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ESTUDIO

Active
Kortrijksesteenweg 788 ·9000 Gent, Belgium
KBO/BCE: BE 0693.905.930
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Age8 yrs
Board2
Staff (FTE)1
Connections2
Real estate1 parcel · 1,212 m²

Summary

Conclusion

the dossier summarised in one paragraph

The computed 12-month bankruptcy probability of ESTUDIO is 0.6% (low). The 2025 annual accounts show equity of €276k and a net result of €83k. Equity is growing by ~16.8% per year across the filed fiscal years. Its solvency ranks better than 29% of 76 sector peers (fiscal year 2025). The company has been active since 2018 and the Belgian State Gazette contains no insolvency or warning signals.

Based on the State Gazette, CBE and 7 annual accounts.

Signals

1 signal · with evidence
Consistently profitable
Positive net result in the two most recent financial years (2024 and 2025).
View the result trend

Signals are derived from the filed annual accounts and the sector comparison. No composite score: each signal is separately verifiable at the source.

Filing behaviour

From the deposit records, complete market-wide
Latest accounts filed on time
The financial year that closed on 30-06-2025 was due by 31-01-2026 and was filed on 08-09-2025, 145 days ahead of the deadline. This speaks to administrative punctuality and says nothing about the financial position.
The next deadline is still running
The next financial year closes on 30-06-2026 and is due by 31-01-2027. Nothing is late today.
How we compute the deadline
The year end is derived from 7 filed financial years, each closing on 30-06. The statutory deadline is seven months after the close of the financial year (art. 3:10 par. 1 CAC, art. 3:47 par. 7 for ASBL and foundations). Applied to the financial year that closed on 30-06-2025, that is 31-01-2026.
Deadline per financial year
Year closed Due by Filed Variance Reference
30-06-2025 31-01-2026 08-09-2025 145 d early 2025-00485141
30-06-2024 31-01-2025 15-11-2024 77 d early 2024-00600401
30-06-2023 31-01-2024 12-01-2024 19 d early 2024-00000886
30-06-2022 31-01-2023 09-11-2022 83 d early 2022-20517461
30-06-2021 31-01-2022 17-12-2021 45 d early 2021-80700248
30-06-2020 31-01-2021 21-12-2020 41 d early 2020-76500564
30-06-2019 31-01-2020 20-12-2019 42 d early 2019-77100133

Source: the National Bank's deposit records. Those records are complete, including for years whose figures we have not read yet. Filing late covers nearly half the market and is therefore not scored; only not filing, being more than 90 days late and breaking a punctual record carry weight.

Trust signals

2 signals
More than 3 years active
Founded in 2018, past the statistically most fragile first 3 years.
No legal incidents
No bankruptcy, reorganisation or interim measure in the Belgisch Staatsblad, and the KBO register records a normal legal situation.

Administrative Flags

No strikeouts found in the KBO publications we processed. That series starts in 2021 and has gaps, so this is not a confirmation that there is nothing.

Bankruptcy probability (12 mo)

Checked model v1 · free for everyone
0.6% Low
0%0,5%1,5%4%10%≥25%
Annual accounts: healthy financial profile −Young company +

Statistical estimate based on public sources, not credit advice nor a finding of fact. How do we compute this?

Financials

TurnoverNot published (abbreviated filing)
EBIT marginNot published (abbreviated filing)
Net result€83k-21.7%
Working capital€102k-44.1%

Annual accounts & ratios

Source: NBB · 2025
Annual accounts filed on 08-09-2025 with the NBB · fiscal year 2025 · verkort
€0€50k€100k€150kOperating result 2021: €25k€25kNet result 2021: €13k€13kOperating result 2022: €14k€14kNet result 2022: €737€737Operating result 2023: €139k€139kNet result 2023: €87k€87kOperating result 2024: €160k€160kNet result 2024: €106k€106kOperating result 2025: €130k€130kNet result 2025: €83k€83k20212022202320242025
Operating resultNet result
Trajectory (indicative)
Projection over 3 fiscal years from the filed annual accounts, not a forecast, the extended trend.
growing Equity: growth of ~16.8%/year over 7 fiscal years, indicative, assuming unchanged policy.
€0€200k€400k€600k2026: €364k (€328k - €401k)2027: €398k (€339k - €456k)2028: €431k (€351k - €511k)2019: €68k2020: €185k2021: €198k2022: €198k2023: €285k2024: €312k2025: €276k2019202020212022202320242025202620272028
Solid line = filed figures · dashed = extended trend · area = indicative range.
How do we compute this?

The trend is a robust median of all pairwise slopes between fiscal years (Theil-Sen), so a single odd year cannot hijack the line. For strictly positive series we also fit a log variant (compound annual growth) and keep whichever describes the figures best.

The area around the projection is 1.8 × the median absolute deviation from the trend, widening each year ahead (×1 / ×1.6 / ×2.2), with a minimum of 8% of the last value. It is an indicative range, not a statistical confidence interval.

A series whose deviations exceed 35% of its level is too volatile: we then deliberately show no projection. Every projection assumes unchanged policy and is blind to non-public information (order book, contracts, funding rounds).

Sector comparison
Fiscal year 2025 · NACE 73, Advertising & market research · compared within the same schema type (abbreviated schema)
Metric This company Sector median Position in the sector
Solvency 18.7% 46.1%
better than 29% of 76 sector peers
Net result €83k €52k
better than 63% of 76 sector peers
Equity €276k €279k
better than 50% of 76 sector peers
Gross operating margin €275k €133k
better than 65% of 75 sector peers
Staff costs €48k €272k
higher than 15% of 37 sector peers
Median and position computed from NBB annual accounts filed by sector peers; own figures from the latest filed accounts.
Sector position over time
Percentile per fiscal year versus peers that filed figures, computed year by year (a year without enough peers is absent).
Solvency P29
2020: P75 · n=1032021: P24 · n=1272022: P28 · n=1902023: P29 · n=2182024: P33 · n=2202025: P29 · n=762020 2025
Stable position over 2020-2025 · n=76-220
Net result P63
2020: P81 · n=1022021: P41 · n=1272022: P30 · n=1892023: P76 · n=2172024: P75 · n=2202025: P63 · n=762020 2025
Stable position over 2020-2025 · n=76-220
Equity P50
2020: P50 · n=1032021: P54 · n=1272022: P62 · n=1902023: P64 · n=2182024: P65 · n=2202025: P50 · n=762020 2025
Improving position over 2020-2025 · n=76-220
Gross operating margin P65
2020: P59 · n=1012021: P51 · n=1252022: P63 · n=1882023: P72 · n=2162024: P76 · n=2182025: P65 · n=752020 2025
Improving position over 2020-2025 · n=75-218
Describes the position versus peers, not a forecast.
EBITDA
€204k
-12.2% 19-25
Net profit
€83k
-21.7% 19-25
Cash flow
€157k
-11.7% 19-25
Total assets
€1.48M
-5.6% 19-25
Equity
€276k
-11.3% 19-25
Working capital
€102k
-44.1% 19-25
Employees (FTE)
1
0.0% 19-25
Staff costs
€48k
+4.2% 19-25
Income taxes
€40k
-12.0% 19-25
Dividends
€117k
+50.0% 19-25
Debt
€1.20M
-4.2% 19-25
Debt ≤ 1y
€296k
+28.6% 19-25
Debt > 1y
€905k
-7.6% 19-25
Current ratio
1.34
-25.0% 19-25
Quick ratio
1.34
-25.0% 19-25
Solvency
18.7%
-6.0% 19-25
Debt / equity
4.35
+8.0% 19-25
ROE
30.0%
-11.7% 19-25
ROA
5.6%
-17.0% 19-25
Interest coverage
20.92
-5.8% 19-25
Figures by fiscal year
Fiscal year2025
Depositverkort
Revenue-
EBITDA€204k
Net profit€83k
Cash flow€157k
Staff costs€48k
Income taxes€40k
Dividends€117k
Total assets€1.48M
Equity€276k
Debt€1.20M
of which ≤ 1y€296k
of which > 1y€905k
Working capital€102k
Employees (FTE)1.0
Ratios (computed)
2025
Current ratio1.34
Quick ratio1.34
Working capital ratio6.9%
Solvency18.7%
Debt / equity4.35
Long-term debt ratio3.28
Interest coverage20.92
Gross margin-
Net margin-
ROA5.6%
ROE30.0%
EBITDA margin-
Days sales outstanding-
Days payable outstanding-
Inventory turnover-
Days inventory (DSI)-
Balance-sheet composition 2025
Full annual accounts
Filed balance sheet and income statement, exactly as deposited with the NBB.
Line item Code2025
Balance sheet, Assets
TOTAL ASSETS 20/58€1.48M
Fixed assets 21/28€1.08M
Tangible fixed assets 22/27€1.08M
Financial fixed assets 28€250
Current assets 29/58€398k
Amounts receivable within one year 40/41€109k
Cash & bank 54/58€183k
Balance sheet, Equity & liabilities
TOTAL EQUITY & LIABILITIES 10/49€1.48M
Equity 10/15€276k
Contributions / capital 10/11€19k
Reserves 13€258k
Accumulated profits (losses) 14€0
Amounts payable 17/49€1.20M
Amounts payable after one year 17€905k
Amounts payable within one year 42/48€296k
Trade debts payable within one year 44€91k
Income statement
Gross operating margin 9900€275k
Operating result 9901€130k
Financial income 75€3k
Financial charges 65€10k
Result before taxes 9903€123k
Income taxes 67/77€40k
Net result for the period 9904€83k
Result to be appropriated 9905€83k
You're seeing the latest fiscal year only. Unlock 4 prior years (figures + ratios) with a paid plan. See plans →
Ratios computed by Checked.

Health barometer

FY 2025 · computed
65 / 100 Healthy
050100
Computed from 5 of the 6 factors this model weighs. The rest cannot be derived from the filed figures, or need a prior year to compare against.

Unlock the full score breakdown, per-year score history and the indicative credit limit from Kantoor S.

See plans →
Computed by Checked from the NBB filing for FY 2025. Indicative, not credit advice.

Directors

Directors & mandates

3 directors
Current directors & mandates
  • DEWAELE DCMLegal entity
    Director· perm. rep.: Daivy Dewaele
    State Gazette act 21368781 (24-11-2021)
    Current
    19-11-2021 → present
  • VERCAUTEREN DRUBBEL Maud
    Director
    State Gazette act 21368781 (24-11-2021)
    Current
    19-11-2021 → present
Historic, not recently confirmed (1)
These mandates remain open in the register but have not been confirmed by a new act in over six years. They do not count as active directors.
  • Dewaele Consulting BVBALegal entity
    Manager· perm. rep.: Daivy Dewaele
    State Gazette act 18131045 (28-08-2018)
    Not recently confirmed
    last confirmed in an act from 2018
Full appointment history from the Belgian State Gazette. Permanent representatives are shown for corporate directors.

Insolvency mandates

No insolvency mandates (liquidators, administrators) on record for this company.

Legal Structure

NACE primary Activiteiten van adviesbureaus op het gebied van public relations en communicatie(73300)
Legal form Private limited company(610)
Incorporation04-04-2018
StatusActive
Postal code9000

Structure & network

Connections & network

2 connected companies
Group structure
DEWAELE DCM
Sits on the board · 2 subsidiaries · 1 location
Control→
Network connections
ADES
Shared corporate director
→
Connections derived from shared directors, addresses, shareholders and group structure in the Belgian State Gazette.

Ownership & control

1 party
Control over this companysits on this company's board1
DEWAELE DCM
2 subsidiaries · 1 location
controls
ESTUDIOBE 0693.905.930

Each band states what its claims rest on. A board seat is influence over the board, not ownership. Court mandates (receiver, interim administrator) and liquidation mandates do not link companies and are therefore absent here; they belong under Directors & mandates.

Locations & real estate

Registered office

from the Crossroads Bank
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.

Kortrijksesteenweg 7889000 Gent

Establishment units

1 location
ESTUDIO
Kortrijksestwg.103Kl.Z.Jozefien. 788, 9000 GentAdviesbureaus op het gebied van public relations en communicatie
since 20182.274.726.214
Physical sites registered in the Crossroads Bank for Enterprises (CBE).
Parcels1
Ground area1,212 m²
Buildings1
Building footprint332 m²
Volume (LiDAR)3,440 m³
Tallest building17.2 m · ±4 fl.

Real-estate footprint

Source: CBE × cadastre · address linking

Parcels linked to this company through its CBE addresses (seat, establishment units, branches), cross-referenced with the cadastral parcel plan. This shows where the company operates, not a deeds register.

Flanders 1 (100%)
Parcel (capakey) Region Area Buildings Height / fl.
44809I0571/00L002 Flanders 1,212 m² 1 · 332 m² 17.2 m · 4 fl.
Methodology
via registered seat: 1
1 of 1 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.

Publications

Lifecycle & Insolvency Signals

No insolvency signals in the Belgian State Gazette

Belgisch Staatsblad · acts

6 acts
Company purpose
De vennootschap heeft tot voorwerp, zowel in België als in het buitenland, voor eigen rekening of voor rekening van derden, of door deelname van dezen: I. Specifieke activiteiten. Op de laatste biz. van
Per act of 22-05-2026
Capital history · 2
22-05-2026
Capital increase: amount: 18600.0, currency: EUR (voorgesteld)
22-05-2026
Capital increase: amount: 18600.0, currency: EUR (voorgesteld)
Address history · 1
03-12-2020
v3.2
All acts · 6 updated 2 months ago
2026
22-05-2026 Merger · Accounting effect · Incorporation · Statute amendment Open-capture extraction·Joost Vercouteren
  • Filing: 2026-05-12 · ADES
  • Merger: date: 2026-04-13, type: absorptionproposed · ADES
  • Accounting effect: 2026-01-01proposed · ADES
  • Incorporation: 2018-04-03proposed · ESTUDIO
  • Incorporation: 2016-01-07proposed · ADES
  • Statute amendment: 2021-11-19proposed · ESTUDIO
  • Statute amendment: 2022-12-15proposed · ADES
  • Capital increase: amount: 18600.0, currency: EURproposed · ESTUDIO
  • Capital increase: amount: 18600.0, currency: EURproposed · ADES
  • Share distribution: type: aandelen zonder vermelding van een nominale waarde, count: 100proposed · ESTUDIO
  • Share distribution: type: aandelen zonder vermelding van een nominale waarde, count: 100proposed · ADES
  • Officer appointment: bestuurderproposed · Vercauteren Drubbel Maud
  • Officer appointment: bestuurderproposed · DEWAELE DCM
  • Permanent representative: vaste vertegenwoordigerproposed · Dewaele Daivy
  • Officer appointment: zaakvoerderproposed · Vercauteren Drubbel Maud
  • Officer appointment: zaakvoerderproposed · DEWAELE DCM
  • Permanent representative: vaste vertegenwoordigerproposed · Dewaele Daivy
  • Share transfer: type: aandelen, count: 50proposed · Vercauteren Drubbel Maud
  • Share transfer: type: aandelen, count: 50proposed · Dewaele Daivy
  • Share transfer: type: aandelen, count: 50proposed · Vercauteren Drubbel Maud
  • Share transfer: type: aandelen, count: 50proposed · Dewaele Daivy
  • Power of attorney: neerleggingproposed · ADES
  • Power of attorney: neerleggingproposed · ESTUDIO
  • Publication: 2026-05-22
  • Purpose: De vennootschap heeft tot voorwerp, zowel in België als in het buitenland, voor eigen rekening of voor rekening van derden, of door deelname van dezen: I. Specifieke activiteiten. Op de laatste biz. vanproposed
  • Act object: FUSIEVOORSTEL
Summary: Merger · Accounting effect · Incorporation · Statute amendmentNotary: Joost Vercouteren
22-05-2026 Merger · Accounting effect · Incorporation · Statute amendment Open-capture extraction·Joost Vercouteren
  • Filing: 2026-05-12 · ESTUDIO BV
  • Publication: 2026-05-22 · ESTUDIO BV
  • Merger: type: fusion_by_absorption, legal_basis: artikel 12:7, 2° WVV, proposal_date: 2026-04-13proposed · ADES VOF
  • Accounting effect: 2026-01-01proposed · ADES VOF
  • Incorporation: date: 2018-04-03, notary: Joost Vercouteren, location: Beveren-Waasproposed · ESTUDIO BV
  • Statute amendment: date: 2021-11-19, notary: Lieven Demolder, location: Eekloproposed · ESTUDIO BV
  • Incorporation: date: 2016-01-07, type: onderhandse akte, location: Gentproposed · ADES VOF
  • Statute amendment: date: 2022-12-15, type: bijzondere algemene vergaderingproposed · ADES VOF
  • Officer appointment: bestuurderproposed · Vercauteren Drubbel Maud
  • Officer appointment: bestuurderproposed · DEWAELE DCM BV
  • Permanent representative: vaste vertegenwoordigerproposed · Dewaele Daivy
  • Officer appointment: bestuurderproposed · Vercauteren Drubbel Maud
  • Officer appointment: bestuurderproposed · DEWAELE DCM BV
  • Share distribution: 50 aandelenproposed · Vercauteren Drubbel Maud
  • Share distribution: 50 aandelenproposed · Dewaele Daivy
  • Share distribution: 50 aandelenproposed · Vercauteren Drubbel Maud
  • Share distribution: 50 aandelenproposed · Dewaele Daivy
  • Power of attorney: neerlegging fusievoorstelproposed · ESTUDIO BV
  • Real estate declaration: geen zakelijke rechten op onoerende goederenproposed · ADES VOF
  • Purpose: De vennootschap heeft tot voorwerp, zowel in België als in het buitenland, voor eigen rekening of voor rekening van derden, of door deelname van dezen: I. Specifieke activiteitenproposed
  • Act object: FUSIEVOORSTEL
Summary: Merger · Accounting effect · Incorporation · Statute amendmentNotary: Joost Vercouteren
2021
24-11-2021 2 directors appointed Director changes
  • VERCAUTEREN DRUBBEL Maud, Bestuurder
  • Daivy Dewaele, Bestuurder
Summary: v3.2
2020
03-12-2020 Registered office moved within Gent Registered-office change
  • Diksmuidestraat 2, 9000 Gent → Kortrijksesteenweg 788, 9000 Gent
Summary: v3.2
2018
28-08-2018 Daivy Dewaele appointed as manager Director changes
  • Daivy Dewaele, Zaakvoerder
Summary: v3.2
06-04-2018 Incorporation of a new BV Incorporation
Summary: oprichting

Analysis

Snowflake analysis

financial profile on 5 axes
Health65Profitability100Solvency31Growth78Stability100
75 / 100

Exceptional profile, strong across almost every axis.

All 5 axes are computed from data Checked has read.

Health 65
Profitability 100
Solvency 31
Growth 78
Stability 100

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Credit advice

verdict per customer and amount

Should this customer buy amount X on invoice? Enter the amount and payment terms, you get an instant GREEN/AMBER/RED verdict, with a suggested ceiling and concrete conditions.

Based on official sources (NBB, CBE, State Gazette). Indicative, not credit advice.

Similar

Similar companies

Comparable size, same sector
We hold annual accounts for 2,243 of the 13,476 companies in this sector. 1,492 of them are within a factor 10 of this company's equity.

Company registry

Company registry (CBE)

Crossroads Bank
Activities
Adviesbureaus op het gebied van public relations en communicatie70210Activiteiten van adviesbureaus op het gebied van public relations en communicatie73300Overige vormen van onderwijs85599Overige vormen van onderwijs85599Activiteiten van adviesbureaus op het gebied van bedrijfsvoering en overig managementadvies70200Overige adviesbureaus op het gebied van bedrijfsbeheer; adviesbureaus op het gebied van bedrijfsvoering70220Markt- en opinieonderzoekbureaus73200Markt- en opinieonderzoek73200Vertalers en tolken74300Activiteiten van vertalers74301Organisatie van congressen en beurzen82300Organisatie van congressen en beurzen82300Beroepsopleiding85592Overige onderwijsondersteunende dienstverlening85609Overige onderwijsondersteunende dienstverlening85699
Primary activity highlighted.
Names & trade names
Legal nameNL ESTUDIO
Registered office
Kortrijksesteenweg 788
9000 Gent, Belgium
Official data from the Crossroads Bank for Enterprises (CBE). Available for every registered company.