CONCLUSION
ActiveSummary
The annual accounts of CONCLUSION for fiscal year 2026 show a net loss of 60% of the equity at the start of that year. The 2026 annual accounts show equity of €59,910 and a net result of -€91,206. Equity is shrinking by ~19.9% per year and would, assuming unchanged policy, indicatively turn negative around fiscal year 2027. The company has been active since 1989 and the Belgian State Gazette contains no insolvency or warning signals. The computed 12-month bankruptcy probability is 0.7% (low).
Checked score
Score 2026
Axes · tick = 2025
Profitability65=
Solvency27▼-3
Growth32=
Track record100
Bankruptcy probability, 12 months
0.7%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €2,500 at 30 days only on tighter terms
Net loss of at least half of total assets or of the equity at the start of the financial year.
Liquidity short (current ratio 0.0 against 0.0 in 2025; short-term debt: 98% and cash: 0% of total assets), and 98% of the assets are financed with debt.
Credit check for your own amount and term
Show the recommended maximum : and see how the verdict changes with amount, term and advance.
Signals
Six signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
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
raises risk · Persistent losses
Two consecutive loss-making years (2025 and 2026); equity is also lower. May indicate structural pressure on profitability.
NBB · annual accounts 2026Net result per financial year
1920212223242526
2019 to 2026 · latest year -€91,206
neutral · Latest accounts filed on time
The financial year that closed on 31-03-2026 was due by 31-10-2026 and was filed on 29-05-2026, 155 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2026
155 d early
2025
2 d early
2024
9 d early
2023
110 d early
2022
7 d late
2021
23 d early
2020
26 d late
← before the deadline
after the deadline →
tick = median of all Belgian filings
This company filed its last 7 accounts on average 38 days before the deadline; the Belgian median for financial year 2024 is 4 days before the deadline, and 38% of all filings were late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-03-2027 and is due by 31-10-2027. Nothing is late today. Usually files around 22 October (4 of the last 5 filed years within 101 days of that day).
Companies Code · seven monthsPosition in the running window
29-09-2026 today31-03-2027 close31-10-2027 deadline
History
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Financials · fiscal year 2026, micro schema
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
-€91,206▲ 5.8%
2025 · -€96,859
Working capital
-€2.9m▲ 0.8%
2025 · -€3.0m
Trend over the years
Click a name to add, emphasise or remove a line.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20222023202420252026
Operating result-€67,496▼ 57.7%-€80,410▼ 19.1%-€114,893▼ 42.9%-€96,816▲ 15.7%-€91,161▲ 5.8%
Net result-€67,668▼ 66.2%-€80,479▼ 18.9%-€114,934▼ 42.8%-€96,859▲ 15.7%-€91,206▲ 5.8%
Equity€443,389▼ 13.2%€362,910▼ 18.2%€247,976▼ 31.7%€151,116▼ 39.1%€59,910▼ 60.4%
Total assets€695,822▲ 36.0%€2.2m▲ 218%€3.2m▲ 46.0%€3.1m▼ 3.7%€3.0m▼ 3.7%
Debt€252,433▲ 37,571%€1.8m▲ 633%€3.0m▲ 61.2%€3.0m▼ 0.7%€2.9m▼ 0.8%
Working capital-€228,308-€1.8m▼ 707%-€3.0m▼ 61.6%-€3.0m▲ 0.6%-€2.9m▲ 0.8%
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €91,161 in 2026 against €96,816 in 2025; the loss shrinks.
Balance-sheet composition
2026 in colour, 2025 as the grey bar beneath
Equity and liabilities €3.0m
Equity
€59,910 ▼ 60.4%
Debt
€2.9m ▼ 0.8%
Debt's share of the balance-sheet total rises from 95.1% to 98.0%. Equity and debt are lower.
Key figures and ratios
EBITDA
€23,291▲
2025 · €19,372
Cash flow
€23,246▲
2025 · €19,328
Current ratio
0.00▼
2025 · 0.00
Debt to equity
49.02▲
2025 · 19.59
ROE
-152.2%▼
2025 · -64.1%
ROA
-3.0%▲
2025 · -3.1%
Interest coverage
517.58▲
2025 · 445.33
Debt ≤ 1 year
€2.9m▼
2025 · €3.0m
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 1,104 companies that looked in July 2024 the way this one looks now, 1.8% went bankrupt within 24 months and 94% are still going.
- Small
- 20 years or older
- solvency under 10%
- a small loss
1.8%
went bankrupt
3.6%
stopped otherwise
94%
still going
A further 0.3% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.7% 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 497,338 companies of July 2024 its group's bankruptcy share. Expected: 1.6%; actually bankrupt within 24 months: 1.7%.
| 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% | 1.0% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.9% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
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 1,104 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 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | €0 | - | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €28,253 | €53,759 | €112,796 | €116,188 | €114,452 | ▼ 1.5% |
| Other operating charges640/8 | €7,370 | €3,866 | €3,864 | €3,983 | €4,924 | ▲ 23.6% |
| Non-recurring operating charges66A | €0 | - | - | - | - | - |
| Gross operating margin9900 | -€31,873 | -€22,785 | €1,768 | €23,355 | €28,215 | ▲ 20.8% |
| Operating profit (loss)9901 | -€67,496 | -€80,410 | -€114,893 | -€96,816 | -€91,161 | ▲ 5.8% |
| Financial income75/76B | €0 | - | - | €0 | €0 | ▼ 100% |
| Recurring financial income75 | €0 | - | - | €0 | €0 | ▼ 100% |
| Financial charges65/66B | €175 | €69 | €42 | €44 | €45 | ▲ 3.4% |
| Recurring financial charges65 | €175 | €69 | €42 | €44 | €45 | ▲ 3.4% |
| Profit (loss) for the period before taxes9903 | -€67,672 | -€80,479 | -€114,934 | -€96,859 | -€91,206 | ▲ 5.8% |
| Income taxes67/77 | -€3 | €0 | - | - | - | - |
| Profit (loss) for the period9904 | -€67,668 | -€80,479 | -€114,934 | -€96,859 | -€91,206 | ▲ 5.8% |
| Profit (loss) for the period to be appropriated9905 | -€67,668 | -€80,479 | -€114,934 | -€96,859 | -€91,206 | ▲ 5.8% |
| Line | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €695,822 | €2.2m | €3.2m | €3.1m | €3.0m | ▼ 3.7% |
| Fixed assets21/28 | €671,697 | €2.2m | €3.2m | €3.1m | €3.0m | ▼ 3.7% |
| Tangible fixed assets22/27 | €671,447 | €2.2m | €3.2m | €3.1m | €3.0m | ▼ 3.7% |
| Land and buildings22 | €625,867 | €2.2m | €3.2m | €3.1m | €3.0m | ▼ 3.7% |
| Plant, machinery and equipment23 | €45,579 | €37,092 | €28,609 | €25,838 | €24,802 | ▼ 4.0% |
| Financial fixed assets28 | €250 | €250 | €250 | €250 | €250 | = |
| Current assets29/58 | €24,125 | €5,858 | €2,739 | €0 | €0 | ▼ 100% |
| Amounts receivable within one year40/41 | €10,000 | €0 | - | - | - | - |
| Other amounts receivable41 | €10,000 | €0 | - | - | - | - |
| Cash at bank and in hand54/58 | €12,899 | €3,166 | €335 | €0 | €0 | ▼ 100% |
| Deferred charges and accrued income490/1 | €1,226 | €2,692 | €2,404 | €0 | - | - |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €695,822 | €2.2m | €3.2m | €3.1m | €3.0m | ▼ 3.7% |
| Equity10/15 | €443,389 | €362,910 | €247,976 | €151,116 | €59,910 | ▼ 60.4% |
| Contributions10/11 | €498,245 | €498,245 | €498,245 | €498,245 | €498,245 | = |
| Capital10 | €498,245 | €498,245 | €498,245 | €498,245 | €498,245 | = |
| Issued capital100 | €498,245 | €498,245 | €498,245 | €498,245 | €498,245 | = |
| Reserves13 | €107,483 | €107,483 | €107,483 | €107,483 | €107,483 | = |
| Non-distributable reserves130/1 | €19,122 | €19,122 | €19,122 | €19,122 | €19,122 | = |
| Legal reserve130 | €19,122 | €19,122 | €19,122 | €19,122 | €19,122 | = |
| Tax-exempt reserves132 | €88,361 | €88,361 | €88,361 | €88,361 | €88,361 | = |
| Profit (loss) carried forward14 | -€162,338 | -€242,818 | -€357,752 | -€454,611 | -€545,817 | ▼ 20.1% |
| Amounts payable17/49 | €252,433 | €1.8m | €3.0m | €3.0m | €2.9m | ▼ 0.8% |
| Amounts payable within one year42/48 | €252,433 | €1.8m | €3.0m | €3.0m | €2.9m | ▼ 0.8% |
| Trade debts44 | €50,558 | €6,748 | €0 | - | - | - |
| Suppliers440/4 | €50,558 | €6,748 | €0 | - | - | - |
| Taxes, remuneration and social security45 | €0 | - | - | - | - | - |
| Taxes450/3 | €0 | - | - | - | - | - |
| Other amounts payable47/48 | €201,875 | €1.8m | €3.0m | €3.0m | €2.9m | ▼ 0.8% |
| Line | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€67,668 | -€80,479 | -€114,934 | -€96,859 | -€91,206 | ▲ 5.8% |
| + Depreciation and write-downs630 | €28,253 | €53,759 | €112,796 | €116,188 | €114,452 | ▼ 1.5% |
| Operating cash flow (approximation) | -€39,415 | -€26,720 | -€2,138 | €19,328 | €23,246 | ▲ 20.3% |
| Investment in fixed assets (approximation) | - | -€1.6m | -€1.1m | €0 | €0 | - |
| Change in cash | - | -€9,733 | -€2,831 | -€335 | -€0 | ▲ 100.0% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2027, expected by
2026
25-08
State Gazette act
RestructuringMerger · Director in office · Accounting effect21 facts ▸
State Gazette act
Restructuring
Merger · Director in office · Accounting effect21 facts ▸
- Board meeting, 19-08-2026
- Merger, fusion par absorption, fusion par absorption
- Director in office, Marc Lannoo (director)
- Director in office, Sabine Spileers (director)
- Director in office, Marc Lannoo (director)
- Director in office, Sabine Spileers (director)
- Accounting effect, 01-04-2026
- Other statement, absence de droits spéciaux ou titres autres que des actions
- Other statement, absence d'avantages particuliers pour les membres des organes d'administration
- Real estate, parcelle de terrain, MONT-DE-L’ENCLUS – Troisième Division - Anseroeul
- Real estate, maison, section B, numéro 562F P0000
- Real estate, maison, section B, numéro 562G P0000
- +9 further facts in this act
29-05
NBB filing
Annual accounts filed
fiscal year 2026 · micro schema
2025
29-10
NBB filing
Annual accounts filed
fiscal year 2025 · full schema
2024
22-10
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
31-03
Financial
Weakest financial yearnet -€114,934
Net result drops to -€114,934, the lowest in the series; recovery starts the following year.
2023
13-07
NBB filing
Annual accounts filed
fiscal year 2023 · full schema
2022
07-11
NBB filing
Annual accounts filed
fiscal year 2022 · full schema · 7 days late
2021
08-10
NBB filing
Annual accounts filed
fiscal year 2021 · full schema
31-03
Financial
Liquidity times 18current ratio 232.00
Current ratio from 13.14 to 232.00; short-term debt falls from €14,018 to €670.
2020
26-11
NBB filing
Annual accounts filed
fiscal year 2020 · full schema · 26 days late
31-03
Financial
Back to profitnet €2,212
Net result €2,212 after one loss-making year.
31-03
Financial
Liquidity times 89current ratio 13.14
Current ratio from 0.15 to 13.14; short-term debt falls from €676,547 to €14,018.
Show earlier events
2019
29-11
NBB filing
Annual accounts filed
fiscal year 2019 · full schema · 29 days late
2018
19-11
NBB filing
Annual accounts filed
fiscal year 2018 · full schema · 19 days late
2017
29-11
NBB filing
Annual accounts filed
fiscal year 2017 · full schema · 29 days late
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
1 of 9 acts read
About the unread acts
Of the 9 Belgian State Gazette acts we know for this company, 1 has been read. The other 8 have not been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
9 acts for this company are in the Belgian State Gazette, of which we have read 1. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Mont-de-l'Enclus · 1 establishment unit since 1991
Ground area
3,258 m²
Building footprint
249 m²
Volume, LiDAR
1,544 m³
2 parcels, Wallonia · tallest building 10.3 m, ±3 floors. Linked by address, not a title deed.
1 establishment unit
Route provinciale(AN) 25, 7750 Mont-de-l'Enclus
since 19912.046.704.057
2 parcels
Wallonia
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 57002B0562/00G000 | Wallonia | 2,849 m² | 1 · 193 m² | 7.2 m · 2 fl. |
| 57002B0254/00E002 | Wallonia | 409 m² | 1 · 56 m² | 10.3 m · 3 fl. |
Linked by address, not proof of ownership
Good to know
2 of 2 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Articles of association
Purpose
Toute activité se rapportant à l'imprimerie, telle notamment que la création et la réalisation d'imprimés, l'achat et la vente de tout matériel d'imprimerie; Toute activité se…
Full purpose (20 activities)
- Toute activité se rapportant à l'imprimerie, telle notamment que la création et la réalisation d'imprimés, l'achat et la vente de tout matériel d'imprimerie
- Toute activité se rapportant à l'architecture d'intérieur, telle que notamment la décoration et l'aménagement de tous locaux, l'achat et la vente de tous biens immeubles destinés à être aménagés, décorés ou restaurés, l'import-export et la représentation de toutes matières de décoration
- La société pourra s'intéresser par toutes voies dans toutes affaires, entreprises ou sociétés ayant un objet identique, analogue ou connexe au sien ou qui serait de nature à favoriser le développement de son entreprise
- La société a également pour but la construction, la gestion et l'expansion judicieuse pour compte propre d'un patrimoine constitué de biens mobiliers et immobiliers tant au niveau national qu'étranger, ainsi que tous actes ou transactions relatifs à des biens immobiliers ou mobiliers et des droits mobiliers ou immobiliers, quelqu’en soit la nature, qui leur sont directement ou indirectement liés ou qui sont de nature à promouvoir le produit de ses biens, tels que l'achat et la vente, la location, l'échange ou en général l'acquisition ou le transfert de biens mobiliers ou immobiliers, l'entretien, le développement, l’aménagement et la location de biens mobiliers ou immobiliers, à l'exclusion des opérations liées aux activités normales exercées par les agents immobiliers
- Effectuer toutes les transactions relatives à l'immobilier et aux droits immobiliers de toute nature, telles que le financement de la location de biens immobiliers à des tiers, l'achat, la vente, l'échange, la construction, la rénovation, l'entretien, la location, la division, la prospection et l'exploitation de biens immobiliers de toutes sortes, tels que les terrains, dans les zones rurales comme dans les zones bâties, ainsi que l'estimation de l'immobilier, le développement, la commercialisation et la supervision de tous les projets immobiliers, l'attribution par l'urbanisation
- Effectuer toutes les transactions relatives aux biens mobiliers et droits de toute nature, telles que l'achat et la vente, la location de biens mobiliers, l'acquisition par souscription ou l'achat et la gestion d'actions, d'obligations, de certificats d'épargne ou d’autres biens mobiliers, sous quel forme qu’il soit, de personnes morales ou de sociétés belges ou étrangères, existantes ou à établir
- Acquérir tous biens mobiliers ou immobiliers à titre, même s'ils ne sont ni directement ni indirectement liés à l'objet de l'entreprise
- Se tenir garant pour le bon déroulement des engagements pris par des tiers qui bénéficieraient de ses biens mobiliers et immobiliers
- Obtenir, développer, exploiter, acheter, vendre, concéder sous licence ou abandonner tous les brevets, licences, savoir-faire et marques de commerce, ainsi que les actifs incorporels connexes, liés à la gestion des biens immobiliers et des biens mobiliers
- La recherche, le développement, la fabrication ou la commercialisation de nouveaux produits, nouvelles machines, nouvelles technologies et leurs applications
- La mise à disposition de biens mobiliers et immobiliers aux dirigeants de la société, à titre de rémunération en nature
- Toutes les fonctions de conseil et tous les service conseillé possibles au sens le plus large du terme
- Fournir des conseils dans le sens le plus large du terme, des conseils, de l'assistance, de la gestion et la prestation d'autres services à ou conformément liés aux activités exercées par l'entreprise elle-même, principalement mais pas exclusivement dans le domaine de la direction générale, de la gestion, l'administration et les finances, ventes, marketing, ressources humaines, logistique, organisation, production et développement, distribution, transformation, techniques d'organisation commerciale et gestion d'entreprise
- Toutes les activités possibles liées à la fourniture de conseil, formation, coaching, expertise technique et assistance
- Fournir des conseils et fournir des services liés à l'organisation et à la gestion de sociétés et d'entreprises, à la représentation et à agir en tant qu'intermédiaire commercial
- Fournir une assistance, des conseils et une orientation aux entreprises, aux particuliers et aux institutions, directement ou indirectement, de toute nature qu’ils soient, le tout dans le sens le plus large
- La prestation de services à caractère économique, en interne et en participation avec des tiers, en tant que représentant, intermédiaire ou courtier, tels que la réalisation d'études de marché, la création, la direction et le contrôle d'une organisation commerciale, et en général, en vue d’un gestion efficace
- Exercer tous les mandats possibles sous forme d'études d'organisation, d'expertise, d'actions techniques ou autres et de conseils, dans tous les domaines compris dans son objet ou sa finalité
- Ces services peuvent être fournis dans le cadre d'une nomination contractuelle ou statutaire et en tant que conseiller externe ou organisme du client
- La liste ci-dessus n'est pas exhaustive et doit être comprise dans le sens le plus large, afin que la société puisse, en général, pour son propre compte ou pour le compte de tiers, effectuer toutes transactions ou transactions commerciales, industrielles, financières, civiles, mobilières et immobilières qui lui semblent utiles pour réaliser directement ou indirectement son but social au sens large, ou pour promouvoir ou en faciliter sa réalisation, y compris la sous-traitance en général, et l'exploitation de tous les droits intellectuels et de la propriété industrielle ou commerciale s'y rapportant
Structure & network
Owners and holdings
1 ownerChain of control
- Floresco
- CONCLUSION
Highest known parent: Floresco. The sources do not say who stands above it.
Owners 1
- Florescoparent100%
Holdings 0
No holding stated in the accounts, acts or LEI register we read.
According to the annual accounts 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.
Acquisitions and mergers
1 transactionTaken over by:Floresco
Identification & contact
Identification
Legal formPublic limited company
Founded17-12-1989
Fiscal year end31-03
E-invoicing
Not found in the Peppol register
No Peppol card under this enterprise or VAT number. That proves nothing: publishing a card is voluntary.
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If you follow this company, Checked tells you the day it appears in the Peppol register.
Register as of 28 September 2026 · Peppol Directory
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