BORGHANS
ActiveSummary
BORGHANS has been active since 1961 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €98,598 and a net result of -€12,658. Equity is shrinking by ~4.4% per year across the filed fiscal years. Its solvency ranks better than 95% of 14258 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.2% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability5▼-8
Solvency100=
Growth32=
Track record100
Bankruptcy probability, 12 months
0.2%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €7,000 at 30 days acceptable
cash: 61.8% of total assets, and 0% of the assets are financed with debt.
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Show the recommended maximum : and see how the verdict changes with amount, term and advance.
Signals
Four signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
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 · 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 · Persistent losses
Two consecutive loss-making years (2024 and 2025); equity is also lower. May indicate structural pressure on profitability.
NBB · annual accounts 2025Net result per financial year
1819202122232425
2018 to 2025 · latest year -€12,658
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 22-05-2026, 70 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
70 d early
2024
64 d early
2023
60 d early
2022
62 d early
2021
72 d early
2020
61 d early
2019
64 d early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 7 accounts on average 65 days before the deadline; the sector median for financial year 2024 is 7 days before the deadline, and 36% of the sector filed late.
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. Usually files around 28 May (5 of the last 5 filed years within 30 days of that day).
Companies Code · seven monthsPosition in the running window
29-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, micro schema
In the rankings
#1 oldest company in Mechelen, Real estate sector
Turnover
€36,666
EBIT margin
86.6%
Net result
-€12,658▼ 15.7%
2024 · -€10,942
Working capital
€122,198
2022 · -€29,459
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 68, Real estate activities, each year against the same schema; no band under 30 filings. Dashed line: the median.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Turnover
Operating result€7,970▲ 15.9%-€13,603€43,938-€11,794-€12,618▼ 7.0%
Net result€5,446within the sector's middle half▲ 12.5%-€13,642below the sector's middle half-€11,207below the sector's middle half▲ 17.8%-€10,942below the sector's middle half▲ 2.4%-€12,658below the sector's middle half▼ 15.7%
EBIT margin
Equity€147,047within the sector's middle half▲ 3.8%€133,405within the sector's middle half▼ 9.3%€122,198within the sector's middle half▼ 8.4%€111,256within the sector's middle half▼ 9.0%€98,598within the sector's middle half▼ 11.4%
Total assets€147,780below the sector's middle half▲ 4.4%€187,557within the sector's middle half▲ 26.9%€181,276within the sector's middle half▼ 3.3%€111,256below the sector's middle half▼ 38.6%€98,598below the sector's middle half▼ 11.4%
Debt€733€54,152▲ 7,288%€59,078▲ 9.1%
Working capital€147,047above the sector's middle half-€29,459within the sector's middle half€122,198above the sector's middle half
Solvency99.5%above the sector's middle half▼ 0.5pp71.1%above the sector's middle half▼ 28.4pp67.4%above the sector's middle half▼ 3.7pp100.0%above the sector's middle half▲ 32.6pp100.0%above the sector's middle half=
Current ratio0.46within the sector's middle half3.07above the sector's middle half▲ 2.61
Return on assets (ROA)3.7%within the sector's middle half▲ 0.3pp-7.3%below the sector's middle half▼ 11.0pp-6.2%below the sector's middle half▲ 1.1pp-9.8%below the sector's middle half▼ 3.7pp-12.8%below the sector's middle half▼ 3.0pp
above
within
below
the middle half (P25 to P75) of NACE 68, Real estate activities, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the abbreviated or micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €12,618 in 2025 against €11,794 in 2024; the loss grows.
Key figures and ratios
ROE
-12.8%▼
2024 · -9.8%
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 5,834 companies that looked in July 2024 the way this one looks now, 1.7% went bankrupt within 24 months and 84% are still going.
- Micro
- 20 years or older
- solvency 30% or more
- a loss of 10% of the balance sheet or more
1.7%
went bankrupt
13%
stopped otherwise
84%
still going
A further 0.4% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a lower bankruptcy probability: 0.2% 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 497,338 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% | 1.9% |
| 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 5,834 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.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | €58,240 | - | - | - |
| Other operating charges640/8 | €815 | €836 | €991 | €1,641 | €900 | ▼ 45.2% |
| Gross operating margin9900 | €8,785 | -€12,767 | €44,929 | -€10,153 | -€11,718 | ▼ 15.4% |
| Operating profit (loss)9901 | €7,970 | -€13,603 | €43,938 | -€11,794 | -€12,618 | ▼ 7.0% |
| Financial charges65/66B | €85 | €39 | €39 | €39 | €40 | ▲ 2.6% |
| Recurring financial charges65 | €85 | €39 | €39 | €39 | €40 | ▲ 2.6% |
| Profit (loss) for the period before taxes9903 | €7,885 | -€13,642 | €43,899 | -€11,833 | -€12,658 | ▼ 7.0% |
| Income taxes67/77 | €2,439 | - | €55,106 | -€891 | - | - |
| Profit (loss) for the period9904 | €5,446 | -€13,642 | -€11,207 | -€10,942 | -€12,658 | ▼ 15.7% |
| Profit (loss) for the period to be appropriated9905 | €5,446 | -€13,642 | -€11,207 | -€10,942 | -€12,658 | ▼ 15.7% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €147,780 | €187,557 | €181,276 | €111,256 | €98,598 | ▼ 11.4% |
| Fixed assets21/28 | - | €162,864 | - | - | - | - |
| Financial fixed assets28 | - | €162,864 | - | - | - | - |
| Current assets29/58 | €147,780 | €24,693 | €181,276 | €111,256 | €98,598 | ▼ 11.4% |
| Amounts receivable within one year40/41 | €112,152 | €9,639 | €3,682 | €12,061 | €37,667 | ▲ 212% |
| Trade receivables40 | €7,013 | €7,013 | - | - | - | - |
| Other amounts receivable41 | €105,139 | €2,626 | €3,682 | €12,061 | €37,667 | ▲ 212% |
| Cash at bank and in hand54/58 | €35,628 | €15,054 | €177,594 | €99,195 | €60,931 | ▼ 38.6% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €147,780 | €187,557 | €181,276 | €111,256 | €98,598 | ▼ 11.4% |
| Equity10/15 | €147,047 | €133,405 | €122,198 | €111,256 | €98,598 | ▼ 11.4% |
| Contributions10/11 | €18,592 | €18,592 | €18,592 | €18,592 | €18,592 | = |
| Capital10 | €18,592 | €18,592 | - | - | - | - |
| Issued capital100 | €18,592 | €18,592 | - | - | - | - |
| Reserves13 | €4,224 | €4,224 | €71,724 | €71,724 | €71,724 | = |
| Non-distributable reserves130/1 | €2,975 | €2,975 | €4,224 | €4,224 | €4,224 | = |
| Legal reserve130 | €2,975 | €2,975 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | €4,224 | €4,224 | €4,224 | = |
| Distributable reserves133 | €1,249 | €1,249 | €67,500 | €67,500 | €67,500 | = |
| Profit (loss) carried forward14 | €124,231 | €110,589 | €31,882 | €20,940 | €8,282 | ▼ 60.4% |
| Amounts payable17/49 | €733 | €54,152 | €59,078 | - | - | - |
| Amounts payable within one year42/48 | €733 | €54,152 | €59,078 | - | - | - |
| Taxes, remuneration and social security45 | €733 | - | €10,106 | - | - | - |
| Taxes450/3 | €733 | - | €10,106 | - | - | - |
| Other amounts payable47/48 | - | €54,152 | €48,972 | - | - | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €5,446 | -€13,642 | -€11,207 | -€10,942 | -€12,658 | ▼ 15.7% |
| Operating cash flow (approximation) | €5,446 | -€13,642 | -€11,207 | -€10,942 | -€12,658 | ▼ 15.7% |
| Change in cash | - | -€20,574 | €162,540 | -€78,399 | -€38,264 | ▲ 51.2% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
22-05
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
28-05
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
01-06
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
31-12
Financial
Liquidity times 7current ratio 3.07
Current ratio from 0.46 to 3.07.
30-05
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
31-12
Financial
Weakest financial yearnet -€13,642
Net result drops to -€13,642, the lowest in the series; recovery starts the following year.
20-05
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
31-05
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
2020
28-05
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
2019
31-12
Financial
Liquidity times 9current ratio 113.10
Current ratio from 13.07 to 113.10; short-term debt falls from €10,739 to €1,220.
31-05
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema
2018
09-06
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema
2017
10-06
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema
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.
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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, Mechelen · 1 establishment unit since 1961
Ground area
415 m²
Building footprint
81 m²
Volume, LiDAR
533 m³
Parcel 12404G0529/00N000, Flanders · tallest building 10.4 m, ±2 floors. Linked by address, not a title deed.
1 establishment unit
Vijverstraat 2, 2800 Mechelen
since 19612.006.266.440
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 12404G0529/00N000 | Flanders | 414 m² | 1 · 81 m² | 10.4 m · 2 fl. |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
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Of 11,757 companies in sector 68310 we hold annual accounts for 6,914. 5,195 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
Founded01-01-1961
Fiscal year end31-12
Activities, NACEBEL 2025
68310Real estate agency activities
E-invoicing
Reachable via Peppol
Peppol ID
0208:0404002921
Also
9925:BE0404002921
Registered
28-12-2025
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 29 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.