CHALLENGE LEARNING
ActiveSummary
CHALLENGE LEARNING has been active since 1996 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €293,651 and a net result of €104. Equity remains stable across the filed financial years (±0.2% per year). The computed 12-month bankruptcy probability is 0.1% (very low).
Financials · financial year 2025, micro format
Equity
€293,651=
2024 · €293,547
Total assets
€330,876▲ 6.9%
2024 · €309,457
Net result
€104▼ 99.2%
2024 · €12,847
Working capital
€171,834▲ 4.6%
2024 · €164,288
Trend over the years
2021 to 2025, 5 financial years 2018 to 2025, 8 financial years
The operating result turns negative in 2025: a loss of €3,883 after €8,096 in 2024.
What the company sold each financial year and what was left of it. A loss stands below the zero line.
Operating result-€3,883
2025
Net result€104
2025
What the company owns (total assets), how much of it is its own (equity) and how much it owes.
Total assets€330,876
2025
Equity€293,651
2025
Debt€37,225
2025
Short-term assets minus short-term debts. Above zero the company can pay its bills in the short term.
Working capital€171,834
2025
Use the arrow keys on the chart for the figures per year.
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result-€19,724--€3,680▲ 81.3%-€38,319▼ 941%-€23,999▲ 37.4%€5,229€9,884▲ 89.0%€8,096▼ 18.1%-€3,883
Net result€3,596--€4,675-€38,596▼ 726%€5,717-€995€2,186€12,847▲ 488%€104▼ 99.2%
Equity€317,064-€312,388▼ 1.5%€273,792▼ 12.4%€279,509▲ 2.1%€278,514▼ 0.4%€280,700▲ 0.8%€293,547▲ 4.6%€293,651=
Total assets€343,372-€401,116▲ 16.8%€339,675▼ 15.3%€283,482▼ 16.5%€287,177▲ 1.3%€289,422▲ 0.8%€309,457▲ 6.9%€330,876▲ 6.9%
Debt€26,308-€88,728▲ 237%€65,882▼ 25.7%€3,973▼ 94.0%€8,663▲ 118%€8,722▲ 0.7%€15,910▲ 82.4%€37,225▲ 134%
Working capital€97,302-€147,206▲ 51.3%€107,782▼ 26.8%€121,311▲ 12.6%€133,274▲ 9.9%€145,558▲ 9.2%€164,288▲ 12.9%€171,834▲ 4.6%
Turnover and EBIT margin not published: the micro format does not require them.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €330,876
Fixed assets
€121,817 ▼ 5.8%
Current assets
€209,059 ▲ 16.0%
Equity and liabilities €330,876
Equity
€293,651 =
Debt
€37,225 ▲ 134%
Debt's share of the balance-sheet total rises from 5.1% to 11.3%. Debt is higher.
Key figures and ratios
EBITDA
€3,559▼
2024 · €16,702
Cash flow
€7,546▼
2024 · €21,452
Current ratio
5.62▼
2024 · 11.33
Debt to equity
0.13▲
2024 · 0.05
ROE
0.0%▼
2024 · 4.4%
ROA
0.0%▼
2024 · 4.2%
Interest coverage
11.02▼
2024 · 57.88
Debt ≤ 1 year
€37,225▲
2024 · €15,910
Income taxes
€2,695▲
2024 · €1,200
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | - | - | €245 | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €22,820 | €22,413 | €22,057 | €14,926 | €12,958 | €11,788 | €8,605 | €7,442 | ▼ 13.5% |
| Other operating charges640/8 | - | - | - | €1,178 | €2,026 | €2,112 | €1,909 | €2,923 | ▲ 53.1% |
| Gross operating margin9900 | €5,981 | €19,530 | -€14,056 | -€7,894 | €20,214 | €24,029 | €18,611 | €6,481 | ▼ 65.2% |
| Operating profit (loss)9901 | -€19,724 | -€3,680 | -€38,319 | -€23,999 | €5,229 | €9,884 | €8,096 | -€3,883 | - |
| Financial income75/76B | - | - | - | - | €3 | €43 | €6,239 | €7,005 | ▲ 12.3% |
| Recurring financial income75 | €30,012 | - | - | - | €3 | €43 | €6,239 | €7,005 | ▲ 12.3% |
| Financial charges65/66B | - | - | - | €284 | €6,227 | €304 | €289 | €323 | ▲ 11.9% |
| Recurring financial charges65 | €1,342 | €995 | €277 | €284 | €6,227 | €304 | €289 | €323 | ▲ 11.9% |
| Profit (loss) for the period before taxes9903 | €8,946 | -€4,675 | -€38,596 | -€24,283 | -€995 | €9,623 | €14,047 | €2,799 | ▼ 80.1% |
| Income taxes67/77 | €5,350 | - | - | -€30,000 | - | €7,437 | €1,200 | €2,695 | ▲ 125% |
| Profit (loss) for the period9904 | €3,596 | -€4,675 | -€38,596 | €5,717 | -€995 | €2,186 | €12,847 | €104 | ▼ 99.2% |
| Profit (loss) for the period to be appropriated9905 | €3,596 | -€4,675 | -€22,096 | €5,717 | -€995 | €2,186 | €12,847 | €104 | ▼ 99.2% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €343,372 | €401,116 | €339,675 | €283,482 | €287,177 | €289,422 | €309,457 | €330,876 | ▲ 6.9% |
| Fixed assets21/28 | €223,595 | €201,182 | €173,125 | €158,199 | €145,240 | €135,142 | €129,259 | €121,817 | ▼ 5.8% |
| Tangible fixed assets22/27 | €213,595 | €191,182 | €170,125 | €155,199 | €145,240 | €135,142 | €126,259 | €118,817 | ▼ 5.9% |
| Land and buildings22 | - | - | - | €141,678 | €134,082 | €126,486 | €120,879 | €115,704 | ▼ 4.3% |
| Plant, machinery and equipment23 | - | - | - | €10,469 | €6,825 | €4,360 | €4,693 | €2,990 | ▼ 36.3% |
| Furniture and vehicles24 | - | - | - | €385 | - | €1,296 | €686 | €123 | ▼ 82.0% |
| Other tangible fixed assets26 | - | - | - | €2,667 | €4,333 | €3,000 | €0 | €0 | - |
| Financial fixed assets28 | €10,000 | €10,000 | €3,000 | €3,000 | - | - | €3,000 | €3,000 | = |
| Current assets29/58 | €119,777 | €199,934 | €166,550 | €125,283 | €141,936 | €154,280 | €180,198 | €209,059 | ▲ 16.0% |
| Amounts receivable within one year40/41 | €25,698 | €51,504 | €63,350 | €87,779 | €124,139 | €130,968 | €159,489 | €160,148 | ▲ 0.4% |
| Trade receivables40 | - | - | - | €45,000 | €39,950 | €24,550 | €0 | €117,408 | - |
| Other amounts receivable41 | - | - | - | €42,779 | €84,189 | €106,418 | €159,489 | €42,740 | ▼ 73.2% |
| Current investments50/53 | €1,547 | - | - | - | €15,613 | €21,125 | €17,362 | €45,553 | ▲ 162% |
| Cash at bank and in hand54/58 | €92,274 | €100,667 | €63,886 | €36,305 | €1,551 | €1,553 | €2,712 | €2,724 | ▲ 0.4% |
| Deferred charges and accrued income490/1 | - | - | - | €1,198 | €634 | €634 | €634 | €634 | = |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €343,372 | €401,116 | €339,675 | €283,482 | €287,177 | €289,422 | €309,457 | €330,876 | ▲ 6.9% |
| Equity10/15 | €317,064 | €312,388 | €273,792 | €279,509 | €278,514 | €280,700 | €293,547 | €293,651 | = |
| Contributions10/11 | €18,750 | €18,750 | - | €18,750 | €18,750 | €18,750 | €18,750 | €18,750 | = |
| Reserves13 | €298,314 | €293,638 | €255,042 | €260,759 | €259,764 | €261,950 | €274,797 | €274,901 | = |
| Non-distributable reserves130/1 | - | - | - | €110,875 | €110,875 | €110,875 | €122,875 | €122,875 | = |
| Reserves not available under the articles1311 | - | - | - | €1,875 | €1,875 | €1,875 | €1,875 | €1,875 | = |
| Other1319 | - | - | - | €109,000 | €109,000 | €109,000 | €121,000 | €121,000 | = |
| Distributable reserves133 | - | - | - | €149,884 | €148,889 | €151,075 | €151,922 | €152,026 | ▲ 0.1% |
| Amounts payable17/49 | €26,308 | €88,728 | €65,882 | €3,973 | €8,663 | €8,722 | €15,910 | €37,225 | ▲ 134% |
| Amounts payable after more than one year17 | €3,834 | €36,000 | €7,114 | - | €0 | - | - | - | - |
| Financial debts170/4 | - | - | - | - | €0 | - | - | - | - |
| Amounts payable within one year42/48 | €22,475 | €52,728 | €58,768 | €3,973 | €8,663 | €8,722 | €15,910 | €37,225 | ▲ 134% |
| Financial debts43 | - | - | - | - | €0 | - | - | - | - |
| Other loans439 | - | - | - | - | €0 | - | - | - | - |
| Trade debts44 | €8,874 | €2,000 | €13,509 | - | €0 | €0 | €878 | €31,612 | ▲ 3,499% |
| Suppliers440/4 | - | - | - | - | €0 | €0 | €878 | €31,612 | ▲ 3,499% |
| Advances received on contracts in progress46 | - | - | - | - | - | - | €3,900 | - | - |
| Taxes, remuneration and social security45 | - | - | - | - | €8,663 | €8,722 | €11,132 | €3,895 | ▼ 65.0% |
| Taxes450/3 | - | - | - | - | €8,663 | €8,722 | €11,132 | €3,895 | ▼ 65.0% |
| Remuneration and social security454/9 | - | - | - | - | €0 | - | - | - | - |
| Other amounts payable47/48 | - | - | - | €3,973 | €0 | €0 | €0 | €1,718 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €3,596 | -€4,675 | -€38,596 | €5,717 | -€995 | €2,186 | €12,847 | €104 | ▼ 99.2% |
| + Depreciation and write-downs630 | €22,820 | €22,413 | €22,057 | €14,926 | €12,958 | €11,788 | €8,605 | €7,442 | ▼ 13.5% |
| Operating cash flow (approximation) | €26,417 | €17,738 | -€16,539 | €20,643 | €11,963 | €13,973 | €21,452 | €7,546 | ▼ 64.8% |
| Investment in fixed assets (approximation) | - | €0 | €6,000 | €0 | €0 | -€1,689 | -€2,722 | €0 | - |
| Change in cash | - | €8,392 | -€36,781 | -€27,580 | -€34,755 | €2 | €1,160 | €11 | ▼ 99.0% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Latest 10 of 29 filings with the National Bank
| Financial year | Type | Filed | Reference |
|---|---|---|---|
| 31-12-2025 | micro format | 30-07-2026 | 2026-00356616 |
| 31-12-2024 | micro format | 21-07-2025 | 2025-00297148 |
| 31-12-2023 | micro format | 10-08-2024 | 2024-00338602 |
| 30-12-2022 | micro format | 28-07-2023 | 2023-00290862 |
| 30-12-2021 | micro format | 21-07-2022 | 2022-20226579 |
| 30-12-2020 | micro format | 29-07-2021 | 2021-42700223 |
| 30-12-2019 | micro format | 26-09-2020 | 2020-56700234 |
| 30-12-2018 | micro format | 04-07-2019 | 2019-28000211 |
| 30-12-2017 | micro format | 07-06-2018 | 2018-16500040 |
| 30-12-2016 | micro format | 23-05-2017 | 2017-13100252 |
Similar companies · same sector, comparable size
NUMBER.PURPLE
BE 0766.296.040
Ukkel · equity €293,706
TRIXXO CONSTRUXX
BE 0833.922.757
Bilzen-Hoeselt · equity €293,500
LBM GROUP
BE 1002.013.067
Brugge · equity €294,504
INEXSA
BE 0480.155.047
Elsene · equity €292,199
VICTORY - BE
BE 0472.229.058
Grez-Doiceau · equity €295,366
Of the 2,330 active companies whose main activity is employment placement agencies (NACE 78100), figures are known for 1,372. 1,001 are within a factor 10 of this equity. These 5 are the closest to it. See the whole sector
Subsidies and aid
Flemish government
2022 to 2025 · 4 entries · €150 awarded · €195 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 1 | €0 | €90 |
| 2024 | 1 | €90 | €0 |
| 2023 | 1 | €0 | €45 |
| 2022 | 1 | €60 | €60 |
Public contracts: No European public contracts awarded found since October 2016. Contracts below the EU thresholds are not in TED.