Summary
Conclusion
the dossier summarised in one paragraphPAPILIO is a financial institution; the bankruptcy model is trained on trading and manufacturing companies and does not apply here. The 2024 annual accounts show equity of €6.63M and a net result of €23k. Equity remains stable across the filed fiscal years (±0.7% per year). Its solvency ranks better than 72% of 1407 sector peers (fiscal year 2024). The company has been active since 2021 and the Belgian State Gazette contains no insolvency or warning signals.
Based on the State Gazette, CBE and 4 annual accounts.
Signals
1 signal · with evidenceSignals are derived from the filed annual accounts and the sector comparison. No composite score: each signal is separately verifiable at the source.
Filing behaviour
From the deposit records, complete market-wide| Year closed | Due by | Filed | Variance | Reference |
|---|---|---|---|---|
| 31-12-2025 | 31-07-2026 | nothing on record | not filed | - |
| 31-12-2024 | 31-07-2025 | 22-07-2025 | 9 d early | 2025-00296185 |
| 31-12-2023 | 31-07-2024 | 10-07-2024 | 21 d early | 2024-00228349 |
| 31-12-2022 | 31-07-2023 | 30-06-2023 | 31 d early | 2023-00180638 |
| 31-12-2021 | 31-07-2022 | 07-07-2022 | 24 d early | 2022-20154750 |
Source: the National Bank's deposit records. Those records are complete, including for years whose figures we have not read yet. Filing late covers nearly half the market and is therefore not scored; only not filing, being more than 90 days late and breaking a punctual record carry weight.
Trust signals
2 signalsAdministrative Flags
Bankruptcy probability (12 mo)
Checked model v1 · free for everyoneThis is a financial institution (bank, insurer or financial holding). Our bankruptcy model is trained on ordinary trading and manufacturing companies; a bank balance sheet falls outside that scope. We therefore show no bankruptcy probability rather than a misleading figure.
Financials
Annual accounts & ratios
Source: NBB · 2024How do we compute this?
The trend is a robust median of all pairwise slopes between fiscal years (Theil-Sen), so a single odd year cannot hijack the line. For strictly positive series we also fit a log variant (compound annual growth) and keep whichever describes the figures best.
The area around the projection is 1.8 × the median absolute deviation from the trend, widening each year ahead (×1 / ×1.6 / ×2.2), with a minimum of 8% of the last value. It is an indicative range, not a statistical confidence interval.
A series whose deviations exceed 35% of its level is too volatile: we then deliberately show no projection. Every projection assumes unchanged policy and is blind to non-public information (order book, contracts, funding rounds).
| Metric | This company | Sector median | Position in the sector |
|---|---|---|---|
| Solvency | 62.3% | 37.4% | |
| Net result | €23k | €46k | |
| Equity | €6.63M | €362k | |
| Gross operating margin | €62k | €65k | |
| Total assets | €10.64M | €1.41M |
| Fiscal year | 2024 |
|---|---|
| Deposit | verkort |
| Revenue | n/a |
| EBITDA | n/a |
| Net profit | €23k |
| Cash flow | n/a |
| Staff costs | - |
| Income taxes | €6k |
| Dividends | - |
| Total assets | €10.64M |
| Equity | €6.63M |
| Debt | €4.01M |
| of which ≤ 1y | €1.46M |
| of which > 1y | €2.55M |
| Working capital | n/a |
| Employees (FTE) | - |
| 2024 | |
|---|---|
| Current ratio | n/a |
| Quick ratio | n/a |
| Working capital ratio | n/a |
| Solvency | 62.3% |
| Debt / equity | n/a |
| Long-term debt ratio | n/a |
| Interest coverage | n/a |
| Gross margin | n/a |
| Net margin | n/a |
| ROA | 0.2% |
| ROE | 0.3% |
| EBITDA margin | n/a |
| Days sales outstanding | n/a |
| Days payable outstanding | n/a |
| Inventory turnover | n/a |
| Days inventory (DSI) | n/a |
| Line item | Code | 2024 |
|---|---|---|
| Balance sheet, Assets | ||
| TOTAL ASSETS | 20/58 | €10.64M |
| Fixed assets | 21/28 | €10.63M |
| Financial fixed assets | 28 | €10.63M |
| Current assets | 29/58 | €7k |
| Cash & bank | 54/58 | €7k |
| Balance sheet, Equity & liabilities | ||
| TOTAL EQUITY & LIABILITIES | 10/49 | €10.64M |
| Equity | 10/15 | €6.63M |
| Contributions / capital | 10/11 | €6.55M |
| Accumulated profits (losses) | 14 | €85k |
| Amounts payable | 17/49 | €4.01M |
| Amounts payable after one year | 17 | €2.55M |
| Amounts payable within one year | 42/48 | €1.46M |
| Trade debts payable within one year | 44 | €283k |
| Income statement | ||
| Gross operating margin | 9900 | €62k |
| Operating result | 9901 | €61k |
| Financial charges | 65 | €32k |
| Result before taxes | 9903 | €29k |
| Income taxes | 67/77 | €6k |
| Net result for the period | 9904 | €23k |
| Result to be appropriated | 9905 | €23k |
Health barometer
FY 2024 · computedDirectors
Directors & mandates
7 directors-
Current01-01-2026 → present
-
Current12-02-2025 → present
2 events
- 12-02-2025 Appointed· Director
- 28-06-2023 Resigned· Director
-
Current28-06-2023 → present
2 events
- 01-01-2026 Appointed· B bestuurder
- 28-06-2023 Appointed· Director
Former directors (4)
-
BNP Paribas Fortis Private Equity Management NVLegal entityDirector· perm. rep.: Sofie VERMEULENState Gazette act 25025251 (24-02-2025)Former- → 12-02-2025
-
Former01-04-2021 → 12-02-2025
3 events
- 12-02-2025 Resigned· Director
- 02-12-2024 Appointed· Director
- 01-04-2021 Appointed· Director
-
Lambrecht JFFLegal entityDirector· perm. rep.: Johan LAMBRECHTState Gazette act 23101668 (07-08-2023)Former28-06-2023 → 01-01-2025
2 events
- 01-01-2025 Resigned· Director
- 28-06-2023 Appointed· Director
-
SDM-CONSULTLegal entityDirector· perm. rep.: Sophie DE MAESSCHALCKState Gazette act 23101668 (07-08-2023)Former28-06-2023 → 01-01-2025
2 events
- 01-01-2025 Resigned· Director
- 28-06-2023 Appointed· Director
Insolvency mandates
Legal Structure
| NACE primary | Activiteiten van holdings(64210) |
| Legal form | Private limited company(610) |
| Incorporation | 15-03-2021 |
| Status | Active |
| Postal code | 9240 |
Structure & network
Connections & network
13 connected companiesOwnership & control
6 partiesEach band states what its claims rest on. A board seat is influence over the board, not ownership. Court mandates (receiver, interim administrator) and liquidation mandates do not link companies and are therefore absent here; they belong under Directors & mandates.
Locations & real estate
Registered office
from the Crossroads BankThis address could not be matched to a point in the Belgian address register (BOSA BEST). The address below comes straight from the Crossroads Bank.
Lokerenbaan 709240 ZeleEstablishment units
1 locationReal-estate footprint
Source: CBE × cadastre · address linkingParcels linked to this company through its CBE addresses (seat, establishment units, branches), cross-referenced with the cadastral parcel plan. This shows where the company operates, not a deeds register.
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 42028A1279/00E002 | Flanders | 401 m² | 1 · 401 m² | 16.6 m · 5 fl. |
Publications
Lifecycle & Insolvency Signals
Belgian State Gazette · acts
5 verified actsWhat every Belgian State Gazette publication actually says, each act broken down into appointments, capital movements, seat moves and statute amendments.
- General meeting , 31/12/2025
- Director resignation, LOEM (B-bestuurder)
- Director appointment, Christine VASTENAVONDT (B-bestuurder)
- Director appointment, Vincent DE DECKER (onafhankelijk bestuurder)
- Mandate compensation, Vincent DE DECKER
- Permanent representative, Ruth DE DECKER
- General meeting , 13/09/2024
- Director resignation, LOEM BV (A-bestuurder)
- Director appointment, FEYNMAN BV (A-bestuurder)
- Permanent representative, Michael De Decker
- General meeting , 02/12/2024
- Director resignation, BNP Paribas Fortis Private Equity Management NV (B-Bestuurder)
- Director resignation, FEYNMAN BV (bestuurder)
- Permanent representative, Michael De Decker
- Director appointment, SDM-CONSULT BV (A-bestuurder)
- Permanent representative, Sophie De Maesschalck
- Director appointment, Lambrecht JFF Comm.V (onafhankelijke bestuurder)
- Permanent representative, Johan Lambrecht
- General meeting , 08/06/2021
- Director resignation, AL SERVICE (bestuurder (A-Bestuurder))
- Director appointment, LOEM (A-Bestuurder)
- Mandate compensation, LOEM
- Permanent representative, Ruth DE DECKER
- Incorporation , 12.03.2021
- Founder, DE DECKER Ruth Maria Stefaan
- Founder, DE DECKER Michael Johanna Maurice
- Founding capital , €6.549.000
- Bank account , 36.000,00, EUR
- Corporate purpose , De vennootschap heeft tot voorwerp, zowel in België als in het buitenland, voor eigen rekening of voor rekening van derden, of door deelname van dezen: 1. De ve…
Analysis
Snowflake analysis
financial profile on 5 axesStrong profile, led by stability.
Computed on 4 of 5 axes. Not measured: health. An unmeasured axis is not a zero: no data was read for it.
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AI due-diligence brief
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Credit advice
verdict per customer and amountSimilar
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Comparable size, same sectorCompany registry
Company registry (CBE)
Crossroads Bank| Legal nameNL | PAPILIO |