NLO
InactiveInactive; last annual accounts for fiscal year 2025. Dissolved without liquidation on 31-12-2025.
Signals
1 signal. The signal on the left, the evidence on the right.
+raises risk
raises risk · Filed more than 90 days late
The financial year that closed on 30-09-2025 was due by 30-04-2026 and was filed on 25-08-2026, 117 days past the deadline. Measured on financial year 2023: companies more than 90 days late are in an abnormal legal state today in 5.61% of cases, against 1.66% across all filers.
NBB · 10 filingsDeviation from the deadline
2025
117 d late
2024
98 d early
2023
86 d early
2022
95 d early
2021
94 d early
2020
54 d early
2019
64 d early
← before the deadline
after the deadline →
tick = median of all Belgian filings
This company filed its last 7 accounts on average 53 days before the deadline; the Belgian median for financial year 2024 is 4 days before the deadline, and 38% of all filings were late.
Checked, nothing found (1)
History
Go further with this company
What became of the directors' other companies?Director track record Who ran this company, and where was it based, on a date before the end?Company as of a date
Investigating this company? Keep it with today's facts in a case file.
Financials · fiscal year 2025, abbreviated schema
Turnover
€4.0m▼ 34.2%
2024 · €6.1m
EBIT margin
1.4%▲ 1.0pp
2024 · 0.4%
Net result
€40,378
2024 · -€5,483
Working capital
-€21,914▲ 70.7%
2024 · -€74,838
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
Turnover€5.8m▼ 15.8%€6.5m€6.1m▼ 5.9%€4.0m▼ 34.2%
Operating result€546,910▼ 6.9%€434,054▼ 20.6%€754,060▲ 73.7%€22,334▼ 97.0%€55,875▲ 150%
Net result€363,635▼ 31.8%€314,186▼ 13.6%€564,878▲ 79.8%-€5,483€40,378
EBIT margin9.5%▲ 0.9pp11.6%0.4%▼ 11.2pp1.4%▲ 1.0pp
Equity€50,000▼ 78.8%€50,000=€50,000=€44,517▼ 11.0%€84,895▲ 90.7%
Total assets€2.6m▲ 9.1%€1.6m▼ 37.7%€2.6m▲ 60.9%€2.1m▼ 19.4%€2.4m▲ 14.4%
Debt€2.6m▲ 18.7%€1.6m▼ 38.4%€2.6m▲ 62.9%€2.1m▼ 19.6%€2.3m▲ 12.8%
Working capital€45,639▼ 78.9%-€102,233-€86,910▲ 15.0%-€74,838▲ 13.9%-€21,914▲ 70.7%
Staff (FTE)12.1▼ 6.2%13.3▲ 9.9%13.8▲ 3.8%12.7▼ 8.0%9.4▼ 26.0%
Turnover and EBIT margin not published: the abbreviated schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result recovers in 2025; 2025 is 150% above 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €2.4m
Fixed assets
€106,809 ▼ 10.5%
Current assets
€2.3m ▲ 15.9%
Equity and liabilities €2.4m
Equity
€84,895 ▲ 90.7%
Debt
€2.3m ▲ 12.8%
Debt's share of the balance-sheet total falls from 97.9% to 96.5%. Equity and debt are higher.
Key figures and ratios
EBITDA
€68,422▲
2024 · €39,889
Cash flow
€52,925▲
2024 · €12,072
Current ratio
0.99▲
2024 · 0.96
Quick ratio
0.91▼
2024 · 0.91
Debt to equity
27.44▼
2024 · 46.40
ROE
47.6%▲
2024 · -12.3%
ROA
1.7%▲
2024 · -0.3%
Interest coverage
10.18▲
2024 · 3.21
Debt ≤ 1 year
€2.3m▲
2024 · €2.1m
Income taxes
€18,425▲
2024 · €15,395
Staff costs
€1.2m▼
2024 · €1.8m
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 |
|---|---|---|---|---|---|---|
| Turnover70 | €5.8m | - | €6.5m | €6.1m | €4.0m | ▼ 34.2% |
| Goods, raw materials, services and sundry goods60/61 | €4.1m | - | €3.6m | €4.2m | €2.0m | ▼ 51.7% |
| Remuneration, social security and pensions62 | €1.1m | €1.3m | €2.1m | €1.8m | €1.2m | ▼ 32.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €15,128 | €12,024 | €17,436 | €17,555 | €12,547 | ▼ 28.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | €50 | -€1,635 | €70,221 | €94,479 | €70,000 | ▼ 25.9% |
| Other operating charges640/8 | - | - | - | - | €645,661 | - |
| Gross operating margin9900 | €1.7m | €1.8m | €2.9m | €2.0m | €2.0m | ▲ 3.1% |
| Operating profit (loss)9901 | €546,910 | €434,054 | €754,060 | €22,334 | €55,875 | ▲ 150% |
| Financial income75/76B | - | €7,366 | €41,601 | - | €9,649 | - |
| Recurring financial income75 | - | €7,366 | €41,601 | - | €9,649 | - |
| Financial charges65/66B | €19,109 | €11,823 | €11,507 | €12,422 | €6,721 | ▼ 45.9% |
| Recurring financial charges65 | €19,109 | €11,823 | €11,507 | €12,422 | €6,721 | ▼ 45.9% |
| Profit (loss) for the period before taxes9903 | €527,802 | €429,597 | €784,154 | €9,912 | €58,803 | ▲ 493% |
| Income taxes67/77 | €164,167 | €115,411 | €219,276 | €15,395 | €18,425 | ▲ 19.7% |
| Profit (loss) for the period9904 | €363,635 | €314,186 | €564,878 | -€5,483 | €40,378 | ▲ 836% |
| Profit (loss) for the period to be appropriated9905 | €363,635 | €314,186 | €564,878 | -€5,483 | €40,378 | ▲ 836% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €2.6m | €1.6m | €2.6m | €2.1m | €2.4m | ▲ 14.4% |
| Fixed assets21/28 | €4,361 | €152,233 | €136,910 | €119,355 | €106,809 | ▼ 10.5% |
| Tangible fixed assets22/27 | €4,361 | €152,233 | €136,910 | €119,355 | €106,809 | ▼ 10.5% |
| Plant, machinery and equipment23 | €495 | €2,946 | €2,215 | €1,581 | €1,106 | ▼ 30.0% |
| Other tangible fixed assets26 | €3,865 | €149,287 | €134,695 | €117,774 | €105,702 | ▼ 10.2% |
| Current assets29/58 | €2.6m | €1.5m | €2.5m | €2.0m | €2.3m | ▲ 15.9% |
| Stocks and contracts in progress3 | €241,898 | €84,006 | €518,931 | €101,108 | €180,775 | ▲ 78.8% |
| Contracts in progress37 | €241,898 | €84,006 | €518,931 | €101,108 | €180,775 | ▲ 78.8% |
| Amounts receivable within one year40/41 | €1.2m | €1.1m | €1.6m | €1.5m | €1.3m | ▼ 13.1% |
| Trade receivables40 | €930,745 | €918,204 | €1.5m | €1.3m | €964,441 | ▼ 25.9% |
| Other amounts receivable41 | €307,996 | €210,116 | €112,182 | €220,262 | €357,438 | ▲ 62.3% |
| Cash at bank and in hand54/58 | €1.1m | €262,031 | €397,672 | €360,574 | €777,013 | ▲ 115% |
| Deferred charges and accrued income490/1 | - | - | - | €7,120 | €27,809 | ▲ 291% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €2.6m | €1.6m | €2.6m | €2.1m | €2.4m | ▲ 14.4% |
| Equity10/15 | €50,000 | €50,000 | €50,000 | €44,517 | €84,895 | ▲ 90.7% |
| Contributions10/11 | €50,000 | €50,000 | €50,000 | €50,000 | €50,000 | = |
| Profit (loss) carried forward14 | - | - | - | -€5,483 | €34,895 | ▲ 736% |
| Amounts payable17/49 | €2.6m | €1.6m | €2.6m | €2.1m | €2.3m | ▲ 12.8% |
| Amounts payable within one year42/48 | €2.6m | €1.6m | €2.6m | €2.1m | €2.3m | ▲ 12.8% |
| Trade debts44 | €289,249 | €208,777 | €440,574 | €369,602 | €199,175 | ▼ 46.1% |
| Suppliers440/4 | €289,249 | €208,777 | €440,574 | €369,602 | €199,175 | ▼ 46.1% |
| Taxes, remuneration and social security45 | €236,046 | €371,021 | €267,867 | €175,613 | €131,537 | ▼ 25.1% |
| Taxes450/3 | €124,443 | €130,502 | €106,300 | €65,599 | €24,855 | ▼ 62.1% |
| Remuneration and social security454/9 | €111,604 | €240,519 | €161,567 | €110,014 | €106,682 | ▼ 3.0% |
| Other amounts payable47/48 | €2.0m | €996,792 | €1.9m | €1.5m | €2.0m | ▲ 31.5% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €363,635 | €314,186 | €564,878 | -€5,483 | €40,378 | ▲ 836% |
| + Depreciation and write-downs630 | €15,128 | €12,024 | €17,436 | €17,555 | €12,547 | ▼ 28.5% |
| Operating cash flow (approximation) | €378,763 | €326,210 | €582,314 | €12,072 | €52,925 | ▲ 338% |
| Investment in fixed assets (approximation) | - | -€159,896 | -€2,113 | -€0 | €0 | ▲ 100% |
| Change in cash | - | -€861,987 | €135,641 | -€37,098 | €416,439 | ▲ 1,223% |
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
2026
25-08
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema · 117 days late
02-02
State Gazette act
Restructuring · End & cessationResignations: FERAY Valérie (director) and PALLARD Caroline Chantal Patricia (director) · Merger · Dissolution9 facts ▸
State Gazette act
Restructuring · End & cessation
Resignations: FERAY Valérie (director) and PALLARD Caroline Chantal Patricia (director) · Merger · Dissolution9 facts ▸
- General meeting, 31-12-2025
- Merger, absorption
- Dissolution, 31-12-2025
- Director resignation, FERAY Valérie (director)
- Director resignation, PALLARD Caroline Chantal Patricia (director)
- Director resignation, PALLARD Caroline Chantal Patricia (managing director)
- Accounting effect, 01-10-2025
- Power of attorney, ARGO LAW
- Power of attorney, AD-MINISTERIE
2025
30-09
Financial
Back to profitnet €40,378
Net result €40,378 after one loss-making year.
24-04
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema
2024
06-05
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema
2023
31-12
Financial
Highest result since 2018net €564,878 ▲79.8%
Operating result €754,060, net result €564,878, both a record.
27-04
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema
2022
28-04
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema
2021
07-06
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema
2020
31-12
Financial
Equity above €200,000Eq €236,120
2 profitable years in a row build equity to €236,120.
28-05
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema
2019
31-12
Financial
Back to profitnet €28,082
Net result €28,082 after one loss-making year.
Show earlier events
19-06
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema
2018
17-05
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema
2017
13-12
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema · 135 days late
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
1 of 15 acts read
About the unread acts
Of the 15 Belgian State Gazette acts we know for this company, 1 has been read. The other 14 have not been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
no sitting director, last change in 2025
We have established no sitting directors for this company. We derive directors from published Gazette acts; while there are none, or none read, nothing appears here. That does not mean the company has none: the CBE keeps its own list of function holders, which we do not read.
Not every act has been read: a resignation may be missing here
14 of this company's 15 Belgian State Gazette acts have not been read yet. Appointments and resignations recorded in them are missing above: a director who resigned there may therefore still show here as sitting. The acts are in the Timeline.
Location & real-estate footprint
Mandate history
2 people since 2025, 0 in office
- Board
- Day-to-day management
- began earlier
| Name | Functions and periods |
|---|---|
| FERAY Valérie |
|
| PALLARD Caroline Chantal Patricia |
|
Structure & network
Connections & network
No current directors or connected companies found in the register.
Acquisitions and mergers
1 transactionTaken over by:IP HILLS