CONAC
ActiveSummary
CONAC has been active since 1988 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €1.4m and a net result of €270,819. Equity remains stable across the filed fiscal years (±2% per year). Its solvency ranks better than 43% of 8737 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.1% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability79▲+1
Solvency69▲+1
Growth58=
Track record100
Bankruptcy probability, 12 months
0.1%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €100,000 at 30 days acceptable
Liquidity ample (current ratio 1.67 against 1.72 in 2024; short-term debt: 53.9% and cash: 7.3% of total assets), but 55.5% of the assets are financed with debt.
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Signals
Six 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
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
44.5%
Return on assets
8.4%
Age of the figures
9 mo
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 22-05-2026, 70 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
70 d early
2024
66 d early
2023
76 d early
2022
76 d early
2021
76 d early
2020
75 d early
2019
86 d early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 7 accounts on average 75 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 (2)
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
27-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, abbreviated schema
Equity
€1.4m▲ 0.9%
2024 · €1.4m
Total assets
€3.2m▼ 2.4%
2024 · €3.3m
Net result
€270,819▲ 13.3%
2024 · €239,061
Working capital
€1.2m▼ 3.5%
2024 · €1.2m
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
Line20212022202320242025
Operating result-€160,465-€300,193▼ 87.1%€259,381€333,892▲ 28.7%€379,808▲ 13.8%
Net result-€164,118below the sector's middle half-€306,202below the sector's middle half▼ 86.6%€236,496above the sector's middle half€239,061above the sector's middle half▲ 1.1%€270,819above the sector's middle half▲ 13.3%
Equity€1.7mabove the sector's middle half▼ 8.7%€1.4mabove the sector's middle half▼ 17.8%€1.4mwithin the sector's middle half=€1.4mwithin the sector's middle half▲ 0.8%€1.4mabove the sector's middle half▲ 0.9%
Total assets€2.4mwithin the sector's middle half▼ 6.4%€2.6mwithin the sector's middle half▲ 7.4%€3.1mabove the sector's middle half▲ 20.9%€3.3mabove the sector's middle half▲ 5.6%€3.2mabove the sector's middle half▼ 2.4%
Debt€701,587▼ 0.2%€1.0m▲ 44.7%€1.5m▲ 47.8%€1.7m▲ 11.3%€1.7m▲ 4.6%
Working capital€1.5m▼ 4.1%€913,564▼ 38.5%€1.1m▲ 18.1%€1.2m▲ 12.1%€1.2m▼ 3.5%
Solvency71.1%within the sector's middle half▼ 1.8pp54.4%within the sector's middle half▼ 16.7pp45.0%within the sector's middle half▼ 9.4pp43.0%within the sector's middle half▼ 2.0pp44.5%within the sector's middle half▲ 1.5pp
Staff (FTE)29.2above the sector's middle half▲ 11.9%32.3above the sector's middle half▲ 10.6%31.8above the sector's middle half▼ 1.5%33.4above the sector's middle half▲ 5.0%34.6above the sector's middle half▲ 3.6%
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.
Turnover and EBIT margin not published: the abbreviated schema does not require them.
Result per fiscal year
Operating resultNet result
After the dip in 2022 the operating result has climbed three years in a row; 2025 is 14% above 2024 and is the highest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €3.2m
Fixed assets
€327,727 ▼ 26.1%
Current assets
€2.9m ▲ 1.2%
Equity and liabilities €3.2m
Equity
€1.4m ▲ 0.9%
Provisions
€53,059 ▼ 76.3%
Debt
€1.7m ▲ 4.6%
Debt's share of the balance-sheet total rises from 50.3% to 53.9%. Equity and debt are higher.
Key figures and ratios
EBITDA
€495,632▲
2024 · €460,794
Cash flow
€386,643▲
2024 · €365,963
Current ratio
1.67▼
2024 · 1.72
Debt to equity
1.21▲
2024 · 1.17
ROE
18.8%▲
2024 · 16.7%
ROA
8.4%▲
2024 · 7.2%
Interest coverage
45.68▲
2024 · 35.03
Debt ≤ 1 year
€1.7m▲
2024 · €1.7m
Income taxes
€102,823▲
2024 · €98,173
Staff costs
€3.7m▲
2024 · €3.4m
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 20,082 companies that looked in July 2024 the way this one looks now, 0.2% went bankrupt within 24 months and 95% are still going.
- Small
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
0.2%
went bankrupt
4.7%
stopped otherwise
95%
still going
For this company itself Checked computes a bankruptcy probability of 0.1% 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 497,058 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% | 1.6% |
| 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 74% 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 20,082 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 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | €2.6m | €2.9m | €3.2m | €3.4m | €3.7m | ▲ 7.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €135,937 | €139,703 | €125,060 | €126,902 | €115,824 | ▼ 8.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | €8,745 | - |
| Provisions for liabilities and charges: additions (uses and reversals)635/8 | - | €171,697 | €55,316 | -€5,170 | -€171,222 | ▼ 3,212% |
| Other operating charges640/8 | €102,729 | €117,257 | €100,192 | €91,247 | €153,779 | ▲ 68.5% |
| Gross operating margin9900 | €2.7m | €3.0m | €3.7m | €4.0m | €4.2m | ▲ 4.9% |
| Operating profit (loss)9901 | -€160,465 | -€300,193 | €259,381 | €333,892 | €379,808 | ▲ 13.8% |
| Financial income75/76B | €32 | €24 | €3,494 | €16,497 | €6,437 | ▼ 61.0% |
| Recurring financial income75 | €32 | €24 | €3,494 | €16,497 | €6,437 | ▼ 61.0% |
| Financial charges65/66B | €3,471 | €4,932 | €9,550 | €13,155 | €12,603 | ▼ 4.2% |
| Recurring financial charges65 | €3,471 | €4,932 | €9,550 | €13,155 | €10,849 | ▼ 17.5% |
| Non-recurring financial charges66B | - | - | - | - | €1,754 | - |
| Profit (loss) for the period before taxes9903 | -€163,904 | -€305,101 | €253,325 | €337,234 | €373,642 | ▲ 10.8% |
| Income taxes67/77 | €214 | €1,101 | €16,830 | €98,173 | €102,823 | ▲ 4.7% |
| Profit (loss) for the period9904 | -€164,118 | -€306,202 | €236,496 | €239,061 | €270,819 | ▲ 13.3% |
| Profit (loss) for the period to be appropriated9905 | -€164,118 | -€306,202 | €236,496 | €239,061 | €270,819 | ▲ 13.3% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €2.4m | €2.6m | €3.1m | €3.3m | €3.2m | ▼ 2.4% |
| Fixed assets21/28 | €238,987 | €674,687 | €566,852 | €443,551 | €327,727 | ▼ 26.1% |
| Intangible fixed assets21 | €31 | - | €187,404 | €140,787 | €94,170 | ▼ 33.1% |
| Tangible fixed assets22/27 | €237,827 | €664,892 | €369,653 | €292,969 | €223,762 | ▼ 23.6% |
| Plant, machinery and equipment23 | €137,888 | €92,910 | €62,354 | €31,798 | €1,241 | ▼ 96.1% |
| Furniture and vehicles24 | €60,387 | €21,355 | €10,678 | - | - | - |
| Other tangible fixed assets26 | €39,552 | €332,117 | €296,621 | €261,171 | €222,521 | ▼ 14.8% |
| Assets under construction and advance payments27 | - | €218,510 | - | - | - | - |
| Financial fixed assets28 | €1,129 | €9,795 | €9,795 | €9,795 | €9,795 | = |
| Current assets29/58 | €2.2m | €1.9m | €2.6m | €2.9m | €2.9m | ▲ 1.2% |
| Amounts receivable within one year40/41 | €1.6m | €1.7m | €1.6m | €2.4m | €1.9m | ▼ 20.0% |
| Trade receivables40 | €1.5m | €1.7m | €1.6m | €2.4m | €1.9m | ▼ 20.0% |
| Other amounts receivable41 | €23,600 | €22,785 | €56,375 | - | - | - |
| Current investments50/53 | - | - | €250,000 | €360,036 | €665,938 | ▲ 85.0% |
| Cash at bank and in hand54/58 | €585,616 | €141,609 | €595,674 | €47,084 | €235,979 | ▲ 401% |
| Deferred charges and accrued income490/1 | €48,079 | €50,855 | €109,309 | €112,738 | €125,319 | ▲ 11.2% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €2.4m | €2.6m | €3.1m | €3.3m | €3.2m | ▼ 2.4% |
| Equity10/15 | €1.7m | €1.4m | €1.4m | €1.4m | €1.4m | ▲ 0.9% |
| Contributions10/11 | €716,089 | €716,089 | €716,089 | €716,089 | €716,089 | = |
| Capital10 | €716,089 | €716,089 | €716,089 | €716,089 | €716,089 | = |
| Issued capital100 | €738,677 | €738,677 | €738,677 | €738,677 | €738,678 | = |
| Uncalled capital101 | €22,589 | €22,589 | €22,589 | €22,589 | €22,589 | = |
| Reserves13 | €37,419 | €37,419 | €49,244 | €61,197 | €73,868 | ▲ 20.7% |
| Non-distributable reserves130/1 | €37,419 | €37,419 | €49,244 | €61,197 | €73,868 | ▲ 20.7% |
| Legal reserve130 | €37,419 | €37,419 | €49,244 | €61,197 | €73,868 | ▲ 20.7% |
| Profit (loss) carried forward14 | €969,247 | €663,046 | €651,222 | €651,222 | €651,221 | = |
| Provisions and deferred taxes16 | - | €171,697 | €229,451 | €224,281 | €53,059 | ▼ 76.3% |
| Provisions for liabilities and charges160/5 | - | €171,697 | €229,451 | €224,281 | €53,059 | ▼ 76.3% |
| Taxes161 | - | €171,697 | €229,451 | €224,281 | €53,059 | ▼ 76.3% |
| Amounts payable17/49 | €701,587 | €1.0m | €1.5m | €1.7m | €1.7m | ▲ 4.6% |
| Amounts payable within one year42/48 | €700,887 | €1.0m | €1.5m | €1.7m | €1.7m | ▲ 4.6% |
| Financial debts43 | €56 | - | - | - | - | - |
| Credit institutions430/8 | €56 | - | - | - | - | - |
| Trade debts44 | €331,886 | €619,471 | €828,277 | €839,377 | €833,792 | ▼ 0.7% |
| Suppliers440/4 | €331,886 | €619,471 | €828,277 | €839,377 | €833,792 | ▼ 0.7% |
| Taxes, remuneration and social security45 | €358,723 | €394,819 | €435,778 | €603,505 | €655,420 | ▲ 8.6% |
| Taxes450/3 | €22,634 | €32,848 | €47,655 | €55,278 | €78,728 | ▲ 42.4% |
| Remuneration and social security454/9 | €336,090 | €361,971 | €388,124 | €548,227 | €576,692 | ▲ 5.2% |
| Other amounts payable47/48 | €10,222 | €1,042 | €236,495 | €227,108 | €258,149 | ▲ 13.7% |
| Accrued charges and deferred income492/3 | €700 | - | - | - | - | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€164,118 | -€306,202 | €236,496 | €239,061 | €270,819 | ▲ 13.3% |
| + Depreciation and write-downs630 | €135,937 | €139,703 | €125,060 | €126,902 | €115,824 | ▼ 8.7% |
| Operating cash flow (approximation) | -€28,182 | -€166,498 | €361,555 | €365,963 | €386,643 | ▲ 5.7% |
| Investment in fixed assets (approximation) | - | -€575,403 | -€17,225 | -€3,601 | €0 | ▲ 100% |
| Change in cash | - | -€444,006 | €454,064 | -€548,589 | €188,895 | ▲ 134% |
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
Next filing, fiscal year 2026, expected by
2026
22-05
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema
2025
31-12
Financial
Highest result since 2018net €270,819 ▲13.3%
Operating result €379,808, net result €270,819, both a record.
26-05
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema
2024
06-09
State Gazette act
General meeting · Permanent representative
Statutes amendment · Corporate purpose · Tim Carnewal
06-09
State Gazette act
General meeting · Permanent representative
Statutes amendment · Corporate purpose
16-05
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema
2023
31-12
Financial
Back to profitnet €236,496
Net result €236,496 after 2 loss-making years.
16-05
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema
2022
31-12
Financial
Weakest financial yearnet -€306,202
Net result drops to -€306,202, the lowest in the series; recovery starts the following year.
16-05
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema
2021
17-05
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema
2020
06-05
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema
Show earlier events
2019
20-05
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema
2018
26-07
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema
2017
22-08
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema · 22 days late
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 26 acts read
About the unread acts
We know of 26 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
26 acts for this company are in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Brussel · 1 establishment unit since 1988
Ground area
1,147 m²
Building footprint
719 m²
Volume, LiDAR
13,068 m³
Parcel 21803C1358/00G000, Brussels · tallest building 26.1 m, ±6 floors. Linked by address, not a title deed.
16
companies at this address
See who is registered here
1 establishment unit
CONAC
since 19882.040.968.783
1 parcel
Brussels
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 21803C1358/00G000 | Brussels | 1,147 m² | 1 · 719 m² | 26.1 m · 6 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.
Structure & network
Part of the group
ageas SA/NV
107 companies
Group, risk and exposure
Owners and holdings
4 ownersChain of control
Highest known parent: AGEAS SA/NV. The sources do not say who stands above it.
Owners 4
- AG INSURANCEparentSourceown accounts 202599.94%
-
0.02%
-
0.02%
- Jan GEERARDYNnatural personSourceown accounts 20250.02%
Holdings 0
The accounts to 31-12-2025 list no holdings, and no other source names one.
According to the 2025 annual accounts of CONAC and those 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
No current directors or connected companies found in the register.
Recognitions · licences · registrations
Legal Entity Identifier
699400ZJJPZM3ZZDN058
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Of 82,642 companies in sector 70200 we hold annual accounts for 52,589. 23,809 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
Founded27-10-1988
Fiscal year end31-12
Activities, NACEBEL 2025
70200Business and other management consultancy
82100Office administrative and support services
Contact
Website
www.conac.be
E-mail
info@conac.be
E-invoicing
Reachable via Peppol
Peppol ID
0208:0435727760
Also
9925:BE0435727760
Registered
21-12-2025
Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.