PUZZLE ACTIVITIES
ActiveSummary
PUZZLE ACTIVITIES has been active since 2016 and the Belgian State Gazette contains no insolvency or warning signals. The 2024 annual accounts show negative equity (€-152k) and a net result of €23k. The figures fluctuate too strongly year-on-year for a reliable trend projection. Its solvency ranks better than 9% of 3022 sector peers (fiscal year 2024). The computed 12-month bankruptcy probability is 0.6% (low).
Checked score
Score 2024
49
/ 100
Fair
The score weighs solvency, liquidity and profitability. Bankruptcy probability contributes 35%. Every signal that weighs is under Signals.
Axes · tick = 2023
Profitability92▲+92
Solvency0=
Growth58▲+26
Track record100
Bankruptcy probability, 12 months
0.6%
Low
0%0.5%1.5%4%10%≥ 25%
No credit on open account
Liquidity short (current ratio 0.54 against 0.25 in 2023; short-term debt: 92.8% and cash: 8.3% of total assets), and equity is negative.
Credit check for your own amount and term
Signals
Five 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 93
Relative position
BE, all sectors
reference
Sector 93
lower
← fewer bankruptcies
more bankruptcies →
raises risk · Annual accounts: weaker financial profile
The latest annual accounts show a weaker profile in solvency, result or liquidity than companies that stay afloat.
NBB · annual accounts 2024Solvency, return and age of the figures
Solvency
-121.8%
Return on assets
18.5%
Age of the figures
21 mo
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 9% of 3022 sector peers (2024).
NBB · sector comparisonPosition among 3022 sector peers
Solvency
better than 9%
← weakest
strongest →
neutral · Filed after the deadline
The financial year that closed on 31-12-2024 was due by 31-07-2025 and was filed on 09-10-2025, 70 days later. For context: 47% of the Belgian market files late and the whole 1-to-90-day band measures 2.0% abnormal legal state against a 1.66% average. We show this as a fact and do not score it.
NBB · 7 filingsDeviation from the deadline
2025
not confirmed
2024
70 d late
2023
60 d late
2022
31 d late
2021
25 d early
2020
10 d late
2019
22 d early
← before the deadline
after the deadline →
Checked, nothing found (1)
Financials · fiscal year 2024, micro schema
Equity
€-152k▲ 13.2%
2023 · €-175k
2019: €-21k
2020: €68k
2021: €-76k
2022: €-44k
2023: €-175k
2019 → 2024
Total assets
€125k▼ 17.8%
2023 · €152k
2019: €279k
2020: €178k
2021: €187k
2022: €326k
2023: €152k
2019 → 2024
Net result
€23k
2023 · €-131k
2019: €-61k
2020: €89k
2021: €-143k
2022: €32k
2023: €-131k
2019 → 2024
Working capital
€-53k▲ 60.3%
2023 · €-133k
2019: €-163k
2020: €-39k
2021: €-64k
2022: €-54k
2023: €-133k
2019 → 2024
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20202021202220232024Trend
Equity€68k-€-76k€-44k▲ 42.4%€-175k▼ 301%€-152k▲ 13.2%
Operating result€93k-€-131k€43k€-126k€30k
Net result€89k-€-143k€32k€-131k€23k
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result returns to profit in 2024: €30k after a loss of €126k in 2023.
Balance-sheet composition
2024 in colour, 2023 as the grey bar beneath
Assets €125k
Fixed assets
€62k ▼ 42.8%
Current assets
€63k ▲ 44.9%
Key figures and ratios
EBITDA
€62k▲
2023 · €-68k
Cash flow
€56k▲
2023 · €-73k
Solvency
-121.8%▼
2023 · -115.4%
Current ratio
0.54▲
2023 · 0.25
Debt to equity
-1.82▲
2023 · -1.87
ROA
18.5%▲
2023 · -86.6%
Interest coverage
8.44▲
2023 · -7.97
Debt
€276k▼
2023 · €326k
Debt ≤ 1 year
€116k▼
2023 · €177k
Debt > 1 year
€100k▼
2023 · €130k
Staff costs
€54k▼
2023 · €260k
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Filed annual accounts As filed with the NBB · 2024 against 2023 · 48 lines
Balance sheet
Code20232024
Assets
Total assets20/58€152k€125k▼
Fixed assets21/28€108k€62k▼
Intangible fixed assets21€7k€6k▼
Tangible fixed assets22/27€70k€54k▼
Plant, machinery and equipment23€27k€13k▼
Furniture and vehicles24€10k€6k▼
Other tangible fixed assets26€34k€36k▲
Financial fixed assets28€32k€2k▼
Current assets29/58€43k€63k▲
Amounts receivable within one year40/41€34k€48k▲
Trade receivables40€6k€1k▼
Other amounts receivable41€28k€46k▲
Cash at bank and in hand54/58€8k€10k▲
Deferred charges and accrued income490/1€2k€5k▲
Equity and liabilities
Total equity and liabilities10/49€152k€125k▼
Equity10/15€-175k€-152k▲
Contributions10/11€6k€6k=
Reserves13€2k€2k=
Distributable reserves133€2k€2k=
Profit (loss) carried forward14€-183k€-160k▲
Amounts payable17/49€326k€276k▼
Amounts payable after more than one year17€130k€100k▼
Financial debts170/4€130k€100k▼
Amounts payable within one year42/48€177k€116k▼
Current portion of amounts payable after more than one year42€61k€49k▼
Trade debts44€77k€56k▼
Suppliers440/4€77k€56k▼
Advances received on contracts in progress46€11k€8k▼
Taxes, remuneration and social security45€28k€3k▼
Taxes450/3€3k€664▼
Remuneration and social security454/9€25k€2k▼
Accrued charges and deferred income492/3€20k€61k▲
Income statement
Code20232024
Non-recurring operating income76A€19k€10k▼
Remuneration, social security and pensions62€260k€54k▼
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€58k€33k▼
Other operating charges640/8€10k€2k▼
Non-recurring operating charges66A€2k-
Gross operating margin9900€204k€119k▼
Operating profit (loss)9901€-126k€30k▲
Financial income75/76B€4k€585▼
Recurring financial income75€4k€585▼
Financial charges65/66B€9k€7k▼
Recurring financial charges65€9k€7k▼
Profit (loss) for the period before taxes9903€-131k€23k▲
Profit (loss) for the period9904€-131k€23k▲
Profit (loss) for the period to be appropriated9905€-131k€23k▲
Appropriation of the result
Profit (loss) to be appropriated9906€-183k€-160k▲
Profit (loss) brought forward from the previous period14P€-52k€-183k▼
The notes to these accounts (11 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Timeline · acts, filings and financial milestones
2025
09-10
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 70 days late
2024
31-12
Financial
Back to profitnet €23k
Net result €23k after one loss-making year.
29-09
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 60 days late
2023
31-08
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 31 days late
2022
31-12
Financial
Back to profitnet €32k
Net result €32k after one loss-making year.
2021
06-10
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
31-03
Financial
Weakest financial yearnet €-143k ▼262%
Net result drops to €-143k, the lowest in the series; recovery starts the following year.
2020
10-11
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 10 days late
31-03
Financial
Back to profitnet €89k
Net result €89k after one loss-making year.
2019
09-10
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
2018
25-10
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
Directors · office · real estate
Directors
7 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, Gent · 2 establishment units since 2019
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.
Universiteitstraat 99000 GentGround area
621 m²
Building footprint
528 m²
Volume, LiDAR
9,172 m³
2 parcels, Flanders · tallest building 25.2 m, ±7 floors. Linked by address, not a title deed.
2 establishment units
PUZZLE ACTIVITIES
since 20192.284.985.448
PUZZLE ACTIVITIES
since 20212.311.794.664
2 parcels
Flanders
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 35013A1657/00D028 | Flanders | 448 m² | 1 · 375 m² | 25.2 m · 7 fl. |
| 44803C0831/00D000 | Flanders | 172 m² | 1 · 153 m² | 13.5 m · 3 fl. |
Linked by address, not proof of ownership
Methodology
via registered seat: 1 · via establishment units: 1
2 of 2 parcels 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 (source: regional heritage registers, Onroerend Erfgoed / patrimoine.brussels).
Public money · subsidies and aid
Flemish government
2022 · 1 entry · 6,226 EUR awarded · 6,226 EUR paid| Year | Entries | awarded | paid |
|---|---|---|---|
| 2022 | 1 | 6,226 EUR | 6,226 EUR |
Schemes
Vlaams Beschermingsmechanisme 11 (stopgezet)
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Of 6,728 companies in sector 93299 we hold annual accounts for 1,168. 912 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Company data · Crossroads Bank
Identification
Legal formPrivate limited company
Founded17-06-2016
Fiscal year end31-12
Activities, NACEBEL 2025
93299Other amusement and recreation activities
56301Cafés and bars
93199Other sports activities
Sources
Crossroads Bank for EnterprisesNational Bank · 7 filingsAddress and cadastre registers
Scores and ratios are computed by Checked and are not a credit decision.