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KOFA

Active
Private limited companyfounded 200026 yrs activeVijverbosstraat(WRB) 1, 8840 Staden, BelgiumKBO/BCE: BE 0470.265.896
Summary

KOFA has been active since 2000 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €5.53M and a net result of €322k. Equity is growing by ~11% per year across the filed fiscal years. Its solvency ranks better than 41% of 3200 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.1% (very low).

Checked score

Score 2025
Axes · tick = 2024
Profitability55▼-6
Solvency67▼-4
Growth80▼-4
Track record100
Bankruptcy probability, 12 months
0.1% Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €40k at 30 days acceptable
Liquidity short (current ratio 0.01 against 0.13 in 2024; short-term debt: 46.4% and cash: 0.4% of total assets), and 57.6% of the assets are financed with debt.
Credit check for your own amount and term

Signals

Four signals. The signal on the left, the evidence on the right.
−lowers risk○neutral
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 70
Relative position
BE, all sectors
reference
Activities of head offices; management consultancy activities (NACE 70)
about 69% fewer bankruptcies
← fewer bankruptcies more bankruptcies →
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation date
Age against the risk zone
highest failure risk from 2 to 8 years 26 years 0 30 y
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025
Solvency, return and age of the figures
Solvency
42.4%
Return on assets
2.5%
Age of the figures
9 mo
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 03-06-2026, 58 days ahead of the deadline.
NBB · 10 filings
Deviation from the deadline
2025
58 d early
2024
57 d early
2023
35 d early
2022
102 d early
2021
20 d early
2020
116 d early
2019
67 d early
← before the deadline after the deadline →
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 months
Position in the running window
25-09-2026 today31-12-2026 close31-07-2027 deadline
neutral · No strike-offs in the KBO publications
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

Financials · fiscal year 2025, full schema

Turnover
€422k▼ 6.1%
2024 · €450k
2018: €157k 2019: €125k▼ -20.4% vs 2018 2020: €133k▲ +5.9% vs 2019 2021: €100k▼ -24.6% vs 2020lowest in 8 years 2022: €175k▲ +75.0% vs 2021 2023: €358k▲ +104% vs 2022 2024: €450k▲ +25.9% vs 2023highest in 8 years 2025: €422k▼ -6.1% vs 2024
2018 → 2025
EBIT margin
64.6%▼ 1.9pp
2024 · 66.5%
2018: 17.4% 2019: 14.9%▼ -14.5% vs 2018 2020: 9.8%▼ -33.8% vs 2019lowest in 8 years 2021: 10.6%▲ +8.0% vs 2020 2022: 13.4%▲ +25.8% vs 2021 2023: 51.4%▲ +285% vs 2022 2024: 66.5%▲ +29.3% vs 2023highest in 8 years 2025: 64.6%▼ -2.8% vs 2024
2018 → 2025
Net result
€322k▼ 71.4%
2024 · €1.13M
2018: €2k 2019: €-2k▼ -191% vs 2018 2020: €-870▲ +56.2% vs 2019 2021: €-3k▼ -191% vs 2020lowest in 8 years 2022: €521▲ +121% vs 2021 2023: €1.42M▲ +272407% vs 2022highest in 8 years 2024: €1.13M▼ -20.7% vs 2023 2025: €322k▼ -71.4% vs 2024
2018 → 2025
Working capital
€-5.98M▼ 57.4%
2024 · €-3.80M
2018: €-115k 2019: €-114k▲ +0.8% vs 2018 2020: €-112k▲ +1.8% vs 2019highest in 8 years 2021: €-532k▼ -375% vs 2020 2022: €-532k▲ +0.1% vs 2021 2023: €-4.41M▼ -730% vs 2022 2024: €-3.80M▲ +13.8% vs 2023 2025: €-5.98M▼ -57.4% vs 2024lowest in 8 years
2018 → 2025
Trend over the years
Multi-year overview
Every figure with its change against the year before
▲ rise ▼ fall
Line20212022202320242025Trend
Turnover€100k-€175k▲ 75.0%€358k▲ 104%€450k▲ 25.9%€422k▼ 6.1% 2021: €100klowest in 5 years 2022: €175k▲ +75.0% vs 2021 2023: €358k▲ +104% vs 2022 2024: €450k▲ +25.9% vs 2023highest in 5 years 2025: €422k▼ -6.1% vs 2024
Equity€2.66M-€2.66M=€4.08M▲ 53.4%€5.21M▲ 27.6%€5.53M▲ 6.2% 2021: €2.66Mlowest in 5 years 2022: €2.66M● +0.0% vs 2021 2023: €4.08M▲ +53.4% vs 2022 2024: €5.21M▲ +27.6% vs 2023 2025: €5.53M▲ +6.2% vs 2024highest in 5 years
Operating result€11k-€23k▲ 120%€184k▲ 686%€299k▲ 62.7%€273k▼ 8.8% 2021: €11klowest in 5 years 2022: €23k▲ +120% vs 2021 2023: €184k▲ +686% vs 2022 2024: €299k▲ +62.7% vs 2023highest in 5 years 2025: €273k▼ -8.8% vs 2024
Net result€-3k-€521€1.42M▲ 272,407%€1.13M▼ 20.7%€322k▼ 71.4% 2021: €-3klowest in 5 years 2022: €521▲ +121% vs 2021 2023: €1.42M▲ +272407% vs 2022highest in 5 years 2024: €1.13M▼ -20.7% vs 2023 2025: €322k▼ -71.4% vs 2024
Result per fiscal year
Operating resultNet result
€-500k€0€500k€1.00M€1.50MOperating result 2021: €11k€11kNet result 2021: €-3k€-3kOperating result 2022: €23k€23kNet result 2022: €521€521Operating result 2023: €184k€184kNet result 2023: €1.42M€1.42MOperating result 2024: €299k€299kNet result 2024: €1.13M€1.13MOperating result 2025: €273k€273kNet result 2025: €322k€322k20212022202320242025€0€500k€1M€1.5MOperating result 2023: €184k€184kNet result 2023: €1.42M€1.4MOperating result 2024: €299k€299kNet result 2024: €1.13M€1.1MOperating result 2025: €273k€273kNet result 2025: €322k€322k202320242025
The operating result falls in 2025; 2025 is 9% below 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €13.03M
Fixed assets €12.97M ▲ 21.0%
Current assets €68k ▼ 87.8%
Equity and liabilities €13.03M
Equity €5.53M ▲ 6.2%
Debt €7.50M ▲ 23.7%
Debt's share of the balance-sheet total rises from 53.8% to 57.6%. Equity and debt are higher.
Key figures and ratios
2025 value · change against 2024
EBITDA
€303k▼
2024 · €322k
Cash flow
€351k▼
2024 · €1.15M
Current ratio
0.01▼
2024 · 0.13
Debt to equity
1.36▲
2024 · 1.16
ROE
5.8%▼
2024 · 21.6%
ROA
2.5%▼
2024 · 10.0%
Interest coverage
1.30▼
2024 · 1.30
Debt ≤ 1 year
€6.05M▲
2024 · €4.36M
Debt > 1 year
€1.44M▼
2024 · €1.70M
Income taxes
€16k▼
2024 · €19k
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Filed annual accounts As filed with the NBB · 2025 against 2024 · 63 lines
Balance sheet Code20242025
Assets
Total assets20/58€11.27M€13.03M▲
Fixed assets21/28€10.71M€12.97M▲
Tangible fixed assets22/27€86k€281k▲
Land and buildings22-€224k
Furniture and vehicles24€51k€40k▼
Leasing and similar rights25€23k€5k▼
Other tangible fixed assets26€12k€12k=
Financial fixed assets28€10.63M€12.69M▲
Affiliated companies280/1€10.63M€12.69M▲
Participating interests280€10.63M€12.69M▲
Current assets29/58€562k€68k▼
Amounts receivable within one year40/41€52k€6k▼
Trade receivables40€35k€242▼
Other amounts receivable41€17k€6k▼
Cash at bank and in hand54/58€505k€58k▼
Deferred charges and accrued income490/1€4k€4k▼
Equity and liabilities
Total equity and liabilities10/49€11.27M€13.03M▲
Equity10/15€5.21M€5.53M▲
Contributions10/11€129k€129k=
Reserves13€5.08M€5.40M▲
Tax-exempt reserves132€63€63=
Distributable reserves133€5.08M€5.40M▲
Amounts payable17/49€6.07M€7.50M▲
Amounts payable after more than one year17€1.70M€1.44M▼
Financial debts170/4€1.70M€1.44M▼
Leasing and similar obligations172€3k-
Credit institutions173€1.69M€1.44M▼
Amounts payable within one year42/48€4.36M€6.05M▲
Current portion of amounts payable after more than one year42€286k€264k▼
Financial debts43€130k-
Credit institutions430/8€130k-
Trade debts44€2k€2k▼
Suppliers440/4€2k€2k▼
Taxes, remuneration and social security45€38k€36k▼
Taxes450/3€35k€33k▼
Remuneration and social security454/9€3k€3k=
Other amounts payable47/48€3.91M€5.75M▲
Accrued charges and deferred income492/3€9k€9k=
Income statement Code20242025
Operating income70/76A€466k€443k▼
Turnover70€450k€422k▼
Other operating income74€16k€21k▲
Operating charges60/66A€167k€170k▲
Services and other goods61€138k€133k▼
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€22k€30k▲
Other operating charges640/8€7k€7k▲
Operating profit (loss)9901€299k€273k▼
Financial income75/76B€1.10M€300k▼
Recurring financial income75€1.10M€300k▼
Income from financial fixed assets750€1.10M€300k▼
Income from current assets751€1€0▼
Financial charges65/66B€254k€235k▼
Recurring financial charges65€254k€235k▼
Debt charges650€248k€234k▼
Other financial charges652/9€6k€2k▼
Profit (loss) for the period before taxes9903€1.15M€337k▼
Income taxes67/77€19k€16k▼
Taxes670/3€19k€16k▼
Tax adjustments and reversals of tax provisions77-€108
Profit (loss) for the period9904€1.13M€322k▼
Profit (loss) for the period to be appropriated9905€1.13M€322k▼
Appropriation of the result
Profit (loss) to be appropriated9906€1.13M€322k▼
Transfer to equity691/2€1.13M€322k▼
To other reserves6921€1.13M€322k▼

The notes to these accounts (45 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.

Accounts by statement
Line20212022202320242025Change
Operating income70/76A€148k€190k€375k€466k€443k▼ 5.0%
Turnover70€100k€175k€358k€450k€422k▼ 6.1%
Other operating income74€13k€15k€18k€16k€21k▲ 28.1%
Non-recurring operating income76A€34k-----
Operating charges60/66A€137k€166k€192k€167k€170k▲ 1.9%
Services and other goods61€117k€142k€167k€138k€133k▼ 3.3%
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€14k€19k€19k€22k€30k▲ 32.0%
Other operating charges640/8€6k€6k€5k€7k€7k▲ 8.8%
Operating profit (loss)9901€11k€23k€184k€299k€273k▼ 8.8%
Financial income75/76B€4k€5k€1.41M€1.10M€300k▼ 72.7%
Recurring financial income75€4k€5k€1.41M€1.10M€300k▼ 72.7%
Income from financial fixed assets750€4k€5k€1.41M€1.10M€300k▼ 72.8%
Income from current assets751--€84€1€0▼ 67.8%
Financial charges65/66B€16k€18k€154k€254k€235k▼ 7.2%
Recurring financial charges65€16k€18k€154k€254k€235k▼ 7.2%
Debt charges650€15k€17k€151k€248k€234k▼ 5.7%
Other financial charges652/9€1k€1k€3k€6k€2k▼ 70.1%
Profit (loss) for the period before taxes9903€-1k€10k€1.43M€1.15M€337k▼ 70.5%
Income taxes67/77€1k€10k€14k€19k€16k▼ 19.5%
Taxes670/3€1k€10k€14k€19k€16k▼ 19.0%
Tax adjustments and reversals of tax provisions77-€21--€108-
Profit (loss) for the period9904€-3k€521€1.42M€1.13M€322k▼ 71.4%
Profit (loss) for the period to be appropriated9905€-3k€521€1.42M€1.13M€322k▼ 71.4%
Line20212022202320242025Change
Assets
Total assets20/58€3.39M€3.39M€9.50M€11.27M€13.03M▲ 15.6%
Fixed assets21/28€3.26M€3.24M€9.37M€10.71M€12.97M▲ 21.0%
Tangible fixed assets22/27€87k€74k€55k€86k€281k▲ 227%
Land and buildings22----€224k-
Furniture and vehicles24€8k€2k€928€51k€40k▼ 21.6%
Leasing and similar rights25€79k€60k€42k€23k€5k▼ 80.0%
Other tangible fixed assets26-€12k€12k€12k€12k=
Financial fixed assets28€3.17M€3.17M€9.32M€10.63M€12.69M▲ 19.4%
Affiliated companies280/1€3.17M€3.17M€9.32M€10.63M€12.69M▲ 19.4%
Participating interests280€2.82M€2.82M€8.97M€10.63M€12.69M▲ 19.4%
Amounts receivable281€350k€350k€350k---
Current assets29/58€137k€147k€123k€562k€68k▼ 87.8%
Amounts receivable within one year40/41€12k€79k€99k€52k€6k▼ 88.1%
Trade receivables40€12k€79k€85k€35k€242▼ 99.3%
Other amounts receivable41€198€569€14k€17k€6k▼ 64.8%
Cash at bank and in hand54/58€114k€42k€10k€505k€58k▼ 88.5%
Deferred charges and accrued income490/1€11k€26k€14k€4k€4k▼ 2.8%
Equity and liabilities
Total equity and liabilities10/49€3.39M€3.39M€9.50M€11.27M€13.03M▲ 15.6%
Equity10/15€2.66M€2.66M€4.08M€5.21M€5.53M▲ 6.2%
Contributions10/11€129k€129k€129k€129k€129k=
Reserves13€2.53M€2.53M€3.95M€5.08M€5.40M▲ 6.3%
Tax-exempt reserves132€63€63€63€63€63=
Distributable reserves133€2.53M€2.53M€3.95M€5.08M€5.40M▲ 6.3%
Amounts payable17/49€731k€727k€5.41M€6.07M€7.50M▲ 23.7%
Amounts payable after more than one year17€59k€40k€819k€1.70M€1.44M▼ 14.8%
Financial debts170/4€59k€40k€819k€1.70M€1.44M▼ 14.8%
Leasing and similar obligations172€59k€40k€22k€3k--
Credit institutions173--€797k€1.69M€1.44M▼ 14.7%
Amounts payable within one year42/48€669k€679k€4.53M€4.36M€6.05M▲ 38.7%
Current portion of amounts payable after more than one year42€19k€20k€150k€286k€264k▼ 7.5%
Financial debts43--€1.70M€130k--
Credit institutions430/8--€1.70M€130k--
Trade debts44€8k€7k€717€2k€2k▼ 20.9%
Suppliers440/4€8k€7k€717€2k€2k▼ 20.9%
Taxes, remuneration and social security45€9k€21k€28k€38k€36k▼ 5.0%
Taxes450/3€6k€18k€25k€35k€33k▼ 5.4%
Remuneration and social security454/9€3k€3k€3k€3k€3k=
Other amounts payable47/48€634k€630k€2.65M€3.91M€5.75M▲ 47.2%
Accrued charges and deferred income492/3€3k€8k€61k€9k€9k=
Line20212022202320242025Change
Profit (loss) for the period9904€-3k€521€1.42M€1.13M€322k▼ 71.4%
+ Depreciation and write-downs630€14k€19k€19k€22k€30k▲ 32.0%
Operating cash flow (approximation)€11k€19k€1.44M€1.15M€351k▼ 69.4%
Investment in fixed assets (approximation)-€-6k€-6.15M€-1.36M€-2.28M▼ 67.5%
Change in cash-€-72k€-32k€496k€-447k▼ 190%

Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.

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Timeline · acts, filings and financial milestones

Next filing, fiscal year 2026, expected by 31-07-2027
2026
03-06
NBB filing Annual accounts filed
fiscal year 2025 · full schema
23-02
State Gazette act Capital & shares · Statutes amendment · Restructuring
Resignations: Johan Maeyaert (statutory director) and KOFA (director) · Permanent representative: Koen Dejonghe · Merger17 facts ▸
  • General meeting, 31-01-2026
  • General meeting, 31-01-2026
  • Director resignation, Johan Maeyaert (statutory director)
  • Permanent representative, Koen Dejonghe
  • Merger, 31-01-2026
  • Dissolution, 31-01-2026
  • Share cancellation, 209
  • Accounting effect, 01-07-2025
  • Real estate, Een bedrijfsgebouw met aanhorigheden, op en met grond, gelegen Jakenshof 1 A, gekadastreerd volgens de laatste overgeschreven titel en volgens een recent kadast…
  • Director resignation, KOFA (director)
  • Director discharge, KOFA
  • Statutes amendment
  • +5 further facts in this act
2025
04-06
NBB filing Annual accounts filed
fiscal year 2024 · full schema
2024
31-12
Financial Equity above €5MEq €5.21M ▲27.6%
3 profitable years in a row build equity to €5.21M.
26-06
NBB filing Annual accounts filed
fiscal year 2023 · full schema
2023
31-12
Financial Highest result since 2018net €1.42M ▲272,407%
Net result €1.42M, the highest in the series.
20-04
NBB filing Annual accounts filed
fiscal year 2022 · full schema
2022
31-12
Financial Back to profitnet €521
Net result €521 after 3 loss-making years.
11-07
NBB filing Annual accounts filed
fiscal year 2021 · full schema
2021
31-12
Financial Weakest financial yearnet €-3k
Net result drops to €-3k, the lowest in the series; recovery starts the following year.
06-04
NBB filing Annual accounts filed
fiscal year 2020 · full schema
2020
25-05
NBB filing Annual accounts filed
fiscal year 2019 · full schema
Show earlier events
2019
08-07
NBB filing Annual accounts filed
fiscal year 2018 · full schema
2018
13-08
NBB filing Annual accounts filed
fiscal year 2017 · abbreviated schema · 13 days late
2017
07-08
NBB filing Annual accounts filed
fiscal year 2016 · abbreviated schema · 7 days late
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 Sign in to place this company at the front of the reading queue.

Directors · office · real estate

Directors
no sitting director, last change in 2026
We have established no sitting directors for this company. We derive directors from published Gazette acts; while there are none, or none read, nothing appears here. That does not mean the company has none: the CBE keeps its own list of function holders, which we do not read.
31-01-2026 Resigned as Director
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, Staden · 1 establishment unit since 2000
seat establishment The establishment unit on the map
Ground area
2,265 m²
Building footprint
299 m²
Volume, LiDAR
1,298 m³
Parcel 36020C0370/00C000, Flanders · tallest building 7.4 m, ±2 floors. Linked by address, not a title deed.
1 establishment unit
KOFA BVBA
Vijverbosstraat(WRB) 1, 8840 StadenInsurance, reinsurance and pension funding, except compulsory social security
since 20002.097.263.922
1 parcel
Flanders 1 (100%)
Parcel (capakey) Region Area Buildings Height / fl.
36020C0370/00C000 Flanders 2,265 m² 1 · 299 m² 7.4 m · 2 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.

Articles of association

Purpose
1/ Het verlenen van diensten, zowel in binnenland als buitenland, aan Belgische en buitenlandse bedrijven, op het gebied van handel, nijverheid, administratie, financiën…
Full purpose

1/ Het verlenen van diensten, zowel in binnenland als buitenland, aan Belgische en buitenlandse bedrijven, op het gebied van handel, nijverheid, administratie, financiën, boekhouding, milieu, techniek en veiligheid. Het verrichten van voorbereidende studies en adviezen op gebied van management, bedrijfsvoering, fiscale en economische wetgeving, marketing, export en import, techniek en veiligheid. Het verlenen van hulp aan bedrijven in oprichting of bij overname 2/ Het waarnemen van bestuursopdrachten, het uitoefenen van mandaten en functies welke rechtstreeks of onrechtstreeks met haar voorwerp verband houden. Het uitoefenen van mandaten en functies in andere vennootschappen. 3/ Het verwerven door inschrijving of aankoop en het beheren van aandelen, obligaties, kasbons of andere roerende waarden, van welke vorm ook, van Belgische of buitenlandse, bestaande of nog op te richten vennootschappen. Het bevorderen van de oprichting van vennootschappen door inbreng, participatie of investering. Het deelnemen aan emissieverrichtingen van aandelen en vastrentende waarden door intekening, waarborg, plaatsing, verhandeling of anderszins, alsmede het verwezenlijken van om het even welke verrichting inzake portefeuille of kapitaalbestuur. 4/ Het toestaan van leningen en kredietopeningen aan vennootschappen of particulieren onder om het even welke vorm. 5/ Alle operaties van immobilière aard, te weten kopen en verkopen en verhuren van onroerende goederen, zowel gronden, huizen als handelspanden. De vennootschap heeft verder tot voorwerp, zo in België als in het buitenland, hetzij rechtstreeks, hetzij als tussenpersoon, de groot- en kleinhandel, import en export van alle handelsgoederen nodig om de eigen productie en ontwikkeling te voltooien. De verkoop door de vennootschap van haar eigen producten vanuit de vestiging van de vennootschap alsook vanuit andere verkooppunten. Alle activiteiten als ontwerpbureau, designconsulent en creatief adviseur op alle domeinen waarin zij competent is, en waarin zij actief mag zijn in overeenstemming met de wettelijke reglementen. De vennootschap mag alle onderzoekswerkzaamheden ondernemen in verband met producten en procédés, alsook patenten, brevetten en merken verwerven, uitbaten en verkopen. Daarenboven mag de vennootschap zowel in binnen- als buitenland alle daden van industriële, financiële, roerende en onroerende aard stellen. De vennootschap kan ook functies van bestuurder of vereffenaar van andere vennootschappen uitoefenen.

Structure & network

Acquisitions and mergers

1 transaction
Took over:ZIPKO
BE 0631.854.139silent merger · State Gazette act of 25-02-2026 (2 acts) · effective 31-01-2026

Capital and shareholders

Capital over the years
  1. 23-02-2026 Capital stated in the act · 5,186 shares

Similar companies · same sector, comparable size

Of 82,553 companies in sector 70200 we hold annual accounts for 52,585. 10,502 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector

Identification & contact

Identification
Legal formPrivate limited company
Founded31-01-2000
Fiscal year end31-12
Activities, NACEBEL 2025
70200Business and other management consultancy
18130Pre-press and pre-media services
73110Advertising agencies
74111Design of textile patterns, clothing, jewellery, furniture and decorative items
74140Other specialised design activities

Scores and ratios are computed by Checked and are not a credit decision.