WATCHGUARD SECURITY
ActiveSummary
WATCHGUARD SECURITY has been active since 1995 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €334k and a net result of €-148k. Equity is growing by ~10.8% per year across the filed fiscal years. Its solvency ranks better than 10% of 2056 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.7% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability33▼-8
Solvency31▼-2
Growth52=
Track record100
Bankruptcy probability, 12 months
0.7%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €15k at 30 days acceptable
Liquidity short (current ratio 0.38 against 0.44 in 2024; short-term debt: 61.7% and cash: 3.7% of total assets), and 94.3% of the assets are financed with debt.
Credit check for your own amount and term
Signals
Six signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 43
Relative position
BE, all sectors
reference
Specialised construction activities (NACE 43)
about 85% more bankruptcies
← fewer bankruptcies
more bankruptcies →
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
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 10% of 2056 sector peers (2025).
NBB · sector comparisonPosition among 2056 sector peers
Solvency
better than 10%
← weakest
strongest →
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 03-07-2026, 28 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
28 d early
2024
23 d early
2023
8 d early
2022
25 d early
2021
81 d early
2020
22 d early
2019
38 d late
← before the deadline
after the deadline →
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
25-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, full schema
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
€-148k
2024 · €53k
2018: €69k
2019: €-171k▼ -348% vs 2018lowest in 8 years
2020: €104k▲ +161% vs 2019
2021: €121k▲ +16.2% vs 2020
2022: €147k▲ +21.4% vs 2021highest in 8 years
2023: €4k▼ -97.1% vs 2022
2024: €53k▲ +1166% vs 2023
2025: €-148k▼ -379% vs 2024
2018 → 2025
Working capital
€-2.23M▲ 4.1%
2024 · €-2.32M
2018: €349khighest in 8 years
2019: €4k▼ -99.0% vs 2018
2020: €153k▲ +4209% vs 2019
2021: €134k▼ -12.7% vs 2020
2022: €287k▲ +114% vs 2021
2023: €-1.32M▼ -559% vs 2022
2024: €-2.32M▼ -76.2% vs 2023lowest in 8 years
2025: €-2.23M▲ +4.1% vs 2024
2018 → 2025
Trend over the years
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€278k-€425k▲ 52.7%€429k▲ 1.0%€482k▲ 12.4%€334k▼ 30.8%
2021: €278klowest in 5 years
2022: €425k▲ +52.7% vs 2021
2023: €429k▲ +1.0% vs 2022
2024: €482k▲ +12.4% vs 2023highest in 5 years
2025: €334k▼ -30.8% vs 2024
Operating result€150k-€273k▲ 81.9%€78k▼ 71.4%€205k▲ 163%€-7k
2021: €150k
2022: €273k▲ +81.9% vs 2021highest in 5 years
2023: €78k▼ -71.4% vs 2022
2024: €205k▲ +163% vs 2023
2025: €-7k▼ -103% vs 2024lowest in 5 years
Net result€121k-€147k▲ 21.4%€4k▼ 97.1%€53k▲ 1,166%€-148k
2021: €121k
2022: €147k▲ +21.4% vs 2021highest in 5 years
2023: €4k▼ -97.1% vs 2022
2024: €53k▲ +1166% vs 2023
2025: €-148k▼ -379% vs 2024lowest in 5 years
Result per fiscal year
Operating resultNet result
The operating result turns negative in 2025: a loss of €7k after €205k in 2024, the lowest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €5.86M
Fixed assets
€4.47M ▼ 2.8%
Current assets
€1.39M ▼ 22.7%
Equity and liabilities €5.86M
Equity
€334k ▼ 30.8%
Debt
€5.53M ▼ 6.6%
Debt's share of the balance-sheet total rises from 92.5% to 94.3%. Equity and debt are lower.
Key figures and ratios
EBITDA
€293k▲
2024 · €285k
Cash flow
€151k▲
2024 · €133k
Current ratio
0.38▼
2024 · 0.44
Quick ratio
0.25▲
2024 · 0.22
Debt to equity
16.55▲
2024 · 12.27
ROE
-44.5%▼
2024 · 11.0%
ROA
-2.5%▼
2024 · 0.8%
Interest coverage
2.13▼
2024 · 2.50
Debt ≤ 1 year
€3.62M▼
2024 · €4.12M
Debt > 1 year
€1.57M▼
2024 · €1.69M
Income taxes
€80k▲
2024 · €36k
Staff costs
€2.02M▲
2024 · €1.88M
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 · 2025 against 2024 · 66 lines
Balance sheet
Code20242025
Assets
Total assets20/58€6.40M€5.86M▼
Fixed assets21/28€4.60M€4.47M▼
Intangible fixed assets21€3k€1.48M▲
Tangible fixed assets22/27€246k€339k▲
Plant, machinery and equipment23€4k€7k▲
Furniture and vehicles24€79k€56k▼
Leasing and similar rights25€116k€242k▲
Other tangible fixed assets26€47k€36k▼
Financial fixed assets28€4.35M€2.65M▼
Current assets29/58€1.80M€1.39M▼
Stocks and contracts in progress3€884k€500k▼
Stocks30/36€178k€136k▼
Contracts in progress37€706k€364k▼
Amounts receivable within one year40/41€745k€626k▼
Trade receivables40€668k€516k▼
Other amounts receivable41€77k€110k▲
Cash at bank and in hand54/58€143k€217k▲
Deferred charges and accrued income490/1€31k€49k▲
Equity and liabilities
Total equity and liabilities10/49€6.40M€5.86M▼
Equity10/15€482k€334k▼
Contributions10/11€158k€158k=
Capital10€158k€158k=
Issued capital100€158k€158k=
Reserves13€106k€92k▼
Non-distributable reserves130/1€16k€16k=
Legal reserve130€16k€16k=
Tax-exempt reserves132€14k-
Distributable reserves133€76k€76k=
Profit (loss) carried forward14€218k€84k▼
Amounts payable17/49€5.92M€5.53M▼
Amounts payable after more than one year17€1.69M€1.57M▼
Financial debts170/4€1.36M€1.24M▼
Other amounts payable178/9€331k€331k=
Amounts payable within one year42/48€4.12M€3.62M▼
Current portion of amounts payable after more than one year42€253k€280k▲
Financial debts43€530k-
Other loans439€530k-
Trade debts44€365k€457k▲
Suppliers440/4€365k€457k▲
Advances received on contracts in progress46€770k€391k▼
Taxes, remuneration and social security45€310k€198k▼
Taxes450/3€57k€35k▼
Remuneration and social security454/9€253k€162k▼
Other amounts payable47/48€1.89M€2.29M▲
Accrued charges and deferred income492/3€103k€341k▲
Income statement
Code20242025
Non-recurring operating income76A€15k€24k▲
Remuneration, social security and pensions62€1.88M€2.02M▲
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€80k€300k▲
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4€-2k€-21k▼
Other operating charges640/8€11k€32k▲
Non-recurring operating charges66A-€13k
Gross operating margin9900€2.17M€2.34M▲
Operating profit (loss)9901€205k€-7k▼
Financial income75/76B€185€75k▲
Recurring financial income75€185€75k▲
Financial charges65/66B€116k€137k▲
Recurring financial charges65€114k€137k▲
Non-recurring financial charges66B€2k-
Profit (loss) for the period before taxes9903€89k€-69k▼
Income taxes67/77€36k€80k▲
Profit (loss) for the period9904€53k€-148k▼
Transfer from tax-exempt reserves789-€14k
Profit (loss) for the period to be appropriated9905€53k€-134k▼
Appropriation of the result
Profit (loss) to be appropriated9906€218k€84k▼
Profit (loss) brought forward from the previous period14P€165k€218k▲
Social balance
Average headcount (FTE)908725.024.4▼
The notes to these accounts (21 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Accounts by statement
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | €29k | €5k | €4k | €15k | €24k | ▲ 65.2% |
| Remuneration, social security and pensions62 | €1.40M | €1.43M | €1.56M | €1.88M | €2.02M | ▲ 7.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €114k | €96k | €86k | €80k | €300k | ▲ 275% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | €21k | €5k | €-678 | €-2k | €-21k | ▼ 798% |
| Other operating charges640/8 | €13k | €11k | €9k | €11k | €32k | ▲ 193% |
| Non-recurring operating charges66A | - | €382 | €32k | - | €13k | - |
| Gross operating margin9900 | €1.70M | €1.81M | €1.76M | €2.17M | €2.34M | ▲ 7.7% |
| Operating profit (loss)9901 | €150k | €273k | €78k | €205k | €-7k | ▼ 103% |
| Financial income75/76B | €28k | €32k | €1k | €185 | €75k | ▲ 40,535% |
| Recurring financial income75 | €28k | €32k | €1k | €185 | €75k | ▲ 40,535% |
| Financial charges65/66B | €57k | €56k | €71k | €116k | €137k | ▲ 18.3% |
| Recurring financial charges65 | €57k | €56k | €71k | €114k | €137k | ▲ 20.4% |
| Non-recurring financial charges66B | - | - | - | €2k | - | - |
| Profit (loss) for the period before taxes9903 | €121k | €249k | €8k | €89k | €-69k | ▼ 177% |
| Income taxes67/77 | €592 | €102k | €4k | €36k | €80k | ▲ 122% |
| Profit (loss) for the period9904 | €121k | €147k | €4k | €53k | €-148k | ▼ 379% |
| Transfer from tax-exempt reserves789 | - | - | - | - | €14k | - |
| Profit (loss) for the period to be appropriated9905 | €121k | €147k | €4k | €53k | €-134k | ▼ 352% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €1.57M | €1.84M | €3.37M | €6.40M | €5.86M | ▼ 8.4% |
| Fixed assets21/28 | €320k | €244k | €2.07M | €4.60M | €4.47M | ▼ 2.8% |
| Intangible fixed assets21 | €4k | €0 | - | €3k | €1.48M | ▲ 44,558% |
| Tangible fixed assets22/27 | €308k | €235k | €175k | €246k | €339k | ▲ 38.2% |
| Plant, machinery and equipment23 | €13k | €6k | €611 | €4k | €7k | ▲ 69.1% |
| Furniture and vehicles24 | €184k | €133k | €98k | €79k | €56k | ▼ 29.4% |
| Leasing and similar rights25 | €76k | €60k | €44k | €116k | €242k | ▲ 108% |
| Other tangible fixed assets26 | €35k | €36k | €32k | €47k | €36k | ▼ 24.2% |
| Financial fixed assets28 | €8k | €8k | €1.90M | €4.35M | €2.65M | ▼ 39.0% |
| Current assets29/58 | €1.25M | €1.60M | €1.30M | €1.80M | €1.39M | ▼ 22.7% |
| Stocks and contracts in progress3 | €188k | €251k | €582k | €884k | €500k | ▼ 43.4% |
| Stocks30/36 | €188k | €251k | €153k | €178k | €136k | ▼ 23.5% |
| Contracts in progress37 | - | - | €429k | €706k | €364k | ▼ 48.4% |
| Amounts receivable within one year40/41 | €936k | €1.23M | €501k | €745k | €626k | ▼ 15.9% |
| Trade receivables40 | €158k | €264k | €427k | €668k | €516k | ▼ 22.7% |
| Other amounts receivable41 | €778k | €968k | €74k | €77k | €110k | ▲ 43.9% |
| Cash at bank and in hand54/58 | €116k | €104k | €201k | €143k | €217k | ▲ 51.7% |
| Deferred charges and accrued income490/1 | €8k | €13k | €13k | €31k | €49k | ▲ 59.7% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €1.57M | €1.84M | €3.37M | €6.40M | €5.86M | ▼ 8.4% |
| Equity10/15 | €278k | €425k | €429k | €482k | €334k | ▼ 30.8% |
| Contributions10/11 | €158k | €158k | €158k | €158k | €158k | = |
| Capital10 | €158k | €158k | €158k | €158k | €158k | = |
| Issued capital100 | €158k | €158k | €158k | €158k | €158k | = |
| Reserves13 | €106k | €106k | €106k | €106k | €92k | ▼ 13.4% |
| Non-distributable reserves130/1 | €16k | €16k | €16k | €16k | €16k | = |
| Legal reserve130 | €16k | €16k | €16k | €16k | €16k | = |
| Tax-exempt reserves132 | €14k | €14k | €14k | €14k | - | - |
| Distributable reserves133 | €76k | €76k | €76k | €76k | €76k | = |
| Profit (loss) carried forward14 | €14k | €161k | €165k | €218k | €84k | ▼ 61.6% |
| Amounts payable17/49 | €1.29M | €1.42M | €2.94M | €5.92M | €5.53M | ▼ 6.6% |
| Amounts payable after more than one year17 | €124k | €63k | €285k | €1.69M | €1.57M | ▼ 7.3% |
| Financial debts170/4 | €123k | €62k | €34k | €1.36M | €1.24M | ▼ 9.0% |
| Other amounts payable178/9 | €500 | €475 | €250k | €331k | €331k | = |
| Amounts payable within one year42/48 | €1.11M | €1.31M | €2.62M | €4.12M | €3.62M | ▼ 12.3% |
| Current portion of amounts payable after more than one year42 | €99k | €61k | €28k | €253k | €280k | ▲ 10.6% |
| Financial debts43 | €287k | €366k | €0 | €530k | - | - |
| Credit institutions430/8 | €287k | €366k | €0 | - | - | - |
| Other loans439 | - | - | - | €530k | - | - |
| Trade debts44 | €205k | €333k | €614k | €365k | €457k | ▲ 25.3% |
| Suppliers440/4 | €205k | €333k | €614k | €365k | €457k | ▲ 25.3% |
| Advances received on contracts in progress46 | €237k | €280k | €528k | €770k | €391k | ▼ 49.2% |
| Taxes, remuneration and social security45 | €168k | €233k | €262k | €310k | €198k | ▼ 36.2% |
| Taxes450/3 | €42k | €101k | €77k | €57k | €35k | ▼ 37.7% |
| Remuneration and social security454/9 | €126k | €132k | €184k | €253k | €162k | ▼ 35.9% |
| Other amounts payable47/48 | €118k | €40k | €1.18M | €1.89M | €2.29M | ▲ 20.9% |
| Accrued charges and deferred income492/3 | €52k | €43k | €41k | €103k | €341k | ▲ 231% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €121k | €147k | €4k | €53k | €-148k | ▼ 379% |
| + Depreciation and write-downs630 | €114k | €96k | €86k | €80k | €300k | ▲ 275% |
| Operating cash flow (approximation) | €235k | €243k | €91k | €133k | €151k | ▲ 13.6% |
| Investment in fixed assets (approximation) | - | €-19k | €-1.92M | €-2.61M | €-170k | ▲ 93.5% |
| Change in cash | - | €-12k | €97k | €-58k | €74k | ▲ 227% |
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
Next filing, fiscal year 2026, expected by
2026
03-07
NBB filing
Annual accounts filed
fiscal year 2025 · full schema
2025
08-07
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema
2024
23-07
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema
2023
06-07
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema
2022
31-12
Financial
Highest result since 2018net €147k ▲21.4%
Operating result €273k, net result €147k, both a record.
11-05
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema
2021
09-07
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema
2020
31-12
Financial
Back to profitnet €104k
Net result €104k after one loss-making year.
31-12
Financial
Equity above €200kEq €233k ▲80.8%
Equity rises from €129k to €233k.
07-09
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema · 38 days late
2019
31-12
Financial
Weakest financial yearnet €-171k
Net result drops to €-171k, the lowest in the series; recovery starts the following year.
14-06
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema
2018
01-06
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema
2017
30-06
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 13 acts read
About the unread acts
We know of 13 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
13 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, Antwerpen · 2 establishment units since 1996
Ground area
1,746 m²
Building footprint
1,203 m²
Volume, LiDAR
7,273 m³
2 parcels, Flanders · tallest building 8.1 m, ±2 floors. Linked by address, not a title deed.
5
companies at this address
See who is registered here
2 establishment units
WATCHGUARD-SECURITY
since 19962.074.793.574
WATCHGUARD-SECURITY
since 20172.264.018.107
2 parcels
Flanders
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 11422C0007/02M000 | Flanders | 1,336 m² | 1 · 1,031 m² | 7.4 m · 2 fl. |
| 36505C0660/00E000 | Flanders | 410 m² | 1 · 172 m² | 8.1 m · 1 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 2025 · 5 entries · 5,253 EUR awarded · 5,062 EUR paid| Year | Entries | awarded | paid |
|---|---|---|---|
| 2025 | 1 | 0 EUR | 1,046 EUR |
| 2024 | 2 | 2,719 EUR | 1,710 EUR |
| 2023 | 1 | 1,664 EUR | 1,436 EUR |
| 2022 | 1 | 870 EUR | 870 EUR |
Schemes
Subsidie voor opleiding en advies voor kmo's en zelfstandigen (kmo-portefeuille)
Premie kwalificerend werkplekleren
Recognitions · licences · registrations
Recognised contractor
4 categoriesWATCHGUARD SECURITY NV24412
Dual-learning approval
1 live approvalBeveiligingstechnicus duaal (so)
Legal Entity Identifier
549300K2FCP1XV0UT219
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Of 22,815 companies in sector 43211 we hold annual accounts for 10,325. 7,395 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPublic limited company
Founded06-12-1995
Fiscal year end31-12
Activities, NACEBEL 2025
43211General electrical installation work
Contact
Website
www.watchguard-security.be
E-mail
info@watchguard-security.be
Phone
+32 3 650.15.25
Fax
+32 3 650.15.26
Phone
+32 51 21.16.31Roeselare
Fax
+32 51 21.07.56Roeselare
Scores and ratios are computed by Checked and are not a credit decision.