FISA OPERATIONS

Active

Public limited companyfounded 201412 yrs activeAtomiumsquare 1, 1020 Brussel, BelgiumKBO/BCE: BE 0545.799.697

FISA OPERATIONS has been active since 2014 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €3.14M and a net result of €-1.76M. Equity is shrinking by ~14.6% per year across the filed fiscal years. Its solvency ranks better than 24% of 920 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.5% (very low).

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Checked score

Score 2025

43 / 100

Weak

The score weighs solvency, liquidity, profitability and financial development. Bankruptcy probability contributes 35%. Every signal that weighs is under Signals.

Axes · tick = 2024

Profitability5=

Solvency40▼-17

Growth22=

Track record100

Bankruptcy probability, 12 months

0.5% Very low

0%0.5%1.5%4%10%≥ 25%

Credit up to €130k at 30 days only on tighter terms

Liquidity ample (current ratio 1.71 against 1.45 in 2024; short-term debt: 57.9% and cash: 8% of total assets), but 85% of the assets are financed with debt.

How do we compute the score and the probability?

Credit advice for your own amount and term

Signals

Ten signals. The signal on the left, the evidence on the right.

−lowers risk+raises risk○neutral

Higher-failure-rate region

In this region companies fail more often than in the rest of the country.

KBO · registered office

Lower-failure-rate sector

In this sector companies fail less often than the Belgian average.

Gazette · bankruptcies per sector, NACE 82

Relative position

BE, all sectors

reference

Sector 82

lower

← fewer bankruptcies more bankruptcies →

Lower-risk legal form

Companies with this legal form statistically fail less often than a BV.

KBO · legal form

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

15%

Return on assets

-8.4%

Age of the figures

9 mo

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

Persistent losses

Two consecutive loss-making years (2024 and 2025); equity is also lower. May indicate structural pressure on profitability.

NBB · annual accounts 2025

Net result per financial year

18202122232425

2018 to 2025 · latest year €-1.76M

Weak solvency vs sector

Solvency (equity / total assets) is in the sector's weakest quartile: better than 24% of 920 sector peers (2025).

NBB · sector comparison

Position among 920 sector peers

Solvency

better than 24%

← weakest strongest →

Filed after the deadline

The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 02-09-2026, 33 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

33 d late

2024

57 d late

2023

208 d late

2022

60 d late

2021

34 d early

2020

25 d early

2019

18 d early

← before the deadline after the deadline →

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

16-09-2026 today31-12-2026 close31-07-2027 deadline

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

€5.10M▼ 18.9%

2024 · €6.29M

2018: €17.97M 2020: €11.82M 2021: €1.92M 2022: €6.20M 2023: €5.45M 2024: €6.29M

2018 → 2025

EBIT margin

-40.0%▼ 14.3pp

2024 · -25.7%

2018: 13.7% 2020: -7.3% 2021: -140.6% 2022: -6.8% 2023: -19.7% 2024: -25.7%

2018 → 2025

Net result

€-1.76M▼ 31.0%

2024 · €-1.34M

2018: €1.76M 2020: €-640k 2021: €-2.66M 2022: €-430k 2023: €-703k 2024: €-1.34M

2018 → 2025

Working capital

€8.55M▲ 78.5%

2024 · €4.79M

2018: €6.39M 2020: €10.48M 2021: €7.28M 2022: €6.86M 2023: €6.19M 2024: €4.79M

2018 → 2025

Multi-year overview

Every figure with its change against the year before

▲ rise ▼ fall

Line20212022202320242025Trend

Turnover€1.92M-€6.20M▲ 223%€5.45M▼ 12.0%€6.29M▲ 15.4%€5.10M▼ 18.9%

Equity€7.38M-€6.95M▼ 5.8%€6.25M▼ 10.1%€4.91M▼ 21.5%€3.14M▼ 35.9%

Operating result€-2.69M-€-420k▲ 84.4%€-1.07M▼ 156%€-1.62M▼ 50.7%€-2.04M▼ 26.1%

Net result€-2.66M-€-430k▲ 83.8%€-703k▼ 63.5%€-1.34M▼ 91.2%€-1.76M▼ 31.0%

Result per fiscal year

Operating resultNet result

The operating result stays negative: a loss of €2.04M in 2025 against €1.62M in 2024; the loss grows.

Balance-sheet composition

2025 in colour, 2024 as the grey bar beneath

Assets €20.90M

98.8%

Fixed assets €255k▲ 93.3%

Current assets €20.64M▲ 33.9%

Equity and liabilities €20.90M

15.0%

85.0%

Equity €3.14M▼ 35.9%

Debt €17.75M▲ 66.8%

The debt ratio rises from 68.5% to 85.0%. Equity is lower and debt is higher.

Key figures and ratios

2025 value · change against 2024

EBITDA

€-1.99M▼

2024 · €-1.59M

Cash flow

€-1.71M▼

2024 · €-1.31M

Solvency

15.0%▼

2024 · 31.5%

Current ratio

1.71▲

2024 · 1.45

Quick ratio

1.71▲

2024 · 1.45

Debt / equity

5.65▲

2024 · 2.17

ROE

-56.0%▼

2024 · -27.4%

ROA

-8.4%▲

2024 · -8.6%

Interest coverage

-110.60▲

2024 · -162.83

Debt

€17.75M▲

2024 · €10.64M

Debt ≤ 1 year

€12.09M▲

2024 · €10.63M

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

Assets

Total assets20/58€15.55M€20.90M▲

Fixed assets21/28€132k€255k▲

Intangible fixed assets21€27k€160k▲

Tangible fixed assets22/27€105k-

Assets under construction and advance payments27€105k-

Financial fixed assets28-€95k

Other financial fixed assets284/8-€95k

Amounts receivable and cash guarantees285/8-€95k

Current assets29/58€15.42M€20.64M▲

Amounts receivable after more than one year29-€13.13M

Other amounts receivable291-€13.13M

Amounts receivable within one year40/41€14.53M€4.82M▼

Trade receivables40€2.86M€4.80M▲

Other amounts receivable41€11.67M€20k▼

Cash at bank and in hand54/58€764k€1.66M▲

Deferred charges and accrued income490/1€124k€1.03M▲

Equity and liabilities

Total equity and liabilities10/49€15.55M€20.90M▲

Equity10/15€4.91M€3.14M▼

Contributions10/11€340k€340k=

Capital10€340k€340k=

Issued capital100€340k€340k=

Revaluation surpluses12€346k€346k=

Reserves13€2.63M€2.63M=

Non-distributable reserves130/1€34k€34k=

Legal reserve130€34k€34k=

Tax-exempt reserves132€227k€227k=

Distributable reserves133€2.37M€2.37M=

Profit (loss) carried forward14€1.59M€-171k▼

Amounts payable17/49€10.64M€17.75M▲

Amounts payable within one year42/48€10.63M€12.09M▲

Trade debts44€7.36M€11.43M▲

Suppliers440/4€4.29M€6.32M▲

Bills of exchange payable441€3.07M€5.11M▲

Advances received on contracts in progress46€2.69M-

Taxes, remuneration and social security45€14k€25k▲

Taxes450/3€14k€25k▲

Other amounts payable47/48€558k€640k▲

Accrued charges and deferred income492/3€17k€5.66M▲

Income statement Code20242025

Operating income70/76A€6.29M€5.34M▼

Turnover70€6.29M€5.10M▼

Other operating income74€1k€242k▲

Operating charges60/66A€7.91M€7.39M▼

Services and other goods61€7.88M€6.98M▼

Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€30k€53k▲

Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4-€323k

Other operating charges640/8€6k€31k▲

Operating profit (loss)9901€-1.62M€-2.04M▼

Financial income75/76B€289k€305k▲

Recurring financial income75€289k€305k▲

Income from current assets751€289k€304k▲

Other financial income752/9-€1k

Financial charges65/66B€12k€24k▲

Recurring financial charges65€12k€24k▲

Debt charges650€10k€18k▲

Other financial charges652/9€3k€6k▲

Profit (loss) for the period before taxes9903€-1.34M€-1.76M▼

Profit (loss) for the period9904€-1.34M€-1.76M▼

Profit (loss) for the period to be appropriated9905€-1.34M€-1.76M▼

Appropriation of the result

Profit (loss) to be appropriated9906€1.59M€-171k▼

Profit (loss) brought forward from the previous period14P€2.93M€1.59M▼

The notes to these accounts (12 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

All 27Financial 2Gazette 15Filings 10

Next filing, fiscal year 2026, expected by 31-07-2027

2026

04-09

State Gazette act General meeting · Director discharge

General meeting · Director discharge · Director resignation21 facts ▸

General meeting, 2026-08-05
Director discharge, FISA OPERATIONS
Director resignation, Joan CONDIJTS (administrateur et administrateur délégué)
Director resignation, Cécile LHOMME-DROZ (administrateur)
Director resignation, Philippe LHOMME (administrateur)
Director appointment, BAYCROSS MANAGEMENT SERVICES SA (administrateur)
Director appointment, DEFICOM GROUP SRL (administrateur)
Director appointment, RACO SRL (administrateur)
Permanent representative, Philippe LHOMME
Permanent representative, Véronique CROISE
Permanent representative, Yassine RAFIK
Director appointment, BAYCROSS MANAGEMENT SERVICES SA (Président du Conseil d'administration)
+9 further facts in this act

02-09

NBB filing Annual accounts filed

fiscal year 2025 · full schema · 33 days late

01-09

State Gazette act General meeting · Director discharge

General meeting · Director discharge · Director resignation19 facts ▸

General meeting, 2026-08-05
Director discharge, FISA OPERATIONS
Director resignation, Joan CONDIJTS (administrateur et administrateur délégué)
Director resignation, Cécile LHOMME-DROZ (administrateur)
Director resignation, Philippe LHOMME (administrateur)
Director appointment, BAYCROSS MANAGEMENT SERVICES SA (administrateur)
Permanent representative, Philippe LHOMME
Director appointment, Philippe LHOMME (Président du Conseil d'administration)
Director appointment, DEFICOM GROUP SRL (administrateur)
Permanent representative, Véronique CROISE
Director appointment, Véronique CROISE (Directrice générale (CFO, COO et responsable des Ressources Humaines))
Director appointment, RACO SRL (administrateur)
+7 further facts in this act

2025

26-09

NBB filing Annual accounts filed

fiscal year 2024 · full schema · 57 days late

24-02

NBB filing Annual accounts filed

fiscal year 2023 · full schema · 208 days late

2024

16-02

State Gazette act Resignations & appointments

Board meeting · Director appointment2 facts ▸

Board meeting, 2024-01-15
Director appointment, Joan Condijts (administrateur délégué)

2023

09-10

State Gazette act Resignations & appointments

General meeting · Auditor appointment2 facts ▸

General meeting, 2023-05-09
Auditor appointment, BRUNO VANDENBOSCH & Co REVISEUR D'ENTREPRISES (commissaire)

29-09

NBB filing Annual accounts filed

fiscal year 2022 · full schema · 60 days late

22-08

State Gazette act Resignations & appointments

General meeting · Director appointment · Mandate compensation10 facts ▸

General meeting, 2023-05-09
Director appointment, Philippe Lhomme (administrateur)
Director appointment, Joan Condijts (administrateur)
Director appointment, Cécile Droz-Lhomme (administrateur)
Mandate compensation, Philippe Lhomme
Mandate compensation, Joan Condijts
Mandate compensation, Cécile Droz-Lhomme
Director resignation, BAYCROSS EUROPE (administrateur)
Director resignation, ANTHROPOS (administrateur)
Director resignation, BAYCROSS MANAGEMENT SERVICES (administrateur)

2022

27-06

NBB filing Annual accounts filed

fiscal year 2021 · full schema

2021

31-12

Financial Weakest financial yearnet €-2.66M

Net result drops to €-2.66M, the lowest in the series; recovery starts the following year.

06-07

NBB filing Annual accounts filed

fiscal year 2020 · full schema

03-02

State Gazette act Resignations & appointments

General meeting · Director resignation · Director appointment12 facts ▸

General meeting, 2020-05-28
Director resignation, Pieter D'Haeseleer (administrateur)
Director resignation, Cécile Droz-Lhomme (administrateur)
Director resignation, Philippe Lhomme (administrateur)
Director appointment, ANTHROPOS SA (administrateur)
Director appointment, BAYCROSS MANAGEMENT SERVICES SA (administrateur)
Director appointment, BAYCROSS EUROPE SA (administrateur)
Permanent representative, Philippe Lhomme
Permanent representative, Cécile Droz-Lhomme
Permanent representative, Pierre D'Haeseleer
Auditor appointment, BRUNO VANDENBOSCH & Co REVISEUR D'ENTREPRISES (commissaire)
Permanent representative, Bruno Vandenbosch

2020

31-12

Financial Equity above €10MEq €10.04M ▲10.1%

Equity rises from €9.12M to €10.04M.

13-07

NBB filing Annual accounts filed

fiscal year 2019 · full schema

2019

24-07

NBB filing Annual accounts filed

fiscal year 2018 · full schema

12-07

State Gazette act Resignations & appointments

Board meeting · Director resignation · Director appointment5 facts ▸

Board meeting, 2019-04-30
Director resignation, Groupe Defi (administrateur)
Director appointment, Cécile Droz-Lhomme (administrateur)
General meeting, 2019-05-14
Director reappointment, Cécile Droz-Lhomme (administrateur)

28-01

State Gazette act Capital & shares · Restructuring

General meeting · Merger · Dissolution7 facts ▸

General meeting, 2018-12-14
Merger, absorption, 2018-09-30
Dissolution, 2018-12-14
Power of attorney, Pieter D'HAESELEER
Shareholding, 100%
Asset description, no real estate rights, no intellectual property rights, no personnel
Power of attorney, Pieter D'HAESELEER

2018

12-11

State Gazette act Restructuring

Merger · Capital · Corporate purpose11 facts ▸

Merger, absorption, 2018-10-01
Capital, €340.162,27
Corporate purpose, La Société a pour objet (i) toute activité ou entreprise qui se rapporte, directement u indirectement, sous quelque forme que ce soit, à l'organisation et/ou l'…
Capital, €24.994.569
Corporate purpose, La Société a pour objet (i) toute activité ou entreprise qui se rapporte, directement u indirectement, sous quelque forme que ce soit, à l'organisation et/ou l'…
Accounting effect, 2018-10-01
Fiscal regime, arts. 11 et 18, par. 3 Code de la TVA, art. 211 CIR
Fiscal year, 2018-09-30, 2018-01-01
Intermediate accounts, 2018-09-30
Shareholding, 100%, all
Shareholding, 14476, 14477

03-07

NBB filing Annual accounts filed

fiscal year 2017 · full schema

08-05

State Gazette act Resignations & appointments

Board meeting · Director resignation · Board resolution3 facts ▸

Board meeting, 2018-03-13
Director resignation, Bart Van Den Kieboom (administrateur et administrateur délégué)
Board resolution, ne pas désigner un nouvel administrateur-délégué parmi ses membres

2017

16-11

State Gazette act Registered office

Board meeting · Registered-office move2 facts ▸

Board meeting, 2017-10-16
Registered-office move, 1, square de l'Atomium BP 505 à 1020 Bruxelles

24-10

State Gazette act Resignations & appointments

Board meeting · General meeting · Director appointment14 facts ▸

Board meeting, 2017-05-09
General meeting, 2017-05-09
Director appointment, Pierre D'Haeseleer (secrétaire du conseil d'administration)
Director appointment, Philippe Lhomme (Président du conseil d'administration)
Director appointment, Bart Van Den Kieboom (administrateur-délégué)
Director resignation, Deficom Group (administrateur)
Director discharge, FISA OPERATIONS
Director appointment, Philippe Lhomme (administrateur)
Director appointment, Bart Van Den Kieboom (administrateur)
Director appointment, Pierre D'Haeseleer (administrateur)
Director appointment, GROUPE DEFI SA (administrateur)
Permanent representative, Philippe Lhomme
+2 further facts in this act

31-07

NBB filing Annual accounts filed

fiscal year 2016 · full schema

2016

22-07

State Gazette act Capital & shares · Statutes amendment · Resignations & appointments

General meeting · Name change · Capital increase6 facts ▸

General meeting, 2016-06-15
Name change, FISA OPERATIONS
Capital increase, €0,73
Capital, €340.163
Statutes amendment
Power of attorney, Conseil d'administration

2015

10-07

State Gazette act Resignations & appointments

General meeting · Director resignation2 facts ▸

General meeting, 2015-06-16
Director resignation, Geert Maes (administrateur)

2014

14-02

State Gazette act Incorporation

General meeting · Demerger · Incorporation22 facts ▸

General meeting, 2013-12-16
Demerger, partial_split_by_constitution, 2013-12-01
Incorporation, 2013-12-16
Founding capital, €340.162,27
Corporate purpose, toute activité ou entreprise qui se rapporte, directement ou indirectement, sous quelque forme que ce soit, à l'organisation et/ou l'exploitation de foíres, sal…
Director appointment, LHOMME Philippe Denis Charles Yves (administrateur)
Director appointment, MAES Geert (administrateur)
Director appointment, DEFICOM GROUP (administrateur)
Permanent representative, HERMANT Pierre
Director appointment, d'Haeseleer Pieter Julius (administrateur)
Director appointment, GROUPE DEFI (administrateur)
Permanent representative, LHOMME Philippe Denis Charles Yves
+10 further facts in this act

Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.

Directors · office · real estate

Directors

24 directors, no change since 2026

BAYCROSS MANAGEMENT SERVICES

Director · since 05-08-2026 · Public limited company · perm. rep.: Philippe LHOMME

Current

Croisé Management

Directrice générale (cfo, coo et responsable des ressources humaines) · since 05-08-2026 · Private limited company

Current

Philippe Lhomme

Président du conseil d'administration · since 05-08-2026

Current

RACO

Director · since 05-08-2026 · Private limited company · perm. rep.: Yassine RAFIK

Current

Véronique CROISE

Directrice générale (cfo, coo et responsable des ressources humaines) · since 05-08-2026

Current

Yassine RAFIK

Chief executive officer (ceo) · since 05-08-2026

Current

+ 10 not shown in this overview

05-08-2026 BAYCROSS MANAGEMENT SERVICES: Appointed as Director

05-08-2026 BAYCROSS MANAGEMENT SERVICES: Appointed as Président du conseil d'administration

05-08-2026 Croisé Management: Appointed as Directrice générale (cfo, coo et responsable des ressources humaines)

05-08-2026 Philippe Lhomme: Resigned as Director

05-08-2026 Philippe Lhomme: Appointed as Président du conseil d'administration

05-08-2026 RACO: Appointed as Director

05-08-2026 RACO: Appointed as Chief executive officer (ceo)

05-08-2026 Véronique CROISE: Appointed as Directrice générale (cfo, coo et responsable des ressources humaines)

05-08-2026 Yassine RAFIK: Appointed as Chief executive officer (ceo)

05-08-2026 Cécile Droz-Lhomme: Resigned as Director

05-08-2026 DEFICOM GROUP: Appointed as Director

31-07-2026 Joan CONDIJTS: Resigned as Administrateur et administrateur délégué

15-01-2024 Joan CONDIJTS: Appointed as Managing director

09-05-2023 Philippe Lhomme: Appointed as Director

09-05-2023 Cécile Droz-Lhomme: Appointed as Director

09-05-2023 Joan CONDIJTS: Appointed as Director

09-05-2023 ANTHROPOS: Resigned as Director

09-05-2023 BAYCROSS EUROPE: Resigned as Director

09-05-2023 BAYCROSS MANAGEMENT SERVICES: Resigned as Director

28-05-2020 Philippe Lhomme: Resigned as Director

28-05-2020 ANTHROPOS SA: Appointed as Director

28-05-2020 BAYCROSS EUROPE SA: Appointed as Director

28-05-2020 BAYCROSS MANAGEMENT SERVICES SA: Appointed as Director

28-05-2020 Cécile Droz-Lhomme: Resigned as Director

+ 20 not shown in this overview

Location & real-estate footprint

Registered office, Brussel · 1 establishment unit since 2014

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.

Atomiumsquare 11020 Brussel

1 establishment unit

FISA OPERATIONS

Atomiumsquare 1, 1020 BrusselComputing infrastructure, data processing, hosting and other information service activities

since 20142.247.626.194

Statutory auditor

3 auditors

BRUNO VANDENBOSCH REVISEUR D'ENTREPRISESCurrent

Auditor · represented by Bruno VANDENBOSCH

05-08-2026 → present

Show 2 earlier auditors

BRUNO VANDENBOSCH & Co Commissaire · represented by Bruno Vandenbosch succeeded by BRUNO VANDENBOSCH & Co REVISEUR D'ENTREPRISES in 2020	16-12-2013 → 28-05-2020
BRUNO VANDENBOSCH & Co REVISEUR D'ENTREPRISES Commissaire · represented by Bruno Vandenbosch succeeded by BRUNO VANDENBOSCH REVISEUR D'ENTREPRISES in 2026	28-05-2020 → 05-08-2026