Equity
Debts exceed assets in financial year 2025.
Debts exceed assets in financial year 2025.
The result fell in 2025 from €198,982 to €36,198.
Of this, €1.2m falls due within a year.
Between 2018 and 2025, 33% of the full-time equivalents disappeared.
Board changed. Latest change 05-05-2026 · 4 in office.
Less equity than 95% of companies in advertising and market research. Sector median €163,763 · 2,096 companies.
Negative equity caps the score at 59.
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).
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).
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.
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.
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.
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.
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 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.
| 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.
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.
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