SUBSCRIPTION STUDIO
ActiveSummary
SUBSCRIPTION STUDIO has been active since 2023 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show negative equity (-€11,331) and a net result of -€31,850. Its solvency ranks better than 13% of 13,716 sector peers (NACE 46, financial year 2025). The computed 12-month bankruptcy probability is 1.3% (low).
Overview
Overview
Official details
Source: KBO- Status
- Active since 02-11-2023 Normal situation
- Registered office
- 274 active companies are registered at this address 23 started in the 12 months before. Source: KBO register, as of 1 November 2026.
- Activity
- Agents in non-specialised wholesale trade NACE 46190and 5 others
- Establishment unit
- 2.351.931.878 1050 Elsene, since 02-11-2023
- Financial year end
- 31 December
- Peppol
- Reachable since 26-12-2025
Financial position
- Bankruptcy probabilitywithin 12 months
- 1.3%
- Gross margin
- -€22,723
- Loss
- €31,850
- Equity
- -€11,331
- Total assets
- €33,206
- ▼ 51.6%
- Negative equity on 31-12-2025
Score breakdownraises riskCapped at 59: negative equityNegative equity -€11,331Loss of €31,850 (financial year 2025)lowers riskLiquidity: current ratio 0.59, cash €26,182Size: total assets €33,206Show the evidence
Checked score
About 1 in 100 comparable companies go bankrupt within 12 months (an estimate).
Calculation
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 46, micro). It does better than 6% of them on solvency, 51% on liquidity, 6% on profitability and 3% on growth.
The bankruptcy probability was computed on 01-11-2026 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.
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).
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The scores and ratios are Checked's own calculations, not a credit decision.
Signals
The company filed its last 2 accounts on average 51 days before the deadline. In the sector (NACE 46), the median for financial year 2024 was 3 days before the deadline, and 39% of those companies filed late.
Searched, nothing found (2)
Financials
Financials · financial year 2025, micro format
Annual accounts 2025 filed on 21-04-2026 PDF all 2 filings
2024 to 2025, 2 financial years
The operating result for 2025 is a loss of €29,318, after a profit of €28,446 in 2024.
Turnover is what the company sold, the result is what was left of it. A loss stands below the zero line.
Assets, equity and debt per financial year.
Above zero, the company can pay its short-term debts with what it holds in the short term.
The EBIT margin is the share of each euro of turnover left from operations. The return on assets is what the assets earn.
The higher the solvency, the better the company absorbs a setback.
A ratio above 1 means the short-term assets cover the short-term debts.
Use the arrow keys on the chart for the figures per year.
The sector band is the middle half of the companies in Wholesale trade (NACE 46). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30. The dashed line is the median. There is a sector band for net result, equity, total assets, working capital, solvency, current ratio and return on assets (ROA).
Investments
| Item | 2024 | 2025 |
|---|---|---|
| Intangible fixed assets | €19,640 | - |
| Depreciation and write-downs of the year | €6,155 | €6,547 |
Source: notes to the 2024 to 2025 annual accounts (statement of fixed assets)
Comparable companies
These companies have the same main activity as SUBSCRIPTION STUDIO: agents in non-specialised wholesale trade (NACE 46190). They are comparable in size and age: total assets between €28,000 and €39,000, founded between 2023 and 2024.
| Company | Founded | Total assets | Equity | Gross margin | Net result | Financial year |
|---|---|---|---|---|---|---|
| SUBSCRIPTION STUDIO Brussel | 2023 | €33,206 | -€11,331 | -€22,723 | -€31,850 | 2025 |
| ELEMENT INTERNATIONAL BELGIUM Ukkel | 2024 | €27,983 | -€3,795 | -€3,796 | -€3,795 | 2025 |
| GALATA INT Vilvoorde | 2023 | €32,667 | -€3,172 | -€1,503 | -€1,693 | 2025 |
| BINMO Nijlen | 2023 | €31,736 | -€26,302 | -€26,004 | -€26,450 | 2025 |
| Above The Waves Antwerpen | 2023 | €37,396 | €32,994 | €710 | -€292 | 2025 |
| XLER Pelt | 2023 | €35,346 | €26,518 | -€7,688 | -€13,369 | 2025 |
| GM ECO ENERGIES Liège | 2023 | €39,046 | -€40,709 | -€10,858 | -€11,587 | 2025 |
They were chosen from the 2,590 other active companies with that main activity and annual accounts from the past two years. All companies with this main activity
Companies with the same profile, two years later
Historical observationIn July 2024, 7,639 companies had the same profile as SUBSCRIPTION STUDIO has now. Two years later, 8.8% had gone bankrupt and 84.9% were still going.
- Micro
- 2 to 5 years old
- negative equity
- a loss of 10% of the balance sheet or more
Another 0.7% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of SUBSCRIPTION STUDIO itself is lower: 1.3% within 12 months. It rests on far more data about SUBSCRIPTION STUDIO than the profile alone.
Test of the method
The method was tested on the 497,445 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 7,639 companies, not a prediction for SUBSCRIPTION STUDIO. 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.
| Line | 2024 | 2025 | Change |
|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €6,155 | €6,547 | ▲ 6.4% |
| Other operating charges640/8 | - | €48 | - |
| Gross operating margin9900 | €34,601 | -€22,723 | - |
| Operating profit (loss)9901 | €28,446 | -€29,318 | - |
| Financial charges65/66B | €2,793 | €2,533 | ▼ 9.3% |
| Recurring financial charges65 | €2,793 | €2,533 | ▼ 9.3% |
| Profit (loss) for the period before taxes9903 | €25,653 | -€31,850 | - |
| Income taxes67/77 | €5,134 | €0 | ▼ 100% |
| Profit (loss) for the period9904 | €20,519 | -€31,850 | - |
| Profit (loss) for the period to be appropriated9905 | €20,519 | -€31,850 | - |
| Line | 2024 | 2025 | Change |
|---|---|---|---|
| Assets | |||
| Total assets20/58 | €68,607 | €33,206 | ▼ 51.6% |
| Fixed assets21/28 | €13,485 | €6,938 | ▼ 48.5% |
| Intangible fixed assets21 | €13,485 | €6,938 | ▼ 48.5% |
| Current assets29/58 | €55,122 | €26,267 | ▼ 52.3% |
| Amounts receivable within one year40/41 | €42,034 | €85 | ▼ 99.8% |
| Trade receivables40 | €42,005 | €0 | ▼ 100% |
| Other amounts receivable41 | €30 | €85 | ▲ 187% |
| Cash at bank and in hand54/58 | €13,087 | €26,182 | ▲ 100% |
| Equity and liabilities | |||
| Total equity and liabilities10/49 | €68,607 | €33,206 | ▼ 51.6% |
| Equity10/15 | €20,519 | -€11,331 | - |
| Profit (loss) carried forward14 | €20,519 | -€11,331 | - |
| Amounts payable17/49 | €48,087 | €44,537 | ▼ 7.4% |
| Amounts payable within one year42/48 | €48,087 | €44,537 | ▼ 7.4% |
| Trade debts44 | €1,903 | €2,517 | ▲ 32.3% |
| Suppliers440/4 | €1,903 | €2,517 | ▲ 32.3% |
| Taxes, remuneration and social security45 | €12,406 | €5,794 | ▼ 53.3% |
| Taxes450/3 | €12,406 | €5,794 | ▼ 53.3% |
| Other amounts payable47/48 | €33,778 | €36,225 | ▲ 7.2% |
| Line | 2024 | 2025 | Change |
|---|---|---|---|
| Profit (loss) for the period9904 | €20,519 | -€31,850 | - |
| + Depreciation and write-downs630 | €6,155 | €6,547 | ▲ 6.4% |
| Operating cash flow (approximation) | €26,674 | -€25,304 | - |
| Investment in fixed assets (approximation) | - | €0 | - |
| Change in cash | - | €13,095 | - |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Board & ownership
Directors
Owners and capital
Shareholders
- André Florian 100 shares
- Van Sintejan Alex
- André Florian to Juan Baldo 50 shares
- ANDRÉ Florian Frédéric 500,000 shares (50%) · €7,500
- VAN SINTEJAN Alex Arnaud François Thierry 500,000 shares (50%) · €7,500
Capital transactions
- 06-11-2023 Incorporation · €15,000 · 1,000,000 shares
Mandate history
- Board
| Name | Functions and periods |
|---|---|
| ANDRÉ Florian Frédéric |
|
| VAN SINTEJAN Alex Arnaud François Thierry |
|
Articles of association
- Board ruleThese rules set how the board is made up, meets and takes decisions.
- “2”
- Statutory auditorA statutory auditor is a registered auditor who checks the annual accounts. Small companies need not have one. According to the deed, the legal criteria do not require one here.
- No statutory auditor
Articles of association, deed of 06-11-2023 (in French)
Network & group
SUBSCRIPTION STUDIO shares no director with another company.
Companies at the same address
273 other companies- Hermans, Sam (sole trader) Establishment · since 2026 1042238175
- WEA GROUP Registered office · since 2026 1041831369
- ALDABRA Registered office · since 2026 1041457920
- IRIS GLOBAL SOLUTIONS Registered office · since 2026 1040352219
- NEXBEL SOLUTION Registered office · since 2026 1040860181
- YOU & BUSINESS Registered office · since 2026 1039559292
- RM HOLDINGS Registered office · since 2026 1039365688
- ES LOGISTIC Registered office · since 2026 1038150616
- THE BOWL DELICE Establishment · since 2026 1038053319
- TAKA AI Registered office · since 2026 1037951765
Connections & network
1 current directorThe network starts from the directors of SUBSCRIPTION STUDIO. Every other company they run is a node.
Timeline
Acts, filings and financial milestones
19-02
Gazette deed
Transfer of 50 sharesResignation: Van Sintejan Alex (director) · Shareholding5 points ▸
- General meeting, 19-12-2025
- Director resignation, Van Sintejan Alex (director)
- Share transfer, André Florian → Juan Baldo
- André Florian holds 100 shares
- Van Sintejan Alex is a shareholder
06-11
Gazette deed
IncorporationStarting capital €15,000 · Appointments: ANDRÉ Florian Frédéric (director) and VAN SINTEJAN Alex Arnaud François Thierry (director) · Founder12 points ▸
- Incorporation, 30-10-2023
- Founder, ANDRÉ Florian Frédéric
- Founder, VAN SINTEJAN Alex Arnaud François Thierry
- Founding capital, €15,000
- Other provision, 26-10-2023
- Bank account, 15000, “BE92 0689 5026 9823” (deed in French)
- Share issue, 1000000, “droit égal dans la répartition des bénéfices et des produits de la liquidation” (deed in French)
- Other provision, “effectivité dispositions finales, comparants à l'unanimité” (deed in French)
- Registered office clause, “1050 Bruxelles, avenue Louise, 209/A, 1430 Rebecq, rue Warichaix”, 1 (deed in French)
- Director appointment, ANDRÉ Florian Frédéric (director (not named in the articles))
- Director appointment, VAN SINTEJAN Alex Arnaud François Thierry (director (not named in the articles))
- Pre-incorporation commitments, “takeover, engagements obligations et activités au nom et pour compte de la société en formation” (deed in French)
Sources:Publications in the Belgian Official GazetteFilings with the National Bank
History
On 2 November 2023, SUBSCRIPTION STUDIO was incorporated as a private limited company by two natural persons, with a starting capital of €15,000.12 ANDRÉ Florian Frédéric is director of the company, appointed in the act of 06-11-2023.2 The company has filed 2 sets of annual accounts, the latest for financial year 2025.3
Company details
Register details
Identity
KBO recordRegistered office and establishments
Activities
NACEBEL 2025Codes under NACEBEL 2008
18 activities
- La création et la gestion d’une plate-forme permettant à des magasins physiques de proposer leurs produits sous forme d’abonnement à des clients;
- L’achat,la vente et la location,réparation et entretien de ces produits à assistance électrique et de tous produits,services et/ou prestations s’y rattachant directement ou indirectement,en ce compris les accessoires,pièces détachées(neuves ou d’occasion),documentation et équipements s’y rapportant;
- L’achat,la vente(au sens large du terme,en ce compris la vente à distance),la location,l’entretien et la réparation,l’importation et exportation,de bornes de recharge,système de vélos en libre-service,solutions de stationnement vélo et tous produits et services et/ou prestations s'y rattachant directement ou indirectement;
- La vente en gros et en détail,l’import-export de et entre autres sur les voies publiques,les places et les marchés(commerce ambulant)de produits physiques.
- La recherche de sponsoring.
- La location de salles et de matériel;la location et la mise à disposition de personnel la création,l’acquisition,la location,la prise en location-gérance de tous fonds de commerce,la prise à bail,l’installation,l’exploitation de tous établissements,fonds de commerce,usines,ateliers,se rapportant à l’une ou l’autre des activités spécifiés;
- La gestion d’un centre d’affaires ou co-working,notamment la mise à disposition d’espaces de bureaux(poste de travail,bureau,salon)et d’infrastructures connexes(wifi,photocopieuse,scan,téléphonie,projecteur,cuisine,sanitaire,armoires de rangement,meubles de bureaux et petits matériels,etc).
- Toutes prestations de services aux professions libérales ou commerciales,et plus généralement à toutes entreprises,tous les services pour la mise à disposition de bureaux,en ce compris prestations de personnel,location,leasing de matériel bureautique,informatique et de bureau
- La facilitation et l’accompagnement de tiers pour le démarrage,la reconversion ou le démantèlement,ou l’achat et la vente de projets et entreprises ayant un rapport avec les activités précitées.
- Le marchandising,l’achat et la vente,la distribution et la fabrication de tous produits dérivés ou publicitaires favorisant directement ou indirectement son objet.
- La réalisation,la vente,la location de produits,d’articles promotionnels;le sponsoring en tout genre et la création de logos.La commercialisation(en gros ou au détail),l’importation,l’exportation,la distribution,le service après-vente de tous types de matériels et de services,de tous accessoires et produits dérivés ou publicitaires liés aux activités prédécrites,destinés à toute industrie et/ou administration publique ou privée.
- L'élaboration,la création,le développement,l'hébergement,la mise en œuvre de site Internet,de support multimédia et d'animation;
- Les services liés à la création de site Internet,de support multimédia et d'animation;
- Toute opération d'achat,vente,importation,exportation,développement,commercialisation et conseil dans les produits informatiques(hardware et software),service Internet et logiciel(ou programmation sur-mesure)destiné à Internet;
- Toutes opérations commerciales,industrielles,financières et immobilières qui directement ou indirectement se rattachent à la réalisation de l’objet ainsi défini.;
- La consultance en matière informatique,site Internet,publicité et communication
- Toutes opérations se rapportant aux activités de management,de conseil en gestion et avis en analyse financière,de recrutement,de formation et gestion du personnel,ainsi que toutes prestations dans les domaines économiques et financiers;
- Toutes activités de consultance,de management au sens le plus large,et en particulier dans le domaine des services financiers et du management en général;
Invoicing and payment
Financial year and general meeting
Accounts at the NBBSites & property
Buildings and parcels at the addresses
| Cadastral parcel | Region | Area | Buildings | Height / floors |
|---|---|---|---|---|
| 21807G0120/00L005 | Brussels | 700 m² | 1 · 700 m² | 32.2 m · 9 |
| 21807G0120/00H005 | Brussels | 480 m² | 1 · 417 m² | 29.8 m · 8 |