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DharmIC

Active Private limited companyfounded 2018active for 8 yearsPakenstraat 57, 3001 LeuvenKBO/BCE: BE 0695.909.474
DharmIC
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Overview

Lifetime

8 annual accounts with figures on one time axis
peak €37,427 (2021)
€33,529▲ 17.4%
peak €26,805 (2020)
€19,985▲ 26.0%
peak €62,253 (2020)
€48,600unchanged
€26,435▲ 21.6%
Board1 name since 2018
1 directorKULKARNI Shailesh
Documentsfilings and deeds
13-02-2026168 days before the deadline
2025micro format
Gross margin from €28,570 to €33,529Result from €15,861 to €19,985Dividend €19,985Debts from €21,745 to €26,435

Key points

from the 2025 annual accounts

Equity

€48,600 =
48,6002024+19,985Profit-19,985Dividend48,6002025

DharmIC paid out €19,985 in dividends. That is 100% of the 2025 profit.

Turnover

≈ €98,000 estimated

The micro format states no turnover.

Filings

8 annual accounts 1 late
AprilJune31 JulyOctober20202025

The 2018 accounts came 30 days late. The other seven were filed on time.

Checked score

96
Excellent
Financially stronger than 65% of micro companies in head offices and management consultancy (NACE 70)
Probability in this band: under 0.55%
Bankruptcy probability within 12 months
< 0.1% Very low
0%0.5%1.5%4%10%≥ 25%

The dashed line is the sector median: 0.1% across 48,568 companies (NACE 70, micro).

Fewer than 1 in 1,000 comparable companies go bankrupt within 12 months (an estimate).

Last 24 months 12-2024: < 0.1% 01-2025: < 0.1%● unchanged vs 12-2024 02-2025: < 0.1%● unchanged vs 01-2025 03-2025: < 0.1%● unchanged vs 02-2025 04-2025: < 0.1%● unchanged vs 03-2025 05-2025: < 0.1%● unchanged vs 04-2025 06-2025: < 0.1%● unchanged vs 05-2025 07-2025: < 0.1%● unchanged vs 06-2025 08-2025: < 0.1%● unchanged vs 07-2025 09-2025: < 0.1%● unchanged vs 08-2025 10-2025: < 0.1%● unchanged vs 09-2025 11-2025: < 0.1%● unchanged vs 10-2025 12-2025: < 0.1%● unchanged vs 11-2025 01-2026: < 0.1%● unchanged vs 12-2025 02-2026: < 0.1%● unchanged vs 01-2026lowest value 03-2026: < 0.1%● unchanged vs 02-2026highest value 04-2026: < 0.1%● unchanged vs 03-2026highest value 05-2026: < 0.1%● unchanged vs 04-2026highest value 06-2026: < 0.1%● unchanged vs 05-2026 07-2026: < 0.1%● unchanged vs 06-2026 08-2026: < 0.1%● unchanged vs 07-2026 09-2026: < 0.1%● unchanged vs 08-2026 10-2026: < 0.1%● unchanged vs 09-2026 11-2026: < 0.1%● unchanged vs 10-2026

Financial strength
Strong

90-4equity 64.8% of total assets
84-3short-term debt 35.2% · cash 56.0%
100+3return on assets 26.6%

Score breakdown

lowers risk
Liquidity: current ratio 2.59, cash €41,983
Sector: Activities of head offices; management consultancy activities (NACE 70)
Size: total assets €75,035
Equity €48,600 (64.8% of total assets)
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 60% of them on solvency, 76% on liquidity, 84% on profitability and 40% on growth.

The bankruptcy probability was computed on 07-11-2026 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 very low class on 30-06-2025, 0.1% 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, 26,972 companies had the same profile as DharmIC has now. Each dot stands for 68 companies, two years later.

94.9%
were still trading
3.4%
stopped another way
1.6%
went bankrupt
  • Micro
  • 5 to 10 years old
  • solvency 30% or more
  • a profit of 5% of the balance sheet or more

Another 0.1% stopped without a precise date, possibly only after those two years.

The bankruptcy probability of DharmIC itself is lower: < 0.1% within 12 months. It rests on far more data about DharmIC than the profile alone.

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.

The companies in ten equal groups, from the lowest to the highest expected share
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 26,972 companies, not a prediction for DharmIC. 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

Credit of up to €4,500 on 30-day terms is acceptable

Liquidity is ample, with a current ratio of 2.59 (2.69 in 2024), above the usual 1.5. Short-term debt is 35.2% and cash 56% of total assets. 35.2% of the assets are financed with debt and provisions.

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

5 signals, none raises the risk
Five signals.
lowers riskneutral
lowers risk · Liquidity: current ratio 2.59, cash €41,983
NBB · annual accounts
lowers risk · Sector: Activities of head offices; management consultancy activities (NACE 70)
KBO
lowers risk · Size: total assets €75,035
Companies of this size fail less often. How much that weighs depends on the rest of the company's profile.
NBB · annual accounts
lowers risk · Equity €48,600 (64.8% of total assets)
NBB · annual accounts
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 13-02-2026, 168 days ahead of the deadline.
NBB · 8 filings
Deviation from the deadline
2025
168 days early
2024
62 days early
2023
54 days early
2022
49 days early
2021
62 days early
2020
50 days early
2019
28 days early
← 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 68 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 30 May (4 of the last 5 accounts filed within 30 days either side of that date).
Companies Code · seven months
Where today falls in the filing period
08-11-2026 today31-12-2026 year end31-07-2027 deadline
neutral · No strike-offs in the KBO publications
That holds for every publication since 2021.
KBO publications

Board and ownership

KS
KULKARNI Shailesh
Director, since 09-05-2018
Board & ownership

Recent changes

Registered in the Peppol Directory Reachable for e-invoices through 0208:0695909474
Change of role: KULKARNI Shailesh, from statutory manager to director Director discharge: KULKARNI Shailesh · General meeting of 30-06-2023 · Gazette deed
Registered office moved from Kessel-lo to Heverlee New registered office: Pakenstraat 57 te 3001 Heverlee · Previous registered office: Edelzangerslaan 27-3010 Kessel-lo · General meeting of 27-10-2020 · Gazette deed
Incorporation published on 16-05-2018 · Gazette deed
All 14 events

Comparable companies

same main activity, similar in size and age
Company
DharmIC Leuven €75,035 €33,529 64.8% -
FDW Consult Services Overijse €72,111 €30,330 91.1% -
TWN Belgium Tervuren €81,423 €35,034 55.3% -
Marie Tremelo €74,875 €37,500 38.2% -
DJANNET CONSULTING Asse €74,058 €39,052 56.1% -
Axnet Oud-Heverlee €87,959 €29,778 30.9% -
THANKX2U Hoeilaart €76,777 €38,401 7.3% -

These companies have the same main activity as DharmIC: business and other management consultancy (NACE 70200). They are comparable in size and age: total assets between €72,100 and €88,000, founded between 2017 and 2019.

Official details

Source: KBO
Status
Active since 14-05-2018Normal situation
Activity
Business and other management consultancyNACE 70200
Establishment unit
2.277.297.2093001 Leuven, since 14-05-2018
Financial year end
31 December
Peppol
Reachable since 30-07-2025
Company details

Annual accounts 2025

€33,529▲ 17.4%
€19,985▲ 26.0%
€48,600=
€75,035▲ 6.7%
Filing
Filed on 13-02-2026, 168 days before the end of the filing period
Financials

Insights on DharmIC

DharmIC files the micro format. That format states no turnover. The gross margin rose from €27,205 in 2018 to €33,529 in 2025.

Sources: KBO register, filings at the National Bank, Belgian Official Gazette.

Financials

Annual accounts 2025

micro format, filed on 13-02-2026, 168 days before the deadline
€33,529
▲ 17.4%
€26,596
▲ 21.1%
€19,985
▲ 26.0%
€42,034
▲ 14.4%
64.8%
▼ 4.3 percentage points
2.59
▼ 0.10

Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.

Turnover ≈ €98,000. Estimated: probably between €58,000 and €130,000.

Balance sheet

balance sheet total €75,035 on 31-12-2025
What the company ownsHow it is paid for

in euro

in euro

Position in the sector

Compare with sector

64.8%

Higher than 59% of 39,342 companies in 2025.

2.59

Higher than 58% of 38,027 companies in 2025.

26.6%

Higher than 67% of 38,499 companies in 2025.

DharmIC Middle half of the sector 80% of the sector Micro accounts in head offices and management consultancy (NACE 70)

Net result: middle half · Equity: middle half · Balance sheet total: bottom quarter · Working capital: middle half

Filed annual accounts

as filed with the National Bank, click a year to choose it
Line Trend20252024202320222021202020192018
Balance sheet: assets
20/58 75,03570,34569,91470,85366,19777,67448,90341,279
21/28 6,56611,86716,20420,65126,0476837141,585
22/27 6,56611,86716,20420,65126,0476837141,585
22 5,6916,2576,8237,3897,955---
24 8741,2686992397286837141,585
25 04,3418,68213,02217,363---
29/58 68,47058,47853,71050,20240,15176,99148,18939,694
40/41 26,23211,0631,8323,18013,7302,72611,4478,067
40 22,4379,07501019,1434799,1788,067
41 3,7941,9881,8323,0794,5872,2472,269-
54/58 41,98347,19651,67247,02126,42174,14536,74231,491
490/1 255219206-01190136
Balance sheet: equity and liabilities
10/49 75,03570,34569,91470,85366,19777,67448,90341,279
10/15 48,60048,60043,60038,24234,19262,25337,04822,044
10/11 18,60018,60018,60018,60018,6007,4407,4407,440
100 ------18,60018,600
101 ------11,16011,160
13 30,00030,00025,00015,0001,8601,8601,8601,860
130/1 1,8601,8601,8601,8601,8601,860--
130 ------1,8601,860
1311 1,8601,8601,8601,8601,8601,860--
133 28,14028,14023,14013,140----
14 0004,64213,73252,95327,74812,744
17/49 26,43521,74526,31432,61032,00515,42111,85419,235
17 -04,6119,07513,398---
170/4 -04,6119,07513,398---
42/48 26,43521,74521,70323,36518,60615,42111,85419,235
42 04,6114,4654,3234,185---
43 ---079---
430/8 ---079---
44 6912,1751,234749651,3861,13644
440/4 6912,1751,234749651,3861,13644
45 5,2304,0974,7004,5614,27812,4359,0948,510
450/3 5,2304,0974,7004,5614,27812,4359,0948,510
47/48 20,51410,86111,30513,73210,0001,6001,62410,681
492/3 --0170----
Income statement
9900 33,52928,57030,22131,63937,42734,88723,27927,205
630 5,6805,4985,4035,3955,339760871253
640/8 1,2531,1141,2008911,0320136241
9901 26,59621,95823,61825,35331,05734,12722,27326,711
75/76B 02448188146229107-
75 02448188146229107-
65/66B 4055256317626961941514
65 4055256317626961941514
9903 26,19121,45723,03524,77930,50834,16122,22826,707
67/77 6,2065,5966,3726,9976,7757,3575,6004,823
9904 19,98515,86116,66217,78223,73226,80516,62821,884
9905 19,98515,86116,66217,78223,73226,80516,62821,884
Appropriation of the result
9906 19,98515,86121,30531,51576,68554,55329,37221,884
14P -04,64213,73252,953---
691/2 05,00010,00013,140--01,860
6920 ------01,860
6921 05,00010,00013,140----
694/7 19,98510,86111,30513,73262,9531,6001,6247,280
694 19,98510,86111,30513,73262,9531,6001,6241,280
695 ------06,000
Document PDFPDFPDFPDFPDFPDFPDFPDF

The notes to these accounts have 8 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the filed accounts (PDF).

Source: Annual accounts 2025 (PDF), filed on 13-02-2026.

Download as CSV

Filings

each dot is a set of accounts, on the day it reached the National Bank
Financial year Type Filed Reference Document
31-12-2025 micro format 13-02-2026 2026-00038919 PDF
31-12-2024 micro format 30-05-2025 2025-00112153 PDF
31-12-2023 micro format 07-06-2024 2024-00118458 PDF
31-12-2022 micro format 12-06-2023 2023-00125062 PDF
31-12-2021 micro format 30-05-2022 2022-20045062 PDF
31-12-2020 micro format 11-06-2021 2021-19200108 PDF
31-12-2019 micro format 03-07-2020 2020-27200300 PDF
31-12-2018 micro format 30-08-2019 2019-60200479 PDF

Key figures and ratios

per financial year, computed from the annual accounts
Line Trend20252024202320222021202020192018
32,27627,45629,02130,74936,39634,88723,14426,964
25,66621,35922,06623,17829,07127,56517,49922,137
3791,161956030,70273001,838
-5,214-4,4764,65120,601-47,72537,4045,250-
42,03436,73432,00726,83721,54461,57036,33420,459
64.8%69.1%62.4%54.0%51.7%80.1%75.8%53.4%
2.592.692.472.152.164.994.072.06
0.540.450.600.850.940.250.320.87
41.1%32.6%38.2%46.5%69.4%43.1%44.9%99.3%
26.6%22.5%23.8%25.1%35.9%34.5%34.0%53.0%
79.6652.3046.0240.3352.30---

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.

Investments

fixed assets acquired
Item20252024202320222021
Tangible fixed assets€379€1,161€956-€30,702
€5,680€5,498€5,403€5,395€5,339

Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)

Insights on DharmIC

The operating result for 2025 is 21% higher than in 2024 and the highest since 2021. It is a recovery after the fall in 2024.

Debt's share of the balance-sheet total rises from 30.9% to 35.2%. Debt is higher.

Board & ownership

Board

1 director, last change in 2023
KULKARNI Shailesh
Director (not named in the articles)
since 09-05-2018 term without a fixed end
earlier statutory manager, until 06-07-2023
listed in the 2025 annual accounts, filed on 13-02-2026
Signing authorityThe articles say who may bind the company, for example by signing a contract.
Each director alone
deed of 06-07-2023

Office holders in the KBO →

Mandates through the years

1 name, the dashed line is today
KULKARNI Shailesh
Director (not named in the articles)
BoardEarliermandate already running before its first mention
Mandates as a list
  • KULKARNI Shailesh
    • Director (not named in the articles), from 09-05-2018 to date
    • Statutory manager, until 06-07-2023

See the board, name and registered office on a given date →

Control

See the annual accounts at the National Bank and the publications in the Belgian Official Gazette.

Capital

Contribution
€18,600
Source
2025 annual accounts

Articles of association

deed of 06-07-2023 (in Dutch)
DurationMost companies exist for an unlimited period, until they are dissolved.
Unlimited
Kind of sharesThe articles set which classes of shares exist and what rights each class carries.
1,500 shares
Transfer restrictionThis rule says whether shareholders may sell their shares freely or need approval first.
“Procedure- en expertisekosten helft overdrager helft koper(s) naar evenredigheid verworven aantal bij meerdere kopers, elke overdracht onder…”
Annual meetingThe shareholders approve the annual accounts, among other things, at the annual meeting.
Last Friday of May at 19:00

Network & group

No group

DharmIC has no parent and no holdings in its annual accounts. KULKARNI Shailesh is the only director. DharmIC shares no director with another company.

Timeline

Timeline

14 events since 2018

Deadline for the 2026 accounts: 31-07-2027

2026
Annual accounts 2025 filed PDFmicro format · 168 days before the deadline
2025
Registered in the Peppol Directory Reachable for e-invoices through 0208:0695909474
Annual accounts 2024 filed PDFmicro format · 62 days before the deadline
2024
Annual accounts 2023 filed PDFmicro format · 54 days before the deadline
2023
Change of role: KULKARNI Shailesh, from statutory manager to directorDirector discharge: KULKARNI Shailesh · General meeting of 30-06-20235 points ▸
  • Registered office clause, Pakenstraat 57, 3001 Leuven (Heverlee)
  • General meeting, 30-06-2023
  • Director resignation, KULKARNI Shailesh (statutory manager)
  • Director appointment, KULKARNI Shailesh (director (not named in the articles))
  • Director discharge, KULKARNI Shailesh
  • The deed holds 4 more points.

Open the deed in the Belgian Official Gazette

Annual accounts 2022 filed PDFmicro format · 49 days before the deadline
2022
Annual accounts 2021 filed PDFmicro format · 62 days before the deadline
2021
Annual accounts 2020 filed PDFmicro format · 50 days before the deadline
2020
Highest result from 2018 to 2025 net €26,805 ▲61.2% The operating result of €34,127 and the net result of €26,805 are both a record.
Registered office moved from Kessel-lo to HeverleeNew registered office: Pakenstraat 57 te 3001 Heverlee · Previous registered office: Edelzangerslaan 27-3010 Kessel-lo · General meeting of 27-10-20202 points ▸
  • General meeting, 27-10-2020
  • Registered-office move, Pakenstraat 57 te 3001 Heverlee

Open the deed in the Belgian Official Gazette

Annual accounts 2019 filed PDFmicro format · 28 days before the deadline
2019
Annual accounts 2018 filed PDFmicro format · 30 days late
2018
Incorporation PDFpublished on 16-05-2018
First establishment Pakenstraat 57, Leuven

Financial milestones sit on the financial year-end date, not the filing date.

Sources: Publications in the Belgian Official GazetteFilings with the National Bank

History

DharmIC was incorporated on 14 May 2018.1 The registered office was moved to Heverlee in 2020.2 Total assets rose from €41,279 in 2018 to €75,035 in 2025.3

  1. 1KBO register
  2. 2Belgian Official Gazette, 23-11-2020
  3. 3National Bank, annual accounts 2018 and 2025

Company details

Identity

Enterprise number
0695.909.474
VAT number
BE 0695.909.474
Peppol ID
0208:0695909474
Other Peppol ID
9925:BE0695909474
Legal form
Private limited company
Status
Active, normal situation
Founded
14-05-2018
Financial year
ends on 31 December
Annual meetingThe shareholders approve the annual accounts, among other things, at the annual meeting.
Last Friday of May at 19:00
deed of 06-07-2023 (in Dutch)
Peppol
Reachable since 30-07-2025Follow this company and you will hear the next morning if it leaves the Peppol register.
Name
DharmIC in Dutch
Entity type
Legal entity
DurationMost companies exist for an unlimited period, until they are dissolved.
Unlimited
deed of 06-07-2023 (in Dutch)

Activities

NACEBEL 2025
70200 Business and other management consultancy main activity
Codes under NACEBEL 2008
70220 Business consulting main activity

Registered office and establishments

1 establishment
Establishment Since Unit number
Pakenstraat 57 registered office 3001 Leuven 14-05-2018 2.277.297.209
1 former office
  • Edelzangerslaan 27, 3010 Kessel-lo until 27-10-2020 · deed of 23-11-2020

Buildings and parcels at the address

Ground area
400 m²
Buildings
79 m²
Volume, LiDAR
639 m³
Tallest building
11.9 m
Buildings to scale, each on its own parcel
79 m², 11.9 m 79 m², 11.9 m

Location

registered office establishment The establishment unit on the map

Parcels

Cadastral parcelArea Buildings Height / floors
24434F0026/00F002400 m² 1 · 79 m² 11.9 m · 3

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