Turnover
€52.4m ▲ 63.2%
Turnover rose in 2025 from €32.1m to €52.4m.
CAAAP
Lifetime
13 annual accounts with figures on one time axispeak €52.4m (2025)
€52.4m▲ 63.2%
lowest -€1.3m (2020)
€819,743▲ 6.8%
peak €17.2m (2019)
€17.1m▲ 5.0%
€59.1m▲ 22.4%
peak 22.1 FTE (2022)
15.1 FTE▼ 13.7%
Board5 names since 2014
3 directorsMasiti BV and 2 others
Owners4 names in the annual accounts
70%ARTES GROUP and 1 other
Documentsfilings and deeds
07-07-202624 days before the deadline
2025financial year
Turnover from €32.1m to €52.4mStaff from 17.5 FTE to 15.1 FTEReappointment: Grant Thornton Bedrijfsrevisoren BV (statutory… 24-09Debts from €48.3m to €59.1mCash from €7.2m to €2.7m
Key points
from the 2025 annual accountsDebts
€59.1m 77% of the balance sheet
Financial debts 39%Suppliers 30%Taxes and wages 1%Other 30%
Of this, €57.6m falls due within a year.
Staff
15.1 FTE from 22.1 in 2022
Between 2022 and 2025, 32% of the full-time equivalents disappeared.
Payment terms
101 days to suppliers
CAAAP pays its suppliers 23 days earlier than in 2024. Customers pay 14 days later.
At the same address
13 companies
Position in the sector
€17.1m
More equity than 90% of companies in real estate. Sector median €942,893 · 5,811 companies.
Standalone figures, without subsidiaries
Group, consolidated 2025: turnover €60.2m, result €260,000
Checked score
85
Excellent
Financially stronger than 37% of small companies in real estate (NACE 68)
Probability in this band: under 0.55%
Bankruptcy probability within 12 months
0.3% Very low
0%0.5%1.5%4%10%≥ 25%
The dashed line is the sector median: 0.1% across 6,997 companies (NACE 68, small).
About 3 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
Last 24 months
12-2024: 0.1%
01-2025: 0.1%● unchanged vs 12-2024
02-2025: 0.1%● unchanged vs 01-2025lowest value
03-2025: 0.1%● unchanged vs 02-2025lowest value
04-2025: 0.1%● unchanged vs 03-2025
05-2025: 0.1%● unchanged vs 04-2025
06-2025: 0.1%● unchanged vs 05-2025
07-2025: 0.1%● unchanged vs 06-2025
08-2025: 0.1%● unchanged vs 07-2025
09-2025: 0.1%● unchanged vs 08-2025
10-2025: 0.1%● unchanged vs 09-2025
11-2025: 0.1%● unchanged vs 10-2025
12-2025: 0.1%● unchanged vs 11-2025
01-2026: 0.1%● unchanged vs 12-2025
02-2026: 0.1%● unchanged vs 01-2026
03-2026: 0.1%● unchanged vs 02-2026
04-2026: 0.1%● unchanged vs 03-2026
05-2026: 0.1%● unchanged vs 04-2026
06-2026: 0.1%● unchanged vs 05-2026
07-2026: 0.1%● unchanged vs 06-2026
08-2026: 0.3%▲ +0.2 percentage points vs 07-2026highest value
09-2026: 0.3%● unchanged vs 08-2026highest value
10-2026: 0.3%● unchanged vs 09-2026highest value
11-2026: 0.3%● unchanged vs 10-2026highest value
Financial strengthWeak
Score breakdown
raises risk
Liquidity: current ratio 1.30, cash €2.7m, halved
Equity €17.1m (22.4% of total assets)
lowers risk
Figures for financial year 2025 (filed on 07-07-2026)
Legal form: public limited company
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, small). It does better than 42% of them on solvency, 11% on liquidity, 19% on profitability and 77% on growth.
The bankruptcy probability was computed on 07-11-2026 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 very low class on 30-06-2025, 0.1% 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).
Comparable companies, two years later
In July 2024, 4,107 companies had the same profile as CAAAP has now. Each dot stands for 11 companies, two years later.
98.0%
were still trading
0.9%
stopped another way
1.0%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of CAAAP itself: 0.3% within 12 months.
Test of the method
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 4,107 companies, not a prediction for CAAAP. 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.
Credit verdict
Credit of up to €1,450,000 on 30-day terms is acceptable
Liquidity is tight, with a current ratio of 1.3 (1.33 in 2024), below the usual 1.5. Short-term debt is 75.5% and cash 3.5% of total assets. 77.6% of the assets are financed with debt and provisions.
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The scores and ratios are Checked's own calculations, not a credit decision.
Signals
Six signals.
lowers riskraises riskneutral
lowers risk · Growing equity
Reported equity is higher than in 2023 and did not fall compared with 2024. These amounts do not establish the cause of the change.
NBB · annual accounts 2025Equity per financial year
1819202122232425
2018 to 2025 · latest year €17.1m
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 07-07-2026, 24 days ahead of the deadline.
NBB · 5 filingsDeviation from the deadline
2025
24 days early
2024
30 days early
2023
44 days early
2022
42 days early
2021
46 days early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
The company filed its last 5 accounts on average 37 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)
neutral · Next filing not due yet
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today. The company usually files around 19 June (5 of the last 5 accounts filed within 30 days either side of that date).
Companies Code · seven monthsWhere today falls in the filing period
08-11-2026 today31-12-2026 year end31-07-2027 deadline
Board and ownership
- ARTES GROUP 70%score 94equity €70.5m (2025) · 2025 annual accounts of ARTES GROUP
- MASITI 30%score 92equity €3.8m (2026) · 31-03-2026 annual accounts of MASITI
Shares in 6 companies, including PANNENKOT and Oleander
Board & ownershipRecent changes
Environmental permit granted
Bouwen of herbouwen, Functiewijziging zonder verbouwingswerken · Kortrijk
Environmental permit granted
Slopen van niet vrijstaande gebouwen of constructies · Lier
Environmental permit granted
Bouwen of herbouwen · Lier
Reappointment: Grant Thornton Bedrijfsrevisoren BV (statutory auditor)
Permanent representative: Ria Verheyen · General meeting of 28-05-2025 · Gazette deed
Comparable companies
same main activity, similar in size and age| Company | ||||
|---|---|---|---|---|
| CAAAP Ghent | €52.4m | 1.5% | 22.4% | 15.1 |
| evillas Sint-Pieters-Leeuw | €30.4m | 2.5% | 16.2% | 9.9 |
| HECTAAR Roeselare | €47.1m | 17.5% | 66.4% | 21.9 |
| CORES DEVELOPMENT Antwerp | €10.0m | 97.1% | 51.1% | 17.6 |
| HYBOMA Kortemark | €50.4m | 10.1% | 32.5% | 29 |
| IMMOBEL Project Management Brussels | €11.1m | 20.4% | -6.1% | 17.7 |
| Pyloon Izegem | €19.0m | 9.4% | 15.3% | 16.7 |
Grey: the largest companies of the sector (real estate (NACE 68)), without their names. Blue: the sector peers from the table.
These companies have the same main activity as CAAAP: development of residential building projects (NACE 68121). They are comparable in size and age: total assets between €20m and €75m, founded between 2001 and 2011.
Official details
Source: KBO- Status
- Active since 18-12-2012Normal situation
- Registered office
- 14 active companies are registered at this addressSource: KBO register, as of 8 November 2026.
- Activity
- Development of residential building projectsNACE 68121and 1 other
- Joint committee
- 323Building management, estate agents and domestic staff · annual accounts 2025
- Establishment unit
- 2.216.364.8769051 Ghent, since 01-01-2013
- Financial year end
- 31 December
- Peppol
- Reachable
Annual accounts 2025
- €76.3m▲ 18.0%
- Employeeson 31-12-2025
- 14▼ 22.2%
- Filing
- Filed on 07-07-2026, 24 days before the end of the filing period
Companies linked to CAAAP
Parent and group
Subsidiaries and holdings
Insights on CAAAP
CAAAP has existed since 2012. The present size dates from 2021. Turnover rose that year from €9.2m to €23.6m.
ARTES GROUP holds 70% of the shares. In November 2024, the Official Gazette published the appointment of Masiti BV as managing director.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette. Click a figure with a dotted line for the item and the filing.
Key facts about CAAAP
- What is the company number of CAAAP?
- The company number of CAAAP is 0508.557.736. The VAT number is the same number with BE in front: BE 0508.557.736.
- Where is CAAAP based?
- The registered office is at Poortakkerstraat 94, 9051 Ghent.Company details
- What does CAAAP do?
- According to the KBO register, the main activity is development of residential building projects (NACE 68121).
- What is the legal form of CAAAP?
- CAAAP is a public limited company (NV).
- When was CAAAP founded?
- CAAAP was founded on 18-12-2012.
- Is CAAAP still active?
- Yes, CAAAP is an active enterprise in the KBO register.
- How many employees does CAAAP have?
- CAAAP had an average of 15.1 full-time equivalents in financial year 2025, according to the filed annual accounts.Financials
- Which joint committee does CAAAP fall under?
- In its 2025 annual accounts, CAAAP states joint committee 323 (Building management, estate agents and domestic staff).
- What is the turnover of CAAAP?
- The turnover of CAAAP was €52.4m in financial year 2025, according to the filed annual accounts.
- Is CAAAP profitable?
- In financial year 2025, CAAAP made a profit of €819,743.
- Where can I find the annual accounts of CAAAP?
- CAAAP filed 24 annual accounts with the National Bank of Belgium, the latest for financial year 2025.
- When are the next annual accounts of CAAAP due?
- CAAAP must file the annual accounts for financial year 2026 by 31-07-2027.Timeline
Next steps
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