Air Developments
ActiveSummary
The annual accounts of Air Developments for financial year 2025 show a net loss of 68% of total assets and of 79% of the equity at the start of that year. The 2025 annual accounts show equity of €17,089 and a net result of -€65,966. Equity is shrinking by about 10% per year across the filed financial years. Its solvency ranks better than 20% of 11,706 sector peers (NACE 71, financial year 2025). The company has been active since 2018 and the Belgian Official Gazette contains no insolvency or warning signals. The computed 12-month bankruptcy probability is 0.2% (very low).
Overview
- Equity
- €17,089
- Loss
- -€65,966
- Largest shareholder
- SUMMA · 32.83%
- ICO INVESTDirector · permanent representative COSAERT Ignace
- REC XVIDirector · permanent representative Erwin COK
Why 54raises riskCapped at 59: a net loss of at least half of total assets or of the equity at the start of the financial yearLoss of €65,966, the second in a row (financial year 2025)lowers riskSector: Architectural and engineering activities; technical testing and analysis (NACE 71)Size: total assets €96,592Liquidity: current ratio 1.92, cash €37,109, halvedShow the evidence
Checked score
About 2 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
How it is calculated
The band follows from the bankruptcy probability, on a scale where 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 71, micro): better than 21% on solvency, 61% on liquidity, 4% on profitability and 6% on growth.
The bankruptcy probability was computed on 23-10-2026 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.
Some facts cap the score, however low the probability. Negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late hold it at Fair at most (59); two missing filings, at Weak (44). An ongoing judicial reorganisation or the company's end (bankruptcy, dissolution, liquidation) holds it at Critical at most (24).
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Signals
This company filed its last 7 accounts on average 18 days before the deadline; the sector median (NACE 71) for financial year 2024 is 8 days before the deadline, and 34% of those companies filed late.
Searched, nothing found (2)
- Resignation: DM.VDC BV (director)Permanent representatives: Stefan VAN DER…
- Annual accounts filedfinancial year 2025 · micro…
- Resignations: VAN DER CRUYSSE Stefan, COSAERT…Appointments: DM.VDC BV, ICO INVEST…
Financials · financial year 2025, micro format
2025 annual accounts filed late (5 days) Filed on 5 February 2026, deadline 31 January 2026 (7 months after the close on 30 June 2025, Companies Code art. 3:10). Source: NBB, 2026-00037651.
2021 to 2025, 5 financial years 2019 to 2025, 7 financial years
The operating result stays negative: a loss of €62,200 in 2025 against €86,002 in 2024; the loss shrinks.
What the company sold each financial year and what was left of it. A loss stands below the zero line.
What the company owns (total assets), how much of it is its own (equity) and how much it owes.
Short-term assets minus short-term debts. Above zero the company can pay its bills in the short term.
How much of each euro of turnover is left from operations (EBIT margin) and what the assets earn (return on assets).
The share of the company financed with its own means. The higher it is, the better it absorbs a shock.
Short-term assets per euro of short-term debt. Above 1 the short-term debts are covered.
Use the arrow keys on the chart for the figures per year.
Sector: the middle half of NACE 71, Architectural and engineering activities; technical testing and analysis: a quarter of companies sit below it, a quarter above. Each year compared with accounts in the same format, and only where there are at least 30. Dashed line: the median. Available for Net result, Equity, Total assets, Working capital, Solvency, Current ratio, Return on assets (ROA).
Peer companies
Historical observationOf the 1,133 companies that looked in July 2024 the way this one looks now, 6.4% went bankrupt within 24 months and 86.4% are still going.
- Micro
- 5 to 10 years old
- solvency 10 to 30%
- a loss of 10% of the balance sheet or more
A further 0.5% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a lower bankruptcy probability: 0.2% over twelve months. The score reads more about this company than the group's four characteristics; both figures are right about what they measure.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,473 companies of July 2024 its group's bankruptcy share. Expected: 1.6%; actually bankrupt within 24 months: 1.7%.
| 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% | 1.0% |
| 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% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 74.5% 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 1,133 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.
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | - | - | €56,771 | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €4,092 | €1,624 | €4,932 | €14,592 | €15,085 | €12,184 | €2,858 | ▼ 76.5% |
| Other operating charges640/8 | - | - | - | €568 | €710 | €577 | €712 | ▲ 23.3% |
| Non-recurring operating charges66A | - | - | - | - | - | €666 | - | - |
| Gross operating margin9900 | -€51,707 | -€30,426 | €22,229 | -€90,684 | -€62,990 | -€15,804 | -€58,630 | ▼ 271% |
| Operating profit (loss)9901 | -€56,472 | -€32,506 | €16,849 | -€105,845 | -€78,785 | -€86,002 | -€62,200 | ▲ 27.7% |
| Financial income75/76B | - | - | - | - | - | €84 | €264 | ▲ 213% |
| Recurring financial income75 | - | €35 | €32 | - | - | €84 | €264 | ▲ 213% |
| Financial charges65/66B | - | - | - | €3,212 | €6,337 | €5,795 | €3,854 | ▼ 33.5% |
| Recurring financial charges65 | €284 | €239 | €846 | €3,212 | €6,337 | €5,795 | €3,854 | ▼ 33.5% |
| Profit (loss) for the period before taxes9903 | -€56,756 | -€32,711 | €16,034 | -€109,057 | -€85,121 | -€91,713 | -€65,790 | ▲ 28.3% |
| Income taxes67/77 | - | - | - | - | €164 | €314 | €176 | ▼ 43.9% |
| Profit (loss) for the period9904 | -€56,756 | -€32,711 | €16,034 | -€109,057 | -€85,286 | -€92,027 | -€65,966 | ▲ 28.3% |
| Profit (loss) for the period to be appropriated9905 | -€56,756 | -€32,711 | €16,034 | -€109,057 | -€85,286 | -€92,027 | -€65,966 | ▲ 28.3% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €110,903 | €71,454 | €176,514 | €136,516 | €317,385 | €210,385 | €96,592 | ▼ 54.1% |
| Formation expenses20 | - | - | €32,475 | €20,808 | €9,142 | - | - | - |
| Fixed assets21/28 | €3,038 | €1,414 | €7,416 | €7,966 | €6,345 | €9,709 | €4,301 | ▼ 55.7% |
| Intangible fixed assets21 | €1,693 | €1,293 | €7,393 | €4,509 | €2,823 | €5,508 | €3,646 | ▼ 33.8% |
| Tangible fixed assets22/27 | €1,345 | €121 | €23 | €906 | €972 | €1,651 | €655 | ▼ 60.3% |
| Furniture and vehicles24 | - | - | - | €906 | €972 | €1,651 | €655 | ▼ 60.3% |
| Financial fixed assets28 | - | - | - | €2,550 | €2,550 | €2,550 | - | - |
| Current assets29/58 | €107,865 | €70,040 | €136,624 | €107,742 | €301,898 | €200,676 | €92,291 | ▼ 54.0% |
| Stocks and contracts in progress3 | - | €3,001 | €49,010 | €32,322 | €29,352 | €24,785 | €17,277 | ▼ 30.3% |
| Stocks30/36 | - | - | - | €32,322 | €29,352 | €24,785 | €17,277 | ▼ 30.3% |
| Amounts receivable within one year40/41 | €2,645 | €8,535 | €28,404 | €34,035 | €27,654 | €39,717 | €34,056 | ▼ 14.3% |
| Trade receivables40 | - | - | - | €23,594 | €22,294 | €33,121 | €28,185 | ▼ 14.9% |
| Other amounts receivable41 | - | - | - | €10,440 | €5,360 | €6,596 | €5,870 | ▼ 11.0% |
| Cash at bank and in hand54/58 | €103,201 | €56,337 | €57,614 | €38,424 | €241,191 | €132,626 | €37,109 | ▼ 72.0% |
| Deferred charges and accrued income490/1 | - | - | - | €2,963 | €3,701 | €3,549 | €3,849 | ▲ 8.5% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €110,903 | €71,454 | €176,514 | €136,516 | €317,385 | €210,385 | €96,592 | ▼ 54.1% |
| Equity10/15 | €99,544 | €66,833 | €82,867 | -€26,190 | €175,082 | €83,055 | €17,089 | ▼ 79.4% |
| Contributions10/11 | €156,300 | - | - | €156,300 | €442,857 | €442,857 | €442,857 | = |
| Profit (loss) carried forward14 | -€56,756 | -€89,467 | -€73,433 | -€182,490 | -€267,776 | -€359,803 | -€425,769 | ▼ 18.3% |
| Amounts payable17/49 | €11,359 | €4,621 | €93,647 | €162,706 | €142,303 | €127,330 | €79,503 | ▼ 37.6% |
| Amounts payable after more than one year17 | - | - | €35,000 | €146,500 | €111,500 | €61,500 | €30,000 | ▼ 51.2% |
| Financial debts170/4 | - | - | - | €146,500 | €111,500 | €61,500 | €30,000 | ▼ 51.2% |
| Amounts payable within one year42/48 | €11,272 | €4,392 | €58,645 | €14,907 | €29,446 | €64,533 | €47,965 | ▼ 25.7% |
| Current portion of amounts payable after more than one year42 | - | - | - | - | - | €50,000 | €31,500 | ▼ 37.0% |
| Trade debts44 | €11,272 | €4,339 | €4,425 | €14,854 | €29,126 | €14,219 | €15,758 | ▲ 10.8% |
| Suppliers440/4 | - | - | - | €14,854 | €29,126 | €14,219 | €15,758 | ▲ 10.8% |
| Taxes, remuneration and social security45 | - | - | - | - | €164 | €314 | €552 | ▲ 75.5% |
| Taxes450/3 | - | - | - | - | €164 | €314 | €552 | ▲ 75.5% |
| Other amounts payable47/48 | - | - | - | €53 | €156 | - | €156 | - |
| Accrued charges and deferred income492/3 | - | - | - | €1,299 | €1,357 | €1,297 | €1,538 | ▲ 18.6% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€56,756 | -€32,711 | €16,034 | -€109,057 | -€85,286 | -€92,027 | -€65,966 | ▲ 28.3% |
| + Depreciation and write-downs630 | €4,092 | €1,624 | €4,932 | €14,592 | €15,085 | €12,184 | €2,858 | ▼ 76.5% |
| Operating cash flow (approximation) | -€52,664 | -€31,086 | €20,966 | -€94,465 | -€70,200 | -€79,843 | -€63,108 | ▲ 21.0% |
| Investment in fixed assets (approximation) | - | €0 | -€10,934 | -€15,142 | -€13,465 | -€15,548 | €2,550 | - |
| Change in cash | - | -€46,863 | €1,276 | -€19,190 | €202,767 | -€108,565 | -€95,517 | ▲ 12.0% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Filings with the National Bank (7)
| Financial year | Type | Filed | Reference |
|---|---|---|---|
| 30-06-2025 | micro format | 05-02-2026 | 2026-00037651 |
| 30-06-2024 | micro format | 30-01-2025 | 2025-00031014 |
| 30-06-2023 | micro format | 21-12-2023 | 2023-00533895 |
| 30-06-2022 | micro format | 18-01-2023 | 2023-00002867 |
| 30-06-2021 | micro format | 20-01-2022 | 2022-01500026 |
| 30-06-2020 | micro format | 21-12-2020 | 2020-76700263 |
| 30-06-2019 | micro format | 06-01-2020 | 2020-00800079 |
Similar companies · same sector, comparable size
Subsidies and aid
Flemish government
2022 to 2025 · 5 entries · €161,028 awarded · €84,000 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 2 | €0 | €0 |
| 2024 | 1 | €0 | €42,000 |
| 2023 | 1 | €0 | €42,000 |
| 2022 | 1 | €161,028 | €0 |
Public contracts: No European public contracts awarded found since October 2016. Contracts below the EU thresholds are not in TED.
Directors
Board 2
Permanent representatives 2
Not every act has been read: a resignation may still be missing
Mandate history
- Board
- Day-to-day management
- began earlier
| Name | Functions and periods |
|---|---|
| ICO INVEST |
|
| REC XVI |
|
| dm.vdc |
|
| SUMMA |
|
| COSAERT Ignace |
|
| Stefan VAN DER CRUYSSE |
|
Owners and capital
Owners
1 ownerOwners 1
- Sourceaccounts SUMMA 202532.83%
Sources: the companies' annual accounts, the acts in the Belgian Official Gazette and the LEI register. Annual accounts state the shareholders that notified the company under article 7:225 of the Code of Companies and Associations and the parent companies that consolidate it. The register of ultimate beneficial owners (UBO) is not public: who ultimately stands behind a natural person or a foreign parent is not stated here. A company that does not include these statements in its annual accounts, or does not have to, is not listed.
Group and network
Connections & network
1 connected companyThe connected companies are in the list below.
History
Acts, filings and financial milestones
23-02
Gazette deed
Resignation: DM.VDC BV (director)Permanent representatives: Stefan VAN DER CRUYSSE and Niko LECLUYSE7 facts ▸
- General meeting, 27-11-2025
- Director resignation, DM.VDC BV (director)
- Permanent representative, Stefan VAN DER CRUYSSE
- Board meeting, 27-11-2025
- Director resignation, DM.VDC BV (day-to-day manager)
- Permanent representative, Niko LECLUYSE
- Director in office, NIKO LECLUYSE BV (director)
27-10
Gazette deed
Resignations: VAN DER CRUYSSE Stefan, COSAERT Ignace and SUMMA NVAppointments: DM.VDC BV, ICO INVEST COMMV and REC XVI NV · Permanent representatives: VAN DER CRUYSSE Stefan, COSAERT Ignace and 2 others · Power of attorney18 facts ▸
- General meeting, 01-12-2023
- Director resignation, VAN DER CRUYSSE Stefan (director)
- Director resignation, COSAERT Ignace (director)
- Director appointment, DM.VDC BV (director)
- Permanent representative, VAN DER CRUYSSE Stefan (2 times)
- Director appointment, ICO INVEST COMMV (director)
- Permanent representative, COSAERT Ignace
- Board meeting, “bestuursorgaan” (deed in Dutch)
- Director resignation, VAN DER CRUYSSE Stefan (day-to-day manager)
- Director appointment, DM.VDC BV (day-to-day manager)
- General meeting, 15-05-2025
- Director resignation, SUMMA NV (director)
- +6 further facts in this act
About the unread acts
Of the 5 Belgian Official Gazette deeds we know for this company, 2 have been read. The other 3 have not been read yet: what they contain is neither established nor disproved here.
Register details
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 23 October 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.
Environmental permits: No permit applications found in Flanders. Brussels and Wallonia do not publish the applicant.
Sites & property
1 establishment unit
1 parcel
| Cadastral parcel | Region | Area | Buildings | Height / floors |
|---|---|---|---|---|
| 34392C0128/00C000 | Flanders | 1,101 m² | 1 · 107 m² | 7.8 m · 2 |