PROGRAMMADS
ActiveSummary
PROGRAMMADS has been active since 2011 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €562,976 and a net result of €374,579. Equity is growing by ~18.9% per year across the filed fiscal years. Its solvency ranks better than 10% of 8711 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.2% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability46▼-26
Solvency28=
Growth78=
Track record100
Bankruptcy probability, 12 months
0.2%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €25,000 at 30 days acceptable
Liquidity tight (current ratio 1.03 against 1.03 in 2024; short-term debt: 94.1% and cash: 18% of total assets), and 96.6% of the assets are financed with debt.
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Signals
Six signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 70
Relative position
BE, all sectors
reference
Activities of head offices; management consultancy activities (NACE 70)
about 69% fewer bankruptcies
← 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
3.4%
Return on assets
2.3%
Age of the figures
9 mo
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 10% of 8711 sector peers (2025).
NBB · sector comparisonPosition among 8711 sector peers
Solvency
better than 10%
← weakest
strongest →
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 31-07-2026, 0 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
on the day
2024
61 d late
2023
14 d early
2022
31 d late
2021
26 d late
2020
31 d late
2019
7 d late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 7 accounts on average 20 days after the deadline; the sector median for financial year 2024 is 9 days before the deadline, and 32% of the sector filed late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
27-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, abbreviated schema
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
€374,579▼ 12.0%
2024 · €425,874
Working capital
€520,315▲ 37.7%
2024 · €377,991
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
Operating result€54,673€251,864▲ 361%-€101,206€582,550€866,453▲ 48.7%
Net result€49,089€185,782▲ 278%-€50,770€425,874€374,579▼ 12.0%
Equity€142,351▲ 57.3%€327,151▲ 130%€313,342▼ 4.2%€488,397▲ 55.9%€562,976▲ 15.3%
Total assets€2.8m▲ 122%€4.3m▲ 52.2%€7.2m▲ 68.4%€15.0m▲ 107%€16.5m▲ 10.5%
Debt€2.7m▲ 127%€4.0m▲ 48.1%€6.9m▲ 74.4%€14.5m▲ 109%€16.0m▲ 10.3%
Working capital€360,611▲ 38.2%€488,465▲ 35.5%€278,273▼ 43.0%€377,991▲ 35.8%€520,315▲ 37.7%
Staff (FTE)4.5▼ 2.2%5.6▲ 24.4%4.8▼ 14.3%3.4▼ 29.2%2.9▼ 14.7%
Why a figure moved sharply
- 2024 Equity +56%, Total assets +107% on 2023. Cause not known from the registers.
- 2023 Total assets +68% on 2022. Cause not known from the registers.
- 2022 Net result +278%, Equity +130%, Total assets +52% on 2021. Cause not known from the registers.
- 2021 Total assets +122% on 2020. Cause not known from the registers.
Result per fiscal year
Operating resultNet result
After the dip in 2023 the operating result has climbed two years in a row; 2025 is 49% above 2024 and is the highest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €16.5m
Fixed assets
€453,956 ▲ 57.5%
Current assets
€16.1m ▲ 9.6%
Equity and liabilities €16.5m
Equity
€562,976 ▲ 15.3%
Debt
€16.0m ▲ 10.3%
Debt's share of the balance-sheet total falls from 96.7% to 96.6%. Equity and debt are higher.
Key figures and ratios
EBITDA
€1.1m▲
2024 · €708,681
Cash flow
€576,469▲
2024 · €552,005
Current ratio
1.03▲
2024 · 1.03
Debt to equity
28.35▼
2024 · 29.63
ROE
66.5%▼
2024 · 87.2%
ROA
2.3%▼
2024 · 2.8%
Interest coverage
2.90▼
2024 · 9.67
Debt ≤ 1 year
€15.6m▲
2024 · €14.3m
Income taxes
€156,438▼
2024 · €165,907
Staff costs
€255,182▼
2024 · €270,853
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 1,375 companies that looked in July 2024 the way this one looks now, 2.0% went bankrupt within 24 months and 96% are still going.
- Micro
- 10 to 20 years old
- solvency under 10%
- a profit under 5% of the balance sheet
2.0%
went bankrupt
1.6%
stopped otherwise
96%
still going
A further 0.7% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a lower bankruptcy probability: 0.2% over twelve months. The score reads more about this company than the group's four characteristics; both figures are right about what they measure.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,058 companies of July 2024 its group's bankruptcy share. Expected: 1.5%; actually bankrupt within 24 months: 1.6%.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.4% |
| 3 | 0.5% | 0.5% |
| 4 | 0.6% | 0.7% |
| 5 | 0.8% | 0.9% |
| 6 | 1.2% | 1.3% |
| 7 | 1.5% | 1.6% |
| 8 | 1.7% | 1.7% |
| 9 | 2.7% | 2.8% |
| 10 | 5.3% | 5.7% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 74% of comparisons. The level follows the economy: in a year with more bankruptcies, the actual share is higher than the year before.
An observation about 1,375 comparable companies, not a prediction for this company. The sector does not count: the register keeps no sector for companies that stopped, so it would make the outcome look better than it was.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | €2,755 | - | €910 | €20 | ▼ 97.8% |
| Remuneration, social security and pensions62 | €241,228 | €281,838 | €271,274 | €270,853 | €255,182 | ▼ 5.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €12,435 | €26,803 | €69,332 | €126,131 | €201,890 | ▲ 60.1% |
| Other operating charges640/8 | €1,025 | €873 | €982 | €26,900 | €1,020 | ▼ 96.2% |
| Gross operating margin9900 | €309,361 | €561,378 | €240,382 | €1.0m | €1.3m | ▲ 31.6% |
| Operating profit (loss)9901 | €54,673 | €251,864 | -€101,206 | €582,550 | €866,453 | ▲ 48.7% |
| Financial income75/76B | €1,898 | €9,798 | €59,887 | €82,251 | €32,426 | ▼ 60.6% |
| Recurring financial income75 | €1,898 | €9,798 | €59,887 | €82,251 | €32,426 | ▼ 60.6% |
| Financial charges65/66B | €2,701 | €2,832 | €9,539 | €73,293 | €367,862 | ▲ 402% |
| Recurring financial charges65 | €2,701 | €2,832 | €9,539 | €73,293 | €367,862 | ▲ 402% |
| Profit (loss) for the period before taxes9903 | €53,871 | €258,829 | -€50,858 | €591,508 | €531,017 | ▼ 10.2% |
| Transfer from deferred taxes780 | €55 | €328 | €328 | €273 | - | - |
| Income taxes67/77 | €4,836 | €73,374 | €240 | €165,907 | €156,438 | ▼ 5.7% |
| Profit (loss) for the period9904 | €49,089 | €185,782 | -€50,770 | €425,874 | €374,579 | ▼ 12.0% |
| Profit (loss) for the period to be appropriated9905 | €49,089 | €185,782 | -€50,770 | €425,874 | €374,579 | ▼ 12.0% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €2.8m | €4.3m | €7.2m | €15.0m | €16.5m | ▲ 10.5% |
| Fixed assets21/28 | €33,919 | €88,310 | €186,128 | €288,173 | €453,956 | ▲ 57.5% |
| Intangible fixed assets21 | €31,753 | €87,442 | €181,905 | €288,123 | €453,906 | ▲ 57.5% |
| Tangible fixed assets22/27 | €2,116 | €818 | €273 | - | - | - |
| Plant, machinery and equipment23 | €1,633 | €818 | €273 | - | - | - |
| Furniture and vehicles24 | €483 | - | - | - | - | - |
| Financial fixed assets28 | €50 | €50 | €3,950 | €50 | €50 | = |
| Current assets29/58 | €2.8m | €4.2m | €7.0m | €14.7m | €16.1m | ▲ 9.6% |
| Amounts receivable within one year40/41 | €1.5m | €2.7m | €5.1m | €13.7m | €13.1m | ▼ 4.7% |
| Trade receivables40 | €1.5m | €2.7m | €5.1m | €13.6m | €5.2m | ▼ 62.1% |
| Other amounts receivable41 | €10,164 | €10,246 | €276 | €105,018 | €7.9m | ▲ 7,440% |
| Cash at bank and in hand54/58 | €1.3m | €1.5m | €1.8m | €795,196 | €3.0m | ▲ 274% |
| Deferred charges and accrued income490/1 | €9,374 | €42,480 | €74,277 | €159,107 | €18,076 | ▼ 88.6% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €2.8m | €4.3m | €7.2m | €15.0m | €16.5m | ▲ 10.5% |
| Equity10/15 | €142,351 | €327,151 | €313,342 | €488,397 | €562,976 | ▲ 15.3% |
| Contributions10/11 | €10,000 | €10,000 | €10,000 | €10,000 | €10,000 | = |
| Reserves13 | €2,000 | €2,000 | €143,821 | €143,821 | €143,821 | = |
| Non-distributable reserves130/1 | €2,000 | €2,000 | €2,000 | - | €2,000 | - |
| Reserves not available under the articles1311 | €2,000 | €2,000 | €2,000 | - | €2,000 | - |
| Tax-exempt reserves132 | - | - | €141,821 | €141,821 | €141,821 | = |
| Distributable reserves133 | - | - | - | €2,000 | - | - |
| Profit (loss) carried forward14 | €127,566 | €313,349 | €158,702 | €334,576 | €409,155 | ▲ 22.3% |
| Investment grants15 | €2,785 | €1,802 | €819 | - | - | - |
| Provisions and deferred taxes16 | €928 | €601 | €273 | - | - | - |
| Deferred taxes168 | €928 | €601 | €273 | - | - | - |
| Amounts payable17/49 | €2.7m | €4.0m | €6.9m | €14.5m | €16.0m | ▲ 10.3% |
| Amounts payable within one year42/48 | €2.4m | €3.7m | €6.8m | €14.3m | €15.6m | ▲ 8.8% |
| Financial debts43 | €1,227 | €14,148 | €16,956 | €42,097 | €113,731 | ▲ 170% |
| Credit institutions430/8 | €1,227 | €14,148 | €16,956 | €42,097 | €113,731 | ▲ 170% |
| Trade debts44 | €2.2m | €3.4m | €6.5m | €13.2m | €14.3m | ▲ 7.9% |
| Suppliers440/4 | €2.2m | €3.4m | €6.5m | €13.2m | €14.3m | ▲ 7.9% |
| Advances received on contracts in progress46 | €70,346 | €9,042 | €9,533 | €394,509 | €558,009 | ▲ 41.4% |
| Taxes, remuneration and social security45 | €132,916 | €325,678 | €267,636 | €375,414 | €319,027 | ▼ 15.0% |
| Taxes450/3 | €105,079 | €292,413 | €235,577 | €338,445 | €270,231 | ▼ 20.2% |
| Remuneration and social security454/9 | €27,837 | €33,265 | €32,059 | €36,969 | €48,796 | ▲ 32.0% |
| Other amounts payable47/48 | - | €20 | €4,854 | €262,000 | €301,702 | ▲ 15.2% |
| Accrued charges and deferred income492/3 | €251,251 | €249,024 | €150,786 | €177,767 | €411,295 | ▲ 131% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €49,089 | €185,782 | -€50,770 | €425,874 | €374,579 | ▼ 12.0% |
| + Depreciation and write-downs630 | €12,435 | €26,803 | €69,332 | €126,131 | €201,890 | ▲ 60.1% |
| Operating cash flow (approximation) | €61,525 | €212,585 | €18,562 | €552,005 | €576,469 | ▲ 4.4% |
| Investment in fixed assets (approximation) | - | -€81,194 | -€167,150 | -€228,176 | -€367,673 | ▼ 61.1% |
| Change in cash | - | €189,920 | €364,348 | -€1.0m | €2.2m | ▲ 314% |
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
Next filing, fiscal year 2026, expected by
2026
31-07
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema
2025
31-12
Financial
Equity above €500,000Eq €562,976 ▲15.3%
2 profitable years in a row build equity to €562,976.
30-09
NBB filing
Annual accounts filed
fiscal year 2024 · full schema · 61 days late
2024
31-12
Financial
Back to profitnet €425,874
Net result €425,874 after one loss-making year.
17-07
NBB filing
Annual accounts filed
fiscal year 2023 · full schema
2023
31-08
NBB filing
Annual accounts filed
fiscal year 2022 · full schema · 31 days late
2022
31-12
Financial
Equity above €200,000Eq €327,151 ▲130%
2 profitable years in a row build equity to €327,151.
26-08
NBB filing
Annual accounts filed
fiscal year 2021 · full schema · 26 days late
2021
31-12
Financial
Back to profitnet €49,089
Net result €49,089 after one loss-making year.
31-12
Financial
Equity above €100,000Eq €142,351 ▲57.3%
Equity rises from €90,477 to €142,351.
31-08
NBB filing
Annual accounts filed
fiscal year 2020 · full schema · 31 days late
2020
31-12
Financial
Weakest financial yearnet -€114,983
Net result drops to -€114,983, the lowest in the series; recovery starts the following year.
Show earlier events
07-08
NBB filing
Annual accounts filed
fiscal year 2019 · full schema · 7 days late
2019
31-12
Financial
Equity above €200,000Eq €205,460 ▲18.4%
2 profitable years in a row build equity to €205,460.
30-08
NBB filing
Annual accounts filed
fiscal year 2018 · full schema · 30 days late
2018
31-08
NBB filing
Annual accounts filed
fiscal year 2017 · full schema · 31 days late
2017
31-08
NBB filing
Annual accounts filed
fiscal year 2016 · full schema · 31 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 10 acts read
About the unread acts
We know of 10 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
10 acts for this company are in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Watermaal-Bosvoorde · 1 establishment unit since 2011
Ground area
8.3 ha
Building footprint
1.3 ha
Volume, LiDAR
184,450 m³
Parcel 21652E0905/00H000, Brussels · tallest building 51.1 m, ±3 floors. Linked by address, not a title deed.
139
companies at this address
See who is registered here
1 establishment unit
ProgrammAds
since 20112.204.154.853
1 parcel
Brussels
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 21652E0905/00H000 | Brussels | 8.3 ha | 1 · 1.3 ha | 51.0 m · 3 fl. |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
1 of these parcels carry protected heritage: expect extra rules on renovation or sale.
Structure & network
Owners and holdings
1 ownerChain of control
- VIRTUOLOGY INTERNATIONAL
- PROGRAMMADS
Highest known parent: VIRTUOLOGY INTERNATIONAL. The sources do not say who stands above it.
Owners 1
-
100%
Holdings 0
No holding stated in the accounts, acts or LEI register we read.
According to the annual accounts of the other companies, the acts in the Belgian Gazette and the LEI register. The register of ultimate beneficial owners (UBO) is not public: who ultimately stands behind a natural person or a foreign parent is not stated here. A company that does not fill in these statements, or need not, is missing.
Connections & network
No current directors or connected companies found in the register.
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Of 82,642 companies in sector 70200 we hold annual accounts for 52,590. 33,673 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company
Founded13-10-2011
Fiscal year end31-12
Activities, NACEBEL 2025
70200Business and other management consultancy
62200Computer consultancy and computer facilities management
73200Market research and public opinion polling
E-invoicing
Reachable via Peppol
Peppol ID
0208:0840247256
Registered
09-06-2026
Register as of 26 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.