TheValueChain
ActiveSummary
TheValueChain has been active since 2011 and the Belgian State Gazette contains no insolvency or warning signals. The 2024 annual accounts show equity of €16.2m and a net result of €410,448. Equity is growing by ~28.6% per year across the filed fiscal years. Its solvency ranks better than 52% of 2833 sector peers (fiscal year 2024). The computed 12-month bankruptcy probability is 0.3% (very low).
Checked score
Score 2024
Axes · tick = 2023
Profitability34▼-21
Solvency70▲+19
Growth59▼-19
Track record100
Bankruptcy probability, 12 months
0.3%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €950,000 at 30 days acceptable
Liquidity ample (current ratio 2.06 against 1.48 in 2023; short-term debt: 48.3% and cash: 4.5% of total assets), but 55.4% of the assets are financed with debt.
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Signals
Six signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 62
Relative position
BE, all sectors
reference
Computer programming, consultancy and related activities (NACE 62)
about 64% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2024Solvency, return and age of the figures
Solvency
44.6%
Return on assets
1.1%
Age of the figures
21 mo
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2024 was due by 31-07-2025 and was filed on 30-06-2025, 31 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
not confirmed
2024
31 d early
2023
34 d early
2022
6 d early
2021
1 d late
2020
8 d early
2019
24 d early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 6 accounts on average 17 days before the deadline; the sector median for financial year 2024 is 9 days before the deadline, and 33% of the sector filed late.
Checked, nothing found (1)
History
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Financials · fiscal year 2024, abbreviated schema
In the rankings
#4 employer in Kontich, Telecoms and IT sector#6 company by equity in Kontich, Telecoms and IT sector#8 company by total assets in Kontich, Telecoms and IT sector
Turnover
€46.3m▼ 1.1%
2023 · €46.8m
EBIT margin
2.2%▼ 0.5pp
2023 · 2.7%
Net result
€410,448▼ 97.1%
2023 · €14.4m
Working capital
€18.5m▼ 1.7%
2023 · €18.8m
Trend over the years
Click a name to add, emphasise or remove a line.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20202021202220232024
Turnover€36.4m€36.7m▲ 0.9%€35.5m▼ 3.2%€46.8m▲ 31.8%€46.3m▼ 1.1%
Operating result€2.6m▲ 52.5%€2.8m▲ 7.6%€2.4m▼ 14.3%€1.3m▼ 47.7%€1.0m▼ 20.9%
Net result€1.8m▲ 65.0%€2.0m▲ 11.4%€1.6m▼ 21.1%€14.4m▲ 810%€410,448▼ 97.1%
EBIT margin7.3%7.7%▲ 0.5pp6.9%▼ 0.9pp2.7%▼ 4.1pp2.2%▼ 0.5pp
Equity€7.2m▲ 33.2%€9.2m▲ 27.8%€10.8m▲ 17.1%€15.3m▲ 41.3%€16.2m▲ 6.1%
Total assets€16.5m▲ 13.4%€18.0m▲ 9.7%€24.1m▲ 33.6%€58.1m▲ 141%€36.3m▼ 37.6%
Debt€9.2m▲ 1.6%€8.8m▼ 4.4%€13.3m▲ 50.8%€42.8m▲ 221%€20.1m▼ 53.1%
Working capital€8.4m▲ 31.6%€10.9m▲ 29.7%€13.6m▲ 24.7%€18.8m▲ 38.5%€18.5m▼ 1.7%
Staff (FTE)73.6▼ 5.2%83.9▲ 14.0%97.3▲ 16.0%107.8▲ 10.8%108.5▲ 0.6%
Turnover and EBIT margin not published: the abbreviated schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result has fallen three years in a row; 2024 is 21% below 2023 and is the lowest result in the available series.
Balance-sheet composition
2024 in colour, 2023 as the grey bar beneath
Assets €36.3m
Fixed assets
€262,501 ▲ 8.9%
Current assets
€36.0m ▼ 37.8%
Equity and liabilities €36.3m
Equity
€16.2m ▲ 6.1%
Debt
€20.1m ▼ 53.1%
Debt's share of the balance-sheet total falls from 73.7% to 55.4%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€1.1m▼
2023 · €1.3m
Cash flow
€455,834▼
2023 · €14.4m
Current ratio
2.06▲
2023 · 1.48
Debt to equity
1.24▼
2023 · 2.81
ROE
2.5%▼
2023 · 94.3%
ROA
1.1%▼
2023 · 24.8%
Interest coverage
1.88▼
2023 · 2.04
Debt ≤ 1 year
€17.5m▼
2023 · €39.0m
Debt > 1 year
€570,570▼
2023 · €1.4m
Income taxes
€290,563▼
2023 · €391,500
Staff costs
€9.4m▲
2023 · €9.2m
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 543 companies that looked in July 2024 the way this one looks now, 0% went bankrupt within 24 months and 93% are still going.
- Medium-sized
- 10 to 20 years old
- solvency 30% or more
- a profit under 5% of the balance sheet
0%
went bankrupt
5.9%
stopped otherwise
93%
still going
A further 0.9% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.3% over twelve months; the group does not contradict it.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,058 companies of July 2024 its group's bankruptcy share. Expected: 1.5%; actually bankrupt within 24 months: 1.6%.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.4% |
| 3 | 0.5% | 0.5% |
| 4 | 0.6% | 0.7% |
| 5 | 0.8% | 0.9% |
| 6 | 1.2% | 1.3% |
| 7 | 1.5% | 1.6% |
| 8 | 1.7% | 1.7% |
| 9 | 2.7% | 2.8% |
| 10 | 5.3% | 5.7% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 74% 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 543 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.
Annual accounts
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Turnover70 | €36.4m | €36.7m | €35.5m | €46.8m | €46.3m | ▼ 1.1% |
| Goods, raw materials, services and sundry goods60/61 | - | €27.4m | €25.4m | €36.7m | €36.2m | ▼ 1.2% |
| Remuneration, social security and pensions62 | - | €6.8m | €7.8m | €9.2m | €9.4m | ▲ 2.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €72,119 | €0 | €865 | €2,334 | €45,387 | ▲ 1,845% |
| Other operating charges640/8 | - | €4,372 | €35,590 | €9,585 | €10,450 | ▲ 9.0% |
| Non-recurring operating charges66A | - | - | - | - | €34,127 | - |
| Gross operating margin9900 | €8.6m | €9.6m | €10.3m | €10.5m | €10.5m | ▲ 0.2% |
| Operating profit (loss)9901 | €2.6m | €2.8m | €2.4m | €1.3m | €1.0m | ▼ 20.9% |
| Financial income75/76B | - | €36,771 | €751 | €14.1m | €252,239 | ▼ 98.2% |
| Recurring financial income75 | €3,749 | €1,091 | €751 | €484,161 | €252,239 | ▼ 47.9% |
| Non-recurring financial income76B | - | €35,680 | €0 | €13.6m | €0 | ▼ 100% |
| Financial charges65/66B | - | €106,816 | €154,473 | €623,891 | €558,462 | ▼ 10.5% |
| Recurring financial charges65 | €104,444 | €106,816 | €154,473 | €623,891 | €558,462 | ▼ 10.5% |
| Profit (loss) for the period before taxes9903 | €2.5m | €2.8m | €2.3m | €14.8m | €701,010 | ▼ 95.3% |
| Income taxes67/77 | €740,354 | €766,465 | €699,339 | €391,500 | €290,563 | ▼ 25.8% |
| Profit (loss) for the period9904 | €1.8m | €2.0m | €1.6m | €14.4m | €410,448 | ▼ 97.1% |
| Transfer to tax-exempt reserves689 | - | - | - | €673,600 | €0 | ▼ 100% |
| Profit (loss) for the period to be appropriated9905 | €1.8m | €2.0m | €1.6m | €13.7m | €410,448 | ▼ 97.0% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €16.5m | €18.0m | €24.1m | €58.1m | €36.3m | ▼ 37.6% |
| Fixed assets21/28 | €238,382 | €218,216 | €226,933 | €240,991 | €262,501 | ▲ 8.9% |
| Tangible fixed assets22/27 | - | - | €8,717 | €22,775 | €64,272 | ▲ 182% |
| Plant, machinery and equipment23 | - | - | €1,679 | €17,274 | €15,867 | ▼ 8.1% |
| Furniture and vehicles24 | - | - | - | - | €2,801 | - |
| Leasing and similar rights25 | - | - | - | - | €41,639 | - |
| Other tangible fixed assets26 | - | - | €7,038 | €5,501 | €3,965 | ▼ 27.9% |
| Financial fixed assets28 | €238,382 | €218,216 | €218,216 | €218,216 | €198,229 | ▼ 9.2% |
| Current assets29/58 | €16.2m | €17.8m | €23.9m | €57.8m | €36.0m | ▼ 37.8% |
| Amounts receivable within one year40/41 | €13.5m | €16.0m | €22.8m | €55.6m | €33.5m | ▼ 39.7% |
| Trade receivables40 | - | €7.1m | €9.9m | €10.2m | €11.0m | ▲ 8.1% |
| Other amounts receivable41 | - | €8.9m | €13.0m | €45.4m | €22.5m | ▼ 50.4% |
| Cash at bank and in hand54/58 | €2.7m | €1.0m | €1.0m | €1.8m | €1.6m | ▼ 11.9% |
| Deferred charges and accrued income490/1 | - | €865,320 | €47,008 | €421,140 | €869,210 | ▲ 106% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €16.5m | €18.0m | €24.1m | €58.1m | €36.3m | ▼ 37.6% |
| Equity10/15 | €7.2m | €9.2m | €10.8m | €15.3m | €16.2m | ▲ 6.1% |
| Contributions10/11 | €2.1m | €2.1m | €2.1m | €5.7m | €5.8m | ▲ 0.4% |
| Capital10 | - | €2.1m | €2.1m | €5.7m | €5.8m | ▲ 0.4% |
| Issued capital100 | - | €2.1m | €2.1m | €5.7m | €5.8m | ▲ 0.4% |
| Uncalled capital101 | - | €11,100 | €11,100 | €11,100 | €11,100 | = |
| Reserves13 | €1.8m | €1.8m | €1.8m | €2.9m | €3.6m | ▲ 25.2% |
| Non-distributable reserves130/1 | - | €213,360 | €213,360 | €574,360 | €592,532 | ▲ 3.2% |
| Legal reserve130 | - | €213,360 | €213,360 | €574,360 | €592,532 | ▲ 3.2% |
| Tax-exempt reserves132 | - | - | - | €673,600 | €673,600 | = |
| Distributable reserves133 | - | €1.6m | €1.6m | €1.6m | €2.3m | ▲ 43.5% |
| Profit (loss) carried forward14 | €3.3m | €5.3m | €6.8m | €6.7m | €6.8m | ▲ 2.6% |
| Amounts payable17/49 | €9.2m | €8.8m | €13.3m | €42.8m | €20.1m | ▼ 53.1% |
| Amounts payable after more than one year17 | - | - | - | €1.4m | €570,570 | ▼ 58.6% |
| Financial debts170/4 | - | - | - | €1.4m | €570,570 | ▼ 58.6% |
| Amounts payable within one year42/48 | €7.8m | €6.9m | €10.3m | €39.0m | €17.5m | ▼ 55.1% |
| Current portion of amounts payable after more than one year42 | - | €0 | - | €887,842 | €923,007 | ▲ 4.0% |
| Financial debts43 | - | €934,002 | €4.6m | €4.4m | €5.8m | ▲ 33.3% |
| Credit institutions430/8 | - | €934,002 | €4.6m | €4.4m | €5.8m | ▲ 33.3% |
| Trade debts44 | €6.0m | €4.6m | €4.0m | €7.7m | €8.3m | ▲ 7.9% |
| Suppliers440/4 | - | €4.6m | €4.0m | €7.7m | €8.3m | ▲ 7.9% |
| Taxes, remuneration and social security45 | - | €1.4m | €1.7m | €1.5m | €1.4m | ▼ 7.3% |
| Taxes450/3 | - | €573,874 | €831,428 | €407,921 | €409,604 | ▲ 0.4% |
| Remuneration and social security454/9 | - | €832,652 | €897,450 | €1.1m | €945,342 | ▼ 10.3% |
| Other amounts payable47/48 | - | - | - | €24.6m | €1.1m | ▼ 95.4% |
| Accrued charges and deferred income492/3 | - | €1.9m | €3.0m | €2.4m | €2.0m | ▼ 17.1% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €1.8m | €2.0m | €1.6m | €14.4m | €410,448 | ▼ 97.1% |
| + Depreciation and write-downs630 | €72,119 | €0 | €865 | €2,334 | €45,387 | ▲ 1,845% |
| Operating cash flow (approximation) | €1.9m | €2.0m | €1.6m | €14.4m | €455,834 | ▼ 96.8% |
| Investment in fixed assets (approximation) | - | €20,167 | -€9,582 | -€16,392 | -€66,897 | ▼ 308% |
| Change in cash | - | -€1.7m | €10,309 | €821,476 | -€217,514 | ▼ 126% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
2026
17-09
State Gazette act
Reappointment: Gumption (managing director)Permanent representative: Bart Embrechts3 facts ▸
State Gazette act
Reappointment: Gumption (managing director)
Permanent representative: Bart Embrechts3 facts ▸
- Board meeting, 15-06-2026
- Director reappointment, Gumption (managing director)
- Permanent representative, Bart Embrechts (permanent representative)
14-01
State Gazette act
Capital & shares · RestructuringApproval · Merger · Accounting effect10 facts ▸
State Gazette act
Capital & shares · Restructuring
Approval · Merger · Accounting effect10 facts ▸
- General meeting, 16-12-2025
- Approval, 16-12-2025
- Merger, absorption, 2025-12-31T24:00:00
- Accounting effect, 01-01-2026
- Capital increase, €82.000
- Share issue, new shares, 12822
- Capital, €5.850.600
- Power of attorney, PKF Bofidi Accountants & Advisers BV
- Inbreng in natura, book value, EUR
- Reference balance sheet, 2025-01-01 to 2025-12-31T24:00:00, 31-12-2024
2025
30-06
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema
2024
31-12
Financial
Weakest financial yearnet €410,448 ▼97.1%
Net result drops to €410,448, the lowest in the series.
27-06
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema
2023
31-12
Financial
Highest result since 2018net €14.4m ▲810%
Net result €14.4m, the highest in the series.
25-07
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema
2022
31-12
Financial
Equity above €10mEq €10.8m ▲17.1%
5 profitable years in a row build equity to €10.8m.
01-08
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema · 1 day late
2021
23-07
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema
2020
07-07
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema
2019
31-12
Financial
Equity above €5mEq €5.4m ▲208%
2 profitable years in a row build equity to €5.4m.
Show earlier events
20-06
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema
2018
29-08
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema · 29 days late
2017
07-06
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema
2016
30-06
NBB filing
Annual accounts filed
fiscal year 2015 · abbreviated schema
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
2 of 17 acts read
About the unread acts
Of the 17 Belgian State Gazette acts we know for this company, 2 have been read. The other 15 have not been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
1 office holder, last change in 2026
Day-to-day management 1
GUMPTION
CurrentManaging director · since 15-06-2026 · Public limited company · perm. rep.: Bart Embrechts
Permanent representatives 1
Bart Embrechts
CurrentPermanent representative · since 15-06-2026 · for GUMPTION
Derived from published Gazette acts. The CBE keeps the official list of function holders; we do not read it, so the two can differ.
See the function holders in the CBE →
Not every act has been read: a resignation may be missing here
15 of this company's 17 Belgian State Gazette acts have not been read yet. Appointments and resignations recorded in them are missing above: a director who resigned there may therefore still show here as sitting. The acts are in the Timeline.
Location & real-estate footprint
Registered office, Kontich · 6 establishment units since 2011
Ground area
2.3 ha
Building footprint
9,288 m²
Volume, LiDAR
75,423 m³
6 parcels, Flanders, Wallonia · tallest building 41.0 m, ±5 floors. Linked by address, not a title deed.
19
companies at this address
See who is registered here
6 establishment units
TheValueChain
since 20112.201.108.459
Satenrozen 14, 2550 Kontich
since 20252.376.623.328
Avenue Pasteur 9, 1300 Wavre
since 20252.376.623.922
Baron Ruzettelaan 3, 8310 Brugge
since 20252.376.624.714
Thor Park 8300, 3600 Genk
since 20252.376.624.813
Molenweidestraat(HEU) 24, 9070 Destelbergen
since 20252.376.625.110
6 parcels
Flanders
5
(83.3%)
Wallonia
1
(16.7%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 31434C0037/00L007 | Flanders | 6,856 m² | 1 · 2,547 m² | 18.2 m · 5 fl. |
| 25112N0017/00W000 | Wallonia | 5,580 m² | 1 · 448 m² | 14.2 m · 4 fl. |
| 11024G0018/00L000 | Flanders | 4,007 m² | 1 · 1,313 m² | 6.1 m · 1 fl. |
| 11024G0012/00G000 | Flanders | 3,107 m² | 1 · 2,879 m² | 8.9 m · 2 fl. |
| 71303B1298/00M004 | Flanders | 2,963 m² | 1 · 1,879 m² | 41.0 m · 1 fl. |
| 44028D0012/00C000 | Flanders | 326 m² | 1 · 221 m² | 8.8 m · 2 fl. |
Linked by address, not proof of ownership
Good to know
6 of 6 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
1 of these parcels carry protected heritage: expect extra rules on renovation or sale.
Mandate history
1 person since 2026, 1 in office
- Day-to-day management
- began earlier
| Name | Functions and periods |
|---|---|
| GUMPTION |
|
Structure & network
Part of the group
GUMPTION
17 companies
Group, risk and exposure
Owners and holdings
2 owners · 1 holdingChain of control
- GUMPTION
- TheValueChain International
- TheValueChain
Highest known parent: GUMPTION. The sources do not say who stands above it.
Owners 2
-
100%
-
100%
Holdings 1
-
44%
According to the 2024 annual accounts of TheValueChain and those of the other companies, the acts in the Belgian Gazette and the LEI register. 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 fill in these statements, or need not, is missing.
Connections & network
1 current directorThe group is listed under Ownership & control below; here you explore it as a network.
This company
Company
Director
Shareholding
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Acquisitions and mergers
1 transactionTook over:CANGURU SOLUTIONS
Capital and shareholders
Capital over the years
- 14-01-2026 Capital increase of 82,000 EUR · to 5,850,600 EUR
Public money · subsidies and aid
Flemish government
2022 to 2024 · 5 entries · 25,000 EUR awarded · 25,000 EUR paid| Year | Entries | awarded | paid |
|---|---|---|---|
| 2024 | 1 | -3,868 EUR | 0 EUR |
| 2023 | 2 | 7,500 EUR | 25,000 EUR |
| 2022 | 2 | 21,368 EUR | 0 EUR |
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Of 30,007 companies in sector 62200 we hold annual accounts for 18,396. 557 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPublic limited company
Founded20-07-2011
Fiscal year end31-12
Activities, NACEBEL 2025
62100Computer programming
62200Computer consultancy and computer facilities management
E-invoicing
Reachable via Peppol
Peppol ID
0208:0838023085
Also
9925:BE0838023085
Registered
21-12-2025
Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.