Equity
-€247,571
Debts exceed assets in financial year 2025.
TRACE
Lifetime
19 annual accounts with figures on one time axis, 37 filings since 1989peak €123,169 (2025)
€123,169▲ 3.8%
lowest -€460,599 (2020)
€38,217▲ 13.5%
peak €1.1m (2009)
-€247,571▲ €38,217
€864,272▼ 5.6%
Board2 names since 2019
2 directorsROSE Francis and 1 other
Documentsfilings and deeds
10-04-202620 days before the deadline
2025micro format
Reappointments: ROSE Francis (managing director) and VANDERHO… 19-09Equity from -€285,788 to -€247,571
Key points
from the 2025 annual accountsDebts
€864,272 140% of the balance sheet
Financial debts 5%Suppliers 2%Taxes and wages 2%Other 91%
Of this, €815,957 falls due within a year.
Position in the sector
-€247,571
Less equity than 95% of companies in advertising and market research. Sector median €58,793 · 8,618 companies.
Checked score
54
Fair
Financially stronger than 31% of micro companies in advertising and market research (NACE 73)
Probability in this band: 1.5% to 4.2%
Negative equity caps the score at 59.
Bankruptcy probability within 12 months
0.2% Very low
0%0.5%1.5%4%10%≥ 25%
The dashed line is the sector median: 0.2% across 11,228 companies (NACE 73, micro).
About 2 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
Last 24 months
12-2024: 0.2%lowest value
01-2025: 0.2%● unchanged vs 12-2024
02-2025: 0.2%● unchanged vs 01-2025
03-2025: 0.2%● unchanged vs 02-2025
04-2025: 0.3%▲ +0.1 percentage points vs 03-2025
05-2025: 0.2%▼ -0.1 percentage points vs 04-2025
06-2025: 0.2%● unchanged vs 05-2025
07-2025: 0.2%● unchanged vs 06-2025
08-2025: 0.2%● unchanged vs 07-2025
09-2025: 0.2%● unchanged vs 08-2025
10-2025: 0.2%● unchanged vs 09-2025
11-2025: 0.2%● unchanged vs 10-2025
12-2025: 0.2%● unchanged vs 11-2025
01-2026: 0.2%● unchanged vs 12-2025
02-2026: 0.2%● unchanged vs 01-2026
03-2026: 0.2%● unchanged vs 02-2026
04-2026: 0.3%▲ +0.1 percentage points vs 03-2026highest value
05-2026: 0.2%▼ -0.1 percentage points vs 04-2026
06-2026: 0.2%● unchanged vs 05-2026
07-2026: 0.2%● unchanged vs 06-2026
08-2026: 0.2%● unchanged vs 07-2026
09-2026: 0.2%● unchanged vs 08-2026
10-2026: 0.2%● unchanged vs 09-2026
11-2026: 0.2%● unchanged vs 10-2026
Financial strengthWeak
Score breakdown
raises risk
Capped at 59: negative equity
Negative equity -€247,571
lowers risk
Size: total assets €616,701
Founded in 1989
Figures for financial year 2025 (filed on 17-04-2026)
Calculation
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 73, micro). It does better than 5% of them on solvency, 8% on liquidity, 49% on profitability and 64% on growth.
The bankruptcy probability was computed on 08-11-2026 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 30-09-2025.
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).
Comparable companies, two years later
In July 2024, 317 companies had the same profile as TRACE has now. Each dot is one company, two years later.
91.8%
were still trading
4.1%
stopped another way
1.6%
went bankrupt
Another 2.5% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of TRACE itself is lower: 0.2% within 12 months. It rests on far more data about TRACE than the profile alone.
Test of the method
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 317 companies, not a prediction for TRACE. 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.
Credit verdict
No credit on open account
Liquidity is insufficient, with a current ratio of 0.08 (0.09 in 2024), below 1. Short-term debt is 132.3% and cash 9.8% of total assets. Equity is negative.
Credit check for an amount and term of your choice
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.
Signals
Six signals.
lowers riskraises riskneutral
raises risk · Weak solvency compared with the sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 8% of 8611 sector peers (2025).
NBB · sector comparisonPosition among 8611 sector peers
Solvency
better than 8%
← weakest
strongest →
neutral · Latest accounts filed on time
The financial year that closed on 30-09-2025 was due by 30-04-2026 and was filed on 10-04-2026, 20 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
20 days early
2024
30 days early
2023
7 days early
2022
17 days early
2021
23 days early
2020
24 days early
2019
on the day
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
The company filed its last 7 accounts on average 17 days before the deadline. In the sector (NACE 73), the median for financial year 2024 was 6 days before the deadline, and 36% of those companies filed late.
Searched, nothing found (2)
neutral · Next filing not due yet
The financial year that closed on 30-09-2026 is due by 30-04-2027. Nothing is late today. The company usually files around 10 April (5 of the last 5 accounts filed within 30 days either side of that date).
Companies Code · seven monthsWhere today falls in the filing period
30-09-2026 year end09-11-2026 today30-04-2027 deadline
Recent changes
Registered in the Peppol Directory
Reachable for e-invoices through 0208:0436990839
Reappointments: ROSE Francis (managing director) and VANDERHOFSTADT Dominique (director)
General meeting of 25-03-2025 · Gazette deed
Merger: TRACE takes over IMMOBILIERE DE LA COURONNE
The company holds all the shares of IMMOBILIERE DE LA COURONNE · General meeting of 27-05-2020 · Gazette deed
Merger proposal: TRACE SA takes over IMMOBILIERE DE LA COURONNE SA
The company holds all the shares of IMMOBILIERE DE LA COURONNE SA · Gazette deed
Comparable companies
same main activity, similar in size and age| Company | ||||
|---|---|---|---|---|
| TRACE Waterloo | €616,701 | €123,169 | -40.1% | - |
| Expertisebureau Peeters en Partners Zutendaal | €566,296 | €144,809 | 82.2% | 0.8 |
| CHASSART CONSULT Fleurus | €543,381 | €103,029 | 98.3% | - |
| BANCO Auderghem | €688,901 | €137,727 | 45.5% | - |
| ZEEZICHT Antwerp | €661,958 | €126,291 | 41.6% | - |
| FORMAC CONSULT Verviers | €724,662 | €152,305 | 61.0% | - |
| BECANUS & CO Antwerp | €588,201 | €134,256 | 77.5% | 0.7 |
These companies have the same main activity as TRACE: market research and public opinion polling (NACE 73200). They are comparable in size and age: total assets between €543,000 and €725,000, founded between 1986 and 1991.
Official details
Source: KBO- Status
- Active since 15-01-1989Normal situation
- Activity
- Market research and public opinion pollingNACE 73200
- Establishment unit
- 2.042.802.3801410 Waterloo, since 03-04-1989
- Financial year end
- 30 September
- Peppol
- Reachable since 05-12-2025
Annual accounts to 30-09-2025
- ≈ €230,000estimated
- €616,701▼ 2.1%
- Filing
- Filed on 10-04-2026, 20 days before the end of the filing period
Insights on TRACE
TRACE files the micro format. That format states no turnover. The gross margin rose from €23,597 in 2007 to €123,169 in 2025.
In September 2025, the Official Gazette published the appointment of ROSE Francis as managing director.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette. Click a figure with a dotted line for the item and the filing.
Key facts about TRACE
- What is the company number of TRACE?
- The company number of TRACE is 0436.990.839. The VAT number is the same number with BE in front: BE 0436.990.839.
- Where is TRACE based?
- The registered office is at Drève des Chataigniers 22, 1410 Waterloo.Company details
- What does TRACE do?
- According to the KBO register, the main activity is market research and public opinion polling (NACE 73200).
- What is the legal form of TRACE?
- TRACE is a public limited company (NV).
- When was TRACE founded?
- TRACE was founded on 15-01-1989.
- Is TRACE still active?
- Yes, TRACE is an active enterprise in the KBO register.
- What is the turnover of TRACE?
- The turnover in financial year 2025 is ≈ €230,000. This figure is estimated from the gross margin of €123,169 and 38 comparable companies (NACE 73). It probably lies between €170,000 and €450,000.Financials
- Is TRACE profitable?
- In financial year 2025, TRACE made a profit of €38,217.
- Where can I find the annual accounts of TRACE?
- TRACE filed 37 annual accounts with the National Bank of Belgium, the latest for financial year 2025.
- When are the next annual accounts of TRACE due?
- TRACE must file the annual accounts for financial year 2026 by 30-04-2027.Timeline
Next steps
Work out how much credit to give this customer and on what payment terms.Credit check Check what to know before you do business with this company.Supplier due diligence Check whether you can accept this company as a client under the anti-money-laundering law.AML client file Check which of your other customers you can e-invoice via Peppol.Peppol check Compare this company with its sector.Sector benchmark See what changed in the latest annual accounts.What changed
See how customers, suppliers and banks see your own company and what to improve first.