CHECKPOINT X
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 23-06-2026 at the NBB all 29 filings
Turnover
≈ €250,000
Estimated: probably between €190,000 and €510,000
Total assets
€1.8m▼ 8.8%
2024 · €2.0m
Net result
€46,745▲ 29.2%
2024 · €36,174
Working capital
€5,426▼ 48.4%
2024 · €10,514
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€54,451
▼ 42.3%
2025
20182025
Net result
€46,745
▲ 29.2%
2025
middle half of the sector
20182025
Equity
€1.1m
▼ 2.2%
2025
highest quarter of the sector
20182025
Total assets
€1.8m
▼ 8.8%
2025
highest quarter of the sector
20182025
Debt
€696,311
▼ 17.5%
2025
20182025
Working capital
€5,426
▼ 48.4%
2025
middle half of the sector
20182025
Solvency
60.9%
▲ 4.1pp
2025
middle half of the sector
20182025
Current ratio
1.01
▼ 0.01
2025
middle half of the sector
20182025
Return on assets (ROA)
2.6%
▲ 0.8pp
2025
middle half of the sector
20182025
Staff (FTE)
0
2025
lowest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€0.05m-€0.02m▼ 46.9%€0.03m▲ 41.3%€0.02m▼ 42.5%€0.05m▲ 172%€0.2m▲ 184%€0.09m▼ 39.1%€0.05m▼ 42.3%
Net result€0.02m-€0.02m▲ 10.3%€0.04mwithin the sector's middle half▲ 50.2%€0.03mwithin the sector's middle half▼ 29.7%€0.05mwithin the sector's middle half▲ 90.4%€0.1mabove the sector's middle half▲ 181%€0.04mwithin the sector's middle half▼ 74.0%€0.05mwithin the sector's middle half▲ 29.2%
Equity€1.0m-€1.0m▲ 6.4%€1.0mabove the sector's middle half▲ 1.0%€1.0mabove the sector's middle half▼ 0.1%€1.0mabove the sector's middle half▼ 4.7%€1.1mabove the sector's middle half▲ 10.4%€1.1mabove the sector's middle half▲ 1.4%€1.1mabove the sector's middle half▼ 2.2%
Total assets€2.0m-€2.0m▲ 1.9%€2.1mabove the sector's middle half▲ 1.3%€2.1mabove the sector's middle half▼ 0.1%€2.0mabove the sector's middle half▼ 2.5%€2.1mabove the sector's middle half▲ 2.2%€2.0mabove the sector's middle half▼ 4.9%€1.8mabove the sector's middle half▼ 8.8%
Debt€1.0m-€1.0m▼ 2.3%€1.0m▲ 1.5%€1.0m▼ 0.2%€1.0m▼ 0.3%€1.0m▼ 5.8%€0.8m▼ 12.0%€0.7m▼ 17.5%
Working capital-€0.4m--€0.4m▲ 10.5%-€0.3mbelow the sector's middle half▲ 27.7%-€0.3mbelow the sector's middle half▼ 21.2%-€0.3mbelow the sector's middle half▲ 17.1%-€0.1mbelow the sector's middle half▲ 61.5%€0.01mwithin the sector's middle half€0.005mwithin the sector's middle half▼ 48.4%
Solvency48.4%-50.5%▲ 2.1pp50.4%within the sector's middle half▼ 0.1pp50.4%within the sector's middle half=49.3%within the sector's middle half▼ 1.1pp53.2%within the sector's middle half▲ 3.9pp56.8%within the sector's middle half▲ 3.5pp60.9%within the sector's middle half▲ 4.1pp
Current ratio0.41-0.49▲ 0.080.58below the sector's middle half▲ 0.090.53below the sector's middle half▼ 0.050.64below the sector's middle half▲ 0.110.86below the sector's middle half▲ 0.221.02within the sector's middle half▲ 0.151.01within the sector's middle half▼ 0.01
Return on assets (ROA)1.1%-1.2%▲ 0.1pp1.8%within the sector's middle half▲ 0.6pp1.3%within the sector's middle half▼ 0.5pp2.5%within the sector's middle half▲ 1.2pp6.8%within the sector's middle half▲ 4.3pp1.9%within the sector's middle half▼ 4.9pp2.6%within the sector's middle half▲ 0.8pp
Staff (FTE)0below the sector's middle half0below the sector's middle half0below the sector's middle half
above
within
below
The sector band is the middle half of the companies in Advertising, market research and public relations activities (NACE 73). 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 operating result for 2025 is 42% lower than in 2024. It is the second fall in a row.
Turnover and EBIT margin are not published. The abbreviated or micro format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €1.8m
Fixed assets
€1.2m ▼ 6.5%
Current assets
€596,705 ▼ 13.0%
Equity and liabilities €1.8m
Equity
€1.1m ▼ 2.2%
Debt
€696,311 ▼ 17.5%
Debt's share of the balance-sheet total falls from 43.2% to 39.1%. Equity and debt are lower.
Key figures and ratios
EBITDA
€136,946▼
2024 · €203,065
Cash flow
€129,241▼
2024 · €144,788
Quick ratio
0.68▼
2024 · 0.73
Debt to equity
0.64▼
2024 · 0.76
ROE
4.3%▲
2024 · 3.3%
Interest coverage
11.22▲
2024 · 10.16
Debt ≤ 1 year
€591,278▼
2024 · €675,459
Debt > 1 year
€105,033▼
2024 · €168,638
Income taxes
€13,957▼
2024 · €22,623
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €116,943 | €4,155 | €10,000 | - | - |
| Financial fixed assets | €15,990 | €11,298 | - | €7,101 | - |
| Depreciation and write-downs of the year | €132,221 | €129,220 | €126,887 | €108,614 | €82,495 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | €9,529 | €0 | €53 | €0 | ▼ 100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €121,959 | €127,057 | €126,801 | €132,221 | €129,220 | €126,887 | €108,614 | €82,495 | ▼ 24.0% |
| Other operating charges640/8 | - | - | - | €6,098 | €6,785 | €6,626 | €7,357 | €1,037 | ▼ 85.9% |
| Gross operating margin9900 | €178,835 | €156,077 | €167,565 | €158,362 | €190,505 | €288,533 | €210,422 | €137,984 | ▼ 34.4% |
| Operating profit (loss)9901 | €46,460 | €24,668 | €34,857 | €20,043 | €54,501 | €155,020 | €94,451 | €54,451 | ▼ 42.3% |
| Financial income75/76B | - | - | - | €30,200 | €31,216 | €64,221 | €20,104 | €18,458 | ▼ 8.2% |
| Recurring financial income75 | €20,404 | €27,866 | €29,030 | €30,200 | €31,216 | €64,221 | €20,104 | €18,458 | ▼ 8.2% |
| Financial charges65/66B | - | - | - | €19,370 | €18,629 | €17,453 | €55,759 | €12,207 | ▼ 78.1% |
| Recurring financial charges65 | €24,132 | €23,491 | €19,829 | €19,370 | €18,629 | €17,453 | €19,977 | €12,207 | ▼ 38.9% |
| Non-recurring financial charges66B | - | - | - | - | - | - | €35,781 | €0 | ▼ 100% |
| Profit (loss) for the period before taxes9903 | €42,732 | €29,043 | €44,059 | €30,873 | €67,087 | €201,788 | €58,797 | €60,702 | ▲ 3.2% |
| Income taxes67/77 | €20,367 | €4,379 | €7,012 | €4,837 | €17,504 | €62,401 | €22,623 | €13,957 | ▼ 38.3% |
| Profit (loss) for the period9904 | €22,365 | €24,664 | €37,047 | €26,036 | €49,583 | €139,387 | €36,174 | €46,745 | ▲ 29.2% |
| Profit (loss) for the period to be appropriated9905 | €22,365 | €24,664 | €37,047 | €26,036 | €49,583 | €139,387 | €36,174 | €46,745 | ▲ 29.2% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €2.0m | €2.0m | €2.1m | €2.1m | €2.0m | €2.1m | €2.0m | €1.8m | ▼ 8.8% |
| Fixed assets21/28 | €1.7m | €1.7m | €1.7m | €1.7m | €1.5m | €1.4m | €1.3m | €1.2m | ▼ 6.5% |
| Tangible fixed assets22/27 | €1.4m | €1.4m | €1.4m | €1.4m | €1.2m | €1.1m | €1.0m | €0.9m | ▼ 8.1% |
| Land and buildings22 | - | - | - | €1.3m | €1.2m | €1.1m | €1.0m | €0.9m | ▼ 8.6% |
| Plant, machinery and equipment23 | - | - | - | €139 | - | - | - | - | - |
| Other tangible fixed assets26 | - | - | - | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Financial fixed assets28 | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | = |
| Current assets29/58 | €0.3m | €0.3m | €0.4m | €0.4m | €0.5m | €0.6m | €0.7m | €0.6m | ▼ 13.0% |
| Stocks and contracts in progress3 | - | - | - | €0.03m | €0.1m | €0.1m | €0.2m | €0.2m | ▲ 3.2% |
| Stocks30/36 | - | - | - | €0.03m | €0.1m | €0.1m | €0.2m | €0.2m | ▲ 3.2% |
| Amounts receivable within one year40/41 | €0.1m | €0.2m | €0.2m | €0.2m | €0.2m | €0.3m | €0.3m | €0.2m | ▼ 16.6% |
| Trade receivables40 | - | - | - | €0.08m | €0.04m | €0.2m | €0.1m | €0.09m | ▼ 32.7% |
| Other amounts receivable41 | - | - | - | €0.08m | €0.2m | €0.1m | €0.1m | €0.1m | ▲ 0.2% |
| Current investments50/53 | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | ▼ 23.0% |
| Cash at bank and in hand54/58 | €0.006m | €0.01m | €0.005m | €0.005m | €0.005m | €0.006m | €0.01m | €0.01m | ▼ 20.3% |
| Deferred charges and accrued income490/1 | - | - | - | €0.004m | €0.007m | €0.008m | €0.01m | €0.009m | ▼ 13.1% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €2.0m | €2.0m | €2.1m | €2.1m | €2.0m | €2.1m | €2.0m | €1.8m | ▼ 8.8% |
| Equity10/15 | €1.0m | €1.0m | €1.0m | €1.0m | €1.0m | €1.1m | €1.1m | €1.1m | ▼ 2.2% |
| Contributions10/11 | €0.007m | €0.007m | - | €0.007m | €0.007m | €0.007m | €0.007m | €0.007m | = |
| Reserves13 | €0.8m | €0.9m | €0.9m | €0.9m | €0.9m | €1.0m | €1.1m | €1.1m | ▼ 1.3% |
| Distributable reserves133 | - | - | - | €0.9m | €0.9m | €1.0m | €1.1m | €1.1m | ▼ 1.3% |
| Profit (loss) carried forward14 | €0.009m | €0.009m | €0.009m | €0.009m | €0.009m | €0 | €0 | €0 | - |
| Investment grants15 | - | - | - | €0.1m | €0.08m | €0.05m | €0.03m | €0.02m | ▼ 32.6% |
| Amounts payable17/49 | €1.0m | €1.0m | €1.0m | €1.0m | €1.0m | €1.0m | €0.8m | €0.7m | ▼ 17.5% |
| Amounts payable after more than one year17 | €0.4m | €0.3m | €0.4m | €0.3m | €0.3m | €0.2m | €0.2m | €0.1m | ▼ 37.7% |
| Financial debts170/4 | - | - | - | €0.3m | €0.3m | €0.2m | €0.2m | €0.1m | ▼ 37.7% |
| Amounts payable within one year42/48 | €0.7m | €0.7m | €0.6m | €0.7m | €0.7m | €0.7m | €0.7m | €0.6m | ▼ 12.5% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.05m | €0.06m | €0.06m | €0.06m | €0.07m | ▲ 9.8% |
| Financial debts43 | - | - | - | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Credit institutions430/8 | - | - | - | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Trade debts44 | €0.06m | €0.08m | €0.01m | €0.02m | €0.01m | €0.04m | €0.07m | €0.04m | ▼ 36.7% |
| Suppliers440/4 | - | - | - | €0.02m | €0.01m | €0.04m | €0.07m | €0.04m | ▼ 36.7% |
| Taxes, remuneration and social security45 | - | - | - | €0.01m | €0.03m | €0.08m | €0.04m | €0.02m | ▼ 38.1% |
| Taxes450/3 | - | - | - | €0.01m | €0.03m | €0.08m | €0.04m | €0.02m | ▼ 38.1% |
| Other amounts payable47/48 | - | - | - | €0.5m | €0.5m | €0.5m | €0.4m | €0.4m | ▼ 12.6% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €22,365 | €24,664 | €37,047 | €26,036 | €49,583 | €139,387 | €36,174 | €46,745 | ▲ 29.2% |
| + Depreciation and write-downs630 | €121,959 | €127,057 | €126,801 | €132,221 | €129,220 | €126,887 | €108,614 | €82,495 | ▼ 24.0% |
| Operating cash flow (approximation) | €144,324 | €151,722 | €163,848 | €158,257 | €178,803 | €266,274 | €144,788 | €129,241 | ▼ 10.7% |
| Investment in fixed assets (approximation) | - | -€95,063 | -€135,905 | -€132,933 | €29,902 | -€10,000 | €48,035 | €1 | ▼ 100.0% |
| Change in cash | - | €4,291 | -€5,878 | €157 | €206 | €690 | €9,323 | -€3,035 | - |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Historical observation
In July 2024, 14,766 companies had the same profile as CHECKPOINT X has now. Two years later, 96.2% were still going and 0.2% had gone bankrupt.
- Small
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
96.2%
was still going
3.5%
stopped otherwise
0.2%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of CHECKPOINT X itself: 0.1% within 12 months.
Test of the method
The method was tested on the 497,446 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 14,766 companies, not a prediction for CHECKPOINT X. 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.
Latest 10 of 29 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 23-06-2026 | 2026-00186919 | |
| 31-12-2024 | abbreviated format | 17-06-2025 | 2025-00144876 | |
| 31-12-2023 | abbreviated format | 25-06-2024 | 2024-00158009 | |
| 31-12-2022 | abbreviated format | 26-06-2023 | 2023-00156483 | |
| 31-12-2021 | abbreviated format | 08-06-2022 | 2022-20049182 | |
| 31-12-2020 | abbreviated format | 20-07-2021 | 2021-37600363 | |
| 31-12-2019 | micro format | 14-07-2020 | 2020-29600068 | |
| 31-12-2018 | micro format | 20-08-2019 | 2019-47700402 | |
| 31-12-2017 | abbreviated format | 30-07-2018 | 2018-39900017 | |
| 31-12-2016 | abbreviated format | 20-07-2017 | 2017-34300325 |