Upignac Group has a registered holding activity and consists mainly of financial fixed assets; the bankruptcy model is trained on trading and manufacturing companies and does not apply here. The 2025 annual accounts show equity of €24.42M and a net result of €-6.99M. Equity is growing by ~10.3% per year across the filed fiscal years. Its solvency ranks better than 65% of 3163 sector peers (fiscal year 2025). The company has been active since 2004 and the Belgian State Gazette contains no insolvency or warning signals.
Checked score
Outside the general model
Holding: general score not applicable
The company has a registered holding activity and financial fixed assets account for more than half of its assets. The general operating-company model is unsuitable for this profile, so we show no financial axes either. Filed figures remain available.
Credit advice for your own amount and term
Signals
Two signals. The signal on the left, the evidence on the right.
○neutral
neutral · Filed after the deadline
The financial year that closed on 30-09-2025 was due by 30-04-2026 and was filed on 27-05-2026, 27 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
27 d late
2024
128 d early
2023
106 d early
2022
6 d early
2021
48 d early
2020
46 d early
2019
65 d early
← before the deadline
after the deadline →
Financials · fiscal year 2025, full schema
Source amounts without an identifiable currency are assumed to be EUR.
Turnover
€2.22M▲ 63.0%
2024 · €1.36M
2019: €0
2023: €959k
2024: €1.36M
2019 → 2025
EBIT margin
16.4%▼ 15.5pp
2024 · 32.0%
2023: 29.4%
2024: 32.0%
2023 → 2025
Net result
€-6.99M
2024 · €123k
2019: €-25k
2020: €971k
2021: €-81k
2022: €-645k
2023: €79k
2024: €123k
2019 → 2025
Working capital
€4.53M
2024 · €-3.15M
2019: €-2.09M
2020: €-405k
2021: €-1.42M
2022: €1.05M
2023: €948k
2024: €-3.15M
2019 → 2025
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Turnover€959k€1.36M▲ 42.1%€2.22M▲ 63.0%
Equity€14.85M-€14.21M▼ 4.3%€14.29M▲ 0.6%€14.41M▲ 0.9%€24.42M▲ 69.5%
Operating result€-51k-€-51k▲ 1.0%€282k€435k▲ 54.4%€365k▼ 16.3%
Net result€-81k-€-645k▼ 697%€79k€123k▲ 56.1%€-6.99M
Result per fiscal year
Operating resultNet result
The operating result falls in 2025; 2025 is 16% below 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €34.84M
Fixed assets
€24.33M▼ 7.6%
Current assets
€10.51M▲ 250%
Equity and liabilities €34.84M
Equity
€24.42M▲ 69.5%
Debt
€10.42M▼ 30.2%
The debt ratio falls from 50.9% to 29.9%. Equity is higher and debt is lower.
Key figures and ratios
Solvency
70.1%▲
2024 · 49.1%
ROE
-28.6%▼
2024 · 0.9%
ROA
-20.1%▼
2024 · 0.4%
Debt
€10.42M▼
2024 · €14.94M
Debt ≤ 1 year
€5.99M▼
2024 · €6.15M
Debt > 1 year
€4.43M▼
2024 · €8.76M
Income taxes
€1k▲
2024 · €1k
Staff costs
€493k▲
2024 · €315k
Green means a favourable move, even when the figure itself falls: as with debt or debt / equity.
Filed annual accounts
As filed with the NBB · 2025 against 2024
Balance sheet
Code20242025
Assets
Total assets20/58€29.35M€34.84M▲
Fixed assets21/28€26.34M€24.33M▼
Intangible fixed assets21€2k€1k▼
Tangible fixed assets22/27€69k€56k▼
Furniture and vehicles24€69k€22k▼
Leasing and similar rights25-€33k
Financial fixed assets28€26.27M€24.27M▼
Affiliated companies280/1€26.27M€24.27M▼
Participating interests280€26.27M€24.27M▼
Other financial fixed assets284/8€180€180=
Amounts receivable and cash guarantees285/8€180€180=
Current assets29/58€3.00M€10.51M▲
Stocks and contracts in progress3€0€0=
Amounts receivable within one year40/41€2.95M€10.16M▲
Trade receivables40€970k€899k▼
Other amounts receivable41€1.98M€9.26M▲
Cash at bank and in hand54/58€47k€347k▲
Deferred charges and accrued income490/1€3k€3k▼
Equity and liabilities
Total equity and liabilities10/49€29.35M€34.84M▲
Equity10/15€14.41M€24.42M▲
Contributions10/11€13.40M€25.40M▲
Capital10€13.40M€25.40M▲
Issued capital100€13.40M€25.40M▲
Revaluation surpluses12€1.17M€6.17M▲
Reserves13€20k€20k=
Non-distributable reserves130/1€20k€20k=
Legal reserve130€20k€20k=
Profit (loss) carried forward14€-173k€-7.16M▼
Amounts payable17/49€14.94M€10.42M▼
Amounts payable after more than one year17€8.76M€4.43M▼
Financial debts170/4€8.76M€4.43M▼
Subordinated loans170€6.20M€2.48M▼
Leasing and similar obligations172-€18k
Credit institutions173€2.56M€1.93M▼
Amounts payable within one year42/48€6.15M€5.99M▼
Current portion of amounts payable after more than one year42€940k€1.67M▲
Trade debts44€173k€286k▲
Suppliers440/4€173k€286k▲
Taxes, remuneration and social security45€109k€80k▼
Taxes450/3€47k€5k▼
Remuneration and social security454/9€62k€75k▲
Other amounts payable47/48€4.93M€3.95M▼
Accrued charges and deferred income492/3€24k€4k▼
Income statement
Code20242025
Operating income70/76A€1.52M€2.32M▲
Turnover70€1.36M€2.22M▲
Other operating income74€155k€55k▼
Non-recurring operating income76A-€42k
Operating charges60/66A€1.08M€1.95M▲
Goods for resale, raw materials and consumables60€716€427▼
Purchases600/8€716€427▼
Services and other goods61€740k€1.42M▲
Remuneration, social security and pensions62€315k€493k▲
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€24k€29k▲
Other operating charges640/8€2k€3k▲
Non-recurring operating charges66A-€12k
Operating profit (loss)9901€435k€365k▼
Financial income75/76B€35k€0▼
Recurring financial income75€35k€0▼
Income from current assets751€35k€0▼
Financial charges65/66B€347k€7.35M▲
Recurring financial charges65€347k€353k▲
Debt charges650€344k€347k▲
Other financial charges652/9€3k€6k▲
Non-recurring financial charges66B-€7.00M
Profit (loss) for the period before taxes9903€124k€-6.99M▼
Income taxes67/77€1k€1k▲
Taxes670/3€1k€1k▲
Profit (loss) for the period9904€123k€-6.99M▼
Profit (loss) for the period to be appropriated9905€123k€-6.99M▼
Appropriation of the result
Profit (loss) to be appropriated9906€-173k€-7.16M▼
Profit (loss) brought forward from the previous period14P€-296k€-173k▲
Social balance
Average headcount (FTE)90874.04.0=
The notes to these accounts (77 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Timeline · acts, filings and financial milestones
2026
27-05
NBB filing
Annual accounts filed
fiscal year 2025 · full schema · 27 days late
2025
30-09
Financial
Weakest financial yearnet €-6.99M ▼5800%
Net result drops to €-6.99M, the lowest in the series.
30-09
Financial
Liquidity quadruplescurrent ratio 1.76
Current ratio from 0.49 to 1.76; short-term debt falls from €6.15M to €5.99M.
2024
25-06
NBB filing
Annual accounts filed
fiscal year 2024 · full schema
2023
17-07
NBB filing
Annual accounts filed
fiscal year 2023 · full schema
31-03
Financial
Back to profitnet €79k
Net result €79k after 2 loss-making years.
2022
25-10
NBB filing
Annual accounts filed
fiscal year 2022 · full schema
31-03
Financial
Liquidity triplescurrent ratio 1.37
Current ratio from 0.43 to 1.37.
2021
13-09
NBB filing
Annual accounts filed
fiscal year 2021 · full schema
2020
15-09
NBB filing
Annual accounts filed
fiscal year 2020 · full schema
31-03
Financial
Back to profitnet €971k
Net result €971k after one loss-making year.
31-03
Financial
Equity above €10MEq €14.93M ▲274%
Equity rises from €3.99M to €14.93M.
2019
27-08
NBB filing
Annual accounts filed
fiscal year 2019 · full schema
2018
21-08
NBB filing
Annual accounts filed
fiscal year 2018 · full schema
2017
30-10
NBB filing
Annual accounts filed
fiscal year 2017 · full schema
2016
28-06
NBB filing
Annual accounts filed
fiscal year 2016 · full schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
Directors · office · real estate
Directors
21 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, Eghezée · 1 establishment unit since 2022
Cannot be placed on the map
This address could not be matched to a point in the Belgian address register (BOSA BEST). The address below comes straight from the Crossroads Bank.
Rue de Frise,Upigny 05310 EghezéeGround area
2,894 m²
Building footprint
190 m²
Parcel 92086B0242/00A002, Wallonia. Linked by address, not a title deed.
1 establishment unit
Upignac Group
since 20222.332.573.450
1 parcel
Wallonia
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 92086B0242/00A002 | Wallonia | 2,894 m² | 1 · 190 m² | - |
Linked by address, not proof of ownership
Methodology
via registered seat: 1
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Recognitions · licences · registrations
Legal Entity Identifier
875500ZX09YDBK06V071
Similar companies · same sector, comparable size
Veldeman Group I
BE 0799.924.455
Bree · Eq €24.40M
JULIANN
BE 0874.956.133
Wortegem-Petegem · Eq €24.40M
BELVI
BE 0425.238.694
Houthalen-Helchteren · Eq €24.37M
PANNAERSHOEK
BE 0508.928.118
Wingene · Eq €24.49M
LUVON
BE 0884.677.315
Aartselaar · Eq €24.51M
Of 82,524 companies in sector 70200 we hold annual accounts for 52,566. 3,482 are within a factor 10 of this equity.See the whole sector
Company data · Crossroads Bank
Identification
Legal formPublic limited company
Founded08-08-2004
Fiscal year end30-09
Activities, NACEBEL
64200Holdings
64210Activities of holding companies
70200Business and other management consultancy
70220Business consulting
Sources
Crossroads Bank for EnterprisesNational Bank · 20 filingsAddress and cadastre registers
Data from official sources, last processed on 17-09-2026. Scores and ratios are computed by Checked and are not a credit decision.
Contact details
3 entriesE-mail:ap@upignac.be
Phone:+32496614597
Fax:081/51.30.51