Equity
-€747,512
Debts exceed assets in financial year 2025.
Studio Aperi Negotium
Lifetime
19 annual accounts with figures on one time axis, 41 filings since 1984peak €958,468 (2024)
€721,766▼ 24.7%
lowest -€1.2m (2016)
€36,198▼ 81.8%
peak €238,911 (2011)
-€747,512▲ €36,198
€1.6m▲ 4.0%
peak 8.6 FTE (2018)
5.8 FTEunchanged
Board14 names since 2010all names
5 directorsBouckaert Xavier and 4 others
Owners4 names in the annual accounts
75%Roularta Media Group and 1 other
Documentsfilings and deeds
26-05-202666 days before the deadline
2025abbreviated format
Gross margin from €958,468 to €721,766Result from €198,982 to €36,198
Key points
from the 2025 annual accountsResult
€36,198 ▼ 81.8%
The result fell in 2025 from €198,982 to €36,198.
Debts
€1.6m 188% of the balance sheet
Suppliers 13%Taxes and wages 9%Other 78%
Of this, €1.2m falls due within a year.
Staff
5.8 FTE from 8.6 in 2018
Between 2018 and 2025, 33% of the full-time equivalents disappeared.
Board
2 joined · 2 left
Board changed. Latest change 05-05-2026 · 4 in office.
Position in the sector
-€747,512
Less equity than 95% of companies in advertising and market research. Sector median €163,763 · 2,096 companies.
Checked score
54
Fair
Financially stronger than 29% of micro companies in advertising and market research (NACE 73)
Probability in this band: 1.5% to 4.2%
Negative equity caps the score at 59.
Bankruptcy probability within 12 months
0.7% Low
0%0.5%1.5%4%10%≥ 25%
The dashed line is the sector median: 0.2% across 11,228 companies (NACE 73, micro).
About 7 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
Last 24 months
12-2024: 0.6%
01-2025: 0.6%● unchanged vs 12-2024
02-2025: 0.6%● unchanged vs 01-2025
03-2025: 0.6%● unchanged vs 02-2025
04-2025: 0.6%● unchanged vs 03-2025
05-2025: 0.6%● unchanged vs 04-2025
06-2025: 0.6%● unchanged vs 05-2025
07-2025: 0.5%▼ -0.1 percentage points vs 06-2025
08-2025: 0.5%● unchanged vs 07-2025
09-2025: 0.5%● unchanged vs 08-2025
10-2025: 0.5%● unchanged vs 09-2025
11-2025: 0.5%● unchanged vs 10-2025
12-2025: 0.5%● unchanged vs 11-2025
01-2026: 0.5%● unchanged vs 12-2025
02-2026: 0.5%● unchanged vs 01-2026
03-2026: 0.5%● unchanged vs 02-2026
04-2026: 0.5%● unchanged vs 03-2026
05-2026: 0.4%▼ -0.1 percentage points vs 04-2026lowest value
06-2026: 0.7%▲ +0.3 percentage points vs 05-2026highest value
07-2026: 0.7%● unchanged vs 06-2026highest value
08-2026: 0.7%● unchanged vs 07-2026highest value
09-2026: 0.7%● unchanged vs 08-2026highest value
10-2026: 0.7%● unchanged vs 09-2026highest value
11-2026: 0.7%● unchanged vs 10-2026highest value
Financial strengthWeak
Score breakdown
raises risk
Capped at 59: negative equity
Negative equity -€747,512
Profit of €36,198 (financial year 2025)
lowers risk
Liquidity: current ratio 0.62, cash €315,842
Founded in 1983
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 5% of them on solvency, 30% on liquidity, 29% on profitability and 53% 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 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, 1,449 companies had the same profile as Studio Aperi Negotium has now. Each dot stands for 4 companies, two years later.
92.2%
were still trading
4.8%
stopped another way
2.5%
went bankrupt
Another 0.5% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of Studio Aperi Negotium itself: 0.7% 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 1,449 companies, not a prediction for Studio Aperi Negotium. 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
No credit on open account
Liquidity is insufficient, with a current ratio of 0.62 (0.55 in 2024), below 1. Short-term debt is 149% and cash 37.8% of total assets. Equity is negative.
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The scores and ratios are Checked's own calculations, not a credit decision.
Signals
Six signals.
lowers riskraises riskneutral
raises risk · Weak solvency compared with the sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 7% of 2093 sector peers (2025).
NBB · sector comparisonPosition among 2093 sector peers
Solvency
better than 7%
← weakest
strongest →
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 26-05-2026, 66 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
66 days early
2024
41 days early
2023
62 days early
2022
53 days early
2021
69 days early
2020
74 days early
2019
66 days early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
The company filed its last 7 accounts on average 62 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.
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 31 May (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
09-11-2026 today31-12-2026 year end31-07-2027 deadline
Board and ownership
- Roularta Media Group 75%score 95equity €184.3m (2025) · annual accounts 2025
- VOKA Shared Services 25%score 88equity €503,797 (2025) · annual accounts 2025
Recent changes
Registered in the Peppol Directory
Reachable for e-invoices through 0208:0424267706
2 directors appointed, 2 resignations
Resignations: Hans Maertens and Steven Vandenbogaerde · Appointments: Jeroen Mouton and Patrice Bakeroot · Permanent representative: Line Vivey · Gazette deed
Appointment: Ernst&Young Bedrijfsrevisoren BV (statutory auditor)
Permanent representative: Lieve Cornelis · General meeting of 21-05-2024 · Gazette deed
Resignation: De Nolf Hendrik (director)
Gazette deed
Comparable companies
same main activity, similar in size and age| Company | ||||
|---|---|---|---|---|
| Studio Aperi Negotium Roeselare | €0.8m | €721,766 | -89.5% | 5.8 |
| European Association of Communications Agencies Sint-Gillis (bij-Brussel) | €0.9m | €515,431 | 71.2% | 5.3 |
| ENSEIGNES PLEXI Dinant | €0.9m | €537,403 | 61.6% | 6.2 |
| REMY COMMUNICATION Leuven | €1.0m | €563,687 | 26.7% | 6.7 |
| Guidoc Ghent | €0.9m | €460,063 | 19.7% | 5.3 |
| TOP SECRET COMMUNICATION Uccle | €1.1m | €607,917 | 15.3% | 8 |
| NICKEL GRAPHIC STUDIO Nivelles | €0.9m | €747,702 | 59.2% | 7.7 |
These companies have the same main activity as Studio Aperi Negotium: advertising agencies (NACE 73110). They are comparable in size and age: total assets between €852,000 and €1.1m, founded between 1981 and 1993.
Official details
Source: KBO- Status
- Active since 01-08-1983Normal situation
- Activity
- Advertising agenciesNACE 73110and 2 others
- Establishment unit
- 2.022.742.2859000 Ghent, since 04-12-2000
- Financial year end
- 31 December
- Peppol
- Reachable since 21-10-2026
Annual accounts 2025
- ≈ €1.4mestimated
- €834,941▲ 13.2%
- Employeeson 31-12-2025
- 6=
- Filing
- Filed on 26-05-2026, 66 days before the end of the filing period
Companies linked to Studio Aperi Negotium
Parent and group
Insights on Studio Aperi Negotium
Studio Aperi Negotium files the abbreviated format. That format states no turnover. The gross margin rose from €499,307 in 2006 to €721,766 in 2025.
Roularta Media Group holds 75% of the shares.
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 Studio Aperi Negotium
- What is the company number of Studio Aperi Negotium?
- The company number of Studio Aperi Negotium is 0424.267.706. The VAT number is the same number with BE in front: BE 0424.267.706.
- Where is Studio Aperi Negotium based?
- The registered office is at Meiboomlaan 33, 8800 Roeselare.Company details
- What does Studio Aperi Negotium do?
- According to the KBO register, the main activity is advertising agencies (NACE 73110).
- What is the legal form of Studio Aperi Negotium?
- Studio Aperi Negotium is a public limited company (NV).
- When was Studio Aperi Negotium founded?
- Studio Aperi Negotium was founded on 01-08-1983.
- Is Studio Aperi Negotium still active?
- Yes, Studio Aperi Negotium is an active enterprise in the KBO register.
- How many employees does Studio Aperi Negotium have?
- Studio Aperi Negotium had an average of 5.8 full-time equivalents in financial year 2025, according to the filed annual accounts.Financials
- What is the turnover of Studio Aperi Negotium?
- The turnover in financial year 2025 is ≈ €1.4m. This figure is estimated from the gross margin of €721,766 and 37 comparable companies (NACE 73). It probably lies between €970,000 and €1.8m.
- Is Studio Aperi Negotium profitable?
- In financial year 2025, Studio Aperi Negotium made a profit of €36,198.
- Where can I find the annual accounts of Studio Aperi Negotium?
- Studio Aperi Negotium filed 41 annual accounts with the National Bank of Belgium, the latest for financial year 2025.
- When are the next annual accounts of Studio Aperi Negotium due?
- Studio Aperi Negotium must file the annual accounts for financial year 2026 by 31-07-2027.Timeline
Next steps
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