FLAGSHIP
ActiveSummary
FLAGSHIP has been active since 2020 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €33,895 and a net result of €118,076. Equity has been growing by about 24% per year since 2021. Its solvency ranks better than 11% of 10,818 sector peers (NACE 70, financial year 2025). The computed 12-month bankruptcy probability is 0.1% (very low).
Overview
Overview
Official details
Source: KBO- Status
- Active since 11-10-2020 Normal situation
- Activity
- Business and other management consultancy NACE 70200
- Establishment unit
- 2.308.936.035 4651 Herve, since 11-10-2020
- Financial year end
- 31 December
- Peppol
- Reachable since 02-09-2026
Board and ownership
Board
- GBM SRLDirector · since 11-10-2020
- LUNARO SRLDirector · since 11-10-2020
- Holdings
- Shares in 1 company EURO PLANTES
Financial position
- Bankruptcy probabilitywithin 12 months
- 0.1%
Annual accounts 2025
- Gross margin
- €20,850
- Turnover
- ≈ €84,000
- estimated
- Profit
- €118,076
- ▲ 129%
- Equity
- €33,895
- ▼ 91.8%
- Total assets
- €856,630
- ▲ 5.2%
Score breakdownraises riskEquity €33,895 (4.0% of total assets)lowers riskSize: total assets €856,630Sector: Activities of head offices; management consultancy activities (NACE 70)Figures for financial year 2025 (filed on 12-06-2026)Show the evidence
Checked score
Score 2025
89
/ 100
Excellent
Probability in this band: under 0.55%
Financially stronger than 15% of micro companies in head offices and management consultancy (NACE 70)
Financial strength · tick: 2024
Weak
Solvency
29-47
equity 4.0% of total assets
Liquidity
21-34
short-term debt 68.0% · cash 5.8%
Profitability
72+19
return on assets 13.8%
Bankruptcy probability within 12 months
0.1%
Very low
0%0.5%1.5%4%10%≥ 25%
Fewer than 1 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
Last 24 months
12-2024: 0.1%lowest value
01-2025: 0.1%● unchanged vs 12-2024
02-2025: 0.1%● unchanged vs 01-2025
03-2025: 0.1%● unchanged vs 02-2025
04-2025: 0.1%● unchanged vs 03-2025
05-2025: 0.1%● unchanged vs 04-2025
06-2025: 0.1%● unchanged vs 05-2025
07-2025: 0.2%▲ +0.1 percentage points vs 06-2025
08-2025: 0.1%▼ -0.1 percentage points vs 07-2025
09-2025: 0.1%● unchanged vs 08-2025
10-2025: 0.1%● unchanged vs 09-2025
11-2025: 0.1%● unchanged vs 10-2025
12-2025: 0.1%● unchanged vs 11-2025
01-2026: 0.1%● unchanged vs 12-2025
02-2026: 0.1%● unchanged vs 01-2026
03-2026: 0.1%● unchanged vs 02-2026
04-2026: 0.1%● unchanged vs 03-2026
05-2026: 0.1%● unchanged vs 04-2026
06-2026: 0.1%● unchanged vs 05-2026
07-2026: 0.2%▲ +0.1 percentage points vs 06-2026
08-2026: 0.2%● unchanged vs 07-2026
09-2026: 0.3%▲ +0.1 percentage points vs 08-2026highest value
10-2026: 0.1%▼ -0.2 percentage points vs 09-2026
11-2026: 0.1%● unchanged vs 10-2026
Credit of up to €3,000 on 30-day terms is acceptable
Liquidity is insufficient, with a current ratio of 0.12 (0.36 in 2024), below 1. Short-term debt is 68% and cash 5.8% of total assets. 96% of the assets are financed with debt and provisions.
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 70, micro). It does better than 12% of them on solvency, 9% on liquidity, 36% on profitability and 5% on growth.
The bankruptcy probability was computed on 03-11-2026 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
Six signals.
lowers riskraises riskneutral
raises risk · Weak solvency compared with the sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 11% of 10818 sector peers (2025).
NBB · sector comparisonPosition among 10818 sector peers
Solvency
better than 11%
← 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 12-06-2026, 49 days ahead of the deadline.
NBB · 5 filingsDeviation from the deadline
2025
49 days early
2024
2 days early
2023
21 days early
2022
3 days early
2021
24 days late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
The company filed its last 5 accounts on average 10 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.
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 28 July (4 of the last 5 accounts filed within 30 days either side of that date).
Companies Code · seven monthsWhere today falls in the filing period
03-11-2026 today31-12-2026 year end31-07-2027 deadline
Financials
Financials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 12-06-2026 at the NBB all 5 filings
Turnover
€6,000▲ 20.0%
2023 · €5,000
EBIT margin
Not meaningful: turnover is only a small part of operating income
Net result
€118,076▲ 129%
2024 · €51,553
Working capital
-€511,287▼ 878%
2024 · -€52,257
Multi-year overview
2021 to 2025, 5 financial yearsTurnover
no figure
2025
20212025
Operating result
€20,363
2025
20212025
Net result
€118,076
▲ 129%
2025
middle half of the sector
20212025
Equity
€33,895
▼ 91.8%
2025
lowest quarter of the sector
20212025
Total assets
€856,630
▲ 5.2%
2025
middle half of the sector
20212025
Debt
€822,735
▲ 106%
2025
20212025
Working capital
-€511,287
▼ 878%
2025
lowest quarter of the sector
20212025
Solvency
4.0%
▼ 47.1pp
2025
lowest quarter of the sector
20212025
Current ratio
0.12
▼ 0.24
2025
lowest quarter of the sector
20212025
Return on assets (ROA)
13.8%
▲ 7.5pp
2025
middle half of the sector
20212025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20212022202320242025
Turnover€5,000€6,000▲ 20.0%
Operating result-€1,931--€2,679▼ 38.7%€1,839-€95,486€20,363
Net result€155,567within the sector's middle half-€93,000within the sector's middle half▼ 40.2%€98,201within the sector's middle half▲ 5.6%€51,553within the sector's middle half▼ 47.5%€118,076within the sector's middle half▲ 129%
Equity€173,067within the sector's middle half-€266,066within the sector's middle half▲ 53.7%€364,267within the sector's middle half▲ 36.9%€415,820within the sector's middle half▲ 14.2%€33,895below the sector's middle half▼ 91.8%
Total assets€796,139within the sector's middle half-€811,132within the sector's middle half▲ 1.9%€838,286within the sector's middle half▲ 3.3%€814,528within the sector's middle half▼ 2.8%€856,630within the sector's middle half▲ 5.2%
Debt€623,073-€545,066▼ 12.5%€474,019▼ 13.0%€398,709▼ 15.9%€822,735▲ 106%
Working capital-€67,903within the sector's middle half--€49,914within the sector's middle half▲ 26.5%-€27,409within the sector's middle half▲ 45.1%-€52,257within the sector's middle half▼ 90.7%-€511,287below the sector's middle half▼ 878%
Solvency21.7%within the sector's middle half-32.8%within the sector's middle half▲ 11.1pp43.5%within the sector's middle half▲ 10.7pp51.1%within the sector's middle half▲ 7.6pp4.0%below the sector's middle half▼ 47.1pp
Current ratio0.14below the sector's middle half-0.34below the sector's middle half▲ 0.200.66within the sector's middle half▲ 0.320.36below the sector's middle half▼ 0.300.12below the sector's middle half▼ 0.24
Return on assets (ROA)19.5%above the sector's middle half-11.5%within the sector's middle half▼ 8.1pp11.7%within the sector's middle half▲ 0.2pp6.3%within the sector's middle half▼ 5.4pp13.8%within the sector's middle half▲ 7.5pp
above
within
below
The sector band is the middle half of the companies in Activities of head offices; management consultancy activities (NACE 70). 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 operating result for 2025 is a profit of €20,363, after a loss of €95,486 in 2024. It is the highest result since 2021.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €856,630
Fixed assets
€785,000 =
Current assets
€71,630 ▲ 143%
Equity and liabilities €856,630
Equity
€33,895 ▼ 91.8%
Debt
€822,735 ▲ 106%
Debt's share of the balance-sheet total rises from 48.9% to 96.0%. Equity is lower and debt is higher.
Key figures and ratios
Debt to equity
24.27▲
2024 · 0.96
ROE
348.4%▲
2024 · 12.4%
Debt ≤ 1 year
€582,918▲
2024 · €81,785
Debt > 1 year
€239,817▼
2024 · €316,923
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Debts secured on the company's own assets | €530,000 | €530,000 | €307,019 | €231,324 | €154,923 |
| Carrying value of the other pledged assets | €785,000 | €785,000 | €785,000 | €785,000 | €785,000 |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Financial fixed assets | €785,000 | - | - | - | - |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Turnover70 | - | - | €5,000 | €6,000 | - | - |
| Goods, raw materials, services and sundry goods60/61 | €1,792 | €2,603 | €2,692 | €101,014 | - | - |
| Other operating charges640/8 | €140 | €76 | €469 | €472 | €487 | ▲ 3.2% |
| Gross operating margin9900 | -€1,792 | -€2,603 | €2,308 | -€95,014 | €20,850 | - |
| Operating profit (loss)9901 | -€1,931 | -€2,679 | €1,839 | -€95,486 | €20,363 | - |
| Financial income75/76B | €170,000 | €100,000 | €100,000 | €150,000 | €100,000 | ▼ 33.3% |
| Recurring financial income75 | €170,000 | €100,000 | €100,000 | €150,000 | €100,000 | ▼ 33.3% |
| Financial charges65/66B | €12,502 | €4,322 | €3,638 | €2,961 | €2,287 | ▼ 22.8% |
| Recurring financial charges65 | €12,502 | €4,322 | €3,638 | €2,961 | €2,287 | ▼ 22.8% |
| Profit (loss) for the period before taxes9903 | €155,567 | €93,000 | €98,201 | €51,553 | €118,076 | ▲ 129% |
| Profit (loss) for the period9904 | €155,567 | €93,000 | €98,201 | €51,553 | €118,076 | ▲ 129% |
| Profit (loss) for the period to be appropriated9905 | €155,567 | €93,000 | €98,201 | €51,553 | €118,076 | ▲ 129% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €796,139 | €811,132 | €838,286 | €814,528 | €856,630 | ▲ 5.2% |
| Fixed assets21/28 | €785,000 | €785,000 | €785,000 | €785,000 | €785,000 | = |
| Financial fixed assets28 | €785,000 | €785,000 | €785,000 | €785,000 | €785,000 | = |
| Current assets29/58 | €11,139 | €26,132 | €53,286 | €29,528 | €71,630 | ▲ 143% |
| Amounts receivable after more than one year29 | €0 | - | - | - | - | - |
| Other amounts receivable291 | €0 | - | - | - | - | - |
| Amounts receivable within one year40/41 | €376 | €556 | €0 | €1 | €22,036 | ▲ 22,036× |
| Trade receivables40 | - | - | €0 | €0 | €21,829 | - |
| Other amounts receivable41 | €376 | €556 | €0 | €1 | €207 | ▲ 207× |
| Cash at bank and in hand54/58 | €10,763 | €25,576 | €53,286 | €29,527 | €49,594 | ▲ 68.0% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €796,139 | €811,132 | €838,286 | €814,528 | €856,630 | ▲ 5.2% |
| Equity10/15 | €173,067 | €266,066 | €364,267 | €415,820 | €33,895 | ▼ 91.8% |
| Contributions10/11 | €30,000 | €30,000 | €30,000 | €30,000 | €30,000 | = |
| Profit (loss) carried forward14 | €143,067 | €236,066 | €334,267 | €385,820 | €3,895 | ▼ 99.0% |
| Amounts payable17/49 | €623,073 | €545,066 | €474,019 | €398,709 | €822,735 | ▲ 106% |
| Amounts payable after more than one year17 | €544,030 | €469,019 | €393,324 | €316,923 | €239,817 | ▼ 24.3% |
| Financial debts170/4 | €382,030 | €307,019 | €231,324 | €154,923 | €77,817 | ▼ 49.8% |
| Other amounts payable178/9 | €162,000 | €162,000 | €162,000 | €162,000 | €162,000 | = |
| Amounts payable within one year42/48 | €79,043 | €76,046 | €80,695 | €81,785 | €582,918 | ▲ 613% |
| Current portion of amounts payable after more than one year42 | €74,325 | €75,011 | €75,695 | €76,401 | €77,106 | ▲ 0.9% |
| Trade debts44 | €968 | €1,036 | €0 | €384 | €400 | ▲ 4.0% |
| Suppliers440/4 | €968 | €1,036 | €0 | €384 | €400 | ▲ 4.0% |
| Advances received on contracts in progress46 | - | - | €5,000 | €5,000 | €5,000 | = |
| Taxes, remuneration and social security45 | - | €0 | €0 | €0 | - | - |
| Taxes450/3 | - | €0 | €0 | €0 | - | - |
| Other amounts payable47/48 | €3,750 | €0 | €0 | €0 | €500,412 | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €155,567 | €93,000 | €98,201 | €51,553 | €118,076 | ▲ 129% |
| Operating cash flow (approximation) | €155,567 | €93,000 | €98,201 | €51,553 | €118,076 | ▲ 129% |
| Investment in fixed assets (approximation) | - | €0 | €0 | €0 | €0 | - |
| Change in cash | - | €14,813 | €27,710 | -€23,758 | €20,067 | - |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Filings with the National Bank (5)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 12-06-2026 | 2026-00156918 | |
| 31-12-2024 | full format | 29-07-2025 | 2025-00326334 | |
| 31-12-2023 | full format | 10-07-2024 | 2024-00245949 | |
| 31-12-2022 | full format | 28-07-2023 | 2023-00291225 | |
| 31-12-2021 | full format | 24-08-2022 | 2022-20311296 |
Board & ownership
Directors
Directors
2 directors
GBM SRL
Current
Director · since 11-10-2020 · Legal entity · listed in the 2025 annual accounts, filed on 12-06-2026
LUNARO SRL
Current
Director · since 11-10-2020 · Legal entity · listed in the 2025 annual accounts, filed on 12-06-2026
Owners and capital
Owners
Mandate history
2 people, 2 in office
- Board
| Name | Functions and periods |
|---|---|
| GBM SRL |
|
| LUNARO SRL |
|
Network & group
Holdings and subsidiaries
1 holdingHoldings 1
- EURO PLANTESsubsidiarySourceown accounts 2025Equity €1.9m Profit of €683,146 in 2025 (profit of €399,237 in 2024) Checked score 98100%
Companies at the same address
1 other companyConnections & network
2 current directorsThe network starts from the directors of FLAGSHIP. Every other company they run is a node.
This company
Company
Director
Shareholding
+N: links not shown yet
Click a node to look further, drag to arrange, zoom with the mouse wheel.
Timeline
Acts, filings and financial milestones
Deadline for the 2026 accounts:
2026
12-06
abbreviated format · 49 days before the deadline
2025
29-07
full format · 2 days before the deadline
2024
31-12
Financial
Weakest financial yearnet €51,553 ▼47.5%
The net result drops to €51,553, the lowest from 2021 to 2025. It recovers the following year.
10-07
full format · 21 days before the deadline
2023
28-07
full format · 3 days before the deadline
2022
31-12
Financial
Equity above €200,000equity €266,066 ▲53.7%
With a profit in every financial year since 2021, equity grows to €266,066.
24-08
full format · 24 days late
2020
14-10
Financial milestoneGazette deedNBB filingFinancial milestones sit on the financial year-end date, not the filing date.
Sources:Publications in the Belgian Official GazetteFilings with the National Bank
History
Company details
Register details
Identity
KBO recordName
FLAGSHIP in French
Enterprise number
0755.972.369
Legal form
Private limited company
Status
Active, normale toestand
Founded
11-10-2020
Entity type
Legal entity
Registered office and establishments
Registered office
Cour Lemaire 17, 4651 Herve, Belgium
Establishment unit
FLAGSHIP, Cour Lemaire 17, 4651 Herve since 11-10-2020 · unit number 2.308.936.035
Activities
NACEBEL 202570200
Business and other management consultancy main activity
Codes under NACEBEL 2008
70220
Business consulting main activity
Invoicing and payment
VAT number
BE 0755.972.369
Financial year and general meeting
Accounts at the NBBFinancial year end
31-12
Sites & property
Location
Buildings and parcels at the address
Ground area
4,576 m²
Building footprint
1,643 m²
Building volume
7,559 m³
| Cadastral parcel | Region | Area | Buildings | Height / floors |
|---|---|---|---|---|
| 63006D0346/00R000 | Wallonia | 4,576 m² | 1 · 1,643 m² | 7.3 m · 2 |