Equity
Debts exceed assets in financial year 2025.
Debts exceed assets in financial year 2025.
Green is investment, beige is depreciation.
Latest accounts filed late: after the legal deadline.
Lower solvency than 95% of companies in head offices and management consultancy. Sector median 55.5% · 39,368 companies.
Negative equity caps the score at 59.
The dashed line is the sector median: 0.1% across 48,570 companies (NACE 70, micro).
About 1 in 100 comparable companies go bankrupt within 12 months (an estimate).
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 3% of them on solvency, 6% on liquidity, 10% on profitability and 17% on growth.
The bankruptcy probability was computed on 09-11-2026 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 31-12-2025.
Of the companies with a bankruptcy probability in the low class on 30-06-2025, 0.8% 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).
In July 2024, 1,564 companies had the same profile as SALMO DEVELOPMENT has now. Each dot stands for 4 companies, two years later.
Another 0.6% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of SALMO DEVELOPMENT itself: 1.3% within 12 months.
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.
| 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 1,564 companies, not a prediction for SALMO DEVELOPMENT. 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.
Liquidity is insufficient, with a current ratio of 0.16 (0.07 in 2024), below 1. Short-term debt is 133.4% and cash 10% of total assets. Equity is negative.
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.
The company filed its last 6 accounts on average 42 days 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.
| Company | ||||
|---|---|---|---|---|
| SALMO DEVELOPMENT Zaventem | €197,118 | -€2,268 | -33.4% | - |
| MERKATIKO Machelen (Brab.) | €209,340 | -€23,564 | 82.7% | - |
| JORALU CONSULTING Machelen (Brab.) | €226,342 | -€2,535 | 73.2% | - |
| INVESMART Zaventem | €170,227 | -€4,559 | -14.7% | - |
| BRUSSELS SWEETS Dilbeek | €189,112 | -€99,558 | -88.2% | - |
| NOVEMBER MANAGEMENT Sint-Genesius-Rode | €219,845 | -€961 | 68.8% | - |
| DHPG Tienen | €197,464 | -€17,575 | -1.6% | - |
These companies have the same main activity as SALMO DEVELOPMENT: business and other management consultancy (NACE 70200). They are comparable in size and age: total assets between €170,000 and €226,000, founded between 2019 and 2020.
SALMO DEVELOPMENT files the micro format. That format states no turnover. The gross margin fell from €13,297 in 2020 to -€2,268 in 2025.
The balance sheet grew most from 2024 to 2025 through fixed assets.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette.
Turnover and EBIT margin are not published. The micro format does not require them.
Lower than 95% of 39,368 companies in 2025.
Lower than 95% of 38,051 companies in 2025.
Higher than 10% of 38,523 companies in 2025.
Net result: bottom quarter · Equity: bottom quarter · Balance sheet total: middle half · Working capital: bottom quarter
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Balance sheet: assets | |||||||
20/58 |
197,118 | 35,367 | 3,942 | 9,779 | 16,678 | 29,319 | |
21/28 |
154,806 | 29,121 | 1,767 | 7,791 | 11,854 | 2,668 | |
22/27 |
154,806 | 29,121 | 1,767 | 7,791 | 11,854 | 2,668 | |
22 |
151,210 | - | - | - | - | - | |
23 |
- | - | - | - | - | 2,668 | |
24 |
0 | 27,868 | 324 | 6,157 | 10,029 | - | |
26 |
3,596 | 1,253 | 1,444 | 1,634 | 1,825 | - | |
29/58 |
42,311 | 6,246 | 2,175 | 1,988 | 4,824 | 26,651 | |
29 |
- | - | - | - | 3,046 | - | |
290 |
- | - | - | - | 1,111 | - | |
291 |
- | - | - | - | 1,935 | - | |
40/41 |
22,638 | 4,060 | 1,168 | 188 | - | 19,421 | |
40 |
21,541 | 3,455 | 687 | - | - | 19,323 | |
41 |
1,098 | 605 | 480 | 188 | - | 97 | |
54/58 |
19,673 | 2,107 | 981 | 1,800 | 1,444 | 7,230 | |
490/1 |
0 | 79 | 26 | - | 334 | - | |
| Balance sheet: equity and liabilities | |||||||
10/49 |
197,118 | 35,367 | 3,942 | 9,779 | 16,678 | 29,319 | |
10/15 |
-65,767 | -49,167 | -50,149 | -46,747 | -26,628 | 20,172 | |
10/11 |
10,000 | 10,000 | 10,000 | 10,000 | 10,000 | 10,000 | |
14 |
-75,767 | -59,167 | -60,149 | -56,747 | -36,628 | 10,172 | |
17/49 |
262,884 | 84,534 | 54,091 | 56,526 | 43,306 | 9,146 | |
42/48 |
262,884 | 84,534 | 54,091 | 56,526 | 42,606 | 8,446 | |
44 |
25,925 | 314 | 5,383 | 5,884 | 1,013 | 895 | |
440/4 |
25,925 | 314 | 5,383 | 5,884 | 1,013 | 895 | |
45 |
- | 0 | 858 | 975 | 1,239 | 4,881 | |
450/3 |
- | 0 | 858 | 975 | 1,239 | 4,881 | |
47/48 |
236,960 | 84,220 | 47,850 | 49,667 | 40,354 | 2,670 | |
492/3 |
- | - | - | - | 700 | 700 | |
| Income statement | |||||||
9900 |
-2,268 | 7,341 | -1,366 | -14,035 | -42,863 | 13,297 | |
630 |
2,862 | 6,123 | 397 | 4,063 | 1,877 | 3 | |
640/8 |
11,274 | 56 | 1,458 | 1,808 | 1,955 | 716 | |
9901 |
-16,405 | 1,163 | -3,222 | -19,906 | -46,695 | 12,578 | |
75/76B |
- | - | - | - | 8 | - | |
75 |
- | - | - | - | 8 | - | |
65/66B |
195 | 180 | 180 | 177 | 33 | 0 | |
65 |
195 | 180 | 180 | 177 | 33 | 0 | |
9903 |
-16,600 | 982 | -3,402 | -20,083 | -46,720 | 12,578 | |
67/77 |
- | - | 0 | 36 | 81 | 2,405 | |
9904 |
-16,600 | 982 | -3,402 | -20,119 | -46,801 | 10,172 | |
9905 |
-16,600 | 982 | -3,402 | -20,119 | -46,801 | 10,172 | |
| Appropriation of the result | |||||||
9906 |
-75,767 | -59,167 | -60,149 | -56,747 | -36,628 | 10,172 | |
14P |
-59,167 | -60,149 | -56,747 | -36,628 | 10,172 | - | |
| Document | |||||||
The notes to these accounts have 8 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the accounts filed with the NBB.
Source: Annual accounts 2025 at the NBB, filed on 15-10-2026.
2025 annual accounts filed 76 days after the deadline. Filed on 15 October 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00562309.
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 15-10-2026 | 2026-00562309 | |
| 31-12-2024 | micro format | 30-09-2025 | 2025-00535821 | |
| 31-12-2023 | micro format | 30-09-2024 | 2024-00493371 | |
| 31-12-2022 | micro format | 24-07-2023 | 2023-00263131 | |
| 31-12-2021 | micro format | 04-10-2022 | 2022-20454562 | |
| 31-12-2020 | micro format | 27-07-2021 | 2021-41900152 |
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| -13,543 | 7,286 | -2,825 | -15,843 | -44,818 | 12,581 | ||
| -13,738 | 7,105 | -3,005 | -16,055 | -44,923 | 10,175 | ||
| 156,298 | 33,476 | -5,626 | 0 | 13,731 | 2,671 | ||
| 17,566 | 1,127 | -820 | 356 | -5,786 | - | ||
| -220,573 | -78,288 | -51,917 | -54,538 | -37,782 | 18,205 | ||
| -33.4% | -139.0% | - | -478.1% | -159.7% | 68.8% | ||
| 0.16 | 0.07 | - | 0.04 | 0.11 | 3.16 | ||
| - | - | - | - | - | 0.45 | ||
| - | - | - | - | - | 50.4% | ||
| -8.4% | 2.8% | - | -205.7% | -280.6% | 34.7% | ||
| -69.37 | 40.41 | -15.67 | -89.48 | -1376.89 | - |
Debt to equity is not shown because equity is negative. Debt divided by negative equity means nothing.
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.
| Item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Tangible fixed assets | €156,298 | €33,476 | - | - | €13,731 |
| €2,862 | €6,123 | €397 | €4,063 | €1,877 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
The operating result for 2025 is a loss of €16,405, after a profit of €1,163 in 2024. It is the lowest result since 2022.
Equity is negative. Debt (€262,884) exceeds the balance-sheet total (€197,118).
SALMO DEVELOPMENT has no parent and no holdings in its annual accounts. COUSIN Johan is the only director. SALMO DEVELOPMENT shares no director with another company.
| LISAM EHS SOFTWARE
establishment since 01-01-2026 · founded in 2022 |
turnover €66.2m (2025) 0785.569.247 |
| MEGABYTE CONSULTING
establishment since 05-05-1986 · founded in 1986 · group LISAM CONNECT |
7.6 FTE (2025) 0428.827.201 |
| FUNIMO
registered office since 05-03-2013 · founded in 2013 |
total assets €664,048 (2026) 0503.922.720 |
| de TERWANGNE en C°
establishment since 01-01-2019 · founded in 2012 |
5.5 FTE (2025) 0843.312.654 |
| Lightbold
registered office since 29-11-2022 · founded in 2022 |
total assets €292,542 (2025) 0794.206.207 |
| FRÉDÉRIC VANBOSSELE
registered office since 14-03-2005 · founded in 2005 · negative equity (2025) |
total assets €195,772 (2025) 0872.496.786 |
| F.D.S. Communication
registered office since 08-03-2001 · founded in 1993 |
total assets €179,659 (2025) 0449.622.021 |
| OSTEO-TEAM
establishment since 01-04-2022 · founded in 2020 · negative equity (2025) |
total assets €109,773 (2025) 0760.635.495 |
| ALBVH MANAGEMENT
registered office since 27-06-2023 · founded in 2023 · negative equity (2025) |
total assets €12,119 (2025) 0803.248.981 |
| Muret, Ambre (sole trader)
establishment since 01-10-2026 |
founded in 2026 1043.218.766 |
Deadline for the 2026 accounts: 31-07-2027
Financial milestones sit on the financial year-end date, not the filing date.
Sources: Publications in the Belgian Official GazetteFilings with the National Bank
SALMO DEVELOPMENT was incorporated on 6 February 2020 as a private limited company.1 The registered office was moved to Sint-Stevens-Woluwe in 2021.2 Since 2020, COUSIN Johan has served as director.3 Total assets rose from €29,319 in 2020 to €197,118 in 2025.4
| Establishment | Since | Unit number | FASFC approval |
|---|---|---|---|
| Lenneke Marelaan 12 registered office 1932 Zaventem | |||
| Rue du Morimont 35 1341 Ottignies-Louvain-la-Neuve 70100 Activities of head offices | 06-02-2020 | 2.299.495.856 | Beekeeper - keeping of bees |
| Cadastral parcel | Area | Buildings | Height / floors |
|---|---|---|---|
| 23078C0183/00Y000 | 4,945 m² | 1 · 237 m² | 24.3 m · 7 |
If something looks wrong or is missing, please tell us.