KARRAS has been active since 1989 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €1.5m and a net result of €1.7m. Equity fluctuates too strongly from year to year to read a trend from it. Its solvency ranks better than 60% of 6,167 sector peers (NACE 46, financial year 2025). The computed 12-month bankruptcy probability is 0.1% (very low).
Score breakdownraises riskLast filed accounts filed 60 days late; 3 of the last 3 accounts latelowers riskFounded in 1989Liquidity: current ratio 3.17, cash €352,821Size: 2.6 FTE, total assets €2.8mShow the evidence
Checked score
Score 2025
Checked score
The higher the Checked score (0 to 100), the smaller the chance that the company goes bankrupt within twelve months. That chance sets the band, from Critical to Excellent, and within the band how the company does against its sector peers counts too. With a low score, agree a shorter payment term, an advance or security.
97/ 100
Excellent
Probability in this band: under 0.55%
Financially stronger than 79% of micro companies in wholesale trade (NACE 46)
Financial strength measures the balance sheet and the results with three figures out of 100 from the latest annual accounts: solvency, liquidity and profitability. It does not directly set the Checked score's band. How the company does against its sector peers on these and on growth does count for its place within the band.
Strong
Solvency79+62
equity 53.8% of total assets
Liquidity54+44
short-term debt 29.5% · cash 12.8%
Profitability100+12
return on assets 60.0%
Bankruptcy probability within 12 months
Bankruptcy probability
It is the chance that the company goes bankrupt within twelve months, estimated from the registers, the annual accounts and the Belgian Official Gazette. At 0.2%, about 2 in 1,000 comparable companies go bankrupt. The higher it is, the shorter the payment term to agree.
0.1%Very low
0%0.5%1.5%4%10%≥ 25%
Fewer than 1 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
Sector median 0.4% (26,899 companies, NACE 46, micro)
Last 24 months12-2024: 3.6%01-2025: 3.6%● unchanged vs 12-202402-2025: 3.7%▲ +0.1 percentage points vs 01-202503-2025: 4.1%▲ +0.4 percentage points vs 02-202504-2025: 4.2%▲ +0.1 percentage points vs 03-202505-2025: 4.6%▲ +0.4 percentage points vs 04-202506-2025: 4.5%▼ -0.1 percentage points vs 05-202507-2025: 4.6%▲ +0.1 percentage points vs 06-202508-2025: 4.9%▲ +0.3 percentage points vs 07-202509-2025: 5.5%▲ +0.6 percentage points vs 08-202510-2025: 7.0%▲ +1.5 percentage points vs 09-202511-2025: 7.1%▲ +0.1 percentage points vs 10-202512-2025: 7.8%▲ +0.7 percentage points vs 11-2025highest value01-2026: 3.5%▼ -4.3 percentage points vs 12-202502-2026: 2.0%▼ -1.5 percentage points vs 01-202603-2026: 2.0%● unchanged vs 02-202604-2026: 2.0%● unchanged vs 03-202605-2026: 2.0%● unchanged vs 04-202606-2026: 2.0%● unchanged vs 05-202607-2026: 2.0%● unchanged vs 06-202608-2026: 2.6%▲ +0.6 percentage points vs 07-202609-2026: 2.9%▲ +0.3 percentage points vs 08-202610-2026: 0.1%▼ -2.8 percentage points vs 09-2026lowest value11-2026: 0.1%● unchanged vs 10-2026lowest value
Credit of up to €140,000 on 30-day terms is acceptable
Liquidity is ample, with a current ratio of 3.17 (0.97 in 2024), above the usual 1.5. Short-term debt is 29.5% and cash 12.8% of total assets. 46.2% of the assets are financed with debt and provisions.
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 46, micro). It does better than 61% of them on solvency, 59% on liquidity, 95% on profitability and 99% on growth.
The bankruptcy probability was computed on 01-11-2026 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.
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).
Credit check for an amount and term of your choice
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 29-09-2026, 60 days later. Nearly half (47%) of Belgian companies file late; of those that file 1 to 90 days late, 2.0% are now bankrupt, dissolved or in another special legal status, against 1.66% of all filers. A delay like this does not count in the score.
tick = median of all Belgian filingsring = median in the sector
The company filed its last 7 accounts on average 38 days after the deadline. In the sector (NACE 46), the median for financial year 2024 was 3 days before the deadline, and 39% 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 1 October (4 of the last 5 accounts filed within 30 days either side of that date).
01-11-2026 today31-12-2026 year end31-07-2027 deadline
neutral · No strike-offs in the KBO publications
That holds for every publication since 2021.
KBO publications
Financials
Financials · financial year 2025, full format
2025 annual accounts filed 60 days after the deadlineFiled on 29 September 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00533304.
The EBIT margin is the share of each euro of revenue left from ordinary operations. The higher it is, the more room the company has to absorb a setback.
The net result is what is left after all costs and taxes. One loss year is not an alarm on its own. After several loss years in a row, it pays to find out why.
Working capital is what is left when the company pays its short-term debts with its short-term assets. Positive means it can pay its bills in the short term.
EBIT margin-0.2%2023Return on assets (ROA)60.0%2025
Solvency53.8%2025
Current ratio3.172025
Staff (FTE)2.62025
Turnover is what the company sold, the result is what was left of it. A loss stands below the zero line.
Assets, equity and debt per financial year.
Above zero, the company can pay its short-term debts with what it holds in the short term.
The EBIT margin is the share of each euro of turnover left from operations. The return on assets is what the assets earn.
The higher the solvency, the better the company absorbs a setback.
A ratio above 1 means the short-term assets cover the short-term debts.
Average staff per financial year, in full-time equivalents (FTE).
Use the arrow keys on the chart for the figures per year.
The sector band is the middle half of the companies in Wholesale trade (NACE 46). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30. The dashed line is the median. There is a sector band for net result, equity, total assets, working capital, solvency, current ratio, return on assets (ROA) and staff (FTE).
Every figure with its change against the financial year before
Net result-€0.3m--€0.07m▲ 77.3%-€0.8mbelow the sector's middle half--€1.2mbelow the sector's middle half▼ 51.9%-€0.09mbelow the sector's middle half▲ 92.4%€0.3mwithin the sector's middle half€1.7mabove the sector's middle half▲ 375%
Equity€0.8m-€0.7m▼ 9.1%€0.5mwithin the sector's middle half--€0.8mbelow the sector's middle half-€0.5mbelow the sector's middle half▲ 31.3%-€0.2mbelow the sector's middle half▲ 67.0%€1.5mwithin the sector's middle half
Total assets€3.5m-€4.0m▲ 14.6%€5.4mwithin the sector's middle half-€5.2mwithin the sector's middle half▼ 3.4%€2.6mwithin the sector's middle half▼ 49.7%€2.3mwithin the sector's middle half▼ 13.0%€2.8mwithin the sector's middle half▲ 21.3%
Working capital-€0.7m--€0.3m▲ 59.1%-€0.7mbelow the sector's middle half--€1.3mbelow the sector's middle half▼ 98.5%-€0.4mbelow the sector's middle half▲ 71.4%-€0.05mbelow the sector's middle half▲ 85.9%€1.8mwithin the sector's middle half
Solvency22.2%-17.6%▼ 4.6pp8.5%below the sector's middle half--14.6%below the sector's middle half▼ 23.0pp-19.9%below the sector's middle half▼ 5.4pp-7.6%below the sector's middle half▲ 12.4pp53.8%within the sector's middle half▲ 61.4pp
Current ratio0.72-0.91▲ 0.190.83below the sector's middle half-0.71below the sector's middle half▼ 0.120.84below the sector's middle half▲ 0.130.97below the sector's middle half▲ 0.133.17above the sector's middle half▲ 2.20
Return on assets (ROA)-8.9%--1.8%▲ 7.1pp-14.8%below the sector's middle half--23.3%below the sector's middle half▼ 8.5pp-3.5%below the sector's middle half▲ 19.8pp15.4%above the sector's middle half▲ 18.9pp60.0%above the sector's middle half▲ 44.7pp
Staff (FTE)25.9-20.6▼ 20.5%22.2within the sector's middle half-28.5within the sector's middle half▲ 28.4%11.3within the sector's middle half▼ 60.4%5.3within the sector's middle half▼ 53.1%2.6below the sector's middle half▼ 50.9%
abovewithinbelowThe sector band is the middle half of the companies in Wholesale trade (NACE 46). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €2.8m
6%
93.5%
Fixed assets€178,673 ▼ 64.4%
Current assets€2.6m ▲ 45.6%
Equity and liabilities €2.8m
53.8%
46.2%
Equity€1.5m
Debt€1.3m
Debt's share of the balance-sheet total is 46.2%.
Key figures and ratios
2025 value · change against 2024
EBITDA
€1.8m▲
2024 · €531,721
Cash flow
€1.7m▲
2024 · €489,063
Quick ratio
1.81▲
2024 · 0.52
Debt to equity
0.86
ROE
111.6%
Interest coverage
30.24▲
2024 · 8.74
Debt ≤ 1 year
€815,215▼
2024 · €1.8m
Debt > 1 year
€440,364▼
2024 · €600,485
Income taxes
€1,950▲
2024 · €599
Staff costs
€224,766▼
2024 · €325,115
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
social balance sheet
Item
31-12-2021
31-12-2022
31-12-2023
31-12-2024
31-12-2025
Employees at the balance-sheet date
27
25
8
4
2
full-time
23
22
5
2
1
part-time
4
3
3
2
1
in full-time equivalents
25.6
24.4
7.4
3.6
1.8
Average over the year, in full-time equivalents
22.2
28.5
11.3
5.3
2.6
On a permanent contract
27
22
8
4
2
Joined
10
9
0
0
0
Left
6
11
17
4
2
Agency workers, average number
6.5
6.5
1.2
-
-
Training hours
56
149
56
-
15
Source: social balance sheet in the 2021 to 2025 annual accounts
Securities and guarantees
on own assets and for others
Item
2021
2022
2023
2024
2025
Debts secured on the company's own assets
€1.4m
€1.3m
€911,089
€747,206
€594,343
Mortgages, amount registered
€1.2m
€1.2m
€1.2m
€100,000
-
Mortgage mandates
-
-
-
€1.1m
-
Carrying value of the mortgaged assets
€260,313
€240,274
€219,288
€191,695
-
Pledge on the business
€520,000
€520,000
€520,000
€520,000
€520,000
Carrying value of the other pledged assets
€1.4m
€1.3m
€813,049
-
-
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
fixed assets acquired
Item
2021
2022
2023
2024
2025
Tangible fixed assets
€374,157
€114,403
€17,801
€1,833
€97,472
Intangible fixed assets
€10,400
€4,045
-
€21,360
€33,000
Financial fixed assets
€916,667
-
-
-
-
Depreciation and write-downs of the year
€285,102
€286,182
€154,794
€139,483
€56,128
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Auditor
fees
The auditor is Ernst et Young Reviseurs d'Entreprises.
Item
2021
2022
2023
2024
2025
Fee for the audit
€7,131
€7,680
€7,000
-
-
Source: notes to the 2021 to 2025 annual accounts (relations with the auditor)
Comparable companies
These companies have the same main activity as KARRAS: wholesale trade (NACE 46360). They are comparable in size and age: total assets between €1.3m and €3.7m, founded between 1969 and 2008.
They were chosen from the 282 other active companies with that main activity and annual accounts from the past two years. All companies with this main activity
Companies with the same profile, two years later
Historical observation
Companies with the same profile, two years later
The figures are counted, not predicted. They describe the group, not KARRAS.
In July 2024, 31,368 companies had the same profile as KARRAS has now. Two years later, 0.5% had gone bankrupt and 93.5% were still going.
Micro
20 years or older
solvency 30% or more
a profit of 5% of the balance sheet or more
0.5%went bankrupt
5.9%stopped otherwise
93.5%was still going
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of KARRAS itself: 0.1% within 12 months.
Test of the method
The method was tested on the 497,445 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.
The companies in ten equal groups, from the lowest to the highest expected share
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 31,368 companies, not a prediction for KARRAS. 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.
Annual accounts
Filed annual accountsAs filed with the NBB · 2025 against 2024 · 61 lines
Assets under construction and advance payments27€0-
Financial fixed assets28€0.03m€0.03m=
Current assets29/58€1.8m€2.6m▲
Stocks and contracts in progress3€0.8m€1.1m▲
Stocks30/36€0.8m€1.1m▲
Amounts receivable within one year40/41€0.9m€1.1m▲
Trade receivables40€0.8m€1.1m▲
Other amounts receivable41€0.02m€0.02m▼
Cash at bank and in hand54/58€0.07m€0.4m▲
Deferred charges and accrued income490/1€0.008m€0.01m▲
Equity and liabilities
Total equity and liabilities10/49€2.3m€2.8m▲
Equity10/15-€0.2m€1.5m▲
Contributions10/11€2.3m€2.3m=
Capital10€2.3m€2.3m=
Issued capital100€2.3m€2.3m=
Reserves13€0.04m€0.04m=
Non-distributable reserves130/1€0.03m€0.03m=
Legal reserve130€0.03m€0.03m=
Distributable reserves133€0.02m€0.02m=
Profit (loss) carried forward14-€2.5m-€0.9m▲
Amounts payable17/49€2.4m€1.3m▼
Amounts payable after more than one year17€0.6m€0.4m▼
Financial debts170/4€0.6m€0.4m▼
Amounts payable within one year42/48€1.8m€0.8m▼
Current portion of amounts payable after more than one year42€0.2m€0.2m▼
Financial debts43€0.9m€0.5m▼
Credit institutions430/8€0.9m€0.5m▼
Other loans439€0-
Trade debts44€0.7m€0.04m▼
Suppliers440/4€0.7m€0.04m▼
Taxes, remuneration and social security45€0.06m€0.07m▲
Taxes450/3€0.01m€0.02m▲
Remuneration and social security454/9€0.05m€0.06m▲
Other amounts payable47/48-€0
Accrued charges and deferred income492/3€0.02m€0.02m=
Income statementCode20242025
Remuneration, social security and pensions62€0.3m€0.2m▼
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€0.1m€0.06m▼
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4-€0.02m-
Other operating charges640/8€0.07m€0.04m▼
Gross operating margin9900€0.9m€2.0m▲
Operating profit (loss)9901€0.4m€1.7m▲
Financial income75/76B€0.02m€29▼
Recurring financial income75€0.02m€29▼
Financial charges65/66B€0.06m€0.06m▼
Recurring financial charges65€0.06m€0.06m▼
Profit (loss) for the period before taxes9903€0.4m€1.7m▲
Income taxes67/77€0.001m€0.002m▲
Profit (loss) for the period9904€0.3m€1.7m▲
Profit (loss) for the period to be appropriated9905€0.3m€1.7m▲
Appropriation of the result
Profit (loss) to be appropriated9906-€2.5m-€0.9m▲
Profit (loss) brought forward from the previous period14P-€2.9m-€2.5m▲
Social balance sheet
Average headcount (FTE)90875.32.6▼
The notes to these accounts have 17 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the accounts filed with the NBB.
Chair · appointed in the act of 16-12-2011 · Director · current term since 19-03-2021 · 6-year term from 2021 · Public limited company · permanent representative: Philippe-Jean Boonen · also on the board of 5 other companies · listed in the 2025 annual accounts, filed on 29-09-2026
Current
ND
DAMBRINNE Nicolas
Director · since 19-03-2021 · listed in the 2025 annual accounts, filed on 29-09-2026
Current
FS
Finatco S.A.
Director · current term since 19-03-2021 · Legal entity · permanent representative: Philippe-Jean Boonen · listed in the 2025 annual accounts, filed on 29-09-2026
Director · current term since 24-06-2021 · listed in the 2025 annual accounts, filed on 29-09-2026
Current
EE
Europe et Croissance
Director · current term since 24-06-2021 · Legal entity · permanent representative: Xavier Dethier · listed in the 2025 annual accounts, filed on 29-09-2026
16-07-2021Capital increase of €989,459.28 · to €2,296,054.73 · 4,806 new shares
16-03-2020Capital increase of €429,877.44 · to €1,306,595.45 · 2,088 new shares
20-07-2016Capital increase of €930,000 · to €1,143,327.70 · 3,354 new shares
20-07-2016Capital reduction of €266,609.69 · to €876,718.01 · to absorb losses
05-04-2012Capital increase of €18,172.50 · to €161,207.06 · from reserves
05-04-2012Capital increase of €250,000 · to €411,207.06 · in cash
05-04-2012Capital reduction of €197,879.36 · to €213,327.70 · to absorb losses
Mandate history
Mandate history
Each bar is one period in a function, from appointment to resignation or to today. An open left edge means the mandate began before its first mention. An open right edge means the mandate ended without a stated end date.
30 people, 6 in office
Board
Day-to-day management
Statutory auditor
began earlier
end not dated
Mandates per person, with start and end dates
Name
Functions and periods2010201520202025
Finatco S.A.
Director, appointed in the act of 16-06-2008, still in office
Appointments: Bernard Schwanen (director) and Europe et Croissance (director) · Permanent representatives: Xavier Dethier, Philippe-Jean Boonen and Xavier Cloquet · Reappointments: SA FINATCO (managing director) and SRL CLOX (managing director)14 points ▸
General meeting, 23-06-2021
Capital increase, €989,459.28
Share issue, “actions nouvelles sans désignation de valeur nominale”, 4806 (deed in French)
Bank account, “BE45 0689 4179 8689 chez Belfius” (deed in French)
Capital, €2,296,054.73
Amendment of the articles, mentioned 2 times in the deed
Director appointment, Bernard Schwanen (director)
Director appointment, Europe et Croissance (director)
Permanent representative, Xavier Dethier
Director reappointment, SA FINATCO (managing director)
Director reappointment, SRL CLOX (managing director)
Gazette deedResignations: SA CEDIP (director and managing director) and SRL SCOPE MANAGEMENT (director)
Appointments: SPRL Clox (director) and SA FINATCO (managing director) · Reappointments: SA FINATCO (director) and Nicolas DAMBRINE (director) · Permanent representative: Philippe-Jean Boonen10 points ▸
General meeting, 19-03-2021
Director resignation, SA CEDIP (director and managing director)
Director resignation, SRL SCOPE MANAGEMENT (director)
Director appointment, SPRL Clox (director)
Director reappointment, SA FINATCO (director)
Director reappointment, Nicolas DAMBRINE (director)
Director appointment, SA FINATCO (managing director)
Director appointment, SPRL Clox (managing director)
Reappointments: SA FINATCO, SRL SCOPE MANAGEMENT and 2 others · Permanent representatives: Philippe-Jean Boonen, Christophe Simon and Didier Hanin · Resignations: SA SALM INVEST (director) and SA LES ARTISANS DU TERROIR (director)22 points ▸
General meeting, 03-03-2020
Capital increase, €429,877.44
Bank account, “BE 44 0689 0893 0645” (deed in French)
Amendment of the articles
Capital, €1,306,595.45
Director reappointment, SA FINATCO (director)
Permanent representative, Philippe-Jean Boonen
Director reappointment, SRL SCOPE MANAGEMENT (director)
Permanent representative, Christophe Simon
Director resignation, SA SALM INVEST (director)
Director resignation, SA LES ARTISANS DU TERROIR (director)
Merger, “absorption, dissolution sans liquidation de la société absorbée” (deed in French)
Dissolution, 26-01-2018
Purpose change, “La société a pour objet: La production, l'importation, l'exportation, le commerce de gros et de détail et le courtage de toutes denrées alimentaires, y compris…” (deed in French)
Merger, “aucune création ni attribution d'action de la société absorbante, ni au paiement d'aucune soulte en espèces ou autrement” (deed in French)
The company is a shareholder of Delimed
Asset composition, “aucuns biens immeubles ni droits réels” (deed in French)
Each sentence rests on a document from the KBO register, the Belgian Official Gazette or the National Bank. The number after the sentence opens that document.
On 20 March 1989, KARRAS was incorporated.1The capital was increased 4 times between 2012 and 2021, most recently to €2.3m.234Delimed was merged into the company in 2018.5In 2024 the registered office moved to Petit-Rechain.6Of the 5 current board members, 3 have served since 2021.7Turnover went from €6.8m in 2018 to €8.9m in 2023 and headcount from 25.9 full-time equivalents in 2018 to 2.6 in 2025.8
Joint committees118 Paritair Comité voor de voedingsnijverheid
220 Paritair Comité voor de bedienden uit de voedingsnijverheid annual accounts 2023
PurposeThe purpose describes the activities the company may carry out under its articles.
“La production, l'importation, l'exportation, le commerce de gros et de détail et le courtage de toutes denrées alimentaires, y compris les…”
Text of the purpose
“La production, l'importation, l'exportation, le commerce de gros et de détail et le courtage de toutes denrées alimentaires, y compris les boissons alcoolisées et autres boissons, tous les produits de la pêche, de l'agriculture, de l'horticulture, de l'élevage et ceux des entreprises alimentaires. La gestion de biens immobiliers et le refinancement de biens immobiliers auprès de tiers, de même que toutes opérations qui y sont liées directement ou indirectement ou de nature à y contribuer comme l'entretien, le développement, l'embellissement et la location de ces biens, aussi bien que la faculté de garantir les engagements pris par les tiers qui en ont la jouissance, moyennant l'obtention des autorisations nécessaires. La société peut conclure, en Belgique et à l'étranger, toutes opérations mobilières ou immobilières, civiles ou commerciales, industrielles ou financières en relation directe ou indirecte avec son objet social ou qui soient de nature à contribuer à la réalisation de ce dernler. Elle peut aussi s'intéresser par voie d'apport, de souscription, de prise de participation ou autrement dans toutes les entreprises, associations ou sociétés, belges ou étrangères, qul ont un objet semblable, analogue ou connexe ou dont l'objet est lié à la promotion des entreprises. La société peut donner son cautionnement ou sa garantie, consentir des avances, octroyer des crédits, fournir des garanties hypothécaires ou autres. Elle peut exercer tout mandat ou misslon auprès de toute autre société.”