Equity
Debts exceed assets in financial year 2025.
Debts exceed assets in financial year 2025.
Every financial year from 2023 to 2025 closed with a loss. 2024 was the heaviest.
€63,667 of the debts are secured on the company's own assets. In 2022 that was €182,873.
Between 2022 and 2025, 75% of the full-time equivalents disappeared.
Lower solvency than 95% of companies in advertising and market research. Sector median 44.3% · 2,093 companies.
The dashed line is the sector median: 0.2% across 11,228 companies (NACE 73, micro).
About 4 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 73, micro). It does better than 5% of them on solvency, 14% on liquidity, 6% on profitability and 12% on growth.
The bankruptcy probability was computed on 08-11-2026 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 moderate class on 30-06-2025, 2.4% 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, 6,008 companies had the same profile as Solid Media has now. Each dot stands for 16 companies, two years later.
Another 0.8% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of Solid Media itself: 3.9% 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 6,008 companies, not a prediction for Solid Media. 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 0.1 (0.13 in 2024), below 1. Short-term debt is 944.2% and cash 20.9% 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 5 accounts on average 34 days before 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 | ||||
|---|---|---|---|---|
| Solid Media Hasselt | €285,168 | -€40,454 | -854.1% | 6.2 |
| Consultand België Riemst | €369,825 | -€7,761 | -16.6% | - |
| ENCOR-DESIGNS Thimister-Clermont | €307,466 | -€7,094 | 7.9% | - |
| TM INVEST & MANAGEMENT Charleroi | €296,679 | -€4,412 | 35.0% | - |
| Isos Management Lasne | €306,171 | -€12,277 | 37.2% | - |
| CLARENTIS Lasne | €265,678 | -€47,978 | 0.5% | - |
| IEDEREEN BENIEUWD Heist-op-den-Berg | €235,953 | -€25,347 | 91.8% | - |
These companies have the same main activity as Solid Media: public relations and communication consultancy (NACE 73300). They are comparable in size and age: total assets between €236,000 and €370,000, founded between 2020 and 2021.
Solid Media files the abbreviated format. That format states no turnover. The gross margin fell from €539,141 in 2021 to -€40,454 in 2025.
Sinek holds all the shares. In September 2023, three directors stepped down. In September 2023, the Official Gazette published the appointment of M-MANAGEMENT as managing director.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette.
Turnover and EBIT margin are not published. The abbreviated or micro format does not require them.
Lower than 95% of 2,093 companies in 2025.
Lower than 95% of 2,009 companies in 2025.
Lower than 95% of 2,052 companies in 2025.
Net result: bottom quarter · Equity: bottom quarter · Balance sheet total: middle half · Working capital: bottom quarter · Staff: middle half
Staff costs divided by the average number of full-time equivalents.
In 2025, 1 person joined and 16 left. Training hours in 2025: 29.
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| Balance sheet: assets | ||||||
20/58 |
285,168 | 456,729 | 640,894 | 893,701 | 316,031 | |
21/28 |
14,930 | 214,753 | 263,439 | 308,595 | 27,124 | |
21 |
- | 19,776 | 31,199 | 38,692 | 3,236 | |
22/27 |
14,930 | 194,977 | 231,921 | 269,583 | 23,568 | |
23 |
- | 929 | 4,373 | 7,534 | 8,858 | |
24 |
14,930 | 34,416 | 47,560 | 65,728 | 14,709 | |
26 |
- | 159,631 | 179,987 | 196,321 | - | |
28 |
- | - | 320 | 320 | 320 | |
29/58 |
270,238 | 241,976 | 377,455 | 585,106 | 288,907 | |
40/41 |
198,451 | 193,236 | 311,394 | 313,534 | 174,795 | |
40 |
146,152 | 181,051 | 306,150 | 310,956 | 149,184 | |
41 |
52,298 | 12,186 | 5,243 | 2,579 | 25,611 | |
54/58 |
59,644 | 22,668 | 29,038 | 228,540 | 82,697 | |
490/1 |
12,143 | 26,072 | 37,023 | 43,032 | 31,416 | |
| Balance sheet: equity and liabilities | ||||||
10/49 |
285,168 | 456,729 | 640,894 | 893,701 | 316,031 | |
10/15 |
-2.4m | -1.5m | -508,580 | 35,881 | -154,377 | |
10/11 |
35,000 | 35,000 | 35,000 | 35,000 | 35,000 | |
14 |
-2.5m | -1.6m | -543,580 | 881 | -189,377 | |
17/49 |
2.7m | 2.0m | 1.1m | 857,820 | 470,408 | |
17 |
28,050 | 60,961 | 93,073 | 160,268 | 14,660 | |
170/4 |
28,050 | 60,961 | 93,073 | 160,268 | 14,660 | |
42/48 |
2.7m | 1.9m | 965,492 | 696,688 | 442,808 | |
42 |
35,617 | 34,753 | 49,139 | 22,605 | 23,140 | |
43 |
- | 59,553 | 466,571 | 281,723 | 100,000 | |
430/8 |
- | 59,553 | 466,571 | 281,723 | 100,000 | |
44 |
131,574 | 240,875 | 215,820 | 144,331 | 140,558 | |
440/4 |
131,574 | 240,875 | 215,820 | 144,331 | 140,558 | |
45 |
0 | 123,646 | 158,723 | 150,369 | 177,530 | |
450/3 |
- | 2,215 | 32,410 | 36,939 | 36,304 | |
454/9 |
0 | 121,431 | 126,313 | 113,429 | 141,226 | |
47/48 |
2.5m | 1.4m | 75,239 | 97,660 | 1,580 | |
492/3 |
0 | 40,606 | 90,909 | 864 | 12,939 | |
| Income statement | ||||||
76A |
1,672 | 5,987 | - | - | - | |
9900 |
-40,454 | 542,868 | 889,761 | 1.5m | 539,141 | |
62 |
563,609 | 1.4m | 1.3m | 1.3m | 714,103 | |
630 |
43,923 | 54,307 | 58,076 | 21,939 | 7,883 | |
631/4 |
2,931 | 4,360 | 5,299 | 714 | - | |
640/8 |
19,465 | 23,623 | 9,313 | 4,522 | 1,586 | |
66A |
155,994 | - | - | - | - | |
9901 |
-826,377 | -977,439 | -515,125 | 209,389 | -184,431 | |
75/76B |
1,802 | 2,857 | 3,907 | 2,706 | 129 | |
75 |
1,802 | 2,857 | 3,907 | 2,706 | 129 | |
65/66B |
63,124 | 55,683 | 32,314 | 12,522 | 4,075 | |
65 |
63,124 | 55,683 | 32,314 | 12,522 | 4,075 | |
9903 |
-887,699 | -1.0m | -543,532 | 199,572 | -188,377 | |
67/77 |
1,845 | 7,164 | 930 | 9,314 | 1,000 | |
9904 |
-889,544 | -1.0m | -544,462 | 190,258 | -189,377 | |
9905 |
-889,544 | -1.0m | -544,462 | 190,258 | -189,377 | |
| Appropriation of the result | ||||||
9906 |
-2.5m | -1.6m | -543,580 | 881 | -189,377 | |
14P |
-1.6m | -543,580 | 881 | -189,377 | - | |
| Social balance sheet | ||||||
9087 |
6.2 | 21.5 | 22.6 | 24.5 | 12.5 | |
Hours worked1013 |
10,993 | 36,154 | 37,023 | 41,881 | 25,544 | |
| Document | ||||||
The notes to these accounts have 20 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 23-07-2026.
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 23-07-2026 | 2026-00338038 | |
| 31-12-2024 | abbreviated format | 22-07-2025 | 2025-00299758 | |
| 31-12-2023 | abbreviated format | 01-07-2024 | 2024-00202619 | |
| 31-12-2022 | abbreviated format | 11-05-2023 | 2023-00085417 | |
| 31-12-2021 | micro format | 20-06-2022 | 2022-20073623 |
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| -782,454 | -923,132 | -457,049 | 231,327 | -176,548 | ||
| -845,621 | -983,122 | -486,386 | 212,197 | -181,494 | ||
| -155,900 | 16,953 | 12,920 | 303,409 | 35,007 | ||
| 36,976 | -6,371 | -199,502 | 145,843 | - | ||
| -2.4m | -1.7m | -588,037 | -111,582 | -153,901 | ||
| -854.1% | -338.5% | -79.4% | 4.0% | -48.8% | ||
| 0.10 | 0.13 | 0.39 | 0.84 | 0.65 | ||
| - | - | - | 23.91 | - | ||
| - | - | - | 530.2% | - | ||
| -311.9% | -227.1% | -85.0% | 21.3% | -59.9% | ||
| -12.40 | -16.58 | -14.14 | 18.47 | -43.33 |
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 | 31-12-2025 | 31-12-2024 | 31-12-2023 | 31-12-2022 | 31-12-2021 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | - | 15 | 24 | 26 | 24 |
| full-time | - | 11 | 19 | 24 | 21 |
| part-time | - | 4 | 5 | 2 | 3 |
| in full-time equivalents | - | 14.1 | 22.5 | 25.6 | 22.7 |
| 6.2 | 21.5 | 22.6 | 24.5 | 12.5 | |
| On a permanent contract | - | 15 | 24 | 26 | 24 |
| Joined | 1 | 10 | 18 | 33 | 30 |
| Left | 16 | 19 | 20 | 26 | 6 |
| Training hours | 29 | 2 | 32 | - | - |
Source: social balance sheet in the 2021 to 2025 annual accounts
| Item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Debts secured on the company's own assets | €63,667 | €151,864 | €142,212 | €182,873 | - |
| €160,000 | €160,000 | €420,000 | - | €260,000 | |
| Mandates to pledge the business | - | - | €0 | €160,000 | - |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
| Item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | €16,953 | €7,670 | €263,259 | €29,007 |
| Intangible fixed assets | - | - | €5,250 | €40,150 | €5,680 |
| Financial fixed assets | - | - | - | - | €320 |
| €43,923 | €54,307 | €58,076 | €21,939 | €7,883 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
The operating result for 2025 is a loss of €826,377, smaller than the loss of €977,439 in 2024.
Equity is negative. Debt (€2.7m) exceeds the balance-sheet total (€285,168).
Further up the chainSTELLAR 92.45%
Source: parent in its own accounts, lists of holdings in the owners' accounts
2 other companies of this director were struck off by the FPS Economy (2024).
2 other companies of this director were struck off by the FPS Economy (2024).
Source: Belgian Official Gazette (bankruptcies, judicial dissolutions, board mandates), FPS Economy (strike-offs) and the KBO register. A bankruptcy, dissolution or strike-off says nothing about the director's part in it.
Source: list of holdings in the 2025 accounts of Sinek. Every holding stands with its own latest accounts.
Part of the group STELLAR Group, risk and exposure| SELLIGENT
establishment since 01-01-2012 · founded in 1988 |
98 FTE (2025) 0433.657.207 |
| ACCELL BELGIE
registered office since 30-04-2010 · founded in 2010 |
13 FTE (2023) 0825.594.021 |
| M51 Europe
establishment since 25-07-2022 · founded in 2022 |
total assets €39.8m (2023) 0788.853.785 |
| QUANTUM SERVICES
establishment since 30-05-2024 · founded in 2017 · group STELLAR |
218 FTE (2025) 0680.709.871 |
| CONTEC
establishment since 01-05-2019 · founded in 1986 |
141 FTE (2025) 0428.162.453 |
| Marigold Europe
registered office since 22-11-2002 · founded in 2002 · group SELLIGENT |
20 FTE (2025) 0478.839.312 |
| ODIN VENTURES
registered office since 14-12-2016 · founded in 2016 |
total assets €9.4m (2025) 0667.722.462 |
| Maecenas Group
registered office since 14-04-2011 · founded in 2011 |
total assets €7.3m (2025) 0835.693.897 |
| CORDIER BE
registered office since 26-01-1990 · founded in 1990 |
18 FTE (2025) 0439.804.928 |
| NEWPOINT PROFESSIONALS
registered office since 17-03-2014 · founded in 2014 |
27 FTE (2025) 0547.976.556 |
| Transformics via M-MANAGEMENT (no longer at Transformics), MAD (no longer at Transformics) and Tejest Invest (at Solid Media until 2024) · Director · deed of 18-03-2024 founded in 2015 · negative equity (2025) · group STELLAR |
7,231 FTE (2025) |
| B&G Media via desalniettemin.be (at Solid Media until 2023), G-L-A INVEST (at Solid Media until 2023) and SB Invest (at Solid Media until 2023) · deed of 17-11-2021 founded in 2021 · accounts filed late |
total assets €315,606 (2024) |
| City Screen Group Belgium via G-L-A INVEST (at Solid Media until 2023) and SB Invest (at Solid Media until 2023) · deed of 10-01-2024 founded in 2018 |
5.2 FTE (2025) |
| Het Poetsbureau via M-MANAGEMENT (no longer at Het Poetsbureau) and MAD (no longer at Het Poetsbureau) · Director · deed of 11-08-2021 No longer active |
1,253 FTE (2024) |
| De Vlijtige Mier via M-MANAGEMENT (no longer at De Vlijtige Mier) and MAD (no longer at De Vlijtige Mier) · Director · deed of 14-07-2022 No longer active |
527 FTE (2024) |
| MOJO via M-MANAGEMENT (no longer at MOJO), MAD (no longer at MOJO) and Tejest Invest (at Solid Media until 2024) · Director · deed of 08-03-2023 No longer active · group STELLAR |
160 FTE (2023) |
| Network via M-MANAGEMENT (no longer at Network), MAD (no longer at Network) and Tejest Invest (at Solid Media until 2024) · Director · deed of 12-03-2024 No longer active · group STELLAR |
total assets €2.0m (2025) |
| Motmans & Partners via M-MANAGEMENT (no longer at Motmans & Partners), MAD (no longer at Motmans & Partners) and Tejest Invest (at Solid Media until 2024) · Director · deed of 12-03-2024 No longer active · group STELLAR |
18 FTE (2025) |
| MONJO via M-MANAGEMENT (no longer at MONJO), MAD (no longer at MONJO) and Tejest Invest (at Solid Media until 2024) · Director · deed of 08-02-2023 No longer active · group STELLAR |
1.3 FTE (2023) |
| Branson via M-MANAGEMENT, no longer at Branson · Director · deed of 11-08-2021 No longer active |
total assets €3,067 (2020) |
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
Solid Media was incorporated on 18 August 2020 as a private limited company by three natural persons, with a starting capital of €35,000.12 The registered office was moved to Hasselt in 2022.3 The board currently has 2 members, 2 of whom have served since 2023.4 Total assets went from €316,031 in 2021 to €285,168 in 2025 and headcount from 12.5 to 6.2 full-time equivalents.5
| Establishment | Since | Unit number |
|---|---|---|
| Captainwork registered office Kempische steenweg 305, 3500 Hasselt 63910 Web portal activities | 18-08-2020 | 2.306.237.653 |
| Cadastral parcel | Area | Buildings | Height / floors |
|---|---|---|---|
| 71322A0540/00E002 | 1,801 m² | 1 · 1,499 m² | 21.4 m · 5 |
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