Equity
time2develop paid out €59,200 in dividends. That is 268% of the 2025 profit.
The dashed line is the sector median: 0.3% across 1,379 companies (NACE 78, micro).
About 2 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 78, micro). It does better than 89% of them on solvency, 50% on liquidity, 61% on profitability and 26% on growth.
The bankruptcy probability was computed on 10-11-2026 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, 34,693 companies had the same profile as time2develop has now. Each dot stands for 87 companies, two years later.
That fits the bankruptcy probability of time2develop itself: 0.2% 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 34,693 companies, not a prediction for time2develop. 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 9.45 (24.93 in 2024), above the usual 1.5. Short-term debt is 8.2% and cash 5.6% of total assets. 11.4% 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 15 days before the deadline. In the sector (NACE 78), the median for financial year 2024 was 14 days before the deadline, and 30% of those companies filed late.
| Company | ||||
|---|---|---|---|---|
| time2develop Bonheiden | €168,571 | €38,334 | 88.6% | - |
| LDS HR Services Brasschaat | €152,097 | €40,441 | 90.8% | - |
| SAKURA KANJI Zoersel | €149,770 | €45,982 | 33.0% | - |
| APPLISQUARE Waregem | €188,505 | €38,767 | 8.4% | - |
| DG Consulting Mortsel | €180,600 | €38,765 | 3.1% | - |
| Herssens Advisory Edegem | €204,802 | €40,334 | 28.5% | - |
| 24 Seven Antwerp | €115,697 | €30,845 | 15.1% | - |
These companies have the same main activity as time2develop: employment placement agencies (NACE 78100). They are comparable in size and age: total assets between €116,000 and €205,000, founded between 2015 and 2018.
time2develop files the micro format. That format states no turnover. The gross margin rose from €23,039 in 2016 to €38,334 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 ≈ €150,000. Estimated: probably between €93,000 and €280,000.
Higher than 90% of 981 companies in 2025.
Higher than 90% of 947 companies in 2025.
Higher than 53% of 950 companies in 2025.
Net result: middle half · Equity: top quarter · Balance sheet total: middle half · Working capital: top quarter
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Balance sheet: assets | |||||||||||
20/58 |
168,571 | 192,456 | 178,093 | 160,088 | 156,685 | 105,671 | 93,119 | 67,148 | 50,926 | 39,968 | |
21/28 |
37,248 | 45,109 | 52,970 | 60,831 | 7,063 | - | 721 | 1,441 | 2,162 | 2,883 | |
22/27 |
37,248 | 45,109 | 52,970 | 60,831 | 7,063 | - | 721 | 1,441 | 2,162 | 2,883 | |
24 |
33,185 | 40,297 | 47,408 | 54,518 | - | - | 721 | 1,441 | 2,162 | 2,883 | |
26 |
4,063 | 4,812 | 5,562 | 6,313 | 7,063 | - | - | - | - | - | |
29/58 |
131,323 | 147,347 | 125,123 | 99,257 | 149,622 | 105,671 | 92,398 | 65,707 | 48,764 | 37,085 | |
40/41 |
38,780 | 16,798 | 13,301 | 12,743 | 20,219 | 7,708 | 10,392 | 10,708 | 11,322 | 3,416 | |
40 |
29,985 | 11,828 | 10,366 | 11,774 | 20,219 | 7,708 | 10,392 | 9,783 | 10,632 | 3,416 | |
41 |
8,796 | 4,970 | 2,935 | 969 | - | - | - | 925 | 690 | - | |
50/53 |
80,000 | - | - | - | - | - | - | - | - | - | |
54/58 |
9,468 | 128,601 | 110,283 | 84,954 | 129,103 | 97,663 | 81,706 | 54,999 | 37,442 | 33,669 | |
490/1 |
3,074 | 1,948 | 1,539 | 1,560 | 300 | 300 | 300 | - | - | - | |
| Balance sheet: equity and liabilities | |||||||||||
10/49 |
168,571 | 192,456 | 178,093 | 160,088 | 156,685 | 105,671 | 93,119 | 67,148 | 50,926 | 39,968 | |
10/15 |
149,422 | 186,545 | 172,550 | 155,004 | 130,843 | 97,782 | 80,042 | 60,432 | 45,468 | 32,855 | |
10/11 |
18,600 | 20,460 | 20,460 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | |
10 |
- | - | - | 18,600 | - | - | - | - | - | - | |
100 |
- | - | - | 18,600 | - | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | |
13 |
130,822 | 166,085 | 152,090 | 136,404 | 112,243 | 79,182 | 61,442 | 41,832 | 26,868 | 14,255 | |
130/1 |
- | - | - | 1,860 | 1,860 | 1,860 | - | - | - | - | |
130 |
- | - | - | 1,860 | - | 1,860 | 1,860 | 1,860 | 1,860 | 1,860 | |
1311 |
- | - | - | - | 1,860 | - | - | - | - | - | |
133 |
130,822 | 166,085 | 152,090 | 134,544 | 110,383 | 77,322 | 59,582 | 39,972 | 25,008 | 12,395 | |
17/49 |
19,149 | 5,911 | 5,543 | 5,084 | 25,842 | 7,889 | 13,077 | 6,716 | 5,458 | 7,113 | |
42/48 |
13,902 | 5,911 | 3,681 | 5,084 | 25,842 | 7,889 | 13,077 | 6,716 | 5,458 | 7,113 | |
44 |
5,053 | 1,513 | 1,488 | 1,422 | 1,074 | 3,477 | 1,251 | 907 | 1,240 | 703 | |
440/4 |
5,053 | 1,513 | 1,488 | 1,422 | 1,074 | 3,477 | 1,251 | 907 | 1,240 | 703 | |
45 |
5,052 | 2,536 | 2,193 | 1,800 | 9,952 | 2,596 | 3,535 | 2,026 | 2,365 | 5,236 | |
450/3 |
5,052 | 2,536 | 2,193 | 1,800 | 9,952 | 2,596 | 3,535 | 2,026 | 2,365 | 5,236 | |
47/48 |
3,797 | 1,862 | - | 1,862 | 14,816 | 1,816 | 8,291 | 3,783 | 1,853 | 1,174 | |
492/3 |
5,247 | - | 1,862 | - | - | - | - | - | - | - | |
| Income statement | |||||||||||
9900 |
38,334 | 26,070 | 33,458 | 39,022 | 47,061 | 26,502 | 29,888 | 22,400 | 20,401 | 23,039 | |
62 |
2,434 | - | - | - | - | - | - | - | - | - | |
630 |
7,861 | 7,861 | 7,861 | 3,120 | 437 | 721 | 721 | 721 | 721 | 721 | |
640/8 |
1,282 | 727 | 1,226 | 1,210 | 1,020 | 942 | 916 | 910 | 903 | 996 | |
9901 |
26,757 | 17,482 | 24,371 | 34,692 | 45,604 | 24,839 | 28,251 | 20,769 | 18,777 | 21,322 | |
75/76B |
1,369 | 2,265 | 387 | - | - | - | - | - | 2 | - | |
75 |
1,369 | 2,265 | 387 | - | - | - | - | - | 2 | - | |
65/66B |
54 | 45 | 47 | 45 | 46 | 54 | 39 | 39 | 50 | 37 | |
65 |
54 | 45 | 47 | 45 | 46 | 54 | 39 | 39 | 50 | 37 | |
9903 |
28,073 | 19,702 | 24,711 | 34,647 | 45,558 | 24,785 | 28,212 | 20,730 | 18,729 | 21,285 | |
67/77 |
5,996 | 5,707 | 7,165 | 10,486 | 12,497 | 7,045 | 8,602 | 5,765 | 6,116 | 7,030 | |
9904 |
22,077 | 13,995 | 17,546 | 24,161 | 33,061 | 17,740 | 19,610 | 14,965 | 12,613 | 14,255 | |
9905 |
22,077 | 13,995 | 17,546 | 24,161 | 33,061 | 17,740 | 19,610 | 14,965 | 12,613 | 14,255 | |
| Appropriation of the result | |||||||||||
9906 |
22,077 | 13,995 | 17,546 | 24,161 | 33,061 | 17,740 | 19,610 | 14,965 | 12,613 | 14,255 | |
791/2 |
59,200 | - | - | - | - | - | - | - | - | - | |
691/2 |
22,077 | 13,995 | 17,546 | 24,161 | 33,061 | 17,740 | 19,610 | 14,965 | 12,613 | 14,255 | |
6920 |
- | - | - | - | - | - | - | - | - | 1,860 | |
6921 |
22,077 | 13,995 | 17,546 | 24,161 | 33,061 | 17,740 | 19,610 | 14,965 | 12,613 | 12,395 | |
694/7 |
59,200 | - | - | - | - | - | - | - | - | - | |
694 |
59,200 | - | - | - | - | - | - | - | - | - | |
| 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 22-06-2026.
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 22-06-2026 | 2026-00187735 | |
| 31-12-2024 | micro format | 28-08-2025 | 2025-00477961 | |
| 31-12-2023 | micro format | 30-07-2024 | 2024-00328133 | |
| 31-12-2022 | micro format | 31-07-2023 | 2023-00291793 | |
| 31-12-2021 | micro format | 29-06-2022 | 2022-20107126 | |
| 31-12-2020 | micro format | 30-06-2021 | 2021-27800107 | |
| 31-12-2019 | micro format | 30-06-2020 | 2020-23600464 | |
| 31-12-2018 | micro format | 29-08-2019 | 2019-56400185 | |
| 31-12-2017 | micro format | 30-08-2018 | 2018-58100131 | |
| 31-12-2016 | micro format | 29-08-2017 | 2017-50100372 |
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 34,618 | 25,343 | 32,232 | 37,812 | 46,041 | 25,560 | 28,972 | 21,490 | 19,498 | 22,043 | ||
| 29,938 | 21,856 | 25,407 | 27,281 | 33,498 | 18,461 | 20,331 | 15,686 | 13,334 | 14,976 | ||
| 0 | 0 | 0 | 56,889 | 7,500 | 0 | 1 | 0 | 0 | 3,604 | ||
| -119,133 | 18,318 | 25,329 | -44,149 | 31,440 | 15,957 | 26,707 | 17,557 | 3,773 | - | ||
| 117,421 | 141,436 | 121,442 | 94,173 | 123,780 | 97,782 | 79,321 | 58,991 | 43,306 | 29,972 | ||
| 88.6% | 96.9% | 96.9% | 96.8% | 83.5% | 92.5% | 86.0% | 90.0% | 89.3% | 82.2% | ||
| 9.45 | 24.93 | 33.99 | 19.52 | 5.79 | 13.39 | 7.07 | 9.78 | 8.93 | 5.21 | ||
| 0.13 | 0.03 | 0.03 | 0.03 | 0.20 | 0.08 | 0.16 | 0.11 | 0.12 | 0.22 | ||
| 14.8% | 7.5% | 10.2% | 15.6% | 25.3% | 18.1% | 24.5% | 24.8% | 27.7% | 43.4% | ||
| 13.1% | 7.3% | 9.9% | 15.1% | 21.1% | 16.8% | 21.1% | 22.3% | 24.8% | 35.7% | ||
| over 100 | over 100 | over 100 | over 100 | over 100 | - | - | - | - | - |
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 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | - | - | €56,889 | €7,500 |
| €7,861 | €7,861 | €7,861 | €3,120 | €437 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
The operating result for 2025 is 53% higher than in 2024 and the highest since 2022. It is a recovery after the fall in 2024.
Debt's share of the balance-sheet total rises from 3.1% to 11.4%. Equity is lower and debt is higher.
Source: shareholder structure in its own accounts
time2develop has no parent and no holdings in its annual accounts. Schouterden Katleen is the only director.
The network starts from the directors of time2develop. Every other company they run is a node.
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 |
|---|---|---|
| Donkerstraat 46 B registered office 2820 Bonheiden | 15-01-2016 | 2.249.486.418 |
| Cadastral parcel | Area | Buildings | Height / floors |
|---|---|---|---|
| 12031B0614/00F000 | 3,651 m² | 1 · 432 m² | 22.8 m · 1 |
| 12031B0617/00B000 | 3,238 m² | 1 · 255 m² | 6.9 m · 2 |
If something looks wrong or is missing, please tell us.