Relax
ActiveSummary
Relax has been active since 1996 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €1.30M and a net result of €239k. Equity is growing by ~11.2% per year across the filed fiscal years. Its solvency ranks better than 61% of 31791 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.1% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability84▲+14
Solvency92▲+7
Growth78▲+26
Track record100
Bankruptcy probability, 12 months
0.1%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €100k at 30 days acceptable
Liquidity short (current ratio 0.73 against 0.16 in 2024; short-term debt: 30.9% and cash: 4% of total assets), and 33.4% of the assets are financed with debt.
Credit check for your own amount and term
Signals
Four signals. The signal on the left, the evidence on the right.
−lowers risk○neutral
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 70
Relative position
BE, all sectors
reference
Activities of head offices; management consultancy activities (NACE 70)
about 69% fewer bankruptcies
← 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
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
66.6%
Return on assets
12.2%
Age of the figures
12 mo
neutral · A punctual record breaks
This company filed 9 consecutive financial years on time. The year that closed on 30-09-2025 was due by 30-04-2026 and was filed on 13-05-2026, 13 days late. Weigh it accordingly: a break into the 1-to-90-day band measures 1.41% abnormal legal state, below the 1.66% market average. It is a change in behaviour, not evidence of elevated risk.
NBB · 10 filingsDeviation from the deadline
2025
13 d late
2024
1 d early
2023
on the day
2022
2 d early
2021
1 d early
2020
30 d early
2019
30 d early
← before the deadline
after the deadline →
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 30-09-2026 and is due by 30-04-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
25-09-2026 today30-09-2026 close30-04-2027 deadline
Financials · fiscal year 2025, micro schema
Equity
€1.30M▲ 22.5%
2024 · €1.06M
2018: €537klowest in 8 years
2019: €709k▲ +31.9% vs 2018
2020: €754k▲ +6.4% vs 2019
2021: €890k▲ +18.0% vs 2020
2022: €975k▲ +9.5% vs 2021
2023: €1.04M▲ +6.5% vs 2022
2024: €1.06M▲ +2.2% vs 2023
2025: €1.30M▲ +22.5% vs 2024highest in 8 years
2018 → 2025
Total assets
€1.95M▲ 9.5%
2024 · €1.78M
2018: €1.51M
2019: €1.48M▼ -1.7% vs 2018lowest in 8 years
2020: €1.67M▲ +12.2% vs 2019
2021: €1.80M▲ +8.2% vs 2020
2022: €1.85M▲ +2.5% vs 2021
2023: €1.79M▼ -3.0% vs 2022
2024: €1.78M▼ -0.7% vs 2023
2025: €1.95M▲ +9.5% vs 2024highest in 8 years
2018 → 2025
Net result
€239k▲ 966%
2024 · €22k
2018: €117k
2019: €171k▲ +46.1% vs 2018
2020: €45k▼ -73.6% vs 2019
2021: €136k▲ +200% vs 2020
2022: €84k▼ -38.1% vs 2021
2023: €63k▼ -25.1% vs 2022
2024: €22k▼ -64.5% vs 2023lowest in 8 years
2025: €239k▲ +966% vs 2024highest in 8 years
2018 → 2025
Working capital
€-163k▲ 70.4%
2024 · €-552k
2018: €-311k
2019: €-122k▲ +60.7% vs 2018highest in 8 years
2020: €-458k▼ -274% vs 2019
2021: €-605k▼ -32.3% vs 2020
2022: €-669k▼ -10.5% vs 2021lowest in 8 years
2023: €-563k▲ +15.8% vs 2022
2024: €-552k▲ +2.0% vs 2023
2025: €-163k▲ +70.4% vs 2024
2018 → 2025
Trend over the years
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€890k-€975k▲ 9.5%€1.04M▲ 6.5%€1.06M▲ 2.2%€1.30M▲ 22.5%
2021: €890klowest in 5 years
2022: €975k▲ +9.5% vs 2021
2023: €1.04M▲ +6.5% vs 2022
2024: €1.06M▲ +2.2% vs 2023
2025: €1.30M▲ +22.5% vs 2024highest in 5 years
Operating result€193k-€120k▼ 38.0%€104k▼ 13.0%€71k▼ 32.0%€347k▲ 391%
2021: €193k
2022: €120k▼ -38.0% vs 2021
2023: €104k▼ -13.0% vs 2022
2024: €71k▼ -32.0% vs 2023lowest in 5 years
2025: €347k▲ +391% vs 2024highest in 5 years
Net result€136k-€84k▼ 38.1%€63k▼ 25.1%€22k▼ 64.5%€239k▲ 966%
2021: €136k
2022: €84k▼ -38.1% vs 2021
2023: €63k▼ -25.1% vs 2022
2024: €22k▼ -64.5% vs 2023lowest in 5 years
2025: €239k▲ +966% vs 2024highest in 5 years
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result recovers in 2025; 2025 is 391% above 2024 and is the highest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €1.95M
Fixed assets
€1.51M ▼ 9.7%
Current assets
€439k ▲ 309%
Equity and liabilities €1.95M
Equity
€1.30M ▲ 22.5%
Provisions
€15k =
Debt
€635k ▼ 9.9%
Debt's share of the balance-sheet total falls from 39.6% to 32.6%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€439k▲
2024 · €176k
Cash flow
€331k▲
2024 · €128k
Current ratio
0.73▲
2024 · 0.16
Debt to equity
0.49▼
2024 · 0.66
ROE
18.4%▲
2024 · 2.1%
ROA
12.2%▲
2024 · 1.3%
Interest coverage
61.34▲
2024 · 15.93
Debt ≤ 1 year
€602k▼
2024 · €659k
Debt > 1 year
€20k▼
2024 · €41k
Income taxes
€101k▲
2024 · €38k
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 · 58 lines
Balance sheet
Code20242025
Assets
Total assets20/58€1.78M€1.95M▲
Fixed assets21/28€1.67M€1.51M▼
Tangible fixed assets22/27€1.67M€1.51M▼
Land and buildings22€1.57M€1.43M▼
Plant, machinery and equipment23€96k€76k▼
Furniture and vehicles24€4k€2k▼
Current assets29/58€107k€439k▲
Amounts receivable within one year40/41€34k€34k▲
Trade receivables40€1k€2k▲
Other amounts receivable41€33k€32k▼
Current investments50/53€27k€327k▲
Cash at bank and in hand54/58€47k€78k▲
Equity and liabilities
Total equity and liabilities10/49€1.78M€1.95M▲
Equity10/15€1.06M€1.30M▲
Contributions10/11€19k€19k=
Capital10€19k-
Issued capital100€19k-
Reserves13€739k€978k▲
Non-distributable reserves130/1€2k-
Legal reserve130€2k-
Tax-exempt reserves132€63k€126k▲
Distributable reserves133€674k€852k▲
Profit (loss) carried forward14€302k€302k=
Provisions and deferred taxes16€15k€15k=
Provisions for liabilities and charges160/5€15k€15k=
Other liabilities and charges164/5€15k€15k=
Amounts payable17/49€705k€635k▼
Amounts payable after more than one year17€41k€20k▼
Financial debts170/4€41k€20k▼
Amounts payable within one year42/48€659k€602k▼
Current portion of amounts payable after more than one year42€7k€3k▼
Financial debts43€21k€21k=
Credit institutions430/8€21k€21k=
Trade debts44€18k€2k▼
Suppliers440/4€18k€2k▼
Taxes, remuneration and social security45€54k€27k▼
Taxes450/3€54k€27k▼
Other amounts payable47/48€559k€549k▼
Accrued charges and deferred income492/3€5k€13k▲
Income statement
Code20242025
Non-recurring operating income76A-€179k
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€105k€92k▼
Other operating charges640/8€94k€8k▼
Gross operating margin9900€271k€448k▲
Operating profit (loss)9901€71k€347k▲
Financial income75/76B€1k€88▼
Recurring financial income75€1k€88▼
Financial charges65/66B€11k€7k▼
Recurring financial charges65€11k€7k▼
Profit (loss) for the period before taxes9903€61k€340k▲
Income taxes67/77€38k€101k▲
Profit (loss) for the period9904€22k€239k▲
Transfer from tax-exempt reserves789€195k€63k▼
Transfer to tax-exempt reserves689-€126k
Profit (loss) for the period to be appropriated9905€218k€175k▼
Appropriation of the result
Profit (loss) to be appropriated9906€520k€478k▼
Profit (loss) brought forward from the previous period14P€302k€302k=
Transfer to equity691/2€218k€175k▼
To other reserves6921€218k€175k▼
The notes to these accounts (10 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Accounts by statement
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | €20k | - | - | - | €179k | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €100k | €124k | €113k | €105k | €92k | ▼ 12.5% |
| Other operating charges640/8 | €27k | €13k | €4k | €94k | €8k | ▼ 91.2% |
| Gross operating margin9900 | €320k | €257k | €222k | €271k | €448k | ▲ 65.5% |
| Operating profit (loss)9901 | €193k | €120k | €104k | €71k | €347k | ▲ 391% |
| Financial income75/76B | €2k | €640 | €1k | €1k | €88 | ▼ 91.3% |
| Recurring financial income75 | €2k | €640 | €1k | €1k | €88 | ▼ 91.3% |
| Financial charges65/66B | €2k | €5k | €11k | €11k | €7k | ▼ 35.2% |
| Recurring financial charges65 | €2k | €5k | €11k | €11k | €7k | ▼ 35.2% |
| Profit (loss) for the period before taxes9903 | €193k | €115k | €94k | €61k | €340k | ▲ 461% |
| Income taxes67/77 | €57k | €30k | €31k | €38k | €101k | ▲ 165% |
| Profit (loss) for the period9904 | €136k | €84k | €63k | €22k | €239k | ▲ 966% |
| Transfer from tax-exempt reserves789 | - | €223 | - | €195k | €63k | ▼ 67.7% |
| Transfer to tax-exempt reserves689 | €80k | €55k | - | - | €126k | - |
| Profit (loss) for the period to be appropriated9905 | €56k | €30k | €63k | €218k | €175k | ▼ 19.4% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €1.80M | €1.85M | €1.79M | €1.78M | €1.95M | ▲ 9.5% |
| Fixed assets21/28 | €1.76M | €1.79M | €1.68M | €1.67M | €1.51M | ▼ 9.7% |
| Tangible fixed assets22/27 | €1.76M | €1.79M | €1.68M | €1.67M | €1.51M | ▼ 9.7% |
| Land and buildings22 | €1.54M | €1.62M | €1.55M | €1.57M | €1.43M | ▼ 9.0% |
| Plant, machinery and equipment23 | €202k | €167k | €126k | €96k | €76k | ▼ 20.5% |
| Furniture and vehicles24 | €11k | €9k | €6k | €4k | €2k | ▼ 50.0% |
| Current assets29/58 | €47k | €55k | €113k | €107k | €439k | ▲ 309% |
| Amounts receivable within one year40/41 | €15k | €14k | €17k | €34k | €34k | ▲ 1.0% |
| Trade receivables40 | €1k | €309 | €762 | €1k | €2k | ▲ 50.0% |
| Other amounts receivable41 | €14k | €14k | €16k | €33k | €32k | ▼ 0.6% |
| Current investments50/53 | €27k | €27k | €27k | €27k | €327k | ▲ 1,107% |
| Cash at bank and in hand54/58 | €5k | €12k | €69k | €47k | €78k | ▲ 67.5% |
| Deferred charges and accrued income490/1 | - | €2k | - | - | - | - |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €1.80M | €1.85M | €1.79M | €1.78M | €1.95M | ▲ 9.5% |
| Equity10/15 | €890k | €975k | €1.04M | €1.06M | €1.30M | ▲ 22.5% |
| Contributions10/11 | €19k | €19k | €19k | €19k | €19k | = |
| Capital10 | €19k | €19k | €19k | €19k | - | - |
| Issued capital100 | €19k | €19k | €19k | €19k | - | - |
| Reserves13 | €570k | €654k | €717k | €739k | €978k | ▲ 32.3% |
| Non-distributable reserves130/1 | €2k | €2k | €2k | €2k | - | - |
| Legal reserve130 | €2k | €2k | €2k | €2k | - | - |
| Tax-exempt reserves132 | €204k | €259k | €259k | €63k | €126k | ▲ 100% |
| Distributable reserves133 | €364k | €393k | €456k | €674k | €852k | ▲ 26.3% |
| Profit (loss) carried forward14 | €302k | €302k | €302k | €302k | €302k | = |
| Provisions and deferred taxes16 | €15k | €15k | €15k | €15k | €15k | = |
| Provisions for liabilities and charges160/5 | €15k | €15k | €15k | €15k | €15k | = |
| Other liabilities and charges164/5 | €15k | €15k | €15k | €15k | €15k | = |
| Amounts payable17/49 | €898k | €858k | €740k | €705k | €635k | ▼ 9.9% |
| Amounts payable after more than one year17 | €245k | €134k | €62k | €41k | €20k | ▼ 52.2% |
| Financial debts170/4 | €245k | €134k | €62k | €41k | €20k | ▼ 52.2% |
| Amounts payable within one year42/48 | €653k | €724k | €676k | €659k | €602k | ▼ 8.6% |
| Current portion of amounts payable after more than one year42 | €31k | €35k | €5k | €7k | €3k | ▼ 48.7% |
| Financial debts43 | €79k | €79k | €72k | €21k | €21k | = |
| Credit institutions430/8 | €79k | €79k | €72k | €21k | €21k | = |
| Trade debts44 | €8k | €23k | €9k | €18k | €2k | ▼ 90.4% |
| Suppliers440/4 | €8k | €23k | €9k | €18k | €2k | ▼ 90.4% |
| Taxes, remuneration and social security45 | €56k | €23k | €12k | €54k | €27k | ▼ 50.0% |
| Taxes450/3 | €56k | €23k | €12k | €54k | €27k | ▼ 50.0% |
| Other amounts payable47/48 | €478k | €563k | €578k | €559k | €549k | ▼ 1.8% |
| Accrued charges and deferred income492/3 | €77 | €868 | €2k | €5k | €13k | ▲ 169% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €136k | €84k | €63k | €22k | €239k | ▲ 966% |
| + Depreciation and write-downs630 | €100k | €124k | €113k | €105k | €92k | ▼ 12.5% |
| Operating cash flow (approximation) | €236k | €209k | €176k | €128k | €331k | ▲ 159% |
| Investment in fixed assets (approximation) | - | €-162k | €0 | €-98k | €71k | ▲ 172% |
| Change in cash | - | €6k | €57k | €-22k | €31k | ▲ 240% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
13-05
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema · 13 days late
2025
30-09
Financial
Highest result since 2018net €239k ▲966%
Operating result €347k, net result €239k, both a record.
29-04
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
30-09
Financial
Weakest financial yearnet €22k ▼64.5%
Net result drops to €22k, the lowest in the series; recovery starts the following year.
30-04
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
30-09
Financial
Equity above €1MEq €1.04M ▲6.5%
6 profitable years in a row build equity to €1.04M.
28-04
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
29-04
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
31-03
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
2020
31-03
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
2019
28-02
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
2018
28-02
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema
2017
31-03
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 6 acts read
About the unread acts
We know of 6 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
6 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, Alveringem
Ground area
2,133 m²
Building footprint
197 m²
Volume, LiDAR
1,115 m³
Parcel 38002C0828/00G000, Flanders · tallest building 7.6 m, ±2 floors. Linked by address, not a title deed.
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 38002C0828/00G000 | Flanders | 2,132 m² | 1 · 197 m² | 7.6 m · 2 fl. |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
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Of 82,553 companies in sector 70200 we hold annual accounts for 52,585. 24,984 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company
Founded20-06-1996
Fiscal year end30-09
Activities, NACEBEL 2025
70200Business and other management consultancy
Scores and ratios are computed by Checked and are not a credit decision.