Equity
-€6,414
Debts exceed assets in financial year 2025.
Start-Immo
Lifetime
18 annual accounts with figures on one time axispeak €40,764 (2022)
€27,051▼ 23.9%
lowest -€16,007 (2023)
-€629▼ €10,092
peak €9,281 (2010)
-€6,414▼ €629
€153,831▲ 158%
peak 1.4 FTE (2024)
1.4 FTEunchanged
Board4 names since 2014
3 directorsDEHON Bernard and 2 others
Owners
Documentsfilings and deeds
12-10-202673 days late
2025abbreviated format
Gross margin from €35,525 to €27,051Loss of €629Debts from €59,631 to €153,831
Key points
from the 2025 annual accountsDebts
€153,831 104% of the balance sheet
Suppliers 29%Taxes and wages 5%Other 66%
Investments
€3,004 1.5 × depreciation
Green is investment, beige is depreciation.
Staff
1 employees on 31-12-2025
In 2025, 2 people joined and 3 left.
Filings
18 annual accounts 73 days
Latest accounts filed late: after the legal deadline.
Position in the sector
-4.4%
Lower solvency than 86% of companies in real estate. Sector median 30.7% · 11,299 companies.
Checked score
53
Fair
Financially stronger than 21% of micro companies in real estate (NACE 68)
Probability in this band: 1.5% to 4.2%
Bankruptcy probability within 12 months
1.9% Moderate
0%0.5%1.5%4%10%≥ 25%
The dashed line is the sector median: 0.2% across 26,625 companies (NACE 68, micro).
About 2 in 100 comparable companies go bankrupt within 12 months (an estimate).
Last 24 months
12-2024: 3.1%
01-2025: 3.1%● unchanged vs 12-2024
02-2025: 3.1%● unchanged vs 01-2025
03-2025: 3.1%● unchanged vs 02-2025
04-2025: 3.1%● unchanged vs 03-2025
05-2025: 3.1%● unchanged vs 04-2025
06-2025: 3.1%● unchanged vs 05-2025
07-2025: 3.2%▲ +0.1 percentage points vs 06-2025
08-2025: 3.3%▲ +0.1 percentage points vs 07-2025highest value
09-2025: 1.4%▼ -1.9 percentage points vs 08-2025
10-2025: 1.4%● unchanged vs 09-2025
11-2025: 1.4%● unchanged vs 10-2025
12-2025: 1.4%● unchanged vs 11-2025
01-2026: 1.4%● unchanged vs 12-2025
02-2026: 1.4%● unchanged vs 01-2026
03-2026: 1.3%▼ -0.1 percentage points vs 02-2026
04-2026: 1.3%● unchanged vs 03-2026
05-2026: 1.3%● unchanged vs 04-2026
06-2026: 1.2%▼ -0.1 percentage points vs 05-2026lowest value
07-2026: 1.3%▲ +0.1 percentage points vs 06-2026
08-2026: 1.6%▲ +0.3 percentage points vs 07-2026
09-2026: 1.6%● unchanged vs 08-2026
10-2026: 1.9%▲ +0.3 percentage points vs 09-2026
11-2026: 1.9%● unchanged vs 10-2026
Financial strengthWeak
Score breakdown
raises risk
Negative equity -€6,414
Last filed accounts filed 73 days late; 1 of the last 3 accounts late
Loss of €629 (financial year 2025)
lowers risk
Founded in 2008
Calculation
The band follows from the bankruptcy probability. 10 more points roughly halve it.
| 75-100 | Excellent | under 0.55% |
| 60-74 | Healthy | 0.55% to 1.5% |
| 45-59 | Fair | 1.5% to 4.2% |
| 25-44 | Weak | 4.2% to 15.0% |
| 0-24 | Critical | over 15.0% |
Where the company stands within its band depends half on the bankruptcy probability and half on how it does against its sector peers (NACE 68, micro). It does better than 16% of them on solvency, 8% on liquidity, 35% on profitability and 27% on growth.
The bankruptcy probability was computed on 08-11-2026 by the bankruptcy model of 2 October 2026, which learns from Belgian bankruptcies and reads the registers, the annual accounts and the Belgian Official Gazette.
The probability rests on the annual accounts with balance sheet date 31-12-2025.
Of the companies with a bankruptcy probability in the moderate class on 30-06-2025, 2.4% went bankrupt within twelve months.
Some facts cap the score, however low the probability. With negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late, the score is Fair at most (59). With two missing filings, it is Weak at most (44). During a judicial reorganisation or at the company's end (bankruptcy, dissolution, liquidation), it is Critical at most (24).
Comparable companies, two years later
In July 2024, 2,333 companies had the same profile as Start-Immo has now. Each dot stands for 6 companies, two years later.
90.5%
were still trading
5.8%
stopped another way
2.8%
went bankrupt
Another 0.8% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of Start-Immo itself: 1.9% within 12 months.
Test of the method
The method was tested on the 497,447 companies of July 2024. Each company was given the bankruptcy share of the same profile a year earlier, in July 2023. The expectation was that 1.6% would go bankrupt within 24 months. In fact 1.7% went bankrupt.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.5% |
| 3 | 0.5% | 0.6% |
| 4 | 0.7% | 0.8% |
| 5 | 0.9% | 0.9% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.8% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
A company that went bankrupt had a higher expected share than one that kept going in 74.5% of comparisons. The level depends on the economy. In a year with more bankruptcies than the year before, the actual share is higher than the expected one.
This is an observation about 2,333 companies, not a prediction for Start-Immo. The sector does not count, because the KBO no longer lists a sector for a company that has stopped. By sector, mostly the survivors would count, which would paint too rosy a picture.
Credit verdict
No credit on open account
Liquidity is insufficient, with a current ratio of 0.92 (0.82 in 2024), below 1. Short-term debt is 104.4% and cash 4% of total assets. Equity is negative.
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The scores and ratios are Checked's own calculations, not a credit decision.
Signals
Six signals.
lowers riskraises risk
raises risk · Negative equity
The 2025 annual accounts show negative equity and a net loss.
NBB · annual accounts 2025Equity per financial year
1819202122232425
2018 to 2025 · latest year -€6,414
raises risk · 2025 accounts filed 73 days late
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 12-10-2026, 73 days later. Nearly half (47%) of Belgian companies file late; of those that file 1 to 90 days late, 2.0% are now bankrupt, dissolved or in another special legal status, against 1.66% of all filers. A delay like this does not count in the score.
NBB · 10 filingsDeviation from the deadline
2025
73 days late
2024
28 days late
2023
30 days late
2022
31 days late
2021
31 days late
2020
31 days late
2019
68 days late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
The company filed its last 7 accounts on average 42 days after the deadline. In the sector (NACE 68), the median for financial year 2024 was 7 days before the deadline, and 36% of those companies filed late.
Searched, nothing found (2)
neutral · Next filing not due yet
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today. The company usually files around 31 August (4 of the last 5 accounts filed within 30 days either side of that date).
Companies Code · seven monthsWhere today falls in the filing period
09-11-2026 today31-12-2026 year end31-07-2027 deadline
Board and ownership
- PATRICK LEMAIRE 59%annual accounts 2019
- DEMINA 40%score 68equity €4.6m (2025) · 2025 annual accounts of DEMINA
- JENNIFER TROISFONTAINE 1%annual accounts 2019
Recent changes
Registered in the Peppol Directory
Reachable for e-invoices through 0208:0896559716
Purpose change · Amendment of the articles · Legal-form change · Resignations & appointments
Appointments: DEHON Bernard, MINGUET Laurent and LEMAIRE Patrick · Resignation: TROISFONTAINE Jennifer Marie Simone (director) · “Les activités de courtage immobilier,d’agence immobilière et d’intermédiaire mettant en contact les vendeurs…” (deed in French) · General meeting of 21-10-2024 · Gazette deed
Reappointment: Jennifer Troisfontaine (director)
Gazette deed
Reappointment: Jennifer Troisfontaine (manager)
Gazette deed
Comparable companies
same main activity, similar in size and age| Company | ||||
|---|---|---|---|---|
| Start-Immo Liège | €147,417 | €27,051 | -4.4% | 1.4 |
| IMMO PINSON De Panne | €89,869 | €27,531 | -196.2% | 1.1 |
| RIZZOLI-DACHE Charleroi | €274,699 | €36,702 | 25.0% | 1.2 |
| COOPERATIEF VAN VASTGOEDMAKELAARS VOOR BEGELEIDING VAN VASTGOEDTRANSACTIES VAN OVERHEDEN EN BIJZONDERE OPDRACHTGEVERS Ghent | €220,394 | €40,416 | 47.5% | 0.8 |
| CARPE DIEM REPRESENTATION Etterbeek | €159,036 | €14,779 | -18.0% | 1.1 |
| OR BLEU Verviers | €106,528 | €92,802 | 16.8% | 1.6 |
| Accord Immo Remicourt | €298,289 | €39,177 | 45.2% | 1.1 |
These companies have the same main activity as Start-Immo: real estate agency activities (NACE 68310). They are comparable in size and age: total assets between €89,900 and €298,000, founded between 1990 and 2013.
Official details
Source: KBO- Status
- Active since 19-03-2008Normal situation
- Activity
- Real estate agency activitiesNACE 68310and 3 others
- Joint committee
- 323Building management, estate agents and domestic staff · annual accounts 2023
- Establishment unit
- 2.169.519.7174000 Liège, since 27-03-2008
- Financial year end
- 31 December
- Peppol
- Reachable since 13-11-2025
Annual accounts 2025
- ≈ €59,000estimated
- €147,417▲ 174%
- Employeeson 31-12-2025
- 1▼ 50.0%
- Filing
- Filed on 12-10-2026
Insights on Start-Immo
Start-Immo files the abbreviated format. That format states no turnover. The gross margin rose from -€1,059 in 2008 to €27,051 in 2025.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette. Click a figure with a dotted line for the item and the filing.
Key facts about Start-Immo
- What is the company number of Start-Immo?
- The company number of Start-Immo is 0896.559.716. The VAT number is the same number with BE in front: BE 0896.559.716.
- Where is Start-Immo based?
- The registered office is at Boulevard de la Sauvenière 37, 4000 Liège.Company details
- What does Start-Immo do?
- According to the KBO register, the main activity is real estate agency activities (NACE 68310).
- What is the legal form of Start-Immo?
- Start-Immo is a private limited company (BV).
- When was Start-Immo founded?
- Start-Immo was founded on 19-03-2008.
- Is Start-Immo still active?
- Yes, Start-Immo is an active enterprise in the KBO register.
- How many employees does Start-Immo have?
- Start-Immo had an average of 1.4 full-time equivalents in financial year 2025, according to the filed annual accounts.Financials
- Which joint committee does Start-Immo fall under?
- In its 2023 annual accounts, Start-Immo states joint committee 323 (Building management, estate agents and domestic staff).
- What is the turnover of Start-Immo?
- The turnover in financial year 2025 is ≈ €59,000. This figure is estimated from the gross margin of €27,051 and 32 comparable companies (NACE 683). It probably lies between €40,000 and €100,000.
- Is Start-Immo profitable?
- In financial year 2025, Start-Immo made a loss of €629.
- Where can I find the annual accounts of Start-Immo?
- Start-Immo filed 18 annual accounts with the National Bank of Belgium, the latest for financial year 2025.
- When are the next annual accounts of Start-Immo due?
- Start-Immo must file the annual accounts for financial year 2026 by 31-07-2027.Timeline
Next steps
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