NEXTMOVE
ActiveSummary
NEXTMOVE has been active since 2014 and the Belgian Official Gazette contains no insolvency or warning signals. The 2024 annual accounts show equity of €149,560 and a net result of €57,873. Equity is growing by about 31% per year across the filed financial years. Its solvency ranks better than 95% of 2,797 sector peers (NACE 62, financial year 2024). The computed 12-month bankruptcy probability is 0.3% (very low).
Overview
- Equity
- €149,560
- Profit
- €57,873
- Parent
- DHANIS · 100%
- Dhanis LouisDirector
Why 58raises riskCapped at 59: a confirmed filing finding1 change of registered office in 24 monthsFigures for financial year 2024 (filed 30-09-2025)lowers riskLiquidity: current ratio 18.04, cash €135,029Sector: Computer programming, consultancy and related activities (NACE 62)Show the evidence
Checked score
About 3 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
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, micro): better than 85% on solvency, 96% on liquidity, 82% on profitability and 55% 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
This company filed its last 6 accounts on average 24 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 (1)
- Resignation: Antoine DHANIS (director)Gazette deed
- Annual accounts filedfinancial year 2024 · abbreviated…
- Amendment of the articlesDirector in office · Shareholding…
Financials · financial year 2024, abbreviated format
2025 annual accounts not yet filed, deadline passed on 31 July 2026 Financial year closed on 31 December 2025; filing due at the latest 7 months after the close (Companies Code art. 3:10). Source: NBB filings, as of 26 October 2026.
2020 to 2024, 5 financial years 2018 to 2024, 7 financial years
After the dip in 2022 the operating result has climbed two years in a row; 2024 is 21% above 2023 and is the highest result in the available series.
What the company sold each financial year and what was left of it. A loss stands below the zero line.
What the company owns (total assets), how much of it is its own (equity) and how much it owes.
Short-term assets minus short-term debts. Above zero the company can pay its bills in the short term.
How much of each euro of turnover is left from operations (EBIT margin) and what the assets earn (return on assets).
The share of the company financed with its own means. The higher it is, the better it absorbs a shock.
Short-term assets per euro of short-term debt. Above 1 the short-term debts are covered.
Use the arrow keys on the chart for the figures per year.
Sector: the middle half of NACE 62, Computer programming, consultancy and related activities: a quarter of companies sit below it, a quarter above. Each year compared with accounts in the same format, and only where there are at least 30. Dashed line: the median. Available for Net result, Equity, Total assets, Working capital, Solvency, Current ratio, Return on assets (ROA).
Peer companies
Historical observationOf the 34,695 companies that looked in July 2024 the way this one looks now, 0.7% went bankrupt within 24 months and 95.3% are still going.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
For this company itself Checked computes a bankruptcy probability of 0.3% over twelve months; the group does not contradict it.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,475 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% | 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% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 74.5% 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 34,695 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.
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €7,536 | €6,950 | €6,718 | €0 | €311 | €6,507 | €6,802 | ▲ 4.5% |
| Other operating charges640/8 | - | - | - | €985 | €1,924 | €925 | €889 | ▼ 3.9% |
| Gross operating margin9900 | €10,254 | €12,392 | €51,857 | €53,388 | €54,456 | €72,131 | €86,187 | ▲ 19.5% |
| Operating profit (loss)9901 | €1,876 | €3,347 | €44,288 | €52,403 | €52,221 | €64,699 | €78,496 | ▲ 21.3% |
| Financial income75/76B | - | - | - | €1 | €5 | €480 | €251 | ▼ 47.8% |
| Recurring financial income75 | €31 | €30 | €421 | €1 | €5 | €480 | €251 | ▼ 47.8% |
| Financial charges65/66B | - | - | - | €804 | €694 | €125 | €53 | ▼ 58.1% |
| Recurring financial charges65 | €10 | €924 | €269 | €804 | €694 | €125 | €53 | ▼ 58.1% |
| Profit (loss) for the period before taxes9903 | €1,897 | €2,453 | €44,441 | €51,600 | €51,531 | €65,054 | €78,695 | ▲ 21.0% |
| Income taxes67/77 | €531 | €2,144 | €14,861 | €17,299 | €17,046 | €18,887 | €20,821 | ▲ 10.2% |
| Profit (loss) for the period9904 | €1,367 | €308 | €29,579 | €34,300 | €34,485 | €46,167 | €57,873 | ▲ 25.4% |
| Profit (loss) for the period to be appropriated9905 | €1,367 | €308 | €29,579 | €34,300 | €34,485 | €46,167 | €57,873 | ▲ 25.4% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €71,683 | €72,417 | €94,217 | €126,350 | €135,606 | €182,185 | €157,410 | ▼ 13.6% |
| Fixed assets21/28 | €13,668 | €6,718 | €0 | - | €5,195 | €22,593 | €15,791 | ▼ 30.1% |
| Intangible fixed assets21 | €11,714 | €5,857 | €0 | - | - | - | - | - |
| Tangible fixed assets22/27 | €1,953 | €861 | €0 | - | €5,195 | €22,593 | €15,791 | ▼ 30.1% |
| Plant, machinery and equipment23 | - | - | - | - | €1,333 | €2,002 | €1,072 | ▼ 46.5% |
| Furniture and vehicles24 | - | - | - | - | €3,861 | €20,590 | €14,719 | ▼ 28.5% |
| Current assets29/58 | €58,015 | €65,699 | €94,217 | €126,350 | €130,411 | €159,593 | €141,619 | ▼ 11.3% |
| Amounts receivable within one year40/41 | €32,613 | €14,523 | €6,411 | €7,817 | €9,442 | €24,246 | €6,225 | ▼ 74.3% |
| Trade receivables40 | - | - | - | €7,817 | €9,442 | €24,246 | €5,971 | ▼ 75.4% |
| Other amounts receivable41 | - | - | - | - | - | - | €254 | - |
| Cash at bank and in hand54/58 | €24,832 | €50,710 | €87,377 | €117,827 | €120,539 | €134,618 | €135,029 | ▲ 0.3% |
| Deferred charges and accrued income490/1 | - | - | - | €706 | €431 | €728 | €365 | ▼ 49.9% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €71,683 | €72,417 | €94,217 | €126,350 | €135,606 | €182,185 | €157,410 | ▼ 13.6% |
| Equity10/15 | €36,646 | €36,954 | €66,533 | €87,034 | €121,519 | €137,686 | €149,560 | ▲ 8.6% |
| Contributions10/11 | €12,400 | €12,400 | - | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €21,860 | €21,860 | €51,410 | €65,700 | €100,100 | €116,200 | €116,200 | = |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €0 | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | €0 | - | - |
| Distributable reserves133 | - | - | - | €63,840 | €98,240 | €116,200 | €116,200 | = |
| Profit (loss) carried forward14 | €2,386 | €2,694 | €2,723 | €2,734 | €2,819 | €2,886 | €14,760 | ▲ 411% |
| Amounts payable17/49 | €35,037 | €35,463 | €27,684 | €39,316 | €14,087 | €44,499 | €7,850 | ▼ 82.4% |
| Amounts payable within one year42/48 | €35,037 | €35,463 | €27,684 | €39,316 | €14,087 | €44,499 | €7,850 | ▼ 82.4% |
| Trade debts44 | €8,029 | €9,125 | €5,699 | €8,474 | €5,665 | €6,731 | €5,113 | ▼ 24.0% |
| Suppliers440/4 | - | - | - | €8,474 | €5,665 | €6,731 | €5,113 | ▼ 24.0% |
| Taxes, remuneration and social security45 | - | - | - | €4,772 | €4,569 | €7,090 | €2,737 | ▼ 61.4% |
| Taxes450/3 | - | - | - | €4,772 | €4,569 | €7,090 | €2,737 | ▼ 61.4% |
| Other amounts payable47/48 | - | - | - | €26,070 | €3,853 | €30,678 | €0 | ▼ 100% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €1,367 | €308 | €29,579 | €34,300 | €34,485 | €46,167 | €57,873 | ▲ 25.4% |
| + Depreciation and write-downs630 | €7,536 | €6,950 | €6,718 | €0 | €311 | €6,507 | €6,802 | ▲ 4.5% |
| Operating cash flow (approximation) | €8,903 | €7,258 | €36,297 | €34,300 | €34,796 | €52,674 | €64,675 | ▲ 22.8% |
| Investment in fixed assets (approximation) | - | €0 | €0 | - | - | -€23,905 | €0 | - |
| Change in cash | - | €25,878 | €36,667 | €30,450 | €2,711 | €14,080 | €411 | ▼ 97.1% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Latest 10 of 11 filings with the National Bank
| Financial year | Type | Filed | Reference |
|---|---|---|---|
| 31-12-2024 | abbreviated format | 30-09-2025 | 2025-00514928 |
| 31-12-2023 | micro format | 11-06-2024 | 2024-00124376 |
| 31-12-2022 | micro format | 12-06-2023 | 2023-00119904 |
| 31-12-2021 | micro format | 13-06-2022 | 2022-20058200 |
| 31-12-2020 | micro format | 29-06-2021 | 2021-26700095 |
| 31-12-2019 | micro format | 08-07-2020 | 2020-27200078 |
| 31-12-2018 | micro format | 31-07-2019 | 2019-40700505 |
| 31-12-2017 | micro format | 06-06-2018 | 2018-15900126 |
| 31-12-2016 | micro format | 05-07-2017 | 2017-27800393 |
| 31-12-2015 | abbreviated format | 21-06-2016 | 2016-19400100 |
Similar companies · same sector, comparable size
Public contracts: No European public contracts awarded found since October 2016. Contracts below the EU thresholds are not in TED.
Directors
Not every act has been read: a resignation may still be missing
Mandate history
- Board
- began earlier
| Name | Functions and periods |
|---|---|
| Dhanis Louis |
|
| Dhanis Antoine |
|
| SERBRUYNS Filip Jean-Marie Gustaaf |
|
Owners and capital
Owners
1 ownerChain of control
- DHANIS
- NEXTMOVE
Highest known parent: DHANIS. The sources do not say who stands above it.
Owners 1
-
100%
Sources: the companies' annual accounts, the acts in the Belgian Official Gazette and the LEI register. Annual accounts state the shareholders that notified the company under article 7:225 of the Code of Companies and Associations and the parent companies that consolidate it. The register of ultimate beneficial owners (UBO) is not public: who ultimately stands behind a natural person or a foreign parent is not stated here. A company that does not include these statements in its annual accounts, or does not have to, is not listed.
Capital and shareholders
- DHANIS (BE 0790.690.946) all shares
- DHANIS (BE 0790.690.946)
The Belgian Official Gazette names shareholders only when an act mentions them; the share register itself is not published.
- 30-07-2025 Capital stated in the deed · 100 shares
Group and network
Connections & network
1 current directorThe network starts from this company’s directors. Other companies they run appear here as nodes.
History
Acts, filings and financial milestones
29-06
Gazette deed
Resignation: Antoine DHANIS (director)2 facts ▸
- General meeting, 18-06-2026
- Director resignation, Antoine DHANIS (director)
30-07
Gazette deed
Amendment of the articlesDirector in office · Shareholding · Registered-office move8 facts ▸
- Director in office, DHANIS Louis Milorad Christian (director)
- General meeting, “actionnaire unique agissant en lieu et place de l'assemblée générale extraordinaire” (deed in Dutch)
- Shareholding, 100
- Registered-office move, 7024 Mons (Ciply), Rue des Robiniers 68
- Language decision, “changement de langue dû au transfert de siège, français” (deed in Dutch)
- Amendment of the articles
- Capital
- Other provision, “mission au notaire, l'actionnaire unique décide de donner la mission au notaire soussigné d'établir et de signer la coordination des statuts, conformément à la…” (deed in Dutch)
04-07
Gazette deed
Registered office · Resignations & appointmentsResignation: SERBRUYNS Filip Jean-Marie Gustaaf (director) · Incorporation · Shareholding9 facts ▸
- General meeting, 18-06-2025
- Incorporation, 29-01-2014
- Incorporation, 07-09-2022
- Other provision, “statutenwijziging” (deed in Dutch)
- Shareholding, DHANIS
- Other provision, “vertegenwoordiging enige aandeelhouder, bestuurder” (deed in Dutch)
- Director resignation, SERBRUYNS Filip Jean-Marie Gustaaf (director)
- Director discharge, SERBRUYNS Filip Jean-Marie Gustaaf
- Registered-office move, Rue des Robiniers 68, 7024 Mons (Ciply)
30-01
Gazette deed
Appointments: Dhanis Louis (director) and Dhanis Antoine (director)3 facts ▸
- General meeting, 17-12-2024
- Director appointment, Dhanis Louis (director)
- Director appointment, Dhanis Antoine (director)
Show earlier events
About the unread acts
Of the 7 Belgian Official Gazette deeds we know for this company, 4 have been read. The other 3 have not been read yet: what they contain is neither established nor disproved here.
Register details
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 26 October 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.
Environmental permits: No permit applications found in Flanders. Brussels and Wallonia do not publish the applicant.
Sites & property
1 establishment unit
2 parcels
| Cadastral parcel | Region | Area | Buildings | Height / floors |
|---|---|---|---|---|
| 53018A0191/00M002 | Wallonia | 589 m² | 1 · 128 m² | 5.7 m · 2 |
| 22662B0545/00P000 | Flanders | 371 m² | 1 · 93 m² | 10.4 m · 2 |
How the parcels are linked
Articles of association
What the company does
- PurposeThe activities the company may carry out under its articles.
- “Le conseil en informatique (IT consulting), les activités de consultance informatique; La prestation de conseils aux utilisateurs concermant…” (deed in Dutch)
41 activities (deed in Dutch)
- Le conseil en informatique (IT consulting), les activités de consultance informatique
- La prestation de conseils aux utilisateurs concermant configuration, ainsi que l'application des logiciels correspondants
- La création et la maintenance des sites internet les types d'ordinateurs (matériel) et leur
- La conception et la programmation de logiciels informatiques, ainsi que l'édition de logiciels
- La gestion d'infrastructures informatiques et les activités d'intégrateurs de systèmes
- Les autres services liés à la technologie de l'information et à l'informatique
- Le traitement de données, I'hébergement web et les activités connexes
- Le traitement, permanent ou non, de données au moyen d'un logiciel propre ou d'un logiciel appartenant au client: saisie de données, traitement complet de données
- La gestion permanente et l'utilisation de l'équipement informatique appartenant à des tiers
- La constitution de bases de données par la compilation, avec ou sans interprétation, de données existantes issues de diverses sources: horaires, catalogues industriels, données scientifiques, etc.
- Les portails web
- La conception et la gestion de campagnes publicitaires et de promotion pour des tiers via différents médias
- La création de textes publicitaires et de slogans
- L'élaboration de techniques de marketing visant à atteindre le consommateur individuel (marketing direct) au moyen de courriers adressés (mailings), d'appels téléphoniques, etc.
- Les services de graphisme
- La photographie
- Les études de marché et de sondage d'opinion
- La mise à disposition de bases de données: fourmiture d'informations aux utilisateurs (individuels ou collectifs), dans un ordre donné, par recherche en ligne ou par accès aux données.
- Le conseil en relations publiques et communication
- Les autres activités de conseil en gestion et conduite d'entreprise
- Les autre services aux entreprises.
- L'exploitation d'un bureau d'études, d'organisation et de conseil en matière financière, commerciale, juridique, fiscale et sociale
- La dispense de diverses formations touchant au management des entreprises de manière génėrale
- La prestation de services - tant en consultance qu'en implémentation - à des tiers dans les domaines de la stratégie d'entreprise, des ventes et du marketing, à savoir: 1.Le conseil professionnel aux entreprises, en Belgique ou à l'étranger, au niveau stratégique et opérationnel; 2.L'accompagnement des entreprises dans la rédaction de plans d'affaires, de plans marketing, plans financiers, etc; 3.Le conseil en gestion de produites et de services, en fixation des prix, en choix des canaux distribution, en logistique au sens large.
- L'organisation de congrès, séminaires et présentations d'entreprise pour les clients et les partenaires financiers et commerciaux, ainsi que d'autres formes d'enseignement ou de formations.
- L'activité d'intermédiaire dans le commerce et dans toutes opérations mobilières et immobilières.
- L'achat, la vente, l'importation, l'exportation, le commerce de commission et la représentation de tous types de biens.
- L'analyse et l'organisation des structures d'entreprise, la réalisation d'études de marché et d'entreprise, l'établissement de budgets, la planification et l'exécution de l'administration et de l'organisation de bureaux.
- Détenir à long terme des actions issues de diverses autres entreprises de secteurs économiques variés
- Acquérir et céder des participations ou d'autres intérêts dans des personnes morales, sociétés et entreprises, collaborer avec elles et les gérer.
- Réaliser des activités de gestion de holdings: intervenir dans la gestion quotidienne, représenter des entreprises, exercer des activités de direction, de consultance et de gestion, comprenant notamment : l'exercice des fonctions de direction dans diverses entreprises, la conclusion des contrats de consultance et l'exercice de missions de consultance de manière indépendante.
- Acquisition et gestion de biens immobiliers ou de droits réels y afférents, en Belgique ou à l'étranger
- Constitution et gestion d'un patrimoine mobilier, composé de biens mobiliers corporels ou incorporels
- Location, mise en location, prise en bail emphytéotique ou en usage de biens immobiliers et/ou mobiliers.
- Gestion, pour compte propre, de patrimoines de toute nature en général, et d'actifs financiers et d'instruments de placement en particulier.
- Acquisition, gestion, aliénation, valorisation et cession de biens mobiliers et immobiliers et/ou de droits. sous quelque forme que ce soit.
- Développement de projets et activités immobilières, y compris la construction de logements, la construction de maisons individuelles neuves ou les travaux de rénovation, la construction d'immeubles à appartements, de bureaux, etc.
- Fourniture de conseils et d'avis au sens le plus large, en fonction des besoins sociétaux, à l'exception des activités réservées légalement aux sociétés de gestion de patrimoine et aux conseillers en investissements.
- Toutes opérations administratives, industrielles, commerciales, financières, mobilières ou immobilières de nature à favoriser la réalisation de son objet
- Collaborer avec, participer de quelque manière que ce soit, directement ou indirectement, avec des entreprises de toute nature, prendre des participations, contracter toutes formes d'engagements, accorder des crédits ou prêts, se porter caution pour des tiers, donner ses biens en hypothèque ou gage, y compris son fonds de commerce ou son propre patrimoine
- Toutes les opérations liées directement ou indirectement à l'objet ci-dessus, ou susceptible d'en favoriser la réalisation
- DurationHow long the company exists; usually unlimited, so until it is dissolved.
- Unlimited
- Registered office clauseThe region of the registered office; it decides among other things the language of official documents.
- “Région wallonne, l'organe d'administration a le pouvoir de déplacer le siège dans le respect des limites prévues par l'article 2:4 CSA” (deed in Dutch)
Who represents it, and how
- Who signsWho may bind the company towards others, for example by signing a contract.
- Each director alone
- Board ruleHow the board is made up, meets and takes decisions.
- “L'assemblée qui nomme le ou les administrateurs fixe leur nombre, la durée de leur mandat et, en cas de pluralité, leurs pouvoirs; à défaut…” (deed in Dutch)“Il peut déléguer des pouvoirs spéciaux à tout mandataire, chaque administrateur agissant seul représente la société à l'égard des tiers et…” (deed in Dutch)“L'organe d'administration détermine s'ils agissent individuellement ou conjointement, gestion journalière” (deed in Dutch)1 more provision on this in the deed
Capital, shares and profit
- Kind of sharesWhich classes of shares exist and what rights each class carries.
- “Les titulaires d'actions peuvent prendre connaissance de ce registre relatif à leurs titres, nominatives” (deed in Dutch)“En cas de décès de l'actionnaire unique, les droits attachés aux actions sont exercés par les héritiers ou légataires régulièrement saisis…” (deed in Dutch)
- Transfer restrictionWhether shareholders may sell their shares freely or need approval first.
- One provision in the deed
- Share issue ruleHow and by whom new shares can be issued.
- “Émission d'actions nouvelles en numéraire, droit préférentiel appartient au nu-propriétaire, sauf disposition contraire convenue entre…” (deed in Dutch)
- Profit allocationHow profit is distributed; a BV may only pay out after a balance-sheet and liquidity test.
- “La décision de l'organe d'administration est motivée dans un rapport qui n'est déposé, la société peut réclamer le remboursement de toute…” (deed in Dutch)
Meetings and financial year
- Annual meetingWhen the shareholders meet each year, among other things to approve the annual accounts.
- First Monday of June at 18:00
- Meeting accessWho may attend the meeting and what is needed to be admitted.
- “Si seul le droit de vote est suspendu, le titulaire peut participer à l'assemblée générale sans pouvoir participer au vote” (deed in Dutch)
- Voting ruleWhich majority the meeting decides by, for example a simple or a special majority.
- “Tout actionnaire peut donner à toute autre personne, actionnaire ou non, par tout moyen de transmission, une procuration écrite pour la…” (deed in Dutch)
Oversight and winding up
- Statutory auditorA statutory auditor is a registered auditor who checks the accounts; small companies need not have one. According to the deed, the legal criteria do not require one here.
- No statutory auditor
- Dissolution ruleWhen and by whom the company can be dissolved.
- “Décision de l'assemblée générale délibérant dans les formes prévues pour les modifications aux statuts” (deed in Dutch)
- Liquidation ruleHow assets are shared after dissolution: creditors first, then shareholders.
- One provision in the deed