Result
From profit to loss in 2025, after a profit of €59,054 in 2024.
From profit to loss in 2025, after a profit of €59,054 in 2024.
Debts rose by €2.9m in 2025.
Mortgage mandates, new in 2025. 3.6 times equity · not in the 2024 accounts.
Green is investment, beige is depreciation.
Subsidiary with negative equity. CIRPRESS · loss of €87,927 in 2025.
Lower net result than 95% of companies in head offices and management consultancy. Sector median €37,464 · 10,858 companies.
The dashed line is the sector median: 0.1% across 4,522 companies (NACE 70, small).
About 1 in 100 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 70, small). It does better than 25% of them on solvency, 5% on liquidity, 2% on profitability and 8% 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 low class on 30-06-2025, 0.8% 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, 618 companies had the same profile as TechNations has now. Each dot stands for 2 companies, two years later.
The bankruptcy probability of TechNations itself is higher: 1.1% within 12 months. It rests on far more data about TechNations 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 618 companies, not a prediction for TechNations. 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 insufficient, with a current ratio of 0.09 (0.3 in 2024), below 1. Short-term debt is 74.8% and cash 0% of total assets. 74.8% 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 2 accounts on average 25 days after the deadline. In the sector (NACE 70), the median for financial year 2024 was 9 days before the deadline, and 32% of those companies filed late.
Shares in 3 companies, including CIRPRESS and SOUNDMAN
Board & ownership| Company | ||||
|---|---|---|---|---|
| TechNations Izegem | €7.0m | €164,946 | 25.2% | 0 |
| Guiver Holding Kortrijk | €4.0m | €154,797 | 1.2% | 0 |
| GT Food Packaging Oostkamp | €5.3m | €237,050 | 29.4% | 0 |
| CHOCO LOCO FOODS Lichtervelde | €6.2m | €125,182 | 43.3% | 0 |
| VERSURA Kluisbergen | €3.6m | €172,012 | 99.3% | 0 |
| The Green Deal Lokeren | €11.1m | €165,112 | 62.9% | 0 |
| METI GROUP Affligem | €7.8m | €161,088 | 58.6% | 0 |
These companies have the same main activity as TechNations: business and other management consultancy (NACE 70200). They are comparable in size and age: total assets between €3.6m and €11m, founded between 2021 and 2025.
The balance sheet grew most in 2025 through fixed assets.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette.
Turnover and EBIT margin are not published. The abbreviated format does not require them. The turnover shown is an estimate from the gross margin.
Turnover ≈ €260,000. Estimated: probably between €210,000 and €350,000.
Higher than 27% of 10,858 companies in 2025.
Higher than 6% of 10,480 companies in 2025.
Higher than 8% of 10,727 companies in 2025.
Net result: bottom quarter · Equity: top quarter · Balance sheet total: top quarter · Working capital: bottom quarter · Staff: middle half
| Line | Trend | 2025 | 2024 |
|---|---|---|---|
| Balance sheet: assets | |||
20/58 |
7.0m | 4.8m | |
20 |
0 | 331 | |
21/28 |
6.6m | 4.1m | |
22/27 |
5.2m | 2.8m | |
22 |
2.0m | 2.8m | |
27 |
3.2m | - | |
28 |
1.4m | 1.3m | |
29/58 |
451,006 | 694,874 | |
29 |
100,000 | 50,000 | |
291 |
100,000 | 50,000 | |
40/41 |
343,601 | 131,481 | |
40 |
242,000 | 22,329 | |
41 |
101,601 | 109,152 | |
54/58 |
1,716 | 511,332 | |
490/1 |
5,688 | 2,062 | |
| Balance sheet: equity and liabilities | |||
10/49 |
7.0m | 4.8m | |
10/15 |
1.8m | 2.5m | |
10/11 |
2.4m | 2.4m | |
13 |
0 | 59,054 | |
133 |
0 | 59,054 | |
14 |
-625,167 | - | |
17/49 |
5.3m | 2.3m | |
42/48 |
5.3m | 2.3m | |
43 |
4.6m | 2.2m | |
430/8 |
4.6m | 2.2m | |
44 |
633,333 | 14,901 | |
440/4 |
633,333 | 14,901 | |
45 |
8,246 | 8,149 | |
450/3 |
8,246 | 4,846 | |
454/9 |
0 | 3,303 | |
47/48 |
70,039 | 100,000 | |
492/3 |
0 | 126 | |
| Income statement | |||
9900 |
164,946 | -9,545 | |
630 |
218,458 | 43,567 | |
640/8 |
31,766 | 6,621 | |
66A |
501,298 | - | |
9901 |
-586,576 | -59,733 | |
75/76B |
9,363 | 122,099 | |
75 |
9,363 | 122,099 | |
65/66B |
106,714 | 2,995 | |
65 |
106,714 | 2,995 | |
9903 |
-683,927 | 59,371 | |
67/77 |
294 | 317 | |
9904 |
-684,221 | 59,054 | |
9905 |
-684,221 | 59,054 | |
| Appropriation of the result | |||
9906 |
-684,221 | 59,054 | |
791/2 |
59,054 | - | |
691/2 |
0 | 59,054 | |
6921 |
0 | 59,054 | |
| Social balance sheet | |||
9087 |
0 | 0 | |
| Document | |||
The notes to these accounts have 19 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 24-08-2026.
2025 annual accounts filed 24 days after the deadline. Filed on 24 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00425319.
| Line | Trend | 2025 | 2024 |
|---|---|---|---|
| -368,118 | -16,166 | ||
| -465,763 | 102,621 | ||
| 3.4m | 4.1m | ||
| -509,616 | - | ||
| -4.8m | -1.6m | ||
| 25.2% | 51.2% | ||
| 0.09 | 0.30 | ||
| 2.97 | 0.95 | ||
| -38.6% | 2.4% | ||
| -9.7% | 1.2% | ||
| -3.45 | -5.40 |
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 |
|---|---|---|
| Debts secured on the company's own assets | €4.6m | - |
| Mortgages, amount registered | €25,000 | - |
| €6.5m | - | |
| Carrying value of the mortgaged assets | €3.2m | - |
Source: notes to the 2024 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
| Item | 2025 | 2024 |
|---|---|---|
| Tangible fixed assets | €3.2m | €2.8m |
| Financial fixed assets | €141,571 | €1.3m |
| €218,458 | €43,567 |
Source: notes to the 2024 to 2025 annual accounts (statement of fixed assets)
The operating result for 2025 is a loss of €586,576, larger than the loss of €59,733 in 2024.
Debt's share of the balance-sheet total rises from 48.8% to 74.8%. Equity is lower and debt is higher.
Source: lists of holdings in the owners' accounts
Source: list of holdings in its own 2025 accounts. Every holding stands with its own latest accounts.
| Silent Materials
registered office since 28-09-2016 · founded in 2016 |
2 FTE (2025) 0663.554.432 |
| Petac
registered office since 07-02-2020 · founded in 2020 |
2.4 FTE (2025) 0743.422.351 |
| CIRPRESS
registered office since 10-11-2022 · founded in 2022 · negative equity (2025) |
2.1 FTE (2025) 0793.466.334 |
| GROEP TECHNATIONS
registered office since 01-07-2026 |
founded in 2026 1039.376.180 |
| SOUNDMAN
registered office since 22-12-2025 |
founded in 2025 1032.016.553 |
| ALHEEMBOUW via HEEM INVEST, no longer at ALHEEMBOUW · Managing director · deed of 29-01-2020 founded in 1986 · group BEEHIVE |
184 FTE (2025) |
| StepUp RGM via CREAFIM, no longer at StepUp RGM · Director · deed of 09-04-2019 founded in 2010 |
18 FTE (2025) |
| Rev-Up via CREAFIM, no longer at Rev-Up · Managing director · deed of 13-02-2019 founded in 2019 |
total assets €142.4m (2025) |
| STACHEL via CREAFIM, no longer at STACHEL · Director · deed of 11-08-2022 founded in 2017 |
turnover €1.7m (2025) |
| 6 STONES via HEEM INVEST, no longer at 6 STONES · Managing director · deed of 30-11-2021 founded in 2016 · group CAPTUUR |
total assets €21.5m (2025) |
| Oengerengoeste via CREAFIM, no longer at Oengerengoeste · Director · deed of 10-08-2023 founded in 2018 |
turnover €998,668 (2025) |
| BAM BORMET via CREAFIM, no longer at BAM BORMET · Director · deed of 25-09-2023 founded in 1974 |
24 FTE (2025) |
| BAM® Invest via CREAFIM, no longer at BAM® Invest · Director · deed of 25-09-2023 founded in 2011 |
turnover €708,480 (2025) |
| BLUE MONDAY via CREAFIM, no longer at BLUE MONDAY · Director (not named in the articles) · deed of 14-07-2023 founded in 2023 |
total assets €2.8m (2025) |
| BE.WONEN via HEEM INVEST, no longer at BE.WONEN · Director · deed of 30-04-2021 founded in 2021 |
total assets €2.4m (2025) |
| BRIC 4 EVER via HEEM INVEST, no longer at BRIC 4 EVER · Statutory director · deed of 25-04-2023 founded in 2019 · group CAPTUUR |
total assets €2.4m (2025) |
| I.DEEDS via CREAFIM, no longer at I.DEEDS · Director · deed of 28-12-2023 founded in 1990 · group Robur Capital |
18 FTE (2025) |
| V.B.I. via CREAFIM, no longer at V.B.I. · Director (not named in the articles) · deed of 29-12-2023 founded in 1989 |
total assets €541,701 (2025) |
| Alliacta via CREAFIM, no longer at Alliacta · Director · deed of 22-06-2018 No longer active |
24 FTE (2018) |
| Smeets-Beek via CREAFIM, no longer at Smeets-Beek · Manager · deed of 28-05-2018 No longer active |
total assets €1.2m (2018) |
| MANILCO via CREAFIM, no longer at MANILCO · Director · deed of 26-08-2021 No longer active |
total assets €165,090 (2024) |
Source for every holding own accounts 2025
Deadline for the 2026 accounts: 31-07-2027
Sources: Publications in the Belgian Official GazetteFilings with the National Bank
| Establishment | Since | Unit number |
|---|---|---|
| Leo Bekaertlaan 2 registered office 8870 Izegem | ||
| Beversesteenweg 618 8800 Roeselare | 18-12-2023 | 2.355.231.858 |
| 23-09-2024 | Granted | Bomen vellen die geen deel uitmaken van een bos en/of bodemreliëf wijzigen; Bouwen of herbouwen; Nieuwbouw of aanleggen; Nieuwe publiciteitsinrichting (met inbegrip van vernieuwen van een bestaande vergunning); Verwijderen van vrijstaande gebouwen submitted 12-05-2024 · project 2024039614 | Izegem |
Source: Omgevingsloket Vlaanderen.
| Cadastral parcel | Area | Buildings | Height / floors |
|---|---|---|---|
| 36009A0505/00E003 | 1.1 ha | - | - |
| 36505C0011/00Y000 | 9,787 m² | 1 · 1,525 m² | 7.0 m · 2 |
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