STUDIO WITVROUWEN
ActiveSummary
STUDIO WITVROUWEN has been active since 1989 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €160,135 and a net result of -€3,981. Equity is shrinking by ~2.9% per year across the filed fiscal years. Its solvency ranks better than 93% of 3521 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.3% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability16▲+16
Solvency100=
Growth32=
Track record100
Bankruptcy probability, 12 months
0.3%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €12,000 at 30 days acceptable
Liquidity ample (current ratio 12.79 against 10.95 in 2024; short-term debt: 7.5% and cash: 46.6% of total assets), and 7.5% of the assets are financed with debt.
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Signals
Five signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 74
Relative position
BE, all sectors
reference
Other professional, scientific and technical activities (NACE 74)
about 48% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
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
raises risk · Persistent losses
Two consecutive loss-making years (2024 and 2025); equity is also lower. May indicate structural pressure on profitability.
NBB · annual accounts 2025Net result per financial year
1819202122232425
2018 to 2025 · latest year -€3,981
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 31-07-2026, 0 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
on the day
2024
2 d early
2023
2 d early
2022
7 d late
2021
5 d late
2020
16 d late
2019
88 d late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 7 accounts on average 16 days after the deadline; the sector median for financial year 2024 is 3 days before the deadline, and 38% of the sector filed late.
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. Usually files around 31 July (5 of the last 5 filed years within 30 days of that day).
Companies Code · seven monthsPosition in the running window
30-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, micro schema
Equity
€160,135▼ 2.4%
2024 · €164,116
Total assets
€173,069▼ 3.8%
2024 · €179,864
Net result
-€3,981▲ 85.0%
2024 · -€26,543
Working capital
€152,475▼ 2.7%
2024 · €156,638
Trend over the years
In euros
In per cent
Ratio
In euros
No line ticked in this group.
In per cent
No line ticked in this group.
Ratio
No line ticked in this group.
Untick a line to hide it. Point at a year (or use the arrow keys on the chart) for the exact figures; the table below gives them all.Sector: the middle half (P25 to P75) of NACE 74, Other professional, scientific and technical activities, each year against the same schema; no band under 30 filings. Dashed line: the median. Available for Net result, Equity, Total assets, Working capital, Solvency, Current ratio, Return on assets (ROA).
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result€22,486▲ 113%-€7,001-€7,254▼ 3.6%-€29,672▼ 309%-€3,413▲ 88.5%
Net result€21,654within the sector's middle half▲ 93.8%-€7,987below the sector's middle half-€7,814below the sector's middle half▲ 2.2%-€26,543below the sector's middle half▼ 240%-€3,981below the sector's middle half▲ 85.0%
Equity€206,459above the sector's middle half▲ 11.7%€198,473above the sector's middle half▼ 3.9%€190,659above the sector's middle half▼ 3.9%€164,116above the sector's middle half▼ 13.9%€160,135above the sector's middle half▼ 2.4%
Total assets€232,763within the sector's middle half▼ 16.2%€201,748within the sector's middle half▼ 13.3%€206,714within the sector's middle half▲ 2.5%€179,864within the sector's middle half▼ 13.0%€173,069within the sector's middle half▼ 3.8%
Debt€26,304▼ 71.7%€3,276▼ 87.5%€16,055▲ 390%€15,748▼ 1.9%€12,934▼ 17.9%
Working capital€196,318above the sector's middle half▲ 1.1%€189,579above the sector's middle half▼ 3.4%€182,525above the sector's middle half▼ 3.7%€156,638above the sector's middle half▼ 14.2%€152,475above the sector's middle half▼ 2.7%
Solvency88.7%above the sector's middle half▲ 22.2pp98.4%above the sector's middle half▲ 9.7pp92.2%above the sector's middle half▼ 6.1pp91.2%above the sector's middle half▼ 1.0pp92.5%above the sector's middle half▲ 1.3pp
Current ratio8.46above the sector's middle half▲ 4.8658.88above the sector's middle half▲ 50.4112.37above the sector's middle half▼ 46.5110.95above the sector's middle half▼ 1.4212.79above the sector's middle half▲ 1.84
Return on assets (ROA)9.3%within the sector's middle half▲ 5.3pp-4.0%below the sector's middle half▼ 13.3pp-3.8%below the sector's middle half▲ 0.2pp-14.8%below the sector's middle half▼ 11.0pp-2.3%below the sector's middle half▲ 12.5pp
above
within
below
the middle half (P25 to P75) of NACE 74, Other professional, scientific and technical activities, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €3,413 in 2025 against €29,672 in 2024; the loss shrinks.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €173,069
Fixed assets
€7,660 ▲ 2.4%
Current assets
€165,409 ▼ 4.0%
Equity and liabilities €173,069
Equity
€160,135 ▼ 2.4%
Debt
€12,934 ▼ 17.9%
Debt's share of the balance-sheet total falls from 8.8% to 7.5%. Equity and debt are lower.
Key figures and ratios
EBITDA
-€3,095▲
2024 · -€29,017
Cash flow
-€3,663▲
2024 · -€25,888
Debt to equity
0.08▼
2024 · 0.10
ROE
-2.5%▲
2024 · -16.2%
Interest coverage
-3.84▲
2024 · -35.21
Debt ≤ 1 year
€12,934▼
2024 · €15,748
Income taxes
€123▼
2024 · €146
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 12,321 companies that looked in July 2024 the way this one looks now, 0.7% went bankrupt within 24 months and 90% are still going.
- Micro
- 20 years or older
- solvency 30% or more
- a small loss
0.7%
went bankrupt
8.6%
stopped otherwise
90%
still going
A further 0.5% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.3% over twelve months; the group does not contradict it.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,340 companies of July 2024 its group's bankruptcy share. Expected: 1.6%; actually bankrupt within 24 months: 1.7%.
| 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% | 1.0% |
| 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% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 74% of comparisons. The level follows the economy: in a year with more bankruptcies, the actual share is higher than the year before.
An observation about 12,321 comparable companies, not a prediction for this company. The sector does not count: the register keeps no sector for companies that stopped, so it would make the outcome look better than it was.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | €1,810 | - | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €998 | €1,247 | €761 | €655 | €318 | ▼ 51.5% |
| Other operating charges640/8 | €1,352 | €313 | €625 | €239 | €807 | ▲ 238% |
| Gross operating margin9900 | €24,836 | -€5,441 | -€5,868 | -€28,778 | -€2,288 | ▲ 92.0% |
| Operating profit (loss)9901 | €22,486 | -€7,001 | -€7,254 | -€29,672 | -€3,413 | ▲ 88.5% |
| Financial income75/76B | €372 | €140 | €423 | €4,100 | €360 | ▼ 91.2% |
| Recurring financial income75 | €372 | €140 | €423 | €4,100 | €360 | ▼ 91.2% |
| Financial charges65/66B | €573 | €1,126 | €968 | €824 | €805 | ▼ 2.3% |
| Recurring financial charges65 | €573 | €1,126 | €968 | €824 | €805 | ▼ 2.3% |
| Profit (loss) for the period before taxes9903 | €22,285 | -€7,987 | -€7,799 | -€26,397 | -€3,858 | ▲ 85.4% |
| Income taxes67/77 | €631 | - | €15 | €146 | €123 | ▼ 16.1% |
| Profit (loss) for the period9904 | €21,654 | -€7,987 | -€7,814 | -€26,543 | -€3,981 | ▲ 85.0% |
| Transfer from tax-exempt reserves789 | - | - | - | €28,061 | - | - |
| Profit (loss) for the period to be appropriated9905 | €21,654 | -€7,987 | -€7,814 | €1,518 | -€3,981 | ▼ 362% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €232,763 | €201,748 | €206,714 | €179,864 | €173,069 | ▼ 3.8% |
| Fixed assets21/28 | €10,141 | €8,894 | €8,133 | €7,478 | €7,660 | ▲ 2.4% |
| Tangible fixed assets22/27 | €10,141 | €8,894 | €8,133 | €7,478 | €7,160 | ▼ 4.3% |
| Furniture and vehicles24 | €3,641 | €2,394 | €1,633 | €978 | €660 | ▼ 32.5% |
| Other tangible fixed assets26 | €6,500 | €6,500 | €6,500 | €6,500 | €6,500 | = |
| Financial fixed assets28 | - | - | - | - | €500 | - |
| Current assets29/58 | €222,622 | €192,855 | €198,581 | €172,386 | €165,409 | ▼ 4.0% |
| Amounts receivable within one year40/41 | €28,015 | €26,624 | €51,225 | €35,951 | €35,948 | = |
| Trade receivables40 | €15,357 | €11,854 | €36,206 | €17,242 | €18,330 | ▲ 6.3% |
| Other amounts receivable41 | €12,659 | €14,771 | €15,019 | €18,709 | €17,618 | ▼ 5.8% |
| Current investments50/53 | €47,884 | €48,024 | €48,226 | €46,167 | €46,247 | ▲ 0.2% |
| Cash at bank and in hand54/58 | €144,353 | €116,806 | €97,590 | €87,365 | €80,591 | ▼ 7.8% |
| Deferred charges and accrued income490/1 | €2,369 | €1,400 | €1,540 | €2,903 | €2,623 | ▼ 9.6% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €232,763 | €201,748 | €206,714 | €179,864 | €173,069 | ▼ 3.8% |
| Equity10/15 | €206,459 | €198,473 | €190,659 | €164,116 | €160,135 | ▼ 2.4% |
| Contributions10/11 | €18,592 | €18,592 | €18,592 | €18,592 | €18,592 | = |
| Reserves13 | €190,076 | €190,076 | €172,076 | €144,014 | €144,014 | = |
| Non-distributable reserves130/1 | €5,686 | €5,686 | €5,686 | €5,686 | €5,686 | = |
| Reserves not available under the articles1311 | €5,686 | €5,686 | €5,686 | €5,686 | €5,686 | = |
| Tax-exempt reserves132 | €28,061 | €28,061 | €28,061 | - | - | - |
| Distributable reserves133 | €156,328 | €156,328 | €138,328 | €138,328 | €138,328 | = |
| Profit (loss) carried forward14 | -€2,208 | -€10,195 | -€9 | €1,509 | -€2,471 | ▼ 264% |
| Amounts payable17/49 | €26,304 | €3,276 | €16,055 | €15,748 | €12,934 | ▼ 17.9% |
| Amounts payable within one year42/48 | €26,304 | €3,276 | €16,055 | €15,748 | €12,934 | ▼ 17.9% |
| Trade debts44 | €7,675 | €2,643 | €10,979 | €13,745 | €7,614 | ▼ 44.6% |
| Suppliers440/4 | €7,675 | €2,643 | €10,979 | €13,745 | €7,614 | ▼ 44.6% |
| Advances received on contracts in progress46 | €5,000 | - | - | - | - | - |
| Taxes, remuneration and social security45 | €4,333 | €633 | €5,076 | €2,003 | €5,320 | ▲ 166% |
| Taxes450/3 | €4,333 | €633 | €5,076 | €2,003 | €5,320 | ▲ 166% |
| Other amounts payable47/48 | €9,296 | - | - | - | - | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €21,654 | -€7,987 | -€7,814 | -€26,543 | -€3,981 | ▲ 85.0% |
| + Depreciation and write-downs630 | €998 | €1,247 | €761 | €655 | €318 | ▼ 51.5% |
| Operating cash flow (approximation) | €22,651 | -€6,739 | -€7,054 | -€25,888 | -€3,663 | ▲ 85.9% |
| Investment in fixed assets (approximation) | - | €0 | €0 | €0 | -€500 | - |
| Change in cash | - | -€27,547 | -€19,216 | -€10,225 | -€6,774 | ▲ 33.7% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
31-07
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
29-07
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
31-12
Financial
Weakest financial yearnet -€26,543
Net result drops to -€26,543, the lowest in the series; recovery starts the following year.
29-07
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
07-08
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 7 days late
2022
31-12
Financial
Liquidity times 7current ratio 58.88
Current ratio from 8.46 to 58.88; short-term debt falls from €26,304 to €3,276.
05-08
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 5 days late
2021
31-12
Financial
Liquidity doublescurrent ratio 8.46
Current ratio from 3.60 to 8.46; short-term debt falls from €74,628 to €26,304.
31-12
Financial
Equity above €200,000Eq €206,459 ▲11.7%
2 profitable years in a row build equity to €206,459.
16-08
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 16 days late
2020
31-12
Financial
Back to profitnet €11,175
Net result €11,175 after one loss-making year.
27-10
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 88 days late
Show earlier events
2019
30-08
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema · 30 days late
2018
06-09
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema · 37 days late
2017
30-08
NBB filing
Annual accounts filed
fiscal year 2016 · micro schema · 30 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 2 acts read
About the unread acts
We know of 2 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
2 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, Ukkel · 1 establishment unit since 1989
Ground area
209 m²
Building footprint
88 m²
Volume, LiDAR
828 m³
Parcel 21614E0145/00K007, Brussels · tallest building 11.6 m, ±3 floors. Linked by address, not a title deed.
2
companies at this address
See who is registered here
1 establishment unit
NATHALIE WITVROUWEN
since 19892.043.099.716
1 parcel
Brussels
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 21614E0145/00K007 | Brussels | 209 m² | 1 · 88 m² | 11.6 m · 3 fl. |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Recognitions · licences · registrations
Legal Entity Identifier
549300WUBRZ5CPKBSF68
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Of 1,236 companies in sector 74140 we hold annual accounts for 353. 278 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company (pre-2019)
Founded30-03-1989
Fiscal year end31-12
Activities, NACEBEL 2025
74140Other specialised design activities
73110Advertising agencies
E-invoicing
Reachable via Peppol
Peppol ID
0208:0437178802
Also
9925:BE0437178802
Registered
18-12-2025
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 30 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.