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 €16.18M and a net result of €410k. Equity is growing by ~24% per year across the filed fiscal years. Its solvency ranks better than 52% of 2832 sector peers (fiscal year 2024). The computed 12-month bankruptcy probability is 0.3% (very low).
Checked score
Score 2024
60
/ 100
Healthy
The score weighs solvency, liquidity and profitability. Bankruptcy probability contributes 35%. Every signal that weighs is under Signals.
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 €950k 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.
Credit advice for your own amount and term
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
Sector 62
lower
← 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 →
Checked, nothing found (1)
Financials · fiscal year 2024, abbreviated schema
Turnover
€46.28M▼ 1.1%
2023 · €46.80M
2018: €24.44M
2020: €36.35M
2021: €36.68M
2022: €35.51M
2023: €46.80M
2018 → 2024
EBIT margin
2.2%▼ 0.5pp
2023 · 2.7%
2018: 7.6%
2020: 7.3%
2021: 7.7%
2022: 6.9%
2023: 2.7%
2018 → 2024
Net result
€410k▼ 97.1%
2023 · €14.38M
2018: €1.26M
2020: €1.80M
2021: €2.00M
2022: €1.58M
2023: €14.38M
2018 → 2024
Working capital
€18.49M▼ 1.7%
2023 · €18.81M
2018: €1.01M
2020: €8.39M
2021: €10.89M
2022: €13.58M
2023: €18.81M
2018 → 2024
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20202021202220232024Trend
Turnover€36.35M-€36.68M▲ 0.9%€35.51M▼ 3.2%€46.80M▲ 31.8%€46.28M▼ 1.1%
Equity€7.22M-€9.22M▲ 27.8%€10.80M▲ 17.1%€15.25M▲ 41.3%€16.18M▲ 6.1%
Operating result€2.64M-€2.84M▲ 7.6%€2.43M▼ 14.3%€1.27M▼ 47.7%€1.01M▼ 20.9%
Net result€1.80M-€2.00M▲ 11.4%€1.58M▼ 21.1%€14.38M▲ 810%€410k▼ 97.1%
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 €36.25M
Fixed assets
€263k ▲ 8.9%
Current assets
€35.99M ▼ 37.8%
Equity and liabilities €36.25M
Equity
€16.18M ▲ 6.1%
Debt
€20.07M ▼ 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
€1.05M▼
2023 · €1.28M
Cash flow
€456k▼
2023 · €14.38M
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
€17.50M▼
2023 · €39.00M
Debt > 1 year
€571k▼
2023 · €1.38M
Income taxes
€291k▼
2023 · €392k
Staff costs
€9.42M▲
2023 · €9.21M
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Filed annual accounts As filed with the NBB · 2024 against 2023 · 64 lines
Balance sheet
Code20232024
Assets
Total assets20/58€58.05M€36.25M▼
Fixed assets21/28€241k€263k▲
Tangible fixed assets22/27€23k€64k▲
Plant, machinery and equipment23€17k€16k▼
Furniture and vehicles24-€3k
Leasing and similar rights25-€42k
Other tangible fixed assets26€6k€4k▼
Financial fixed assets28€218k€198k▼
Current assets29/58€57.81M€35.99M▼
Amounts receivable within one year40/41€55.56M€33.50M▼
Trade receivables40€10.20M€11.02M▲
Other amounts receivable41€45.36M€22.48M▼
Cash at bank and in hand54/58€1.83M€1.61M▼
Deferred charges and accrued income490/1€421k€869k▲
Equity and liabilities
Total equity and liabilities10/49€58.05M€36.25M▼
Equity10/15€15.25M€16.18M▲
Contributions10/11€5.73M€5.76M▲
Capital10€5.73M€5.76M▲
Issued capital100€5.74M€5.77M▲
Uncalled capital101€11k€11k=
Reserves13€2.87M€3.59M▲
Non-distributable reserves130/1€574k€593k▲
Legal reserve130€574k€593k▲
Tax-exempt reserves132€674k€674k=
Distributable reserves133€1.62M€2.33M▲
Profit (loss) carried forward14€6.65M€6.83M▲
Amounts payable17/49€42.80M€20.07M▼
Amounts payable after more than one year17€1.38M€571k▼
Financial debts170/4€1.38M€571k▼
Amounts payable within one year42/48€39.00M€17.50M▼
Current portion of amounts payable after more than one year42€888k€923k▲
Financial debts43€4.35M€5.80M▲
Credit institutions430/8€4.35M€5.80M▲
Trade debts44€7.67M€8.27M▲
Suppliers440/4€7.67M€8.27M▲
Taxes, remuneration and social security45€1.46M€1.35M▼
Taxes450/3€408k€410k▲
Remuneration and social security454/9€1.05M€945k▼
Other amounts payable47/48€24.64M€1.14M▼
Accrued charges and deferred income492/3€2.42M€2.00M▼
Income statement
Code20232024
Turnover70€46.80M€46.28M▼
Goods, raw materials, services and sundry goods60/61€36.67M€36.24M▼
Remuneration, social security and pensions62€9.21M€9.42M▲
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€2k€45k▲
Other operating charges640/8€10k€10k▲
Non-recurring operating charges66A-€34k
Gross operating margin9900€10.50M€10.52M▲
Operating profit (loss)9901€1.27M€1.01M▼
Financial income75/76B€14.12M€252k▼
Recurring financial income75€484k€252k▼
Non-recurring financial income76B€13.64M€0▼
Financial charges65/66B€624k€558k▼
Recurring financial charges65€624k€558k▼
Profit (loss) for the period before taxes9903€14.77M€701k▼
Income taxes67/77€392k€291k▼
Profit (loss) for the period9904€14.38M€410k▼
Transfer to tax-exempt reserves689€674k€0▼
Profit (loss) for the period to be appropriated9905€13.71M€410k▼
Appropriation of the result
Profit (loss) to be appropriated9906€21.30M€7.00M▼
Profit (loss) brought forward from the previous period14P€7.59M€6.59M▼
Profit to be distributed694/7€14.65M€176k▼
Return on contributions (dividend)694€14.65M€0▼
Employees696-€176k
Social balance
Average headcount (FTE)9087107.8108.5▲
The notes to these accounts (21 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
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 €410k ▼97.1%
Net result drops to €410k, 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 €14.38M ▲810%
Net result €14.38M, the highest in the series.
25-07
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema
2022
31-12
Financial
Equity above €10MEq €10.80M ▲17.1%
4 profitable years in a row build equity to €10.80M.
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
31-12
Financial
Equity above €5MEq €7.22M ▲310%
2 profitable years in a row build equity to €7.22M.
07-07
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema
Show earlier events
2019
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.
Directors · office · real estate
Directors
1 director, no change since 2026
GUMPTION
CurrentManaging director · since 15-06-2026 · Public limited company · perm. rep.: Bart Embrechts
15-06-2026
Mandate renewed as Managing director
Location & real-estate footprint
Registered office, Kontich · 6 establishment units since 2011
Cannot be placed on the map
This address could not be matched to a point in the Belgian address register (BOSA BEST). The address below comes straight from the Crossroads Bank.
Satenrozen 102550 KontichGround 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.
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
Methodology
via registered seat: 1 · via establishment units: 5
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 (source: regional heritage registers, Onroerend Erfgoed / patrimoine.brussels).
Structure & network
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 |
Schemes
Subsidie voor opleiding en advies voor kmo's en zelfstandigen (kmo-portefeuille)
Werkbaarheidscheque (stopgezet)
Similar companies · same sector, comparable size
CIPAL
BE 0219.395.192
Geel · Eq €16.22M
Arxus
BE 0806.065.149
Kontich · Eq €16.04M
AVANADE BELGIUM
BE 0480.059.829
Lochristi · Eq €15.96M
ALTEN Belgium
BE 0471.960.230
Sint-Gillis (bij-Brussel) · Eq €15.93M
AXXES
BE 0462.721.177
Antwerpen · Eq €16.49M
Of 29,996 companies in sector 62200 we hold annual accounts for 18,393. 555 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Company data · Crossroads Bank
Identification
Legal formPublic limited company
Founded20-07-2011
Fiscal year end31-12
Activities, NACEBEL 2025
62100Computer programming
62200Computer consultancy and computer facilities management
Sources
Crossroads Bank for EnterprisesNational Bank · 13 filingsAddress and cadastre registers
Scores and ratios are computed by Checked and are not a credit decision.