Losses
-€5.1m in four years
Every financial year from 2022 to 2025 closed with a loss. 2023 was the heaviest.
GROUP S
Lifetime
19 annual accounts with figures on one time axis, 30 filings since 1996peak €86.1m (2025)
€86.1m▲ 20×
lowest -€2.0m (2023)
-€991,617▲ €841,160
peak €104.3m (2025)
€104.3m▲ 263%
€36.3m▲ 118%
peak 654.7 FTE (2025)
654.7 FTE▲ 16×
Board29 names since 2007all names
10 directorsEddy Vandezande and 9 others
Owners2 names in the annual accounts
Documentsfilings and deeds
26-06-202635 days before the deadline
Key points
from the 2025 annual accountsTurnover
€86.1m ▲ 20×
Turnover rose in 2025: branch received from GROUP S.
Debts
€36.3m ▲ 118%
Debts rose by €19.7m in 2025.
Investments
€138.9m 26.9 × depreciation
Green is investment, beige is depreciation.
Payment terms
147 days to suppliers
GROUP S pays its suppliers 16 days earlier than in 2024. Customers pay 113 days earlier.
Board
4 joined · 7 left
Board changed. Latest change 01-04-2026 · 5 in office.
Checked score
91
Excellent
Financially stronger than 66% of large companies in office administrative support (NACE 82)
Probability in this band: under 0.55%
Bankruptcy probability within 12 months
0.2% Very low
0%0.5%1.5%4%10%≥ 25%
The dashed line is the sector median: 0.1% across 51 companies (NACE 82, large).
About 2 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
Last 24 months
12-2024: 0.3%
01-2025: 0.4%▲ +0.1 percentage points vs 12-2024
02-2025: 0.1%▼ -0.3 percentage points vs 01-2025lowest value
03-2025: 0.1%● unchanged vs 02-2025lowest value
04-2025: 0.1%● unchanged vs 03-2025
05-2025: 0.2%▲ +0.1 percentage points vs 04-2025
06-2025: 0.1%▼ -0.1 percentage points vs 05-2025
07-2025: 0.2%▲ +0.1 percentage points vs 06-2025
08-2025: 0.2%● unchanged vs 07-2025
09-2025: 0.2%● unchanged vs 08-2025
10-2025: 0.2%● unchanged vs 09-2025
11-2025: 0.2%● unchanged vs 10-2025
12-2025: 0.2%● unchanged vs 11-2025
01-2026: 0.2%● unchanged vs 12-2025
02-2026: 0.2%● unchanged vs 01-2026
03-2026: 0.2%● unchanged vs 02-2026
04-2026: 0.2%● unchanged vs 03-2026
05-2026: 0.2%● unchanged vs 04-2026
06-2026: 0.2%● unchanged vs 05-2026
07-2026: 0.2%● unchanged vs 06-2026
08-2026: 0.4%▲ +0.2 percentage points vs 07-2026
09-2026: 0.5%▲ +0.1 percentage points vs 08-2026highest value
10-2026: 0.2%▼ -0.3 percentage points vs 09-2026
11-2026: 0.2%● unchanged vs 10-2026
Financial strengthStrong
Score breakdown
raises risk
Liquidity: current ratio 0.94, cash €3.5m
Loss of €991,617, the second in a row (financial year 2025)
lowers risk
Equity €104.3m (73.7% of total assets)
Sector: Office administrative, office support and other business support activities (NACE 82)
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 82, large). It does better than 63% of them on solvency, 61% on liquidity, 43% on profitability and 98% on growth.
The bankruptcy probability was computed on 09-11-2026 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 very low class on 30-06-2025, 0.1% 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).
Comparable companies, two years later
In July 2024, 151 companies had the same profile as GROUP S has now. Each dot is one company, two years later.
94.0%
were still trading
4.0%
stopped another way
1.3%
went bankrupt
Another 0.7% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of GROUP S itself: 0.2% within 12 months.
Test of the method
The method was tested on the 497,447 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 151 companies, not a prediction for GROUP S. 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.
Credit verdict
Credit of up to €8,600,000 on 30-day terms is acceptable
Liquidity is insufficient, with a current ratio of 0.94 (1.18 in 2024), below 1. Short-term debt is 14.3% and cash 2.5% of total assets. 26.3% of the assets are financed with debt and provisions.
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The scores and ratios are Checked's own calculations, not a credit decision.
Signals
Six signals.
lowers riskraises riskneutral
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 €104.3m
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 26-06-2026, 35 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
35 days early
2024
37 days early
2023
14 days early
2022
25 days early
2021
19 days early
2020
22 days early
2019
21 days early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
The company filed its last 7 accounts on average 25 days before the deadline. In the sector (NACE 82), the median for financial year 2024 was 7 days before the deadline, and 35% 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 6 July (5 of the last 5 accounts filed within 30 days either side of that date).
Companies Code · seven monthsWhere today falls in the filing period
10-11-2026 today31-12-2026 year end31-07-2027 deadline
Board and ownership
- GROUP S - Secrétariat Social 104,987 sharesdeed of 04-07-2025
- GROUP S 256,868 sharesdeed of 04-07-2025
Shares in 4 companies, including AAPI and CLUBIT
Board & ownershipRecent changes
7 directors appointed, 4 resignations
Changes of role: Eddy Vandezande (chair of the board) and Tom Potteau (vice-chair of the board) · Resignations: Marc Peeters, VIVEB CONSULTING BV, PEOPLESPHERE COMPANY SRL and Embuild ASBL · Permanent representatives: Vinciane Verbiest, Jean-Paul Erhard, Niko Demeester, Hans Leybaert, Marc Peeters, Bart Deprez and 1 other · General meeting of 19-03-2026 · Gazette deed
New co-opted director
Embuild ASBL appointed, Colette Golinvaux resigned · Permanent representatives: Niko Demeester and Vinciane Verbiest · Director discharge: Colette Golinvaux · Gazette deed
Transfer: GROUP S transfers a universality to GROUP S
Capital increase of €76,903,426.51 to €109,485,426.51 · Capital from €32,582,000 to €109,485,426.51 · General meeting of 10-10-2025 · Gazette deed
Merger: GROUP S takes over POOTSY
Permanent representatives: VANDEZANDE Eddy and RUEBENS Marc Pierre Roger · GROUP S - Secrétariat Social holds 104,987 shares · GROUP S holds 256,868 shares · General meeting of 19-06-2025 · Gazette deed
Comparable companies
same main activity, similar in size and age| Company | ||||
|---|---|---|---|---|
| GROUP S Brussels | €86.1m | -0.6% | 73.7% | 654.7 |
| PARTENA BUSINESS SOLUTIONS Brussels | €93.9m | 0.4% | 15.1% | 452.3 |
| ACERTA SOCIAAL SECRETARIAAT - ACERTA SECRETARIAT SOCIAL - ACERTA SOZIALSEKRETARIAT Brussels | €146.5m | -7.0% | 9.2% | 586.7 |
| SPEOS BELGIUM Brussels | €55.6m | 9.3% | 68.8% | 221.4 |
| Productions Associées Sint-Gillis (bij-Brussel) | €190.9m | 0.0% | 61.2% | 1,606 |
| Secrétariat Social Securex - Sociaal Sekretariaat Securex - Sozial Sekretariate für Arbeitgeber Securex Etterbeek | €103.5m | 8.7% | 26.0% | 440.6 |
| Liantis sociaal secretariaat Bruges | €103.0m | -12.1% | 12.8% | 561.4 |
Grey: the largest companies of the sector (office administrative support (NACE 82)), without their names. Blue: the sector peers from the table.
These companies have the same main activity as GROUP S: office administrative and support services (NACE 82100). They are comparable in size and age: total assets between €56m and €490m, founded between 1945 and 2008.
Official details
Source: KBO- Status
- Active since 14-12-1995Normal situation
- Activity
- Office administrative and support servicesNACE 82100
- Joint committee
- 200Auxiliary committee for white-collar workers · annual accounts 2025
- Establishment units
- 2.113.478.5601000 Brussels, since 22-10-2002
- 2.145.200.6296061 Charleroi, since 11-02-2005and 17 others
- Financial year end
- 31 December
- Peppol
- Reachable since 15-01-2024
Annual accounts 2025
- €141.6m▲ 212%
- Employeeson 31-12-2025
- 675▲ 14×
- Filing
- Filed on 26-06-2026, 35 days before the end of the filing period
Insights on GROUP S
GROUP S has existed since 1995. The present size dates from 2025. Turnover rose that year from €4.3m to €86.1m and staff from 40 to 654.7 full-time equivalents. On 1 January 2025 17 sites were added.
Turnover has grown every year since 2021. Solvency rose in 2025 from 63.2% to 73.7% because of a capital increase.
In April 2026, six directors stepped down. In April 2026, the Official Gazette published the appointment of BUILDWAYS as managing director.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette. Click a figure with a dotted line for the item and the filing.
Key facts about GROUP S
- What is the company number of GROUP S?
- The company number of GROUP S is 0456.681.542. The VAT number is the same number with BE in front: BE 0456.681.542.
- Where is GROUP S based?
- The registered office is at Ursulinenstraat 2, 1000 Brussels.Company details
- What does GROUP S do?
- According to the KBO register, the main activity is office administrative and support services (NACE 82100).
- What is the legal form of GROUP S?
- GROUP S is a public limited company (NV).
- When was GROUP S founded?
- GROUP S was founded on 14-12-1995.
- Is GROUP S still active?
- Yes, GROUP S is an active enterprise in the KBO register.
- How many employees does GROUP S have?
- GROUP S had an average of 654.7 full-time equivalents in financial year 2025, according to the filed annual accounts.Financials
- Which joint committee does GROUP S fall under?
- In its 2025 annual accounts, GROUP S states joint committee 200 (Auxiliary committee for white-collar workers).
- What is the turnover of GROUP S?
- The turnover of GROUP S was €86.1m in financial year 2025, according to the filed annual accounts.
- Is GROUP S profitable?
- In financial year 2025, GROUP S made a loss of €991,617.
- Where can I find the annual accounts of GROUP S?
- GROUP S filed 30 annual accounts with the National Bank of Belgium, the latest for financial year 2025.
- When are the next annual accounts of GROUP S due?
- GROUP S must file the annual accounts for financial year 2026 by 31-07-2027.Timeline
Next steps
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