PROGRESS ACADEMY
ActiveSummary
PROGRESS ACADEMY has been active since 2008 and the Belgian Official Gazette contains no insolvency or warning signals. The 2024 annual accounts show equity of €38,004 and a net result of -€157. Equity is shrinking by about 13% per year across the filed financial years. Its solvency ranks better than 60% of 2,522 sector peers (NACE 85, financial year 2024). The computed 12-month bankruptcy probability is 0.9% (low).
Overview
- Equity
- €38,004
- Loss
- -€157
Why 54raises riskCapped at 59: a confirmed filing findingFigures for financial year 2024 (filed 06-10-2025)Liquidity: current ratio 2.36, cash €1,2821 financial year not filed after the legal deadline; last filed accounts filed 61 days late; 3 of the last 3 latelowers riskSector: Education (NACE 85)Show the evidence
Checked score
About 9 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
How it is calculated
The band follows from the bankruptcy probability, on a scale where 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 85, micro): better than 60% on solvency, 16% on liquidity, 24% on profitability and 41% on growth.
The bankruptcy probability was computed on 24-10-2026 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.
Some facts cap the score, however low the probability. Negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late hold it at Fair at most (59); two missing filings, at Weak (44). An ongoing judicial reorganisation or the company's end (bankruptcy, dissolution, liquidation) holds it at Critical at most (24).
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Signals
This company filed its last 6 accounts on average 53 days after the deadline; the sector median (NACE 85) for financial year 2024 is 16 days before the deadline, and 32% of those companies filed late.
Searched, nothing found (1)
- Capital & shares · Amendment of…Resignation: MORGÜL Isa (director) ·…
- RestructuringMerger · Capital · Director…
- Annual accounts filedfinancial year 2024 · micro…
Financials · financial year 2024, micro format
2025 annual accounts not yet filed, deadline passed on 31 July 2026 Financial year closed on 31 December 2025; filing due at the latest 7 months after the close (Companies Code art. 3:10). Source: NBB filings, as of 25 October 2026.
2020 to 2024, 5 financial years 2018 to 2024, 7 financial years
The operating result stays negative: a loss of €471 in 2021 against €23,167 in 2020; the loss shrinks.
What the company sold each financial year and what was left of it. A loss stands below the zero line.
What the company owns (total assets), how much of it is its own (equity) and how much it owes.
Short-term assets minus short-term debts. Above zero the company can pay its bills in the short term.
How much of each euro of turnover is left from operations (EBIT margin) and what the assets earn (return on assets).
The share of the company financed with its own means. The higher it is, the better it absorbs a shock.
Short-term assets per euro of short-term debt. Above 1 the short-term debts are covered.
Use the arrow keys on the chart for the figures per year.
Sector: the middle half of NACE 85, Education: a quarter of companies sit below it, a quarter above. Each year compared with accounts in the same format, and only where there are at least 30. Dashed line: the median. Available for Net result, Equity, Total assets, Working capital, Solvency, Current ratio, Return on assets (ROA).
Peer companies
Historical observationOf the 6,910 companies that looked in July 2024 the way this one looks now, 1.1% went bankrupt within 24 months and 90.9% are still going.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a small loss
A further 0.1% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.9% over twelve months; the group does not contradict it.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,475 companies of July 2024 its group's bankruptcy share. Expected: 1.6%; actually bankrupt within 24 months: 1.7%.
| 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% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 74.5% 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 6,910 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.
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €3,458 | €1,335 | €922 | €956 | - | - | - | - |
| Other operating charges640/8 | - | - | - | €632 | - | - | - | - |
| Gross operating margin9900 | €4,940 | -€11,865 | -€21,358 | €1,116 | - | - | - | - |
| Operating profit (loss)9901 | €734 | -€13,707 | -€23,167 | -€471 | - | - | - | - |
| Financial income75/76B | - | - | - | €117 | - | - | - | - |
| Recurring financial income75 | €1,000 | €800 | - | €117 | - | - | - | - |
| Financial charges65/66B | - | - | - | €385 | - | €360 | €157 | ▼ 56.4% |
| Recurring financial charges65 | €2,300 | €117 | €185 | €385 | - | €360 | €157 | ▼ 56.4% |
| Profit (loss) for the period before taxes9903 | -€566 | -€13,024 | -€23,352 | -€739 | - | -€360 | -€157 | ▲ 56.4% |
| Income taxes67/77 | - | €349 | - | - | - | - | - | - |
| Profit (loss) for the period9904 | -€566 | -€13,373 | -€23,352 | -€739 | - | -€360 | -€157 | ▲ 56.4% |
| Profit (loss) for the period to be appropriated9905 | -€566 | -€13,373 | -€23,352 | -€739 | - | -€360 | -€157 | ▲ 56.4% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €100,728 | €94,518 | €63,255 | €65,796 | €65,796 | €65,490 | €65,333 | ▼ 0.2% |
| Fixed assets21/28 | €2,024 | €2,324 | €1,858 | €903 | €903 | €903 | €903 | = |
| Tangible fixed assets22/27 | €2,024 | €2,324 | €1,858 | €903 | €903 | €903 | €903 | = |
| Land and buildings22 | - | - | - | €390 | €390 | €390 | €390 | = |
| Plant, machinery and equipment23 | - | - | - | €316 | €316 | €316 | €316 | = |
| Furniture and vehicles24 | - | - | - | €197 | €197 | €197 | €197 | = |
| Current assets29/58 | €98,704 | €92,194 | €61,397 | €64,893 | €64,893 | €64,587 | €64,430 | ▼ 0.2% |
| Amounts receivable within one year40/41 | €43,727 | €69,328 | €59,761 | €63,816 | €63,816 | €63,327 | €63,148 | ▼ 0.3% |
| Trade receivables40 | - | - | - | €23,896 | €23,896 | €24,510 | €24,510 | = |
| Other amounts receivable41 | - | - | - | €39,920 | €39,920 | €38,817 | €38,639 | ▼ 0.5% |
| Cash at bank and in hand54/58 | €14,977 | €22,866 | €1,636 | €1,077 | €1,077 | €1,260 | €1,282 | ▲ 1.7% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €100,728 | €94,518 | €63,255 | €65,796 | €65,796 | €65,490 | €65,333 | ▼ 0.2% |
| Equity10/15 | €75,985 | €62,612 | €39,260 | €38,521 | €38,521 | €38,161 | €38,004 | ▼ 0.4% |
| Contributions10/11 | €6,300 | €6,300 | - | €6,300 | €6,300 | €6,300 | €6,300 | = |
| Contributions outside capital11 | - | - | - | €6,300 | €6,300 | - | - | - |
| Other1109/19 | - | - | - | €6,300 | €6,300 | - | - | - |
| Reserves13 | €97,160 | €47,160 | €47,160 | €47,160 | €47,160 | €47,160 | €47,160 | = |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Distributable reserves133 | - | - | - | €45,300 | €45,300 | €45,300 | €45,300 | = |
| Profit (loss) carried forward14 | -€27,475 | €9,152 | -€14,200 | -€14,939 | -€14,939 | -€15,299 | -€15,456 | ▼ 1.0% |
| Amounts payable17/49 | €24,743 | €31,906 | €23,995 | €27,275 | €27,275 | €27,329 | €27,329 | = |
| Amounts payable within one year42/48 | €24,743 | €31,906 | €1,633 | €27,275 | €27,275 | €27,329 | €27,329 | = |
| Financial debts43 | - | - | - | - | - | €54 | €54 | = |
| Credit institutions430/8 | - | - | - | - | - | €54 | €54 | = |
| Trade debts44 | €1,712 | €24,571 | €1,535 | €27,275 | €27,275 | €27,275 | €27,275 | = |
| Suppliers440/4 | - | - | - | €27,275 | €27,275 | €27,275 | €27,275 | = |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€566 | -€13,373 | -€23,352 | -€739 | - | -€360 | -€157 | ▲ 56.4% |
| + Depreciation and write-downs630 | €3,458 | €1,335 | €922 | €956 | - | - | - | - |
| Operating cash flow (approximation) | €2,892 | -€12,038 | -€22,431 | €217 | - | -€360 | -€157 | ▲ 56.4% |
| Investment in fixed assets (approximation) | - | -€1,635 | -€456 | €0 | €0 | €0 | €0 | - |
| Change in cash | - | €7,889 | -€21,230 | -€559 | €0 | €183 | €22 | ▼ 88.0% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Latest 10 of 16 filings with the National Bank
| Financial year | Type | Filed | Reference |
|---|---|---|---|
| 31-12-2024 | micro format | 30-09-2025 | 2025-00530745 |
| 31-12-2023 | micro format | 08-10-2024 | 2024-00499061 |
| 31-12-2022 | micro format | 28-09-2023 | 2023-00464625 |
| 31-12-2021 | micro format | 08-09-2022 | 2022-20422993 |
| 31-12-2020 | micro format | 31-08-2021 | 2021-58500373 |
| 31-12-2019 | micro format | 29-09-2020 | 2020-56600435 |
| 31-12-2018 | micro format | 28-07-2019 | 2019-40200458 |
| 31-12-2017 | micro format | 31-08-2018 | 2018-57400111 |
| 31-12-2016 | micro format | 17-08-2017 | 2017-44300498 |
| 31-12-2015 | abbreviated format | 08-07-2016 | 2016-29600011 |
Similar companies · same sector, comparable size
Public contracts: No European public contracts awarded found since October 2016. Contracts below the EU thresholds are not in TED.
Directors
Mandate history
- Board
- began earlier
| Name | Functions and periods |
|---|---|
| MORGÜL Isa |
|
Owners and capital
Capital and shareholders
- Morgül Isa 186 shares
The Belgian Official Gazette names shareholders only when an act mentions them; the share register itself is not published.
- 02-07-2026 Capital stated in the deed · 186 shares
- 26-03-2026 Capital stated in the deed · €18,600 · 186 shares
Group and network
Holdings and subsidiaries
1 holdingHoldings 1
- ONESOURCE & PROGRESSsubsidiary100%
Sources: the companies' annual accounts, the acts in the Belgian Official Gazette and the LEI register. Annual accounts state the shareholders that notified the company under article 7:225 of the Code of Companies and Associations and the parent companies that consolidate it. 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 include these statements in its annual accounts, or does not have to, is not listed.
Connections & network
1 current directorThe network starts from this company’s directors. Other companies they run appear here as nodes.
Acquisitions and mergers
1 transactionHistory
Acts, filings and financial milestones
02-07
Gazette deed
Capital & shares · Amendment of the articles · Legal-form change · Resignations & appointments · RestructuringResignation: MORGÜL Isa (director) · Reappointment: MORGÜL Isa (statutory director) · Appointment: MORGÜL Isa (statutory director)27 facts ▸
- General meeting, 08-05-2026
- Other provision, 18-03-2026
- Other provision, “zetel van beide vennootschappen, terinzagelegging fusiedocumenten” (deed in Dutch)
- Other provision, “geen tussentijdse cijfers vereist, aandeelhouders van de fuserende vennootschappen” (deed in Dutch)
- Other provision, “geen mededeling belangrijke wijzigingen activa-passiva, tussen datum opstelling fusievoorstel en datum algemene vergadering” (deed in Dutch)
- Other provision, “vereisten verkrijging hoedanigheid aandeelhouder overnemende vennootschap, aandeelhouder van de overgenomen vennootschap” (deed in Dutch)
- Other provision, “onroerende goederen en hypothecaire schuldvorderingen, bestuursorganen van beide vennootschappen” (deed in Dutch)
- Other provision, “verzaken aan fusieverslagen, alle aandeelhouders van de vennootschappen” (deed in Dutch)
- Other provision, “geen controleverslagen bestuursorgaan en bedrijfsrevisor (inbreng in natura), inbreng in natura niet gepaard met kapitaalverhoging en geen vergoeding onder vorm…” (deed in Dutch)
- Merger, “Eerste besluit, commanditaire vennootschap” (deed in Dutch)
- Other provision, “vergoeding-aandelen-opleg” (deed in Dutch)
- Accounting effect, 01-03-2026
- +15 further facts in this act
26-03
Gazette deed
RestructuringMerger · Capital · Director in office11 facts ▸
- Merger, “eigenares van alle aandelen, gehele vermogen,zowel de rechten als de verplichtingen” (deed in Dutch)
- Capital, €18,600
- Director in office, Morgül Isa (2 times)
- Shareholding, “op heden”, 186 (deed in Dutch)
- Capital, €1,000
- Shareholding
- Accounting effect, 01-03-2026
- Other provision, “bijzondere rechten” (deed in Dutch)
- Other provision, “bijzondere voordelen en bedrijfsrevisor” (deed in Dutch)
- Other provision, “ruilverhouding, eigenares van alle aandelen” (deed in Dutch)
- Other provision, “bijzondere bezoldigingen en verslagen” (deed in Dutch)
Register details
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 25 October 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.
Environmental permits: No permit applications found in Flanders. Brussels and Wallonia do not publish the applicant.
Sites & property
1 establishment unit
2 parcels
| Cadastral parcel | Region | Area | Buildings | Height / floors |
|---|---|---|---|---|
| 44048H0389/00Y009 | Flanders | 1,303 m² | 1 · 218 m² | 8.3 m · 2 |
| 44804D2709/00K008 | Flanders | 740 m² | 1 · 611 m² | 29.0 m · 9 |
How the parcels are linked
Articles of association
What the company does
- DurationHow long the company exists; usually unlimited, so until it is dissolved.
- Unlimited
- Name clauseThe name the company operates under according to its articles.
- PROGRESS ACADEMY
- Registered office clauseThe region of the registered office; it decides among other things the language of official documents.
- “Vlaams Gewest” (deed in Dutch)
Who represents it, and how
- Board ruleHow the board is made up, meets and takes decisions.
- “1, met of zonder beperking van duur” (deed in Dutch)“Algemene vergadering, onbepaalde duur” (deed in Dutch)
Meetings and financial year
- Annual meetingWhen the shareholders meet each year, among other things to approve the annual accounts.
- Fourth Saturday of June at 18:00
Oversight and winding up
- Liquidation ruleHow assets are shared after dissolution: creditors first, then shareholders.
- “Ontbinding om welke reden en op welk ogenblik ook, bestuurder(s) in functie als vereffenaar(s) krachtens statuten indien geen andere…” (deed in Dutch)