Demonstrate
ActiveSummary
The computed 12-month bankruptcy probability of Demonstrate is 2.0% (moderate). The 2025 annual accounts show negative equity (-€3.2m) and a net result of €678,210. The figures fluctuate too strongly year-on-year for a reliable trend projection. Its solvency ranks better than 5% of 3,376 sector peers (NACE 62, financial year 2025). The company has been active since 2005 and the Belgian Official Gazette contains no insolvency or warning signals.
Overview
- Staff
- 20.3 FTE
- Equity
- -€3.2m
- Profit
- €678,210
- Parent
- Inside Out Media · 100%
- Dieter DebackerDirector
Why 53raises riskNegative equity -€3.2m1 change of registered office in 24 monthsLast filed accounts filed 31 days late; 2 of the last 3 latelowers riskSector: Computer programming, consultancy and related activities (NACE 62)Show the evidence
Checked score
About 2 in 100 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 62, small): better than 2% on solvency, 4% on liquidity, 97% on profitability and 65% on growth.
The bankruptcy probability was computed on 27-10-2026 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 7 accounts on average 73 days after the deadline; the sector median (NACE 62) for financial year 2024 is 9 days before the deadline, and 33% of those companies filed late.
Searched, nothing found (2)
- Annual accounts filedfinancial year 2025 · abbreviated…
- Registered officeRegistered-office move
- Annual accounts filedfinancial year 2024 · abbreviated…
Financials · financial year 2025, abbreviated format
2025 annual accounts filed late (31 days) 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, 2026-00475025.
2021 to 2025, 5 financial years 2018 to 2025, 7 financial years
The operating result falls in 2025; 2025 is 19% below 2024.
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.
Average staff in full-time equivalents (FTE).
Use the arrow keys on the chart for the figures per year.
Sector: the middle half of NACE 62, Computer programming, consultancy and related 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), Staff (FTE).
- 2023 Staff (FTE) +199% on 2022. The accounts now follow the abbreviated format, last year the full format.
- 2022 Turnover +115% on 2021. This financial year ran 18 months, the previous one 12.
- 2021 Turnover -75%, Net result -356% on 2020. The previous financial year ran 18 months, this one 12.
Peer companies
Historical observationOf the 317 companies that looked in July 2024 the way this one looks now, 1.6% went bankrupt within 24 months and 91.8% are still going.
- Small
- 20 years or older
- negative equity
- a profit of 5% of the balance sheet or more
A further 2.5% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a higher bankruptcy probability: 2.0% 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 317 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 | 2018 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Operating income70/76A | - | - | €4.0m | €8.2m | - | - | - | - |
| Turnover70 | €13.1m | €14.5m | €3.6m | €7.7m | - | - | - | - |
| Other operating income74 | - | - | €0.4m | €0.5m | - | - | - | - |
| Non-recurring operating income76A | - | - | €0.03m | €0 | - | - | €0.07m | - |
| Operating charges60/66A | - | - | €4.4m | €7.7m | - | - | - | - |
| Goods for resale, raw materials and consumables60 | - | - | €2.1m | €4.8m | - | - | - | - |
| Purchases600/8 | - | - | €2.1m | €4.8m | - | - | - | - |
| Services and other goods61 | - | - | €1.5m | €1.1m | - | - | - | - |
| Remuneration, social security and pensions62 | - | - | €0.7m | €0.6m | €1.2m | €0.9m | €1.4m | ▲ 59.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.4m | €0.1m | €0.06m | €0.002m | €0.003m | €0.004m | €0.01m | ▲ 256% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | €0 | - | - | - | - | - |
| Other operating charges640/8 | - | - | €0.02m | €0.03m | €0.1m | €0.08m | €0.02m | ▼ 74.4% |
| Non-recurring operating charges66A | - | - | - | €1.1m | €6.8m | - | €0.001m | - |
| Gross operating margin9900 | - | - | - | - | €3.5m | €2.0m | €2.2m | ▲ 15.0% |
| Operating profit (loss)9901 | €0.1m | €0.03m | -€0.3m | €0.5m | -€4.7m | €1.0m | €0.8m | ▼ 19.2% |
| Financial income75/76B | - | - | €0.08m | €0.05m | €0.006m | - | €0.005m | - |
| Recurring financial income75 | €39 | €0.05m | €0.08m | €0.05m | €0.006m | - | €0.005m | - |
| Income from financial fixed assets750 | - | - | €0.08m | €0.05m | - | - | - | - |
| Income from current assets751 | - | - | - | €77 | - | - | - | - |
| Other financial income752/9 | - | - | €5 | €0.003m | - | - | - | - |
| Financial charges65/66B | - | - | €0.07m | €0.2m | €0.2m | €0.2m | €0.1m | ▼ 33.0% |
| Recurring financial charges65 | €0.04m | €0.06m | €0.07m | €0.2m | €0.2m | €0.2m | €0.1m | ▼ 33.0% |
| Debt charges650 | €0.02m | €0.04m | €0.06m | €0.2m | - | - | - | - |
| Write-downs on current assets other than stocks, contracts in progress and trade receivables: additions (reversals)651 | - | - | €454 | €0 | - | - | - | - |
| Other financial charges652/9 | - | - | €0.001m | €0.01m | - | - | - | - |
| Profit (loss) for the period before taxes9903 | €0.06m | €0.02m | -€0.3m | €0.4m | -€4.9m | €0.8m | €0.7m | ▼ 15.4% |
| Income taxes67/77 | €0.09m | €0.1m | €0 | €0.002m | - | €0.001m | €444 | ▼ 18.0% |
| Taxes670/3 | - | - | €0 | €0.002m | - | - | - | - |
| Profit (loss) for the period9904 | -€0.03m | -€0.07m | -€0.3m | €0.4m | -€4.9m | €0.8m | €0.7m | ▼ 15.4% |
| Profit (loss) for the period to be appropriated9905 | -€0.03m | -€0.07m | -€0.3m | €0.4m | -€4.9m | €0.8m | €0.7m | ▼ 15.4% |
| Line | 2018 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €7.4m | €7.6m | €6.9m | €10.7m | €2.2m | €1.7m | €2.5m | ▲ 51.2% |
| Fixed assets21/28 | €0.7m | €0.2m | €0.1m | €0.02m | €0.03m | €0.03m | €0.08m | ▲ 215% |
| Tangible fixed assets22/27 | €0.6m | €0.2m | €0.1m | €30 | €0.005m | €0.005m | €0.05m | ▲ 934% |
| Plant, machinery and equipment23 | - | - | €0.02m | €0 | - | €0.002m | €0.02m | ▲ 823% |
| Furniture and vehicles24 | - | - | €0.02m | €30 | €0.005m | €0.003m | €0 | ▼ 100% |
| Other tangible fixed assets26 | - | - | €0.07m | €0 | - | - | €0.03m | - |
| Financial fixed assets28 | €0.02m | €0.03m | €0.02m | €0.02m | €0.02m | €0.02m | €0.03m | ▲ 44.2% |
| Other financial fixed assets284/8 | - | - | €0.02m | €0.02m | - | - | - | - |
| Amounts receivable and cash guarantees285/8 | - | - | €0.02m | €0.02m | - | - | - | - |
| Current assets29/58 | €6.7m | €7.4m | €6.8m | €10.7m | €2.1m | €1.7m | €2.5m | ▲ 48.6% |
| Stocks and contracts in progress3 | - | - | €0 | €0 | - | - | - | - |
| Amounts receivable within one year40/41 | €5.7m | €7.1m | €6.7m | €10.6m | €2.1m | €1.7m | €2.3m | ▲ 41.3% |
| Trade receivables40 | - | - | €1.3m | €1.0m | €1.5m | €0.8m | €1.5m | ▲ 83.7% |
| Other amounts receivable41 | - | - | €5.4m | €9.6m | €0.6m | €0.9m | €0.9m | ▲ 1.9% |
| Cash at bank and in hand54/58 | €0.9m | €0.3m | €0.08m | €0.1m | - | €24 | €0.1m | ▲ 4,386× |
| Deferred charges and accrued income490/1 | - | - | €0.05m | €0 | €0.03m | €0.004m | €0.02m | ▲ 485% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €7.4m | €7.6m | €6.9m | €10.7m | €2.2m | €1.7m | €2.5m | ▲ 51.2% |
| Equity10/15 | €0.06m | €0.06m | -€0.3m | €0.2m | -€4.7m | -€3.9m | -€3.2m | ▲ 17.3% |
| Contributions10/11 | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Reserves13 | €0.002m | €0.002m | €0.002m | €0.002m | €0.002m | €0.002m | €0.002m | = |
| Non-distributable reserves130/1 | - | - | €0.002m | €0.002m | €0.002m | €0.002m | €0.002m | = |
| Reserves not available under the articles1311 | - | - | €0.002m | €0.002m | €0.002m | €0.002m | €0.002m | = |
| Tax-exempt reserves132 | - | - | €87 | €87 | €87 | €87 | €87 | = |
| Profit (loss) carried forward14 | €0.04m | €0.04m | -€0.3m | €0.1m | -€4.7m | -€3.9m | -€3.3m | ▲ 17.2% |
| Amounts payable17/49 | €7.3m | €7.5m | €7.2m | €10.6m | €6.9m | €5.6m | €5.8m | ▲ 3.3% |
| Amounts payable after more than one year17 | €0.05m | €0.8m | €0.8m | €1.4m | €0.9m | €0.6m | €2.1m | ▲ 271% |
| Financial debts170/4 | - | - | €0.8m | €1.4m | €0.9m | €0.6m | €2.1m | ▲ 271% |
| Credit institutions173 | - | - | €0.8m | €1.0m | - | - | - | - |
| Other loans174 | - | - | - | €0.4m | - | - | - | - |
| Amounts payable within one year42/48 | €6.3m | €5.6m | €5.5m | €8.0m | €4.7m | €4.2m | €3.2m | ▼ 24.2% |
| Current portion of amounts payable after more than one year42 | - | - | €0.2m | €0.07m | - | - | - | - |
| Financial debts43 | - | - | €2.0m | €2.0m | €2.2m | €2.2m | €0.5m | ▼ 78.4% |
| Credit institutions430/8 | - | - | €2.0m | €2.0m | €2.2m | €2.2m | €0.5m | ▼ 78.4% |
| Trade debts44 | €5.8m | €3.0m | €3.1m | €0.3m | €1.1m | €1.8m | €2.2m | ▲ 20.5% |
| Suppliers440/4 | - | - | €3.1m | €0.3m | €1.1m | €1.8m | €2.2m | ▲ 20.5% |
| Taxes, remuneration and social security45 | - | - | €0.2m | €0.9m | €1.1m | €0.1m | €0.6m | ▲ 295% |
| Taxes450/3 | - | - | €0.1m | €0.6m | €0.8m | €0.1m | €0.3m | ▲ 189% |
| Remuneration and social security454/9 | - | - | €0.1m | €0.3m | €0.3m | €0.03m | €0.2m | ▲ 695% |
| Other amounts payable47/48 | - | - | €0.002m | €4.7m | €0.4m | €0.1m | €0.003m | ▼ 97.8% |
| Accrued charges and deferred income492/3 | - | - | €0.8m | €1.2m | €1.2m | €0.8m | €0.5m | ▼ 38.7% |
| Line | 2018 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€0.03m | -€0.07m | -€0.3m | €0.4m | -€4.9m | €0.8m | €0.7m | ▼ 15.4% |
| + Depreciation and write-downs630 | €0.4m | €0.1m | €0.06m | €0.002m | €0.003m | €0.004m | €0.01m | ▲ 256% |
| Operating cash flow (approximation) | €0.3m | €0.04m | -€0.3m | €0.4m | -€4.9m | €0.8m | €0.7m | ▼ 14.1% |
| Investment in fixed assets (approximation) | - | - | €0.006m | €0.1m | -€0.008m | -€0.004m | -€0.07m | ▼ 1,868% |
| Change in cash | - | - | -€0.2m | €0.05m | - | - | €0.1m | - |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Latest 10 of 18 filings with the National Bank
| Financial year | Type | Filed | Reference |
|---|---|---|---|
| 31-12-2025 | abbreviated format | 31-08-2026 | 2026-00475025 |
| 31-12-2024 | abbreviated format | 31-07-2025 | 2025-00345446 |
| 31-12-2023 | abbreviated format | 26-09-2024 | 2024-00473504 |
| 31-12-2022 | full format | 01-02-2024 | 2024-00026068 |
| 30-06-2021 | full format | 01-08-2022 | 2022-20253489 |
| 30-06-2020 | full format | 13-04-2021 | 2021-10300343 |
| 31-12-2018 | full format | 16-07-2019 | 2019-33200563 |
| 31-12-2017 | abbreviated format | 17-07-2018 | 2018-34300103 |
| 31-12-2016 | abbreviated format | 18-07-2017 | 2017-32800233 |
| 31-12-2015 | abbreviated format | 07-07-2016 | 2016-29200086 |
Similar companies · same sector, comparable size
Subsidies and aid
Flemish government
2022 · 1 entry · €512,975 awarded · €512,975 paidPublic contracts
Source: TED (Tenders Electronic Daily), Publications Office of the European Union. Values as the buyer published them; for a framework agreement, a ceiling.
Directors
Not every act has been read: a resignation may still be missing
Mandate history
- Board
- Other function
- began earlier
| Name | Functions and periods |
|---|---|
| Dieter Debacker |
|
| Michiel Verraes |
|
| Isabeau Dufour |
|
| Inside Out Media |
|
Owners and capital
Owners
2 ownersChain of control
- Phoenix InvestLU
- Inside Out Media
- Demonstrate
Highest known parent: Phoenix Invest (Luxembourg). The sources do not say who stands above it.
Owners 2
- Inside Out Mediaparent100%
- Phoenix InvestLUconsolidating parentconsolidates
Sources: the companies' annual accounts, the acts in the Belgian Official Gazette and the LEI register. Annual accounts state the shareholders that notified the company under article 7:225 of the Code of Companies and Associations and the parent companies that consolidate it. The register of ultimate beneficial owners (UBO) is not public: who ultimately stands behind a natural person or a foreign parent is not stated here. A company that does not include these statements in its annual accounts, or does not have to, is not listed.
Group and network
Connections & network
1 current directorThe network starts from this company’s directors. Other companies they run appear here as nodes.
History
Acts, filings and financial milestones
09-07
Gazette deed
Registered officeRegistered-office move2 facts ▸
- General meeting, 22-05-2026
- Registered-office move, Akenkaai 63-64,1000 Brussel
04-04
Gazette deed
End & cessation · MiscellaneousResignation: Michiel Verraes (gerechtelijke vereffenaar) · Court decision3 facts ▸
- Court decision, 15-03-2024
- Director resignation, Michiel Verraes (gerechtelijke vereffenaar)
- Director in office, Dieter DEBACKER (director)
18-03
Gazette deed
Resignation: Isabeau Dufour (manager)Appointment: Dieter Debacker (director)3 facts ▸
- General meeting, 11-01-2024
- Director resignation, Isabeau Dufour (manager)
- Director appointment, Dieter Debacker (director)
01-08
Gazette deed
Registered officeRegistered-office move2 facts ▸
- General meeting, 13-06-2023
- Registered-office move, Picardstraat 7 box 100,1000 Brussel
10-05
Gazette deed
Resignation: Inside Out Media BV (director)Permanent representative: Yoshi Aesaert · Appointment: Isabeau Dufour (director)5 facts ▸
- General meeting, 20-04-2023
- Director resignation, Inside Out Media BV (director)
- Permanent representative, Yoshi Aesaert
- Director appointment, Isabeau Dufour (director)
- Board composition, Isabeau Dufour (sole director)
Show earlier events
About the unread acts
Of the 15 Belgian Official Gazette deeds we know for this company, 5 have been read. The other 10 have not been read yet: what they contain is neither established nor disproved here.
Register details
No listing in the Peppol Directory under this enterprise or VAT number. That proves nothing: being listed there is voluntary.
What can you do?
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If you follow this company, Checked tells you the day it appears in the Peppol register.
Register as of 28 October 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.
Recognitions · licences · registrations
Food safety, FASFC
2 sitesDual-learning approval
3 endedLegal Entity Identifier
Environmental permits: No permit applications found in Flanders. Brussels and Wallonia do not publish the applicant.
Sites & property
2 establishment units
2 parcels
| Cadastral parcel | Region | Area | Buildings | Height / floors |
|---|---|---|---|---|
| 23644I0416/00P003 | Flanders | 1.2 ha | 1 · 9,174 m² | 10.8 m · 3 |
| 21814P0404/00A006 | Brussels | 1.2 ha | 1 · 1,209 m² | 29.3 m · 8 |
How the parcels are linked
Articles of association
- Other provisionsOther rules from the articles that fall under none of the themes above.
- 1 more provision in the deed, see the deed of 04-04-2024
Read from the deeds: 1 provision, deed of 04-04-2024