Warning lights
Signals from the annual accounts, the CBE and the Official Gazette, each with its threshold and source. No score, no verdict.
-
Negative equity NBB
More debt than assets in 4 of the last 4 fiscal years.
-
Two loss years in a row NBB
Negative result in 2024 and 2025.
Financials
Financial year 2025
Underdog production from Liège, company number BE0770880081, closed financial year 2025 with a result of € -6,217 after tax. For that financial year Underdog production recorded a gross margin of € -2,484 and equity of € -99,760. Compared with financial year 2024, the result moved from € -61,072 to € -6,217. The company made a loss. More debts than assets. High debts against a small own buffer. The most recent annual accounts were filed with the National Bank of Belgium on June 17, 2026.
€ -99,760
▼ € 6,217 vs 2024
Assets minus debts, by the books. What is left if everything were sold and paid today.
€ -6,217
▲ 90 % less loss than in 2024
Profit after tax over the fiscal year.
€ 17,075
▼ 37% vs 2024
Cash and bank balances on the last day of the fiscal year.
Loss, nothing to pay out
Reserves fell to € -109,760.
People and assets in 2025
€ 394
▼ 36% vs 2024
Book value of vehicles, furniture and equipment.
Debts at end 2025
None
No bank loans on the last day of the fiscal year.
€ 18,780
▲ € 18,735 vs 2024
Supplier invoices still open on the last day of the fiscal year.
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| 2022 | 2023 | 2024 | 2025 | Change 2024 → 2025 | |
|---|---|---|---|---|---|
| Gross margin | € -9,733 | € -19,171 | € -55,516 | € -2,484 | ▲ € 53,033 |
| Profit after taxes | € -16,519 | € -25,952 | € -61,072 | € -6,217 | ▲ € 54,855 |
| Equity | € -6,519 | € -32,471 | € -93,543 | € -99,760 | ▼ € 6,217 |
| Total debts | € 203,488 | € 200,156 | € 133,708 | € 119,208 | ▼ 11% |
| Cash | € 189,141 | € 160,528 | € 27,175 | € 17,075 | ▼ 37% |
| Retained profit | € -16,519 | € -42,471 | € -103,543 | € -109,760 | ▼ € 6,217 |
| Balance sheet total | € 196,969 | € 167,685 | € 40,165 | € 19,448 | ▼ 52% |
Key figures of Underdog production, fiscal years 2022 to 2025, from the annual accounts filed with the National Bank of Belgium.Next annual account (fiscal year 2026) expected before 31 July 2027.
What happened to Underdog production?
What happened at Underdog production in recent years, according to the Belgian Official Gazette, the CBE and the National Bank:
- New annual accounts for financial year 2025: loss of € 6,217. Source: NBB ↗
- New establishment in Liège. KBO
- Bernard CARAPELLE became a director. NBB
- Elisa VAINSEL became a director. NBB
- Gaetan SERVAIS became a director. NBB
- Start of the company according to the CBE. KBO
In short
From € 16,519 loss in 2022 to € 6,217 loss in 2025.
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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
Behind Underdog production are Bernard CARAPELLE, Elisa VAINSEL and Gaetan SERVAIS. Elisa VAINSEL is also behind PONGA. Gaetan SERVAIS is also behind REGIE MEDIA BELGE, ENTWICKLUNGS- UND BETEILIGUNGSGESELLSCHAFT OSTBELGIENS, Belgian Media Ventures, PONGA and HI-TECH INVEST.
Directors
According to the 2025 annual accounts
Bernard CARAPELLE
Director
since 2021
since 2021
Gaetan SERVAIS
Director
Also active at: REGIE MEDIA BELGE, ENTWICKLUNGS- UND BETEILIGUNGSGESELLSCHAFT OSTBELGIENS, Belgian Media Ventures, PONGA, HI-TECH INVEST, SONUMA, WHITE FUND, OM2 +3 more
since 2021
Establishments
Establishment units
Physical locations of this company
Boulevard de la Sauvenière 118
4000 Liège
Rue Auguste-Hock 21
4020 Liège
Active since 7 July 2021
Who else lives here?
A building full of entrepreneurs or one very busy letterbox? Another 9 companies are registered at this address.
All companies at this address →RF PROD
€ -457,262 gross margin · 2025
Jazz à Liège
TACITE
€ -640 gross margin · 2025
WALLIFORNIA MUSIC
WAGON TORPILLE
+4 more
What is an establishment unit? An establishment unit is a geographically identifiable place where activities of the enterprise are carried out.
Details
- Company number
- 0770.880.081
- VAT number
- BE 0770.880.081
- Registered office
- Boulevard de la Sauvenière 118, 4000 Liège
- Names & denominations
- Underdog production
- Enterprise type
- Rechtspersoon
- Legal form
- Private limited company
- Legal situation
- Normale toestand
- Start date
- 7 July 2021
- Peppol
- Active · Active since 31 Mar 2026
- Activities · NACE
Productie van bioscoopfilms
Creatie van beeldende kunsten
Ondersteunende activiteiten voor scheppende kunsten