GLOW
ActiveSummary
GLOW has been active since 2015 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show negative equity (-€2,674) and a net result of -€5,549. The figures fluctuate too strongly year-on-year for a reliable trend projection. Its solvency ranks better than 12% of 3505 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.9% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability0=
Solvency6▼-34
Growth55▼-13
Track record100
Bankruptcy probability, 12 months
0.9%
Low
0%0.5%1.5%4%10%≥ 25%
No credit on open account
Liquidity short (current ratio 0.66 against 0.85 in 2024; short-term debt: 119.1% and cash: 2.8% of total assets), and equity is negative.
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Signals
Five signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 74
Relative position
BE, all sectors
reference
Other professional, scientific and technical activities (NACE 74)
about 48% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
raises risk · Annual accounts: weaker financial profile
The latest annual accounts show a weaker profile in solvency, result or liquidity than companies that stay afloat.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
-19.1%
Return on assets
-39.7%
Age of the figures
12 mo
raises risk · Negative equity
The 2025 annual accounts show negative equity and a net loss.
NBB · annual accounts 2025Equity per financial year
1819202122232425
2018 to 2025 · latest year -€2,674
neutral · Latest accounts filed on time
The financial year that closed on 30-09-2025 was due by 30-04-2026 and was filed on 07-04-2026, 23 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
23 d early
2024
2 d early
2023
on the day
2022
31 d early
2021
30 d early
2020
36 d early
2019
21 d late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 7 accounts on average 14 days before the deadline; the sector median for financial year 2024 is 3 days before the deadline, and 38% of the sector filed late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 30-09-2026 and is due by 30-04-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
28-09-2026 today30-09-2026 close30-04-2027 deadline
History
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Financials · fiscal year 2025, micro schema
Turnover
€60,628▲ 26.1%
2018 · €48,077
EBIT margin
10.9%▲ 4.3pp
2018 · 6.6%
Net result
-€5,549▲ 67.0%
2024 · -€16,832
Working capital
-€5,659▼ 129%
2024 · -€2,472
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 74, Other professional, scientific and technical activities, each year against the same schema; no band under 30 filings. Dashed line: the median.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Turnover
Operating result€1,793▼ 78.9%-€79€4,031-€16,653-€5,072▲ 69.5%
Net result€1,350within the sector's middle half▼ 82.7%-€1,070within the sector's middle half€2,801within the sector's middle half-€16,832below the sector's middle half-€5,549below the sector's middle half▲ 67.0%
EBIT margin
Equity€17,976within the sector's middle half▲ 8.1%€16,905within the sector's middle half▼ 6.0%€19,707within the sector's middle half▲ 16.6%€2,875below the sector's middle half▼ 85.4%-€2,674below the sector's middle half
Total assets€45,966below the sector's middle half▼ 19.4%€25,132below the sector's middle half▼ 45.3%€31,141below the sector's middle half▲ 23.9%€19,781below the sector's middle half▼ 36.5%€13,983below the sector's middle half▼ 29.3%
Debt€27,990▼ 30.8%€8,226▼ 70.6%€11,434▲ 39.0%€16,907▲ 47.9%€16,658▼ 1.5%
Working capital€7,320€13,331▲ 82.1%€11,918▼ 10.6%-€2,472-€5,659▼ 129%
Solvency39.1%within the sector's middle half▲ 10.0pp67.3%within the sector's middle half▲ 28.2pp63.3%within the sector's middle half▼ 4.0pp14.5%below the sector's middle half▼ 48.8pp-19.1%below the sector's middle half▼ 33.7pp
above
within
below
the middle half (P25 to P75) of NACE 74, Other professional, scientific and technical activities, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €5,072 in 2025 against €16,653 in 2024; the loss shrinks.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €13,983
Fixed assets
€2,985 ▼ 43.3%
Current assets
€10,999 ▼ 23.8%
Key figures and ratios
EBITDA
-€2,710▲
2024 · -€14,210
Cash flow
-€3,187▲
2024 · -€14,390
Current ratio
0.66▼
2024 · 0.85
Debt to equity
-6.23▼
2024 · 5.88
ROA
-39.7%▲
2024 · -85.1%
Interest coverage
-8.10▲
2024 · -315.49
Debt ≤ 1 year
€16,658▼
2024 · €16,907
Income taxes
€143▲
2024 · €135
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 6,940 companies that looked in July 2024 the way this one looks now, 5.5% went bankrupt within 24 months and 85% are still going.
- Micro
- 10 to 20 years old
- negative equity
- a loss of 10% of the balance sheet or more
5.5%
went bankrupt
8.0%
stopped otherwise
85%
still going
A further 1.5% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a lower bankruptcy probability: 0.9% over twelve months. The score reads more about this company than the group's four characteristics; both figures are right about what they measure.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,662 companies of July 2024 its group's bankruptcy share. Expected: 1.5%; actually bankrupt within 24 months: 1.6%.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.4% |
| 3 | 0.5% | 0.5% |
| 4 | 0.6% | 0.7% |
| 5 | 0.8% | 0.9% |
| 6 | 1.2% | 1.3% |
| 7 | 1.5% | 1.7% |
| 8 | 1.7% | 1.7% |
| 9 | 2.7% | 2.8% |
| 10 | 5.3% | 5.7% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 75% of comparisons. The level follows the economy: in a year with more bankruptcies, the actual share is higher than the year before.
An observation about 6,940 comparable companies, not a prediction for this company. The sector does not count: the register keeps no sector for companies that stopped, so it would make the outcome look better than it was.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €7,027 | €7,081 | €1,905 | €2,443 | €2,362 | ▼ 3.3% |
| Other operating charges640/8 | - | €691 | €774 | €828 | €795 | ▼ 4.1% |
| Gross operating margin9900 | €9,232 | €7,694 | €6,710 | -€13,381 | -€1,915 | ▲ 85.7% |
| Operating profit (loss)9901 | €1,793 | -€79 | €4,031 | -€16,653 | -€5,072 | ▲ 69.5% |
| Financial income75/76B | - | €678 | - | €1 | €0 | ▼ 98.8% |
| Recurring financial income75 | €58 | €678 | - | €1 | €0 | ▼ 98.8% |
| Financial charges65/66B | - | €1,543 | €348 | €45 | €334 | ▲ 643% |
| Recurring financial charges65 | €290 | €1,543 | €348 | €45 | €334 | ▲ 643% |
| Profit (loss) for the period before taxes9903 | €1,562 | -€943 | €3,683 | -€16,697 | -€5,406 | ▲ 67.6% |
| Income taxes67/77 | €212 | €127 | €881 | €135 | €143 | ▲ 5.4% |
| Profit (loss) for the period9904 | €1,350 | -€1,070 | €2,801 | -€16,832 | -€5,549 | ▲ 67.0% |
| Profit (loss) for the period to be appropriated9905 | €1,350 | -€1,070 | €2,801 | -€16,832 | -€5,549 | ▲ 67.0% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €45,966 | €25,132 | €31,141 | €19,781 | €13,983 | ▼ 29.3% |
| Formation expenses20 | €428 | €314 | €200 | €86 | - | - |
| Fixed assets21/28 | €10,227 | €3,260 | €7,589 | €5,260 | €2,985 | ▼ 43.3% |
| Tangible fixed assets22/27 | €10,227 | €3,260 | €7,589 | €5,260 | €2,985 | ▼ 43.3% |
| Furniture and vehicles24 | - | €247 | €4,812 | €2,720 | €680 | ▼ 75.0% |
| Other tangible fixed assets26 | - | €3,014 | €2,777 | €2,541 | €2,305 | ▼ 9.3% |
| Current assets29/58 | €35,311 | €21,557 | €23,352 | €14,435 | €10,999 | ▼ 23.8% |
| Amounts receivable within one year40/41 | €4,203 | €2,053 | €7,464 | €9,470 | €10,193 | ▲ 7.6% |
| Trade receivables40 | - | €2,053 | €6,952 | €9,470 | €10,193 | ▲ 7.6% |
| Other amounts receivable41 | - | - | €512 | - | - | - |
| Cash at bank and in hand54/58 | €30,499 | €18,727 | €15,112 | €4,426 | €395 | ▼ 91.1% |
| Deferred charges and accrued income490/1 | - | €777 | €777 | €539 | €411 | ▼ 23.9% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €45,966 | €25,132 | €31,141 | €19,781 | €13,983 | ▼ 29.3% |
| Equity10/15 | €17,976 | €16,905 | €19,707 | €2,875 | -€2,674 | ▼ 193% |
| Contributions10/11 | - | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Profit (loss) carried forward14 | -€624 | -€1,695 | €1,107 | -€15,725 | -€21,274 | ▼ 35.3% |
| Amounts payable17/49 | €27,990 | €8,226 | €11,434 | €16,907 | €16,658 | ▼ 1.5% |
| Amounts payable within one year42/48 | €27,990 | €8,226 | €11,434 | €16,907 | €16,658 | ▼ 1.5% |
| Trade debts44 | €2,970 | €3,987 | €2,014 | €3,441 | €5,247 | ▲ 52.5% |
| Suppliers440/4 | - | €3,987 | €2,014 | €3,441 | €5,247 | ▲ 52.5% |
| Taxes, remuneration and social security45 | - | €1,151 | €1,856 | €1,639 | €2,007 | ▲ 22.4% |
| Taxes450/3 | - | €627 | €1,006 | €1,639 | €2,007 | ▲ 22.4% |
| Remuneration and social security454/9 | - | €524 | €850 | - | - | - |
| Other amounts payable47/48 | - | €3,087 | €7,565 | €11,826 | €9,403 | ▼ 20.5% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €1,350 | -€1,070 | €2,801 | -€16,832 | -€5,549 | ▲ 67.0% |
| + Depreciation and write-downs630 | €7,027 | €7,081 | €1,905 | €2,443 | €2,362 | ▼ 3.3% |
| Operating cash flow (approximation) | €8,377 | €6,011 | €4,706 | -€14,390 | -€3,187 | ▲ 77.9% |
| Investment in fixed assets (approximation) | - | -€114 | -€6,233 | -€114 | -€86 | ▲ 25.0% |
| Change in cash | - | -€11,771 | -€3,615 | -€10,686 | -€4,031 | ▲ 62.3% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
07-04
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
28-04
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
30-09
Financial
Weakest financial yearnet -€16,832
Net result drops to -€16,832, the lowest in the series; recovery starts the following year.
30-04
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
30-09
Financial
Back to profitnet €2,801
Net result €2,801 after one loss-making year.
30-03
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
30-09
Financial
Liquidity doublescurrent ratio 2.62
Current ratio from 1.26 to 2.62; short-term debt falls from €27,990 to €8,226.
31-03
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
25-03
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
2020
30-09
Financial
Highest result since 2018net €7,824 ▲24.5%
Operating result €8,484, net result €7,824, both a record.
21-05
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 21 days late
2019
29-03
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
2018
30-03
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema
2017
30-03
NBB filing
Annual accounts filed
fiscal year 2016 · full schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 2 acts read
About the unread acts
We know of 2 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
2 acts for this company are in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Watermaal-Bosvoorde · 1 establishment unit since 2015
Ground area
573 m²
Building footprint
127 m²
Volume, LiDAR
786 m³
Parcel 21652F0062/00G020, Brussels · tallest building 9.3 m, ±2 floors. Linked by address, not a title deed.
1 establishment unit
GLOW
since 20152.243.792.914
1 parcel
Brussels
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 21652F0062/00G020 | Brussels | 573 m² | 1 · 127 m² | 9.3 m · 2 fl. |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
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Of 14,138 companies in sector 74201 we hold annual accounts for 2,616. 524 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company (pre-2019)
Founded26-06-2015
Fiscal year end30-09
Activities, NACEBEL 2025
74201Photography, excluding press photography
70200Business and other management consultancy
90111Literary creation
E-invoicing
Reachable via Peppol
Peppol ID
0208:0632798108
Also
9925:BE0632798108
Registered
11-02-2026
Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.