ETUDE ET COORDINATION
ActiveThe file of ETUDE ET COORDINATION contains 5 judicial reorganisations, as published in the Belgian State Gazette. The computed 12-month bankruptcy probability is 11.4% (high). The 2025 annual accounts show equity of €506k and a net result of €-74k. Equity is shrinking by ~5.6% per year across the filed fiscal years. Its solvency ranks better than 60% of 1950 sector peers (fiscal year 2025).
Checked score
Score 2025
Axes · tick = 2024
Profitability0▼-71
Solvency97▼-3
Growth32▼-26
Stability60
Bankruptcy probability, 12 months
11.4%
High
0%0.5%1.5%4%10%≥ 25%
Credit up to €16k at 30 days only on tighter terms
Liquidity ample (current ratio 2.25 against 3.02 in 2024), and 44.7% of the assets are financed with debt.
Credit advice for your own amount and term
Signals
Eight signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 71
Relative position
BE, all sectors
reference
Sector 71
lower
← fewer bankruptcies
more bankruptcies →
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
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 02-07-2026, 29 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
29 d early
2024
30 d late
2023
31 d late
2022
68 d late
2021
28 d late
2020
29 d late
2019
108 d late
← before the deadline
after the deadline →
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 monthsPosition in the running window
06-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, abbreviated schema
Equity
€506k▼ 12.8%
2024 · €580k
2021: €615k
2022: €656k
2023: €498k
2024: €580k
2021 → 2025
Total assets
€914k▲ 5.3%
2024 · €867k
2021: €988k
2022: €857k
2023: €901k
2024: €867k
2021 → 2025
Net result
€-74k
2024 · €82k
2021: €1k
2022: €41k
2023: €-94k
2024: €82k
2021 → 2025
Working capital
€507k▼ 12.5%
2024 · €579k
2021: €606k
2022: €650k
2023: €495k
2024: €579k
2021 → 2025
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€615k-€656k▲ 6.7%€498k▼ 24.1%€580k▲ 16.4%€506k▼ 12.8%
Operating result€2k-€59k▲ 2,606%€73k▲ 25.1%€92k▲ 25.4%€59k▼ 35.8%
Net result€1k-€41k▲ 3,603%€-94k€82k€-74k
Turnover and EBIT margin not published: the abbreviated or micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result falls in 2025; 2025 is 36% below 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €914k
Fixed assets
€50▼ 88.0%
Current assets
€914k▲ 5.4%
Equity and liabilities €914k
Equity
€506k▼ 12.8%
Debt
€408k▲ 41.9%
The debt ratio rises from 33.1% to 44.7%: debt grows while equity shrinks.
Key figures and ratios
EBITDA
€59k▼
2024 · €95k
Cash flow
€-74k▼
2024 · €85k
Solvency
55.3%▼
2024 · 66.9%
Current ratio
2.25▼
2024 · 3.02
Quick ratio
2.25▼
2024 · 3.02
Debt / equity
0.81▲
2024 · 0.50
ROE
-14.7%▼
2024 · 14.1%
ROA
-8.1%▼
2024 · 9.4%
Interest coverage
0.69▼
2024 · 534.86
Debt
€408k▲
2024 · €288k
Debt ≤ 1 year
€407k▲
2024 · €288k
Income taxes
€76k▲
2024 · €40k
Green means a favourable move, even when the figure itself falls: as with debt or debt / equity.
Filed annual accounts
As filed with the NBB · 2025 against 2024
Balance sheet
Code20242025
Total assets
20/58€867k€914k▲
Fixed assets
21/28€418€50▼
Tangible fixed assets
22/27€368-
Financial fixed assets
28€50€50=
Current assets
29/58€867k€914k▲
Amounts receivable within one year
40/41€116k€100k▼
Cash & bank
54/58€1k€14k▲
Total equity & liabilities
10/49€867k€914k▲
Equity
10/15€580k€506k▼
Contributions / capital
10/11€6k€6k=
Reserves
13€574k€499k▼
Amounts payable
17/49€288k€408k▲
Amounts payable within one year
42/48€288k€407k▲
Trade debts payable within one year
44€7k€7k▲
Income statement
Code20242025
Gross operating margin
9900€96k€60k▼
Operating result
9901€92k€59k▼
Financial income
75€30k€28k▼
Financial charges
65€177€86k▲
Result before taxes
9903€122k€2k▼
Income taxes
67/77€40k€76k▲
Net result for the period
9904€82k€-74k▼
Result to be appropriated
9905€82k€0▼
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
02-07
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema
2025
02-12
Judicial reorganisation
Plan homologation
Tribunal de l’entreprise de Liège · 20250027 · event 25-11-2025
30-08
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 30 days late
24-07
Judicial reorganisation
Opening
Tribunal de l’entreprise de Liège · collectif · event 17-07-2025
2024
31-12
Financial
Back to profitnet €82k
Net result €82k after one loss-making year.
31-12
Financial
Equity above €500kEq €580k ▲16.4%
Equity rises from €498k to €580k.
31-08
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 31 days late
2023
31-12
Financial
Weakest financial yearnet €-94k ▼328%
Net result drops to €-94k, the lowest in the series; recovery starts the following year.
07-10
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 68 days late
2022
28-08
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 28 days late
2021
29-08
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 29 days late
2020
16-11
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 108 days late
2019
31-08
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema · 31 days late
15-04
Judicial reorganisation
Plan homologation
Tribunal de l’entreprise de Liège · 20180042 · event 09-04-2019
14-02
Judicial reorganisation
Extension
Tribunal de l’entreprise de Liège · collectif · event 08-02-2019
06-02
NBB filing
Annual accounts filed
fiscal year 2017 · full schema · 190 days late
06-02
NBB filing
Annual accounts filed
fiscal year 2016 · full schema · 555 days late
2018
24-12
Judicial reorganisation
Opening
Tribunal de l’entreprise de Liège · collectif · event 18-12-2018
SignalFinancial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
Directors · office · real estate
Comparable companies · same sector, comparable size
Similar companies · same sector, comparable size
NEWPOINT PROFESSIONALS
BE 0547.976.556
Hasselt · Eq €506k
POWER VALVES & CONTROLS
BE 0833.219.112
Stekene · Eq €506k
TECHNICAL CONSULTING ENGINEERING SERVICES
BE 0474.570.916
Thuin · Eq €505k
DIVOLI DATA PROCESSING BELGIUM
BE 0878.859.293
Zelzate · Eq €507k
HENIRO HOLDING
BE 0426.945.401
Sint-Katelijne-Waver · Eq €504k
Of 11,491 companies in sector 71121 we hold annual accounts for 6,446. 4,358 are within a factor 10 of this equity.See the whole sector
Company data · Crossroads Bank
Identification
Legal formPrivate limited company
Founded05-04-2000
Fiscal year end31-12
Activities, NACEBEL
71121Engineering and related technical consultancy, excluding land surveyors
74203
Sources
Crossroads Bank for EnterprisesNational Bank · 26 filingsAddress and cadastre registers
Data from official sources, last processed on 26-08-2026. Scores and ratios are computed by Checked and are not a credit decision.