Turnover
The micro format states no turnover.
The micro format states no turnover.
The 2023 accounts came latest: 30 days after the end of the period.
The dashed line is the sector median: 0.1% across 25,925 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 56% of them on solvency, 68% on liquidity, 29% on profitability and 47% on growth.
The bankruptcy probability was computed on 06-11-2026 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, 10,904 companies had the same profile as THE GROWTH LAB has now. Each dot stands for 28 companies, two years later.
That fits the bankruptcy probability of THE GROWTH LAB itself: < 0.1% within 12 months.
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 10,904 companies, not a prediction for THE GROWTH LAB. 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 ample, with a current ratio of 2.75 (2.33 in 2024), above the usual 1.5. Short-term debt is 36.1% and cash 66.9% of total assets. 36.1% 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 5 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 | ||||
|---|---|---|---|---|
| THE GROWTH LAB Brussels | €93,793 | €3,604 | 63.9% | - |
| IVES DE BLIECK Hemiksem | €104,195 | €3,076 | 65.5% | - |
| frenoy.net Brussels | €105,483 | €2,595 | 97.9% | - |
| IT TRIO Schaerbeek | €86,567 | €3,828 | 84.6% | - |
| DIGITALITY Dinant | €76,305 | €4,301 | 52.0% | - |
| DAVNET Mouscron | €94,731 | €3,915 | 71.0% | - |
| MAKING SENSE CONSULTING Overijse | €98,180 | €3,468 | 86.3% | - |
These companies have the same main activity as THE GROWTH LAB: computer programming (NACE 62100). They are comparable in size and age: total assets between €76,300 and €105,000, founded between 2011 and 2017.
THE GROWTH LAB files the micro format. That format states no turnover. The gross margin rose from -€1,094 in 2017 to €3,604 in 2025.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Turnover ≈ €20,000. Estimated: probably between €10,000 and €38,000.
Higher than 54% of 21,193 companies in 2025.
Higher than 55% of 20,556 companies in 2025.
Higher than 20% of 20,731 companies in 2025.
Net result: bottom quarter · Equity: middle half · Balance sheet total: middle half · Working capital: middle half
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Balance sheet: assets | ||||||||||
20/58 |
93,793 | 101,459 | 104,233 | 53,986 | 19,784 | 31,000 | 40,117 | 16,045 | 3,669 | |
21/28 |
797 | 1,175 | 1,073 | 591 | 1,676 | 2,502 | 1,234 | 1,963 | 1,928 | |
21 |
- | - | - | - | - | - | - | - | 1,216 | |
22/27 |
243 | 621 | 519 | 37 | 532 | 1,358 | 880 | 1,609 | 358 | |
24 |
243 | 621 | 519 | 37 | 532 | 1,358 | 880 | 1,609 | 358 | |
28 |
554 | 554 | 554 | 554 | 1,144 | 1,144 | 354 | 354 | 354 | |
29/58 |
92,996 | 100,283 | 103,160 | 53,395 | 18,108 | 28,498 | 38,883 | 14,083 | 1,742 | |
40/41 |
29,646 | 56,827 | 21,541 | 21,128 | 3,176 | 10,630 | 11,839 | 4,840 | 488 | |
40 |
28,538 | 44,866 | 9,580 | 19,847 | 3,176 | 9,680 | 9,734 | 4,840 | 401 | |
41 |
1,108 | 11,961 | 11,961 | 1,281 | - | 950 | 2,105 | - | 87 | |
54/58 |
62,746 | 42,783 | 80,276 | 31,650 | 14,348 | 17,155 | 27,044 | 9,243 | 1,254 | |
490/1 |
605 | 673 | 1,343 | 617 | 584 | 713 | - | - | - | |
| Balance sheet: equity and liabilities | ||||||||||
10/49 |
93,793 | 101,459 | 104,233 | 53,986 | 19,784 | 31,000 | 40,117 | 16,045 | 3,669 | |
10/15 |
59,916 | 58,431 | 42,730 | 13,202 | -9,538 | 2,444 | 7,837 | -9,791 | -18,788 | |
13 |
39,500 | 39,500 | 29,500 | - | - | - | - | - | - | |
133 |
39,500 | 39,500 | 29,500 | - | - | - | - | - | - | |
14 |
20,416 | 18,931 | 13,230 | 13,202 | -9,538 | 2,444 | 7,837 | -9,791 | -18,788 | |
17/49 |
33,877 | 43,028 | 61,504 | 40,785 | 29,323 | 28,557 | 32,281 | 25,837 | 22,457 | |
17 |
- | - | - | - | - | - | - | 16,000 | 17,000 | |
170/4 |
- | - | - | - | - | - | - | 16,000 | 17,000 | |
42/48 |
33,877 | 43,028 | 61,504 | 40,785 | 29,323 | 28,557 | 32,281 | 9,837 | 5,457 | |
44 |
1,100 | 1,485 | 12,734 | 732 | 889 | 3,662 | 4,890 | 743 | 557 | |
440/4 |
1,100 | 1,485 | 12,734 | 732 | 889 | 3,662 | 4,890 | 743 | 557 | |
45 |
16,164 | 20,861 | 18,378 | 15,400 | 6,255 | 11,032 | 10,131 | 8,359 | 1,430 | |
450/3 |
14,655 | 19,352 | 16,868 | 15,400 | 5,001 | 3,933 | 1,201 | 3,445 | 100 | |
454/9 |
1,509 | 1,509 | 1,509 | - | 1,254 | 7,099 | 8,930 | 4,914 | 1,330 | |
47/48 |
16,613 | 20,682 | 30,392 | 24,653 | 22,179 | 13,862 | 17,260 | 735 | 3,471 | |
| Income statement | ||||||||||
9900 |
3,604 | 26,008 | 45,676 | 26,010 | -5,976 | -3,668 | 21,956 | 11,164 | -1,094 | |
62 |
- | - | - | - | 4,254 | - | - | - | - | |
630 |
379 | 372 | 179 | 495 | 826 | 1,009 | 729 | 1,615 | 2,295 | |
640/8 |
447 | 1,503 | 453 | 348 | 808 | 478 | 34 | 407 | 729 | |
9901 |
2,779 | 24,132 | 45,045 | 25,167 | -11,864 | -5,154 | 21,194 | 9,142 | -4,118 | |
75/76B |
4 | - | 13 | - | 175 | 0 | - | - | - | |
75 |
4 | - | 13 | - | 175 | 0 | - | - | - | |
65/66B |
298 | 260 | 991 | 208 | 292 | 239 | 162 | 146 | 25 | |
65 |
298 | 260 | 991 | 208 | 292 | 239 | 162 | 146 | 25 | |
9903 |
2,484 | 23,872 | 44,067 | 24,959 | -11,982 | -5,393 | 21,032 | 8,996 | -4,143 | |
67/77 |
999 | 8,171 | 14,539 | 2,219 | - | - | 2,592 | - | - | |
9904 |
1,485 | 15,701 | 29,528 | 22,740 | -11,982 | -5,393 | 18,440 | 8,996 | -4,143 | |
9905 |
1,485 | 15,701 | 29,528 | 22,740 | -11,982 | -5,393 | 18,440 | 8,996 | -4,143 | |
| Appropriation of the result | ||||||||||
9906 |
20,416 | 28,931 | 42,730 | 13,202 | -9,538 | 2,444 | 8,649 | -9,791 | -18,788 | |
14P |
18,931 | 13,230 | 13,202 | -9,538 | 2,444 | - | - | - | - | |
691/2 |
- | 10,000 | 29,500 | - | - | - | - | - | - | |
6921 |
- | 10,000 | 29,500 | - | - | - | - | - | - | |
694/7 |
- | - | - | - | - | - | 812 | - | - | |
694 |
- | - | - | - | - | - | 812 | - | - | |
| Social balance sheet | ||||||||||
Hours worked1013 |
- | 0 | 0 | - | - | - | - | - | - | |
| Document | ||||||||||
The notes to these accounts have 4 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 25-06-2026.
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 25-06-2026 | 2026-00228898 | |
| 31-12-2024 | micro format | 25-08-2025 | 2025-00415734 | |
| 31-12-2023 | micro format | 30-08-2024 | 2024-00443878 | |
| 31-12-2022 | micro format | 28-07-2023 | 2023-00305198 | |
| 31-12-2021 | micro format | 11-08-2022 | 2022-20286870 | |
| 31-12-2020 | micro format | 11-08-2021 | 2021-47900085 | |
| 31-12-2019 | micro format | 27-07-2020 | 2020-34900541 | |
| 31-12-2018 | micro format | 25-07-2019 | 2019-38600324 | |
| 31-12-2017 | micro format | 25-07-2018 | 2018-38600049 |
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| 3,157 | 24,504 | 45,224 | 25,662 | -11,039 | -4,145 | 21,923 | 10,757 | -1,823 | ||
| 1,864 | 16,074 | 29,707 | 23,236 | -11,156 | -4,384 | 19,169 | 10,612 | -1,848 | ||
| 0 | 475 | 661 | -590 | 0 | 2,277 | 0 | 1,650 | 536 | ||
| 19,963 | -37,493 | 48,626 | 17,302 | -2,807 | -9,889 | 17,802 | 7,989 | - | ||
| 59,119 | 57,255 | 41,657 | 12,611 | -11,215 | -58 | 6,603 | 4,246 | -3,716 | ||
| 63.9% | 57.6% | 41.0% | 24.5% | -48.2% | 7.9% | 19.5% | -61.0% | - | ||
| 2.75 | 2.33 | 1.68 | 1.31 | 0.62 | 1.00 | 1.20 | 1.43 | - | ||
| 0.57 | 0.74 | 1.44 | 3.09 | - | 11.69 | 4.12 | - | - | ||
| 2.5% | 26.9% | 69.1% | 172.3% | - | -220.7% | 235.3% | - | - | ||
| 1.6% | 15.5% | 28.3% | 42.1% | -60.6% | -17.4% | 46.0% | 56.1% | - | ||
| 10.61 | 94.43 | 45.65 | over 100 | -37.75 | - | - | - | - |
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 | 31-12-2024 | 31-12-2023 |
|---|---|---|
| Employees at the balance-sheet date | 0 | 0 |
| full-time | 0 | 0 |
| part-time | 0 | 0 |
Source: social balance sheet in the 2023 to 2024 annual accounts
| Item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | €475 | €661 | - | - |
| €379 | €372 | €179 | €495 | €826 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
The operating result for 2025 is 88% lower than in 2024 and the lowest since 2021. It is the second fall in a row.
Debt's share of the balance-sheet total falls from 42.4% to 36.1%. Equity is higher and debt is lower.
THE GROWTH LAB has no parent and no holdings in its annual accounts.
| DRAKKAR GROUP
registered office since 06-12-2001 · founded in 2001 · group CHINA NATIONAL CHEMICAL CORPORATION LIMITED |
turnover €37.9m (2025) 0476.202.494 |
| FG EURO GREEN 1
registered office since 17-02-2016 · founded in 2016 |
turnover €9.2m (2025) 0648.762.526 |
| K in Kortrijk
registered office since 01-06-2004 · founded in 2004 |
turnover €7.0m (2025) 0865.132.805 |
| LES GRANDS PRES S.A.
registered office since 30-04-2001 · founded in 2001 |
turnover €23.9m (2025) 0474.332.473 |
| ROYALE 120
registered office since 15-06-2007 · founded in 2007 |
turnover €3.7m (2025) 0890.094.665 |
| Equals Money Europe
establishment since 02-10-2012 · founded in 2012 |
24 FTE (2025) 0849.185.510 |
| UIR BELGIQUE 1
registered office since 19-10-2001 · founded in 2001 |
turnover €5.9m (2025) 0474.386.418 |
| THE FIRST
registered office since 20-04-1993 · founded in 1993 |
turnover €3.9m (2025) 0449.936.577 |
| JC PARTICIPATIONS
registered office since 25-02-2014 · founded in 2014 |
total assets €53.9m (2025) 1031.739.708 |
| HM Belgium
registered office since 04-03-2014 · founded in 2014 · accounts filed late |
total assets €49.1m (2024) 0547.621.913 |
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 |
|---|---|---|
| Louizalaan 54 registered office 1050 Brussels | 12-02-2015 | 2.240.411.671 |
| Cadastral parcel | Area | Buildings | Height / floors |
|---|---|---|---|
| 21807G0001/00L000 | 1,625 m² | 1 · 1,286 m² | 33.9 m · 9 |
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