Credal
ActiveThe annual accounts of Credal for fiscal year 2025 show a net loss of 74% of the equity at the start of that year. The 2025 annual accounts show equity of €4k and a net result of €-12k. Equity is shrinking by ~31.6% per year and would, assuming unchanged policy, indicatively turn negative around fiscal year 2026. Its solvency ranks better than 5% of 1004 sector peers (fiscal year 2025). The company has been active since 1988 and the Belgian State Gazette contains no insolvency or warning signals. The computed 12-month bankruptcy probability is < 0.1% (very low).
Checked score
Score 2025
55
/ 100
Fair
The score weighs solvency, liquidity, profitability and financial development. Bankruptcy probability contributes 35%. Every signal that weighs is under Signals.
Axes · tick = 2024
Profitability61▼-9
Solvency25▼-1
Growth52▼-13
Track record100
Bankruptcy probability, 12 months
< 0.1%
Very low
0%0.5%1.5%4%10%≥ 25%
No publishable credit limit; credit only on tighter terms
Net loss of at least half of total assets or of the equity at the start of the financial year.
Liquidity tight (current ratio 1.04 against 0.78 in 2024; short-term debt: 87% and cash: 5.4% of total assets), and 99.8% of the assets are financed with debt.
Credit advice for your own amount and term
Signals
Nine signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 69
Relative position
BE, all sectors
reference
Sector 69
lower
← fewer bankruptcies
more bankruptcies →
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 · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 5% of 1004 sector peers (2025).
NBB · sector comparisonPosition among 1004 sector peers
Solvency
better than 5%
← weakest
strongest →
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 30-06-2026, 31 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
31 d early
2024
4 d late
2023
12 d early
2022
28 d early
2021
16 d late
2020
11 d early
2019
35 d early
← before the deadline
after the deadline →
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
20-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, full schema
Turnover
€554k▼ 45.9%
2024 · €1.02M
2018: €464k
2019: €589k
2020: €680k
2021: €798k
2022: €888k
2023: €894k
2024: €1.02M
2018 → 2025
EBIT margin
-2.2%▼ 8.5pp
2024 · 6.3%
2018: -15.1%
2019: -15.0%
2020: -6.1%
2021: -3.9%
2022: -36.4%
2023: 9.3%
2024: 6.3%
2018 → 2025
Net result
€-12k
2024 · €64k
2018: €-70k
2019: €-91k
2020: €-42k
2021: €-31k
2022: €-324k
2023: €83k
2024: €64k
2018 → 2025
Working capital
€71k
2024 · €-501k
2018: €662k
2019: €575k
2020: €-140k
2021: €-195k
2022: €-553k
2023: €-559k
2024: €-501k
2018 → 2025
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Turnover€798k-€888k▲ 11.4%€894k▲ 0.6%€1.02M▲ 14.5%€554k▼ 45.9%
Equity€193k-€-130k€-47k▲ 63.7%€17k€4k▼ 73.6%
Operating result€-31k-€-324k▼ 951%€83k€65k▼ 22.2%€-12k
Net result€-31k-€-324k▼ 944%€83k€64k▼ 22.9%€-12k
Result per fiscal year
Operating resultNet result
The operating result turns negative in 2025: a loss of €12k after €65k in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €1.82M
Fixed assets
€166k▼ 72.3%
Current assets
€1.66M▼ 4.5%
Equity and liabilities €1.82M
Equity
€4k▼ 73.6%
Provisions
€230k▲ 189%
Debt
€1.59M▼ 29.0%
The debt ratio falls from 95.9% to 87.1%. Equity and debt are lower.
Key figures and ratios
EBITDA
€38k▼
2024 · €113k
Cash flow
€38k▼
2024 · €113k
Solvency
0.2%▼
2024 · 0.7%
Current ratio
1.04▲
2024 · 0.78
Quick ratio
1.04▲
2024 · 0.78
ROE
-278.4%▼
2024 · 383.3%
ROA
-0.7%▼
2024 · 2.7%
Interest coverage
98.08▼
2024 · 129.52
Debt
€1.59M▼
2024 · €2.24M
Debt ≤ 1 year
€1.58M▼
2024 · €2.23M
Staff costs
€1.38M▲
2024 · €1.10M
A ratio outside any meaningful range has been withheld (balance sheet total €1.82M, equity €4k).
Green means a favourable move, even when the figure itself falls: as with debt or debt / equity.
Filed annual accounts
As filed with the NBB · 2025 against 2024
Balance sheet
Code20242025
Assets
Total assets20/58€2.33M€1.82M▼
Fixed assets21/28€600k€166k▼
Intangible fixed assets21€193k€115k▼
Tangible fixed assets22/27€7k€700▼
Furniture and vehicles24€7k€700▼
Financial fixed assets28€400k€50k▼
Current assets29/58€1.73M€1.66M▼
Amounts receivable within one year40/41€1.65M€1.54M▼
Trade receivables40€984k€869k▼
Other amounts receivable41€664k€676k▲
Cash at bank and in hand54/58€65k€98k▲
Deferred charges and accrued income490/1€20k€12k▼
Equity and liabilities
Total equity and liabilities10/49€2.33M€1.82M▼
Equity10/15€17k€4k▼
Contributions10/11€365k€365k=
Capital10€365k€365k=
Profit (loss) carried forward14€-349k€-361k▼
Provisions and deferred taxes16€80k€230k▲
Provisions for liabilities and charges160/5€80k€230k▲
Other liabilities and charges164/5€80k€230k▲
Amounts payable17/49€2.24M€1.59M▼
Amounts payable within one year42/48€2.23M€1.58M▼
Trade debts44€321k€209k▼
Suppliers440/4€321k€209k▼
Taxes, remuneration and social security45€215k€271k▲
Taxes450/3€34k€43k▲
Remuneration and social security454/9€181k€227k▲
Accrued charges and deferred income492/3€3k€3k▲
Income statement
Code20242025
Turnover70€1.02M€554k▼
Non-recurring operating income76A€160€110k▲
Goods, raw materials, services and sundry goods60/61€750k€538k▼
Remuneration, social security and pensions62€1.10M€1.38M▲
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€49k€50k▲
Other operating charges640/8€15k-
Non-recurring operating charges66A€307€4k▲
Gross operating margin9900€1.27M€1.57M▲
Operating profit (loss)9901€65k€-12k▼
Financial income75/76B€3€192▲
Recurring financial income75€3€76▲
Non-recurring financial income76B-€116
Financial charges65/66B€876€387▼
Recurring financial charges65€876€387▼
Profit (loss) for the period before taxes9903€64k€-12k▼
Profit (loss) for the period9904€64k€-12k▼
Profit (loss) for the period to be appropriated9905€64k€-12k▼
Appropriation of the result
Profit (loss) to be appropriated9906€-349k€-361k▼
Profit (loss) brought forward from the previous period14P€-413k€-349k▲
Social balance
Average headcount (FTE)908715.217.2▲
The notes to these accounts (18 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
30-06
NBB filing
Annual accounts filed
fiscal year 2025 · full schema
2025
04-08
NBB filing
Annual accounts filed
fiscal year 2024 · full schema · 4 days late
2024
19-07
NBB filing
Annual accounts filed
fiscal year 2023 · full schema
2023
31-12
Financial
Back to profitnet €83k
Net result €83k after 5 loss-making years.
03-07
NBB filing
Annual accounts filed
fiscal year 2022 · full schema
2022
31-12
Financial
Weakest financial yearnet €-324k
Net result drops to €-324k, the lowest in the series; recovery starts the following year.
16-08
NBB filing
Annual accounts filed
fiscal year 2021 · full schema · 16 days late
2021
20-07
NBB filing
Annual accounts filed
fiscal year 2020 · full schema
2020
26-06
NBB filing
Annual accounts filed
fiscal year 2019 · full schema
2019
08-07
NBB filing
Annual accounts filed
fiscal year 2018 · full schema
2018
16-07
NBB filing
Annual accounts filed
fiscal year 2017 · full schema
2017
17-07
NBB filing
Annual accounts filed
fiscal year 2016 · full schema
2014
19-06
State Gazette act
General meeting · Director reappointment
Board composition · Director appointment
2013
04-07
State Gazette act
General meeting · Auditor appointment
Director reappointment · Director resignation
2012
19-06
State Gazette act
General meeting · Director appointment
Board composition
2011
23-12
State Gazette act
General meeting · Director reappointment
Director appointment · Director resignation
21-06
State Gazette act
General meeting · Director resignation
Director reappointment · Board composition
25-02
State Gazette act
Registered-office move · General meeting
Auditor appointment · Board meeting
2008
31-12
State Gazette act
General meeting · Director appointment
Director resignation · Board composition
2004
30-06
State Gazette act
General meeting · Director resignation
Director reappointment · Director appointment
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
Directors · office · real estate
Directors
28 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, Ottignies-Louvain-la-Neuve · 2 establishment units since 1988
Cannot be placed on the map
This address could not be matched to a point in the Belgian address register (BOSA BEST). The address below comes straight from the Crossroads Bank.
Avenue de Cîteaux 1141348 Ottignies-Louvain-la-NeuveGround area
3,991 m²
Building footprint
2,037 m²
Volume, LiDAR
26,440 m³
2 parcels, Brussels, Wallonia · tallest building 19.6 m, ±5 floors. Linked by address, not a title deed.
2 establishment units
Credal
since 19882.161.713.294
Crédal asbl – Antenne de Bruxelles
since 20092.226.157.720
2 parcels
Wallonia
1
(50%)
Brussels
1
(50%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 21811M0166/00D000 | Brussels | 2,302 m² | 1 · 1,952 m² | 19.6 m · 5 fl. |
| 25385B0003/05A000 | Wallonia | 1,690 m² | 1 · 85 m² | - |
Linked by address, not proof of ownership
Methodology
via registered seat: 1 · via establishment units: 1
2 of 2 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
1 of these parcels carry protected heritage (source: regional heritage registers, Onroerend Erfgoed / patrimoine.brussels).
Structure & network
Ownership & control
1 partyCredalBE 0434.986.305
controls
Where this company holds controlthis company sits on their board1
3 locations
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Of 2,761 companies in sector 69109 we hold annual accounts for 1,209. 404 are within a factor 10 of this equity.See the whole sector
Company data · Crossroads Bank
Identification
Legal formNon-profit association
Founded28-01-1988
Fiscal year end31-12
Activities, NACEBEL
69109Other legal services
70200Business and other management consultancy
70220Business consulting
74142
Sources
Crossroads Bank for EnterprisesNational Bank · 20 filingsAddress and cadastre registers
Data from official sources, last processed on 20-09-2026. Scores and ratios are computed by Checked and are not a credit decision.