Summary
Conclusion
the dossier summarised in one paragraphThe computed 12-month bankruptcy probability of EURESEARCH is 0.2% (very low). The 2024 annual accounts show negative equity (€-416k) and a net result of €166k. Equity is shrinking by ~5% per year across the filed fiscal years. Its solvency ranks better than 5% of 1396 sector peers (fiscal year 2024). The company has been active since 1990 and the Belgian State Gazette contains no insolvency or warning signals.
Based on the State Gazette, CBE and 7 annual accounts.
Bankruptcy probability (12 mo)
Checked model v1 · free for everyone0.2%
Very low
0%0,5%1,5%4%10%≥25%
Lower-failure-rate sector
−Long track record
−Multiple establishment units
+
Statistical estimate based on public sources, not credit advice nor a finding of fact. How do we compute this?
Signals
1 signal · with evidenceWeak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 5% of 1396 sector peers (2024).
View the sector comparison 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-wideDeadline passed, not yet counted as missing
The deadline for the year that closed on 31-12-2025 passed on 31-07-2026, 10 days ago. Our copy of the deposit register trails the National Bank (measured: median 14 days, p99 45 days), so we only call this filing missing from 45 days past the deadline.
Latest accounts filed on time
The financial year that closed on 31-12-2024 was due by 31-07-2025 and was filed on 05-06-2025, 56 days ahead of the deadline. This speaks to administrative punctuality and says nothing about the financial position.
How we compute the deadline
The year end is derived from 10 filed financial years, each closing on 31-12. 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 31-12-2024, that is 31-07-2025.
Deadline per financial year
| Year closed | Due by | Filed | Variance | Reference |
|---|---|---|---|---|
| 31-12-2025 | 31-07-2026 | nothing on record | not filed | - |
| 31-12-2024 | 31-07-2025 | 05-06-2025 | 56 d early | 2025-00121270 |
| 31-12-2023 | 31-07-2024 | 24-10-2024 | 85 d late | 2024-00524544 |
| 31-12-2022 | 31-07-2023 | 17-07-2023 | 14 d early | 2023-00244721 |
| 31-12-2021 | 31-07-2022 | 30-08-2022 | 30 d late | 2022-20383748 |
| 31-12-2020 | 31-07-2021 | 12-10-2021 | 73 d late | 2021-71900546 |
| 31-12-2019 | 31-07-2020 | 17-11-2020 | 109 d late | 2020-70900104 |
| 31-12-2018 | 31-07-2019 | 25-09-2019 | 56 d late | 2019-65700364 |
| 31-12-2017 | 31-07-2018 | 31-08-2018 | 31 d late | 2018-60800095 |
| 31-03-2016 | 31-10-2016 | 16-01-2017 | 77 d late | 2017-01700408 |
| 31-03-2015 | 31-10-2015 | 05-10-2015 | 26 d early | 2015-64100317 |
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 signalsLong-established
Founded in 1990, 36 years in business.
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 administrative flags
Financials
Turnover€231k-5.9%
EBIT margin-82.4%-101.8pp
Net result€166k
Working capital€-525k+64.9%
Annual accounts & ratios
Source: NBB · 2024Annual accounts filed on 05-06-2025 with the NBB · fiscal year 2024 · verkort
Trajectory (indicative)
Projection over 3 fiscal years from the filed annual accounts, not a forecast, the extended trend.
declining
Equity: declining trend of ~5%/year over 7 fiscal years, indicative, assuming unchanged policy.
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 2024 · NACE 70, Head offices & management consulting · compared within the same schema type (abbreviated schema)
| Metric | This company | Sector median | Position in the sector |
|---|---|---|---|
| Solvency | -20.2% | 43.5% | |
| Net result | €166k | €42k | |
| Equity | €-416k | €163k | |
| Gross operating margin | €3.28M | €72k | |
| Staff costs | €154k | €107k |
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).
P5
Weakening position over 2020-2024
· n=440-1396
P80
Improving position over 2020-2024
· n=441-1397
P5
Weakening position over 2020-2024
· n=441-1397
P58
Stable position over 2021-2024
· n=138-257
Describes the position versus peers, not a forecast.
€231k
-5.9%
18-24
€1.96M
-
18-24
€166k
-
18-24
€188k
-
18-24
€2.06M
-39.3%
18-24
€-416k
+28.5%
18-24
€-525k
+64.9%
18-24
2
-40.0%
18-24
€154k
-42.1%
18-24
€170k
+41211.9%
18-24
€2.43M
-38.9%
18-24
€673k
-59.4%
18-24
€1.70M
-24.1%
18-24
0.22
+127.0%
18-24
0.22
+127.0%
18-24
-20.2%
-17.7%
18-24
-5.84
+14.6%
18-24
-39.9%
-
18-24
8.0%
-
18-24
-832.0%
-
18-24
-59.2%
-
18-24
3.65
-
18-24
Figures by fiscal year
| Fiscal year | 2024 |
|---|---|
| Deposit | verkort |
| Revenue | - |
| EBITDA | €1.96M |
| Net profit | €166k |
| Cash flow | €188k |
| Staff costs | €154k |
| Income taxes | €170k |
| Dividends | - |
| Total assets | €2.06M |
| Equity | €-416k |
| Debt | €2.43M |
| of which ≤ 1y | €673k |
| of which > 1y | €1.70M |
| Working capital | €-525k |
| Employees (FTE) | 1.8 |
Ratios (computed)
| 2024 | |
|---|---|
| Current ratio | 0.22 |
| Quick ratio | 0.22 |
| Working capital ratio | -25.5% |
| Solvency | -20.2% |
| Debt / equity | -5.84 |
| Long-term debt ratio | -4.09 |
| Interest coverage | 3.65 |
| Gross margin | - |
| Net margin | - |
| ROA | 8.0% |
| ROE | -39.9% |
| EBITDA margin | - |
| Days sales outstanding | - |
| Days payable outstanding | - |
| Inventory turnover | - |
| Days inventory (DSI) | - |
Balance-sheet composition 2024
Full annual accounts
Filed balance sheet and income statement, exactly as deposited with the NBB.
| Line item | Code | 2024 |
|---|---|---|
| Balance sheet, Assets | ||
| TOTAL ASSETS | 20/58 | €2.06M |
| Fixed assets | 21/28 | €1.91M |
| Tangible fixed assets | 22/27 | €1.54M |
| Financial fixed assets | 28 | €374k |
| Current assets | 29/58 | €148k |
| Amounts receivable within one year | 40/41 | €60k |
| Cash & bank | 54/58 | €65k |
| Balance sheet, Equity & liabilities | ||
| TOTAL EQUITY & LIABILITIES | 10/49 | €2.06M |
| Equity | 10/15 | €-416k |
| Contributions / capital | 10/11 | €795k |
| Reserves | 13 | €204k |
| Accumulated profits (losses) | 14 | €-1.42M |
| Provisions & deferred taxes | 16 | €50k |
| Amounts payable | 17/49 | €2.43M |
| Amounts payable after one year | 17 | €1.70M |
| Amounts payable within one year | 42/48 | €673k |
| Trade debts payable within one year | 44 | €66k |
| Income statement | ||
| Gross operating margin | 9900 | €3.28M |
| Operating result | 9901 | €1.94M |
| Financial income | 75 | €201 |
| Financial charges | 65 | €537k |
| Result before taxes | 9903 | €386k |
| Income taxes | 67/77 | €170k |
| Net result for the period | 9904 | €166k |
| Result to be appropriated | 9905 | €16k |
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 2024 · computed16
/ 100
Critical
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 with Plus.
See plans →Computed by Checked from the NBB filing for FY 2024. Indicative, not credit advice.
Directors
Directors & mandates
6 directorsCurrent directors & mandates
-
PB INTERNATIONALLegal entityDirector· perm. rep.: Philip BruggemanState Gazette act 25067557 (27-05-2025)Current14-05-2025 → present
5 events
- 14-05-2025 Resigned· Director
- 14-05-2025 Resigned· Managing director
- 14-05-2025 Appointed· Director
- 24-07-2020 Mandate renewed· Director
- 24-07-2020 Mandate renewed· Managing director
Historic, not recently confirmed (2)
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.
-
Not recently confirmedlast confirmed in an act from 2020
-
BVBA PB INTERNATIONALLegal entityDirector· perm. rep.: Philip BruggemanState Gazette act 13133355 (29-08-2013)Not recently confirmedlast confirmed in an act from 2013
2 events
- 07-06-2013 Appointed· Director
- 07-06-2013 Appointed· Managing director
Former directors (3)
-
Former29-08-2013 → 14-05-2025
3 events
- 14-05-2025 Resigned· Director
- 24-07-2020 Mandate renewed· Director
- 29-08-2013 Mandate renewed· Director
-
Former29-08-2013 → 17-06-2023
3 events
- 17-06-2023 Resigned· Director
- 24-07-2020 Mandate renewed· Director
- 29-08-2013 Mandate renewed· Director
-
Former- → 07-06-2013
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 bedrijfsvoering en overig managementadvies(70200) |
| Legal form | Public limited company(014) |
| Incorporation | 11-04-1990 |
| Status | Active |
| Postal code | 8553 |
Structure & network
Connections & network
2 connected companiesGroup structure
Parent · 2 subsidiaries · 1 location
Control→
Network connections
Shared corporate director
→
Connections derived from shared directors, addresses, shareholders and group structure in the Belgian State Gazette.
Locations & real estate
Establishment units
2 locationsEURESEARCH
since 19902.049.886.053
EURESEARCH
since 20142.231.785.502
Physical sites registered in the Crossroads Bank for Enterprises (CBE).
Parcels3
Ground area1.3 ha
Buildings3
Building footprint9,384 m²
Volume (LiDAR)51,413 m³
Tallest building15.1 m · ±2 fl.
Real-estate footprint
Source: CBE × cadastre · address linkingParcels 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
3
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 34030A0088/00T002 | Flanders | 1.2 ha | 1 · 9,098 m² | 15.1 m · 2 fl. |
| 34392D0079/00H003 | Flanders | 761 m² | 1 · 150 m² | 10.3 m · 2 fl. |
| 34030A0088/00D002 | Flanders | 171 m² | 1 · 136 m² | 8.5 m · 1 fl. |
Methodology
via registered seat: 1 · via establishment units: 2
3 of 3 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
7 acts Capital history · 1
24-07-2020
v3.2
Address history · 1
14-01-2026
v3.2
All acts · 7
updated 6 months ago
2026
14-01-2026 Registered office moved from DEERLIJK to OTEGEM
2025
27-05-2025 1 director appointed, 3 resigning
- Philip Bruggeman, Bestuurder
- Martine Bruggeman, Bestuurder
- Philip Bruggeman, Bestuurder
- Philip Bruggeman, Gedelegeerd bestuurder
Summary:
v3.2
2024
24-07-2024 Monique Vandenbroucke resigns as director
2020
24-07-2020 Capital increase of €250,000 to €795,000
2018
30-08-2018 Change in the board of directors
Summary:
v3.2
2017
08-05-2017 Publication in the Belgian Official Gazette, Minor change
Summary:
v3.2
2013
29-08-2013 2 directors appointed, 1 resigning, 2 reappointed
- Philip Bruggeman, Bestuurder
- Philip Bruggeman, Gedelegeerd bestuurder
- De heer Philip Bruggeman, Bestuurder
- Mevrouw Martine Bruggeman, Bestuurder
- Mevrouw Monique Vandenbroucke, Bestuurder
Summary:
v3.2
Analysis
Snowflake analysis
financial profile on 5 axes37
/ 100
Fragile profile, watch profitability in particular.
All 5 axes are computed from data Checked has read.
Health
16
Profitability
0
Solvency
33
Growth
38
Stability
100
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Credit advice
verdict per customer and amountSimilar
Similar companies
Same sector, ranked by comparable sizeCompany registry
Company registry (CBE)
Crossroads BankActivities
Activiteiten van adviesbureaus op het gebied van bedrijfsvoering en overig managementadvies70200Overige adviesbureaus op het gebied van bedrijfsbeheer; adviesbureaus op het gebied van bedrijfsvoering70220Overige zakelijke dienstverlening, n.e.g.74879Overige zakelijke dienstverlening, n.e.g.82990Overige zakelijke dienstverlening, neg82990
Primary activity highlighted.
Names & trade names
| Legal nameNL | EURESEARCH |
Registered office
Vichtestraat(O) 31 A
8553 Zwevegem, Belgium
Official data from the Crossroads Bank for Enterprises (CBE). Available for every registered company.