Equity
€562,976 ▲ 15.3%
PROGRAMMADS paid out €300,000 in dividends. That is 80% of the 2025 profit.
PROGRAMMADS
Overview
Lifetime
14 annual accounts with figures on one time axispeak €1.3m (2025)
€1.3m▲ 31.6%
lowest -€114,983 (2020)
€374,579▼ 12.0%
peak €562,976 (2025)
€562,976▲ 15.3%
€16.0m▲ 10.3%
peak 5.6 FTE (2022)
2.9 FTE▼ 14.7%
Board4 names since 2018
1 directorWeegoo SRL
Owners4 names in the annual accounts
Documentsfilings and deeds
31-07-2026on the last day
2025abbreviated format
Gross margin from €1.0m to €1.3mStaff from 3.4 FTE to 2.9 FTEAppointment: VirtuologyInternationalSA (director) 13-11Appointment: PwC Reviseurs d'Entreprises (statutory auditor) 09-05Dividend €300,000Equity from €488,397 to €562,976
Key points
from the 2025 annual accountsDebts
€16.0m 97% of the balance sheet
Financial debts 1%Suppliers 89%Taxes and wages 2%Other 8%
Of this, €15.6m falls due within a year.
Staff
2.9 FTE from 5.6 in 2022
Between 2022 and 2025, 48% of the full-time equivalents disappeared.
Filings
14 annual accounts since 2012
Eight of the last ten came late. The 2024 accounts came latest: 61 days after the end of the period.
At the same address
139 companies
Position in the sector
3.4%
Lower solvency than 89% of companies in head offices and management consultancy. Sector median 52.4% · 10,856 companies.
Checked score
87
Excellent
Financially stronger than 26% of micro companies in head offices and management consultancy (NACE 70)
Probability in this band: under 0.55%
Bankruptcy probability within 12 months
0.2% Very low
0%0.5%1.5%4%10%≥ 25%
The dashed line is the sector median: 0.1% across 48,570 companies (NACE 70, micro).
About 2 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
Last 24 months
12-2024: 0.4%
01-2025: 0.4%● unchanged vs 12-2024
02-2025: 0.4%● unchanged vs 01-2025
03-2025: 0.4%● unchanged vs 02-2025
04-2025: 0.4%● unchanged vs 03-2025
05-2025: 0.4%● unchanged vs 04-2025
06-2025: 0.6%▲ +0.2 percentage points vs 05-2025
07-2025: 0.6%● unchanged vs 06-2025
08-2025: 0.5%▼ -0.1 percentage points vs 07-2025
09-2025: 0.6%▲ +0.1 percentage points vs 08-2025
10-2025: 0.8%▲ +0.2 percentage points vs 09-2025highest value
11-2025: 0.5%▼ -0.3 percentage points vs 10-2025
12-2025: 0.5%● unchanged vs 11-2025
01-2026: 0.5%● unchanged vs 12-2025
02-2026: 0.5%● unchanged vs 01-2026
03-2026: 0.5%● unchanged vs 02-2026
04-2026: 0.6%▲ +0.1 percentage points vs 03-2026
05-2026: 0.6%● unchanged vs 04-2026
06-2026: 0.7%▲ +0.1 percentage points vs 05-2026
07-2026: 0.7%● unchanged vs 06-2026
08-2026: 0.2%▼ -0.5 percentage points vs 07-2026lowest value
09-2026: 0.2%● unchanged vs 08-2026lowest value
10-2026: 0.2%● unchanged vs 09-2026lowest value
11-2026: 0.2%● unchanged vs 10-2026lowest value
Financial strengthWeak
Score breakdown
raises risk
Equity €562,976 (3.4% of total assets)
lowers risk
Size: 2.9 FTE, total assets €16.5m
Figures for financial year 2025 (filed on 03-08-2026)
Sector: Activities of head offices; management consultancy activities (NACE 70)
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 70, micro). It does better than 12% of them on solvency, 9% on liquidity, 22% on profitability and 63% 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 31-12-2025.
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).
Comparable companies, two years later
In July 2024, 1,375 companies had the same profile as PROGRAMMADS has now. Each dot stands for 4 companies, two years later.
95.9%
were still trading
1.6%
stopped another way
2.2%
went bankrupt
Another 0.4% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of PROGRAMMADS itself is lower: 0.2% within 12 months. It rests on far more data about PROGRAMMADS 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 1,375 companies, not a prediction for PROGRAMMADS. 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 €45,000 on 30-day terms is acceptable
Liquidity is tight, with a current ratio of 1.03 (1.03 in 2024), below the usual 1.5. Short-term debt is 94.1% and cash 18% of total assets. 96.6% of the assets are financed with debt and provisions.
Credit check for an amount and term of your choice
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.
Signals
Six signals.
lowers riskraises riskneutral
raises risk · Weak solvency compared with the sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 11% of 10856 sector peers (2025).
NBB · sector comparisonPosition among 10856 sector peers
Solvency
better than 11%
← 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 days late
2023
14 days early
2022
31 days late
2021
26 days late
2020
31 days late
2019
7 days late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
The company filed its last 7 accounts on average 20 days after 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.
Searched, nothing found (2)
neutral · Next filing not due yet
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today. The company usually files around 26 August (4 of the last 5 accounts filed within 35 days either side of that date).
Companies Code · seven monthsWhere today falls in the filing period
10-11-2026 today31-12-2026 year end31-07-2027 deadline
Board and ownership
WS
Weegoo SRL
Director, since 20-04-2018
- VIRTUOLOGY INTERNATIONAL 100%score 78equity €3.9m (2025) · 2025 annual accounts of VIRTUOLOGY INTERNATIONAL
Recent changes
Registered in the Peppol Directory
Reachable for e-invoices through 0208:0840247256
Appointment: VirtuologyInternationalSA (director)
Permanent representative: deNevedeRodenGrégoire · General meeting of 29-09-2025 · Gazette deed
Appointment: PwC Reviseurs d'Entreprises (statutory auditor)
Permanent representative: Alexis Van Bavel · General meeting of 17-12-2024 · Gazette deed
Amendment of the articles · Legal-form change · Resignations & appointments
General meeting of 18-06-2024 · Gazette deed
Comparable companies
same main activity, similar in size and age| Company | ||||
|---|---|---|---|---|
| PROGRAMMADS Watermael-Boitsfort | €16.5m | €1.3m | 3.4% | 2.9 |
| AS2 Antwerp | €14.4m | €1.3m | 8.2% | 3 |
| 'T JOENSHOEK Waregem | €15.9m | €1.3m | 61.4% | 2 |
| DUROPA Hooglede | €15.7m | €1.2m | 22.3% | 4.9 |
| BLO Antwerp | €18.8m | €1.2m | 39.1% | 2.2 |
| JLCO CONSULTING Lasne | €15.1m | €1.0m | 31.0% | 4 |
| DV COMPANY Ixelles | €21.1m | €1.8m | 5.1% | 1.3 |
These companies have the same main activity as PROGRAMMADS: business and other management consultancy (NACE 70200). They are comparable in size and age: total assets between €14m and €21m, founded between 2005 and 2015.
Official details
Source: KBO- Status
- Active since 13-10-2011Normal situation
- Registered office
- 140 active companies are registered at this address15 started in the 12 months before. Source: KBO register, as of 9 November 2026.
- Activity
- Business and other management consultancyNACE 70200and 2 others
- Joint committee
- 200Auxiliary committee for white-collar workers · annual accounts 2025
- Establishment unit
- 2.204.154.8531170 Watermael-Boitsfort, since 01-11-2011
- Financial year end
- 31 December
- Peppol
- Reachable since 09-06-2026
Annual accounts 2025
- €1.3m▲ 31.6%
- ≈ €2.5mestimated
- €374,579▼ 12.0%
- €562,976▲ 15.3%
- €16.5m▲ 10.5%
- Employeeson 31-12-2025
- 4▲ 33.3%
- Filing
- Filed on 31-07-2026, on the last day of the filing period
Insights on PROGRAMMADS
PROGRAMMADS files the abbreviated format. That format states no turnover. The gross margin rose from €16,247 in 2012 to €1.3m in 2025.
VIRTUOLOGY INTERNATIONAL holds all the shares.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette.
Financials
Annual accounts 2025
abbreviated format, filed on 31-07-2026, on the day of the deadline€1.3m
▲ 31.6%
€866,453
▲ 48.7%
€374,579
▼ 12.0%
€520,315
▲ 37.7%
3.4%
▲ 0.1 percentage points
1.03
▲ 0.01
The turnover shown is an estimate from the gross margin.
Turnover ≈ €2.5m. Estimated: probably between €1.7m and €3.2m.
Balance sheet
balance sheet total €16.5m on 31-12-2025What the company ownsHow it is paid for
in euro
in €m
Position in the sector
3.4%
Higher than 11% of 10,856 companies in 2025.
1.03
Higher than 38% of 10,478 companies in 2025.
2.3%
Higher than 37% of 10,725 companies in 2025.
PROGRAMMADS
Middle half of the sector
80% of the sector
Abbreviated accounts in head offices and management consultancy (NACE 70)
Net result: top quarter · Equity: middle half · Balance sheet total: top quarter · Working capital: top quarter · Staff: top quarter
Staff
€87,994
Staff costs divided by the average number of full-time equivalents.
+1 person
people who joined
people who left
In 2025, 2 people joined and 1 left.
Filed annual accounts
as filed with the National Bank, click a year to choose it| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Balance sheet: assets | |||||||||||||||
20/58 |
16.5m | 15.0m | 7.2m | 4.3m | 2.8m | 1.3m | 835,430 | 1.4m | 669,509 | 586,846 | 196,037 | 4,644 | 14,675 | 35,361 | |
21/28 |
453,956 | 288,173 | 186,128 | 88,310 | 33,919 | 11,866 | 5,396 | 5,403 | 50 | - | - | - | 707 | 2,115 | |
21 |
453,906 | 288,123 | 181,905 | 87,442 | 31,753 | 8,817 | - | - | - | - | - | - | - | - | |
22/27 |
- | - | 273 | 818 | 2,116 | 2,999 | 5,346 | 5,353 | - | - | - | - | 707 | 2,115 | |
23 |
- | - | 273 | 818 | 1,633 | 1,341 | 2,513 | 1,344 | - | - | - | - | 707 | 2,115 | |
24 |
- | - | - | - | 483 | 1,658 | 2,833 | 4,008 | - | - | - | - | - | - | |
28 |
50 | 50 | 3,950 | 50 | 50 | 50 | 50 | 50 | 50 | - | - | - | - | - | |
29/58 |
16.1m | 14.7m | 7.0m | 4.2m | 2.8m | 1.3m | 830,034 | 1.3m | 669,459 | 586,846 | 196,037 | 4,644 | 13,968 | 33,246 | |
40/41 |
13.1m | 13.7m | 5.1m | 2.7m | 1.5m | 1.2m | 761,097 | 1.3m | 657,857 | 510,968 | 153,300 | 3,676 | 8,329 | 26,596 | |
40 |
5.2m | 13.6m | 5.1m | 2.7m | 1.5m | 1.1m | 499,611 | 1.3m | 657,799 | 510,968 | 151,602 | 2,133 | 6,783 | 26,596 | |
41 |
7.9m | 105,018 | 276 | 10,246 | 10,164 | 121,236 | 261,487 | 2,145 | 58 | - | 1,698 | 1,543 | 1,546 | - | |
54/58 |
3.0m | 795,196 | 1.8m | 1.5m | 1.3m | 49,220 | 57,227 | 31,118 | 8,939 | 75,673 | 42,603 | 968 | 5,639 | 4,894 | |
490/1 |
18,076 | 159,107 | 74,277 | 42,480 | 9,374 | 15,953 | 11,710 | 2,866 | 2,663 | 205 | 134 | - | - | 1,756 | |
| Balance sheet: equity and liabilities | |||||||||||||||
10/49 |
16.5m | 15.0m | 7.2m | 4.3m | 2.8m | 1.3m | 835,430 | 1.4m | 669,509 | 586,846 | 196,037 | 4,644 | 14,675 | 35,361 | |
10/15 |
562,976 | 488,397 | 313,342 | 327,151 | 142,351 | 90,477 | 205,460 | 173,477 | 82,988 | 46,012 | 18,562 | 4,600 | -39,321 | -78,647 | |
10/11 |
10,000 | 10,000 | 10,000 | 10,000 | 10,000 | 10,000 | 10,000 | 10,000 | 10,000 | 10,000 | 10,000 | 10,000 | 10,000 | 10,000 | |
100 |
- | - | - | - | - | - | 20,000 | 20,000 | 20,000 | 20,000 | 20,000 | 20,000 | 20,000 | 20,000 | |
101 |
- | - | - | - | - | - | 10,000 | 10,000 | 10,000 | 10,000 | 10,000 | 10,000 | 10,000 | 10,000 | |
13 |
143,821 | 143,821 | 143,821 | 2,000 | 2,000 | 2,000 | 2,000 | 2,000 | 3,649 | - | - | - | - | - | |
130/1 |
2,000 | - | 2,000 | 2,000 | 2,000 | 2,000 | - | - | - | - | - | - | - | - | |
130 |
- | - | - | - | - | - | 2,000 | 2,000 | 3,649 | - | - | - | - | - | |
1311 |
2,000 | - | 2,000 | 2,000 | 2,000 | 2,000 | - | - | - | - | - | - | - | - | |
132 |
141,821 | 141,821 | 141,821 | - | - | - | - | - | - | - | - | - | - | - | |
133 |
- | 2,000 | - | - | - | - | - | - | - | - | - | - | - | - | |
14 |
409,155 | 334,576 | 158,702 | 313,349 | 127,566 | 78,477 | 193,460 | 161,477 | 69,338 | 36,012 | 8,562 | -5,400 | -49,321 | -88,647 | |
15 |
- | - | 819 | 1,802 | 2,785 | - | - | - | - | - | - | - | - | - | |
16 |
- | - | 273 | 601 | 928 | - | - | - | - | - | - | - | - | - | |
168 |
- | - | 273 | 601 | 928 | - | - | - | - | - | - | - | - | - | |
17/49 |
16.0m | 14.5m | 6.9m | 4.0m | 2.7m | 1.2m | 629,970 | 1.2m | 586,521 | 540,834 | 177,475 | 44 | 53,996 | 114,008 | |
42/48 |
15.6m | 14.3m | 6.8m | 3.7m | 2.4m | 996,392 | 494,250 | 1.2m | 585,855 | 540,834 | 177,475 | 44 | 48,950 | 108,296 | |
43 |
113,731 | 42,097 | 16,956 | 14,148 | 1,227 | 5,413 | 14,049 | 4,265 | - | - | - | - | - | - | |
430/8 |
113,731 | 42,097 | 16,956 | 14,148 | 1,227 | 5,413 | 14,049 | 4,265 | - | - | - | - | - | - | |
44 |
14.3m | 13.2m | 6.5m | 3.4m | 2.2m | 555,775 | 401,201 | 897,905 | 425,301 | 363,611 | 100,078 | 22 | - | 32,547 | |
440/4 |
14.3m | 13.2m | 6.5m | 3.4m | 2.2m | 555,775 | 401,201 | 897,905 | 425,301 | 363,611 | 100,078 | 22 | - | 32,547 | |
46 |
558,009 | 394,509 | 9,533 | 9,042 | 70,346 | 354,058 | 4,235 | 48,750 | - | 47,427 | 22,996 | - | - | - | |
45 |
319,027 | 375,414 | 267,636 | 325,678 | 132,916 | 81,146 | 74,765 | 207,485 | 106,512 | 98,976 | 44,010 | 23 | - | 2,899 | |
450/3 |
270,231 | 338,445 | 235,577 | 292,413 | 105,079 | 53,369 | 43,019 | 169,173 | 65,627 | 98,976 | 44,010 | 23 | - | 2,899 | |
454/9 |
48,796 | 36,969 | 32,059 | 33,265 | 27,837 | 27,777 | 31,746 | 38,313 | 40,885 | - | - | - | - | - | |
47/48 |
301,702 | 262,000 | 4,854 | 20 | - | - | - | 20,138 | 54,042 | 30,819 | 10,391 | - | 48,950 | 72,850 | |
492/3 |
411,295 | 177,767 | 150,786 | 249,024 | 251,251 | 182,284 | 135,721 | 866 | 666 | - | - | - | 5,046 | 5,712 | |
| Income statement | |||||||||||||||
76A |
20 | 910 | - | 2,755 | - | - | - | - | - | - | - | 40,000 | 45,000 | - | |
9900 |
1.3m | 1.0m | 240,382 | 561,378 | 309,361 | 82,682 | 299,533 | 399,574 | 254,915 | 65,378 | 32,376 | 4,824 | -4,846 | 16,247 | |
62 |
255,182 | 270,853 | 271,274 | 281,838 | 241,228 | 220,352 | 246,089 | 241,323 | 148,181 | 2,632 | - | - | 186 | 100,776 | |
630 |
201,890 | 126,131 | 69,332 | 26,803 | 12,435 | 3,030 | 2,078 | 793 | - | - | - | 370 | 404 | 818 | |
640/8 |
1,020 | 26,900 | 982 | 873 | 1,025 | 1,121 | 657 | 532 | 5,752 | 348 | 587 | 437 | 89 | 1,415 | |
66A |
- | - | - | - | - | - | - | 20,438 | 34,042 | 20,429 | 10,391 | 37 | - | - | |
9901 |
866,453 | 582,550 | -101,206 | 251,864 | 54,673 | -141,821 | 50,709 | 136,488 | 66,940 | 41,969 | 31,789 | 4,017 | -5,525 | -86,763 | |
75/76B |
32,426 | 82,251 | 59,887 | 9,798 | 1,898 | 8,954 | 4,302 | - | 4 | 1 | - | 2 | - | 5 | |
75 |
32,426 | 82,251 | 59,887 | 9,798 | 1,898 | 8,954 | 4,302 | - | 4 | 1 | - | 2 | - | 5 | |
65/66B |
367,862 | 73,293 | 9,539 | 2,832 | 2,701 | 1,720 | 2,641 | 3,479 | 1,216 | 109 | 77 | 39 | 183 | 1,762 | |
65 |
367,862 | 73,293 | 9,539 | 2,832 | 2,701 | 1,720 | 2,641 | 3,479 | 1,216 | 109 | 77 | 39 | 183 | 1,762 | |
9903 |
531,017 | 591,508 | -50,858 | 258,829 | 53,871 | -134,587 | 52,370 | 133,009 | 65,728 | 41,861 | 21,322 | 43,944 | 39,292 | -88,520 | |
780 |
- | 273 | 328 | 328 | 55 | - | - | - | - | - | - | - | - | - | |
67/77 |
156,438 | 165,907 | 240 | 73,374 | 4,836 | -19,604 | 20,386 | 42,520 | 28,753 | 14,410 | 7,359 | 23 | -34 | 127 | |
9904 |
374,579 | 425,874 | -50,770 | 185,782 | 49,089 | -114,983 | 31,983 | 90,489 | 36,976 | 27,450 | 13,962 | 43,921 | 39,326 | -88,647 | |
9905 |
374,579 | 425,874 | -50,770 | 185,782 | 49,089 | -114,983 | 31,983 | 90,489 | 36,976 | 27,450 | 13,962 | 43,921 | 39,326 | -88,647 | |
| Appropriation of the result | |||||||||||||||
9906 |
709,155 | 584,576 | 158,702 | 313,349 | 127,566 | 78,477 | 193,460 | 159,827 | 72,988 | 36,012 | 8,562 | -5,400 | -49,321 | -88,647 | |
14P |
334,576 | 158,702 | 209,472 | 127,566 | 78,477 | - | - | - | - | - | - | - | - | - | |
791/2 |
- | - | - | - | - | - | - | 1,649 | - | - | - | - | - | - | |
691/2 |
- | - | - | - | - | - | - | - | 3,649 | - | - | - | - | - | |
6920 |
- | - | - | - | - | - | - | - | 3,649 | - | - | - | - | - | |
694/7 |
300,000 | 250,000 | - | - | - | - | - | - | - | - | - | - | - | - | |
694 |
300,000 | 250,000 | - | - | - | - | - | - | - | - | - | - | - | - | |
| Social balance sheet | |||||||||||||||
9087 |
2.9 | 3.4 | 4.8 | 5.6 | 4.5 | 4.6 | 4.4 | 4.2 | 4.3 | 0.2 | - | - | 0 | 1 | |
Hours worked1013 |
5,706 | 5,289 | 7,505 | 9,515 | 6,836 | 6,190 | 7,353 | 6,829 | 7,197 | 304 | - | - | 0 | 1,941 | |
| Document | |||||||||||||||
The notes to these accounts have 10 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 31-07-2026.
Filings
each dot is a set of accounts, on the day it reached the National Bank| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 31-07-2026 | 2026-00372813 | |
| 31-12-2024 | full format | 30-09-2025 | 2025-00521583 | |
| 31-12-2023 | full format | 17-07-2024 | 2024-00252705 | |
| 31-12-2022 | full format | 31-08-2023 | 2023-00386813 | |
| 31-12-2021 | full format | 26-08-2022 | 2022-20321618 | |
| 31-12-2020 | full format | 31-08-2021 | 2021-58100017 | |
| 31-12-2019 | full format | 07-08-2020 | 2020-39600070 | |
| 31-12-2018 | full format | 30-08-2019 | 2019-55300187 | |
| 31-12-2017 | full format | 31-08-2018 | 2018-54800219 | |
| 31-12-2016 | full format | 31-08-2017 | 2017-50800250 | |
| 31-12-2015 | full format | 31-08-2016 | 2016-51100469 | |
| 31-12-2014 | full format | 27-08-2015 | 2015-47500583 | |
| 31-12-2013 | full format | 31-07-2014 | 2014-36800374 | |
| 31-12-2012 | full format | 29-08-2013 | 2013-48600097 |
Key figures and ratios
per financial year, computed from the annual accounts| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1.1m | 708,681 | -31,874 | 278,667 | 67,108 | -138,791 | 52,787 | 137,281 | - | - | - | 4,388 | -5,121 | -85,945 | ||
| 576,469 | 552,005 | 18,562 | 212,585 | 61,525 | -111,953 | 34,062 | 91,282 | - | - | - | 44,291 | 39,730 | -87,829 | ||
| 367,674 | 232,076 | 167,150 | 81,579 | 34,488 | 9,500 | 2,072 | 6,145 | 50 | - | - | -337 | -1,004 | 2,933 | ||
| 2.2m | -1.0m | 364,348 | 189,920 | 1.2m | -8,007 | 26,108 | 22,179 | -66,735 | 33,070 | 41,635 | -4,670 | 745 | - | ||
| 520,315 | 377,991 | 278,273 | 488,465 | 360,611 | 260,895 | 335,784 | 168,940 | 83,603 | 46,012 | 18,562 | 4,600 | -34,982 | -75,050 | ||
| 3.4% | 3.3% | 4.3% | 7.6% | 5.1% | 7.1% | 24.6% | 12.8% | 12.4% | 7.8% | 9.5% | - | -268.0% | -222.4% | ||
| 1.03 | 1.03 | 1.04 | 1.13 | 1.15 | 1.26 | 1.68 | 1.14 | 1.14 | 1.09 | 1.10 | - | 0.29 | 0.31 | ||
| 28.35 | 29.63 | 22.04 | 12.11 | 18.79 | 13.03 | 3.07 | 6.80 | 7.07 | 11.75 | 9.56 | - | - | - | ||
| 66.5% | 87.2% | -16.2% | 56.8% | 34.5% | -127.1% | 15.6% | 52.2% | 44.6% | 59.7% | 75.2% | - | - | - | ||
| 2.3% | 2.8% | -0.7% | 4.3% | 1.7% | -9.1% | 3.8% | 6.7% | 5.5% | 4.7% | 7.1% | - | 268.0% | -250.7% | ||
| 2.90 | 9.67 | -3.34 | 98.39 | 24.85 | - | - | - | - | - | - | - | - | - |
EBIT margin: not included in this filing.
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.
Social balance sheet
| Item | 31-12-2025 | 31-12-2024 | 31-12-2023 | 31-12-2022 | 31-12-2021 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 4 | 3 | 3 | 7 | 5 |
| full-time | 4 | 3 | 3 | 7 | 5 |
| in full-time equivalents | 4 | 3 | 3 | 7 | 5 |
| 2.9 | 3.4 | 4.8 | 5.6 | 4.5 | |
| On a permanent contract | 4 | 3 | 3 | 6 | 3 |
| Joined | 2 | 1 | 1 | 7 | 3 |
| Left | 1 | 1 | 5 | 5 | 2 |
| Training hours | - | - | - | 2,242 | 631 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
fixed assets acquired| Item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | - | - | - | €1,636 |
| Intangible fixed assets | €367,674 | €232,076 | €163,250 | €81,579 | €32,852 |
| Financial fixed assets | - | - | €3,900 | - | - |
| €201,890 | €126,131 | €69,332 | €26,803 | €12,435 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Insights on PROGRAMMADS
The operating result for 2025 is 49% higher than in 2024 and the highest since 2012. It is the second rise in a row, after the fall in 2023.
Debt's share of the balance-sheet total falls from 96.7% to 96.6%. Equity and debt are higher.
Board & ownership
Board
1 director, 1 auditor, last change in 2025Statutory auditor, permanent representative Alexis Van Bavel
since 17-12-2024
term until 05-05-2027
listed in the 2025 annual accounts, filed on 31-07-2026
- Signing authorityThe articles say who may bind the company, for example by signing a contract.
- “Article 12. Représentation externe Chaque administrateur - aussi lorsqu'il y en a plusieurs - représente la société vis-à-vis de tiers…”deed of 28-06-2024
Mandates through the years
4 names, the dashed line is todayWeegoo SRL
Director
Director
PwC Reviseurs d'Entreprises
Statutory auditor
Statutory auditor
VIRTUOLOGY INTERNATIONAL
Director
Director
VirtuologyInternationalSA
Director
Director
BoardEarlierend not dated
Mandates as a list
- Weegoo SRL
- Director, from 20-04-2018 to date
- PwC Reviseurs d'Entreprises
- Statutory auditor, from 17-12-2024 to date
- VIRTUOLOGY INTERNATIONAL
- Director, appointed by deed of 13-11-2025, no longer listed in the 2025 annual accounts
- VirtuologyInternationalSA
- Director, appointed by deed of 13-11-2025, no longer listed in the 2025 annual accounts
Control
Parent
Equity €3.9m
Loss €167,714 in 2025 (loss €633,664 in 2024)
Checked score 78
100%
This company
PROGRAMMADS
Equity €562,976
Profit €374,579 in 2025
Capital
- Contribution
- €10,000
- Shares
- 200
- Contribution per share
- €50
- Equity per share
- €2,815 in 2025
- Source
- 2025 annual accounts
Owners through the years
as the annual accounts name themOwners as a list
- VIRTUOLOGY INTERNATIONAL
- BLUE 2 PURPLE
- BB4 - BE BEFORE
- TAILOR MADE SOLUTIONS
Source: parent in its own accounts, lists of holdings in the owners' accounts
Articles of association
deed of 28-06-2024 (in French)- DurationMost companies exist for an unlimited period, until they are dissolved.
- Unlimited
- Annual meetingThe shareholders approve the annual accounts, among other things, at the annual meeting.
- First Wednesday of June at 11:00
Network & group
Group
VIRTUOLOGY INTERNATIONAL has 18 holdings in 6 countries (2025 accounts)Belgium 7 Year Equity Result
- BE Programmads 2025€562,976 result €374,579 (2025)
- BE blue2purple 2025€447,901 result €321,197 (2025)
- BE MKKM70% 2025€311,609 result -€43,308 (2025)
- BE Smartelia 2025€27,577 result €52,824 (2025)
- BE Mobilosoft 2025-€17,993 result -€127,329 (2025)
- BE Virtuology Academyno longer active 2025-€31,306 result -€10,844 (2025)
- BE Etail Silk Road 2025-€1.1m result €123,042 (2025)
Europe 7 Year Equity Result
- FR Smartelia France 2024€19,440 result €8,440 (2024)
- ES Virtuology Spain 2023€15,146 result €21,623 (2023)
- FR Mobilosoft SARL22% 2024-€20,782 result -€59,007 (2024)
- FR Programmads France 2024-€81,564 result €113,049 (2024)
- FR ETAIL DISTRIBUTION 2024-€593,047 result -€506,686 (2024)
- FR Skeelz50% 2024-€598,753 result -€206,971 (2024)
- FR DIALTY - YUVA70.01% 2023-€1.0m result -€36,288 (2023)
Africa 4 Year Equity Result
- MU Smartelia Maurice 2024€150,092 result €114,788 (2024)
- MG Lily.mg50% 2018MGA 2.0m result MGA 0 (2018)
- MG Smartelia Madagascarvia 100% 2024MGA 1.38bn result MGA 445.1m (2024)
- MA Virtuocode 2024-MAD 471,791 result -MAD 722,095 (2024)
Source: list of holdings in the 2025 accounts of VIRTUOLOGY INTERNATIONAL. Holdings that file themselves stand with their latest accounts, the others with the amounts of that list, in their own currency.
Part of the group VIRTUOLOGY INTERNATIONAL Group, risk and exposureAt the same address
Vorstlaan 25, 1170 Watermael-Boitsfort · 139 other companies| MSD BELGIUM
registered office since 05-07-2010 · founded in 1969 |
172 FTE (2025) 0406.820.770 |
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turnover €3.7m (2025) 0402.833.179 |
| UNIBRA REAL ESTATE
registered office since 01-12-2015 · founded in 2013 · group Unibra |
turnover €2.2m (2025) 0515.992.488 |
| MSD Europe Belgium
registered office since 19-06-2023 · founded in 2023 |
158 FTE (2025) 0802.868.505 |
| Zubisko Trading
registered office since 21-12-2021 · founded in 2021 |
total assets €54.9m (2025) 0779.437.956 |
| EPAM Systems Belgium
registered office since 28-12-1998 · founded in 1998 |
turnover €2.9m (2025) 0464.812.221 |
| MSD Animal Health
registered office since 03-02-2000 · founded in 1994 |
55 FTE (2025) 0453.699.385 |
| STEUNFONDS MARGUERITE-MARIE DELACROIX
registered office since 26-05-1988 · founded in 1988 |
total assets €49.7m (2025) 0436.540.877 |
| SL BELGIUM
establishment since 11-03-2025 · founded in 2010 |
34 FTE (2025) 0831.920.104 |
| AVILO CAPITAL
establishment since 15-05-2009 · founded in 2009 · accounts filed late |
total assets €32.5m (2024) 0811.754.990 |
Earlier ties
| MOBILOSOFT via VIRTUOLOGY INTERNATIONAL, at PROGRAMMADS, last mentioned in 2025 · Director · deed of 03-03-2023 founded in 2010 · negative equity (2025) · group VIRTUOLOGY INTERNATIONAL |
2.3 FTE (2025) |
| BLUE 2 PURPLE via VIRTUOLOGY INTERNATIONAL, at PROGRAMMADS, last mentioned in 2025 · Director · deed of 27-09-2023 founded in 2008 · group VIRTUOLOGY INTERNATIONAL |
4.3 FTE (2025) |
| MKKM via VIRTUOLOGY INTERNATIONAL, at PROGRAMMADS, last mentioned in 2025 · Managing director · deed of 06-01-2023 founded in 2017 · group VIRTUOLOGY INTERNATIONAL |
5.3 FTE (2025) |
Connections & network
This company
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Director
Shareholding
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Timeline
Timeline
29 events since 2011Board
Filings
Financial
Establishments
Address
20122014201620182020202220242026
Deadline for the 2026 accounts: 31-07-2027
2026
Annual accounts 2025 filed NBBabbreviated format · on the deadline day
Registered in the Peppol Directory Reachable for e-invoices through 0208:0840247256
2025
Equity above €500,000 equity €562,976 ▲15.3% After 2 profitable years in a row, equity reaches €562,976.
Appointment: VirtuologyInternationalSA (director)Permanent representative: deNevedeRodenGrégoire · General meeting of 29-09-20253 points ▸
- General meeting, 29-09-2025
- Director appointment, VirtuologyInternationalSA
- Permanent representative, deNevedeRodenGrégoire
Annual accounts 2024 filed PDFfull format · 61 days late
Appointment: PwC Reviseurs d'Entreprises (statutory auditor)Permanent representative: Alexis Van Bavel · General meeting of 17-12-20243 points ▸
- General meeting, 17-12-2024
- Auditor appointment, PwC Reviseurs d'Entreprises (statutory auditor)
- Permanent representative, Alexis Van Bavel
- The deed holds 1 more point.
2024
Back to profit net €425,874 The net result is €425,874, after one loss-making year.
Annual accounts 2023 filed PDFfull format · 14 days before the deadline
Amendment of the articles · Legal-form change · Resignations & appointmentsGeneral meeting of 18-06-20241 point ▸
- General meeting, 18-06-2024
- The deed holds 6 more points.
2023
Annual accounts 2022 filed PDFfull format · 31 days late
Registered office moved to Watermael-BoitsfortNew registered office: Boulevard du Souverain 25/5, 1170 Watermael-Boitsfort · Previous registered office: Avenue Louise 523 -5è étage, 1050, Bruxelles · Board meeting of 15-05-20232 points ▸
- Board meeting, 15-05-2023
- Registered-office move, Boulevard du Souverain 25/5, 1170 Watermael-Boitsfort
- The deed holds 1 more point.
2022
Annual accounts 2021 filed PDFfull format · 26 days late
2021
Back to profit net €49,089 The net result is €49,089, after one loss-making year.
Annual accounts 2020 filed PDFfull format · 31 days late
2020
Weakest financial year net -€114,983 The net result drops to -€114,983, the lowest from 2012 to 2025. It recovers the following year.
Annual accounts 2019 filed PDFfull format · 7 days late
2019
Equity above €200,000 equity €205,460 ▲18.4% After 7 profitable years in a row, equity reaches €205,460.
Annual accounts 2018 filed PDFfull format · 30 days late
2018
Equity above €150,000 equity €173,477 ▲109% After 6 profitable years in a row, equity reaches €173,477.
Annual accounts 2017 filed PDFfull format · 31 days late
2017
Annual accounts 2016 filed PDFfull format · 31 days late
2016
Annual accounts 2015 filed PDFfull format · 31 days late
2015
Annual accounts 2014 filed PDFfull format · 27 days late
2014
Liquidity more than 366 times current ratio 104.45 The current ratio rises from 0.29 to 104.45. Short-term debt falls from €48,950 to €44.
Annual accounts 2013 filed PDFfull format · on the deadline day
2013
Back to profit net €39,326 The net result is €39,326, after one loss-making year.
Annual accounts 2012 filed PDFfull format · 29 days late
Financial milestones sit on the financial year-end date, not the filing date.
Sources: Publications in the Belgian Official GazetteFilings with the National Bank
History
Company details
Identity
- Enterprise number
- 0840.247.256
- VAT number
- BE 0840.247.256
- Peppol ID
- 0208:0840247256
- Legal form
- Private limited company
- Status
- Active, normal situation
- Founded
- 13-10-2011
- Financial year
- ends on 31 December
- Annual meetingThe shareholders approve the annual accounts, among other things, at the annual meeting.
- First Wednesday of June at 11:00deed of 28-06-2024 (in French)
- Peppol
- Reachable since 09-06-2026Follow this company and you will hear the next morning if it leaves the Peppol register.
- Name
- PROGRAMMADS in French
- Entity type
- Legal entity
- DurationMost companies exist for an unlimited period, until they are dissolved.
- Unlimiteddeed of 28-06-2024 (in French)
Activities
NACEBEL 2025VAT activities
70200
Business and other management consultancy main activity
Social security (RSZ) activities
70200
Business and other management consultancy main activity
Joint committees annual accounts 2025
JC 200
Auxiliary committee for white-collar workers
Codes under NACEBEL 2008
VAT activities
70220
Business consulting main activity
62020
IT consultancy
62030
Computer programming, consultancy and related activities
73200
Advertising, market research and public relations activities
Social security (RSZ) activities
70220
Business consulting main activity
- PurposeThe purpose describes the activities the company may carry out under its articles.
- “A)exclusivement en son propre nom et pour son propre compte; B)exclusivement en son propre nom et pour son propre compte; C)exclusivement en…”deed of 28-06-2024 (in French)
7 activities
- A)exclusivement en son propre nom et pour son propre compte
- B)exclusivement en son propre nom et pour son propre compte
- C)exclusivement en son propre nom et pour son propre compte
- La construction,le développement et la gestion du patrimoine immobilier;
- Toutes les opérations,oui ou non sous le système de la TVA,relatives aux biens immobiliers et aux droits immobiliers,tels que l’achat et la vente,la construction,la rénovation,l’aménagement et la décoration d’intérieur,la location ou la prise en location,l’échange,le lotissement et,en général,toutes les opérations qui sont liées directement ou indirectement à la gestion ou à l’exploitation de biens immobiliers ou de droits réels immobiliers;
- La construction,le développement et la gestion d’un patrimoine mobilier;
- Toutes les opérations relatives à des biens et des droits mobiliers,de quelque nature que ce soit,tels que la vente et l’achat,la location et la prise en location,l’échange,en particulier la gestion et la valorisation de tous biens négociables,actions,obligations,fonds d’État;
Registered office and establishments
1 establishment| Establishment | Since | Unit number |
|---|---|---|
| Vorstlaan 25 registered office 1170 Watermael-Boitsfort | 01-11-2011 | 2.204.154.853 |
1 former office
- Avenue Louise 523 -5è étage, 1050 Bruxelles until 01-07-2023 · deed of 20-07-2023
Buildings and parcels at the address
- Ground area
- 8.3 ha
- Buildings
- 1.3 ha
- Volume, LiDAR
- 184,450 m³
- Tallest building
- 51.1 m
Buildings to scale, each on its own parcel
Parcels
| Cadastral parcel | Area | Buildings | Height / floors |
|---|---|---|---|
| 21652E0905/00H000 | 8.3 ha | 1 · 1.3 ha | 51.0 m · 3 |
1 of these parcels carries protected heritage. Expect extra rules on renovation or sale.