CertUp
ActiveSummary
CertUp has been active since 1993 and the Belgian State Gazette contains no insolvency or warning signals. The 2024 annual accounts show equity of €157,817 and a net result of €174,847. Equity is growing by ~25.7% per year across the filed fiscal years. Its solvency ranks better than 31% of 4610 sector peers (fiscal year 2024). The computed 12-month bankruptcy probability is 0.2% (very low).
Checked score
Score 2024
Axes · tick = 2023
Profitability100▲+13
Solvency52▲+13
Growth78=
Track record100
Bankruptcy probability, 12 months
0.2%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €11,000 at 30 days acceptable
Liquidity short (current ratio 1.0 against 1.3 in 2023; short-term debt: 50.7% and cash: 13.5% of total assets), and 72.5% of the assets are financed with debt.
Credit check for your own amount and term
Show the recommended maximum : and see how the verdict changes with amount, term and advance.
Signals
Five 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 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
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2024 was due by 31-07-2025 and was filed on 04-07-2025, 27 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
not confirmed
2024
27 d early
2023
54 d early
2022
48 d early
2021
33 d early
2020
29 d early
2019
17 d early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 6 accounts on average 35 days before 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 (1)
History
Go further with this company
How much credit can you give this customer, and on what term?Credit check What should you check before you do business with this company?Supplier due diligence Can you accept this company as a client under the anti-money-laundering law?AML client file Which of your other customers can you e-invoice via Peppol?Peppol check How does this company compare with its sector?Sector benchmark What changed in the latest annual accounts?What changed
Is this your company? See how customers and banks see it.
Investigating this company? Keep it with today's facts in a case file.
Financials · fiscal year 2024, full schema
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
€174,847▲ 100%
2023 · €87,363
Working capital
-€299
2023 · €92,808
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
Line20202021202220232024
Operating result-€38,660€191,152€37,212▼ 80.5%€126,348▲ 240%€245,522▲ 94.3%
Net result-€40,461below the sector's middle half€140,084within the sector's middle half€22,979within the sector's middle half▼ 83.6%€87,363within the sector's middle half▲ 280%€174,847within the sector's middle half▲ 100%
Equity€40,044below the sector's middle half▼ 50.3%€80,128below the sector's middle half▲ 100%€73,107below the sector's middle half▼ 8.8%€84,637below the sector's middle half▲ 15.8%€157,817within the sector's middle half▲ 86.5%
Total assets€553,868within the sector's middle half▲ 49.7%€506,826within the sector's middle half▼ 8.5%€437,209within the sector's middle half▼ 13.7%€609,185within the sector's middle half▲ 39.3%€574,921within the sector's middle half▼ 5.6%
Debt€513,824▲ 77.5%€426,698▼ 17.0%€364,102▼ 14.7%€524,548▲ 44.1%€417,104▼ 20.5%
Working capital€320,437▲ 117%€190,569▼ 40.5%€151,520▼ 20.5%€92,808▼ 38.7%-€299
Solvency7.2%below the sector's middle half▼ 14.5pp15.8%below the sector's middle half▲ 8.6pp16.7%below the sector's middle half▲ 0.9pp13.9%below the sector's middle half▼ 2.8pp27.5%within the sector's middle half▲ 13.6pp
Staff (FTE)7.3within the sector's middle half▲ 52.1%7.6within the sector's middle half▲ 4.1%6.7within the sector's middle half▼ 11.8%4.6within the sector's middle half▼ 31.3%5.1within the sector's middle half▲ 10.9%
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.
Result per fiscal year
Operating resultNet result
After the dip in 2022 the operating result has climbed two years in a row; 2024 is 94% above 2023 and is the highest result in the available series.
Balance-sheet composition
2024 in colour, 2023 as the grey bar beneath
Assets €574,921
Fixed assets
€283,694 ▲ 36.5%
Current assets
€291,227 ▼ 27.4%
Equity and liabilities €574,921
Equity
€157,817 ▲ 86.5%
Debt
€417,104 ▼ 20.5%
Debt's share of the balance-sheet total falls from 86.1% to 72.5%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€293,727▲
2023 · €150,662
Cash flow
€223,052▲
2023 · €111,677
Current ratio
1.00▼
2023 · 1.30
Debt to equity
2.64▼
2023 · 6.20
ROE
110.8%▲
2023 · 103.2%
ROA
30.4%▲
2023 · 14.3%
Interest coverage
507.30▲
2023 · 186.00
Debt ≤ 1 year
€291,526▼
2023 · €308,554
Debt > 1 year
€5,205▼
2023 · €17,619
Income taxes
€70,096▲
2023 · €39,145
Staff costs
€386,580▲
2023 · €324,722
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 3,815 companies that looked in July 2024 the way this one looks now, 0.8% went bankrupt within 24 months and 95% are still going.
- Micro
- 20 years or older
- solvency 10 to 30%
- a profit of 5% of the balance sheet or more
0.8%
went bankrupt
3.8%
stopped otherwise
95%
still going
A further 0.4% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.2% 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 3,815 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 | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | €445,519 | €348,992 | €324,722 | €386,580 | ▲ 19.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €11,450 | €6,279 | €14,401 | €24,314 | €48,205 | ▲ 98.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | €6,915 | - | €3,564 | - |
| Other operating charges640/8 | - | €2,100 | €2,508 | €1,835 | €3,006 | ▲ 63.8% |
| Non-recurring operating charges66A | - | - | - | - | €294 | - |
| Gross operating margin9900 | €386,779 | €645,050 | €410,028 | €477,219 | €687,171 | ▲ 44.0% |
| Operating profit (loss)9901 | -€38,660 | €191,152 | €37,212 | €126,348 | €245,522 | ▲ 94.3% |
| Financial income75/76B | - | €122 | €1,617 | €970 | - | - |
| Recurring financial income75 | €100 | €122 | €1,617 | €970 | - | - |
| Financial charges65/66B | - | €626 | €1,026 | €810 | €579 | ▼ 28.5% |
| Recurring financial charges65 | €989 | €626 | €1,026 | €810 | €579 | ▼ 28.5% |
| Profit (loss) for the period before taxes9903 | -€39,549 | €190,648 | €37,803 | €126,508 | €244,943 | ▲ 93.6% |
| Income taxes67/77 | €912 | €50,564 | €14,824 | €39,145 | €70,096 | ▲ 79.1% |
| Profit (loss) for the period9904 | -€40,461 | €140,084 | €22,979 | €87,363 | €174,847 | ▲ 100% |
| Profit (loss) for the period to be appropriated9905 | -€40,461 | €140,084 | €22,979 | €87,363 | €174,847 | ▲ 100% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €553,868 | €506,826 | €437,209 | €609,185 | €574,921 | ▼ 5.6% |
| Fixed assets21/28 | €52,078 | €60,225 | €113,913 | €207,823 | €283,694 | ▲ 36.5% |
| Intangible fixed assets21 | - | - | - | €28,742 | €96,542 | ▲ 236% |
| Tangible fixed assets22/27 | €9,578 | €17,725 | €71,413 | €55,206 | €63,277 | ▲ 14.6% |
| Furniture and vehicles24 | - | €17,725 | €71,413 | €55,206 | €63,277 | ▲ 14.6% |
| Financial fixed assets28 | €42,500 | €42,500 | €42,500 | €123,875 | €123,875 | = |
| Current assets29/58 | €501,790 | €446,601 | €323,296 | €401,362 | €291,227 | ▼ 27.4% |
| Amounts receivable within one year40/41 | €339,775 | €391,545 | €240,566 | €290,928 | €208,300 | ▼ 28.4% |
| Trade receivables40 | - | €185,048 | €167,683 | €290,928 | €208,300 | ▼ 28.4% |
| Other amounts receivable41 | - | €206,497 | €72,883 | - | - | - |
| Cash at bank and in hand54/58 | €161,037 | €49,202 | €69,936 | €105,628 | €77,512 | ▼ 26.6% |
| Deferred charges and accrued income490/1 | - | €5,854 | €12,794 | €4,806 | €5,415 | ▲ 12.7% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €553,868 | €506,826 | €437,209 | €609,185 | €574,921 | ▼ 5.6% |
| Equity10/15 | €40,044 | €80,128 | €73,107 | €84,637 | €157,817 | ▲ 86.5% |
| Contributions10/11 | €62,000 | €62,000 | €62,000 | €62,000 | €62,000 | = |
| Capital10 | - | €62,000 | €62,000 | €62,000 | €62,000 | = |
| Issued capital100 | - | €62,000 | €62,000 | €62,000 | €62,000 | = |
| Reserves13 | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Non-distributable reserves130/1 | - | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Legal reserve130 | - | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Profit (loss) carried forward14 | -€28,156 | €11,928 | €4,907 | €12,270 | €87,117 | ▲ 610% |
| Investment grants15 | - | - | - | €4,167 | €2,500 | ▼ 40.0% |
| Amounts payable17/49 | €513,824 | €426,698 | €364,102 | €524,548 | €417,104 | ▼ 20.5% |
| Amounts payable after more than one year17 | - | - | €29,922 | €17,619 | €5,205 | ▼ 70.5% |
| Financial debts170/4 | - | - | €29,922 | €17,619 | €5,205 | ▼ 70.5% |
| Amounts payable within one year42/48 | €181,353 | €256,032 | €171,776 | €308,554 | €291,526 | ▼ 5.5% |
| Current portion of amounts payable after more than one year42 | - | - | €12,192 | €12,303 | €12,414 | ▲ 0.9% |
| Trade debts44 | €54,077 | €67,101 | €67,698 | €91,461 | €80,611 | ▼ 11.9% |
| Suppliers440/4 | - | €67,101 | €67,698 | €91,461 | €80,611 | ▼ 11.9% |
| Taxes, remuneration and social security45 | - | €78,140 | €49,058 | €96,443 | €96,760 | ▲ 0.3% |
| Taxes450/3 | - | €24,425 | €11,717 | €49,604 | €45,988 | ▼ 7.3% |
| Remuneration and social security454/9 | - | €53,715 | €37,341 | €46,839 | €50,772 | ▲ 8.4% |
| Other amounts payable47/48 | - | €110,791 | €42,828 | €108,347 | €101,741 | ▼ 6.1% |
| Accrued charges and deferred income492/3 | - | €170,666 | €162,404 | €198,375 | €120,373 | ▼ 39.3% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€40,461 | €140,084 | €22,979 | €87,363 | €174,847 | ▲ 100% |
| + Depreciation and write-downs630 | €11,450 | €6,279 | €14,401 | €24,314 | €48,205 | ▲ 98.3% |
| Operating cash flow (approximation) | -€29,011 | €146,363 | €37,380 | €111,677 | €223,052 | ▲ 99.7% |
| Investment in fixed assets (approximation) | - | -€14,426 | -€68,089 | -€118,224 | -€124,076 | ▼ 4.9% |
| Change in cash | - | -€111,835 | €20,734 | €35,692 | -€28,116 | ▼ 179% |
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
2026
18-09
State Gazette act
Reappointment: Reforge BV (director)Permanent representative: Maarten De Smedt3 facts ▸
State Gazette act
Reappointment: Reforge BV (director)
Permanent representative: Maarten De Smedt3 facts ▸
- General meeting, 29-06-2026
- Director reappointment, Reforge BV (director)
- Permanent representative, Maarten De Smedt (permanent representative)
2025
04-07
NBB filing
Annual accounts filed
fiscal year 2024 · full schema
2024
31-12
Financial
Highest result since 2018net €174,847 ▲100%
Operating result €245,522, net result €174,847, both a record.
31-12
Financial
Equity above €150,000Eq €157,817 ▲86.5%
4 profitable years in a row build equity to €157,817.
07-06
NBB filing
Annual accounts filed
fiscal year 2023 · full schema
2023
13-06
NBB filing
Annual accounts filed
fiscal year 2022 · full schema
2022
28-06
NBB filing
Annual accounts filed
fiscal year 2021 · full schema
2021
31-12
Financial
Back to profitnet €140,084
Net result €140,084 after one loss-making year.
02-07
NBB filing
Annual accounts filed
fiscal year 2020 · full schema
2020
31-12
Financial
Weakest financial yearnet -€40,461
Net result drops to -€40,461, the lowest in the series; recovery starts the following year.
14-07
NBB filing
Annual accounts filed
fiscal year 2019 · full schema
2019
31-12
Financial
Back to profitnet €53,522
Net result €53,522 after one loss-making year.
Show earlier events
02-07
NBB filing
Annual accounts filed
fiscal year 2018 · full schema
2018
08-05
NBB filing
Annual accounts filed
fiscal year 2017 · full schema
2017
06-07
NBB filing
Annual accounts filed
fiscal year 2016 · full schema
2016
03-06
NBB filing
Annual accounts filed
fiscal year 2015 · full schema
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
1 of 15 acts read
About the unread acts
Of the 15 Belgian State Gazette acts we know for this company, 1 has been read. The other 14 have not been read yet: what they contain is neither established nor disproved here.
Have them read with priority
Sign in to place this company at the front of the reading queue.
Directors · office · real estate
Directors
1 director, last change in 2026
Board 1
Reforge
CurrentDirector · since 04-05-2026 · Private limited company · perm. rep.: Maarten De Smedt
Permanent representatives 1
Maarten De Smedt
CurrentPermanent representative · since 04-05-2026 · for Reforge
Derived from published Gazette acts. The CBE keeps the official list of function holders; we do not read it, so the two can differ.
See the function holders in the CBE →
Not every act has been read: a resignation may be missing here
14 of this company's 15 Belgian State Gazette acts have not been read yet. Appointments and resignations recorded in them are missing above: a director who resigned there may therefore still show here as sitting. The acts are in the Timeline.
Location & real-estate footprint
Registered office, Sint-Jans-Molenbeek · 1 establishment unit since 1994
Ground area
509 m²
Building footprint
311 m²
Volume, LiDAR
3,535 m³
Parcel 21524C0041/00Y021, Brussels · tallest building 16.7 m, ±5 floors. Linked by address, not a title deed.
17
companies at this address
See who is registered here
1 establishment unit
AB Management Information Qfor CertUp
since 19942.066.297.562
1 parcel
Brussels
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 21524C0041/00Y021 | Brussels | 509 m² | 1 · 311 m² | 16.7 m · 5 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.
Mandate history
1 person since 2026, 1 in office
- Board
- began earlier
| Name | Functions and periods |
|---|---|
| Reforge |
|
Structure & network
Owners and holdings
1 ownerChain of control
- MANAGEMENT INFORMATION
- CertUp
Highest known parent: MANAGEMENT INFORMATION. The sources do not say who stands above it.
Owners 1
-
100%
Holdings 0
No holding stated in the accounts, acts or LEI register we read.
According to the annual accounts of the other companies, the acts in the Belgian Gazette and the LEI register. The register of ultimate beneficial owners (UBO) is not public: who ultimately stands behind a natural person or a foreign parent is not stated here. A company that does not fill in these statements, or need not, is missing.
Connections & network
2 connected companiesThe connected companies are in the list below.
This company
Company
Director
Shareholding
+N: links not shown yet
Click a node to look further, drag to arrange, scroll to zoom.
Linked via shared directors
Design et Development Technical Documentation
Shared corporate director
→
RepQuest
Shared corporate director
→
Similar companies · same sector, comparable size
MOMIPARTS
BE 0875.653.048
Momignies · Eq €157,823
Partners for Growth
BE 0770.307.484
Herent · Eq €157,826
FINEURO CONSULTING
BE 1014.448.764
Tournai · Eq €157,780
ORMIGA
BE 0768.539.512
Ranst · Eq €157,770
MURWIN
BE 0792.929.468
Bornem · Eq €157,872
Of 82,642 companies in sector 70200 we hold annual accounts for 52,626. 40,783 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPublic limited company
Founded20-04-1993
Fiscal year end31-12
Activities, NACEBEL 2025
70200Business and other management consultancy
72200Scientific research and development
E-invoicing
Reachable via Peppol
Peppol ID
0208:0449917177
Registered
24-11-2025
Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.