Update Team
ActiveSummary
Update Team has been active since 2012 and the Belgian State Gazette contains no insolvency or warning signals. The 2024 annual accounts show equity of €84k and a net result of €-63k. Equity is growing by ~73.8% per year across the filed fiscal years. Its solvency ranks better than 30% of 2832 sector peers (fiscal year 2024). The computed 12-month bankruptcy probability is 0.3% (very low).
Checked score
Score 2024
Axes · tick = 2023
Profitability0▼-70
Solvency47▼-1
Growth52=
Track record100
Bankruptcy probability, 12 months
0.3%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €3.5k at 30 days only on tighter terms
Liquidity tight (current ratio 1.27 against 1.35 in 2023; short-term debt: 78.2% and cash: 6.2% of total assets), and 78.5% of the assets are financed with debt.
Credit check for your own amount and term
Signals
Four 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
Computer programming, consultancy and related activities (NACE 62)
about 64% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
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 2024Solvency, return and age of the figures
Solvency
21.5%
Return on assets
-16.1%
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 · Filed after the deadline
The financial year that closed on 31-12-2024 was due by 31-07-2025 and was filed on 29-08-2025, 29 days later. For context: 47% of the Belgian market files late and the whole 1-to-90-day band measures 2.0% abnormal legal state against a 1.66% average. We show this as a fact and do not score it.
NBB · 10 filingsDeviation from the deadline
2025
not confirmed
2024
29 d late
2023
31 d late
2022
109 d late
2021
31 d late
2020
61 d late
2019
34 d late
← before the deadline
after the deadline →
Checked, nothing found (1)
Financials · fiscal year 2024, abbreviated schema
Equity
€84k▼ 42.8%
2023 · €146k
2018: €6klowest in 7 years
2019: €19k▲ +193% vs 2018
2020: €33k▲ +73.8% vs 2019
2021: €77k▲ +137% vs 2020
2022: €138k▲ +78.3% vs 2021
2023: €146k▲ +6.1% vs 2022highest in 7 years
2024: €84k▼ -42.8% vs 2023
2018 → 2024
Total assets
€389k▼ 40.1%
2023 · €650k
2018: €458k
2019: €513k▲ +12.0% vs 2018
2020: €505k▼ -1.6% vs 2019
2021: €972k▲ +92.3% vs 2020highest in 7 years
2022: €948k▼ -2.5% vs 2021
2023: €650k▼ -31.4% vs 2022
2024: €389k▼ -40.1% vs 2023lowest in 7 years
2018 → 2024
Net result
€-63k
2023 · €8k
2018: €52k
2019: €12k▼ -76.2% vs 2018
2020: €24k▲ +92.7% vs 2019
2021: €45k▲ +87.1% vs 2020
2022: €61k▲ +35.6% vs 2021highest in 7 years
2023: €8k▼ -86.1% vs 2022
2024: €-63k▼ -844% vs 2023lowest in 7 years
2018 → 2024
Working capital
€82k▼ 51.5%
2023 · €169k
2018: €73klowest in 7 years
2019: €97k▲ +33.0% vs 2018
2020: €166k▲ +71.6% vs 2019
2021: €298k▲ +79.8% vs 2020
2022: €387k▲ +29.8% vs 2021highest in 7 years
2023: €169k▼ -56.4% vs 2022
2024: €82k▼ -51.5% vs 2023
2018 → 2024
Trend over the years
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20202021202220232024Trend
Equity€33k-€77k▲ 137%€138k▲ 78.3%€146k▲ 6.1%€84k▼ 42.8%
2020: €33klowest in 5 years
2021: €77k▲ +137% vs 2020
2022: €138k▲ +78.3% vs 2021
2023: €146k▲ +6.1% vs 2022highest in 5 years
2024: €84k▼ -42.8% vs 2023
Operating result€33k-€69k▲ 113%€90k▲ 30.4%€15k▼ 83.4%€-60k
2020: €33k
2021: €69k▲ +113% vs 2020
2022: €90k▲ +30.4% vs 2021highest in 5 years
2023: €15k▼ -83.4% vs 2022
2024: €-60k▼ -497% vs 2023lowest in 5 years
Net result€24k-€45k▲ 87.1%€61k▲ 35.6%€8k▼ 86.1%€-63k
2020: €24k
2021: €45k▲ +87.1% vs 2020
2022: €61k▲ +35.6% vs 2021highest in 5 years
2023: €8k▼ -86.1% vs 2022
2024: €-63k▼ -844% vs 2023lowest in 5 years
Turnover and EBIT margin not published: the abbreviated or micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result turns negative in 2024: a loss of €60k after €15k in 2023, the lowest result in the available series.
Balance-sheet composition
2024 in colour, 2023 as the grey bar beneath
Assets €389k
Fixed assets
€3k ▲ 29.9%
Current assets
€386k ▼ 40.4%
Equity and liabilities €389k
Equity
€84k ▼ 42.8%
Debt
€305k ▼ 39.3%
Debt's share of the balance-sheet total rises from 77.5% to 78.5%. Equity and debt are lower.
Key figures and ratios
EBITDA
€-58k▼
2023 · €16k
Cash flow
€-61k▼
2023 · €9k
Current ratio
1.27▼
2023 · 1.35
Debt to equity
3.65▲
2023 · 3.44
ROE
-74.9%▼
2023 · 5.8%
ROA
-16.1%▼
2023 · 1.3%
Interest coverage
-20.69▼
2023 · 19.02
Debt ≤ 1 year
€304k▼
2023 · €479k
Income taxes
€792▼
2023 · €6k
Staff costs
€153k▲
2023 · €108k
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 · 46 lines
Balance sheet
Code20232024
Assets
Total assets20/58€650k€389k▼
Fixed assets21/28€2k€3k▲
Tangible fixed assets22/27€2k€3k▲
Furniture and vehicles24€2k€3k▲
Current assets29/58€648k€386k▼
Amounts receivable within one year40/41€349k€340k▼
Trade receivables40€334k€309k▼
Other amounts receivable41€15k€31k▲
Cash at bank and in hand54/58€279k€24k▼
Deferred charges and accrued income490/1€20k€22k▲
Equity and liabilities
Total equity and liabilities10/49€650k€389k▼
Equity10/15€146k€84k▼
Contributions10/11€6k€6k=
Reserves13€140k€140k=
Non-distributable reserves130/1€2k€0▼
Reserves not available under the articles1311€2k€0▼
Distributable reserves133€138k€140k▲
Profit (loss) carried forward14-€-63k
Amounts payable17/49€504k€305k▼
Amounts payable within one year42/48€479k€304k▼
Current portion of amounts payable after more than one year42€3k€0▼
Trade debts44€452k€278k▼
Suppliers440/4€452k€278k▼
Taxes, remuneration and social security45€25k€26k▲
Taxes450/3€9k€4k▼
Remuneration and social security454/9€16k€23k▲
Accrued charges and deferred income492/3€25k€1k▼
Income statement
Code20232024
Non-recurring operating income76A€20k€13k▼
Remuneration, social security and pensions62€108k€153k▲
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€608€1k▲
Other operating charges640/8€1k€204▼
Non-recurring operating charges66A€147€0▼
Gross operating margin9900€125k€95k▼
Operating profit (loss)9901€15k€-60k▼
Financial income75/76B€300€629▲
Recurring financial income75€300€629▲
Financial charges65/66B€822€3k▲
Recurring financial charges65€822€3k▲
Profit (loss) for the period before taxes9903€15k€-62k▼
Income taxes67/77€6k€792▼
Profit (loss) for the period9904€8k€-63k▼
Profit (loss) for the period to be appropriated9905€8k€-63k▼
Appropriation of the result
Profit (loss) to be appropriated9906€8k€-63k▼
Transfer to equity691/2€8k€0▼
To other reserves6921€8k€0▼
Social balance
Average headcount (FTE)9087-1.9
The notes to these accounts (15 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Accounts by statement
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | €750 | €20k | €13k | ▼ 37.7% |
| Remuneration, social security and pensions62 | - | €52k | €92k | €108k | €153k | ▲ 41.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €8k | €2k | €6k | €608 | €1k | ▲ 109% |
| Other operating charges640/8 | - | €468 | €531 | €1k | €204 | ▼ 81.4% |
| Non-recurring operating charges66A | - | - | - | €147 | €0 | ▼ 100% |
| Gross operating margin9900 | €82k | €123k | €189k | €125k | €95k | ▼ 24.3% |
| Operating profit (loss)9901 | €33k | €69k | €90k | €15k | €-60k | ▼ 497% |
| Financial income75/76B | - | €87 | €77 | €300 | €629 | ▲ 110% |
| Recurring financial income75 | €317 | €87 | €77 | €300 | €629 | ▲ 110% |
| Financial charges65/66B | - | €2k | €1k | €822 | €3k | ▲ 244% |
| Recurring financial charges65 | €1k | €2k | €1k | €822 | €3k | ▲ 244% |
| Profit (loss) for the period before taxes9903 | €32k | €67k | €89k | €15k | €-62k | ▼ 527% |
| Income taxes67/77 | €8k | €22k | €29k | €6k | €792 | ▼ 87.0% |
| Profit (loss) for the period9904 | €24k | €45k | €61k | €8k | €-63k | ▼ 844% |
| Profit (loss) for the period to be appropriated9905 | €24k | €45k | €61k | €8k | €-63k | ▼ 844% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €505k | €972k | €948k | €650k | €389k | ▼ 40.1% |
| Fixed assets21/28 | €2k | - | €2k | €2k | €3k | ▲ 29.9% |
| Intangible fixed assets21 | €832 | - | - | - | - | - |
| Tangible fixed assets22/27 | €1k | - | €2k | €2k | €3k | ▲ 29.9% |
| Furniture and vehicles24 | - | - | €2k | €2k | €3k | ▲ 29.9% |
| Current assets29/58 | €503k | €972k | €946k | €648k | €386k | ▼ 40.4% |
| Amounts receivable within one year40/41 | €336k | €657k | €511k | €349k | €340k | ▼ 2.5% |
| Trade receivables40 | - | €638k | €501k | €334k | €309k | ▼ 7.6% |
| Other amounts receivable41 | - | €19k | €10k | €15k | €31k | ▲ 113% |
| Cash at bank and in hand54/58 | €160k | €306k | €414k | €279k | €24k | ▼ 91.3% |
| Deferred charges and accrued income490/1 | - | €9k | €21k | €20k | €22k | ▲ 12.0% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €505k | €972k | €948k | €650k | €389k | ▼ 40.1% |
| Equity10/15 | €33k | €77k | €138k | €146k | €84k | ▼ 42.8% |
| Contributions10/11 | - | €6k | €6k | €6k | €6k | = |
| Reserves13 | €26k | €71k | €132k | €140k | €140k | = |
| Non-distributable reserves130/1 | - | €2k | €2k | €2k | €0 | ▼ 100% |
| Reserves not available under the articles1311 | - | €2k | €2k | €2k | €0 | ▼ 100% |
| Distributable reserves133 | - | €69k | €130k | €138k | €140k | ▲ 1.3% |
| Profit (loss) carried forward14 | €-2k | - | - | - | €-63k | - |
| Amounts payable17/49 | €472k | €894k | €810k | €504k | €305k | ▼ 39.3% |
| Amounts payable after more than one year17 | €18k | - | - | - | - | - |
| Amounts payable within one year42/48 | €337k | €673k | €559k | €479k | €304k | ▼ 36.5% |
| Current portion of amounts payable after more than one year42 | - | €23k | €13k | €3k | €0 | ▼ 100% |
| Trade debts44 | €249k | €555k | €481k | €452k | €278k | ▼ 38.5% |
| Suppliers440/4 | - | €555k | €481k | €452k | €278k | ▼ 38.5% |
| Taxes, remuneration and social security45 | - | €96k | €65k | €25k | €26k | ▲ 6.8% |
| Taxes450/3 | - | €90k | €55k | €9k | €4k | ▼ 59.8% |
| Remuneration and social security454/9 | - | €6k | €11k | €16k | €23k | ▲ 45.0% |
| Other amounts payable47/48 | - | €280 | - | - | - | - |
| Accrued charges and deferred income492/3 | - | €221k | €251k | €25k | €1k | ▼ 95.4% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €24k | €45k | €61k | €8k | €-63k | ▼ 844% |
| + Depreciation and write-downs630 | €8k | €2k | €6k | €608 | €1k | ▲ 109% |
| Operating cash flow (approximation) | €32k | €47k | €66k | €9k | €-61k | ▼ 780% |
| Investment in fixed assets (approximation) | - | - | - | €-1k | €-2k | ▼ 82.0% |
| Change in cash | - | €146k | €108k | €-135k | €-255k | ▼ 89.5% |
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
2025
29-08
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema · 29 days late
2024
31-12
Financial
Weakest financial yearnet €-63k
Net result drops to €-63k, the lowest in the series.
31-08
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 31 days late
2023
17-11
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 109 days late
2022
31-12
Financial
Highest result since 2018net €61k ▲35.6%
Operating result €90k, net result €61k, both a record.
31-12
Financial
Equity above €100kEq €138k ▲78.3%
5 profitable years in a row build equity to €138k.
31-08
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 31 days late
2021
30-09
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 61 days late
2020
03-09
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 34 days late
2019
26-08
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema · 26 days late
2018
23-08
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema · 23 days late
2017
24-08
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema · 24 days late
2016
31-08
NBB filing
Annual accounts filed
fiscal year 2015 · abbreviated schema · 31 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 8 acts read
About the unread acts
We know of 8 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
8 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, Gent · 1 establishment unit since 2012
Ground area
7,580 m²
Building footprint
2,564 m²
Volume, LiDAR
29,141 m³
2 parcels, Brussels, Flanders · tallest building 19.3 m, ±4 floors. Linked by address, not a title deed.
10
companies at this address
See who is registered here
1 establishment unit
Update Team
since 20122.211.103.221
2 parcels
Flanders
1
(50%)
Brussels
1
(50%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 44032A0472/00K003 | Flanders | 7,429 m² | 1 · 2,466 m² | 16.6 m · 4 fl. |
| 21906D0004/00G002 | Brussels | 151 m² | 1 · 98 m² | 19.3 m · 4 fl. |
Linked by address, not proof of ownership
Good to know
2 of 2 parcels 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
2022 to 2024 · 4 entries · 12,906 EUR awarded · 12,906 EUR paid| Year | Entries | awarded | paid |
|---|---|---|---|
| 2024 | 1 | 3,636 EUR | 3,636 EUR |
| 2023 | 1 | 0 EUR | 105 EUR |
| 2022 | 2 | 9,270 EUR | 9,165 EUR |
Schemes
Werkbaarheidscheque (stopgezet)
Subsidie voor opleiding en advies voor kmo's en zelfstandigen (kmo-portefeuille)
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Of 29,993 companies in sector 62200 we hold annual accounts for 18,396. 15,590 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
Founded26-06-2012
Fiscal year end31-12
Activities, NACEBEL 2025
62200Computer consultancy and computer facilities management
59112Motion picture, video and television programme production, sound recording and music publishing activities
63100Computing infrastructure, data processing, hosting and related activities
Contact
Website
www.crosscast.be
E-mail
info@crosscast.be
Scores and ratios are computed by Checked and are not a credit decision.