Track Changes · Checked.be

Summary

Conclusion

the dossier summarised in one paragraph

The computed 12-month bankruptcy probability of Track Changes is 0.5% (very low). The 2025 annual accounts show equity of €1k and a net result of €74k. Equity is shrinking by ~13.1% per year across the filed fiscal years. Its solvency ranks better than 6% of 1957 sector peers (fiscal year 2025). The company has been active since 2020 and the Belgian State Gazette contains no insolvency or warning signals.

Based on the State Gazette, CBE and 5 annual accounts.

Signals

2 signals · with evidence

Weak solvency vs sector

Solvency (equity / total assets) is in the sector's weakest quartile: better than 6% of 1957 sector peers (2025).

View the sector comparison

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 31-12-2025 was due by 31-07-2026 and was filed on 11-06-2026, 50 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 31-12-2026 and is due by 31-07-2027. Nothing is late today.

How we compute the deadline

The year end is derived from 5 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 31-12-2025, that is 31-07-2026.

Deadline per financial year

Year closed	Due by	Filed	Variance	Reference
31-12-2025	31-07-2026	11-06-2026	50 d early	2026-00153194
31-12-2024	31-07-2025	30-07-2025	1 d early	2025-00353630
31-12-2023	31-07-2024	16-07-2024	15 d early	2024-00248912
31-12-2022	31-07-2023	26-07-2023	5 d early	2023-00275381
31-12-2021	31-07-2022	26-06-2022	35 d early	2022-20146028

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 2020, 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

0.5% Very low

0%0,5%1,5%4%10%≥25%

Lower-failure-rate sector −Young company +Higher-failure-rate region +

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

Financials

Turnover€186k+20.8%

EBIT margin50.6%+14.6pp

Net result€74k+75.0%

Working capital€-32k

CSV export

Annual accounts & ratios

Source: NBB · 2025

Annual accounts filed on 11-06-2026 with the NBB · fiscal year 2025 · micro

RevenueOperating resultNet result

Trajectory (indicative)

Projection over 3 fiscal years from the filed annual accounts, not a forecast, the extended trend.

growing Net result: growth of ~135.6%/year over 5 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 2025 · NACE 69, Legal & accounting · compared within the same schema type (micro schema)

Metric	This company	Sector median	Position in the sector
Solvency	1.1%	53.8%	better than 6% of 1957 sector peers
Net result	€74k	€43k	better than 71% of 1957 sector peers
Equity	€1k	€56k	better than 5% of 1958 sector peers
Gross operating margin	€109k	€68k	better than 71% of 1956 sector peers
Staff costs	€113	€31k	higher than 7% of 246 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 P6

Weakening position over 2021-2025 · n=1560-4829

Net result P71

Improving position over 2021-2025 · n=1557-4826

Equity P5

Weakening position over 2021-2025 · n=1560-4829

Gross operating margin P71

Improving position over 2021-2025 · n=1555-4824

Describes the position versus peers, not a forecast.

Revenue

€186k

+20.8% 21-25

EBITDA

€108k

+69.8% 21-25

Net profit

€74k

+75.0% 21-25

Cash flow

€87k

+74.2% 21-25

Total assets

€92k

+61.2% 21-25

Equity

€1k

-92.3% 21-25

Working capital

€-32k

- 21-25

Employees (FTE)

1

0.0% 21-25

Show 15 other metrics

Staff costs

€113

-99.6% 21-25

Income taxes

€21k

+56.1% 21-25

Dividends

€86k

+70.6% 21-25

Debt

€91k

+106.3% 21-25

Debt ≤ 1y

€90k

+142.3% 21-25

Debt > 1y

€1k

-85.6% 21-25

Current ratio

0.65

-37.6% 21-25

Quick ratio

0.65

-37.6% 21-25

Solvency

1.1%

-95.2% 21-25

Debt / equity

91.22

+2585.5% 21-25

ROE

7368.9%

+2178.1% 21-25

ROA

79.9%

+8.6% 21-25

Net margin

39.6%

+44.8% 21-25

EBITDA margin

57.9%

+40.5% 21-25

Interest coverage

140.51

+46.8% 21-25

Figures by fiscal year

Highlight YoY changes (±10%)

Fiscal year	2025
Deposit	micro
Revenue	€186k
EBITDA	€108k
Net profit	€74k
Cash flow	€87k
Staff costs	€113
Income taxes	€21k
Dividends	€86k
Total assets	€92k
Equity	€1k
Debt	€91k
of which ≤ 1y	€90k
of which > 1y	€1k
Working capital	€-32k
Employees (FTE)	-

Ratios (computed)

	2025
Current ratio	0.65
Quick ratio	0.65
Working capital ratio	-34.3%
Solvency	1.1%
Debt / equity	91.22
Long-term debt ratio	1.01
Interest coverage	140.51
Gross margin	58.6%
Net margin	39.6%
ROA	79.9%
ROE	7368.9%
EBITDA margin	57.9%
Days sales outstanding	23d
Days payable outstanding	10d
Inventory turnover	-
Days inventory (DSI)	-

Balance-sheet composition 2025

Assets

Fixed assets €34k · 36.5% Current assets €59k · 63.5%

Equity & liabilities

Equity €1k · 1.1% Debt €91k · 98.9%

Full annual accounts (24 line items)

Filed balance sheet and income statement, exactly as deposited with the NBB.

Line item	Code	2025
Balance sheet, Assets
TOTAL ASSETS	20/58	€92k
Fixed assets	21/28	€34k
Intangible fixed assets	21	€147
Tangible fixed assets	22/27	€33k
Financial fixed assets	28	€810
Current assets	29/58	€59k
Amounts receivable within one year	40/41	€48k
Cash & bank	54/58	€9k
Balance sheet, Equity & liabilities
TOTAL EQUITY & LIABILITIES	10/49	€92k
Equity	10/15	€1k
Contributions / capital	10/11	€1k
Amounts payable	17/49	€91k
Amounts payable after one year	17	€1k
Amounts payable within one year	42/48	€90k
Trade debts payable within one year	44	€2k
Income statement
Turnover	70	€186k
Gross operating margin	9900	€109k
Operating result	9901	€94k
Financial income	75	€1k
Financial charges	65	€767
Result before taxes	9903	€95k
Income taxes	67/77	€21k
Net result for the period	9904	€74k
Result to be appropriated	9905	€74k

This table shows the latest fiscal year. 4 prior years, with figures and ratios, belong to a paid plan. See plans →

Ratios computed by Checked.

Health barometer

FY 2025 · computed

61 / 100 Healthy

050100

Computed from 6 of the 6 factors this model weighs. The rest cannot be derived from the filed figures, or need a prior year to compare against.

The full score breakdown, per-year score history and the indicative credit limit are in Kantoor S.

See plans →

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

Structure & network

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.

Correggiostraat 741000 Brussel

Establishment units

1 location

Track Changes

Correggiostraat 74, 1000 BrusselHoldings

since 20202.312.068.145

Physical sites registered in the Crossroads Bank for Enterprises (CBE).

Parcels1

Ground area176 m²

Buildings1

Building footprint75 m²

Volume (LiDAR)860 m³

Tallest building15.3 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.

Brussels 1 (100%)

Parcel (capakey)	Region	Area	Buildings	Height / fl.
21806F0299/00Z000	Brussels	176 m²	1 · 75 m²	15.3 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

Belgian State Gazette · acts

0 of 1 acts read

We know of 1 Belgian State Gazette act for this company. It has not been read yet: what they contain is neither established nor disproved here.

Have them read with priority Sign in to place this company at the front of the reading queue.

The insolvency signals above come from a separate source; the KBO register is the second source and appears as the legal situation on this page.

Analysis

Financial profile

5 of 5 axes measured

66 / 100

Strong profile, led by profitability.

All 5 axes are computed from data Checked has read.

Health 61

Profitability 100

Solvency 4

Growth 72

Stability 94

Credit advice

verdict per customer and amount

Similar

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We hold annual accounts for 525 of the 2,251 companies in this sector. 67 of them are within a factor 10 of this company's equity.

See full sector →

Company registry

Company registry (CBE)

Crossroads Bank

Activities

Activiteiten van notarissen69102Activiteiten van notarissen69102Bemiddeling in verband met exploitatie van en handel in onroerend goed68310Bemiddeling bij de aankoop, verkoop en verhuur van onroerend goed voor een vast bedrag of op contractbasis68311Vertalers en tolken74300Activiteiten van vertalers74301

Primary activity highlighted.

Names & trade names

Legal nameNL

Track Changes

Registered office

Correggiostraat 74

1000 Brussel, Belgium

Official data from the Crossroads Bank for Enterprises (CBE). Available for every registered company.