TREEVIEW
ActiveSummary
TREEVIEW has been active since 2003 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €155,033 and a net result of -€148,200. Equity is growing by ~11.4% per year across the filed fiscal years. Its solvency ranks better than 52% of 260 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.3% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability0▼-8
Solvency73▼-12
Growth52=
Track record100
Bankruptcy probability, 12 months
0.3%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €7,000 at 30 days acceptable
Liquidity ample (current ratio 2.57 against 5.03 in 2024; short-term debt: 33.9% and cash: 1.7% of total assets), but 52.5% of the assets are financed with debt.
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Signals
Five 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 58
Relative position
BE, all sectors
reference
Publishing activities (NACE 58)
about 30% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
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
raises risk · Annual accounts: weaker financial profile
The latest annual accounts show a weaker profile in solvency, result or liquidity than companies that stay afloat.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
47.5%
Return on assets
-45.4%
Age of the figures
12 mo
raises risk · Persistent losses
Two consecutive loss-making years (2024 and 2025); equity is also lower. May indicate structural pressure on profitability.
NBB · annual accounts 2025Net result per financial year
1819202122232425
2018 to 2025 · latest year -€148,200
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 29-04-2026, 1 day ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
1 d early
2024
29 d early
2023
on the day
2022
2 d early
2021
32 d early
2020
59 d early
2019
63 d early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 7 accounts on average 27 days before the deadline; the sector median for financial year 2024 is 7 days before the deadline, and 37% of the sector filed late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 30-09-2026 and is due by 30-04-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
27-09-2026 today30-09-2026 close30-04-2027 deadline
History
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Financials · fiscal year 2025, abbreviated schema
In the rankings
#9 oldest company in Bruges, Publishing and media sector
Equity
€155,033▼ 49.0%
2024 · €304,066
Total assets
€326,130▼ 35.4%
2024 · €504,835
Net result
-€148,200▼ 234%
2024 · -€44,378
Working capital
€173,151▼ 52.1%
2024 · €361,158
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
Line20212022202320242025
Operating result€75,960▼ 29.1%€61,312▼ 19.3%€37,811▼ 38.3%-€43,137-€168,716▼ 291%
Net result€48,150▼ 24.0%€44,007▼ 8.6%€27,261▼ 38.1%-€44,378-€148,200▼ 234%
Equity€283,976▲ 19.6%€323,682▲ 14.0%€349,277▲ 7.9%€304,066▼ 12.9%€155,033▼ 49.0%
Total assets€445,310▲ 22.2%€469,958▲ 5.5%€515,298▲ 9.6%€504,835▼ 2.0%€326,130▼ 35.4%
Debt€161,335▲ 27.1%€146,276▼ 9.3%€166,021▲ 13.5%€200,769▲ 20.9%€171,097▼ 14.8%
Working capital€267,187▲ 18.3%€302,671▲ 13.3%€391,364▲ 29.3%€361,158▼ 7.7%€173,151▼ 52.1%
Staff (FTE)1.4▼ 22.2%1.3▼ 7.1%1.2▼ 7.7%1▼ 16.7%1.1▲ 10.0%
Turnover and EBIT margin not published: the abbreviated or micro schema does not require them.
Why a figure moved sharply
- 2025 Net result -234% on 2024. Cause not known from the registers.
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €168,716 in 2025 against €43,137 in 2024; the loss grows and 2025 has the lowest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €326,130
Fixed assets
€42,503 ▼ 21.5%
Current assets
€283,627 ▼ 37.1%
Equity and liabilities €326,130
Equity
€155,033 ▼ 49.0%
Debt
€171,097 ▼ 14.8%
Debt's share of the balance-sheet total rises from 39.8% to 52.5%. Equity and debt are lower.
Key figures and ratios
EBITDA
-€155,646▼
2024 · -€35,937
Cash flow
-€135,130▼
2024 · -€37,178
Current ratio
2.57▼
2024 · 5.03
Quick ratio
0.55▼
2024 · 0.94
Debt to equity
1.10▲
2024 · 0.66
ROE
-95.6%▼
2024 · -14.6%
ROA
-45.4%▼
2024 · -8.8%
Interest coverage
-45.68▼
2024 · -5.95
Debt ≤ 1 year
€110,476▲
2024 · €89,540
Debt > 1 year
€32,664▼
2024 · €50,085
Income taxes
€497
Staff costs
€60,277▲
2024 · €41,135
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 5,827 companies that looked in July 2024 the way this one looks now, 1.5% went bankrupt within 24 months and 84% are still going.
- Micro
- 20 years or older
- solvency 30% or more
- a loss of 10% of the balance sheet or more
1.5%
went bankrupt
14%
stopped otherwise
84%
still going
A further 0.7% 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 5,827 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 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | €44,200 | €44,815 | €41,135 | €60,277 | ▲ 46.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €3,667 | €4,944 | €5,509 | €7,200 | €13,070 | ▲ 81.5% |
| Other operating charges640/8 | - | €618 | €460 | €1,801 | €1,284 | ▼ 28.7% |
| Non-recurring operating charges66A | - | €1,228 | - | - | €1,854 | - |
| Gross operating margin9900 | €124,395 | €112,302 | €88,595 | €6,999 | -€92,231 | ▼ 1,418% |
| Operating profit (loss)9901 | €75,960 | €61,312 | €37,811 | -€43,137 | -€168,716 | ▼ 291% |
| Financial income75/76B | - | €737 | €785 | €4,798 | €24,421 | ▲ 409% |
| Recurring financial income75 | €1,029 | €737 | €785 | €4,798 | €24,421 | ▲ 409% |
| Financial charges65/66B | - | €1,706 | €1,765 | €6,039 | €3,407 | ▼ 43.6% |
| Recurring financial charges65 | €4,736 | €1,706 | €1,765 | €6,039 | €3,407 | ▼ 43.6% |
| Profit (loss) for the period before taxes9903 | €72,253 | €60,344 | €36,831 | -€44,378 | -€147,703 | ▼ 233% |
| Income taxes67/77 | €24,103 | €16,337 | €9,570 | - | €497 | - |
| Profit (loss) for the period9904 | €48,150 | €44,007 | €27,261 | -€44,378 | -€148,200 | ▼ 234% |
| Profit (loss) for the period to be appropriated9905 | €48,150 | €44,007 | €27,261 | -€44,378 | -€148,200 | ▼ 234% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €445,310 | €469,958 | €515,298 | €504,835 | €326,130 | ▼ 35.4% |
| Fixed assets21/28 | €17,775 | €21,662 | €16,152 | €54,137 | €42,503 | ▼ 21.5% |
| Intangible fixed assets21 | - | - | - | €8,095 | €7,269 | ▼ 10.2% |
| Tangible fixed assets22/27 | €12,425 | €16,312 | €10,802 | €41,042 | €30,234 | ▼ 26.3% |
| Plant, machinery and equipment23 | - | €7,569 | €4,070 | €3,286 | €3,830 | ▲ 16.6% |
| Furniture and vehicles24 | - | €8,743 | €6,733 | €37,756 | €26,404 | ▼ 30.1% |
| Financial fixed assets28 | €5,350 | €5,350 | €5,350 | €5,000 | €5,000 | = |
| Current assets29/58 | €427,536 | €448,297 | €499,146 | €450,698 | €283,627 | ▼ 37.1% |
| Stocks and contracts in progress3 | €419,220 | €445,261 | €489,901 | €366,500 | €222,902 | ▼ 39.2% |
| Stocks30/36 | - | €445,261 | €489,901 | €366,500 | €222,902 | ▼ 39.2% |
| Amounts receivable within one year40/41 | €4,944 | €1,291 | €3,174 | €3,724 | €7,348 | ▲ 97.3% |
| Trade receivables40 | - | €1,291 | €71 | €454 | €3,893 | ▲ 758% |
| Other amounts receivable41 | - | - | €3,103 | €3,270 | €3,455 | ▲ 5.7% |
| Current investments50/53 | €250 | €250 | €250 | €45,050 | €45,050 | = |
| Cash at bank and in hand54/58 | €2,133 | €302 | €4,837 | €32,356 | €5,455 | ▼ 83.1% |
| Deferred charges and accrued income490/1 | - | €1,193 | €984 | €3,068 | €2,872 | ▼ 6.4% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €445,310 | €469,958 | €515,298 | €504,835 | €326,130 | ▼ 35.4% |
| Equity10/15 | €283,976 | €323,682 | €349,277 | €304,066 | €155,033 | ▼ 49.0% |
| Contributions10/11 | - | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Reserves13 | €277,776 | €317,482 | €343,077 | €297,866 | €214,560 | ▼ 28.0% |
| Non-distributable reserves130/1 | - | €1,860 | €1,860 | €44,800 | €44,800 | = |
| Reserves not available under the articles1311 | - | €1,860 | €1,860 | - | - | - |
| Own shares acquired1312 | - | - | - | €44,800 | €44,800 | = |
| Tax-exempt reserves132 | - | €30,343 | €30,343 | €30,343 | €30,343 | = |
| Distributable reserves133 | - | €285,280 | €310,874 | €222,723 | €139,417 | ▼ 37.4% |
| Profit (loss) carried forward14 | - | - | - | - | -€65,727 | - |
| Amounts payable17/49 | €161,335 | €146,276 | €166,021 | €200,769 | €171,097 | ▼ 14.8% |
| Amounts payable after more than one year17 | - | - | - | €50,085 | €32,664 | ▼ 34.8% |
| Financial debts170/4 | - | - | - | €50,085 | €32,664 | ▼ 34.8% |
| Amounts payable within one year42/48 | €160,349 | €145,625 | €107,781 | €89,540 | €110,476 | ▲ 23.4% |
| Current portion of amounts payable after more than one year42 | - | - | - | €16,668 | €17,421 | ▲ 4.5% |
| Financial debts43 | - | €4,288 | €5,358 | - | - | - |
| Credit institutions430/8 | - | €4,288 | €5,358 | - | - | - |
| Trade debts44 | €50,856 | €40,329 | €70,464 | €43,744 | €58,859 | ▲ 34.6% |
| Suppliers440/4 | - | €40,329 | €70,464 | €43,744 | €58,859 | ▲ 34.6% |
| Advances received on contracts in progress46 | - | €61,713 | - | - | - | - |
| Taxes, remuneration and social security45 | - | €17,904 | €30,201 | €26,961 | €30,328 | ▲ 12.5% |
| Taxes450/3 | - | €9,638 | €23,657 | €19,511 | €22,267 | ▲ 14.1% |
| Remuneration and social security454/9 | - | €8,266 | €6,544 | €7,449 | €8,061 | ▲ 8.2% |
| Other amounts payable47/48 | - | €21,391 | €1,758 | €2,167 | €3,869 | ▲ 78.5% |
| Accrued charges and deferred income492/3 | - | €651 | €58,240 | €61,144 | €27,957 | ▼ 54.3% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €48,150 | €44,007 | €27,261 | -€44,378 | -€148,200 | ▼ 234% |
| + Depreciation and write-downs630 | €3,667 | €4,944 | €5,509 | €7,200 | €13,070 | ▲ 81.5% |
| Operating cash flow (approximation) | €51,817 | €48,951 | €32,770 | -€37,178 | -€135,130 | ▼ 263% |
| Investment in fixed assets (approximation) | - | -€8,831 | €0 | -€45,185 | -€1,436 | ▲ 96.8% |
| Change in cash | - | -€1,830 | €4,534 | €27,519 | -€26,901 | ▼ 198% |
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
Next filing, fiscal year 2026, expected by
2026
29-04
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema
2025
30-09
Financial
Weakest financial yearnet -€148,200
Net result drops to -€148,200, the lowest in the series.
01-04
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema
2024
30-04
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema
2023
28-04
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema
2022
29-03
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
02-03
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
2020
30-09
Financial
Highest result since 2018net €63,349 ▲65.9%
Operating result €107,169, net result €63,349, both a record.
30-09
Financial
Equity above €200,000Eq €237,426 ▲34.1%
3 profitable years in a row build equity to €237,426.
27-02
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
2019
30-09
Financial
Equity above €150,000Eq €177,077 ▲24.8%
2 profitable years in a row build equity to €177,077.
21-02
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
2018
01-03
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema
2017
09-03
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 5 acts read
About the unread acts
We know of 5 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
5 acts for this company are in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Brugge · 1 establishment unit since 2003
Ground area
5,021 m²
Building footprint
515 m²
Volume, LiDAR
2,296 m³
Parcel 31424B0551/00T000, Flanders · tallest building 29.4 m, ±2 floors. Linked by address, not a title deed.
2
companies at this address
See who is registered here
1 establishment unit
Kudzu
since 20032.133.126.109
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 31424B0551/00T000 | Flanders | 5,021 m² | 1 · 515 m² | 29.4 m · 2 fl. |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Public money · subsidies and aid
Flemish government
2023 to 2025 · 2 entries · 12,044 EUR awarded · 12,044 EUR paid| Year | Entries | awarded | paid |
|---|---|---|---|
| 2025 | 1 | 5,052 EUR | 5,052 EUR |
| 2023 | 1 | 6,992 EUR | 6,992 EUR |
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Of 1,289 companies in sector 58290 we hold annual accounts for 594. 470 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company
Founded18-09-2003
Fiscal year end30-09
Trade name NL
Kudzu
Activities, NACEBEL 2025
47120Other non-specialised retail sale
58290Other software publishing
E-invoicing
Reachable via Peppol
Peppol ID
0208:0860553217
Also
9925:BE0860553217
Registered
31-08-2023
Register as of 26 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.