Equity
€941,457 from €2.3m in 2020
Equity fell by 60% in 5 years.
CONDACUM
Lifetime
15 annual accounts with figures on one time axispeak €227,814 (2023)
-€83,927▼ €307,456
lowest -€1.6m (2021)
-€81,720▼ €263,430
peak €2.3m (2020)
€941,457▼ 8.0%
€93,455▼ 39.5%
peak 0 FTE (2023)
-not published
Board2 names since 2010
1 directorKoen Spapens
Documentsfilings and deeds
26-08-202626 days late
2025micro format
Gross margin from €223,528 to -€83,927Loss of €81,720Debts from €154,363 to €93,455Investments €21,875Cash from €44,429 to €9,536
Key points
from the 2025 annual accountsResult
-€81,720 -€81,720
From profit to loss in 2025, after a profit of €181,710 in 2024.
Investments
€21,875 2.0 × depreciation
Green is investment, beige is depreciation.
Filings
15 annual accounts since 2011
Seven of the last ten came late. The 2020 accounts came latest: 187 days after the end of the period.
Subsidiaries
-€1.1m
Subsidiary with negative equity. SPAPENS · loss of €918,955 in 2025.
Position in the sector
-€81,720
Lower net result than 95% of companies in head offices and management consultancy. Sector median €27,142 · 39,376 companies.
Turnover not published (abbreviated or micro format)
Checked score
85
Excellent
Financially stronger than 41% of micro companies in head offices and management consultancy (NACE 70)
Probability in this band: under 0.55%
Bankruptcy probability within 12 months
0.3% Very low
0%0.5%1.5%4%10%≥ 25%
The dashed line is the sector median: 0.1% across 48,570 companies (NACE 70, micro).
About 3 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
Last 24 months
12-2024: < 0.1%lowest value
01-2025: < 0.1%● unchanged vs 12-2024lowest value
02-2025: < 0.1%● unchanged vs 01-2025
03-2025: < 0.1%● unchanged vs 02-2025
04-2025: < 0.1%● unchanged vs 03-2025
05-2025: < 0.1%● unchanged vs 04-2025
06-2025: 0.1%▲ +0.1 percentage points vs 05-2025
07-2025: 0.1%● unchanged vs 06-2025
08-2025: 0.2%▲ +0.1 percentage points vs 07-2025
09-2025: 0.2%● unchanged vs 08-2025
10-2025: 0.4%▲ +0.2 percentage points vs 09-2025highest value
11-2025: 0.1%▼ -0.3 percentage points 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: 0.1%● unchanged vs 02-2026
04-2026: 0.1%● unchanged vs 03-2026
05-2026: 0.1%● unchanged vs 04-2026
06-2026: 0.1%● unchanged vs 05-2026
07-2026: 0.1%● unchanged vs 06-2026
08-2026: 0.2%▲ +0.1 percentage points vs 07-2026
09-2026: 0.3%▲ +0.1 percentage points vs 08-2026
10-2026: 0.3%● unchanged vs 09-2026
11-2026: 0.3%● unchanged vs 10-2026
Financial strengthAverage
Score breakdown
raises risk
Liquidity: current ratio 9.33, cash €9,536, halved
Loss of €81,720 (financial year 2025)
Last filed accounts filed 26 days late; 1 of the last 3 accounts late
lowers risk
Size: total assets €1.0m
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 70, micro). It does better than 86% of them on solvency, 38% on liquidity, 10% on profitability and 30% on growth.
The bankruptcy probability was computed on 08-11-2026 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, 2,686 companies had the same profile as CONDACUM has now. Each dot stands for 7 companies, two years later.
93.7%
were still trading
5.4%
stopped another way
0.6%
went bankrupt
Another 0.3% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of CONDACUM itself: 0.3% within 12 months.
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 2,686 companies, not a prediction for CONDACUM. 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
Credit of up to €80,000 on 30-day terms is acceptable
Liquidity is ample, with a current ratio of 9.33 (7.83 in 2024), above the usual 1.5. Short-term debt is 9% and cash 0.9% of total assets. 9% of the assets are financed with debt and provisions.
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 risk
raises risk · 2025 accounts filed 26 days late
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 26-08-2026, 26 days later. Nearly half (47%) of Belgian companies file late; of those that file 1 to 90 days late, 2.0% are now bankrupt, dissolved or in another special legal status, against 1.66% of all filers. A delay like this does not count in the score.
NBB · 10 filingsDeviation from the deadline
2025
26 days late
2024
57 days late
2023
28 days late
2022
21 days early
2021
24 days late
2020
187 days late
2019
10 days late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
The company filed its last 7 accounts on average 44 days after the deadline. In the sector (NACE 70), the median for financial year 2024 was 9 days before the deadline, and 32% 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. The company usually files around 26 August (4 of the last 5 accounts filed within 31 days either side of that date).
Companies Code · seven monthsWhere today falls in the filing period
09-11-2026 today31-12-2026 year end31-07-2027 deadline
Recent changes
Resignation: SpapensVeerle (director)
Director discharge: SpapensVeerle · General meeting of 29-09-2021 · Gazette deed
Capital increase of €340,000 to €590,050
Capital from €250,050 to €590,050 · Contributions: Veerle Spapens (€170,000); Koen Spapens (€170,000) · Reappointments: Veerle Spapens (director) and Koen Spapens (director) · General meeting of 21-12-2020 · Gazette deed
First establishment
Heidestraat 12, Pajottegem
Incorporation
published on 25-03-2010 · Gazette deed
Comparable companies
same main activity, similar in size and age| Company | ||||
|---|---|---|---|---|
| CONDACUM Pajottegem | €1.0m | -€83,927 | 91.0% | - |
| JUCALIS Halle | €1.1m | -€23,185 | 57.2% | 0 |
| ARCTOS Tielt-Winge | €0.9m | -€15,657 | 88.5% | - |
| B&S MANAGEMENT Zaventem | €1.1m | -€6,566 | 77.1% | - |
| EXETERA Grimbergen | €1.1m | -€1,783 | 0.2% | - |
| BVL CAPITAL Wemmel | €1.3m | -€1,972 | 17.3% | - |
| C.U. ONBOARD Grimbergen | €0.9m | €539 | 71.0% | - |
These companies have the same main activity as CONDACUM: business and other management consultancy (NACE 70200). They are comparable in size and age: total assets between €866,000 and €1.3m, founded between 2008 and 2012.
Official details
Source: KBO- Status
- Active since 09-03-2010Normal situation
- Activity
- Business and other management consultancyNACE 70200
- Establishment unit
- 2.187.949.6181755 Pajottegem, since 01-04-2010
- Financial year end
- 31 December
- Peppol
- Reachable
Insights on CONDACUM
CONDACUM files the micro format. That format states no turnover. The gross margin fell from €203,181 in 2011 to -€83,927 in 2025.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette. Click a figure with a dotted line for the item and the filing.
Key facts about CONDACUM
- What is the company number of CONDACUM?
- The company number of CONDACUM is 0823.756.563. The VAT number is the same number with BE in front: BE 0823.756.563.
- Where is CONDACUM based?
- The registered office is at Heidestraat 12, 1755 Pajottegem.Company details
- What does CONDACUM do?
- According to the KBO register, the main activity is business and other management consultancy (NACE 70200).
- What is the legal form of CONDACUM?
- CONDACUM is a private limited company (BV).
- When was CONDACUM founded?
- CONDACUM was founded on 09-03-2010.
- Is CONDACUM still active?
- Yes, CONDACUM is an active enterprise in the KBO register.
- What is the turnover of CONDACUM?
- The annual accounts for financial year 2025 state no turnover. The abbreviated or micro format does not require it.Financials
- Is CONDACUM profitable?
- In financial year 2025, CONDACUM made a loss of €81,720.
- Where can I find the annual accounts of CONDACUM?
- CONDACUM filed 15 annual accounts with the National Bank of Belgium, the latest for financial year 2025.
- When are the next annual accounts of CONDACUM due?
- CONDACUM must file the annual accounts for financial year 2026 by 31-07-2027.Timeline
Next steps
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