WithSecure
ActiveSummary
WithSecure has been active since 2009 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €346,228 and a net result of €15,169. Equity has been stable since 2018 (±2.2% per year). Its solvency ranks better than 66% of 3,395 sector peers (NACE 62, financial year 2025). The computed 12-month bankruptcy probability is below 0.1% (very low).
Overview
Overview
Official details
Source: KBO- Status
- Active since 03-07-2009 Normal situation
- Registered office
- 121 active companies are registered at this address 8 started in the 12 months before. Source: KBO register, as of 4 November 2026.
- Activity
- Computer programming NACE 62100and 4 others
- Joint committee
- 200 Aanvullend Paritair Comité voor de bedienden · annual accounts 2022
- Establishment unit
- 2.179.921.382 3001 Leuven, since 12-08-2009
- Financial year end
- 31 December
- Peppol
- Not found in the Peppol Directory
Board and ownership
- Sarhimaa Tiina KaroliinaDirector · since 01-11-2020
- Auditor
- Groupe Audit Belgium BV
- F-Secure Corporation100%annual accounts 2020
- WithSecure Corporation BOconsolidatesannual accounts 2025
Financial position
- Bankruptcy probabilitywithin 12 months
- < 0.1%
- Gross margin
- €661,968
- ▲ 26.8%
- Turnover
- ≈ €1.8m
- estimated
- Profit
- €15,169
- ▲ 194%
- Equity
- €346,228
- ▲ 4.6%
- Total assets
- €533,608
- ▲ 8.5%
- Employees on 31-12-2025
- 2
- ▼ 33.3%
Score breakdownlowers riskLiquidity: current ratio 2.88, cash €188,706Equity €346,228 (64.9% of total assets)Sector: Computer programming, consultancy and related activities (NACE 62)Figures for financial year 2025 (filed on 06-08-2026)Show the evidence
Checked score
Fewer than 1 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
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 62, micro). It does better than 57% of them on solvency, 62% on liquidity, 20% on profitability and 50% on growth.
The bankruptcy probability was computed on 03-11-2026 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.
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).
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The scores and ratios are Checked's own calculations, not a credit decision.
Signals
The company filed its last 7 accounts on average 2 days before the deadline. In the sector (NACE 62), the median for financial year 2024 was 9 days before the deadline, and 33% of those companies filed late.
Searched, nothing found (2)
Financials
Financials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 31-07-2026 at the NBB all 17 filings
Every figure per financial year
The operating result for 2025 is 55% higher than in 2024. It is the second rise in a row, after the fall in 2023.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 4 | 2 | 2 | 3 | 2 |
| full-time | 4 | 2 | 2 | 3 | 2 |
| part-time | - | - | 0 | 0 | 0 |
| in full-time equivalents | 4 | 2 | 2 | 3 | 2 |
| Average over the year, in full-time equivalents | 3.5 | 3 | 2 | 2.7 | 2.6 |
| On a permanent contract | 4 | 2 | 2 | 3 | 2 |
| Joined | 2 | 0 | - | 1 | 0 |
| Left | 3 | 2 | - | 0 | 1 |
| Training hours | 4 | - | - | 0 | 0 |
Source: social balance sheet in the 2021 to 2025 annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Turnover70 | €0.8m | €1.1m | €1.1m | €0.8m | - | - | - | - | - |
| Goods, raw materials, services and sundry goods60/61 | - | - | - | €0.1m | - | - | - | - | - |
| Remuneration, social security and pensions62 | - | - | - | €0.6m | €0.7m | €0.4m | €0.5m | €0.6m | ▲ 25.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.002m | €0.003m | €0.003m | €0.002m | €0.001m | €173 | €0 | - | - |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | - | €0.002m | €0 | - | - |
| Other operating charges640/8 | - | - | - | €0.004m | €0.006m | €0.007m | €0 | €0.002m | - |
| Gross operating margin9900 | - | - | - | €0.7m | €0.8m | €0.4m | €0.5m | €0.7m | ▲ 26.8% |
| Operating profit (loss)9901 | €0.04m | €0.05m | €0.03m | €0.04m | €0.04m | €0.02m | €0.02m | €0.03m | ▲ 55.3% |
| Financial income75/76B | - | - | - | €0.002m | €0.005m | €0.005m | €0.003m | €0.001m | ▼ 59.0% |
| Recurring financial income75 | €0.005m | €0.004m | €0.004m | €0.002m | €0.005m | €0.005m | €0.003m | €0.001m | ▼ 59.0% |
| Financial charges65/66B | - | - | - | €0.001m | €0.002m | €100 | €0.001m | €0.002m | ▲ 146% |
| Recurring financial charges65 | €0.007m | €0.008m | €0.002m | €0.001m | €0.002m | €100 | €0.001m | €0.002m | ▲ 146% |
| Profit (loss) for the period before taxes9903 | €0.03m | €0.05m | €0.03m | €0.04m | €0.05m | €0.02m | €0.02m | €0.03m | ▲ 35.7% |
| Income taxes67/77 | €0.02m | €0.02m | €0.008m | €0.02m | €0.03m | €0.01m | €0.02m | €0.01m | ▼ 17.5% |
| Profit (loss) for the period9904 | €0.02m | €0.02m | €0.02m | €0.03m | €0.02m | €0.008m | €0.005m | €0.02m | ▲ 194% |
| Profit (loss) for the period to be appropriated9905 | €0.02m | €0.02m | €0.02m | €0.03m | €0.02m | €0.008m | €0.005m | €0.02m | ▲ 194% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €477,915 | €555,310 | €799,848 | €657,421 | €785,594 | €557,378 | €491,738 | €533,608 | ▲ 8.5% |
| Fixed assets21/28 | €154,233 | €160,444 | €158,625 | €151,216 | €173 | €0 | - | - | - |
| Tangible fixed assets22/27 | €3,868 | €5,204 | €3,385 | €1,216 | €173 | €0 | - | - | - |
| Plant, machinery and equipment23 | - | - | - | €1,216 | €173 | €0 | - | - | - |
| Financial fixed assets28 | €150,365 | €155,240 | €155,240 | €150,000 | - | - | - | - | - |
| Current assets29/58 | €323,682 | €394,866 | €641,223 | €506,205 | €785,421 | €557,378 | €491,738 | €533,608 | ▲ 8.5% |
| Amounts receivable after more than one year29 | - | - | - | €365 | €365 | €365 | €365 | €0 | ▼ 100% |
| Other amounts receivable291 | - | - | - | €365 | €365 | €365 | €365 | €0 | ▼ 100% |
| Amounts receivable within one year40/41 | €217,077 | €104,556 | €103,966 | €294,613 | €465,312 | €391,427 | €329,319 | €343,537 | ▲ 4.3% |
| Trade receivables40 | - | - | - | €243,719 | €460,688 | €380,000 | €232,000 | €342,526 | ▲ 47.6% |
| Other amounts receivable41 | - | - | - | €50,894 | €4,624 | €11,427 | €97,319 | €1,011 | ▼ 99.0% |
| Cash at bank and in hand54/58 | €106,399 | €288,685 | €537,257 | €209,630 | €319,744 | €165,587 | €159,431 | €188,706 | ▲ 18.4% |
| Deferred charges and accrued income490/1 | - | - | - | €1,597 | - | - | €2,623 | €1,365 | ▼ 48.0% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €477,915 | €555,310 | €799,848 | €657,421 | €785,594 | €557,378 | €491,738 | €533,608 | ▲ 8.5% |
| Equity10/15 | €375,487 | €399,632 | €419,316 | €448,503 | €317,633 | €325,905 | €331,059 | €346,228 | ▲ 4.6% |
| Contributions10/11 | €20,000 | €20,000 | - | €20,000 | €20,000 | €20,000 | €20,000 | €20,000 | = |
| Reserves13 | €132,900 | €132,900 | €132,900 | €132,900 | €132,900 | €132,900 | €132,900 | €132,900 | = |
| Non-distributable reserves130/1 | - | - | - | €2,000 | €2,000 | €2,000 | €2,000 | €2,000 | = |
| Reserves not available under the articles1311 | - | - | - | €2,000 | €2,000 | €2,000 | €2,000 | €2,000 | = |
| Distributable reserves133 | - | - | - | €130,900 | €130,900 | €130,900 | €130,900 | €130,900 | = |
| Profit (loss) carried forward14 | €222,587 | €246,732 | €266,416 | €295,603 | €164,733 | €173,005 | €178,159 | €193,328 | ▲ 8.5% |
| Amounts payable17/49 | €102,428 | €155,678 | €380,532 | €208,918 | €467,961 | €231,473 | €160,679 | €187,380 | ▲ 16.6% |
| Amounts payable within one year42/48 | €99,597 | €147,964 | €364,939 | €208,025 | €466,838 | €229,944 | €156,679 | €185,230 | ▲ 18.2% |
| Trade debts44 | €4,681 | €9,882 | €130,632 | €2,174 | €24,273 | €22,698 | €25,683 | €50,224 | ▲ 95.6% |
| Suppliers440/4 | - | - | - | €2,174 | €24,273 | €22,698 | €25,683 | €50,224 | ▲ 95.6% |
| Taxes, remuneration and social security45 | - | - | - | €165,270 | €292,565 | €207,246 | €130,996 | €135,005 | ▲ 3.1% |
| Taxes450/3 | - | - | - | €15,440 | €40,297 | €48,691 | €29,922 | €30,004 | ▲ 0.3% |
| Remuneration and social security454/9 | - | - | - | €149,830 | €252,268 | €158,555 | €101,074 | €105,002 | ▲ 3.9% |
| Other amounts payable47/48 | - | - | - | €40,581 | €150,000 | €0 | - | - | - |
| Accrued charges and deferred income492/3 | - | - | - | €893 | €1,123 | €1,529 | €4,000 | €2,150 | ▼ 46.3% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €16,566 | €24,145 | €19,684 | €29,187 | €19,130 | €8,271 | €5,154 | €15,169 | ▲ 194% |
| + Depreciation and write-downs630 | €2,046 | €3,097 | €2,858 | €2,169 | €1,043 | €173 | €0 | - | - |
| Operating cash flow (approximation) | €18,612 | €27,242 | €22,542 | €31,356 | €20,173 | €8,444 | €5,154 | €15,169 | ▲ 194% |
| Investment in fixed assets (approximation) | - | -€9,308 | -€1,039 | €5,240 | €150,000 | -€0 | - | - | - |
| Change in cash | - | €182,287 | €248,572 | -€327,627 | €110,114 | -€154,157 | -€6,156 | €29,276 | - |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Historical observation
In July 2024, 10,904 companies had the same profile as WithSecure has now. Two years later, 95.1% were still going and 0.7% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit under 5% of the balance sheet
That fits the bankruptcy probability of WithSecure itself: < 0.1% within 12 months.
Test of the method
The method was tested on the 497,446 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 WithSecure. 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.
Latest 10 of 17 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 31-07-2026 | 2026-00383120 | |
| 31-12-2024 | abbreviated format | 10-07-2025 | 2025-00260613 | |
| 31-12-2023 | abbreviated format | 06-08-2024 | 2024-00336444 | |
| 31-12-2022 | abbreviated format | 28-09-2023 | 2023-00468208 | |
| 31-12-2021 | abbreviated format | 19-08-2022 | 2022-20296487 | |
| 31-12-2020 | full format | 31-05-2021 | 2021-16500509 | |
| 31-12-2019 | full format | 15-07-2020 | 2020-30500520 | |
| 31-12-2018 | full format | 16-04-2019 | 2019-10100180 | |
| 31-12-2017 | full format | 25-05-2018 | 2018-14200370 | |
| 31-12-2016 | full format | 25-04-2017 | 2017-10200279 |
Board & ownership
Directors
Board 1
Statutory auditor 1
Owners and capital
Shareholders
2 ownersChain of control
- WithSecure Corporation BOFI
- WithSecure
Owners 2
- F-Secure CorporationFIparentSourceown accounts 2020100%
- WithSecure Corporation BOFIconsolidating parentconsolidates
Capital transactions
- 23-05-2022 Converted to available equity
Mandate history
- Board
- Statutory auditor
| Name | Functions and periods |
|---|---|
| Sarhimaa Tiina Karoliina |
|
| Groupe Audit Belgium BV |
|
| EY Bedrijfsrevisoren |
|
Articles of association
- Board ruleThese rules set how the board is made up, meets and takes decisions.
- “Met of zonder beperking van duur, 1”
Articles of association, deed of 23-05-2022 (in Dutch)
Network & group
Companies at the same address
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- SWIDREX Registered office · since 2026 1036435991
- Retrieve Resilience Registered office · since 2026 1035183802
- VAV Holdings Europe Registered office · since 2026 1034882508
- Eva Vangoidsenhoven Advocatenkantoor Establishment · since 2026 1034291697
- Fauconnier, Aurélien (sole trader) Establishment · since 2026 1015719365
- APEX GROWTH PARTNERS Registered office · since 2025 1031335177
- BUSINESS CONSULTING NETWORK Registered office · since 2025 0470928664
- AZTEC FOODS Registered office · since 2025 1030397544
Connections & network
1 current directorThe network starts from the directors of WithSecure. Every other company they run is a node.
Timeline
Acts, filings and financial milestones
05-04
Gazette deed
Appointment: Groupe Audit Belgium BV (statutory auditor)Permanent representative: David AUGUSTINUS3 points ▸
- General meeting, 09-02-2024
- Auditor appointment, Groupe Audit Belgium BV (statutory auditor)
- Permanent representative, David AUGUSTINUS
24-11
Gazette deed
Resignation: EY Bedrijfsrevisoren BV (statutory auditor)Power of attorney3 points ▸
- General meeting, 30-08-2023
- Auditor resignation, EY Bedrijfsrevisoren BV (statutory auditor)
- Power of attorney
25-11
Gazette deed
Reappointment: EY Bedrijfsrevisoren (statutory auditor)2 points ▸
- General meeting, 17-08-2022
- Auditor reappointment, EY Bedrijfsrevisoren (statutory auditor)
06-07
Gazette deed
Company renamed to WithSecureCorrection4 points ▸
- Correction, 16-05-2022, “materiële vergissing met betrekking tot datum van de algemene vergadering” (deed in Dutch)
- Name change, WithSecure
- Other provision, “gecorrigeerde en gecoördineerde tekst van de statuten, opstellen,ondertekenen en neerleggen in elektronische databank” (deed in Dutch)
- Other provision, “uitreiking vóór registratie, artikel 173,1°bis van het Wetboek van registratierechten” (deed in Dutch)
23-05
Gazette deed
Company renamed from F-Secure to WithSecureCapital conversion · Amendment of the articles · Capital9 points ▸
- General meeting, 16-05-2022
- Capital conversion, “beschikbare eigen vermogensrekening” (deed in Dutch)
- Name change, WithSecure
- Amendment of the articles
- Capital
- Other provision, “TITEL VII.ONTBINDING-VEREFFENING” (deed in Dutch)
- Other provision, “VIERDE BESLISSING:Volmacht voor de coördinatie” (deed in Dutch)
- Power of attorney
- Other provision, “uitreiking vóór registratie, artikel 173,1°bis Wetboek van registratierechten” (deed in Dutch)
Show earlier events
Sources:Publications in the Belgian Official GazetteFilings with the National Bank
History
Company details
Register details
Identity
KBO recordRegistered office and establishments
Activities
NACEBEL 2025Codes under NACEBEL 2008
Invoicing and payment
Financial year and general meeting
Accounts at the NBBSites & property
Buildings and parcels at the address
| Cadastral parcel | Region | Area | Buildings | Height / floors |
|---|---|---|---|---|
| 24514C0086/00N000 | Flanders | 9,445 m² | 1 · 412 m² | 7.3 m · 2 |