Equity
EXPLODEP has made a profit in every financial year since 2014.
EXPLODEP has made a profit in every financial year since 2014.
The accounts state no turnover.
Higher solvency than 94% of companies in head offices and management consultancy. Sector median 52.4% · 10,847 companies.
The dashed line is the sector median: 0.1% across 48,555 companies (NACE 70, micro).
Fewer than 1 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 70, micro). It does better than 86% of them on solvency, 38% on liquidity, 50% on profitability and 52% on growth.
The bankruptcy probability was computed on 06-11-2026 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).
In July 2024, 17,811 companies had the same profile as EXPLODEP has now. Each dot stands for 45 companies, two years later.
That fits the bankruptcy probability of EXPLODEP itself: < 0.1% within 12 months.
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.
| 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 17,811 companies, not a prediction for EXPLODEP. 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.
Liquidity is ample, with a current ratio of 25.55 (39.12 in 2024), above the usual 1.5. Short-term debt is 3.2% and cash 0.7% of total assets. 3.2% 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 18 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.
| Company | ||||
|---|---|---|---|---|
| EXPLODEP Vilvoorde | €1.2m | €205,748 | 96.8% | - |
| SOUTH GROUP Zaventem | €1.2m | €199,146 | 45.4% | - |
| CONSULT & CONSTRUCT Asse | €1.3m | €195,023 | 80.6% | 0 |
| P-CORPORATION Wemmel | €1.4m | €200,753 | 79.6% | 0 |
| YK Advies Tienen | €1.1m | €242,778 | 49.4% | - |
| JBEL Consult Holsbeek | €1.2m | €245,700 | 95.2% | 0 |
| MANAGEMENT CAROLINE VANDECASTEELE Leuven | €1.2m | €168,100 | 56.8% | 0.7 |
These companies have the same main activity as EXPLODEP: business and other management consultancy (NACE 70200). They are comparable in size and age: total assets between €1.1m and €1.4m, founded between 2012 and 2013.
EXPLODEP files the abbreviated format. That format states no turnover. The gross margin rose from €61,286 in 2014 to €205,748 in 2025.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette.
Turnover and EBIT margin are not published. The abbreviated or micro format does not require them. The turnover shown is an estimate from the gross margin.
Turnover ≈ €330,000. Estimated: probably between €270,000 and €430,000.
Higher than 94% of 10,847 companies in 2025.
Higher than 95% of 10,470 companies in 2025.
Higher than 68% of 10,717 companies in 2025.
Net result: top quarter · Equity: middle half · Balance sheet total: middle half · Working capital: top quarter
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Balance sheet: assets | |||||||||||||
20/58 |
1.2m | 1.1m | 1.1m | 1.0m | 514,338 | 415,694 | 320,456 | 284,236 | 201,641 | 156,729 | 143,437 | 145,581 | |
20 |
- | - | - | - | - | - | - | - | 37 | 261 | 485 | 709 | |
21/28 |
210,742 | 239,883 | 269,375 | 133,672 | 133,672 | 133,672 | 133,672 | 133,672 | 133,850 | 133,850 | 134,335 | 134,559 | |
22/27 |
77,070 | 106,212 | 135,704 | - | - | - | - | - | - | - | - | - | |
24 |
75,511 | 104,492 | 133,474 | - | - | - | - | - | - | - | - | - | |
26 |
1,559 | 1,719 | 2,230 | - | - | - | - | - | - | - | - | - | |
28 |
133,672 | 133,672 | 133,672 | 133,672 | 133,672 | 133,672 | 133,672 | 133,672 | 133,850 | 133,850 | 133,850 | 133,850 | |
29/58 |
973,846 | 866,264 | 835,305 | 875,132 | 380,666 | 282,023 | 186,784 | 150,564 | 67,754 | 22,617 | 9,102 | 11,022 | |
40/41 |
17,594 | 9,288 | 15,409 | 5,718 | - | 0 | 25 | 200 | - | 3,366 | 2,586 | - | |
40 |
- | 0 | 1,040 | - | - | - | - | - | - | - | - | - | |
41 |
17,594 | 9,288 | 14,369 | 5,718 | - | 0 | 25 | 200 | - | 3,366 | 2,586 | - | |
50/53 |
937,484 | 840,067 | 752,280 | - | - | - | - | - | - | - | - | - | |
54/58 |
8,663 | 7,849 | 53,669 | 849,066 | 380,666 | 282,023 | 186,759 | 150,364 | 67,754 | 19,251 | 6,516 | 11,022 | |
490/1 |
10,104 | 9,061 | 13,948 | 20,348 | - | - | - | - | - | - | - | - | |
| Balance sheet: equity and liabilities | |||||||||||||
10/49 |
1.2m | 1.1m | 1.1m | 1.0m | 514,338 | 415,694 | 320,456 | 284,236 | 201,641 | 156,729 | 143,437 | 145,581 | |
10/15 |
1.1m | 1.1m | 1.0m | 950,495 | 495,057 | 392,718 | 297,715 | 228,571 | 149,739 | 101,516 | 78,483 | 57,077 | |
10/11 |
20,000 | 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 | 20,000 | |
13 |
1.1m | 989,953 | 941,242 | 854,810 | 398,571 | 295,432 | 199,617 | 129,673 | 50,223 | 2,000 | 2,000 | 1,854 | |
130/1 |
- | - | - | 0 | 2,000 | 2,000 | - | - | - | - | - | - | |
130 |
- | - | - | - | - | - | 2,000 | 2,000 | 2,000 | 2,000 | 2,000 | 1,854 | |
1311 |
- | - | - | 0 | 2,000 | 2,000 | - | - | - | - | - | - | |
133 |
1.1m | 989,953 | 941,242 | 854,810 | 396,571 | 293,432 | 197,617 | 127,673 | 48,223 | - | - | - | |
14 |
73,220 | 74,053 | 74,886 | 75,686 | 76,486 | 77,286 | 78,098 | 78,898 | 79,516 | 79,516 | 56,483 | 35,223 | |
17/49 |
38,117 | 22,142 | 68,552 | 58,308 | 19,280 | 22,977 | 22,741 | 55,665 | 51,902 | 55,212 | 64,954 | 88,505 | |
17 |
- | - | - | - | - | - | 0 | 8,232 | 16,298 | 24,202 | 33,949 | 52,625 | |
170/4 |
- | - | - | - | - | - | 0 | 8,232 | 16,298 | 24,202 | 33,949 | 52,625 | |
42/48 |
38,117 | 22,142 | 68,552 | 58,308 | 16,008 | 22,977 | 22,741 | 47,433 | 35,603 | 31,010 | 31,005 | 35,880 | |
42 |
- | - | - | - | - | 0 | 8,232 | 8,066 | 7,904 | 12,068 | 18,675 | 18,030 | |
43 |
- | - | - | - | 0 | 11,702 | 8,361 | 2,510 | - | - | - | - | |
430/8 |
- | - | - | - | 0 | 11,702 | 8,361 | 2,510 | - | - | - | - | |
44 |
1,581 | 527 | 1,023 | 0 | 182 | 1,450 | 2,114 | 1,430 | 1,400 | 1,736 | 1,150 | 1,000 | |
440/4 |
1,581 | 527 | 1,023 | 0 | 182 | 1,450 | 2,114 | 1,430 | 1,400 | 1,736 | 1,150 | 1,000 | |
45 |
34,741 | 21,372 | 67,287 | 58,283 | 15,801 | 9,800 | 4,034 | 35,426 | 26,299 | 17,207 | 11,180 | 16,850 | |
450/3 |
34,741 | 21,372 | 67,287 | 58,283 | 15,801 | 9,800 | 4,034 | 35,426 | 26,299 | 17,207 | 9,380 | 16,850 | |
454/9 |
- | - | - | - | - | - | - | - | - | - | 1,800 | - | |
47/48 |
1,796 | 242 | 242 | 25 | 25 | 25 | - | - | - | - | - | - | |
492/3 |
- | - | - | 0 | 3,273 | - | - | - | - | - | - | - | |
| Income statement | |||||||||||||
9900 |
205,748 | 200,976 | 203,337 | 197,181 | 145,351 | 134,983 | 97,949 | 112,927 | 77,590 | 36,709 | 31,812 | 61,286 | |
630 |
29,540 | 29,492 | 11,757 | - | - | - | 0 | 37 | 224 | 224 | 224 | 411 | |
640/8 |
1,135 | 1,093 | 509 | 473 | 473 | 473 | 598 | 473 | 473 | 348 | - | - | |
9901 |
175,072 | 170,391 | 191,071 | 196,709 | 144,878 | 134,510 | 97,352 | 112,417 | 76,894 | 36,137 | 31,588 | 60,875 | |
75/76B |
14,804 | 11,758 | 757 | 349,533 | - | 0 | 0 | 22 | - | - | 3 | 4 | |
75 |
14,804 | 11,758 | 757 | 349,533 | - | 0 | 0 | 22 | - | - | 3 | 4 | |
65/66B |
176 | 160 | 130 | 98 | 53 | 370 | 481 | 599 | 724 | 4,460 | 2,304 | 8,572 | |
65 |
176 | 160 | 130 | 98 | 53 | 370 | 481 | 599 | 724 | 4,460 | 2,304 | 8,572 | |
9903 |
189,700 | 181,989 | 191,698 | 546,144 | 144,825 | 134,141 | 96,871 | 111,840 | 76,169 | 31,677 | 29,287 | 52,308 | |
67/77 |
56,459 | 53,829 | 57,042 | 89,906 | 41,686 | 38,326 | 26,927 | 32,368 | 27,946 | 8,644 | 7,880 | 15,231 | |
9904 |
133,241 | 128,160 | 134,656 | 456,238 | 103,140 | 95,815 | 69,944 | 79,472 | 48,223 | 23,033 | 21,406 | 37,077 | |
9905 |
133,241 | 128,160 | 134,656 | 456,238 | 103,140 | 95,815 | 69,944 | 79,472 | 48,223 | 23,033 | 21,406 | 37,077 | |
| Appropriation of the result | |||||||||||||
9906 |
207,294 | 203,046 | 210,342 | 532,724 | 180,426 | 173,913 | 148,842 | 158,988 | 127,739 | 79,516 | 56,629 | 37,077 | |
14P |
74,053 | 74,886 | 75,686 | 76,486 | 77,286 | - | - | - | - | - | - | - | |
791/2 |
69,944 | 79,450 | 48,223 | - | - | - | - | - | - | - | - | - | |
691/2 |
133,241 | 128,160 | 134,656 | 456,238 | 103,140 | 95,815 | 69,944 | 79,450 | 48,223 | - | 146 | 1,854 | |
6920 |
- | - | - | - | - | - | - | - | - | - | 146 | 1,854 | |
6921 |
133,241 | 128,160 | 134,656 | 456,238 | 103,140 | 95,815 | 69,944 | 79,450 | 48,223 | - | - | - | |
694/7 |
70,777 | 80,283 | 49,023 | 800 | 800 | 812 | 800 | 640 | - | - | - | - | |
694 |
70,777 | 80,283 | 49,023 | 800 | 800 | 812 | 800 | 640 | - | - | - | - | |
| Document | |||||||||||||
The notes to these accounts have 10 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 26-06-2026.
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 26-06-2026 | 2026-00202329 | |
| 31-12-2024 | abbreviated format | 26-06-2025 | 2025-00179338 | |
| 31-12-2023 | abbreviated format | 25-06-2024 | 2024-00157221 | |
| 31-12-2022 | micro format | 26-06-2023 | 2023-00155576 | |
| 31-12-2021 | abbreviated format | 04-07-2022 | 2022-20131833 | |
| 31-12-2020 | abbreviated format | 02-08-2021 | 2021-44800324 | |
| 31-12-2019 | abbreviated format | 08-09-2020 | 2020-52100188 | |
| 31-12-2018 | abbreviated format | 24-06-2019 | 2019-23200010 | |
| 31-12-2017 | abbreviated format | 18-06-2018 | 2018-21100184 | |
| 31-12-2016 | abbreviated format | 19-06-2017 | 2017-19000390 | |
| 31-12-2015 | abbreviated format | 20-06-2016 | 2016-20500171 | |
| 31-12-2014 | abbreviated format | 01-07-2015 | 2015-25500025 |
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 204,612 | 199,883 | 202,828 | - | - | - | 97,352 | 112,454 | 77,118 | 36,361 | 31,812 | 61,286 | ||
| 162,782 | 157,652 | 146,413 | - | - | - | 69,944 | 79,509 | 48,447 | 23,257 | 21,630 | 37,487 | ||
| 399 | 0 | 147,461 | 0 | - | 0 | 0 | -141 | 224 | -261 | 0 | 133,850 | ||
| 814 | -45,819 | -795,397 | 468,400 | 98,643 | 95,263 | 36,395 | 82,611 | 48,502 | 12,735 | -4,505 | - | ||
| 935,728 | 844,122 | 766,753 | 816,824 | 364,658 | 259,046 | 164,043 | 103,131 | 32,150 | -8,393 | -21,903 | -24,858 | ||
| 96.8% | 98.0% | 93.8% | 94.2% | 96.3% | 94.5% | 92.9% | 80.4% | 74.3% | 64.8% | 54.7% | 39.2% | ||
| 25.55 | 39.12 | 12.18 | 15.01 | 23.78 | 12.27 | 8.21 | 3.17 | 1.90 | 0.73 | 0.29 | 0.31 | ||
| 0.03 | 0.02 | 0.07 | 0.06 | 0.04 | 0.06 | 0.08 | 0.24 | 0.35 | 0.54 | 0.83 | 1.55 | ||
| 11.6% | 11.8% | 13.0% | 48.0% | 20.8% | 24.4% | 23.5% | 34.8% | 32.2% | 22.7% | 27.3% | 65.0% | ||
| 11.2% | 11.6% | 12.2% | 45.2% | 20.1% | 23.0% | 21.8% | 28.0% | 23.9% | 14.7% | 14.9% | 25.5% | ||
| over 100 | over 100 | over 100 | - | - | - | - | - | - | - | - | - |
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 |
|---|---|---|---|---|---|
| Tangible fixed assets | €399 | - | €147,461 | - | - |
| Financial fixed assets | - | - | - | €0 | - |
| €29,540 | €29,492 | €11,757 | - | - |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
The operating result for 2025 is 3% higher than in 2024. It is a recovery after the fall in 2024.
Debt's share of the balance-sheet total rises from 2.0% to 3.2%. Equity and debt are higher.
Source: list of holdings in its own 2025 accounts. Every holding stands with its own latest accounts.
| BELGIUM SECURITY SYSTEMS
registered office since 21-03-1989 · founded in 1989 |
total assets €623,006 (2026) 0436.976.486 |
| Name | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| BELGIUM SECURITY SYSTEMS | 99.87% | ||||||
| VERMA VERMEERSCH - VAN HAMME | 99.87% | ||||||
Source: list of holdings in its own accounts
The network starts from the directors of EXPLODEP. Every other company they run is a node.
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 |
|---|---|---|
| Strombeeksesteenweg 224 registered office 1800 Vilvoorde | 04-03-2013 | 2.217.309.043 |
| Cadastral parcel | Area | Buildings | Height / floors |
|---|---|---|---|
| 23088A0112/00M000 | 669 m² | 1 · 151 m² | 7.6 m · 2 |
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