Equity
UPSILON PROCESS has made a profit in every financial year since 2018.
UPSILON PROCESS has made a profit in every financial year since 2018.
Of this, €895,208 falls due within a year.
The 2019 accounts came latest: 228 days after the end of the period.
The dashed line is the sector median: 0.1% across 4,522 companies (NACE 70, small).
About 5 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
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 70, micro). It does better than 17% of them on solvency, 8% on liquidity, 44% on profitability and 17% on growth.
The bankruptcy probability was computed on 07-11-2026 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 31-03-2026.
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).
In July 2024, 1,603 companies had the same profile as UPSILON PROCESS has now. Each dot stands for 5 companies, two years later.
Another 0.3% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of UPSILON PROCESS itself: 0.5% within 12 months.
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 1,603 companies, not a prediction for UPSILON PROCESS. 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.
Liquidity is insufficient, with a current ratio of 0.95 (0.93 in 2025), below 1. Short-term debt is 91% and cash 9.2% of total assets. 92.6% of the assets are financed with debt and provisions.
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.
The company filed its last 7 accounts on average 7 days after the deadline. In the sector (NACE 70), the median for financial year 2024 was 9 days before the deadline, and 32% of those companies filed late.
| Company | ||||
|---|---|---|---|---|
| UPSILON PROCESS Wavre | €1.0m | €1.0m | 7.4% | 10.2 |
| ENDES Engineering Services Tielt | €0.9m | €1.0m | 31.5% | 11.6 |
| JDI Huldenberg | €1.0m | €0.9m | 27.2% | 9.2 |
| RKITEK Edegem | €1.2m | €1.0m | 75.7% | 9.9 |
| CAPIMVEST Rixensart | €1.1m | €1.0m | 21.4% | 14 |
| Ecofirst Ittre | €0.6m | €0.8m | 57.6% | 11.5 |
| ACTIONS LOCALES POUR INDEPENDANTS Seraing | €0.8m | €0.8m | 45.8% | 10.6 |
These companies have the same main activity as UPSILON PROCESS: business and other management consultancy (NACE 70200). They are comparable in size and age: total assets between €647,000 and €1.2m, founded between 2013 and 2018.
UPSILON PROCESS files the abbreviated format. That format states no turnover. The gross margin rose from €24,866 in 2018 to €1.0m in 2026.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette.
The turnover shown is an estimate from the gross margin.
Turnover ≈ €1.9m. Estimated: probably between €1.3m and €2.5m.
Higher than 16% of 10,847 companies in 2025.
Higher than 35% of 10,470 companies in 2025.
Higher than 57% of 10,717 companies in 2025.
Staff costs divided by the average number of full-time equivalents.
In 2026, 1 person joined and nobody left.
| Line | Trend | 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|---|
| Balance sheet: assets | ||||||||||
20/58 |
983,319 | 479,221 | 661,763 | 808,509 | 400,504 | 129,894 | 96,897 | 66,035 | 47,196 | |
21/28 |
128,982 | 111,621 | 132,712 | 167,342 | 146,059 | 19,789 | 1,660 | 3,899 | 4,439 | |
22/27 |
127,679 | 110,318 | 131,409 | 166,189 | 144,906 | 9,431 | 1,297 | 3,536 | 4,076 | |
23 |
40,741 | 21,048 | 38,713 | 73,328 | 48,930 | - | - | - | - | |
24 |
43,297 | 38,275 | 45,020 | 38,855 | 48,723 | 9,431 | 1,297 | 3,536 | 4,076 | |
26 |
43,641 | 50,995 | 47,676 | 54,006 | 47,253 | - | - | - | - | |
28 |
1,303 | 1,303 | 1,303 | 1,153 | 1,153 | 10,358 | 363 | 363 | 363 | |
29/58 |
854,337 | 367,600 | 529,051 | 641,167 | 254,445 | 110,105 | 95,237 | 62,136 | 42,757 | |
3 |
23,542 | - | - | - | - | - | - | - | - | |
30/36 |
23,542 | - | - | - | - | - | - | - | - | |
40/41 |
725,641 | 306,729 | 504,405 | 603,996 | 250,387 | 67,052 | 23,546 | 23,440 | 25,449 | |
40 |
721,796 | 278,788 | 504,405 | 603,929 | 250,387 | 67,052 | 22,377 | 14,041 | 24,451 | |
41 |
3,845 | 27,941 | - | 67 | - | - | 1,169 | 9,399 | 998 | |
54/58 |
90,398 | 58,272 | 13,083 | 32,692 | 32 | 41,327 | 71,691 | 38,696 | 17,308 | |
490/1 |
14,756 | 2,599 | 11,563 | 4,479 | 4,026 | 1,726 | - | - | - | |
| Balance sheet: equity and liabilities | ||||||||||
10/49 |
983,319 | 479,221 | 661,763 | 808,509 | 400,504 | 129,894 | 96,897 | 66,035 | 47,196 | |
10/15 |
72,884 | 51,620 | 78,542 | 81,827 | 79,527 | 60,512 | 60,345 | 37,606 | 20,065 | |
10/11 |
18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 6,200 | 6,200 | |
100 |
- | - | - | - | - | - | 18,600 | 18,600 | 18,600 | |
101 |
- | - | - | - | - | - | - | 12,400 | 12,400 | |
13 |
1,860 | 1,860 | 1,860 | 1,860 | 1,860 | 1,860 | 1,860 | 1,860 | 1,860 | |
130/1 |
1,860 | 1,860 | 1,860 | 1,860 | 1,860 | 1,860 | - | - | - | |
130 |
- | - | - | - | - | - | 1,860 | 1,860 | 1,860 | |
1311 |
1,860 | 1,860 | 1,860 | 1,860 | 1,860 | 1,860 | - | - | - | |
14 |
52,424 | 31,160 | 58,082 | 61,367 | 59,067 | 40,052 | 39,885 | 29,546 | 12,005 | |
17/49 |
910,435 | 427,601 | 583,221 | 726,682 | 320,977 | 69,382 | 36,552 | 28,429 | 27,131 | |
17 |
15,227 | 32,500 | 52,186 | 81,218 | 72,137 | - | - | - | - | |
170/4 |
15,227 | 32,500 | 52,186 | 81,218 | 72,137 | - | - | - | - | |
42/48 |
895,208 | 395,101 | 531,035 | 645,464 | 248,840 | 69,382 | 36,552 | 28,429 | 27,131 | |
42 |
70,560 | 19,687 | 34,518 | 30,378 | 22,239 | - | - | - | - | |
43 |
645 | - | - | - | - | - | - | - | - | |
430/8 |
645 | - | - | - | - | - | - | - | - | |
44 |
670,774 | 263,079 | 284,025 | 512,301 | 161,921 | 41,059 | 7,593 | 5,879 | 3,725 | |
440/4 |
670,774 | 263,079 | 284,025 | 512,301 | 161,921 | 41,059 | 7,593 | 5,879 | 3,725 | |
45 |
153,214 | 111,725 | 162,004 | 72,591 | 63,869 | 25,977 | 6,154 | 6,840 | 6,897 | |
450/3 |
43,107 | 31,763 | 98,683 | 47,162 | 50,491 | 19,976 | 6,154 | 6,590 | 6,815 | |
454/9 |
110,107 | 79,962 | 63,321 | 25,429 | 13,378 | 6,001 | - | 250 | 82 | |
47/48 |
14 | 610 | 50,488 | 30,194 | 811 | 2,346 | 22,805 | 15,710 | 16,509 | |
| Income statement | ||||||||||
9900 |
1.0m | 841,152 | 597,937 | 475,884 | 315,551 | 53,176 | 19,090 | 26,360 | 24,866 | |
62 |
870,916 | 690,052 | 499,971 | 377,016 | 222,865 | 33,745 | - | - | - | |
630 |
48,723 | 59,410 | 66,924 | 56,980 | 32,123 | 3,670 | 2,240 | 2,240 | 1,748 | |
631/4 |
- | - | - | - | 1,259 | - | - | - | - | |
640/8 |
7,013 | 7,527 | 8,511 | 4,620 | 3,971 | 8,886 | 1,819 | 679 | 1,396 | |
9901 |
95,304 | 84,163 | 22,531 | 37,268 | 55,333 | 6,875 | 15,031 | 23,441 | 21,722 | |
75/76B |
105 | 203 | 39 | 15 | 97 | 134 | 912 | - | - | |
75 |
105 | 203 | 39 | 15 | 97 | 134 | 912 | - | - | |
65/66B |
27,848 | 20,974 | 3,762 | 3,578 | 5,467 | 212 | 1,385 | 223 | 392 | |
65 |
27,848 | 20,974 | 3,762 | 3,578 | 5,467 | 212 | 1,385 | 223 | 392 | |
9903 |
67,562 | 63,392 | 18,808 | 33,705 | 49,963 | 6,797 | 14,558 | 23,218 | 21,330 | |
67/77 |
33,898 | 28,314 | 14,043 | 11,281 | 12,124 | 6,630 | 4,220 | 5,677 | 5,965 | |
9904 |
33,663 | 35,078 | 4,765 | 22,424 | 37,839 | 167 | 10,338 | 17,541 | 15,365 | |
9905 |
33,663 | 35,078 | 4,765 | 22,424 | 37,839 | 167 | 10,338 | 17,541 | 15,365 | |
| Appropriation of the result | ||||||||||
9906 |
64,824 | 93,160 | 66,132 | 81,492 | 77,891 | 40,052 | 39,885 | 29,546 | 15,365 | |
14P |
31,160 | 58,082 | 61,367 | 59,068 | 40,052 | - | - | - | - | |
691/2 |
- | - | - | - | - | - | - | - | 1,860 | |
6920 |
- | - | - | - | - | - | - | - | 1,860 | |
694/7 |
12,400 | 62,000 | 8,050 | 20,125 | 18,824 | - | - | - | 1,500 | |
694 |
12,400 | 62,000 | 8,050 | 20,125 | 18,824 | - | - | - | - | |
695 |
- | - | - | - | - | - | - | - | 1,500 | |
| Social balance sheet | ||||||||||
9087 |
10.2 | 8.7 | 8.2 | 5.9 | 4.1 | 0.6 | - | - | - | |
Hours worked1013 |
15,849 | 11,051 | 11,118 | 9,141 | 7,274 | 1,120 | - | - | - | |
| Document | ||||||||||
The notes to these accounts have 11 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the accounts filed with the NBB.
Source: Annual accounts 2026 at the NBB, filed on 06-11-2026.
2026 annual accounts filed 6 days after the deadline. Filed on 6 November 2026, deadline 31 October 2026 (7 months after the close on 31 March 2026, Companies Code art. 3:10). Source: NBB, 2026-00603630.
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-03-2026 | abbreviated format | 06-11-2026 | 2026-00603630 | |
| 31-03-2025 | micro format | 31-10-2025 | 2025-00557983 | |
| 31-03-2024 | micro format | 14-11-2024 | 2024-00600521 | |
| 31-03-2023 | micro format | 09-11-2023 | 2023-00510781 | |
| 31-03-2022 | full format | 01-11-2022 | 2022-20517685 | |
| 31-03-2021 | full format | 02-11-2021 | 2021-75700077 | |
| 31-03-2020 | full format | 16-11-2020 | 2020-70800190 | |
| 31-03-2019 | full format | 15-06-2020 | 2020-16500583 | |
| 31-03-2018 | micro format | 30-11-2018 | 2018-73500381 |
| Line | Trend | 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|---|
| 144,027 | 143,573 | 89,455 | 94,248 | 87,456 | 10,545 | 17,271 | 25,681 | 23,470 | ||
| 82,386 | 94,488 | 71,689 | 79,404 | 69,962 | 3,837 | 12,578 | 19,781 | 17,113 | ||
| 66,084 | 38,319 | 32,294 | 78,263 | 167,598 | 21,799 | 1 | 1,700 | 6,187 | ||
| 32,126 | 45,189 | -19,609 | 32,660 | -41,295 | -30,364 | 32,995 | 21,388 | - | ||
| -40,871 | -27,501 | -1,984 | -4,297 | 5,605 | 40,723 | 58,685 | 33,707 | 15,626 | ||
| 7.4% | 10.8% | 11.9% | 10.1% | 19.9% | 46.6% | 62.3% | 56.9% | 42.5% | ||
| 0.95 | 0.93 | 1.00 | 0.99 | 1.02 | 1.59 | 2.61 | 2.19 | 1.58 | ||
| 0.93 | 0.93 | 1.00 | 0.99 | 1.02 | 1.59 | 2.61 | 2.19 | 1.58 | ||
| 12.49 | 8.28 | 7.43 | 8.88 | 4.04 | 1.15 | 0.61 | 0.76 | 1.35 | ||
| 46.2% | 68.0% | 6.1% | 27.4% | 47.6% | 0.3% | 17.1% | 46.6% | 76.6% | ||
| 3.4% | 7.3% | 0.7% | 2.8% | 9.4% | 0.1% | 10.7% | 26.6% | 32.6% | ||
| 5.17 | 6.85 | 23.78 | 26.34 | 16.00 | - | - | - | - |
EBIT margin: not included in this filing.
A Belgian filing has no cash-flow statement. Cash flow is therefore an approximation, derived from the income statement. Investment is the acquisitions in the notes and, without them, the balance-sheet move.
| Item | 31-03-2026 | 31-03-2025 | 31-03-2024 | 31-03-2023 | 31-03-2022 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 11 | 10 | 9 | 7 | 5 |
| full-time | 10 | 9 | 9 | 7 | 4 |
| part-time | 1 | 1 | - | - | 1 |
| in full-time equivalents | 10.9 | 9.9 | 9 | 7 | 4.8 |
| 10.2 | 8.7 | 8.2 | 5.9 | 4.1 | |
| On a permanent contract | 11 | 10 | 9 | 7 | 5 |
| Joined | 1 | 2 | 4 | 2 | 5 |
| Left | 0 | 0 | 2 | 0 | 1 |
| Training hours | 0 | - | 95 | - | - |
Source: social balance sheet in the 2022 to 2026 annual accounts
| Item | 31-03-2026 | 31-03-2025 | 31-03-2024 | 31-03-2023 | 31-03-2022 |
|---|---|---|---|---|---|
| Tangible fixed assets | €66,084 | €38,319 | €32,144 | €78,263 | €167,598 |
| Financial fixed assets | €0 | - | €150 | - | - |
| €48,723 | €59,410 | €66,924 | €56,980 | €32,123 |
Source: notes to the 2022 to 2026 annual accounts (statement of fixed assets)
The operating result for 2026 is 13% higher than in 2025 and the highest since 2018. It is the second rise in a row, after the fall in 2024.
Debt's share of the balance-sheet total rises from 89.2% to 92.6%. Equity and debt are higher.
UPSILON PROCESS has no parent and no holdings in its annual accounts. BORRINI Ulysse is the only director. UPSILON PROCESS shares no director with another company.
Deadline for the 2027 accounts: 31-10-2027
Financial milestones sit on the financial year-end date, not the filing date.
Sources: Publications in the Belgian Official GazetteFilings with the National Bank
| Establishment | Since | Unit number |
|---|---|---|
| Boulevard de l'Europe 131 registered office 1300 Wavre 25210 Manufacture of fabricated metal products, except machinery and equipment | 15-03-2017 | 2.262.977.237 |
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