Result
-€148,472 -€148,472
From profit to loss in 2025, after a profit of €53,198 in 2024.
WATCHGUARD SECURITY
Lifetime
20 annual accounts with figures on one time axis, 30 filings since 1996peak €2.3m (2025)
€2.3m▲ 7.7%
lowest -€170,711 (2019)
-€148,472▼ €201,670
peak €482,470 (2024)
€333,998▼ 30.8%
€5.5m▼ 6.6%
peak 25 FTE (2024)
24.4 FTE▼ 2.4%
Board6 names since 2018
1 directorBuilding Technology
Owners4 names in the annual accounts
consolidatesBuilding Technology
Documentsfilings and deeds
03-07-202628 days before the deadline
2025financial year
Loss of €148,472Permanent representative: Marlies Polfliet 02-10Merger: WATCHGUARD SECURITY takes over AEV TELECOM 05-03Equity from €482,470 to €333,998Cash from €142,723 to €216,553
Key points
from the 2025 annual accountsDebts
€5.5m 94% of the balance sheet
Financial debts 22%Suppliers 8%Taxes and wages 4%Other 66%
Of this, €3.6m falls due within a year.
Securities
€1.3m
Pledge on other assets, new in 2025. 3.8 times equity · not in the 2024 accounts.
Investments
€1.9m 6.3 × depreciation
Green is investment, beige is depreciation. Machinery stands 69.1% higher than in 2024.
Staff
28 employees on 31-12-2025
In 2025, 13 people joined and 10 left.
Restructuring
2
2 restructurings since 2025. Latest: merger with AEV Telecom.
Checked score
53
Fair
Financially stronger than 10% of small companies in specialised construction (NACE 43)
Probability in this band: 1.5% to 4.2%
Bankruptcy probability within 12 months
1.6% Moderate
0%0.5%1.5%4%10%≥ 25%
The dashed line is the sector median: 0.3% across 2,647 companies (NACE 43, small).
About 2 in 100 comparable companies go bankrupt within 12 months (an estimate).
Last 24 months
12-2024: 1.0%lowest value
01-2025: 1.0%● unchanged vs 12-2024lowest value
02-2025: 1.0%● unchanged vs 01-2025
03-2025: 1.2%▲ +0.2 percentage points vs 02-2025
04-2025: 1.2%● unchanged vs 03-2025
05-2025: 1.2%● unchanged vs 04-2025
06-2025: 1.3%▲ +0.1 percentage points vs 05-2025
07-2025: 1.5%▲ +0.2 percentage points vs 06-2025
08-2025: 1.4%▼ -0.1 percentage points vs 07-2025
09-2025: 1.4%● unchanged vs 08-2025
10-2025: 1.4%● unchanged vs 09-2025
11-2025: 1.4%● unchanged vs 10-2025
12-2025: 1.4%● unchanged vs 11-2025
01-2026: 1.4%● unchanged vs 12-2025
02-2026: 1.4%● unchanged vs 01-2026
03-2026: 1.4%● unchanged vs 02-2026
04-2026: 1.5%▲ +0.1 percentage points vs 03-2026
05-2026: 1.5%● unchanged vs 04-2026
06-2026: 1.5%● unchanged vs 05-2026
07-2026: 1.6%▲ +0.1 percentage points vs 06-2026
08-2026: 1.6%● unchanged vs 07-2026highest value
09-2026: 1.6%● unchanged vs 08-2026highest value
10-2026: 1.6%● unchanged vs 09-2026
11-2026: 1.6%● unchanged vs 10-2026
Financial strengthWeak
Score breakdown
raises risk
Equity €333,998 (5.7% of total assets)
Liquidity: current ratio 0.38, cash €216,553
Sector: Specialised construction activities (NACE 43)
Size: 24.4 FTE, total assets €5.9m
Calculation
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 43, small). It does better than 7% of them on solvency, 14% on liquidity, 12% on profitability and 9% on growth.
The bankruptcy probability was computed on 09-11-2026 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 moderate class on 30-06-2025, 2.4% 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).
Comparable companies, two years later
In July 2024, 1,104 companies had the same profile as WATCHGUARD SECURITY has now. Each dot stands for 3 companies, two years later.
94.2%
were still trading
3.6%
stopped another way
1.8%
went bankrupt
Another 0.4% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of WATCHGUARD SECURITY itself: 1.6% within 12 months.
Test of the method
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 1,104 companies, not a prediction for WATCHGUARD SECURITY. 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.
Credit verdict
Credit of up to €17,000 on 30-day terms is acceptable
Liquidity is insufficient, with a current ratio of 0.38 (0.44 in 2024), below 1. Short-term debt is 61.7% and cash 3.7% of total assets. 94.3% of the assets are financed with debt and provisions.
Credit check for an amount and term of your choice
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The scores and ratios are Checked's own calculations, not a credit decision.
Signals
Six signals.
raises riskneutral
raises risk · Weak solvency compared with the sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 10% of 2463 sector peers (2025).
NBB · sector comparisonPosition among 2463 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 days early
2024
23 days early
2023
8 days early
2022
25 days early
2021
81 days early
2020
22 days early
2019
38 days late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
The company filed its last 7 accounts on average 21 days before the deadline. In the sector (NACE 43), the median for financial year 2024 was 1 day before the deadline, and 43% of those companies filed late.
Searched, nothing found (2)
neutral · Next filing not due yet
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today. The company usually files around 6 July (4 of the last 5 accounts filed within 30 days either side of that date).
Companies Code · seven monthsWhere today falls in the filing period
09-11-2026 today31-12-2026 year end31-07-2027 deadline
Board and ownership
- WATCHGUARD GROEP 100%equity €2.7m (2024) · 2024 annual accounts of WATCHGUARD GROEP
- Building Technology BV consolidatesequity €24.9m (2025) · annual accounts 2025
- AEV TELECOM 0.36%equity €310,612 (2024) · 30-06-2023 annual accounts of AEV TELECOM
Shares in 1 company, Failsafe Group
Board & ownershipRecent changes
Permanent representative: Marlies Polfliet
Appointment: BDO Bedrijfsrevisoren BV (statutory auditor) · Board meeting of 07-08-2025 · Gazette deed
Merger: WATCHGUARD SECURITY takes over AEV TELECOM
Resignation: LO-MANAGEMENT (director) · Permanent representatives: OST Luc and VOCHTEN Mark · Appointment: BUILDING TECHNOLOGY (director) · Gazette deed
Merger proposal: Watchguard Security takes over AEV Telecom
The company holds all the shares of AEV Telecom · The company holds all the shares of Bunic · Gazette deed
1 director appointed
Changes of role: HELIMAR (class A director) and VAN DEN VENNE Eric Patrick (class A director) · Appointment: LO-MANAGEMENT (class B director) · Permanent representatives: VOCHTEN Mark Alfons Petronella and OST Luc Petrus Maria · General meeting of 23-08-2023 · Gazette deed
Comparable companies
same main activity, similar in size and age| Company | ||||
|---|---|---|---|---|
| WATCHGUARD SECURITY Antwerp | €5.9m | €2.3m | 5.7% | 24.4 |
| K & F ELECTRO-TECHNIEK Olen | €4.9m | €2.1m | 11.6% | 23.3 |
| DKE Kluisbergen | €5.6m | €2.7m | 60.7% | 24.6 |
| ELEKTRO WOUTERS Putte | €4.0m | €1.9m | 58.3% | 24.7 |
| HANSSENS TELECOM Roeselare | €4.6m | €2.9m | 49.6% | 23.7 |
| WESTELEC Ypres | €4.7m | €2.9m | 82.5% | 24.9 |
| JOJO SYSTEMS Oudsbergen | €4.9m | €2.2m | 59.5% | 28 |
These companies have the same main activity as WATCHGUARD SECURITY: general electrical installation work (NACE 43211). They are comparable in size and age: total assets between €4m and €5.6m, founded between 1989 and 2000.
Official details
Source: KBO- Status
- Active since 06-12-1995Normal situation
- Activity
- General electrical installation workNACE 43211
- Joint committees
- 149.01Electricians: installation and distribution
- 200Auxiliary committee for white-collar workers · annual accounts 2025
- Establishment units
- 2.074.793.5742170 Antwerp, since 19-01-1996
- 2.264.018.1078800 Roeselare, since 01-04-2017
- Financial year end
- 31 December
- Peppol
- Reachable
Annual accounts 2025
- ≈ €6.5mestimated
- €5.9m▼ 8.4%
- Employeeson 31-12-2025
- 28▲ 12.0%
- Filing
- Filed on 03-07-2026, 28 days before the end of the filing period
Insights on WATCHGUARD SECURITY
WATCHGUARD SECURITY has existed since 1995. The gross margin grew from €684,990 in 2006 to €2.3m in 2025 and staff from 15 to 24.4 full-time equivalents.
WATCHGUARD GROEP holds all the shares.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette. Click a figure with a dotted line for the item and the filing.
Key facts about WATCHGUARD SECURITY
- What is the company number of WATCHGUARD SECURITY?
- The company number of WATCHGUARD SECURITY is 0456.543.663. The VAT number is the same number with BE in front: BE 0456.543.663.
- Where is WATCHGUARD SECURITY based?
- The registered office is at Bredabaan 90, 2170 Antwerp.Company details
- What does WATCHGUARD SECURITY do?
- According to the KBO register, the main activity is general electrical installation work (NACE 43211).
- What is the legal form of WATCHGUARD SECURITY?
- WATCHGUARD SECURITY is a public limited company (NV).
- When was WATCHGUARD SECURITY founded?
- WATCHGUARD SECURITY was founded on 06-12-1995.
- Is WATCHGUARD SECURITY still active?
- Yes, WATCHGUARD SECURITY is an active enterprise in the KBO register.
- How many employees does WATCHGUARD SECURITY have?
- WATCHGUARD SECURITY had an average of 24.4 full-time equivalents in financial year 2025, according to the filed annual accounts.Financials
- Which joint committee does WATCHGUARD SECURITY fall under?
- In its 2025 annual accounts, WATCHGUARD SECURITY states joint committees 149.01 (Electricians: installation and distribution) and 200 (Auxiliary committee for white-collar workers).
- What is the turnover of WATCHGUARD SECURITY?
- The turnover in financial year 2025 is ≈ €6.5m. This figure is estimated from the gross margin of €2.3m and 30 comparable companies (NACE 432). It probably lies between €5.4m and €8.0m.
- Is WATCHGUARD SECURITY profitable?
- In financial year 2025, WATCHGUARD SECURITY made a loss of €148,472.
- Where can I find the annual accounts of WATCHGUARD SECURITY?
- WATCHGUARD SECURITY filed 30 annual accounts with the National Bank of Belgium, the latest for financial year 2025.
- When are the next annual accounts of WATCHGUARD SECURITY due?
- WATCHGUARD SECURITY must file the annual accounts for financial year 2026 by 31-07-2027.Timeline
Next steps
Work out how much credit to give this customer and on what payment terms.Credit check Check what to know before you do business with this company.Supplier due diligence See whether the workforce is growing and whether people stay.Employer check Check whether you can trust this company with building work.Contractor check Check whether you can accept this company as a client under the anti-money-laundering law.AML client file Check which of your other customers you can e-invoice via Peppol.Peppol check
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