Equity
Debts exceed assets in financial year 2025.
Debts exceed assets in financial year 2025.
The last five annual accounts were filed 31 to 37 days before the end of the period.
Lower solvency than 95% of companies in other professional activities. Sector median 49.8% · 4,365 companies.
Negative equity caps the score at 59.
The dashed line is the sector median: 0.2% across 5,431 companies (NACE 74, micro).
About 6 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 74, micro). It does better than 5% of them on solvency, 12% on liquidity, 7% on profitability and 27% on growth.
The bankruptcy probability was computed on 10-11-2026 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 low class on 30-06-2025, 0.8% 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, 6,008 companies had the same profile as FLOWOLF has now. Each dot stands for 16 companies, two years later.
Another 0.8% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of FLOWOLF itself is lower: 0.6% within 12 months. It rests on far more data about FLOWOLF than the profile alone.
The method was tested on the 497,448 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 6,008 companies, not a prediction for FLOWOLF. 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.
The balance sheet total is too small for a liquidity verdict. Equity is negative.
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 33 days before the deadline. In the sector (NACE 74), the median for financial year 2024 was 3 days before the deadline, and 38% of those companies filed late.
These companies have the same main activity as FLOWOLF: graphic design and visual communication (NACE 74120). They are comparable in size and age: total assets between €2,290 and €7,510, founded between 2013 and 2021.
FLOWOLF files the micro format. That format states no turnover. The gross margin rose from -€3,633 in 2017 to -€3,074 in 2025.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette.
Turnover and EBIT margin are not published. The micro format does not require them.
Higher than 6% of 3,338 companies in 2022.
Higher than 10% of 3,236 companies in 2022.
Higher than 95% of 3,256 companies in 2022.
Net result: bottom quarter · Equity: bottom quarter · Balance sheet total: bottom quarter · Working capital: bottom quarter
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Balance sheet: assets | ||||||||||
20/58 |
2,965 | 3,787 | 4,649 | 10,486 | 4,921 | 8,666 | 9,843 | 10,727 | 11,303 | |
29/58 |
2,965 | 3,787 | 4,649 | 10,486 | 4,921 | 8,666 | 9,843 | 10,727 | 11,303 | |
3 |
2,358 | 2,527 | 2,875 | 3,187 | 64 | 205 | 292 | - | - | |
30/36 |
2,358 | 2,527 | 2,875 | 3,187 | 64 | 205 | 292 | - | - | |
40/41 |
85 | 374 | 974 | 3,367 | 1,896 | 8,107 | 9,099 | 9,089 | 417 | |
40 |
- | 0 | 944 | 3,223 | 1,776 | 4,203 | 0 | 2,089 | 363 | |
41 |
85 | 374 | 30 | 144 | 120 | 3,904 | 9,099 | 7,000 | 54 | |
50/53 |
- | - | - | - | - | - | - | - | 10,886 | |
54/58 |
522 | 723 | 636 | 3,904 | 559 | 354 | 453 | 1,638 | - | |
490/1 |
0 | 163 | 163 | 29 | 2,401 | - | - | - | - | |
| Balance sheet: equity and liabilities | ||||||||||
10/49 |
2,965 | 3,787 | 4,649 | 10,486 | 4,921 | 8,666 | 9,843 | 10,727 | 11,303 | |
10/15 |
-27,412 | -23,780 | -27,929 | -11,850 | -23,584 | -20,330 | -11,526 | -9,903 | 8,766 | |
10/11 |
12,400 | 12,400 | 12,400 | 12,400 | 12,400 | 12,400 | 12,400 | 12,400 | 12,400 | |
100 |
- | - | - | - | - | - | 18,600 | 18,600 | 18,600 | |
101 |
- | - | - | - | - | - | 6,200 | 6,200 | 6,200 | |
14 |
-39,812 | -36,180 | -40,329 | -24,250 | -35,984 | -32,730 | -23,926 | -22,303 | -3,634 | |
17/49 |
30,377 | 27,567 | 32,577 | 22,336 | 28,505 | 28,996 | 21,369 | 20,630 | 2,537 | |
42/48 |
30,377 | 27,567 | 32,577 | 22,336 | 27,461 | 28,996 | 21,369 | 20,630 | 2,537 | |
43 |
0 | 30 | 919 | 939 | 1,535 | 75 | 92 | 897 | 75 | |
430/8 |
0 | 30 | 919 | 939 | 1,535 | 75 | 92 | 897 | 75 | |
44 |
952 | 4,372 | 3,631 | 2,029 | 1,895 | 94 | 1,666 | 287 | 324 | |
440/4 |
952 | 4,372 | 3,631 | 2,029 | 1,895 | 94 | 1,666 | 287 | 324 | |
45 |
- | 0 | 346 | 1,507 | 742 | 1,379 | 1,256 | 1,187 | 294 | |
450/3 |
- | 0 | 346 | 1,507 | 742 | 1,379 | 1,256 | 1,187 | 294 | |
47/48 |
29,425 | 23,165 | 27,682 | 17,861 | 23,289 | 27,447 | 18,355 | 18,259 | 1,844 | |
492/3 |
- | - | - | 0 | 1,044 | - | - | - | - | |
| Income statement | ||||||||||
9900 |
-3,074 | 4,749 | -1,209 | 12,379 | -6,650 | -8,639 | -1,834 | -18,399 | -3,633 | |
640/8 |
394 | 391 | 382 | 372 | 671 | 119 | 0 | 263 | - | |
9901 |
-3,468 | 4,359 | -1,591 | 12,007 | -7,321 | -8,758 | -1,834 | -18,662 | -3,633 | |
75/76B |
1 | 0 | 0 | 10 | 4 | 11 | 286 | - | - | |
75 |
1 | 0 | 0 | 10 | 4 | 11 | 286 | - | - | |
65/66B |
165 | 210 | 288 | 283 | 160 | 57 | 75 | 7 | 2 | |
65 |
165 | 210 | 288 | 283 | 160 | 57 | 75 | 7 | 2 | |
9903 |
-3,632 | 4,149 | -1,879 | 11,734 | -7,478 | -8,804 | -1,622 | -18,669 | -3,634 | |
67/77 |
0 | 0 | - | - | - | - | - | - | - | |
9904 |
-3,632 | 4,149 | -1,879 | 11,734 | -7,478 | -8,804 | -1,622 | -18,669 | -3,634 | |
9905 |
-3,632 | 4,149 | -1,879 | 11,734 | -7,478 | -8,804 | -1,622 | -18,669 | -3,634 | |
| Appropriation of the result | ||||||||||
9906 |
-39,812 | -36,180 | -40,329 | -24,250 | -35,984 | -32,730 | -23,926 | -22,303 | -3,634 | |
14P |
-36,180 | -40,329 | -38,450 | -35,984 | -28,506 | - | - | - | - | |
| 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 24-06-2026.
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 24-06-2026 | 2026-00191244 | |
| 31-12-2024 | micro format | 30-06-2025 | 2025-00196254 | |
| 31-12-2023 | micro format | 28-06-2024 | 2024-00176833 | |
| 31-12-2022 | micro format | 26-06-2023 | 2023-00155064 | |
| 31-12-2021 | micro format | 27-06-2022 | 2022-20094955 | |
| 31-12-2020 | micro format | 30-06-2021 | 2021-29300374 | |
| 31-12-2019 | micro format | 01-07-2020 | 2020-24800109 | |
| 31-12-2018 | micro format | 09-07-2019 | 2019-31200353 | |
| 31-12-2017 | micro format | 29-06-2018 | 2018-25400278 |
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| -201 | 87 | -3,268 | 3,345 | 206 | -99 | -1,185 | - | - | ||
| -27,412 | -23,780 | -27,929 | -11,850 | -22,540 | -20,330 | -11,526 | -9,903 | 8,766 | ||
| - | - | - | -113.0% | - | -234.6% | -117.1% | -92.3% | 77.6% | ||
| - | - | - | 0.47 | - | 0.30 | 0.46 | 0.52 | 4.45 | ||
| - | - | - | 0.33 | - | 0.29 | 0.45 | 0.52 | 4.45 | ||
| - | - | - | - | - | - | - | - | 0.29 | ||
| - | - | - | - | - | - | - | - | -41.5% | ||
| - | - | - | 111.9% | - | -101.6% | -16.5% | -174.0% | -32.2% |
The ratios are withheld because a balance sheet total of €2,965 is too small for a meaningful ratio.
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 a loss of €3,468, after a profit of €4,359 in 2024. It is the lowest result since 2021.
Equity is negative. Debt (€30,377) exceeds the balance-sheet total (€2,965).
FLOWOLF has no parent and no holdings in its annual accounts. GEENS Naomi is the only director. FLOWOLF shares no director with another company.
| Heren Loebas
registered office since 02-01-2022 · founded in 2016 |
total assets €760,172 (2025) 0648.664.833 |
| Debruyckere, Céline (sole trader)
establishment since 18-11-2025 |
founded in 2025 1030.440.304 |
| Praktijk Stipt.
registered office since 15-08-2024 |
founded in 2022 0782.874.627 |
| Spirit of Freedom
registered office since 04-10-2007 |
founded in 2007 0892.527.781 |
| Vereniging van mede-eigenaars Residentie DALA te Gent-Gentbrugge, Kliniekstraat 104
registered office since 17-07-2006 |
founded in 2006 0882.773.937 |
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
On 6 September 2017, FLOWOLF was incorporated.1 GEENS Naomi has served as manager since 2017.2 Total assets went from €10,727 in 2018 to €2,965 in 2025.3
| Establishment | Since | Unit number |
|---|---|---|
| BVBA FLOWOLF registered office Kliniekstraat 104, 9050 Ghent | 06-09-2017 | 2.268.148.129 |
| Cadastral parcel | Area | Buildings | Height / floors |
|---|---|---|---|
| 44362B0310/00E007 | 335 m² | 1 · 335 m² | 16.1 m · 4 |
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