Equity
Debts exceed assets in financial year 2025.
Debts exceed assets in financial year 2025.
Every financial year from 2019 to 2025 closed with a loss. 2023 was the heaviest.
The micro format states no turnover.
Of this, €830,616 falls due within a year.
The 2017 accounts came latest: 31 days after the end of the period.
Less equity than 95% of companies in head offices and management consultancy. Sector median €78,218 · 39,392 companies.
Negative equity caps the score at 59.
The dashed line is the sector median: 0.1% across 48,570 companies (NACE 70, micro).
About 2 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 6% of them on solvency, 2% on liquidity, 30% on profitability and 31% on growth.
The bankruptcy probability was computed on 08-11-2026 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 31-12-2025.
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).
In July 2024, 1,216 companies had the same profile as UTF has now. Each dot stands for 4 companies, two years later.
Another 0.7% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of UTF itself: 0.2% 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 1,216 companies, not a prediction for UTF. 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 0.01 (0.01 in 2024), below 1. Short-term debt is 118.1% and cash 0.5% of total assets. Equity is negative.
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 5 days before 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 | ||||
|---|---|---|---|---|
| UTF Tielt-Winge | €703,595 | €67,717 | -18.4% | - |
| Van de plas - Merken Sint-Genesius-Rode | €697,745 | €65,642 | 54.3% | - |
| EVDW Grimbergen | €689,809 | €69,467 | 82.1% | - |
| ELS BOOGAERTS Bierbeek | €639,649 | €71,238 | 86.9% | - |
| ELW BELSACK Pepingen | €672,861 | €66,649 | 53.6% | - |
| Allia Struguri Hoeilaart | €864,582 | €63,120 | 92.2% | - |
| MADITUM Dilbeek | €578,664 | €70,504 | 9.1% | - |
These companies have the same main activity as UTF: business and other management consultancy (NACE 70200). They are comparable in size and age: total assets between €579,000 and €865,000, founded between 2014 and 2016.
UTF files the micro format. That format states no turnover. The gross margin fell from €297,348 in 2016 to €67,717 in 2025.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Turnover ≈ €140,000. Estimated: probably between €100,000 and €180,000.
Higher than 7% of 39,360 companies in 2025.
Lower than 95% of 38,044 companies in 2025.
Higher than 16% of 38,516 companies in 2025.
Net result: bottom quarter · Equity: bottom quarter · Balance sheet total: top quarter · Working capital: bottom quarter
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Balance sheet: assets | |||||||||||
20/58 |
703,595 | 771,906 | 847,463 | 946,131 | 1.1m | 1.2m | 1.2m | 1.3m | 1.4m | 1.4m | |
21/28 |
696,769 | 766,333 | 830,741 | 899,797 | 969,002 | 1.0m | 1.1m | 1.2m | 1.2m | 1.3m | |
22/27 |
696,769 | 766,333 | 830,741 | 899,797 | 969,002 | 1.0m | 1.1m | 1.2m | 1.2m | 1.3m | |
22 |
696,769 | 766,333 | 830,741 | 899,797 | 969,002 | 1.0m | 1.1m | 1.2m | 1.2m | 1.3m | |
29/58 |
6,826 | 5,573 | 16,722 | 46,334 | 150,677 | 155,248 | 137,768 | 114,312 | 174,917 | 155,515 | |
40/41 |
2,658 | 454 | 1,738 | 608 | 141,900 | 144,900 | 115,415 | 96,623 | 157,900 | 137,140 | |
40 |
2,203 | 0 | 1,283 | - | 132,600 | 144,900 | 115,300 | 96,442 | 157,900 | 137,140 | |
41 |
454 | 454 | 454 | 608 | 9,300 | - | 115 | 181 | - | - | |
54/58 |
3,840 | 5,119 | 14,984 | 45,726 | 8,777 | 10,348 | 22,353 | 17,689 | 17,017 | 18,375 | |
490/1 |
328 | - | - | - | - | - | - | - | - | - | |
| Balance sheet: equity and liabilities | |||||||||||
10/49 |
703,595 | 771,906 | 847,463 | 946,131 | 1.1m | 1.2m | 1.2m | 1.3m | 1.4m | 1.4m | |
10/15 |
-129,211 | -121,845 | -107,053 | -42,524 | -17,366 | 14,950 | 17,356 | 17,714 | 15,723 | -33,554 | |
10/11 |
18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | |
100 |
- | - | - | - | - | - | 18,600 | 18,600 | 18,600 | 18,600 | |
14 |
-147,811 | -140,445 | -125,653 | -61,124 | -35,966 | -3,650 | -1,244 | -886 | -2,877 | -52,154 | |
17/49 |
832,806 | 893,751 | 954,516 | 988,655 | 1.1m | 1.2m | 1.2m | 1.3m | 1.4m | 1.5m | |
17 |
- | - | 0 | 734,887 | 823,965 | 913,042 | 1.0m | 1.1m | 1.2m | 1.3m | |
170/4 |
- | - | 0 | 734,887 | 823,965 | 913,042 | 1.0m | 1.1m | 1.2m | 1.3m | |
42/48 |
830,616 | 891,777 | 952,566 | 251,542 | 313,080 | 265,165 | 225,258 | 181,423 | 223,996 | 192,438 | |
42 |
- | - | 0 | 89,077 | 89,067 | 89,067 | 89,077 | 89,077 | 89,077 | 66,808 | |
44 |
2,562 | 2,223 | 5,790 | - | 280 | 6,603 | 424 | - | 8,869 | 6,171 | |
440/4 |
2,562 | 2,223 | 5,790 | - | 280 | 6,603 | 424 | - | 8,869 | 6,171 | |
45 |
- | - | - | - | - | - | 40 | - | 33,563 | 26,973 | |
450/3 |
- | - | - | - | - | - | 40 | - | 33,563 | 26,973 | |
47/48 |
828,054 | 889,554 | 946,776 | 162,465 | 223,733 | 169,495 | 135,716 | 92,345 | 92,486 | 92,486 | |
492/3 |
2,190 | 1,974 | 1,950 | 2,225 | - | - | - | - | - | - | |
| Income statement | |||||||||||
9900 |
67,717 | 60,624 | 47,933 | 60,011 | 53,903 | 84,090 | 87,345 | 86,794 | 143,029 | 297,348 | |
630 |
69,564 | 69,490 | 69,056 | 69,205 | 68,907 | 69,056 | 69,056 | 69,056 | 69,056 | 67,985 | |
640/8 |
5,362 | 5,779 | 8,220 | 3,302 | 5,028 | 4,087 | 4,030 | - | 7,869 | 272,866 | |
9901 |
-7,209 | -14,645 | -29,343 | -12,496 | -20,032 | 10,947 | 14,259 | 17,739 | 66,104 | -43,504 | |
75/76B |
0 | 0 | - | - | - | 66 | 3 | 0 | 1 | - | |
75 |
0 | 0 | - | - | - | 66 | 3 | 0 | 1 | - | |
65/66B |
157 | 147 | 35,186 | 12,662 | 12,285 | 13,419 | 14,619 | 15,748 | 16,827 | 8,651 | |
65 |
157 | 147 | 35,186 | 12,662 | 12,285 | 13,419 | 14,619 | 15,748 | 16,827 | 8,651 | |
9903 |
-7,366 | -14,792 | -64,529 | -25,158 | -32,316 | -2,406 | -358 | 1,990 | 49,278 | -52,154 | |
9904 |
-7,366 | -14,792 | -64,529 | -25,158 | -32,316 | -2,406 | -358 | 1,990 | 49,278 | -52,154 | |
9905 |
-7,366 | -14,792 | -64,529 | -25,158 | -32,316 | -2,406 | -358 | 1,990 | 49,278 | -52,154 | |
| Appropriation of the result | |||||||||||
9906 |
-147,811 | -140,445 | -125,653 | -61,124 | -35,966 | -3,650 | -1,244 | -886 | -2,877 | -52,154 | |
14P |
-140,445 | -125,653 | -61,124 | -35,966 | -3,650 | - | - | - | - | - | |
| Document | |||||||||||
The notes to these accounts have 5 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 2025 at the NBB, filed on 06-07-2026.
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 06-07-2026 | 2026-00257584 | |
| 31-12-2024 | micro format | 03-07-2025 | 2025-00224240 | |
| 31-12-2023 | micro format | 20-08-2024 | 2024-00354474 | |
| 31-12-2022 | micro format | 28-06-2023 | 2023-00175758 | |
| 31-12-2021 | micro format | 31-08-2022 | 2022-20388620 | |
| 31-12-2020 | micro format | 25-08-2021 | 2021-54600555 | |
| 31-12-2019 | micro format | 06-07-2020 | 2020-26900022 | |
| 31-12-2018 | micro format | 09-08-2019 | 2019-47100235 | |
| 31-12-2017 | micro format | 31-08-2018 | 2018-62300547 | |
| 31-12-2016 | micro format | 31-07-2017 | 2017-39300027 |
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 62,355 | 54,845 | 39,713 | 56,709 | 48,875 | 80,003 | 83,315 | 86,794 | 135,160 | 24,482 | ||
| 62,198 | 54,698 | 4,527 | 44,047 | 36,591 | 66,650 | 68,698 | 71,046 | 118,334 | 15,831 | ||
| 0 | 5,082 | 0 | 0 | 0 | 0 | 0 | 0 | 41,413 | 1.3m | ||
| -1,279 | -9,865 | -30,742 | 36,949 | -1,572 | -12,005 | 4,664 | 672 | -1,358 | - | ||
| -823,790 | -886,204 | -935,844 | -205,209 | -162,404 | -109,917 | -87,490 | -67,110 | -49,079 | -36,923 | ||
| -18.4% | -15.8% | -12.6% | -4.5% | -1.6% | 1.3% | 1.4% | 1.4% | 1.1% | -2.3% | ||
| 0.01 | 0.01 | 0.02 | 0.18 | 0.48 | 0.59 | 0.61 | 0.63 | 0.78 | 0.81 | ||
| - | - | - | - | - | 78.81 | 70.72 | 71.84 | 89.31 | - | ||
| - | - | - | - | - | -16.1% | -2.1% | 11.2% | 313.4% | - | ||
| -1.0% | -1.9% | -7.6% | -2.7% | -2.9% | -0.2% | 0.0% | 0.2% | 3.5% | -3.7% | ||
| over 100 | over 100 | 1.13 | 4.48 | 3.98 | - | - | - | - | - |
Debt to equity is not shown because equity is negative. Debt divided by negative equity means nothing.
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 | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | €5,082 | - | - | - |
| €69,564 | €69,490 | €69,056 | €69,205 | €68,907 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
The operating result for 2025 is a loss of €7,209, smaller than the loss of €14,645 in 2024.
Equity is negative. Debt (€832,806) exceeds the balance-sheet total (€703,595).
UTF has no parent and no holdings in its annual accounts. HELIRO is the only director.
| IZNAJAR
registered office since 21-06-2016 · founded in 2016 |
total assets €527,848 (2026) 0656.838.765 |
| HELIRO
registered office since 08-08-2008 · founded in 2008 |
total assets €358,926 (2026) 0899.871.275 |
| CONCEPT & CONSULT
registered office since 05-10-2011 · founded in 2011 · negative equity (2025) |
total assets €251,711 (2025) 0840.567.455 |
| Techno Sales via HELIRO, no longer at Techno Sales · Managing director · deed of 06-04-2021 No longer active |
0.6 FTE (2022) |
The network starts from the earlier ties.
Deadline for the 2026 accounts: 31-07-2027
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 |
|---|---|---|
| Motbroekstraat 64 registered office 3390 Tielt-Winge | 24-11-2015 | 2.250.610.628 |
| Cadastral parcel | Area | Buildings | Height / floors |
|---|---|---|---|
| 24101A0380/00V000 | 1,352 m² | 1 · 176 m² | 9.5 m · 2 |
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