FREDERIC SIGEL
ActiveSummary
FREDERIC SIGEL has been active since 2010 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €1.0m and a net result of -€22,116. Equity has been growing by about 7.6% per year since 2019. Its solvency ranks better than 48% of 39,275 sector peers (NACE 70, financial year 2025). The computed 12-month bankruptcy probability is 0.2% (very low).
Overview
Overview
Official details
Source: KBO- Status
- Active since 21-09-2010 Normal situation
- Activity
- Business and other management consultancy NACE 70200and 4 others
- Establishment unit
- 2.193.092.497 1040 Etterbeek, since 14-09-2010
- Financial year end
- 30 September
- Peppol
- Reachable
Financial position
- Bankruptcy probabilitywithin 12 months
- 0.2%
- Gross margin
- €110,947
- ▼ 60.7%
- Turnover
- ≈ €190,000
- estimated
- Loss
- €22,116
- Equity
- €1.0m
- ▼ 2.1%
- Total assets
- €1.9m
- ▲ 5.7%
Score breakdownraises riskLiquidity: current ratio 0.18, cash €2,182, halvedLoss of €22,116 (financial year 2025)lowers riskSize: total assets €1.9mSector: Activities of head offices; management consultancy activities (NACE 70)Show the evidence
Checked score
About 2 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 70, micro). It does better than 49% of them on solvency, 30% on liquidity, 22% on profitability and 35% 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
The company filed its last 7 accounts on average 89 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)
Financials
Financials · financial year 2025, micro format
Annual accounts 2025 filed on 09-02-2026 PDF all 15 filings
Every figure per financial year
The operating result for 2025 is 97% lower than in 2024 and the lowest since 2021. It is the second fall in a row.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Securities and guarantees
| Item | 30-09-2022 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|
| Carrying value of the mortgaged assets | - | €1.8m | €1.7m | - |
Source: notes to the 2022 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 30-09-2022 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €772,715 | €20,665 | €4,089 | €298,134 |
| Depreciation and write-downs of the year | €173,349 | €87,291 | €84,028 | €95,059 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €65,559 | €65,865 | €68,194 | €173,349 | €87,291 | €84,028 | €95,059 | ▲ 13.1% |
| Other operating charges640/8 | - | - | - | €6,812 | €8,552 | €8,049 | €10,050 | ▲ 24.8% |
| Gross operating margin9900 | €152,048 | €249,717 | €259,499 | €248,290 | €293,448 | €282,455 | €110,947 | ▼ 60.7% |
| Operating profit (loss)9901 | €82,823 | €180,589 | €182,161 | €68,129 | €197,605 | €190,377 | €5,839 | ▼ 96.9% |
| Financial income75/76B | - | - | - | €1,032 | €1,892 | €1,512 | €270 | ▼ 82.1% |
| Recurring financial income75 | €0 | €648 | €206 | €1,032 | €1,892 | €1,512 | €270 | ▼ 82.1% |
| Non-recurring financial income76B | - | - | - | - | €1,892 | - | - | - |
| Financial charges65/66B | - | - | - | €10,352 | €30,794 | €24,386 | €27,485 | ▲ 12.7% |
| Recurring financial charges65 | €18,779 | €16,284 | €11,680 | €10,352 | €28,901 | €24,386 | €27,485 | ▲ 12.7% |
| Non-recurring financial charges66B | - | - | - | - | €1,892 | - | - | - |
| Profit (loss) for the period before taxes9903 | €64,045 | €164,953 | €170,687 | €58,810 | €168,704 | €167,503 | -€21,376 | - |
| Income taxes67/77 | €20,917 | €47,039 | €58,456 | €14,160 | €51,547 | €52,031 | €740 | ▼ 98.6% |
| Profit (loss) for the period9904 | €43,127 | €117,914 | €112,232 | €44,650 | €117,157 | €115,472 | -€22,116 | - |
| Transfer from tax-exempt reserves789 | - | - | - | €31,000 | - | €56,960 | - | - |
| Transfer to tax-exempt reserves689 | - | - | - | €79,990 | - | €54,730 | - | - |
| Profit (loss) for the period to be appropriated9905 | €43,127 | €60,954 | €174,232 | -€4,340 | €117,157 | €117,702 | -€22,116 | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €1.2m | €1.2m | €1.3m | €1.9m | €1.9m | €1.8m | €1.9m | ▲ 5.7% |
| Fixed assets21/28 | €1.1m | €1.1m | €1.2m | €1.8m | €1.8m | €1.7m | €1.9m | ▲ 12.1% |
| Tangible fixed assets22/27 | €1.1m | €1.1m | €1.2m | €1.8m | €1.8m | €1.7m | €1.9m | ▲ 12.1% |
| Land and buildings22 | - | - | - | €1.8m | €1.8m | €1.7m | €1.9m | ▲ 12.1% |
| Plant, machinery and equipment23 | - | - | - | €323 | €0.001m | €0.004m | €0.005m | ▲ 17.2% |
| Furniture and vehicles24 | - | - | - | €107 | - | - | - | - |
| Financial fixed assets28 | €70 | €70 | €70 | €70 | €70 | €70 | €70 | = |
| Current assets29/58 | €0.05m | €0.1m | €0.1m | €0.09m | €0.1m | €0.1m | €0.04m | ▼ 71.6% |
| Amounts receivable within one year40/41 | €0.02m | €0.02m | €0.03m | €0.05m | €0.03m | €0.05m | €0.03m | ▼ 36.0% |
| Trade receivables40 | - | - | - | €0.03m | €0.03m | €0.05m | €0.03m | ▼ 36.0% |
| Other amounts receivable41 | - | - | - | €0.02m | - | - | - | - |
| Cash at bank and in hand54/58 | €0.03m | €0.08m | €0.06m | €0.02m | €0.07m | €0.08m | €0.002m | ▼ 97.4% |
| Deferred charges and accrued income490/1 | - | - | - | €0.02m | €0.005m | €0.007m | €0.007m | ▼ 3.7% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €1.2m | €1.2m | €1.3m | €1.9m | €1.9m | €1.8m | €1.9m | ▲ 5.7% |
| Equity10/15 | €0.7m | €0.8m | €0.9m | €0.9m | €1.0m | €1.0m | €1.0m | ▼ 2.1% |
| Contributions10/11 | €0.01m | - | - | €0.01m | €0.01m | €0.01m | €0.01m | = |
| Reserves13 | €0.3m | €0.4m | €0.5m | €0.5m | €0.6m | €0.6m | €0.6m | = |
| Non-distributable reserves130/1 | - | - | - | €0.002m | €0.002m | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €0.002m | €0.002m | - | - | - |
| Tax-exempt reserves132 | - | - | - | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Distributable reserves133 | - | - | - | €0.3m | €0.5m | €0.5m | €0.5m | = |
| Profit (loss) carried forward14 | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | ▼ 5.6% |
| Amounts payable17/49 | €0.5m | €0.4m | €0.4m | €1.0m | €0.9m | €0.8m | €0.9m | ▲ 16.3% |
| Amounts payable after more than one year17 | €0.3m | €0.3m | €0.3m | €0.8m | €0.7m | €0.6m | €0.7m | ▲ 11.6% |
| Financial debts170/4 | - | - | - | €0.8m | €0.7m | €0.6m | €0.7m | ▲ 11.6% |
| Other amounts payable178/9 | - | - | - | €0.002m | - | - | - | - |
| Amounts payable within one year42/48 | €0.2m | €0.2m | €0.2m | €0.2m | €0.1m | €0.2m | €0.2m | ▲ 36.9% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.1m | €0.09m | €0.1m | €0.08m | ▼ 13.8% |
| Trade debts44 | €0.003m | €0.004m | €0.03m | €0.006m | €0.01m | €0.01m | €0.04m | ▲ 175% |
| Suppliers440/4 | - | - | - | €0.006m | €0.01m | €0.01m | €0.04m | ▲ 175% |
| Taxes, remuneration and social security45 | - | - | - | €0.02m | €0.04m | €0.03m | €0.003m | ▼ 91.7% |
| Taxes450/3 | - | - | - | €0.01m | €0.03m | €0.03m | €0.002m | ▼ 95.1% |
| Remuneration and social security454/9 | - | - | - | €0.003m | €0.004m | - | €0.001m | - |
| Other amounts payable47/48 | - | - | - | €0.06m | €0.002m | €0.01m | €0.09m | ▲ 508% |
| Accrued charges and deferred income492/3 | - | - | - | €0.009m | €0.005m | €0.006m | €0.003m | ▼ 52.8% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €43,127 | €117,914 | €112,232 | €44,650 | €117,157 | €115,472 | -€22,116 | - |
| + Depreciation and write-downs630 | €65,559 | €65,865 | €68,194 | €173,349 | €87,291 | €84,028 | €95,059 | ▲ 13.1% |
| Operating cash flow (approximation) | €108,686 | €183,780 | €180,426 | €217,999 | €204,448 | €199,500 | €72,943 | ▼ 63.4% |
| Investment in fixed assets (approximation) | - | -€10,798 | -€198,225 | -€772,715 | -€20,665 | -€4,089 | -€298,134 | ▼ 7,191% |
| Change in cash | - | €53,629 | -€23,321 | -€33,061 | €41,529 | €18,021 | -€82,367 | - |
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, 2,686 companies had the same profile as FREDERIC SIGEL has now. Two years later, 93.7% were still going and 0.6% had gone bankrupt.
- Small
- 10 to 20 years old
- solvency 30% or more
- a small loss
Another 0.3% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of FREDERIC SIGEL itself: 0.2% 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 2,686 companies, not a prediction for FREDERIC SIGEL. 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.
Latest 10 of 15 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-09-2025 | micro format | 09-02-2026 | 2026-00035534 | |
| 30-09-2024 | micro format | 24-03-2025 | 2025-00056762 | |
| 30-09-2023 | micro format | 08-02-2024 | 2024-00028867 | |
| 30-09-2022 | micro format | 23-03-2023 | 2023-00045047 | |
| 30-09-2021 | micro format | 14-12-2021 | 2021-80100563 | |
| 30-09-2020 | micro format | 21-01-2021 | 2021-01300275 | |
| 30-09-2019 | micro format | 02-12-2019 | 2019-74900310 | |
| 30-09-2018 | micro format | 05-12-2018 | 2018-73700062 | |
| 30-09-2017 | micro format | 15-12-2017 | 2017-72000051 | |
| 30-09-2016 | full format | 22-11-2016 | 2016-68200067 |
Board & ownership
Directors
Owners and capital
Capital transactions
- 18-10-2023 Capital stated in the deed · 100 shares
Mandate history
- Board
- began earlier
| Name | Functions and periods |
|---|---|
| Frédéric Sigel |
|
Articles of association
- Transfer restrictionThis rule says whether shareholders may sell their shares freely or need approval first.
- “Moitié cédant et moitié acquéreurs, proportionnellement nombre actions si plusieurs, mêmes formalités si non actionnaires de plein droit”
- Dissolution ruleThe articles set when and by whom the company can be dissolved.
- “36, assemblée formes modifications statuts”
Articles of association, deed of 18-10-2023 (in French)
Network & group
FREDERIC SIGEL shares no director with another company.
Connections & network
1 current directorThe network starts from the directors of FREDERIC SIGEL. Every other company they run is a node.
Timeline
Acts, filings and financial milestones
18-10
Gazette deed
Amendment of the articles · Legal-form change · Resignations & appointmentsChange of role: Frédéric Sigel, from manager to director · Incorporation · Capital conversion16 points ▸
- General meeting, 03-10-2023
- Incorporation, 14-09-2010
- Other provision, “modifications statutaires antérieures, adresse du siège” (deed in French)
- Other provision, “adapter statuts au Code des Sociétés et des Associations, adaptation capital au CSA – maintien compte capitaux propres statutairement indisponible” (deed in French)
- Other provision, “unanimité, adaptation statuts au CSA” (deed in French)
- Capital conversion, “unanimité”, EUR (deed in French)
- Other provision, “unanimité, dispense versement solde apport” (deed in French)
- Other provision, “dispense lecture et annexe rapport test actif net” (deed in French)
- Other provision, “dispense lecture et annexe rapport test liquidités organe administration” (deed in French)
- Amendment of the articles
- Capital
- Director resignation, Frédéric Sigel (manager)
- The act holds 4 more points.
26-04
Gazette deed
Registered office moved to BruxellesNew seat: rue d'Oultremont 48 à 1040 Bruxelles · Director in office3 points ▸
- Board meeting, 24-01-2022
- Registered-office move, rue d'Oultremont 48 à 1040 Bruxelles
- Director in office, Frédéric Sigel (director)
Show earlier events
Sources:Publications in the Belgian Official GazetteFilings with the National Bank
History
Company details
Register details
Identity
KBO recordRegistered office and establishments
Activities
NACEBEL 2025Codes under NACEBEL 2008
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 |
|---|---|---|---|---|
| 21005A0500/00P003 | Brussels | 174 m² | 1 · 92 m² | 16.0 m · 5 |