Equity
Debts exceed assets in financial year 2025.
Debts exceed assets in financial year 2025.
Every financial year from 2020 to 2025 closed with a loss. 2020 was the heaviest.
The 2021 accounts came latest: 141 days after the end of the period.
Lower solvency than 95% of companies in publishing. Sector median 45.9% · 325 companies.
Negative equity caps the score at 59.
The dashed line is the sector median: 0.1% across 1,282 companies (NACE 58, micro).
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 58, micro). It does better than 7% of them on solvency, 1% on liquidity, 8% on profitability and 20% on growth.
The bankruptcy probability was computed on 09-11-2026 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, 6,008 companies had the same profile as DeepStack has now. Each dot stands for 16 companies, two years later.
Another 0.8% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of DeepStack itself is lower: 1.1% within 12 months. It rests on far more data about DeepStack 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 6,008 companies, not a prediction for DeepStack. 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.
The balance sheet total is too small for a liquidity verdict. 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 6 accounts on average 54 days after the deadline. In the sector (NACE 58), the median for financial year 2024 was 7 days before the deadline, and 37% of those companies filed late.
| Company | ||||
|---|---|---|---|---|
| DeepStack Ixelles | €3,350 | -€2,556 | -380.0% | - |
| ELLOIS Zuienkerke | €2,773 | -€792 | -19.9% | - |
| DIGITAL FARMERS Antwerp | €1,974 | -€6,099 | -963.1% | - |
| Similitude System Zaventem | €2,732 | -€8,131 | -591.6% | - |
| Itvance Roeselare | €1,687 | -€2,878 | -79.6% | - |
| AUWILSE Ghent | €5,410 | -€2,851 | -50.1% | - |
| CoxOne Wanze | €7,985 | -€4,285 | -236.6% | - |
These companies have the same main activity as DeepStack: other software publishing (NACE 58290). They are comparable in size and age: total assets between €1,690 and €7,990, founded between 2016 and 2022.
DeepStack files the abbreviated format. That format states no turnover. The gross margin rose from -€2,857 in 2020 to -€2,556 in 2025.
EUROPA INSIGHTS holds all the shares.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette.
Turnover: not included in this filing.
Higher than 77% of 218 companies in 2021.
Higher than 36% of 209 companies in 2021.
Lower than 95% of 216 companies in 2021.
Net result: middle half · Equity: bottom quarter · Balance sheet total: bottom quarter · Working capital: bottom quarter
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Balance sheet: assets | |||||||
20/58 |
3,350 | 2,859 | 2,568 | 2,103 | 5,281 | 19,417 | |
21/28 |
0 | 0 | - | - | 3,127 | 10,626 | |
21 |
0 | 0 | - | - | 3,127 | 10,626 | |
29/58 |
3,350 | 2,859 | 2,568 | 2,103 | 2,154 | 8,790 | |
40/41 |
3,350 | 2,729 | 2,500 | 1,981 | 1,879 | 6,500 | |
40 |
1,666 | 1,666 | 1,779 | 1,779 | 1,779 | 6,500 | |
41 |
1,683 | 1,063 | 721 | 202 | 100 | - | |
54/58 |
0 | 130 | 69 | 122 | 275 | 2,290 | |
| Balance sheet: equity and liabilities | |||||||
10/49 |
3,350 | 2,859 | 2,568 | 2,103 | 5,281 | 19,417 | |
10/15 |
-12,727 | -9,971 | -5,877 | -1,818 | 3,764 | 14,476 | |
10/11 |
30,000 | 30,000 | 30,000 | 30,000 | 30,000 | 30,000 | |
14 |
-42,727 | -39,971 | -35,877 | -31,818 | -26,236 | -15,524 | |
17/49 |
16,076 | 12,830 | 8,445 | 3,921 | 1,517 | 4,940 | |
42/48 |
16,076 | 12,830 | 8,445 | 3,921 | 1,517 | 4,940 | |
43 |
70 | - | - | - | - | - | |
430/8 |
70 | - | - | - | - | - | |
44 |
1,681 | 2,079 | 949 | 2,087 | 684 | 1,884 | |
440/4 |
1,681 | 2,079 | 949 | 2,087 | 684 | 1,884 | |
45 |
- | - | - | - | - | 2,223 | |
450/3 |
- | - | - | - | - | 2,223 | |
47/48 |
14,326 | 10,751 | 7,496 | 1,833 | 833 | 833 | |
| Income statement | |||||||
9900 |
-2,556 | -3,019 | -3,521 | -1,954 | -2,698 | -2,857 | |
630 |
- | - | - | 3,127 | 7,499 | 11,874 | |
640/8 |
0 | 964 | 384 | 348 | 348 | 695 | |
9901 |
-2,556 | -3,983 | -3,905 | -5,428 | -10,545 | -15,426 | |
75/76B |
- | 42 | - | - | - | - | |
75 |
- | 42 | - | - | - | - | |
65/66B |
200 | 154 | 153 | 153 | 168 | 97 | |
65 |
200 | 154 | 153 | 153 | 168 | 97 | |
9903 |
-2,756 | -4,094 | -4,059 | -5,582 | -10,713 | -15,524 | |
9904 |
-2,756 | -4,094 | -4,059 | -5,582 | -10,713 | -15,524 | |
9905 |
-2,756 | -4,094 | -4,059 | -5,582 | -10,713 | -15,524 | |
| Appropriation of the result | |||||||
9906 |
-42,727 | -39,971 | -35,877 | -31,818 | -26,236 | -15,524 | |
14P |
-39,971 | -35,877 | -31,818 | -26,236 | -15,524 | - | |
| Document | |||||||
The notes to these accounts have 3 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 24-08-2026.
2025 annual accounts filed 24 days after the deadline. Filed on 24 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00418907.
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 24-08-2026 | 2026-00418907 | |
| 31-12-2024 | full format | 31-10-2025 | 2025-00556791 | |
| 31-12-2023 | full format | 06-08-2024 | 2024-00329993 | |
| 31-12-2022 | full format | 30-08-2023 | 2023-00374539 | |
| 31-12-2021 | full format | 19-12-2022 | 2022-20539379 | |
| 31-12-2020 | full format | 31-08-2021 | 2021-58000141 |
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| - | - | - | -2,301 | -3,045 | -3,552 | ||
| - | - | - | -2,455 | -3,214 | -3,650 | ||
| - | - | - | 0 | 0 | 22,500 | ||
| -130 | 61 | -53 | -153 | -2,015 | - | ||
| -12,727 | -9,971 | -5,877 | -1,818 | 637 | 3,850 | ||
| - | - | - | - | 71.3% | 74.6% | ||
| - | - | - | - | 1.42 | 1.78 | ||
| - | - | - | - | 0.40 | 0.34 | ||
| - | - | - | - | -284.6% | -107.2% | ||
| - | - | - | - | -202.9% | -80.0% | ||
| - | - | - | -15.01 | -18.10 | - |
EBIT margin: not included in this filing.
The ratios are withheld because a balance sheet total of €3,350 is too small for a meaningful ratio.
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.
The operating result for 2025 is a loss of €2,556, smaller than the loss of €3,983 in 2024.
Equity is negative. Debt (€16,076) exceeds the balance-sheet total (€3,350).
Source: lists of holdings in the owners' accounts
Source: list of holdings in the 2023 accounts of EUROPA INSIGHTS. Every holding stands with its own latest accounts.
| CONCENTRIX PAYMENT SERVICES BENELUX
registered office since 14-12-1988 · founded in 1985 |
10 FTE (2025) 0428.128.603 |
| EUROPA INSIGHTS
registered office since 01-10-2020 · founded in 2001 · accounts filed late |
total assets €1.1m (2025) 0475.275.848 |
| BELGA RENT
registered office since 16-05-1991 · founded in 1991 · accounts filed late |
total assets €408,079 (2023) 0444.223.574 |
| LEY TRADING
registered office since 31-07-1997 · founded in 1997 |
turnover €262,704 (2025) 0461.107.415 |
| SRL INES WOUTERS
registered office since 28-06-1994 · founded in 1994 · negative equity (2025) |
total assets €278,768 (2025) 0453.026.919 |
| SHAPATI ARCHITETTURA
registered office since 28-02-2018 · founded in 2018 |
total assets €256,528 (2025) 0691.594.756 |
| BRAINMATCH
registered office since 06-05-2010 · founded in 2010 |
total assets €242,106 (2025) 0825.684.388 |
| SCIPION
registered office since 14-06-2000 · founded in 2000 |
total assets €183,294 (2025) 0471.937.563 |
| COME SEE
registered office since 05-09-2002 · founded in 2002 |
turnover €24,687 (2025) 0477.907.914 |
| DAVIDT LAW
registered office since 17-04-2025 · founded in 2025 |
total assets €37,861 (2025) 1022.485.017 |
The network starts from the directors of DeepStack. Every other company they run is a node.
Deadline for the 2026 accounts: 31-07-2027
Sources: Publications in the Belgian Official GazetteFilings with the National Bank
On 12 June 2019, DeepStack was incorporated as a private limited company by two natural persons, with a starting capital of €30,000.12 In 2024 the company took the name DeepStack.3 MINGORANCE Francisco José has served as director since 2019.4 Total assets went from €19,417 in 2020 to €3,350 in 2025.5
| Establishment | Since | Unit number |
|---|---|---|
| Louizalaan 87 registered office 1050 Ixelles | 12-06-2019 | 2.290.292.833 |
| Cadastral parcel | Area | Buildings | Height / floors |
|---|---|---|---|
| 21807G0022/00W000 | 735 m² | 1 · 593 m² | 33.1 m · 9 |
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