SAGA
ActiveSummary
SAGA has been active since 2015 and the Belgian State Gazette contains no insolvency or warning signals. The 2024 annual accounts show equity of €1.3m and a net result of €175,300. Equity is growing by ~13.1% per year across the filed fiscal years. Its solvency ranks better than 71% of 8969 sector peers (fiscal year 2024). The computed 12-month bankruptcy probability is 1.0% (low).
Checked score
Score 2024
Axes · tick = 2023
Profitability81▲+3
Solvency99▲+23
Growth52=
Track record100
Bankruptcy probability, 12 months
1.0%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €95,000 at 30 days acceptable
Liquidity ample (current ratio 2.3 against 1.94 in 2023; short-term debt: 8.1% and cash: 0% of total assets), and 25.8% of the assets are financed with debt.
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Signals
Three signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2024Solvency, return and age of the figures
Solvency
74.2%
Return on assets
9.8%
Age of the figures
21 mo
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2024 was due by 31-07-2025 and was filed on 17-06-2025, 44 days ahead of the deadline.
NBB · 9 filingsDeviation from the deadline
2025
not confirmed
2024
44 d early
2023
19 d late
2022
24 d late
2021
5 d early
2020
26 d early
2019
32 d early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 6 accounts on average 11 days before the deadline; the sector median for financial year 2024 is 6 days before the deadline, and 36% of the sector filed late.
Checked, nothing found (1)
History
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Financials · fiscal year 2024, micro schema
Equity
€1.3m▲ 15.3%
2023 · €1.1m
Total assets
€1.8m▼ 20.7%
2023 · €2.2m
Net result
€175,300▲ 3.7%
2023 · €169,084
Working capital
€187,418▼ 46.0%
2023 · €347,020
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 73, Advertising, market research and public relations activities, each year against the same schema; no band under 30 filings. Dashed line: the median.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20202021202220232024
Operating result€599,027▼ 1.0%€352,003▼ 41.2%€247,111▼ 29.8%€232,389▼ 6.0%€237,489▲ 2.2%
Net result€440,866above the sector's middle half▲ 3.9%€303,664above the sector's middle half▼ 31.1%€193,678above the sector's middle half▼ 36.2%€169,084above the sector's middle half▼ 12.7%€175,300above the sector's middle half▲ 3.7%
Equity€779,101above the sector's middle half▲ 35.8%€982,765above the sector's middle half▲ 26.1%€1.1mabove the sector's middle half▲ 9.5%€1.1mabove the sector's middle half▲ 6.4%€1.3mabove the sector's middle half▲ 15.3%
Total assets€1.8mabove the sector's middle half▲ 43.4%€1.8mabove the sector's middle half▼ 0.4%€1.8mabove the sector's middle half▲ 1.4%€2.2mabove the sector's middle half▲ 25.0%€1.8mabove the sector's middle half▼ 20.7%
Debt€998,816▲ 49.9%€788,492▼ 21.1%€720,189▼ 8.7%€1.1m▲ 52.9%€459,969▼ 58.2%
Working capital€152,331within the sector's middle half▲ 41.0%€175,096within the sector's middle half▲ 14.9%-€15,555within the sector's middle half€347,020above the sector's middle half€187,418above the sector's middle half▼ 46.0%
Solvency43.8%within the sector's middle half▼ 2.4pp55.5%within the sector's middle half▲ 11.7pp59.9%within the sector's middle half▲ 4.4pp51.0%within the sector's middle half▼ 8.9pp74.2%within the sector's middle half▲ 23.2pp
Current ratio1.25within the sector's middle half▲ 0.021.74within the sector's middle half▲ 0.490.94within the sector's middle half▼ 0.801.94within the sector's middle half▲ 1.012.30within the sector's middle half▲ 0.35
Return on assets (ROA)24.8%above the sector's middle half▼ 9.4pp17.1%above the sector's middle half▼ 7.7pp10.8%within the sector's middle half▼ 6.4pp7.5%within the sector's middle half▼ 3.3pp9.8%within the sector's middle half▲ 2.3pp
above
within
below
the middle half (P25 to P75) of NACE 73, Advertising, market research and public relations activities, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the abbreviated or micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result recovers in 2024; 2024 is 2% above 2023.
Balance-sheet composition
2024 in colour, 2023 as the grey bar beneath
Assets €1.8m
Fixed assets
€1.4m ▼ 5.4%
Current assets
€331,921 ▼ 53.6%
Equity and liabilities €1.8m
Equity
€1.3m ▲ 15.3%
Debt
€459,969 ▼ 58.2%
Debt's share of the balance-sheet total falls from 49.0% to 25.8%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€341,134▲
2023 · €331,083
Cash flow
€278,946▲
2023 · €267,778
Debt to equity
0.35▼
2023 · 0.96
ROE
13.3%▼
2023 · 14.8%
Interest coverage
36.85▲
2023 · 35.07
Debt ≤ 1 year
€144,503▼
2023 · €367,599
Debt > 1 year
€311,973▼
2023 · €393,144
Income taxes
€56,981▲
2023 · €53,866
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 17,810 companies that looked in July 2024 the way this one looks now, 0.2% went bankrupt within 24 months and 97% are still going.
- Small
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
0.2%
went bankrupt
3.1%
stopped otherwise
97%
still going
For this company itself Checked computes a higher bankruptcy probability: 1.0% over twelve months. The score reads more about this company than the group's four characteristics; both figures are right about what they measure.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,662 companies of July 2024 its group's bankruptcy share. Expected: 1.5%; actually bankrupt within 24 months: 1.6%.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.4% |
| 3 | 0.5% | 0.5% |
| 4 | 0.6% | 0.7% |
| 5 | 0.8% | 0.9% |
| 6 | 1.2% | 1.3% |
| 7 | 1.5% | 1.7% |
| 8 | 1.7% | 1.7% |
| 9 | 2.7% | 2.8% |
| 10 | 5.3% | 5.7% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 75% 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 17,810 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.
Annual accounts
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | €6,236 | - | - | €1,653 | - |
| Remuneration, social security and pensions62 | - | €73 | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €45,038 | €62,549 | €87,298 | €98,694 | €103,645 | ▲ 5.0% |
| Other operating charges640/8 | - | €3,761 | €5,344 | €15,991 | €8,427 | ▼ 47.3% |
| Gross operating margin9900 | €648,980 | €418,387 | €339,754 | €347,075 | €349,561 | ▲ 0.7% |
| Operating profit (loss)9901 | €599,027 | €352,003 | €247,111 | €232,389 | €237,489 | ▲ 2.2% |
| Financial income75/76B | - | €137 | €806 | €1 | €4,050 | ▲ 408,991% |
| Recurring financial income75 | €37 | €137 | €806 | €1 | €4,050 | ▲ 408,991% |
| Financial charges65/66B | - | €8,426 | €8,226 | €9,440 | €9,257 | ▼ 1.9% |
| Recurring financial charges65 | €7,383 | €8,426 | €8,226 | €9,440 | €9,257 | ▼ 1.9% |
| Profit (loss) for the period before taxes9903 | €591,681 | €343,714 | €239,691 | €222,949 | €232,282 | ▲ 4.2% |
| Income taxes67/77 | €150,816 | €40,050 | €46,013 | €53,866 | €56,981 | ▲ 5.8% |
| Profit (loss) for the period9904 | €440,866 | €303,664 | €193,678 | €169,084 | €175,300 | ▲ 3.7% |
| Profit (loss) for the period to be appropriated9905 | €440,866 | €303,664 | €193,678 | €169,084 | €175,300 | ▲ 3.7% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €1.8m | €1.8m | €1.8m | €2.2m | €1.8m | ▼ 20.7% |
| Fixed assets21/28 | €1.0m | €1.4m | €1.6m | €1.5m | €1.4m | ▼ 5.4% |
| Tangible fixed assets22/27 | €1.0m | €1.4m | €1.6m | €1.5m | €1.4m | ▼ 5.4% |
| Land and buildings22 | - | €937,295 | €1.3m | €1.2m | €1.3m | ▲ 5.1% |
| Plant, machinery and equipment23 | - | €24,258 | €22,752 | €20,995 | €18,651 | ▼ 11.2% |
| Furniture and vehicles24 | - | €68,561 | €63,196 | €53,325 | €35,026 | ▼ 34.3% |
| Other tangible fixed assets26 | - | €30,978 | €226,258 | €268,075 | €144,561 | ▼ 46.1% |
| Assets under construction and advance payments27 | - | €298,726 | - | - | - | - |
| Current assets29/58 | €749,865 | €411,438 | €231,436 | €714,618 | €331,921 | ▼ 53.6% |
| Amounts receivable within one year40/41 | €83,329 | €154,873 | €155,216 | €24,622 | €25,584 | ▲ 3.9% |
| Trade receivables40 | - | €62,762 | €82,584 | €8,179 | €23,557 | ▲ 188% |
| Other amounts receivable41 | - | €92,111 | €72,633 | €16,443 | €2,026 | ▼ 87.7% |
| Current investments50/53 | - | - | - | €120,000 | €305,575 | ▲ 155% |
| Cash at bank and in hand54/58 | €662,147 | €256,565 | €72,779 | €565,748 | €398 | ▼ 99.9% |
| Deferred charges and accrued income490/1 | - | - | €3,441 | €4,248 | €364 | ▼ 91.4% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €1.8m | €1.8m | €1.8m | €2.2m | €1.8m | ▼ 20.7% |
| Equity10/15 | €779,101 | €982,765 | €1.1m | €1.1m | €1.3m | ▲ 15.3% |
| Contributions10/11 | - | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €157,000 | €157,000 | €1.1m | €1.1m | €1.3m | ▲ 15.6% |
| Non-distributable reserves130/1 | - | €1,860 | €1,860 | €0 | - | - |
| Reserves not available under the articles1311 | - | €1,860 | €1,860 | €0 | - | - |
| Distributable reserves133 | - | €155,140 | €1.1m | €1.1m | €1.3m | ▲ 15.6% |
| Profit (loss) carried forward14 | €603,501 | €807,165 | - | €0 | €0 | - |
| Amounts payable17/49 | €998,816 | €788,492 | €720,189 | €1.1m | €459,969 | ▼ 58.2% |
| Amounts payable after more than one year17 | €401,282 | €552,150 | €473,198 | €393,144 | €311,973 | ▼ 20.6% |
| Financial debts170/4 | - | €552,150 | €473,198 | €393,144 | €311,973 | ▼ 20.6% |
| Amounts payable within one year42/48 | €597,534 | €236,342 | €246,991 | €367,599 | €144,503 | ▼ 60.7% |
| Current portion of amounts payable after more than one year42 | - | €69,133 | €78,952 | €80,053 | €81,171 | ▲ 1.4% |
| Financial debts43 | - | - | - | - | €520 | - |
| Credit institutions430/8 | - | - | - | - | €520 | - |
| Trade debts44 | €13,333 | €43,122 | €45,793 | €17,153 | €16,722 | ▼ 2.5% |
| Suppliers440/4 | - | €43,122 | €45,793 | €17,153 | €16,722 | ▼ 2.5% |
| Taxes, remuneration and social security45 | - | €17,402 | €16,034 | €101,618 | €16,689 | ▼ 83.6% |
| Taxes450/3 | - | €13,118 | €16,034 | €101,618 | €16,689 | ▼ 83.6% |
| Remuneration and social security454/9 | - | €4,284 | - | - | - | - |
| Other amounts payable47/48 | - | €106,686 | €106,212 | €168,774 | €29,401 | ▼ 82.6% |
| Accrued charges and deferred income492/3 | - | - | - | €340,310 | €3,493 | ▼ 99.0% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €440,866 | €303,664 | €193,678 | €169,084 | €175,300 | ▲ 3.7% |
| + Depreciation and write-downs630 | €45,038 | €62,549 | €87,298 | €98,694 | €103,645 | ▲ 5.0% |
| Operating cash flow (approximation) | €485,903 | €366,213 | €280,977 | €267,778 | €278,946 | ▲ 4.2% |
| Investment in fixed assets (approximation) | - | -€394,315 | -€292,675 | -€65,460 | -€20,560 | ▲ 68.6% |
| Change in cash | - | -€405,582 | -€183,786 | €492,970 | -€565,351 | ▼ 215% |
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
2025
17-06
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
19-08
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 19 days late
2023
31-12
Financial
Weakest financial yearnet €169,084 ▼12.7%
Net result drops to €169,084, the lowest in the series; recovery starts the following year.
31-12
Financial
Liquidity doublescurrent ratio 1.94
Current ratio from 0.94 to 1.94.
24-08
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema · 24 days late
2022
31-12
Financial
Equity above €1mEq €1.1m ▲9.5%
5 profitable years in a row build equity to €1.1m.
26-07
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema
2021
05-07
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema
2020
31-12
Financial
Highest result since 2018net €440,866 ▲3.9%
Net result €440,866, the highest in the series.
29-06
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema
2019
11-07
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema
2018
16-08
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema · 16 days late
2017
14-08
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema · 14 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 4 acts read
About the unread acts
We know of 4 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
4 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-Joost-ten-Node · 1 establishment unit since 2015
Ground area
3,620 m²
Building footprint
1,191 m²
Volume, LiDAR
73,809 m³
2 parcels, Brussels, Flanders · tallest building 99.6 m, ±23 floors. Linked by address, not a title deed.
91
companies at this address
See who is registered here
1 establishment unit
Flex HR
since 20152.249.232.436
2 parcels
Flanders
1
(50%)
Brussels
1
(50%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 21014A0134/00D002 ProtectedSite or landscapeKruidtuinpark |
Brussels | 3,260 m² | 1 · 1,083 m² | 99.5 m · 23 fl. |
| 23602H0151/00L002 | Flanders | 360 m² | 1 · 108 m² | 13.1 m · 3 fl. |
Linked by address, not proof of ownership
Good to know
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: expect extra rules on renovation or sale.
Public money · subsidies and aid
Flemish government
2024 · 1 entry · 1,071 EUR awarded| Year | Entries | awarded | paid |
|---|---|---|---|
| 2024 | 1 | 1,071 EUR | 0 EUR |
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Of 13,417 companies in sector 73300 we hold annual accounts for 6,906. 2,612 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
Founded02-12-2015
Fiscal year end31-12
Trade name NL
FLEX HR
Activities, NACEBEL 2025
73300Public relations and communication consultancy
68110Buying and selling of own real estate
70200Business and other management consultancy
78100Employment placement agencies
78200Temporary employment agencies and other provision of personnel
82100Office administrative and support services
E-invoicing
Reachable via Peppol
Peppol ID
0208:0643780387
Also
9925:BE0643780387
Registered
10-10-2025
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 28 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.