BOREAS DEVELOPMENT
ActiveSummary
The computed 12-month bankruptcy probability of BOREAS DEVELOPMENT is 6.4% (elevated). The 2024 annual accounts show equity of €120,108 and a net result of -€13,059. Equity is growing by ~18.1% per year across the filed fiscal years. The company has been active since 2006 and the Belgian State Gazette contains no insolvency or warning signals.
Overview
- Equity
- €120,108
- Loss
- -€13,059
- Parent
- CODIC BELGIQUE - CODIC BELGIE · 99%
Why 35- Liquidity: current ratio 5.27, cash €77, halved- No establishment unit in the KBO- 1 financial year not filed after the legal deadline; latest accounts 48 days late; 2 of the last 3 late+ Size: total assets €148,258Show the evidence
Checked score
About 6 in 100 comparable companies go bankrupt within 12 months (an estimate).
How it is calculated
The band follows from the bankruptcy probability, on a scale where 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 (no NACE code, micro): better than 81% on solvency, 27% on liquidity, 15% on profitability and 25% on growth.
The bankruptcy probability was computed on 07-10-2026 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.
Some facts cap the score, however low the probability. Negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late hold it at Fair at most (59); two missing filings, at Weak (44). An ongoing judicial reorganisation or the company's end (bankruptcy, dissolution, liquidation) holds it at Critical at most (24).
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Signals
This company filed its last 6 accounts on average 34 days after the deadline; the Belgian median for financial year 2024 is 4 days before the deadline, and 38% of all filings were late.
Checked, nothing found (1)
- Resignation: Christophe Jacobs (director)Permanent representative: Christophe Jacobs
- Annual accounts filedfiscal year 2024 · full…
- Annual accounts filedfiscal year 2023 · full…
Financials · fiscal year 2024, full schema
2020 to 2024, 5 fiscal years 2018 to 2024, 7 fiscal years
The operating result stays negative: a loss of €22,987 in 2024 against €22,693 in 2023; the loss grows and 2024 has the lowest result in the available series.
What the company sold each fiscal year and what was left of it. A loss stands below the zero line.
What the company owns (total assets), how much of it is its own (equity) and how much it owes.
Short-term assets minus short-term debts. Above zero the company can pay its bills in the short term.
Point at or tap a year, or use the arrow keys on the chart, for the exact figures; the table below gives them all.
Peer companies
Historical observationOf the 6,910 companies that looked in July 2024 the way this one looks now, 1.1% went bankrupt within 24 months and 91% are still going.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a small loss
A further 0.2% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a higher bankruptcy probability: 6.4% over twelve months. The score reads more about this company than the group's four characteristics; both figures are right about what they measure.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,472 companies of July 2024 its group's bankruptcy share. Expected: 1.6%; actually bankrupt within 24 months: 1.7%.
| 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% | 1.0% |
| 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% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 74% of comparisons. The level follows the economy: in a year with more bankruptcies, the actual share is higher than the year before.
An observation about 6,910 comparable companies, not a prediction for this company. The sector does not count: the register keeps no sector for companies that stopped, so it would make the outcome look better than it was.
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|---|---|
| Operating income70/76A | - | - | - | €12.1m | - | - | - | - |
| Turnover70 | - | - | - | €12.1m | - | - | - | - |
| Operating charges60/66A | - | - | - | €8.3m | - | - | - | - |
| Goods for resale, raw materials and consumables60 | - | - | - | €8.3m | - | - | - | - |
| Purchases600/8 | - | - | - | €8.3m | - | - | - | - |
| Services and other goods61 | - | - | - | €0.01m | - | - | - | - |
| Other operating charges640/8 | - | - | - | €0.001m | €0.001m | €0.001m | €0.001m | ▲ 0.8% |
| Gross operating margin9900 | - | - | - | - | €0.8m | -€0.02m | -€0.02m | ▼ 1.3% |
| Operating profit (loss)9901 | -€0.01m | -€0.01m | -€0.01m | €3.8m | €0.8m | -€0.02m | -€0.02m | ▼ 1.3% |
| Financial income75/76B | - | - | - | - | €0.02m | €0.05m | €0.006m | ▼ 88.0% |
| Recurring financial income75 | €30 | - | - | - | €0.02m | €0.05m | €0.006m | ▼ 88.0% |
| Financial charges65/66B | - | - | - | €0.01m | €0.007m | €0.001m | €0.002m | ▲ 97.1% |
| Recurring financial charges65 | €0.001m | €0.009m | €0.008m | €0.01m | €0.007m | €0.001m | €0.002m | ▲ 97.1% |
| Debt charges650 | - | €0.007m | €0.008m | €0.009m | - | - | - | - |
| Other financial charges652/9 | - | - | - | €0.001m | - | - | - | - |
| Profit (loss) for the period before taxes9903 | -€0.01m | -€0.02m | -€0.02m | €3.8m | €0.8m | €0.02m | -€0.02m | ▼ 188% |
| Income taxes67/77 | - | - | - | €0.6m | €0.2m | €0.01m | -€0.007m | ▼ 157% |
| Taxes670/3 | - | - | - | €0.6m | - | - | - | - |
| Profit (loss) for the period9904 | -€0.01m | -€0.02m | -€0.02m | €3.1m | €0.6m | €0.01m | -€0.01m | ▼ 221% |
| Profit (loss) for the period to be appropriated9905 | -€0.01m | -€0.02m | -€0.02m | €3.1m | €0.6m | €0.01m | -€0.01m | ▼ 221% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €0.3m | €2.8m | €8.6m | €5.1m | €2.1m | €0.2m | €0.1m | ▼ 5.8% |
| Current assets29/58 | €0.3m | €2.8m | €8.6m | €5.1m | €2.1m | €0.2m | €0.1m | ▼ 5.8% |
| Stocks and contracts in progress3 | €0.3m | €2.8m | €8.6m | €0.8m | - | - | - | - |
| Stocks30/36 | - | - | - | €0.8m | - | - | - | - |
| Property held for sale35 | - | - | - | €0.8m | - | - | - | - |
| Amounts receivable within one year40/41 | - | - | €0.01m | €0 | €2.1m | €0.1m | €0.1m | ▲ 0.9% |
| Other amounts receivable41 | - | - | - | €0 | €2.1m | €0.1m | €0.1m | ▲ 0.9% |
| Cash at bank and in hand54/58 | €0.03m | €0.008m | €0.01m | €4.3m | €0.02m | €0.01m | €77 | ▼ 99.3% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €0.3m | €2.8m | €8.6m | €5.1m | €2.1m | €0.2m | €0.1m | ▼ 5.8% |
| Equity10/15 | €0.02m | €0.006m | -€0.01m | €0.6m | €0.1m | €0.1m | €0.1m | ▼ 9.8% |
| Contributions10/11 | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Capital10 | - | - | - | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Issued capital100 | - | - | - | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Reserves13 | €0.006m | €0.006m | €0.006m | €0.006m | €0.006m | €0.006m | €0.006m | = |
| Non-distributable reserves130/1 | - | - | - | €0.006m | €0.006m | €0.006m | €0.006m | = |
| Legal reserve130 | - | - | - | €0.006m | €0.006m | €0.006m | €0.006m | = |
| Profit (loss) carried forward14 | -€0.04m | -€0.06m | -€0.08m | €0.6m | €0.05m | €0.06m | €0.05m | ▼ 20.1% |
| Amounts payable17/49 | €0.3m | €2.8m | €8.6m | €4.5m | €2.0m | €0.02m | €0.03m | ▲ 15.9% |
| Amounts payable after more than one year17 | - | - | €4.0m | - | - | - | - | - |
| Amounts payable within one year42/48 | €0.3m | €2.8m | €4.6m | €4.5m | €2.0m | €0.02m | €0.03m | ▲ 15.9% |
| Financial debts43 | - | - | - | - | - | - | €85 | - |
| Credit institutions430/8 | - | - | - | - | - | - | €85 | - |
| Trade debts44 | €0.004m | €0.004m | €0.02m | €0.3m | €0.005m | €0.007m | €0.02m | ▲ 159% |
| Suppliers440/4 | - | - | - | €0.3m | €0.005m | €0.007m | €0.02m | ▲ 159% |
| Taxes, remuneration and social security45 | - | - | - | €0.6m | €0.9m | €0.007m | - | - |
| Taxes450/3 | - | - | - | €0.6m | €0.9m | €0.007m | - | - |
| Other amounts payable47/48 | - | - | - | €3.5m | €1.1m | €0.01m | €0.01m | = |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€0.01m | -€0.02m | -€0.02m | €3.1m | €0.6m | €0.01m | -€0.01m | ▼ 221% |
| Operating cash flow (approximation) | -€0.01m | -€0.02m | -€0.02m | €3.1m | €0.6m | €0.01m | -€0.01m | ▼ 221% |
| Change in cash | - | -€0.02m | €0.002m | €4.3m | -€4.2m | -€0.01m | -€0.01m | ▼ 2.2% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Directors
Mandate history
- Board
- began earlier
| Name | Functions and periods |
|---|---|
| Christophe Jacobs |
|
Owners and capital
Owners
2 ownersChain of control
- CODIC INTERNATIONAL
- CODIC BELGIQUE - CODIC BELGIE
- BOREAS DEVELOPMENT
Highest known parent: CODIC INTERNATIONAL. The sources do not say who stands above it.
Owners 2
-
99%
-
1%
According to the annual accounts of the companies, the acts in the Belgian Gazette and the LEI register. Annual accounts state the shareholders that notified the company under article 7:225 of the Companies Code and the parent companies that consolidate it. The register of ultimate beneficial owners (UBO) is not public: who ultimately stands behind a natural person or a foreign parent is not stated here. A company that does not fill in these statements, or need not, is missing.
Group and network
Connections & network
No directors read yet: 1 of 14 Gazette acts processed.
History
Acts, filings and financial milestones
15-12
State Gazette act
Resignation: Christophe Jacobs (director)Permanent representative: Christophe Jacobs3 facts ▸
- General meeting, 02-12-2025
- Director resignation, Christophe Jacobs (director)
- Permanent representative, Christophe Jacobs (permanent representative)
Show earlier events
About the unread acts
Of the 14 Belgian State Gazette acts we know for this company, 1 has been read. The other 13 have not been read yet: what they contain is neither established nor disproved here.
Register details
No Peppol card under this enterprise or VAT number. That proves nothing: publishing a card is voluntary.
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If you follow this company, Checked tells you the day it appears in the Peppol register.
Register as of 8 October 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.
Sites & property
1 parcel
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 21822R0523/00K002 | Brussels | 5,039 m² | 1 · 1,939 m² | 33.6 m · 10 fl. |