Equity
€1.5m ▲ 42.7%
Billups has made a profit without a break since 2011.
Billups
Lifetime
18 annual accounts with figures on one time axis, 26 filings since 1999peak €54.9m (2024)
€54.9m▲ 0.2%
lowest -€376,283 (2010)
€445,951▼ 25.8%
peak €1.5m (2024)
€1.5m▲ 42.7%
€14.5m▲ 41.3%
peak 10.9 FTE (2007)
7.9 FTEunchanged
Board6 names since 2016
2 directorsDaniel HWANG and 1 other
Owners4 names in the annual accounts
Documentsfilings and deeds
29-01-2026182 days late
2024financial year
Result from €601,399 to €445,951Company renamed from OUTSIGHT to Billups 08-042 directors appointed, 3 resignations 29-02Equity from €1.0m to €1.5mDebts from €10.2m to €14.5mCash from €1.3m to €658,795
Key points
from the 2024 annual accountsDebts
€14.5m 91% of the balance sheet
Suppliers 89%Taxes and wages 10%Other 1%
Of this, €14.3m falls due within a year.
Staff
7.9 FTE from 10.9 in 2007
Between 2007 and 2024, 28% of the full-time equivalents disappeared.
Payment terms
87 days to suppliers
Billups pays its suppliers 20 days later than in 2023. Customers pay 38 days later.
Filings
26 annual accounts 102 days past the deadline
2025 accounts not filed: deadline was 31-07-2026.
At the same address
35 companies
Checked score
48
Fair
Financially stronger than 30% of micro companies in advertising and market research (NACE 73)
Probability in this band: 1.5% to 4.2%
Bankruptcy probability within 12 months
3.7% Moderate
0%0.5%1.5%4%10%≥ 25%
The dashed line is the sector median: 0.2% across 11,230 companies (NACE 73, micro).
About 4 in 100 comparable companies go bankrupt within 12 months (an estimate).
Last 24 months
12-2024: 0.2%
01-2025: 0.2%● unchanged vs 12-2024
02-2025: 0.2%● unchanged vs 01-2025lowest value
03-2025: 0.2%● unchanged vs 02-2025lowest value
04-2025: 0.2%● unchanged vs 03-2025
05-2025: 0.2%● unchanged vs 04-2025
06-2025: 0.2%● unchanged vs 05-2025
07-2025: 0.3%▲ +0.1 percentage points vs 06-2025
08-2025: 0.5%▲ +0.2 percentage points vs 07-2025
09-2025: 0.6%▲ +0.1 percentage points vs 08-2025
10-2025: 0.9%▲ +0.3 percentage points vs 09-2025
11-2025: 0.9%● unchanged vs 10-2025
12-2025: 1.0%▲ +0.1 percentage points vs 11-2025
01-2026: 1.6%▲ +0.6 percentage points vs 12-2025
02-2026: 1.6%● unchanged vs 01-2026
03-2026: 1.6%● unchanged vs 02-2026
04-2026: 1.6%● unchanged vs 03-2026
05-2026: 1.6%● unchanged vs 04-2026
06-2026: 1.6%● unchanged vs 05-2026
07-2026: 1.7%▲ +0.1 percentage points vs 06-2026
08-2026: 2.5%▲ +0.8 percentage points vs 07-2026
09-2026: 2.9%▲ +0.4 percentage points vs 08-2026
10-2026: 3.7%▲ +0.8 percentage points vs 09-2026highest value
11-2026: 3.7%● unchanged vs 10-2026highest value
Financial strengthWeak
Score breakdown
raises risk
Figures for financial year 2024 (filed on 05-02-2026)
Liquidity: current ratio 1.11, cash €658,795
1 financial year not filed after the legal deadline; last filed accounts filed 182 days late; 1 of the last 3 accounts late
lowers risk
Founded in 1998
Calculation
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 73, micro). It does better than 19% of them on solvency, 5% on liquidity, 31% on profitability and 65% on growth.
The bankruptcy probability was computed on 09-11-2026 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 31-12-2024.
Of the companies with a bankruptcy probability in the moderate class on 30-06-2025, 2.4% 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).
Comparable companies, two years later
In July 2024, 1,083 companies had the same profile as Billups has now. Each dot stands for 3 companies, two years later.
96.8%
were still trading
2.2%
stopped another way
0.8%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of Billups itself is higher: 3.7% within 12 months. It rests on far more data about Billups than the profile alone.
Test of the method
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 1,083 companies, not a prediction for Billups. 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.
Credit verdict
Credit of up to €70,000 on 30-day terms, only on tighter conditions: an expected filing is missing beyond Checked's processing allowance
Liquidity is tight, with a current ratio of 1.11 (1.1 in 2023), below the usual 1.5. Short-term debt is 89.3% and cash 4.1% of total assets. 90.7% of the assets are financed with debt and provisions.
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The scores and ratios are Checked's own calculations, not a credit decision.
Signals
Eight signals.
lowers riskraises risk
raises risk · Weak solvency compared with the sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 18% of 1080 sector peers (2024).
NBB · sector comparisonPosition among 1080 sector peers
Solvency
better than 18%
← weakest
strongest →
lowers risk · Growing equity
Reported equity is higher than in 2022 and did not fall compared with 2023. These amounts do not establish the cause of the change.
NBB · annual accounts 2024Equity per financial year
18192021222324
2018 to 2024 · latest year €1.5m
raises risk · Annual accounts not filed
The financial year that closed on 31-12-2025 was due at the National Bank by 31-07-2026. Nothing is on record, 102 days later.
NBB · 10 filingsPosition against the passed deadline
31-12-2025 year end31-07-2026 deadline10-11-2026 today
raises risk · 2024 accounts filed 182 days late
The financial year that closed on 31-12-2024 was due by 31-07-2025 and was filed on 29-01-2026, 182 days past the deadline. Measured on financial year 2023: of the companies more than 90 days late, 5.61% are now bankrupt, dissolved or in another special legal status, against 1.66% of all filers.
NBB · 10 filingsDeviation from the deadline
2025
not filed
2024
182 days late
2023
1 day early
2022
8 days late
2021
10 days late
2020
2 days early
2019
6 days late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
The company filed its last 6 accounts on average 34 days after the deadline. In the sector (NACE 73), the median for financial year 2024 was 6 days before the deadline, and 36% of those companies filed late.
Searched, nothing found (1)
Board and ownership
- BLUE NOTE 94%score 94equity €7.6m (2025) · 2023 annual accounts of BLUE NOTE
- FINAMM 94%deed of 07-05-2021
Recent changes
Registered in the Peppol Directory
Reachable for e-invoices through 0208:0464972765
Company renamed from OUTSIGHT to Billups
Appointment: Daniel HWANG (class A director) · “De vennootschap heeft als voorwerp de publiciteit onder alle vormen,het kopen en het verkopen van ruimten in…” (deed in Dutch) · General meeting of 26-03-2024 · Gazette deed
2 directors appointed, 3 resignations
Resignations: Blue Note SRL (managing director), Service and Consulting Box SRL and Jos Van Campenhout · Permanent representatives: Jos Van Campenhout, Samantha Pearce and Koen Van Rhijn · Appointments: Daniel Hwang and Koen Van Rhijn SRL · Board meeting of 03-01-2024 · Gazette deed
Reappointment: BMS&C Bedrijfsrevisoren (statutory auditor)
General meeting of 30-06-2023 · Gazette deed
Comparable companies
same main activity, similar in size and age| Company | ||||
|---|---|---|---|---|
| Billups Koekelberg | €54.9m | 0.2% | 9.3% | 7.9 |
| BEST DEAL Jette | €22.6m | 2.8% | 30.6% | 16.8 |
| POP SOLUTIONS Woluwe-Saint-Pierre | €4.6m | -9.3% | 40.2% | 7.2 |
| OUTDOOR SERVICES Hoeilaart | €28.4m | -0.2% | 25.2% | 3.8 |
| KINESSO BELGIUM Hoeilaart | €28.0m | 11.0% | 82.3% | 8.8 |
| OMD Hoeilaart | €58.4m | -3.4% | 5.9% | 20.8 |
| LijnCom Mechelen | €8.3m | 1.9% | 26.7% | 14.1 |
Grey: the largest companies of the sector (advertising and market research (NACE 73)), without their names. Blue: the sector peers from the table.
These companies have the same main activity as Billups: advertising agencies (NACE 73110). They are comparable in size and age: total assets between €8.3m and €25m, founded between 1990 and 2013.
Official details
Source: KBO- Status
- Active since 23-12-1998Normal situation
- Registered office
- 37 active companies are registered at this addressSource: KBO register, as of 10 November 2026.
- Activity
- Advertising agenciesNACE 73110and 1 other
- Joint committee
- 200Auxiliary committee for white-collar workers · annual accounts 2023
- Establishment unit
- 2.090.128.1851081 Koekelberg, since 08-02-1999
- Financial year end
- 31 December
- Peppol
- Reachable since 27-11-2025
Insights on Billups
Turnover has grown every year since 2020.
BLUE NOTE holds 94% of the shares. In December 2023, three directors stepped down.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette. Click a figure with a dotted line for the item and the filing.
Key facts about Billups
- What is the company number of Billups?
- The company number of Billups is 0464.972.765. The VAT number is the same number with BE in front: BE 0464.972.765.
- Where is Billups based?
- The registered office is at De Neckstraat 22, 1081 Koekelberg.Company details
- What does Billups do?
- According to the KBO register, the main activity is advertising agencies (NACE 73110).
- What is the legal form of Billups?
- Billups is a public limited company (NV).
- When was Billups founded?
- Billups was founded on 23-12-1998.
- Is Billups still active?
- Yes, Billups is an active enterprise in the KBO register.
- How many employees does Billups have?
- Billups had an average of 7.9 full-time equivalents in financial year 2024, according to the filed annual accounts.Financials
- Which joint committee does Billups fall under?
- In its 2023 annual accounts, Billups states joint committee 200 (Auxiliary committee for white-collar workers).
- What is the turnover of Billups?
- The turnover of Billups was €54.9m in financial year 2024, according to the filed annual accounts.
- Is Billups profitable?
- In financial year 2024, Billups made a profit of €445,951.
- Where can I find the annual accounts of Billups?
- Billups filed 26 annual accounts with the National Bank of Belgium, the latest for financial year 2024.
Next steps
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