Equity
Equity rose in 2025 from €524,665 to €883,129.
Equity rose in 2025 from €524,665 to €883,129.
The accounts state no turnover.
Debts rose by €116,123 in 2025.
Green is investment, beige is depreciation.
The 2024 accounts came latest: 31 days after the end of the period.
Higher net result than 88% of companies in head offices and management consultancy. Sector median €37,527 · 10,855 companies.
The dashed line is the sector median: 0.1% across 48,568 companies (NACE 70, micro).
Fewer than 1 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
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, micro). It does better than 69% of them on solvency, 76% on liquidity, 84% on profitability and 84% on growth.
The bankruptcy probability was computed on 07-11-2026 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 very low class on 30-06-2025, 0.1% 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).
In July 2024, 6,782 companies had the same profile as OPEN PIXEL SYSTEMS has now. Each dot stands for 17 companies, two years later.
That fits the bankruptcy probability of OPEN PIXEL SYSTEMS itself: < 0.1% within 12 months.
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 6,782 companies, not a prediction for OPEN PIXEL SYSTEMS. 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.
Liquidity is ample, with a current ratio of 3.24 (2.87 in 2024), above the usual 1.5. Short-term debt is 27.5% and cash 36.3% of total assets. 27.5% of the assets are financed with debt and provisions.
Show the recommended maximum and see how the verdict changes with amount, term and advance.
The scores and ratios are Checked's own calculations, not a credit decision.
The company filed its last 6 accounts on average 10 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.
Shares in 2 companies, The Office of Things and Ethernetics
Board & ownership| Company | ||||
|---|---|---|---|---|
| OPEN PIXEL SYSTEMS Zaventem | €1.2m | €449,625 | 72.5% | - |
| THOMAS KESSLER Wezembeek-Oppem | €1.2m | €402,822 | 1.3% | - |
| Tanomoshi Consulting Tervuren | €1.1m | €444,684 | 68.4% | - |
| MB MGT Dilbeek | €1.0m | €503,551 | 94.7% | - |
| CONCHAR Affligem | €1.2m | €373,266 | 84.9% | - |
| Integral Agility Overijse | €1.5m | €423,702 | 31.1% | - |
| B²C GROUP Fexhe-le-Haut-Clocher | €1.3m | €489,081 | 12.1% | 4.1 |
These companies have the same main activity as OPEN PIXEL SYSTEMS: business and other management consultancy (NACE 70200). They are comparable in size and age: total assets between €1m and €1.5m, founded between 2019 and 2021.
OPEN PIXEL SYSTEMS files the abbreviated format. That format states no turnover. The gross margin rose from €20,039 in 2020 to €449,625 in 2025.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette.
Turnover and EBIT margin are not published. The abbreviated or micro format does not require them. The turnover shown is an estimate from the gross margin.
Turnover ≈ €680,000. Estimated: probably between €530,000 and €1.2m.
Higher than 69% of 10,855 companies in 2025.
Higher than 70% of 10,477 companies in 2025.
Higher than 88% of 10,724 companies in 2025.
Net result: top quarter · Equity: middle half · Balance sheet total: middle half · Working capital: top quarter
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Balance sheet: assets | |||||||
20/58 |
1.2m | 744,322 | 566,143 | 188,255 | 44,987 | 37,226 | |
21/28 |
130,815 | 118,913 | 104,919 | 57,967 | 12,100 | - | |
22/27 |
20,162 | 8,260 | 10,843 | 11,891 | - | - | |
23 |
7,238 | - | - | - | - | - | |
24 |
12,924 | 8,260 | 10,843 | 11,891 | - | - | |
28 |
110,653 | 110,653 | 94,076 | 46,076 | 12,100 | - | |
29/58 |
1.1m | 625,410 | 461,224 | 130,288 | 32,887 | 37,226 | |
29 |
365,337 | - | - | - | - | - | |
290 |
365,337 | - | - | - | - | - | |
40/41 |
280,627 | 187,304 | 183,742 | 57,536 | 1,235 | 21,730 | |
40 |
280,627 | 187,304 | 183,742 | 57,536 | - | 21,730 | |
41 |
- | - | - | - | 1,235 | - | |
54/58 |
442,130 | 438,105 | 274,269 | 69,831 | 31,652 | 15,496 | |
490/1 |
- | - | 3,213 | 2,922 | - | - | |
| Balance sheet: equity and liabilities | |||||||
10/49 |
1.2m | 744,322 | 566,143 | 188,255 | 44,987 | 37,226 | |
10/15 |
883,129 | 524,665 | 151,021 | 112,941 | 36,447 | 18,991 | |
10/11 |
3,000 | 3,000 | 3,000 | 3,000 | 3,000 | 3,000 | |
14 |
880,129 | 521,665 | 148,021 | 109,941 | 33,447 | 15,991 | |
17/49 |
335,781 | 219,658 | 415,121 | 75,313 | 8,540 | 18,235 | |
17 |
- | 1,485 | 10,150 | - | - | - | |
170/4 |
- | 1,485 | 10,150 | - | - | - | |
42/48 |
335,781 | 218,173 | 404,971 | 75,313 | 8,540 | 18,235 | |
42 |
2,817 | 17,183 | 16,730 | - | - | - | |
44 |
237,879 | 122,755 | 159,213 | 42,444 | 4,179 | 10,849 | |
440/4 |
237,879 | 122,755 | 159,213 | 42,444 | 4,179 | 10,849 | |
45 |
95,084 | 78,235 | 52,558 | 32,869 | 4,361 | 7,385 | |
450/3 |
95,084 | 78,235 | 52,558 | 32,869 | 4,361 | 7,385 | |
47/48 |
- | - | 176,471 | - | - | - | |
| Income statement | |||||||
9900 |
449,625 | 509,931 | 293,058 | 101,992 | 21,817 | 20,039 | |
630 |
4,890 | 4,037 | 3,475 | 330 | - | - | |
640/8 |
- | 46 | 428 | 43 | - | 50 | |
9901 |
444,735 | 505,848 | 289,154 | 101,619 | 21,817 | 19,989 | |
75/76B |
15,338 | 497 | - | - | - | - | |
75 |
15,338 | 497 | - | - | - | - | |
65/66B |
2,634 | 2,357 | 2,341 | 645 | - | - | |
65 |
2,634 | 2,357 | 2,341 | 645 | - | - | |
9903 |
457,439 | 503,989 | 286,813 | 100,974 | 21,817 | 19,989 | |
67/77 |
99,975 | 130,345 | 72,263 | 24,480 | 4,361 | 3,998 | |
9904 |
357,464 | 373,643 | 214,550 | 76,494 | 17,456 | 15,991 | |
9905 |
357,464 | 373,643 | 214,550 | 76,494 | 17,456 | 15,991 | |
| Appropriation of the result | |||||||
9906 |
880,129 | 521,665 | 324,492 | 109,941 | 33,447 | 15,991 | |
14P |
522,665 | 148,021 | 109,941 | 33,447 | 15,991 | - | |
694/7 |
- | - | 176,471 | - | - | - | |
694 |
- | - | 176,471 | - | - | - | |
| Document | |||||||
The notes to these accounts have 6 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the accounts filed with the NBB.
Source: Annual accounts 2025 at the NBB, filed on 26-08-2026.
2025 annual accounts filed 26 days after the deadline. Filed on 26 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00425875.
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 26-08-2026 | 2026-00425875 | |
| 31-12-2024 | abbreviated format | 31-08-2025 | 2025-00453998 | |
| 31-12-2023 | micro format | 31-07-2024 | 2024-00311324 | |
| 31-12-2022 | micro format | 20-06-2023 | 2023-00138940 | |
| 31-12-2021 | micro format | 24-06-2022 | 2022-20087699 | |
| 31-12-2020 | micro format | 23-06-2021 | 2021-22800328 |
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| 449,625 | 509,885 | 292,629 | 101,949 | - | - | ||
| 362,354 | 377,680 | 218,025 | 76,825 | - | - | ||
| 16,793 | 18,031 | 50,427 | 46,197 | 12,100 | - | ||
| 4,024 | 163,837 | 204,438 | 38,179 | 16,156 | - | ||
| 752,313 | 407,237 | 56,252 | 54,975 | 24,347 | 18,991 | ||
| 72.5% | 70.5% | 26.7% | 60.0% | 81.0% | 51.0% | ||
| 3.24 | 2.87 | 1.14 | 1.73 | 3.85 | 2.04 | ||
| 0.38 | 0.42 | 2.75 | 0.67 | 0.23 | 0.96 | ||
| 40.5% | 71.2% | 142.1% | 67.7% | 47.9% | 84.2% | ||
| 29.3% | 50.2% | 37.9% | 40.6% | 38.8% | 43.0% | ||
| over 100 | over 100 | over 100 | over 100 | - | - |
A Belgian filing has no cash-flow statement. Cash flow is therefore an approximation, derived from the income statement. Investment is the acquisitions in the notes and, without them, the balance-sheet move.
| Item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Tangible fixed assets | €16,793 | €1,454 | €2,427 | €12,221 | - |
| Financial fixed assets | - | €16,577 | €48,000 | €33,976 | €12,100 |
| €4,890 | €4,037 | €3,475 | €330 | - |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
The operating result for 2025 is 12% lower than in 2024.
Debt's share of the balance-sheet total falls from 29.5% to 27.5%. Equity and debt are higher.
Source: list of holdings in its own 2025 accounts. Every holding stands with its own latest accounts.
Source for every holding own accounts 2025
| Name | 2023 | 2024 | 2025 |
|---|---|---|---|
| The Office of Things | 24% | ||
| Ethernetics | listed | ||
Source: list of holdings in its own accounts
The network starts from the directors of OPEN PIXEL SYSTEMS. Every other company they run is a node.
Deadline for the 2026 accounts: 31-07-2027
Financial milestones sit on the financial year-end date, not the filing date.
Sources: Publications in the Belgian Official GazetteFilings with the National Bank
On 7 August 2020, OPEN PIXEL SYSTEMS was incorporated as a private limited company by three natural persons, with a starting capital of €3,000.12 The registered office moved to Dworp in 2023 and to Zaventem in 2024.34 Jaskaran Sandhu has served as director since 2020.5 Total assets went from €37,226 in 2020 to €1.2m in 2025.6
| Establishment | Since | Unit number |
|---|---|---|
| Da Vincilaan 11 registered office 1930 Zaventem | ||
| Fazantenlaan 12 1653 Beersel | 07-08-2020 | 2.309.194.965 |
| Cadastral parcel | Area | Buildings | Height / floors |
|---|---|---|---|
| 23017E0226/00T004 | 1,808 m² | 1 · 253 m² | 9.1 m · 2 |
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