NERVURE
ActiveSummary
NERVURE has been active since 2007 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €45,347 and a net result of €14,590. Equity remains stable across the filed fiscal years (±1.4% per year). Its solvency ranks better than 73% of 1226 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 1.3% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability94▲+20
Solvency88▲+4
Growth58=
Track record100
Bankruptcy probability, 12 months
1.3%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €3,500 at 30 days acceptable
Liquidity ample (current ratio 2.47 against 2.49 in 2024; short-term debt: 36.5% and cash: 83.8% of total assets), and 37.2% of the assets are financed with debt.
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Signals
Six signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 81
Relative position
BE, all sectors
reference
Services to buildings and landscape activities (NACE 81)
about 79% more 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 dateAge against the risk zone
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
62.8%
Return on assets
20.2%
Age of the figures
9 mo
lowers risk · Growing equity
Reported equity is higher than in 2023 and did not fall compared with 2024. These amounts do not establish the cause of the change.
NBB · annual accounts 2025Equity per financial year
1819202122232425
2018 to 2025 · latest year €45,347
neutral · Filed after the deadline
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 27-08-2026, 27 days later. For context: 47% of the Belgian market files late and the whole 1-to-90-day band measures 2.0% abnormal legal state against a 1.66% average. We show this as a fact and do not score it.
NBB · 10 filingsDeviation from the deadline
2025
27 d late
2024
27 d late
2023
26 d late
2022
58 d late
2021
22 d late
2020
30 d late
2019
88 d late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 7 accounts on average 40 days after the deadline; the sector median for financial year 2024 is 1 day before the deadline, and 43% of the sector filed late.
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. Usually files around 27 August (4 of the last 5 filed years within 30 days of that day).
Companies Code · seven monthsPosition in the running window
30-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, abbreviated schema
Equity
€45,347▲ 47.4%
2024 · €30,757
Total assets
€72,223▲ 38.3%
2024 · €52,214
Net result
€14,590▲ 91.3%
2024 · €7,626
Working capital
€38,749▲ 23.9%
2024 · €31,286
Trend over the years
In euros
In per cent
Ratio
In euros
No line ticked in this group.
In per cent
No line ticked in this group.
Ratio
No line ticked in this group.
Untick a line to hide it. Point at a year (or use the arrow keys on the chart) for the exact figures; the table below gives them all.Sector: the middle half (P25 to P75) of NACE 81, Services to buildings and landscape activities, each year against the same schema; no band under 30 filings. Dashed line: the median. Available for Net result, Equity, Total assets, Working capital, Solvency, Current ratio, Return on assets (ROA).
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result€4,086-€1,442€4,131€8,257▲ 99.9%€14,943▲ 81.0%
Net result€3,528within the sector's middle half-€2,874below the sector's middle half€3,742within the sector's middle half€7,626within the sector's middle half▲ 104%€14,590within the sector's middle half▲ 91.3%
Equity€22,263within the sector's middle half▲ 18.8%€19,390within the sector's middle half▼ 12.9%€23,131within the sector's middle half▲ 19.3%€30,757within the sector's middle half▲ 33.0%€45,347below the sector's middle half▲ 47.4%
Total assets€72,883within the sector's middle half▲ 20.2%€83,468within the sector's middle half▲ 14.5%€41,132below the sector's middle half▼ 50.7%€52,214below the sector's middle half▲ 26.9%€72,223below the sector's middle half▲ 38.3%
Debt€50,620▲ 20.8%€64,078▲ 26.6%€18,001▼ 71.9%€21,457▲ 19.2%€26,875▲ 25.3%
Working capital€18,719within the sector's middle half▲ 65.3%€19,711within the sector's middle half▲ 5.3%€23,660within the sector's middle half▲ 20.0%€31,286within the sector's middle half▲ 32.2%€38,749within the sector's middle half▲ 23.9%
Solvency30.5%within the sector's middle half▼ 0.4pp23.2%within the sector's middle half▼ 7.3pp56.2%within the sector's middle half▲ 33.0pp58.9%within the sector's middle half▲ 2.7pp62.8%within the sector's middle half▲ 3.9pp
Current ratio1.37within the sector's middle half▲ 0.101.31within the sector's middle half▼ 0.062.35within the sector's middle half▲ 1.042.49within the sector's middle half▲ 0.142.47within the sector's middle half▼ 0.02
Return on assets (ROA)4.8%within the sector's middle half▲ 43.9pp-3.4%below the sector's middle half▼ 8.3pp9.1%within the sector's middle half▲ 12.5pp14.6%within the sector's middle half▲ 5.5pp20.2%above the sector's middle half▲ 5.6pp
above
within
below
the middle half (P25 to P75) of NACE 81, Services to buildings and landscape activities, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the abbreviated or micro schema does not require them.
Result per fiscal year
Operating resultNet result
After the dip in 2022 the operating result has climbed three years in a row; 2025 is 81% above 2024 and is the highest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €72,223
Fixed assets
€7,127
Current assets
€65,096
Equity and liabilities €72,223
Equity
€45,347 ▲ 47.4%
Debt
€26,875 ▲ 25.3%
Debt's share of the balance-sheet total falls from 41.1% to 37.2%. Equity and debt are higher.
Key figures and ratios
EBITDA
€15,372
Cash flow
€15,019
Debt to equity
0.59▼
2024 · 0.70
ROE
32.2%▲
2024 · 24.8%
Interest coverage
72.71
Debt ≤ 1 year
€26,347▲
2024 · €20,928
Income taxes
€141▲
2024 · €140
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 34,696 companies that looked in July 2024 the way this one looks now, 0.7% went bankrupt within 24 months and 95% are still going.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
0.7%
went bankrupt
3.9%
stopped otherwise
95%
still going
For this company itself Checked computes a higher bankruptcy probability: 1.3% over twelve months. The score reads more about this company than the group's four characteristics; both figures are right about what they measure.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,340 companies of July 2024 its group's bankruptcy share. Expected: 1.6%; actually bankrupt within 24 months: 1.7%.
| 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% | 1.0% |
| 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% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 74% of comparisons. The level follows the economy: in a year with more bankruptcies, the actual share is higher than the year before.
An observation about 34,696 comparable companies, not a prediction for this company. The sector does not count: the register keeps no sector for companies that stopped, so it would make the outcome look better than it was.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €3,866 | €3,866 | €207 | - | €429 | - |
| Other operating charges640/8 | €292 | €365 | €323 | €461 | €468 | ▲ 1.5% |
| Gross operating margin9900 | €8,245 | €2,788 | €4,662 | €8,719 | €15,840 | ▲ 81.7% |
| Operating profit (loss)9901 | €4,086 | -€1,442 | €4,131 | €8,257 | €14,943 | ▲ 81.0% |
| Financial charges65/66B | €441 | €1,312 | €258 | €492 | €211 | ▼ 57.0% |
| Recurring financial charges65 | €441 | €1,312 | €258 | €492 | €211 | ▼ 57.0% |
| Profit (loss) for the period before taxes9903 | €3,645 | -€2,754 | €3,873 | €7,765 | €14,731 | ▲ 89.7% |
| Income taxes67/77 | €117 | €120 | €132 | €140 | €141 | ▲ 1.0% |
| Profit (loss) for the period9904 | €3,528 | -€2,874 | €3,742 | €7,626 | €14,590 | ▲ 91.3% |
| Profit (loss) for the period to be appropriated9905 | €3,528 | -€2,874 | €3,742 | €7,626 | €14,590 | ▲ 91.3% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €72,883 | €83,468 | €41,132 | €52,214 | €72,223 | ▲ 38.3% |
| Fixed assets21/28 | €4,073 | €207 | - | - | €7,127 | - |
| Tangible fixed assets22/27 | €4,073 | €207 | - | - | €7,127 | - |
| Furniture and vehicles24 | €4,073 | €207 | - | - | - | - |
| Other tangible fixed assets26 | - | - | - | - | €7,127 | - |
| Current assets29/58 | €68,810 | €83,260 | €41,132 | €52,214 | €65,096 | ▲ 24.7% |
| Amounts receivable within one year40/41 | €30,155 | €5,958 | €13,079 | €24,273 | €2,509 | ▼ 89.7% |
| Trade receivables40 | €28,606 | €4,409 | €11,530 | €22,725 | €960 | ▼ 95.8% |
| Other amounts receivable41 | €1,549 | €1,549 | €1,549 | €1,549 | €1,549 | = |
| Cash at bank and in hand54/58 | €38,655 | €76,832 | €21,053 | €27,941 | €60,504 | ▲ 117% |
| Deferred charges and accrued income490/1 | - | €471 | €7,000 | - | €2,083 | - |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €72,883 | €83,468 | €41,132 | €52,214 | €72,223 | ▲ 38.3% |
| Equity10/15 | €22,263 | €19,390 | €23,131 | €30,757 | €45,347 | ▲ 47.4% |
| Contributions10/11 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Capital10 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Issued capital100 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Non-distributable reserves130/1 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Legal reserve130 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Profit (loss) carried forward14 | €1,803 | -€1,070 | €2,671 | €10,297 | €24,887 | ▲ 142% |
| Amounts payable17/49 | €50,620 | €64,078 | €18,001 | €21,457 | €26,875 | ▲ 25.3% |
| Amounts payable within one year42/48 | €50,091 | €63,549 | €17,472 | €20,928 | €26,347 | ▲ 25.9% |
| Trade debts44 | €1,037 | €6,551 | €1,104 | €1,438 | €1,816 | ▲ 26.3% |
| Suppliers440/4 | €1,037 | €6,551 | €1,104 | €1,438 | €1,816 | ▲ 26.3% |
| Taxes, remuneration and social security45 | €9,030 | €3,402 | €3,414 | €1,156 | €4,648 | ▲ 302% |
| Taxes450/3 | €9,030 | €3,402 | €1,914 | €1,156 | €4,648 | ▲ 302% |
| Remuneration and social security454/9 | - | - | €1,500 | - | - | - |
| Other amounts payable47/48 | €40,024 | €53,596 | €12,954 | €18,334 | €19,882 | ▲ 8.4% |
| Accrued charges and deferred income492/3 | €529 | €529 | €529 | €529 | €529 | = |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €3,528 | -€2,874 | €3,742 | €7,626 | €14,590 | ▲ 91.3% |
| + Depreciation and write-downs630 | €3,866 | €3,866 | €207 | - | €429 | - |
| Operating cash flow (approximation) | €7,395 | €992 | €3,949 | €7,626 | €15,019 | ▲ 97.0% |
| Investment in fixed assets (approximation) | - | €0 | - | - | - | - |
| Change in cash | - | €38,176 | -€55,779 | €6,887 | €32,563 | ▲ 373% |
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
27-08
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema · 27 days late
2025
31-12
Financial
Highest result since 2018net €14,590 ▲91.3%
Operating result €14,943, net result €14,590, both a record.
27-08
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 27 days late
2024
26-08
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 26 days late
2023
31-12
Financial
Back to profitnet €3,742
Net result €3,742 after one loss-making year.
27-09
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 58 days late
2022
22-08
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 22 days late
2021
31-12
Financial
Back to profitnet €3,528
Net result €3,528 after 3 loss-making years.
30-08
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 30 days late
2020
31-12
Financial
Weakest financial yearnet -€23,660
Net result drops to -€23,660, the lowest in the series; recovery starts the following year.
27-10
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 88 days late
2019
22-08
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema · 22 days late
2018
23-08
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema · 23 days late
2017
30-08
NBB filing
Annual accounts filed
fiscal year 2016 · micro schema · 30 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 1 act read
About the unread acts
We know of 1 Belgian State Gazette act for this company. It has not been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
1 act for this company is 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, Anderlecht · 1 establishment unit since 2008
Ground area
404 m²
Building footprint
80 m²
Volume, LiDAR
634 m³
Parcel 21307G0260/00F003, Brussels · tallest building 9.3 m, ±3 floors. Linked by address, not a title deed.
3
companies at this address
See who is registered here
1 establishment unit
NERVURE
since 20082.168.122.818
1 parcel
Brussels
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 21307G0260/00F003 | Brussels | 404 m² | 1 · 80 m² | 9.3 m · 3 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 21,227 companies in sector 81300 we hold annual accounts for 4,369. 3,586 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 (pre-2019)
Founded20-12-2007
Fiscal year end31-12
Activities, NACEBEL 2025
81300Landscape service activities
Contact
E-mail
f.kusiak@nervure.beAnderlecht
Phone
+32485649990Anderlecht
E-invoicing
Reachable via Peppol
Peppol ID
0208:0894355242
Also
9925:BE0894355242
Registered
02-12-2025
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 30 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.