Equity
Debts exceed assets in financial year 2025.
Debts exceed assets in financial year 2025.
The 2024 and 2025 financial years closed with a loss. 2024 was the heaviest.
€2.6m of the debts are secured on the company's own assets. In 2022 that was €3.2m.
Short-term debts fell from €3.4m to €2.2m.
The 2018 accounts came 8 days late. The other eight were filed on time.
Lower net result than 95% of companies in real estate. Sector median €9,997 · 11,290 companies.
Negative equity caps the score at 59.
The dashed line is the sector median: 0.2% across 26,625 companies (NACE 68, micro).
About 8 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 16% of them on solvency, 46% on liquidity, 18% on profitability and 6% on growth.
The bankruptcy probability was computed on 08-11-2026 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, 1,564 companies had the same profile as BPS Estates has now. Each dot stands for 4 companies, two years later.
Another 0.6% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of BPS Estates itself is lower: 0.8% within 12 months. It rests on far more data about BPS Estates than the profile alone.
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 1,564 companies, not a prediction for BPS Estates. 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 ample, with a current ratio of 6.86 (5.07 in 2024), above the usual 1.5. Short-term debt is 14.6% and cash 1.7% of total assets. However, 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 5 days before 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 | ||||
|---|---|---|---|---|
| BPS Estates Antwerp | €15.2m | -€80,853 | -5.0% | 2 |
| Vicariaat Onderwijs Bisdom Brugge Bruges | €19.1m | -€280,817 | 99.8% | 1.7 |
| DEN HOF INVEST Zelzate | €9.0m | -€208,744 | 63.7% | 2 |
| CHRISPIES Pelt | €12.1m | -€11,505 | 51.8% | 1.2 |
| CORPOROS Heist-op-den-Berg | €9.9m | -€151,549 | 37.4% | 1 |
| ALMARO Grimbergen | €16.9m | -€35,320 | 81.3% | 2 |
| The Nest Real Estate Knokke-Heist | €28.4m | -€69,020 | 99.9% | 1 |
These companies have the same main activity as BPS Estates: renting and operating of own or leased residential real estate, excluding social housing (NACE 68201). They are comparable in size and age: total assets between €9m and €28m, founded between 2005 and 2014.
BPS Estates files the abbreviated format. That format states no turnover. The gross margin fell from -€37,970 in 2017 to -€80,853 in 2025.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette.
Turnover and EBIT margin are not published. The abbreviated or micro format does not require them.
Higher than 13% of 11,299 companies in 2025.
Higher than 87% of 10,851 companies in 2025.
Higher than 22% of 11,184 companies in 2025.
Net result: bottom quarter · Equity: bottom quarter · Balance sheet total: top quarter · Working capital: top quarter · Staff: top quarter
Staff costs divided by the average number of full-time equivalents.
In 2025, 1 person joined and nobody left.
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Balance sheet: assets | ||||||||||
20/58 |
15.2m | 17.1m | 16.6m | 21.2m | 18.0m | 12.7m | 5.4m | 4.2m | 2.2m | |
21/28 |
15,958 | 32,210 | 65,042 | 83,800 | 102,646 | 127,059 | 9,307 | 4,554 | 2,677 | |
21 |
6,101 | 11,094 | 17,163 | 16,457 | 9,417 | 12,040 | - | - | - | |
22/27 |
9,858 | 21,117 | 47,878 | 67,343 | 93,229 | 115,018 | 9,307 | 4,554 | 2,677 | |
23 |
2,424 | 270 | 625 | 1,024 | 1,420 | 1,850 | 3,182 | 2,239 | 624 | |
24 |
7,433 | 20,847 | 47,254 | 66,319 | 91,809 | 113,169 | 6,125 | 2,314 | 2,053 | |
29/58 |
15.2m | 17.1m | 16.6m | 21.1m | 17.9m | 12.5m | 5.4m | 4.2m | 2.2m | |
3 |
7.8m | 9.9m | 10.7m | 10.6m | 9.9m | 7.8m | 4.2m | 3.9m | 1.9m | |
30/36 |
7.8m | 9.9m | 10.7m | 10.6m | 9.9m | 7.8m | 4.2m | 3.9m | 1.9m | |
40/41 |
7.2m | 7.0m | 5.7m | 6.1m | 7.6m | 4.6m | 1.0m | 61,454 | 87,500 | |
40 |
- | - | - | 1,575 | 269,075 | 199,791 | 308,926 | - | 87,500 | |
41 |
7.2m | 7.0m | 5.7m | 6.1m | 7.3m | 4.4m | 740,925 | 61,454 | - | |
54/58 |
258,043 | 71,465 | 178,711 | 4.4m | 323,260 | 112,888 | 173,549 | 216,638 | 168,649 | |
490/1 |
- | - | - | - | 535 | - | - | - | 34 | |
| Balance sheet: equity and liabilities | ||||||||||
10/49 |
15.2m | 17.1m | 16.6m | 21.2m | 18.0m | 12.7m | 5.4m | 4.2m | 2.2m | |
10/15 |
-755,748 | -382,346 | 50,486 | -27,052 | -189,033 | 2,650 | 270,222 | 186,570 | -28,780 | |
10/11 |
18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | |
100 |
- | - | - | - | - | - | - | 18,600 | 18,600 | |
11 |
- | - | - | - | - | - | 18,600 | - | - | |
1109/19 |
- | - | - | - | - | - | 18,600 | - | - | |
13 |
251,622 | 251,622 | 251,622 | 251,622 | 251,622 | 251,622 | 251,622 | 167,970 | - | |
130/1 |
- | - | - | 1,860 | 1,860 | 1,860 | 1,860 | - | - | |
130 |
- | - | - | - | - | - | - | 1,860 | - | |
1311 |
- | - | - | 1,860 | 1,860 | 1,860 | 1,860 | - | - | |
133 |
251,622 | 251,622 | 251,622 | 249,762 | 249,762 | 249,762 | 249,762 | 166,110 | - | |
14 |
-1.0m | -652,568 | -219,736 | -297,274 | -459,255 | -267,572 | - | - | -47,380 | |
17/49 |
16.0m | 17.5m | 16.6m | 21.2m | 18.1m | 12.7m | 5.2m | 4.0m | 2.2m | |
17 |
13.7m | 14.1m | 13.6m | 17.9m | 15.0m | 9.2m | 2.7m | 1.7m | 1.1m | |
170/4 |
439,397 | 465,925 | 491,808 | 517,062 | 541,702 | - | 1.7m | 1.7m | 1.1m | |
178/9 |
13.3m | 13.6m | 13.1m | 17.4m | 14.5m | 9.2m | 1.0m | - | - | |
42/48 |
2.2m | 3.4m | 3.0m | 3.3m | 3.2m | 3.5m | 2.4m | 2.3m | 1.1m | |
42 |
28,700 | 23,750 | 27,331 | 24,640 | 24,041 | - | - | - | - | |
43 |
2.1m | 3.3m | 2.9m | 2.7m | 3.1m | 3.4m | 2.3m | 1.7m | 840,050 | |
430/8 |
2.1m | 3.3m | 2.9m | 2.7m | 3.1m | 3.4m | 2.3m | 1.7m | 840,050 | |
44 |
20,194 | 42,207 | 13,686 | 39,334 | 24,941 | - | 58,122 | 16,843 | 43,926 | |
440/4 |
20,194 | 42,207 | 13,686 | 39,334 | 24,941 | - | 58,122 | 16,843 | 43,926 | |
45 |
1,387 | 320 | 330 | 1,893 | 1,774 | 35,068 | 34,536 | 54,877 | 21,000 | |
450/3 |
304 | 320 | 330 | - | - | 34,536 | 34,536 | 54,377 | - | |
454/9 |
1,083 | - | - | 1,893 | 1,774 | 533 | - | 500 | 21,000 | |
47/48 |
15,945 | 17,845 | 27,875 | 519,425 | 26,647 | 17,021 | 49,858 | 604,541 | 226,340 | |
| Income statement | ||||||||||
9900 |
-80,853 | -87,284 | 211,844 | 405,837 | -3,088 | -44,102 | 280,558 | 440,355 | -37,970 | |
62 |
68,455 | 34,584 | 38,130 | 34,573 | 31,298 | 24,273 | - | - | - | |
630 |
22,948 | 32,831 | 32,823 | 30,760 | 30,360 | 15,785 | 4,927 | 2,232 | 885 | |
640/8 |
29,948 | 31,537 | 32,117 | 59,068 | 24,446 | 10,636 | 15,646 | 15,659 | 2,773 | |
9901 |
-202,204 | -186,237 | 108,774 | 281,436 | -89,192 | -94,796 | 259,985 | 422,464 | -41,627 | |
75/76B |
64 | 32 | 4 | 88 | 400 | 106 | 6 | 12 | - | |
75 |
64 | 32 | 4 | 88 | 400 | 106 | 6 | 12 | - | |
65/66B |
170,958 | 246,307 | 30,910 | 119,544 | 102,890 | 172,883 | 141,803 | 122,750 | 5,752 | |
65 |
170,958 | 246,307 | 30,910 | 119,544 | 102,890 | 172,883 | 141,803 | 122,750 | 5,752 | |
9903 |
-373,098 | -432,512 | 77,868 | 161,980 | -191,682 | -267,572 | 118,188 | 299,727 | -47,380 | |
67/77 |
304 | 320 | 330 | - | - | - | 34,536 | 84,377 | - | |
9904 |
-373,402 | -432,832 | 77,539 | 161,980 | -191,682 | -267,572 | 83,652 | 215,350 | -47,380 | |
9905 |
-373,402 | -432,832 | 77,539 | 161,980 | -191,682 | -267,572 | 83,652 | 215,350 | -47,380 | |
| Appropriation of the result | ||||||||||
9906 |
-1.0m | -652,568 | -219,736 | -297,274 | -459,255 | -267,572 | 83,652 | 167,970 | -47,380 | |
14P |
-652,568 | -219,736 | -297,274 | -459,255 | -267,572 | - | - | - | - | |
691/2 |
- | - | - | - | - | - | 83,652 | 167,970 | - | |
6920 |
- | - | - | - | - | - | - | 1,860 | - | |
6921 |
- | - | - | - | - | - | 83,652 | 166,110 | - | |
| Social balance sheet | ||||||||||
9087 |
2 | 1 | 1 | 1 | 1 | 1 | - | - | - | |
Hours worked1013 |
2,781 | 1,360 | 1,748 | 1,755 | 1,763 | 1,684 | - | - | - | |
| Document | ||||||||||
The notes to these accounts have 17 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 21-07-2026.
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 21-07-2026 | 2026-00319542 | |
| 31-12-2024 | abbreviated format | 31-07-2025 | 2025-00360529 | |
| 31-12-2023 | abbreviated format | 30-07-2024 | 2024-00316521 | |
| 31-12-2022 | abbreviated format | 31-07-2023 | 2023-00296038 | |
| 31-12-2021 | abbreviated format | 29-07-2022 | 2022-20275198 | |
| 31-12-2020 | abbreviated format | 13-07-2021 | 2021-35400302 | |
| 31-12-2019 | micro format | 29-07-2020 | 2020-37700018 | |
| 31-12-2018 | micro format | 08-08-2019 | 2019-44900526 | |
| 31-12-2017 | micro format | 11-06-2018 | 2018-17700516 |
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| -179,256 | -153,405 | 141,597 | 312,196 | -58,832 | -79,011 | 264,912 | 424,696 | -40,743 | ||
| -350,454 | -400,001 | 110,362 | 192,740 | -161,323 | -251,788 | 88,579 | 217,582 | -46,495 | ||
| 6,696 | 0 | 14,065 | 11,914 | 5,947 | 133,537 | 9,680 | 4,109 | 3,562 | ||
| 186,578 | -107,246 | -4.2m | 4.1m | 210,371 | -60,661 | -43,089 | 47,989 | - | ||
| 13.0m | 13.7m | 13.6m | 17.8m | 14.7m | 9.0m | 3.0m | 1.9m | 1.1m | ||
| -5.0% | -2.2% | 0.3% | -0.1% | -1.1% | 0.0% | 5.0% | 4.4% | -1.3% | ||
| 6.86 | 5.07 | 5.54 | 6.45 | 5.66 | 3.58 | 2.22 | 1.81 | 1.94 | ||
| 3.36 | 2.12 | 1.95 | 3.20 | 2.51 | 1.36 | 0.50 | 0.12 | 0.23 | ||
| - | - | - | - | - | - | 19.14 | 21.63 | - | ||
| - | - | 153.6% | - | - | - | 31.0% | 115.4% | - | ||
| -2.5% | -2.5% | 0.5% | 0.8% | -1.1% | -2.1% | 1.5% | 5.1% | -2.2% | ||
| -1.05 | -0.62 | 4.58 | 2.61 | -0.57 | - | 1.87 | - | - |
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 | 31-12-2025 | 31-12-2024 | 31-12-2023 | 31-12-2022 | 31-12-2021 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 2 | 1 | 1 | 1 | 1 |
| full-time | 2 | 1 | 1 | 1 | 1 |
| in full-time equivalents | 2 | 1 | 1 | 1 | 1 |
| 2 | 1 | 1 | 1 | 1 | |
| On a permanent contract | 2 | 1 | 1 | 1 | 1 |
| Joined | 1 | - | - | - | - |
| Left | 0 | - | - | - | - |
Source: social balance sheet in the 2021 to 2025 annual accounts
| Item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Debts secured on the company's own assets | €2.6m | €3.8m | €3.4m | €3.2m | - |
| Debts guaranteed by Belgian public bodies | - | - | - | - | €3.6m |
| Mortgages, amount registered | €110,000 | €137,500 | €137,500 | €137,500 | €217,500 |
| €3.7m | €5.0m | €5.0m | €5.0m | €5.6m | |
| Carrying value of the mortgaged assets | €6.5m | €8.1m | €7.2m | €6.7m | €6.7m |
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 | €6,696 | - | €7,289 | €1,459 | €5,947 |
| Intangible fixed assets | - | - | €6,776 | €10,455 | - |
| €22,948 | €32,831 | €32,823 | €30,760 | €30,360 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
The operating result for 2025 is a loss of €202,204, larger than the loss of €186,237 in 2024. It is the lowest result since 2017.
Equity is negative. Debt (€16.0m) exceeds the balance-sheet total (€15.2m).
BPS Estates has no parent and no holdings in its annual accounts. BPS Estates shares no director with another company.
| SAM Estates
registered office since 30-09-2019 · founded in 2019 · negative equity (2025) |
3.9 FTE (2025) 0735.437.370 |
| BPS Group
registered office since 06-12-2017 · founded in 2017 · negative equity (2025) |
total assets €3.0m (2025) 0685.686.169 |
| Vivus Holdings
registered office since 16-08-2022 · founded in 2022 · negative equity (2025) |
total assets €367,632 (2025) 0789.657.006 |
| KOSHER OUTLET
registered office since 27-07-2022 · founded in 2022 · negative equity (2025) |
total assets €142,171 (2025) 0788.937.721 |
| BAY GROUP
registered office since 29-04-2026 |
founded in 2026 1037.477.950 |
| Gutfreund, Avi (sole trader)
establishment since 01-07-2025 |
founded in 2025 1024.988.607 |
| RIDDER SMIDT - VAN GELDER - GEZELLEN
registered office since 10-03-1987 |
founded in 1987 0433.632.659 |
Deadline for the 2026 accounts: 31-07-2027
Financial milestones sit on the financial year-end date, not the filing date.
All 28 environmental permit applications
Sources: Publications in the Belgian Official GazetteFilings with the National Bank
| Establishment | Since | Unit number |
|---|---|---|
| Lange Lozanastraat 2 registered office 2018 Antwerp | 01-02-2017 | 2.261.055.251 |
| 04-06-2026 | Granted | Slopen van niet vrijstaande gebouwen of constructies; Verbouwen en/of uitbreiden met functiewijziging en met wijziging van aantal woongelegenheden submitted 10-09-2025 · project 2025108066 | Provincie Antwerpen |
| 29-08-2025 | Discontinued | Verbouwen en/of uitbreiden met functiewijziging en met wijziging van aantal woongelegenheden submitted 14-07-2025 · project 2025080943 | Antwerpen |
| 02-06-2025 | Discontinued | Verbouwen en/of uitbreiden met functiewijziging en met wijziging van aantal woongelegenheden submitted 08-05-2025 · project 2025054943 | Antwerpen |
| 05-07-2024 | Granted | Verbouwen en/of uitbreiden zonder functiewijziging en zonder wijziging van aantal woongelegenheden submitted 08-03-2024 · project 2024034983 | Antwerpen |
| 29-04-2024 | Discontinued | Verbouwen en/of uitbreiden met functiewijziging en met wijziging van aantal woongelegenheden submitted 03-04-2024 · project 2024045375 | Antwerpen |
| 15-03-2024 | Granted | Verbouwen en/of uitbreiden zonder functiewijziging en zonder wijziging van aantal woongelegenheden submitted 15-12-2023 · project 2023167356 | Antwerpen |
| 15-03-2024 | Granted | Verbouwen en/of uitbreiden met functiewijziging en met wijziging van aantal woongelegenheden submitted 08-12-2023 · project 2023158708 | Antwerpen |
| 22-02-2024 | Discontinued | Verbouwen en/of uitbreiden met functiewijziging en met wijziging van aantal woongelegenheden submitted 24-12-2023 · project 2023158705 | Antwerpen |
| 03-08-2023 | Discontinued | Slopen van niet vrijstaande gebouwen of constructies; Verbouwen en/of uitbreiden met functiewijziging en met wijziging van aantal woongelegenheden submitted 17-04-2023 · project 2023047805 | Antwerpen |
| 03-08-2023 | Refused | Verbouwen en/of uitbreiden met functiewijziging en met wijziging van aantal woongelegenheden submitted 21-11-2022 · project 2022145158 | Provincie Antwerpen |
The 10 most recent of 28 applications.
Source: Omgevingsloket Vlaanderen.
| Cadastral parcel | Area | Buildings | Height / floors |
|---|---|---|---|
| 11810K1699/00P012 | 269 m² | 1 · 145 m² | 10.8 m · 3 |
If something looks wrong or is missing, please tell us.