Equity
Debts exceed assets in financial year 2025.
Debts exceed assets in financial year 2025.
Every financial year from 2018 to 2025 closed with a loss. 2019 was the heaviest.
The abbreviated format states no turnover.
€1.0m of the debts are secured on the company's own assets. In 2021 that was €1.2m.
The 2022 accounts came latest: 150 days after the end of the period.
Less equity than 91% of companies in real estate. Sector median €300,201 · 11,304 companies.
Negative equity caps the score at 59.
The dashed line is the sector median: 0.2% across 26,626 companies (NACE 68, micro).
About 7 in 1,000 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 14% of them on solvency, 20% on liquidity, 33% on profitability and 23% on growth.
The bankruptcy probability was computed on 09-11-2026 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 low class on 30-06-2025, 0.8% 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, 1,167 companies had the same profile as BLE has now. Each dot stands for 3 companies, two years later.
Another 0.3% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of BLE itself: 0.7% 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 1,167 companies, not a prediction for BLE. 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 0.02 (0.02 in 2024), below 1. Short-term debt is 50.8% and cash 0.8% 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 88 days after 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 | ||||
|---|---|---|---|---|
| BLE Antwerp | €1.7m | €62,841 | -7.5% | - |
| FIDES Berchem Antwerp | €1.5m | €67,891 | 1.6% | - |
| DT - BUILDING Melle | €1.5m | €59,243 | 20.4% | - |
| CHAUMONT@WORK Eghezée | €1.8m | €76,291 | -14.2% | - |
| DM Invest Tielt | €1.6m | €52,385 | 0.6% | - |
| Gunma Antwerp | €1.5m | €76,343 | -30.1% | - |
| Red Sky Wommelgem | €2.2m | €59,828 | 20.2% | - |
These companies have the same main activity as BLE: 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 €1.5m and €2.2m, founded between 2016 and 2019.
BLE files the abbreviated format. That format states no turnover. The gross margin rose from €20,401 in 2018 to €62,841 in 2025.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette.
Turnover and EBIT margin are not published. The abbreviated format does not require them. The turnover shown is an estimate from the gross margin.
Turnover ≈ €81,000. Estimated: probably between €70,000 and €100,000.
Higher than 11% of 11,299 companies in 2025.
Lower than 95% of 10,851 companies in 2025.
Higher than 30% of 11,184 companies in 2025.
Net result: middle half · Equity: bottom quarter · Balance sheet total: middle half · Working capital: bottom quarter
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Balance sheet: assets | |||||||||
20/58 |
1.7m | 1.7m | 1.8m | 1.8m | 1.8m | 1.8m | 1.2m | 294,005 | |
21/28 |
1.7m | 1.7m | 1.8m | 1.8m | 1.8m | 1.8m | 1.0m | - | |
22/27 |
1.7m | 1.7m | 1.8m | 1.8m | 1.8m | 1.8m | 1.0m | - | |
22 |
1.7m | 1.7m | 1.8m | 1.8m | 1.8m | 1.8m | - | - | |
27 |
- | - | - | - | - | - | 1.0m | - | |
29/58 |
15,041 | 17,225 | 9,906 | 27,545 | 18,237 | 47,435 | 222,562 | 294,005 | |
3 |
- | - | - | - | - | - | 0 | 293,595 | |
30/36 |
- | - | - | - | - | - | 0 | 293,595 | |
40/41 |
- | - | 8,941 | - | - | 8,665 | 146,410 | - | |
40 |
- | - | 8,941 | - | - | 7,568 | - | - | |
41 |
- | - | - | - | - | 1,097 | 146,410 | - | |
54/58 |
13,985 | 16,223 | - | 26,672 | 17,446 | 38,771 | 76,152 | 411 | |
490/1 |
1,056 | 1,002 | 965 | 872 | 791 | - | - | - | |
| Balance sheet: equity and liabilities | |||||||||
10/49 |
1.7m | 1.7m | 1.8m | 1.8m | 1.8m | 1.8m | 1.2m | 294,005 | |
10/15 |
-125,727 | -108,261 | -90,857 | -68,424 | -60,641 | -50,692 | -28,550 | -439 | |
10/11 |
6,200 | 6,200 | 6,200 | 6,200 | 6,200 | 6,200 | 6,200 | 6,200 | |
100 |
- | - | - | - | - | - | 18,600 | 18,600 | |
101 |
- | - | - | - | - | - | 12,400 | 12,400 | |
14 |
-131,927 | -114,461 | -97,057 | -74,624 | -66,841 | -56,892 | -34,750 | -6,639 | |
17/49 |
1.8m | 1.8m | 1.9m | 1.9m | 1.9m | 1.8m | 1.3m | 294,445 | |
17 |
949,186 | 1.0m | 1.1m | 1.1m | 1.2m | 1.2m | 806,911 | - | |
170/4 |
949,186 | 1.0m | 1.1m | 1.1m | 1.2m | 1.2m | 806,911 | - | |
42/48 |
849,355 | 823,268 | 788,622 | 724,612 | 697,810 | 605,912 | 461,777 | 294,445 | |
42 |
60,633 | 59,750 | 54,007 | 53,221 | 57,179 | 56,347 | - | - | |
43 |
- | - | 1,326 | - | - | - | 0 | 195,000 | |
430/8 |
- | - | 1,326 | - | - | - | 0 | 195,000 | |
44 |
1,764 | 1,634 | 2,423 | 1,551 | 3,477 | 1,460 | 163,777 | 4,695 | |
440/4 |
1,764 | 1,634 | 2,423 | 1,551 | 3,477 | 1,460 | 163,777 | 4,695 | |
45 |
3,496 | 3,526 | 2,427 | 4,785 | 3,583 | - | - | - | |
450/3 |
3,496 | 3,526 | 2,427 | 4,785 | 3,583 | - | - | - | |
47/48 |
783,462 | 758,358 | 728,440 | 665,055 | 633,571 | 548,105 | 298,000 | 94,750 | |
| Income statement | |||||||||
9900 |
62,841 | 62,128 | 58,234 | 77,550 | 66,200 | 13,087 | -15,983 | 20,401 | |
630 |
49,828 | 49,828 | 49,664 | 48,313 | 47,289 | 21,507 | - | - | |
640/8 |
6,861 | 6,678 | 6,469 | 10,876 | 6,453 | 498 | 11,699 | 26,782 | |
9901 |
6,152 | 5,622 | 2,101 | 18,362 | 12,458 | -8,917 | -27,682 | -6,381 | |
75/76B |
- | - | - | - | 2,000 | - | - | - | |
75 |
- | - | - | - | 2,000 | - | - | - | |
65/66B |
23,617 | 23,026 | 24,534 | 26,145 | 24,408 | 13,224 | 429 | 259 | |
65 |
23,617 | 23,026 | 24,534 | 26,145 | 24,408 | 13,224 | 429 | 259 | |
9903 |
-17,465 | -17,404 | -22,433 | -7,783 | -9,950 | -22,141 | -28,111 | -6,639 | |
9904 |
-17,465 | -17,404 | -22,433 | -7,783 | -9,950 | -22,141 | -28,111 | -6,639 | |
9905 |
-17,465 | -17,404 | -22,433 | -7,783 | -9,950 | -22,141 | -28,111 | -6,639 | |
| Appropriation of the result | |||||||||
9906 |
-131,927 | -114,461 | -97,057 | -74,624 | -66,841 | -56,892 | -34,750 | -6,639 | |
14P |
-114,461 | -97,057 | -74,624 | -66,841 | -56,892 | - | - | - | |
| Document | |||||||||
The notes to these accounts have 13 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 31-08-2026.
2025 annual accounts filed 31 days after the deadline. Filed on 31 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00503731.
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 31-08-2026 | 2026-00503731 | |
| 31-12-2024 | abbreviated format | 29-08-2025 | 2025-00474170 | |
| 31-12-2023 | abbreviated format | 16-12-2024 | 2024-00619131 | |
| 31-12-2022 | abbreviated format | 28-12-2023 | 2023-00538449 | |
| 31-12-2021 | abbreviated format | 31-08-2022 | 2022-20424064 | |
| 31-12-2020 | abbreviated format | 21-12-2021 | 2021-81100380 | |
| 31-12-2019 | abbreviated format | 30-10-2020 | 2020-65800369 | |
| 31-12-2018 | abbreviated format | 30-08-2019 | 2019-63000176 |
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
| 55,980 | 55,450 | 51,765 | 66,675 | 59,747 | 12,589 | - | - | ||
| 32,362 | 32,424 | 27,231 | 40,530 | 37,339 | -635 | - | - | ||
| 0 | 0 | 50,000 | 0 | 101,257 | 755,369 | 723,981 | - | ||
| -2,237 | - | - | 9,226 | -21,324 | -37,381 | 75,741 | - | ||
| -834,313 | -806,043 | -778,717 | -697,067 | -679,573 | -558,477 | -239,214 | -439 | ||
| -7.5% | -6.3% | -5.1% | -3.8% | -3.3% | -2.8% | -2.3% | -0.1% | ||
| 0.02 | 0.02 | 0.01 | 0.04 | 0.03 | 0.08 | 0.48 | 1.00 | ||
| 0.02 | 0.02 | 0.01 | 0.04 | 0.03 | 0.08 | 0.48 | 0.00 | ||
| -1.0% | -1.0% | -1.3% | -0.4% | -0.5% | -1.2% | -2.3% | -2.3% | ||
| 2.37 | 2.41 | 2.11 | 2.55 | 2.45 | - | - | - |
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 | €1.0m | €1.1m | €1.1m | €1.2m | €1.2m |
| Mortgages, amount registered | €25,000 | €25,000 | €25,000 | €25,000 | €25,000 |
| €1.3m | €1.3m | €1.3m | €1.3m | €1.3m | |
| Carrying value of the mortgaged assets | €1.7m | €1.7m | €1.8m | €1.8m | €1.8m |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
| Item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | - | €50,000 | - | €101,257 |
| €49,828 | €49,828 | €49,664 | €48,313 | €47,289 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
The operating result for 2025 is 9% higher than in 2024 and the highest since 2022. It is the second rise in a row, after the fall in 2023.
Equity is negative. Debt (€1.8m) exceeds the balance-sheet total (€1.7m).
Source: lists of holdings in the owners' accounts
BLE has no parent and no holdings in its annual accounts. BOGAERT Tom Marc Gumaar Désiré Luc is the only director.
| BLD
establishment since 24-06-2016 · founded in 2016 · negative equity (2025) |
total assets €13.0m (2025) 0656.932.696 |
| BLJ
registered office since 19-06-2014 · founded in 2014 · negative equity (2025) |
total assets €6.9m (2025) 0553.936.415 |
| BLKB
registered office since 19-02-2019 · founded in 2019 · negative equity (2025) |
total assets €4.5m (2025) 0720.895.585 |
| BLL
registered office since 28-06-2016 · founded in 2016 · negative equity (2025) |
total assets €3.6m (2025) 0657.757.691 |
| BLK
registered office since 29-03-2013 · founded in 2013 |
total assets €1.9m (2025) 0525.627.063 |
| LINDBERGH RE
registered office since 13-10-2015 · founded in 2015 |
total assets €1.1m (2023) 0640.905.130 |
| Live Smart Projectontwikkeling
registered office since 12-06-2017 · founded in 2017 |
total assets €782,646 (2025) 0676.742.373 |
| Live Smart Land
registered office since 24-03-2016 · founded in 2016 · negative equity (2025) |
total assets €6,196 (2025) 0650.726.379 |
| Live Smart Development - Hoet
registered office since 24-06-2016 · founded in 2016 · negative equity (2025) |
total assets €2,000 (2025) 0656.946.455 |
| LINDBERGH RE via AURA (at BLE until 2023) and LIVE SMART - MANAGEMENT (at BLE, last mentioned in 2020) · deeds of 28-09-2023 and 08-03-2019 Open bankruptcy · founded in 2015 |
total assets €1.1m (2023) |
| BLD via AURA (at BLE until 2023), LIVE SMART - MANAGEMENT (at BLE, last mentioned in 2020) and AURA (at BLE until 2023) · deeds of 30-12-2019 and 08-03-2019 founded in 2016 · negative equity (2025) |
total assets €13.0m (2025) |
| Live Smart Land via AURA (at BLE until 2023) and LIVE SMART - MANAGEMENT (at BLE, last mentioned in 2020) · Director · deeds of 03-03-2025 and 13-04-2023 founded in 2016 · negative equity (2025) |
total assets €6,196 (2025) |
| Live Smart Development - Hoet via AURA (at BLE until 2023) and LIVE SMART - MANAGEMENT (at BLE, last mentioned in 2020) · Director · deeds of 03-03-2025 and 15-09-2023 founded in 2016 · negative equity (2025) |
total assets €2,000 (2025) |
| BLA via BOGAERT Tom Marc Gumaar Désiré Luc, no longer at BLA · Permanent representative · deed of 19-05-2022 founded in 2012 |
total assets €5.8m (2025) |
| LILO via BOGAERT Tom Marc Gumaar Désiré Luc, no longer at LILO · Successor statutory director · deed of 11-09-2020 founded in 2008 |
total assets €5.0m (2025) |
| Live Smart Land Kwade Velden via AURA (at BLE until 2023) and LIVE SMART - MANAGEMENT (at BLE, last mentioned in 2020) · Director · deed of 09-04-2021 founded in 2021 |
total assets €4.2m (2025) |
| Live Smart Projectontwikkeling via AURA (at BLE until 2023) and LIVE SMART - MANAGEMENT (at BLE, last mentioned in 2020) · Director · deeds of 03-03-2025 and 08-06-2020 founded in 2017 |
total assets €782,646 (2025) |
| YACHT CONSULT via AURA, at BLE until 2023 · Director · deed of 03-10-2024 founded in 2011 |
total assets €619,194 (2025) |
| KMO-Park Krekelenberg II via LIVE SMART - MANAGEMENT, at BLE, last mentioned in 2020 · Director · deed of 13-12-2023 founded in 2014 |
total assets €12,769 (2025) |
| BLO via BOGAERT Tom Marc Gumaar Désiré Luc, no longer at BLO · Director (not named in the articles) · deed of 23-06-2021 No longer active |
2.2 FTE (2021) |
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 |
|---|---|---|
| Jules Moretuslei 338 registered office 2610 Antwerp 68110 Buying and selling of own real estate | 12-06-2017 | 2.270.450.294 |
| Cadastral parcel | Area | Buildings | Height / floors |
|---|---|---|---|
| 11462A0204/00R004 | 145 m² | 1 · 87 m² | 10.1 m · 1 |
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