Equity
€160,813 ▲ 25.3%
SHA MANAGEMENT has made a profit without a break since 2022.
SHA MANAGEMENT
Lifetime
6 annual accounts with figures on one time axispeak €97,756 (2025)
€97,756▲ 8.3%
lowest -€28,772 (2021)
€32,492▼ 4.1%
peak €160,813 (2025)
€160,813▲ 25.3%
€849,708▼ 5.5%
Board1 name since 2020
1 directorHAINE Sabine Marthe Josée
Owners
Documentsfilings and deeds
28-08-202628 days late
2025micro format
Equity from €128,321 to €160,813Investments €52,087
Key points
from the 2025 annual accountsDebts
€849,708 84% of the balance sheet
Financial debts 88%Suppliers 2%Taxes and wages 5%Other 5%
Of this, €105,205 falls due within a year.
Investments
€52,087 2.1 × depreciation
Green is investment, beige is depreciation.
Payment terms
47 days to suppliers
SHA MANAGEMENT pays its suppliers 32 days earlier than in 2024. Customers pay 79 days earlier.
Filings
6 annual accounts 6 late
The 2024 accounts came latest: 31 days after the end of the period.
Position in the sector
€1.0m
Larger balance sheet than 93% of companies in advertising and market research. Sector median €135,055 · 8,622 companies.
Checked score
70
Healthy
Financially stronger than 49% of micro companies in advertising and market research (NACE 73)
Probability in this band: 0.55% to 1.5%
Bankruptcy probability within 12 months
0.6% Low
0%0.5%1.5%4%10%≥ 25%
The dashed line is the sector median: 0.2% across 11,231 companies (NACE 73, micro).
About 6 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
Last 24 months
12-2024: 0.4%lowest value
01-2025: 0.4%● unchanged vs 12-2024
02-2025: 0.4%● unchanged vs 01-2025
03-2025: 0.4%● unchanged vs 02-2025
04-2025: 0.5%▲ +0.1 percentage points vs 03-2025
05-2025: 0.5%● unchanged vs 04-2025
06-2025: 0.5%● unchanged vs 05-2025
07-2025: 0.6%▲ +0.1 percentage points vs 06-2025
08-2025: 0.8%▲ +0.2 percentage points vs 07-2025
09-2025: 0.7%▼ -0.1 percentage points vs 08-2025
10-2025: 0.6%▼ -0.1 percentage points vs 09-2025
11-2025: 0.6%● unchanged vs 10-2025
12-2025: 0.6%● unchanged vs 11-2025
01-2026: 0.6%● unchanged vs 12-2025
02-2026: 0.6%● unchanged vs 01-2026
03-2026: 0.6%● unchanged vs 02-2026
04-2026: 0.6%● unchanged vs 03-2026
05-2026: 0.6%● unchanged vs 04-2026
06-2026: 0.6%● unchanged vs 05-2026
07-2026: 0.7%▲ +0.1 percentage points vs 06-2026
08-2026: 1.0%▲ +0.3 percentage points vs 07-2026highest value
09-2026: 0.6%▼ -0.4 percentage points vs 08-2026
10-2026: 0.6%● unchanged vs 09-2026
11-2026: 0.6%● unchanged vs 10-2026
Financial strengthAverage
Score breakdown
raises risk
Last filed accounts filed 28 days late; 1 of the last 3 accounts late
lowers risk
Size: turnover €197,387, total assets €1.0m
Sector: Advertising, market research and public relations activities (NACE 73)
Figures for financial year 2025 (filed on 02-09-2026)
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 73, micro). It does better than 24% of them on solvency, 44% on liquidity, 57% on profitability and 71% on growth.
The bankruptcy probability was computed on 10-11-2026 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).
Comparable companies, two years later
In July 2024, 2,372 companies had the same profile as SHA MANAGEMENT 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
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of SHA MANAGEMENT itself: 0.6% within 12 months.
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.
| 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 SHA MANAGEMENT. 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 €11,000 on 30-day terms is acceptable
Liquidity is tight, with a current ratio of 1.12 (1.48 in 2024), below the usual 1.5. Short-term debt is 10.4% and cash 2.9% of total assets. 84.1% of the assets are financed with debt and provisions.
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The scores and ratios are Checked's own calculations, not a credit decision.
Signals
Six signals.
lowers riskraises risk
raises risk · Weak solvency compared with the sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 22% of 8615 sector peers (2025).
NBB · sector comparisonPosition among 8615 sector peers
Solvency
better than 22%
← weakest
strongest →
raises risk · 2025 accounts filed 28 days late
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 28-08-2026, 28 days later. Nearly half (47%) of Belgian companies file late; of those that file 1 to 90 days late, 2.0% are now bankrupt, dissolved or in another special legal status, against 1.66% of all filers. A delay like this does not count in the score.
NBB · 6 filingsDeviation from the deadline
2025
28 days late
2024
31 days late
2023
30 days late
2022
14 days late
2021
21 days late
2020
14 days late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
The company filed its last 6 accounts on average 23 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.
Searched, nothing found (2)
neutral · Next filing not due yet
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today. The company usually files around 28 August (5 of the last 5 accounts filed within 30 days either side of that date).
Companies Code · seven monthsWhere today falls in the filing period
10-11-2026 today31-12-2026 year end31-07-2027 deadline
Recent changes
Registered in the Peppol Directory
Reachable for e-invoices through 0208:0748855836
Registered office moved from Brussels to Waterloo
New registered office: Clos Baudelaire 3 à 1410 Waterloo · Previous registered office: RUE NEWTON 27, 1000 BRUXELLES · General meeting of 01-01-2022 · Gazette deed
First establishment
Newtonstraat 27, Brussels
Incorporation
Founding capital of €20,000, 100 shares · Founder: HAINE Sabine Marthe Josée · Appointment: HAINE Sabine Marthe Josée (director) · published on 25-06-2020 · Gazette deed
Comparable companies
same main activity, similar in size and age| Company | ||||
|---|---|---|---|---|
| SHA MANAGEMENT Waterloo | €1.0m | €97,756 | 15.9% | - |
| IMMO STELO Woluwe-Saint-Lambert | €1.0m | €107,393 | 12.8% | - |
| VICLUX Schilde | €1.1m | €114,492 | 52.5% | 0.4 |
| Vanhok Roeselare | €1.0m | €119,257 | 32.1% | - |
| SEMSO Braine-l'Alleud | €0.9m | €125,266 | 29.2% | - |
| JULIANNA Berlare | €1.1m | €79,848 | 23.2% | - |
| K-CURO Hasselt | €1.1m | €75,434 | 43.4% | - |
These companies have the same main activity as SHA MANAGEMENT: public relations and communication consultancy (NACE 73300). They are comparable in size and age: total assets between €861,000 and €1.1m, founded between 2019 and 2021.
Official details
Source: KBO- Status
- Active since 23-06-2020Normal situation
- Activity
- Public relations and communication consultancyNACE 73300and 4 others
- Establishment unit
- 2.304.766.8171000 Brussels, since 01-07-2020
- Financial year end
- 31 December
- Peppol
- Reachable since 05-12-2025
Insights on SHA MANAGEMENT
SHA MANAGEMENT files the micro format. That format states no turnover. The gross margin rose from €70,816 in 2020 to €97,756 in 2025.
The balance sheet grew most from 2021 to 2023 through fixed assets.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette. Click a figure with a dotted line for the item and the filing.
Key facts about SHA MANAGEMENT
- What is the company number of SHA MANAGEMENT?
- The company number of SHA MANAGEMENT is 0748.855.836. The VAT number is the same number with BE in front: BE 0748.855.836.
- Where is SHA MANAGEMENT based?
- The registered office is at Clos Baudelaire 3, 1410 Waterloo.Company details
- What does SHA MANAGEMENT do?
- According to the KBO register, the main activity is public relations and communication consultancy (NACE 73300).
- What is the legal form of SHA MANAGEMENT?
- SHA MANAGEMENT is a private limited company (BV).
- When was SHA MANAGEMENT founded?
- SHA MANAGEMENT was founded on 23-06-2020.
- Is SHA MANAGEMENT still active?
- Yes, SHA MANAGEMENT is an active enterprise in the KBO register.
- What is the turnover of SHA MANAGEMENT?
- The turnover of SHA MANAGEMENT was €197,387 in financial year 2025, according to the filed annual accounts.Financials
- Is SHA MANAGEMENT profitable?
- In financial year 2025, SHA MANAGEMENT made a profit of €32,492.
- Where can I find the annual accounts of SHA MANAGEMENT?
- SHA MANAGEMENT filed 6 annual accounts with the National Bank of Belgium, the latest for financial year 2025.
- When are the next annual accounts of SHA MANAGEMENT due?
- SHA MANAGEMENT must file the annual accounts for financial year 2026 by 31-07-2027.Timeline
Next steps
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