Equity
€2,955 from €259,060 in 2012
Equity fell by 99% in 13 years.
CVTrust
Lifetime
16 annual accounts with figures on one time axispeak €228,029 (2025)
€228,029▲ 12.8%
lowest -€212,139 (2013)
€11,973▲ €23,581
peak €259,060 (2012)
€2,955▲ €11,973
€272,523▼ 19.2%
peak 1 FTE (2017)
-not published
Board5 names since 2020
3 directorsSHWEB SRL and 2 others
Owners4 names in the annual accounts
4.24%Pascal Laffineur
Documentsfilings and deeds
29-09-202660 days late
2025abbreviated format
Gross margin from €202,218 to €228,029Back to profit: €11,973Resignation: Pascal Laffineur SRL (director) 18-07Equity from -€9,018 to €2,955Debts from €337,192 to €272,523Cash from €66 to €0
Key points
from the 2025 annual accountsTurnover
≈ €360,000 estimated
The accounts state no turnover.
Debts
€272,523 99% of the balance sheet
Financial debts 11%Suppliers 37%Taxes and wages 24%Other 28%
Of this, €245,977 falls due within a year.
Filings
16 annual accounts since 2010
Five of the last ten came late. The 2025 accounts came latest: 60 days after the end of the period.
At the same address
581 companies
Position in the sector
1.1%
Lower solvency than 85% of companies in computer programming and consultancy. Sector median 46.4% · 3,399 companies.
Checked score
68
Healthy
Financially stronger than 34% of micro companies in computer programming and consultancy (NACE 62)
Probability in this band: 0.55% to 1.5%
Bankruptcy probability within 12 months
0.7% Low
0%0.5%1.5%4%10%≥ 25%
The dashed line is the sector median: 0.1% across 25,925 companies (NACE 62, micro).
About 7 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
Last 24 months
12-2024: 0.4%
01-2025: 0.4%● unchanged vs 12-2024
02-2025: 0.4%● unchanged vs 01-2025
03-2025: 0.4%● unchanged vs 02-2025
04-2025: 0.4%● unchanged vs 03-2025
05-2025: 0.3%▼ -0.1 percentage points vs 04-2025
06-2025: 0.3%● unchanged vs 05-2025lowest value
07-2025: 0.4%▲ +0.1 percentage points vs 06-2025
08-2025: 0.6%▲ +0.2 percentage points vs 07-2025
09-2025: 0.6%● unchanged vs 08-2025
10-2025: 0.6%● unchanged vs 09-2025
11-2025: 0.6%● unchanged vs 10-2025
12-2025: 0.6%● unchanged vs 11-2025
01-2026: 0.6%● unchanged vs 12-2025
02-2026: 0.6%● unchanged vs 01-2026
03-2026: 0.6%● unchanged vs 02-2026
04-2026: 0.6%● unchanged vs 03-2026
05-2026: 0.6%● unchanged vs 04-2026
06-2026: 0.6%● unchanged vs 05-2026
07-2026: 0.6%● unchanged vs 06-2026
08-2026: 1.0%▲ +0.4 percentage points vs 07-2026
09-2026: 1.2%▲ +0.2 percentage points vs 08-2026highest value
10-2026: 0.7%▼ -0.5 percentage points vs 09-2026
11-2026: 0.7%● unchanged vs 10-2026
Financial strengthWeak
Score breakdown
raises risk
Liquidity: current ratio 0.30, cash €0, halved
Last filed accounts filed 60 days late; 1 of the last 3 accounts late
lowers risk
Size: total assets €275,478
Founded in 2009
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 62, micro). It does better than 9% of them on solvency, 1% on liquidity, 33% on profitability and 92% on growth.
The bankruptcy probability was computed on 06-11-2026 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).
Comparable companies, two years later
In July 2024, 1,375 companies had the same profile as CVTrust has now. Each dot stands for 4 companies, two years later.
95.9%
were still trading
1.6%
stopped another way
2.2%
went bankrupt
Another 0.3% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of CVTrust itself: 0.7% within 12 months.
Test of the method
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 1,375 companies, not a prediction for CVTrust. 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.
Credit verdict
No publishable credit limit, so credit only on tighter terms
Liquidity is insufficient, with a current ratio of 0.3 (0.29 in 2024), below 1. Short-term debt is 89.3% and cash 0% of total assets. 98.9% of the assets are financed with debt and provisions.
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The scores and ratios are Checked's own calculations, not a credit decision.
Signals
Seven 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 3399 sector peers (2025).
NBB · sector comparisonPosition among 3399 sector peers
Solvency
better than 15%
← weakest
strongest →
raises risk · 2025 accounts filed 60 days late
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 29-09-2026, 60 days later. Nearly half (47%) of Belgian companies file late; of those that file 1 to 90 days late, 2.0% are now bankrupt, dissolved or in another special legal status, against 1.66% of all filers. A delay like this does not count in the score.
NBB · 10 filingsDeviation from the deadline
2025
60 days late
2024
28 days late
2023
26 days late
2022
25 days late
2021
16 days early
2020
24 days early
2019
18 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 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.
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 27 August (4 of the last 5 accounts filed within 33 days either side of that date).
Companies Code · seven monthsWhere today falls in the filing period
07-11-2026 today31-12-2026 year end31-07-2027 deadline
Board and ownership
- Pascal Laffineur 4.24%score 93equity €856,444 (2025) · 2025 annual accounts of Pascal Laffineur
- CEJEMO 3.15%score 84equity €2.1m (2025) · 2021 annual accounts of CEJEMO
Recent changes
Registered in the Peppol Directory
Reachable for e-invoices through 0208:0819649109
Resignation: Pascal Laffineur SRL (director)
General meeting of 25-07-2024 · Gazette deed
Bankruptcy reversal
French-language Enterprise Court of Brussels · judgment of 18-03-2024 · Bankruptcy
Bankruptcy published
French-language Enterprise Court of Brussels · judgment of 19-02-2024 · Bankruptcy
Comparable companies
same main activity, similar in size and age| Company | ||||
|---|---|---|---|---|
| CVTrust Brussels | €275,478 | €228,029 | 1.1% | - |
| SAKARI GAMES Antwerp | €240,680 | €209,811 | 42.8% | 3.4 |
| NAXOS INFORMATION TECHNOLOGY Rixensart | €252,311 | €223,991 | 48.8% | - |
| BPM SOFTWARE Brasschaat | €310,956 | €258,592 | 18.5% | - |
| Webdoos Bruges | €274,748 | €225,998 | 32.0% | - |
| IMAG'IN IT Schaerbeek | €273,284 | €253,800 | 62.4% | 1 |
| BEE CLEANING Saint-Josse-ten-Noode | €209,663 | €198,510 | 69.7% | - |
These companies have the same main activity as CVTrust: computer programming (NACE 62100). They are comparable in size and age: total assets between €210,000 and €311,000, founded between 2006 and 2012.
Official details
Source: KBO- Status
- Active since 14-10-2009Normal situation
- Registered office
- 582 active companies are registered at this address52 started in the 12 months before. Source: KBO register, as of 7 November 2026.
- Activity
- Computer programmingNACE 62100and 2 others
- Joint committee
- 200Auxiliary committee for white-collar workers · annual accounts 2025
- Establishment unit
- 2.183.887.7911050 Brussels, since 21-12-2009
- Financial year end
- 31 December
- Peppol
- Reachable since 23-12-2025
Insights on CVTrust
CVTrust files the abbreviated format. That format states no turnover. The gross margin rose from -€10,641 in 2010 to €228,029 in 2025.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette. Click a figure with a dotted line for the item and the filing.
Key facts about CVTrust
- What is the company number of CVTrust?
- The company number of CVTrust is 0819.649.109. The VAT number is the same number with BE in front: BE 0819.649.109.
- Where is CVTrust based?
- The registered office is at Louizalaan 231, 1050 Brussels.Company details
- What does CVTrust do?
- According to the KBO register, the main activity is computer programming (NACE 62100).
- What is the legal form of CVTrust?
- CVTrust is a public limited company (NV).
- When was CVTrust founded?
- CVTrust was founded on 14-10-2009.
- Is CVTrust still active?
- Yes, CVTrust is an active enterprise in the KBO register.
- How many employees does CVTrust have?
- CVTrust had an average of 1 full-time equivalents in financial year 2025, according to the filed annual accounts.Financials
- Which joint committee does CVTrust fall under?
- In its 2025 annual accounts, CVTrust states joint committee 200 (Auxiliary committee for white-collar workers).
- What is the turnover of CVTrust?
- The turnover in financial year 2025 is ≈ €360,000. This figure is estimated from the gross margin of €228,029 and 45 comparable companies (NACE 62100). It probably lies between €310,000 and €510,000.
- Is CVTrust profitable?
- In financial year 2025, CVTrust made a profit of €11,973.
- Where can I find the annual accounts of CVTrust?
- CVTrust filed 16 annual accounts with the National Bank of Belgium, the latest for financial year 2025.
- When are the next annual accounts of CVTrust due?
- CVTrust must file the annual accounts for financial year 2026 by 31-07-2027.Timeline
Next steps
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