Equity
Debts exceed assets in financial year 2025.
Debts exceed assets in financial year 2025.
Every financial year from 2023 to 2025 closed with a loss. 2024 was the heaviest.
Of this, €1.0m falls due within a year.
The 2023 accounts came latest: 29 days after the end of the period.
Less equity than 94% of companies in computer programming and consultancy. Sector median €432,608 · 1,691 companies.
Negative equity caps the score at 59.
The dashed line is the sector median: 0.2% across 1,167 companies (NACE 62, small).
About 1 in 100 comparable companies go bankrupt within 12 months (an estimate).
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 62, small). It does better than 2% of them on solvency, 4% on liquidity, 4% on profitability and 49% 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 low class on 30-06-2025, 0.8% 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).
In July 2024, 490 companies had the same profile as Coretecs has now. Each dot is one company, two years later.
Another 0.8% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of Coretecs itself is lower: 1.3% within 12 months. It rests on far more data about Coretecs than the profile alone.
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 490 companies, not a prediction for Coretecs. 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.
Liquidity is insufficient, with a current ratio of 0.43 (0.4 in 2024), below 1. Short-term debt is 219% and cash 3.8% of total assets. Equity is negative.
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.
The company filed its last 3 accounts on average 17 days after the deadline. In the sector (NACE 62), the median for financial year 2024 was 9 days before the deadline, and 33% of those companies filed late.
| Company | ||||
|---|---|---|---|---|
| Coretecs Kontich | €1.7m | -8.9% | -126.9% | 12.7 |
| ADSCALE TECHNOLOGIES Uccle | - | - | 15.1% | 12.7 |
| DATA WIZARDS SOLUTIONS Ixelles | - | - | 13.3% | 10.3 |
| AdaptX Kontich | €2.5m | 6.1% | 16.4% | 11.4 |
| Merapar Technologies Belgium Herentals | - | - | -41.6% | 8.1 |
| GreenStack Puurs-Sint-Amands | - | - | 55.3% | 8.5 |
| WEB Belgium Geel | - | - | 16.8% | 15 |
Grey: the largest companies of the sector (computer programming and consultancy (NACE 62)), without their names. Blue: the sector peers from the table.
These companies have the same main activity as Coretecs: computer consultancy and computer facilities management (NACE 62200). They are comparable in size and age: total assets between €373,000 and €694,000, founded between 2020 and 2023.
Solvency fell in 2025 from -118.3% to -126.9% because of the loss.
OECO Groep holds 64% of the shares. In June 2022, the Official Gazette published the appointment of De Cronos Groep as managing director.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette.
Higher than 8% of 1,691 companies in 2025.
Higher than 12% of 1,658 companies in 2025.
Higher than 9% of 1,673 companies in 2025.
Net result: bottom quarter · Equity: bottom quarter · Balance sheet total: middle half · Working capital: bottom quarter · Staff: middle half
Staff costs divided by the average number of full-time equivalents.
In 2025, 1 person joined and nobody left. Training hours in 2025: 381.
| Line | Trend | 2025 | 2024 | 2023 |
|---|---|---|---|---|
| Balance sheet: assets | ||||
20/58 |
469,535 | 333,235 | 323,766 | |
21/28 |
26,909 | 44,289 | 34,824 | |
22/27 |
26,909 | 44,289 | 34,824 | |
23 |
26,872 | 44,010 | 34,307 | |
26 |
37 | 278 | 517 | |
29/58 |
442,625 | 288,947 | 288,942 | |
3 |
- | 7,840 | 20,007 | |
37 |
- | 7,840 | 20,007 | |
40/41 |
395,457 | 245,236 | 239,339 | |
40 |
395,335 | 245,236 | 239,339 | |
41 |
123 | - | - | |
54/58 |
18,028 | 10,414 | 7,591 | |
490/1 |
29,140 | 25,456 | 22,005 | |
| Balance sheet: equity and liabilities | ||||
10/49 |
469,535 | 333,235 | 323,766 | |
10/15 |
-595,768 | -394,325 | -53,588 | |
10/11 |
62,000 | 62,000 | 62,000 | |
10 |
62,000 | 62,000 | 62,000 | |
100 |
62,000 | 62,000 | 62,000 | |
14 |
-657,768 | -456,325 | -115,588 | |
16 |
87 | - | - | |
160/5 |
87 | - | - | |
160 |
87 | - | - | |
17/49 |
1.1m | 727,560 | 377,354 | |
42/48 |
1.0m | 718,665 | 373,333 | |
44 |
156,949 | 119,081 | 94,884 | |
440/4 |
156,949 | 119,081 | 94,884 | |
46 |
43,973 | 13,348 | 44,887 | |
45 |
195,996 | 102,006 | 75,199 | |
450/3 |
74,070 | 22,119 | 21,401 | |
454/9 |
121,926 | 79,887 | 53,798 | |
47/48 |
631,315 | 484,230 | 158,362 | |
492/3 |
36,982 | 8,895 | 4,022 | |
| Income statement | ||||
70 |
1.7m | 1.4m | 1.3m | |
9900 |
789,292 | 445,920 | 411,506 | |
60/61 |
1.1m | 866,300 | 1.1m | |
62 |
916,239 | 729,831 | 495,738 | |
630 |
22,879 | 18,317 | 13,704 | |
631/4 |
- | -1,169 | 1,169 | |
635/8 |
87 | - | - | |
640/8 |
4,098 | 3,916 | 3,215 | |
9901 |
-154,012 | -304,975 | -102,320 | |
75/76B |
3,733 | 128 | 98 | |
75 |
3,059 | 128 | 98 | |
76B |
674 | - | - | |
65/66B |
48,681 | 33,321 | 11,427 | |
65 |
48,681 | 33,321 | 11,427 | |
9903 |
-198,960 | -338,168 | -113,648 | |
67/77 |
2,483 | 2,568 | 1,940 | |
9904 |
-201,443 | -340,736 | -115,588 | |
9905 |
-201,443 | -340,736 | -115,588 | |
| Appropriation of the result | ||||
9906 |
-657,768 | -456,325 | -115,588 | |
14P |
-456,325 | -115,588 | - | |
| Social balance sheet | ||||
9087 |
12.7 | 11.3 | 5.4 | |
Hours worked1013 |
20,792 | 19,344 | 13,888 | |
| 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 27-07-2026.
| Line | Trend | 2025 | 2024 | 2023 |
|---|---|---|---|---|
| -131,133 | -286,658 | -88,616 | ||
| -178,565 | -322,419 | -101,884 | ||
| 5,500 | 27,782 | 47,363 | ||
| 7,614 | 2,823 | - | ||
| -585,609 | -429,718 | -84,390 | ||
| -8.9% | -22.1% | -7.6% | ||
| -126.9% | -118.3% | -16.6% | ||
| 0.43 | 0.40 | 0.77 | ||
| 0.43 | 0.39 | 0.72 | ||
| -42.9% | -102.3% | -35.7% | ||
| -2.69 | -8.60 | -7.75 | ||
| 84 days | 65 days | 65 days | ||
| 54 days | 50 days | 33 days |
Debt to equity is not shown because equity is negative. Debt divided by negative equity means nothing.
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.
| Item | 31-12-2025 | 31-12-2024 | 31-12-2023 |
|---|---|---|---|
| Employees at the balance-sheet date | 13 | 12 | 10 |
| full-time | 11 | 11 | 10 |
| part-time | 2 | 1 | - |
| in full-time equivalents | 12.6 | 11.8 | 10 |
| 12.7 | 11.3 | 5.4 | |
| On a permanent contract | 13 | 12 | 10 |
| Joined | 1 | 3 | 7 |
| Left | 0 | 1 | 0 |
| Training hours | 381 | 234 | 563 |
Source: social balance sheet in the 2023 to 2025 annual accounts
| Item | 2025 | 2024 | 2023 |
|---|---|---|---|
| Tangible fixed assets | €5,500 | €27,782 | €47,363 |
| €22,879 | €18,317 | €13,704 |
Source: notes to the 2023 to 2025 annual accounts (statement of fixed assets)
The operating result for 2025 is a loss of €154,012, smaller than the loss of €304,975 in 2024.
Equity is negative. Debt (€1.1m) exceeds the balance-sheet total (€469,535).
*de besloten vennootschap Engirex, met zetel te rue de Huy 31, 4280 Hannut, ondernemingsnummer (rechtspersonenregister Luik, afdeling Luik) 0761.786.530, met als vaste vertegenwoordiger, de heer BOUSEZ Adrien Overeenkomstig artikel 24.1.van de statuten wordt aan de voornoemde bestuurders volledige collectieve vertegenwoordigings-macht verleend om met twee gezamenlijk handelend namens de vennootschap op te treden in rechte en jegens der-den. De mandaten gelden voor de duur van 6 jaar, gaan in op de dag dat de vennootschap rechtspersoonlijkheid ver-werft, en eindigen bij de jaarver-ga-de-ring te houden in het jaar 2028.
Further up the chainDe Cronos Groep 95%Nuclys 95.22%
Source: shareholder structure in its own accounts, parent in its own accounts
Source: list of holdings in the 2025 accounts of OECO Groep. Every holding stands with its own latest accounts.
Part of the group Nuclys Group, risk and exposure| Nuclys
establishment since 21-11-2003 · founded in 2003 |
18 FTE (2025) 0861.290.318 |
| FleXSo
establishment since 23-06-2004 · founded in 2004 · group Nuclys |
116 FTE (2025) 0865.716.288 |
| CrossPoint Solutions
registered office since 14-06-2006 · founded in 2006 · group Nuclys |
12 FTE (2025) 0881.854.615 |
| Cloudar
registered office since 16-10-2014 · founded in 2014 · group Nuclys |
37 FTE (2025) 0564.763.890 |
| iRelate
registered office since 14-01-2005 · founded in 2005 · group Nuclys |
turnover €22.4m (2025) 0871.221.633 |
| Flexso Digital
registered office since 24-10-2008 · founded in 2008 · group Nuclys |
69 FTE (2025) 0807.353.863 |
| XGD
registered office since 25-07-2014 · founded in 2014 · group Nuclys |
turnover €990,900 (2025) 0557.979.137 |
| XPLORE
registered office since 10-04-1998 · founded in 1998 · group Nuclys |
23 FTE (2025) 0463.135.408 |
| HRMC
registered office since 24-01-2011 · founded in 2011 · group Nuclys |
10 FTE (2025) 0833.198.821 |
| EpicData
registered office since 26-11-2004 · founded in 2004 · group Nuclys |
43 FTE (2025) 0870.206.893 |
| Let's App via OECO Groep, no longer at Let's App · Director (not named in the articles) · deed of 29-10-2024 founded in 2020 · negative equity (2025) · group VISMA AS |
8.3 FTE (2025) |
| EpicHorizons via OECO Groep, no longer at EpicHorizons · Director · deed of 04-04-2022 No longer active · founded in 2022 · group Nuclys |
3.7 FTE (2025) |
| CLOUDFUEL via OECO Groep, no longer at CLOUDFUEL · Director · deed of 05-03-2021 No longer active · founded in 2018 · group Nuclys |
turnover €307,101 (2026) |
| HIEDA via OECO Groep, no longer at HIEDA · Director · deed of 31-01-2024 No longer active · founded in 2024 |
total assets €25,120 (2026) |
Deadline for the 2026 accounts: 31-07-2027
Financial milestones sit on the financial year-end date, not the filing date.
Sources: Publications in the Belgian Official GazetteFilings with the National Bank
Coretecs was incorporated on 14 June 2022 as a public limited company by Engirex, Pauco and two other companies, with a starting capital of €62,000.12 The board currently has 4 members, 3 of whom have served since 2022.3 Turnover grew from €1.3m in 2023 to €1.7m in 2025 and headcount from 5.4 to 12.7 full-time equivalents.4
| Establishment | Since | Unit number |
|---|---|---|
| Veldkant 33 A registered office 2550 Kontich | 14-06-2022 | 2.335.451.479 |
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