CONRAD
ActiveSummary
CONRAD has been active since 1989 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €162,212 and a net result of €32,357. Equity is growing by ~6.5% per year across the filed fiscal years. Its solvency ranks better than 70% of 1535 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.3% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability82▲+2
Solvency79▲+2
Growth52▲+20
Track record100
Bankruptcy probability, 12 months
0.3%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €11,000 at 30 days acceptable
Liquidity ample (current ratio 1.75 against 1.54 in 2024; short-term debt: 45% and cash: 1.7% of total assets), and 45.9% of the assets are financed with debt.
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Signals
Five 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 · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 77
Relative position
BE, all sectors
reference
Rental and leasing activities (NACE 77)
about 44% more bankruptcies
← fewer bankruptcies
more bankruptcies →
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
54.1%
Return on assets
10.8%
Age of the figures
10 mo
neutral · Latest accounts filed on time
The financial year that closed on 30-11-2025 was due by 30-06-2026 and was filed on 26-05-2026, 35 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
35 d early
2024
10 d early
2023
9 d early
2022
1 d early
2021
1 d late
2020
1 d late
2019
9 d late
← 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 6 days before the deadline; the sector median for financial year 2024 is 3 days before the deadline, and 38% of the sector filed late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 30-11-2026 and is due by 30-06-2027. Nothing is late today. Usually files around 22 June (5 of the last 5 filed years within 30 days of that day).
Companies Code · seven monthsPosition in the running window
29-09-2026 today30-11-2026 close30-06-2027 deadline
History
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Financials · fiscal year 2025, micro schema
Equity
€162,212▲ 24.9%
2024 · €129,855
Total assets
€299,901▲ 19.4%
2024 · €251,145
Net result
€32,357▲ 44.4%
2024 · €22,409
Working capital
€101,470▲ 59.1%
2024 · €63,762
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 77, Rental and leasing 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-€1,459▲ 91.0%€34,151€30,162▼ 11.7%€28,407▼ 5.8%€43,295▲ 52.4%
Net result-€21,245below the sector's middle half▲ 42.3%€28,670within the sector's middle half€30,061above the sector's middle half▲ 4.9%€22,409within the sector's middle half▼ 25.5%€32,357above the sector's middle half▲ 44.4%
Equity€48,714within the sector's middle half▼ 30.4%€77,385within the sector's middle half▲ 58.9%€107,446within the sector's middle half▲ 38.8%€129,855within the sector's middle half▲ 20.9%€162,212within the sector's middle half▲ 24.9%
Total assets€609,168above the sector's middle half▼ 3.7%€189,666within the sector's middle half▼ 68.9%€215,083within the sector's middle half▲ 13.4%€251,145within the sector's middle half▲ 16.8%€299,901within the sector's middle half▲ 19.4%
Debt€560,454▼ 0.3%€112,282▼ 80.0%€107,637▼ 4.1%€121,291▲ 12.7%€137,689▲ 13.5%
Working capital€472,614above the sector's middle half▲ 10.5%€69,378above the sector's middle half▼ 85.3%€89,243above the sector's middle half▲ 28.6%€63,762within the sector's middle half▼ 28.6%€101,470above the sector's middle half▲ 59.1%
Solvency8.0%within the sector's middle half▼ 3.1pp40.8%within the sector's middle half▲ 32.8pp50.0%within the sector's middle half▲ 9.2pp51.7%within the sector's middle half▲ 1.7pp54.1%within the sector's middle half▲ 2.4pp
Current ratio5.55above the sector's middle half▲ 0.511.63within the sector's middle half▼ 3.921.85within the sector's middle half▲ 0.221.54within the sector's middle half▼ 0.311.75within the sector's middle half▲ 0.22
Return on assets (ROA)-3.5%below the sector's middle half▲ 2.3pp15.1%above the sector's middle half▲ 18.6pp14.0%above the sector's middle half▼ 1.1pp8.9%within the sector's middle half▼ 5.1pp10.8%above the sector's middle half▲ 1.9pp
above
within
below
the middle half (P25 to P75) of NACE 77, Rental and leasing activities, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result recovers in 2025; 2025 is 52% above 2024 and is the highest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €299,901
Fixed assets
€63,375 ▼ 7.5%
Current assets
€236,526 ▲ 29.5%
Equity and liabilities €299,901
Equity
€162,212 ▲ 24.9%
Debt
€137,689 ▲ 13.5%
Debt's share of the balance-sheet total falls from 48.3% to 45.9%. Equity and debt are higher.
Key figures and ratios
EBITDA
€70,129▲
2024 · €41,258
Cash flow
€59,191▲
2024 · €35,260
Debt to equity
0.85▼
2024 · 0.93
ROE
19.9%▲
2024 · 17.3%
Interest coverage
8.88▲
2024 · 7.58
Debt ≤ 1 year
€135,056▲
2024 · €118,901
Income taxes
€3,062
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 31,349 companies that looked in July 2024 the way this one looks now, 0.4% went bankrupt within 24 months and 93% are still going.
- Micro
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
0.4%
went bankrupt
5.9%
stopped otherwise
93%
still going
A further 0.2% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.3% 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 497,662 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% | 1.7% |
| 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 75% 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 31,349 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 |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €13,267 | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €68,520 | €26,809 | €5,606 | €12,851 | €26,834 | ▲ 109% |
| Other operating charges640/8 | €535 | €540 | €591 | €541 | €556 | ▲ 2.9% |
| Gross operating margin9900 | €67,596 | €61,500 | €36,358 | €41,799 | €70,686 | ▲ 69.1% |
| Operating profit (loss)9901 | -€1,459 | €34,151 | €30,162 | €28,407 | €43,295 | ▲ 52.4% |
| Financial income75/76B | €0 | €22 | - | €27 | €22 | ▼ 16.3% |
| Recurring financial income75 | €0 | €22 | - | €27 | €22 | ▼ 16.3% |
| Financial charges65/66B | €19,787 | €5,502 | €100 | €6,025 | €7,898 | ▲ 31.1% |
| Recurring financial charges65 | €19,787 | €5,502 | €100 | €5,440 | €7,898 | ▲ 45.2% |
| Non-recurring financial charges66B | - | - | - | €585 | - | - |
| Profit (loss) for the period before taxes9903 | -€21,245 | €28,670 | €30,061 | €22,409 | €35,419 | ▲ 58.1% |
| Income taxes67/77 | - | - | - | - | €3,062 | - |
| Profit (loss) for the period9904 | -€21,245 | €28,670 | €30,061 | €22,409 | €32,357 | ▲ 44.4% |
| Profit (loss) for the period to be appropriated9905 | -€21,245 | €28,670 | €30,061 | €22,409 | €32,357 | ▲ 44.4% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €609,168 | €189,666 | €215,083 | €251,145 | €299,901 | ▲ 19.4% |
| Fixed assets21/28 | €32,589 | €10,259 | €20,523 | €68,483 | €63,375 | ▼ 7.5% |
| Tangible fixed assets22/27 | €32,004 | €9,674 | €19,938 | €68,483 | €63,375 | ▼ 7.5% |
| Plant, machinery and equipment23 | €27,710 | €3,423 | €13,361 | €56,277 | €49,933 | ▼ 11.3% |
| Furniture and vehicles24 | €4,294 | €6,251 | €6,577 | €12,206 | €13,443 | ▲ 10.1% |
| Financial fixed assets28 | €585 | €585 | €585 | - | - | - |
| Current assets29/58 | €576,579 | €179,407 | €194,560 | €182,663 | €236,526 | ▲ 29.5% |
| Amounts receivable within one year40/41 | €530,619 | €128,943 | €148,804 | €140,522 | €198,582 | ▲ 41.3% |
| Trade receivables40 | €493,144 | €91,468 | €109,704 | €101,502 | €161,107 | ▲ 58.7% |
| Other amounts receivable41 | €37,475 | €37,475 | €39,100 | €39,020 | €37,475 | ▼ 4.0% |
| Current investments50/53 | €28,756 | €28,756 | €28,756 | €28,756 | €28,756 | = |
| Cash at bank and in hand54/58 | €11,351 | €15,529 | €14,156 | €7,017 | €4,997 | ▼ 28.8% |
| Deferred charges and accrued income490/1 | €5,854 | €6,179 | €2,844 | €6,368 | €4,191 | ▼ 34.2% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €609,168 | €189,666 | €215,083 | €251,145 | €299,901 | ▲ 19.4% |
| Equity10/15 | €48,714 | €77,385 | €107,446 | €129,855 | €162,212 | ▲ 24.9% |
| Contributions10/11 | €62,000 | €62,000 | €62,000 | €62,000 | €62,000 | = |
| Capital10 | €62,000 | €62,000 | €62,000 | €62,000 | €62,000 | = |
| Issued capital100 | €62,000 | €62,000 | €62,000 | €62,000 | €62,000 | = |
| Reserves13 | €57,909 | €57,909 | €57,909 | €57,909 | €57,909 | = |
| Non-distributable reserves130/1 | €34,956 | €34,956 | €34,956 | €34,956 | €34,956 | = |
| Legal reserve130 | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Own shares acquired1312 | €28,756 | €28,756 | €28,756 | €28,756 | €28,756 | = |
| Distributable reserves133 | €22,954 | €22,954 | €22,954 | €22,954 | €22,954 | = |
| Profit (loss) carried forward14 | -€71,195 | -€42,525 | -€12,464 | €9,945 | €42,302 | ▲ 325% |
| Amounts payable17/49 | €560,454 | €112,282 | €107,637 | €121,291 | €137,689 | ▲ 13.5% |
| Amounts payable after more than one year17 | €450,000 | - | - | - | - | - |
| Financial debts170/4 | €450,000 | - | - | - | - | - |
| Amounts payable within one year42/48 | €103,966 | €110,029 | €105,317 | €118,901 | €135,056 | ▲ 13.6% |
| Trade debts44 | €4,186 | €8,000 | €12,699 | €19,848 | €20,647 | ▲ 4.0% |
| Suppliers440/4 | €4,186 | €8,000 | €12,699 | €19,848 | €20,647 | ▲ 4.0% |
| Taxes, remuneration and social security45 | €11,599 | €9,965 | €59 | €1,593 | €10,360 | ▲ 550% |
| Taxes450/3 | €11,599 | €9,965 | €59 | €1,593 | €10,360 | ▲ 550% |
| Other amounts payable47/48 | €88,180 | €92,064 | €92,559 | €97,459 | €104,049 | ▲ 6.8% |
| Accrued charges and deferred income492/3 | €6,488 | €2,253 | €2,320 | €2,390 | €2,634 | ▲ 10.2% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€21,245 | €28,670 | €30,061 | €22,409 | €32,357 | ▲ 44.4% |
| + Depreciation and write-downs630 | €68,520 | €26,809 | €5,606 | €12,851 | €26,834 | ▲ 109% |
| Operating cash flow (approximation) | €47,275 | €55,479 | €35,667 | €35,260 | €59,191 | ▲ 67.9% |
| Investment in fixed assets (approximation) | - | -€4,479 | -€15,869 | -€60,811 | -€21,727 | ▲ 64.3% |
| Change in cash | - | €4,179 | -€1,373 | -€7,139 | -€2,020 | ▲ 71.7% |
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
26-05
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
30-11
Financial
Equity above €150,000Eq €162,212 ▲24.9%
4 profitable years in a row build equity to €162,212.
20-06
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
21-06
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
30-11
Financial
Equity above €100,000Eq €107,446 ▲38.8%
2 profitable years in a row build equity to €107,446.
29-06
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
30-11
Financial
Back to profitnet €28,670
Net result €28,670 after 3 loss-making years.
01-07
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 1 day late
2021
01-07
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 1 day late
2020
09-07
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 9 days late
2019
30-11
Financial
Weakest financial yearnet -€43,828
Net result drops to -€43,828, the lowest in the series; recovery starts the following year.
30-11
Financial
Liquidity times 5current ratio 6.42
Current ratio from 1.26 to 6.42; short-term debt falls from €559,845 to €73,262.
Show earlier events
05-07
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema · 5 days late
2017
16-10
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema
2016
31-10
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 7 acts read
About the unread acts
We know of 7 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
7 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, Gent · 1 establishment unit since 1989
Ground area
3,136 m²
Building footprint
952 m²
Volume, LiDAR
17,279 m³
2 parcels, Flanders · tallest building 29.9 m, ±9 floors. Linked by address, not a title deed.
1 establishment unit
CONRAD NV
since 19892.043.289.459
2 parcels
Flanders
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 44362B0125/00K000 | Flanders | 2,780 m² | 1 · 586 m² | 15.2 m · 4 fl. |
| 44804D2559/00T004 | Flanders | 356 m² | 1 · 366 m² | 29.9 m · 9 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.
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Of 143 companies in sector 77225 we hold annual accounts for 81. 67 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
Founded17-04-1989
Fiscal year end30-11
Activities, NACEBEL 2025
77225Rental and leasing activities
E-invoicing
Reachable via Peppol
Peppol ID
0208:0437263924
Also
9925:BE0437263924
Registered
08-12-2025
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 28 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.