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PUZZLS

Active Private limited companyfounded 2020active for 5 yearsGrimminckstraat 2, 8900 YpresKBO/BCE: BE 0760.476.535
PUZZLS
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Overview

Lifetime

5 annual accounts with figures on one time axis
peak €106,845 (2023)
€101,940▲ 1.6%
peak €83,598 (2023)
€12,847▼ 9.4%
peak €217,948 (2024)
€215,795▼ 1.0%
€585,785▼ 4.5%
Board1 name since 2020
1 directorDE BOCK Chris Roza Minard Martha
Documentsfilings and deeds
30-04-2026on the last day
2025micro format
Dividend €15,000Cash from €34,569 to €59,633

Key points

from the 2025 annual accounts

Equity

€215,795 ▼ 1.0%
217,9482024+12,847Profit-15,000Dividend215,7952025

PUZZLS paid out €15,000 in dividends. That is 117% of the 2025 profit.

Debts

€585,785 73% of the balance sheet
Financial debts 80%Taxes and wages 5%Other 15%

Of this, €98,193 falls due within a year.

Filings

5 annual accounts 2 late
deadline20222024

The 2021 accounts came latest: 4 days after the end of the period.

Checked score

92
Excellent
Financially stronger than 35% of micro companies in head offices and management consultancy (NACE 70)
Probability in this band: under 0.55%
Bankruptcy probability within 12 months
< 0.1% 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).

Fewer than 1 in 1,000 comparable companies go bankrupt within 12 months (an estimate).

Last 24 months 12-2024: < 0.1%lowest value 01-2025: < 0.1%● unchanged vs 12-2024 02-2025: < 0.1%● unchanged vs 01-2025 03-2025: < 0.1%● unchanged vs 02-2025 04-2025: < 0.1%● unchanged vs 03-2025 05-2025: < 0.1%● unchanged vs 04-2025 06-2025: 0.1%▲ +0.1 percentage points vs 05-2025 07-2025: 0.1%● unchanged vs 06-2025 08-2025: 0.1%● unchanged vs 07-2025 09-2025: 0.1%● unchanged vs 08-2025 10-2025: 0.1%● unchanged vs 09-2025 11-2025: 0.1%● unchanged vs 10-2025 12-2025: 0.1%● unchanged vs 11-2025 01-2026: 0.1%● unchanged vs 12-2025 02-2026: 0.1%● unchanged vs 01-2026 03-2026: 0.1%● unchanged vs 02-2026 04-2026: 0.1%● unchanged vs 03-2026 05-2026: 0.3%▲ +0.2 percentage points vs 04-2026highest value 06-2026: < 0.1%▼ -0.3 percentage points vs 05-2026 07-2026: < 0.1%● unchanged vs 06-2026 08-2026: < 0.1%● unchanged vs 07-2026 09-2026: < 0.1%● unchanged vs 08-2026 10-2026: < 0.1%● unchanged vs 09-2026 11-2026: < 0.1%● unchanged vs 10-2026

Financial strength
Average

52+1equity 26.9% of total assets
58+3short-term debt 12.2% · cash 7.4%
59-12return on assets 1.6%

Score breakdown

raises risk
Founded in 2020
lowers risk
Size: total assets €801,580
Sector: Activities of head offices; management consultancy activities (NACE 70)
Figures for financial year 2025 (filed on 01-05-2026)
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 28% of them on solvency, 49% on liquidity, 27% on profitability and 37% on growth.

The bankruptcy probability was computed on 08-11-2026 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 30-09-2025.

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, 2,372 companies had the same profile as PUZZLS has now. Each dot stands for 6 companies, two years later.

96.6%
were still trading
1.4%
stopped another way
1.8%
went bankrupt
  • Small
  • 5 to 10 years old
  • solvency 10 to 30%
  • a profit under 5% of the balance sheet

Another 0.1% stopped without a precise date, possibly only after those two years.

The bankruptcy probability of PUZZLS itself is lower: < 0.1% within 12 months. It rests on far more data about PUZZLS 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.

The companies in ten equal groups, from the lowest to the highest expected share
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 2,372 companies, not a prediction for PUZZLS. 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 €19,000 on 30-day terms is acceptable

Liquidity is insufficient, with a current ratio of 0.95 (0.85 in 2024), below 1. Short-term debt is 12.2% and cash 7.4% of total assets. 73.1% 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

Five signals.
lowers riskraises riskneutral
lowers risk · Size: total assets €801,580
Companies of this size fail less often. How much that weighs depends on the rest of the company's profile.
NBB · annual accounts
lowers risk · Sector: Activities of head offices; management consultancy activities (NACE 70)
KBO
lowers risk · Figures for financial year 2025 (filed on 01-05-2026)
NBB · annual accounts
raises risk · Founded in 2020
Companies of this age fail more often than older ones. How much that weighs depends on the rest of the company's profile.
KBO
neutral · Latest accounts filed on time
The financial year that closed on 30-09-2025 was due by 30-04-2026 and was filed on 30-04-2026, 0 days ahead of the deadline.
NBB · 5 filings
Deviation from the deadline
2025
on the day
2024
on the day
2023
on the day
2022
2 days late
2021
4 days late
← before the deadline after the deadline →
tick = median of all Belgian filingsring = median in the sector

The company filed its last 5 accounts on average 1 day 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 financial year that closed on 30-09-2026 is due by 30-04-2027. Nothing is late today. The company usually files around 1 May (5 of the last 5 accounts filed within 30 days either side of that date).
Companies Code · seven months
Where today falls in the filing period
30-09-2026 year end09-11-2026 today30-04-2027 deadline
neutral · No strike-offs in the KBO publications
That holds for every publication since 2021.
KBO publications

Board and ownership

DB
DE BOCK Chris Roza Minard Martha
Director
  • DE BOCK Chris Roza Minard Martha 5 sharesdeed of 28-12-2020
  • DEGRAVE Jolien 5 sharesdeed of 28-12-2020
Board & ownership

Recent changes

Registered in the Peppol Directory Reachable for e-invoices through 0208:0760476535
Incorporation Founders: DE BOCK Chris Roza Minard Martha and DEGRAVE Jolien · 10 shares · Appointment: DE BOCK Chris Roza Minard Martha (director) · published on 28-12-2020 · Gazette deed
First establishment Grimminckstraat 2, Ypres
All 12 events

Comparable companies

same main activity, similar in size and age
Company
PUZZLS Ypres €801,580 €101,940 26.9% -
Taboti Knokke-Heist €836,891 €97,826 14.6% -
Fréjus Wevelgem €804,667 €104,022 5.8% -
Palladio Advies en Beheer Izegem €765,371 €110,015 42.4% -
MATDA Izegem €745,487 €99,480 10.0% -
PASSCHYN SEBASTIAAN Ichtegem €728,498 €116,451 2.0% -
Kristof Boonen Pittem €720,753 €116,150 18.1% -

These companies have the same main activity as PUZZLS: business and other management consultancy (NACE 70200). They are comparable in size and age: total assets between €721,000 and €837,000, founded between 2020 and 2021.

Official details

Source: KBO
Status
Active since 23-12-2020Normal situation
Activity
Business and other management consultancyNACE 70200
Establishment unit
2.317.071.7618900 Ypres, since 23-12-2020
Financial year end
30 September
Peppol
Reachable since 27-01-2026
Company details

Annual accounts to 30-09-2025

€101,940▲ 1.6%
≈ €170,000estimated
€12,847▼ 9.4%
€215,795▼ 1.0%
€801,580▼ 3.5%
Filing
Filed on 30-04-2026, on the last day of the filing period
Financials

Insights on PUZZLS

PUZZLS files the micro format. That format states no turnover. The gross margin rose from €69,746 in 2021 to €101,940 in 2025.

Sources: KBO register, filings at the National Bank, Belgian Official Gazette.

Financials

Annual accounts 2025

micro format, filed on 30-04-2026, on the day of the deadline
€101,940
▲ 1.6%
€42,758
▲ 35.0%
€12,847
▼ 9.4%
-€4,858
▲ €7,777
26.9%
▲ 0.7 percentage points
0.95
▲ 0.10

Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.

Turnover ≈ €170,000. Estimated: probably between €150,000 and €210,000.

Balance sheet

balance sheet total €801,580 on 30-09-2025
What the company ownsHow it is paid for

in euro

in euro

Position in the sector

Compare with sector

26.9%

Higher than 28% of 39,360 companies in 2025.

0.95

Higher than 23% of 38,044 companies in 2025.

1.6%

Higher than 23% of 38,516 companies in 2025.

PUZZLS Middle half of the sector 80% of the sector Micro accounts in head offices and management consultancy (NACE 70)

Net result: middle half · Equity: middle half · Balance sheet total: top quarter · Working capital: bottom quarter

Filed annual accounts

as filed with the National Bank, click a year to choose it
Line Trend20252024202320222021
Balance sheet: assets
20/58 801,580831,063259,726160,76380,550
21/28 708,245761,121---
22/27 707,745761,121---
22 705,832761,121---
23 1,912----
28 500----
29/58 93,33569,942259,726160,76380,550
40/41 33,49333,77929,94012,70521,376
40 26,22022,48223,13912,70521,376
41 7,27311,2986,801--
54/58 59,63334,569226,605147,43359,154
490/1 2101,5943,18162520
Balance sheet: equity and liabilities
10/49 801,580831,063259,726160,76380,550
10/15 215,795217,948211,766134,16855,389
10/11 100100100100100
13 215,695217,848211,666134,06855,289
133 215,695217,848211,666134,06855,289
14 000--
17/49 585,785613,11547,96026,59625,161
17 471,252530,010---
170/4 471,252530,010---
42/48 98,19382,57845,24623,86224,225
42 58,75958,064---
44 05,6523,7581,223304
440/4 05,6523,7581,223304
45 26,68412,06135,48822,54319,404
450/3 26,68411,31835,48822,54319,404
454/9 0743---
47/48 12,7506,8006,000964,516
492/3 16,3405282,7142,734937
Income statement
9900 101,940100,333106,845101,45269,746
630 58,02566,271---
640/8 1,1562,3781,153815509
9901 42,75831,684105,692100,63869,238
75/76B 402884315-8
75 402884315-8
65/66B 21,99911,79444828316
65 21,99911,79444828316
9903 21,16220,775105,559100,35569,230
67/77 8,3156,59321,96121,57613,942
9904 12,84714,18283,59878,77955,289
9905 12,84714,18283,59878,77955,289
Appropriation of the result
9906 12,84714,18283,59878,77955,289
791/2 15,000----
691/2 12,8476,18277,59878,77955,289
6921 12,8476,18277,59878,77955,289
694/7 15,0008,0006,000--
694 15,0008,000---
695 -06,000--
Document PDFPDFPDFPDFPDF

The notes to these accounts have 16 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the filed accounts (PDF).

Source: Annual accounts 2025 (PDF), filed on 30-04-2026.

Download as CSV

Filings

each dot is a set of accounts, on the day it reached the National Bank
Financial year Type Filed Reference Document
30-09-2025 micro format 30-04-2026 2026-00098949 PDF
30-09-2024 micro format 30-04-2025 2025-00089049 PDF
30-09-2023 micro format 30-04-2024 2024-00078913 PDF
30-09-2022 micro format 02-05-2023 2023-00074461 PDF
30-09-2021 micro format 04-05-2022 2022-20019143 PDF

Key figures and ratios

per financial year, computed from the annual accounts
Line Trend20252024202320222021
100,78497,955---
70,87280,453---
5,149827,392---
25,063-192,03579,17288,279-
-4,858-12,635214,480136,90256,325
26.9%26.2%81.5%83.5%68.8%
0.950.855.746.743.33
2.712.810.230.200.45
6.0%6.5%39.5%58.7%99.8%
1.6%1.7%32.2%49.0%68.6%
4.588.31---

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.

Securities and guarantees

on own assets and for others
Item30-09-202530-09-202430-09-202330-09-202230-09-2021
Mortgages, amount registered€25,000€25,000---
€481,800€481,800---
Carrying value of the mortgaged assets€703,128€761,121---

Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)

Investments

fixed assets acquired
Item30-09-202530-09-202430-09-202330-09-202230-09-2021
Tangible fixed assets€4,649€827,392---
Financial fixed assets€500----
€58,025€66,271---

Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)

Insights on PUZZLS

The operating result for 2025 is 35% higher than in 2024. It is a recovery after the fall in 2024.

Debt's share of the balance-sheet total falls from 73.8% to 73.1%. Equity and debt are lower.

Board & ownership

Board

1 director, since incorporation
DE BOCK Chris Roza Minard Martha
Director (not named in the articles)
appointed by deed of 28-12-2020 term without a fixed end
listed in the 2025 annual accounts, filed on 30-04-2026
Signing authorityThe articles say who may bind the company, for example by signing a contract.
“Bevoegdheden van het bestuursorgaan - Externe vertegenwoordiging Het bestuursorgaan zal overeenkomstig artikel 5:73 WVV, alle handelingen…”
deed of 28-12-2020

Office holders in the KBO →

Mandates through the years

1 name, the dashed line is today
DE BOCK Chris Roza Minard Martha
Director (not named in the articles)
Board
Mandates as a list
  • DE BOCK Chris Roza Minard Martha
    • Director (not named in the articles), appointed by deed of 28-12-2020, still in office

See the board, name and registered office on a given date →

Control

Founders
DE BOCK Chris Roza Minard Martha, DEGRAVE Jolien
This company
PUZZLS
Equity €215,795
Profit €12,847 in 2025

Capital

Contribution
€100
Shares
10
Contribution per share
€10
Equity per share
€21,579 in 2025
Source
2025 annual accounts

Articles of association

deed of 28-12-2020 (in Dutch)
DurationMost companies exist for an unlimited period, until they are dissolved.
Unlimited
Board ruleThese rules set how the board is made up, meets and takes decisions.
“Algemene vergadering kan mandaat van al dan niet in statuten benoemde bestuurder steeds beeindigen wegens wettige reden,zonder…”
Annual meetingThe shareholders approve the annual accounts, among other things, at the annual meeting.
Second Tuesday of March
Liquidation ruleIn a liquidation the creditors are paid first. What is left goes to the shareholders.
“Algemene vergadering ontbonden vennootschap kan te allen tijde bij gewone meerderheid een of meer vereffenaars benoemen of ontslaan…”

Shareholders

At incorporation deed of 28-12-2020 ↗

Network & group

No group

PUZZLS has no parent and no holdings in its annual accounts. DE BOCK Chris Roza Minard Martha is the only director. PUZZLS shares no director with another company.

Timeline

Timeline

12 events since 2020

Deadline for the 2026 accounts: 30-04-2027

2026
Annual accounts 2025 filed PDFmicro format · on the deadline day
Registered in the Peppol Directory Reachable for e-invoices through 0208:0760476535
2025
Annual accounts 2024 filed PDFmicro format · on the deadline day
2024
Annual accounts 2023 filed PDFmicro format · on the deadline day
2023
Highest result from 2021 to 2025 net €83,598 ▲6.1% The operating result of €105,692 and the net result of €83,598 are both a record.
Equity above €200,000 equity €211,766 ▲57.8% With a profit in every financial year since 2021, equity grows to €211,766.
Annual accounts 2022 filed PDFmicro format · 2 days late
2022
Liquidity doubles current ratio 6.74 The current ratio rises from 3.33 to 6.74. Short-term debt falls from €24,225 to €23,862.
Equity above €100,000 equity €134,168 ▲142% With a profit in every financial year since 2021, equity grows to €134,168.
Annual accounts 2021 filed PDFmicro format · 4 days late
2020
IncorporationFounders: DE BOCK Chris Roza Minard Martha and DEGRAVE Jolien · 10 shares · Appointment: DE BOCK Chris Roza Minard Martha (director) · published on 28-12-20205 points ▸

Open the deed in the Belgian Official Gazette

First establishment Grimminckstraat 2, Ypres

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

PUZZLS was incorporated on 23 December 2020 as a private limited company by two natural persons.12 DE BOCK Chris Roza Minard Martha is director of the company, appointed by deed of 28-12-2020.2 Total assets rose from €80,550 in 2021 to €801,580 in 2025.3

  1. 1KBO register
  2. 2Belgian Official Gazette, 28-12-2020
  3. 3National Bank, annual accounts 2021 and 2025

Company details

Identity

Enterprise number
0760.476.535
VAT number
BE 0760.476.535
Peppol ID
0208:0760476535
Other Peppol ID
9925:BE0760476535
Legal form
Private limited company
Status
Active, normal situation
Founded
23-12-2020
Financial year
ends on 30 September
Annual meetingThe shareholders approve the annual accounts, among other things, at the annual meeting.
Second Tuesday of March
deed of 28-12-2020 (in Dutch)
Peppol
Reachable since 27-01-2026Follow this company and you will hear the next morning if it leaves the Peppol register.
Name
PUZZLS in Dutch
Entity type
Legal entity
DurationMost companies exist for an unlimited period, until they are dissolved.
Unlimited
deed of 28-12-2020 (in Dutch)
Registered office clauseThe articles name the region of the registered office. The language of official documents depends on that region, among other things.
“Vlaams Gewest”
deed of 28-12-2020 (in Dutch)

Activities

NACEBEL 2025
70200 Business and other management consultancy main activity
Codes under NACEBEL 2008
70220 Business consulting main activity

Registered office and establishments

1 establishment
Establishment Since Unit number
Grimminckstraat 2 registered office 8900 Ypres 23-12-2020 2.317.071.761

Buildings and parcels at the address

Ground area
201 m²
Buildings
87 m²
Volume, LiDAR
526 m³
Tallest building
10.7 m
Buildings to scale, each on its own parcel
86 m², 10.7 m 86 m², 10.7 m

Location

registered office establishment The establishment unit on the map

Parcels

Cadastral parcelArea Buildings Height / floors
33011H0016/00L000201 m² 1 · 86 m² 10.7 m · 1

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