Bunders
ActiveFrom the official registers: KBO 5 annual accounts at the National Bank publications in the Belgian Official Gazette
Summary
Bunders has been active since 2020 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €422,784 and a net result of €26,318. Equity has been growing by about 28% per year since 2021. Its solvency ranks better than 59% of 11,235 sector peers (NACE 68, financial year 2025). The computed 12-month bankruptcy probability is 0.1% (very low).
Overview
Overview
Official details
KBO- Status
- Active since 10-07-2020 Normal situation
- Activity
- Buying and selling of own real estate NACE 68110and 2 others
- Establishment unit
- 2.305.417.509 3500 Hasselt, since 10-07-2020
- Financial year end
- 31 December
- Peppol
- Reachable since 28-10-2025
Financial position
- Bankruptcy probabilitywithin 12 months
- 0.1%
- Gross margin
- €79,415
- ▲ 171%
- Turnover
- ≈ €200,000
- estimated
- Profit
- €26,318
- Equity
- €422,784
- ▲ 6.6%
- Total assets
- €1.0m
- ▼ 21.0%
Score breakdownraises riskFounded in 2020lowers riskSize: total assets €1.0mSector: Real estate activities (NACE 68)Figures for financial year 2025 (filed on 01-03-2026)Show the evidence
Checked score
Fewer than 1 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
Calculation
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 58% of them on solvency, 67% on liquidity, 35% on profitability and 61% on growth.
The bankruptcy probability was computed on 31-10-2026 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.
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).
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The scores and ratios are Checked's own calculations, not a credit decision.
Signals
The company filed its last 5 accounts on average 78 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.
Searched, nothing found (2)
Financials
Financials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 27-02-2026 PDF all 5 filings
2021 to 2025, 5 financial years
The operating result for 2025 is 4.6 times that of 2024 and the highest since 2021. It is the second rise in a row, after the fall in 2023.
Turnover is what the company sold, the result is what was left of it. A loss stands below the zero line.
Assets, equity and debt per financial year.
Above zero, the company can pay its short-term debts with what it holds in the short term.
The EBIT margin is the share of each euro of turnover left from operations. The return on assets is what the assets earn.
The higher the solvency, the better the company absorbs a setback.
A ratio above 1 means the short-term assets cover the short-term debts.
Use the arrow keys on the chart for the figures per year.
The sector band is the middle half of the companies in Real estate activities (NACE 68). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30. The dashed line is the median. There is a sector band for net result, equity, total assets, working capital, solvency, current ratio and return on assets (ROA).
Comparable companies
These companies have the same main activity as Bunders: buying and selling of own real estate (NACE 68110). They are comparable in size and age: total assets between €902,000 and €1.2m, founded between 2019 and 2021.
| Company | Founded | Total assets | Equity | Gross margin | Net result | FTE | Financial year |
|---|---|---|---|---|---|---|---|
| Bunders Hasselt | 2020 | €1.0m | €0.4m | €0.08m | €0.03m | - | 2025 |
| AG Stone Hasselt | 2020 | €1.2m | €0.3m | €0.1m | €0.04m | 0 | 2024 |
| CARIOS GROEP Oudsbergen | 2020 | €1.1m | €0.2m | €0.09m | €0.02m | - | 2025 |
| MALEIN Sint-Truiden | 2019 | €0.9m | €0.4m | €0.08m | €0.01m | - | 2025 |
| BGI Veurne | 2020 | €1.0m | €0.2m | €0.09m | -€0.001m | - | 2025 |
| ALVASS Sint-Lambrechts-Woluwe | 2020 | €0.9m | €0.2m | €0.1m | €0.07m | - | 2025 |
| COUNTRY LODGES COLLECTION Ukkel | 2021 | €1.0m | -€0.2m | €0.08m | €0.002m | - | 2025 |
They were chosen from the 5,832 other active companies with that main activity and annual accounts from the past two years. All companies with this main activity
Companies with the same profile, two years later
Historical observationIn July 2024, 1,639 companies had the same profile as Bunders has now. Two years later, 0.5% had gone bankrupt and 95.5% were still going.
- Small
- 5 to 10 years old
- solvency 30% or more
- a profit under 5% of the balance sheet
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of Bunders itself: 0.1% within 12 months.
Test of the method
The method was tested on the 497,445 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 1,639 companies, not a prediction for Bunders. 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.
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €363 | €250 | €14,566 | €12,232 | €12,417 | ▲ 1.5% |
| Other operating charges640/8 | €757 | €410 | €464 | €2,949 | €1,755 | ▼ 40.5% |
| Gross operating margin9900 | -€1,123 | -€890 | -€22,305 | €29,304 | €79,415 | ▲ 171% |
| Operating profit (loss)9901 | -€2,243 | -€1,549 | -€37,335 | €14,123 | €65,242 | ▲ 362% |
| Financial charges65/66B | €371 | €24 | €43,110 | €58,025 | €38,925 | ▼ 32.9% |
| Recurring financial charges65 | €371 | €24 | €43,110 | €58,025 | €38,925 | ▼ 32.9% |
| Profit (loss) for the period before taxes9903 | -€2,614 | -€1,573 | -€80,445 | -€43,902 | €26,318 | - |
| Profit (loss) for the period9904 | -€2,614 | -€1,573 | -€80,445 | -€43,902 | €26,318 | - |
| Profit (loss) for the period to be appropriated9905 | -€2,614 | -€1,573 | -€80,445 | -€43,902 | €26,318 | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €0.3m | €0.3m | €1.3m | €1.3m | €1.0m | ▼ 21.0% |
| Formation expenses20 | €0.001m | €0.001m | €387 | €137 | €0 | ▼ 100% |
| Fixed assets21/28 | - | - | €0.4m | €0.5m | €0.5m | ▼ 2.6% |
| Tangible fixed assets22/27 | - | - | €0.4m | €0.5m | €0.5m | ▼ 2.6% |
| Land and buildings22 | - | - | €0.4m | €0.5m | €0.5m | ▼ 2.6% |
| Current assets29/58 | €0.3m | €0.3m | €0.9m | €0.8m | €0.6m | ▼ 31.4% |
| Stocks and contracts in progress3 | €0.3m | €0.3m | €0.8m | €0.8m | €0.5m | ▼ 36.7% |
| Stocks30/36 | €0.3m | €0.3m | €0.8m | €0.8m | €0.5m | ▼ 36.7% |
| Amounts receivable within one year40/41 | - | - | €0.002m | €0.005m | €0.006m | ▲ 35.4% |
| Trade receivables40 | - | - | - | €0.003m | €0.006m | ▲ 129% |
| Other amounts receivable41 | - | - | €0.002m | €0.002m | €0 | ▼ 100% |
| Cash at bank and in hand54/58 | €0.003m | €0.002m | €0.05m | €0.01m | €0.05m | ▲ 334% |
| Deferred charges and accrued income490/1 | - | - | €472 | €483 | €0.001m | ▲ 5.2% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €0.3m | €0.3m | €1.3m | €1.3m | €1.0m | ▼ 21.0% |
| Equity10/15 | €0.02m | €0.02m | €0.4m | €0.4m | €0.4m | ▲ 6.6% |
| Contributions10/11 | €0.03m | €0.03m | €0.5m | €0.5m | €0.5m | = |
| Profit (loss) carried forward14 | -€0.003m | -€0.004m | -€0.08m | -€0.1m | -€0.1m | ▲ 20.5% |
| Amounts payable17/49 | €0.3m | €0.3m | €0.8m | €0.9m | €0.6m | ▼ 33.3% |
| Amounts payable after more than one year17 | €0.3m | €0.3m | €0.8m | €0.8m | €0.5m | ▼ 35.4% |
| Financial debts170/4 | €0.3m | €0.3m | €0.8m | €0.8m | €0.5m | ▼ 35.8% |
| Other amounts payable178/9 | - | - | - | €0.009m | €0.009m | = |
| Amounts payable within one year42/48 | - | - | €0.02m | €0.06m | €0.05m | ▼ 8.8% |
| Current portion of amounts payable after more than one year42 | - | - | €0.01m | €0.01m | €0.01m | ▲ 4.3% |
| Trade debts44 | - | - | €20 | €0.003m | €0.002m | ▼ 33.1% |
| Suppliers440/4 | - | - | €20 | €0.003m | €0.002m | ▼ 33.1% |
| Taxes, remuneration and social security45 | - | - | €0.01m | €0.01m | €0.01m | ▼ 22.8% |
| Taxes450/3 | - | - | €0.01m | €0.01m | €0.01m | ▼ 22.8% |
| Other amounts payable47/48 | - | - | - | €0.03m | €0.03m | ▼ 5.7% |
| Accrued charges and deferred income492/3 | - | - | €0.03m | €0.03m | €0.02m | ▼ 24.3% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€2,614 | -€1,573 | -€80,445 | -€43,902 | €26,318 | - |
| + Depreciation and write-downs630 | €363 | €250 | €14,566 | €12,232 | €12,417 | ▲ 1.5% |
| Operating cash flow (approximation) | -€2,251 | -€1,323 | -€65,879 | -€31,670 | €38,735 | - |
| Investment in fixed assets (approximation) | - | - | - | -€53,487 | -€137 | ▲ 99.7% |
| Change in cash | - | -€1,323 | €48,883 | -€40,273 | €36,062 | - |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Filings with the National Bank (5)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 27-02-2026 | 2026-00046175 | |
| 31-12-2024 | abbreviated format | 21-03-2025 | 2025-00052308 | |
| 31-12-2023 | abbreviated format | 27-06-2024 | 2024-00169577 | |
| 31-12-2022 | abbreviated format | 21-06-2023 | 2023-00146038 | |
| 31-12-2021 | abbreviated format | 30-06-2022 | 2022-20112604 |
Board & ownership
Directors
Owners and capital
Shareholders
- Alain Pauwen €500,000 in cash
- Alain Pauwen
Network & group
Bunders shares no director with another company.
Connections & network
1 current directorThe network starts from the directors of Bunders. Every other company they run is a node.
Timeline
Acts, filings and financial milestones
02-01
Gazette deed
MiscellaneousCapital contribution · Shareholding · Power of attorney10 points ▸
- General meeting, 19-12-2023
- Capital contribution, €500,000
- Other provision, “no issue of new shares” (deed in Dutch)
- Other provision, “reporting obligation not applicable, geen uitgifteprijs van nieuwe aandelen,geen gevolgen voor vermogens- en lidmaatschapsrechten,slechts één aandeelhouder” (deed in Dutch)
- Alain Pauwen is a shareholder
- Other provision, “deferred payment no payment yet”, 500000 (deed in Dutch)
- Other provision, “no bank certificate required, nog geen storting werd uitgevoerd” (deed in Dutch)
- Other provision, “booking, niet-opgevraagde inbrengen” (deed in Dutch)
- Power of attorney
- Other provision, “full placement confirmed”, 500000 (deed in Dutch)
Sources:Publications in the Belgian Official GazetteFilings with the National Bank
History
Company details
Register details
Identity
KBO recordRegistered office and establishments
Activities
NACEBEL 2025Invoicing and payment
Financial year and general meeting
Accounts at the NBBSites & property
1 establishment unit
Buildings and parcels at the address
1 parcel
| Cadastral parcel | Region | Area | Buildings | Height / floors |
|---|---|---|---|---|
| 71322B0226/00F004 | Flanders | 2,538 m² | 1 · 240 m² | 4.9 m · 1 |