GLUE
ActiveSummary
GLUE has been active since 2002 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €419k and a net result of €125k. Equity remains stable across the filed fiscal years (±0.9% per year). Its solvency ranks better than 69% of 1648 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.3% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability93▲+22
Solvency89▲+22
Growth78▲+46
Track record100
Bankruptcy probability, 12 months
0.3%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €35k at 30 days acceptable
Liquidity ample (current ratio 2.51 against 1.58 in 2024; short-term debt: 35.8% and cash: 42.6% of total assets), and 36.2% of the assets are financed with debt.
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Signals
Four signals. The signal on the left, the evidence on the right.
−lowers risk○neutral
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
63.8%
Return on assets
19.1%
Age of the figures
12 mo
lowers risk · Growing equity
Reported equity is higher than in 2023 and did not fall compared with 2024. These amounts do not establish the cause of the change.
NBB · annual accounts 2025Equity per financial year
1819202122232425
2018 to 2025 · latest year €419k
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 03-02-2026, 86 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
86 d early
2024
72 d early
2023
41 d early
2022
5 d late
2021
38 d early
2020
17 d late
2019
106 d early
← before the deadline
after the deadline →
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
25-09-2026 today30-09-2026 close30-04-2027 deadline
Financials · fiscal year 2025, abbreviated schema
Equity
€419k▲ 42.7%
2024 · €294k
Total assets
€656k▼ 6.6%
2024 · €702k
Net result
€125k▲ 1,000%
2024 · €11k
Working capital
€354k▲ 52.3%
2024 · €233k
Trend over the years
Click a name to add, emphasise or remove a line.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result€30k▼ 62.5%€253k▲ 744%€30k▼ 88.0%€27k▼ 12.1%€174k▲ 557%
Net result€12k▼ 71.7%€169k▲ 1,356%€12k▼ 92.8%€11k▼ 6.2%€125k▲ 1,000%
Equity€478k▲ 2.5%€139k▼ 71.0%€282k▲ 103%€294k▲ 4.0%€419k▲ 42.7%
Total assets€853k▲ 1.4%€1.14M▲ 33.6%€720k▼ 36.8%€702k▼ 2.5%€656k▼ 6.6%
Debt€290k▲ 0.1%€916k▲ 216%€438k▼ 52.1%€409k▼ 6.7%€237k▼ 42.0%
Working capital€518k▲ 2.7%€138k▼ 73.3%€205k▲ 48.8%€233k▲ 13.2%€354k▲ 52.3%
Staff (FTE)10.9▲ 22.5%12.2▲ 11.9%9.9▼ 18.9%8.5▼ 14.1%6.7▼ 21.2%
Turnover and EBIT margin not published: the abbreviated schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result recovers in 2025; 2025 is 557% above 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €656k
Fixed assets
€67k ▲ 1.6%
Current assets
€589k ▼ 7.4%
Equity and liabilities €656k
Equity
€419k ▲ 42.7%
Debt
€237k ▼ 42.0%
Debt's share of the balance-sheet total falls from 58.2% to 36.2%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€187k▲
2024 · €43k
Cash flow
€138k▲
2024 · €28k
Current ratio
2.51▲
2024 · 1.58
Debt to equity
0.57▼
2024 · 1.39
ROE
29.9%▲
2024 · 3.9%
ROA
19.1%▲
2024 · 1.6%
Interest coverage
35.16▲
2024 · 6.10
Debt ≤ 1 year
€235k▼
2024 · €404k
Income taxes
€46k▲
2024 · €8k
Staff costs
€444k▼
2024 · €516k
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | €1 | €0 | €4k | - |
| Remuneration, social security and pensions62 | - | €757k | €628k | €516k | €444k | ▼ 14.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €24k | €16k | €20k | €17k | €13k | ▼ 23.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | €15k | - |
| Provisions for liabilities and charges: additions (uses and reversals)635/8 | - | - | €-86k | €0 | - | - |
| Other operating charges640/8 | - | €3k | €4k | €6k | €2k | ▼ 68.6% |
| Non-recurring operating charges66A | - | - | €6k | €2k | €0 | ▼ 100% |
| Gross operating margin9900 | €655k | €1.03M | €602k | €567k | €648k | ▲ 14.2% |
| Operating profit (loss)9901 | €30k | €253k | €30k | €27k | €174k | ▲ 557% |
| Financial income75/76B | - | €0 | €49 | €171 | €2k | ▲ 1,047% |
| Recurring financial income75 | €255 | €0 | €49 | €171 | €2k | ▲ 1,047% |
| Financial charges65/66B | - | €8k | €5k | €7k | €5k | ▼ 25.1% |
| Recurring financial charges65 | €2k | €8k | €5k | €7k | €5k | ▼ 25.1% |
| Profit (loss) for the period before taxes9903 | €28k | €245k | €25k | €20k | €171k | ▲ 773% |
| Income taxes67/77 | €17k | €76k | €13k | €8k | €46k | ▲ 458% |
| Profit (loss) for the period9904 | €12k | €169k | €12k | €11k | €125k | ▲ 1,000% |
| Transfer from tax-exempt reserves789 | - | €2k | €0 | - | - | - |
| Profit (loss) for the period to be appropriated9905 | €26k | €171k | €12k | €11k | €125k | ▲ 1,000% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €853k | €1.14M | €720k | €702k | €656k | ▼ 6.6% |
| Fixed assets21/28 | €54k | €87k | €79k | €66k | €67k | ▲ 1.6% |
| Tangible fixed assets22/27 | €54k | €87k | €79k | €66k | €57k | ▼ 13.0% |
| Land and buildings22 | - | €7k | €5k | €2k | €0 | ▼ 100% |
| Plant, machinery and equipment23 | - | €29k | €33k | €35k | €35k | ▼ 0.3% |
| Furniture and vehicles24 | - | €50k | €41k | €28k | €22k | ▼ 21.5% |
| Financial fixed assets28 | €79 | €79 | €0 | - | €10k | - |
| Current assets29/58 | €799k | €1.05M | €642k | €636k | €589k | ▼ 7.4% |
| Amounts receivable within one year40/41 | €299k | €434k | €321k | €248k | €289k | ▲ 16.4% |
| Trade receivables40 | - | €235k | €185k | €181k | €287k | ▲ 58.1% |
| Other amounts receivable41 | - | €200k | €136k | €67k | €3k | ▼ 96.1% |
| Cash at bank and in hand54/58 | €497k | €613k | €315k | €378k | €280k | ▼ 26.0% |
| Deferred charges and accrued income490/1 | - | €6k | €6k | €10k | €20k | ▲ 105% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €853k | €1.14M | €720k | €702k | €656k | ▼ 6.6% |
| Equity10/15 | €478k | €139k | €282k | €294k | €419k | ▲ 42.7% |
| Contributions10/11 | - | €19k | €25k | €25k | €25k | = |
| Reserves13 | €459k | €120k | €257k | €269k | €394k | ▲ 46.6% |
| Non-distributable reserves130/1 | - | €0 | €2k | €2k | €2k | = |
| Reserves not available under the articles1311 | - | €0 | €2k | €2k | €2k | = |
| Tax-exempt reserves132 | - | €280 | €280 | €280 | €280 | = |
| Distributable reserves133 | - | €120k | €255k | €267k | €392k | ▲ 47.0% |
| Profit (loss) carried forward14 | €658 | €0 | €0 | - | - | - |
| Provisions and deferred taxes16 | €86k | €86k | €0 | - | - | - |
| Provisions for liabilities and charges160/5 | - | €86k | €0 | - | - | - |
| Pensions and similar obligations160 | - | €66k | €0 | - | - | - |
| Other liabilities and charges164/5 | - | €20k | €0 | - | - | - |
| Amounts payable17/49 | €290k | €916k | €438k | €409k | €237k | ▼ 42.0% |
| Amounts payable after more than one year17 | €0 | - | - | - | - | - |
| Amounts payable within one year42/48 | €281k | €916k | €436k | €404k | €235k | ▼ 41.9% |
| Current portion of amounts payable after more than one year42 | - | €13k | €13k | €13k | €13k | ▼ 0.2% |
| Trade debts44 | €123k | €88k | €163k | €220k | €38k | ▼ 82.6% |
| Suppliers440/4 | - | €88k | €163k | €220k | €38k | ▼ 82.6% |
| Taxes, remuneration and social security45 | - | €211k | €183k | €96k | €123k | ▲ 28.1% |
| Taxes450/3 | - | €110k | €89k | €5k | €47k | ▲ 862% |
| Remuneration and social security454/9 | - | €101k | €94k | €91k | €76k | ▼ 16.6% |
| Other amounts payable47/48 | - | €604k | €77k | €75k | €61k | ▼ 18.8% |
| Accrued charges and deferred income492/3 | - | €0 | €2k | €5k | €2k | ▼ 50.3% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €12k | €169k | €12k | €11k | €125k | ▲ 1,000% |
| + Depreciation and write-downs630 | €24k | €16k | €20k | €17k | €13k | ▼ 23.7% |
| Operating cash flow (approximation) | €35k | €184k | €32k | €28k | €138k | ▲ 389% |
| Investment in fixed assets (approximation) | - | €-48k | €-12k | €-4k | €-14k | ▼ 244% |
| Change in cash | - | €116k | €-299k | €64k | €-98k | ▼ 255% |
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
03-02
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema
2025
17-02
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema
2024
30-09
Financial
Weakest financial yearnet €11k ▼6.2%
Net result drops to €11k, the lowest in the series; recovery starts the following year.
20-03
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema
2023
30-09
Financial
Equity above €200kEq €282k ▲103%
6 profitable years in a row build equity to €282k.
05-05
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema · 5 days late
2022
30-09
Financial
Highest result since 2018net €169k ▲1,356%
Operating result €253k, net result €169k, both a record.
23-03
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema
2021
17-05
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema · 17 days late
2020
15-01
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema
2019
01-02
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema
2018
31-01
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema
2017
16-01
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 6 acts read
About the unread acts
We know of 6 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
6 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, Gent · 1 establishment unit since 2002
Ground area
763 m²
Building footprint
763 m²
Volume, LiDAR
9,295 m³
Parcel 44021A2735/00N003, Flanders · tallest building 12.6 m, ±4 floors. Linked by address, not a title deed.
12
companies at this address
See who is registered here
1 establishment unit
Dok-Noord 4E, 9000 Gent
since 20022.114.612.767
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 44021A2735/00N003 | Flanders | 763 m² | 1 · 763 m² | 12.6 m · 4 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 9,862 companies in sector 73110 we hold annual accounts for 3,752. 2,314 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
Founded12-11-2002
Fiscal year end30-09
Activities, NACEBEL 2025
73110Advertising agencies
62200Computer consultancy and computer facilities management
63100Computing infrastructure, data processing, hosting and related activities
68203Renting and operating of own or leased non-residential real estate, excluding land
Contact
Scores and ratios are computed by Checked and are not a credit decision.