BRUSSELS SR
ActiveSummary
BRUSSELS SR has been active since 2017 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €1.3m and a net result of -€306,655. Equity is growing by ~15.5% per year across the filed fiscal years. Its solvency ranks better than 55% of 9341 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.6% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability8▼-68
Solvency63▲+6
Growth52▼-26
Track record100
Bankruptcy probability, 12 months
0.6%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €60,000 at 30 days acceptable
Liquidity short (current ratio 0.58 against 0.64 in 2024; short-term debt: 55.2% and cash: 7.3% of total assets), and 62.4% of the assets are financed with debt.
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Signals
Four 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 · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
37.6%
Return on assets
-8.8%
Age of the figures
9 mo
neutral · A punctual record breaks
This company filed 3 consecutive financial years on time. The year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 23-09-2026, 54 days late. Weigh it accordingly: a break into the 1-to-90-day band measures 1.41% abnormal legal state, below the 1.66% market average. It is a change in behaviour, not evidence of elevated risk.
NBB · 8 filingsDeviation from the deadline
2025
54 d late
2024
30 d early
2023
7 d early
2022
15 d early
2021
137 d late
2020
32 d late
2019
115 d late
← 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 41 days after 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 25 July (4 of the last 5 filed years within 60 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, abbreviated schema
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
-€306,655
2024 · €283,599
Working capital
-€817,473▲ 28.5%
2024 · -€1.1m
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
Operating result€878,064▲ 9.7%€509,279▼ 42.0%-€156,267€313,421-€404,461
Net result€645,759above the sector's middle half▲ 7.3%€366,116above the sector's middle half▼ 43.3%-€34,745below the sector's middle half€283,599above the sector's middle half-€306,655below the sector's middle half
Equity€1.0mwithin the sector's middle half▼ 6.6%€1.4mwithin the sector's middle half▲ 36.4%€1.3mwithin the sector's middle half▼ 2.6%€1.6mwithin the sector's middle half▲ 21.2%€1.3mabove the sector's middle half▼ 18.9%
Total assets€1.6mwithin the sector's middle half▼ 2.6%€2.8mwithin the sector's middle half▲ 76.6%€2.9mwithin the sector's middle half▲ 0.9%€5.1mwithin the sector's middle half▲ 77.9%€3.5mwithin the sector's middle half▼ 31.2%
Debt€595,922▲ 5.0%€1.5m▲ 144%€1.5m▲ 4.2%€3.5m▲ 128%€2.2m▼ 37.0%
Working capital€1.0mabove the sector's middle half▼ 4.1%€1.3mabove the sector's middle half▲ 21.4%-€520,129below the sector's middle half-€1.1mbelow the sector's middle half▼ 120%-€817,473below the sector's middle half▲ 28.5%
Solvency62.8%within the sector's middle half▼ 2.7pp48.5%within the sector's middle half▼ 14.3pp46.8%within the sector's middle half▼ 1.7pp31.9%within the sector's middle half▼ 14.9pp37.6%within the sector's middle half▲ 5.7pp
Current ratio3.98above the sector's middle half▲ 0.732.10within the sector's middle half▼ 1.880.58within the sector's middle half▼ 1.530.64within the sector's middle half▲ 0.060.58within the sector's middle half▼ 0.06
Return on assets (ROA)40.3%above the sector's middle half▲ 3.7pp12.9%above the sector's middle half▼ 27.4pp-1.2%within the sector's middle half▼ 14.2pp5.6%above the sector's middle half▲ 6.8pp-8.8%below the sector's middle half▼ 14.4pp
Staff (FTE)4.5within the sector's middle half▲ 4.7%3.8within the sector's middle half▼ 15.6%4.3within the sector's middle half▲ 13.2%3.8within the sector's middle half▼ 11.6%3.9above the sector's middle half▲ 2.6%
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.
Result per fiscal year
Operating resultNet result
The operating result turns negative in 2025: a loss of €404,461 after €313,421 in 2024, the lowest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €3.5m
Fixed assets
€2.4m ▼ 22.0%
Current assets
€1.1m ▼ 45.1%
Equity and liabilities €3.5m
Equity
€1.3m ▼ 18.9%
Debt
€2.2m ▼ 37.0%
Debt's share of the balance-sheet total falls from 68.1% to 62.4%. Equity and debt are lower.
Key figures and ratios
EBITDA
-€350,176▼
2024 · €370,405
Cash flow
-€252,369▼
2024 · €340,583
Debt to equity
1.66▼
2024 · 2.13
ROE
-23.3%▼
2024 · 17.5%
Interest coverage
-109.47▼
2024 · 70.05
Debt ≤ 1 year
€1.9m▼
2024 · €3.2m
Debt > 1 year
€64,530▼
2024 · €79,125
Income taxes
-€14,844▼
2024 · €108,422
Staff costs
€242,780▲
2024 · €235,550
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | €2,202 | €128 | €10,757 | - | - |
| Remuneration, social security and pensions62 | €201,049 | €186,670 | €239,912 | €235,550 | €242,780 | ▲ 3.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €37,506 | €77,963 | €68,167 | €56,984 | €54,286 | ▼ 4.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | €26,200 | - | €10,125 | - |
| Other operating charges640/8 | €25,023 | €16,946 | €4,907 | €2,549 | €6,507 | ▲ 155% |
| Non-recurring operating charges66A | - | - | €116,606 | €9,543 | - | - |
| Gross operating margin9900 | €1.1m | €790,857 | €299,525 | €618,047 | -€90,764 | ▼ 115% |
| Operating profit (loss)9901 | €878,064 | €509,279 | -€156,267 | €313,421 | -€404,461 | ▼ 229% |
| Financial income75/76B | €826 | €4,892 | €122,914 | €83,888 | €86,161 | ▲ 2.7% |
| Recurring financial income75 | €826 | €4,892 | €94,560 | €82,716 | €86,161 | ▲ 4.2% |
| Non-recurring financial income76B | - | - | €28,354 | €1,171 | - | - |
| Financial charges65/66B | €9,164 | €12,018 | €10,523 | €5,288 | €3,199 | ▼ 39.5% |
| Recurring financial charges65 | €9,164 | €12,018 | €10,523 | €5,288 | €3,199 | ▼ 39.5% |
| Profit (loss) for the period before taxes9903 | €869,727 | €502,153 | -€43,876 | €392,021 | -€321,499 | ▼ 182% |
| Income taxes67/77 | €223,967 | €136,036 | -€9,131 | €108,422 | -€14,844 | ▼ 114% |
| Profit (loss) for the period9904 | €645,759 | €366,116 | -€34,745 | €283,599 | -€306,655 | ▼ 208% |
| Profit (loss) for the period to be appropriated9905 | €645,759 | €366,116 | -€34,745 | €283,599 | -€306,655 | ▼ 208% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €1.6m | €2.8m | €2.9m | €5.1m | €3.5m | ▼ 31.2% |
| Fixed assets21/28 | €214,586 | €422,641 | €2.2m | €3.1m | €2.4m | ▼ 22.0% |
| Tangible fixed assets22/27 | €214,586 | €422,641 | €368,322 | €314,467 | €265,909 | ▼ 15.4% |
| Land and buildings22 | €24,437 | €21,264 | - | - | - | - |
| Plant, machinery and equipment23 | - | - | €2,119 | €1,173 | €228 | ▼ 80.6% |
| Furniture and vehicles24 | €31,257 | €36,023 | €24,814 | €13,267 | €10,244 | ▼ 22.8% |
| Other tangible fixed assets26 | €158,892 | €365,355 | €341,389 | €300,026 | €255,437 | ▼ 14.9% |
| Financial fixed assets28 | - | - | €1.8m | €2.7m | €2.1m | ▼ 22.7% |
| Current assets29/58 | €1.4m | €2.4m | €704,007 | €2.0m | €1.1m | ▼ 45.1% |
| Amounts receivable within one year40/41 | €378,348 | €1.6m | €640,488 | €2.0m | €845,622 | ▼ 57.2% |
| Trade receivables40 | €237,151 | €362,309 | €577,948 | €1.9m | €826,961 | ▼ 57.6% |
| Other amounts receivable41 | €141,198 | €1.3m | €62,540 | €29,015 | €18,661 | ▼ 35.7% |
| Cash at bank and in hand54/58 | €994,290 | €793,366 | €57,896 | €43,636 | €255,535 | ▲ 486% |
| Deferred charges and accrued income490/1 | €14,686 | €130 | €5,623 | €3,618 | €10,174 | ▲ 181% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €1.6m | €2.8m | €2.9m | €5.1m | €3.5m | ▼ 31.2% |
| Equity10/15 | €1.0m | €1.4m | €1.3m | €1.6m | €1.3m | ▼ 18.9% |
| Contributions10/11 | €18,800 | €18,800 | €18,550 | €18,550 | €18,550 | = |
| Reserves13 | €338,660 | €338,660 | €338,660 | €338,660 | €338,660 | = |
| Non-distributable reserves130/1 | €1,860 | €1,860 | - | €1,860 | €1,860 | = |
| Reserves not available under the articles1311 | €1,860 | €1,860 | - | €1,860 | €1,860 | = |
| Tax-exempt reserves132 | €336,800 | €336,800 | €336,800 | - | - | - |
| Distributable reserves133 | - | - | €1,860 | €336,800 | €336,800 | = |
| Profit (loss) carried forward14 | €648,529 | €1.0m | €979,900 | €1.3m | €956,844 | ▼ 24.3% |
| Amounts payable17/49 | €595,922 | €1.5m | €1.5m | €3.5m | €2.2m | ▼ 37.0% |
| Amounts payable after more than one year17 | €245,154 | €298,265 | €133,807 | €79,125 | €64,530 | ▼ 18.4% |
| Financial debts170/4 | €245,154 | €298,265 | €133,807 | €79,125 | €64,530 | ▼ 18.4% |
| Amounts payable within one year42/48 | €348,600 | €1.1m | €1.2m | €3.2m | €1.9m | ▼ 39.1% |
| Current portion of amounts payable after more than one year42 | €24,684 | €135,910 | €164,294 | €67,398 | €13,880 | ▼ 79.4% |
| Trade debts44 | €88,641 | €632,338 | €909,203 | €2.9m | €1.8m | ▼ 39.7% |
| Suppliers440/4 | €88,641 | €632,338 | €909,203 | €2.9m | €1.8m | ▼ 39.7% |
| Taxes, remuneration and social security45 | €233,969 | €371,520 | €148,088 | €130,776 | €128,749 | ▼ 1.5% |
| Taxes450/3 | €221,821 | €357,857 | €123,707 | €112,677 | €95,954 | ▼ 14.8% |
| Remuneration and social security454/9 | €12,148 | €13,663 | €24,380 | €18,098 | €32,795 | ▲ 81.2% |
| Other amounts payable47/48 | €1,306 | €5,673 | €2,550 | €30,125 | €14,165 | ▼ 53.0% |
| Accrued charges and deferred income492/3 | €2,168 | €13,148 | €159,465 | €210,448 | €186,806 | ▼ 11.2% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €645,759 | €366,116 | -€34,745 | €283,599 | -€306,655 | ▼ 208% |
| + Depreciation and write-downs630 | €37,506 | €77,963 | €68,167 | €56,984 | €54,286 | ▼ 4.7% |
| Operating cash flow (approximation) | €683,265 | €444,080 | €33,422 | €340,583 | -€252,369 | ▼ 174% |
| Investment in fixed assets (approximation) | - | -€286,019 | -€1.8m | -€959,762 | €616,141 | ▲ 164% |
| Change in cash | - | -€200,924 | -€735,470 | -€14,260 | €211,899 | ▲ 1,586% |
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
23-09
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema · 54 days late
2025
31-12
Financial
Weakest financial yearnet -€306,655
Net result drops to -€306,655, the lowest in the series.
01-07
NBB filing
Annual accounts filed
fiscal year 2024 · full schema
2024
31-12
Financial
Back to profitnet €283,599
Net result €283,599 after one loss-making year.
24-07
NBB filing
Annual accounts filed
fiscal year 2023 · full schema
2023
16-07
NBB filing
Annual accounts filed
fiscal year 2022 · full schema
2022
15-12
NBB filing
Annual accounts filed
fiscal year 2021 · full schema · 137 days late
2021
31-12
Financial
Highest result since 2018net €645,759 ▲7.3%
Operating result €878,064, net result €645,759, both a record.
01-09
NBB filing
Annual accounts filed
fiscal year 2020 · full schema · 32 days late
2020
31-12
Financial
Equity above €1mEq €1.1m ▲126%
3 profitable years in a row build equity to €1.1m.
23-11
NBB filing
Annual accounts filed
fiscal year 2019 · full schema · 115 days late
2019
31-12
Financial
Equity above €200,000Eq €475,951 ▲156%
2 profitable years in a row build equity to €475,951.
27-08
NBB filing
Annual accounts filed
fiscal year 2018 · full schema · 27 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 13 acts read
About the unread acts
We know of 13 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
13 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, Brussel · 1 establishment unit since 2017
Ground area
1,574 m²
Building footprint
1,579 m²
Volume, LiDAR
46,471 m³
Parcel 21807G0135/00T003, Brussels · tallest building 46.6 m, ±13 floors. Linked by address, not a title deed.
284
companies at this address
See who is registered here
1 establishment unit
BRUSSELS SR
since 20172.271.763.655
1 parcel
Brussels
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 21807G0135/00T003 | Brussels | 1,574 m² | 1 · 1,579 m² | 46.6 m · 13 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.
Structure & network
Part of the group
PHG ASSET MANAGEMENT
11 companies
Group, risk and exposure
Owners and holdings
2 ownersChain of control
- PHG ASSET MANAGEMENT
- MACAN.GROUP
- BRUSSELS SR
Highest known parent: PHG ASSET MANAGEMENT. The sources do not say who stands above it.
Owners 2
- MACAN.GROUPparent51%
-
49%
Holdings 0
The accounts to 31-12-2022 list no holdings, and no other source names one.
According to the 2022 annual accounts of BRUSSELS SR and those 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
No current directors or connected companies found in the register.
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Of 11,757 companies in sector 68310 we hold annual accounts for 6,914. 3,362 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
Founded05-12-2017
Fiscal year end31-12
Activities, NACEBEL 2025
68310Real estate agency activities
70200Business and other management consultancy
E-invoicing
Reachable via Peppol
Peppol ID
0208:0685652022
Registered
05-12-2025
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.