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NETWORK RESEARCH BELGIUM

Active
Public limited companyfounded 1986active for 39 yearsParc Ind. des Hauts Sarts, 2e av 65, 4040 Herstal, Belgium10 active companies are registered at this addressKBO/BCE: BE 0430.502.430
Summary

NETWORK RESEARCH BELGIUM has been active since 1986 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €206.2m and a net result of €23.4m. Equity is growing by about 13% per year across the filed financial years. Its solvency ranks better than 78% of 1,677 sector peers (NACE 62, financial year 2025). The computed 12-month bankruptcy probability is 0.1% (very low).

Risk analysisFollow ReportCompare
NETWORK RESEARCH BELGIUMActiveChecked score 96/100
Risk analysis ReportCompare

Overview

Activity
Other information technology and computer services
NACE 62900Computing infrastructure, data processing, hosting and related activities NACE 63100
Largest employer in the province of Liège, Telecoms and IT sector4 sites
Size
€356.7mturnover 2025
Staff
915 FTE
Equity
€206.2m
Profit
€23.4m
Standalone figures, without subsidiaries
Financial health
96 Excellent Checked score 2025
Bankruptcy probabilitywithin 12 months
0.1%
Structure
Parent
ETHIAS
Board
18 members
Holdings
12
Auditor: KPMG2025 accounts 98 days early
Why 96raises riskLiquidity: current ratio 1.69, cash €16.4mlowers riskSector: Computer programming, consultancy and related activities (NACE 62)Equity €206.2m (67.3% of total assets)Founded in 1986Show the evidence

Checked score

Score 2025
96 / 100
Excellent
Probability in this band: under 0.55%
Financially better than 68% of its sector peers (NACE 62, large)
Every signal that counts is listed under Signals.
Financial strength · tick = 2024
Strong
Solvency 92+2
equity 67.3% of total assets
Liquidity 45+1
short-term debt 28.6% · cash 5.3%
Profitability 69-2
return on assets 7.6%
Bankruptcy probability, 12 months
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 0.2% (39 companies, NACE 62, large)
Last 24 months 11-2024: 0.3% 12-2024: 0.4%▲ +0.1 percentage points vs 11-2024 01-2025: 0.6%▲ +0.2 percentage points vs 12-2024highest value 02-2025: 0.6%● unchanged vs 01-2025highest value 03-2025: 0.6%● unchanged vs 02-2025highest value 04-2025: 0.6%● unchanged vs 03-2025 05-2025: 0.6%● unchanged vs 04-2025 06-2025: 0.1%▼ -0.5 percentage points vs 05-2025 07-2025: 0.1%● unchanged vs 06-2025 08-2025: 0.1%● unchanged vs 07-2025 09-2025: 0.1%● unchanged vs 08-2025 10-2025: 0.1%● unchanged vs 09-2025 11-2025: 0.1%● unchanged vs 10-2025 12-2025: 0.1%● unchanged vs 11-2025 01-2026: 0.1%● unchanged vs 12-2025 02-2026: 0.1%● unchanged vs 01-2026 03-2026: 0.1%● unchanged vs 02-2026 04-2026: < 0.1%▼ -0.1 percentage points vs 03-2026lowest value 05-2026: 0.1%▲ +0.1 percentage points vs 04-2026 06-2026: 0.1%● unchanged vs 05-2026 07-2026: 0.1%● unchanged vs 06-2026 08-2026: 0.1%● unchanged vs 07-2026 09-2026: 0.1%● unchanged vs 08-2026 10-2026: 0.1%● unchanged vs 09-2026
Credit of up to €19,750,000 on 30-day terms is acceptable
Liquidity ample (current ratio 1.69, compared with 1.73 in 2024, above the usual 1.5; short-term debt: 28.6% and cash: 5.3% of total assets), and 32.7% of the assets are financed with debt and provisions.
How it is calculated

The band follows from the bankruptcy probability, on a scale where 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 62, large): better than 81% on solvency, 73% on liquidity, 62% on profitability and 57% on growth.

The bankruptcy probability was computed on 25-10-2026 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. Negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late hold it at Fair at most (59); two missing filings, at Weak (44). An ongoing judicial reorganisation or the company's end (bankruptcy, dissolution, liquidation) holds it at Critical at most (24).

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Signals

Five signals.
lowers riskraises riskneutral
raises risk · Liquidity: current ratio 1.69, cash €16.4m
NBB · annual accounts
lowers risk · Sector: Computer programming, consultancy and related activities (NACE 62)
KBO
lowers risk · Equity €206.2m (67.3% of total assets)
NBB · annual accounts
lowers risk · Founded in 1986
Companies that have existed this long fail less often; how much that weighs depends on the rest of its profile.
KBO
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 24-04-2026, 98 days ahead of the deadline.
NBB · 5 filings
Deviation from the deadline
2025
98 days early
2024
94 days early
2023
93 days early
2022
90 days early
2021
87 days early
← before the deadline after the deadline →
tick = median of all Belgian filingsring = median in the sector

This company filed its last 5 accounts on average 92 days before the deadline; the sector median (NACE 62) for financial year 2024 is 9 days before the deadline, and 33% 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 30 April (5 of the last 5 filed years within 30 days of that day).
Companies Code · seven months
Where today falls in the filing period
26-10-2026 today31-12-2026 year end31-07-2027 deadline
neutral · No strike-offs in the KBO publications
Searched since 2021.
KBO publications · our coverage
  1. RestructuringAccounting effect · Merger ·…
  2. RestructuringMerger · Shareholding · Accounting…
  3. RestructuringShareholding · Merger · Accounting…

Key points

  • Positive: Largest employer in the province of Liège, Telecoms and IT sectorin the Checked rankings No. 1 View
  • Positive: 6 years of growth in a rowturnover 2025: €356.7m 6 years View
  • New directorslatest change 17-08-2026 · 18 in office 6 joined View
  • EU supportawarded from 2024 to 2025 €166.9m View
  • Controlled by ETHIASthe company in turn controls 20 companies parent View
  • Merger with AFELIOmerger on 01-01-2024 2024 View
  • Positive: Always filed on timeaccounts within the deadline every year 5 years View

By topic

Financials

Financial year
2025
Turnover
€356.7m
Profit
€23.4m
Solvency
67.3%
Turnover▲ 4.1%
Net result
20182025
Go to Financials

Board & ownership

Board
18 members
Parent
ETHIAS
Auditor
KPMG
  • Philippe LALLEMANDChair
  • Carine HougardyDirector
  • SPARAXISDirector
  • EZ Fineants bvbaDirector
  • Bruno Van LierdeDirector

and 13 other directors

Go to Board & ownership

Network & group

Subsidiaries, all levels
20
Direct holdings
12
Connected companies
181
Mergers and asset contributions
12

20 subsidiaries

Go to Network & group

Timeline

Events
128
Since
1987
Next accounts
by 31-07-2027
  1. 01-09-2026Appointment: SRL Miraclis (cito)
  2. 20-05-2026Annual accounts filed
  3. 15-05-2026Amendment of the articles · Name
Go to Timeline

Company details

Sites
4
Legal form
Public limited company
Activity
Other information technology and computer servicesNACE 62900
Founded
15-12-1986
Year ends
31-12
Peppol
Reachable for e-invoices
Go to Company details

Articles of association

Provisions read
9
Purpose
“La création et l'exploitation d'un outil informatique de gestion et d'échange…” (deed in French)
Go to Articles of association

Key facts about NETWORK RESEARCH BELGIUM

What is the company number of NETWORK RESEARCH BELGIUM?
0430.502.430. In Belgium the VAT number is the company number with BE in front: BE 0430.502.430.
Where is NETWORK RESEARCH BELGIUM based?
The registered office is at Parc Ind. des Hauts Sarts, 2e av 65, 4040 Herstal.Company details
What does NETWORK RESEARCH BELGIUM do?
According to the KBO register, the main activity is other information technology and computer services (NACE 62900).
What is the legal form of NETWORK RESEARCH BELGIUM?
Public limited company (NV).
When was NETWORK RESEARCH BELGIUM founded?
On 15-12-1986.
Is NETWORK RESEARCH BELGIUM still active?
Yes, NETWORK RESEARCH BELGIUM is an active enterprise in the KBO register.
How many employees does NETWORK RESEARCH BELGIUM have?
On average 915 full-time equivalents in financial year 2025, according to the filed annual accounts.Financials
What is the turnover of NETWORK RESEARCH BELGIUM?
€356.7m in financial year 2025, according to the filed annual accounts.
Is NETWORK RESEARCH BELGIUM profitable?
In financial year 2025, NETWORK RESEARCH BELGIUM made a profit of €23.4m.
Where can I find the annual accounts of NETWORK RESEARCH BELGIUM?
NETWORK RESEARCH BELGIUM filed 56 annual accounts with the National Bank of Belgium, the latest for financial year 2025.
When are the next annual accounts of NETWORK RESEARCH BELGIUM due?
By 31-07-2027, for financial year 2026.Timeline

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