Warning lights
Signals from the annual accounts, the CBE and the Official Gazette, each with its threshold and source. No score, no verdict.
-
Tight liquidity NBB
Cash and receivables cover 1 % of short-term debt in 2024; threshold 65 %.
Financials
Financial year 2024
COURSE from Sint-Niklaas, company number BE0437764166, closed financial year 2024 with a result of € 40,035 after tax. For that financial year COURSE recorded a gross margin of € 208,045 and equity of € 666,680. Compared with financial year 2023, the result moved from € 19,181 to € 40,035. Profitable, and profit is growing. The buffer is growing. Debts are under control. The most recent annual accounts were filed with the National Bank of Belgium on June 20, 2025.
€ 666,680
▲ 6% vs 2023
Assets minus debts, by the books. What is left if everything were sold and paid today.
€ 40,035
▲ 109% vs 2023
Profit after tax over the fiscal year.
€ 1,781
▲ 228% vs 2023
Cash and bank balances on the last day of the fiscal year.
Stays in the company
No dividend for 2024. Retained profit grew to € 605,180.
People and assets in 2024
0
Average over the fiscal year, from the social balance sheet.
€ 28,635
▼ 29% vs 2023
Book value of vehicles, furniture and equipment.
Debts at end 2024
€ 916,364
▼ 11% vs 2023
€ 103,613 is repaid this year. At this pace the long-term loan is gone in ≈ 9 years.
€ 1,082
▼ 3% vs 2023
Supplier invoices still open on the last day of the fiscal year.
€ 14,839
▲ 55% vs 2023
Corporate tax and VAT still to pay. No wage debt: nothing outstanding to staff or social security.
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| 2021 | 2022 | 2023 | 2024 | Change 2023 → 2024 | |
|---|---|---|---|---|---|
| Gross margin | € 135,658 | € 124,974 | € 153,979 | € 208,045 | ▲ 35% |
| Profit after taxes | € -1,675 | € 7,773 | € 19,181 | € 40,035 | ▲ 109% |
| Equity | € 871,361 | € 879,134 | € 626,645 | € 666,680 | ▲ 6% |
| Total debts | € 2,227,628 | € 2,202,592 | € 2,393,223 | € 2,293,599 | ▼ 4% |
| Cash | € 2,679 | € 3,769 | € 542 | € 1,781 | ▲ 228% |
| Land & buildings | € 1,259,735 | € 1,212,980 | € 1,166,225 | € 1,119,470 | ▼ 4% |
| Retained profit | € 809,861 | € 817,634 | € 565,145 | € 605,180 | ▲ 7% |
| Dividend | € 0 | € 0 | € 271,670 | € 0 | ▼ 100% |
| Bank debt | € 1,324,731 | € 1,217,671 | € 1,024,467 | € 916,364 | ▼ 11% |
| Balance sheet total | € 3,098,989 | € 3,081,727 | € 3,019,867 | € 2,960,279 | ▼ 2% |
| Employees (FTE) | 0.9 | - | 0 | 0 |
Key figures of COURSE, fiscal years 2021 to 2024, from the annual accounts filed with the National Bank of Belgium.The annual account for fiscal year 2025 has not been filed yet; it was expected before 31 July 2026.
What happened to COURSE?
What happened at COURSE in recent years, according to the Belgian Official Gazette, the CBE and the National Bank:
- Chris Valkiers stepped down as director. NBB
- Luc Valkiers stepped down as director. NBB
- New annual accounts for financial year 2024: profit of € 40,035 (▲ 109% vs 2023). Source: NBB ↗
- Chris Valkiers became a director. NBB
- Luc Valkiers became a director. NBB
- New establishment in Sint-Niklaas. KBO
- Start of the company according to the CBE. KBO
In short
From € 1,675 loss in 2021 to € 40,035 profit in 2024.
Paid € 30,256 in corporate taxes since 2021.
Best year ever: 2024, with € 40,035 profit.
Paid out € 271,670 in dividends to the owners in total.
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De Lijn 8 June 2026 New annual account 2025
filed on 8 June 2026
What was left
€ 20 k ▼ 91%
Money in the bank
€ 178 k ▼ 98%
Open the dossier →
NMBS 8 June 2026 New annual account 2025 What was left ▼ 80%
bpost 18 May 2026 New annual account 2025 What was left from loss to profit
Management
It owns 67.2% of Pre-Press Compositions itself.
Directors
According to the 2024 annual accounts
Chris Valkiers
Managing director
since 2021 · until 2027
since 2021 · until 2027
Establishments
Establishment units
Physical locations of this company
Krekelstraat 43
9100 Sint-Niklaas
Who else lives here?
A building full of entrepreneurs or one very busy letterbox? Another 4 companies are registered at this address.
All companies at this address →What is an establishment unit? An establishment unit is a geographically identifiable place where activities of the enterprise are carried out.
Details
- Company number
- 0437.764.166
- VAT number
- BE 0437.764.166
- Registered office
- Krekelstraat 43, 9100 Sint-Niklaas
- Names & denominations
- COURSE
- Enterprise type
- Rechtspersoon
- Legal form
- Public limited company
- Legal situation
- Normale toestand
- Start date
- 30 June 1989
- Peppol
- Active · Active since 20 Nov 2025
- Activities · NACE
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