Losses
-€4,474 in two years
The 2024 and 2025 financial years closed with a loss. 2024 was the heaviest.
CloudBlue
Overview
Lifetime
2 annual accounts with figures on one time axispeak €55 (2025)
€55▲ €1,322
lowest -€3,071 (2024)
-€1,403▲ €1,668
peak €1,929 (2024)
€526▼ 72.7%
€3,535▲ 0.4%
Board1 name since 2023
1 directorDHAWAN Nitin
Documentsfilings and deeds
31-07-2026on the last day
2025micro format
Gross margin from -€1,267 to €55Loss of €1,403Equity from €1,929 to €526
Key points
from the 2025 annual accountsChecked score
54
Fair
Financially stronger than 23% of micro companies in publishing (NACE 58)
Probability in this band: 1.5% to 4.2%
A net loss of at least half of total assets or of the equity at the start of the financial year caps the score at 59.
Bankruptcy probability within 12 months
0.2% Very low
0%0.5%1.5%4%10%≥ 25%
The dashed line is the sector median: 0.1% across 1,282 companies (NACE 58, micro).
About 2 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
Last 24 months
12-2024: 0.5%
01-2025: 0.5%● unchanged vs 12-2024
02-2025: 0.5%● unchanged vs 01-2025
03-2025: 0.5%● unchanged vs 02-2025
04-2025: 0.6%▲ +0.1 percentage points vs 03-2025
05-2025: 0.7%▲ +0.1 percentage points vs 04-2025
06-2025: 0.7%● unchanged vs 05-2025
07-2025: 0.7%● unchanged vs 06-2025
08-2025: 0.7%● unchanged vs 07-2025
09-2025: 0.7%● unchanged vs 08-2025highest value
10-2025: 0.1%▼ -0.6 percentage points vs 09-2025lowest value
11-2025: 0.1%● unchanged vs 10-2025
12-2025: 0.1%● unchanged vs 11-2025
01-2026: 0.1%● unchanged vs 12-2025
02-2026: 0.1%● unchanged vs 01-2026
03-2026: 0.2%▲ +0.1 percentage points vs 02-2026
04-2026: 0.2%● unchanged vs 03-2026
05-2026: 0.2%● unchanged vs 04-2026
06-2026: 0.2%● unchanged vs 05-2026
07-2026: 0.2%● unchanged vs 06-2026
08-2026: 0.2%● unchanged vs 07-2026
09-2026: 0.2%● unchanged vs 08-2026
10-2026: 0.2%● unchanged vs 09-2026
11-2026: 0.2%● unchanged vs 10-2026
Financial strengthWeak
Score breakdown
raises risk
Capped at 59: a net loss of at least half of total assets or of the equity at the start of the financial year
Equity €526 (13.0% of total assets)
lowers risk
Sector: Publishing activities (NACE 58)
Size: total assets €4,062
Liquidity: current ratio 0.81, cash €2,851
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 58, micro). It does better than 28% of them on solvency, 45% on liquidity, 8% on profitability and 10% on growth.
The bankruptcy probability was computed on 10-11-2026 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.
The probability rests on the annual accounts with balance sheet date 31-12-2025.
Of the companies with a bankruptcy probability in the very low class on 30-06-2025, 0.1% went bankrupt within twelve months.
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).
Comparable companies, two years later
In July 2024, 1,207 companies had the same profile as CloudBlue has now. Each dot stands for 4 companies, two years later.
90.2%
were still trading
4.6%
stopped another way
4.6%
went bankrupt
Another 0.6% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of CloudBlue itself is lower: 0.2% within 12 months. It rests on far more data about CloudBlue than the profile alone.
Test of the method
The method was tested on the 497,447 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 1,207 companies, not a prediction for CloudBlue. 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.
Credit verdict
No publishable credit limit, so credit only on tighter terms
Net loss of at least half of total assets or of the equity at the start of the financial year.
The balance sheet total is too small for a liquidity verdict.
Credit check for an amount and term of your choice
Show the recommended maximum and see how the verdict changes with amount, term and advance.
The scores and ratios are Checked's own calculations, not a credit decision.
Signals
Five signals.
lowers riskraises riskneutral
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 31-07-2026, 0 days ahead of the deadline.
NBB · 2 filingsDeviation from the deadline
2025
on the day
2024
28 days late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
The company filed its last 2 accounts on average 14 days after the deadline. In the sector (NACE 58), the median for financial year 2024 was 7 days before the deadline, and 37% of those companies filed late.
Searched, nothing found (2)
neutral · Next filing not due yet
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today.
Companies Code · seven monthsWhere today falls in the filing period
10-11-2026 today31-12-2026 year end31-07-2027 deadline
Board and ownership
- DHAWAN Nitin 250 sharesdeed of 10-10-2023
- DHAWAN Krish 250 sharesdeed of 10-10-2023
Recent changes
Registered in the Peppol Directory
Reachable for e-invoices through 0208:1000903012
Incorporation
Founding capital of €5,000, 500 shares · Founders: DHAWAN Nitin and DHAWAN Krish · Appointment: DHAWAN Nitin (director) · published on 10-10-2023 · Gazette deed
First establishment
Italiëlaan 14, Ixelles
Comparable companies
same main activity, similar in size and age| Company | ||||
|---|---|---|---|---|
| CloudBlue Ixelles | €4,062 | €55 | 13.0% | - |
| ERAWYPS Ottignies-Louvain-la-Neuve | €5,527 | -€26,117 | -379.2% | - |
| nuuro Uccle | €3,411 | -€6,029 | -62.4% | - |
| AUWILSE Ghent | €5,410 | -€2,851 | -50.1% | - |
| Similitude System Zaventem | €2,732 | -€8,131 | -591.6% | - |
| ELLOIS Zuienkerke | €2,773 | -€792 | -19.9% | - |
| Matteryx Ghent | €2,586 | -€1,709 | 46.6% | - |
These companies have the same main activity as CloudBlue: other software publishing (NACE 58290). They are comparable in size and age: total assets between €2,590 and €5,530, founded between 2022 and 2025.
Official details
Source: KBO- Status
- Active since 06-10-2023Normal situation
- Activity
- Other software publishingNACE 58290and 3 others
- Establishment unit
- 2.351.912.3791050 Ixelles, since 06-10-2023
- Financial year end
- 31 December
- Peppol
- Reachable since 13-02-2025
Annual accounts 2025
- €55
- €1,403▼ 54.3%
- €526▼ 72.7%
- €4,062▼ 25.5%
- Filing
- Filed on 31-07-2026, on the last day of the filing period
Insights on CloudBlue
The annual accounts of CloudBlue for financial year 2025 show a net loss of 73% of the equity at the start of that year. The 2025 annual accounts show equity of €526 and a net result of -€1,403.
Its solvency ranks better than 28% of 825 sector peers (NACE 58, financial year 2025). The company has been active since 2023 and the Belgian Official Gazette contains no insolvency or warning signals.
The computed 12-month bankruptcy probability is 0.2% (very low).
Sources: KBO register, filings at the National Bank, Belgian Official Gazette.
Financials
Annual accounts 2025
micro format, filed on 31-07-2026, on the day of the deadline€55
▲ €1,322
-€1,272
▲ €1,672
-€1,403
▲ €1,668
-€667
▼ €1,697
-
-
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Turnover ≈ €420. Estimated: probably between €190 and €1,000.
Balance sheet
balance sheet total €4,062 on 31-12-2025What the company ownsHow it is paid for
in euro
in euro
Position in the sector
-
Higher than 39% of 865 companies in 2024.
-
Higher than 36% of 799 companies in 2024.
-
Higher than 7% of 826 companies in 2024.
CloudBlue
Middle half of the sector
80% of the sector
Micro accounts in publishing (NACE 58)
Net result: middle half · Equity: bottom quarter · Balance sheet total: bottom quarter · Working capital: middle half
Filed annual accounts
as filed with the National Bank, click a year to choose it| Line | Trend | 2025 | 2024 |
|---|---|---|---|
| Balance sheet: assets | |||
20/58 |
4,062 | 5,451 | |
21/28 |
1,193 | 899 | |
22/27 |
1,193 | 899 | |
24 |
1,193 | 899 | |
29/58 |
2,869 | 4,552 | |
40/41 |
18 | 1,413 | |
40 |
- | 1,399 | |
41 |
18 | 14 | |
54/58 |
2,851 | 3,140 | |
| Balance sheet: equity and liabilities | |||
10/49 |
4,062 | 5,451 | |
10/15 |
526 | 1,929 | |
10/11 |
5,000 | 5,000 | |
14 |
-4,474 | -3,071 | |
17/49 |
3,535 | 3,522 | |
42/48 |
3,535 | 3,522 | |
47/48 |
3,535 | 3,522 | |
| Income statement | |||
9900 |
55 | -1,267 | |
60/61 |
17 | 1,312 | |
630 |
862 | 530 | |
640/8 |
465 | 1,147 | |
9901 |
-1,272 | -2,944 | |
65/66B |
131 | 127 | |
65 |
131 | 127 | |
9903 |
-1,403 | -3,071 | |
9904 |
-1,403 | -3,071 | |
9905 |
-1,403 | -3,071 | |
| Appropriation of the result | |||
9906 |
-4,474 | -3,071 | |
14P |
-3,071 | - | |
| Document | |||
The notes to these accounts have 5 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the accounts filed with the NBB.
Source: Annual accounts 2025 at the NBB, filed on 31-07-2026.
Filings
each dot is a set of accounts, on the day it reached the National BankKey figures and ratios
per financial year, computed from the annual accounts| Line | Trend | 2025 | 2024 |
|---|---|---|---|
| -410 | -2,414 | ||
| -541 | -2,540 | ||
| 1,156 | 1,429 | ||
| -288 | - | ||
| -667 | 1,031 | ||
| - | 35.4% | ||
| - | 1.29 | ||
| - | 1.83 | ||
| - | -159.2% | ||
| - | -56.3% | ||
| -3.13 | -19.03 |
The ratios are withheld because a balance sheet total of €4,062 is too small for a meaningful ratio.
A Belgian filing has no cash-flow statement. Cash flow is therefore an approximation, derived from the income statement. Investment is the acquisitions in the notes and, without them, the balance-sheet move.
Investments
fixed assets acquired| Item | 2025 | 2024 |
|---|---|---|
| Tangible fixed assets | €1,156 | €1,429 |
| €862 | €530 |
Source: notes to the 2024 to 2025 annual accounts (statement of fixed assets)
Insights on CloudBlue
The operating result for 2025 is a loss of €1,272, smaller than the loss of €2,944 in 2024.
Debt's share of the balance-sheet total rises from 64.6% to 87.0%. Equity is lower and debt is higher.
Board & ownership
Board
1 director, since incorporationDirector (not named in the articles)
since 06-10-2023
term without a fixed end
listed in the 2025 annual accounts, filed on 31-07-2026
Mandates through the years
1 name, the dashed line is todayDHAWAN Nitin
Director (not named in the articles)
Director (not named in the articles)
Board
Mandates as a list
- DHAWAN Nitin
- Director (not named in the articles), from 06-10-2023 to date
Control
Capital
- Contribution
- €5,000
- Shares
- 500
- Contribution per share
- €10
- Equity per share
- €1.05 in 2025
- Source
- deed of 10-10-2023
Articles of association
deed of 10-10-2023 (in French)- DurationMost companies exist for an unlimited period, until they are dissolved.
- Unlimited
- Annual meetingThe shareholders approve the annual accounts, among other things, at the annual meeting.
- Last Friday of June at 14:00
- Statutory auditorA statutory auditor is a registered auditor who checks the annual accounts. Small companies need not have one. According to the deed, the legal criteria do not require one here.
- No statutory auditor
Shareholders
At incorporation
deed of 10-10-2023 ↗
- DHAWAN Nitin 250 shares (50%) · €2,500
- DHAWAN Krish 250 shares (50%) · €2,500
Network & group
No group
CloudBlue has no parent and no holdings in its annual accounts. DHAWAN Nitin is the only director. CloudBlue shares no director with another company.
At the same address
Italiëlaan 14, 1050 Ixelles · 3 other companies| PlanB First Limited
registered office since 18-04-2016 · founded in 2016 · accounts filed late |
turnover €1.7m (2025) 0651.987.973 |
| GNC CONNEXION
registered office since 20-10-2026 |
founded in 2026 1044.303.186 |
| Tadiotto, Iouri (sole trader)
establishment since 01-10-2025 |
founded in 2025 0555.503.855 |
Timeline
Timeline
5 events since 2023Filings
Establishments
2023202420252026
Deadline for the 2026 accounts: 31-07-2027
2026
Annual accounts 2025 filed NBBmicro format · on the deadline day
2025
Annual accounts 2024 filed PDFmicro format · 28 days late
Registered in the Peppol Directory Reachable for e-invoices through 0208:1000903012
2023
IncorporationFounding capital of €5,000, 500 shares · Founders: DHAWAN Nitin and DHAWAN Krish · Appointment: DHAWAN Nitin (director) · published on 10-10-20236 points ▸
- Founder, DHAWAN Nitin
- Founder, DHAWAN Krish
- Founding capital, €5,000, 500 shares
- Registered office clause, avenue d'Italie 14, boîte 2, 1050 Ixelles
- Board rule, 1
- Director appointment, DHAWAN Nitin (director (not named in the articles))
- The deed holds 4 more points.
First establishment Italiëlaan 14, Ixelles
Sources: Publications in the Belgian Official GazetteFilings with the National Bank
History
On 6 October 2023, CloudBlue was incorporated as a private limited company by two natural persons, with a starting capital of €5,000.12 DHAWAN Nitin has served as director since 2023.3 The company has filed 2 sets of annual accounts, the latest for financial year 2025.3
Company details
Identity
- Enterprise number
- 1000.903.012
- VAT number
- BE 1000.903.012
- Peppol ID
- 0208:1000903012
- Legal form
- Private limited company
- Status
- Active, normal situation
- Founded
- 06-10-2023
- Financial year
- ends on 31 December
- Annual meetingThe shareholders approve the annual accounts, among other things, at the annual meeting.
- Last Friday of June at 14:00deed of 10-10-2023 (in French)
- Peppol
- Reachable since 13-02-2025Follow this company and you will hear the next morning if it leaves the Peppol register.
- Name
- CloudBlue in French
- Entity type
- Legal entity
- DurationMost companies exist for an unlimited period, until they are dissolved.
- Unlimiteddeed of 10-10-2023 (in French)
- Registered office clauseThe articles name the region of the registered office. The language of official documents depends on that region, among other things.
- “Région de Bruxelles-Capitale”deed of 10-10-2023 (in French)
Activities
NACEBEL 202558290
Other software publishing main activity
62100
Computer programming
Codes under NACEBEL 2008
58290
Publishing activities main activity
62010
Computer programming, consultancy and related activities
62020
IT consultancy
62030
Computer programming, consultancy and related activities
62090
Computer programming, consultancy and related activities
- PurposeThe purpose describes the activities the company may carry out under its articles.
- “Le développement,la conception,l’édition,la diffusion,la vente,de tous logiciels informatiques et applications; L'achat,la…”deed of 10-10-2023 (in French)
13 activities
- Le développement,la conception,l’édition,la diffusion,la vente,de tous logiciels informatiques et applications
- L'achat,la vente,l'importation,l'exportation,la représentation,la distribution,la conception,la fabrication de tout matériel de bureautique,d'informatique et d'électronique ainsi que tous accessoires et fournitures
- La fourniture de toutes prestations,de conseils,de services et de produits dans le domaine de l'informatique notamment la création et la gestion de centre de travaux à façon sur ordinateur et la fourniture de services correspondants,sur place ou à distance,l'élaboration et la fourniture de logiciels informatiques,l’analyse et l’architecture de systèmes informatiques,ainsi que la conclusion de tout contrat d'études,de développements et de tous conseils dans le domaine de l'informatique
- L'étude,le traitement et l'enseignement dans le domaine informatique,y compris la commercialisation et l'entretien de matériel et/ou de produits informatiques
- La réalisation et l'édition d'ouvrages et documentations sur l'informatique et toutes ses applications avec leur diffusion
- L'organisation de congrès,de cours,de séances de recyclage
- Tous travaux de recherche en matière de technologies de pointe,ainsi que leur exploitation et diffusion,par quelque moyen que ce soit
- La conduite et le développement de projets informatiques et technologiques
- La fourniture de toutes prestations,de conseils,de services et de produits dans le domaine de sécurité informatique,notamment la fourniture de services,sur place ou à distance,l’élaboration et la fourniture de programmes d’ordinateur,ainsi que la conclusion de tout contrat d’études,de développements et de tous conseils dans le domaine de l’informatique
- Toutes activités dans le domaine du graphisme et du web design et de l'infographie
- La conception,le développement,l’hébergement,la mise en place,la maintenance de sites Web
- La conception,la création,la réalisation,l'implémentation de matériel graphique,vidéo,dessin,de layouts internet,de supports de communication ou d'image de marque visuels,sonores et multimédias,par tout type de moyen
- L'achat,la vente,l'importation,l'exportation,la représentation,la distribution,la conception,la fabrication de tout matériel informatique ainsi que tous accessoires et fournitures s’y rapportant
Registered office and establishments
1 establishment| Establishment | Since | Unit number |
|---|---|---|
| Italiëlaan 14 registered office 1050 Ixelles | 06-10-2023 | 2.351.912.379 |
Buildings and parcels at the address
- Ground area
- 1.1 ha
- Buildings
- 622 m²
- Volume, LiDAR
- 7,680 m³
- Tallest building
- 20.8 m
Buildings to scale, each on its own parcel
Parcels
| Cadastral parcel | Area | Buildings | Height / floors |
|---|---|---|---|
| 21446D0151/00G000 | 1.1 ha | 1 · 622 m² | 20.8 m · 4 |