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BRUOCSELLA

Active
Public limited companyfounded 199135 yrs activeKortrijksesteenweg 1052, 9051 Gent, BelgiumKBO/BCE: BE 0443.039.877
Summary

BRUOCSELLA has been active since 1991 and the Belgian State Gazette contains no insolvency or warning signals. The 2024 annual accounts show equity of €3.9m and a net result of -€542,824. Equity is shrinking by ~12.4% per year across the filed fiscal years. Its solvency ranks better than 61% of 4834 sector peers (fiscal year 2024). The computed 12-month bankruptcy probability is 0.2% (very low).

Checked score

Score 2024
Axes · tick = 2023
Profitability29▲+10
Solvency69▲+9
Growth22▼-13
Track record100
Bankruptcy probability, 12 months
0.2% Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €240,000 at 30 days acceptable
Liquidity ample (current ratio 2.83 against 1.78 in 2023; short-term debt: 16.2% and cash: 0.7% of total assets), but 56.1% of the assets are financed with debt.
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Signals

Six signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
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 →
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation date
Age against the risk zone
highest failure risk from 2 to 8 years 35 years 0 40 y
lowers risk · Lower-risk legal form
Companies with this legal form statistically fail less often than a BV.
KBO · legal form
raises risk · Annual accounts: weaker financial profile
The latest annual accounts show a weaker profile in solvency, result or liquidity than companies that stay afloat.
NBB · annual accounts 2024
Solvency, return and age of the figures
Solvency
43.9%
Return on assets
-6.1%
Age of the figures
21 mo
raises risk · Persistent losses
Two consecutive loss-making years (2023 and 2024); equity is also lower. May indicate structural pressure on profitability.
NBB · annual accounts 2024
Net result per financial year
192021222324
2019 to 2024 · latest year -€542,824
neutral · Latest accounts filed on time
The financial year that closed on 30-12-2025 was due by 30-07-2026 and was filed on 24-06-2026, 36 days ahead of the deadline.
NBB · 10 filings
Deviation from the deadline
2025
36 d early
2024
30 d early
2023
28 d early
2022
2 d early
2021
27 d early
2020
43 d early
2019
18 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 26 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 30-12-2026 and is due by 30-07-2027. Nothing is late today.
Companies Code · seven months
Position in the running window
29-09-2026 today30-12-2026 close30-07-2027 deadline
neutral · No strike-offs in the KBO publications
We found no ex-officio strike-off or cessation. Our series starts in 2021 and has gaps, so this is not a confirmation that there is nothing.
KBO publications · our coverage

History

BRUOCSELLA was incorporated on 18 January 1991.1 The board currently has 2 members; MARACANA has served longest, since 2026.2 Revenue fell from EUR 4.9 million in 2019 to EUR 2.7 million in 2024 and headcount from 2 to 1.3 full-time equivalents.3

  1. 1Crossroads Bank for Enterprises
  2. 2Belgian State Gazette, 07-07-2026
  3. 3National Bank, annual accounts 2019 and 2024

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Investigating this company? Keep it with today's facts in a case file.

Financials · fiscal year 2024, full schema

Turnover
€2.7m▼ 49.8%
2023 · €5.5m
EBIT margin
-16.8%▼ 6.4pp
2023 · -10.3%
Net result
-€542,824▲ 36.4%
2023 · -€853,871
Working capital
€2.6m▼ 17.9%
2023 · €3.2m
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
Line20202021202220232024
Turnover€4.3m▼ 13.0%€9.0m▲ 109%€16.1m▲ 79.6%€5.5m▼ 66.1%€2.7m▼ 49.8%
Operating result€729,487▼ 71.6%-€508,267€453,429-€566,074-€460,215▲ 18.7%
Net result€250,612above the sector's middle half▼ 89.1%-€1.0mbelow the sector's middle half-€686,982below the sector's middle half▲ 34.5%-€853,871below the sector's middle half▼ 24.3%-€542,824below the sector's middle half▲ 36.4%
EBIT margin16.9%▼ 35.0pp-5.7%▼ 22.6pp2.8%▲ 8.5pp-10.3%▼ 13.2pp-16.8%▼ 6.4pp
Equity€7.0mabove the sector's middle half▲ 3.7%€6.0mabove the sector's middle half▼ 14.9%€5.3mabove the sector's middle half▼ 11.5%€4.4mabove the sector's middle half▼ 16.2%€3.9mabove the sector's middle half▼ 12.3%
Total assets€24.9mabove the sector's middle half▲ 43.6%€38.8mabove the sector's middle half▲ 55.8%€22.5mabove the sector's middle half▼ 41.9%€12.7mabove the sector's middle half▼ 43.7%€8.8mwithin the sector's middle half▼ 30.3%
Debt€17.2m▲ 73.5%€31.8m▲ 84.4%€17.0m▼ 46.6%€8.0m▼ 52.8%€4.7m▼ 41.2%
Working capital€11.8mabove the sector's middle half▲ 78.4%€12.3mabove the sector's middle half▲ 4.8%€12.4mabove the sector's middle half▲ 0.8%€3.2mabove the sector's middle half▼ 74.3%€2.6mabove the sector's middle half▼ 17.9%
Solvency28.2%within the sector's middle half▼ 10.8pp15.4%within the sector's middle half▼ 12.8pp23.4%within the sector's middle half▲ 8.1pp34.9%within the sector's middle half▲ 11.4pp43.9%within the sector's middle half▲ 9.0pp
Current ratio3.00within the sector's middle half▼ 0.031.63within the sector's middle half▼ 1.374.10above the sector's middle half▲ 2.471.78within the sector's middle half▼ 2.322.83within the sector's middle half▲ 1.05
Return on assets (ROA)1.0%within the sector's middle half▼ 12.2pp-2.7%below the sector's middle half▼ 3.7pp-3.1%below the sector's middle half▼ 0.3pp-6.7%below the sector's middle half▼ 3.7pp-6.1%below the sector's middle half▲ 0.6pp
Staff (FTE)3.3within the sector's middle half▲ 65.0%3.1within the sector's middle half▼ 6.1%2.5within the sector's middle half▼ 19.4%2within the sector's middle half▼ 20.0%1.3within the sector's middle half▼ 35.0%
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.
Why a figure moved sharply
  • 2021 Turnover +109% on 2020. The previous fiscal year ran 18 months, this one 12.
  • 2020 Net result -89% on 2019. This fiscal year ran 18 months, the previous one 12.
Result per fiscal year
Operating resultNet result
-€1.5m-€1.0m-€500,000€0€500,000Operating result 2020: €729,487€729,487Net result 2020: €250,612€250,612Operating result 2021: -€508,267-€508,267Net result 2021: -€1.0m-€1.0mOperating result 2022: €453,429€453,429Net result 2022: -€686,982-€686,982Operating result 2023: -€566,074-€566,074Net result 2023: -€853,871-€853,871Operating result 2024: -€460,215-€460,215Net result 2024: -€542,824-€542,82420202021202220232024-€1m-€500,000€0€500,000Operating result 2022: €453,429€453,000Net result 2022: -€686,982-€687,000Operating result 2023: -€566,074-€566,000Net result 2023: -€853,871-€854,000Operating result 2024: -€460,215-€460,000Net result 2024: -€542,824-€543,000202220232024
The operating result stays negative: a loss of €460,215 in 2024 against €566,074 in 2023; the loss shrinks.
Balance-sheet composition
2024 in colour, 2023 as the grey bar beneath
Assets €8.8m
Fixed assets €4.8m ▼ 11.3%
Current assets €4.1m ▼ 44.4%
Equity and liabilities €8.8m
Equity €3.9m ▼ 12.3%
Provisions €251,834 =
Debt €4.7m ▼ 41.2%
Debt's share of the balance-sheet total falls from 63.1% to 53.3%. Equity and debt are lower.
Key figures and ratios
2024 value · change against 2023
EBITDA
€156,058▲
2023 · €143,368
Cash flow
€73,449▲
2023 · -€144,429
Quick ratio
2.48▲
2023 · 1.13
Debt to equity
1.21▼
2023 · 1.81
ROE
-14.0%▲
2023 · -19.3%
Interest coverage
1.34▲
2023 · 0.43
Debt ≤ 1 year
€1.4m▼
2023 · €4.1m
Debt > 1 year
€3.3m▼
2023 · €3.9m
Staff costs
€61,512▼
2023 · €101,956
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.

Peer companies

Historical observation

Of the 12,321 companies that looked in July 2024 the way this one looks now, 0.7% went bankrupt within 24 months and 90% are still going.

  • Micro
  • 20 years or older
  • solvency 30% or more
  • a small loss
0.7% went bankrupt
8.6% stopped otherwise
90% still going

A further 0.5% stopped, but we cannot tell whether within those 24 months.

For this company itself Checked computes a bankruptcy probability of 0.2% over twelve months; the group does not contradict it.

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%.

The companies in ten equal groups, from lowest to highest expected share.
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 12,321 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
Filed annual accounts As filed with the NBB · 2024 against 2023 · 81 lines
Balance sheet Code20232024
Assets
Total assets20/58€12.7m€8.8m▼
Fixed assets21/28€5.4m€4.8m▼
Tangible fixed assets22/27€5.4m€4.8m▼
Plant, machinery and equipment23€13,716€5,950▼
Furniture and vehicles24€117,558€39,008▼
Leasing and similar rights25€2.3m€2.0m▼
Other tangible fixed assets26€3.0m€2.7m▼
Financial fixed assets28€300€300=
Other financial fixed assets284/8€300€300=
Amounts receivable and cash guarantees285/8€300€300=
Current assets29/58€7.3m€4.1m▼
Stocks and contracts in progress3€2.7m€502,226▼
Stocks30/36€2.7m€502,226▼
Property held for sale35€2.7m€502,226▼
Amounts receivable within one year40/41€3.7m€3.1m▼
Trade receivables40€2.6m€1.1m▼
Other amounts receivable41€1.0m€2.0m▲
Cash at bank and in hand54/58€47,028€59,108▲
Deferred charges and accrued income490/1€906,433€382,819▼
Equity and liabilities
Total equity and liabilities10/49€12.7m€8.8m▼
Equity10/15€4.4m€3.9m▼
Contributions10/11€3.0m€3.0m=
Capital10€3.0m€3.0m=
Issued capital100€3.0m€3.0m=
Reserves13€3.6m€3.6m=
Non-distributable reserves130/1€87,000€87,000=
Legal reserve130€87,000€87,000=
Tax-exempt reserves132€3.5m€3.5m=
Profit (loss) carried forward14-€2.2m-€2.7m▼
Provisions and deferred taxes16€251,834€251,834=
Provisions for liabilities and charges160/5€251,834€251,834=
Other liabilities and charges164/5€251,834€251,834=
Amounts payable17/49€8.0m€4.7m▼
Amounts payable after more than one year17€3.9m€3.3m▼
Financial debts170/4€3.9m€3.3m▼
Leasing and similar obligations172€2.2m€2.0m▼
Credit institutions173€1.7m€1.3m▼
Other loans174€0-
Amounts payable within one year42/48€4.1m€1.4m▼
Current portion of amounts payable after more than one year42€1.6m€639,231▼
Financial debts43€0-
Credit institutions430/8€0-
Trade debts44€868,384€475,602▼
Suppliers440/4€868,384€475,602▼
Taxes, remuneration and social security45€99,128€41,845▼
Taxes450/3€85,820€39,223▼
Remuneration and social security454/9€13,307€2,622▼
Other amounts payable47/48€1.5m€274,379▼
Accrued charges and deferred income492/3€5,589€5,604▲
Income statement Code20232024
Operating income70/76A€6.4m€4.0m▼
Turnover70€5.5m€2.7m▼
Other operating income74€970,679€1.1m▲
Non-recurring operating income76A€0€163,898▲
Operating charges60/66A€7.0m€4.4m▼
Goods for resale, raw materials and consumables60€4.7m€2.6m▼
Purchases600/8€1.2m€416,068▼
Change in stocks: decrease (increase)609€3.5m€2.2m▼
Services and other goods61€1.4m€1.1m▼
Remuneration, social security and pensions62€101,956€61,512▼
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€709,442€616,273▼
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4€3,881€4,037▲
Provisions for liabilities and charges: additions (uses and reversals)635/8€0-
Other operating charges640/8€93,987€96,165▲
Non-recurring operating charges66A€0€1,408▲
Operating profit (loss)9901-€566,074-€460,215▲
Financial income75/76B€60,583€44,909▼
Recurring financial income75€60,583€44,909▼
Income from current assets751€60,583€44,909▼
Other financial income752/9€0€0▼
Financial charges65/66B€348,379€127,518▼
Recurring financial charges65€348,379€127,518▼
Debt charges650€336,981€116,653▼
Other financial charges652/9€11,399€10,864▼
Profit (loss) for the period before taxes9903-€853,871-€542,824▲
Income taxes67/77€0-
Taxes670/3€0-
Profit (loss) for the period9904-€853,871-€542,824▲
Profit (loss) for the period to be appropriated9905-€853,871-€542,824▲
Appropriation of the result
Profit (loss) to be appropriated9906-€2.2m-€2.7m▼
Profit (loss) brought forward from the previous period14P-€1.3m-€2.2m▼
Social balance
Average headcount (FTE)90872.01.3▼

The notes to these accounts (67 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.

Line20202021202220232024Change
Operating income70/76A-€10.8m€17.0m€6.4m€4.0m▼ 38.3%
Turnover70€4.3m€9.0m€16.1m€5.5m€2.7m▼ 49.8%
Other operating income74-€822,597€860,855€970,679€1.1m▲ 9.8%
Non-recurring operating income76A-€981,213€13,703€0€163,898-
Operating charges60/66A-€11.3m€16.6m€7.0m€4.4m▼ 36.7%
Goods for resale, raw materials and consumables60-€8.1m€14.6m€4.7m€2.6m▼ 45.1%
Purchases600/8-€11.2m€7.6m€1.2m€416,068▼ 63.9%
Change in stocks: decrease (increase)609--€3.1m€6.9m€3.5m€2.2m▼ 39.0%
Services and other goods61-€1.8m€1.8m€1.4m€1.1m▼ 23.3%
Remuneration, social security and pensions62-€191,604€141,689€101,956€61,512▼ 39.7%
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€1.0m€747,084€758,092€709,442€616,273▼ 13.1%
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4-€2,744€2,826€3,881€4,037▲ 4.0%
Provisions for liabilities and charges: additions (uses and reversals)635/8-€378,000-€762,000€0--
Other operating charges640/8-€82,693€86,565€93,987€96,165▲ 2.3%
Non-recurring operating charges66A--€4,487€0€1,408-
Operating profit (loss)9901€729,487-€508,267€453,429-€566,074-€460,215▲ 18.7%
Financial income75/76B-€42,370€13,600€60,583€44,909▼ 25.9%
Recurring financial income75€6,621€42,370€13,600€60,583€44,909▼ 25.9%
Income from current assets751-€42,369€13,590€60,583€44,909▼ 25.9%
Other financial income752/9-€1€10€0€0▼ 100%
Financial charges65/66B-€582,351€1.2m€348,379€127,518▼ 63.4%
Recurring financial charges65€373,295€582,351€1.2m€348,379€127,518▼ 63.4%
Debt charges650€360,742€544,899€1.1m€336,981€116,653▼ 65.4%
Other financial charges652/9-€37,452€16,682€11,399€10,864▼ 4.7%
Profit (loss) for the period before taxes9903€362,814-€1.0m-€686,837-€853,871-€542,824▲ 36.4%
Income taxes67/77€112,202-€148€145€0--
Taxes670/3-€270€145€0--
Tax adjustments and reversals of tax provisions77-€418€0---
Profit (loss) for the period9904€250,612-€1.0m-€686,982-€853,871-€542,824▲ 36.4%
Profit (loss) for the period to be appropriated9905€250,612-€1.0m-€686,982-€853,871-€542,824▲ 36.4%
Line20202021202220232024Change
Assets
Total assets20/58€24.9m€38.8m€22.5m€12.7m€8.8m▼ 30.3%
Fixed assets21/28€7.3m€6.8m€6.1m€5.4m€4.8m▼ 11.3%
Tangible fixed assets22/27€7.3m€6.8m€6.1m€5.4m€4.8m▼ 11.3%
Plant, machinery and equipment23-€30,660€22,188€13,716€5,950▼ 56.6%
Furniture and vehicles24-€424,676€239,374€117,558€39,008▼ 66.8%
Leasing and similar rights25-€2.8m€2.5m€2.3m€2.0m▼ 10.3%
Other tangible fixed assets26-€3.6m€3.3m€3.0m€2.7m▼ 9.7%
Assets under construction and advance payments27-€22,399€0---
Financial fixed assets28€308€308€308€300€300=
Other financial fixed assets284/8-€308€308€300€300=
Amounts receivable and cash guarantees285/8-€308€308€300€300=
Current assets29/58€17.6m€32.0m€16.4m€7.3m€4.1m▼ 44.4%
Stocks and contracts in progress3€10.0m€13.1m€6.2m€2.7m€502,226▼ 81.1%
Stocks30/36-€13.1m€6.2m€2.7m€502,226▼ 81.1%
Property held for sale35-€13.1m€6.2m€2.7m€502,226▼ 81.1%
Amounts receivable within one year40/41€3.0m€16.8m€9.2m€3.7m€3.1m▼ 15.4%
Trade receivables40-€12.7m€8.2m€2.6m€1.1m▼ 57.5%
Other amounts receivable41-€4.1m€1.0m€1.0m€2.0m▲ 90.3%
Cash at bank and in hand54/58€107,890€1.3m€237,118€47,028€59,108▲ 25.7%
Deferred charges and accrued income490/1-€726,568€754,075€906,433€382,819▼ 57.8%
Equity and liabilities
Total equity and liabilities10/49€24.9m€38.8m€22.5m€12.7m€8.8m▼ 30.3%
Equity10/15€7.0m€6.0m€5.3m€4.4m€3.9m▼ 12.3%
Contributions10/11€3.0m€3.0m€3.0m€3.0m€3.0m=
Capital10-€3.0m€3.0m€3.0m€3.0m=
Issued capital100-€3.0m€3.0m€3.0m€3.0m=
Reserves13€3.6m€3.6m€3.6m€3.6m€3.6m=
Non-distributable reserves130/1-€87,000€87,000€87,000€87,000=
Legal reserve130-€87,000€87,000€87,000€87,000=
Tax-exempt reserves132-€3.5m€3.5m€3.5m€3.5m=
Profit (loss) carried forward14€429,942-€618,157-€1.3m-€2.2m-€2.7m▼ 25.1%
Provisions and deferred taxes16€635,834€1.0m€251,834€251,834€251,834=
Provisions for liabilities and charges160/5-€1.0m€251,834€251,834€251,834=
Other liabilities and charges164/5-€1.0m€251,834€251,834€251,834=
Amounts payable17/49€17.2m€31.8m€17.0m€8.0m€4.7m▼ 41.2%
Amounts payable after more than one year17€11.4m€12.1m€13.0m€3.9m€3.3m▼ 16.3%
Financial debts170/4-€12.1m€13.0m€3.9m€3.3m▼ 16.3%
Leasing and similar obligations172-€2.7m€2.5m€2.2m€2.0m▼ 11.3%
Credit institutions173-€2.4m€2.1m€1.7m€1.3m▼ 22.9%
Other loans174-€7.0m€8.4m€0--
Amounts payable within one year42/48€5.9m€19.6m€4.0m€4.1m€1.4m▼ 65.0%
Current portion of amounts payable after more than one year42-€600,470€582,114€1.6m€639,231▼ 59.5%
Financial debts43-€8.9m€1.0m€0--
Credit institutions430/8-€8.9m€1.0m€0--
Trade debts44€4.0m€3.4m€1.3m€868,384€475,602▼ 45.2%
Suppliers440/4-€3.4m€1.3m€868,384€475,602▼ 45.2%
Advances received on contracts in progress46-€4.5m€0---
Taxes, remuneration and social security45-€1.7m€51,151€99,128€41,845▼ 57.8%
Taxes450/3-€1.6m€41,358€85,820€39,223▼ 54.3%
Remuneration and social security454/9-€21,622€9,792€13,307€2,622▼ 80.3%
Other amounts payable47/48-€553,251€1.0m€1.5m€274,379▼ 82.3%
Accrued charges and deferred income492/3-€37,910€10,418€5,589€5,604▲ 0.3%
Line20202021202220232024Change
Profit (loss) for the period9904€250,612-€1.0m-€686,982-€853,871-€542,824▲ 36.4%
+ Depreciation and write-downs630€1.0m€747,084€758,092€709,442€616,273▼ 13.1%
Operating cash flow (approximation)€1.3m-€301,015€71,110-€144,429€73,449▲ 151%
Investment in fixed assets (approximation)--€301,925-€27,775-€16,239-€5,046▲ 68.9%
Change in cash-€1.2m-€1.1m-€190,090€12,080▲ 106%

Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.

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Timeline · acts, filings and financial milestones

Next filing, fiscal year 2026, expected by 30-07-2027
2026
07-07
State Gazette act Reappointments: Maracana NV (director) and Minerva Management BV (director)
Permanent representatives: De Graeve Frank and De Graeve Dirk8 facts ▸
  • General meeting, 11-06-2026
  • Director reappointment, Maracana NV (director)
  • Permanent representative, De Graeve Frank (permanent representative)
  • Director reappointment, Minerva Management BV (director)
  • Permanent representative, De Graeve Dirk (permanent representative)
  • Board meeting, 11-06-2026
  • Director reappointment, Maracana NV (managing director)
  • Director reappointment, Minerva Management BV (managing director)
24-06
NBB filing Annual accounts filed
fiscal year 2025 · full schema
2025
30-06
NBB filing Annual accounts filed
fiscal year 2024 · full schema
2024
03-07
NBB filing Annual accounts filed
fiscal year 2023 · full schema
2023
29-07
NBB filing Annual accounts filed
fiscal year 2022 · full schema
2022
31-12
Financial Liquidity triplescurrent ratio 4.10
Current ratio from 1.63 to 4.10; short-term debt falls from €19.6m to €4.0m.
04-07
NBB filing Annual accounts filed
fiscal year 2021 · full schema
2021
31-12
Financial Weakest financial yearnet -€1.0m
Net result drops to -€1.0m, the lowest in the series; recovery starts the following year.
18-06
NBB filing Annual accounts filed
fiscal year 2020 · full schema
2020
13-01
NBB filing Annual accounts filed
fiscal year 2019 · full schema
2019
14-01
NBB filing Annual accounts filed
fiscal year 2018 · full schema
2018
11-01
NBB filing Annual accounts filed
fiscal year 2017 · full schema
2017
06-01
NBB filing Annual accounts filed
fiscal year 2016 · full schema
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
1 of 22 acts read
About the unread acts

Of the 22 Belgian State Gazette acts we know for this company, 1 has been read. The other 21 have not been read yet: what they contain is neither established nor disproved here.

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Directors · office · real estate

Directors
2 directors, 2 in day-to-day management, last change in 2026

Board 2

MARACANA
Director · since 11-06-2026 · Public limited company · perm. rep.: De Graeve Frank
Current
MINERVA MANAGEMENT
Director · since 11-06-2026 · Private limited company · perm. rep.: De Graeve Dirk
Current

Day-to-day management 2

MARACANA
Managing director · since 11-06-2026 · Public limited company · perm. rep.: De Graeve Frank
Current
MINERVA MANAGEMENT
Managing director · since 11-06-2026 · Private limited company · perm. rep.: De Graeve Dirk
Current

Permanent representatives 2

De Graeve Dirk
Permanent representative · since 11-06-2026 · for MINERVA MANAGEMENT
Current
De Graeve Frank
Permanent representative · since 11-06-2026 · for MARACANA
Current
Derived from published Gazette acts. The CBE keeps the official list of function holders; we do not read it, so the two can differ. See the function holders in the CBE →
Not every act has been read: a resignation may be missing here
21 of this company's 22 Belgian State Gazette acts have not been read yet. Appointments and resignations recorded in them are missing above: a director who resigned there may therefore still show here as sitting. The acts are in the Timeline.
Location & real-estate footprint
Registered office, Gent · 1 establishment unit since 1991
seat establishment The establishment unit on the map
Ground area
3,120 m²
Building footprint
891 m²
Volume, LiDAR
195 m³
Parcel 44062A0275/00F003, Flanders · tallest building 14.7 m. Linked by address, not a title deed.
23 companies at this address See who is registered here
1 establishment unit
BRUOCSELLA
Kortrijksesteenweg 1052, 9051 GentNACE 70201
since 19912.051.668.576
1 parcel
Flanders 1 (100%)
Parcel (capakey) Region Area Buildings Height / fl.
44062A0275/00F003 Flanders 3,120 m² 1 · 891 m² 14.7 m
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.

Mandate history

2 people since 2026, 2 in office
Show
  • Board
  • Day-to-day management
  • began earlier
Mandates per person, with start and end dates
Name Functions and periods
MARACANA
  • Director, already before 11-06-2026 to date
  • Managing director, already before 11-06-2026 to date
MINERVA MANAGEMENT
  • Director, already before 11-06-2026 to date
  • Managing director, already before 11-06-2026 to date
See the board, name and seat on a given date →

Articles of association

Who signs
“- Minerva Management BV (Ondernemingsnummer: 0400.080.755), met zetel te Bogaertstraat 23, 9830 Sint-Martens-Latem, vertegenwoordigd door haar vaste vertegenwoordiger, de heer De Graeve Dirk, wonende te Bogaertstraat 23, 9830 Sint-Martens-Latem, tot gedelegeerd bestuurder. Algemene…”
Full text

- Minerva Management BV (Ondernemingsnummer: 0400.080.755), met zetel te Bogaertstraat 23, 9830 Sint-Martens-Latem, vertegenwoordigd door haar vaste vertegenwoordiger, de heer De Graeve Dirk, wonende te Bogaertstraat 23, 9830 Sint-Martens-Latem, tot gedelegeerd bestuurder. Algemene vertegenwoordigingsbevoegdheid In overeenstemming met de statuten wordt de vennootschap in en buiten rechte vertegenwoordigd door hetzij twee bestuurders samen optredend, hetzij door het afzonderlijk optreden van een gedelegeerd bestuurder, aangewezen door de raad van bestuur. Dagelijks bestuur Voor daden van dagelijks bestuur wordt de vennootschap geldig vertegenwoordigd door een gedelegeerd bestuurder, afzonderlijk optredend. De persoon of personen gelast met het dagelijks bestuur zullen in deze hoedanigheid beschikken over alle machten van en over de maatschappelijke handtekening voor alle handelingen van het dagelijks bestuur, zonder beperking van bedrag. NV "MARACANA" gedelegeerd bestuurder vertegenwoordigd door Frank DE GRAEVE vaste vertegenwoordiger

Structure & network

Part of the group SERVICE & DEVELOPMENT GROUP BELGIUM 15 companies Group, risk and exposure

Owners and holdings

1 owner

Chain of control

  1. SERVICE & DEVELOPMENT GROUP BELGIUM 100%
  2. BRUOCSELLA

Highest known parent: SERVICE & DEVELOPMENT GROUP BELGIUM. The sources do not say who stands above it.

Owners 1

Holdings 0

No holding stated in the accounts, acts or LEI register we read.

According to the annual accounts of the other companies, the acts in the Belgian Gazette and the LEI register. 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.

Connections & network

2 current directors
Depth

The group is listed under Ownership & control below; here you explore it as a network.

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Similar companies · same sector, comparable size

Of 9,696 companies in sector 68121 we hold annual accounts for 7,392. 2,140 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector

Identification & contact

Identification
Legal formPublic limited company
Founded18-01-1991
Fiscal year end30-12
Activities, NACEBEL 2025
68121Development of residential building projects
E-invoicing
Reachable via Peppol
Peppol ID 0208:0443039877
Also 9925:BE0443039877
Registered 01-09-2025

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.