ANDES
ActiveSummary
ANDES has been active since 1989 and the Belgian State Gazette contains no insolvency or warning signals. The 2026 annual accounts show equity of €1.1m and a net result of -€2,508. Equity remains stable across the filed fiscal years (±0.3% per year). Its solvency ranks better than 95% of 117 sector peers (fiscal year 2026). The computed 12-month bankruptcy probability is 0.1% (very low).
Checked score
Score 2026
Axes · tick = 2025
Profitability68▼-1
Solvency100=
Growth52=
Track record100
Bankruptcy probability, 12 months
0.1%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €90,000 at 30 days acceptable
Liquidity ample (current ratio 70.5; short-term debt: 0.5% and cash: 0.6% of total assets), and 0.5% 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○neutral
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 68
Relative position
BE, all sectors
reference
Real estate activities (NACE 68)
about 43% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
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
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2026Solvency, return and age of the figures
Solvency
99.5%
Return on assets
-0.2%
Age of the figures
6 mo
neutral · Latest accounts filed on time
The financial year that closed on 31-03-2026 was due by 31-10-2026 and was filed on 24-09-2026, 37 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2026
37 d early
2025
11 d early
2024
45 d early
2023
49 d early
2022
32 d early
2021
2 d early
2020
32 d early
← 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 30 days before the deadline; the sector median for financial year 2024 is 7 days before the deadline, and 36% of the sector filed late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-03-2027 and is due by 31-10-2027. Nothing is late today. Usually files around 24 September (5 of the last 5 filed years within 30 days of that day).
Companies Code · seven monthsPosition in the running window
28-09-2026 today31-03-2027 close31-10-2027 deadline
History
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Financials · fiscal year 2026, abbreviated schema
Equity
€1.1m▼ 0.2%
2025 · €1.1m
Total assets
€1.1m▲ 0.2%
2025 · €1.1m
Net result
-€2,508▼ 222%
2025 · -€778
Working capital
€434,992▲ 3.0%
2025 · €422,449
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 68, Real estate 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
Line20222023202420252026
Operating result-€5,657▼ 367%€1,950-€12,831-€13,787▼ 7.4%-€2,471▲ 82.1%
Net result€4,083within the sector's middle half▼ 48.9%€3,223within the sector's middle half▼ 21.1%€707within the sector's middle half▼ 78.1%-€778within the sector's middle half-€2,508▼ 222%
Equity€1.1mabove the sector's middle half▲ 0.4%€1.1mabove the sector's middle half▲ 0.3%€1.1mabove the sector's middle half▲ 0.1%€1.1mabove the sector's middle half▼ 0.1%€1.1m▼ 0.2%
Total assets€1.3mabove the sector's middle half▲ 10.8%€1.1mabove the sector's middle half▼ 9.2%€1.1mabove the sector's middle half▲ 0.1%€1.1mabove the sector's middle half▼ 0.1%€1.1m▲ 0.2%
Debt€120,000▲ 10,991%€754▼ 99.4%€1,667▲ 121%€1,090▼ 34.6%€6,259▲ 474%
Working capital€392,198above the sector's middle half€408,066above the sector's middle half▲ 4.0%€422,449above the sector's middle half▲ 3.5%€434,992▲ 3.0%
Solvency90.5%above the sector's middle half▼ 9.4pp99.9%above the sector's middle half▲ 9.5pp99.9%above the sector's middle half▼ 0.1pp99.9%above the sector's middle half▲ 0.1pp99.5%▼ 0.5pp
Current ratio70.50
Return on assets (ROA)0.3%within the sector's middle half▼ 0.4pp0.3%within the sector's middle half=0.1%within the sector's middle half▼ 0.2pp-0.1%within the sector's middle half▼ 0.1pp-0.2%▼ 0.2pp
above
within
below
the middle half (P25 to P75) of NACE 68, Real estate activities, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the abbreviated or micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €2,471 in 2026 against €13,787 in 2025; the loss shrinks.
Balance-sheet composition
2026 in colour, 2025 as the grey bar beneath
Assets €1.1m
Fixed assets
€703,594 ▼ 2.1%
Current assets
€441,251 ▲ 4.2%
Equity and liabilities €1.1m
Equity
€1.1m ▼ 0.2%
Debt
€6,259 ▲ 474%
Debt's share of the balance-sheet total rises from 0.1% to 0.5%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€12,581▲
2025 · €1,375
Cash flow
€12,544▼
2025 · €14,383
Debt to equity
0.01▲
2025 · 0.00
ROE
-0.2%▼
2025 · -0.1%
Interest coverage
337.38▲
2025 · 44.70
Debt ≤ 1 year
€6,259▲
2025 · €1,090
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 8,616 companies that looked in July 2024 the way this one looks now, 0.4% went bankrupt within 24 months and 94% are still going.
- Small
- 20 years or older
- solvency 30% or more
- a small loss
0.4%
went bankrupt
5.2%
stopped otherwise
94%
still going
A further 0.3% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.1% 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 8,616 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 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €15,161 | €15,161 | €15,161 | €15,161 | €15,052 | ▼ 0.7% |
| Other operating charges640/8 | €3,356 | €3,407 | €3,671 | €3,771 | €4,589 | ▲ 21.7% |
| Gross operating margin9900 | €12,861 | €20,519 | €6,001 | €5,145 | €17,169 | ▲ 234% |
| Operating profit (loss)9901 | -€5,657 | €1,950 | -€12,831 | -€13,787 | -€2,471 | ▲ 82.1% |
| Financial income75/76B | €11,177 | €2,444 | €13,906 | €13,039 | - | - |
| Recurring financial income75 | €11,177 | €2,444 | €13,906 | €13,039 | - | - |
| Financial charges65/66B | €23 | €24 | €24 | €31 | €37 | ▲ 21.3% |
| Recurring financial charges65 | €23 | €24 | €24 | €31 | €37 | ▲ 21.3% |
| Profit (loss) for the period before taxes9903 | €5,497 | €4,370 | €1,050 | -€778 | -€2,508 | ▼ 222% |
| Income taxes67/77 | €1,414 | €1,147 | €343 | - | - | - |
| Profit (loss) for the period9904 | €4,083 | €3,223 | €707 | -€778 | -€2,508 | ▼ 222% |
| Profit (loss) for the period to be appropriated9905 | €4,083 | €3,223 | €707 | -€778 | -€2,508 | ▼ 222% |
| Line | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €1.3m | €1.1m | €1.1m | €1.1m | €1.1m | ▲ 0.2% |
| Fixed assets21/28 | €764,130 | €748,968 | €733,807 | €718,646 | €703,594 | ▼ 2.1% |
| Tangible fixed assets22/27 | €764,130 | €748,968 | €733,807 | €718,646 | €703,594 | ▼ 2.1% |
| Land and buildings22 | €764,130 | €748,968 | €733,807 | €718,646 | €703,594 | ▼ 2.1% |
| Current assets29/58 | €493,814 | €392,952 | €409,733 | €423,539 | €441,251 | ▲ 4.2% |
| Amounts receivable within one year40/41 | €1,761 | €390,813 | €409,239 | €422,565 | €433,893 | ▲ 2.7% |
| Trade receivables40 | €12 | €5,017 | €7,649 | €3,586 | €10,515 | ▲ 193% |
| Other amounts receivable41 | €1,750 | €385,796 | €401,589 | €418,978 | €423,378 | ▲ 1.1% |
| Cash at bank and in hand54/58 | €491,978 | €2,055 | €407 | €884 | €7,358 | ▲ 732% |
| Deferred charges and accrued income490/1 | €75 | €84 | €87 | €90 | - | - |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €1.3m | €1.1m | €1.1m | €1.1m | €1.1m | ▲ 0.2% |
| Equity10/15 | €1.1m | €1.1m | €1.1m | €1.1m | €1.1m | ▼ 0.2% |
| Contributions10/11 | €323,000 | €323,000 | €323,000 | €323,000 | €323,000 | = |
| Capital10 | €323,000 | €323,000 | €323,000 | €323,000 | €323,000 | = |
| Issued capital100 | €323,000 | €323,000 | €323,000 | €323,000 | €323,000 | = |
| Reserves13 | €814,300 | €817,300 | €817,300 | €817,300 | €817,300 | = |
| Non-distributable reserves130/1 | €32,300 | €32,300 | €32,300 | €32,300 | €32,300 | = |
| Legal reserve130 | €32,300 | €32,300 | €32,300 | €32,300 | €32,300 | = |
| Distributable reserves133 | €782,000 | €785,000 | €785,000 | €785,000 | €785,000 | = |
| Profit (loss) carried forward14 | €643 | €866 | €1,573 | €795 | -€1,713 | ▼ 316% |
| Amounts payable17/49 | €120,000 | €754 | €1,667 | €1,090 | €6,259 | ▲ 474% |
| Amounts payable within one year42/48 | - | €754 | €1,667 | €1,090 | €6,259 | ▲ 474% |
| Trade debts44 | - | - | €317 | €116 | €871 | ▲ 652% |
| Suppliers440/4 | - | - | €317 | €116 | €871 | ▲ 652% |
| Taxes, remuneration and social security45 | - | €754 | €1,350 | €474 | €1,688 | ▲ 256% |
| Taxes450/3 | - | €754 | €1,350 | €474 | €1,688 | ▲ 256% |
| Other amounts payable47/48 | - | - | - | €500 | €3,700 | ▲ 640% |
| Accrued charges and deferred income492/3 | €120,000 | - | - | - | - | - |
| Line | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €4,083 | €3,223 | €707 | -€778 | -€2,508 | ▼ 222% |
| + Depreciation and write-downs630 | €15,161 | €15,161 | €15,161 | €15,161 | €15,052 | ▼ 0.7% |
| Operating cash flow (approximation) | €19,244 | €18,384 | €15,868 | €14,383 | €12,544 | ▼ 12.8% |
| Investment in fixed assets (approximation) | - | €0 | €0 | €0 | €0 | - |
| Change in cash | - | -€489,923 | -€1,647 | €477 | €6,474 | ▲ 1,257% |
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 2027, expected by
2026
24-09
NBB filing
Annual accounts filed
fiscal year 2026 · abbreviated schema
31-03
Financial
Weakest financial yearnet -€2,508
Net result drops to -€2,508, the lowest in the series.
2025
20-10
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2024
16-09
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2023
12-09
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2022
29-09
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2021
29-10
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
31-03
Financial
Highest result since 2019net €7,983 ▲1.8%
Net result €7,983, the highest in the series.
2020
29-09
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
31-03
Financial
Liquidity quadruplescurrent ratio 278.33
Current ratio from 71.28 to 278.33; short-term debt falls from €4,378 to €1,194.
2019
19-09
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
2018
25-09
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
2017
05-09
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 10 acts read
About the unread acts
We know of 10 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
10 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, Knokke-Heist · 1 establishment unit since 1990
Ground area
618 m²
Building footprint
485 m²
Volume, LiDAR
9,723 m³
Parcel 31013A0069/00A000, Flanders · tallest building 32.0 m, ±8 floors. Linked by address, not a title deed.
1 establishment unit
ANDES
since 19902.102.769.661
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 31013A0069/00A000 | Flanders | 618 m² | 1 · 485 m² | 32.0 m · 8 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.
Structure & network
Owners and holdings
1 ownerChain of control
- STUBAN
- ANDES
Highest known parent: STUBAN. The sources do not say who stands above it.
Owners 1
- STUBANparent100%
Holdings 0
No holding stated in the accounts, acts or LEI register we read.
According to the annual accounts of the other companies, the acts in the Belgian Gazette and the LEI register. 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 fill in these statements, or need not, is missing.
Connections & network
No current directors or connected companies found in the register.
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Of 7,326 companies in sector 68110 we hold annual accounts for 5,390. 3,145 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPublic limited company
Founded21-12-1989
Fiscal year end31-03
Activities, NACEBEL 2025
68110Buying and selling of own real estate
64310Financial service activities, except insurance and pension funding
E-invoicing
Reachable via Peppol
Peppol ID
0208:0439248464
Also
9925:BE0439248464
Registered
16-10-2025
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 28 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.
General meetings
4 convocationsExtraordinary general meeting
General meeting
Jaarverslag. Goedkeuring jaarrekening. Bestemming resul- taat. Kwijting bestuurders. Divers.
General meeting
Jaarverslag. Goedkeuring jaarrekening. Bestemming resultaat. Kwijting bestuurders. (Her)Benoemingen. Divers. (AOPC-1-14-00050/ 13.05)
Ordinary general meeting
Agenda
Jaarverslag. Goedkeuring jaarrekening. Bestemming resultaat. Kwijting bestuurders. Divers. (AOPC11201760/ 14.05) (16280) N.V. ANPA Priorijstraat 9, 9950 Waarschoot Ondernemingsnummer : 0453.592.784 Oproeping aandeelhouders tot de bijzondere algemene vergadering op het kantoor van de voorlopig bewindvoerder te MELLE, Brussel Brusselsesteenweg 119A, op dinsdag 4 juni 2013, om 18 uur. Agenda : 1. Goedkeuring jaarrekening 30.06.2012 en bestemming resultaat 2. Kwijting bestuurders 3. Ontslag en benoeming van bestuurders 4. Varia Om te worden toegelaten tot de vergadering moeten de houders van aandelen aan toonder uiterlijk de laatste werkdag voor de vergader- datum hun aandelen deponeren op het k ...