Equity
Finplex paid out €100,000 in dividends. That is 100% of the 2025 profit.
Finplex paid out €100,000 in dividends. That is 100% of the 2025 profit.
The result rose in 2025 from €13,491 to €100,426.
The accounts state no turnover.
Of this, €293,798 falls due within a year.
Short-term debts rose from €125,785 to €293,798.
The last five annual accounts were filed 34 to 82 days before the end of the period.
The dashed line is the sector median: 0.1% across 48,570 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 27% of them on solvency, 60% on liquidity, 58% on profitability and 42% 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).
In July 2024, 2,609 companies had the same profile as Finplex has now. Each dot stands for 7 companies, two years later.
That fits the bankruptcy probability of Finplex 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 2,609 companies, not a prediction for Finplex. 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 1.67 (2.58 in 2024), above the usual 1.5. Short-term debt is 59.7% and cash 39.4% of total assets. However, 74.5% 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 47 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 | ||||
|---|---|---|---|---|
| Finplex Ghent | €491,882 | €120,108 | 25.5% | - |
| leadstreet Ghent | €532,080 | €117,791 | 41.9% | 1 |
| Goetgeluck Ghent | €611,415 | €122,589 | 47.0% | - |
| MVS CONSULT Ghent | €522,156 | €112,234 | 82.4% | - |
| HeartBiet Ghent | €535,978 | €100,439 | 64.5% | - |
| VDR EMLO Erpe-Mere | €532,966 | €124,425 | 91.1% | - |
| OMM CONSULTANCY Lokeren | €455,202 | €115,374 | 97.1% | - |
These companies have the same main activity as Finplex: business and other management consultancy (NACE 70200). They are comparable in size and age: total assets between €455,000 and €611,000, founded between 2014 and 2017.
Finplex files the abbreviated format. That format states no turnover. The gross margin rose from €20,835 in 2017 to €120,108 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 ≈ €190,000. Estimated: probably between €160,000 and €250,000.
Higher than 27% of 10,856 companies in 2025.
Higher than 53% of 10,478 companies in 2025.
Higher than 81% of 10,725 companies in 2025.
Net result: middle half · Equity: middle half · Balance sheet total: middle half · Working capital: middle half
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Balance sheet: assets | ||||||||||
20/58 |
491,882 | 324,816 | 331,795 | 238,627 | 170,549 | 92,319 | 85,717 | 61,635 | 43,211 | |
21/28 |
- | - | - | - | 0 | 358 | 358 | 717 | 3,731 | |
21 |
- | - | - | - | - | - | 0 | 359 | 3,184 | |
28 |
- | - | - | - | 0 | 358 | 358 | 358 | 547 | |
29/58 |
491,882 | 324,816 | 331,795 | 238,627 | 170,549 | 91,961 | 85,359 | 60,918 | 39,480 | |
40/41 |
265,795 | 216,711 | 211,454 | 58,212 | 42,821 | 29,899 | 66,234 | 26,973 | 5,162 | |
40 |
105,439 | 50,013 | 52,909 | 37,140 | 25,191 | 17,012 | 66,234 | 22,067 | 5,162 | |
41 |
160,356 | 166,698 | 158,545 | 21,073 | 17,630 | 12,887 | 0 | 4,906 | - | |
50/53 |
0 | 9,443 | 5,357 | - | - | - | - | - | - | |
54/58 |
193,733 | 85,163 | 111,402 | 179,702 | 127,728 | 61,873 | 12,727 | 28,937 | 33,950 | |
490/1 |
32,354 | 13,497 | 3,582 | 713 | 0 | 189 | 6,398 | 5,008 | 368 | |
| Balance sheet: equity and liabilities | ||||||||||
10/49 |
491,882 | 324,816 | 331,795 | 238,627 | 170,549 | 92,319 | 85,717 | 61,635 | 43,211 | |
10/15 |
125,492 | 125,066 | 111,576 | 91,426 | 64,937 | 41,705 | 30,786 | 30,119 | 27,340 | |
10/11 |
18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | |
100 |
- | - | - | - | - | - | 18,600 | 18,600 | 18,600 | |
13 |
72,826 | 72,826 | 72,826 | 72,826 | 46,337 | 23,105 | 12,186 | 11,519 | 8,740 | |
130/1 |
- | - | 0 | 1,860 | 1,860 | 1,860 | - | - | - | |
130 |
- | - | - | - | - | - | 1,860 | 1,860 | 1,860 | |
1311 |
- | - | 0 | 1,860 | 1,860 | 1,860 | - | - | - | |
133 |
72,826 | 72,826 | 72,826 | 70,966 | 44,477 | 21,245 | 10,326 | 9,659 | 6,880 | |
14 |
34,066 | 33,640 | 20,149 | - | - | - | - | - | - | |
17/49 |
366,390 | 199,749 | 220,219 | 147,201 | 105,612 | 50,613 | 54,930 | 31,516 | 15,871 | |
42/48 |
293,798 | 125,785 | 153,560 | 105,588 | 76,605 | 50,613 | 23,267 | 31,516 | 15,871 | |
44 |
193,788 | 125,785 | 151,520 | 100,436 | 73,632 | 48,458 | 19,339 | 29,883 | 4,200 | |
440/4 |
193,788 | 125,785 | 151,520 | 100,436 | 73,632 | 48,458 | 19,339 | 29,883 | 4,200 | |
46 |
10 | - | - | - | - | - | - | - | 3,632 | |
45 |
- | 0 | 2,040 | 2,649 | 2,662 | 1,986 | 1,555 | 1,553 | 7,914 | |
450/3 |
- | 0 | 2,040 | 2,649 | 2,662 | 1,986 | 1,555 | 1,553 | 7,914 | |
47/48 |
100,000 | - | 0 | 2,502 | 312 | 169 | 2,373 | 80 | 125 | |
492/3 |
72,592 | 73,965 | 66,659 | 41,613 | 29,006 | 0 | 31,663 | - | - | |
| Income statement | ||||||||||
9900 |
120,108 | 12,038 | 26,290 | 39,683 | 34,274 | 16,053 | 1,882 | 7,707 | 20,835 | |
630 |
- | - | - | - | - | 0 | 359 | 2,825 | 5,291 | |
640/8 |
684 | 387 | 516 | 469 | 543 | 448 | 446 | 444 | 789 | |
9901 |
119,424 | 11,650 | 25,774 | 39,214 | 33,731 | 15,606 | 1,077 | 4,439 | 14,755 | |
75/76B |
15,213 | 6,994 | 1,608 | 7 | 463 | 98 | 0 | 21 | 1 | |
75 |
15,213 | 6,994 | 1,608 | 7 | 463 | 98 | 0 | 21 | 1 | |
65/66B |
423 | 299 | 243 | 85 | 17 | 570 | 154 | 173 | 241 | |
65 |
423 | 299 | 243 | 85 | 17 | 570 | 154 | 173 | 241 | |
9903 |
134,214 | 18,346 | 27,138 | 39,136 | 34,177 | 15,133 | 924 | 4,286 | 14,514 | |
67/77 |
33,788 | 4,855 | 6,989 | 12,647 | 10,945 | 4,215 | 257 | 1,507 | 5,774 | |
9904 |
100,426 | 13,491 | 20,149 | 26,489 | 23,232 | 10,919 | 667 | 2,779 | 8,740 | |
9905 |
100,426 | 13,491 | 20,149 | 26,489 | 23,232 | 10,919 | 667 | 2,779 | 8,740 | |
| Appropriation of the result | ||||||||||
9906 |
134,066 | 33,640 | 20,149 | 26,489 | 23,232 | 10,919 | 667 | 2,779 | 8,740 | |
14P |
33,640 | 20,149 | - | - | - | - | - | - | - | |
691/2 |
- | - | 0 | 26,489 | 23,232 | 10,919 | 667 | 2,779 | 8,740 | |
6920 |
- | - | - | - | - | - | - | - | 1,860 | |
6921 |
- | - | 0 | 26,489 | 23,232 | 10,919 | 667 | 2,779 | 6,880 | |
694/7 |
100,000 | - | - | - | - | - | - | - | - | |
694 |
100,000 | - | - | - | - | - | - | - | - | |
| Document | ||||||||||
The notes to these accounts have 1 item. You find them in the accounts filed with the NBB.
Source: Annual accounts 2025 at the NBB, filed on 16-06-2026.
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 16-06-2026 | 2026-00162711 | |
| 31-12-2024 | micro format | 17-06-2025 | 2025-00143367 | |
| 31-12-2023 | micro format | 10-05-2024 | 2024-00085339 | |
| 31-12-2022 | micro format | 06-06-2023 | 2023-00108969 | |
| 31-12-2021 | micro format | 27-06-2022 | 2022-20139852 | |
| 31-12-2020 | micro format | 01-07-2021 | 2021-28800140 | |
| 31-12-2019 | micro format | 25-06-2020 | 2020-20600479 | |
| 31-12-2018 | micro format | 26-06-2019 | 2019-22900147 | |
| 31-12-2017 | micro format | 31-07-2018 | 2018-41700514 |
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| - | - | - | - | - | 15,606 | 1,436 | 7,264 | 20,046 | ||
| - | - | - | - | - | 10,919 | 1,026 | 5,604 | 14,031 | ||
| - | - | - | - | - | 0 | 0 | -189 | 9,022 | ||
| 108,570 | -26,239 | -68,300 | 51,974 | 65,855 | 49,146 | -16,210 | -5,014 | - | ||
| 198,085 | 199,031 | 178,235 | 133,040 | 93,944 | 41,347 | 62,092 | 29,402 | 23,609 | ||
| 25.5% | 38.5% | 33.6% | 38.3% | 38.1% | 45.2% | 35.9% | 48.9% | 63.3% | ||
| 1.67 | 2.58 | 2.16 | 2.26 | 2.23 | 1.82 | 3.67 | 1.93 | 2.49 | ||
| 2.92 | 1.60 | 1.97 | 1.61 | 1.63 | 1.21 | 1.78 | 1.05 | 0.58 | ||
| 80.0% | 10.8% | 18.1% | 29.0% | 35.8% | 26.2% | 2.2% | 9.2% | 32.0% | ||
| 20.4% | 4.2% | 6.1% | 11.1% | 13.6% | 11.8% | 0.8% | 4.5% | 20.2% |
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.
The operating result for 2025 is over 10 times that of 2024 and the highest since 2017. It is a recovery after the fall in 2024.
Debt's share of the balance-sheet total rises from 61.5% to 74.5%. Equity and debt are higher.
| Embridge Group
establishment since 01-01-2008 · founded in 1999 |
total assets €7.0m (2025) 0466.169.528 |
| Embridge Belgium
establishment since 16-05-2014 · founded in 1999 · negative equity (2025) |
67 FTE (2025) 0466.839.521 |
| MILVUS Consulting
registered office since 30-03-2020 · founded in 1999 |
21 FTE (2025) 0466.095.985 |
| DENNENBOOM
establishment since 01-01-2026 · founded in 2021 |
total assets €63,755 (2025) 0770.405.771 |
| APPLICO via Sven Cornelis, no longer at APPLICO · Permanent representative · deed of 04-11-2021 founded in 2008 |
total assets €2.7m (2025) |
| Impulsum via Sven Cornelis, no longer at Impulsum · Permanent representative · deed of 10-01-2024 founded in 2016 |
total assets €80,582 (2025) |
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 |
|---|---|---|
| Wondelgemkaai 159 registered office 9000 Ghent | 18-02-2016 | 2.250.575.885 |
| Cadastral parcel | Area | Buildings | Height / floors |
|---|---|---|---|
| 44813S0346/00T000 | 3,121 m² | 1 · 454 m² | 12.1 m · 3 |
If something looks wrong or is missing, please tell us.