Equity
€4.0m ▲ 31.3%
BN 4 has made a profit without a break since 2020.
BN 4
Lifetime
19 annual accounts with figures on one time axis, 21 filings since 2004peak €4.1m (2025)
€4.1m▲ 8.4%
lowest -€419,496 (2007)
€952,600▲ 49.4%
peak €4.0m (2025)
€4.0m▲ 31.3%
€18.2m▼ 9.5%
peak 0.5 FTE (2013)
-not published
Board6 names since 2022
3 directorsBenoît de Sauvage and 2 others
Owners
Documentsfilings and deeds
31-08-202631 days late
2025financial year
Result from €637,691 to €952,600Equity from €3.0m to €4.0m
Key points
from the 2025 annual accountsResult
€952,600 ▲ 49.4%
The result rose in 2025 from €637,691 to €952,600.
Debts
€18.2m 82% of the balance sheet
Financial debts 87%Suppliers 5%Taxes and wages 1%Other 7%
€16.7m of the debts are secured on the company's own assets. In 2022 that was €19.4m.
Investments
€307,695 0.2 × depreciation
Green is investment, beige is depreciation. Machinery stands 271.3% higher than in 2024.
Filings
21 annual accounts since 2004
Five of the last ten came late. The 2022 accounts came latest: 31 days after the end of the period.
Position in the sector
€952,600
Higher net result than 90% of companies in real estate. Sector median €20,526 · 5,817 companies.
Checked score
92
Excellent
Financially stronger than 56% 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: 0.3%▲ +0.1 percentage points vs 05-2025
07-2025: 0.4%▲ +0.1 percentage points vs 06-2025
08-2025: 0.5%▲ +0.1 percentage points vs 07-2025highest value
09-2025: 0.2%▼ -0.3 percentage points vs 08-2025
10-2025: 0.2%● unchanged vs 09-2025
11-2025: 0.2%● unchanged vs 10-2025
12-2025: 0.2%● unchanged vs 11-2025
01-2026: 0.2%● unchanged vs 12-2025
02-2026: 0.2%● unchanged vs 01-2026
03-2026: 0.2%● unchanged vs 02-2026
04-2026: 0.2%● unchanged vs 03-2026
05-2026: 0.2%● unchanged vs 04-2026
06-2026: 0.2%● unchanged vs 05-2026
07-2026: 0.3%▲ +0.1 percentage points vs 06-2026
08-2026: 0.5%▲ +0.2 percentage points vs 07-2026
09-2026: 0.1%▼ -0.4 percentage points vs 08-2026lowest value
10-2026: 0.1%● unchanged vs 09-2026lowest value
11-2026: 0.1%● unchanged vs 10-2026lowest value
Financial strengthAverage
Score breakdown
raises risk
Liquidity: current ratio 0.27, cash €96,030
Last filed accounts filed 31 days late; 1 of the last 3 accounts late
lowers risk
Size: total assets €22.3m
Figures for financial year 2025 (filed on 02-09-2026)
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 39% of them on solvency, 13% on liquidity, 86% on profitability and 86% 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 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, 733 companies had the same profile as BN 4 has now. Each dot stands for 2 companies, two years later.
97.4%
were still trading
1.4%
stopped another way
1.0%
went bankrupt
Another 0.3% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of BN 4 itself: 0.1% within 12 months.
Test of the method
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 733 companies, not a prediction for BN 4. 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 €360,000 on 30-day terms is acceptable
Liquidity is insufficient, with a current ratio of 0.27 (0.27 in 2024), below 1. Short-term debt is 63.3% and cash 0.4% of total assets. 82.1% 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
Five signals.
lowers riskraises risk
raises risk · 2025 accounts filed 31 days late
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 31-08-2026, 31 days later. Nearly half (47%) of Belgian companies file late; of those that file 1 to 90 days late, 2.0% are now bankrupt, dissolved or in another special legal status, against 1.66% of all filers. A delay like this does not count in the score.
NBB · 10 filingsDeviation from the deadline
2025
31 days late
2024
26 days late
2023
30 days late
2022
31 days late
2021
5 days late
2020
3 days early
2019
17 days early
← 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 15 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.
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 31 August (5 of the last 5 accounts filed within 30 days either side of that date).
Companies Code · seven monthsWhere today falls in the filing period
10-11-2026 today31-12-2026 year end31-07-2027 deadline
Board and ownership
Shares in 2 companies, ORGANI-VENTES-COMMISSAIRES PRISEURS ASSOCIES and Actibel Hôtel
Board & ownershipRecent changes
3 directors appointed, 3 resignations
Resignations: Sacofi s.a. (managing director), ISMANARA s.a. and Ets Auguste Defoux sri · Appointments: Benoît de Sauvage, Paul de Sauvage (managing director) and Charles-Edmond de Sauvage · General meeting of 19-08-2022 · Gazette deed
Registered in the Peppol Directory
Reachable for e-invoices through 0208:0859854619
Incorporation
published on 06-08-2003 · Gazette deed
First establishment
Avenue d'Ecolys 2, Namur
Comparable companies
same main activity, similar in size and age| Company | ||||
|---|---|---|---|---|
| BN 4 Namur | €22.3m | €4.1m | 17.9% | - |
| SOSTRANA Uccle | €27.2m | €4.9m | 82.1% | - |
| QUEEN'S LANE PROPERTIES Molenbeek-Saint-Jean | €23.2m | €5.2m | 19.4% | 2.4 |
| PROJECT MONTOYER Ixelles | €24.6m | €2.9m | 8.2% | 0 |
| SOCIETE du CHATEAU d'EMPTINNE Etterbeek | €27.4m | €3.1m | -0.2% | 2.3 |
| De Maerteleire Investment Company Merelbeke-Melle | €25.0m | €3.2m | 44.5% | 2.5 |
| VIJFDE HAVENDOK Antwerp | €16.8m | €5.4m | 71.7% | - |
These companies have the same main activity as BN 4: 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 €17m and €27m, founded between 1996 and 2007.
Official details
Source: KBO- Status
- Active since 30-07-2003Normal situation
- Registered office
- 93 active companies are registered at this address4 started in the 12 months before. Source: KBO register, as of 10 November 2026.
- Activity
- Renting and operating of own or leased non-residential real estate, excluding landNACE 68203
- Joint committee
- 323Building management, estate agents and domestic staff · annual accounts 2023
- Establishment unit
- 2.132.872.0285020 Namur, since 15-07-2003
- Financial year end
- 31 December
- Peppol
- Reachable since 20-11-2020
Insights on BN 4
BN 4 has existed since 2003. In 2008 the gross margin rose from €102,256 to €360,803.
SACOFI holds all the shares. In August 2022, three directors stepped down. In September 2022, the Official Gazette published the appointment of Paul de Sauvage as managing director.
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 BN 4
- What is the company number of BN 4?
- The company number of BN 4 is 0859.854.619. The VAT number is the same number with BE in front: BE 0859.854.619.
- Where is BN 4 based?
- The registered office is at Avenue d'Ecolys 2, 5020 Namur.Company details
- What does BN 4 do?
- According to the KBO register, the main activity is renting and operating of own or leased non-residential real estate, excluding land (NACE 68203).
- What is the legal form of BN 4?
- BN 4 is a public limited company (NV).
- When was BN 4 founded?
- BN 4 was founded on 30-07-2003.
- Is BN 4 still active?
- Yes, BN 4 is an active enterprise in the KBO register.
- How many employees does BN 4 have?
- BN 4 had an average of 0.5 full-time equivalents in financial year 2019, according to the filed annual accounts.Financials
- Which joint committee does BN 4 fall under?
- In its 2023 annual accounts, BN 4 states joint committee 323 (Building management, estate agents and domestic staff).
- What is the turnover of BN 4?
- The turnover in financial year 2025 is ≈ €5.0m. This figure is estimated from the gross margin of €4.1m and 32 comparable companies (NACE 68203). It probably lies between €4.1m and €5.8m.
- Is BN 4 profitable?
- In financial year 2025, BN 4 made a profit of €952,600.
- Where can I find the annual accounts of BN 4?
- BN 4 filed 21 annual accounts with the National Bank of Belgium, the latest for financial year 2025.
- When are the next annual accounts of BN 4 due?
- BN 4 must file the annual accounts for financial year 2026 by 31-07-2027.Timeline
Next steps
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