BALAD
ActiveSummary
BALAD has been active since 2015 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €65k and a net result of €-2k. Equity is growing by ~7.2% per year across the filed fiscal years. Its solvency ranks better than 36% of 4556 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.7% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability61▼-9
Solvency48▲+5
Growth52▼-26
Track record100
Bankruptcy probability, 12 months
0.7%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €3.5k at 30 days acceptable
Liquidity short (current ratio 0.94 against 0.95 in 2024; short-term debt: 49.5% and cash: 0.6% of total assets), and 76.9% of the assets are financed with debt.
Credit check for your own amount and term
Signals
Four signals. The signal on the left, the evidence on the right.
−lowers risk+raises 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 →
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
23.1%
Return on assets
-0.6%
Age of the figures
15 mo
neutral · Latest accounts filed on time
The financial year that closed on 30-06-2025 was due by 31-01-2026 and was filed on 30-01-2026, 1 day ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
1 d early
2024
4 d late
2023
on the day
2022
on the day
2021
6 d late
2020
2 d late
2019
10 d late
← before the deadline
after the deadline →
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 30-06-2026 and is due by 31-01-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
30-06-2026 close25-09-2026 today31-01-2027 deadline
Financials · fiscal year 2025, full schema
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
€-2k
2024 · €4k
2019: €4k
2020: €12k▲ +214% vs 2019
2021: €17k▲ +47.5% vs 2020highest in 7 years
2022: €-2k▼ -111% vs 2021lowest in 7 years
2023: €2k▲ +182% vs 2022
2024: €4k▲ +156% vs 2023
2025: €-2k▼ -145% vs 2024
2019 → 2025
Working capital
€-9k▲ 26.4%
2024 · €-12k
2019: €-73klowest in 7 years
2020: €-62k▲ +15.0% vs 2019
2021: €-34k▲ +45.2% vs 2020
2022: €-12k▲ +63.5% vs 2021
2023: €-6k▲ +55.3% vs 2022highest in 7 years
2024: €-12k▼ -109% vs 2023
2025: €-9k▲ +26.4% vs 2024
2019 → 2025
Trend over the years
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€63k-€61k▼ 3.0%€63k▲ 2.6%€67k▲ 6.4%€65k▼ 2.7%
2021: €63k
2022: €61k▼ -3.0% vs 2021lowest in 5 years
2023: €63k▲ +2.6% vs 2022
2024: €67k▲ +6.4% vs 2023highest in 5 years
2025: €65k▼ -2.7% vs 2024
Operating result€33k-€3k▼ 91.7%€11k▲ 318%€17k▲ 44.7%€8k▼ 50.4%
2021: €33khighest in 5 years
2022: €3k▼ -91.7% vs 2021lowest in 5 years
2023: €11k▲ +318% vs 2022
2024: €17k▲ +44.7% vs 2023
2025: €8k▼ -50.4% vs 2024
Net result€17k-€-2k€2k€4k▲ 156%€-2k
2021: €17khighest in 5 years
2022: €-2k▼ -111% vs 2021lowest in 5 years
2023: €2k▲ +182% vs 2022
2024: €4k▲ +156% vs 2023
2025: €-2k▼ -145% vs 2024
Result per fiscal year
Operating resultNet result
The operating result falls in 2025; 2025 is 50% below 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €282k
Fixed assets
€151k ▼ 11.7%
Current assets
€131k ▼ 38.1%
Equity and liabilities €282k
Equity
€65k ▼ 2.7%
Debt
€217k ▼ 31.3%
Debt's share of the balance-sheet total falls from 82.5% to 76.9%. Equity and debt are lower.
Key figures and ratios
EBITDA
€30k▼
2024 · €43k
Cash flow
€20k▼
2024 · €30k
Current ratio
0.94▼
2024 · 0.95
Debt to equity
3.32▼
2024 · 4.71
ROE
-2.8%▼
2024 · 6.0%
ROA
-0.6%▼
2024 · 1.1%
Interest coverage
5.14▼
2024 · 6.93
Debt ≤ 1 year
€140k▼
2024 · €224k
Debt > 1 year
€77k▼
2024 · €92k
Income taxes
€4k▼
2024 · €6k
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Filed annual accounts As filed with the NBB · 2025 against 2024 · 54 lines
Balance sheet
Code20242025
Assets
Total assets20/58€383k€282k▼
Fixed assets21/28€171k€151k▼
Intangible fixed assets21€14k€0▼
Tangible fixed assets22/27€157k€151k▼
Land and buildings22€150k€145k▼
Plant, machinery and equipment23€0€0=
Furniture and vehicles24€765€2k▲
Other tangible fixed assets26€7k€4k▼
Current assets29/58€212k€131k▼
Amounts receivable within one year40/41€168k€127k▼
Trade receivables40€149k€117k▼
Other amounts receivable41€20k€10k▼
Cash at bank and in hand54/58€42k€2k▼
Deferred charges and accrued income490/1€2k€3k▲
Equity and liabilities
Total equity and liabilities10/49€383k€282k▼
Equity10/15€67k€65k▼
Contributions10/11€6k€6k=
Reserves13€61k€61k=
Non-distributable reserves130/1€0-
Reserves not available under the articles1311€0-
Distributable reserves133€61k€61k=
Profit (loss) carried forward14-€-2k
Amounts payable17/49€316k€217k▼
Amounts payable after more than one year17€92k€77k▼
Financial debts170/4€92k€77k▼
Amounts payable within one year42/48€224k€140k▼
Current portion of amounts payable after more than one year42€16k€16k▼
Financial debts43€4k€2k▼
Credit institutions430/8€4k€2k▼
Trade debts44€120k€74k▼
Suppliers440/4€120k€73k▼
Bills of exchange payable441€565€565=
Taxes, remuneration and social security45€23k€6k▼
Taxes450/3€23k€6k▼
Other amounts payable47/48€60k€42k▼
Accrued charges and deferred income492/3€162€140▼
Income statement
Code20242025
Non-recurring operating income76A-€3k
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€26k€22k▼
Other operating charges640/8€3k€6k▲
Gross operating margin9900€46k€36k▼
Operating profit (loss)9901€17k€8k▼
Financial income75/76B€97€33▼
Recurring financial income75€97€33▼
Financial charges65/66B€6k€6k▼
Recurring financial charges65€6k€6k▼
Non-recurring financial charges66B-€248
Profit (loss) for the period before taxes9903€10k€2k▼
Income taxes67/77€6k€4k▼
Profit (loss) for the period9904€4k€-2k▼
Profit (loss) for the period to be appropriated9905€4k€-2k▼
Appropriation of the result
Profit (loss) to be appropriated9906€4k€-2k▼
Profit (loss) brought forward from the previous period14P€-347-
Transfer to equity691/2€4k-
To other reserves6921€4k-
The notes to these accounts (15 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Accounts by statement
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | €3k | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €25k | €25k | €25k | €26k | €22k | ▼ 17.8% |
| Other operating charges640/8 | - | €7k | €7k | €3k | €6k | ▲ 87.1% |
| Gross operating margin9900 | €62k | €35k | €43k | €46k | €36k | ▼ 22.7% |
| Operating profit (loss)9901 | €33k | €3k | €11k | €17k | €8k | ▼ 50.4% |
| Financial income75/76B | - | €2k | €168 | €97 | €33 | ▼ 65.9% |
| Recurring financial income75 | €124 | €850 | €168 | €97 | €33 | ▼ 65.9% |
| Non-recurring financial income76B | - | €1k | - | - | - | - |
| Financial charges65/66B | - | €3k | €5k | €6k | €6k | ▼ 2.1% |
| Recurring financial charges65 | €3k | €3k | €5k | €6k | €6k | ▼ 6.1% |
| Non-recurring financial charges66B | - | - | - | - | €248 | - |
| Profit (loss) for the period before taxes9903 | €30k | €2k | €6k | €10k | €2k | ▼ 79.3% |
| Income taxes67/77 | €13k | €4k | €5k | €6k | €4k | ▼ 37.4% |
| Profit (loss) for the period9904 | €17k | €-2k | €2k | €4k | €-2k | ▼ 145% |
| Profit (loss) for the period to be appropriated9905 | €17k | €-2k | €2k | €4k | €-2k | ▼ 145% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €292k | €479k | €524k | €383k | €282k | ▼ 26.3% |
| Fixed assets21/28 | €153k | €130k | €197k | €171k | €151k | ▼ 11.7% |
| Intangible fixed assets21 | €59k | €44k | €29k | €14k | €0 | ▼ 100% |
| Tangible fixed assets22/27 | €95k | €87k | €169k | €157k | €151k | ▼ 4.0% |
| Land and buildings22 | - | €65k | €154k | €150k | €145k | ▼ 3.1% |
| Plant, machinery and equipment23 | - | - | €0 | €0 | €0 | - |
| Furniture and vehicles24 | - | €8k | €5k | €765 | €2k | ▲ 153% |
| Other tangible fixed assets26 | - | €13k | €10k | €7k | €4k | ▼ 40.6% |
| Current assets29/58 | €139k | €349k | €326k | €212k | €131k | ▼ 38.1% |
| Amounts receivable within one year40/41 | €127k | €332k | €318k | €168k | €127k | ▼ 24.8% |
| Trade receivables40 | - | €332k | €318k | €149k | €117k | ▼ 21.7% |
| Other amounts receivable41 | - | €898 | €217 | €20k | €10k | ▼ 48.5% |
| Cash at bank and in hand54/58 | €7k | €13k | €6k | €42k | €2k | ▼ 96.0% |
| Deferred charges and accrued income490/1 | - | €4k | €2k | €2k | €3k | ▲ 54.8% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €292k | €479k | €524k | €383k | €282k | ▼ 26.3% |
| Equity10/15 | €63k | €61k | €63k | €67k | €65k | ▼ 2.7% |
| Contributions10/11 | - | €6k | €6k | €6k | €6k | = |
| Reserves13 | €57k | €57k | €57k | €61k | €61k | = |
| Non-distributable reserves130/1 | - | €2k | €2k | €0 | - | - |
| Reserves not available under the articles1311 | - | €2k | €2k | €0 | - | - |
| Distributable reserves133 | - | €55k | €55k | €61k | €61k | = |
| Profit (loss) carried forward14 | - | €-2k | €-347 | - | €-2k | - |
| Amounts payable17/49 | €228k | €418k | €461k | €316k | €217k | ▼ 31.3% |
| Amounts payable after more than one year17 | €53k | €46k | €119k | €92k | €77k | ▼ 16.4% |
| Financial debts170/4 | - | €46k | €107k | €92k | €77k | ▼ 16.4% |
| Other amounts payable178/9 | - | - | €12k | - | - | - |
| Amounts payable within one year42/48 | €173k | €361k | €332k | €224k | €140k | ▼ 37.5% |
| Current portion of amounts payable after more than one year42 | - | €7k | €17k | €16k | €16k | ▼ 0.8% |
| Financial debts43 | - | - | €3k | €4k | €2k | ▼ 56.7% |
| Credit institutions430/8 | - | - | €3k | €4k | €2k | ▼ 56.7% |
| Trade debts44 | €99k | €275k | €193k | €120k | €74k | ▼ 38.6% |
| Suppliers440/4 | - | €179k | €192k | €120k | €73k | ▼ 38.8% |
| Bills of exchange payable441 | - | €96k | €824 | €565 | €565 | = |
| Taxes, remuneration and social security45 | - | €7k | €40k | €23k | €6k | ▼ 72.5% |
| Taxes450/3 | - | €7k | €40k | €23k | €6k | ▼ 72.5% |
| Other amounts payable47/48 | - | €72k | €79k | €60k | €42k | ▼ 30.4% |
| Accrued charges and deferred income492/3 | - | €10k | €9k | €162 | €140 | ▼ 14.0% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €17k | €-2k | €2k | €4k | €-2k | ▼ 145% |
| + Depreciation and write-downs630 | €25k | €25k | €25k | €26k | €22k | ▼ 17.8% |
| Operating cash flow (approximation) | €42k | €23k | €26k | €30k | €20k | ▼ 34.8% |
| Investment in fixed assets (approximation) | - | €-2k | €-92k | €0 | €-2k | - |
| Change in cash | - | €5k | €-7k | €36k | €-40k | ▼ 211% |
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
30-01
NBB filing
Annual accounts filed
fiscal year 2025 · full schema
2025
04-02
NBB filing
Annual accounts filed
fiscal year 2024 · full schema · 4 days late
2024
31-01
NBB filing
Annual accounts filed
fiscal year 2023 · full schema
2023
30-06
Financial
Back to profitnet €2k
Net result €2k after one loss-making year.
31-01
NBB filing
Annual accounts filed
fiscal year 2022 · full schema
2022
30-06
Financial
Weakest financial yearnet €-2k
Net result drops to €-2k, the lowest in the series; recovery starts the following year.
06-02
NBB filing
Annual accounts filed
fiscal year 2021 · full schema · 6 days late
2021
30-06
Financial
Highest result since 2019net €17k ▲47.5%
Net result €17k, the highest in the series.
02-02
NBB filing
Annual accounts filed
fiscal year 2020 · full schema · 2 days late
2020
10-02
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 10 days late
2019
13-02
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema · 13 days late
2018
12-02
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema · 12 days late
2017
16-02
NBB filing
Annual accounts filed
fiscal year 2016 · full schema · 16 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 3 acts read
About the unread acts
We know of 3 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
Have them read with priority
Sign in to place this company at the front of the reading queue.
Directors · office · real estate
Directors
3 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, Ukkel · 1 establishment unit since 2015
Ground area
1,794 m²
Building footprint
897 m²
Volume, LiDAR
13,483 m³
2 parcels, Brussels · tallest building 23.3 m, ±6 floors. Linked by address, not a title deed.
9
companies at this address
See who is registered here
1 establishment unit
BALAD
since 20152.243.744.117
2 parcels
Brussels
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 21612C0003/00A021 | Brussels | 1,617 m² | 1 · 749 m² | 23.3 m · 6 fl. |
| 21009A0966/00E006 | Brussels | 177 m² | 1 · 148 m² | 19.2 m · 4 fl. |
Linked by address, not proof of ownership
Good to know
2 of 2 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Similar companies · same sector, comparable size
Immo De Groot & Celen
BE 0762.996.159
Westerlo · Eq €65,313
Marquis Warren
BE 0726.430.426
Dilbeek · Eq €65,310
Ragheno Development
BE 0788.301.182
Antwerpen · Eq €65,300
MM Develop I
BE 0780.548.508
Deinze · Eq €65,261
D2 PROJECT
BE 0722.541.518
Seraing · Eq €65,443
Of 9,693 companies in sector 68121 we hold annual accounts for 7,385. 5,175 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
Founded17-06-2015
Fiscal year end30-06
Activities, NACEBEL 2025
68121Development of residential building projects
41001General construction of residential buildings
41002Construction of residential and non-residential buildings
41003General construction of other non-residential buildings
68122Development of non-residential building projects
42211Civil engineering
42212Civil engineering
42219Civil engineering
42220Construction of utility projects for electricity and telecommunications
42990Civil engineering
43110Demolition
43120Site preparation
43130Specialised construction activities
47551Retail sale of household furniture
47559Retail sale of other household articles
47690Retail sale of other cultural and recreation goods
71111Activities of building architects
71112Activities of interior architects
74111Design of textile patterns, clothing, jewellery, furniture and decorative items
74130Interior design
81100Combined facilities support activities
81300Landscape service activities
82990Other business support services
Scores and ratios are computed by Checked and are not a credit decision.