Equity
Debts exceed assets in financial year 2025.
Debts exceed assets in financial year 2025.
The accounts state no turnover.
Of this, €398,747 falls due within a year.
In 2025, 3 people joined and 1 left.
Less equity than 91% of companies in head offices and management consultancy. Sector median €323,523 · 10,857 companies.
Negative equity caps the score at 59.
The dashed line is the sector median: 0.1% across 4,522 companies (NACE 70, small).
About 1 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 70, small). It does better than 4% of them on solvency, 2% on liquidity, 19% on profitability and 1% on growth.
The bankruptcy probability was computed on 07-11-2026 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, 1,167 companies had the same profile as Studio Coordination has now. Each dot stands for 3 companies, two years later.
Another 0.3% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of Studio Coordination itself: 1.3% 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 1,167 companies, not a prediction for Studio Coordination. 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 0.94 (0.93 in 2024), below 1. Short-term debt is 101.3% and cash 1.2% 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 15 days before the deadline. In the sector (NACE 70), the median for financial year 2024 was 9 days before the deadline, and 32% of those companies filed late.
| Company | ||||
|---|---|---|---|---|
| Studio Coordination Braine-l'Alleud | €393,485 | €1.1m | -1.5% | 16.4 |
| PLUGES Wavre | €435,000 | €1.0m | 47.3% | 13 |
| PHR Wervik | €551,777 | €1.4m | 16.4% | 15 |
| Verado Ostend | €567,761 | €0.9m | 29.4% | 20.2 |
| FINAMIGO Zemst | €411,770 | €1.1m | 1.0% | 9.7 |
| Chase & Green Denderleeuw | €257,666 | €1.1m | -18.1% | 18.7 |
| NODIS CONSULTING Zemst | €485,544 | €1.4m | 43.3% | 11 |
These companies have the same main activity as Studio Coordination: business and other management consultancy (NACE 70200). They are comparable in size and age: total assets between €258,000 and €568,000, founded between 2019 and 2021.
Studio Coordination files the abbreviated format. That format states no turnover. The gross margin rose from €752,163 in 2021 to €1.1m in 2025.
STUDIO GROUP holds all the shares.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette.
The turnover shown is an estimate from the gross margin.
Turnover ≈ €2.2m. Estimated: probably between €1.5m and €2.8m.
Higher than 9% of 10,847 companies in 2025.
Higher than 35% of 10,470 companies in 2025.
Higher than 17% of 10,717 companies in 2025.
Net result: bottom quarter · Equity: bottom quarter · Balance sheet total: middle half · Working capital: middle half · Staff: top quarter
Staff costs divided by the average number of full-time equivalents.
In 2025, 3 people joined and 1 left.
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| Balance sheet: assets | ||||||
20/58 |
393,485 | 332,863 | 316,140 | 259,556 | 365,095 | |
21/28 |
17,487 | 27,918 | 13,361 | 16,824 | 1,000 | |
22/27 |
16,487 | 26,918 | 12,361 | 15,824 | - | |
24 |
11,051 | 18,019 | - | - | - | |
25 |
5,436 | 8,899 | 12,361 | 15,824 | - | |
28 |
1,000 | 1,000 | 1,000 | 1,000 | 1,000 | |
29/58 |
375,998 | 304,945 | 302,778 | 242,732 | 364,095 | |
40/41 |
356,806 | 257,316 | 267,811 | 229,233 | 196,116 | |
40 |
214,806 | 112,316 | 127,811 | 189,233 | 136,116 | |
41 |
142,000 | 145,000 | 140,000 | 40,000 | 60,000 | |
54/58 |
4,587 | 32,906 | 33,817 | 12,698 | 167,979 | |
490/1 |
14,605 | 14,723 | 1,151 | 801 | - | |
| Balance sheet: equity and liabilities | ||||||
10/49 |
393,485 | 332,863 | 316,140 | 259,556 | 365,095 | |
10/15 |
-5,813 | -1,366 | -2,084 | 13,011 | 28,111 | |
10/11 |
20,000 | 20,000 | 20,000 | 20,000 | 20,000 | |
14 |
-25,813 | -21,366 | -22,084 | -6,989 | 8,111 | |
17/49 |
399,298 | 334,229 | 318,224 | 246,545 | 336,984 | |
17 |
59 | 3,380 | 8,252 | 10,240 | - | |
170/4 |
59 | 3,380 | 8,252 | 10,240 | - | |
42/48 |
398,747 | 328,645 | 309,972 | 236,305 | 336,984 | |
42 |
2,102 | 21,579 | 48,752 | 1,880 | - | |
43 |
81,890 | 41,500 | - | - | - | |
430/8 |
81,890 | 41,500 | - | - | - | |
44 |
33,658 | 27,747 | 37,359 | 29,322 | 80,792 | |
440/4 |
33,658 | 27,747 | 37,359 | 29,322 | 80,792 | |
45 |
281,098 | 237,819 | 223,862 | 205,103 | 256,192 | |
450/3 |
129,543 | 123,203 | 131,810 | 98,472 | 146,151 | |
454/9 |
151,554 | 114,616 | 92,052 | 106,631 | 110,041 | |
492/3 |
491 | 2,204 | - | - | - | |
| Income statement | ||||||
9900 |
1.1m | 941,379 | 879,632 | 788,662 | 752,163 | |
62 |
1.1m | 898,799 | 835,921 | 782,248 | 731,694 | |
630 |
10,431 | 8,686 | 3,463 | 1,490 | - | |
640/8 |
7,293 | 3,680 | 2,885 | 3,208 | - | |
9901 |
41,480 | 30,215 | 37,363 | 1,716 | 20,469 | |
75/76B |
- | - | - | 1 | - | |
75 |
- | - | - | 1 | - | |
65/66B |
27,767 | 22,225 | 16,701 | 10,654 | 3,258 | |
65 |
27,767 | 22,225 | 16,701 | 10,654 | 3,258 | |
9903 |
13,713 | 7,990 | 20,662 | -8,937 | 17,211 | |
67/77 |
18,160 | 7,272 | 35,758 | 6,163 | 9,100 | |
9904 |
-4,447 | 718 | -15,096 | -15,100 | 8,111 | |
9905 |
-4,447 | 718 | -15,096 | -15,100 | 8,111 | |
| Appropriation of the result | ||||||
9906 |
-25,813 | -21,366 | -22,084 | -6,989 | 8,111 | |
14P |
-21,366 | -22,084 | -6,988 | 8,111 | - | |
| Social balance sheet | ||||||
9087 |
16.4 | 14.7 | 13 | 13.1 | 13.6 | |
Hours worked1013 |
25,765 | 22,978 | 19,619 | 19,338 | 19,627 | |
| Document | ||||||
The notes to these accounts have 8 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 09-07-2026.
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 09-07-2026 | 2026-00286666 | |
| 31-12-2024 | full format | 07-07-2025 | 2025-00245088 | |
| 31-12-2023 | full format | 01-07-2024 | 2024-00197056 | |
| 31-12-2022 | full format | 03-07-2023 | 2023-00199861 | |
| 31-12-2021 | full format | 29-08-2022 | 2022-20368606 |
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| 51,911 | 38,901 | 40,825 | 3,206 | - | ||
| 5,984 | 9,404 | -11,633 | -13,610 | - | ||
| 0 | 23,242 | 0 | 17,314 | 1,000 | ||
| -28,319 | -911 | 21,119 | -155,281 | - | ||
| -22,749 | -23,700 | -7,194 | 6,427 | 27,111 | ||
| -1.5% | -0.4% | -0.7% | 5.0% | 7.7% | ||
| 0.94 | 0.93 | 0.98 | 1.03 | 1.08 | ||
| - | - | - | 18.95 | 11.99 | ||
| - | - | - | -116.1% | 28.9% | ||
| -1.1% | 0.2% | -4.8% | -5.8% | 2.2% | ||
| 1.87 | 1.75 | 2.44 | 0.30 | - |
EBIT margin: not included in this filing.
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 | 17 | 15 | 12 | 13 | 13 |
| full-time | 17 | 15 | 12 | 12 | 12 |
| part-time | - | 0 | - | 1 | 1 |
| in full-time equivalents | 17 | - | 12 | 12.8 | 12.8 |
| 16.4 | 14.7 | 13 | 13.1 | 13.6 | |
| On a permanent contract | 16 | 15 | 12 | 13 | 13 |
| Joined | 3 | 5 | 4 | 2 | 15 |
| Left | 1 | 2 | 5 | 2 | 2 |
Source: social balance sheet in the 2021 to 2025 annual accounts
| Item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | €23,242 | - | €17,314 | - |
| Financial fixed assets | - | - | - | - | €1,000 |
| €10,431 | €8,686 | €3,463 | €1,490 | - |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
The operating result for 2025 is 37% higher than in 2024 and the highest since 2021. It is a recovery after the fall in 2024.
Equity is negative. Debt (€399,298) exceeds the balance-sheet total (€393,485).
Source: shareholder structure in its own accounts
Source: list of holdings in the 2025 accounts of STUDIO GROUP. Holdings that file themselves stand with their latest accounts, the others with the amounts of that list, in their own currency.
Part of the group STUDIO GROUP Group, risk and exposure| ADECCO PERSONNEL SERVICES
establishment since 26-06-2019 · founded in 1961 · group Adecco Group AG |
8,440 FTE (2025) 0404.221.962 |
| STUDIO TELECOM
registered office since 17-05-1990 · founded in 1990 · group STUDIO GROUP |
44 FTE (2025) 0440.586.866 |
| STUDIO GROUP
registered office since 16-12-2011 · founded in 2010 |
total assets €15.2m (2025) 0832.092.724 |
| IMMO GRAM
registered office since 01-07-2013 · founded in 2002 · group STUDIO GROUP · accounts filed late |
total assets €9.7m (2024) 0478.100.033 |
| LOGIDRIVE
registered office since 01-12-1998 · founded in 1998 |
total assets €4.7m (2025) 0464.502.514 |
| EXPERIENCE STORE
registered office since 24-06-2019 · founded in 2019 · group STUDIO GROUP |
21 FTE (2025) 0728.816.230 |
| ASSYST EUROPE
registered office since 01-03-2018 · founded in 2005 |
12 FTE (2025) 0874.914.462 |
| Gérard Sinabian Associés HEALTHCARE
registered office since 13-07-1999 · founded in 1998 |
24 FTE (2025) 0464.850.031 |
| PHIMARG
registered office since 19-10-2021 · founded in 2021 · negative equity (2025) · group STUDIO GROUP |
total assets €1.8m (2025) 0775.908.047 |
| MOBILE OUTFITTERS BENELUX
registered office since 01-11-2017 · founded in 2000 · group STUDIO GROUP |
2.9 FTE (2025) 0472.995.556 |
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
On 4 December 2020, Studio Coordination was incorporated as a private limited company by STUDIO GROUP, with a starting capital of €20,000.12 Of the 2 current board members, 2 have served since 2020.3 Total assets went from €365,095 in 2021 to €393,485 in 2025 and headcount from 13.6 to 16.4 full-time equivalents.4
| Establishment | Since | Unit number |
|---|---|---|
| Avenue du Japon 1 registered office 1420 Braine-l'Alleud | 04-12-2020 | 2.311.536.823 |
| Cadastral parcel | Area | Buildings | Height / floors |
|---|---|---|---|
| 25744D0154/00M000 | 2,086 m² | 1 · 829 m² | 18.7 m · 5 |
If something looks wrong or is missing, please tell us.