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Arxus

Active
Public limited companyfounded 200818 yrs activeVeldkant 35 D, 2550 Kontich, BelgiumKBO/BCE: BE 0806.065.149
Summary

Arxus has been active since 2008 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €16.04M and a net result of €1.82M. Equity is growing by ~14.8% per year across the filed fiscal years. Its solvency ranks better than 64% of 1416 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.1% (very low).

Checked score

Score 2025
72 / 100
Healthy
The score weighs solvency, liquidity and profitability. Bankruptcy probability contributes 35%. Every signal that weighs is under Signals.
Axes · tick = 2024
Profitability68▼-8
Solvency78▼-3
Growth68▼-17
Track record100
Bankruptcy probability, 12 months
0.1% Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €1.15M at 30 days acceptable
Liquidity ample (current ratio 1.81 against 1.95 in 2024; short-term debt: 39.8% and cash: 0.2% of total assets), and 47.5% of the assets are financed with debt.
Credit check for your own amount and term

Signals

Five signals. The signal on the left, the evidence on the right.
lowers riskneutral
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 62
Relative position
BE, all sectors
reference
Sector 62
lower
← fewer bankruptcies more bankruptcies →
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025
Solvency, return and age of the figures
Solvency
52.5%
Return on assets
6%
Age of the figures
9 mo
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation date
Age against the risk zone
highest failure risk from 2 to 8 years 18 years 0 20 y
lowers risk · Lower-risk legal form
Companies with this legal form statistically fail less often than a BV.
KBO · legal form
neutral · Filed after the deadline
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 08-09-2026, 39 days later. For context: 47% of the Belgian market files late and the whole 1-to-90-day band measures 2.0% abnormal legal state against a 1.66% average. We show this as a fact and do not score it.
NBB · 10 filings
Deviation from the deadline
2025
39 d late
2024
54 d late
2023
22 d late
2022
29 d late
2021
32 d late
2020
19 d early
2019
17 d early
← 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 months
Position in the running window
24-09-2026 today31-12-2026 close31-07-2027 deadline
neutral · No strike-offs in the KBO publications
We found no ex-officio strike-off or cessation. Our series starts in 2021 and has gaps, so this is not a confirmation that there is nothing.
KBO publications · our coverage

Financials · fiscal year 2025, full schema

Turnover
€58.04M▲ 6.8%
2024 · €54.33M
2018: €12.99M 2019: €17.11M 2020: €21.95M 2021: €28.09M 2022: €35.70M 2023: €43.59M 2024: €54.33M
2018 → 2025
EBIT margin
3.8%▼ 3.7pp
2024 · 7.5%
2018: 24.2% 2019: 18.5% 2020: 11.1% 2021: 12.4% 2022: 8.5% 2023: 3.5% 2024: 7.5%
2018 → 2025
Net result
€1.82M▼ 47.7%
2024 · €3.48M
2018: €2.13M 2019: €1.98M 2020: €1.76M 2021: €2.56M 2022: €2.20M 2023: €1.30M 2024: €3.48M
2018 → 2025
Working capital
€9.79M▼ 9.4%
2024 · €10.81M
2018: €3.39M 2019: €5.39M 2020: €7.34M 2021: €9.47M 2022: €12.03M 2023: €11.77M 2024: €10.81M
2018 → 2025
Multi-year overview
Every figure with its change against the year before
▲ rise ▼ fall
Line20212022202320242025Trend
Turnover€28.09M-€35.70M▲ 27.1%€43.59M▲ 22.1%€54.33M▲ 24.6%€58.04M▲ 6.8%
Equity€10.43M-€12.52M▲ 20.1%€12.77M▲ 2.0%€15.22M▲ 19.1%€16.04M▲ 5.4%
Operating result€3.49M-€3.02M▼ 13.4%€1.55M▼ 48.8%€4.06M▲ 162%€2.19M▼ 46.0%
Net result€2.56M-€2.20M▼ 14.2%€1.30M▼ 40.9%€3.48M▲ 168%€1.82M▼ 47.7%
Result per fiscal year
Operating resultNet result
€0€2.00M€4.00MOperating result 2021: €3.49M€3.49MNet result 2021: €2.56M€2.56MOperating result 2022: €3.02M€3.02MNet result 2022: €2.20M€2.20MOperating result 2023: €1.55M€1.55MNet result 2023: €1.30M€1.30MOperating result 2024: €4.06M€4.06MNet result 2024: €3.48M€3.48MOperating result 2025: €2.19M€2.19MNet result 2025: €1.82M€1.82M20212022202320242025€0€2M€4MOperating result 2023: €1.55M€1.5MNet result 2023: €1.30M€1.3MOperating result 2024: €4.06M€4.1MNet result 2024: €3.48M€3.5MOperating result 2025: €2.19M€2.2MNet result 2025: €1.82M€1.8M202320242025
The operating result falls in 2025; 2025 is 46% below 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €30.53M
Fixed assets €8.58M ▲ 75.4%
Current assets €21.95M ▼ 1.3%
Equity and liabilities €30.53M
Equity €16.04M ▲ 5.4%
Provisions €4k ▲ 1,976%
Debt €14.49M ▲ 21.6%
Debt's share of the balance-sheet total rises from 43.9% to 47.5%. Equity and debt are higher.
Key figures and ratios
2025 value · change against 2024
EBITDA
€4.74M
2024 · €5.36M
Cash flow
€4.37M
2024 · €4.79M
Current ratio
1.81
2024 · 1.95
Debt to equity
0.90
2024 · 0.78
ROE
11.4%
2024 · 22.9%
ROA
6.0%
2024 · 12.8%
Interest coverage
30.33
2024 · 39.72
Debt ≤ 1 year
€12.15M
2024 · €11.43M
Debt > 1 year
€521k
2024 · €212k
Income taxes
€338k
2024 · €616k
Staff costs
€7.47M
2024 · €6.49M
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 · 90 lines
Balance sheet Code20242025
Assets
Total assets20/58€27.13M€30.53M
Fixed assets21/28€4.90M€8.58M
Intangible fixed assets21€2.97M€4.75M
Tangible fixed assets22/27€1.08M€1.15M
Plant, machinery and equipment23€591k€673k
Furniture and vehicles24€26k€30k
Leasing and similar rights25€399k€411k
Other tangible fixed assets26€66k€32k
Financial fixed assets28€847k€2.68M
Affiliated companies280/1€845k€2.68M
Participating interests280€845k€2.68M
Other financial fixed assets284/8€2k-
Amounts receivable and cash guarantees285/8€2k-
Current assets29/58€22.24M€21.95M
Amounts receivable within one year40/41€20.16M€19.29M
Trade receivables40€11.67M€14.64M
Other amounts receivable41€8.49M€4.65M
Cash at bank and in hand54/58€352k€61k
Deferred charges and accrued income490/1€1.73M€2.59M
Equity and liabilities
Total equity and liabilities10/49€27.13M€30.53M
Equity10/15€15.22M€16.04M
Contributions10/11€62k€62k=
Capital10€62k€62k=
Issued capital100€62k€62k=
Reserves13€15.15M€15.98M
Non-distributable reserves130/1€6k€6k=
Legal reserve130€6k€6k=
Tax-exempt reserves132€1.20M€1.05M
Distributable reserves133€13.94M€14.92M
Profit (loss) carried forward14€4k€731
Provisions and deferred taxes16€192€4k
Provisions for liabilities and charges160/5€192€4k
Pensions and similar obligations160€192€4k
Amounts payable17/49€11.92M€14.49M
Amounts payable after more than one year17€212k€521k
Financial debts170/4€212k€521k
Leasing and similar obligations172€212k€521k
Amounts payable within one year42/48€11.43M€12.15M
Current portion of amounts payable after more than one year42€172k€234k
Trade debts44€9.95M€10.34M
Suppliers440/4€9.95M€10.34M
Advances received on contracts in progress46€23k-
Taxes, remuneration and social security45€1.22M€1.54M
Taxes450/3€433k€624k
Remuneration and social security454/9€788k€912k
Other amounts payable47/48€67k€50k
Accrued charges and deferred income492/3€278k€1.81M
Income statement Code20242025
Operating income70/76A€58.49M€62.26M
Turnover70€54.33M€58.04M
Own construction capitalised72€3.52M€3.57M
Other operating income74€642k€646k
Non-recurring operating income76A€394€47
Operating charges60/66A€54.43M€60.07M
Goods for resale, raw materials and consumables60€43.21M€44.82M
Purchases600/8€43.21M€44.82M
Services and other goods61€3.43M€5.19M
Remuneration, social security and pensions62€6.49M€7.47M
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€1.30M€2.55M
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4€-52k-
Provisions for liabilities and charges: additions (uses and reversals)635/8-€4k
Other operating charges640/8€49k€40k
Non-recurring operating charges66A-€271
Operating profit (loss)9901€4.06M€2.19M
Financial income75/76B€186k€132k
Recurring financial income75€186k€77k
Income from current assets751€177k€70k
Other financial income752/9€9k€7k
Non-recurring financial income76B-€55k
Financial charges65/66B€148k€163k
Recurring financial charges65€148k€163k
Debt charges650€135k€156k
Other financial charges652/9€13k€6k
Profit (loss) for the period before taxes9903€4.10M€2.16M
Income taxes67/77€616k€338k
Taxes670/3€697k€458k
Tax adjustments and reversals of tax provisions77€82k€120k
Profit (loss) for the period9904€3.48M€1.82M
Transfer from tax-exempt reserves789€800k€484k
Transfer to tax-exempt reserves689€232k€337k
Profit (loss) for the period to be appropriated9905€4.05M€1.97M
Appropriation of the result
Profit (loss) to be appropriated9906€4.06M€1.97M
Profit (loss) brought forward from the previous period14P€5k€4k
Transfer from equity791/2€1.00M€1.00M=
From reserves792€1.00M€1.00M=
Transfer to equity691/2€4.01M€1.97M
To other reserves6921€4.01M€1.97M
Profit to be distributed694/7€1.04M€1.00M
Return on contributions (dividend)694€1.00M€1.00M=
Employees696€37k-
Social balance
Average headcount (FTE)908775.682.3

The notes to these accounts (73 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.

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Timeline · acts, filings and financial milestones

Next filing, fiscal year 2026, expected by 31-07-2027
2026
08-09
NBB filing Annual accounts filed
fiscal year 2025 · full schema · 39 days late
2025
10-11
State Gazette act Appointment: Erlend Schenkels (director)
Resignation: Josephus de Wit (director) · Permanent representative: Dirk Deroost · Mandate compensation7 facts ▸
  • General meeting, 25-09-2025
  • Director appointment, Erlend Schenkels (director)
  • Mandate compensation, Erlend Schenkels
  • Director resignation, Josephus de Wit (director)
  • Board meeting, 25-09-2025
  • Director resignation, Josephus de Wit (managing director)
  • Permanent representative, Dirk Deroost
23-09
NBB filing Annual accounts filed
fiscal year 2024 · full schema · 54 days late
2024
31-12
Financial Highest result since 2018net €3.48M ▲168%
Operating result €4.06M, net result €3.48M, both a record.
13-11
State Gazette act Permanent representatives: Rita Verreydt, Sam Bambust and Dirk Deroost
4 facts ▸
  • General meeting, 30-09-2024
  • Permanent representative, Rita Verreydt
  • Permanent representative, Sam Bambust
  • Permanent representative, Dirk Deroost
22-08
NBB filing Annual accounts filed
fiscal year 2023 · full schema · 22 days late
2023
31-12
Financial Weakest financial yearnet €1.30M ▼40.9%
Net result drops to €1.30M, the lowest in the series; recovery starts the following year.
15-09
State Gazette act Reappointment: KPMG Bedrijfsrevisoren BV (statutory auditor)
2 facts ▸
  • General meeting, 07-08-2023
  • Auditor reappointment, KPMG Bedrijfsrevisoren BV (statutory auditor)
29-08
NBB filing Annual accounts filed
fiscal year 2022 · full schema · 29 days late
2022
01-09
NBB filing Annual accounts filed
fiscal year 2021 · full schema · 32 days late
2021
31-12
Financial Equity above €10MEq €10.43M ▲30.9%
4 profitable years in a row build equity to €10.43M.
12-07
NBB filing Annual accounts filed
fiscal year 2020 · full schema
Show earlier events
2020
30-11
State Gazette act Reappointments: Uptime Group NV, Josephus de Wit and De Cronos Groep NV
Resignation: EY bedrijfsrevisoren BV (statutory auditor) · Appointment: KPMG Bedrijfsrevisoren CVBA (statutory auditor) · Permanent representative: Filip De Bock12 facts ▸
  • General meeting, 15-06-2020
  • Director reappointment, Uptime Group NV (director)
  • Director reappointment, Josephus de Wit (director)
  • Director reappointment, De Cronos Groep NV (director)
  • Mandate compensation, Uptime Group NV
  • Mandate compensation, Josephus de Wit
  • Mandate compensation, De Cronos Groep NV
  • General meeting, 29-09-2020
  • Director resignation, EY bedrijfsrevisoren BV (statutory auditor)
  • Director discharge, EY bedrijfsrevisoren BV
  • Auditor appointment, KPMG Bedrijfsrevisoren CVBA (statutory auditor)
  • Permanent representative, Filip De Bock
14-07
NBB filing Annual accounts filed
fiscal year 2019 · full schema
18-02
State Gazette act Permanent representative: Paul Eelen
Resignation: Koent Claesen (permanent representative)3 facts ▸
  • Board meeting, 20-05-2019
  • Permanent representative, Paul Eelen
  • Director resignation, Koent Claesen (permanent representative)
2019
31-12
Financial Equity above €5MEq €6.26M ▲44.1%
2 profitable years in a row build equity to €6.26M.
13-09
State Gazette act Permanent representative: Paul Eelen
Resignation: Rita Verreydt (director) · Power of attorney6 facts ▸
  • Board meeting, 15-03-2019
  • Power of attorney, Erlend Schenkels
  • General meeting, 17-06-2019
  • Permanent representative, Paul Eelen
  • General meeting, 20-08-2019
  • Director resignation, Rita Verreydt (director)
08-07
NBB filing Annual accounts filed
fiscal year 2018 · full schema
2018
12-09
State Gazette act Reappointment: Ernst & Young bedrijfsrevisoren (statutory auditor)
Permanent representative: Dirk Deroost3 facts ▸
  • General meeting, 18-06-2018
  • Auditor reappointment, Ernst & Young bedrijfsrevisoren (statutory auditor)
  • Permanent representative, Dirk Deroost
13-07
NBB filing Annual accounts filed
fiscal year 2017 · full schema
01-02
State Gazette act Resignation: Ömer Turna (permanent representative)
Appointment: Koen Claesen (permanent representative) · Accounting effect4 facts ▸
  • Board meeting, 27-10-2017
  • Director resignation, Ömer Turna (permanent representative)
  • Director appointment, Koen Claesen (permanent representative)
  • Accounting effect, 01-01-2017
2017
03-07
NBB filing Annual accounts filed
fiscal year 2016 · full schema
2015
18-09
State Gazette act Reappointment: Ernst & Young bedrijfsrevisoren (statutory auditor)
Permanent representative: Dirk Deroost3 facts ▸
  • General meeting, 15-06-2015
  • Auditor reappointment, Ernst & Young bedrijfsrevisoren (statutory auditor)
  • Permanent representative, Dirk Deroost
21-05
State Gazette act Resignations & appointments
Power of attorney2 facts ▸
  • Board meeting, 23-04-2015
  • Power of attorney, Erlend Schenkels
2014
17-09
State Gazette act Resignation: U-Vision NV (director)
2 facts ▸
  • General meeting, 16-06-2014
  • Director resignation, U-Vision NV (director)
03-09
State Gazette act Reappointments: Josephus de Wit, Rita Verreydt and Uptime Group NV
Permanent representatives: Rita Verreydt and Dirk Deroost · Appointment: De Cronos Group NV (director)7 facts ▸
  • General meeting, 16-06-2014
  • Director reappointment, Josephus de Wit (director)
  • Director reappointment, Rita Verreydt (director)
  • Director reappointment, Uptime Group NV (director)
  • Permanent representative, Rita Verreydt
  • Director appointment, De Cronos Group NV (director)
  • Permanent representative, Dirk Deroost
2013
22-08
State Gazette act Resignation: Dirk Deroost (permanent representative)
Appointment: Rita Verreydt (permanent representative) · Mandate term4 facts ▸
  • General meeting, 17-06-2013
  • Director resignation, Dirk Deroost (permanent representative)
  • Director appointment, Rita Verreydt (permanent representative)
  • Mandate term, tot de jaarvergadering van 2014
2012
26-11
State Gazette act Appointment: Rita Verreydt (director)
Permanent representative: Dirk Deroost3 facts ▸
  • General meeting, 03-09-2012
  • Director appointment, Rita Verreydt (director)
  • Permanent representative, Dirk Deroost
19-10
State Gazette act Reappointment: Ernst & Young Bedrijfsrevisoren (statutory auditor)
Permanent representatives: Ömer Turna and Dirk Deroost4 facts ▸
  • General meeting, 18-06-2012
  • Auditor reappointment, Ernst & Young Bedrijfsrevisoren
  • Permanent representative, Ömer Turna
  • Permanent representative, Dirk Deroost
2011
06-12
State Gazette act Permanent representatives: Patrick ROTTIERS and Ömer TURNA
Name change · Statutes amendment5 facts ▸
  • General meeting, 22-11-2011
  • Name change, Arxus
  • Statutes amendment
  • Permanent representative, Patrick ROTTIERS (permanent representative)
  • Permanent representative, Ömer TURNA (permanent representative)
2008
09-09
State Gazette act Incorporation
Appointments: Optimized solutions, Josephus DE WIT and 2 others · Permanent representatives: Dirk, Jules, Clement DEROOST and Josephus DE WIT · Founding capital11 facts ▸
  • Incorporation, 22-08-2008
  • Founding capital, €62.000
  • Director appointment, Optimized solutions (director)
  • Permanent representative, Dirk, Jules, Clement DEROOST
  • Director appointment, Josephus DE WIT (director)
  • Director appointment, U-Vision (director)
  • Permanent representative, Josephus DE WIT
  • Mandate compensation, Optimized solutions
  • Mandate compensation, Josephus DE WIT
  • Mandate compensation, U-Vision
  • Auditor appointment, Ernst & Young Bedrijfsrevisoren (statutory auditor)
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.

Directors · office · real estate

Directors
6 directors, no change since 2025
Erlend Schenkels
Director · since 25-09-2025
Current
De Cronos Groep NV
Director · since 16-06-2020 · Legal entity
Current
Uptime Group NV
Director · since 16-06-2014 · Legal entity · perm. rep.: Rita Verreydt
Current
De Cronos Group NV
Director · since 16-06-2014 · Legal entity · perm. rep.: Dirk Deroost
Not recently confirmed
Coalitions
Director · since 22-08-2008 · Public limited company · perm. rep.: Josephus DE WIT
Not recently confirmed
UPTIME GROUP
Director · since 22-08-2008 · Public limited company · perm. rep.: Dirk, Jules, Clement DEROOST
Not recently confirmed
25-09-2025 Erlend Schenkels: Appointed as Director
25-09-2025 Josephus de Wit: Resigned as Director
25-09-2025 Josephus de Wit: Resigned as Managing director
16-06-2020 De Cronos Groep NV: Mandate renewed as Director
16-06-2020 Uptime Group NV: Mandate renewed as Director
Full history in the Timeline (21 changes) →
Location & real-estate footprint
Registered office, Kontich · 1 establishment unit since 2008
establishment The establishment unit on the map
Cannot be placed on the map

This address could not be matched to a point in the Belgian address register (BOSA BEST). The address below comes straight from the Crossroads Bank.

Veldkant 35 D2550 Kontich
Ground area
5,984 m²
Building footprint
1,439 m²
Volume, LiDAR
11,517 m³
2 parcels, Flanders · tallest building 10.3 m, ±3 floors. Linked by address, not a title deed.
1 establishment unit
Lume
Veldkant 35D, 2550 KontichComputing infrastructure, data processing, hosting and other information service activities
since 20082.173.278.961
2 parcels
Flanders 2 (100%)
Parcel (capakey) Region Area Buildings Height / fl.
11024B0079/00F000 Flanders 3,333 m² 1 · 932 m² 10.3 m · 3 fl.
11024B0130/00Z000 Flanders 2,651 m² 1 · 506 m² 8.7 m · 2 fl.
Linked by address, not proof of ownership
Methodology
via registered seat: 1 · via establishment units: 1
2 of 2 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.

Statutory auditor

1 auditor
KPMG Bedrijfsrevisoren BVCurrent
Statutory auditor
07-08-2023 → present
Show 3 earlier auditors
Ernst & Young Bedrijfsrevisoren
Statutory auditor
succeeded by KPMG Bedrijfsrevisoren CVBA in 2020
22-08-2008 → 29-09-2020
EY Bedrijfsrevisoren BV
Statutory auditor
- → 29-09-2020
KPMG Bedrijfsrevisoren CVBA
Statutory auditor · represented by Filip De Bock
succeeded by KPMG Bedrijfsrevisoren BV in 2023
29-09-2020 → 07-08-2023

Articles of association

Purpose
De vennootschap heeft tot doel, dit alles in de meest ruime zin van het woord, het verlenen van diensten in of gerelateerd aan de informatica-en (tele)communicatietechnologie…
Full purpose

De vennootschap heeft tot doel, dit alles in de meest ruime zin van het woord, het verlenen van diensten in of gerelateerd aan de informatica-en (tele)communicatietechnologie sector. Binnen deze sectoren, of gerelateerd daaraan, stelt de vennootschap zich bovendien tot doel: a) Het rechtstreeks of onrechtstreeks participeren... b) Het beheren van vennootschappen... c) Het verlenen van diensten of prestaties op technisch, commercieel, juridisch en financieel gebied... d) Het op productieve wijze verwerven, beheren, verkopen van roerende en onroerende... e) Het bemiddelen, in opdracht van derden, van overeenkomsten of diensten... f) Het verstrekken van leningen en kredieten in de breedste zin...

Structure & network

Connections & network

7 connected companies

Ownership & control

2 parent companies
Control over this companyparent company per the LEI register2
Kontich · indirect · LEI lapsed
controls
ArxusBE 0806.065.149

Capital and shareholders

Capital over the years
  1. 09-09-2008 Incorporation · 62,000 EUR · 6,200 shares

Public money · subsidies and aid

Flemish government

2023 to 2024 · 2 entries · 4,175 EUR awarded · 4,175 EUR paid
Year Entries awardedpaid
2024 1 2,641 EUR2,641 EUR
2023 1 1,534 EUR1,534 EUR
Schemes
Vlaams opleidingsverlof (VOV)
2 entries · 4,175 EUR · 4,175 EUR paid · Departement Werk en Sociale Economie

Recognitions · licences · registrations

Legal Entity Identifier

699400DFYG30IT54T988
live in the LEI register

Similar companies · same sector, comparable size

Of 29,996 companies in sector 62200 we hold annual accounts for 18,393. 560 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector

Company data · Crossroads Bank

Identification
Legal formPublic limited company
Founded22-08-2008
Fiscal year end31-12
Activities, NACEBEL 2025
62200Computer consultancy and computer facilities management
Sources
Crossroads Bank for EnterprisesNational Bank · 17 filingsAddress and cadastre registers

Scores and ratios are computed by Checked and are not a credit decision.