CORNALINE
ActiveSummary
CORNALINE has been active since 2022 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €28,226 and a net result of €3,434. Equity is growing by about 30% per year across the filed financial years. Its solvency ranks better than 40% of 39,200 sector peers (NACE 70, financial year 2025). The computed 12-month bankruptcy probability is below 0.1% (very low).
Overview
- Equity
- €28,226
- Profit
- €3,434
Why 92lowers riskSector: Activities of head offices; management consultancy activities (NACE 70)Liquidity: current ratio 1.69, cash €12,535, halvedSize: total assets €64,415Equity €28,226 (43.8% of total assets)Show the evidence
Checked score
Fewer than 1 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
How it is calculated
The band follows from the bankruptcy probability, on a scale where 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): better than 41% on solvency, 25% on liquidity, 29% on profitability and 61% on growth.
The bankruptcy probability was computed on 29-10-2026 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.
Some facts cap the score, however low the probability. Negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late hold it at Fair at most (59); two missing filings, at Weak (44). An ongoing judicial reorganisation or the company's end (bankruptcy, dissolution, liquidation) holds it at Critical at most (24).
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Signals
This company filed its last 3 accounts on average 40 days before the deadline; the sector median (NACE 70) for financial year 2024 is 9 days before the deadline, and 32% of those companies filed late.
Searched, nothing found (2)
- Annual accounts filedfinancial year 2025 · micro…
- Resignations & appointmentsDirector in office · Power…
- Weakest financial yearnet €3,434 ▼69.4%
Financials · financial year 2025, micro format
2023 to 2025, 3 financial years
The operating result falls in 2025; 2025 is 59% below 2024 and is the lowest result in the available series.
What the company sold each financial year and what was left of it. A loss stands below the zero line.
What the company owns (total assets), how much of it is its own (equity) and how much it owes.
Short-term assets minus short-term debts. Above zero the company can pay its bills in the short term.
How much of each euro of turnover is left from operations (EBIT margin) and what the assets earn (return on assets).
The share of the company financed with its own means. The higher it is, the better it absorbs a shock.
Short-term assets per euro of short-term debt. Above 1 the short-term debts are covered.
Use the arrow keys on the chart for the figures per year.
Sector: the middle half of NACE 70, Activities of head offices; management consultancy activities: a quarter of companies sit below it, a quarter above. Each year compared with accounts in the same format, and only where there are at least 30. Dashed line: the median. Available for Net result, Equity, Total assets, Working capital, Solvency, Current ratio, Return on assets (ROA).
Peer companies
Historical observationOf the 39,278 companies that looked in July 2024 the way this one looks now, 1.8% went bankrupt within 24 months and 95.9% are still going.
- Micro
- 2 to 5 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
For this company itself Checked computes a lower bankruptcy probability: < 0.1% over twelve months. The score reads more about this company than the group's four characteristics; both figures are right about what they measure.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,445 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% | 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% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 74.5% 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 39,278 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.
| Line | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | - | - | €676 | - |
| Other operating charges640/8 | €348 | €574 | €842 | ▲ 46.8% |
| Gross operating margin9900 | €18,587 | €19,230 | €9,158 | ▼ 52.4% |
| Operating profit (loss)9901 | €18,240 | €18,656 | €7,640 | ▼ 59.0% |
| Financial income75/76B | €0 | - | - | - |
| Recurring financial income75 | €0 | - | - | - |
| Financial charges65/66B | €128 | €1,911 | €1,708 | ▼ 10.6% |
| Recurring financial charges65 | €128 | €1,911 | €1,708 | ▼ 10.6% |
| Profit (loss) for the period before taxes9903 | €18,112 | €16,745 | €5,932 | ▼ 64.6% |
| Income taxes67/77 | €5,530 | €5,535 | €2,498 | ▼ 54.9% |
| Profit (loss) for the period9904 | €12,582 | €11,210 | €3,434 | ▼ 69.4% |
| Profit (loss) for the period to be appropriated9905 | €12,582 | €11,210 | €3,434 | ▼ 69.4% |
| Line | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|
| Assets | ||||
| Total assets20/58 | €28,956 | €46,094 | €64,415 | ▲ 39.7% |
| Fixed assets21/28 | €245 | €245 | €3,418 | ▲ 14× |
| Tangible fixed assets22/27 | - | - | €3,173 | - |
| Furniture and vehicles24 | - | - | €2,305 | - |
| Other tangible fixed assets26 | - | - | €868 | - |
| Financial fixed assets28 | €245 | €245 | €245 | = |
| Current assets29/58 | €28,711 | €45,849 | €60,997 | ▲ 33.0% |
| Amounts receivable within one year40/41 | €1,162 | €11,126 | €48,462 | ▲ 336% |
| Trade receivables40 | €1,162 | €11,011 | €28,828 | ▲ 162% |
| Other amounts receivable41 | - | €115 | €19,634 | ▲ 171× |
| Cash at bank and in hand54/58 | €27,550 | €33,687 | €12,535 | ▼ 62.8% |
| Deferred charges and accrued income490/1 | - | €1,036 | - | - |
| Equity and liabilities | ||||
| Total equity and liabilities10/49 | €28,956 | €46,094 | €64,415 | ▲ 39.7% |
| Equity10/15 | €13,582 | €24,791 | €28,226 | ▲ 13.9% |
| Contributions10/11 | €1,000 | €1,000 | €1,000 | = |
| Reserves13 | €10,000 | €20,000 | €20,000 | = |
| Distributable reserves133 | €10,000 | €20,000 | €20,000 | = |
| Profit (loss) carried forward14 | €2,582 | €3,791 | €7,226 | ▲ 90.6% |
| Amounts payable17/49 | €15,375 | €21,303 | €36,189 | ▲ 69.9% |
| Amounts payable within one year42/48 | €15,375 | €20,794 | €36,189 | ▲ 74.0% |
| Trade debts44 | - | €7,080 | €9,748 | ▲ 37.7% |
| Suppliers440/4 | - | €7,080 | €9,748 | ▲ 37.7% |
| Taxes, remuneration and social security45 | €15,088 | €13,714 | €9,441 | ▼ 31.2% |
| Taxes450/3 | €14,303 | €13,714 | €9,441 | ▼ 31.2% |
| Remuneration and social security454/9 | €785 | - | - | - |
| Other amounts payable47/48 | €287 | - | €17,000 | - |
| Accrued charges and deferred income492/3 | - | €509 | - | - |
| Line | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|
| Profit (loss) for the period9904 | €12,582 | €11,210 | €3,434 | ▼ 69.4% |
| + Depreciation and write-downs630 | - | - | €676 | - |
| Operating cash flow (approximation) | €12,582 | €11,210 | €4,110 | ▼ 63.3% |
| Investment in fixed assets (approximation) | - | €0 | -€3,849 | - |
| Change in cash | - | €6,137 | -€21,152 | - |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Filings with the National Bank (3)
| Financial year | Type | Filed | Reference |
|---|---|---|---|
| 30-06-2025 | micro format | 07-01-2026 | 2026-00004354 |
| 30-06-2024 | micro format | 14-12-2024 | 2024-00618901 |
| 30-06-2023 | micro format | 14-12-2023 | 2023-00530268 |
Similar companies · same sector, comparable size
Public contracts: No European public contracts awarded found since October 2016. Contracts below the EU thresholds are not in TED.
Directors
Mandate history
- Board
| Name | Functions and periods |
|---|---|
| Maha Karim |
|
Owners and capital
Owners
No owners or capital events in the accounts and acts we read.
Group and network
Connections & network
2 connected companiesThe connected companies are in the list below.
History
Acts, filings and financial milestones
30-12
Gazette deed
Resignations & appointmentsDirector in office · Power of attorney6 facts ▸
- General meeting, 17-11-2025
- Director in office, Maha Karim (director)
- Other provision, “gratuité du mandat d'administrateur, associés” (deed in French)
- Other provision, “renoncement à toute jouissance d'avantage de toute nature” (deed in French)
- Power of attorney, J.Jordens srl
- Power of attorney, Serge Solau
06-09
Gazette deed
Registered officeRegistered-office move2 facts ▸
- Board meeting, 01-07-2024
- Registered-office move, B.-1410 Waterloo - avenue Minerve 30
07-09
Gazette deed
IncorporationAppointment: KARIM Maha (director) · Founder · Founding capital9 facts ▸
- Founder, HOSSELET Mathieu Charles Laurent (comparant)
- Founder, KARIM Maha (comparante)
- Incorporation, 01-09-2022
- Founding capital, €1,000
- Bank account, “compte spécial ouvert au nom de la société en formation”, EUR (deed in French)
- Registered office clause, “1410 Waterloo, Avenue des Alliés 24” (deed in French)
- Board rule, 1
- Director appointment, KARIM Maha (director (not named in the articles))
- Pre-incorporation commitments, “takeover, tous les engagements et obligations et toutes les activités entreprises au nom et pour compte de la société en formation” (deed in French)
Register details
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 30 October 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.
Environmental permits: No permit applications found in Flanders. Brussels and Wallonia do not publish the applicant.
Sites & property
1 establishment unit
1 parcel
| Cadastral parcel | Region | Area | Buildings | Height / floors |
|---|---|---|---|---|
| 25764N0832/00E000 | Wallonia | 1,263 m² | 1 · 137 m² | 7.5 m · 2 |
How the parcels are linked
Articles of association
What the company does
- PurposeThe activities the company may carry out under its articles.
- “Toutes activités de consultance,d’avis,de conseil,d’étude,de recherche,de prospection,de gestion,de coordination,de mise en œuvre,de…” (deed in French)
8 activities (deed in French)
- Toutes activités de consultance,d’avis,de conseil,d’étude,de recherche,de prospection,de gestion,de coordination,de mise en œuvre,de création artistique,de développement ainsi que le suivi et l’évaluation de tous services et prestations généralement quelconques relevant,dans les secteurs tant public que privé,à l’échelle locale,régionale,nationale ou internationale,des domaines suivants compris dans leur sens le plus large:la gestion,le management,les ressources humaines,la formation,le coaching,le développement personnel,la communication,le branding,le marketing,les relations publiques,les technologies,l’organisation d’événements,la promotion et la publicité.
- Toutes activités se rapportant directement ou indirectement à la publicité,le marketing,au graphisme,à la promotion et à la diffusion dans tous les domaines de l’information et de la communication et sur tout support.
- La consultance et/ou la prestation de services dans les domaines de la gestion,de l'administration,de la restructuration,du développement,de la reconversion et du management d'entreprises,dans le cadre d'une activité de développement et de tous concepts de gestion et de management d'entreprises.
- La réalisation et la conception d’études,da programmation et la mise en route des systèmes d'organisation,de vente,de publicité,de marketing,la mise en application des systèmes pour traiter des données et toutes techniques en rapport avec la gestion technique,administrative,économique et générale d'entreprises;
- Toutes les activités touchant de près ou de loin au monde de la communication par Internet,le e-commerce,la création de sites.
- L’activité d’intermédiaire commercial et le commerce sous toutes ses formes et notamment l’importation,l’exportation,l’achat et la vente en gros ou en détail,la distribution,la représentation et le courtage,ainsi que la fabrication,la transformation,l’entretien,et le transport de toutes marchandises et de tous produits.
- L'acceptation et l'exercice de mandats relatifs à l'administration,à la gestion,à la direction,au contrôle et à la liquidation de toutes sociétés,entreprises ou associations.
- Toutes activités se rapportant à la gestion patrimoniale au sens large mobilière(valeurs en portefeuille,titres ou autres)pour son compte propre et immobilière en ce compris l’activité de marchand de biens,par elle-même ou par l’intermédiaire de toute autre personne physique ou morale,ou en participation avec des tiers,en Belgique ou à l’étranger,comme l’achat,la vente,la location,la construction,la rénovation,la réparation,la mise en valeur,l’échange,l’aménagement,la décoration de tous biens mobiliers et immobiliers bâtis ou non bâtis
- DurationHow long the company exists; usually unlimited, so until it is dissolved.
- Unlimited
- Name clauseThe name the company operates under according to its articles.
- CORNALINE
- Registered office clauseThe region of the registered office; it decides among other things the language of official documents.
- “Région wallonne, sièges administratifs,agences,ateliers,dépôts et succursales tant en Belgique qu'à l'étranger par simple décision de…” (deed in French)
Who represents it, and how
- Board ruleHow the board is made up, meets and takes decisions.
- “Un ou plusieurs administrateurs personnes physiques ou morales actionnaires ou non, assemblée fixe nombre,durée et en cas de pluralité…” (deed in French)“Administrateurs, fixe ou proportionnelle” (deed in French)
Capital, shares and profit
- Kind of sharesWhich classes of shares exist and what rights each class carries.
- “Avec droit de vote, droit égal dans répartition des bénéfices et produits de liquidation” (deed in French)
Meetings and financial year
- Annual meetingWhen the shareholders meet each year, among other things to approve the annual accounts.
- Second Thursday of December
Oversight and winding up
- Statutory auditorA statutory auditor is a registered auditor who checks the accounts; small companies need not have one. According to the deed, the legal criteria do not require one here.
- No statutory auditor
- Dissolution ruleWhen and by whom the company can be dissolved.
- “Assemblée générale, prévues pour modifications aux statuts” (deed in French)
- Liquidation ruleHow assets are shared after dissolution: creditors first, then shareholders.
- “Administrateur(s) en fonction désigné(s) liquidateur(s) en vertu des statuts si aucun autre désigné, dissolution pour quelque cause et à…” (deed in French)