Equity
Debts exceed assets in financial year 2025.
Debts exceed assets in financial year 2025.
Every financial year from 2017 to 2025 closed with a loss. 2025 was the heaviest.
€254,649 of the debts are secured on the company's own assets. In 2021 that was €343,952.
Four of the last ten came late. The 2025 accounts came latest: 55 days after the end of the period.
Lower solvency than 95% of companies in real estate. Sector median 38.2% · 5,810 companies.
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).
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 5% of them on solvency, 54% on liquidity, 9% on profitability and 13% 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).
In July 2024, 6,907 companies had the same profile as Addingahem D.C. has now. Each dot stands for 18 companies, two years later.
Another 0.7% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of Addingahem D.C. itself: 1.8% within 12 months.
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 6,907 companies, not a prediction for Addingahem D.C.. 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.
Liquidity is insufficient, with a current ratio of 0.43 (0.48 in 2024), below 1. Short-term debt is 8.5% and cash 0.6% of total assets. Equity is negative.
Show the recommended maximum and see how the verdict changes with amount, term and advance.
The scores and ratios are Checked's own calculations, not a credit decision.
The company filed its last 7 accounts on average 6 days before 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.
| Company | ||||
|---|---|---|---|---|
| Addingahem D.C. Ghent | €375,607 | €2,092 | -48.8% | - |
| LHL Invest Kapellen | €325,235 | €1,860 | 31.1% | - |
| LES TABLES DE FRANCOISE D. Rixensart | €289,732 | €3,150 | -149.1% | - |
| Geert Dierinck Estate Lochristi | €548,655 | €2,887 | 5.8% | - |
| HEIRIST Merelbeke-Melle | €356,134 | €2,459 | 57.5% | - |
| Nederpolder Ghent | €658,587 | €1,795 | 3.7% | - |
| TRANS-IMMO INVEST Ghent | €453,131 | -€11,213 | -251.8% | - |
These companies have the same main activity as Addingahem D.C.: renting and operating of own or leased non-residential real estate, excluding land (NACE 68203). They are comparable in size and age: total assets between €290,000 and €659,000, founded between 2007 and 2018.
Solvency fell in 2025 from -31.7% to -48.8% because of the loss and higher long-term debts.
Het Vroonhof holds all the shares.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette.
The turnover shown is an estimate from the gross margin.
Turnover ≈ €7,300. Estimated: probably between €2,800 and €16,000.
Lower than 95% of 5,810 companies in 2025.
Higher than 25% of 5,561 companies in 2025.
Lower than 95% of 5,784 companies in 2025.
Net result: bottom quarter · Equity: bottom quarter · Balance sheet total: bottom quarter · Working capital: middle half
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Balance sheet: assets | |||||||||||||||
20/58 |
375,607 | 404,831 | 440,438 | 466,556 | 495,190 | 524,400 | 556,757 | 572,218 | 631,746 | 658,806 | 679,908 | 871,029 | 3.0m | 2.9m | |
21/28 |
361,847 | 391,394 | 420,940 | 451,920 | 482,900 | 513,879 | 544,859 | 568,671 | 598,217 | 627,764 | 657,310 | 561,379 | - | - | |
22/27 |
361,847 | 391,394 | 420,940 | 451,920 | 482,900 | 513,879 | 544,859 | 568,671 | 598,217 | 627,764 | 657,310 | 561,379 | - | - | |
22 |
361,847 | 391,394 | 420,940 | 451,920 | 482,900 | 513,879 | 544,859 | 568,671 | 598,217 | 627,764 | 657,310 | 561,379 | - | - | |
29/58 |
13,759 | 13,438 | 19,498 | 14,636 | 12,291 | 10,521 | 11,898 | 3,547 | 33,528 | 31,043 | 22,598 | 309,650 | 3.0m | 2.9m | |
3 |
- | - | - | - | - | - | - | - | - | - | - | 264,310 | 2.9m | 2.7m | |
30/36 |
- | - | - | - | - | - | - | - | - | - | - | 264,310 | 2.9m | 226,350 | |
37 |
- | - | - | - | - | - | - | - | - | - | - | - | - | 2.5m | |
40/41 |
9,989 | 11,023 | 4,307 | 5,926 | 3,675 | 5,974 | 1,407 | 1,689 | 32,734 | 26,469 | 17,753 | 42,297 | 4,419 | 38,434 | |
40 |
9,989 | 11,023 | 4,307 | 5,899 | 3,675 | 5,974 | 1,387 | 146 | 30,193 | 26,469 | 17,753 | 42,294 | 4,419 | 38,430 | |
41 |
- | - | - | 28 | - | - | 20 | 1,543 | 2,541 | - | - | 3 | - | 4 | |
54/58 |
2,080 | 1,170 | 14,044 | 7,694 | 7,698 | 3,677 | 9,650 | 1,067 | 44 | 4,574 | 984 | 2,590 | 406 | 114,630 | |
490/1 |
1,690 | 1,246 | 1,147 | 1,016 | 918 | 869 | 841 | 791 | 751 | - | 3,861 | 453 | 60,446 | 52,358 | |
| Balance sheet: equity and liabilities | |||||||||||||||
10/49 |
375,607 | 404,831 | 440,438 | 466,556 | 495,190 | 524,400 | 556,757 | 572,218 | 631,746 | 658,806 | 679,908 | 871,029 | 3.0m | 2.9m | |
10/15 |
-183,193 | -128,171 | -96,049 | -79,421 | -72,317 | -67,642 | -60,210 | -41,962 | 8,954 | 50,080 | -70,906 | -44,562 | -180,792 | -53,709 | |
10/11 |
350,000 | 350,000 | 350,000 | 350,000 | 350,000 | 350,000 | 350,000 | 350,000 | 350,000 | 350,000 | 350,000 | 350,000 | 100,000 | 100,000 | |
10 |
350,000 | 350,000 | 350,000 | 350,000 | 350,000 | - | - | - | - | - | - | - | - | - | |
100 |
350,000 | 350,000 | 350,000 | 350,000 | 350,000 | 350,000 | 350,000 | 350,000 | 350,000 | 350,000 | 350,000 | 350,000 | 100,000 | 100,000 | |
14 |
-533,193 | -478,171 | -446,049 | -429,421 | -422,317 | -417,642 | -410,210 | -391,962 | -341,046 | -299,920 | -420,906 | -394,562 | -280,792 | -153,709 | |
17/49 |
558,800 | 533,003 | 536,487 | 545,977 | 567,508 | 592,042 | 616,967 | 614,180 | 622,791 | 608,727 | 750,814 | 915,592 | 3.2m | 3.0m | |
17 |
516,577 | 504,338 | 500,681 | 510,330 | 529,053 | 550,879 | 573,730 | 395,810 | 416,170 | 449,658 | 470,609 | 481,309 | 200,000 | 200,000 | |
170/4 |
230,338 | 254,649 | 277,832 | 298,475 | 319,173 | 343,952 | 368,551 | 392,610 | 416,170 | 439,908 | 460,859 | 481,309 | 200,000 | 200,000 | |
178/9 |
286,239 | 249,689 | 222,848 | 211,855 | 209,880 | 206,927 | 205,180 | 3,200 | - | 9,750 | 9,750 | - | - | - | |
42/48 |
31,962 | 27,983 | 21,172 | 21,272 | 26,975 | 36,043 | 38,321 | 214,997 | 203,677 | 151,005 | 280,205 | 430,113 | 3.0m | 2.8m | |
42 |
24,311 | 23,183 | 20,643 | 20,698 | 24,778 | 24,599 | 24,060 | 23,560 | 23,213 | 20,951 | 20,449 | 18,691 | - | - | |
43 |
- | - | - | - | - | - | - | - | - | - | - | 20,240 | 970,335 | 1.6m | |
430/8 |
- | - | - | - | - | - | - | - | - | - | - | 20,240 | 970,335 | 1.6m | |
44 |
6,083 | 4,083 | 334 | 559 | 1,301 | 10,487 | 14,262 | 10,833 | 9,804 | 2,711 | 8,791 | 86,866 | 144,117 | 30,080 | |
440/4 |
6,083 | 4,083 | 334 | 559 | 1,301 | 10,487 | 14,262 | 10,833 | 9,804 | 2,711 | 8,791 | 86,866 | 144,117 | 30,080 | |
46 |
- | - | - | - | - | - | - | - | - | - | - | 31,157 | 1.7m | 1.0m | |
45 |
1,568 | 716 | 195 | 14 | 896 | 957 | - | - | - | 295 | 81,623 | 115,177 | 76,972 | 142,793 | |
450/3 |
1,568 | 716 | 195 | 14 | 896 | 957 | - | - | - | 295 | 81,623 | 115,177 | 76,972 | 142,793 | |
47/48 |
- | - | - | - | - | - | - | 180,605 | 170,660 | 127,048 | 169,340 | 157,982 | 109,362 | 562 | |
492/3 |
10,261 | 682 | 14,634 | 14,375 | 11,480 | 5,121 | 4,915 | 3,373 | 2,944 | 8,064 | - | 4,170 | 4,558 | 2,315 | |
| Income statement | |||||||||||||||
76A |
- | - | - | - | - | - | - | - | - | 150,000 | - | - | - | - | |
9900 |
2,092 | 24,015 | 37,242 | 37,023 | 36,562 | 34,568 | 24,047 | -11,606 | 5,447 | 25,172 | 64,662 | -9,414 | -61,927 | -117,063 | |
630 |
29,546 | 29,546 | 30,980 | 30,980 | 30,980 | 30,980 | 30,980 | 29,546 | 29,546 | 29,546 | 45,213 | 29,546 | - | - | |
631/4 |
4,272 | - | - | - | - | - | - | - | - | - | - | - | - | - | |
640/8 |
4,775 | 5,177 | 4,984 | 4,545 | 4,447 | 4,466 | 4,184 | 555 | 4,550 | 7,945 | 1,043 | 1,152 | 857 | 814 | |
66A |
- | - | - | - | - | - | - | - | - | - | 22,680 | 5,990 | 9,930 | - | |
9901 |
-36,501 | -10,707 | 1,278 | 1,498 | 1,135 | -879 | -11,117 | -41,708 | -28,649 | -12,319 | 18,407 | -40,112 | -62,784 | -117,876 | |
75/76B |
- | - | - | - | - | - | - | - | - | 150,000 | 2,353 | 21 | 0 | 21 | |
75 |
- | - | - | - | - | - | - | - | - | - | 2,353 | 21 | 0 | 21 | |
76B |
- | - | - | - | - | - | - | - | - | 150,000 | - | - | - | - | |
65/66B |
18,520 | 21,415 | 17,906 | 8,602 | 5,811 | 6,553 | 7,131 | 9,209 | 12,476 | 16,696 | 24,423 | 67,689 | 54,369 | 35,853 | |
65 |
18,520 | 21,415 | 17,906 | 8,602 | 5,811 | 6,553 | 7,131 | 9,209 | 12,476 | 16,696 | 24,423 | 67,689 | 54,369 | 35,853 | |
9903 |
-55,022 | -32,122 | -16,628 | -7,104 | -4,675 | -7,432 | -18,248 | -50,916 | -41,125 | 120,985 | -26,343 | -113,770 | -127,083 | -153,709 | |
9904 |
-55,022 | -32,122 | -16,628 | -7,104 | -4,675 | -7,432 | -18,248 | -50,916 | -41,125 | 120,985 | -26,343 | -113,770 | -127,083 | -153,709 | |
9905 |
-55,022 | -32,122 | -16,628 | -7,104 | -4,675 | -7,432 | -18,248 | -50,916 | -41,125 | 120,985 | -26,343 | -113,770 | -127,083 | -153,709 | |
| Appropriation of the result | |||||||||||||||
9906 |
-533,193 | -478,171 | -446,049 | -429,421 | -422,317 | -417,642 | -410,210 | -391,962 | -341,046 | -299,920 | -420,906 | -394,562 | -280,792 | -153,709 | |
14P |
-478,171 | -446,049 | -429,421 | -422,317 | -417,642 | - | - | - | - | - | - | - | - | - | |
| Document | |||||||||||||||
The notes to these accounts have 11 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the accounts filed with the NBB.
Source: Annual accounts 2025 at the NBB, filed on 24-09-2026.
2025 annual accounts filed 55 days after the deadline. Filed on 24 September 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00531967.
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 24-09-2026 | 2026-00531967 | |
| 31-12-2024 | abbreviated format | 09-07-2025 | 2025-00255042 | |
| 31-12-2023 | abbreviated format | 14-06-2024 | 2024-00130474 | |
| 31-12-2022 | abbreviated format | 27-06-2023 | 2023-00176585 | |
| 31-12-2021 | abbreviated format | 23-08-2022 | 2022-20327936 | |
| 31-12-2020 | abbreviated format | 24-06-2021 | 2021-24300486 | |
| 31-12-2019 | abbreviated format | 17-08-2020 | 2020-41800550 | |
| 31-12-2018 | abbreviated format | 17-06-2019 | 2019-19200248 | |
| 31-12-2017 | abbreviated format | 16-08-2018 | 2018-46600466 | |
| 31-12-2016 | abbreviated format | 17-07-2017 | 2017-32300443 | |
| 31-12-2015 | abbreviated format | 25-07-2016 | 2016-35200589 | |
| 31-12-2014 | abbreviated format | 03-07-2015 | 2015-26900071 | |
| 31-12-2013 | abbreviated format | 28-07-2014 | 2014-35600483 | |
| 31-12-2012 | abbreviated format | 30-08-2013 | 2013-55100456 |
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| -6,955 | 18,839 | 32,258 | 32,478 | 32,115 | 30,101 | 19,863 | -12,161 | 897 | 17,227 | 63,619 | -10,566 | - | - | ||
| -25,475 | -2,576 | 14,352 | 23,876 | 26,304 | 23,548 | 12,732 | -21,370 | -11,579 | 150,532 | 18,869 | -84,224 | - | - | ||
| 0 | 0 | 0 | 0 | 0 | 0 | 7,168 | 0 | 0 | 0 | 141,144 | 590,926 | - | - | ||
| 911 | -12,875 | 6,350 | -4 | 4,021 | -5,973 | 8,583 | 1,023 | -4,530 | 3,590 | -1,606 | 2,184 | -114,224 | - | ||
| -18,202 | -14,545 | -1,674 | -6,635 | -14,685 | -25,522 | -26,424 | -211,450 | -170,149 | -119,962 | -257,607 | -120,463 | 23,766 | 148,606 | ||
| -48.8% | -31.7% | -21.8% | -17.0% | -14.6% | -12.9% | -10.8% | -7.3% | 1.4% | 7.6% | -10.4% | -5.1% | -6.0% | -1.8% | ||
| 0.43 | 0.48 | 0.92 | 0.69 | 0.46 | 0.29 | 0.31 | 0.02 | 0.16 | 0.21 | 0.08 | 0.72 | 1.01 | 1.05 | ||
| 0.43 | 0.48 | 0.92 | 0.69 | 0.46 | 0.29 | 0.31 | 0.02 | 0.16 | 0.21 | 0.08 | 0.11 | 0.02 | 0.07 | ||
| - | - | - | - | - | - | - | - | 69.55 | 12.16 | - | - | - | - | ||
| - | - | - | - | - | - | - | - | -459.3% | 241.6% | - | - | - | - | ||
| -14.6% | -7.9% | -3.8% | -1.5% | -0.9% | -1.4% | -3.3% | -8.9% | -6.5% | 18.4% | -3.9% | -13.1% | -4.2% | -5.2% | ||
| -0.38 | 0.88 | 1.80 | 3.78 | 5.53 | - | - | - | - | - | - | - | - | - |
EBIT margin: not included in this filing.
Debt to equity is not shown because equity is negative. Debt divided by negative equity means nothing.
A Belgian filing has no cash-flow statement. Cash flow is therefore an approximation, derived from the income statement. Investment is the acquisitions in the notes and, without them, the balance-sheet move.
| Item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Debts secured on the company's own assets | €254,649 | €277,832 | €298,475 | €319,173 | €343,952 |
| Mortgages, amount registered | €900,000 | €900,000 | €900,000 | €900,000 | €900,000 |
| Carrying value of the mortgaged assets | €361,847 | €391,394 | €420,940 | €451,920 | €482,900 |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
The operating result for 2025 is a loss of €36,501, larger than the loss of €10,707 in 2024. It is the lowest result since 2018.
Equity is negative. Debt (€558,800) exceeds the balance-sheet total (€375,607).
Further up the chainHET VROONHOF BV consolidates
Source: parent in its own accounts, lists of holdings in the owners' accounts
Source: list of holdings in the 2025 accounts of Het Vroonhof. Holdings that file themselves stand with their latest accounts, the others with the amounts of that list, in their own currency.
Part of the group Het Vroonhof Group, risk and exposure| Het Vroonhof
registered office since 06-12-1988 · founded in 1988 · accounts filed late |
2.9 FTE (2025) 0435.495.752 |
| SU.RE Investments
registered office since 16-03-2018 · founded in 2018 |
total assets €9.6m (2025) 0692.638.002 |
| CALCUTTA IMMO
registered office since 30-01-1987 · founded in 1987 |
total assets €5.0m (2025) 0430.301.106 |
| SU.RE Investments II
registered office since 01-07-2024 · founded in 2024 |
total assets €4.4m (2025) 1010.475.229 |
| Klein Dorlick
registered office since 17-09-2013 · founded in 2013 · group SU.RE Investments |
total assets €3.1m (2025) 0538.693.260 |
| D.C. Properties
registered office since 21-12-2011 · founded in 2011 · group Het Vroonhof |
total assets €3.1m (2025) 0842.016.121 |
| BreiGoed
registered office since 02-05-2006 · founded in 2005 |
total assets €3.0m (2025) 0878.081.414 |
| De Steenfabriek
registered office since 17-01-2023 · founded in 2023 |
total assets €2.9m (2025) 0797.138.179 |
| L'île Adam
registered office since 31-03-1982 · founded in 1982 |
total assets €2.7m (2017) 0422.550.905 |
| Zymofix
registered office since 25-07-2022 · founded in 2022 |
12 FTE (2025) 0788.847.055 |
| Craeyenhof Properties via C & D Beheer, at Addingahem D.C., last mentioned in 2020 · Director (not named in the articles) · deed of 11-01-2023 founded in 2017 · negative equity (2025) |
total assets €4.3m (2025) |
| Tamise D.C. via C & D Beheer, at Addingahem D.C., last mentioned in 2020 · Director (not named in the articles) · deed of 30-03-2020 founded in 1993 · negative equity (2025) · group Het Vroonhof |
total assets €891,445 (2025) |
| D.C. Energy via C & D Beheer, at Addingahem D.C., last mentioned in 2020 · Director (not named in the articles) · deed of 22-07-2022 founded in 2018 · group Het Vroonhof · accounts filed late |
total assets €777,221 (2024) |
| Allowin via C & D Beheer, at Addingahem D.C., last mentioned in 2020 · Director (not named in the articles) · deed of 27-01-2020 founded in 2001 · negative equity (2025) |
total assets €769,974 (2025) |
| Urbis Vastgoedbeheer via C & D Beheer, at Addingahem D.C., last mentioned in 2020 · Director (not named in the articles) · deed of 27-01-2020 founded in 2015 · negative equity (2025) · group Het Vroonhof |
2.1 FTE (2025) |
| H2-Time via C & D Beheer, at Addingahem D.C., last mentioned in 2020 · Director (not named in the articles) · deed of 27-05-2022 founded in 2022 · negative equity (2023) |
total assets €5,701 (2023) |
| SU.RE Investments via C & D Beheer, at Addingahem D.C., last mentioned in 2020 · Director · deed of 16-11-2023 founded in 2018 |
total assets €9.6m (2025) |
| De Steenfabriek via C & D Beheer, at Addingahem D.C., last mentioned in 2020 · Director (not named in the articles) · deed of 17-01-2023 founded in 2023 |
total assets €2.9m (2025) |
| BlueBird via C & D Beheer, at Addingahem D.C., last mentioned in 2020 · Director · deed of 20-11-2023 founded in 2021 |
total assets €1.1m (2025) |
| Brocap via C & D Beheer, at Addingahem D.C., last mentioned in 2020 · Managing director · deed of 19-09-2023 founded in 2017 |
total assets €724,340 (2025) |
Deadline for the 2026 accounts: 31-07-2027
Financial milestones sit on the financial year-end date, not the filing date.
Sources: Publications in the Belgian Official GazetteFilings with the National Bank
| Establishment | Since | Unit number |
|---|---|---|
| De Gevels Business Park registered office Waterlelielaan 1, 9032 Ghent 68110 Buying and selling of own real estate | 24-06-2011 | 2.203.866.229 |
| Cadastral parcel | Area | Buildings | Height / floors |
|---|---|---|---|
| 44074C0050/00H000 | 5,728 m² | 1 · 268 m² | 12.1 m · 2 |
1 of these parcels carries protected heritage. Expect extra rules on renovation or sale.
If something looks wrong or is missing, please tell us.