CHAINED
ActiveFrom the official registers: KBO 6 annual accounts at the National Bank publications in the Belgian Official Gazette
Summary
CHAINED has been active since 2019 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €376,258 and a net result of €146,200. Equity has been growing by about 27% per year since 2020. Its solvency ranks better than 20% of 10,798 sector peers (NACE 70, financial year 2025). The computed 12-month bankruptcy probability is below 0.1% (very low).
Overview
Official details
KBO- Status
- Active since 09-01-2019 Normal situation
- Legal form
- Private limited company
- Registered office
- Alvinnenberg 7, 2450 Meerhout
- Activity
- Business and other management consultancy NACE 70200and 1 other
- Establishment unit
- 2.283.864.010 2450 Meerhout, since 09-01-2019
- Financial year end
- 30 June
- Peppol
- Reachable since 27-05-2026
Board and ownership
- Holdings
- Shares in 1 company TTT Holding BV
Financial position
- Bankruptcy probabilitywithin 12 months
- < 0.1%
- Gross margin
- €219,170
- ▼ 2.5%
- Turnover
- ≈ €350,000
- estimated
- Profit
- €146,200
- ▼ 39.8%
- Equity
- €376,258
- ▲ 63.5%
- Total assets
- €2.2m
- ▲ 145%
Score breakdownraises riskLiquidity: current ratio 0.56, cash €72,528lowers riskSize: total assets €2.2mSector: Activities of head offices; management consultancy activities (NACE 70)Figures for financial year 2025 (filed on 02-12-2025)Show the evidence
Checked score
Fewer than 1 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, small). It does better than 19% of them on solvency, 69% on liquidity, 50% on profitability and 90% on growth.
The bankruptcy probability was computed on 31-10-2026 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 6 accounts on average 53 days before 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 · financial year 2025, abbreviated format
Annual accounts 2025
- Financial year ended
- 30-06-2025
- Filed on
- 02-12-2025
- Format
- abbreviated format
- Reference
- 2025-00574582
2021 to 2025, 5 financial years 2020 to 2025, 6 financial years
The operating result for 2025 is 30% lower than in 2024.
Turnover is what the company sold, the result is what was left of it. A loss stands below the zero line.
Assets, equity and debt per financial year.
Above zero, the company can pay its short-term debts with what it holds in the short term.
The EBIT margin is the share of each euro of turnover left from operations. The return on assets is what the assets earn.
The higher the solvency, the better the company absorbs a setback.
A ratio above 1 means the short-term assets cover the short-term debts.
Use the arrow keys on the chart for the figures per year.
The sector band is the middle half of the companies in Activities of head offices; management consultancy activities (NACE 70). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30. The dashed line is the median. There is a sector band for net result, equity, total assets, working capital, solvency, current ratio and return on assets (ROA).
Companies with the same profile, two years later
Historical observationIn July 2024, 2,684 companies had the same profile as CHAINED has now. Two years later, 1.3% had gone bankrupt and 97.3% were still going.
- Small
- 5 to 10 years old
- solvency 10 to 30%
- a profit of 5% of the balance sheet or more
Another 0.1% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of CHAINED itself is lower: < 0.1% within 12 months. It rests on far more data about CHAINED than the profile alone.
Test of the method
The method was tested on the 497,445 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 2,684 companies, not a prediction for CHAINED. 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.
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €3,664 | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €13,336 | €9,337 | €11,591 | €10,129 | €23,813 | €69,650 | ▲ 192% |
| Other operating charges640/8 | - | - | €2,658 | €1,055 | €1,150 | €855 | ▼ 25.6% |
| Non-recurring operating charges66A | - | - | - | - | - | €9,339 | - |
| Gross operating margin9900 | €119,450 | €103,352 | €117,119 | €129,885 | €224,744 | €219,170 | ▼ 2.5% |
| Operating profit (loss)9901 | €103,777 | €92,032 | €102,870 | €118,702 | €199,781 | €139,326 | ▼ 30.3% |
| Financial income75/76B | - | - | €2 | €75 | €126,023 | €72,000 | ▼ 42.9% |
| Recurring financial income75 | €2 | €9 | €2 | €75 | €126,023 | €72,000 | ▼ 42.9% |
| Financial charges65/66B | - | - | €307 | €4,789 | €21,167 | €45,429 | ▲ 115% |
| Recurring financial charges65 | €447 | €412 | €307 | €4,789 | €21,167 | €45,429 | ▲ 115% |
| Profit (loss) for the period before taxes9903 | €103,332 | €91,629 | €102,564 | €113,989 | €304,638 | €165,896 | ▼ 45.5% |
| Income taxes67/77 | €24,000 | €26,347 | €21,367 | €28,813 | €61,665 | €19,697 | ▼ 68.1% |
| Profit (loss) for the period9904 | €79,332 | €65,282 | €81,197 | €85,176 | €242,972 | €146,200 | ▼ 39.8% |
| Profit (loss) for the period to be appropriated9905 | €79,332 | €65,282 | €81,197 | €85,176 | €242,972 | €146,200 | ▼ 39.8% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Assets | |||||||
| Total assets20/58 | €0.2m | €0.2m | €0.3m | €1.0m | €0.9m | €2.2m | ▲ 145% |
| Fixed assets21/28 | €0.03m | €0.03m | €0.05m | €0.8m | €0.8m | €2.1m | ▲ 184% |
| Tangible fixed assets22/27 | €0.03m | €0.03m | €0.05m | €0.1m | €0.1m | €1.5m | ▲ 14× |
| Land and buildings22 | - | - | - | - | - | €1.4m | - |
| Furniture and vehicles24 | - | - | €0.03m | €0.09m | €0.07m | €0.04m | ▼ 39.1% |
| Other tangible fixed assets26 | - | - | €0.01m | €0.02m | €0.03m | €0.04m | ▲ 33.9% |
| Financial fixed assets28 | - | - | - | €0.6m | €0.6m | €0.6m | = |
| Current assets29/58 | €0.1m | €0.2m | €0.3m | €0.2m | €0.2m | €0.1m | ▼ 36.0% |
| Amounts receivable within one year40/41 | - | €0.06m | €0.02m | €0.02m | €0.02m | €0.03m | ▲ 42.1% |
| Trade receivables40 | - | - | €0.02m | €0.02m | €0.02m | €0.02m | ▼ 6.9% |
| Other amounts receivable41 | - | - | - | €0.004m | - | €0.01m | - |
| Cash at bank and in hand54/58 | €0.1m | €0.1m | €0.2m | €0.2m | €0.1m | €0.07m | ▼ 47.1% |
| Deferred charges and accrued income490/1 | - | - | €0.002m | €0.001m | €0.002m | €0.001m | ▼ 35.0% |
| Equity and liabilities | |||||||
| Total equity and liabilities10/49 | €0.2m | €0.2m | €0.3m | €1.0m | €0.9m | €2.2m | ▲ 145% |
| Equity10/15 | €0.1m | €0.2m | €0.2m | €0.09m | €0.2m | €0.4m | ▲ 63.5% |
| Contributions10/11 | - | - | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Reserves13 | €0.002m | €0.07m | €0.07m | €0.07m | €0.2m | €0.2m | = |
| Non-distributable reserves130/1 | - | - | €0.002m | €0.002m | - | - | - |
| Reserves not available under the articles1311 | - | - | €0.002m | €0.002m | - | - | - |
| Distributable reserves133 | - | - | €0.06m | €0.06m | €0.2m | €0.2m | = |
| Profit (loss) carried forward14 | €0.08m | €0.08m | €0.2m | €0.002m | €0.005m | €0.2m | ▲ 30× |
| Amounts payable17/49 | €0.06m | €0.06m | €0.05m | €0.9m | €0.7m | €1.9m | ▲ 173% |
| Amounts payable after more than one year17 | €0.01m | €0.008m | €0.004m | €0.6m | €0.5m | €1.6m | ▲ 215% |
| Financial debts170/4 | - | - | €0.004m | €0.6m | €0.5m | €1.6m | ▲ 215% |
| Amounts payable within one year42/48 | €0.04m | €0.05m | €0.05m | €0.3m | €0.1m | €0.2m | ▲ 23.1% |
| Current portion of amounts payable after more than one year42 | - | - | €0.005m | - | - | €0.05m | - |
| Trade debts44 | €33 | €0.001m | €0.001m | €0.001m | €0.004m | €241 | ▼ 93.2% |
| Suppliers440/4 | - | - | €0.001m | €0.001m | €0.004m | €241 | ▼ 93.2% |
| Taxes, remuneration and social security45 | - | - | €0.04m | €0.06m | €0.06m | €0.04m | ▼ 30.5% |
| Taxes450/3 | - | - | €0.04m | €0.06m | €0.06m | €0.04m | ▼ 30.5% |
| Other amounts payable47/48 | - | - | €0.002m | €0.2m | €0.09m | €0.09m | ▲ 8.3% |
| Accrued charges and deferred income492/3 | - | - | - | €0.004m | €0.01m | €0.03m | ▲ 179% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €0.08m | €0.07m | €0.08m | €0.09m | €0.2m | €0.1m | ▼ 39.8% |
| + Depreciation and write-downs630 | €0.01m | €0.009m | €0.01m | €0.01m | €0.02m | €0.07m | ▲ 192% |
| Operating cash flow (approximation) | €0.09m | €0.07m | €0.09m | €0.1m | €0.3m | €0.2m | ▼ 19.1% |
| Investment in fixed assets (approximation) | - | -€0.007m | -€0.03m | -€0.7m | -€0.01m | -€1.4m | ▼ 12,863% |
| Change in cash | - | €0.01m | €0.1m | -€0.005m | -€0.09m | -€0.06m | ▲ 28.6% |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Filings with the National Bank (6)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-06-2025 | abbreviated format | 02-12-2025 | 2025-00574582 | |
| 30-06-2024 | abbreviated format | 10-12-2024 | 2024-00612826 | |
| 30-06-2023 | abbreviated format | 12-12-2023 | 2023-00525978 | |
| 30-06-2022 | abbreviated format | 09-12-2022 | 2022-20535544 | |
| 30-06-2021 | abbreviated format | 08-12-2021 | 2021-79800145 | |
| 30-06-2020 | abbreviated format | 11-12-2020 | 2020-75300086 |
Comparable companies
These companies have the same main activity as CHAINED: business and other management consultancy (NACE 70200). They are comparable in size and age: total assets between €1.8m and €2.5m, founded between 2018 and 2019.
| Company | Founded | Total assets | Equity | Gross margin | Net result | FTE | Financial year |
|---|---|---|---|---|---|---|---|
| CHAINED Meerhout | 2019 | €2.2m | €0.4m | €0.2m | €0.1m | - | 2025 |
| Thoto Mechelen | 2018 | €2.2m | €0.5m | €0.2m | €0.09m | - | 2025 |
| BerBeCo Holdings Kontich | 2018 | €2.1m | -€0.4m | €0.2m | -€0.6m | 0 | 2025 |
| IDENTIS INVEST Zoersel | 2019 | €2.2m | €1.3m | €0.2m | €0.09m | 1.2 | 2025 |
| Vik Van Den Corput Essen | 2018 | €2.2m | €0.7m | €0.2m | €0.6m | - | 2025 |
| Multidisciplinair Eerstelijnscentrum Medisch Thuis Laakdal | 2018 | €2.5m | -€0.05m | €0.2m | -€0.01m | 0.7 | 2025 |
| FOUREL Sint-Katelijne-Waver | 2018 | €1.8m | €0.3m | €0.2m | €0.006m | - | 2025 |
They were chosen from the 54,697 other active companies with that main activity and annual accounts from the past two years. All companies with this main activity
Public contracts: No European public contracts awarded found since October 2016. Contracts below the EU thresholds are not in TED.
Directors
Mandate history
- Board
- began earlier
- end not dated
| Name | Functions and periods |
|---|---|
| VANARWEGEN Lisa |
|
| VANARWERGEN Lisa |
|
The board according to the articles of association
- Signing authorityThe articles say who may bind the company, for example by signing a contract.
- Each director alone
- Board ruleThese rules set how the board is made up, meets and takes decisions.
- “Met of zonder beperking van duur, één of meer bestuurders”“Geheel van bevoegdheden toegekend,met mogelijkheid deel te delegeren, iedere bestuurder,alleen optredend,mag alle handelingen stellen die…”“Vaste of evenredige vergoeding, vergoeding bestuurders”
Articles of association, deed of 19-10-2023
Owners and capital
Capital transactions
- 19-10-2023 Converted to unavailable equity
Other provisions of the articles of association
- Other provisionsThese rules from the articles cover subjects other than the board, the shares, the purpose and the meetings.
- “Alleen of gezamenlijk zoals bestuursorgaan bepaalt, dagelijks bestuur en vertegenwoordiging wat dat bestuur aangaat”“Toegang tot algemene vergadering, bij enkel geschorste stemrechten nog deelnemen zonder stemming”2 more provisions in the deed, see the deed of 19-10-2023
Articles of association, deed of 19-10-2023 (in Dutch)
Group and network
Holdings and subsidiaries
1 holdingHoldings 1
-
10%
Connections & network
The board mandates are in the list below. The network lets you explore the same ties.
Board mandates elsewhere
1 board mandateHistory
Acts, filings and financial milestones
19-10
Gazette deed
Resignation: VANARWEGEN Lisa (manager)Appointment: VANARWERGEN Lisa (director) · Permanent representative: VANARWEGEN Lisa · Amendment of the articles11 points ▸
- General meeting, “buitengewone algemene vergadering van de aandeelhouders” (deed in Dutch)
- Amendment of the articles, mentioned 2 times in the deed
- Capital conversion, “statutair onbeschikbare eigen vermogensrekening” (deed in Dutch)
- Reserve release, “volledig opheffen, statutair onbeschikbare eigen vermogensrekening aangelegd bij toepassing van artikel 39,§2,tweede lid” (deed in Dutch)
- Registered office clause, “2450 Meerhout,Alvinnenberg 7” (deed in Dutch)
- Other provision, “waarmee aandeelhouders kunnen communiceren met vennootschap, website en e-mailadres” (deed in Dutch)
- Power of attorney, Jan VAN ERMENGEM
- Director resignation, VANARWEGEN Lisa (manager)
- Board rule, 1
- Director appointment, VANARWERGEN Lisa (director (not named in the articles))
- Permanent representative, VANARWEGEN Lisa
Sources:Publications in the Belgian Official GazetteFilings with the National Bank
Register details
Identity
KBO recordRegistered office and establishments
Activities
NACEBEL 2025Invoicing and payment
Financial year and general meeting
Accounts at the NBBThe scores and ratios are Checked's own calculations, not a credit decision.
Environmental permits: No permit applications found in Flanders.
Sites & property
1 establishment unit
Buildings and parcels at the address
1 parcel
| Cadastral parcel | Region | Area | Buildings | Height / floors |
|---|---|---|---|---|
| 13021A0942/00E000 | Flanders | 1,993 m² | 1 · 238 m² | 13.3 m · 1 |