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Pulse

Active
Public limited company·Activiteiten van holdings· 9 yrs active
Maenhoutstraat 77 ·9830 Sint-Martens-Latem, Belgium
KBO/BCE: BE 0676.417.028
Watch Print / PDF
Age9 yrs
Board4
Connections6
Real estate1 parcel · 1,219 m²

Summary

Conclusion

the dossier summarised in one paragraph

Pulse is a financial institution; the bankruptcy model is trained on trading and manufacturing companies and does not apply here. The 2025 annual accounts show equity of €35k and a net result of €-7k. Equity is shrinking by ~15.1% per year and would, assuming unchanged policy, indicatively turn negative around fiscal year 2026. Its solvency ranks better than 85% of 216 sector peers (fiscal year 2025). The company has been active since 2017 and the Belgian State Gazette contains no insolvency or warning signals.

Based on the State Gazette, CBE and 8 annual accounts.

Bankruptcy probability (12 mo)

Checked model v1 · free for everyone

This is a financial institution (bank, insurer or financial holding). Our bankruptcy model is trained on ordinary trading and manufacturing companies; a bank balance sheet falls outside that scope. We therefore show no bankruptcy probability rather than a misleading figure.

Signals

1 signal · with evidence
Strong solvency vs sector
Solvency is in the sector's strongest quartile: better than 85% of 216 peers (2025). A comfortable equity buffer.
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.

Trust signals

2 signals
More than 3 years active
Founded in 2017, 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 administrative flags

Financials

Equity€35k-16.4%
Net result€-7k+28.5%
Total assets€36k-14.9%
Solvency96.5%-1.7pp

Annual accounts & ratios

Source: NBB · 2025
Annual accounts filed on 03-03-2026 with the NBB · fiscal year 2025 · volledig
The figures below are the statutory (non-consolidated) annual accounts. This company also files consolidated accounts; the group figures can differ substantially.
€-25.00M€0€25.00M€50.00M€75.00M€100.00MRevenue 2021: €3.28M€3.28MOperating result 2021: €1.42M€1.42MNet result 2021: €4.41M€4.41MRevenue 2022: €2.68M€2.68MOperating result 2022: €1.29M€1.29MNet result 2022: €406k€406kRevenue 2023: €1.12M€1.12MOperating result 2023: €696k€696kNet result 2023: €97.73M€97.73MOperating result 2024: €-8k€-8kNet result 2024: €-9k€-9kOperating result 2025: €-6k€-6kNet result 2025: €-7k€-7k20212022202320242025
RevenueOperating resultNet result
Trajectory (indicative)
Projection over 3 fiscal years from the filed annual accounts, not a forecast, the extended trend.
declining At this pace, equity would indicatively turn negative around fiscal year 2026, assuming unchanged policy.
€-60.00M€-40.00M€-20.00M€0€20.00M€40.00M2026: €-2.87M (€-15.39M - €9.66M)2027: €-7.74M (€-27.78M - €12.30M)2028: €-12.60M (€-40.16M - €14.95M)2018: €31.48M2019: €33.15M2020: €33.42M2021: €37.84M2022: €38.24M2023: €51k2024: €41k2025: €35k20182019202020212022202320242025202620272028
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 64, Financial services · compared within the same schema type (full schema)
Metric This company Sector median Position in the sector
Solvency 96.5% 55.4%
better than 85% of 216 sector peers
Net result €-7k €65k
better than 25% of 216 sector peers
Equity €35k €3.31M
better than 7% of 216 sector peers
Total assets €36k €6.77M
better than 5% of 216 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 P85
2020: P40 · n=1292021: P53 · n=2232022: P55 · n=4122023: P26 · n=5592024: P92 · n=6782025: P85 · n=2162020 2025
Improving position over 2020-2025 · n=129-678
Net result P25
2020: P72 · n=1292021: P90 · n=2232022: P75 · n=4122023: P95 · n=5562024: P25 · n=6772025: P25 · n=2162020 2025
Weakening position over 2020-2025 · n=129-677
Equity P7
2020: P77 · n=1292021: P82 · n=2232022: P82 · n=4122023: P17 · n=5592024: P14 · n=6782025: P7 · n=2162020 2025
Weakening position over 2020-2025 · n=129-678
Employees (FTE) P49
2020: P68 · n=542021: P74 · n=802022: P70 · n=1172023: P49 · n=1732020 2023
Weakening position over 2020-2023 · n=54-173
Describes the position versus peers, not a forecast.
Net profit
€-7k
+28.5% far below sector median
Total assets
€36k
-14.9% -100% vs sector
Equity
€35k
-16.4% -100% vs sector
Employees (FTE)
1
-71.4% -92% vs sector
Staff costs
€191k
-75.7% -90% vs sector
Income taxes
€149k
-5.5% far above sector median
Dividends
€105.98M
+980.3% far above sector median
Debt
€1k
+65.9% -100% vs sector
Debt ≤ 1y
€1k
+65.9% -100% vs sector
Debt > 1y
€24.72M
-6.3% -8% vs sector
Solvency
96.5%
-1.7% +106% vs sector
ROE
-19.6%
+14.5% far below sector median
ROA
-18.9%
+16.0% far below sector median
Figures by fiscal year
Fiscal year2025
Revenuen/a
EBITDAn/a
Net profit€-7k
Cash flown/a
Staff costs-
Income taxes-
Dividends-
Total assets€36k
Equity€35k
Debt€1k
of which ≤ 1y€1k
of which > 1y-
Working capitaln/a
Employees (FTE)-
Ratios (computed)
2025
Current ration/a
Quick ration/a
Working capital ration/a
Solvency96.5%
Debt / equityn/a
Long-term debt ration/a
Interest coveragen/a
Gross marginn/a
Net marginn/a
ROA-18.9%
ROE-19.6%
EBITDA marginn/a
Days sales outstandingn/a
Days payable outstandingn/a
Inventory turnovern/a
Days inventory (DSI)n/a
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€36k
Current assets 29/58€36k
Amounts receivable within one year 40/41€171
Cash & bank 54/58€36k
Balance sheet, Equity & liabilities
TOTAL EQUITY & LIABILITIES 10/49€36k
Equity 10/15€35k
Contributions / capital 10/11€62k
Reserves 13€6k
Accumulated profits (losses) 14€-33k
Amounts payable 17/49€1k
Amounts payable within one year 42/48€1k
Trade debts payable within one year 44€1k
Income statement
Operating result 9901€-6k
Financial charges 65€670
Result before taxes 9903€-7k
Net result for the period 9904€-7k
Result to be appropriated 9905€-7k
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
Model not applicable to financial institutions
The health score weighs liquidity, leverage and margins against norms for trading and manufacturing companies. A bank, insurer or financial holding has a fundamentally different balance-sheet structure, so those ratios, and hence the score, carry no meaning here.

Directors

Directors & mandates

10 directors
Current directors & mandates
  • DASKO BVLegal entity
    Director· perm. rep.: Hendrik Daneels
    State Gazette act 24034485 (26-02-2024)
    Current
    14-12-2022 → present
  • DEBLOKO INVEST BVLegal entity
    Director· perm. rep.: De Block Koen
    State Gazette act 24034485 (26-02-2024)
    Current
    14-12-2022 → present
    2 events
    • 14-12-2022 Mandate renewed· Director
    • 14-12-2022 Mandate renewed· Managing director
  • NV CREAFUNDLegal entity
    Director· perm. rep.: Schepens Gino
    State Gazette act 24034485 (26-02-2024)
    Current
    14-12-2022 → present
  • Next Train BVLegal entity
    Director· perm. rep.: Kenneth Depuydt
    State Gazette act 22025937 (24-02-2022)
    Current
    24-02-2022 → 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.
  • CREAFUND ASSET MANAGEMENTLegal entity
    Director· perm. rep.: Herman Wielfaert
    State Gazette act 20024334 (12-02-2020)
    Not recently confirmed
    last confirmed in an act from 2020
    2 events
    • 30-12-2019 Mandate renewed· Director
    • 18-08-2017 Appointed· Director
Former directors (5)
  • DANEKO BVLegal entity
    Director· perm. rep.: Daneels Jochen
    State Gazette act 24034485 (26-02-2024)
    Former
    01-01-2022 → 07-04-2023
    5 events
    • 07-04-2023 Resigned· Director
    • 07-04-2023 Resigned· Managing director
    • 14-12-2022 Mandate renewed· Director
    • 01-01-2022 Appointed· Director
    • 01-01-2022 Appointed· Managing director
  • NV CREAFUND ASSET MANAGEMENTLegal entity
    Director· perm. rep.: De Wulf Ruth
    State Gazette act 24034485 (26-02-2024)
    Former
    14-12-2022 → 07-04-2023
    3 events
    • 07-04-2023 Resigned· Director
    • 14-12-2022 Mandate renewed· Director
    • 02-04-2019 Resigned· Director
  • SPEED 8 NVLegal entity
    Director· perm. rep.: Wielfaert Herman
    State Gazette act 24034485 (26-02-2024)
    Former
    14-12-2022 → 07-04-2023
    2 events
    • 07-04-2023 Resigned· Director
    • 14-12-2022 Mandate renewed· Director
  • Kenneth Depuydt
    Director
    State Gazette act 24034485 (26-02-2024)
    Former
    03-05-2022 → 14-12-2022
    2 events
    • 14-12-2022 Resigned· Director
    • 03-05-2022 Appointed· Director
  • Wielfaert Herman
    Director
    State Gazette act 19105808 (02-08-2019)
    Former
    02-04-2019 → 01-01-2020
    2 events
    • 01-01-2020 Resigned· Director
    • 02-04-2019 Appointed· Director
Full appointment history from the Belgian State Gazette. Permanent representatives are shown for corporate directors.

Statutory auditor

2 auditors
Statutory auditor IRE/IBR number Tenure
Baker Tilly BedrijfsrevisorenCurrent
Statutory auditor · represented by Peter Weyers
 - 30-07-2024 → present
Baker Tilly Belgium bedrijfsrevisoren
Statutory auditor · represented by Peter Weyers
succeeded by Baker Tilly Bedrijfsrevisoren in 2024
 - 04-02-2021 → 30-07-2024
Appointed statutory auditor from the Belgian State Gazette. The IRE/IBR number refers to the register of the Institute of Registered Auditors.

Insolvency mandates

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

Legal Structure

NACE primary Activiteiten van holdings(64210)
Legal form Public limited company(014)
Incorporation30-05-2017
StatusActive
Postal code9830

Structure & network

Connections & network

6 connected companies
CREAFUND ASSET MANAGEMENT, Parent company CACREAFUND ASSETMANAGEMENTBeddeleem, Subsidiary BBeddeleemCREAFUND, 2 shared directors CCREAFUNDSAJAMA, Shared director SSAJAMACu.be Solutions, Shared corporate director CSCu.beSolutionsKomax Belgium, Shared corporate director KBKomax BelgiumPulse Pulse0676.417.028
Group structureShared directors
Group structure
CREAFUND ASSET MANAGEMENT
Parent · 5 subsidiaries · 1 location
Control→
Beddeleem
Subsidiary · 2 locations
→
Network connections
CREAFUND
Shared director
→
SAJAMA
Shared director
→
Cu.be Solutions
Shared corporate director
→
Komax Belgium
Shared corporate director
→
Connections derived from shared directors, addresses, shareholders and group structure in the Belgian State Gazette.

Locations & real estate

Parcels1
Ground area1,219 m²
Buildings1
Building footprint333 m²
Volume (LiDAR)1,263 m³
Tallest building5.8 m · ±1 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.
44064B0425/00V000 Flanders 1,219 m² 1 · 333 m² 5.8 m · 1 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

10 acts
Capital history · 1
05-01-2023
v3.2
All acts · 10 updated 1 month ago
2026
11-06-2026 General meeting · Dissolution · Liquidation · Share distribution Open-capture extraction·Christian Van Belle
  • Filing: 2026-06-03 · Pulse
  • General meeting: 2026-05-19 · Pulse
  • Dissolution: 2026-05-19 · Pulse
  • Liquidation: 2026-05-19 · Pulse
  • Share distribution: 2026-05-19 · Pulse
  • Approval: date: 2026-05-19, type: annual_report · Pulse
  • Officer discharge: date: 2026-05-19, role: bestuursorgaan · Pulse
  • Approval: date: 2026-05-19, type: annual_accounts · Pulse
  • Officer discharge: end: 2026-05-19, role: commissaris, start: 2025-09-01 · Pulse
  • Officer resignation: 2026-05-19 · DEBLOKO INVEST
  • Officer resignation: 2026-05-19 · Dasko
  • Officer resignation: 2026-05-19 · Creafund
  • Officer discharge: end: 2026-05-19, role: bestuurders, start: 2025-09-01 · Pulse
  • Share distribution: 2026-05-19 · Pulse
  • Liquidation: 2026-05-19 · Pulse
  • Liquidation: 2026-05-19 · Pulse
  • Power of attorney: 2026-05-19 · Pulse
  • Publication: 2026-06-11
  • Act object: ONTBINDING EN SLUITING VEREFFENING
Summary: General meeting · Dissolution · Liquidation · Share distributionNotary: Christian Van Belle
2024
30-07-2024 Peter Weyers reappointed as statutory auditor Director changes
  • Peter Weyers, Commissaris
Summary: v3.2
26-02-2024 1 director appointed, 6 resigning, 7 reappointed Director changes
  • Kenneth Depuydt, Bestuurder
  • Next Train BV, Bestuurder
  • Kenneth Depuydt, Bestuurder
  • Jochen Daneels, Bestuurder
  • Wielfaert Herman, Bestuurder
  • Ruth De Wulf, Bestuurder
  • Jochen Daneels, Gedelegeerd bestuurder
  • Daneels Jochen, Bestuurder
Summary: v3.2
2023
05-01-2023 Capital decrease of €29,938,500 to €61,500 Capital & shares
  • €30.000.000 → €61.500
Summary: v3.2
2022
24-02-2022 2 directors appointed, 1 reappointed Director changes
  • Jochen Daneels, Bestuurder
  • Jochen Daneels, Gedelegeerd bestuurder
  • Kenneth Depuydt, Bestuurder
Summary: v3.2
2021
22-02-2021 Peter Weyers reappointed as statutory auditor Director changes
  • Peter Weyers, Commissaris
Summary: v3.2
2020
12-02-2020 1 resigning, 1 reappointed Director changes
  • Herman Wielfaert, Bestuurder
  • Herman Wielfaert, Bestuurder
Summary: v3.2
2019
02-08-2019 1 director appointed, 1 resigning Director changes
  • Herman Wielfaert, Bestuurder
  • Herman Wielfaert, Bestuurder
Summary: v3.2
2018
10-07-2018 1 director appointed, 1 resigning Director changes
  • H&H Capital Management BVBA, Bestuurder
  • CreaFund Management NV, Bestuurder
Summary: v3.2
2017
09-06-2017 Incorporation of a new NV Incorporation
Summary: oprichting

Analysis

Snowflake analysis

financial profile on 5 axes
Health0Profitability0Solvency100Growth22Stability100
44 / 100

Fragile profile, watch health in particular.

Health 0
Profitability 0
Solvency 100
Growth 22
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.

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Company registry

Company registry (CBE)

Crossroads Bank
Activities
Holdings64200Activiteiten van holdings64210
Primary activity highlighted.
Names & trade names
Legal nameNL Pulse
Registered office
Maenhoutstraat 77 bus B
9830 Sint-Martens-Latem, Belgium
Official data from the Crossroads Bank for Enterprises (CBE). Available for every registered company.