STUDYBEL
ActiveSummary
The annual accounts of STUDYBEL for financial year 2025 show a net loss of 76% of the equity at the start of that year. The 2025 annual accounts show equity of €131,165 and a net result of -€418,725. Equity remains stable across the filed financial years (±2.4% per year). Its solvency ranks better than 15% of 883 sector peers (NACE 71, financial year 2025). The company has been active since 1982 and the Belgian Official Gazette contains no insolvency or warning signals. The computed 12-month bankruptcy probability is 0.5% (low).
Overview
- Staff
- 27.7 FTE
- Equity
- €131,165
- Loss
- -€418,725
- Parent
- MEURA · 99%
- Holdings
- 1
- Bruno BoccardChair
- Patrick BOCCARDDirector
- Olivier SIMALDirector
Why 53raises riskCapped at 59: a net loss of at least half of total assets or of the equity at the start of the financial yearLoss of €418,725 (financial year 2025)Equity €131,165 (6.7% of total assets)lowers riskLiquidity: current ratio 1.10, cash €510,611Sector: Architectural and engineering activities; technical testing and analysis (NACE 71)Show the evidence
Checked score
About 5 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
How it is calculated
The band follows from the bankruptcy probability, on a scale where 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 71, small): better than 13% on solvency, 22% on liquidity, 3% on profitability and 7% on growth.
The bankruptcy probability was computed on 22-10-2026 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.
Some facts cap the score, however low the probability. Negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late hold it at Fair at most (59); two missing filings, at Weak (44). An ongoing judicial reorganisation or the company's end (bankruptcy, dissolution, liquidation) holds it at Critical at most (24).
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Signals
This company filed its last 7 accounts on average 27 days before the deadline; the sector median (NACE 71) for financial year 2024 is 8 days before the deadline, and 34% of those companies filed late.
Searched, nothing found (2)
- Resignation: Amaury LE COQ DE PLETINCX…Appointments: Olivier SIMAL (class B…
- Annual accounts filedfinancial year 2025 · full…
- Weakest financial yearnet -€418,725
Financials · financial year 2025, full format
2021 to 2025, 5 financial years 2018 to 2025, 8 financial years
The operating result turns negative in 2025: a loss of €976,644 after €112,314 in 2024, the lowest result in the available series.
What the company sold each financial year and what was left of it. A loss stands below the zero line.
What the company owns (total assets), how much of it is its own (equity) and how much it owes.
Short-term assets minus short-term debts. Above zero the company can pay its bills in the short term.
How much of each euro of turnover is left from operations (EBIT margin) and what the assets earn (return on assets).
The share of the company financed with its own means. The higher it is, the better it absorbs a shock.
Short-term assets per euro of short-term debt. Above 1 the short-term debts are covered.
Average staff in full-time equivalents (FTE).
Use the arrow keys on the chart for the figures per year.
Sector: the middle half of NACE 71, Architectural and engineering activities; technical testing and analysis: a quarter of companies sit below it, a quarter above. Each year compared with accounts in the same format, and only where there are at least 30. Dashed line: the median. Available for Net result, Equity, Total assets, Working capital, Solvency, Current ratio, Return on assets (ROA), Staff (FTE).
Peer companies
Historical observationOf the 175 companies that looked in July 2024 the way this one looks now, 5.7% went bankrupt within 24 months and 85.1% are still going.
- Small
- 20 years or older
- solvency under 10%
- a loss of 10% of the balance sheet or more
A further 0.6% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a lower bankruptcy probability: 0.5% over twelve months. The score reads more about this company than the group's four characteristics; both figures are right about what they measure.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,473 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 74.5% 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 175 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.
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Operating income70/76A | - | - | - | €1.9m | €2.5m | €4.1m | €6.1m | €4.8m | ▼ 22.6% |
| Turnover70 | €2.1m | €2.3m | €1.9m | €1.9m | €2.5m | €3.9m | €6.1m | €4.4m | ▼ 28.1% |
| Change in stocks of work in progress, finished goods and contracts in progress71 | - | - | - | -€0.02m | €0.06m | €0.2m | -€0.03m | €0.3m | - |
| Other operating income74 | - | - | - | €0.03m | €0.009m | €0.05m | €0.06m | €0.08m | ▲ 45.6% |
| Operating charges60/66A | - | - | - | €1.9m | €2.5m | €4.0m | €6.0m | €5.7m | ▼ 5.0% |
| Goods for resale, raw materials and consumables60 | - | - | - | €0.2m | €0.3m | €0.6m | €2.3m | €1.6m | ▼ 31.5% |
| Purchases600/8 | - | - | - | €0.2m | €0.3m | €0.6m | €2.3m | €1.6m | ▼ 30.7% |
| Change in stocks: decrease (increase)609 | - | - | - | - | -€0.02m | -€0.01m | €0.001m | -€0.02m | - |
| Services and other goods61 | - | - | - | €0.5m | €0.6m | €1.1m | €1.1m | €1.2m | ▲ 10.4% |
| Remuneration, social security and pensions62 | - | - | - | €1.2m | €1.5m | €2.3m | €2.5m | €2.9m | ▲ 13.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | ▼ 27.3% |
| Provisions for liabilities and charges: additions (uses and reversals)635/8 | - | - | - | €0.01m | -€0.001m | €0.003m | €0.04m | -€0.003m | - |
| Other operating charges640/8 | - | - | - | €0.02m | €0.02m | €0.02m | €0.02m | €0.03m | ▲ 47.6% |
| Non-recurring operating charges66A | - | - | - | €0.003m | €0.003m | €0.002m | €0.005m | €0.01m | ▲ 134% |
| Operating profit (loss)9901 | €0.09m | €0.05m | €0.04m | €0.05m | €0.05m | €0.07m | €0.1m | -€1.0m | - |
| Financial income75/76B | - | - | - | €8 | €0.002m | €0 | €0.004m | €0.6m | ▲ 14,362% |
| Recurring financial income75 | €0 | €0 | - | €8 | €0.002m | €0 | €0.004m | €0.005m | ▲ 20.6% |
| Income from financial fixed assets750 | - | - | - | - | €0.002m | - | €0.004m | €0.004m | = |
| Income from current assets751 | - | - | - | - | €0 | €0 | €0 | €0 | ▼ 55.0% |
| Other financial income752/9 | - | - | - | €8 | - | - | €104 | €0.001m | ▲ 832% |
| Non-recurring financial income76B | - | - | - | - | - | - | - | €0.6m | - |
| Financial charges65/66B | - | - | - | €0.005m | €0.008m | €0.01m | €0.02m | €0.04m | ▲ 101% |
| Recurring financial charges65 | €0.005m | €0.005m | €0.005m | €0.004m | €0.004m | €0.01m | €0.02m | €0.04m | ▲ 103% |
| Debt charges650 | €0.003m | €0.003m | €0.003m | €0.002m | €0.002m | €0.01m | €0.02m | €0.04m | ▲ 120% |
| Other financial charges652/9 | - | - | - | €0.002m | €0.002m | €0.003m | €0.003m | €0.003m | ▲ 12.0% |
| Non-recurring financial charges66B | - | - | - | €177 | €0.004m | - | €148 | - | - |
| Profit (loss) for the period before taxes9903 | €0.08m | €0.04m | €0.03m | €0.04m | €0.05m | €0.06m | €0.1m | -€0.4m | - |
| Income taxes67/77 | €0.05m | €0.03m | €0.02m | €0.03m | €0.03m | €0.05m | €0.06m | €0.007m | ▼ 88.0% |
| Taxes670/3 | - | - | - | €0.03m | €0.03m | €0.05m | €0.06m | €0.007m | ▼ 88.0% |
| Tax adjustments and reversals of tax provisions77 | - | - | - | €0 | - | €0.001m | - | - | - |
| Profit (loss) for the period9904 | €0.03m | €0.01m | €0.009m | €0.01m | €0.02m | €0.008m | €0.03m | -€0.4m | - |
| Profit (loss) for the period to be appropriated9905 | €0.03m | €0.01m | €0.009m | €0.01m | €0.02m | €0.008m | €0.03m | -€0.4m | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €1.0m | €1.1m | €0.9m | €0.9m | €1.0m | €1.6m | €1.9m | €1.9m | ▲ 0.8% |
| Fixed assets21/28 | €0.09m | €0.09m | €0.07m | €0.05m | €0.06m | €0.05m | €0.04m | €0.02m | ▼ 38.0% |
| Intangible fixed assets21 | €0.005m | €226 | €27 | €0.002m | €0.002m | €0.001m | €0.002m | €0.001m | ▼ 45.9% |
| Tangible fixed assets22/27 | €0.09m | €0.09m | €0.07m | €0.05m | €0.05m | €0.04m | €0.03m | €0.01m | ▼ 49.2% |
| Land and buildings22 | - | - | - | €0.02m | €0.01m | €0.007m | €0.003m | €0 | ▼ 100% |
| Plant, machinery and equipment23 | - | - | - | €0 | €0 | €0 | - | - | - |
| Furniture and vehicles24 | - | - | - | €0.03m | €0.04m | €0.03m | €0.03m | €0.01m | ▼ 43.4% |
| Leasing and similar rights25 | - | - | - | €0 | €0 | €0 | - | - | - |
| Financial fixed assets28 | €455 | €484 | €484 | €74 | €0.009m | €0.009m | €0.009m | €0.009m | = |
| Affiliated companies280/1 | - | - | - | - | €0.009m | €0.009m | €0.009m | €0.009m | = |
| Participating interests280 | - | - | - | - | €0.009m | €0.009m | €0.009m | €0.009m | = |
| Other financial fixed assets284/8 | - | - | - | €74 | €74 | €74 | €74 | €74 | = |
| Amounts receivable and cash guarantees285/8 | - | - | - | €74 | €74 | €74 | €74 | €74 | = |
| Current assets29/58 | €0.9m | €1.0m | €0.8m | €0.9m | €1.0m | €1.6m | €1.9m | €1.9m | ▲ 1.6% |
| Stocks and contracts in progress3 | €0.1m | €0.2m | €0.09m | €0.07m | €0.1m | €0.3m | €0.3m | €0.6m | ▲ 95.2% |
| Stocks30/36 | - | - | - | - | €0.02m | €0.03m | €0.03m | €0.05m | ▲ 61.8% |
| Goods purchased for resale34 | - | - | - | - | €0.02m | €0.03m | €0.03m | €0.05m | ▲ 61.8% |
| Advance payments36 | - | - | - | - | - | €0.002m | - | - | - |
| Contracts in progress37 | - | - | - | €0.07m | €0.1m | €0.3m | €0.3m | €0.6m | ▲ 98.9% |
| Amounts receivable within one year40/41 | €0.5m | €0.5m | €0.3m | €0.3m | €0.5m | €0.9m | €1.3m | €0.8m | ▼ 39.7% |
| Trade receivables40 | - | - | - | €0.3m | €0.5m | €0.9m | €1.2m | €0.7m | ▼ 44.9% |
| Other amounts receivable41 | - | - | - | €0.002m | - | €0.01m | €0.03m | €0.08m | ▲ 170% |
| Cash at bank and in hand54/58 | €0.3m | €0.3m | €0.4m | €0.4m | €0.3m | €0.3m | €0.3m | €0.5m | ▲ 95.0% |
| Deferred charges and accrued income490/1 | - | - | - | €0.02m | €0.02m | €0.03m | €0.04m | €0.03m | ▼ 19.1% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €1.0m | €1.1m | €0.9m | €0.9m | €1.0m | €1.6m | €1.9m | €1.9m | ▲ 0.8% |
| Equity10/15 | €0.5m | €0.5m | €0.5m | €0.5m | €0.5m | €0.5m | €0.5m | €0.1m | ▼ 76.1% |
| Contributions10/11 | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Capital10 | - | - | - | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Issued capital100 | - | - | - | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Reserves13 | €0.07m | €0.07m | €0.07m | €0.07m | €0.07m | €0.07m | €0.07m | €0.07m | = |
| Non-distributable reserves130/1 | - | - | - | €0.006m | €0.006m | €0.006m | €0.006m | €0.006m | = |
| Legal reserve130 | - | - | - | €0.006m | €0.006m | €0.006m | €0.006m | €0.006m | = |
| Tax-exempt reserves132 | - | - | - | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Distributable reserves133 | - | - | - | €0.04m | €0.04m | €0.04m | €0.04m | €0.04m | = |
| Profit (loss) carried forward14 | €0.3m | €0.3m | €0.3m | €0.4m | €0.4m | €0.4m | €0.4m | -€0.002m | - |
| Provisions and deferred taxes16 | €0.02m | €0.02m | €0.02m | €0.04m | €0.03m | €0.04m | €0.07m | €0.07m | ▼ 4.3% |
| Provisions for liabilities and charges160/5 | - | - | - | €0.04m | €0.03m | €0.04m | €0.07m | €0.07m | ▼ 4.3% |
| Other liabilities and charges164/5 | - | - | - | €0.04m | €0.03m | €0.04m | €0.07m | €0.07m | ▼ 4.3% |
| Amounts payable17/49 | €0.6m | €0.6m | €0.4m | €0.4m | €0.5m | €1.1m | €1.3m | €1.7m | ▲ 33.6% |
| Amounts payable within one year42/48 | €0.6m | €0.6m | €0.4m | €0.4m | €0.5m | €1.1m | €1.3m | €1.7m | ▲ 33.6% |
| Trade debts44 | €0.3m | €0.4m | €0.2m | €0.2m | €0.1m | €0.4m | €0.4m | €0.9m | ▲ 154% |
| Suppliers440/4 | - | - | - | €0.2m | €0.1m | €0.4m | €0.4m | €0.9m | ▲ 154% |
| Advances received on contracts in progress46 | - | - | - | €0.003m | €0.02m | €0.2m | €0.4m | €0.2m | ▼ 59.7% |
| Taxes, remuneration and social security45 | - | - | - | €0.2m | €0.3m | €0.5m | €0.6m | €0.6m | ▲ 1.3% |
| Taxes450/3 | - | - | - | €0.04m | €0.09m | €0.2m | €0.2m | €0.2m | ▼ 21.0% |
| Remuneration and social security454/9 | - | - | - | €0.2m | €0.2m | €0.4m | €0.3m | €0.4m | ▲ 16.5% |
| Other amounts payable47/48 | - | - | - | €0.005m | €0.006m | €0.01m | €0.005m | €0.1m | ▲ 2,382% |
| Accrued charges and deferred income492/3 | - | - | - | €387 | €397 | €304 | €315 | €327 | ▲ 4.0% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €33,289 | €9,855 | €8,871 | €14,679 | €15,181 | €8,374 | €34,515 | -€418,725 | - |
| + Depreciation and write-downs630 | €21,744 | €20,481 | €16,223 | €17,547 | €19,059 | €22,383 | €24,080 | €17,502 | ▼ 27.3% |
| Operating cash flow (approximation) | €55,033 | €30,336 | €25,094 | €32,226 | €34,239 | €30,757 | €58,595 | -€401,222 | - |
| Investment in fixed assets (approximation) | - | -€18,930 | €0 | €7,259 | -€31,470 | -€11,721 | -€14,402 | -€2,293 | ▲ 84.1% |
| Change in cash | - | €69,443 | €58,783 | €33,018 | -€78,434 | €4,303 | -€81,905 | €248,723 | - |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Latest 10 of 43 filings with the National Bank
| Financial year | Type | Filed | Reference |
|---|---|---|---|
| 31-12-2025 | full format | 15-06-2026 | 2026-00165115 |
| 31-12-2024 | full format | 04-07-2025 | 2025-00238486 |
| 31-12-2023 | full format | 12-06-2024 | 2024-00135560 |
| 31-12-2022 | full format | 22-06-2023 | 2023-00158545 |
| 31-12-2021 | full format | 20-07-2022 | 2022-20218457 |
| 31-12-2020 | full format | 13-07-2021 | 2021-36600230 |
| 31-12-2019 | full format | 31-07-2020 | 2020-38000384 |
| 31-12-2018 | full format | 27-06-2019 | 2019-24700037 |
| 31-12-2017 | full format | 21-06-2018 | 2018-21400407 |
| 31-12-2016 | full format | 12-07-2017 | 2017-31000250 |
Similar companies · same sector, comparable size
Public contracts: No European public contracts awarded found since October 2016. Contracts below the EU thresholds are not in TED.
Directors
Board 3
Day-to-day management 2
Statutory auditor 1
Not every act has been read: a resignation may still be missing
Mandate history
- Board
- Day-to-day management
- Statutory auditor
- began earlier
| Name | Functions and periods |
|---|---|
| Bruno Boccard |
|
| Patrick BOCCARD |
|
| Olivier SIMAL |
|
| Amaury Le Cocq de Pletincx |
|
| Cedric BOITTE |
|
| RSM INTERAUDIT |
|
| Amaury LE COQ DE PLETINCX |
|
| Gilles BOTTOLIER |
|
Owners and capital
Owners
2 ownersChain of control
- H.B.P. S.A.LU
- MEURA
- STUDYBEL
Highest known parent: H.B.P. S.A. (Luxembourg). The sources do not say who stands above it.
Owners 2
- MEURAparentSourceaccounts MEURA 202599%
- H.B.P. S.A.LUconsolidating parentconsolidates
According to the 2025 annual accounts of STUDYBEL and those of the other companies, the acts in the Belgian Official Gazette and the LEI register. Annual accounts state the shareholders that notified the company under article 7:225 of the Code of Companies and Associations and the parent companies that consolidate it. The register of ultimate beneficial owners (UBO) is not public: who ultimately stands behind a natural person or a foreign parent is not stated here. A company that does not include these statements in its annual accounts, or does not have to, is not listed.
Group and network
Holdings and subsidiaries
1 holdingHoldings 1
-
0.04%
According to the 2025 annual accounts of STUDYBEL and those of the other companies, the acts in the Belgian Official Gazette and the LEI register. Annual accounts state the shareholders that notified the company under article 7:225 of the Code of Companies and Associations and the parent companies that consolidate it. The register of ultimate beneficial owners (UBO) is not public: who ultimately stands behind a natural person or a foreign parent is not stated here. A company that does not include these statements in its annual accounts, or does not have to, is not listed.
Connections & network
3 current directorsThe network starts from this company’s directors. Other companies they run appear here as nodes.
History
Acts, filings and financial milestones
10-07
Gazette deed
Resignation: Amaury LE COQ DE PLETINCX (director)Appointments: Olivier SIMAL (class B director) and Cedric BOITTE (daily management delegate) · Power of attorney8 facts ▸
- General meeting, 28-05-2026
- Director resignation, Amaury LE COQ DE PLETINCX (director)
- Director appointment, Olivier SIMAL (class B director)
- Board meeting, 28-05-2026
- Director resignation, Amaury LE COQ DE PLETINCX (managing director)
- Director appointment, Cedric BOITTE (daily management delegate)
- Power of attorney, Cedric BOITTE
- Power of attorney, Cedric BOITTE (managing director)
12-08
Gazette deed
Reappointment: RSM INTERAUDIT (statutory auditor)2 facts ▸
- General meeting, 11-06-2024
- Auditor reappointment, RSM INTERAUDIT (statutory auditor)
23-07
Gazette deed
Appointments: Bruno Boccard, Amaury Le Cocq de Pletincx and Patrick BOCCARDResignation: Gilles BOTTOLIER (daily management delegate) · Power of attorney8 facts ▸
- Board meeting, 21-12-2022
- Director appointment, Bruno Boccard (chair of the board)
- Director resignation, Gilles BOTTOLIER (daily management delegate)
- Director appointment, Amaury Le Cocq de Pletincx (managing director)
- Power of attorney, Cedric BOITTE
- General meeting, 18-03-2024
- Director appointment, Patrick BOCCARD (class A director)
- Power of attorney, Amaury Le Cocq de Pletincx
Show earlier events
About the unread acts
Of the 15 Belgian Official Gazette deeds we know for this company, 3 have been read. The other 12 have not been read yet: what they contain is neither established nor disproved here.
Register details
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 22 October 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.
Environmental permits: No permit applications found in Flanders. Brussels and Wallonia do not publish the applicant.
Sites & property
1 establishment unit
1 parcel
| Cadastral parcel | Region | Area | Buildings | Height / floors |
|---|---|---|---|---|
| 21372C0009/00A003 | Brussels | 1,864 m² | 1 · 577 m² | 35.3 m · 7 |