Equity
€5.5m ▲ 30.2%
APEX R&D has made a profit in every financial year since 2013.
APEX R&D
Lifetime
12 annual accounts with figures on one time axis, 13 filings since 2013peak €1.6m (2020)
€1.6m▲ 53.0%
peak €1.3m (2025)
€1.3m▲ 51.1%
peak €5.5m (2025)
€5.5m▲ 30.2%
€120,834▼ 42.7%
peak 4 FTE (2025)
4 FTE▲ 33.3%
Board5 names since 2019
4 directorsUnited Codes and 3 others
Documentsfilings and deeds
11-07-2025112 days before the deadline
2025abbreviated format
Gross margin from €1.0m to €1.6mResult from €846,617 to €1.3mStaff from 3 FTE to 4 FTEDemerger proposal: APEX R&D splits off to Tsaru 04-11Equity from €4.2m to €5.5mDebts from €210,850 to €120,834
Key points
from the 2025 annual accountsResult
€1.3m ▲ 51.1%
The result rose in 2025 from €846,617 to €1.3m.
Staff
4 employees on 31-03-2025
In 2025, 1 person joined and nobody left.
Liquidity
48.80 was 20.97 in 2024
Short-term debts fell from €210,850 to €115,117.
Restructuring
2025
Restructuring with Tsaru. Restructuring on 19-12-2025.
Board
3 joined
New directors. Latest change 23-12-2025 · 4 in office.
Checked score
97
Excellent
Financially stronger than 75% of micro companies in computer programming and consultancy (NACE 62)
Probability in this band: under 0.55%
Bankruptcy probability within 12 months
< 0.1% Very low
0%0.5%1.5%4%10%≥ 25%
The dashed line is the sector median: 0.1% across 25,932 companies (NACE 62, micro).
Fewer than 1 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
Last 24 months
12-2024: 0.2%highest value
01-2025: < 0.1%▼ -0.2 percentage points vs 12-2024
02-2025: < 0.1%● unchanged vs 01-2025
03-2025: < 0.1%● unchanged vs 02-2025
04-2025: < 0.1%● unchanged vs 03-2025
05-2025: < 0.1%● unchanged vs 04-2025
06-2025: < 0.1%● unchanged vs 05-2025
07-2025: < 0.1%● unchanged vs 06-2025
08-2025: < 0.1%● unchanged vs 07-2025
09-2025: < 0.1%● unchanged vs 08-2025
10-2025: < 0.1%● unchanged vs 09-2025
11-2025: < 0.1%● unchanged vs 10-2025
12-2025: < 0.1%● unchanged vs 11-2025
01-2026: < 0.1%● unchanged vs 12-2025
02-2026: < 0.1%● unchanged vs 01-2026
03-2026: < 0.1%● unchanged vs 02-2026
04-2026: < 0.1%● unchanged vs 03-2026
05-2026: < 0.1%● unchanged vs 04-2026
06-2026: < 0.1%● unchanged vs 05-2026
07-2026: < 0.1%● unchanged vs 06-2026
08-2026: < 0.1%● unchanged vs 07-2026lowest value
09-2026: < 0.1%● unchanged vs 08-2026
10-2026: < 0.1%● unchanged vs 09-2026
11-2026: < 0.1%● unchanged vs 10-2026
Financial strengthStrong
Score breakdown
raises risk
Figures for financial year 2025 (filed on 14-07-2025)
lowers risk
Liquidity: current ratio 48.80, cash €2.0m
Equity €5.5m (97.9% of total assets)
Sector: Computer programming, consultancy and related activities (NACE 62)
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 62, micro). It does better than 85% of them on solvency, 84% on liquidity, 62% on profitability and 71% on growth.
The bankruptcy probability was computed on 09-11-2026 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 31-03-2025.
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, 34,693 companies had the same profile as APEX R&D has now. Each dot stands for 87 companies, two years later.
95.3%
were still trading
3.9%
stopped another way
0.7%
went bankrupt
That fits the bankruptcy probability of APEX R&D itself: < 0.1% within 12 months.
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 34,693 companies, not a prediction for APEX R&D. 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
Credit of up to €500,000 on 30-day terms is acceptable
Liquidity is ample, with a current ratio of 48.8 (20.97 in 2024), above the usual 1.5. Short-term debt is 2% and cash 35.5% of total assets. 2.1% of the assets are financed with debt and provisions.
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The scores and ratios are Checked's own calculations, not a credit decision.
Signals
Five signals.
lowers riskraises riskneutral
neutral · Latest accounts filed on time
The financial year that closed on 31-03-2026 was due by 31-10-2026 and was filed on 28-10-2026, 3 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2026
3 days early
2025
112 days early
2024
29 days late
2023
1 day early
2022
3 days early
2021
25 days early
2020
1 day early
← 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 62), the median for financial year 2024 was 9 days before the deadline, and 33% of those companies filed late.
Searched, nothing found (2)
neutral · Next filing not due yet
The next financial year closes on 31-03-2027 and is due by 31-10-2027. Nothing is late today. The company usually files around 28 October (4 of the last 5 accounts filed within 32 days either side of that date).
Companies Code · seven monthsWhere today falls in the filing period
09-11-2026 today31-03-2027 year end31-10-2027 deadline
Recent changes
3 directors appointed, 1 resignation
Resignation: United Codes NV · Permanent representatives: Dimitri Gielis, Dries Van Avermaet, Lotte Van Reusel and Björn Vergaelen · Appointments: Bane Consulting BV, Anchr Holdings Europe BV and Specto.be BV · General meeting of 23-12-2025 · Gazette deed
Registered in the Peppol Directory
Reachable for e-invoices through 0208:0846210281
Demerger: APEX R&D splits off to Tsaru
Gazette deed
Comparable companies
same main activity, similar in size and age| Company | ||||
|---|---|---|---|---|
| APEX R&D Leuven | €5.6m | €1.6m | 97.9% | 4 |
| Datacenter Consulting Kortenberg | €6.2m | €1.4m | 23.1% | 2 |
| KOMIS Brussels | €5.0m | €1.2m | 62.6% | 3.5 |
| Octiva Belgium Leuven | €4.9m | €0.9m | 49.5% | 2.8 |
| PRODATA PTEXCELLENCE Zaventem | €3.6m | €2.4m | 47.0% | 5.9 |
| Archisnapper Aalst | €5.1m | €2.5m | 76.9% | 3 |
| UgenTec Brussels | €3.9m | €1.1m | -71.9% | 2.8 |
These companies have the same main activity as APEX R&D: computer programming (NACE 62100). They are comparable in size and age: total assets between €3.6m and €6.2m, founded between 2008 and 2016.
Official details
Source: KBO- Status
- Active since 24-05-2012Normal situation
- Activity
- Computer programmingNACE 62100and 2 others
- Joint committee
- 200Auxiliary committee for white-collar workers · annual accounts 31-03-2025
- Establishment unit
- 2.211.082.6333001 Leuven, since 24-05-2012
- Financial year end
- 31 March
- Peppol
- Reachable since 17-02-2026
Annual accounts to 31-03-2025
- ≈ €2.7mestimated
- €5.6m▲ 26.7%
- Employeeson 31-03-2025
- 4▲ 33.3%
- Filing
- Annual accounts to 31-03-2026 filed on 28-10-2026, 3 days before the end of the filing period
Insights on APEX R&D
APEX R&D files the abbreviated format. That format states no turnover. The gross margin rose from €288,978 in 2013 to €1.6m in 2025.
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 APEX R&D
- What is the company number of APEX R&D?
- The company number of APEX R&D is 0846.210.281. The VAT number is the same number with BE in front: BE 0846.210.281.
- Where is APEX R&D based?
- The registered office is at Waversebaan 276, 3001 Leuven.Company details
- What does APEX R&D do?
- According to the KBO register, the main activity is computer programming (NACE 62100).
- What is the legal form of APEX R&D?
- APEX R&D is a private limited company (BV).
- When was APEX R&D founded?
- APEX R&D was founded on 24-05-2012.
- Is APEX R&D still active?
- Yes, APEX R&D is an active enterprise in the KBO register.
- How many employees does APEX R&D have?
- APEX R&D had an average of 4 full-time equivalents in financial year 2025, according to the filed annual accounts.Financials
- Which joint committee does APEX R&D fall under?
- In its 31-03-2025 annual accounts, APEX R&D states joint committee 200 (Auxiliary committee for white-collar workers).
- What is the turnover of APEX R&D?
- The turnover in financial year 2025 is ≈ €2.7m. This figure is estimated from the gross margin of €1.6m and 33 comparable companies (NACE 62100). It probably lies between €2.1m and €3.3m.
- Is APEX R&D profitable?
- In financial year 2025, APEX R&D made a profit of €1.3m.
- Where can I find the annual accounts of APEX R&D?
- APEX R&D filed 13 annual accounts with the National Bank of Belgium, the latest for financial year 2026.
- When are the next annual accounts of APEX R&D due?
- APEX R&D must file the annual accounts for financial year 2027 by 31-10-2027.Timeline
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