Financials
- Financial year
- 2025
- Turnover
- €21.0m
- Loss
- -€2.0m
- Solvency
- 22.8%
Turnover▼ 4.1%
Net result
20182025
EPAM SYSTEMS.BE
ActiveSummary
The annual accounts of EPAM SYSTEMS.BE for financial year 2025 show a net loss of 73% of the equity at the start of that year. The 2025 annual accounts show equity of €5.4m and a net result of -€2.0m. Equity remains stable across the filed financial years (±0.7% per year). Its solvency ranks better than 24% of 3,800 sector peers (NACE 70, financial year 2025). The company has been active since 1998 and the Belgian Official Gazette contains no insolvency or warning signals. The computed 12-month bankruptcy probability is 0.2% (very low).
Overview
Activity
Business and other management consultancy
NACE 70200
Largest employer in Watermaal-Bosvoorde, Professional and technical services sector2 sites
Size
€21.0mturnover 2025
- Staff
- 91.1 FTE
- Equity
- €5.4m
- Loss
- -€2.0m
Equity +94%: merger
Structure
- Parent
- EPAM Systems Belgium
- Frédéric DesonnayDirector
Auditor: FORVIS MAZARS REVISEURS D'ENTREPRISES SRLAccounts 31 days early8 of 45 deeds read
Why 55raises riskCapped at 59: a net loss of at least half of total assets or of the equity at the start of the financial yearLoss of €2.0m, the second in a row (financial year 2025)Equity €5.4m (22.8% of total assets)lowers riskLiquidity: current ratio 1.30, cash €9.2mSector: Activities of head offices; management consultancy activities (NACE 70)Show the evidence
Checked score
Score 2025
55
/ 100
Fair
Probability in this band: 1.5% to 4.2%
Financially better than 43% of its sector peers (NACE 70, medium-sized)
A net loss of at least half of total assets or of the equity at the start of the financial year caps the score at 59. Every signal that counts is listed under Signals.
Financial strength · tick = 2024
Weak
Solvency
48=
equity 22.8% of total assets
Liquidity
61-1
short-term debt 69.6% · cash 39.0%
Profitability
5+2
return on assets -8.5%
Bankruptcy probability, 12 months
0.2%
Very low
0%0.5%1.5%4%10%≥ 25%
About 2 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
Last 24 months
11-2024: 1.3%highest value
12-2024: 1.3%● unchanged vs 11-2024highest value
01-2025: 1.3%● unchanged vs 12-2024highest value
02-2025: 1.2%▼ -0.1 percentage points vs 01-2025
03-2025: 1.2%● unchanged vs 02-2025
04-2025: 1.2%● unchanged vs 03-2025
05-2025: 0.8%▼ -0.4 percentage points vs 04-2025
06-2025: 0.8%● unchanged vs 05-2025
07-2025: 0.2%▼ -0.6 percentage points vs 06-2025
08-2025: 0.2%● unchanged vs 07-2025
09-2025: 0.2%● unchanged vs 08-2025
10-2025: 0.2%● unchanged vs 09-2025
11-2025: 0.2%● unchanged vs 10-2025
12-2025: 0.2%● unchanged vs 11-2025
01-2026: 0.2%● unchanged vs 12-2025
02-2026: 0.3%▲ +0.1 percentage points vs 01-2026
03-2026: 0.3%● unchanged vs 02-2026
04-2026: 0.3%● unchanged vs 03-2026
05-2026: 0.3%● unchanged vs 04-2026
06-2026: 0.3%● unchanged vs 05-2026
07-2026: 0.2%▼ -0.1 percentage points vs 06-2026lowest value
08-2026: 0.2%● unchanged vs 07-2026lowest value
09-2026: 0.2%● unchanged vs 08-2026lowest value
10-2026: 0.2%● unchanged vs 09-2026
Credit of up to €290,000 on 30-day terms, only on tighter conditions
Net loss of at least half of total assets or of the equity at the start of the financial year.
Liquidity tight (current ratio 1.3, compared with 1.14 in 2024, below the usual 1.5; short-term debt: 69.6% and cash: 39% of total assets), and 77.2% of the assets are financed with debt and provisions.
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 70, medium-sized): better than 20% on solvency, 88% on liquidity, 2% on profitability and 62% on growth.
The bankruptcy probability was computed on 13-10-2026 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
Six signals.
lowers riskraises riskneutral
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 24% of 3800 sector peers (2025).
NBB · sector comparisonPosition among 3800 sector peers
Solvency
better than 24%
← weakest
strongest →
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 30-06-2026, 31 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
31 days early
2024
57 days early
2023
21 days early
2022
32 days early
2021
48 days early
2020
59 days early
2019
32 days early
← 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 40 days before the deadline; the sector median (NACE 70) for financial year 2024 is 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 29 June (5 of the last 5 filed years within 30 days of that day).
Companies Code · seven monthsWhere today falls in the filing period
14-10-2026 today31-12-2026 year end31-07-2027 deadline
- Reappointment: Forvis Mazars Réviseurs d'Entreprises SRL…Gazette deed
- Annual accounts filedfinancial year 2025 · full…
- Reappointment: Frédéric Desonnay (director)Gazette deed
Key points
- Risk: 4 loss-making years in a rowloss financial year 2025 -€2.0m View
- Caution: Among the weakest 5% on net resultsector median €55,142 · 3,799 companies -€2.0m View
- Equity rose in 2025merger with EPAM Systems Belgium B.V. ▲ 94.4% View
- 2 restructurings since 2025latest: merger with THE REFERENCE 2 View
- Positive: Filed on time since financial year 2018accounts within the deadline every year 8 years View
- Controlled by EPAM Systems Belgiumknown shareholders 100% parent View
By topic
Board & ownership
- Board
- 1 member
- Parent
- EPAM Systems Belgium
- Known shareholders
- 100%
- Auditor
- FORVIS MAZARS REVISEURS D'ENTREPRISES…
- Frédéric DesonnayDirector
Network & group
- Group
- EPAM SYSTEMS, INC.
- Mergers and asset contributions
- 2
Timeline
- Events
- 41
- Since
- 1999
- Next accounts
- by 31-07-2027
- 22-04-2026Amendment of the articles · Name
- 22-04-2026Amendment of the articles
- 20-01-2026Resignations & appointments · Restructuring
Company details
- Sites
- 2
- Legal form
- Private limited company
- Activity
- Business and other management consultancyNACE 70200
- Founded
- 02-06-1998
- Year ends
- 31-12
- Peppol
- Reachable for e-invoices
Articles of association
- Provisions read
- 30
- Who signs
- Each director alone
- Annual meeting
- First Tuesday of June at 18:00
- Purpose
- “Toutes activités liées au métier d’agence de communication digitale et intégrée au moyen…” (deed in French)
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