Equity
Equity fell by 81% in 4 years.
Equity fell by 81% in 4 years.
The accounts state no turnover.
Of this, €63,362 falls due within a year.
Green is investment, beige is depreciation.
The 2023 accounts came latest: 61 days after the end of the period.
The dashed line is the sector median: 0.1% across 25,932 companies (NACE 62, micro).
Fewer than 1 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 62, micro). It does better than 24% of them on solvency, 17% on liquidity, 51% on profitability and 38% on growth.
The bankruptcy probability was computed on 09-11-2026 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 very low class on 30-06-2025, 0.1% 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, 6,713 companies had the same profile as STUDY has now. Each dot stands for 17 companies, two years later.
Another 0.2% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of STUDY itself is lower: 0.1% within 12 months. It rests on far more data about STUDY than the profile alone.
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 6,713 companies, not a prediction for STUDY. 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 tight, with a current ratio of 1.21 (1.58 in 2024), below the usual 1.5. Short-term debt is 66.5% and cash 21.3% of total assets. 77.8% of the assets are financed with debt and provisions.
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 29 days after the deadline. In the sector (NACE 62), the median for financial year 2024 was 9 days before the deadline, and 33% of those companies filed late.
| Company | ||||
|---|---|---|---|---|
| STUDY Forest | €95,230 | €22,434 | 22.2% | - |
| EXPERT DATA Ixelles | €75,212 | €25,134 | 35.1% | - |
| ALYSA SOLUTIONS Evere | €96,443 | €34,524 | 88.8% | - |
| MC AUTOMATION Aywaille | €89,339 | €19,712 | 71.6% | - |
| Theme Herenthout | €88,589 | €25,884 | 7.5% | - |
| PHITECH Antwerp | €90,568 | €27,482 | 43.5% | - |
| IMMOFFICE RP Flémalle | €78,547 | €28,946 | 4.9% | - |
These companies have the same main activity as STUDY: other information technology and computer services (NACE 62900). They are comparable in size and age: total assets between €75,200 and €96,400, founded between 2016 and 2019.
STUDY files the abbreviated format. That format states no turnover. The gross margin fell from €45,755 in 2018 to €22,434 in 2025.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette.
Turnover and EBIT margin are not published. The abbreviated or micro format does not require them. The turnover shown is an estimate from the gross margin.
Turnover ≈ €160,000. Estimated: probably between €62,000 and €360,000.
Higher than 30% of 3,406 companies in 2025.
Higher than 32% of 3,267 companies in 2025.
Higher than 67% of 3,315 companies in 2025.
Net result: middle half · Equity: bottom quarter · Balance sheet total: bottom quarter · Working capital: middle half
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Balance sheet: assets | |||||||||
20/58 |
95,230 | 55,253 | 65,640 | 123,081 | 118,518 | 102,262 | 73,917 | 61,372 | |
21/28 |
18,631 | 1,669 | 2,234 | - | - | 415 | 985 | 314 | |
22/27 |
18,631 | 1,669 | 2,234 | - | - | 415 | 985 | 314 | |
23 |
1,194 | - | - | - | - | 415 | - | - | |
24 |
17,438 | 1,669 | 2,234 | - | - | - | 985 | 314 | |
29/58 |
76,599 | 53,584 | 63,406 | 123,081 | 118,518 | 101,847 | 72,932 | 61,059 | |
40/41 |
52,929 | 24,934 | 7,873 | 10,431 | 9,853 | 14,475 | 10,881 | 17,541 | |
40 |
36,191 | 14,518 | 4,832 | 9,248 | 5,086 | 10,899 | 5,566 | 15,972 | |
41 |
16,738 | 10,416 | 3,042 | 1,183 | 4,767 | 3,576 | 5,315 | 1,569 | |
54/58 |
20,240 | 28,651 | 55,533 | 112,649 | 108,250 | 86,957 | 61,636 | 43,393 | |
490/1 |
3,430 | - | - | - | 415 | 415 | 415 | 125 | |
| Balance sheet: equity and liabilities | |||||||||
10/49 |
95,230 | 55,253 | 65,640 | 123,081 | 118,518 | 102,262 | 73,917 | 61,372 | |
10/15 |
21,100 | 21,388 | 20,716 | 66,086 | 110,193 | 89,348 | 65,853 | 40,443 | |
10/11 |
18,600 | 18,600 | 18,600 | 18,600 | 6,200 | 6,200 | 6,200 | 6,200 | |
10 |
18,600 | 18,600 | 18,600 | 18,600 | 6,200 | - | - | - | |
100 |
18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | |
101 |
- | - | - | - | 12,400 | 12,400 | 12,400 | 12,400 | |
13 |
1,860 | 1,860 | 1,860 | 1,860 | 1,860 | 1,860 | 1,860 | 1,860 | |
130/1 |
1,860 | 1,860 | 1,860 | 1,860 | 1,860 | 1,860 | - | - | |
130 |
1,860 | 1,860 | 1,860 | 1,860 | 1,860 | 1,860 | 1,860 | 1,860 | |
14 |
640 | 928 | 256 | 45,626 | 102,133 | 81,288 | 57,793 | 32,383 | |
17/49 |
74,130 | 33,865 | 44,924 | 56,994 | 8,326 | 12,914 | 8,064 | 20,930 | |
17 |
10,768 | - | - | - | - | - | - | - | |
170/4 |
10,768 | - | - | - | - | - | - | - | |
42/48 |
63,362 | 33,865 | 44,924 | 56,994 | 8,326 | 12,914 | 8,064 | 20,930 | |
42 |
6,555 | - | - | - | - | - | - | - | |
44 |
3,123 | 551 | - | 1,836 | 60 | 250 | 299 | 4,259 | |
440/4 |
3,123 | 551 | - | 1,836 | 60 | 250 | 299 | 4,259 | |
45 |
8,669 | 5,796 | 8,656 | 11,206 | 7,262 | 11,641 | 7,765 | 16,671 | |
450/3 |
8,669 | 5,796 | 8,656 | 11,206 | 7,262 | 11,641 | 7,765 | 16,671 | |
47/48 |
45,015 | 27,518 | 36,267 | 43,952 | 1,004 | 1,023 | - | - | |
| Income statement | |||||||||
9900 |
22,434 | 23,887 | 37,675 | 52,606 | 27,183 | 30,598 | 37,746 | 45,755 | |
630 |
2,367 | 565 | 591 | - | 415 | 570 | 570 | 1,404 | |
640/8 |
1 | - | 5 | - | 0 | - | 348 | 695 | |
9901 |
20,065 | 23,322 | 37,078 | 52,606 | 26,768 | 30,028 | 36,828 | 43,655 | |
75/76B |
- | - | - | - | - | - | - | 15 | |
75 |
- | - | - | - | - | - | - | 15 | |
65/66B |
515 | 123 | 104 | 122 | 107 | 110 | 162 | 139 | |
65 |
515 | 123 | 104 | 122 | 107 | 110 | 162 | 139 | |
9903 |
19,550 | 23,199 | 36,974 | 52,484 | 26,662 | 29,919 | 36,667 | 43,531 | |
67/77 |
4,838 | 5,527 | 10,344 | 13,990 | 5,817 | 6,424 | 11,256 | 9,289 | |
9904 |
14,712 | 17,672 | 26,630 | 38,494 | 20,845 | 23,495 | 25,410 | 34,243 | |
9905 |
14,712 | 17,672 | 26,630 | 38,494 | 20,845 | 23,495 | 25,410 | 34,243 | |
| Appropriation of the result | |||||||||
9906 |
15,640 | 17,928 | 72,256 | 140,626 | 102,133 | 81,288 | 57,793 | 34,243 | |
14P |
928 | 256 | 45,626 | 102,133 | 81,288 | - | - | - | |
691/2 |
- | - | - | - | - | - | - | 1,860 | |
6920 |
- | - | - | - | - | - | - | 1,860 | |
694/7 |
15,000 | 17,000 | 72,000 | 95,000 | - | - | - | - | |
694 |
15,000 | 17,000 | 72,000 | 95,000 | - | - | - | - | |
| Document | |||||||||
The notes to these accounts have 5 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 31-07-2026.
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 31-07-2026 | 2026-00389023 | |
| 31-12-2024 | micro format | 29-08-2025 | 2025-00479548 | |
| 31-12-2023 | micro format | 30-09-2024 | 2024-00497372 | |
| 31-12-2022 | micro format | 30-08-2023 | 2023-00422334 | |
| 31-12-2021 | micro format | 26-08-2022 | 2022-20413491 | |
| 31-12-2020 | micro format | 30-08-2021 | 2021-64900540 | |
| 31-12-2019 | micro format | 24-08-2020 | 2020-43300311 | |
| 31-12-2018 | micro format | 12-08-2019 | 2019-45200003 |
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
| 22,432 | 23,887 | 37,670 | - | 27,183 | 30,598 | 37,398 | 45,060 | ||
| 17,080 | 18,237 | 27,221 | - | 21,260 | 24,065 | 25,980 | 35,647 | ||
| 19,330 | 0 | 2,825 | - | 0 | 0 | 1,241 | 469 | ||
| -8,411 | -26,882 | -57,117 | 4,400 | 21,293 | 25,320 | 18,244 | - | ||
| 13,237 | 19,719 | 18,482 | 66,086 | 110,193 | 88,933 | 64,868 | 40,129 | ||
| 22.2% | 38.7% | 31.6% | 53.7% | 93.0% | 87.4% | 89.1% | 65.9% | ||
| 1.21 | 1.58 | 1.41 | 2.16 | 14.24 | 7.89 | 9.04 | 2.92 | ||
| 3.51 | 1.58 | 2.17 | 0.86 | 0.08 | 0.14 | 0.12 | 0.52 | ||
| 69.7% | 82.6% | 128.5% | 58.2% | 18.9% | 26.3% | 38.6% | 84.7% | ||
| 15.4% | 32.0% | 40.6% | 31.3% | 17.6% | 23.0% | 34.4% | 55.8% | ||
| 43.55 | over 100 | over 100 | - | over 100 | - | - | - |
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 | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Tangible fixed assets | €19,330 | - | €2,825 | - | - |
| €2,367 | €565 | €591 | - | €415 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
The operating result for 2025 is 14% lower than in 2024 and the lowest since 2018. It is the third fall in a row.
Debt's share of the balance-sheet total rises from 61.3% to 77.8%. Equity is lower and debt is higher.
STUDY has no parent and no holdings in its annual accounts. STUDY shares no director with another company.
| UV Consulting
establishment since 24-02-2020 · founded in 2020 |
turnover €673,105 (2025) 0744.367.706 |
| PROBEL GROUP
establishment since 01-10-2017 · founded in 1986 |
total assets €74,745 (2025) 0429.608.149 |
| LOONY
registered office since 07-03-2016 · founded in 2016 · negative equity (2026) |
total assets €815 (2026) 0649.702.931 |
| Move Your Hummus
registered office since 30-06-2026 |
founded in 2026 1039.637.783 |
| MMSH WAT
registered office since 29-12-2025 |
founded in 2025 1032.301.219 |
| PITNEY BOWES FRANCE
branch since 01-01-1981 |
founded in 1981 0421.176.968 |
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
| Establishment | Since | Unit number |
|---|---|---|
| Vroegegroentenstraat 61 registered office 1190 Forest | ||
| Gulden Kasteelstraat 13 1180 Uccle | 03-01-2018 | 2.271.232.630 |
| Cadastral parcel | Area | Buildings | Height / floors |
|---|---|---|---|
| 21614F0039/00H000 | 2.4 ha | - | - |
| 21007A0071/00F009 | 287 m² | 1 · 204 m² | 10.8 m · 2 |
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