Equity
Second Floor has made a profit without a break since 2022.
Second Floor has made a profit without a break since 2022.
The accounts state no turnover.
In 2025, 0 people joined and 2 left.
Board changed. Latest change 21-10-2026 · 1 in office.
The dashed line is the sector median: 0.2% across 11,229 companies (NACE 73, micro).
About 6 in 1,000 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 73, micro). It does better than 21% of them on solvency, 16% on liquidity, 25% on profitability and 69% on growth.
The bankruptcy probability was computed on 05-11-2026 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, 3,984 companies had the same profile as Second Floor has now. Each dot stands for 10 companies, two years later.
That fits the bankruptcy probability of Second Floor itself: 0.6% within 12 months.
The method was tested on the 497,446 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 3,984 companies, not a prediction for Second Floor. 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 tight, with a current ratio of 1.13 (1.09 in 2024), below the usual 1.5. Short-term debt is 87.5% and cash 22.5% of total assets. 87.5% of the assets are financed with debt and provisions.
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 7 accounts on average 2 days after the deadline. In the sector (NACE 73), the median for financial year 2024 was 6 days before the deadline, and 36% of those companies filed late.
| Company | Total assets | Gross margin | Solvency | Staff |
|---|---|---|---|---|
| Second Floor Ixelles | €1.1m | €758,443 | 12.5% | 8.7 |
| ZENO SIGNS Antwerp | €1.3m | €879,610 | 39.5% | 10.2 |
| MORRIS & CHAPMAN BELGIUM Ixelles | €1.4m | €781,694 | 10.6% | 8 |
| CTR - MEDIA Brussels | €1.3m | €745,623 | 58.3% | 7 |
| NICKEL GRAPHIC STUDIO Nivelles | €0.9m | €747,702 | 59.2% | 7.7 |
| GRAPHITEX Awans | €1.0m | €619,562 | 46.2% | 6.4 |
| Visible Herstal | €0.8m | €557,570 | 65.6% | 8.1 |
These companies have the same main activity as Second Floor: advertising agencies (NACE 73110). They are comparable in size and age: total assets between €810,000 and €1.4m, founded between 1987 and 2002.
Second Floor files the abbreviated format. That format states no turnover. The gross margin rose from -€16,271 in 2006 to €758,443 in 2025.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette.
The turnover shown is an estimate from the gross margin.
Turnover ≈ €1.5m. Estimated: probably between €1.0m and €1.9m.
Higher than 23% of 2,088 companies in 2025.
Higher than 36% of 2,005 companies in 2025.
Higher than 41% of 2,048 companies in 2025.
Net result: middle half · Equity: middle half · Balance sheet total: middle half · Working capital: middle half · Staff: top quarter
Staff costs divided by the average number of full-time equivalents.
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 | 2006 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Balance sheet: assets | |||||||||||||||||||||
Total assets20/58 |
1.1m | 1.5m | 908,126 | 1.6m | 1.0m | 1.1m | 1.0m | 1.5m | 1.1m | 1.1m | 1.0m | 1.9m | 1.4m | 1.3m | 745,843 | 1.1m | 505,617 | 389,975 | 275,794 | 11,122 | |
Fixed assets21/28 |
8,457 | 10,894 | 12,508 | 29,516 | 32,532 | 25,356 | 45,100 | 199,639 | 207,271 | 122,775 | 180,350 | 251,855 | 306,941 | 104,767 | 118,999 | 49,596 | 54,999 | 64,160 | 85,131 | 320 | |
Tangible fixed assets22/27 |
8,211 | 10,648 | 10,308 | 17,006 | 20,332 | 13,156 | 13,100 | 17,639 | 25,271 | 53,470 | 91,044 | 159,550 | 203,636 | 104,767 | 118,999 | 49,596 | 54,999 | 64,160 | 85,131 | 320 | |
Furniture and vehicles24 |
8,211 | 10,648 | 10,308 | 17,006 | 20,332 | 13,156 | 13,100 | 17,639 | 25,271 | 53,470 | 91,044 | 159,550 | 203,636 | 104,767 | 118,999 | 49,596 | 54,999 | 64,160 | 85,131 | 320 | |
Financial fixed assets28 |
246 | 246 | 2,200 | 12,510 | 12,200 | 12,200 | 32,000 | 182,000 | 182,000 | 69,305 | 89,305 | 92,305 | 103,305 | - | - | - | - | - | - | - | |
Current assets29/58 |
1.1m | 1.5m | 895,619 | 1.6m | 1.0m | 1.1m | 977,114 | 1.3m | 858,866 | 974,081 | 863,617 | 1.6m | 1.1m | 1.2m | 626,844 | 1.0m | 450,618 | 325,815 | 190,664 | 10,803 | |
Amounts receivable after more than one year29 |
90,000 | 105,000 | 120,000 | 135,000 | 150,000 | 150,000 | 150,000 | - | - | - | - | - | - | - | - | - | - | - | - | - | |
Other amounts receivable291 |
90,000 | 105,000 | 120,000 | 135,000 | 150,000 | 150,000 | 150,000 | - | - | - | - | - | - | - | - | - | - | - | - | - | |
Amounts receivable within one year40/41 |
701,301 | 991,055 | 553,061 | 1.3m | 353,808 | 590,282 | 441,921 | 1.1m | 693,486 | 851,207 | 426,026 | 1.3m | 741,080 | 797,334 | 484,047 | 624,911 | 396,185 | 288,468 | 165,233 | 8,239 | |
Trade receivables40 |
614,987 | 894,827 | 353,694 | 1.1m | 308,245 | 548,936 | 416,820 | 1.1m | 596,489 | 631,051 | 270,278 | 1.2m | 652,828 | 701,851 | 396,598 | 539,656 | 332,895 | 288,468 | 165,233 | 7,523 | |
Other amounts receivable41 |
86,314 | 96,229 | 199,367 | 152,989 | 45,563 | 41,345 | 25,102 | 10,500 | 96,997 | 220,156 | 155,748 | 126,059 | 88,252 | 95,483 | 87,449 | 85,255 | 63,289 | - | - | 716 | |
Cash at bank and in hand54/58 |
241,333 | 415,510 | 151,064 | 146,779 | 423,637 | 281,127 | 282,285 | 114,609 | 47,800 | 70,918 | 414,992 | 344,584 | 275,690 | 366,956 | 133,165 | 327,576 | 41,095 | 36,947 | 25,430 | 2,563 | |
Deferred charges and accrued income490/1 |
33,743 | 13,283 | 71,493 | 7,719 | 81,970 | 37,212 | 102,908 | 116,627 | 117,581 | 51,956 | 22,599 | 9,504 | 66,435 | 3,450 | 9,633 | 81,313 | 13,338 | 400 | - | - | |
| Balance sheet: equity and liabilities | |||||||||||||||||||||
Total equity and liabilities10/49 |
1.1m | 1.5m | 908,126 | 1.6m | 1.0m | 1.1m | 1.0m | 1.5m | 1.1m | 1.1m | 1.0m | 1.9m | 1.4m | 1.3m | 745,843 | 1.1m | 505,617 | 389,975 | 275,794 | 11,122 | |
Equity10/15 |
134,207 | 112,521 | 50,154 | 19,043 | 9,502 | 44,090 | 42,837 | 70,836 | 57,572 | 56,847 | 48,709 | 27,414 | 22,606 | 22,192 | 27,098 | 19,861 | 6,366 | -5,779 | 19,697 | 702 | |
Contributions10/11 |
13,705 | 13,705 | 13,705 | 13,705 | 13,705 | 13,705 | 13,705 | 13,705 | 13,705 | 13,705 | 13,705 | 13,705 | 13,705 | 13,705 | 13,705 | 13,705 | 13,705 | 13,705 | 13,705 | 13,705 | |
Capital10 |
- | - | 13,705 | 13,705 | 13,705 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
Issued capital100 |
- | - | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | |
Uncalled capital101 |
- | - | 4,895 | 4,895 | 4,895 | 4,895 | 4,895 | 4,895 | 4,895 | 4,895 | 4,895 | 4,895 | 4,895 | 4,895 | 4,895 | 4,895 | 4,895 | 4,895 | 4,895 | 4,895 | |
Reserves13 |
4,699 | 4,699 | 4,699 | 4,699 | 4,699 | 4,699 | 4,699 | 4,699 | 4,699 | 4,699 | 4,699 | 4,699 | 4,699 | 4,699 | 4,699 | 4,699 | 4,699 | 4,699 | 4,699 | 4,181 | |
Non-distributable reserves130/1 |
- | 0 | 1,860 | 1,860 | 1,860 | 1,860 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
Legal reserve130 |
- | - | 1,860 | 1,860 | 1,860 | 1,860 | 1,860 | 1,860 | 1,860 | 1,860 | 1,860 | 1,860 | 1,860 | 1,860 | 1,860 | 1,860 | 1,860 | 1,860 | 1,860 | 1,342 | |
Reserves not available under the articles1311 |
- | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
Tax-exempt reserves132 |
2,839 | 2,839 | 2,839 | 2,839 | 2,839 | 2,839 | 2,839 | 2,839 | 2,839 | 2,839 | 2,839 | 2,839 | 2,839 | 2,839 | 2,839 | 2,839 | 2,839 | 2,839 | 2,839 | 2,839 | |
Distributable reserves133 |
1,860 | 1,860 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
Profit (loss) carried forward14 |
115,803 | 94,116 | 31,750 | 639 | -8,903 | 25,685 | 24,432 | 52,431 | 39,168 | 38,443 | 30,305 | 9,009 | 4,201 | 3,787 | 8,693 | 1,457 | -12,039 | -24,184 | 1,292 | -17,184 | |
Amounts payable17/49 |
940,628 | 1.4m | 857,972 | 1.6m | 1.0m | 1.0m | 979,377 | 1.4m | 1.0m | 1.0m | 995,257 | 1.9m | 1.4m | 1.3m | 718,745 | 1.1m | 499,251 | 395,754 | 256,097 | 10,420 | |
Amounts payable after more than one year17 |
0 | 15,019 | 40,415 | 65,374 | 89,904 | - | - | - | - | - | 7,118 | 57,220 | 134,192 | 66,501 | 74,670 | 21,741 | 42,266 | 42,594 | 55,094 | - | |
Financial debts170/4 |
0 | 15,019 | 40,415 | 65,374 | 89,904 | - | - | - | - | - | 7,118 | 57,220 | 134,192 | 66,501 | 74,670 | 21,741 | 42,266 | 42,594 | 55,094 | - | |
Amounts payable within one year42/48 |
940,628 | 1.4m | 740,557 | 1.2m | 831,937 | 901,994 | 886,096 | 1.2m | 773,868 | 662,169 | 662,415 | 1.6m | 1.2m | 1.1m | 609,775 | 955,612 | 407,220 | 243,427 | 201,003 | 10,420 | |
Current portion of amounts payable after more than one year42 |
45,521 | 46,929 | 78,503 | 61,565 | 43,885 | 80,854 | 51,240 | 25,001 | 64,063 | 68,729 | 120,468 | 137,152 | 95,920 | 59,651 | 86,217 | 71,945 | 23,538 | 30,685 | 11,906 | - | |
Financial debts43 |
1,390 | 7,112 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
Credit institutions430/8 |
1,390 | 7,112 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
Trade debts44 |
687,359 | 1.2m | 475,158 | 900,226 | 650,632 | 706,401 | 702,273 | 1.0m | 534,945 | 426,246 | 454,508 | 1.3m | 899,679 | 884,446 | 386,068 | 690,585 | 336,382 | 166,338 | 158,472 | 6,231 | |
Suppliers440/4 |
687,359 | 1.2m | 475,158 | 900,226 | 650,632 | 706,401 | 702,273 | 1.0m | 534,945 | 426,246 | 454,508 | 1.3m | 899,679 | 884,446 | 386,068 | 690,585 | 336,382 | 166,338 | 158,472 | 6,231 | |
Taxes, remuneration and social security45 |
206,358 | 159,111 | 186,896 | 231,911 | 137,420 | 114,739 | 122,958 | 202,624 | 166,884 | 167,194 | 87,439 | 121,781 | 146,197 | 92,716 | 112,490 | 100,083 | 47,299 | 46,404 | 19,617 | - | |
Taxes450/3 |
92,976 | 92,876 | 67,575 | 140,700 | 86,903 | 51,639 | 54,431 | 120,819 | 91,640 | 88,138 | 26,963 | 64,017 | 84,488 | 30,578 | 65,330 | 72,354 | 30,317 | 35,673 | 16,988 | - | |
Remuneration and social security454/9 |
113,382 | 66,236 | 119,321 | 91,212 | 50,518 | 63,100 | 68,527 | 81,805 | 75,243 | 79,057 | 60,476 | 57,765 | 61,709 | 62,138 | 47,159 | 27,728 | 16,982 | 10,731 | 2,629 | - | |
Other amounts payable47/48 |
- | - | - | - | - | - | 9,625 | 2,726 | 7,976 | - | - | - | 75,000 | 60,000 | 25,000 | 93,000 | - | - | 11,009 | 4,189 | |
Accrued charges and deferred income492/3 |
0 | 6,497 | 77,000 | 338,552 | 110,605 | 137,892 | 93,281 | 192,782 | 234,697 | 377,839 | 325,725 | 236,328 | 16,552 | 87,001 | 34,300 | 86,182 | 49,765 | 109,732 | - | - | |
| Income statement | |||||||||||||||||||||
Non-recurring operating income76A |
50,539 | 89,740 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
Gross operating margin9900 |
758,443 | 827,043 | 840,017 | 512,589 | 465,127 | 431,434 | 516,183 | 693,253 | 635,327 | 504,313 | 564,571 | 619,097 | 601,292 | 479,063 | 402,558 | 400,126 | 151,006 | 58,738 | 81,359 | -16,271 | |
Remuneration, social security and pensions62 |
670,911 | 722,822 | 750,705 | 552,746 | 480,293 | 406,495 | 522,194 | 633,299 | 538,372 | 420,749 | 413,270 | 471,265 | 370,696 | 303,055 | 250,708 | 161,362 | 71,607 | 45,951 | 8,465 | - | |
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 |
5,837 | 5,640 | 8,750 | 10,665 | 9,014 | 4,883 | 6,180 | 9,820 | 15,346 | 39,297 | 56,242 | 66,300 | 69,643 | 45,161 | 59,406 | 34,353 | 26,762 | 22,760 | 22,332 | 155 | |
Other operating charges640/8 |
6,025 | 4,751 | 27,006 | 20,773 | 4,611 | 9,665 | 5,624 | 7,092 | 29,085 | 4,547 | 25,044 | 27,650 | 10,117 | 8,953 | 7,872 | 5,020 | 4,689 | 8,489 | 544 | 1,827 | |
Non-recurring operating charges66A |
6,741 | 4,028 | - | - | - | - | - | - | 20,305 | - | - | - | - | - | - | 6,230 | - | - | - | - | |
Operating profit (loss)9901 |
68,929 | 89,802 | 53,555 | -71,595 | -28,790 | 10,391 | -17,815 | 43,042 | 52,525 | 39,720 | 70,016 | 53,881 | 150,837 | 121,894 | 84,573 | 199,391 | 47,949 | -18,461 | 50,017 | -18,252 | |
Financial income75/76B |
9,303 | 10,951 | 14,379 | 109,942 | 6,059 | 13,104 | 5,760 | 5,397 | 5,264 | 95 | 1,224 | 285 | 1,687 | 1,048 | 1,164 | 1,564 | 113 | 1,896 | 34 | 26 | |
Recurring financial income75 |
9,303 | 10,951 | 14,379 | 109,942 | 6,059 | 13,104 | 5,760 | 5,397 | 5,264 | 95 | 1,224 | 285 | 1,687 | 1,048 | 1,164 | 1,564 | 113 | 1,896 | 34 | 26 | |
Financial charges65/66B |
35,323 | 13,620 | 9,437 | 11,031 | 10,344 | 8,914 | 10,546 | 14,254 | 28,561 | 4,324 | 12,275 | 12,365 | 10,585 | 11,538 | 8,967 | 10,568 | 14,390 | 8,875 | 3,770 | 595 | |
Recurring financial charges65 |
35,323 | 13,620 | 9,437 | 11,031 | 10,344 | 8,914 | 10,546 | 14,254 | 8,255 | 4,324 | 12,275 | 12,365 | 10,585 | 11,538 | 8,967 | 10,568 | 14,390 | 8,875 | 3,770 | 595 | |
Non-recurring financial charges66B |
- | - | - | - | - | - | - | - | 20,305 | - | - | - | - | - | - | - | - | - | - | - | |
Profit (loss) for the period before taxes9903 |
42,909 | 87,133 | 58,496 | 27,316 | -33,075 | 14,582 | -22,601 | 34,185 | 29,228 | 35,491 | 58,965 | 41,802 | 141,939 | 111,404 | 76,771 | 184,157 | 33,671 | -25,440 | 46,280 | -18,820 | |
Income taxes67/77 |
21,223 | 24,767 | 27,385 | 17,774 | 1,513 | 13,329 | 5,398 | 20,921 | 28,503 | 27,353 | 37,670 | 36,994 | 66,525 | 56,311 | 44,534 | 77,661 | 21,527 | 36 | 17,285 | -69 | |
Profit (loss) for the period9904 |
21,687 | 62,366 | 31,111 | 9,542 | -34,589 | 1,253 | -27,999 | 13,264 | 725 | 8,138 | 21,296 | 4,808 | 75,415 | 55,094 | 32,237 | 106,496 | 12,144 | -25,476 | 28,995 | -18,751 | |
Profit (loss) for the period to be appropriated9905 |
21,687 | 62,366 | 31,111 | 9,542 | -34,589 | 1,253 | -27,999 | 13,264 | 725 | 8,138 | 21,296 | 4,808 | 75,415 | 55,094 | 32,237 | 106,496 | 12,144 | -25,476 | 28,995 | -18,751 | |
| Appropriation of the result | |||||||||||||||||||||
Profit (loss) to be appropriated9906 |
115,803 | 94,116 | 31,750 | 639 | -8,903 | 25,685 | 24,432 | 52,431 | 39,168 | 38,443 | 30,305 | 9,009 | 79,201 | 63,787 | 33,693 | 94,457 | -12,039 | -24,184 | 11,811 | -17,184 | |
Profit (loss) brought forward from the previous period14P |
94,116 | 31,750 | 639 | -8,903 | 25,685 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
Transfer to equity691/2 |
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 518 | - | |
To the legal reserve6920 |
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 518 | - | |
Profit to be distributed694/7 |
- | - | - | - | - | - | - | - | - | - | - | - | 75,000 | 60,000 | 25,000 | 93,000 | - | - | 10,000 | - | |
Return on contributions (dividend)694 |
- | - | - | - | - | - | - | - | - | - | - | - | 75,000 | 60,000 | 25,000 | 93,000 | - | - | - | - | |
Directors or managers695 |
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 10,000 | - | |
| Social balance sheet | |||||||||||||||||||||
Average staff (FTE)9087 |
8.7 | 9.8 | 10.3 | 9 | 7.6 | 8.4 | - | 10.2 | 9.1 | 6.7 | 6.5 | 6.8 | 6.4 | 5 | 3.9 | 2.8 | 2 | 1.4 | 0.3 | - | |
Hours worked1013 |
14,040 | 14,623 | 16,715 | 14,011 | 13,730 | 13,557 | - | 17,862 | 16,329 | 11,852 | 11,354 | 13,038 | 12,276 | 10,327 | 7,150 | 5,223 | 3,947 | 2,742 | 556 | - | |
| Document | |||||||||||||||||||||
The accounts for 6 older financial years (2000-2005) were filed as documents without figures as data, scans for example.
The notes to these accounts have 17 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 27-07-2026.
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 27-07-2026 | 2026-00351265 | |
| 31-12-2024 | full format | 30-07-2025 | 2025-00346441 | |
| 31-12-2023 | full format | 23-09-2024 | 2024-00470222 | |
| 31-12-2022 | full format | 05-07-2023 | 2023-00216129 | |
| 31-12-2021 | full format | 27-07-2022 | 2022-20241993 | |
| 31-12-2020 | full format | 28-07-2021 | 2021-42100197 | |
| 31-12-2019 | full format | 31-07-2020 | 2020-38100593 | |
| 31-12-2018 | full format | 17-07-2019 | 2019-33800362 | |
| 31-12-2017 | full format | 25-07-2018 | 2018-37900402 | |
| 31-12-2016 | full format | 24-07-2017 | 2017-35600087 | |
| 31-12-2015 | full format | 14-06-2016 | 2016-18400492 | |
| 31-12-2014 | full format | 16-06-2015 | 2015-17900567 | |
| 31-12-2013 | full format | 12-08-2014 | 2014-42000224 | |
| 31-12-2012 | full format | 10-07-2013 | 2013-29100021 | |
| 31-12-2011 | full format | 30-09-2012 | 2012-59800441 | |
| 31-12-2010 | full format | 21-11-2011 | 2011-61200353 | |
| 31-12-2009 | full format | 13-08-2010 | 2010-41000185 | |
| 31-12-2008 | full format | 21-08-2009 | 2009-62600076 | |
| 31-12-2007 | full format | 07-08-2008 | 2008-54800365 | |
| 31-12-2006 | full format | 26-07-2007 | 2007-48200103 | |
| 31-12-2005 | full format | 31-08-2006 | 2006-74500741 | |
| 31-12-2004 | full format | 29-12-2006 | 2006-94004902 | |
| 31-12-2003 | full format | 05-11-2004 | 2004-78002461 | |
| 31-12-2002 | full format | 30-07-2003 | 2003-54701990 | |
| 31-12-2001 | full format | 15-10-2002 | 2002-65705260 | |
| 31-12-2000 | full format | 11-12-2001 | 2001-75101069 |
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 | 2006 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 74,765 | 95,442 | 62,305 | -60,930 | -19,776 | 15,274 | -11,635 | 52,862 | 67,870 | 79,017 | 126,258 | 120,181 | 220,479 | 167,054 | 143,979 | 233,744 | 74,711 | 4,299 | 72,350 | -18,098 | |
| Cash flow | 27,523 | 68,006 | 39,861 | 20,207 | -25,575 | 6,136 | -21,819 | 23,084 | 16,071 | 47,435 | 77,537 | 71,108 | 145,057 | 100,254 | 91,643 | 140,848 | 38,906 | -2,716 | 51,328 | -18,596 | |
| Investment in fixed assets | 3,400 | 5,980 | 2,052 | 17,649 | 16,190 | 7,139 | 1,640 | 2,189 | 157,101 | 1,722 | 6,120 | 34,347 | 271,816 | 36,258 | 128,808 | 28,950 | 17,601 | 1,789 | 107,144 | - | |
| Change in cash | -174,177 | 264,446 | 4,285 | -276,859 | 142,510 | -1,158 | 167,676 | 66,809 | -23,118 | -344,073 | 70,407 | 68,895 | -91,266 | 233,791 | -194,411 | 286,481 | 4,148 | 11,517 | 22,867 | - | |
| Working capital | 125,750 | 123,143 | 155,062 | 393,453 | 177,479 | 156,627 | 91,018 | 63,979 | 84,999 | 311,912 | 201,202 | 69,107 | -133,590 | 70,926 | 17,069 | 78,188 | 43,398 | 82,388 | -10,339 | 382 | |
| Solvency | 12.5% | 7.3% | 5.5% | 1.2% | 0.9% | 4.1% | 4.2% | 4.7% | 5.4% | 5.2% | 4.7% | 1.4% | 1.6% | 1.7% | 3.6% | 1.8% | 1.3% | -1.5% | 7.1% | 6.3% | |
| Current ratio | 1.13 | 1.09 | 1.21 | 1.33 | 1.21 | 1.17 | 1.10 | 1.05 | 1.11 | 1.47 | 1.30 | 1.04 | 0.89 | 1.06 | 1.03 | 1.08 | 1.11 | 1.34 | 0.95 | 1.04 | |
| Debt to equity | 7.01 | 12.65 | 17.11 | 83.89 | - | 23.59 | 22.86 | 20.34 | 17.52 | 18.29 | 20.43 | 68.27 | 60.49 | 56.34 | 26.52 | 53.55 | 78.43 | - | 13.00 | - | |
| ROE | 16.2% | 55.4% | 62.0% | 50.1% | -364.0% | 2.8% | -65.4% | 18.7% | 1.3% | 14.3% | 43.7% | 17.5% | 333.6% | 248.3% | 119.0% | 536.2% | 190.8% | - | 147.2% | - | |
| ROA | 2.0% | 4.1% | 3.4% | 0.6% | -3.3% | 0.1% | -2.7% | 0.9% | 0.1% | 0.7% | 2.0% | 0.3% | 5.4% | 4.3% | 4.3% | 9.8% | 2.4% | -6.5% | 10.5% | -168.6% | |
| Interest coverage | 2.12 | 7.01 | 6.60 | -5.52 | -1.91 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
EBIT margin: not included in this filing.
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 | 31-12-2025 | 31-12-2024 | 31-12-2023 | 31-12-2022 | 31-12-2021 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 8 | 10 | 11 | - | 7 |
| full-time | 7 | 8 | 9 | - | 5 |
| part-time | 1 | 2 | 2 | - | 2 |
| in full-time equivalents | 7.9 | 9.7 | 10.7 | - | 6.7 |
| Average over the year, in full-time equivalents | 8.7 | 9.8 | 10.3 | 9 | 7.6 |
| On a permanent contract | 8 | 10 | 11 | 10 | 6 |
| Joined | 0 | 8 | 2 | - | 4 |
| Left | 2 | 8 | 1 | - | 7 |
Source: social balance sheet in the 2021 to 2025 annual accounts
| Item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Tangible fixed assets | €3,400 | €5,980 | €2,052 | €7,339 | €16,190 |
| Financial fixed assets | €0 | - | - | €10,310 | - |
| Depreciation and write-downs of the year | €5,837 | €5,640 | €8,750 | €10,665 | €9,014 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
The operating result for 2025 is 23% lower than in 2024.
Debt's share of the balance-sheet total falls from 92.7% to 87.5%. Equity is higher and debt is lower.
Source: list of holdings in its own 2016 accounts. Every holding stands with its own latest accounts.
| HOUGOU
registered office since 23-05-2011 · founded in 2011 · accounts filed late |
total assets €413.9m (2024) 0836.469.897 |
| COHABS GROUP
registered office since 30-12-2019 · founded in 2019 |
total assets €411.5m (2025) 0740.596.186 |
| HOUGOU FINANCE
registered office since 04-01-2016 · founded in 2016 · group HOUGOU · accounts filed late |
total assets €285.7m (2024) 0645.521.736 |
| LUCIMO
registered office since 05-10-2016 · founded in 2016 |
total assets €41.0m (2025) 0659.787.367 |
| Alphastone
registered office since 21-05-2015 · founded in 2015 |
total assets €34.1m (2026) 0630.751.705 |
| MARNIX 21-22
registered office since 04-04-2017 · founded in 2017 |
total assets €27.0m (2025) 0673.816.339 |
| HEBIOSO
registered office since 28-03-2014 · founded in 2014 · negative equity (2025) · group HOUGOU |
total assets €25.0m (2025) 0548.998.026 |
| EUROPEAN CENTER FOR ELECTORAL SUPPORT/CENTRE EUROPEEN D’APPUI ELECTORAL/CENTRO EUROPEO DI ASSISTENZA ELETTORALE
registered office since 17-10-2012 · founded in 2010 · accounts filed late |
2.8 FTE (2024) 0829.998.514 |
| HJO Real Estate
registered office since 11-06-2019 · founded in 2019 · negative equity (2025) |
3 FTE (2025) 0727.904.331 |
| LOUISE 342 ET 344
registered office since 01-02-2013 · founded in 2013 · group HOUGOU |
total assets €13.0m (2025) 0502.972.615 |
| Mr & Mrs White sprl via ULTRA, at Second Floor until 2026 · Sole director · deed of 20-02-2024 founded in 2019 |
3.2 FTE (2025) |
| SOCIETY via ULTRA, at Second Floor until 2026 · Director · deed of 10-07-2025 founded in 2021 |
total assets €205,569 (2025) |
| Name | 2013 | 2014 | 2015 | 2016 |
|---|---|---|---|---|
| CHARLIE MIKE | 40% | |||
| MARCOM WORLD | 40% | |||
Source: list of holdings in its own accounts
The network starts from the earlier ties.
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
| Establishment | Since | Unit number |
|---|---|---|
| Louizalaan 222 registered office 1050 Ixelles | 25-02-2000 | 2.096.409.629 |
| Cadastral parcel | Area | Buildings | Height / floors |
|---|---|---|---|
| 21807G0121/00F008 | 1,034 m² | 1 · 815 m² | 35.9 m · 9 |
1 of these parcels carries protected heritage. Expect extra rules on renovation or sale.
If something looks wrong or is missing, please tell us.