SHL BELGIUM
ActiveSummary
SHL BELGIUM has been active since 1990 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €1.77M and a net result of €182k. Equity is growing by ~9.4% per year across the filed fiscal years. Its solvency ranks better than 59% of 217 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.3% (very low).
Checked score
Score 2025
66
/ 100
Healthy
The score weighs solvency, liquidity and profitability. Bankruptcy probability contributes 35%. Every signal that weighs is under Signals.
Axes · tick = 2024
Profitability59▲+19
Solvency68▲+2
Growth58▲+1
Track record100
Bankruptcy probability, 12 months
0.3%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €110k at 30 days acceptable
Liquidity short (current ratio 1.0 against 0.97 in 2024; short-term debt: 27.7% and cash: 0% of total assets), and 57.3% of the assets are financed with debt.
Credit advice for your own amount and term
Signals
Six signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
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
42.7%
Return on assets
4.4%
Age of the figures
9 mo
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 78
Relative position
BE, all sectors
reference
Sector 78
lower
← fewer bankruptcies
more bankruptcies →
neutral · Filed after the deadline
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 27-08-2026, 27 days later. For context: 47% of the Belgian market files late and the whole 1-to-90-day band measures 2.0% abnormal legal state against a 1.66% average. We show this as a fact and do not score it.
NBB · 10 filingsDeviation from the deadline
2025
27 d late
2024
21 d late
2023
159 d late
2022
142 d late
2021
83 d late
2020
143 d late
2019
90 d late
← before the deadline
after the deadline →
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
24-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, full schema
Turnover
€3.28M▲ 0.3%
2024 · €3.27M
2018: €4.49M
2019: €4.42M
2020: €3.80M
2021: €3.86M
2022: €4.34M
2023: €3.67M
2024: €3.27M
2018 → 2025
EBIT margin
1.7%▼ 0.2pp
2024 · 1.9%
2018: 3.0%
2019: 2.1%
2020: 0.9%
2021: 2.3%
2022: 2.3%
2023: 2.0%
2024: 1.9%
2018 → 2025
Net result
€182k▲ 5.6%
2024 · €173k
2018: €34k
2019: €80k
2020: €32k
2021: €80k
2022: €94k
2023: €209k
2024: €173k
2018 → 2025
Working capital
€-3k▲ 89.9%
2024 · €-27k
2018: €2.55M
2019: €2.23M
2020: €2.06M
2021: €86k
2022: €206k
2023: €43k
2024: €-27k
2018 → 2025
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Turnover€3.86M-€4.34M▲ 12.4%€3.67M▼ 15.5%€3.27M▼ 11.0%€3.28M▲ 0.3%
Equity€1.11M-€1.20M▲ 8.5%€1.41M▲ 17.4%€1.58M▲ 12.2%€1.77M▲ 11.5%
Operating result€87k-€100k▲ 14.4%€72k▼ 28.1%€63k▼ 12.4%€56k▼ 10.7%
Net result€80k-€94k▲ 18.3%€209k▲ 122%€173k▼ 17.4%€182k▲ 5.6%
Result per fiscal year
Operating resultNet result
The operating result has fallen three years in a row; 2025 is 11% below 2024 and is the lowest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €4.13M
Fixed assets
€2.99M ▲ 6.3%
Current assets
€1.14M ▲ 9.2%
Equity and liabilities €4.13M
Equity
€1.77M ▲ 11.5%
Debt
€2.37M ▲ 3.9%
Debt's share of the balance-sheet total falls from 59.0% to 57.3%. Equity and debt are higher.
Key figures and ratios
EBITDA
€61k▼
2024 · €71k
Cash flow
€187k▲
2024 · €181k
Current ratio
1.00▲
2024 · 0.97
Debt to equity
1.34▼
2024 · 1.44
ROE
10.3%▼
2024 · 10.9%
ROA
4.4%▼
2024 · 4.5%
Interest coverage
8.80▲
2024 · 2.56
Debt ≤ 1 year
€1.14M▲
2024 · €1.07M
Income taxes
€65k▼
2024 · €65k
Staff costs
€1.15M▲
2024 · €994k
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 · 67 lines
Balance sheet
Code20242025
Assets
Total assets20/58€3.86M€4.13M▲
Fixed assets21/28€2.82M€2.99M▲
Tangible fixed assets22/27€5k€414▼
Land and buildings22€0-
Furniture and vehicles24€5k€414▼
Financial fixed assets28€2.81M€2.99M▲
Affiliated companies280/1€2.81M€2.99M▲
Amounts receivable281€2.81M€2.99M▲
Other financial fixed assets284/8€4k€0▼
Amounts receivable and cash guarantees285/8€4k€0▼
Current assets29/58€1.04M€1.14M▲
Stocks and contracts in progress3€0€0=
Amounts receivable within one year40/41€1.04M€1.14M▲
Trade receivables40€1.04M€1.13M▲
Other amounts receivable41€0€14k▲
Cash at bank and in hand54/58€1k€1k=
Deferred charges and accrued income490/1-€97
Equity and liabilities
Total equity and liabilities10/49€3.86M€4.13M▲
Equity10/15€1.58M€1.77M▲
Contributions10/11€399k€399k=
Capital10€309k€309k=
Issued capital100€309k€309k=
Outside capital11€90k€90k=
Share premium1100/10€90k€90k=
Reserves13€371k€371k=
Non-distributable reserves130/1€31k€31k=
Legal reserve130€31k€31k=
Distributable reserves133€340k€340k=
Profit (loss) carried forward14€814k€997k▲
Amounts payable17/49€2.28M€2.37M▲
Amounts payable within one year42/48€1.07M€1.14M▲
Trade debts44€852k€739k▼
Suppliers440/4€852k€739k▼
Taxes, remuneration and social security45€220k€404k▲
Taxes450/3€112k€107k▼
Remuneration and social security454/9€108k€297k▲
Accrued charges and deferred income492/3€1.21M€1.22M▲
Income statement
Code20242025
Operating income70/76A€3.27M€3.28M▲
Turnover70€3.27M€3.28M▲
Other operating income74€2k€152▼
Operating charges60/66A€3.21M€3.22M▲
Goods for resale, raw materials and consumables60€2.05M€1.96M▼
Purchases600/8€2.05M€1.96M▼
Services and other goods61€108k€83k▼
Remuneration, social security and pensions62€994k€1.15M▲
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€8k€5k▼
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4€0€4k▲
Other operating charges640/8€34k€18k▼
Non-recurring operating charges66A€11k€0▼
Operating profit (loss)9901€63k€56k▼
Financial income75/76B€203k€198k▼
Recurring financial income75€203k€198k▼
Income from financial fixed assets750€194k€186k▼
Other financial income752/9€9k€13k▲
Financial charges65/66B€28k€7k▼
Recurring financial charges65€28k€7k▼
Debt charges650-€7k
Other financial charges652/9€28k€0▼
Profit (loss) for the period before taxes9903€238k€248k▲
Income taxes67/77€65k€65k▼
Taxes670/3€69k€68k▼
Tax adjustments and reversals of tax provisions77€3k€3k▼
Profit (loss) for the period9904€173k€182k▲
Profit (loss) for the period to be appropriated9905€173k€182k▲
Appropriation of the result
Profit (loss) to be appropriated9906€814k€997k▲
Profit (loss) brought forward from the previous period14P€642k€814k▲
Social balance
Average headcount (FTE)90874.95.0▲
The notes to these accounts (57 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
27-08
NBB filing
Annual accounts filed
fiscal year 2025 · full schema · 27 days late
2025
21-08
NBB filing
Annual accounts filed
fiscal year 2024 · full schema · 21 days late
06-01
NBB filing
Annual accounts filed
fiscal year 2023 · full schema · 159 days late
2023
31-12
Financial
Highest result since 2018net €209k ▲122%
Net result €209k, the highest in the series.
20-12
NBB filing
Annual accounts filed
fiscal year 2022 · full schema · 142 days late
2022
22-10
NBB filing
Annual accounts filed
fiscal year 2021 · full schema · 83 days late
2021
21-12
NBB filing
Annual accounts filed
fiscal year 2020 · full schema · 143 days late
2020
31-12
Financial
Weakest financial yearnet €32k ▼60%
Net result drops to €32k, the lowest in the series; recovery starts the following year.
31-12
Financial
Equity above €1MEq €1.03M ▲3.2%
3 profitable years in a row build equity to €1.03M.
29-10
NBB filing
Annual accounts filed
fiscal year 2019 · full schema · 90 days late
2019
03-10
NBB filing
Annual accounts filed
fiscal year 2018 · full schema · 64 days late
2018
12-10
NBB filing
Annual accounts filed
fiscal year 2017 · full schema · 73 days late
2017
10-08
NBB filing
Annual accounts filed
fiscal year 2016 · full schema · 10 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
Directors · office · real estate
Directors
34 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, Elsene · 1 establishment unit since 1999
Cannot be placed on the map
This address could not be matched to a point in the Belgian address register (BOSA BEST). The address below comes straight from the Crossroads Bank.
Louizalaan 4891050 ElseneGround area
1,994 m²
Building footprint
1,831 m²
Volume, LiDAR
45,608 m³
2 parcels, Brussels, Flanders · tallest building 45.6 m, ±8 floors. Linked by address, not a title deed.
1 establishment unit
Leonardo da Vincilaan 19, 1831 Machelen (Brab.)
since 19992.092.967.119
2 parcels
Flanders
1
(50%)
Brussels
1
(50%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 21822R0224/00S007 | Brussels | 1,833 m² | 1 · 1,831 m² | 45.6 m · 8 fl. |
| 23015B0320/00D000indicative | Flanders | 161 m² | - | - |
Linked by address, not proof of ownership
Methodology
via registered seat: 1 · via establishment units: 1
1 of 2 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Public money · subsidies and aid
Flemish government
2022 · 1 entry · 298 EUR awarded · 298 EUR paid| Year | Entries | awarded | paid |
|---|---|---|---|
| 2022 | 1 | 298 EUR | 298 EUR |
Schemes
Vlaams opleidingsverlof (VOV)
Similar companies · same sector, comparable size
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L.I.P. Belgique
BE 0738.406.758
Tournai · Eq €1.74M
STHREE BELGIUM
BE 0892.363.574
Brussel · Eq €1.81M
REAL INTERIM
BE 0807.817.384
Veurne · Eq €1.71M
Impact Sales & Marketing Belux
BE 0436.371.326
Zaventem · Eq €1.70M
Of 2,361 companies in sector 78100 we hold annual accounts for 1,364. 490 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Company data · Crossroads Bank
Identification
Legal formPublic limited company
Founded21-02-1990
Fiscal year end31-12
Activities, NACEBEL 2025
70200Business and other management consultancy
78100Employment placement agencies
Sources
Crossroads Bank for EnterprisesNational Bank · 36 filingsAddress and cadastre registers
Scores and ratios are computed by Checked and are not a credit decision.