Equity
EXPECT has made a profit without a break since 2018.
EXPECT has made a profit without a break since 2018.
Eight of the last ten came late. The 2019 accounts came latest: 32 days after the end of the period.
More equity than 86% of companies in advertising and market research. Sector median €164,018 · 2,097 companies.
The dashed line is the sector median: 0.2% across 11,230 companies (NACE 73, micro).
About 2 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
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 73, micro). It does better than 62% of them on solvency, 33% on liquidity, 51% on profitability and 64% on growth.
The bankruptcy probability was computed on 09-11-2026 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).
Liquidity is insufficient, with a current ratio of 0.25 (0.43 in 2024), below 1. Short-term debt is 14.2% and cash 2% of total assets. 36.2% of the assets are financed with debt and provisions.
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.
The company filed its last 7 accounts on average 22 days after the deadline. In the sector (NACE 73), the median for financial year 2024 was 6 days before the deadline, and 36% of those companies filed late.
| Company | ||||
|---|---|---|---|---|
| EXPECT Liège | €1.9m | €228,309 | 63.8% | - |
| FINAL CONSULTING Grez-Doiceau | €1.9m | €253,606 | 8.7% | - |
| KASPAR SERVICES Antwerp | €1.7m | €238,336 | 18.6% | 0 |
| JUST START Chaumont-Gistoux | €1.6m | €253,140 | 2.5% | - |
| CIM Capital Antwerp | €2.3m | €205,684 | 75.7% | - |
| MAUHIN MANAGEMENT Dalhem | €1.9m | €313,132 | 11.3% | - |
| Amsos Boortmeerbeek | €1.5m | €205,683 | 56.2% | - |
These companies have the same main activity as EXPECT: public relations and communication consultancy (NACE 73300). They are comparable in size and age: total assets between €1.5m and €2.3m, founded between 2013 and 2016.
EXPECT files the abbreviated format. That format states no turnover. The gross margin rose from €65,862 in 2015 to €228,309 in 2025.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette.
Higher than 68% of 2,094 companies in 2025.
Higher than 9% of 2,010 companies in 2025.
Higher than 61% of 2,053 companies in 2025.
Net result: top quarter · Equity: top quarter · Balance sheet total: top quarter · Working capital: bottom quarter
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Balance sheet: assets | ||||||||||||
20/58 |
1.9m | 2.0m | 1.9m | 1.9m | 1.9m | 1.9m | 1.8m | 1.8m | 1.8m | 2.2m | 2.2m | |
21/28 |
1.8m | 1.8m | 1.8m | 1.8m | 1.8m | 1.8m | 1.8m | 1.8m | 1.8m | 2.2m | 2.2m | |
22/27 |
4,853 | 6,198 | 3,882 | 1,256 | 2,673 | 2,494 | 0 | 0 | 0 | 187 | 509 | |
23 |
0 | 932 | 1,399 | - | - | - | - | - | - | - | - | |
24 |
4,853 | 5,265 | 2,483 | 1,256 | 2,673 | 2,494 | 0 | 0 | 0 | 187 | 509 | |
26 |
- | - | - | - | - | - | - | - | - | - | 0 | |
28 |
1.8m | 1.8m | 1.8m | 1.8m | 1.8m | 1.8m | 1.8m | 1.8m | 1.8m | 2.2m | 2.2m | |
29/58 |
66,409 | 124,778 | 99,608 | 36,810 | 55,225 | 43,110 | 13,163 | 10,430 | 9,806 | 639 | 22,086 | |
40/41 |
22,235 | 96,213 | 75,416 | 22,645 | 19,179 | 20,367 | 8,811 | 9,831 | 2,870 | 31 | 20,460 | |
40 |
22,102 | 55,571 | 24,159 | 21,085 | 19,167 | 20,367 | 7,424 | 9,822 | - | - | 20,460 | |
41 |
134 | 40,642 | 51,257 | 1,560 | 12 | - | 1,387 | 9 | 2,870 | 31 | 0 | |
54/58 |
37,336 | 24,905 | 22,217 | 11,607 | 34,360 | 22,743 | 4,352 | 0 | 6,936 | - | 1,626 | |
490/1 |
6,838 | 3,661 | 1,975 | 2,558 | 1,686 | - | 0 | 599 | 0 | 608 | - | |
| Balance sheet: equity and liabilities | ||||||||||||
10/49 |
1.9m | 2.0m | 1.9m | 1.9m | 1.9m | 1.9m | 1.8m | 1.8m | 1.8m | 2.2m | 2.2m | |
10/15 |
1.2m | 1.1m | 947,677 | 787,021 | 676,668 | 591,808 | 510,830 | 385,065 | 299,969 | 583,244 | 269,721 | |
10/11 |
20,000 | 20,000 | 20,000 | 20,000 | 20,000 | 20,000 | 20,000 | 20,000 | 20,000 | 20,000 | 20,000 | |
100 |
- | - | - | - | - | - | 20,000 | 20,000 | 20,000 | 20,000 | 20,000 | |
13 |
1.2m | 52,000 | 52,000 | 52,000 | 52,000 | 2,000 | 2,000 | 2,000 | 2,000 | 2,000 | 2,000 | |
130/1 |
- | - | 2,000 | 2,000 | 2,000 | 2,000 | - | - | - | - | - | |
130 |
- | - | - | - | - | - | 2,000 | 2,000 | 2,000 | 2,000 | 2,000 | |
1311 |
- | - | 2,000 | 2,000 | 2,000 | 2,000 | - | - | - | - | - | |
133 |
1.2m | 52,000 | 50,000 | 50,000 | 50,000 | - | - | - | - | - | - | |
14 |
0 | 1.0m | 875,677 | 715,021 | 604,668 | 569,808 | 488,830 | 363,065 | 277,969 | 561,244 | 247,721 | |
17/49 |
687,530 | 884,961 | 982,813 | 1.1m | 1.2m | 1.3m | 1.3m | 1.5m | 1.5m | 1.6m | 2.0m | |
17 |
417,583 | 571,957 | 701,548 | 823,762 | 953,683 | 1.1m | 715,158 | 836,097 | 964,891 | 945,401 | 1.1m | |
170/4 |
87,766 | 251,957 | 381,548 | 508,762 | 633,683 | 744,769 | 715,158 | 836,097 | 964,891 | 945,401 | 1.1m | |
178/9 |
329,817 | 320,000 | 320,000 | 315,000 | 320,000 | 320,000 | - | - | - | - | - | |
42/48 |
269,947 | 287,339 | 281,265 | 254,283 | 254,547 | 215,802 | 614,175 | 616,268 | 571,946 | 664,607 | 820,680 | |
42 |
123,437 | 134,308 | 131,985 | 129,691 | 127,423 | 75,714 | 128,417 | 123,781 | 121,749 | 221,324 | 189,561 | |
43 |
- | - | - | - | - | - | 0 | 67 | - | 555 | - | |
430/8 |
- | - | - | - | - | - | 0 | 67 | - | 555 | - | |
44 |
13,781 | 4,913 | 3,446 | 11,159 | 13,523 | 726 | 249 | 2,839 | 6,397 | 8,440 | 826 | |
440/4 |
13,781 | 4,913 | 3,446 | 11,159 | 13,523 | 726 | 249 | 2,839 | 6,397 | 8,440 | 826 | |
46 |
- | - | - | - | - | - | 15,000 | 6,113 | 698 | 0 | 248,000 | |
45 |
126,285 | 117,669 | 129,520 | 100,155 | 94,928 | 106,693 | 111,444 | 99,137 | 34,929 | 24,653 | 10,430 | |
450/3 |
126,285 | 117,669 | 129,520 | 100,155 | 94,928 | 106,693 | 111,444 | 99,137 | 34,929 | 24,653 | 10,430 | |
454/9 |
- | - | - | - | - | - | 0 | 0 | - | 0 | 0 | |
47/48 |
6,445 | 30,450 | 16,314 | 13,278 | 18,673 | 32,668 | 359,065 | 384,331 | 408,173 | 409,634 | 371,862 | |
492/3 |
0 | 25,664 | - | - | - | 226 | - | - | 0 | 6,573 | - | |
| Income statement | ||||||||||||
70 |
- | - | - | - | - | - | 0 | 0 | - | - | - | |
9900 |
228,309 | 291,213 | 241,403 | 179,046 | 153,640 | 149,370 | 212,434 | 192,135 | 152,069 | 80,248 | 65,862 | |
60/61 |
- | - | - | - | - | - | 0 | 0 | - | - | - | |
62 |
- | - | - | - | - | - | - | - | - | - | 1,188 | |
630 |
3,935 | 1,365 | 1,498 | 1,417 | 1,111 | 467 | - | - | 187 | 602 | 509 | |
640/8 |
12,912 | 56,138 | 1,316 | 978 | 1,082 | 6,434 | 5,115 | 1,133 | 373,365 | 697 | 1,744 | |
9901 |
211,463 | 233,709 | 238,588 | 176,651 | 151,448 | 142,469 | 207,319 | 191,002 | -221,483 | 78,949 | 62,421 | |
75/76B |
1,177 | 2,848 | 0 | 0 | - | - | 35 | - | 4 | 278,000 | 249,020 | |
75 |
1,177 | 2,848 | 0 | 0 | - | - | 35 | - | 4 | 278,000 | 249,020 | |
65/66B |
21,569 | 36,158 | 16,968 | 21,537 | 24,851 | 17,137 | 23,516 | 25,511 | 40,984 | 38,262 | 61,716 | |
65 |
21,569 | 36,158 | 16,968 | 21,537 | 24,851 | 17,137 | 23,516 | 25,511 | 40,984 | 38,262 | 61,716 | |
9903 |
191,070 | 200,399 | 221,621 | 155,115 | 126,597 | 125,332 | 183,838 | 165,492 | -262,463 | 318,687 | 249,725 | |
67/77 |
53,354 | 55,060 | 60,165 | 44,762 | 41,736 | 44,354 | 58,073 | 80,396 | 20,812 | 5,163 | 4 | |
9904 |
137,716 | 145,339 | 161,456 | 110,353 | 84,861 | 80,978 | 125,765 | 85,096 | -283,275 | 313,524 | 249,721 | |
9905 |
137,716 | 145,339 | 161,456 | 110,353 | 84,861 | 80,978 | 125,765 | 85,096 | -283,275 | 313,524 | 249,721 | |
| Appropriation of the result | ||||||||||||
9906 |
1.1m | 1.0m | 876,477 | 715,021 | 654,668 | 569,808 | 488,830 | 363,065 | 277,969 | 561,244 | 249,721 | |
14P |
1.0m | 875,677 | 715,021 | 604,668 | 569,808 | - | - | - | - | - | - | |
691/2 |
1.1m | - | - | - | 50,000 | - | - | - | - | - | 2,000 | |
6920 |
- | - | - | - | - | - | - | - | - | - | 2,000 | |
6921 |
1.1m | - | - | - | 50,000 | - | - | - | - | - | - | |
694/7 |
0 | 20,000 | 800 | - | - | - | - | - | - | - | - | |
694 |
0 | 20,000 | 800 | - | - | - | - | - | - | - | - | |
| Document | ||||||||||||
The notes to these accounts have 17 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the accounts filed with the NBB.
Source: Annual accounts 2025 at the NBB, filed on 15-07-2026.
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 15-07-2026 | 2026-00300651 | |
| 31-12-2024 | micro format | 27-08-2025 | 2025-00416348 | |
| 31-12-2023 | full format | 31-08-2024 | 2024-00451570 | |
| 31-12-2022 | full format | 28-08-2023 | 2023-00409639 | |
| 31-12-2021 | full format | 22-08-2022 | 2022-20307625 | |
| 31-12-2020 | full format | 30-08-2021 | 2021-57300282 | |
| 31-12-2019 | micro format | 01-09-2020 | 2020-49300191 | |
| 31-12-2018 | full format | 15-07-2019 | 2019-32700452 | |
| 31-12-2017 | micro format | 24-08-2018 | 2018-49300392 | |
| 31-12-2016 | micro format | 28-08-2017 | 2017-53100386 | |
| 31-12-2015 | full format | 05-08-2016 | 2016-40600058 |
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 215,397 | 235,075 | 240,087 | 178,068 | 152,558 | 142,936 | - | - | -221,296 | 79,551 | 62,930 | ||
| 141,651 | 146,704 | 162,954 | 111,769 | 85,971 | 81,445 | - | - | -283,088 | 314,126 | 250,229 | ||
| 5,767 | 6,164 | 4,124 | 0 | 1,289 | 2,961 | - | 1.8m | -372,000 | 280 | 2.2m | ||
| 12,432 | 2,687 | 10,610 | -22,753 | 11,617 | 18,391 | 4,352 | -6,936 | - | - | - | ||
| -203,538 | -162,561 | -181,657 | -217,473 | -199,322 | -172,691 | -601,012 | -605,839 | -562,140 | -663,968 | -798,594 | ||
| 63.8% | 54.8% | 49.1% | 42.2% | 35.9% | 31.6% | 27.8% | 21.0% | 16.3% | 26.5% | 12.1% | ||
| 0.25 | 0.43 | 0.35 | 0.14 | 0.22 | 0.20 | 0.02 | 0.02 | 0.02 | 0.00 | 0.03 | ||
| 0.57 | 0.82 | 1.04 | 1.37 | 1.79 | 2.16 | 2.60 | 3.77 | 5.12 | 2.77 | 7.24 | ||
| 11.4% | 13.5% | 17.0% | 14.0% | 12.5% | 13.7% | 24.6% | 22.1% | -94.4% | 53.8% | 92.6% | ||
| 7.3% | 7.4% | 8.4% | 5.9% | 4.5% | 4.3% | 6.8% | 4.6% | -15.4% | 14.3% | 11.2% | ||
| 9.99 | 6.50 | 14.15 | 8.27 | 6.14 | - | - | - | - | - | - |
EBIT margin: not included in this filing.
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.
| Item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Debts secured on the company's own assets | €211,204 | - | €468,533 | - | - |
| Pledge on other assets, amount secured | - | - | - | - | €638,478 |
| Carrying value of the other pledged assets | €1.8m | - | €1.8m | - | €1.8m |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
| Item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Tangible fixed assets | €5,767 | €6,164 | €4,124 | - | €1,289 |
| Financial fixed assets | €0 | - | - | - | - |
| €3,935 | €1,365 | €1,498 | €1,417 | €1,111 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
The operating result for 2025 is 10% lower than in 2024 and the lowest since 2022. It is the second fall in a row.
Debt's share of the balance-sheet total falls from 45.2% to 36.2%. Equity is higher and debt is lower.
Source: list of holdings in its own 2025 accounts. Every holding stands with its own latest accounts.
| LIBERTY LIEGE - DUDELANGE (BE)
establishment since 30-01-2019 · founded in 2018 |
631 FTE (2022) 0696.948.760 |
| ArcelorMittal Tailored Blanks Liège
registered office since 14-06-1996 · founded in 1974 · group ARCELORMITTAL HOLDING AND SERVICES BELGIUM |
52 FTE (2025) 0414.297.391 |
| 123CDI
registered office since 14-02-2014 · founded in 2014 |
55 FTE (2025) 0544.978.266 |
| ADVANCED COATING
registered office since 04-07-1996 · founded in 1996 |
14 FTE (2025) 0458.085.072 |
| ALTRA
registered office since 05-02-1988 · founded in 1987 |
8.9 FTE (2025) 0432.648.110 |
| 123INTERIM
registered office since 05-05-2023 · founded in 2023 |
22 FTE (2025) 0801.478.732 |
| GMT COATINGS
registered office since 08-11-2019 · founded in 2019 |
total assets €1.9m (2025) 0737.546.923 |
| 123CDI Logistics
registered office since 01-01-2021 · founded in 2020 |
3.7 FTE (2025) 0751.577.477 |
| NEUROMEDIA SOFTWARE
registered office since 15-09-2014 · founded in 2014 |
total assets €362,019 (2025) 0559.797.886 |
| ACéVi Industrie
registered office since 15-10-2010 · founded in 2010 |
total assets €84,839 (2025) 0830.302.083 |
The board mandates are listed under Board mandates elsewhere. The network lets you explore the same ties.
Deadline for the 2026 accounts: 31-07-2027
Financial milestones sit on the financial year-end date, not the filing date.
Sources: Publications in the Belgian Official GazetteFilings with the National Bank
| Establishment | Since | Unit number |
|---|---|---|
| EXPECT SPRLU registered office Rue de l'Avouerie 7, 4000 Liège | 13-06-2014 | 2.233.155.972 |
| Cadastral parcel | Area | Buildings | Height / floors |
|---|---|---|---|
| 62078A0161/00R012 | 2,411 m² | 1 · 596 m² | 10.9 m · 3 |
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