NARTHEX
ActiveSummary
NARTHEX has been active since 2010 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €251k and a net result of €736. Equity is growing by ~4.3% per year across the filed fiscal years. Its solvency ranks better than 95% of 958 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.3% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability69▼-7
Solvency100▲+2
Growth52=
Track record100
Bankruptcy probability, 12 months
0.3%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €22k at 30 days acceptable
Liquidity ample (current ratio 18.54 against 3.07 in 2024; short-term debt: 4.5% and cash: 73.6% of total assets), and 4.5% 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 · 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
95.5%
Return on assets
0.3%
Age of the figures
9 mo
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 · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 18
Relative position
BE, all sectors
reference
Printing and reproduction of recorded media (NACE 18)
about 11% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
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 31-07-2026, 0 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
on the day
2024
17 d early
2023
28 d late
2022
12 d early
2021
5 d early
2020
5 d late
2019
on the day
← 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 monthsPosition in the running window
25-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, micro schema
Equity
€251k▲ 0.3%
2024 · €251k
Total assets
€263k▼ 22.8%
2024 · €341k
Net result
€736▼ 96.1%
2024 · €19k
Working capital
€209k▲ 11.3%
2024 · €188k
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
Operating result€79k▲ 73.4%€91k▲ 14.8%€4k▼ 95.3%€18k▲ 328%€628▼ 96.5%
Net result€64k▲ 63.5%€73k▲ 13.7%€3k▼ 95.5%€19k▲ 478%€736▼ 96.1%
Equity€278k▲ 15.7%€325k▲ 16.7%€328k▲ 1.0%€251k▼ 23.6%€251k▲ 0.3%
Total assets€325k▲ 6.6%€362k▲ 11.4%€337k▼ 6.9%€341k▲ 1.2%€263k▼ 22.8%
Debt€47k▼ 27.7%€37k▼ 20.1%€9k▼ 76.2%€91k▲ 923%€12k▼ 86.9%
Working capital€244k▲ 15.6%€231k▼ 5.5%€243k▲ 5.1%€188k▼ 22.7%€209k▲ 11.3%
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result falls in 2025; 2025 is 97% below 2024 and is the lowest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €263k
Fixed assets
€43k ▼ 32.4%
Current assets
€221k ▼ 20.7%
Equity and liabilities €263k
Equity
€251k ▲ 0.3%
Debt
€12k ▼ 86.9%
Debt's share of the balance-sheet total falls from 26.5% to 4.5%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€23k▼
2024 · €41k
Cash flow
€23k▼
2024 · €41k
Current ratio
18.54▲
2024 · 3.07
Debt to equity
0.05▼
2024 · 0.36
ROE
0.3%▼
2024 · 7.5%
ROA
0.3%▼
2024 · 5.5%
Interest coverage
62.44▼
2024 · 606.86
Debt ≤ 1 year
€12k▼
2024 · €91k
Income taxes
€1k▲
2024 · €818
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €5k | €13k | €21k | €23k | €23k | ▲ 0.8% |
| Other operating charges640/8 | €779 | €726 | €384 | €387 | €400 | ▲ 3.2% |
| Gross operating margin9900 | €85k | €105k | €25k | €41k | €24k | ▼ 42.2% |
| Operating profit (loss)9901 | €79k | €91k | €4k | €18k | €628 | ▼ 96.5% |
| Financial income75/76B | - | €337 | €484 | €1k | €2k | ▲ 24.9% |
| Recurring financial income75 | - | €337 | €484 | €1k | €2k | ▲ 24.9% |
| Financial charges65/66B | €49 | €606 | €57 | €67 | €374 | ▲ 457% |
| Recurring financial charges65 | €49 | €606 | €57 | €67 | €374 | ▲ 457% |
| Profit (loss) for the period before taxes9903 | €79k | €91k | €5k | €19k | €2k | ▼ 89.9% |
| Income taxes67/77 | €15k | €18k | €1k | €818 | €1k | ▲ 50.0% |
| Profit (loss) for the period9904 | €64k | €73k | €3k | €19k | €736 | ▼ 96.1% |
| Profit (loss) for the period to be appropriated9905 | €64k | €73k | €3k | €19k | €736 | ▼ 96.1% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €325k | €362k | €337k | €341k | €263k | ▼ 22.8% |
| Fixed assets21/28 | €34k | €94k | €86k | €63k | €43k | ▼ 32.4% |
| Tangible fixed assets22/27 | €34k | €94k | €86k | €63k | €43k | ▼ 32.4% |
| Land and buildings22 | €19k | €16k | €13k | €10k | €7k | ▼ 30.8% |
| Plant, machinery and equipment23 | - | - | €9k | €7k | €7k | ▲ 0.6% |
| Furniture and vehicles24 | €2k | €67k | €55k | €39k | €23k | ▼ 39.8% |
| Other tangible fixed assets26 | €13k | €11k | €9k | €7k | €5k | ▼ 26.4% |
| Current assets29/58 | €291k | €268k | €251k | €278k | €221k | ▼ 20.7% |
| Amounts receivable within one year40/41 | €61k | €47k | €50k | €34k | €26k | ▼ 23.9% |
| Trade receivables40 | €53k | €43k | €23k | €19k | €26k | ▲ 37.9% |
| Other amounts receivable41 | €8k | €4k | €27k | €15k | - | - |
| Cash at bank and in hand54/58 | €228k | €213k | €200k | €243k | €194k | ▼ 20.3% |
| Deferred charges and accrued income490/1 | €948 | €8k | €795 | €833 | €864 | ▲ 3.7% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €325k | €362k | €337k | €341k | €263k | ▼ 22.8% |
| Equity10/15 | €278k | €325k | €328k | €251k | €251k | ▲ 0.3% |
| Contributions10/11 | €12k | €12k | €12k | €12k | €12k | = |
| Reserves13 | €264k | €310k | €313k | €238k | €239k | ▲ 0.3% |
| Non-distributable reserves130/1 | €2k | €2k | - | - | - | - |
| Reserves not available under the articles1311 | €2k | €2k | - | - | - | - |
| Tax-exempt reserves132 | €28k | €28k | €28k | €28k | €28k | = |
| Distributable reserves133 | €233k | €280k | €286k | €210k | €211k | ▲ 0.3% |
| Profit (loss) carried forward14 | €2k | €2k | €2k | - | - | - |
| Amounts payable17/49 | €47k | €37k | €9k | €91k | €12k | ▼ 86.9% |
| Amounts payable within one year42/48 | €47k | €37k | €9k | €91k | €12k | ▼ 86.9% |
| Trade debts44 | €4k | €7k | €8 | €534 | €3k | ▲ 487% |
| Suppliers440/4 | €4k | €7k | €8 | €534 | €3k | ▲ 487% |
| Taxes, remuneration and social security45 | €16k | €4k | €9k | €17k | €7k | ▼ 58.8% |
| Taxes450/3 | €16k | €4k | €9k | €17k | €5k | ▼ 71.1% |
| Remuneration and social security454/9 | - | - | - | - | €2k | - |
| Other amounts payable47/48 | €26k | €26k | - | €73k | €2k | ▼ 97.7% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €64k | €73k | €3k | €19k | €736 | ▼ 96.1% |
| + Depreciation and write-downs630 | €5k | €13k | €21k | €23k | €23k | ▲ 0.8% |
| Operating cash flow (approximation) | €69k | €86k | €24k | €41k | €23k | ▼ 43.1% |
| Investment in fixed assets (approximation) | - | €-73k | €-12k | €0 | €-2k | - |
| Change in cash | - | €-16k | €-12k | €43k | €-49k | ▼ 215% |
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
31-07
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
31-12
Financial
Weakest financial yearnet €736 ▼96.1%
Net result drops to €736, the lowest in the series.
31-12
Financial
Liquidity times 6current ratio 18.54
Current ratio from 3.07 to 18.54; short-term debt falls from €91k to €12k.
14-07
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
28-08
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 28 days late
2023
31-12
Financial
Liquidity quadruplescurrent ratio 28.39
Current ratio from 7.21 to 28.39; short-term debt falls from €37k to €9k.
19-07
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
31-12
Financial
Highest result since 2018net €73k ▲13.7%
Operating result €91k, net result €73k, both a record.
26-07
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
05-08
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 5 days late
2020
31-07
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
2019
28-06
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
2018
31-07
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema
2017
31-07
NBB filing
Annual accounts filed
fiscal year 2016 · micro schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 5 acts read
About the unread acts
We know of 5 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
5 acts for this company are in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Begijnendijk · 1 establishment unit since 2010
Ground area
980 m²
Building footprint
178 m²
Volume, LiDAR
469 m³
Parcel 24007B0002/00W000, Flanders · tallest building 7.3 m, ±1 floor. Linked by address, not a title deed.
2
companies at this address
See who is registered here
1 establishment unit
XCLUSIEF BVBA
since 20102.185.743.461
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 24007B0002/00W000 | Flanders | 980 m² | 1 · 178 m² | 7.3 m · 1 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.
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Of 2,856 companies in sector 18130 we hold annual accounts for 832. 606 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
Founded17-02-2010
Fiscal year end31-12
Activities, NACEBEL 2025
18130Pre-press and pre-media services
56210Event catering
62900Other information technology and computer services
73110Advertising agencies
74201Photography, excluding press photography
85591Education
Contact
E-mail
johan.vanroosendael@narthex.be
Scores and ratios are computed by Checked and are not a credit decision.