AA+
ActiveSummary
AA+ has been active since 2011 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €16,344 and a net result of -€9,791. Equity is shrinking by ~11.1% per year and would, assuming unchanged policy, indicatively turn negative around fiscal year 2028. Its solvency ranks better than 76% of 1535 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.9% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability0▼-50
Solvency88▼-12
Growth32=
Track record100
Bankruptcy probability, 12 months
0.9%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €1,000 at 30 days acceptable
Liquidity ample (current ratio 2.12 against 2.95 in 2024; short-term debt: 36.8% and cash: 67.3% of total assets), and 36.8% of the assets are financed with debt.
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Signals
Five signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 77
Relative position
BE, all sectors
reference
Rental and leasing activities (NACE 77)
about 44% more bankruptcies
← fewer bankruptcies
more bankruptcies →
raises risk · Annual accounts: weaker financial profile
The latest annual accounts show a weaker profile in solvency, result or liquidity than companies that stay afloat.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
63.2%
Return on assets
-37.9%
Age of the figures
9 mo
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
raises risk · Persistent losses
Two consecutive loss-making years (2024 and 2025); equity is also lower. May indicate structural pressure on profitability.
NBB · annual accounts 2025Net result per financial year
1819202122232425
2018 to 2025 · latest year -€9,791
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 08-06-2026, 53 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
53 d early
2024
12 d late
2023
55 d early
2022
on the day
2021
31 d late
2020
3 d early
2019
31 d late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 7 accounts on average 5 days before the deadline; the sector median for financial year 2024 is 3 days before the deadline, and 38% of the sector filed late.
Checked, nothing found (2)
neutral · 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.
Companies Code · seven monthsPosition in the running window
28-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, micro schema
Equity
€16,344▼ 37.5%
2024 · €26,135
Total assets
€25,853▼ 21.4%
2024 · €32,886
Net result
-€9,791▼ 88.9%
2024 · -€5,183
Working capital
€10,693▼ 18.9%
2024 · €13,191
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 77, Rental and leasing activities, each year against the same schema; no band under 30 filings. Dashed line: the median.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result€40,012▲ 177%€7,641▼ 80.9%€238▼ 96.9%-€5,079-€9,687▼ 90.7%
Net result€28,855above the sector's middle half▲ 127%€5,588within the sector's middle half▼ 80.6%€87within the sector's middle half▼ 98.4%-€5,183within the sector's middle half-€9,791below the sector's middle half▼ 88.9%
Equity€87,472within the sector's middle half▲ 49.2%€93,060within the sector's middle half▲ 6.4%€93,147within the sector's middle half▲ 0.1%€26,135within the sector's middle half▼ 71.9%€16,344within the sector's middle half▼ 37.5%
Total assets€120,869within the sector's middle half▲ 39.9%€101,035within the sector's middle half▼ 16.4%€93,712within the sector's middle half▼ 7.2%€32,886below the sector's middle half▼ 64.9%€25,853below the sector's middle half▼ 21.4%
Debt€33,397▲ 20.1%€7,975▼ 76.1%€566▼ 92.9%€6,751▲ 1,094%€9,509▲ 40.9%
Working capital€51,420within the sector's middle half▲ 19.0%€64,114above the sector's middle half▲ 24.7%€72,237above the sector's middle half▲ 12.7%€13,191within the sector's middle half▼ 81.7%€10,693within the sector's middle half▼ 18.9%
Solvency72.4%above the sector's middle half▲ 4.5pp92.1%above the sector's middle half▲ 19.7pp99.4%above the sector's middle half▲ 7.3pp79.5%above the sector's middle half▼ 19.9pp63.2%above the sector's middle half▼ 16.3pp
Current ratio2.54above the sector's middle half▼ 0.019.04above the sector's middle half▲ 6.502.95above the sector's middle half2.12within the sector's middle half▼ 0.83
Return on assets (ROA)23.9%above the sector's middle half▲ 9.2pp5.5%within the sector's middle half▼ 18.3pp0.1%within the sector's middle half▼ 5.4pp-15.8%below the sector's middle half▼ 15.9pp-37.9%below the sector's middle half▼ 22.1pp
above
within
below
the middle half (P25 to P75) of NACE 77, Rental and leasing activities, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €9,687 in 2025 against €5,079 in 2024; the loss grows and 2025 has the lowest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €25,853
Fixed assets
€5,651 ▼ 56.3%
Current assets
€20,202 ▲ 1.3%
Equity and liabilities €25,853
Equity
€16,344 ▼ 37.5%
Debt
€9,509 ▲ 40.9%
Debt's share of the balance-sheet total rises from 20.5% to 36.8%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
-€2,394▼
2024 · €2,887
Cash flow
-€2,498▼
2024 · €2,782
Debt to equity
0.58▲
2024 · 0.26
ROE
-59.9%▼
2024 · -19.8%
Interest coverage
-22.93▼
2024 · 27.65
Debt ≤ 1 year
€9,509▲
2024 · €6,751
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 4,815 companies that looked in July 2024 the way this one looks now, 1.9% went bankrupt within 24 months and 88% are still going.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a loss of 10% of the balance sheet or more
1.9%
went bankrupt
9.8%
stopped otherwise
88%
still going
A further 0.5% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.9% over twelve months; the group does not contradict it.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,662 companies of July 2024 its group's bankruptcy share. Expected: 1.5%; actually bankrupt within 24 months: 1.6%.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.4% |
| 3 | 0.5% | 0.5% |
| 4 | 0.6% | 0.7% |
| 5 | 0.8% | 0.9% |
| 6 | 1.2% | 1.3% |
| 7 | 1.5% | 1.7% |
| 8 | 1.7% | 1.7% |
| 9 | 2.7% | 2.8% |
| 10 | 5.3% | 5.7% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 75% of comparisons. The level follows the economy: in a year with more bankruptcies, the actual share is higher than the year before.
An observation about 4,815 comparable companies, not a prediction for this company. The sector does not count: the register keeps no sector for companies that stopped, so it would make the outcome look better than it was.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €9,726 | €8,808 | €8,036 | €7,965 | €7,293 | ▼ 8.4% |
| Other operating charges640/8 | €1,062 | €612 | €667 | €657 | €771 | ▲ 17.4% |
| Gross operating margin9900 | €50,801 | €17,060 | €8,941 | €3,543 | -€1,623 | ▼ 146% |
| Operating profit (loss)9901 | €40,012 | €7,641 | €238 | -€5,079 | -€9,687 | ▼ 90.7% |
| Financial income75/76B | €868 | €15 | €34 | - | - | - |
| Recurring financial income75 | €868 | €15 | €34 | - | - | - |
| Financial charges65/66B | €563 | €113 | €104 | €104 | €104 | = |
| Recurring financial charges65 | €563 | €113 | €104 | €104 | €104 | = |
| Profit (loss) for the period before taxes9903 | €40,318 | €7,542 | €167 | -€5,183 | -€9,791 | ▼ 88.9% |
| Income taxes67/77 | €11,462 | €1,954 | €80 | - | - | - |
| Profit (loss) for the period9904 | €28,855 | €5,588 | €87 | -€5,183 | -€9,791 | ▼ 88.9% |
| Transfer from tax-exempt reserves789 | €24,695 | - | - | - | - | - |
| Profit (loss) for the period to be appropriated9905 | €53,551 | €5,588 | €87 | -€5,183 | -€9,791 | ▼ 88.9% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €120,869 | €101,035 | €93,712 | €32,886 | €25,853 | ▼ 21.4% |
| Fixed assets21/28 | €36,052 | €28,946 | €20,909 | €12,944 | €5,651 | ▼ 56.3% |
| Tangible fixed assets22/27 | €36,052 | €28,946 | €20,909 | €12,944 | €5,651 | ▼ 56.3% |
| Land and buildings22 | €12,635 | €10,003 | €7,371 | €4,739 | €2,108 | ▼ 55.5% |
| Plant, machinery and equipment23 | €23,417 | €18,943 | €13,538 | €8,205 | €3,543 | ▼ 56.8% |
| Current assets29/58 | €84,817 | €72,089 | €72,803 | €19,942 | €20,202 | ▲ 1.3% |
| Amounts receivable within one year40/41 | €47,821 | €56,667 | €65,904 | €3,927 | €2,799 | ▼ 28.7% |
| Trade receivables40 | €6,532 | €2,118 | €6,711 | €2,663 | €2,483 | ▼ 6.8% |
| Other amounts receivable41 | €41,289 | €54,549 | €59,193 | €1,263 | €316 | ▼ 75.0% |
| Cash at bank and in hand54/58 | €35,702 | €14,777 | €6,899 | €15,403 | €17,403 | ▲ 13.0% |
| Deferred charges and accrued income490/1 | €1,294 | €646 | - | €612 | - | - |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €120,869 | €101,035 | €93,712 | €32,886 | €25,853 | ▼ 21.4% |
| Equity10/15 | €87,472 | €93,060 | €93,147 | €26,135 | €16,344 | ▼ 37.5% |
| Contributions10/11 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Outside capital11 | €18,600 | €18,600 | - | - | - | - |
| Other1109/19 | €18,600 | €18,600 | - | - | - | - |
| Reserves13 | €15,321 | €20,909 | €20,996 | €7,535 | €7,535 | = |
| Non-distributable reserves130/1 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Reserves not available under the articles1311 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Distributable reserves133 | €13,461 | €19,049 | €19,136 | €5,675 | €5,675 | = |
| Profit (loss) carried forward14 | €53,551 | €53,551 | €53,551 | - | -€9,791 | - |
| Amounts payable17/49 | €33,397 | €7,975 | €566 | €6,751 | €9,509 | ▲ 40.9% |
| Amounts payable within one year42/48 | €33,397 | €7,975 | €566 | €6,751 | €9,509 | ▲ 40.9% |
| Trade debts44 | €29,435 | €2,059 | - | €1,410 | €265 | ▼ 81.2% |
| Suppliers440/4 | €29,435 | €2,059 | - | €1,410 | €265 | ▼ 81.2% |
| Taxes, remuneration and social security45 | €3,962 | €5,916 | €566 | - | - | - |
| Taxes450/3 | €3,962 | €5,916 | €566 | - | - | - |
| Other amounts payable47/48 | - | - | - | €5,341 | €9,244 | ▲ 73.1% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €28,855 | €5,588 | €87 | -€5,183 | -€9,791 | ▼ 88.9% |
| + Depreciation and write-downs630 | €9,726 | €8,808 | €8,036 | €7,965 | €7,293 | ▼ 8.4% |
| Operating cash flow (approximation) | €38,582 | €14,396 | €8,123 | €2,782 | -€2,498 | ▼ 190% |
| Investment in fixed assets (approximation) | - | -€1,702 | €0 | €0 | €0 | - |
| Change in cash | - | -€20,925 | -€7,878 | €8,504 | €2,000 | ▼ 76.5% |
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
Next filing, fiscal year 2026, expected by
2026
08-06
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
31-12
Financial
Weakest financial yearnet -€9,791
Net result drops to -€9,791, the lowest in the series.
12-08
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 12 days late
2024
06-06
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
31-12
Financial
Liquidity times 14current ratio 128.71
Current ratio from 9.04 to 128.71; short-term debt falls from €7,975 to €566.
31-07
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
31-12
Financial
Liquidity quadruplescurrent ratio 9.04
Current ratio from 2.54 to 9.04; short-term debt falls from €33,397 to €7,975.
31-08
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 31 days late
2021
31-12
Financial
Highest result since 2018net €28,855 ▲127%
Operating result €40,012, net result €28,855, both a record.
28-07
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
2020
31-08
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 31 days late
2019
29-08
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema · 29 days late
2018
29-08
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema · 29 days late
2017
28-08
NBB filing
Annual accounts filed
fiscal year 2016 · micro schema · 28 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 5 acts read
About the unread acts
We know of 5 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
5 acts for this company are in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Kinrooi · 1 establishment unit since 2011
Ground area
3,267 m²
Building footprint
194 m²
Volume, LiDAR
1,456 m³
Parcel 72017A0744/00L002, Flanders · tallest building 11.4 m, ±2 floors. Linked by address, not a title deed.
1 establishment unit
Dry Air
since 20112.197.339.317
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 72017A0744/00L002 | Flanders | 3,267 m² | 1 · 194 m² | 11.4 m · 2 fl. |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
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Of 233 companies in sector 77221 we hold annual accounts for 125. 55 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
Founded02-02-2011
Fiscal year end31-12
Activities, NACEBEL 2025
77221Rental and leasing activities
46831Wholesale of construction materials, general range
47521Retail sale of hardware, building materials, paint and glass (general range)
E-invoicing
Reachable via Peppol
Peppol ID
0208:0833407469
Also
9925:BE0833407469
Registered
31-08-2023
Register as of 28 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.