Half Blue
ActiveSummary
Half Blue has been active since 2007 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €216,397 and a net result of €3,623. Equity is growing by ~8% per year across the filed fiscal years. Its solvency ranks better than 18% of 8115 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.5% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability39▼-7
Solvency36▲+3
Growth52=
Track record100
Bankruptcy probability, 12 months
0.5%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €10,000 at 30 days acceptable
Liquidity tight (current ratio 1.04 against 0.96 in 2024; short-term debt: 83.5% and cash: 10.1% of total assets), and 89.2% of the assets are financed with debt.
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Signals
Five signals. The signal on the left, the evidence on the right.
−lowers risk+raises 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
10.8%
Return on assets
0.2%
Age of the figures
9 mo
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 46
Relative position
BE, all sectors
reference
Wholesale trade (NACE 46)
about 21% more bankruptcies
← fewer bankruptcies
more bankruptcies →
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 18% of 8115 sector peers (2025).
NBB · sector comparisonPosition among 8115 sector peers
Solvency
better than 18%
← weakest
strongest →
neutral · Filed after the deadline
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 13-08-2026, 13 days later. For context: 47% of the Belgian market files late and the whole 1-to-90-day band measures 2.0% abnormal legal state against a 1.66% average. We show this as a fact and do not score it.
NBB · 10 filingsDeviation from the deadline
2025
13 d late
2024
34 d late
2023
43 d late
2022
28 d late
2021
23 d late
2020
19 d late
2019
4 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 23 days after the deadline; the sector median for financial year 2024 is 3 days before the deadline, and 39% 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.
Companies Code · seven monthsPosition in the running window
27-09-2026 today31-12-2026 close31-07-2027 deadline
History
Half Blue was incorporated on 7 August 2007.1 The registered office was moved to Aartselaar in 2026.2 The board currently has 2 members; Bart Van den Borre has served longest, since 2026.2 Total assets rose from EUR 868,466 in 2019 to EUR 2 million in 2025 and headcount from 6.6 to 7.9 full-time equivalents.3
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Financials · fiscal year 2025, abbreviated schema
Turnover
€3.9m
EBIT margin
3.1%
Net result
€3,623
2024 · -€80,269
Working capital
€70,170
2024 · -€84,467
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
Turnover€3.9m
Operating result-€50,499€122,387€176,244▲ 44.0%-€51,444€70,570
Net result-€53,535€66,816€106,607▲ 59.6%-€80,269€3,623
EBIT margin3.1%
Equity€119,620▼ 30.9%€186,436▲ 55.9%€293,043▲ 57.2%€212,774▼ 27.4%€216,397▲ 1.7%
Total assets€1.2m▼ 28.1%€1.7m▲ 46.3%€2.8m▲ 63.0%€2.6m▼ 4.9%€2.0m▼ 24.0%
Debt€1.0m▼ 27.7%€1.5m▲ 45.2%€2.5m▲ 63.7%€2.4m▼ 2.2%€1.8m▼ 26.2%
Working capital€25,185▼ 79.6%€77,819▲ 209%-€10,773-€84,467▼ 684%€70,170
Staff (FTE)7.8=7.9▲ 1.3%10.9▲ 38.0%10.4▼ 4.6%7.9▼ 24.0%
Result per fiscal year
Operating resultNet result
The operating result returns to profit in 2025: €70,570 after a loss of €51,444 in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €2.0m
Fixed assets
€262,612 ▼ 21.3%
Current assets
€1.7m ▼ 24.3%
Equity and liabilities €2.0m
Equity
€216,397 ▲ 1.7%
Debt
€1.8m ▼ 26.2%
Debt's share of the balance-sheet total falls from 92.0% to 89.2%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€189,694▲
2024 · €111,689
Cash flow
€122,746▲
2024 · €82,864
Current ratio
1.04▲
2024 · 0.96
Quick ratio
0.53▲
2024 · 0.34
Debt to equity
8.30▼
2024 · 11.44
ROE
1.7%▲
2024 · -37.7%
ROA
0.2%▲
2024 · -3.0%
Interest coverage
2.37▼
2024 · 3.77
Debt ≤ 1 year
€1.7m▼
2024 · €2.4m
Debt > 1 year
€11,786▼
2024 · €34,348
Income taxes
-€12,341▼
2024 · €2,585
Staff costs
€435,138▼
2024 · €665,368
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 4,500 companies that looked in July 2024 the way this one looks now, 1.2% went bankrupt within 24 months and 97% are still going.
- Micro
- 10 to 20 years old
- solvency 10 to 30%
- a profit under 5% of the balance sheet
1.2%
went bankrupt
1.6%
stopped otherwise
97%
still going
A further 0.4% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.5% 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 497,058 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% | 1.6% |
| 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 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 4,500 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 | - | €4.0m | - | - | - | - |
| Turnover70 | - | €3.9m | - | - | - | - |
| Other operating income74 | - | €100,789 | - | - | - | - |
| Operating charges60/66A | - | €3.9m | - | - | - | - |
| Goods for resale, raw materials and consumables60 | - | €2.3m | - | - | - | - |
| Purchases600/8 | - | €2.5m | - | - | - | - |
| Change in stocks: decrease (increase)609 | - | -€225,834 | - | - | - | - |
| Services and other goods61 | - | €612,826 | - | - | - | - |
| Remuneration, social security and pensions62 | - | €632,620 | €591,885 | €665,368 | €435,138 | ▼ 34.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €167,941 | €251,346 | €180,706 | €163,133 | €119,123 | ▼ 27.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | €3,234 | €40,605 | €0 | ▼ 100% |
| Other operating charges640/8 | - | €86,267 | €75,591 | €35,004 | €60,904 | ▲ 74.0% |
| Non-recurring operating charges66A | - | €0 | - | €66 | €0 | ▼ 100% |
| Gross operating margin9900 | €491,745 | - | €1.0m | €852,732 | €685,735 | ▼ 19.6% |
| Operating profit (loss)9901 | -€50,499 | €122,387 | €176,244 | -€51,444 | €70,570 | ▲ 237% |
| Financial income75/76B | - | €5,947 | €5,730 | €3,414 | €679 | ▼ 80.1% |
| Recurring financial income75 | €12,826 | €5,947 | €5,730 | €3,414 | €679 | ▼ 80.1% |
| Other financial income752/9 | - | €5,947 | - | - | - | - |
| Financial charges65/66B | - | €27,118 | €23,251 | €29,654 | €79,968 | ▲ 170% |
| Recurring financial charges65 | €15,211 | €27,118 | €23,251 | €29,654 | €79,968 | ▲ 170% |
| Debt charges650 | - | €17,304 | - | - | - | - |
| Other financial charges652/9 | - | €9,814 | - | - | - | - |
| Profit (loss) for the period before taxes9903 | -€52,884 | €101,216 | €158,722 | -€77,684 | -€8,718 | ▲ 88.8% |
| Income taxes67/77 | €651 | €34,400 | €52,115 | €2,585 | -€12,341 | ▼ 577% |
| Taxes670/3 | - | €34,400 | - | - | - | - |
| Profit (loss) for the period9904 | -€53,535 | €66,816 | €106,607 | -€80,269 | €3,623 | ▲ 105% |
| Profit (loss) for the period to be appropriated9905 | -€53,535 | €66,816 | €106,607 | -€80,269 | €3,623 | ▲ 105% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €1.2m | €1.7m | €2.8m | €2.6m | €2.0m | ▼ 24.0% |
| Fixed assets21/28 | €447,637 | €361,952 | €385,222 | €333,658 | €262,612 | ▼ 21.3% |
| Intangible fixed assets21 | €213,679 | €131,183 | €119,859 | €61,911 | €27,138 | ▼ 56.2% |
| Tangible fixed assets22/27 | €228,028 | €215,443 | €249,475 | €255,859 | €219,586 | ▼ 14.2% |
| Plant, machinery and equipment23 | - | €17,737 | €12,112 | €19,791 | €13,674 | ▼ 30.9% |
| Furniture and vehicles24 | - | €118,622 | €96,807 | €72,433 | €47,382 | ▼ 34.6% |
| Other tangible fixed assets26 | - | €79,084 | €140,556 | €163,635 | €158,530 | ▼ 3.1% |
| Financial fixed assets28 | €5,930 | €15,326 | €15,888 | €15,888 | €15,888 | = |
| Other financial fixed assets284/8 | - | €15,326 | - | - | - | - |
| Amounts receivable and cash guarantees285/8 | - | €15,326 | - | - | - | - |
| Current assets29/58 | €718,850 | €1.3m | €2.4m | €2.3m | €1.7m | ▼ 24.3% |
| Stocks and contracts in progress3 | €234,794 | €460,628 | €1.6m | €1.5m | €854,342 | ▼ 42.7% |
| Stocks30/36 | - | €460,628 | €1.6m | €1.5m | €854,342 | ▼ 42.7% |
| Raw materials and consumables30/31 | - | €1,350 | - | - | - | - |
| Goods purchased for resale34 | - | €459,278 | - | - | - | - |
| Amounts receivable within one year40/41 | €402,493 | €571,013 | €642,063 | €637,727 | €661,094 | ▲ 3.7% |
| Trade receivables40 | - | €542,436 | €608,632 | €619,530 | €628,971 | ▲ 1.5% |
| Other amounts receivable41 | - | €28,577 | €33,431 | €18,197 | €32,124 | ▲ 76.5% |
| Cash at bank and in hand54/58 | €72,182 | €92,171 | €137,130 | €155,598 | €204,005 | ▲ 31.1% |
| Deferred charges and accrued income490/1 | - | €221,046 | €18,975 | €27,371 | €30,349 | ▲ 10.9% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €1.2m | €1.7m | €2.8m | €2.6m | €2.0m | ▼ 24.0% |
| Equity10/15 | €119,620 | €186,436 | €293,043 | €212,774 | €216,397 | ▲ 1.7% |
| Contributions10/11 | - | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €101,020 | €167,836 | €274,443 | €194,174 | €197,797 | ▲ 1.9% |
| Non-distributable reserves130/1 | - | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Reserves not available under the articles1311 | - | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Distributable reserves133 | - | €165,976 | €272,583 | €192,314 | €195,937 | ▲ 1.9% |
| Amounts payable17/49 | €1.0m | €1.5m | €2.5m | €2.4m | €1.8m | ▼ 26.2% |
| Amounts payable after more than one year17 | €322,693 | €192,563 | €79,338 | €34,348 | €11,786 | ▼ 65.7% |
| Financial debts170/4 | - | €192,563 | €79,338 | €34,348 | €11,786 | ▼ 65.7% |
| Credit institutions173 | - | €192,563 | - | - | - | - |
| Amounts payable within one year42/48 | €693,665 | €1.3m | €2.4m | €2.4m | €1.7m | ▼ 29.9% |
| Current portion of amounts payable after more than one year42 | - | €142,449 | €113,227 | €39,734 | €16,251 | ▼ 59.1% |
| Financial debts43 | - | €243,598 | €267,901 | €237,071 | €108,273 | ▼ 54.3% |
| Credit institutions430/8 | - | €243,598 | €267,901 | €237,071 | €108,273 | ▼ 54.3% |
| Trade debts44 | €281,179 | €633,981 | €1.1m | €678,000 | €99,806 | ▼ 85.3% |
| Suppliers440/4 | - | €633,981 | €1.1m | €678,000 | €99,806 | ▼ 85.3% |
| Advances received on contracts in progress46 | - | - | €957 | €1,819 | €54 | ▼ 97.0% |
| Taxes, remuneration and social security45 | - | €36,031 | €38,855 | €51,292 | €42,262 | ▼ 17.6% |
| Taxes450/3 | - | €45 | €1,278 | €13,535 | €2,262 | ▼ 83.3% |
| Remuneration and social security454/9 | - | €35,986 | €37,577 | €37,756 | €40,000 | ▲ 5.9% |
| Other amounts payable47/48 | - | €210,980 | €845,144 | €1.4m | €1.4m | ▲ 1.7% |
| Accrued charges and deferred income492/3 | - | €60,772 | €2,068 | €2,068 | €104,599 | ▲ 4,957% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€53,535 | €66,816 | €106,607 | -€80,269 | €3,623 | ▲ 105% |
| + Depreciation and write-downs630 | €167,941 | €251,346 | €180,706 | €163,133 | €119,123 | ▼ 27.0% |
| Operating cash flow (approximation) | €114,406 | €318,162 | €287,314 | €82,864 | €122,746 | ▲ 48.1% |
| Investment in fixed assets (approximation) | - | -€165,661 | -€203,977 | -€111,569 | -€48,078 | ▲ 56.9% |
| Change in cash | - | €19,989 | €44,959 | €18,467 | €48,408 | ▲ 162% |
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
13-08
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema · 13 days late
11-08
State Gazette act
Appointments: Bart Van den Borre (day-to-day manager) and Laurent Decuypere (day-to-day manager)Registered-office move5 facts ▸
State Gazette act
Appointments: Bart Van den Borre (day-to-day manager) and Laurent Decuypere (day-to-day manager)
Registered-office move5 facts ▸
- General meeting, 03-07-2026
- Registered-office move, Boomsesteenweg 81/83, 2630 Aartselaar
- Board meeting, 03-07-2026
- Director appointment, Bart Van den Borre (day-to-day manager)
- Director appointment, Laurent Decuypere (day-to-day manager)
2025
31-12
Financial
Back to profitnet €3,623
Net result €3,623 after one loss-making year.
03-09
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema · 34 days late
2024
31-12
Financial
Weakest financial yearnet -€80,269
Net result drops to -€80,269, the lowest in the series; recovery starts the following year.
12-09
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema · 43 days late
2023
31-12
Financial
Equity above €200,000Eq €293,043 ▲57.2%
2 profitable years in a row build equity to €293,043.
28-08
NBB filing
Annual accounts filed
fiscal year 2022 · full schema · 28 days late
2022
31-12
Financial
Back to profitnet €66,816
Net result €66,816 after one loss-making year.
31-12
Financial
Equity above €150,000Eq €186,436 ▲55.9%
Equity rises from €119,620 to €186,436.
23-02
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema · 23 days late
2021
19-02
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema · 19 days late
Show earlier events
2020
30-06
Financial
Highest result since 2019net €245,744 ▲4,783%
Operating result €354,857, net result €245,744, both a record.
30-06
Financial
Equity above €150,000Eq €173,155 ▲35.9%
2 profitable years in a row build equity to €173,155.
04-02
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema · 4 days late
2019
06-02
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema · 6 days late
2018
26-01
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema
2016
29-12
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
1 of 7 acts read
About the unread acts
Of the 7 Belgian State Gazette acts we know for this company, 1 has been read. The other 6 have not been read yet: what they contain is neither established nor disproved here.
Have them read with priority
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Directors · office · real estate
Directors
2 office holders, last change in 2026
Day-to-day management 2
Bart Van den Borre
CurrentDay-to-day manager · since 01-04-2026
Laurent Decuypere
CurrentDay-to-day manager · since 01-04-2026
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 →
Not every act has been read: a resignation may be missing here
6 of this company's 7 Belgian State Gazette acts have not been read yet. Appointments and resignations recorded in them are missing above: a director who resigned there may therefore still show here as sitting. The acts are in the Timeline.
Location & real-estate footprint
Registered office, Aartselaar · 1 establishment unit since 2007
Ground area
6,169 m²
Building footprint
2,286 m²
Volume, LiDAR
17,201 m³
Parcel 11001B0341/00K000, Flanders · tallest building 10.0 m, ±3 floors. Linked by address, not a title deed.
1 establishment unit
Half Blue
since 20072.164.712.475
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 11001B0341/00K000 | Flanders | 6,169 m² | 1 · 2,286 m² | 9.9 m · 3 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.
Mandate history
2 people since 2026, 2 in office
- Day-to-day management
| Name | Functions and periods |
|---|---|
| Bart Van den Borre |
|
| Laurent Decuypere |
|
Structure & network
Connections & network
2 current directorsThe network starts from this company’s directors. Other companies they run appear here as nodes.
This company
Company
Director
Shareholding
+N: links not shown yet
Click a node to look further, drag to arrange, scroll to zoom.
Public money · subsidies and aid
Flemish government
2022 to 2024 · 5 entries · 4,409 EUR awarded · 4,409 EUR paid| Year | Entries | awarded | paid |
|---|---|---|---|
| 2024 | 1 | 682 EUR | 682 EUR |
| 2023 | 2 | 610 EUR | 610 EUR |
| 2022 | 2 | 3,117 EUR | 3,117 EUR |
European Union, budget
2025 · 1 entry · 19,000 EUR in total| Year | Entries | awarded |
|---|---|---|
| 2025 | 1 | 19,000 EUR |
Projects
SCS6-HALF BLUE CVBA - EEAS/2021/OP/0012 - 2022 - ORDER FORM 05
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Identification & contact
Identification
Legal formPrivate limited company
Founded07-08-2007
Fiscal year end31-12
Activities, NACEBEL 2025
46460Wholesale of pharmaceutical and medical goods
73300Public relations and communication consultancy
62200Computer consultancy and computer facilities management
73110Advertising agencies
Contact
Website
www.halfblue.euAartselaar
E-mail
info@halfblue.euAartselaar
Phone
02 451 00 11Aartselaar
Fax
02 451 00 20Aartselaar
E-invoicing
Reachable via Peppol
Peppol ID
0208:0891298653
Also
9925:BE0891298653
Registered
10-12-2025
Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.