STUDY
ActiveSummary
STUDY has been active since 2017 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €21,100 and a net result of €14,712. Equity is shrinking by ~13.3% per year across the filed fiscal years. Its solvency ranks better than 30% of 2704 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.4% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability88▼-12
Solvency47▼-17
Growth32=
Track record100
Bankruptcy probability, 12 months
0.4%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €1,000 at 30 days acceptable
Liquidity tight (current ratio 1.21 against 1.58 in 2024; short-term debt: 66.5% and cash: 21.3% of total assets), and 77.8% of the assets are financed with debt.
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Signals
Four 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 62
Relative position
BE, all sectors
reference
Computer programming, consultancy and related activities (NACE 62)
about 64% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
22.2%
Return on assets
15.4%
Age of the figures
9 mo
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 · 8 filingsDeviation from the deadline
2025
on the day
2024
29 d late
2023
61 d late
2022
30 d late
2021
26 d late
2020
30 d late
2019
24 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 29 days after the deadline; the sector median for financial year 2024 is 9 days before the deadline, and 33% 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.
Companies Code · seven monthsPosition in the running window
26-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, abbreviated schema
Equity
€21,100▼ 1.3%
2024 · €21,388
Total assets
€95,230▲ 72.4%
2024 · €55,253
Net result
€14,712▼ 16.7%
2024 · €17,672
Working capital
€13,237▼ 32.9%
2024 · €19,719
Trend over the years
Click a name to add, emphasise or remove a line.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result€26,768▼ 10.9%€52,606▲ 96.5%€37,078▼ 29.5%€23,322▼ 37.1%€20,065▼ 14.0%
Net result€20,845▼ 11.3%€38,494▲ 84.7%€26,630▼ 30.8%€17,672▼ 33.6%€14,712▼ 16.7%
Equity€110,193▲ 23.3%€66,086▼ 40.0%€20,716▼ 68.7%€21,388▲ 3.2%€21,100▼ 1.3%
Total assets€118,518▲ 15.9%€123,081▲ 3.8%€65,640▼ 46.7%€55,253▼ 15.8%€95,230▲ 72.4%
Debt€8,326▼ 35.5%€56,994▲ 585%€44,924▼ 21.2%€33,865▼ 24.6%€74,130▲ 119%
Working capital€110,193▲ 23.9%€66,086▼ 40.0%€18,482▼ 72.0%€19,719▲ 6.7%€13,237▼ 32.9%
Turnover and EBIT margin not published: the abbreviated or micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result has fallen three years in a row; 2025 is 14% below 2024 and is the lowest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €95,230
Fixed assets
€18,631 ▲ 1,017%
Current assets
€76,599 ▲ 43.0%
Equity and liabilities €95,230
Equity
€21,100 ▼ 1.3%
Debt
€74,130 ▲ 119%
Debt's share of the balance-sheet total rises from 61.3% to 77.8%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€22,432▼
2024 · €23,887
Cash flow
€17,080▼
2024 · €18,237
Current ratio
1.21▼
2024 · 1.58
Debt to equity
3.51▲
2024 · 1.58
ROE
69.7%▼
2024 · 82.6%
ROA
15.4%▼
2024 · 32.0%
Interest coverage
43.55▼
2024 · 194.39
Debt ≤ 1 year
€63,362▲
2024 · €33,865
Debt > 1 year
€10,768
Income taxes
€4,838▼
2024 · €5,527
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €415 | - | €591 | €565 | €2,367 | ▲ 319% |
| Other operating charges640/8 | €0 | - | €5 | - | €1 | - |
| Gross operating margin9900 | €27,183 | €52,606 | €37,675 | €23,887 | €22,434 | ▼ 6.1% |
| Operating profit (loss)9901 | €26,768 | €52,606 | €37,078 | €23,322 | €20,065 | ▼ 14.0% |
| Financial charges65/66B | €107 | €122 | €104 | €123 | €515 | ▲ 319% |
| Recurring financial charges65 | €107 | €122 | €104 | €123 | €515 | ▲ 319% |
| Profit (loss) for the period before taxes9903 | €26,662 | €52,484 | €36,974 | €23,199 | €19,550 | ▼ 15.7% |
| Income taxes67/77 | €5,817 | €13,990 | €10,344 | €5,527 | €4,838 | ▼ 12.5% |
| Profit (loss) for the period9904 | €20,845 | €38,494 | €26,630 | €17,672 | €14,712 | ▼ 16.7% |
| Profit (loss) for the period to be appropriated9905 | €20,845 | €38,494 | €26,630 | €17,672 | €14,712 | ▼ 16.7% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €118,518 | €123,081 | €65,640 | €55,253 | €95,230 | ▲ 72.4% |
| Fixed assets21/28 | - | - | €2,234 | €1,669 | €18,631 | ▲ 1,017% |
| Tangible fixed assets22/27 | - | - | €2,234 | €1,669 | €18,631 | ▲ 1,017% |
| Plant, machinery and equipment23 | - | - | - | - | €1,194 | - |
| Furniture and vehicles24 | - | - | €2,234 | €1,669 | €17,438 | ▲ 945% |
| Current assets29/58 | €118,518 | €123,081 | €63,406 | €53,584 | €76,599 | ▲ 43.0% |
| Amounts receivable within one year40/41 | €9,853 | €10,431 | €7,873 | €24,934 | €52,929 | ▲ 112% |
| Trade receivables40 | €5,086 | €9,248 | €4,832 | €14,518 | €36,191 | ▲ 149% |
| Other amounts receivable41 | €4,767 | €1,183 | €3,042 | €10,416 | €16,738 | ▲ 60.7% |
| Cash at bank and in hand54/58 | €108,250 | €112,649 | €55,533 | €28,651 | €20,240 | ▼ 29.4% |
| Deferred charges and accrued income490/1 | €415 | - | - | - | €3,430 | - |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €118,518 | €123,081 | €65,640 | €55,253 | €95,230 | ▲ 72.4% |
| Equity10/15 | €110,193 | €66,086 | €20,716 | €21,388 | €21,100 | ▼ 1.3% |
| Contributions10/11 | €6,200 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Capital10 | €6,200 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Issued capital100 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Uncalled capital101 | €12,400 | - | - | - | - | - |
| Reserves13 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Non-distributable reserves130/1 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Legal reserve130 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Profit (loss) carried forward14 | €102,133 | €45,626 | €256 | €928 | €640 | ▼ 31.0% |
| Amounts payable17/49 | €8,326 | €56,994 | €44,924 | €33,865 | €74,130 | ▲ 119% |
| Amounts payable after more than one year17 | - | - | - | - | €10,768 | - |
| Financial debts170/4 | - | - | - | - | €10,768 | - |
| Amounts payable within one year42/48 | €8,326 | €56,994 | €44,924 | €33,865 | €63,362 | ▲ 87.1% |
| Current portion of amounts payable after more than one year42 | - | - | - | - | €6,555 | - |
| Trade debts44 | €60 | €1,836 | - | €551 | €3,123 | ▲ 467% |
| Suppliers440/4 | €60 | €1,836 | - | €551 | €3,123 | ▲ 467% |
| Taxes, remuneration and social security45 | €7,262 | €11,206 | €8,656 | €5,796 | €8,669 | ▲ 49.6% |
| Taxes450/3 | €7,262 | €11,206 | €8,656 | €5,796 | €8,669 | ▲ 49.6% |
| Other amounts payable47/48 | €1,004 | €43,952 | €36,267 | €27,518 | €45,015 | ▲ 63.6% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €20,845 | €38,494 | €26,630 | €17,672 | €14,712 | ▼ 16.7% |
| + Depreciation and write-downs630 | €415 | - | €591 | €565 | €2,367 | ▲ 319% |
| Operating cash flow (approximation) | €21,260 | €38,494 | €27,221 | €18,237 | €17,080 | ▼ 6.3% |
| Investment in fixed assets (approximation) | - | - | - | €0 | -€19,330 | - |
| Change in cash | - | €4,400 | -€57,117 | -€26,882 | -€8,411 | ▲ 68.7% |
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 · abbreviated schema
2025
31-12
Financial
Weakest financial yearnet €14,712 ▼16.7%
Net result drops to €14,712, the lowest in the series.
29-08
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 29 days late
2024
30-09
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 61 days late
2023
30-08
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 30 days late
2022
31-12
Financial
Highest result since 2018net €38,494 ▲84.7%
Operating result €52,606, net result €38,494, both a record.
26-08
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 26 days late
2021
31-12
Financial
Equity above €100,000Eq €110,193 ▲23.3%
4 profitable years in a row build equity to €110,193.
30-08
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 30 days late
2020
24-08
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 24 days late
2019
31-12
Financial
Liquidity triplescurrent ratio 9.04
Current ratio from 2.92 to 9.04; short-term debt falls from €20,930 to €8,064.
12-08
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema · 12 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, Vorst · 1 establishment unit since 2018
Ground area
2.4 ha
Building footprint
204 m²
Volume, LiDAR
1,371 m³
2 parcels, Brussels · tallest building 10.8 m, ±2 floors. Linked by address, not a title deed.
7
companies at this address
See who is registered here
1 establishment unit
STUDY
since 20182.271.232.630
2 parcels
Brussels
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 21614F0039/00H000 | Brussels | 2.4 ha | - | - |
| 21007A0071/00F009 | Brussels | 287 m² | 1 · 204 m² | 10.8 m · 2 fl. |
Linked by address, not proof of ownership
Good to know
2 of 2 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
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Of 3,211 companies in sector 62900 we hold annual accounts for 1,742. 1,139 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
Founded29-12-2017
Fiscal year end31-12
Activities, NACEBEL 2025
62900Other information technology and computer services
Scores and ratios are computed by Checked and are not a credit decision.