Equity
Debts exceed assets in financial year 2025.
Debts exceed assets in financial year 2025.
The 2024 and 2025 financial years closed with a loss. 2024 was the heaviest.
Lower solvency than 95% of companies in employment activities. Sector median 33.1% · 315 companies.
Negative equity caps the score at 59.
The dashed line is the sector median: 0.3% across 1,379 companies (NACE 78, micro).
About 1 in 100 comparable companies go bankrupt within 12 months (an estimate).
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 78, micro). It does better than 5% of them on solvency, 38% on liquidity, 8% on profitability and 3% on growth.
The bankruptcy probability was computed on 10-11-2026 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 30-06-2025.
Of the companies with a bankruptcy probability in the low class on 30-06-2025, 0.8% 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).
In July 2024, 6,008 companies had the same profile as IMPULSIUS has now. Each dot stands for 16 companies, two years later.
Another 0.8% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of IMPULSIUS itself is lower: 1.1% within 12 months. It rests on far more data about IMPULSIUS than the profile alone.
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 6,008 companies, not a prediction for IMPULSIUS. 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.
The balance sheet total is too small for a liquidity verdict. Equity is negative.
Show the recommended maximum and see how the verdict changes with amount, term and advance.
The scores and ratios are Checked's own calculations, not a credit decision.
The company filed its last 7 accounts on average 18 days before the deadline. In the sector (NACE 78), the median for financial year 2024 was 14 days before the deadline, and 30% of those companies filed late.
| Company | ||||
|---|---|---|---|---|
| IMPULSIUS Brussels | €2,854 | -€3,322 | -58.2% | - |
| FISH 'N STONES Leuven | €3,116 | -€14,149 | -169.1% | - |
| Coperform Consulting Uccle | €2,134 | -€1,224 | -345.7% | - |
| S&L ASSOCIATES Zaventem | €2,380 | -€8,133 | -1203.5% | - |
| Algiz Lommel | €3,247 | -€3,036 | -390.2% | - |
| Uphr Ventures Temse | €3,284 | -€4,278 | 3.5% | - |
| Ptera Geel | €2,105 | €0 | 15.4% | - |
These companies have the same main activity as IMPULSIUS: employment placement agencies (NACE 78100). They are comparable in size and age: total assets between €2,100 and €3,280, founded between 2015 and 2022.
IMPULSIUS has been active since 2017 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show negative equity (-€1,662) and a net result of -€3,528.
Equity fluctuates too strongly from year to year to read a trend from it. Its solvency ranks better than 5% of 315 sector peers (NACE 78, financial year 2025).
The computed 12-month bankruptcy probability is 1.1% (low).
Sources: KBO register, filings at the National Bank, Belgian Official Gazette.
Turnover: not included in this filing.
Higher than 18% of 287 companies in 2024.
Higher than 25% of 282 companies in 2024.
Higher than 8% of 282 companies in 2024.
Net result: middle half · Equity: bottom quarter · Balance sheet total: bottom quarter · Working capital: bottom quarter
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Balance sheet: assets | |||||||||
20/58 |
2,854 | 32,882 | 43,429 | 248,840 | 227,824 | 264,993 | 151,225 | 162,154 | |
21/28 |
1,134 | 1,134 | 1,134 | 1,134 | 1,134 | 1,134 | 1,134 | 1,134 | |
28 |
1,134 | 1,134 | 1,134 | 1,134 | 1,134 | 1,134 | 1,134 | 1,134 | |
29/58 |
1,720 | 31,748 | 42,295 | 247,706 | 226,690 | 263,859 | 150,091 | 161,020 | |
40/41 |
34 | 14,611 | 28,193 | 156,839 | 109,149 | 156,543 | 138,122 | 132,884 | |
40 |
- | - | - | 59,501 | 108,914 | 153,367 | 130,561 | 132,884 | |
41 |
34 | 14,611 | 28,193 | 97,338 | 235 | 3,176 | 7,561 | - | |
54/58 |
1,686 | 17,137 | 14,102 | 90,867 | 117,540 | 107,316 | 11,768 | 28,136 | |
490/1 |
- | - | - | - | - | - | 201 | - | |
| Balance sheet: equity and liabilities | |||||||||
10/49 |
2,854 | 32,882 | 43,429 | 248,840 | 227,824 | 264,993 | 151,225 | 162,154 | |
10/15 |
-1,662 | 1,866 | 7,941 | 7,056 | 21,436 | 44,022 | 19,172 | 21,463 | |
10/11 |
18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | |
100 |
- | - | - | - | - | 18,600 | 18,600 | 18,600 | |
13 |
1,860 | 1,860 | 1,860 | 1,860 | 1,860 | 1,860 | 1,860 | 1,860 | |
130/1 |
- | 1,860 | 1,860 | 1,860 | 1,860 | - | - | - | |
130 |
- | - | - | - | - | 1,860 | 1,860 | 1,860 | |
1311 |
- | 1,860 | 1,860 | 1,860 | 1,860 | - | - | - | |
133 |
1,860 | - | - | - | - | - | - | - | |
14 |
-22,122 | -18,594 | -12,519 | -13,404 | 976 | 23,562 | -1,288 | 1,003 | |
17/49 |
4,516 | 31,016 | 35,488 | 241,784 | 206,388 | 220,971 | 132,054 | 140,691 | |
42/48 |
4,516 | 31,016 | 35,488 | 241,784 | 206,388 | 220,971 | 132,054 | 140,691 | |
44 |
2,000 | 3,000 | 3,157 | 107,442 | 73,074 | 118,856 | 76,555 | 101,750 | |
440/4 |
2,000 | 3,000 | 3,157 | 107,442 | 73,074 | 118,856 | 76,555 | 101,750 | |
45 |
- | - | - | - | 16,010 | 770 | - | 13,941 | |
450/3 |
- | - | - | - | 16,010 | 770 | - | 13,941 | |
47/48 |
2,516 | 28,016 | 32,331 | 134,342 | 117,304 | 101,346 | 55,499 | 25,000 | |
| Income statement | |||||||||
9900 |
-3,322 | -4,864 | 871 | -14,367 | 51,267 | 32,025 | -1,724 | 4,251 | |
9901 |
-3,322 | -4,864 | 871 | -14,367 | 51,267 | 32,025 | -1,724 | 4,251 | |
75/76B |
- | 791 | 388 | 1,058 | 159 | 12 | 2 | 31 | |
75 |
- | 791 | 388 | 1,058 | 159 | 12 | 2 | 31 | |
65/66B |
206 | 2,001 | 373 | 1,024 | 954 | 1,418 | 568 | - | |
65 |
206 | 2,001 | 373 | 1,024 | 954 | 1,418 | 568 | - | |
9903 |
-3,528 | -6,074 | 885 | -14,332 | 50,472 | 30,620 | -2,290 | 4,282 | |
67/77 |
- | - | - | 47 | 16,058 | 5,770 | 2 | 1,419 | |
9904 |
-3,528 | -6,074 | 885 | -14,380 | 34,414 | 24,850 | -2,291 | 2,863 | |
9905 |
-3,528 | -6,074 | 885 | -14,380 | 34,414 | 24,850 | -2,291 | 2,863 | |
| Appropriation of the result | |||||||||
9906 |
-22,122 | -18,594 | -12,519 | -13,404 | 57,976 | 23,562 | -1,288 | 2,863 | |
14P |
-18,594 | -12,519 | -13,404 | 976 | - | - | - | - | |
691/2 |
- | - | - | - | - | - | - | 1,860 | |
6920 |
- | - | - | - | - | - | - | 1,860 | |
694/7 |
- | - | - | - | 57,000 | - | - | - | |
694 |
- | - | - | - | 57,000 | - | - | - | |
| Document | |||||||||
The notes to these accounts have 5 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the filed accounts (PDF).
Source: Annual accounts 2025 (PDF), filed on 09-01-2026.
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-06-2025 | full format | 09-01-2026 | 2026-00005017 | |
| 30-06-2024 | full format | 23-12-2024 | 2024-00623555 | |
| 30-06-2023 | full format | 04-12-2023 | 2023-00521459 | |
| 30-06-2022 | full format | 13-02-2023 | 2023-00028128 | |
| 30-06-2021 | micro format | 19-01-2022 | 2022-01200316 | |
| 30-06-2020 | micro format | 26-01-2021 | 2021-01900240 | |
| 30-06-2019 | micro format | 30-01-2020 | 2020-03000140 | |
| 30-06-2018 | micro format | 02-01-2019 | 2019-00100455 |
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
| - | - | - | - | - | - | - | 1,134 | ||
| -15,452 | 3,036 | -76,766 | -26,673 | 10,224 | 95,548 | -16,368 | - | ||
| -2,796 | 732 | 6,807 | 5,922 | 20,302 | 42,888 | 18,038 | 20,329 | ||
| - | 5.7% | 18.3% | 2.8% | 9.4% | 16.6% | 12.7% | 13.2% | ||
| - | 1.02 | 1.19 | 1.02 | 1.10 | 1.19 | 1.14 | 1.14 | ||
| - | 16.62 | 4.47 | 34.27 | 9.63 | 5.02 | 6.89 | 6.56 | ||
| - | -325.5% | 11.1% | -203.8% | 160.5% | 56.4% | -12.0% | 13.3% | ||
| - | -18.5% | 2.0% | -5.8% | 15.1% | 9.4% | -1.5% | 1.8% |
EBIT margin: not included in this filing.
The ratios are withheld because a balance sheet total of €2,854 is too small for a meaningful ratio.
A Belgian filing has no cash-flow statement. Cash flow is therefore an approximation, derived from the income statement. Investment is the acquisitions in the notes and, without them, the balance-sheet move.
The operating result for 2025 is a loss of €3,322, smaller than the loss of €4,864 in 2024.
Equity is negative. Debt (€4,516) exceeds the balance-sheet total (€2,854).
Further up the chainVespucci 92%
Older annual accounts also name 4 natural persons.
Source: lists of holdings in the owners' accounts
Source: list of holdings in the 30-06-2025 accounts of Nova Reperta Holding. Holdings that file themselves stand with their latest accounts, the others with the amounts of that list, in their own currency.
| Cityforward
registered office since 05-04-2022 · founded in 2022 |
total assets €746.7m (2025) 0784.472.652 |
| Cityforward Schuman HoldCo
registered office since 01-12-2023 · founded in 2023 · group Cityforward |
total assets €459.9m (2025) 1002.910.714 |
| Cityforward Madou
registered office since 20-12-2023 · founded in 2023 · group Cityforward |
total assets €95.1m (2025) 1003.707.203 |
| Cityforward Loi 130
registered office since 21-12-2023 · founded in 2023 · group Cityforward |
total assets €90.6m (2025) 1003.773.123 |
| Cityforward Joseph 79
registered office since 21-12-2023 · founded in 2023 · group Cityforward |
total assets €65.2m (2025) 1003.747.783 |
| Macbeth 3
registered office since 04-02-2019 · founded in 2019 · negative equity (2025) |
total assets €53.5m (2025) 0719.788.795 |
| Romeo Property 1
registered office since 29-06-2021 · founded in 2021 |
total assets €51.5m (2025) 0770.490.497 |
| Cityforward Joseph 70
registered office since 20-12-2023 · founded in 2023 · group Cityforward |
total assets €49.2m (2025) 1003.707.104 |
| Cityforward Joseph 54
registered office since 20-12-2023 · founded in 2023 · group Cityforward |
total assets €45.9m (2025) 1003.707.005 |
| Cityforward Borchette
registered office since 20-12-2023 · founded in 2023 · group Cityforward |
total assets €45.3m (2025) 1003.687.011 |
The connected companies are in the list below.
Deadline for the 2026 accounts: 31-01-2027
Financial milestones sit on the financial year-end date, not the filing date.
Sources: Publications in the Belgian Official GazetteFilings with the National Bank
| Establishment | Since | Unit number |
|---|---|---|
| Koningsstraat 47 registered office 1000 Brussels 70200 Business and other management consultancy | 20-09-2017 | 2.268.628.278 |
| Cadastral parcel | Area | Buildings | Height / floors |
|---|---|---|---|
| 21803C1122/00M002 | 1,150 m² | 1 · 1,007 m² | 28.8 m · 8 |
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