Direct Operations
ActiveSummary
Direct Operations has been active since 2018 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €2.9m and a net result of €1.0m. Equity is growing by ~30.4% per year across the filed fiscal years. Its solvency ranks better than 35% of 149 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.8% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability75▲+4
Solvency42▲+6
Growth61▼-1
Track record100
Bankruptcy probability, 12 months
0.8%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €160,000 at 30 days acceptable
Liquidity tight (current ratio 1.21 against 1.12 in 2024; short-term debt: 82.4% and cash: 5.1% of total assets), and 82.6% of the assets are financed with debt.
Credit check for your own amount and term
Show the recommended maximum : and see how the verdict changes with amount, term and advance.
Signals
Six 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 58
Relative position
BE, all sectors
reference
Publishing activities (NACE 58)
about 30% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
17.4%
Return on assets
6.3%
Age of the figures
9 mo
raises risk · Limited track record
This company has not been active as long as an established one and statistically fails somewhat more often.
KBO · incorporation dateAge against the risk zone
neutral · Filed after the deadline
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 31-08-2026, 31 days later. For context: 47% of the Belgian market files late and the whole 1-to-90-day band measures 2.0% abnormal legal state against a 1.66% average. We show this as a fact and do not score it.
NBB · 8 filingsDeviation from the deadline
2025
31 d late
2024
30 d late
2023
31 d late
2022
31 d late
2021
106 d late
2020
1 d early
2019
59 d late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 7 accounts on average 41 days after the deadline; the sector median for financial year 2024 is 7 days before the deadline, and 37% of the sector filed late.
Checked, nothing found (2)
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. Usually files around 31 August (4 of the last 5 filed years within 30 days of that day).
Companies Code · seven monthsPosition in the running window
28-09-2026 today31-12-2026 close31-07-2027 deadline
History
Go further with this company
How much credit can you give this customer, and on what term?Credit check What should you check before you do business with this company?Supplier due diligence Can you accept this company as a client under the anti-money-laundering law?AML client file Which of your other customers can you e-invoice via Peppol?Peppol check How does this company compare with its sector?Sector benchmark What changed in the latest annual accounts?What changed
Is this your company? See how customers and banks see it.
Investigating this company? Keep it with today's facts in a case file.
Financials · fiscal year 2025, full schema
In the rankings
#1 company by equity in Anderlecht, Publishing and media sector#2 company by total assets in Anderlecht, Publishing and media sector
Turnover
€9.5m▼ 3.9%
2024 · €9.9m
EBIT margin
12.7%▲ 2.3pp
2024 · 10.4%
Net result
€1.0m▲ 2.9%
2024 · €1.0m
Working capital
€2.9m▲ 57.0%
2024 · €1.8m
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 58, Publishing activities, each year against the same schema; no band under 30 filings. Dashed line: the median.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Turnover€10.1m€11.8m▲ 17.1%€8.0m▼ 32.3%€9.9m▲ 23.7%€9.5m▼ 3.9%
Operating result€1.2m▲ 77.3%€1.2m▼ 2.8%-€1.8m€1.0m€1.2m▲ 16.9%
Net result€892,954above the sector's middle half▲ 77.6%€865,171above the sector's middle half▼ 3.1%-€1.8mbelow the sector's middle half€1.0mabove the sector's middle half€1.0mabove the sector's middle half▲ 2.9%
EBIT margin12.3%10.2%▼ 2.1pp-22.1%▼ 32.3pp10.4%▲ 32.5pp12.7%▲ 2.3pp
Equity€1.7mabove the sector's middle half▲ 100%€2.6mabove the sector's middle half▲ 48.8%€814,078within the sector's middle half▼ 68.7%€1.8mabove the sector's middle half▲ 123%€2.9mabove the sector's middle half▲ 56.8%
Total assets€14.6mabove the sector's middle half▲ 28.1%€17.8mabove the sector's middle half▲ 21.9%€15.6mabove the sector's middle half▼ 12.2%€17.2mabove the sector's middle half▲ 10.6%€16.4mabove the sector's middle half▼ 4.8%
Debt€12.8m▲ 22.1%€15.2m▲ 18.3%€14.8m▼ 2.5%€15.4m▲ 4.4%€13.6m▼ 12.1%
Working capital€1.7mabove the sector's middle half▲ 94.1%€2.6mabove the sector's middle half▲ 49.9%€833,089within the sector's middle half▼ 67.8%€1.8mabove the sector's middle half▲ 119%€2.9mabove the sector's middle half▲ 57.0%
Solvency12.0%below the sector's middle half▲ 4.3pp14.7%below the sector's middle half▲ 2.6pp5.2%below the sector's middle half▼ 9.4pp10.6%below the sector's middle half▲ 5.3pp17.4%within the sector's middle half▲ 6.8pp
Current ratio1.14within the sector's middle half▲ 0.051.17within the sector's middle half▲ 0.041.06below the sector's middle half▼ 0.111.12within the sector's middle half▲ 0.061.21within the sector's middle half▲ 0.09
Return on assets (ROA)6.1%within the sector's middle half▲ 1.7pp4.9%within the sector's middle half▼ 1.3pp-11.5%below the sector's middle half▼ 16.3pp5.8%within the sector's middle half▲ 17.3pp6.3%within the sector's middle half▲ 0.5pp
Staff (FTE)5within the sector's middle half=5within the sector's middle half=5.7within the sector's middle half▲ 14.0%6within the sector's middle half▲ 5.3%5.9within the sector's middle half▼ 1.7%
above
within
below
the middle half (P25 to P75) of NACE 58, Publishing activities, each year against the same schema; no band under 30 filings.
Why a figure moved sharply
- 2021 Net result +78% on 2020. The accounts now follow the full schema, last year the abbreviated schema.
Result per fiscal year
Operating resultNet result
After the dip in 2023 the operating result has climbed two years in a row; 2025 is 17% above 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €16.4m
Fixed assets
€28,422 ▼ 19.8%
Current assets
€16.4m ▼ 4.8%
Equity and liabilities €16.4m
Equity
€2.9m ▲ 56.8%
Debt
€13.6m ▼ 12.1%
Debt's share of the balance-sheet total falls from 89.4% to 82.6%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€1.2m▲
2024 · €1.0m
Cash flow
€1.0m▲
2024 · €1.0m
Debt to equity
4.75▼
2024 · 8.48
ROE
36.2%▼
2024 · 55.2%
Interest coverage
26.52▼
2024 · 48.95
Debt ≤ 1 year
€13.5m▼
2024 · €15.4m
Debt > 1 year
€35,245=
2024 · €35,245
Income taxes
€125,000▲
2024 · €4,317
Staff costs
€565,468▲
2024 · €553,329
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 6,706 companies that looked in July 2024 the way this one looks now, 1.7% went bankrupt within 24 months and 96% are still going.
- Micro
- 5 to 10 years old
- solvency 10 to 30%
- a profit of 5% of the balance sheet or more
1.7%
went bankrupt
2.2%
stopped otherwise
96%
still going
A further 0.3% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.8% over twelve months; the group does not contradict it.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,662 companies of July 2024 its group's bankruptcy share. Expected: 1.5%; actually bankrupt within 24 months: 1.6%.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.4% |
| 3 | 0.5% | 0.5% |
| 4 | 0.6% | 0.7% |
| 5 | 0.8% | 0.9% |
| 6 | 1.2% | 1.3% |
| 7 | 1.5% | 1.7% |
| 8 | 1.7% | 1.7% |
| 9 | 2.7% | 2.8% |
| 10 | 5.3% | 5.7% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 75% 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 6,706 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.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Operating income70/76A | €17.3m | €16.6m | €12.6m | €15.2m | €16.5m | ▲ 8.1% |
| Turnover70 | €10.1m | €11.8m | €8.0m | €9.9m | €9.5m | ▼ 3.9% |
| Other operating income74 | €7.3m | €4.8m | €4.6m | €5.3m | €7.0m | ▲ 30.4% |
| Non-recurring operating income76A | - | €8 | - | - | - | - |
| Operating charges60/66A | €16.1m | €15.4m | €14.4m | €14.2m | €15.2m | ▲ 7.4% |
| Goods for resale, raw materials and consumables60 | €15.7m | €14.9m | €13.6m | €13.3m | €13.9m | ▲ 4.6% |
| Purchases600/8 | €15.7m | €14.9m | €14.1m | €14.5m | €15.6m | ▲ 7.3% |
| Change in stocks: decrease (increase)609 | - | - | -€552,706 | -€1.2m | -€1.7m | ▼ 36.1% |
| Services and other goods61 | €59,805 | €114,408 | €298,631 | €316,812 | €627,321 | ▲ 98.0% |
| Remuneration, social security and pensions62 | €371,641 | €401,069 | €473,723 | €553,329 | €565,468 | ▲ 2.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €8,878 | €9,172 | €9,625 | €10,015 | €11,946 | ▲ 19.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | €121,600 | - |
| Other operating charges640/8 | €933 | €978 | €1,084 | €14,904 | €6,969 | ▼ 53.2% |
| Non-recurring operating charges66A | €3,493 | €128 | - | - | - | - |
| Operating profit (loss)9901 | €1.2m | €1.2m | -€1.8m | €1.0m | €1.2m | ▲ 16.9% |
| Financial income75/76B | €2,542 | €4,903 | €3,774 | €8 | €10 | ▲ 29.4% |
| Recurring financial income75 | €2,542 | €4,903 | €3,774 | €8 | €10 | ▲ 29.4% |
| Income from financial fixed assets750 | €2,542 | €4,903 | €3,774 | €8 | €10 | ▲ 29.4% |
| Financial charges65/66B | €17,398 | €15,787 | €22,201 | €21,246 | €45,852 | ▲ 116% |
| Recurring financial charges65 | €17,398 | €15,787 | €22,201 | €21,246 | €45,852 | ▲ 116% |
| Debt charges650 | €17,398 | €15,787 | €22,201 | €21,246 | €45,852 | ▲ 116% |
| Profit (loss) for the period before taxes9903 | €1.2m | €1.2m | -€1.8m | €1.0m | €1.2m | ▲ 14.8% |
| Income taxes67/77 | €334,593 | €331,171 | €834 | €4,317 | €125,000 | ▲ 2,796% |
| Taxes670/3 | €334,593 | €331,171 | €834 | €4,317 | €125,000 | ▲ 2,796% |
| Profit (loss) for the period9904 | €892,954 | €865,171 | -€1.8m | €1.0m | €1.0m | ▲ 2.9% |
| Profit (loss) for the period to be appropriated9905 | €892,954 | €865,171 | -€1.8m | €1.0m | €1.0m | ▲ 2.9% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €14.6m | €17.8m | €15.6m | €17.2m | €16.4m | ▼ 4.8% |
| Fixed assets21/28 | €59,041 | €50,903 | €42,142 | €35,437 | €28,422 | ▼ 19.8% |
| Tangible fixed assets22/27 | €59,041 | €50,903 | €42,142 | €35,437 | €28,422 | ▼ 19.8% |
| Furniture and vehicles24 | €59,041 | €50,903 | €42,142 | €35,437 | €28,422 | ▼ 19.8% |
| Current assets29/58 | €14.5m | €17.7m | €15.5m | €17.2m | €16.4m | ▼ 4.8% |
| Amounts receivable after more than one year29 | - | - | - | €1.7m | €1.5m | ▼ 10.7% |
| Other amounts receivable291 | - | - | - | €1.7m | €1.5m | ▼ 10.7% |
| Stocks and contracts in progress3 | - | - | - | - | €0 | - |
| Stocks30/36 | - | - | - | - | €0 | - |
| Goods purchased for resale34 | - | - | - | - | €0 | - |
| Amounts receivable within one year40/41 | €13.5m | €16.9m | €14.5m | €14.8m | €13.4m | ▼ 8.8% |
| Trade receivables40 | €13.4m | €15.8m | €12.5m | €12.0m | €9.9m | ▼ 17.9% |
| Other amounts receivable41 | €123,250 | €1.1m | €2.0m | €2.8m | €3.6m | ▲ 30.4% |
| Cash at bank and in hand54/58 | €499,865 | €362,789 | €546,530 | €368,189 | €836,080 | ▲ 127% |
| Deferred charges and accrued income490/1 | €504,411 | €417,858 | €474,586 | €356,443 | €553,942 | ▲ 55.4% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €14.6m | €17.8m | €15.6m | €17.2m | €16.4m | ▼ 4.8% |
| Equity10/15 | €1.7m | €2.6m | €814,078 | €1.8m | €2.9m | ▲ 56.8% |
| Contributions10/11 | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Profit (loss) carried forward14 | €1.7m | €2.6m | €807,878 | €1.8m | €2.8m | ▲ 57.0% |
| Amounts payable17/49 | €12.8m | €15.2m | €14.8m | €15.4m | €13.6m | ▼ 12.1% |
| Amounts payable after more than one year17 | €35,245 | €35,245 | €35,245 | €35,245 | €35,245 | = |
| Financial debts170/4 | €35,245 | €35,245 | €35,245 | €35,245 | €35,245 | = |
| Other loans174 | €35,245 | €35,245 | €35,245 | €35,245 | €35,245 | = |
| Amounts payable within one year42/48 | €12.8m | €15.1m | €14.7m | €15.4m | €13.5m | ▼ 12.1% |
| Financial debts43 | €70,220 | €56,397 | €79,819 | €73,594 | €56,786 | ▼ 22.8% |
| Credit institutions430/8 | €70,220 | €56,397 | €79,819 | €73,594 | €56,786 | ▼ 22.8% |
| Trade debts44 | €12.1m | €14.1m | €14.2m | €15.2m | €13.2m | ▼ 13.0% |
| Suppliers440/4 | €12.1m | €14.1m | €14.2m | €15.2m | €13.2m | ▼ 13.0% |
| Taxes, remuneration and social security45 | €604,611 | €952,191 | €436,007 | €116,724 | €248,716 | ▲ 113% |
| Taxes450/3 | €536,200 | €877,452 | €342,971 | €17,216 | €143,122 | ▲ 731% |
| Remuneration and social security454/9 | €68,411 | €74,740 | €93,036 | €99,508 | €105,594 | ▲ 6.1% |
| Other amounts payable47/48 | €17,750 | €12,260 | €0 | - | €0 | - |
| Accrued charges and deferred income492/3 | €0 | - | €25,908 | €2,143 | €0 | ▼ 100% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €892,954 | €865,171 | -€1.8m | €1.0m | €1.0m | ▲ 2.9% |
| + Depreciation and write-downs630 | €8,878 | €9,172 | €9,625 | €10,015 | €11,946 | ▲ 19.3% |
| Operating cash flow (approximation) | €901,832 | €874,344 | -€1.8m | €1.0m | €1.0m | ▲ 3.0% |
| Investment in fixed assets (approximation) | - | -€1,034 | -€864 | -€3,309 | -€4,931 | ▼ 49.0% |
| Change in cash | - | -€137,075 | €183,741 | -€178,341 | €467,891 | ▲ 362% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
31-08
NBB filing
Annual accounts filed
fiscal year 2025 · full schema · 31 days late
2025
31-12
Financial
Highest result since 2018net €1.0m ▲2.9%
Net result €1.0m, the highest in the series.
31-12
Financial
Equity above €2mEq €2.9m ▲56.8%
2 profitable years in a row build equity to €2.9m.
30-08
NBB filing
Annual accounts filed
fiscal year 2024 · full schema · 30 days late
2024
31-12
Financial
Back to profitnet €1.0m
Net result €1.0m after one loss-making year.
31-12
Financial
Equity above €1mEq €1.8m ▲123%
Equity rises from €814,078 to €1.8m.
31-08
NBB filing
Annual accounts filed
fiscal year 2023 · full schema · 31 days late
2023
31-12
Financial
Weakest financial yearnet -€1.8m
Net result drops to -€1.8m, the lowest in the series; recovery starts the following year.
31-08
NBB filing
Annual accounts filed
fiscal year 2022 · full schema · 31 days late
2022
31-12
Financial
Equity above €2mEq €2.6m ▲48.8%
5 profitable years in a row build equity to €2.6m.
14-11
NBB filing
Annual accounts filed
fiscal year 2021 · full schema · 106 days late
2021
31-12
Financial
Equity above €1mEq €1.7m ▲100%
4 profitable years in a row build equity to €1.7m.
Show earlier events
30-07
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema
2020
31-12
Financial
Equity above €500,000Eq €873,320 ▲125%
3 profitable years in a row build equity to €873,320.
28-09
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema · 59 days late
2019
31-12
Financial
Equity above €200,000Eq €388,045 ▲826%
2 profitable years in a row build equity to €388,045.
30-08
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema · 30 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 5 acts read
About the unread acts
We know of 5 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
Have them read with priority
Sign in to place this company at the front of the reading queue.
Directors · office · real estate
Directors
5 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, Anderlecht · 2 establishment units since 2018
Ground area
1,036 m²
Building footprint
425 m²
Volume, LiDAR
3,698 m³
2 parcels, Brussels · tallest building 10.8 m, ±3 floors. Linked by address, not a title deed.
5
companies at this address
See who is registered here
2 establishment units
Direct Operations
since 20182.275.914.265
Direct Operations
since 20192.293.031.203
2 parcels
Brussels
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 21001A0572/00T003 | Brussels | 667 m² | 1 · 57 m² | 9.5 m · 2 fl. |
| 21001A0572/00P003 | Brussels | 369 m² | 1 · 368 m² | 10.8 m · 3 fl. |
Linked by address, not proof of ownership
Good to know
2 of 2 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Structure & network
Owners and holdings
1 ownerChain of control
- Mail America Communications INC
- DSCI
- Direct Operations
Highest known parent: Mail America Communications INC. The sources do not say who stands above it.
Owners 1
- DSCIparent100%
Holdings 0
The accounts to 31-12-2025 list no holdings, and no other source names one.
According to the 2025 annual accounts of Direct Operations and those of the other companies, the acts in the Belgian Gazette and the LEI register. 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 fill in these statements, or need not, is missing.
Connections & network
No current directors or connected companies found in the register.
Similar companies · same sector, comparable size
HAMLET GROUP
BE 0438.407.336
Balen · Eq €2.3m
PANATHENA
BE 0894.312.482
Buggenhout · Eq €4.4m
KEESING BELGIUM
BE 0400.886.350
Antwerpen · Eq €1.8m
NACHOS PRODUCTION
BE 0807.347.826
Liège · Eq €4.8m
FEDERATION BELGE DU SECTEUR DE L'EAU - BELGISCHE FEDERATIE VOOR DE WATERSECTOR
BE 0407.781.169
Brussel · Eq €1.7m
Of 718 companies in sector 58190 we hold annual accounts for 214. 66 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company
Founded15-05-2018
Fiscal year end31-12
Activities, NACEBEL 2025
58190Other publishing activities, excluding software publishing
73110Advertising agencies
70200Business and other management consultancy
73300Public relations and communication consultancy
E-invoicing
Reachable via Peppol
Peppol ID
0208:0695926203
Also
9925:BE0695926203
Registered
02-07-2025
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 28 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.