Equity
WATSON & DICKENS has made a profit in every financial year since 2010.
WATSON & DICKENS has made a profit in every financial year since 2010.
The result fell in 2025 from €84.3m to €1.3m.
Debts rose by €20.0m in 2025.
WATSON & DICKENS pays its suppliers 40 days later than in 2024. Customers pay 479 days earlier.
The 2017 accounts came 13 days late. The other nine of the last ten were filed on time.
More equity than 95% of companies in advertising and market research. Sector median €506,794 · 847 companies.
The dashed line is the sector median: 0.2% across 11,229 companies (NACE 73, micro).
Fewer than 1 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 73, micro). It does better than 87% of them on solvency, 30% on liquidity, 25% on profitability and 37% 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 31-12-2025.
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, 10,904 companies had the same profile as WATSON & DICKENS has now. Each dot stands for 28 companies, two years later.
That fits the bankruptcy probability of WATSON & DICKENS itself: 0.1% 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 10,904 companies, not a prediction for WATSON & DICKENS. 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 ample, with a current ratio of 3.56 (5.51 in 2024), above the usual 1.5. Short-term debt is 24.9% and cash 4.8% of total assets. 24.9% 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 33 days before the deadline. In the sector (NACE 73), the median for financial year 2024 was 6 days before the deadline, and 36% of those companies filed late.
Shares in 15 companies, including BPO and CAROLEASE 12A
Board & ownership| Company | ||||
|---|---|---|---|---|
| WATSON & DICKENS Herentals | €0.2m | - | 75.1% | 1 |
| IRREALIS Sint-Truiden | €0.05m | - | 30.7% | 2.8 |
| Energipole Finances Ixelles | €0.4m | - | 88.7% | 2.8 |
| BMC MANAGEMENT AND INVESTMENT Ixelles | - | - | 100.0% | 2 |
| 7c Solarparken Mechelen | €2.6m | -7.0% | 47.2% | 2 |
| 24PM Rebecq | - | - | 99.5% | 1.8 |
| Sequentia Invest Saint-Josse-ten-Noode | €2.0m | 35.5% | 31.4% | 1.9 |
These companies have the same main activity as WATSON & DICKENS: public relations and communication consultancy (NACE 73300). They are comparable in size and age: total assets between €56m and €210m, founded between 1998 and 2015.
WATSON & DICKENS has existed since 2009. The present size dates from 2024. The balance sheet total rose that year from €52.8m to €162.2m.
Solvency fell in 2025 from 84.2% to 75.1%.
GRUPPO XXI holds all the shares.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette.
Higher than 77% of 846 companies in 2025.
Higher than 75% of 813 companies in 2025.
Higher than 37% of 837 companies in 2025.
Net result: top quarter · Equity: top quarter · Balance sheet total: top quarter · Working capital: top quarter · Staff: bottom quarter
Staff costs divided by the average number of full-time equivalents.
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Balance sheet: assets | |||||||||||||||||
20/58 |
183.5m | 162.2m | 52.8m | 52.9m | 52.9m | 53.1m | 42.1m | 25.2m | 23.2m | 20.7m | 20.6m | 14.8m | 16.3m | 7.4m | 4.4m | 3.7m | |
21/28 |
20.7m | 20.7m | 20.7m | 20.7m | 20.8m | 20.7m | 20.0m | 21.0m | 11.9m | 13.8m | 13.7m | 13.7m | 12.0m | 4.2m | 4.2m | 3.4m | |
28 |
20.7m | 20.7m | 20.7m | 20.7m | 20.8m | 20.7m | 20.0m | 21.0m | 11.9m | 13.8m | 13.7m | 13.7m | 12.0m | 4.2m | 4.2m | 3.4m | |
280/1 |
20.7m | 20.7m | 20.7m | 20.7m | 20.8m | 20.7m | 20.0m | 21.0m | 11.9m | 13.8m | 13.7m | - | - | - | - | - | |
280 |
20.7m | 20.7m | 20.7m | 20.7m | 20.8m | 20.7m | 20.0m | 21.0m | 11.9m | 13.8m | 13.7m | - | - | - | - | - | |
29/58 |
162.7m | 141.4m | 32.0m | 32.2m | 32.1m | 32.3m | 22.1m | 4.2m | 11.3m | 6.9m | 6.9m | 1.1m | 4.4m | 3.2m | 245,210 | 279,828 | |
29 |
- | - | - | - | 404,456 | 396,525 | - | - | - | - | - | - | - | - | - | - | |
291 |
- | - | - | - | 404,456 | 396,525 | - | - | - | - | - | - | - | - | - | - | |
40/41 |
152.3m | 136.9m | 29.9m | 29.2m | 30.3m | 31.7m | 22.0m | 4.2m | 11.2m | 6.9m | 6.8m | 1.1m | 3.0m | 2.7m | 235,091 | 235,180 | |
40 |
82,570 | 355,625 | 26,413 | 16,694 | 7,006 | 15,730 | 75,400 | 195,915 | 16,144 | 16,112 | 39,813 | 92,523 | 138,924 | - | - | - | |
41 |
152.2m | 136.6m | 29.8m | 29.2m | 30.3m | 31.7m | 21.9m | 4.0m | 11.2m | 6.9m | 6.7m | 975,921 | 2.9m | 2.7m | 235,091 | 235,180 | |
50/53 |
1.7m | - | 530,000 | - | - | - | - | - | - | - | - | - | 35,664 | - | - | - | |
51/53 |
1.7m | - | 530,000 | - | - | - | - | - | - | - | - | - | - | - | - | - | |
54/58 |
8.8m | 4.5m | 1.6m | 3.0m | 1.4m | 183,044 | 105,442 | 9,979 | 31,962 | 20,233 | 130,740 | 42,079 | 1.3m | 473,925 | 10,119 | 44,543 | |
490/1 |
5,952 | 229 | 378 | - | - | - | - | 222 | 222 | - | - | - | - | - | - | 104 | |
| Balance sheet: equity and liabilities | |||||||||||||||||
10/49 |
183.5m | 162.2m | 52.8m | 52.9m | 52.9m | 53.1m | 42.1m | 25.2m | 23.2m | 20.7m | 20.6m | 14.8m | 16.3m | 7.4m | 4.4m | 3.7m | |
10/15 |
137.8m | 136.5m | 52.2m | 51.9m | 51.8m | 51.5m | 40.4m | 23.5m | 23.2m | 20.7m | 20.5m | 11.8m | 11.8m | 1.2m | 979,238 | 756,828 | |
10/11 |
11.2m | 11.2m | 11.2m | 11.2m | 11.2m | 11.2m | 11.2m | 11.2m | 11.2m | 11.2m | 11.2m | 11.2m | 11.2m | 20,000 | 20,000 | 20,000 | |
100 |
- | - | - | - | - | - | 11.2m | 11.2m | 11.2m | 11.2m | 11.2m | 11.2m | 11.2m | 20,000 | 20,000 | 20,000 | |
13 |
1.1m | 1.1m | 1.1m | 1.1m | 1.1m | 1.1m | 1.1m | 683,894 | 667,457 | 541,471 | 533,670 | 100,150 | 100,000 | 2,000 | 2,000 | 2,000 | |
130/1 |
1.1m | 1.1m | 1.1m | 1.1m | 1.1m | 1.1m | - | - | - | - | - | - | - | - | - | - | |
130 |
- | - | - | - | - | - | 1.1m | 683,894 | 667,457 | 541,471 | 533,670 | 100,150 | 100,000 | 2,000 | 2,000 | 2,000 | |
1311 |
1.1m | 1.1m | 1.1m | 1.1m | 1.1m | 1.1m | - | - | - | - | - | - | - | - | - | - | |
14 |
125.4m | 124.1m | 39.8m | 39.6m | 39.4m | 39.1m | 28.0m | 11.6m | 11.3m | 8.9m | 8.7m | 498,461 | 497,159 | 1.2m | 957,238 | 734,828 | |
17/49 |
45.7m | 25.7m | 609,348 | 983,684 | 1.1m | 1.6m | 1.7m | 1.7m | 18,536 | 29,228 | 95,412 | 3.0m | 4.5m | 6.2m | 3.4m | 2.9m | |
17 |
- | - | 228,571 | 457,143 | 685,714 | 914,286 | 1.1m | 1.4m | - | - | - | - | - | - | - | - | |
170/4 |
- | - | 228,571 | 457,143 | 685,714 | 914,286 | 1.1m | 1.4m | - | - | - | - | - | - | - | - | |
173 |
- | - | 228,571 | 457,143 | 685,714 | 914,286 | 1.1m | 1.4m | - | - | - | - | - | - | - | - | |
42/48 |
45.7m | 25.7m | 380,776 | 526,542 | 387,257 | 645,552 | 511,387 | 335,836 | 18,536 | 29,228 | 95,412 | 3.0m | 4.5m | 6.2m | 3.4m | 2.9m | |
42 |
- | 228,571 | 228,571 | 228,571 | 228,571 | 228,571 | 228,571 | 228,571 | - | - | - | - | - | - | - | - | |
43 |
75,000 | 66,852 | - | - | - | - | - | - | - | - | - | - | - | 600,000 | 900,000 | 1.2m | |
430/8 |
75,000 | 66,852 | - | - | - | - | - | - | - | - | - | - | - | 600,000 | 900,000 | 1.2m | |
44 |
61,440 | 11,001 | 53,504 | 64,520 | 25,904 | 52,222 | 215,377 | 92,976 | 6,626 | 23,516 | 53,178 | 10,177 | 4.5m | 39 | 39 | 39 | |
440/4 |
61,440 | 11,001 | 53,504 | 64,520 | 25,904 | 52,222 | 215,377 | 92,976 | 6,626 | 23,516 | 53,178 | 10,177 | 15,274 | 39 | 39 | 39 | |
441 |
- | - | - | - | - | - | - | - | - | - | - | - | 4.5m | - | - | - | |
45 |
365,075 | 23,128 | 98,701 | 233,450 | 114,182 | 364,759 | 60,735 | 7,843 | 5,711 | 5,711 | 42,234 | - | - | - | 2,391 | - | |
450/3 |
357,711 | 16,471 | 87,653 | 227,167 | 108,440 | 358,789 | 54,995 | - | - | - | 36,658 | - | - | - | 2,391 | - | |
454/9 |
7,364 | 6,657 | 11,049 | 6,283 | 5,742 | 5,970 | 5,740 | 7,843 | 5,711 | 5,711 | 5,576 | - | - | - | - | - | |
47/48 |
45.2m | 25.3m | - | - | 18,600 | - | 6,704 | 6,446 | 6,198 | - | - | 3.0m | - | 5.6m | 2.5m | 1.7m | |
492/3 |
1,786 | - | - | - | - | - | - | - | - | - | - | - | 728 | 1,389 | 3,082 | 3,646 | |
| Income statement | |||||||||||||||||
70/76A |
241,706 | 1.2m | 861,737 | 189,346 | 185,594 | 991,915 | 233,338 | 217,045 | 224,460 | 236,020 | 291,765 | - | - | - | - | - | |
70 |
166,600 | 196,600 | 196,600 | 181,300 | 181,300 | 213,000 | 217,750 | 217,000 | 224,417 | 235,900 | 291,400 | - | - | - | - | - | |
74 |
75,105 | 983,875 | 665,137 | 8,046 | 4,294 | - | - | - | - | - | - | - | - | - | - | - | |
76A |
- | - | - | - | - | 179,421 | - | 477,778 | 2.7m | - | 8.8m | - | - | 500 | - | - | |
9900 |
- | - | - | - | - | - | - | - | - | - | - | 15,034 | -12,349 | -141 | 11,881 | -2,123 | |
60/66A |
584,917 | 1.4m | 1.1m | 397,546 | 358,192 | 406,189 | 364,745 | 329,496 | 646,845 | 347,783 | 355,581 | - | - | - | - | - | |
61 |
444,844 | 385,097 | 354,748 | 332,056 | 302,718 | 338,296 | 296,409 | 277,985 | 495,373 | 292,574 | 310,778 | - | - | - | - | - | |
62 |
63,777 | 57,457 | 64,817 | 56,461 | 50,270 | 49,450 | 48,175 | 50,495 | 47,081 | 54,196 | 43,791 | - | - | - | - | - | |
630 |
- | - | - | - | - | - | - | - | - | - | - | - | 2,008 | - | - | - | |
640/8 |
76,297 | 985,194 | 666,220 | 9,029 | 5,204 | 1,043 | 16,651 | 1,016 | 104,391 | 1,012 | 1,013 | 1,012 | 1,021 | 976 | 453 | 801 | |
66A |
- | - | - | - | - | 17,400 | 3,511 | 442,266 | 194,726 | - | 104,266 | - | - | - | - | - | |
9901 |
-343,212 | -247,273 | -224,048 | -208,201 | -172,598 | 585,726 | -131,407 | -112,452 | -422,385 | -111,763 | -63,816 | 14,022 | -15,378 | -1,117 | 11,427 | -2,924 | |
75/76B |
3.0m | 84.7m | 596,139 | 582,066 | 603,668 | 10.9m | 18.1m | 884,476 | 3.1m | 268,450 | 60,089 | 50,521 | 1.3m | 423,466 | 330,000 | 830,243 | |
75 |
3.0m | 84.7m | 596,139 | 582,066 | 603,668 | 10.7m | 18.1m | 406,698 | 392,374 | 268,450 | 60,089 | 50,521 | 1.3m | 423,466 | 330,000 | 830,243 | |
750 |
- | 84.0m | - | - | - | 10.0m | 18.0m | - | - | - | - | - | - | - | - | - | |
751 |
3.0m | 706,925 | 596,139 | 582,066 | 603,668 | 683,789 | 118,216 | 406,698 | 392,374 | 268,450 | 60,088 | - | - | - | - | - | |
752/9 |
48 | - | - | - | - | - | 0 | - | - | - | 1 | - | - | - | - | - | |
76B |
- | - | - | - | - | 179,421 | - | 477,778 | 2.7m | - | - | - | - | - | - | - | |
65/66B |
874,224 | 27,932 | 35,555 | 56,764 | 28,444 | 34,171 | 1.0m | 443,286 | 195,519 | 670 | 10,389 | 63,091 | 226,966 | 196,910 | 119,017 | 90,470 | |
65 |
874,224 | 27,932 | 35,555 | 31,764 | 28,444 | 34,171 | 40,209 | 1,019 | 793 | 670 | 10,389 | 63,091 | 226,966 | 196,910 | 119,017 | 90,470 | |
650 |
872,085 | 26,031 | 33,554 | 22,851 | 26,794 | 32,557 | 38,841 | 248 | - | - | 10,037 | - | - | - | - | - | |
652/9 |
2,139 | 1,901 | 2,001 | 8,913 | 1,651 | 1,614 | 1,368 | 771 | 793 | 670 | 352 | - | - | - | - | - | |
66B |
- | - | - | 25,000 | - | - | 999,999 | 442,266 | 194,726 | - | - | - | - | - | - | - | |
9903 |
1.8m | 84.4m | 336,536 | 317,101 | 402,626 | 11.4m | 16.9m | 328,738 | 2.5m | 156,017 | 8.7m | 1,452 | 1.1m | 225,939 | 222,410 | 736,849 | |
67/77 |
470,424 | 107,180 | 119,804 | 168,727 | 108,440 | 314,507 | 54,995 | - | 543 | - | 36,769 | - | - | -21 | - | 21 | |
670/3 |
470,424 | 111,085 | 119,804 | 168,727 | 108,440 | 314,507 | 54,995 | - | 543 | - | 36,769 | - | - | - | - | - | |
77 |
- | 3,904 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
9904 |
1.3m | 84.3m | 216,732 | 148,374 | 294,186 | 11.1m | 16.9m | 328,738 | 2.5m | 156,017 | 8.7m | 1,452 | 1.1m | 225,960 | 222,410 | 736,828 | |
9905 |
1.3m | 84.3m | 216,732 | 148,374 | 294,186 | 11.1m | 16.9m | 328,738 | 2.5m | 156,017 | 8.7m | 1,452 | 1.1m | 225,960 | 222,410 | 736,828 | |
| Appropriation of the result | |||||||||||||||||
9906 |
125.4m | 124.1m | 39.8m | 39.6m | 39.4m | 39.1m | 28.5m | 11.6m | 11.4m | 8.9m | 9.2m | 498,611 | 2.3m | 1.2m | 957,238 | 736,828 | |
14P |
124.1m | 39.8m | 39.6m | 39.4m | 39.1m | - | - | - | - | - | - | - | - | - | - | - | |
691/2 |
- | - | - | - | - | - | 440,252 | 16,437 | 125,986 | 7,801 | 433,520 | 150 | 1.8m | - | - | 2,000 | |
691 |
- | - | - | - | - | - | - | - | - | - | - | - | 1.7m | - | - | - | |
6920 |
- | - | - | - | - | - | 440,252 | 16,437 | 125,986 | 7,801 | 433,520 | 150 | 99,948 | - | - | 2,000 | |
| Social balance sheet | |||||||||||||||||
9087 |
1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | - | - | - | - | - | |
Men (FTE)1003 |
1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | - | - | - | - | - | |
Hours worked1013 |
1,687 | 1,543 | 1,649 | 1,696 | 1,566 | 1,687 | 1,626 | 1,702 | 1,695 | 1,756 | 1,892 | - | - | - | - | - | |
| Document | |||||||||||||||||
The notes to these accounts have 35 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 25-06-2026.
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 25-06-2026 | 2026-00206524 | |
| 31-12-2024 | full format | 19-06-2025 | 2025-00159603 | |
| 31-12-2023 | full format | 18-06-2024 | 2024-00141819 | |
| 31-12-2022 | full format | 14-06-2023 | 2023-00129393 | |
| 31-12-2021 | full format | 08-07-2022 | 2022-20176965 | |
| 31-12-2020 | full format | 18-06-2021 | 2021-21400129 | |
| 31-12-2019 | full format | 31-07-2020 | 2020-37500196 | |
| 31-12-2018 | full format | 26-06-2019 | 2019-23000117 | |
| 31-12-2017 | full format | 13-08-2018 | 2018-45200206 | |
| 31-12-2016 | full format | 10-07-2017 | 2017-30400137 | |
| 31-12-2015 | full format | 19-08-2016 | 2016-44100220 | |
| 31-12-2014 | abbreviated format | 13-07-2015 | 2015-30000316 | |
| 31-12-2013 | abbreviated format | 28-08-2014 | 2014-49700062 | |
| 31-12-2012 | abbreviated format | 30-08-2013 | 2013-52100539 | |
| 31-12-2011 | abbreviated format | 30-07-2012 | 2012-36200109 | |
| 31-12-2010 | abbreviated format | 28-07-2011 | 2011-34500120 |
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| - | - | - | - | - | - | - | - | - | - | - | - | -13,370 | - | - | - | ||
| - | - | - | - | - | - | - | - | - | - | - | - | 1.1m | - | - | - | ||
| - | - | 8 | - | 18,600 | 1.1m | 1,140 | 10.7m | 6,198 | 49,350 | 125,100 | 1.7m | 7.8m | 522,500 | 756,033 | 3.4m | ||
| 4.3m | 2.8m | -1.3m | 1.6m | 1.2m | 77,602 | 95,463 | -21,983 | 11,730 | -110,507 | 88,660 | -1.3m | 873,606 | 463,806 | -34,424 | - | ||
| 117.1m | 115.8m | 31.7m | 31.7m | 31.7m | 31.7m | 21.6m | 3.9m | 11.2m | 6.9m | 6.8m | -1.9m | -128,590 | -3.0m | -3.2m | -2.7m | ||
| - | - | - | - | -95.2% | - | -60.3% | -51.8% | - | -47.4% | -21.9% | - | - | - | - | - | ||
| 75.1% | 84.2% | 98.8% | 98.1% | 98.0% | 97.1% | 96.1% | 93.2% | 99.9% | 99.9% | 99.5% | 80.0% | 72.4% | 16.3% | 22.2% | 20.5% | ||
| 3.56 | 5.51 | 84.15 | 61.15 | 82.93 | 50.08 | 43.22 | 12.61 | - | - | 72.26 | 0.38 | 0.97 | 0.51 | 0.07 | 0.10 | ||
| 0.33 | 0.19 | 0.01 | 0.02 | 0.02 | 0.03 | 0.04 | 0.07 | 0.00 | 0.00 | 0.00 | 0.25 | 0.38 | 5.13 | 3.51 | 3.89 | ||
| 1.0% | 61.8% | 0.4% | 0.3% | 0.6% | 21.6% | 41.8% | 1.4% | 10.9% | 0.8% | 42.3% | 0.0% | 9.1% | 18.7% | 22.7% | 97.4% | ||
| 0.7% | 52.0% | 0.4% | 0.3% | 0.6% | 20.9% | 40.2% | 1.3% | 10.9% | 0.8% | 42.1% | 0.0% | 6.6% | 3.1% | 5.0% | 19.9% | ||
| 181 days | 660 days | 49 days | 34 days | 14 days | 27 days | 126 days | 330 days | 26 days | 25 days | 50 days | - | - | - | - | - | ||
| 50 days | 10 days | 55 days | 71 days | 31 days | 56 days | 265 days | 122 days | 5 days | 29 days | 62 days | - | - | - | - | - |
EBIT margin. Not meaningful: turnover is only a small part of operating income.
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 | 31-12-2025 | 31-12-2024 | 31-12-2023 | 31-12-2022 | 31-12-2021 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 1 | 1 | 1 | 1 | 1 |
| full-time | 1 | 1 | 1 | 1 | 1 |
| in full-time equivalents | 1 | 1 | 1 | 1 | 1 |
| 1 | 1 | 1 | 1 | 1 | |
| On a permanent contract | 1 | 1 | 1 | 1 | 1 |
| Training hours | 2 | 2 | 2 | 2 | 2 |
Source: social balance sheet in the 2021 to 2025 annual accounts
| Item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Debts secured on the company's own assets | - | €228,571 | €457,142 | €685,714 | €914,286 |
| Pledge on other assets, amount secured | - | €228,571 | €457,143 | €685,714 | €914,286 |
| Carrying value of the other pledged assets | - | €10.2m | €10.2m | €10.2m | €10.2m |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
| Item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Financial fixed assets | - | - | €8 | - | €18,600 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
| Item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Fee for the audit | €2,625 | €2,550 | €2,404 | €2,288 | €2,100 |
| Other work by the auditor | - | - | €165 | - | - |
| Work by persons linked to the auditor | - | - | - | - | €4,580 |
Source: notes to the 2021 to 2025 annual accounts (relations with the auditor)
The operating result for 2025 is a loss of €343,212, larger than the loss of €247,273 in 2024. It is the lowest result since 2017.
Debt's share of the balance-sheet total rises from 15.8% to 24.9%. Equity and debt are higher.
Source: lists of holdings in the owners' accounts
Source: list of holdings in its own 2025 accounts. Holdings that file themselves stand with their latest accounts, the others with the amounts of that list, in their own currency.
Part of the group GRUPPO XXI Group, risk and exposure| FRAME 21 GROUP via Didier Clerx, no longer at FRAME 21 GROUP · Class A director · deed of 14-10-2019 founded in 2017 · negative equity (2025) · group GRUPPO XXI |
total assets €9.5m (2025) |
| LINK2EUROPE via Didier Clerx, no longer at LINK2EUROPE · Class A director · deed of 16-06-2025 founded in 2007 · negative equity (2025) · group GRUPPO XXI |
67 FTE (2025) |
| MANAGEMENT SOURCE via Didier Clerx, no longer at MANAGEMENT SOURCE · Class A director · deed of 28-09-2020 founded in 2011 · negative equity (2025) · group GRUPPO XXI |
total assets €1.6m (2025) |
| PEOPLE 21 BE via Didier Clerx, no longer at PEOPLE 21 BE · Class A director · deed of 18-03-2021 founded in 2021 · negative equity (2025) · group GRUPPO XXI |
turnover €262,270 (2025) |
| MMCC PARTNERS via Didier Clerx, no longer at MMCC PARTNERS · Director · deed of 28-09-2020 founded in 2020 · negative equity (2024) · accounts filed late |
total assets €67,856 (2024) |
| EURO FRESH FOODS via Didier Clerx, no longer at EURO FRESH FOODS · Director · deed of 07-03-2025 founded in 1977 · group GRUPPO XXI |
9.8 FTE (2025) |
| PLUG 21 via Didier Clerx, no longer at PLUG 21 · Director · deed of 08-07-2020 founded in 2020 · group GRUPPO XXI |
turnover €1.6m (2025) |
| CONFOOD via Didier Clerx, no longer at CONFOOD · Director (not named in the articles) · deed of 05-11-2020 founded in 2015 · group GRUPPO XXI |
turnover €1.7m (2025) |
| BORETTI BEHEER BELGIÊ via Didier Clerx, no longer at BORETTI BEHEER BELGIÊ · Class A director · deed of 28-09-2020 founded in 2014 · group GRUPPO XXI |
total assets €15.7m (2025) |
| BE-CLOUD Belgium via Didier Clerx, no longer at BE-CLOUD Belgium · Director · deed of 14-11-2024 founded in 1989 · group GRUPPO XXI |
15 FTE (2026) |
| CAROLEASE 12 via Didier Clerx, no longer at CAROLEASE 12 · Manager · deed of 11-01-2013 founded in 2012 · group Monument Assurance Belgium |
turnover €795,594 (2025) |
| MAUQUOY TOKEN COMPANY via Didier Clerx, no longer at MAUQUOY TOKEN COMPANY · Director · deed of 05-12-2019 founded in 1996 |
14 FTE (2025) |
| BORETTI LOGISTICS via Didier Clerx, no longer at BORETTI LOGISTICS · Class A director · deed of 28-09-2020 founded in 2016 · group GRUPPO XXI |
total assets €4.2m (2025) |
| Stipt BE Employment Services via Didier Clerx, no longer at Stipt BE Employment Services · Class A director · deed of 12-03-2024 founded in 2024 · group GRUPPO XXI |
turnover €3.6m (2025) |
| L.I.N.K. via Didier Clerx, no longer at L.I.N.K. · Class A director · deed of 16-06-2025 founded in 2018 · group GRUPPO XXI |
1.9 FTE (2025) |
| FIELDTRUST via Didier Clerx, no longer at FIELDTRUST · Director · deed of 23-12-2024 founded in 2016 · group GRUPPO XXI |
total assets €884,484 (2026) |
| CREATIVE COOLING GROUP via Didier Clerx, no longer at CREATIVE COOLING GROUP · Class A director · deed of 14-10-2019 founded in 2016 · group GRUPPO XXI |
total assets €665,706 (2025) |
Source for every holding own accounts 2025
WATSON & DICKENS or one of its subsidiaries holds more than half of the shares of these companies. A company it consolidates per the LEI register is listed too.
| Name | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| BPO | 100% | |||||||||||||||
| CAROLEASE 12A | 100% | |||||||||||||||
| COOL FACTORY | 100% | |||||||||||||||
| Heylen Remi | 100% | |||||||||||||||
| OBJECT DESIGN & CONSULT | 100% | 100% | ||||||||||||||
| WELLSUN-HEYLEN I | 100% | |||||||||||||||
| BUILDINGS 21 | 100% | 60.22% | 90.32% | 90% | ||||||||||||
| Groep Heylen RE BVNL | 100% | 90% | ||||||||||||||
| HEYLEN WAREHOUSES DEVELOPMENT BELGIUM | 90% | |||||||||||||||
| Heylen Warehouses Development The NetherlandsNL | 95% | 90% | ||||||||||||||
| HEAT 21 | 100% | 50% | ||||||||||||||
| KADE VHG | 50% | |||||||||||||||
| TIJARM | 50% | |||||||||||||||
| WITBOS | 50% | |||||||||||||||
| AG HEYLEN WAREHOUSES | 0.04% | |||||||||||||||
| Heylen GruppeDE | 100% | |||||||||||||||
| FENIKS | 52% | 100% | ||||||||||||||
| ANTWERP EAST PORTSIDE 21 | 100% | |||||||||||||||
| HEBRIMO | 100% | |||||||||||||||
| MANAGEMENT SOURCE | 100% | |||||||||||||||
| RIKESA | 100% | |||||||||||||||
| CREATIVE COOLING GROUP | 50% | |||||||||||||||
| CORSO FUTURA 21 | 100% | |||||||||||||||
| CAROLEASE 12 | 100% | |||||||||||||||
| INCODIS LOGISTICS | 100% | |||||||||||||||
| Distritech 21 | 50% | |||||||||||||||
| WELLSUN-HEYLEN II | 48% | |||||||||||||||
Source: list of holdings in its own accounts
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 |
|---|---|---|
| Diamantstraat 8 registered office 2200 Herentals 64210 Activities of holding companies | 10-02-2009 | 2.177.059.585 |
| 26-06-2023 | Granted | Bouwen of herbouwen; Een grond gebruiken, aanleggen of inrichten; Het reliëf van de bodem aanmerkelijk wijzigen; Nieuwbouw of aanleggen; Nieuwbouw van bijgebouwen en niet overdekte lage constructie submitted 15-03-2023 · project 2023004164 | Evergem |
| 17-05-2023 | Granted | Het reliëf van de bodem aanmerkelijk wijzigen submitted 22-02-2023 · project 2023021770 | Gent |
| 21-01-2021 | Granted | Bouwen of herbouwen; Het reliëf van de bodem aanmerkelijk wijzigen; Hoogstammige bomen vellen die geen deel uitmaken van een bos; Nieuwbouw of aanleggen; Nieuwbouw van bijgebouwen en niet overdekte lage constructie; Nieuwbouw van bijgebouwen, niet-overdekte lage constructies en andere handelingen; Verwijderen van vrijstaande gebouwen submitted 02-07-2020 · project 2020084433 | Provincie Antwerpen |
| 14-09-2020 | Granted | Bouwen of herbouwen; Het reliëf van de bodem aanmerkelijk wijzigen; Nieuwbouw of aanleggen; Nieuwbouw van bijgebouwen en niet overdekte lage constructie; Nieuwbouw van bijgebouwen, niet-overdekte lage constructies en andere handelingen submitted 11-05-2020 · project 2020041178 | Evergem |
| 25-06-2020 | Discontinued | Bouwen of herbouwen; Het reliëf van de bodem aanmerkelijk wijzigen; Nieuwbouw of aanleggen; Nieuwbouw van bijgebouwen en niet overdekte lage constructie; Nieuwbouw van bijgebouwen, niet-overdekte lage constructies en andere handelingen submitted 28-05-2020 · project 2020005892 | Provincie Antwerpen |
| 04-02-2019 | Granted | Bouwen of herbouwen; Het reliëf van de bodem aanmerkelijk wijzigen; Nieuwbouw of aanleggen; Nieuwbouw van bijgebouwen en niet overdekte lage constructie; Nieuwbouw van bijgebouwen, niet-overdekte lage constructies en andere handelingen submitted 02-10-2018 · project 2018042099 | Evergem |
| 19-11-2018 | Granted | Het reliëf van de bodem aanmerkelijk wijzigen; Slopen of verwijderen; Verwijderen van vrijstaande gebouwen submitted 10-10-2018 · project 2018123118 | Herentals |
| 08-11-2018 | Granted | Bouwen of herbouwen; Het reliëf van de bodem aanmerkelijk wijzigen; Nieuwbouw of aanleggen; Nieuwbouw van bijgebouwen en niet overdekte lage constructie; Nieuwbouw van bijgebouwen, niet-overdekte lage constructies en andere handelingen submitted 03-09-2018 · project 2018103234 | Gent |
| 12-10-2018 | Discontinued | Het reliëf van de bodem aanmerkelijk wijzigen; Slopen of verwijderen; Verwijderen van vrijstaande gebouwen submitted 07-09-2018 · project 2018067755 | Provincie Antwerpen |
| 11-07-2018 | Discontinued | Bouwen of herbouwen; Nieuwbouw van bijgebouwen en niet overdekte lage constructie submitted 28-02-2018 · project 2018019515 | Gent |
Source: Omgevingsloket Vlaanderen.
| Cadastral parcel | Area | Buildings | Height / floors |
|---|---|---|---|
| 13027A0065/00F002 | 1.2 ha | 1 · 3,044 m² | 24.1 m · 6 |
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