Losses
-€690,168 in seven years
Every financial year from 2019 to 2025 closed with a loss. 2021 was the heaviest.
NAZCA
Part of the group
Société Anonyme de Participation et de Gestion
10 companies in 2 countries
See the group
Lifetime
15 annual accounts with figures on one time axispeak €378,314 (2014)
€115,030▲ 3.1%
lowest -€150,850 (2021)
-€94,770▲ €7,646
peak €3.2m (2018)
€2.5m▼ 3.7%
€375,343▼ 2.5%
Board2 names since 2019
1 directorS.A. de Participation et de Gestion
Owners
Documentsfilings and deeds
21-09-202652 days late
2025abbreviated format
Loss of €94,770Cash from €3,667 to €1,033
Key points
from the 2025 annual accountsInvestments
€59,903 0.4 × depreciation
Green is investment, beige is depreciation.
Payment terms
22 days to suppliers
NAZCA pays its suppliers 15 days later than in 2024. Customers pay 5 days later.
Filings
15 annual accounts since 2011
Three of the last ten came late. The 2025 accounts came latest: 52 days after the end of the period.
At the same address
11 companies
Position in the sector
-€94,770
Lower net result than 95% of companies in head offices and management consultancy. Sector median €37,527 · 10,855 companies.
Checked score
64
Healthy
Financially stronger than 59% of small companies in head offices and management consultancy (NACE 70)
Probability in this band: 0.55% to 1.5%
Bankruptcy probability within 12 months
1.5% Low
0%0.5%1.5%4%10%≥ 25%
The dashed line is the sector median: 0.1% across 4,522 companies (NACE 70, small).
About 1 in 100 comparable companies go bankrupt within 12 months (an estimate).
Last 24 months
12-2024: 0.4%
01-2025: 0.4%● unchanged vs 12-2024
02-2025: 0.4%● unchanged vs 01-2025
03-2025: 0.5%▲ +0.1 percentage points vs 02-2025
04-2025: 0.6%▲ +0.1 percentage points vs 03-2025
05-2025: 0.6%● unchanged vs 04-2025
06-2025: 0.6%● unchanged vs 05-2025
07-2025: 0.7%▲ +0.1 percentage points vs 06-2025
08-2025: 0.3%▼ -0.4 percentage points vs 07-2025lowest value
09-2025: 0.3%● unchanged vs 08-2025lowest value
10-2025: 0.3%● unchanged vs 09-2025lowest value
11-2025: 0.3%● unchanged vs 10-2025lowest value
12-2025: 0.3%● unchanged vs 11-2025
01-2026: 0.3%● unchanged vs 12-2025
02-2026: 0.3%● unchanged vs 01-2026
03-2026: 0.3%● unchanged vs 02-2026
04-2026: 0.4%▲ +0.1 percentage points vs 03-2026
05-2026: 0.4%● unchanged vs 04-2026
06-2026: 0.4%● unchanged vs 05-2026
07-2026: 0.4%● unchanged vs 06-2026
08-2026: 0.8%▲ +0.4 percentage points vs 07-2026
09-2026: 1.0%▲ +0.2 percentage points vs 08-2026
10-2026: 1.5%▲ +0.5 percentage points vs 09-2026highest value
11-2026: 1.5%● unchanged vs 10-2026highest value
Financial strengthStrong
Score breakdown
raises risk
Liquidity: current ratio 0.01, cash €1,033, halved
Last filed accounts filed 52 days late; 1 of the last 3 accounts late
No registered site in the KBO
lowers risk
Sector: Activities of head offices; management consultancy activities (NACE 70)
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 70, small). It does better than 85% of them on solvency, 39% on liquidity, 72% on profitability and 39% on growth.
The bankruptcy probability was computed on 08-11-2026 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 31-12-2025.
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).
Comparable companies, two years later
In July 2024, 2,686 companies had the same profile as NAZCA has now. Each dot stands for 7 companies, two years later.
93.7%
were still trading
5.4%
stopped another way
0.6%
went bankrupt
Another 0.3% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of NAZCA itself is higher: 1.5% within 12 months. It rests on far more data about NAZCA than the profile alone.
Test of the method
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 2,686 companies, not a prediction for NAZCA. 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.
Credit verdict
Credit of up to €11,000 on 30-day terms is acceptable
Liquidity is insufficient, with a current ratio of 0.01 (0.01 in 2024), below 1. Short-term debt is 13.1% and cash 0% of total assets. 13.1% of the assets are financed with debt and provisions.
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The scores and ratios are Checked's own calculations, not a credit decision.
Signals
Six signals.
lowers riskraises riskneutral
raises risk · Persistent losses
Two consecutive loss-making years (2024 and 2025); equity is also lower. May indicate structural pressure on profitability.
NBB · annual accounts 2025Net result per financial year
1819202122232425
2018 to 2025 · latest year -€94,770
neutral · A punctual record breaks
This company filed 6 consecutive financial years on time. The year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 21-09-2026, 52 days late. Weigh it accordingly: of the companies that move to filing 1 to 90 days late, 1.41% are now bankrupt, dissolved or in another special legal status, below the 1.66% of all filers. It is a change in behaviour, not evidence of elevated risk.
NBB · 10 filingsDeviation from the deadline
2025
52 days late
2024
27 days early
2023
16 days early
2022
28 days early
2021
24 days early
2020
26 days early
2019
18 days early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
The company filed its last 7 accounts on average 12 days before the deadline. In the sector (NACE 70), the median for financial year 2024 was 9 days before the deadline, and 32% 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 7 July (4 of the last 5 accounts filed within 30 days either side of that date).
Companies Code · seven monthsWhere today falls in the filing period
09-11-2026 today31-12-2026 year end31-07-2027 deadline
Board and ownership
- Société Anonyme de Participation et de Gestion 100%equity €3.02bn (2025) · 30-06-2024 annual accounts of Société Anonyme de Participation et de Gestion
Recent changes
Capital conversion · Amendment of the articles · Legal-form change · Resignations & appointments
Director in office: Société Anonyme de Participation et de Gestion · Legal-form conversion: from private limited company (pre-2019) to private limited company · 30,000 shares · Gazette deed
Registered in the Peppol Directory
Reachable for e-invoices through 0208:0838682487
Registered office moved from Uccle to Brussels
Transfer of 30,000 shares from Olivier Périer to S.A. de Participation et de Gestion · New registered office: Rue de Livourne 41 à 1050 Bruxelles · Previous registered office: Avenue du Vert Chasseur 64D à 1180 Uccle · General meeting of 15-05-2019 · Gazette deed
Incorporation
published on 24-08-2011 · Gazette deed
Comparable companies
same main activity, similar in size and age| Company | ||||
|---|---|---|---|---|
| NAZCA Ixelles | €2.9m | €96,506 | 86.9% | - |
| Hynternet Uccle | €3.2m | €87,543 | 73.2% | - |
| VDS Group Brussels | €2.9m | €118,399 | 5.8% | - |
| SG INVEST & CONSULT Jette | €2.6m | €77,577 | -15.5% | - |
| XMA Laarne | €2.8m | €96,480 | 39.7% | 1 |
| CRFP Pittem | €2.7m | €101,352 | 96.9% | - |
| ELLO HOLDING Hasselt | €2.9m | €84,949 | 36.8% | 0 |
These companies have the same main activity as NAZCA: business and other management consultancy (NACE 70200). They are comparable in size and age: total assets between €2.6m and €3.2m, founded between 2011 and 2012.
Official details
Source: KBO- Status
- Active since 22-08-2011Normal situation
- Registered office
- 12 active companies are registered at this addressSource: KBO register, as of 9 November 2026.
- Activity
- Business and other management consultancyNACE 70200and 3 others
- Financial year end
- 31 December
- Peppol
- Reachable since 20-11-2020
Insights on NAZCA
NAZCA has existed since 2011. In 2012 turnover rose from €46,103 to €152,896.
Turnover has grown every year since 2021.
Société Anonyme de Participation et de Gestion holds all the shares.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette. Click a figure with a dotted line for the item and the filing.
Key facts about NAZCA
- What is the company number of NAZCA?
- The company number of NAZCA is 0838.682.487. The VAT number is the same number with BE in front: BE 0838.682.487.
- Where is NAZCA based?
- The registered office is at Livornostraat 41, 1050 Ixelles.Company details
- What does NAZCA do?
- According to the KBO register, the main activity is business and other management consultancy (NACE 70200).
- What is the legal form of NAZCA?
- NAZCA is a private limited company (BV).
- When was NAZCA founded?
- NAZCA was founded on 22-08-2011.
- Is NAZCA still active?
- Yes, NAZCA is an active enterprise in the KBO register.
- What is the turnover of NAZCA?
- The turnover of NAZCA was €115,030 in financial year 2025, according to the filed annual accounts.Financials
- Is NAZCA profitable?
- In financial year 2025, NAZCA made a loss of €94,770.
- Where can I find the annual accounts of NAZCA?
- NAZCA filed 15 annual accounts with the National Bank of Belgium, the latest for financial year 2025.
- When are the next annual accounts of NAZCA due?
- NAZCA must file the annual accounts for financial year 2026 by 31-07-2027.Timeline
Next steps
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