Losses
-€721,972 in three years
Every financial year from 2023 to 2025 closed with a loss. 2024 was the heaviest.
ANTWERP SOUTH LOGISTICS DEVELOPMENT
Lifetime
10 annual accounts with figures on one time axisGross marginpeak €673,721 (2020)
€44,280▲ 12.1%
Resultlowest -€268,078 (2024)
-€225,503▲ €42,575
Equitypeak €9.2m (2017)
€8.3m▼ 2.6%
Debts
€5.2m▲ 157%
Board5 names since 2016
3 directorsBrasschaat Financial Holding NV and 2 others
Owners2 names in the annual accounts
100%Brass 3 and 1 other
Documentsfilings and deeds
08-06-202653 days before the deadline
2025abbreviated format
Gross margin from €39,517 to €44,280Loss of €225,503Debts from €2.0m to €5.2mInvestments €3.3mCash from €361,472 to €16,766
Key points
from the 2025 annual accountsDebts
€5.2m ▲ 157%
Debts rose by €3.2m in 2025.
Investments
€3.3m 24.8 × depreciation
Green is investment, beige is depreciation. Land and buildings stand 61.0% higher than in 2024.
Liquidity
0.44 was 2.18 in 2024
Short-term debts rose from €187,569 to €472,355.
At the same address
29 companies
Position in the sector
-€225,503
Lower net result than 94% of companies in real estate. Sector median €10,001 · 11,262 companies.
Checked score
90
Excellent
Financially stronger than 43% of medium-sized companies in real estate (NACE 68)
Probability in this band: under 0.55%
Bankruptcy probability within 12 months
0.1% Very low
0%0.5%1.5%4%10%≥ 25%
The dashed line is the sector median: 0.1% across 1,720 companies (NACE 68, medium-sized).
About 1 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
Last 24 months
12-2024: 0.2%
01-2025: 0.2%● unchanged vs 12-2024
02-2025: 0.2%● unchanged vs 01-2025
03-2025: 0.2%● unchanged vs 02-2025
04-2025: 0.2%● unchanged vs 03-2025
05-2025: 0.2%● unchanged vs 04-2025
06-2025: 0.2%● unchanged vs 05-2025highest value
07-2025: < 0.1%▼ -0.2 percentage points vs 06-2025
08-2025: < 0.1%● unchanged vs 07-2025
09-2025: < 0.1%● unchanged vs 08-2025lowest value
10-2025: < 0.1%● unchanged vs 09-2025lowest value
11-2025: < 0.1%● unchanged vs 10-2025lowest value
12-2025: < 0.1%● unchanged vs 11-2025lowest value
01-2026: < 0.1%● unchanged vs 12-2025lowest value
02-2026: < 0.1%● unchanged vs 01-2026
03-2026: < 0.1%● unchanged vs 02-2026
04-2026: < 0.1%● unchanged vs 03-2026
05-2026: < 0.1%● unchanged vs 04-2026
06-2026: 0.1%▲ +0.1 percentage points vs 05-2026
07-2026: 0.2%▲ +0.1 percentage points vs 06-2026
08-2026: 0.2%● unchanged vs 07-2026
09-2026: 0.2%● unchanged vs 08-2026
10-2026: 0.1%▼ -0.1 percentage points vs 09-2026
11-2026: 0.1%● unchanged vs 10-2026
Financial strengthAverage
Score breakdown
raises risk
Liquidity: current ratio 0.44, cash €16,766, halved
lowers risk
Size: total assets €13.5m
Sector: Real estate activities (NACE 68)
Figures for financial year 2025 (filed on 08-06-2026)
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, medium-sized). It does better than 77% of them on solvency, 53% on liquidity, 12% on profitability and 31% on growth.
The bankruptcy probability was computed on 04-11-2026 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 very low class on 30-06-2025, 0.1% 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, 246 companies had the same profile as ANTWERP SOUTH LOGISTICS DEVELOPMENT has now. Each dot is one company, two years later.
89.8%
were still trading
8.5%
stopped another way
1.2%
went bankrupt
Another 0.4% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of ANTWERP SOUTH LOGISTICS DEVELOPMENT itself: 0.1% within 12 months.
Test of the method
The method was tested on the 497,446 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 246 companies, not a prediction for ANTWERP SOUTH LOGISTICS DEVELOPMENT. 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
Credit of up to €700,000 on 30-day terms is acceptable
Liquidity is insufficient, with a current ratio of 0.44 (2.18 in 2024), below 1. Short-term debt is 3.5% and cash 0.1% of total assets. 38.5% of the assets are financed with debt and provisions.
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The scores and ratios are Checked's own calculations, not a credit decision.
Signals
Six signals.
lowers riskraises riskneutral
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 -€225,503
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 days early
2024
42 days early
2023
22 days late
2022
29 days late
2021
24 days early
2020
30 days late
2019
24 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 2 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.
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 7 July (4 of the last 5 accounts filed within 47 days either side of that date).
Companies Code · seven monthsWhere today falls in the filing period
05-11-2026 today31-12-2026 year end31-07-2027 deadline
Board and ownership
BF
Brasschaat Financial Holding NV
Director, Vera Cox, since 22-08-2024
- Brass 3 100%score 86equity €13.0m (2025) · annual accounts 2025
Recent changes
Registered in the Peppol Directory
Reachable for e-invoices through 0208:0651829013
Resignation: Nico Van Daele (day-to-day manager)
Board meeting of 23-01-2026 · Gazette deed
Environmental permit granted
Nieuwbouw of aanleggen · Willebroek
3 directors reappointed
Ilse Bernaerts, Stephan Bernaerts and Brasschaat Financial Holding NV · Permanent representative: Vera Cox · General meeting of 22-08-2024 · Gazette deed
Comparable companies
same main activity, similar in size and age| Company | Total assets | Gross margin | Solvency | Staff |
|---|---|---|---|---|
| ANTWERP SOUTH LOGISTICS DEVELOPMENT Antwerp | €13.5m | €44,280 | 61.5% | - |
| NUSTECOM Merchtem | €15.4m | €54,062 | 19.7% | 0 |
| MC BOUW Tielt | €9.0m | €65,755 | 9.7% | 1 |
| BFE ENGINEERING Woluwe-Saint-Lambert | €17.2m | €47,701 | 16.3% | - |
| PROGEKO Schaerbeek | €8.1m | €79,535 | 99.8% | - |
| SCALDIS PROJECTS Zaventem | €20.6m | €64,094 | 8.9% | - |
| Silver Lining Estate Sint-Martens-Latem | €6.9m | €55,927 | 39.7% | - |
These companies have the same main activity as ANTWERP SOUTH LOGISTICS DEVELOPMENT: buying and selling of own real estate (NACE 68110). They are comparable in size and age: total assets between €6.9m and €21m, founded between 2011 and 2018.
Official details
Source: KBO- Status
- Active since 07-04-2016Normal situation
- Registered office
- 30 active companies are registered at this addressSource: KBO register, as of 5 November 2026.
- Activity
- Buying and selling of own real estateNACE 68110and 1 other
- Establishment unit
- 2.252.817.0802140 Antwerp, since 20-04-2016
- Financial year end
- 31 December
- Peppol
- Reachable since 21-10-2026
Annual accounts 2025
- Turnover
- ≈ €120,000estimated
- Total assets
- €13.5m▲ 28.0%
- Filing
- Filed on 08-06-2026, 53 days before the end of the filing period
Companies linked to ANTWERP SOUTH LOGISTICS DEVELOPMENT
Parent and group
Insights on ANTWERP SOUTH LOGISTICS DEVELOPMENT
ANTWERP SOUTH LOGISTICS DEVELOPMENT files the abbreviated format. That format states no turnover. The gross margin rose from -€17,151 in 2016 to €44,280 in 2025.
The balance sheet grew most from 2024 to 2025 through fixed assets.
Brass 3 holds all the shares.
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 ANTWERP SOUTH LOGISTICS DEVELOPMENT
- What is the company number of ANTWERP SOUTH LOGISTICS DEVELOPMENT?
- The company number of ANTWERP SOUTH LOGISTICS DEVELOPMENT is 0651.829.013. The VAT number is the same number with BE in front: BE 0651.829.013.
- Where is ANTWERP SOUTH LOGISTICS DEVELOPMENT based?
- The registered office is at Noordersingel 19, 2140 Antwerp.Company details
- What does ANTWERP SOUTH LOGISTICS DEVELOPMENT do?
- According to the KBO register, the main activity is buying and selling of own real estate (NACE 68110).
- What is the legal form of ANTWERP SOUTH LOGISTICS DEVELOPMENT?
- ANTWERP SOUTH LOGISTICS DEVELOPMENT is a public limited company (NV).
- When was ANTWERP SOUTH LOGISTICS DEVELOPMENT founded?
- ANTWERP SOUTH LOGISTICS DEVELOPMENT was founded on 07-04-2016.
- Is ANTWERP SOUTH LOGISTICS DEVELOPMENT still active?
- Yes, ANTWERP SOUTH LOGISTICS DEVELOPMENT is an active enterprise in the KBO register.
- What is the turnover of ANTWERP SOUTH LOGISTICS DEVELOPMENT?
- The turnover in financial year 2025 is ≈ €120,000. This figure is estimated from the gross margin of €44,280 and 32 comparable companies (NACE 681). It probably lies between €67,000 and €250,000.Financials
- Is ANTWERP SOUTH LOGISTICS DEVELOPMENT profitable?
- In financial year 2025, ANTWERP SOUTH LOGISTICS DEVELOPMENT made a loss of €225,503.
- Where can I find the annual accounts of ANTWERP SOUTH LOGISTICS DEVELOPMENT?
- ANTWERP SOUTH LOGISTICS DEVELOPMENT filed 10 annual accounts with the National Bank of Belgium, the latest for financial year 2025.
- When are the next annual accounts of ANTWERP SOUTH LOGISTICS DEVELOPMENT due?
- ANTWERP SOUTH LOGISTICS DEVELOPMENT must file the annual accounts for financial year 2026 by 31-07-2027.Timeline
Next steps
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