Equity
Debts exceed assets in financial year 2025.
Debts exceed assets in financial year 2025.
The accounts state no turnover.
Of this, €31,217 falls due within a year.
Seven of the last ten came late. The 2019 accounts came latest: 151 days after the end of the period.
Less equity than 91% of companies in architecture and engineering. Sector median €63,879 · 11,799 companies.
Negative equity caps the score at 59.
The dashed line is the sector median: 0.1% across 14,828 companies (NACE 71, micro).
About 5 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 71, micro). It does better than 8% of them on solvency, 15% on liquidity, 49% on profitability and 88% 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, 3,632 companies had the same profile as BRACOFI has now. Each dot stands for 10 companies, two years later.
Another 0.4% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of BRACOFI itself is lower: 0.5% within 12 months. It rests on far more data about BRACOFI 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 3,632 companies, not a prediction for BRACOFI. 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 insufficient, with a current ratio of 0.27 (0.37 in 2024), below 1. Short-term debt is 53.6% and cash 9.3% of total assets. 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 57 days after the deadline. In the sector (NACE 71), the median for financial year 2024 was 8 days before the deadline, and 34% of those companies filed late.
| Company | ||||
|---|---|---|---|---|
| BRACOFI Ghent | €58,193 | €15,956 | -2.6% | - |
| ECONERGIA Zemst | €45,511 | €19,458 | 93.9% | - |
| WRE Leopoldsburg | €71,405 | €23,331 | 79.6% | - |
| D.V. Expertise Scherpenheuvel-Zichem | €75,638 | €18,369 | 72.8% | - |
| ECOBILAN Montigny-le-Tilleul | €59,703 | €27,672 | 41.9% | - |
| DB SECUR Boussu | €47,546 | €10,771 | 50.2% | - |
| The Cable Company Aalst | €48,872 | €14,408 | 54.9% | - |
These companies have the same main activity as BRACOFI: other technical testing and analysis (NACE 71209). They are comparable in size and age: total assets between €45,500 and €75,600, founded between 2007 and 2018.
BRACOFI files the micro format. That format states no turnover. The gross margin rose from -€696 in 2011 to €15,956 in 2025.
I 4 REAL ESTATE holds 78.52% of the shares.
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. The turnover shown is an estimate from the gross margin.
Turnover ≈ €81,000. Estimated: probably between €49,000 and €160,000.
Higher than 9% of 11,794 companies in 2025.
Lower than 95% of 11,521 companies in 2025.
Higher than 45% of 11,605 companies in 2025.
Net result: middle half · Equity: bottom quarter · Balance sheet total: bottom quarter · Working capital: bottom quarter
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Balance sheet: assets | ||||||||||||||||
20/58 |
58,193 | 78,957 | 81,822 | 89,514 | 85,442 | 96,687 | 105,826 | 118,458 | 119,643 | 126,790 | 136,491 | 155,313 | 161,532 | 151,625 | 11,472 | |
20 |
- | - | - | - | 0 | - | - | - | - | 0 | 0 | 188 | 376 | 564 | 752 | |
21/28 |
49,671 | 57,492 | 65,313 | 73,134 | 80,955 | 88,776 | 96,597 | 104,418 | 112,239 | 120,060 | 127,881 | 135,890 | 143,899 | 135,484 | 752 | |
22/27 |
49,671 | 57,492 | 65,313 | 73,134 | 80,955 | 88,776 | 96,597 | 104,418 | 112,239 | 120,060 | 127,881 | 135,702 | 143,523 | 134,920 | - | |
22 |
1,181 | 1,181 | 1,181 | 1,181 | 1,181 | 1,181 | 1,181 | 1,181 | 1,181 | 1,181 | 1,181 | 1,181 | 1,181 | 1,181 | - | |
23 |
48,490 | 56,311 | 64,132 | 71,953 | 79,774 | 87,595 | 95,416 | 103,237 | 111,058 | 118,879 | 126,700 | 134,521 | 142,342 | 133,739 | - | |
29/58 |
8,522 | 21,465 | 16,509 | 16,380 | 4,487 | 7,911 | 9,229 | 14,040 | 7,404 | 6,730 | 8,610 | 19,423 | 17,633 | 16,141 | 10,720 | |
40/41 |
2,882 | 2,624 | 8,112 | 12,525 | 2,114 | 3,267 | 4,937 | 6,958 | 4,110 | 1,942 | 3,496 | 14,015 | 15,619 | 283 | 10,408 | |
40 |
2,882 | 2,624 | 7,643 | 12,525 | 1,817 | 2,062 | 4,937 | 6,958 | 4,110 | 1,941 | 2,891 | 3,002 | 2,508 | - | - | |
41 |
- | 0 | 469 | - | 297 | 1,206 | - | - | - | 1 | 605 | 11,012 | 13,111 | 283 | 10,408 | |
54/58 |
5,402 | 18,604 | 8,163 | 3,625 | 2,334 | 4,422 | 4,071 | 6,865 | 3,257 | 3,715 | 4,217 | 4,344 | 2,014 | 15,575 | 310 | |
490/1 |
238 | 237 | 234 | 230 | 39 | 221 | 221 | 217 | 37 | 1,074 | 897 | 1,065 | - | 283 | 2 | |
| Balance sheet: equity and liabilities | ||||||||||||||||
10/49 |
58,193 | 78,957 | 81,822 | 89,514 | 85,442 | 96,687 | 105,826 | 118,458 | 119,643 | 126,790 | 136,491 | 155,313 | 161,532 | 151,625 | 11,472 | |
10/15 |
-1,533 | -7,059 | -7,429 | -1,442 | -9,752 | 186 | 4,381 | 6,036 | 5,356 | 6,091 | 6,801 | 5,594 | 4,287 | 9,159 | 11,464 | |
10/11 |
33,800 | 33,800 | 33,800 | 33,800 | 33,800 | 33,800 | 33,800 | 33,800 | 33,800 | 33,800 | 33,800 | 33,800 | 33,800 | 33,800 | 12,506 | |
100 |
- | - | - | - | - | 33,800 | 33,800 | 33,800 | 33,800 | 33,800 | 33,800 | 33,800 | 33,800 | 33,800 | 33,800 | |
101 |
- | - | - | - | - | - | - | - | - | - | - | - | - | - | 21,294 | |
13 |
126 | 126 | 126 | 126 | 126 | 126 | 126 | 126 | 126 | 126 | 126 | 65 | - | - | - | |
130/1 |
126 | 126 | 126 | 126 | 126 | 126 | - | - | - | - | - | - | - | - | - | |
130 |
- | - | - | - | - | 126 | 126 | 126 | 126 | 126 | 126 | 65 | - | - | - | |
1311 |
126 | - | - | 126 | 126 | - | - | - | - | - | - | - | - | - | - | |
1319 |
- | 126 | 126 | - | - | - | - | - | - | - | - | - | - | - | - | |
14 |
-35,459 | -40,985 | -41,355 | -35,368 | -43,678 | -33,740 | -29,545 | -27,890 | -28,570 | -27,835 | -27,125 | -28,271 | -29,513 | -24,641 | -1,042 | |
17/49 |
59,726 | 86,016 | 89,251 | 90,956 | 95,194 | 96,501 | 101,445 | 112,422 | 114,287 | 120,700 | 129,690 | 149,720 | 157,245 | 142,466 | 9 | |
17 |
26,155 | 26,155 | 26,155 | 26,155 | 26,155 | 37,352 | 50,276 | 61,766 | 73,768 | 85,371 | 96,502 | 107,208 | 117,505 | 127,409 | - | |
170/4 |
26,155 | 26,155 | 26,155 | 26,155 | 26,155 | 37,352 | 50,276 | 61,766 | 73,768 | 85,371 | 96,502 | 107,208 | 117,505 | 127,409 | - | |
42/48 |
31,217 | 57,399 | 61,436 | 63,194 | 68,070 | 57,719 | 49,278 | 48,474 | 38,783 | 33,864 | 31,348 | 40,505 | 37,299 | 14,502 | - | |
42 |
- | - | - | 0 | 11,197 | 12,965 | 12,510 | 13,014 | 12,547 | 12,039 | 11,579 | 11,137 | 10,712 | 8,746 | - | |
43 |
- | - | - | - | - | - | - | - | - | - | - | - | - | 9 | - | |
430/8 |
- | - | - | - | - | - | - | - | - | - | - | - | - | 9 | - | |
44 |
610 | 789 | 4,442 | 7,368 | 6,956 | 3,710 | 3,155 | 3,432 | 1,847 | 866 | 1,374 | 867 | 3,953 | 3,809 | - | |
440/4 |
190 | 197 | 3,430 | 7,368 | 6,956 | 3,710 | 3,155 | 3,432 | 1,847 | 866 | 1,374 | 867 | 3,953 | 3,809 | - | |
441 |
420 | 592 | 1,012 | - | - | - | - | - | - | - | - | - | - | - | - | |
45 |
2,490 | 956 | - | 439 | - | 41,044 | 33,613 | 420 | 316 | - | 368 | 246 | - | - | - | |
450/3 |
2,490 | 956 | - | 439 | - | 478 | 897 | 420 | 316 | - | 368 | 246 | - | - | - | |
454/9 |
- | - | - | - | - | 40,566 | 32,716 | - | - | - | - | - | - | - | - | |
47/48 |
28,117 | 55,654 | 56,994 | 55,387 | 49,917 | - | - | 31,608 | 24,073 | 20,959 | 18,027 | 28,255 | 22,634 | 1,938 | - | |
492/3 |
2,354 | 2,462 | 1,660 | 1,607 | 969 | 1,430 | 1,891 | 2,182 | 1,736 | 1,464 | 1,840 | 2,006 | 2,442 | 556 | 9 | |
| Income statement | ||||||||||||||||
76A |
- | - | - | - | - | - | - | - | - | 0 | 0 | 0 | 10,124 | - | - | |
9900 |
15,956 | 10,872 | 4,291 | 18,666 | 530 | 6,281 | 9,648 | 12,516 | 12,207 | 12,407 | 14,933 | 16,270 | -1,629 | -12,486 | -696 | |
60/61 |
- | - | - | - | - | - | - | - | - | - | - | - | - | - | 696 | |
630 |
7,821 | 7,821 | 7,821 | 7,821 | 7,821 | 7,821 | 7,821 | 7,821 | 7,821 | 7,821 | 8,009 | 8,009 | 7,227 | 7,227 | 188 | |
640/8 |
- | - | 623 | 521 | 518 | 517 | 527 | 524 | 520 | 517 | 516 | 515 | 470 | 466 | 348 | |
66A |
- | - | - | - | 30 | - | - | - | - | - | - | - | - | 923 | - | |
9901 |
8,135 | 3,051 | -4,153 | 10,324 | -7,839 | -2,057 | 1,300 | 4,171 | 3,866 | 4,070 | 6,408 | 7,746 | -9,326 | -20,179 | -1,231 | |
75/76B |
- | - | - | - | - | - | - | - | - | 0 | - | 0 | 31 | 297 | 225 | |
75 |
- | - | - | - | - | - | - | - | - | - | - | 0 | 31 | 297 | 225 | |
76B |
- | - | - | - | - | - | - | - | - | 0 | - | - | - | - | - | |
65/66B |
2,609 | 2,681 | 1,834 | 2,014 | 2,099 | 2,138 | 2,740 | 3,491 | 4,601 | 4,780 | 5,201 | 6,439 | 5,701 | 2,793 | 35 | |
65 |
2,609 | 2,681 | 1,834 | 2,014 | 2,099 | 2,138 | 2,740 | 3,491 | 4,601 | 4,780 | 5,201 | 6,439 | 5,701 | 2,793 | 35 | |
9903 |
5,526 | 370 | -5,987 | 8,310 | -9,938 | -4,195 | -1,440 | 680 | -735 | -710 | 1,207 | 1,307 | -4,872 | -23,599 | -1,042 | |
67/77 |
- | - | - | - | 0 | 0 | 215 | - | - | - | - | - | - | - | 0 | |
9904 |
5,526 | 370 | -5,987 | 8,310 | -9,938 | -4,195 | -1,655 | 680 | -735 | -710 | 1,207 | 1,307 | -4,872 | -23,599 | -1,042 | |
9905 |
5,526 | 370 | -5,987 | 8,310 | -9,938 | -4,195 | -1,655 | 680 | -735 | -710 | 1,207 | 1,307 | -4,872 | -23,599 | -1,042 | |
| Appropriation of the result | ||||||||||||||||
9906 |
-35,459 | -40,985 | -41,355 | -35,368 | -43,678 | -33,740 | -29,545 | -27,890 | -28,570 | -27,835 | -27,064 | -28,206 | -29,513 | -24,641 | -1,042 | |
14P |
-40,985 | -41,355 | -35,368 | -43,678 | -33,740 | - | - | - | - | - | - | - | - | - | - | |
691/2 |
- | - | - | - | - | - | - | - | - | - | 60 | 65 | - | - | - | |
6920 |
- | - | - | - | - | - | - | - | - | - | 60 | 65 | - | - | - | |
| Document | ||||||||||||||||
The notes to these accounts have 5 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 28-09-2026.
2025 annual accounts filed 59 days after the deadline. Filed on 28 September 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00531074.
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 28-09-2026 | 2026-00531074 | |
| 31-12-2024 | micro format | 30-09-2025 | 2025-00517238 | |
| 31-12-2023 | micro format | 29-08-2024 | 2024-00413655 | |
| 31-12-2022 | micro format | 23-08-2023 | 2023-00370705 | |
| 31-12-2021 | micro format | 19-07-2022 | 2022-20210131 | |
| 31-12-2020 | micro format | 28-10-2021 | 2021-74500472 | |
| 31-12-2019 | micro format | 29-12-2020 | 2020-77800201 | |
| 31-12-2018 | abbreviated format | 22-07-2019 | 2019-36200391 | |
| 31-12-2017 | abbreviated format | 01-09-2018 | 2018-61700319 | |
| 31-12-2016 | abbreviated format | 27-07-2017 | 2017-38100395 | |
| 31-12-2015 | abbreviated format | 27-07-2016 | 2016-37100550 | |
| 31-12-2014 | abbreviated format | 24-07-2015 | 2015-35000464 | |
| 31-12-2013 | abbreviated format | 22-08-2014 | 2014-45600008 | |
| 31-12-2012 | abbreviated format | 01-08-2013 | 2013-38800169 | |
| 31-12-2011 | abbreviated format | 31-08-2012 | 2012-52900015 |
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 15,956 | 10,872 | 3,668 | 18,145 | -18 | 5,764 | 9,121 | 11,992 | 11,687 | 11,891 | 14,417 | 15,755 | -2,099 | -12,952 | -1,043 | ||
| 13,347 | 8,191 | 1,834 | 16,131 | -2,117 | 3,626 | 6,166 | 8,501 | 7,086 | 7,111 | 9,216 | 9,316 | 2,355 | -16,372 | -854 | ||
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 15,642 | 142,882 | - | ||
| -13,202 | 10,441 | 4,538 | 1,291 | -2,088 | 351 | -2,794 | 3,608 | -458 | -502 | -127 | 2,330 | -13,561 | 15,265 | - | ||
| -22,695 | -35,934 | -44,927 | -46,814 | -63,583 | -49,808 | -40,049 | -34,434 | -31,379 | -27,134 | -22,738 | -21,082 | -19,666 | 1,639 | - | ||
| -2.6% | -8.9% | -9.1% | -1.6% | -11.4% | 0.2% | 4.1% | 5.1% | 4.5% | 4.8% | 5.0% | 3.6% | 2.7% | 6.0% | 99.9% | ||
| 0.27 | 0.37 | 0.27 | 0.26 | 0.07 | 0.14 | 0.19 | 0.29 | 0.19 | 0.20 | 0.27 | 0.48 | 0.47 | 1.11 | - | ||
| - | - | - | - | - | - | 23.16 | 18.63 | 21.34 | 19.82 | 19.07 | 26.76 | 36.68 | 15.56 | 0.00 | ||
| - | - | - | - | - | - | -37.8% | 11.3% | -13.7% | -11.7% | 17.7% | 23.4% | -113.7% | -257.7% | -9.1% | ||
| 9.5% | 0.5% | -7.3% | 9.3% | -11.6% | -4.3% | -1.6% | 0.6% | -0.6% | -0.6% | 0.9% | 0.8% | -3.0% | -15.6% | -9.1% | ||
| 6.12 | 4.06 | 2.00 | 9.01 | -0.01 | - | - | - | - | - | - | - | - | - | - |
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.
The operating result for 2025 is 167% higher than in 2024 and the highest since 2022. It is the second rise in a row, after the fall in 2023.
Equity is negative. Debt (€59,726) exceeds the balance-sheet total (€58,193).
Source: lists of holdings in the owners' accounts
Source: list of holdings in the 2025 accounts of I 4 REAL ESTATE. Every holding stands with its own latest accounts.
Part of the group Brocap Group, risk and exposure| Het Vroonhof
registered office since 06-12-1988 · founded in 1988 · accounts filed late |
2.9 FTE (2025) 0435.495.752 |
| SU.RE Investments
registered office since 16-03-2018 · founded in 2018 |
total assets €9.6m (2025) 0692.638.002 |
| CALCUTTA IMMO
registered office since 30-01-1987 · founded in 1987 |
total assets €5.0m (2025) 0430.301.106 |
| SU.RE Investments II
registered office since 01-07-2024 · founded in 2024 |
total assets €4.4m (2025) 1010.475.229 |
| Klein Dorlick
registered office since 17-09-2013 · founded in 2013 · group SU.RE Investments |
total assets €3.1m (2025) 0538.693.260 |
| D.C. Properties
registered office since 21-12-2011 · founded in 2011 · group Het Vroonhof |
total assets €3.1m (2025) 0842.016.121 |
| BreiGoed
registered office since 02-05-2006 · founded in 2005 |
total assets €3.0m (2025) 0878.081.414 |
| De Steenfabriek
registered office since 17-01-2023 · founded in 2023 |
total assets €2.9m (2025) 0797.138.179 |
| L'île Adam
registered office since 31-03-1982 · founded in 1982 |
total assets €2.7m (2017) 0422.550.905 |
| Zymofix
registered office since 25-07-2022 · founded in 2022 |
12 FTE (2025) 0788.847.055 |
The network starts from the directors of BRACOFI. Every other company they run is a node.
Deadline for the 2026 accounts: 31-07-2027
Financial milestones sit on the financial year-end date, not the filing date.
Sources: Publications in the Belgian Official GazetteFilings with the National Bank
| Establishment | Since | Unit number |
|---|---|---|
| Waterlelielaan 1 registered office 9032 Ghent 74999 Other professional, scientific and technical activities | 17-01-2011 | 2.195.340.721 |
| Cadastral parcel | Area | Buildings | Height / floors |
|---|---|---|---|
| 44074C0050/00H000 | 5,728 m² | 1 · 268 m² | 12.1 m · 2 |
1 of these parcels carries protected heritage. Expect extra rules on renovation or sale.
Check the withholding obligation If you pay this company for building or cleaning work, check before every payment whether you must withhold part of the invoice. Use the enterprise number 0832.934.644
If something looks wrong or is missing, please tell us.