Primitive Studio
ActiveThe computed 12-month bankruptcy probability of Primitive Studio is 2.4% (moderate). The 2025 annual accounts show equity of €212k and a net result of €65k. Equity is growing by ~27.6% per year across the filed fiscal years. Its solvency ranks better than 71% of 18120 sector peers (fiscal year 2025). The company has been active since 2018 and the Belgian State Gazette contains no insolvency or warning signals.
Checked score
Score 2025
78
/ 100
Excellent
The score weighs solvency, liquidity, profitability and financial development. Bankruptcy probability contributes 35%. Every signal that weighs is under Signals.
Axes · tick = 2024
Profitability91▲+4
Solvency85▲+12
Growth78=
Track record100
Bankruptcy probability, 12 months
2.4%
Moderate
0%0.5%1.5%4%10%≥ 25%
Credit up to €16k at 30 days acceptable
Liquidity ample (current ratio 4.07 against 3.58 in 2024; short-term debt: 22.3% and cash: 71% of total assets), and 40.4% of the assets are financed with debt.
Credit advice for your own amount and term
Signals
Seven signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
raises risk · Limited track record
This company has not been active as long as an established one and statistically fails somewhat more often.
KBO · incorporation dateAge against the risk zone
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 47
Relative position
BE, all sectors
reference
Sector 47
higher
← fewer bankruptcies
more bankruptcies →
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
59.6%
Return on assets
18.2%
Age of the figures
12 mo
neutral · Latest accounts filed on time
The financial year that closed on 30-09-2025 was due by 30-04-2026 and was filed on 26-04-2026, 4 days ahead of the deadline.
NBB · 6 filingsDeviation from the deadline
2025
4 d early
2024
2 d early
2023
7 d early
2022
24 d late
2021
250 d late
2020
45 d late
← before the deadline
after the deadline →
neutral · The next deadline is still running
The next financial year closes on 30-09-2026 and is due by 30-04-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
18-09-2026 today30-09-2026 close30-04-2027 deadline
Financials · fiscal year 2025, micro schema
Source amounts without an identifiable currency are assumed to be EUR.
Equity
€212k▲ 30.6%
2024 · €162k
2020: €27k
2021: €85k
2022: €120k
2023: €130k
2024: €162k
2020 → 2025
Total assets
€355k▲ 4.4%
2024 · €340k
2020: €67k
2021: €230k
2022: €236k
2023: €254k
2024: €340k
2020 → 2025
Net result
€65k▲ 29.0%
2024 · €50k
2020: €9k
2021: €77k
2022: €50k
2023: €25k
2024: €50k
2020 → 2025
Working capital
€243k▲ 14.2%
2024 · €213k
2020: €31k
2021: €103k
2022: €131k
2023: €142k
2024: €213k
2020 → 2025
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€85k-€120k▲ 41.5%€130k▲ 8.7%€162k▲ 24.7%€212k▲ 30.6%
Operating result€101k-€68k▼ 32.4%€34k▼ 50.8%€73k▲ 116%€67k▼ 8.1%
Net result€77k-€50k▼ 35.2%€25k▼ 49.2%€50k▲ 97.2%€65k▲ 29.0%
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result falls in 2025; 2025 is 8% below 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €355k
Fixed assets
€33k▼ 27.0%
Current assets
€322k▲ 9.2%
Equity and liabilities €355k
Equity
€212k▲ 30.6%
Debt
€144k▼ 19.4%
The debt ratio falls from 52.4% to 40.4%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€79k▲
2024 · €78k
Cash flow
€77k▲
2024 · €56k
Solvency
59.6%▲
2024 · 47.6%
Current ratio
4.07▲
2024 · 3.58
Quick ratio
3.93▲
2024 · 3.58
Debt / equity
0.68▼
2024 · 1.10
ROE
30.5%▼
2024 · 30.9%
ROA
18.2%▲
2024 · 14.7%
Interest coverage
17.56▼
2024 · 22.96
Debt
€144k▼
2024 · €178k
Debt ≤ 1 year
€79k▼
2024 · €82k
Debt > 1 year
€16k
Green means a favourable move, even when the figure itself falls: as with debt or debt / equity.
Filed annual accounts
As filed with the NBB · 2025 against 2024
Balance sheet
Code20242025
Assets
Total assets20/58€340k€355k▲
Fixed assets21/28€45k€33k▼
Tangible fixed assets22/27€45k€33k▼
Furniture and vehicles24€43k€33k▼
Other tangible fixed assets26€2k€191▼
Current assets29/58€295k€322k▲
Stocks and contracts in progress3-€11k
Stocks30/36-€11k
Amounts receivable within one year40/41€17k€57k▲
Trade receivables40€15k€18k▲
Other amounts receivable41€2k€39k▲
Cash at bank and in hand54/58€273k€252k▼
Deferred charges and accrued income490/1€6k€2k▼
Equity and liabilities
Total equity and liabilities10/49€340k€355k▲
Equity10/15€162k€212k▲
Contributions10/11€19k€19k=
Reserves13€2k€2k=
Non-distributable reserves130/1€2k€2k=
Other1319€2k€2k=
Profit (loss) carried forward14€142k€191k▲
Amounts payable17/49€178k€144k▼
Amounts payable after more than one year17-€16k
Financial debts170/4-€16k
Amounts payable within one year42/48€82k€79k▼
Current portion of amounts payable after more than one year42€13k€20k▲
Trade debts44€32k€46k▲
Suppliers440/4€32k€46k▲
Advances received on contracts in progress46€14k€14k=
Taxes, remuneration and social security45€18k-
Taxes450/3€18k-
Other amounts payable47/48€5k-
Accrued charges and deferred income492/3€96k€48k▼
Income statement
Code20242025
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€5k€12k▲
Other operating charges640/8€8k€2k▼
Gross operating margin9900€86k€81k▼
Operating profit (loss)9901€73k€67k▼
Financial income75/76B€20€2k▲
Recurring financial income75€20€2k▲
Financial charges65/66B€3k€4k▲
Recurring financial charges65€3k€4k▲
Profit (loss) for the period before taxes9903€69k€65k▼
Income taxes67/77€19k-
Profit (loss) for the period9904€50k€65k▲
Profit (loss) for the period to be appropriated9905€50k€65k▲
Appropriation of the result
Profit (loss) to be appropriated9906€160k€206k▲
Profit (loss) brought forward from the previous period14P€110k€142k▲
Profit to be distributed694/7€18k€15k▼
Directors or managers695€18k€15k▼
The notes to these accounts (5 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
26-04
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
30-09
Financial
Equity above €200kEq €212k ▲30.6%
6 profitable years in a row build equity to €212k.
28-04
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
30-09
Financial
Equity above €150kEq €162k ▲24.7%
5 profitable years in a row build equity to €162k.
23-04
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
24-05
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 24 days late
05-01
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 250 days late
2022
30-09
Financial
Equity above €100kEq €120k ▲41.5%
3 profitable years in a row build equity to €120k.
2021
30-09
Financial
Highest result since 2020net €77k ▲785%
Operating result €101k, net result €77k, both a record.
14-06
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 45 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
Directors · office · real estate
Directors
no sitting director, no change since 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.
12-11-2025
Jadoulle Frédéric: Resigned as Director
12-11-2025
Thomaes Michel: Resigned as Director
01-06-2019
Naoum Thierry Norredine: Resigned as Managing director
Location & real-estate footprint
Registered office, Brussel · 1 establishment unit since 2018
Cannot be placed on the map
This address could not be matched to a point in the Belgian address register (BOSA BEST). The address below comes straight from the Crossroads Bank.
Sint-Annastraat 301000 BrusselGround area
77 m²
Building footprint
46 m²
Volume, LiDAR
453 m³
Parcel 21808H1664/00C000, Brussels · tallest building 12.3 m, ±3 floors. Linked by address, not a title deed.
1 establishment unit
Primitive Studio
since 20182.282.695.456
1 parcel
Brussels
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 21808H1664/00C000 | Brussels | 77 m² | 1 · 46 m² | 12.2 m · 3 fl. |
Linked by address, not proof of ownership
Methodology
via registered seat: 1
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Statutory auditor
1 auditor| Naoum Thierry Statutory auditor | - → 31-12-2020 |
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Of 1,435 companies in sector 47791 we hold annual accounts for 455. 335 are within a factor 10 of this equity.See the whole sector
Company data · Crossroads Bank
Identification
Legal formPrivate limited company (pre-2019)
Founded02-11-2018
Fiscal year end30-09
Activities, NACEBEL
47791Retail sale of antiques
71112Activities of interior architects
Sources
Crossroads Bank for EnterprisesNational Bank · 6 filingsAddress and cadastre registers
Data from official sources, last processed on 18-09-2026. Scores and ratios are computed by Checked and are not a credit decision.