Public limited company · founded 2002 · 24 yrs activePersilstraat 51D, 3020 Herent, BelgiumKBO/BCE: BE 0477.524.565
Summary
HEAD OFFICE has been active since 2002 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €13,948 and a net result of €30,811. The figures fluctuate too strongly year-on-year for a reliable trend projection. Its solvency ranks better than 14% of 712 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.3% (very low).
How financially healthy the company is, how likely a bankruptcy is and how much credit is sensible. Start here to know whether you can do business safely.
Score 2025
Checked score
A figure from 0 to 100 for financial health from the latest annual accounts: the higher, the healthier. Without a figure, the card says why. A low score is a reason to look closely at payment terms and security.
Four sides of financial health side by side. You see at a glance where the company is strong and where it is vulnerable.
Profitability43▼-11
Solvency25▲+1
Growth23▼-18
Track record100
Bankruptcy probability, 12 months
Bankruptcy probability
The chance that this company goes bankrupt within twelve months. A low chance is reassuring; with a higher one, agree shorter payment terms or an advance.
0.3%Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €500 at 30 days acceptable
Liquidity short (current ratio 0.84 against 0.83 in 2024; short-term debt: 97.2% and cash: 21.5% of total assets), and 99.6% of the assets are financed with debt.
tick = median of all Belgian filingsring = median in the sector
This company filed its last 7 accounts on average 33 days after the deadline; the sector median for financial year 2024 is 6 days before the deadline, and 36% 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.
We found no ex-officio strike-off or cessation. Our series starts in 2021 and has gaps, so this is not a confirmation that there is nothing.
KBO publications · our coverage
History
History
The company's story in a few sentences, from the company register, the Belgian State Gazette and the filed annual accounts. Each number opens the document the sentence rests on.
HEAD OFFICE was incorporated on 15 May 2002.1The registered office moved to Leuven in 2003 and to Herent in 2010.23Since 2009 the company has been called Head Office.4The board currently has 3 members; Tim Pauwels has served longest, since 2010.5Revenue fell from EUR 10 million in 2018 to EUR 5.3 million in 2025 and headcount from 49.3 to 17.5 full-time equivalents.6
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 73, Advertising, market research and public relations 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
Net result€212,454above the sector's middle half▼ 36.4%€119,598above the sector's middle half▼ 43.7%-€386,911below the sector's middle half€176,501above the sector's middle half€30,811within the sector's middle half▼ 82.5%
EBIT margin-3.3%4.4%▲ 7.7pp2.3%▼ 2.1pp
Equity€73,949within the sector's middle half▼ 65.0%€193,547within the sector's middle half▲ 162%-€193,364below the sector's middle half-€16,863below the sector's middle half▲ 91.3%€13,948below the sector's middle half
Total assets€3.1mabove the sector's middle half▼ 16.4%€3.3mabove the sector's middle half▲ 6.9%€3.1mwithin the sector's middle half▼ 7.5%€2.8mwithin the sector's middle half▼ 10.2%€3.4mwithin the sector's middle half▲ 21.8%
Working capital-€231,589-€413,711▼ 78.6%-€533,309▼ 28.9%-€409,439▲ 23.2%-€529,938▼ 29.4%
Solvency2.4%below the sector's middle half▼ 3.3pp5.8%below the sector's middle half▲ 3.5pp-6.3%below the sector's middle half▼ 12.2pp-0.6%below the sector's middle half▲ 5.7pp0.4%below the sector's middle half▲ 1.0pp
Staff (FTE)26.1above the sector's middle half▼ 35.4%27.3above the sector's middle half▲ 4.6%25.8above the sector's middle half▼ 5.5%22.8above the sector's middle half▼ 11.6%17.5within the sector's middle half▼ 23.2%
abovewithinbelowthe middle half (P25 to P75) of NACE 73, Advertising, market research and public relations 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 58% below 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €3.4m
18.6%
81.4%
Fixed assets€623,689 ▼ 15.3%
Current assets€2.7m ▲ 35.4%
Equity and liabilities €3.4m
99.6%
Equity€13,948
Debt€3.3m
Debt finances 99.6% of the balance-sheet total.
Key figures and ratios
2025 value · change against 2024
EBITDA
€234,348▼
2024 · €403,894
Cash flow
€143,782▼
2024 · €291,817
Current ratio
0.84▲
2024 · 0.83
ROE
220.9%
ROA
0.9%▼
2024 · 6.4%
Interest coverage
3.01▼
2024 · 3.91
Debt ≤ 1 year
€3.3m▲
2024 · €2.4m
Debt > 1 year
€24,576▼
2024 · €45,956
Income taxes
€4,108▲
2024 · €3,361
Staff costs
€1.2m▼
2024 · €1.6m
A ratio outside any meaningful range has been withheld (balance sheet total €3.4m, equity €13,948).
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observation
Peer companies
What happened to companies that once looked just like this one does now. It describes the group, not this company: the figures are counted, not predicted.
Of the 1,214 companies that looked in July 2024 the way this one looks now, 1.3% went bankrupt within 24 months and 96% are still going.
Small
20 years or older
solvency under 10%
a profit under 5% of the balance sheet
1.3%went bankrupt
2.6%stopped otherwise
96%still going
A further 0.2% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.3% 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%.
The companies in ten equal groups, from lowest to highest expected share.
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 1,214 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
Filed annual accountsAs filed with the NBB · 2025 against 2024 · 77 lines
Balance sheetCode20242025
Assets
Total assets20/58€2.8m€3.4m▲
Fixed assets21/28€736,660€623,689▼
Intangible fixed assets21-€0
Tangible fixed assets22/27€725,897€612,925▼
Land and buildings22-€0
Plant, machinery and equipment23€18,647€15,325▼
Furniture and vehicles24€182,394€128,175▼
Other tangible fixed assets26€524,856€469,425▼
Financial fixed assets28€10,764€10,764=
Other financial fixed assets284/8€10,764€10,764=
Amounts receivable and cash guarantees285/8€10,764€10,764=
Current assets29/58€2.0m€2.7m▲
Amounts receivable within one year40/41€1.7m€1.8m▲
Trade receivables40€1.7m€1.7m▼
Other amounts receivable41€2,250€95,584▲
Cash at bank and in hand54/58€191,203€719,280▲
Deferred charges and accrued income490/1€100,169€232,658▲
Representation, Enige bevoegdheid om de vennootschap te verbinden
2020
31-12
FinancialBack to profitnet €334,183
Net result €334,183 after one loss-making year.
30-07
NBB filingAnnual accounts filed
fiscal year 2019 · full schema
2019
05-07
NBB filingAnnual accounts filed
fiscal year 2018 · full schema
2018
28-11
State Gazette actResignations: Susan Duinhoven, Inge Cok and Grietje (Gieta) Veersma
Shareholding concentration9 facts ▸
Board meeting, 26-10-2018
General meeting, 26-10-2018
Director resignation, Susan Duinhoven (managing director)
Director resignation, Inge Cok (director)
Director resignation, Susan Duinhoven (director)
Director resignation, Grietje (Gieta) Veersma (director)
Board composition, Tim Pauwels (director)
Board composition, Gilles Van Lembergen (director)
Shareholding concentration, Alle aandelen van de vennootschap zijn verenigd in één hand en worden aangehouden door Altro Modo NV
05-10
State Gazette actResignations: Marijke Van der Auwera, Yves Berlize and Bert Mommaerts
Appointments: Inge Cok, Susan Duinhoven and Grietje (Gieta) Veersma · Director discharge13 facts ▸
General meeting, 01-07-2018
Director resignation, Marijke Van der Auwera (director)
Director discharge, Marijke Van der Auwera
Director appointment, Inge Cok (director)
General meeting, 01-09-2018
Director resignation, Yves Berlize (director)
Director resignation, Bert Mommaerts (director)
Director discharge, Yves Berlize
Director discharge, Bert Mommaerts
Director appointment, Susan Duinhoven (director)
Director appointment, Grietje (Gieta) Veersma (director)
Board meeting, 01-09-2018
+1 further facts in this act
18-07
NBB filingAnnual accounts filed
fiscal year 2017 · full schema
2017
03-11
State Gazette actResignation: KPMG BEDRIJFSREVISOREN (statutory auditor)
Appointment: PricewaterhouseCoopers BEDRIJFSREVISOREN (statutory auditor) · Permanent representatives: Sofie Van Grieken and Harry Van Doninck5 facts ▸
Mandate term, boekjaar 2012 tot en met boekjaar 2014
17-07
State Gazette actResignation: Altro Modo BVBA (director)
Permanent representative: Tim Pauwels · Appointments: Aimé Van Hecke, Yves Berlize and Christel Van Gils6 facts ▸
General meeting, 02-07-2012
Director resignation, Altro Modo BVBA (director)
Permanent representative, Tim Pauwels
Director appointment, Aimé Van Hecke (director)
Director appointment, Yves Berlize (director)
Director appointment, Christel Van Gils (director)
08-05
State Gazette actAppointments: Ernst & Young Bedrijfsrevisoren, Tim Pauwels and Gilles Van Lembergen
Permanent representative: Han Wevers5 facts ▸
General meeting, 20-04-2012
Auditor appointment, Ernst & Young Bedrijfsrevisoren
Permanent representative, Han Wevers
Director appointment, Tim Pauwels (managing director)
Director appointment, Gilles Van Lembergen (managing director)
2011
09-02
State Gazette actReappointments: Pauwels Tim (director) and Van Lembergen Gilles (director)
Mandate compensation5 facts ▸
General meeting, 30-06-2010
Director reappointment, Pauwels Tim (director)
Director reappointment, Van Lembergen Gilles (director)
Mandate compensation, Pauwels Tim
Mandate compensation, Van Lembergen Gilles
2010
18-06
State Gazette actRegistered office
Registered-office move2 facts ▸
Board meeting
Registered-office move, 3020 Herent, Persilstraat 51D, bus 4
2009
26-08
State Gazette actBenaming
Name change · Power of attorney4 facts ▸
General meeting, 29-07-2009
Name change, Head Office
Power of attorney, de bestuurders
Power of attorney, Bénédicte Célis
2005
07-03
State Gazette actCapital & shares · Statutes amendment
Share cancellation2 facts ▸
General meeting, 31-01-2005
Share cancellation, samengestelde aandelen van tien aandelen met coupon 1 tot 21
2003
17-06
State Gazette actRegistered office
Registered-office move2 facts ▸
Board meeting, 04-06-2003
Registered-office move, Van Den Tymplestraat 35, 3000 Leuven
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
23 of 23 acts read
Directors · office · real estate
Directors and office
Who runs the company and where it is based. It tells you who you are talking to and whether the address checks out.
Directors
Directors
Who runs the company today and since when, grouped the way the CBE groups its function holders. Many recent board changes are a reason to keep a close eye.
2 directors, 1 in day-to-day management, no change since 2024
Statutory auditor · since 12-12-2024 · perm. rep.: Gert Maris
Current
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
Location & real estate
Where the company is based and which parcels are linked to its addresses. An address shared by many companies is often a registered-office service.
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
Mandate history
Who held which function and when, per person: one bar per period, from appointment to resignation or to today. An open left edge means the mandate began before the oldest act we hold.
Het ontwerpen en realiseren, het coördineren en produceren van communicatieprojecten in de ruimste zin van het woord. Het uitbrengen van aanverwante diensten en producten... Het…
Full purpose
Het ontwerpen en realiseren, het coördineren en produceren van communicatieprojecten in de ruimste zin van het woord. Het uitbrengen van aanverwante diensten en producten... Het verlenen van advies en prestaties aan bedrijven, privé-personen en instellingen... Het uitgeven en verspreiden van communicatiedragers... De aankoop, verkoop, huur, verhuur, beheer en onderhoud van het onroerend en onroerend patrimonium... en alle commerciële, industriële of financiële verrichtingen...
Who owns the company and which companies it holds shares in, as the companies file it in their annual accounts. It shows which group it belongs to and who ultimately stands behind it.
No holding stated in the accounts, acts or LEI register we read.
According to the annual accounts 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
Connections & network
Which other companies are linked to this one through directors or shares. Look especially for linked companies in trouble.
8 connected companies
Depth
Shared directors
This companyCompanyDirectorShareholding+N: links not shown yetClick a node to look further, drag to arrange, scroll to zoom.
Of 9,864 companies in sector 73110 we hold annual accounts for 3,758. 2,338 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Company details
The company's official details: legal form, status, activities and founding date. Useful to draw up an invoice or contract correctly.
Identification
Legal formPublic limited company
Founded15-05-2002
Fiscal year end31-12
Activities, NACEBEL 2025
73110Advertising agencies
73300Public relations and communication consultancy