BLUE
ActiveSummary
BLUE has been active since 2001 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €1.06M and a net result of €34k. Equity is growing by ~13.2% per year across the filed fiscal years. Its solvency ranks better than 63% of 14128 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.2% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability42▼-37
Solvency72▼-5
Growth52▼-26
Track record100
Bankruptcy probability, 12 months
0.2%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €65k at 30 days acceptable
Liquidity short (current ratio 0.92 against 1.46 in 2024; short-term debt: 30% and cash: 2.7% of total assets), and 53% 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○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 2025Solvency, return and age of the figures
Solvency
47%
Return on assets
1.5%
Age of the figures
9 mo
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 10-07-2026, 21 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
21 d early
2024
9 d early
2023
36 d early
2022
330 d late
2021
5 d early
2020
27 d late
2019
112 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 31-12-2026 and is due by 31-07-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
25-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, micro schema
Equity
€1.06M▼ 17.6%
2024 · €1.28M
2018: €478klowest in 8 years
2019: €653k▲ +36.4% vs 2018
2020: €680k▲ +4.2% vs 2019
2021: €1.13M▲ +65.5% vs 2020
2022: €1.16M▲ +3.2% vs 2021
2023: €1.16M▼ -0.3% vs 2022
2024: €1.28M▲ +10.7% vs 2023highest in 8 years
2025: €1.06M▼ -17.6% vs 2024
2018 → 2025
Total assets
€2.25M▼ 8.8%
2024 · €2.46M
2018: €2.74Mhighest in 8 years
2019: €2.64M▼ -3.5% vs 2018
2020: €2.58M▼ -2.2% vs 2019
2021: €2.32M▼ -10.1% vs 2020
2022: €2.58M▲ +11.1% vs 2021
2023: €2.58M▲ +0.2% vs 2022
2024: €2.46M▼ -4.7% vs 2023
2025: €2.25M▼ -8.8% vs 2024lowest in 8 years
2018 → 2025
Net result
€34k▼ 83.1%
2024 · €204k
2018: €80k
2019: €174k▲ +119% vs 2018
2020: €86k▼ -50.6% vs 2019
2021: €446k▲ +419% vs 2020highest in 8 years
2022: €118k▼ -73.5% vs 2021
2023: €114k▼ -3.5% vs 2022
2024: €204k▲ +79.1% vs 2023
2025: €34k▼ -83.1% vs 2024lowest in 8 years
2018 → 2025
Working capital
€-53k
2024 · €230k
2018: €-564klowest in 8 years
2019: €-452k▲ +19.7% vs 2018
2020: €-392k▲ +13.4% vs 2019
2021: €219k▲ +156% vs 2020
2022: €187k▼ -14.6% vs 2021
2023: €116k▼ -37.7% vs 2022
2024: €230k▲ +97.7% vs 2023highest in 8 years
2025: €-53k▼ -123% vs 2024
2018 → 2025
Trend over the years
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€1.13M-€1.16M▲ 3.2%€1.16M▼ 0.3%€1.28M▲ 10.7%€1.06M▼ 17.6%
2021: €1.13M
2022: €1.16M▲ +3.2% vs 2021
2023: €1.16M▼ -0.3% vs 2022
2024: €1.28M▲ +10.7% vs 2023highest in 5 years
2025: €1.06M▼ -17.6% vs 2024lowest in 5 years
Operating result€123k-€179k▲ 45.0%€216k▲ 20.6%€156k▼ 27.8%€139k▼ 10.9%
2021: €123klowest in 5 years
2022: €179k▲ +45.0% vs 2021
2023: €216k▲ +20.6% vs 2022highest in 5 years
2024: €156k▼ -27.8% vs 2023
2025: €139k▼ -10.9% vs 2024
Net result€446k-€118k▼ 73.5%€114k▼ 3.5%€204k▲ 79.1%€34k▼ 83.1%
2021: €446khighest in 5 years
2022: €118k▼ -73.5% vs 2021
2023: €114k▼ -3.5% vs 2022
2024: €204k▲ +79.1% vs 2023
2025: €34k▼ -83.1% vs 2024lowest in 5 years
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result has fallen two years in a row; 2025 is 11% below 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €2.25M
Fixed assets
€1.63M ▼ 6.1%
Current assets
€622k ▼ 15.1%
Equity and liabilities €2.25M
Equity
€1.06M ▼ 17.6%
Debt
€1.19M ▲ 0.8%
Debt's share of the balance-sheet total rises from 48.0% to 53.0%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€245k▼
2024 · €259k
Cash flow
€140k▼
2024 · €307k
Current ratio
0.92▼
2024 · 1.46
Debt to equity
1.13▲
2024 · 0.92
ROE
3.3%▼
2024 · 15.9%
ROA
1.5%▼
2024 · 8.3%
Interest coverage
2.60▼
2024 · 8.11
Debt ≤ 1 year
€675k▲
2024 · €502k
Debt > 1 year
€508k▼
2024 · €680k
Income taxes
€27k▼
2024 · €62k
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 · 63 lines
Balance sheet
Code20242025
Assets
Total assets20/58€2.46M€2.25M▼
Fixed assets21/28€1.73M€1.63M▼
Tangible fixed assets22/27€1.73M€1.63M▼
Land and buildings22€1.60M€1.53M▼
Furniture and vehicles24€2k€1k▼
Leasing and similar rights25€127k€92k▼
Financial fixed assets28€19€19=
Current assets29/58€732k€622k▼
Amounts receivable after more than one year29€481k€365k▼
Other amounts receivable291€481k€365k▼
Amounts receivable within one year40/41€30k€57k▲
Trade receivables40€30k€0▼
Other amounts receivable41-€57k
Current investments50/53€165k€136k▼
Cash at bank and in hand54/58€53k€60k▲
Deferred charges and accrued income490/1€4k€4k▼
Equity and liabilities
Total equity and liabilities10/49€2.46M€2.25M▼
Equity10/15€1.28M€1.06M▼
Contributions10/11€6k€6k=
Reserves13€1.15M€921k▼
Non-distributable reserves130/1€2k€2k=
Reserves not available under the articles1311€2k€2k=
Tax-exempt reserves132€3k€3k=
Distributable reserves133€1.14M€915k▼
Profit (loss) carried forward14€129k€129k=
Amounts payable17/49€1.18M€1.19M▲
Amounts payable after more than one year17€680k€508k▼
Financial debts170/4€663k€494k▼
Other amounts payable178/9€16k€15k▼
Amounts payable within one year42/48€502k€675k▲
Current portion of amounts payable after more than one year42€428k€495k▲
Financial debts43€25k€35k▲
Credit institutions430/8€25k€35k▲
Trade debts44€7k€25k▲
Suppliers440/4€7k€25k▲
Advances received on contracts in progress46€21-
Taxes, remuneration and social security45€16k€15k▼
Taxes450/3€16k€15k▼
Remuneration and social security454/9€383€0▼
Other amounts payable47/48€26k€105k▲
Accrued charges and deferred income492/3-€8k
Income statement
Code20242025
Non-recurring operating income76A€2k€0▼
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€104k€106k▲
Other operating charges640/8€9k€5k▼
Non-recurring operating charges66A€613€0▼
Gross operating margin9900€269k€250k▼
Operating profit (loss)9901€156k€139k▼
Financial income75/76B€142k€17k▼
Recurring financial income75€22k€17k▼
Non-recurring financial income76B€120k€0▼
Financial charges65/66B€32k€94k▲
Recurring financial charges65€32k€94k▲
Profit (loss) for the period before taxes9903€265k€61k▼
Income taxes67/77€62k€27k▼
Profit (loss) for the period9904€204k€34k▼
Profit (loss) for the period to be appropriated9905€204k€34k▼
Appropriation of the result
Profit (loss) to be appropriated9906€333k€163k▼
Profit (loss) brought forward from the previous period14P€129k€129k=
Transfer from equity791/2€80k€260k▲
Transfer to equity691/2€204k€34k▼
To other reserves6921€204k€34k▼
Profit to be distributed694/7€80k€260k▲
Return on contributions (dividend)694€80k€260k▲
The notes to these accounts (9 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 | - | - | €51k | €2k | €0 | ▼ 100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €92k | €91k | €93k | €104k | €106k | ▲ 2.1% |
| Other operating charges640/8 | €4k | €6k | €6k | €9k | €5k | ▼ 40.9% |
| Non-recurring operating charges66A | - | - | €21k | €613 | €0 | ▼ 100% |
| Gross operating margin9900 | €220k | €276k | €335k | €269k | €250k | ▼ 7.1% |
| Operating profit (loss)9901 | €123k | €179k | €216k | €156k | €139k | ▼ 10.9% |
| Financial income75/76B | €412k | €21k | €24k | €142k | €17k | ▼ 88.2% |
| Recurring financial income75 | €69 | €21k | €24k | €22k | €17k | ▼ 24.5% |
| Non-recurring financial income76B | €412k | €63 | €65 | €120k | €0 | ▼ 100% |
| Financial charges65/66B | €24k | €25k | €65k | €32k | €94k | ▲ 194% |
| Recurring financial charges65 | €24k | €25k | €65k | €32k | €94k | ▲ 194% |
| Profit (loss) for the period before taxes9903 | €512k | €175k | €174k | €265k | €61k | ▼ 76.9% |
| Income taxes67/77 | €66k | €57k | €61k | €62k | €27k | ▼ 56.4% |
| Profit (loss) for the period9904 | €446k | €118k | €114k | €204k | €34k | ▼ 83.1% |
| Profit (loss) for the period to be appropriated9905 | €446k | €118k | €114k | €204k | €34k | ▼ 83.1% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €2.32M | €2.58M | €2.58M | €2.46M | €2.25M | ▼ 8.8% |
| Fixed assets21/28 | €1.44M | €1.71M | €1.78M | €1.73M | €1.63M | ▼ 6.1% |
| Tangible fixed assets22/27 | €1.44M | €1.71M | €1.78M | €1.73M | €1.63M | ▼ 6.1% |
| Land and buildings22 | €1.40M | €1.70M | €1.66M | €1.60M | €1.53M | ▼ 4.4% |
| Furniture and vehicles24 | €5k | €4k | €2k | €2k | €1k | ▼ 53.0% |
| Leasing and similar rights25 | €34k | €7k | €114k | €127k | €92k | ▼ 27.2% |
| Other tangible fixed assets26 | €1k | €650 | - | - | - | - |
| Financial fixed assets28 | €19 | €19 | €19 | €19 | €19 | = |
| Current assets29/58 | €883k | €865k | €804k | €732k | €622k | ▼ 15.1% |
| Amounts receivable after more than one year29 | €522k | €644k | €609k | €481k | €365k | ▼ 24.2% |
| Other amounts receivable291 | €522k | €644k | €609k | €481k | €365k | ▼ 24.2% |
| Amounts receivable within one year40/41 | €76k | €49k | €54k | €30k | €57k | ▲ 93.6% |
| Trade receivables40 | €29k | €49k | €54k | €30k | €0 | ▼ 100% |
| Other amounts receivable41 | €47k | €44 | €44 | - | €57k | - |
| Current investments50/53 | €235k | €106k | €80k | €165k | €136k | ▼ 17.2% |
| Cash at bank and in hand54/58 | €46k | €57k | €51k | €53k | €60k | ▲ 13.3% |
| Deferred charges and accrued income490/1 | €4k | €9k | €10k | €4k | €4k | ▼ 7.3% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €2.32M | €2.58M | €2.58M | €2.46M | €2.25M | ▼ 8.8% |
| Equity10/15 | €1.13M | €1.16M | €1.16M | €1.28M | €1.06M | ▼ 17.6% |
| Contributions10/11 | €6k | €6k | €6k | €6k | €6k | = |
| Reserves13 | €990k | €1.03M | €1.02M | €1.15M | €921k | ▼ 19.7% |
| Non-distributable reserves130/1 | €2k | €2k | €2k | €2k | €2k | = |
| Reserves not available under the articles1311 | €2k | €2k | €2k | €2k | €2k | = |
| Tax-exempt reserves132 | €3k | €3k | €3k | €3k | €3k | = |
| Distributable reserves133 | €985k | €1.02M | €1.02M | €1.14M | €915k | ▼ 19.8% |
| Profit (loss) carried forward14 | €129k | €129k | €129k | €129k | €129k | = |
| Amounts payable17/49 | €1.20M | €1.42M | €1.43M | €1.18M | €1.19M | ▲ 0.8% |
| Amounts payable after more than one year17 | €533k | €740k | €739k | €680k | €508k | ▼ 25.2% |
| Financial debts170/4 | €512k | €719k | €718k | €663k | €494k | ▼ 25.6% |
| Other amounts payable178/9 | €21k | €21k | €21k | €16k | €15k | ▼ 9.4% |
| Amounts payable within one year42/48 | €665k | €678k | €688k | €502k | €675k | ▲ 34.3% |
| Current portion of amounts payable after more than one year42 | €562k | €517k | €486k | €428k | €495k | ▲ 15.5% |
| Financial debts43 | €25k | €9k | €26k | €25k | €35k | ▲ 42.2% |
| Credit institutions430/8 | €25k | €9k | €26k | €25k | €35k | ▲ 42.2% |
| Trade debts44 | €11k | €2k | €7k | €7k | €25k | ▲ 268% |
| Suppliers440/4 | €11k | €2k | €7k | €7k | €25k | ▲ 268% |
| Advances received on contracts in progress46 | - | - | - | €21 | - | - |
| Taxes, remuneration and social security45 | €32k | €71k | €20k | €16k | €15k | ▼ 10.4% |
| Taxes450/3 | €32k | €71k | €20k | €16k | €15k | ▼ 8.2% |
| Remuneration and social security454/9 | - | - | - | €383 | €0 | ▼ 100% |
| Other amounts payable47/48 | €35k | €78k | €150k | €26k | €105k | ▲ 302% |
| Accrued charges and deferred income492/3 | - | - | - | - | €8k | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €446k | €118k | €114k | €204k | €34k | ▼ 83.1% |
| + Depreciation and write-downs630 | €92k | €91k | €93k | €104k | €106k | ▲ 2.1% |
| Operating cash flow (approximation) | €538k | €209k | €206k | €307k | €140k | ▼ 54.4% |
| Investment in fixed assets (approximation) | - | €-366k | €-158k | €-55k | €0 | ▲ 100% |
| Change in cash | - | €10k | €-5k | €2k | €7k | ▲ 356% |
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
10-07
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
31-12
Financial
Weakest financial yearnet €34k ▼83.1%
Net result drops to €34k, the lowest in the series.
22-07
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
25-06
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
25-06
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 330 days late
2022
26-07
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
31-12
Financial
Highest result since 2018net €446k ▲419%
Net result €446k, the highest in the series.
31-12
Financial
Liquidity triplescurrent ratio 1.33
Current ratio from 0.48 to 1.33; short-term debt falls from €753k to €665k.
31-12
Financial
Equity above €1MEq €1.13M ▲65.5%
4 profitable years in a row build equity to €1.13M.
27-08
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 27 days late
2020
20-11
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 112 days late
2019
31-12
Financial
Equity above €500kEq €653k ▲36.4%
2 profitable years in a row build equity to €653k.
Show earlier events
01-08
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema · 1 day late
2018
28-09
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema · 59 days late
2017
25-08
NBB filing
Annual accounts filed
fiscal year 2016 · micro schema · 25 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 2 acts read
About the unread acts
We know of 2 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
2 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, Gent · 1 establishment unit since 2001
Ground area
2,827 m²
Building footprint
471 m²
Volume, LiDAR
1,715 m³
2 parcels, Flanders · tallest building 6.4 m, ±1 floor. Linked by address, not a title deed.
1 establishment unit
Bosrede 2 F, 9600 Ronse
since 20012.095.258.002
2 parcels
Flanders
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 44038A0460/00Z002 | Flanders | 1,522 m² | 1 · 304 m² | 5.0 m · 1 fl. |
| 45041B1493/00G000 | Flanders | 1,305 m² | 1 · 166 m² | 6.4 m · 1 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.
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Of 7,326 companies in sector 68110 we hold annual accounts for 5,385. 3,192 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
Founded27-04-2001
Fiscal year end31-12
Activities, NACEBEL 2025
68110Buying and selling of own real estate
68201Renting and operating of own or leased residential real estate, excluding social housing
73110Advertising agencies
Scores and ratios are computed by Checked and are not a credit decision.