Downstream
ActiveSummary
Downstream has been active since 2019 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €115,183 and a net result of €38,579. Equity is growing by about 27% per year across the filed financial years. Its solvency ranks better than 94% of 4,102 sector peers (NACE 69, financial year 2025). The computed 12-month bankruptcy probability is below 0.1% (very low).
Overview
- Equity
- €115,183
- Profit
- €38,579
- Holdings
- 1
Why 98lowers riskSector: Legal and accounting activities (NACE 69)Liquidity: current ratio 11.47, cash €47,211Equity €115,183 (93.7% of total assets)Figures for financial year 2025 (filed 13-07-2026)Show the evidence
Checked score
Fewer than 1 in 1,000 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 69, micro): better than 87% on solvency, 93% on liquidity, 82% on profitability and 80% on growth.
The bankruptcy probability was computed on 24-10-2026 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 6 accounts on average 6 days after the deadline; the sector median (NACE 69) for financial year 2024 is 9 days before the deadline, and 32% of those companies filed late.
Searched, nothing found (2)
- Annual accounts filedfinancial year 2025 · abbreviated…
- Highest result from 2020 to 2025net €38,579 ▲8.6%
- Equity above €100,000equity €115,183 ▲50.4%
Financials · financial year 2025, abbreviated format
2021 to 2025, 5 financial years 2020 to 2025, 6 financial years
After the dip in 2023 the operating result has climbed two years in a row; 2025 is 5.1 times 2024 and is the highest result in the available series.
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.
Use the arrow keys on the chart for the figures per year.
Sector: the middle half of NACE 69, Legal and accounting 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).
Peer companies
Historical observationOf the 26,974 companies that looked in July 2024 the way this one looks now, 1.6% went bankrupt within 24 months and 94.9% are still going.
- Micro
- 5 to 10 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
A further 0.1% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a lower bankruptcy probability: < 0.1% 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 497,475 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 26,974 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 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €1,460 | €786 | €5,563 | €5,594 | €5,675 | €5,687 | ▲ 0.2% |
| Other operating charges640/8 | - | €100 | €1,069 | €1,024 | €1,098 | €906 | ▼ 17.5% |
| Gross operating margin9900 | €8,498 | €13,273 | €14,220 | €14,100 | €16,087 | €54,273 | ▲ 237% |
| Operating profit (loss)9901 | €7,038 | €12,387 | €7,588 | €7,482 | €9,313 | €47,680 | ▲ 412% |
| Financial income75/76B | - | €14,880 | €19,840 | €22,320 | €30,008 | €4,234 | ▼ 85.9% |
| Recurring financial income75 | €9,920 | €14,880 | €19,840 | €22,320 | €30,008 | €4,234 | ▼ 85.9% |
| Financial charges65/66B | - | €63 | €42 | €37 | €42 | €46 | ▲ 10.3% |
| Recurring financial charges65 | €47 | €63 | €42 | €37 | €42 | €46 | ▲ 10.3% |
| Profit (loss) for the period before taxes9903 | €16,911 | €27,205 | €27,386 | €29,764 | €39,279 | €51,868 | ▲ 32.1% |
| Income taxes67/77 | €3,128 | €5,439 | €2,524 | €3,333 | €3,768 | €13,289 | ▲ 253% |
| Profit (loss) for the period9904 | €13,783 | €21,766 | €24,862 | €26,431 | €35,511 | €38,579 | ▲ 8.6% |
| Profit (loss) for the period to be appropriated9905 | €13,783 | €21,766 | €24,862 | €26,431 | €35,511 | €38,579 | ▲ 8.6% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Assets | |||||||
| Total assets20/58 | €48,056 | €69,643 | €84,752 | €99,941 | €84,184 | €122,894 | ▲ 46.0% |
| Fixed assets21/28 | €31,459 | €30,673 | €50,248 | €44,654 | €40,121 | €34,434 | ▼ 14.2% |
| Tangible fixed assets22/27 | €2,939 | €2,153 | €21,728 | €16,134 | €11,371 | €5,684 | ▼ 50.0% |
| Furniture and vehicles24 | - | €2,153 | €21,728 | €16,134 | €11,371 | €5,684 | ▼ 50.0% |
| Financial fixed assets28 | €28,520 | €28,520 | €28,520 | €28,520 | €28,750 | €28,750 | = |
| Current assets29/58 | €16,597 | €38,969 | €34,504 | €55,287 | €44,064 | €88,460 | ▲ 101% |
| Amounts receivable within one year40/41 | €4,406 | €5,048 | €6,370 | €1,450 | €12,755 | €41,249 | ▲ 223% |
| Trade receivables40 | - | €5,048 | €6,369 | €1,040 | €12,345 | €19,763 | ▲ 60.1% |
| Other amounts receivable41 | - | - | €1 | €410 | €410 | €21,485 | ▲ 52× |
| Cash at bank and in hand54/58 | €12,191 | €33,921 | €28,135 | €53,837 | €31,309 | €47,211 | ▲ 50.8% |
| Equity and liabilities | |||||||
| Total equity and liabilities10/49 | €48,056 | €69,643 | €84,752 | €99,941 | €84,184 | €122,894 | ▲ 46.0% |
| Equity10/15 | €18,783 | €39,799 | €64,661 | €91,092 | €76,603 | €115,183 | ▲ 50.4% |
| Contributions10/11 | - | €5,000 | €5,000 | €5,000 | €5,000 | €5,000 | = |
| Reserves13 | €13,783 | €34,799 | €59,661 | €86,092 | €69,799 | €109,799 | ▲ 57.3% |
| Distributable reserves133 | - | €34,799 | €59,661 | €86,092 | €69,799 | €109,799 | ▲ 57.3% |
| Profit (loss) carried forward14 | - | €0 | €0 | - | €1,805 | €384 | ▼ 78.7% |
| Amounts payable17/49 | €29,273 | €29,844 | €20,091 | €8,849 | €7,581 | €7,711 | ▲ 1.7% |
| Amounts payable after more than one year17 | €17,112 | €11,408 | €0 | - | - | - | - |
| Financial debts170/4 | - | €11,408 | €0 | - | - | - | - |
| Amounts payable within one year42/48 | €12,161 | €18,436 | €20,091 | €8,849 | €7,581 | €7,711 | ▲ 1.7% |
| Trade debts44 | €109 | €230 | €2,040 | €1,832 | €1,238 | €1,257 | ▲ 1.5% |
| Suppliers440/4 | - | €230 | €2,040 | €1,832 | €1,238 | €1,257 | ▲ 1.5% |
| Taxes, remuneration and social security45 | - | €12,349 | €12,346 | €6,958 | €6,326 | €6,445 | ▲ 1.9% |
| Taxes450/3 | - | €12,349 | €12,346 | €6,958 | €6,326 | €6,445 | ▲ 1.9% |
| Other amounts payable47/48 | - | €5,857 | €5,704 | €59 | €17 | €8 | ▼ 50.6% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €13,783 | €21,766 | €24,862 | €26,431 | €35,511 | €38,579 | ▲ 8.6% |
| + Depreciation and write-downs630 | €1,460 | €786 | €5,563 | €5,594 | €5,675 | €5,687 | ▲ 0.2% |
| Operating cash flow (approximation) | €15,243 | €22,552 | €30,426 | €32,025 | €41,186 | €44,266 | ▲ 7.5% |
| Investment in fixed assets (approximation) | - | -€0 | -€25,138 | €0 | -€1,143 | €0 | - |
| Change in cash | - | €21,730 | -€5,787 | €25,703 | -€22,529 | €15,903 | - |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Filings with the National Bank (6)
| Financial year | Type | Filed | Reference |
|---|---|---|---|
| 31-12-2025 | abbreviated format | 13-07-2026 | 2026-00285607 |
| 31-12-2024 | full format | 30-07-2025 | 2025-00331483 |
| 31-12-2023 | full format | 31-08-2024 | 2024-00426285 |
| 31-12-2022 | full format | 28-08-2023 | 2023-00360966 |
| 31-12-2021 | full format | 27-06-2022 | 2022-20095315 |
| 31-12-2020 | full format | 30-08-2021 | 2021-57900271 |
Similar companies · same sector, comparable size
Public contracts: No European public contracts awarded found since October 2016. Contracts below the EU thresholds are not in TED.
Directors
Owners and capital
Capital and shareholders
- 15-07-2024 Capital stated in the deed · 50 shares
Group and network
Holdings and subsidiaries
1 holdingHoldings 1
-
25%
According to the 2025 annual accounts of Downstream and those of the other companies, 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.
Connections & network
No sitting directors or connected companies in the Gazette act read.
History
Acts, filings and financial milestones
15-07
Gazette deed
Registered office · PurposeCapital · Registered-office move · Power of attorney8 facts ▸
- Capital
- General meeting, “adoption deuxieme résolution nouveaux statuts, unanimité” (deed in French)
- Registered-office move, 4650 Chaineux, rue de Verviers 107
- Power of attorney
- Power of attorney, Anne-Catherine GOBLET
- General meeting, “assemblée générale extraordinaire, unanimité” (deed in French)
- Other provision, “organe d'administration, rapport préalable modification objet” (deed in French)
- Amendment of the articles
Register details
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 24 October 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.
Environmental permits: No permit applications found in Flanders. Brussels and Wallonia do not publish the applicant.
Sites & property
1 establishment unit
1 parcel
| Cadastral parcel | Region | Area | Buildings | Height / floors |
|---|---|---|---|---|
| 63014A0330/00F000 | Wallonia | 869 m² | 1 · 164 m² | 15.5 m · 2 |
How the parcels are linked
Articles of association
What the company does
- PurposeThe activities the company may carry out under its articles.
- “1. l'organisation de la comptabilité et des services comptables et les activités de conseil en matière d'organisation comptable des…” (deed in French)
12 activities (deed in French)
- 1. l'organisation de la comptabilité et des services comptables et les activités de conseil en matière d'organisation comptable des entreprises;
- 2. la détermination des résultats et l'établissement des comptes annuels conformément aux dispositions légales en la matière;
- 3. l'ouverture, la tenue, la centralisation et la clôture des écritures comptables propres à l'établissement des comptes;
- 4. la vérification et le redressement de tous les documents comptables qui ne conduisent pas à une attestation ou un rapport d'expertise destinés à être remis à des tiers;
- 5. l'analyse par les procédés de la technique comptable de la situation et du fonctionnement des entreprises du point de vue de leur crédit, de leur rendement et de leurs risques qui ne conduit pas à une attestation ou un rapport d'expertise destinés à être remis à des tiers;
- 6. l'expertise, tant privée que judiciaire, dans le domaine de la comptabilité des entreprises;
- 7. toute mission visée aux 4° à 6° exercée par un expert-comptable certifié autre que le professionnel habituel qui conduit à une attestation ou un rapport d'expertise destinés à être remis à des tiers;
- 8. les autres missions dont l'accomplissement est réservé par la loi ou en vertu de la loi à l'expert-comptable certifié;
- 9. la délivrance d'avis se rapportant à toutes matières fiscales;
- 10. l'assistance du contribuable dans l'accomplissement de ses obligations fiscales;
- 11. la représentation du contribuable auprès de l'administration fiscale;
- 12. l'organisation des services administratifs et le conseil sur l'organisation administrative des entreprises.
- Name clauseThe name the company operates under according to its articles.
- DOWNSTREAM
- Registered office clauseThe region of the registered office; it decides among other things the language of official documents.
- “Région wallonne, sièges administratifs,agences,ateliers,dépôts et succursales en Belgique et à l’étranger par simple décision organe…” (deed in French)
Who represents it, and how
- Board ruleHow the board is made up, meets and takes decisions.
- “Organe d'administration, assemblée qui nomme fixe nombre,durée et pouvoirs en cas de pluralité” (deed in French)1 more provision on this in the deed
Capital, shares and profit
- Kind of sharesWhich classes of shares exist and what rights each class carries.
- One provision in the deed
- Transfer restrictionWhether shareholders may sell their shares freely or need approval first.
- One provision in the deed
Meetings and financial year
- Annual meetingWhen the shareholders meet each year, among other things to approve the annual accounts.
- Last Friday of May at 15:00
Oversight and winding up
- Dissolution ruleWhen and by whom the company can be dissolved.
- “Formes prévues pour modifications aux statuts, à tout temps par décision assemblée générale” (deed in French)
- Liquidation ruleHow assets are shared after dissolution: creditors first, then shareholders.
- One provision in the deed