COURSE
ActiveSummary
The annual accounts of COURSE for financial year 2025 show a net loss of 50% of total assets and of 84% of the equity at the start of that year. The 2025 annual accounts show equity of €108,285 and a net result of -€558,394. Equity has been shrinking by about 5.4% per year since 2018. Its solvency ranks better than 15% of 3,863 sector peers (NACE 70, financial year 2025). The company has been active since 1989 and the Belgian Official Gazette contains no insolvency or warning signals. The computed 12-month bankruptcy probability is 1.3% (low).
Overview
Overview
Official details
Source: KBO- Status
- Active since 30-06-1989 Normal situation
- Activity
- Business and other management consultancy NACE 70200and 1 other
- Joint committee
- 201 Paritair Comité voor de zelfstandige kleinhandel · annual accounts 2022
- Establishment unit
- 2.044.121.283 9100 Sint-Niklaas, since 04-04-2002
- Financial year end
- 31 December
- Peppol
- Reachable since 20-11-2025
Board and ownership
Board
- Decebra NVDirector · since 28-08-2025 · permanent representative Sabine De Clercq
Shareholders
- DECEBRA100%· score 862025 annual accounts of DECEBRA
Financial position
- Bankruptcy probabilitywithin 12 months
- 1.3%
Annual accounts 2025
- Gross margin
- €154,811
- ▼ 25.6%
- Turnover
- ≈ €250,000
- estimated
- Loss
- €558,394
- Equity
- €108,285
- ▼ 83.8%
- Total assets
- €1.1m
- ▼ 62.5%
- 2025 accounts filed 31 days after the deadline
Score breakdownraises riskCapped at 59: a net loss of at least half of total assets or of the equity at the start of the financial yearLoss of €558,394 (financial year 2025)1 change of registered office in 24 monthsLast filed accounts filed 31 days late; 1 of the last 3 accounts latelowers riskSize: total assets €1.1mShow the evidence
Checked score
Score 2025
53
/ 100
Fair
Probability in this band: 1.5% to 4.2%
Financially stronger than 12% of micro companies in head offices and management consultancy (NACE 70)
A net loss of at least half of total assets or of the equity at the start of the financial year caps the score at 59. Every signal that counts is listed under Signals.
Financial strength · tick: 2024
Weak
Solvency
35-13
equity 9.8% of total assets
Liquidity
42-1
short-term debt 26.6% · cash 2.3%
Profitability
0-41
return on assets -50.3%
Bankruptcy probability within 12 months
1.3%
Low
0%0.5%1.5%4%10%≥ 25%
About 1 in 100 comparable companies go bankrupt within 12 months (an estimate).
Last 24 months
09-2026: 1.3%highest value
10-2026: 1.3%● unchanged vs 09-2026highest value
11-2026: 1.3%● unchanged vs 10-2026highest value
Credit of up to €5,000 on 30-day terms, only on tighter conditions
Net loss of at least half of total assets or of the equity at the start of the financial year.
Liquidity is insufficient, with a current ratio of 0.13 (0.04 in 2024), below 1. Short-term debt is 26.6% and cash 2.3% of total assets. 90.2% of the assets are financed with debt and provisions.
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 17% of them on solvency, 22% on liquidity, 4% on profitability and 7% on growth.
The bankruptcy probability was computed on 02-11-2026 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.
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).
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
Six signals.
lowers riskraises riskneutral
raises risk · Weak solvency compared with the sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 15% of 3863 sector peers (2025).
NBB · sector comparisonPosition among 3863 sector peers
Solvency
better than 15%
← weakest
strongest →
neutral · A punctual record breaks
This company filed 4 consecutive financial years on time. The year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 31-08-2026, 31 days late. Weigh it accordingly: of the companies that move to filing 1 to 90 days late, 1.41% are now bankrupt, dissolved or in another special legal status, below the 1.66% of all filers. It is a change in behaviour, not evidence of elevated risk.
NBB · 10 filingsDeviation from the deadline
2025
31 days late
2024
41 days early
2023
27 days early
2022
69 days early
2021
47 days early
2020
31 days late
2019
48 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 11 days before 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 20 June (4 of the last 5 accounts filed within 30 days either side of that date).
Companies Code · seven monthsWhere today falls in the filing period
03-11-2026 today31-12-2026 year end31-07-2027 deadline
Financials
Financials · financial year 2025, full format
2025 annual accounts filed 31 days after the deadline Filed on 31 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00495578.
Annual accounts 2025 filed on 31-08-2026 at the NBB all 37 filings
Turnover
≈ €250,000
Estimated: probably between €200,000 and €320,000
EBIT margin
Not included in this filing
Net result
-€558,394
2024 · €40,035
Working capital
-€258,545▲ 56.1%
2024 · -€589,114
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€492,578
2025
20182025
Net result
-€558,394
2025
lowest quarter of the sector
20182025
Equity
€108,285
▼ 83.8%
2025
lowest quarter of the sector
20182025
Total assets
€1.1m
▼ 62.5%
2025
middle half of the sector
20182025
Debt
€1.0m
▼ 56.3%
2025
20182025
Working capital
-€258,545
▲ 56.1%
2025
lowest quarter of the sector
20182025
Solvency
9.8%
▼ 12.8pp
2025
lowest quarter of the sector
20182025
Current ratio
0.13
▲ 0.08
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
-50.3%
▼ 51.7pp
2025
lowest quarter of the sector
20182025
Staff (FTE)
no figure
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€0.04m-€0.07m▲ 89.3%€0.1m▲ 39.4%€0.05m▼ 51.5%€0.06m▲ 24.6%€0.08m▲ 37.8%€0.1m▲ 65.3%-€0.5m
Net result€0.007m-€0.02m▲ 168%€0.04mwithin the sector's middle half▲ 95.9%-€0.002mbelow the sector's middle half€0.008mwithin the sector's middle half€0.02mwithin the sector's middle half▲ 147%€0.04mwithin the sector's middle half▲ 109%-€0.6mbelow the sector's middle half
Equity€0.8m-€0.8m▲ 2.3%€0.9mwithin the sector's middle half▲ 4.4%€0.9mwithin the sector's middle half▼ 0.2%€0.9mwithin the sector's middle half▲ 0.9%€0.6mwithin the sector's middle half▼ 28.7%€0.7mwithin the sector's middle half▲ 6.4%€0.1mbelow the sector's middle half▼ 83.8%
Total assets€2.0m-€3.2m▲ 59.4%€3.2mabove the sector's middle half▼ 1.3%€3.1mabove the sector's middle half▼ 2.1%€3.1mabove the sector's middle half▼ 0.6%€3.0mabove the sector's middle half▼ 2.0%€3.0mwithin the sector's middle half▼ 2.0%€1.1mwithin the sector's middle half▼ 62.5%
Debt€1.2m-€2.4m▲ 98.6%€2.3m▼ 3.4%€2.2m▼ 2.8%€2.2m▼ 1.1%€2.4m▲ 8.7%€2.3m▼ 4.2%€1.0m▼ 56.3%
Working capital-€0.2m--€0.4m▼ 124%-€0.6mbelow the sector's middle half▼ 69.7%-€0.5mbelow the sector's middle half▲ 22.9%-€0.4mbelow the sector's middle half▲ 10.3%-€0.7mbelow the sector's middle half▼ 66.8%-€0.6mbelow the sector's middle half▲ 16.5%-€0.3mbelow the sector's middle half▲ 56.1%
Solvency40.7%-26.1%▼ 14.6pp27.6%within the sector's middle half▲ 1.5pp28.1%within the sector's middle half▲ 0.5pp28.5%within the sector's middle half▲ 0.4pp20.8%below the sector's middle half▼ 7.8pp22.5%below the sector's middle half▲ 1.8pp9.8%below the sector's middle half▼ 12.8pp
Current ratio0.34-0.15▼ 0.190.10below the sector's middle half▼ 0.050.10below the sector's middle half=0.06below the sector's middle half▼ 0.030.04below the sector's middle half▼ 0.020.04below the sector's middle half▲ 0.010.13below the sector's middle half▲ 0.08
Return on assets (ROA)0.3%-0.6%▲ 0.2pp1.2%within the sector's middle half▲ 0.6pp-0.1%below the sector's middle half▼ 1.2pp0.3%below the sector's middle half▲ 0.3pp0.6%within the sector's middle half▲ 0.4pp1.4%within the sector's middle half▲ 0.7pp-50.3%below the sector's middle half▼ 51.7pp
Staff (FTE)1-1=1within the sector's middle half=0.9below the sector's middle half▼ 10.0%0within the sector's middle half0within the sector's middle half
above
within
below
The sector band is the middle half of the companies in Activities of head offices; management consultancy activities (NACE 70). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30.
The operating result for 2025 is a loss of €492,578, after a profit of €135,698 in 2024. It is the lowest result since 2021.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €1.1m
Fixed assets
€1.1m ▼ 63.4%
Current assets
€37,228 ▲ 36.2%
Equity and liabilities €1.1m
Equity
€108,285 ▼ 83.8%
Debt
€1.0m ▼ 56.3%
Debt's share of the balance-sheet total rises from 77.5% to 90.2%. Equity and debt are lower.
Key figures and ratios
EBITDA
-€445,823▼
2024 · €193,955
Cash flow
-€511,639▼
2024 · €98,292
Debt to equity
9.25▲
2024 · 3.44
ROE
-515.7%▼
2024 · 6.0%
Interest coverage
-8.14▼
2024 · 2.41
Debt ≤ 1 year
€295,773▼
2024 · €616,448
Debt > 1 year
€705,885▼
2024 · €1.6m
Income taxes
€11,070▼
2024 · €15,260
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 |
|---|---|
| Average over the year, in full-time equivalents | 0.9 |
| Joined | 0 |
| Left | 1 |
Source: social balance sheet in the 2021 annual accounts
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Debts secured on the company's own assets | €1.3m | €1.2m | €1.0m | €916,364 | €793,947 |
| Mortgages, amount registered | €110,000 | €110,000 | €110,000 | €110,000 | €110,000 |
| Carrying value of the mortgaged assets | €1.3m | €1.2m | €1.2m | €1.1m | €1.1m |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | €57,510 | - | - | - |
| Financial fixed assets | €4 | €5 | - | €7 | - |
| Depreciation and write-downs of the year | €46,755 | €52,626 | €58,257 | €58,257 | €46,755 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €3,000 | €6,612 | €0 | €3,000 | €0 | ▼ 100.0% |
| Remuneration, social security and pensions62 | - | - | - | €27,860 | €121 | €0 | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €346 | €186,755 | €46,755 | €46,755 | €52,626 | €58,257 | €58,257 | €46,755 | ▼ 19.7% |
| Other operating charges640/8 | - | - | - | €13,211 | €12,650 | €13,624 | €14,090 | €14,020 | ▼ 0.5% |
| Non-recurring operating charges66A | - | - | - | - | - | - | - | €586,614 | - |
| Gross operating margin9900 | €70,316 | €302,852 | €174,074 | €135,658 | €124,974 | €153,979 | €208,045 | €154,811 | ▼ 25.6% |
| Operating profit (loss)9901 | €37,423 | €70,829 | €98,719 | €47,832 | €59,577 | €82,098 | €135,698 | -€492,578 | - |
| Financial income75/76B | - | - | - | €14 | €6 | €0 | €8 | €3 | ▼ 61.5% |
| Recurring financial income75 | €465 | €240 | €185 | €14 | €6 | €0 | €8 | €3 | ▼ 61.5% |
| Financial charges65/66B | - | - | - | €46,628 | €47,208 | €55,417 | €80,411 | €54,749 | ▼ 31.9% |
| Recurring financial charges65 | €23,062 | €43,075 | €41,078 | €46,628 | €47,208 | €55,417 | €80,411 | €54,749 | ▼ 31.9% |
| Profit (loss) for the period before taxes9903 | €14,827 | €27,994 | €57,826 | €1,218 | €12,376 | €26,682 | €55,295 | -€547,324 | - |
| Income taxes67/77 | €7,865 | €9,336 | €21,272 | €2,892 | €4,602 | €7,501 | €15,260 | €11,070 | ▼ 27.5% |
| Profit (loss) for the period9904 | €6,962 | €18,658 | €36,555 | -€1,675 | €7,773 | €19,181 | €40,035 | -€558,394 | - |
| Profit (loss) for the period to be appropriated9905 | €6,962 | €18,658 | €36,555 | -€1,675 | €7,773 | €19,181 | €40,035 | -€558,394 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €2.0m | €3.2m | €3.2m | €3.1m | €3.1m | €3.0m | €3.0m | €1.1m | ▼ 62.5% |
| Fixed assets21/28 | €1.9m | €3.1m | €3.1m | €3.0m | €3.1m | €3.0m | €2.9m | €1.1m | ▼ 63.4% |
| Tangible fixed assets22/27 | €0.1m | €1.4m | €1.3m | €1.3m | €1.3m | €1.2m | €1.1m | €1.1m | ▼ 6.6% |
| Land and buildings22 | - | - | - | €1.3m | €1.2m | €1.2m | €1.1m | €1.1m | ▼ 4.2% |
| Furniture and vehicles24 | - | - | - | - | €0.05m | €0.04m | €0.03m | - | - |
| Financial fixed assets28 | €1.8m | €1.8m | €1.8m | €1.8m | €1.8m | €1.8m | €1.8m | - | - |
| Current assets29/58 | €0.08m | €0.06m | €0.07m | €0.05m | €0.03m | €0.03m | €0.03m | €0.04m | ▲ 36.2% |
| Stocks and contracts in progress3 | €0.04m | €0.04m | €0.03m | €0.02m | €0.02m | €0.02m | €0.02m | - | - |
| Stocks30/36 | - | - | - | €0.02m | €0.02m | €0.02m | €0.02m | - | - |
| Amounts receivable within one year40/41 | €0.03m | €0.006m | €0.03m | €0.02m | €0.001m | €0.003m | €0.003m | €0.01m | ▲ 223% |
| Trade receivables40 | - | - | - | €0.004m | €237 | €0 | €160 | €0.001m | ▲ 432% |
| Other amounts receivable41 | - | - | - | €0.01m | €0.001m | €0.003m | €0.003m | €0.009m | ▲ 211% |
| Cash at bank and in hand54/58 | €0.01m | €0.007m | €0.007m | €0.003m | €0.004m | €0.001m | €0.002m | €0.03m | ▲ 14× |
| Deferred charges and accrued income490/1 | - | - | - | €0.008m | €0.001m | €0.003m | €0.002m | €0.002m | ▼ 4.9% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €2.0m | €3.2m | €3.2m | €3.1m | €3.1m | €3.0m | €3.0m | €1.1m | ▼ 62.5% |
| Equity10/15 | €0.8m | €0.8m | €0.9m | €0.9m | €0.9m | €0.6m | €0.7m | €0.1m | ▼ 83.8% |
| Contributions10/11 | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Capital10 | - | - | - | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Issued capital100 | - | - | - | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Reserves13 | €0.5m | €0.8m | €0.8m | €0.8m | €0.8m | €0.6m | €0.6m | €0.05m | ▼ 92.3% |
| Non-distributable reserves130/1 | - | - | - | €0.01m | €0.006m | €0.006m | €0.006m | €0.006m | = |
| Legal reserve130 | - | - | - | €0.01m | €0.006m | €0.006m | €0.006m | €0.006m | = |
| Distributable reserves133 | - | - | - | €0.8m | €0.8m | €0.6m | €0.6m | €0.04m | ▼ 93.2% |
| Profit (loss) carried forward14 | €0.2m | €0 | - | - | - | €0 | €0 | €24 | - |
| Amounts payable17/49 | €1.2m | €2.4m | €2.3m | €2.2m | €2.2m | €2.4m | €2.3m | €1.0m | ▼ 56.3% |
| Amounts payable after more than one year17 | €0.9m | €1.9m | €1.6m | €1.7m | €1.7m | €1.6m | €1.6m | €0.7m | ▼ 56.5% |
| Financial debts170/4 | - | - | - | €1.1m | €1.0m | €0.9m | €0.8m | €0.7m | ▼ 13.1% |
| Other amounts payable178/9 | - | - | - | €0.5m | €0.7m | €0.7m | €0.8m | - | - |
| Amounts payable within one year42/48 | €0.2m | €0.4m | €0.7m | €0.5m | €0.5m | €0.7m | €0.6m | €0.3m | ▼ 52.0% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.2m | €0.2m | €0.1m | €0.1m | €0.09m | ▼ 15.0% |
| Trade debts44 | €0.007m | €0.01m | €0.09m | €0.01m | €0.009m | €0.001m | €0.001m | €0.002m | ▲ 124% |
| Suppliers440/4 | - | - | - | €0.01m | €0.009m | €0.001m | €0.001m | €0.002m | ▲ 124% |
| Taxes, remuneration and social security45 | - | - | - | €0.01m | €0.007m | €0.01m | €0.01m | €0.009m | ▼ 41.0% |
| Taxes450/3 | - | - | - | €0.006m | €0.007m | €0.01m | €0.01m | €0.009m | ▼ 41.0% |
| Remuneration and social security454/9 | - | - | - | €0.005m | €0 | - | - | - | - |
| Other amounts payable47/48 | - | - | - | €0.3m | €0.2m | €0.6m | €0.5m | €0.2m | ▼ 60.5% |
| Accrued charges and deferred income492/3 | - | - | - | €0.03m | €0.04m | €0.05m | €0.06m | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €0.007m | €0.02m | €0.04m | -€0.002m | €0.008m | €0.02m | €0.04m | -€0.6m | - |
| + Depreciation and write-downs630 | €346 | €0.2m | €0.05m | €0.05m | €0.05m | €0.06m | €0.06m | €0.05m | ▼ 19.7% |
| Operating cash flow (approximation) | €0.007m | €0.2m | €0.08m | €0.05m | €0.06m | €0.08m | €0.1m | -€0.5m | - |
| Investment in fixed assets (approximation) | - | -€1.4m | -€4 | -€4 | -€0.06m | €0.005m | -€7 | €1.8m | - |
| Change in cash | - | -€0.003m | -€0.001m | -€0.004m | €0.001m | -€0.003m | €0.001m | €0.02m | ▲ 19× |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Historical observation
In July 2024, 175 companies had the same profile as COURSE has now. Two years later, 85.1% were still going and 5.7% had gone bankrupt.
- Small
- 20 years or older
- solvency under 10%
- a loss of 10% of the balance sheet or more
85.1%
was still going
8.6%
stopped otherwise
5.7%
went bankrupt
Another 0.6% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of COURSE itself: 1.3% within 12 months.
Test of the method
The method was tested on the 497,446 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 175 companies, not a prediction for COURSE. 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.
Latest 10 of 37 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 31-08-2026 | 2026-00495578 | |
| 31-12-2024 | abbreviated format | 20-06-2025 | 2025-00156483 | |
| 31-12-2023 | abbreviated format | 04-07-2024 | 2024-00206808 | |
| 31-12-2022 | abbreviated format | 23-05-2023 | 2023-00091670 | |
| 31-12-2021 | abbreviated format | 14-06-2022 | 2022-20060389 | |
| 31-12-2020 | abbreviated format | 31-08-2021 | 2021-58500003 | |
| 31-12-2019 | abbreviated format | 17-09-2020 | 2020-53500040 | |
| 31-12-2018 | abbreviated format | 17-07-2019 | 2019-33300436 | |
| 31-12-2017 | abbreviated format | 15-06-2018 | 2018-18400214 | |
| 31-12-2016 | abbreviated format | 26-07-2017 | 2017-35300060 |
Board & ownership
Directors
Directors
1 director, last change in 2025
Board 1
Decebra NV
Current
Sole director · since 28-08-2025 · Legal entity · permanent representative: Sabine De Clercq · listed in the 2025 annual accounts, filed on 31-08-2026
Permanent representatives 1
Sabine De Clercq
Current
Permanent representative · appointed in the act of 23-09-2025 · for Decebra NV
Owners and capital
Shareholders
1 ownerChain of control
- DECEBRA
- COURSE
Owners 1
- DECEBRAparentSourceaccounts DECEBRA 2025Equity €7.9m Profit of €1.1m in 2025 (profit of €318,401 in 2024) Checked score 86100%
Mandate history
3 people, 1 in office
- Board
- began earlier
| Name | Functions and periods |
|---|---|
| Decebra NV |
|
| Chris Valkiers |
|
| Luc Valkiers |
|
Network & group
Holdings and subsidiaries
1 holdingHoldings 1
- PRE-PRESS COMPOSITIONSsubsidiarySourceown accounts 2024Equity €576,576 Profit of €24,318 in 2025 (loss of €41,203 in 2024) Checked score 9667.23%
Companies at the same address
4 other companiesConnections & network
1 current directorThe network starts from the directors of COURSE. Every other company they run is a node.
This company
Company
Director
Shareholding
+N: links not shown yet
Click a node to look further, drag to arrange, zoom with the mouse wheel.
Timeline
Acts, filings and financial milestones
Deadline for the 2026 accounts:
2026
31-08
full format · 31 days late
2025
31-12
Financial
Weakest financial yearnet -€558,394
The net result drops to -€558,394, the lowest from 2018 to 2025.
23-09
Gazette deed
Resignations: Luc Valkiers (director) and Chris Valkiers (director)Appointment: Decebra NV (sole director) · Permanent representative: Sabine De Clercq · Registered-office move6 points ▸
Gazette deed
Resignations: Luc Valkiers (director) and Chris Valkiers (director)
Appointment: Decebra NV (sole director) · Permanent representative: Sabine De Clercq · Registered-office move6 points ▸
- General meeting, 28-08-2025
- Director resignation, Luc Valkiers (director)
- Director resignation, Chris Valkiers (director)
- Director appointment, Decebra NV (sole director)
- Permanent representative, Sabine De Clercq
- Registered-office move, Krekelstraat 43 te 9100 Sint-Niklaas
20-06
abbreviated format · 41 days before the deadline
2024
31-12
Financial
Highest result from 2018 to 2025net €40,035 ▲109%
The operating result of €135,698 and the net result of €40,035 are both a record.
04-07
abbreviated format · 27 days before the deadline
2023
23-05
abbreviated format · 69 days before the deadline
2022
31-12
Financial
Back to profitnet €7,773
The net result is €7,773, after one loss-making year.
14-06
abbreviated format · 47 days before the deadline
2021
31-08
abbreviated format · 31 days late
2020
17-09
abbreviated format · 48 days late
2019
17-07
abbreviated format · 14 days before the deadline
Financial milestoneGazette deedNBB filingFinancial milestones sit on the financial year-end date, not the filing date.
Sources:Publications in the Belgian Official GazetteFilings with the National Bank
History
Company details
Register details
Identity
KBO recordName
COURSE in Dutch
Enterprise number
0437.764.166
Legal form
Public limited company
Status
Active, normale toestand
Founded
30-06-1989
Entity type
Legal entity
Registered office and establishments
Registered office
Krekelstraat 43, 9100 Sint-Niklaas, Belgium
Establishment unit
COURSE, Krekelstraat 43, 9100 Sint-Niklaas since 04-04-2002 · unit number 2.044.121.28346370 Wholesale trade
Activities
NACEBEL 202570200
Business and other management consultancy main activity
64210
Activities of holding companies
Codes under NACEBEL 2008
70220
Business consulting main activity
64200
Holdings
Codes under NACEBEL 2003
74142
main activity
74151
Joint committee
201 Paritair Comité voor de zelfstandige kleinhandel annual accounts 2022
Invoicing and payment
VAT number
BE 0437.764.166
Financial year and general meeting
Accounts at the NBBFinancial year end
31-12
Sites & property
Location
Buildings and parcels at the address
Ground area
399 m²
Building footprint
128 m²
Building volume
682 m³
| Cadastral parcel | Region | Area | Buildings | Height / floors |
|---|---|---|---|---|
| 46446A0467/00T000 | Flanders | 399 m² | 1 · 128 m² | 9.2 m · 2 |