Upthrust
ActiveSummary
Upthrust has been active since 2015 and the Belgian State Gazette contains no insolvency or warning signals. The 2024 annual accounts show equity of €7.93M and a net result of €6.32M. Equity is growing by ~8.6% per year across the filed fiscal years. Its solvency ranks better than 22% of 1095 sector peers (fiscal year 2024). The computed 12-month bankruptcy probability is 0.5% (very low).
Checked score
Score 2024
Axes · tick = 2023
Profitability58▲+47
Solvency39▲+1
Growth85▲+17
Track record100
Bankruptcy probability, 12 months
0.5%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €480k at 30 days acceptable
Liquidity short (current ratio 0.76 against 2.41 in 2023; short-term debt: 28.1% and cash: 10.9% of total assets), and 86.3% of the assets are financed with debt.
Credit check for your own amount and term
Signals
Three signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2024Solvency, return and age of the figures
Solvency
13.7%
Return on assets
10.9%
Age of the figures
21 mo
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 22% of 1095 sector peers (2024).
NBB · sector comparisonPosition among 1095 sector peers
Solvency
better than 22%
← weakest
strongest →
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2024 was due by 31-07-2025 and was filed on 25-06-2025, 36 days ahead of the deadline.
NBB · 9 filingsDeviation from the deadline
2025
not confirmed
2024
36 d early
2023
41 d early
2022
150 d late
2021
31 d early
2020
2 d early
2019
4 d early
← before the deadline
after the deadline →
Checked, nothing found (1)
Financials · fiscal year 2024, full schema
Turnover
€11.76M▼ 10.9%
2023 · €13.21M
2019: €3.39Mlowest in 6 years
2020: €7.03M▲ +107% vs 2019
2021: €11.16M▲ +58.7% vs 2020
2022: €14.83M▲ +32.9% vs 2021highest in 6 years
2023: €13.21M▼ -10.9% vs 2022
2024: €11.76M▼ -10.9% vs 2023
2019 → 2024
EBIT margin
14.6%▲ 21.3pp
2023 · -6.7%
2019: 8.9%
2020: 15.0%▲ +68.9% vs 2019highest in 6 years
2021: 12.9%▼ -13.8% vs 2020
2022: 1.9%▼ -85.0% vs 2021
2023: -6.7%▼ -444% vs 2022lowest in 6 years
2024: 14.6%▲ +320% vs 2023
2019 → 2024
Net result
€6.32M
2023 · €-3.20M
2018: €3k
2019: €156k▲ +5999% vs 2018
2020: €514k▲ +230% vs 2019
2021: €740k▲ +44.1% vs 2020
2022: €1.19M▲ +61.3% vs 2021
2023: €-3.20M▼ -368% vs 2022lowest in 7 years
2024: €6.32M▲ +297% vs 2023highest in 7 years
2018 → 2024
Working capital
€-3.93M
2023 · €4.22M
2018: €12k
2019: €-625k▼ -5253% vs 2018
2020: €-2.28M▼ -265% vs 2019
2021: €-4.31M▼ -88.8% vs 2020lowest in 7 years
2022: €6.60M▲ +253% vs 2021highest in 7 years
2023: €4.22M▼ -36.0% vs 2022
2024: €-3.93M▼ -193% vs 2023
2018 → 2024
Trend over the years
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20202021202220232024Trend
Turnover€7.03M-€11.16M▲ 58.7%€14.83M▲ 32.9%€13.21M▼ 10.9%€11.76M▼ 10.9%
2020: €7.03Mlowest in 5 years
2021: €11.16M▲ +58.7% vs 2020
2022: €14.83M▲ +32.9% vs 2021highest in 5 years
2023: €13.21M▼ -10.9% vs 2022
2024: €11.76M▼ -10.9% vs 2023
Equity€8.38M-€9.10M▲ 8.6%€10.29M▲ 13.1%€7.09M▼ 31.1%€7.93M▲ 11.8%
2020: €8.38M
2021: €9.10M▲ +8.6% vs 2020
2022: €10.29M▲ +13.1% vs 2021highest in 5 years
2023: €7.09M▼ -31.1% vs 2022lowest in 5 years
2024: €7.93M▲ +11.8% vs 2023
Operating result€1.05M-€1.44M▲ 36.9%€287k▼ 80.1%€-879k€1.72M
2020: €1.05M
2021: €1.44M▲ +36.9% vs 2020
2022: €287k▼ -80.1% vs 2021
2023: €-879k▼ -407% vs 2022lowest in 5 years
2024: €1.72M▲ +296% vs 2023highest in 5 years
Net result€514k-€740k▲ 44.1%€1.19M▲ 61.3%€-3.20M€6.32M
2020: €514k
2021: €740k▲ +44.1% vs 2020
2022: €1.19M▲ +61.3% vs 2021
2023: €-3.20M▼ -368% vs 2022lowest in 5 years
2024: €6.32M▲ +297% vs 2023highest in 5 years
Result per fiscal year
Operating resultNet result
The operating result returns to profit in 2024: €1.72M after a loss of €879k in 2023, the highest result in the available series.
Balance-sheet composition
2024 in colour, 2023 as the grey bar beneath
Assets €57.79M
Fixed assets
€45.50M ▼ 2.7%
Current assets
€12.29M ▲ 70.0%
Equity and liabilities €57.79M
Equity
€7.93M ▲ 11.8%
Debt
€49.86M ▲ 6.3%
Debt's share of the balance-sheet total falls from 86.9% to 86.3%. Equity and debt are higher.
Key figures and ratios
EBITDA
€2.22M▲
2023 · €-350k
Cash flow
€6.83M▲
2023 · €-2.67M
Current ratio
0.76▼
2023 · 2.41
Debt to equity
6.29▼
2023 · 6.61
ROE
79.7%▲
2023 · -45.2%
ROA
10.9%▲
2023 · -5.9%
Interest coverage
0.85▲
2023 · -0.15
Debt ≤ 1 year
€16.22M▲
2023 · €3.00M
Debt > 1 year
€33.10M▼
2023 · €43.01M
Income taxes
€12k▼
2023 · €92k
Staff costs
€2.87M▼
2023 · €3.25M
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Filed annual accounts As filed with the NBB · 2024 against 2023 · 74 lines
Balance sheet
Code20232024
Assets
Total assets20/58€53.99M€57.79M▲
Formation expenses20€0€0=
Fixed assets21/28€46.77M€45.50M▼
Intangible fixed assets21€1.62M€1.19M▼
Tangible fixed assets22/27€215k€179k▼
Plant, machinery and equipment23€88k€57k▼
Furniture and vehicles24€17k€28k▲
Other tangible fixed assets26€109k€94k▼
Financial fixed assets28€44.93M€44.13M▼
Affiliated companies280/1€44.90M€44.10M▼
Participating interests280€44.90M€44.10M▼
Other financial fixed assets284/8€28k€26k▼
Amounts receivable and cash guarantees285/8€28k€26k▼
Current assets29/58€7.23M€12.29M▲
Amounts receivable after more than one year29€1.91M€2.91M▲
Other amounts receivable291€1.91M€2.91M▲
Amounts receivable within one year40/41€4.15M€3.02M▼
Trade receivables40€3.02M€2.66M▼
Other amounts receivable41€1.13M€368k▼
Cash at bank and in hand54/58€846k€6.31M▲
Deferred charges and accrued income490/1€325k€48k▼
Equity and liabilities
Total equity and liabilities10/49€53.99M€57.79M▲
Equity10/15€7.09M€7.93M▲
Contributions10/11€7.93M€7.93M=
Profit (loss) carried forward14€-840k-
Amounts payable17/49€46.90M€49.86M▲
Amounts payable after more than one year17€43.01M€33.10M▼
Financial debts170/4€43.01M€33.10M▼
Credit institutions173€34.15M€28.16M▼
Other loans174€8.86M€4.93M▼
Amounts payable within one year42/48€3.00M€16.22M▲
Current portion of amounts payable after more than one year42-€3.24M
Trade debts44€1.61M€1.28M▼
Suppliers440/4€1.61M€1.28M▼
Advances received on contracts in progress46€284k€222k▼
Taxes, remuneration and social security45€606k€463k▼
Taxes450/3€174k€96k▼
Remuneration and social security454/9€432k€366k▼
Other amounts payable47/48€500k€11.02M▲
Accrued charges and deferred income492/3€884k€545k▼
Income statement
Code20232024
Operating income70/76A€13.33M€13.60M▲
Turnover70€13.21M€11.76M▼
Other operating income74€121k€452k▲
Non-recurring operating income76A-€1.38M
Operating charges60/66A€14.21M€11.88M▼
Goods for resale, raw materials and consumables60€5.93M€4.87M▼
Purchases600/8€5.93M€4.87M▼
Services and other goods61€3.78M€2.86M▼
Remuneration, social security and pensions62€3.25M€2.87M▼
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€529k€504k▼
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4-€-21k
Other operating charges640/8€718k€795k▲
Operating profit (loss)9901€-879k€1.72M▲
Financial income75/76B€273k€7.24M▲
Recurring financial income75€273k€7.24M▲
Income from financial fixed assets750€271k€7.23M▲
Other financial income752/9€2k€11k▲
Financial charges65/66B€2.51M€2.63M▲
Recurring financial charges65€2.51M€2.63M▲
Debt charges650€2.40M€2.61M▲
Other financial charges652/9€107k€19k▼
Profit (loss) for the period before taxes9903€-3.11M€6.33M▲
Income taxes67/77€92k€12k▼
Taxes670/3€103k€12k▼
Tax adjustments and reversals of tax provisions77€11k-
Profit (loss) for the period9904€-3.20M€6.32M▲
Profit (loss) for the period to be appropriated9905€-3.20M€6.32M▲
Appropriation of the result
Profit (loss) to be appropriated9906€-3.20M€5.48M▲
Profit (loss) brought forward from the previous period14P-€-840k
Transfer from equity791/2€2.36M-
From reserves792€2.36M-
Profit to be distributed694/7-€5.48M
Return on contributions (dividend)694-€5.48M
Social balance
Average headcount (FTE)908740.936.0▼
The notes to these accounts (70 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Accounts by statement
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Operating income70/76A | - | €11.23M | €15.00M | €13.33M | €13.60M | ▲ 2.0% |
| Turnover70 | €7.03M | €11.16M | €14.83M | €13.21M | €11.76M | ▼ 10.9% |
| Other operating income74 | - | €64k | €165k | €121k | €452k | ▲ 273% |
| Non-recurring operating income76A | - | - | - | - | €1.38M | - |
| Operating charges60/66A | - | €9.78M | €14.71M | €14.21M | €11.88M | ▼ 16.4% |
| Goods for resale, raw materials and consumables60 | - | €6.66M | €7.20M | €5.93M | €4.87M | ▼ 17.8% |
| Purchases600/8 | - | €6.66M | €7.20M | €5.93M | €4.87M | ▼ 17.8% |
| Services and other goods61 | - | €1.37M | €4.05M | €3.78M | €2.86M | ▼ 24.3% |
| Remuneration, social security and pensions62 | - | €1.53M | €2.44M | €3.25M | €2.87M | ▼ 11.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €104k | €128k | €153k | €529k | €504k | ▼ 4.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | €21k | €0 | - | €-21k | - |
| Other operating charges640/8 | - | €57k | €863k | €718k | €795k | ▲ 10.8% |
| Non-recurring operating charges66A | - | €23k | - | - | - | - |
| Operating profit (loss)9901 | €1.05M | €1.44M | €287k | €-879k | €1.72M | ▲ 296% |
| Financial income75/76B | - | €3k | €1.79M | €273k | €7.24M | ▲ 2,551% |
| Recurring financial income75 | €2k | €3k | €1.79M | €273k | €7.24M | ▲ 2,551% |
| Income from financial fixed assets750 | - | - | €1.79M | €271k | €7.23M | ▲ 2,571% |
| Income from current assets751 | - | €3k | - | - | - | - |
| Other financial income752/9 | - | €1 | €2k | €2k | €11k | ▲ 341% |
| Financial charges65/66B | - | €431k | €957k | €2.51M | €2.63M | ▲ 4.8% |
| Recurring financial charges65 | €323k | €431k | €957k | €2.51M | €2.63M | ▲ 4.8% |
| Debt charges650 | €323k | €394k | €633k | €2.40M | €2.61M | ▲ 8.7% |
| Other financial charges652/9 | - | €37k | €324k | €107k | €19k | ▼ 82.5% |
| Profit (loss) for the period before taxes9903 | €731k | €1.01M | €1.12M | €-3.11M | €6.33M | ▲ 304% |
| Income taxes67/77 | €218k | €273k | €-69k | €92k | €12k | ▼ 87.5% |
| Taxes670/3 | - | €287k | - | €103k | €12k | ▼ 88.9% |
| Tax adjustments and reversals of tax provisions77 | - | €14k | €69k | €11k | - | - |
| Profit (loss) for the period9904 | €514k | €740k | €1.19M | €-3.20M | €6.32M | ▲ 297% |
| Profit (loss) for the period to be appropriated9905 | €514k | €740k | €1.19M | €-3.20M | €6.32M | ▲ 297% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €23.10M | €32.36M | €53.56M | €53.99M | €57.79M | ▲ 7.0% |
| Formation expenses20 | €119k | €67k | €15k | €0 | €0 | = |
| Fixed assets21/28 | €20.42M | €28.35M | €42.99M | €46.77M | €45.50M | ▼ 2.7% |
| Intangible fixed assets21 | €160k | €119k | €80k | €1.62M | €1.19M | ▼ 26.4% |
| Tangible fixed assets22/27 | €68k | €136k | €252k | €215k | €179k | ▼ 16.4% |
| Plant, machinery and equipment23 | - | €49k | €110k | €88k | €57k | ▼ 35.0% |
| Furniture and vehicles24 | - | €23k | €20k | €17k | €28k | ▲ 61.7% |
| Other tangible fixed assets26 | - | €64k | €122k | €109k | €94k | ▼ 13.9% |
| Financial fixed assets28 | €20.19M | €28.09M | €42.65M | €44.93M | €44.13M | ▼ 1.8% |
| Affiliated companies280/1 | - | €28.08M | €42.63M | €44.90M | €44.10M | ▼ 1.8% |
| Participating interests280 | - | €28.08M | €42.63M | €44.90M | €44.10M | ▼ 1.8% |
| Other financial fixed assets284/8 | - | €18k | €24k | €28k | €26k | ▼ 6.3% |
| Amounts receivable and cash guarantees285/8 | - | €18k | €24k | €28k | €26k | ▼ 6.3% |
| Current assets29/58 | €2.56M | €3.95M | €10.56M | €7.23M | €12.29M | ▲ 70.0% |
| Amounts receivable after more than one year29 | - | €288k | €2.69M | €1.91M | €2.91M | ▲ 52.4% |
| Other amounts receivable291 | - | €288k | €2.69M | €1.91M | €2.91M | ▲ 52.4% |
| Amounts receivable within one year40/41 | €2.20M | €3.42M | €6.89M | €4.15M | €3.02M | ▼ 27.1% |
| Trade receivables40 | - | €3.15M | €4.86M | €3.02M | €2.66M | ▼ 12.1% |
| Other amounts receivable41 | - | €271k | €2.02M | €1.13M | €368k | ▼ 67.4% |
| Cash at bank and in hand54/58 | €345k | €190k | €911k | €846k | €6.31M | ▲ 646% |
| Deferred charges and accrued income490/1 | - | €52k | €69k | €325k | €48k | ▼ 85.2% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €23.10M | €32.36M | €53.56M | €53.99M | €57.79M | ▲ 7.0% |
| Equity10/15 | €8.38M | €9.10M | €10.29M | €7.09M | €7.93M | ▲ 11.8% |
| Contributions10/11 | - | €7.93M | €7.93M | €7.93M | €7.93M | = |
| Reserves13 | €448k | €1.17M | €2.36M | - | - | - |
| Distributable reserves133 | - | €1.17M | €2.36M | - | - | - |
| Profit (loss) carried forward14 | €-205k | - | - | €-840k | - | - |
| Amounts payable17/49 | €14.72M | €23.26M | €43.27M | €46.90M | €49.86M | ▲ 6.3% |
| Amounts payable after more than one year17 | €9.79M | €14.89M | €39.00M | €43.01M | €33.10M | ▼ 23.1% |
| Financial debts170/4 | - | €14.89M | €39.00M | €43.01M | €33.10M | ▼ 23.1% |
| Credit institutions173 | - | €12.59M | €33.00M | €34.15M | €28.16M | ▼ 17.5% |
| Other loans174 | - | €2.30M | €6.00M | €8.86M | €4.93M | ▼ 44.3% |
| Amounts payable within one year42/48 | €4.84M | €8.26M | €3.96M | €3.00M | €16.22M | ▲ 440% |
| Current portion of amounts payable after more than one year42 | - | €1.90M | - | - | €3.24M | - |
| Financial debts43 | - | €475k | €132k | - | - | - |
| Credit institutions430/8 | - | €475k | €132k | - | - | - |
| Trade debts44 | €1.30M | €1.84M | €2.90M | €1.61M | €1.28M | ▼ 20.8% |
| Suppliers440/4 | - | €1.84M | €2.90M | €1.61M | €1.28M | ▼ 20.8% |
| Advances received on contracts in progress46 | - | - | - | €284k | €222k | ▼ 21.8% |
| Taxes, remuneration and social security45 | - | €314k | €453k | €606k | €463k | ▼ 23.6% |
| Taxes450/3 | - | €82k | €70k | €174k | €96k | ▼ 44.6% |
| Remuneration and social security454/9 | - | €232k | €382k | €432k | €366k | ▼ 15.2% |
| Other amounts payable47/48 | - | €3.74M | €471k | €500k | €11.02M | ▲ 2,104% |
| Accrued charges and deferred income492/3 | - | €119k | €310k | €884k | €545k | ▼ 38.3% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €514k | €740k | €1.19M | €-3.20M | €6.32M | ▲ 297% |
| + Depreciation and write-downs630 | €104k | €128k | €153k | €529k | €504k | ▼ 4.8% |
| Operating cash flow (approximation) | €618k | €869k | €1.35M | €-2.67M | €6.83M | ▲ 355% |
| Investment in fixed assets (approximation) | - | €-8.06M | €-14.79M | €-4.31M | €762k | ▲ 118% |
| Change in cash | - | €-155k | €721k | €-65k | €5.46M | ▲ 8,524% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
2026
04-08
State Gazette act
Resignations & appointmentsPower of attorney4 facts ▸
State Gazette act
Resignations & appointments
Power of attorney4 facts ▸
- Board meeting, 19/06/2026
- Power of attorney, KJV BV
- Power of attorney, Dennis De Cat
- Power of attorney, Nick Van Meerbeeck
2025
25-06
NBB filing
Annual accounts filed
fiscal year 2024 · full schema
2024
31-12
Financial
Back to profitnet €6.32M
Net result €6.32M after one loss-making year.
20-06
NBB filing
Annual accounts filed
fiscal year 2023 · full schema
2023
31-12
Financial
Weakest financial yearnet €-3.20M
Net result drops to €-3.20M, the lowest in the series; recovery starts the following year.
28-12
NBB filing
Annual accounts filed
fiscal year 2022 · full schema · 150 days late
2022
31-12
Financial
Liquidity times 6current ratio 2.67
Current ratio from 0.48 to 2.67; short-term debt falls from €8.26M to €3.96M.
31-12
Financial
Equity above €10MEq €10.29M ▲13.1%
5 profitable years in a row build equity to €10.29M.
30-06
NBB filing
Annual accounts filed
fiscal year 2021 · full schema
2021
29-07
NBB filing
Annual accounts filed
fiscal year 2020 · full schema
2020
27-07
NBB filing
Annual accounts filed
fiscal year 2019 · full schema
2019
31-12
Financial
Equity above €5MEq €7.88M ▲10,917%
2 profitable years in a row build equity to €7.88M.
Show earlier events
05-07
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema
2018
06-07
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema
2017
28-07
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
1 of 17 acts read
About the unread acts
Of the 17 Belgian State Gazette acts we know for this company, 1 has been read. The other 16 have not been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
17 acts for this company are in the Belgian State Gazette, of which we have read 1. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Antwerpen · 1 establishment unit since 2015
Ground area
7,191 m²
Building footprint
1,380 m²
Volume, LiDAR
1,450 m³
2 parcels, Flanders · tallest building 17.2 m, ±4 floors. Linked by address, not a title deed.
9
companies at this address
See who is registered here
1 establishment unit
Broederminstraat 9, 2018 Antwerpen
since 20152.241.530.636
2 parcels
Flanders
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 11811L3917/00P002 | Flanders | 7,079 m² | 1 · 1,267 m² | 0.6 m |
| 11811L3780/00M000 | Flanders | 112 m² | 1 · 112 m² | 17.2 m · 4 fl. |
Linked by address, not proof of ownership
Good to know
2 of 2 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Public money · subsidies and aid
Flemish government
2022 to 2024 · 4 entries · 9,167 EUR awarded · 9,167 EUR paid| Year | Entries | awarded | paid |
|---|---|---|---|
| 2024 | 1 | 3,864 EUR | 3,864 EUR |
| 2023 | 2 | 1,704 EUR | 5,303 EUR |
| 2022 | 1 | 3,599 EUR | 0 EUR |
Schemes
Vlaams opleidingsverlof (VOV)
Subsidie voor opleiding en advies voor kmo's en zelfstandigen (kmo-portefeuille)
Recognitions · licences · registrations
Legal Entity Identifier
254900FMUNH34HXJ0L59
Similar companies · same sector, comparable size
VML Belgium
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MGA ENTERTAINMENT BELGIUM
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Of 13,417 companies in sector 73300 we hold annual accounts for 6,898. 583 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company
Founded10-04-2015
Fiscal year end31-12
Activities, NACEBEL 2025
73300Public relations and communication consultancy
62200Computer consultancy and computer facilities management
70200Business and other management consultancy
Scores and ratios are computed by Checked and are not a credit decision.