ 31.3% |
| Profit (loss) for the period before taxes9903 | -€9,070 | -€3,151 | -€5,608 | €3,527 | €4,129 | ▲ 17.0% |
| Income taxes67/77 | -€1 | €121 | €424 | €533 | €1,956 | ▲ 267% |
| Profit (loss) for the period9904 | -€9,069 | -€3,271 | -€6,032 | €2,994 | €2,173 | ▼ 27.4% |
| Profit (loss) for the period to be appropriated9905 | -€9,069 | -€3,271 | -€6,032 | €2,994 | €2,173 | ▼ 27.4% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €333,347 | €311,216 | €284,179 | €272,117 | €400,122 | ▲ 47.0% |
| Fixed assets21/28 | €60,245 | €10,888 | €8,151 | €5,414 | €2,677 | ▼ 50.6% |
| Tangible fixed assets22/27 | €59,975 | €10,618 | €7,881 | €5,144 | €2,407 | ▼ 53.2% |
| Furniture and vehicles24 | €59,975 | €10,618 | €7,881 | €5,144 | €2,407 | ▼ 53.2% |
| Financial fixed assets28 | €270 | €270 | €270 | €270 | €270 | = |
| Current assets29/58 | €273,102 | €300,328 | €276,028 | €266,703 | €397,445 | ▲ 49.0% |
| Stocks and contracts in progress3 | €27,912 | €27,912 | €27,912 | €27,912 | €27,912 | = |
| Stocks30/36 | €27,912 | €27,912 | €27,912 | €27,912 | €27,912 | = |
| Amounts receivable within one year40/41 | €152,203 | €161,678 | €175,986 | €179,172 | €1,724 | ▼ 99.0% |
| Trade receivables40 | €1,396 | €1,166 | €1,100 | €1,100 | - | - |
| Other amounts receivable41 | €150,807 | €160,512 | €174,886 | €178,072 | €1,724 | ▼ 99.0% |
| Current investments50/53 | - | €3,524 | €34,303 | €46,949 | €353,567 | ▲ 653% |
| Cash at bank and in hand54/58 | €91,465 | €106,587 | €37,055 | €12,121 | €13,688 | ▲ 12.9% |
| Deferred charges and accrued income490/1 | €1,522 | €628 | €772 | €549 | €554 | ▲ 1.0% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €333,347 | €311,216 | €284,179 | €272,117 | €400,122 | ▲ 47.0% |
| Equity10/15 | €277,981 | €274,710 | €268,678 | €271,673 | €273,846 | ▲ 0.8% |
| Contributions10/11 | €25,000 | €25,000 | €25,000 | €25,000 | €25,000 | = |
| Capital10 | - | - | - | €25,000 | €25,000 | = |
| Issued capital100 | - | - | - | €25,000 | €25,000 | = |
| Outside capital11 | €25,000 | €25,000 | €25,000 | - | - | - |
| Other1109/19 | €25,000 | €25,000 | €25,000 | - | - | - |
| Reserves13 | €252,981 | €249,710 | €243,678 | €246,673 | €248,846 | ▲ 0.9% |
| Non-distributable reserves130/1 | €2,500 | €2,500 | €2,500 | €2,500 | €2,500 | = |
| Legal reserve130 | - | - | - | €2,500 | €2,500 | = |
| Reserves not available under the articles1311 | €2,500 | €2,500 | €2,500 | - | - | - |
| Tax-exempt reserves132 | €12,610 | €12,610 | €12,610 | €12,610 | €12,610 | = |
| Distributable reserves133 | €237,871 | €234,600 | €228,568 | €231,562 | €233,735 | ▲ 0.9% |
| Amounts payable17/49 | €55,366 | €36,506 | €15,501 | €444 | €126,276 | ▲ 28,319% |
| Amounts payable within one year42/48 | €55,307 | €36,506 | €15,501 | €444 | €126,276 | ▲ 28,319% |
| Trade debts44 | €307 | €580 | €467 | €411 | €2,313 | ▲ 463% |
| Suppliers440/4 | €307 | €580 | €467 | €411 | €2,313 | ▲ 463% |
| Taxes, remuneration and social security45 | - | €927 | €34 | €34 | €1,292 | ▲ 3,750% |
| Taxes450/3 | - | €927 | €34 | €34 | €1,292 | ▲ 3,750% |
| Other amounts payable47/48 | €55,000 | €35,000 | €15,000 | - | €122,672 | - |
| Accrued charges and deferred income492/3 | €59 | - | - | - | - | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€9,069 | -€3,271 | -€6,032 | €2,994 | €2,173 | ▼ 27.4% |
| + Depreciation and write-downs630 | €4,054 | €2,737 | €2,737 | €2,737 | €2,737 | = |
| Operating cash flow (approximation) | -€5,015 | -€534 | -€3,295 | €5,731 | €4,910 | ▼ 14.3% |
| Investment in fixed assets (approximation) | - | €46,620 | €0 | €0 | €0 | - |
| Change in cash | - | €15,121 | -€69,532 | -€24,934 | €1,567 | ▲ 106% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
30-08
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema · 30 days late
2025
30-08
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 30 days late
2024
31-12
Financial
Back to profitnet €2,994
Net result €2,994 after 4 loss-making years.
31-12
Financial
Liquidity times 34current ratio 600.22
Current ratio from 17.81 to 600.22; short-term debt falls from €15,501 to €444.
19-08
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 19 days late
2023
31-12
Financial
Liquidity doublescurrent ratio 17.81
Current ratio from 8.23 to 17.81; short-term debt falls from €36,506 to €15,501.
29-08
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 29 days late
2022
30-08
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema · 30 days late
2021
20-08
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema · 20 days late
2020
31-12
Financial
Weakest financial yearnet -€11,021
Net result drops to -€11,021, the lowest in the series; recovery starts the following year.
31-10
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema · 92 days late
2019
27-08
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema · 27 days late
2018
29-08
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema · 29 days late
2017
28-08
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema · 28 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 1 act read
About the unread acts
We know of 1 Belgian State Gazette act for this company. It has not been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
1 act for this company is in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Antwerpen
Ground area
1,491 m²
Building footprint
984 m²
Volume, LiDAR
7,216 m³
Parcel 11463D0325/00K002, Flanders · tallest building 8.2 m, ±3 floors. Linked by address, not a title deed.
314
companies at this address
See who is registered here
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 11463D0325/00K002 | Flanders | 1,491 m² | 1 · 984 m² | 8.2 m · 3 fl. |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Recognitions · licences · registrations
Legal Entity Identifier
699400YURPZ4AA9C0J71
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Of 82,646 companies in sector 70200 we hold annual accounts for 52,627. 38,610 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company
Founded19-02-1998
Fiscal year end31-12
Activities, NACEBEL 2025
70200Business and other management consultancy
69209Other tax advisory services
E-invoicing
Reachable via Peppol
Peppol ID
0208:0462715437
Registered
24-07-2025
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 28 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.