Explore.Brussels
ActiveSummary
Explore.Brussels has been active since 2015 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €145,306 and a net result of €7,465. Equity has been growing by about 13% per year since 2022. Its solvency ranks better than 79% of 173 sector peers (NACE 79, financial year 2025). The computed 12-month bankruptcy probability is below 0.1% (very low).
Overview
Overview
Official details
Source: KBO- Status
- Active since 13-10-2015 Normal situation
- Activity
- Tourist information services NACE 79901and 1 other
- Establishment unit
- 2.202.235.144 1050 Elsene, since 01-01-2008
- Financial year end
- 31 December
- Peppol
- Reachable since 12-12-2025
Board and ownership
- Alice GraasDaily manager
- ARKADIA ASBLDirector · since 07-06-2019
- ATELIER DE RECHERCHE ET D'ACTION URBAINES ASBLDirector · since 07-06-2019
Financial position
- Bankruptcy probabilitywithin 12 months
- < 0.1%
- Gross margin
- €329,379
- ▲ 8.3%
- Turnover
- ≈ €780,000
- estimated
- Surplus
- €7,465
- ▼ 69.3%
- Equity
- €145,306
- ▲ 5.4%
- Total assets
- €230,282
- ▼ 2.9%
- Employees on 31-12-2025
- 5
- =
Score breakdownraises riskSize: 4.5 FTE, total assets €230,282lowers riskLegal form: non-profit associationLiquidity: current ratio 3.38, cash €25,700Equity €145,306 (63.1% of total assets)Show the evidence
Checked score
Fewer than 1 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
Calculation
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 79, micro). It does better than 76% of them on solvency, 40% on liquidity, 32% on profitability and 50% on growth.
The bankruptcy probability was computed on 02-11-2026 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.
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).
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The scores and ratios are Checked's own calculations, not a credit decision.
Signals
The company filed its last 4 accounts on average 78 days before the deadline. In the sector (NACE 79), the median for financial year 2024 was 7 days before the deadline, and 35% of those companies filed late.
Searched, nothing found (2)
Financials
Financials · financial year 2025, full format
Annual accounts 2025 filed on 19-05-2026 PDF all 4 filings
2022 to 2025, 4 financial years
The operating result for 2025 is 54% lower than in 2024.
Turnover is what the company sold, the result is what was left of it. A loss stands below the zero line.
Assets, equity and debt per financial year.
Above zero, the company can pay its short-term debts with what it holds in the short term.
The EBIT margin is the share of each euro of turnover left from operations. The return on assets is what the assets earn.
The higher the solvency, the better the company absorbs a setback.
A ratio above 1 means the short-term assets cover the short-term debts.
Average staff per financial year, in full-time equivalents (FTE).
Use the arrow keys on the chart for the figures per year.
The sector band is the middle half of the companies in Travel agency, tour operator and other reservation service and related activities (NACE 79). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30. The dashed line is the median. There is a sector band for net result, equity, total assets, working capital, solvency, current ratio, return on assets (ROA) and staff (FTE).
Staff
| Item | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|
| Employees at the balance-sheet date | 5 | 5 | 5 | 5 |
| full-time | 2 | 3 | 3 | - |
| part-time | 3 | 2 | 2 | 5 |
| in full-time equivalents | 3.6 | 4.3 | 4.3 | 3.7 |
| Average over the year, in full-time equivalents | 3.8 | 5.4 | - | 4.5 |
| On a permanent contract | 4 | 3 | 4 | 4 |
| Joined | - | 62 | - | 72 |
| Left | - | 62 | - | 72 |
| Training hours | - | - | - | 4 |
Source: social balance sheet in the 2022 to 2025 annual accounts
Investments
| Item | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Tangible fixed assets | €4,930 | €699 | - | €1,647 |
| Intangible fixed assets | - | - | - | €4,646 |
| Financial fixed assets | - | €9,480 | - | - |
| Depreciation and write-downs of the year | €194 | €1,353 | €1,556 | €1,190 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2023 · 1 entry · €3,343 awarded · €3,343 paidWallonia-Brussels Federation
2023 to 2024 · 3 entries · €16,180 in total| Year | Entries | Paid |
|---|---|---|
| 2024 | 2 | €3,430 |
| 2023 | 1 | €12,750 |
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Non-recurring operating income76A | €27 | €4,676 | - | - | - |
| Remuneration, social security and pensions62 | €212,272 | €278,420 | €273,145 | €293,496 | ▲ 7.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €194 | €1,353 | €1,556 | €1,190 | ▼ 23.5% |
| Other operating charges640/8 | €163 | - | - | €132 | - |
| Non-recurring operating charges66A | €180 | €29 | €476 | €7,989 | ▲ 17× |
| Gross operating margin9900 | €222,859 | €294,772 | €304,160 | €329,379 | ▲ 8.3% |
| Operating profit (loss)9901 | €10,050 | €14,970 | €28,983 | €13,440 | ▼ 53.6% |
| Financial income75/76B | - | €0 | €380 | €2 | ▼ 99.4% |
| Recurring financial income75 | - | €0 | €380 | €2 | ▼ 99.4% |
| Financial charges65/66B | €3,305 | €3,973 | €5,065 | €5,978 | ▲ 18.0% |
| Recurring financial charges65 | €3,305 | €3,973 | €5,065 | €5,978 | ▲ 18.0% |
| Profit (loss) for the period before taxes9903 | €6,745 | €10,997 | €24,298 | €7,465 | ▼ 69.3% |
| Profit (loss) for the period9904 | €6,745 | €10,997 | €24,298 | €7,465 | ▼ 69.3% |
| Profit (loss) for the period to be appropriated9905 | €6,745 | €10,997 | €24,298 | €7,465 | ▼ 69.3% |
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Assets | |||||
| Total assets20/58 | €355,639 | €202,344 | €237,262 | €230,282 | ▼ 2.9% |
| Fixed assets21/28 | €5,993 | €14,819 | €12,156 | €15,385 | ▲ 26.6% |
| Intangible fixed assets21 | - | - | - | €4,405 | - |
| Tangible fixed assets22/27 | €4,736 | €4,082 | €2,526 | €1,350 | ▼ 46.6% |
| Furniture and vehicles24 | €4,736 | €4,082 | €2,526 | €1,350 | ▼ 46.6% |
| Financial fixed assets28 | €1,257 | €10,737 | €9,630 | €9,630 | = |
| Current assets29/58 | €349,645 | €187,526 | €225,106 | €214,897 | ▼ 4.5% |
| Stocks and contracts in progress3 | €4,041 | €11,334 | €5,418 | €7,731 | ▲ 42.7% |
| Stocks30/36 | €4,041 | €11,334 | €5,418 | €7,731 | ▲ 42.7% |
| Amounts receivable within one year40/41 | €147,777 | €86,674 | €182,563 | €179,886 | ▼ 1.5% |
| Trade receivables40 | €6,468 | €8,553 | €907 | €638 | ▼ 29.6% |
| Other amounts receivable41 | €141,308 | €78,121 | €181,656 | €179,247 | ▼ 1.3% |
| Cash at bank and in hand54/58 | €189,535 | €88,922 | €35,546 | €25,700 | ▼ 27.7% |
| Deferred charges and accrued income490/1 | €8,293 | €596 | €1,580 | €1,580 | = |
| Equity and liabilities | |||||
| Total equity and liabilities10/49 | €355,639 | €202,344 | €237,262 | €230,282 | ▼ 2.9% |
| Equity10/15 | €102,546 | €113,544 | €137,841 | €145,306 | ▲ 5.4% |
| Contributions10/11 | €57,858 | €57,858 | €57,858 | €57,858 | = |
| Capital10 | €57,858 | €57,858 | €57,858 | €57,858 | = |
| Reserves13 | €37,117 | €46,794 | €66,794 | €66,794 | = |
| Profit (loss) carried forward14 | €7,571 | €8,892 | €13,190 | €20,654 | ▲ 56.6% |
| Provisions and deferred taxes16 | - | - | - | €13,132 | - |
| Provisions for liabilities and charges160/5 | - | - | - | €13,132 | - |
| Other liabilities and charges164/5 | - | - | - | €13,132 | - |
| Amounts payable17/49 | €253,092 | €88,801 | €99,421 | €71,844 | ▼ 27.7% |
| Amounts payable within one year42/48 | €237,872 | €72,206 | €89,336 | €63,621 | ▼ 28.8% |
| Financial debts43 | €2,024 | €1,434 | €2,140 | €39 | ▼ 98.2% |
| Credit institutions430/8 | €2,024 | €1,434 | €2,140 | €39 | ▼ 98.2% |
| Trade debts44 | €32,996 | €31,743 | €55,544 | €41,693 | ▼ 24.9% |
| Suppliers440/4 | €32,996 | €31,743 | €55,544 | €41,693 | ▼ 24.9% |
| Taxes, remuneration and social security45 | €25,406 | €39,028 | €31,652 | €21,889 | ▼ 30.8% |
| Taxes450/3 | €1,461 | €5,259 | €5,329 | €1,445 | ▼ 72.9% |
| Remuneration and social security454/9 | €23,945 | €33,770 | €26,323 | €20,444 | ▼ 22.3% |
| Accrued charges and deferred income492/3 | €15,220 | €16,595 | €10,085 | €8,223 | ▼ 18.5% |
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €6,745 | €10,997 | €24,298 | €7,465 | ▼ 69.3% |
| + Depreciation and write-downs630 | €194 | €1,353 | €1,556 | €1,190 | ▼ 23.5% |
| Operating cash flow (approximation) | €6,939 | €12,350 | €25,853 | €8,655 | ▼ 66.5% |
| Investment in fixed assets (approximation) | - | -€10,179 | €1,107 | -€4,419 | - |
| Change in cash | - | -€100,613 | -€53,376 | -€9,846 | ▲ 81.6% |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Historical observation
In July 2024, 10,904 companies had the same profile as Explore.Brussels has now. Two years later, 95.1% were still going and 0.7% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit under 5% of the balance sheet
That fits the bankruptcy probability of Explore.Brussels itself: < 0.1% within 12 months.
Test of the method
The method was tested on the 497,446 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 10,904 companies, not a prediction for Explore.Brussels. 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.
Board & ownership
Directors
Board 9
Show all 9 directors
Day-to-day management 1
Other functions 1
Owners and capital
Owners
This non-profit association has no shareholders or capital.
Mandate history
- Board
- Day-to-day management
- Other function
- began earlier
| Name | Functions and periods |
|---|---|
| ARKADIA ASBL |
|
| ATELIER DE RECHERCHE ET D'ACTION URBAINES ASBL |
|
| PRO VELO ASBL |
|
| BRUXELLES bavard ASBL |
|
| Marie Secrétant |
|
| Marion Alecian |
|
| Karin Vermeire |
|
| Bernard De Slachmuylder |
|
| Karine Vermeire |
|
| Alice Graas |
|
| Alain Debaecke |
|
| Martin Teller |
|
| Stéphanie Lannoye |
|
| Julien Staszewski |
|
Articles of association
- Auditor ruleThe articles set how a statutory auditor is appointed and what they check.
- “3, désignation d'un commissaire”
- Liquidation ruleIn a liquidation the creditors are paid first. What is left goes to the shareholders.
- “Désignation des liquidateurs et affectation de l'actif net, détermine leurs pouvoirs”
- Custody of recordsThe books and records are kept for at least five years after liquidation. The articles set where.
- “Procès-verbaux des réunions de l'organe d'administration, Les décisions sont consignées dans un registre spécial reprenant les…”
Articles of association, deed of 22-05-2026 (in French)
Network & group
Explore.Brussels shares no director with another company.
Connections & network
9 current directorsThe network starts from the directors of Explore.Brussels. Every other company they run is a node.
Timeline
Acts, filings and financial milestones
22-05
Gazette deed
Resignation: Alain Debaecke (director)Appointment: Bernard De Slachmuylder (director) · Reappointments: Marie Secrétant, Marion Alecian and Karine Vermeire · Amendment of the articles17 points ▸
- General meeting, 11-05-2026
- Director resignation, Alain Debaecke (director)
- Director appointment, Bernard De Slachmuylder (director)
- Director reappointment, Marie Secrétant (director)
- Director reappointment, Marion Alecian (director)
- Director reappointment, Karine Vermeire (director)
- Board composition, Bernard De Slachmuylder (director)
- Board composition, Marie Secrétant (director)
- Board composition, Marion Alecian (director)
- Board composition, Karine Vermeire (director)
- Amendment of the articles
- Power of attorney, Alice Graas
- The act holds 5 more points.
16-07
Gazette deed
Resignations: Stéphanie Lannoye (secretary and director) and Martin Teller (daily management delegate)Appointments: Karin Vermeire (secretary and director) and Alice Graas (day-to-day manager) · Power of attorney7 points ▸
- General meeting, 20-09-2024
- Director resignation, Stéphanie Lannoye (secretary and director)
- Director appointment, Karin Vermeire (secretary and director)
- Power of attorney, Martin Teller
- Board meeting, 03-07-2025
- Director resignation, Martin Teller (daily management delegate)
- Director appointment, Alice Graas (day-to-day manager)
05-04
Gazette deed
Resignation: Julien Staszewski (daily management delegate)2 points ▸
- Board meeting, 01-12-2023
- Director resignation, Julien Staszewski (daily management delegate)
25-01
Gazette deed
Registered office moved from Uccle to Bruxelles2 points ▸
- General meeting, 30-11-2023
- Registered-office move, 1050 Bruxelles,rue des Liégeois 53
22-12
Gazette deed
Amendment of the articles2 points ▸
- General meeting, 30-08-2023
- Amendment of the articles
02-08
Gazette deed
Appointment: Martin TELLER (daily management delegate)Legal form clause · Registered office clause5 points ▸
- Other provision, “numéro de réservation Moniteur belge”, 23099954 (deed in French)
- Legal form clause, “Association sans but lucratif” (deed in French)
- Registered office clause, “Avenue Brugmann 405, 1180 Uccle, Belgique” (deed in French)
- Board meeting, 14-07-2023
- Director appointment, Martin TELLER (daily management delegate)
31-03
Gazette deed
Reappointments: Marion ALECIAN, Marie SECRETANT and 2 others9 points ▸
- General meeting, 09-03-2023
- Director reappointment, Marion ALECIAN (director)
- Director reappointment, Marie SECRETANT (director)
- Director reappointment, Stéphanie LANNOYE (director)
- Director reappointment, Alain DEBAECKE (director)
- Board composition, Marion ALECIAN (chair)
- Board composition, Marie SECRETANT (vice-chair)
- Board composition, Stéphanie LANNOYE (secretary)
- Board composition, Alain DEBAECKE (treasurer)
Sources:Publications in the Belgian Official GazetteFilings with the National Bank
History
Company details
Register details
Identity
KBO recordRegistered office and establishments
1 former office
- Avenue Brugmann 405, 1180 Uccle until 01-12-2023 · act of 25-01-2024
Activities
NACEBEL 2025Codes under NACEBEL 2008
Text of the purpose
“Coordonner, valoriser et promouvoir l'offre de ses membres en matière de visites guidées touristiques et culturelles; développer des projets d'envergure, complémentaires à l'offre de ses membres et que les associations membres ne pourraient organiser seules; produire des services mutualisés au bénéfice de ses membres; devenir une référence en matière de visites guidées touristiques et cuiturelles”
Invoicing and payment
Financial year and general meeting
Accounts at the NBBSites & property
Buildings and parcels at the address
| Cadastral parcel | Region | Area | Buildings | Height / floors |
|---|---|---|---|---|
| 21443C0014/00V002 | Brussels | 236 m² | 1 · 114 m² | 19.6 m · 5 |