PUZZLES
ActiveSummary
PUZZLES has been active since 2013 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €105k and a net result of €-95k. Equity is growing by ~15.6% per year across the filed fiscal years. Its solvency ranks better than 31% of 17043 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.2% (very low).
Checked score
Score 2025
52
/ 100
Fair
The score weighs solvency, liquidity, profitability and financial development. Bankruptcy probability contributes 35%. Every signal that weighs is under Signals.
Axes · tick = 2024
Profitability0▼-92
Solvency60▼-14
Growth32▼-46
Track record100
Bankruptcy probability, 12 months
0.2%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €5k at 30 days acceptable
Liquidity tight (current ratio 1.48 against 2.02 in 2024; short-term debt: 55.1% and cash: 20.1% of total assets), and 64.8% of the assets are financed with debt.
Credit advice for your own amount and term
Signals
Four 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 62
Relative position
BE, all sectors
reference
Sector 62
lower
← fewer bankruptcies
more bankruptcies →
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 · 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 2025Solvency, return and age of the figures
Solvency
35.2%
Return on assets
-31.9%
Age of the figures
9 mo
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 08-07-2026, 23 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
23 d early
2024
30 d late
2023
15 d late
2022
28 d early
2021
31 d late
2020
30 d late
2019
48 d late
← before the deadline
after the deadline →
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
24-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, micro schema
Equity
€105k▼ 61.1%
2024 · €269k
2018: €145k
2019: €39k
2020: €78k
2021: €143k
2022: €212k
2023: €267k
2024: €269k
2018 → 2025
Total assets
€297k▼ 46.2%
2024 · €552k
2018: €155k
2019: €179k
2020: €176k
2021: €236k
2022: €311k
2023: €452k
2024: €552k
2018 → 2025
Net result
€-95k
2024 · €103k
2018: €23k
2019: €24k
2020: €40k
2021: €64k
2022: €69k
2023: €56k
2024: €103k
2018 → 2025
Working capital
€78k▼ 65.6%
2024 · €228k
2018: €137k
2019: €31k
2020: €52k
2021: €110k
2022: €175k
2023: €265k
2024: €228k
2018 → 2025
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€143k-€212k▲ 48.5%€267k▲ 26.3%€269k▲ 0.4%€105k▼ 61.1%
Operating result€90k-€97k▲ 7.2%€81k▼ 15.7%€144k▲ 77.2%€-91k
Net result€64k-€69k▲ 7.8%€56k▼ 18.3%€103k▲ 83.2%€-95k
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result turns negative in 2025: a loss of €91k after €144k in 2024, the lowest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €297k
Fixed assets
€55k ▼ 44.8%
Current assets
€242k ▼ 46.5%
Equity and liabilities €297k
Equity
€105k ▼ 61.1%
Debt
€193k ▼ 32.1%
Debt's share of the balance-sheet total rises from 51.4% to 64.8%. Equity and debt are lower.
Key figures and ratios
EBITDA
€-61k▼
2024 · €174k
Cash flow
€-65k▼
2024 · €133k
Current ratio
1.48▼
2024 · 2.02
Debt to equity
1.84▲
2024 · 1.06
ROE
-90.8%▼
2024 · 38.5%
ROA
-31.9%▼
2024 · 18.7%
Interest coverage
-17.24▼
2024 · 25.35
Debt ≤ 1 year
€164k▼
2024 · €224k
Debt > 1 year
€29k▼
2024 · €59k
Income taxes
€355▼
2024 · €48k
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 · 2025 against 2024 · 47 lines
Balance sheet
Code20242025
Assets
Total assets20/58€552k€297k▼
Fixed assets21/28€100k€55k▼
Tangible fixed assets22/27€100k€55k▼
Furniture and vehicles24€86k€41k▼
Other tangible fixed assets26€14k€14k=
Current assets29/58€452k€242k▼
Amounts receivable after more than one year29€293k€170k▼
Other amounts receivable291€293k€170k▼
Amounts receivable within one year40/41€90k€13k▼
Trade receivables40€90k€13k▼
Cash at bank and in hand54/58€62k€60k▼
Deferred charges and accrued income490/1€7k€306▼
Equity and liabilities
Total equity and liabilities10/49€552k€297k▼
Equity10/15€269k€105k▼
Contributions10/11€6k€6k=
Reserves13€227k€158k▼
Distributable reserves133€227k€158k▼
Profit (loss) carried forward14€35k€-60k▼
Amounts payable17/49€284k€193k▼
Amounts payable after more than one year17€59k€29k▼
Financial debts170/4€59k€29k▼
Amounts payable within one year42/48€224k€164k▼
Current portion of amounts payable after more than one year42€39k€30k▼
Trade debts44€4k€48k▲
Suppliers440/4€4k€48k▲
Taxes, remuneration and social security45€78k€7k▼
Taxes450/3€78k€7k▼
Other amounts payable47/48€103k€79k▼
Income statement
Code20242025
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€30k€30k▼
Other operating charges640/8€25k€5k▼
Gross operating margin9900€199k€-56k▼
Operating profit (loss)9901€144k€-91k▼
Financial income75/76B€14k€3▼
Recurring financial income75€14k€3▼
Financial charges65/66B€7k€4k▼
Recurring financial charges65€7k€4k▼
Profit (loss) for the period before taxes9903€151k€-95k▼
Income taxes67/77€48k€355▼
Profit (loss) for the period9904€103k€-95k▼
Profit (loss) for the period to be appropriated9905€103k€-95k▼
Appropriation of the result
Profit (loss) to be appropriated9906€136k€-60k▼
Profit (loss) brought forward from the previous period14P€33k€35k▲
Transfer from equity791/2€102k€69k▼
Transfer to equity691/2€100k-
To other reserves6921€100k-
Profit to be distributed694/7€102k€69k▼
Return on contributions (dividend)694€102k€69k▼
The notes to these accounts (8 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
08-07
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
31-12
Financial
Weakest financial yearnet €-95k ▼192%
Net result drops to €-95k, the lowest in the series.
30-08
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 30 days late
2024
31-12
Financial
Highest result since 2018net €103k ▲83.2%
Operating result €144k, net result €103k, both a record.
15-08
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 15 days late
2023
03-07
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
31-12
Financial
Equity above €200kEq €212k ▲48.5%
5 profitable years in a row build equity to €212k.
31-08
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 31 days late
2021
31-12
Financial
Equity above €100kEq €143k ▲81.7%
4 profitable years in a row build equity to €143k.
30-08
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 30 days late
2020
17-09
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 48 days late
2019
31-08
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema · 31 days late
2018
31-07
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema
2017
23-08
NBB filing
Annual accounts filed
fiscal year 2016 · full schema · 23 days late
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, Sint-Genesius-Rode · 1 establishment unit since 2013
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.
Karel-Grauxlaan 41640 Sint-Genesius-RodeGround area
985 m²
Building footprint
146 m²
Volume, LiDAR
797 m³
Parcel 22552F0002/00L067, Flanders · tallest building 8.5 m, ±2 floors. Linked by address, not a title deed.
1 establishment unit
Karel-Grauxlaan 4, 1640 Sint-Genesius-Rode
since 20132.215.434.666
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 22552F0002/00L067 | Flanders | 985 m² | 1 · 146 m² | 8.5 m · 2 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.
Similar companies · same sector, comparable size
PROFESSIONAL COMPUTER SOLUTIONS
BE 0454.874.570
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IT-LOUNGE
BE 0840.457.191
Genk · Eq €104,587
VAB-IT
BE 0726.476.253
Bocholt · Eq €104,593
NAE IT
BE 0784.812.746
Etterbeek · Eq €104,478
PROFUNDUS
BE 0565.992.129
Kortrijk · Eq €104,478
Of 16,884 companies in sector 62100 we hold annual accounts for 8,775. 6,949 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
Founded08-01-2013
Fiscal year end31-12
Activities, NACEBEL 2025
62100Computer programming
62900Other information technology and computer services
62200Computer consultancy and computer facilities management
70200Business and other management consultancy
Sources
Crossroads Bank for EnterprisesNational Bank · 13 filingsAddress and cadastre registers
Scores and ratios are computed by Checked and are not a credit decision.