GuardSquare
ActiveSummary
GuardSquare has been active since 2014 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €5.1m and a net result of €3.2m. Equity remains stable across the filed fiscal years (±0.6% per year). Its solvency ranks better than 28% of 1452 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.2% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability76▼-12
Solvency38▲+7
Growth85▲+13
Track record100
Bankruptcy probability, 12 months
0.2%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €350,000 at 30 days acceptable
Liquidity ample (current ratio 5.41 against 5.34 in 2024; short-term debt: 18% and cash: 8.8% of total assets), but 86.7% of the assets are financed with debt.
Credit check for your own amount and term
Show the recommended maximum : and see how the verdict changes with amount, term and advance.
Signals
Seven 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 62
Relative position
BE, all sectors
reference
Computer programming, consultancy and related activities (NACE 62)
about 64% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
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
13.3%
Return on assets
8.2%
Age of the figures
9 mo
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 · 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 €5.1m
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 12-06-2026, 49 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
49 d early
2024
44 d early
2023
55 d early
2022
11 d early
2021
47 d early
2020
59 d early
2019
53 d early
← 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 45 days before the deadline; the sector median for financial year 2024 is 9 days before the deadline, and 33% of the sector filed late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today. Usually files around 14 June (4 of the last 5 filed years within 30 days of that day).
Companies Code · seven monthsPosition in the running window
29-09-2026 today31-12-2026 close31-07-2027 deadline
History
GuardSquare was incorporated on 16 April 2014 by two natural persons, with a starting capital of EUR 18,600.12 In 2015 the company took the name GuardSquare.3 The registered office moved to Heverlee in 2015 and to Leuven in 2016.45 Between 2015 and 2019 the capital was increased 3 times, most recently to EUR 79,351.367 The board currently has 2 members; Differentia has served longest, since 2025.8 Revenue grew from EUR 8 million in 2019 to EUR 29 million in 2025 and headcount from 24.6 full-time equivalents in 2018 to 104 in 2025.9
- 1Crossroads Bank for Enterprises
- 2Belgian State Gazette, 29-04-2014
- 3Belgian State Gazette, 13-01-2015
- 4Belgian State Gazette, 15-06-2015
- 5Belgian State Gazette, 18-11-2016
- 6Belgian State Gazette, 11-12-2017
- 7Belgian State Gazette, 11-01-2019
- 8Belgian State Gazette, 17-11-2025
- 9National Bank, annual accounts 2018, 2019 and 2025
Go further with this company
How much credit can you give this customer, and on what term?Credit check What should you check before you do business with this company?Supplier due diligence Is the workforce growing, and do people stay?Employer check Can you accept this company as a client under the anti-money-laundering law?AML client file Which of your other customers can you e-invoice via Peppol?Peppol check How does this company compare with its sector?Sector benchmark
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Investigating this company? Keep it with today's facts in a case file.
Financials · fiscal year 2025, full schema
In the rankings
#3 employer in Leuven, Telecoms and IT sector#4 company by total assets in Leuven, Telecoms and IT sector#8 fastest grower in Leuven, Telecoms and IT sector
Turnover
€29.1m▲ 14.8%
2024 · €25.4m
EBIT margin
11.9%▼ 4.7pp
2024 · 16.6%
Net result
€3.2m▼ 29.2%
2024 · €4.5m
Working capital
€30.6m▲ 24.1%
2024 · €24.6m
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 62, Computer programming, consultancy and related 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€13.2m▲ 27.8%€17.1m▲ 29.4%€21.5m▲ 26.0%€25.4m▲ 18.1%€29.1m▲ 14.8%
Operating result€1.3m▲ 21.1%€211,224▼ 83.1%€809,192▲ 283%€4.2m▲ 419%€3.5m▼ 17.5%
Net result€1.7mabove the sector's middle half▲ 348%€377,677above the sector's middle half▼ 77.2%€579,674above the sector's middle half▲ 53.5%€4.5mabove the sector's middle half▲ 671%€3.2mabove the sector's middle half▼ 29.2%
EBIT margin9.5%▼ 0.5pp1.2%▼ 8.3pp3.8%▲ 2.5pp16.6%▲ 12.8pp11.9%▼ 4.7pp
Equity€2.1mabove the sector's middle half▲ 154%€2.5mabove the sector's middle half▲ 17.8%€2.0mabove the sector's middle half▼ 20.8%€1.9mabove the sector's middle half▼ 2.2%€5.1mabove the sector's middle half▲ 163%
Total assets€19.4mabove the sector's middle half▲ 42.8%€22.4mabove the sector's middle half▲ 15.5%€27.2mabove the sector's middle half▲ 21.4%€31.4mabove the sector's middle half▲ 15.1%€38.5mabove the sector's middle half▲ 22.6%
Debt€17.3m▲ 35.5%€19.9m▲ 15.3%€25.3m▲ 26.7%€29.4m▲ 16.5%€33.4m▲ 13.4%
Working capital€13.1mabove the sector's middle half▲ 44.3%€16.4mabove the sector's middle half▲ 25.3%€19.8mabove the sector's middle half▲ 20.7%€24.6mabove the sector's middle half▲ 24.3%€30.6mabove the sector's middle half▲ 24.1%
Solvency10.9%below the sector's middle half▲ 4.8pp11.2%below the sector's middle half▲ 0.2pp7.3%below the sector's middle half▼ 3.9pp6.2%below the sector's middle half▼ 1.1pp13.3%within the sector's middle half▲ 7.1pp
Current ratio3.30within the sector's middle half▼ 0.114.23above the sector's middle half▲ 0.934.23above the sector's middle half=5.34above the sector's middle half▲ 1.105.41above the sector's middle half▲ 0.07
Return on assets (ROA)8.5%within the sector's middle half▲ 5.8pp1.7%within the sector's middle half▼ 6.9pp2.1%within the sector's middle half▲ 0.4pp14.3%within the sector's middle half▲ 12.1pp8.2%within the sector's middle half▼ 6.0pp
Staff (FTE)66.9above the sector's middle half▲ 34.3%77.6above the sector's middle half▲ 16.0%99above the sector's middle half▲ 27.6%108.5above the sector's middle half▲ 9.6%103.9above the sector's middle half▼ 4.2%
above
within
below
the middle half (P25 to P75) of NACE 62, Computer programming, consultancy and related activities, each year against the same schema; no band under 30 filings.
Result per fiscal year
Operating resultNet result
The operating result falls in 2025; 2025 is 17% below 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €38.5m
Fixed assets
€952,341 ▼ 10.1%
Current assets
€37.5m ▲ 23.8%
Equity and liabilities €38.5m
Equity
€5.1m ▲ 163%
Debt
€33.4m ▲ 13.4%
Debt's share of the balance-sheet total falls from 93.8% to 86.7%. Equity and debt are higher.
Key figures and ratios
EBITDA
€3.7m▼
2024 · €4.6m
Cash flow
€3.4m▼
2024 · €4.8m
Debt to equity
6.53▼
2024 · 15.18
ROE
62.0%▼
2024 · 230.6%
Interest coverage
19.56▼
2024 · 53.57
Debt ≤ 1 year
€6.9m▲
2024 · €5.7m
Income taxes
€139,254▲
2024 · €125,409
Staff costs
€11.2m▲
2024 · €10.1m
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 172 companies that looked in July 2024 the way this one looks now, 0% went bankrupt within 24 months and 97% are still going.
- Medium-sized
- 10 to 20 years old
- solvency 10 to 30%
- a profit of 5% of the balance sheet or more
0%
went bankrupt
3.5%
stopped otherwise
97%
still going
For this company itself Checked computes a bankruptcy probability of 0.2% over twelve months; the group does not contradict it.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,338 companies of July 2024 its group's bankruptcy share. Expected: 1.6%; actually bankrupt within 24 months: 1.7%.
| 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% | 1.0% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.9% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 74% 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 172 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 |
|---|---|---|---|---|---|---|
| Operating income70/76A | €13.6m | €17.6m | €22.2m | €26.4m | €30.1m | ▲ 14.1% |
| Turnover70 | €13.2m | €17.1m | €21.5m | €25.4m | €29.1m | ▲ 14.8% |
| Other operating income74 | €409,836 | €586,522 | €747,968 | €984,864 | €936,344 | ▼ 4.9% |
| Non-recurring operating income76A | €5,938 | €0 | - | €2,468 | €4,959 | ▲ 101% |
| Operating charges60/66A | €12.3m | €17.4m | €21.4m | €22.2m | €26.6m | ▲ 20.0% |
| Goods for resale, raw materials and consumables60 | €371,782 | €0 | €1,152 | €5,746 | €4,486 | ▼ 21.9% |
| Purchases600/8 | €371,782 | €0 | €1,152 | €5,746 | €4,486 | ▼ 21.9% |
| Services and other goods61 | €6.9m | €10.6m | €11.9m | €11.7m | €14.9m | ▲ 27.0% |
| Remuneration, social security and pensions62 | €4.8m | €6.7m | €9.0m | €10.1m | €11.2m | ▲ 11.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €210,344 | €229,248 | €357,235 | €368,323 | €267,460 | ▼ 27.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | €99,779 | -€40,806 | €17,218 | €26,572 | €225,905 | ▲ 750% |
| Other operating charges640/8 | €18,931 | €2,159 | €115,147 | €2,679 | €32,340 | ▲ 1,107% |
| Operating profit (loss)9901 | €1.3m | €211,224 | €809,192 | €4.2m | €3.5m | ▼ 17.5% |
| Financial income75/76B | €600,229 | €565,744 | €367,848 | €653,484 | €752,920 | ▲ 15.2% |
| Recurring financial income75 | €600,229 | €565,744 | €367,848 | €653,484 | €752,920 | ▲ 15.2% |
| Income from financial fixed assets750 | €40,419 | €165,429 | €277,623 | €43,919 | €0 | ▼ 100% |
| Income from current assets751 | - | - | - | €536,608 | €701,520 | ▲ 30.7% |
| Other financial income752/9 | €559,810 | €400,315 | €90,225 | €72,956 | €51,399 | ▼ 29.5% |
| Financial charges65/66B | €164,952 | €339,057 | €475,151 | €260,310 | €915,957 | ▲ 252% |
| Recurring financial charges65 | €164,952 | €339,057 | €475,151 | €260,310 | €915,957 | ▲ 252% |
| Debt charges650 | €1,200 | €70,419 | €90,702 | €85,336 | €191,060 | ▲ 124% |
| Other financial charges652/9 | €163,752 | €268,638 | €384,450 | €174,974 | €724,896 | ▲ 314% |
| Profit (loss) for the period before taxes9903 | €1.7m | €437,911 | €701,889 | €4.6m | €3.3m | ▼ 28.1% |
| Income taxes67/77 | €29,800 | €60,233 | €122,215 | €125,409 | €139,254 | ▲ 11.0% |
| Taxes670/3 | €34,637 | €60,233 | €122,229 | €125,409 | €159,434 | ▲ 27.1% |
| Tax adjustments and reversals of tax provisions77 | €4,837 | €0 | €14 | €0 | €20,180 | - |
| Profit (loss) for the period9904 | €1.7m | €377,677 | €579,674 | €4.5m | €3.2m | ▼ 29.2% |
| Profit (loss) for the period to be appropriated9905 | €1.7m | €377,677 | €579,674 | €4.5m | €3.2m | ▼ 29.2% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €19.4m | €22.4m | €27.2m | €31.4m | €38.5m | ▲ 22.6% |
| Fixed assets21/28 | €621,848 | €942,753 | €1.3m | €1.1m | €952,341 | ▼ 10.1% |
| Intangible fixed assets21 | €343,151 | €218,151 | €93,151 | €0 | - | - |
| Tangible fixed assets22/27 | €225,373 | €671,254 | €1.2m | €994,156 | €886,187 | ▼ 10.9% |
| Plant, machinery and equipment23 | €97,534 | €151,147 | €174,839 | €134,233 | €131,937 | ▼ 1.7% |
| Furniture and vehicles24 | €18,447 | €119,025 | €223,703 | €169,083 | €127,383 | ▼ 24.7% |
| Other tangible fixed assets26 | €109,392 | €401,082 | €753,836 | €690,840 | €626,867 | ▼ 9.3% |
| Financial fixed assets28 | €53,324 | €53,348 | €63,782 | €65,544 | €66,154 | ▲ 0.9% |
| Affiliated companies280/1 | €27,569 | €27,569 | €27,569 | €27,501 | €27,502 | = |
| Participating interests280 | €27,569 | €27,569 | €27,569 | €27,501 | €27,502 | = |
| Other financial fixed assets284/8 | €25,755 | €25,779 | €36,212 | €38,043 | €38,652 | ▲ 1.6% |
| Amounts receivable and cash guarantees285/8 | €25,755 | €25,779 | €36,212 | €38,043 | €38,652 | ▲ 1.6% |
| Current assets29/58 | €18.8m | €21.5m | €25.9m | €30.3m | €37.5m | ▲ 23.8% |
| Amounts receivable after more than one year29 | €6.0m | €6.0m | €6.0m | €9.5m | €9.5m | = |
| Other amounts receivable291 | €6.0m | €6.0m | €6.0m | €9.5m | €9.5m | = |
| Stocks and contracts in progress3 | €0 | €0 | €0 | €0 | €0 | - |
| Amounts receivable within one year40/41 | €7.8m | €6.7m | €8.3m | €8.9m | €23.5m | ▲ 164% |
| Trade receivables40 | €7.0m | €6.0m | €7.5m | €8.2m | €8.7m | ▲ 6.5% |
| Other amounts receivable41 | €809,862 | €676,929 | €804,035 | €734,608 | €14.8m | ▲ 1,910% |
| Current investments50/53 | - | - | €4.5m | €3.8m | €0 | ▼ 100% |
| Other investments51/53 | - | - | €4.5m | €3.8m | €0 | ▼ 100% |
| Cash at bank and in hand54/58 | €4.8m | €8.3m | €6.6m | €7.4m | €3.4m | ▼ 54.3% |
| Deferred charges and accrued income490/1 | €238,503 | €458,115 | €494,547 | €648,634 | €1.2m | ▲ 79.2% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €19.4m | €22.4m | €27.2m | €31.4m | €38.5m | ▲ 22.6% |
| Equity10/15 | €2.1m | €2.5m | €2.0m | €1.9m | €5.1m | ▲ 163% |
| Contributions10/11 | €459,213 | €459,213 | €459,213 | €459,213 | €459,213 | = |
| Capital10 | €79,351 | €79,351 | €79,351 | €79,351 | €79,351 | = |
| Issued capital100 | €79,351 | €79,351 | €79,351 | €79,351 | €79,351 | = |
| Outside capital11 | €379,863 | €379,863 | €379,863 | €379,863 | €379,863 | = |
| Share premium1100/10 | €379,863 | €379,863 | €379,863 | €379,863 | €379,863 | = |
| Reserves13 | €1.7m | €2.0m | €1.5m | €1.5m | €4.6m | ▲ 214% |
| Non-distributable reserves130/1 | €7,935 | €7,935 | €7,935 | €7,935 | €7,935 | = |
| Legal reserve130 | €7,935 | €7,935 | €7,935 | €7,935 | €7,935 | = |
| Distributable reserves133 | €1.7m | €2.0m | €1.5m | €1.5m | €4.6m | ▲ 215% |
| Profit (loss) carried forward14 | €36 | €36 | €36 | €682 | €432 | ▼ 36.6% |
| Amounts payable17/49 | €17.3m | €19.9m | €25.3m | €29.4m | €33.4m | ▲ 13.4% |
| Amounts payable after more than one year17 | €250,000 | €0 | - | - | - | - |
| Other amounts payable178/9 | €250,000 | €0 | - | - | - | - |
| Amounts payable within one year42/48 | €5.7m | €5.1m | €6.1m | €5.7m | €6.9m | ▲ 22.2% |
| Current portion of amounts payable after more than one year42 | - | €250,000 | €0 | - | - | - |
| Trade debts44 | €4.3m | €2.2m | €2.2m | €2.5m | €3.0m | ▲ 18.6% |
| Suppliers440/4 | €4.3m | €2.2m | €2.2m | €2.5m | €3.0m | ▲ 18.6% |
| Taxes, remuneration and social security45 | €778,648 | €1.1m | €1.5m | €1.2m | €1.4m | ▲ 12.6% |
| Taxes450/3 | €2,538 | €2,793 | €3,990 | €11,385 | €1,612 | ▼ 85.8% |
| Remuneration and social security454/9 | €776,110 | €1.1m | €1.5m | €1.2m | €1.3m | ▲ 13.5% |
| Other amounts payable47/48 | €582,567 | €1.6m | €2.5m | €1.9m | €2.6m | ▲ 32.7% |
| Accrued charges and deferred income492/3 | €11.3m | €14.9m | €19.1m | €23.8m | €26.4m | ▲ 11.3% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €1.7m | €377,677 | €579,674 | €4.5m | €3.2m | ▼ 29.2% |
| + Depreciation and write-downs630 | €210,344 | €229,248 | €357,235 | €368,323 | €267,460 | ▼ 27.4% |
| Operating cash flow (approximation) | €1.9m | €606,926 | €936,909 | €4.8m | €3.4m | ▼ 29.0% |
| Investment in fixed assets (approximation) | - | -€550,153 | -€723,792 | -€118,712 | -€160,102 | ▼ 34.9% |
| Change in cash | - | €3.6m | -€1.7m | €807,871 | -€4.0m | ▼ 599% |
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
12-06
NBB filing
Annual accounts filed
fiscal year 2025 · full schema
2025
31-12
Financial
Equity above €5mEq €5.1m ▲163%
8 profitable years in a row build equity to €5.1m.
17-11
State Gazette act
Resignations: Jürgen Ingels (director) and Differentia BV (director)Appointments: Tim Dehaes (director) and Differentia BV (director) · Permanent representative: Roel Caers · Representation9 facts ▸
State Gazette act
Resignations: Jürgen Ingels (director) and Differentia BV (director)
Appointments: Tim Dehaes (director) and Differentia BV (director) · Permanent representative: Roel Caers · Representation9 facts ▸
- General meeting, 03-09-2025
- Director resignation, Jürgen Ingels (director)
- Director resignation, Differentia BV (director)
- Director appointment, Tim Dehaes (director)
- Director appointment, Differentia BV (director)
- Permanent representative, Roel Caers
- Board composition, Tim Dehaes (director)
- Board composition, Differentia BV (director)
- Representation, De Vennootschap wordt in al haar handelingen, met inbegrip van de vertegenwoordiging in rechte, rechtsgeldig vertegenwoordigd door de gedelegeerd bestuurder(s),…
17-06
NBB filing
Annual accounts filed
fiscal year 2024 · full schema
2024
31-12
Financial
Highest result since 2018net €4.5m ▲671%
Operating result €4.2m, net result €4.5m, both a record.
06-06
NBB filing
Annual accounts filed
fiscal year 2023 · full schema
21-05
State Gazette act
Reappointment: RSM Interaudit (statutory auditor)Permanent representative: Laurent Van Der Linden3 facts ▸
State Gazette act
Reappointment: RSM Interaudit (statutory auditor)
Permanent representative: Laurent Van Der Linden3 facts ▸
- General meeting, 29-06-2023
- Auditor reappointment, RSM Interaudit (statutory auditor)
- Permanent representative, Laurent Van Der Linden
2023
20-07
NBB filing
Annual accounts filed
fiscal year 2022 · full schema
2022
14-06
NBB filing
Annual accounts filed
fiscal year 2021 · full schema
2021
31-12
Financial
Equity above €2mEq €2.1m ▲154%
4 profitable years in a row build equity to €2.1m.
02-06
NBB filing
Annual accounts filed
fiscal year 2020 · full schema
2020
31-12
Financial
Weakest financial yearnet €370,128 ▼70.3%
Net result drops to €370,128, the lowest in the series; recovery starts the following year.
Show earlier events
08-12
State Gazette act
Resignation: Finvision Bedrijfsrevisoren Antwerpen BV (statutory auditor)Permanent representatives: Karel Nijs, Laurent Van der Linden and Roel Caers · Appointment: RSM Interaudit CV (statutory auditor)6 facts ▸
State Gazette act
Resignation: Finvision Bedrijfsrevisoren Antwerpen BV (statutory auditor)
Permanent representatives: Karel Nijs, Laurent Van der Linden and Roel Caers · Appointment: RSM Interaudit CV (statutory auditor)6 facts ▸
- General meeting, 13-11-2020
- Director resignation, Finvision Bedrijfsrevisoren Antwerpen BV (statutory auditor)
- Permanent representative, Karel Nijs
- Auditor appointment, RSM Interaudit CV (statutory auditor)
- Permanent representative, Laurent Van der Linden
- Permanent representative, Roel Caers
27-10
State Gazette act
Statutes amendmentCapital · Power of attorney7 facts ▸
State Gazette act
Statutes amendment
Capital · Power of attorney7 facts ▸
- General meeting, 20-10-2020
- Statutes amendment
- Statutes amendment
- Statutes amendment
- Capital, €79.350,6
- Statutes amendment
- Power of attorney, GuardSquare
08-06
NBB filing
Annual accounts filed
fiscal year 2019 · full schema
01-04
State Gazette act
Appointment: Finvision Bedrijfsrevisoren Antwerpen BV (statutory auditor)Permanent representative: Karel Nijs3 facts ▸
State Gazette act
Appointment: Finvision Bedrijfsrevisoren Antwerpen BV (statutory auditor)
Permanent representative: Karel Nijs3 facts ▸
- General meeting, 30-01-2020
- Auditor appointment, Finvision Bedrijfsrevisoren Antwerpen BV (statutory auditor)
- Permanent representative, Karel Nijs
16-01
State Gazette act
Resignation: Heidi Rakels (bestuurder en waarnemer van de raad van bestuur)Appointment: Jurgen Ingels (director)3 facts ▸
State Gazette act
Resignation: Heidi Rakels (bestuurder en waarnemer van de raad van bestuur)
Appointment: Jurgen Ingels (director)3 facts ▸
- General meeting, 30-12-2019
- Director resignation, Heidi Rakels (bestuurder en waarnemer van de raad van bestuur)
- Director appointment, Jurgen Ingels (director)
2019
19-12
State Gazette act
Resignations: Paul Morrissey, Dharmesh Thakker and GS Pledge Co. LimitedPermanent representative: Dharmesh Thakker · Appointment: Heidi Rakels (director) · Mandate compensation7 facts ▸
State Gazette act
Resignations: Paul Morrissey, Dharmesh Thakker and GS Pledge Co. Limited
Permanent representative: Dharmesh Thakker · Appointment: Heidi Rakels (director) · Mandate compensation7 facts ▸
- General meeting, 07-01-2019
- Director resignation, Paul Morrissey (director)
- Director resignation, Dharmesh Thakker (director)
- Director resignation, GS Pledge Co. Limited (director and chair of the board)
- Permanent representative, Dharmesh Thakker
- Director appointment, Heidi Rakels (director)
- Mandate compensation, Heidi Rakels
04-07
State Gazette act
Resignations: Eric Lafortune, Heidi Rakels and Jurgen IngelsAppointments: Dharmesh Thakker, Paul Morrissey and 2 others · Permanent representatives: Dharmesh Thakker and Roel Caers · Mandate compensation15 facts ▸
State Gazette act
Resignations: Eric Lafortune, Heidi Rakels and Jurgen Ingels
Appointments: Dharmesh Thakker, Paul Morrissey and 2 others · Permanent representatives: Dharmesh Thakker and Roel Caers · Mandate compensation15 facts ▸
- General meeting, 28-12-2018
- Director resignation, Eric Lafortune (director and managing director)
- Director resignation, Heidi Rakels (director and managing director)
- Director resignation, Jurgen Ingels (director)
- Director appointment, Dharmesh Thakker (director)
- Director appointment, Paul Morrissey (director)
- Director appointment, GS Pledge Co. Limited (director)
- Director appointment, Differentia BVBA (director)
- Permanent representative, Dharmesh Thakker
- Permanent representative, Roel Caers
- Mandate compensation, Dharmesh Thakker
- Mandate compensation, Paul Morrissey
- +3 further facts in this act
28-06
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema
11-01
State Gazette act
Capital & sharesShare issue · Share cancellation · Capital increase9 facts ▸
State Gazette act
Capital & shares
Share issue · Share cancellation · Capital increase9 facts ▸
- General meeting, 31-07-2015
- Share issue, Globaal Warrantenplan, 12500
- Share cancellation, 5249, nog niet toegekende warrants opgeheven
- Share cancellation, 15, Klasse B Anti-Dilutie warrants
- Share cancellation, 12500, Klasse B investeerderswarrants
- Share issue, 7251, EUR
- Capital increase, €4.350,6
- Bank account, ING België NV, bijzondere rekening
- Reserve creation, 353942.88, onbeschikbaar
2018
31-05
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema
15-02
State Gazette act
Resignation: Thomas Button (director)2 facts ▸
State Gazette act
Resignation: Thomas Button (director)
2 facts ▸
- General meeting, 22-01-2018
- Director resignation, Thomas Button (director)
2017
11-12
State Gazette act
Capital & sharesCapital increase · Capital decrease · Capital7 facts ▸
State Gazette act
Capital & shares
Capital increase · Capital decrease · Capital7 facts ▸
- General meeting, 23-11-2017
- Capital increase, €431.180,16
- Capital decrease, €417.680,16
- Capital, €75.000
- Statutes amendment
- Power of attorney, Raad van bestuur
- Power of attorney, Jan De Brouwer
06-06
State Gazette act
Appointment: Thomas Button (director)2 facts ▸
State Gazette act
Appointment: Thomas Button (director)
2 facts ▸
- General meeting, 05-05-2017
- Director appointment, Thomas Button (director)
19-05
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema
2016
18-11
State Gazette act
Registered officeRegistered-office move2 facts ▸
State Gazette act
Registered office
Registered-office move2 facts ▸
- Board meeting, 26-10-2016
- Registered-office move, Tervuursevest 362 bus 1, 3000 Leuven
2015
14-08
State Gazette act
Capital & sharesPower of attorney1 fact ▸
State Gazette act
Capital & shares
Power of attorney1 fact ▸
- Power of attorney, CRESCO
15-06
State Gazette act
Registered officeRegistered-office move2 facts ▸
State Gazette act
Registered office
Registered-office move2 facts ▸
- Board meeting, 12-05-2015
- Registered-office move, Kapeldreef 60, 3001 Heverlee
15-05
State Gazette act
Resignation: Wim Witvrouw (managing director)Director discharge5 facts ▸
State Gazette act
Resignation: Wim Witvrouw (managing director)
Director discharge5 facts ▸
- Board meeting, 03-04-2015
- Director resignation, Wim Witvrouw (managing director)
- General meeting, 03-04-2015
- Director resignation, Wim Witvrouw (director)
- Director discharge, Wim Witvrouw
13-01
State Gazette act
Resignation: RAKELS Heidi (manager)Appointments: RAKELS Heidi, LAFORTUNE Eric and 2 others · Net-asset statement · Capital increase21 facts ▸
State Gazette act
Resignation: RAKELS Heidi (manager)
Appointments: RAKELS Heidi, LAFORTUNE Eric and 2 others · Net-asset statement · Capital increase21 facts ▸
- General meeting, 23-12-2014
- Net-asset statement, 30-09-2014
- Capital increase, €4.650
- Bank account, ING Bank, BE41 3631-4242-2110
- Issue premium booking, 495350, Uitgiftepremies
- Capital increase, €38.250
- Legal-form conversion, Naamloze Vennootschap
- Name change, GuardSquare
- Director resignation, RAKELS Heidi (manager)
- Director discharge, RAKELS Heidi
- Director appointment, RAKELS Heidi (director)
- Director appointment, LAFORTUNE Eric (director)
- +9 further facts in this act
2014
29-04
State Gazette act
IncorporationAppointment: RAKELS Heidi Maria Hubertina (manager) · Founder · Power of attorney7 facts ▸
State Gazette act
Incorporation
Appointment: RAKELS Heidi Maria Hubertina (manager) · Founder · Power of attorney7 facts ▸
- Incorporation, 01-04-2014
- Founder, RAKELS Heidi Maria Hubertina
- Founder, LAFORTUNE Eric Peter
- Power of attorney, RAKELS Heidi Maria Hubertina
- Founding capital, €18.600
- Director appointment, RAKELS Heidi Maria Hubertina (manager)
- Mandate compensation, RAKELS Heidi Maria Hubertina
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
18 of 18 acts read
Directors · office · real estate
Directors
2 directors, no change since 2025
Board 2
Differentia
CurrentDirector · since 03-09-2025 · Private limited company · perm. rep.: Roel Caers
Tim Dehaes
CurrentDirector · since 03-09-2025
Permanent representatives 1
Roel Caers
CurrentPermanent representative · since 03-09-2025 · for Differentia
Statutory auditor 1
RSM INTERAUDIT
CurrentStatutory auditor · since 13-11-2020 · perm. rep.: Laurent Van Der Linden
Derived from published Gazette acts. The CBE keeps the official list of function holders; we do not read it, so the two can differ.
See the function holders in the CBE →
Location & real-estate footprint
Registered office, Leuven · 2 establishment units since 2014
Ground area
2,148 m²
Building footprint
1,559 m²
Volume, LiDAR
23,050 m³
2 parcels, Flanders · tallest building 29.0 m, ±9 floors. Linked by address, not a title deed.
6
companies at this address
See who is registered here
2 establishment units
GuardSquare NV
since 20142.229.385.048
Guardsquare
since 20232.353.882.271
2 parcels
Flanders
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 24504E0412/00E000 | Flanders | 1,408 m² | 1 · 948 m² | 17.3 m · 4 fl. |
| 44804D2709/00K008 | Flanders | 740 m² | 1 · 611 m² | 29.0 m · 9 fl. |
Linked by address, not proof of ownership
Good to know
2 of 2 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Mandate history
12 people since 2014, 3 in office
- Board
- Day-to-day management
- Statutory auditor
- began earlier
| Name | Functions and periods |
|---|---|
| Differentia |
|
| Tim Dehaes |
|
| RSM INTERAUDIT |
|
| INGELS Jürgen Gino Alberic |
|
| Finvision Bedrijfsrevisoren Antwerpen BV |
|
| RAKELS Heidi Maria Hubertina |
|
| Dharmesh Thakker |
|
| GS Pledge Co Limited |
|
| Paul Morrissey |
|
| LAFORTUNE Eric Peter |
|
| Thomas Button |
|
| WITVROUW Wim |
|
Articles of association
Purpose
Het houden van computeradviesbureau(s), het realiseren van programma’s en gebruiksklare systemen zoals onder meer het analyseren, programmeren, ontwerpen en uitgeven van…
Full purpose
Het houden van computeradviesbureau(s), het realiseren van programma’s en gebruiksklare systemen zoals onder meer het analyseren, programmeren, ontwerpen en uitgeven van gebruiksklare systemen, inclusief systemen van automatische data-identificatie: ontwikkeling, productie, levering van standaard of sociale programmatuur. Het verlenen van advies wat betreft informaticaprogramma’s, het verlenen van bijstand bij de toepassing van programma’s en gegevensverwerking, het samenstellen van databanken en het verlenen van overige aanverwante activiteiten met computers, het ontwikkelen van informaticatechnologie. Deze opsomming is niet limitatief. Het verlenen van adviezen, hulp aan het bedrijfsleven en de overheid op het gebied van onder meer de planning, organisatie, projectmanagement, efficiëntie betreffende de bedrijfsuitbating en toezicht. Het verlenen van informatie aan de bedrijfsleiding. Het organiseren van beurzen, seminaries en onderzoeksprojecten in binnen- en buitenland. Het geven van voordrachten en het schrijven van teksten betreffende informatietechnologie, wetenschappelijk onderzoek, projectmanagement, planning en organisatie. Managementactiviteiten van holdings: het tussenkomen in het dagelijks bestuur, het vertegenwoordigen van bedrijven op grond van bezit van of controle over het maatschappelijk kapitaal en andere managementactiviteiten. Zelfstandig werkende sportbeoefenaar, instructeurs en begeleiders. Promoties en organisatie van sportevenementen en ondersteunende diensten in verband met de sportuitoefening. Het waarnemen van alle bestuursopdrachten, het uitoefenen van mandaten en functies welke rechtstreeks of onrechtstreeks met het doel verband houden. Het verwerven, exploiteren en verhandelen van octrooien, brevetten, licenties, royalty's en handelsmerken. Alle roerende en onroerende financiële, industriële en commerciële handelingen die rechtstreeks of onrechtstreeks met het doel van de vennootschap verband houden of de verwezenlijking ervan kunnen vergemakkelijken en/of helpen uitbreiden. De vennootschap kan zich tevens borg stellen voor derden. Alle verrichtingen van aankoop, verkoop, inrichting, verhuring, onderhuur, expertise, valorisatie en beheer van alle onroerende goederen. Zij mag deelnemen door inbreng, fusie, inschrijving of anderszins in alle bestaande of nog op te richten vennootschappen of ondernemingen met een gelijkaardig of verwant doel. Dit alles zowel voor eigen rekening als voor rekening van derden of bij deelneming.
Structure & network
Owners and holdings
1 owner · 3 holdingsChain of control
- GS ACQUICO
- GuardSquare
Highest known parent: GS ACQUICO. The sources do not say who stands above it.
Owners 1
- GS ACQUICOparentSourceaccounts GS ACQUICO 2025100%
Holdings 3
-
100%
-
100%
-
100%
According to the 2025 annual accounts of GuardSquare and those of the other companies, the acts in the Belgian Gazette and the LEI register. The register of ultimate beneficial owners (UBO) is not public: who ultimately stands behind a natural person or a foreign parent is not stated here. A company that does not fill in these statements, or need not, is missing.
Connections & network
13 connected companiesThis company
Company
Director
Shareholding
+N: links not shown yet
Click a node to look further, drag to arrange, scroll to zoom.
Linked via shared directors
Junior Chamber international belgium
via Tim Dehaes · Director
former→
CITYMESH INTEGRATOR
Shared director
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CITYMESH OPERATOR
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CLEAR2PAY
Shared director
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Capital and shareholders
Shareholders according to the acts
After 2 capital increases
act of 13-01-2015 ↗
- INGELS Jürgen Gino Alberic 12,500 shares · 250,000 EUR
- WITVROUW Wim 12,500 shares · 250,000 EUR
At incorporation
act of 29-04-2014 ↗
- RAKELS Heidi Maria Hubertina founder
- LAFORTUNE Eric Peter founder
The Belgian State Gazette names shareholders only when an act mentions them; the share register itself is not published.
Capital over the years
- 27-10-2020 Capital stated in the act · 79,350.60 EUR · 132,251 shares
- 11-01-2019 Capital increase of 4,350.60 EUR · to 79,350.60 EUR
- 11-12-2017 Capital increase of 431,180.16 EUR · to 492,680.16 EUR · from reserves
- 11-12-2017 Capital reduction of 417,680.16 EUR · to 75,000 EUR · repaid to the shareholders
- 13-01-2015 Capital increase of 4,650 EUR · to 23,250 EUR · 25,000 new shares
- 13-01-2015 Capital increase of 38,250 EUR · to 61,500 EUR · from reserves
- 29-04-2014 Incorporation · 18,600 EUR · 100 shares
Recognitions · licences · registrations
Legal Entity Identifier
6994000RT0BXA5HMDG48
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Of 30,008 companies in sector 62200 we hold annual accounts for 18,398. 1,865 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPublic limited company
Founded16-04-2014
Fiscal year end31-12
Activities, NACEBEL 2025
62100Computer programming
62200Computer consultancy and computer facilities management
E-invoicing
Reachable via Peppol
Peppol ID
0208:0550675829
Also
9925:BE0550675829
Registered
30-11-2025
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 29 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.