Equity
-€408,489 from €206,013 in 2022
Equity fell below zero in 2024.
Capstone Development Group
Overview
Information for creditors
Enterprise Court of Leuven · Official Gazette of 22-10-2025Appeal or third-party opposition 06-11-2025Filing the claim in RegSol 15-11-2025First verification report 25-11-2025Late claim 16-10-2026
Trustees: Dirk De Maeseneer, Sven De Maese- Neer, Steven Nysten. The judgment is more than a year old. A claim can no longer be filed, not even late. The trustee knows whether anything will still be paid out.
Lifetime
4 annual accounts with figures on one time axispeak €610,691 (2021)
-€89,459▼ €230,234
lowest -€420,401 (2024)
-€420,401▼ €226,299
peak €206,013 (2022)
-€408,489▼ €420,401
€612,632▼ 67.0%
peak 4 FTE (2021)
-not published
Board1 name since 2020
-
Documentsfilings and deeds
10-09-202541 days late
2024micro format
Plan approval refused 02-09Judicial reorganisation opened 13-06Gross margin from €140,776 to -€89,459Loss of €420,401Equity from €11,911 to -€408,489Debts from €1.9m to €612,632
Key points
from the 2024 annual accounts, the last ones filedResult
-€420,401 ▼ 117%
The result fell in 2024: different schema filed.
Debts
€612,632 300% of the balance sheet
Financial debts 4%Suppliers 38%Taxes and wages 37%Other 21%
Of this, €577,592 falls due within a year.
Liquidity
0.08 was 0.91 in 2023
Short-term debts fell from €1.8m to €577,592.
Filings
4 annual accounts 3 late
The 2023 accounts came latest: 293 days after the end of the period.
Final months
496 days from reorganisation to bankruptcy
No scoreTurnover not published (abbreviated or micro format)
Recent changes
Address struck
Broekstraat 2 bus 7 L’adresse du siège Broekstraat 2 boîte 7 3300 Broekstraat 2 Bfk. 7 3300,
3300 Tienen werd doorgehaald met ingang Tienen · effective 06-05-2026 · KBO administration
Bankruptcy published
Enterprise Court of Leuven · judgment of 16-10-2025 · Bankruptcy
Reorganisation plan revoked
Enterprise Court of Antwerp, Hasselt division · judgment of 12-09-2025 · Judicial reorganisation
Lekeu, Gilles (sole trader) at this address
Establishment
Official details
Source: KBO- Status
- In bankruptcydeclared bankrupt on 16-10-2025
- Legal form
- Private limited company
- Activity
- Development of residential building projectsNACE 68121and 1 other
- Establishment unit
- 2.304.825.9083560 Lummen, since 12-06-2020
- Financial year end
- 31 December
- Peppol
- Not found in the Peppol Directory
Annual accounts 2024
- -€89,459
- €420,401▲ 117%
- -€408,489
- €204,143▼ 89.1%
- ≈ 0 FTEestimated
- Filing
- Filed on 10-09-2025
Insights on Capstone Development Group
Equity fell from €206,013 in 2022 to -€408,489 in 2024.
On 7 June 2024 the court opened a judicial reorganisation. 496 days later came the bankruptcy.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette.
Financials
Annual accounts 2024
micro format, filed on 10-09-2025, 41 days late-€89,459
▼ €230,234
-€139,425
▲ €43,394
-€90,230
▲ €40,500
-€371,205
▼ €229,192
-200.1%
▼ 200.7 percentage points
0.08
▼ 0.83
Money flows
no detail for 2024Balance sheet
balance sheet total €204,143 on 31-12-2024What the company ownsHow it is paid for
in euro
in euro
Position in the sector
-200.1%
Lower than 95% of 19,156 companies in 2024.
0.08
Higher than 10% of 18,317 companies in 2024.
-205.9%
Lower than 95% of 18,795 companies in 2024.
Capstone Development Group
Middle half of the sector
80% of the sector
Micro accounts in real estate (NACE 68)
Net result: bottom quarter · Equity: bottom quarter · Balance sheet total: middle half · Working capital: bottom quarter
Staff
Staff costs divided by the average number of full-time equivalents.
people who joined
people who left
Filed annual accounts
as filed with the National Bank, click a year to choose it| Line | Trend | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Balance sheet: assets | |||||
20/58 |
204,143 | 1.9m | 1.1m | 2.8m | |
20 |
663 | 772 | 880 | 988 | |
21/28 |
157,204 | 206,291 | 255,488 | 273,520 | |
21 |
6,374 | 12,951 | 19,527 | 26,103 | |
22/27 |
114,429 | 156,941 | 200,561 | 212,017 | |
23 |
7,719 | 17,151 | 27,171 | 32,503 | |
24 |
82,530 | 107,178 | 131,826 | 146,977 | |
26 |
24,180 | 32,612 | 41,564 | 32,536 | |
28 |
36,400 | 36,400 | 35,400 | 35,400 | |
29/58 |
46,276 | 1.7m | 849,490 | 2.5m | |
40/41 |
45,783 | 1.7m | 790,285 | 2.5m | |
40 |
4,095 | 1.6m | 734,416 | 2.5m | |
41 |
41,688 | 29,476 | 55,869 | 43,751 | |
54/58 |
0 | 0 | 50,482 | 14,351 | |
490/1 |
493 | 493 | 8,723 | - | |
| Balance sheet: equity and liabilities | |||||
10/49 |
204,143 | 1.9m | 1.1m | 2.8m | |
10/15 |
-408,489 | 11,911 | 206,013 | 96,312 | |
10/11 |
1,000 | 1,000 | 1,000 | 1,000 | |
14 |
-409,489 | 10,911 | 205,013 | 95,312 | |
17/49 |
612,632 | 1.9m | 899,844 | 2.7m | |
17 |
- | - | 257,764 | 1.6m | |
170/4 |
- | - | 257,764 | 1.6m | |
42/48 |
577,592 | 1.8m | 632,919 | 1.2m | |
43 |
24,437 | 9,030 | - | - | |
430/8 |
24,437 | 9,030 | - | - | |
44 |
233,484 | 761,697 | 444,762 | 1.0m | |
440/4 |
233,484 | 761,697 | 444,762 | 1.0m | |
45 |
223,821 | 233,040 | 72,074 | 98,274 | |
450/3 |
122,563 | 122,563 | 48,560 | 78,327 | |
454/9 |
101,258 | 110,477 | 23,515 | 19,947 | |
47/48 |
95,850 | 827,842 | 116,083 | 28,855 | |
492/3 |
35,040 | 24,680 | 9,161 | 7,500 | |
| Income statement | |||||
70 |
- | - | - | 2.5m | |
9900 |
-89,459 | 140,776 | 370,956 | 610,691 | |
60/61 |
- | - | - | 1.8m | |
62 |
771 | 263,125 | 171,888 | 261,023 | |
630 |
49,196 | 52,089 | 50,842 | 49,354 | |
640/8 |
- | 8,381 | 12,215 | 11,424 | |
9901 |
-139,425 | -182,819 | 136,012 | 288,890 | |
75/76B |
- | - | 7,710 | 0 | |
75 |
- | - | 7,710 | 0 | |
65/66B |
280,975 | 11,283 | 9,991 | 139,426 | |
65 |
451 | 11,283 | 9,991 | 139,426 | |
66B |
280,524 | - | - | - | |
9903 |
-420,401 | -194,102 | 133,730 | 149,464 | |
67/77 |
- | - | 24,029 | 54,152 | |
9904 |
-420,401 | -194,102 | 109,702 | 95,312 | |
9905 |
-420,401 | -194,102 | 109,702 | 95,312 | |
| Appropriation of the result | |||||
9906 |
-409,489 | 10,911 | 205,013 | 95,312 | |
14P |
10,911 | 205,013 | 95,312 | - | |
| Social balance sheet | |||||
9087 |
- | 4 | 2.9 | 4 | |
Hours worked1013 |
- | - | 4,460 | 6,523 | |
| Document | |||||
The notes to these accounts have 8 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the filed accounts (PDF).
Source: Annual accounts 2024 (PDF), filed on 10-09-2025.
Filings
each dot is a set of accounts, on the day it reached the National Bank2024 annual accounts filed 41 days after the deadline. Filed on 10 September 2025, deadline 31 July 2025 (7 months after the close on 31 December 2024, Companies Code art. 3:10). Source: NBB, 2025-00489069.
Subsidies and aid
Flemish government 2022, 1 entry, €135 awarded, €135 paid
Key figures and ratios
per financial year, computed from the annual accounts| Line | Trend | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| -90,230 | -130,730 | 186,854 | 338,243 | ||
| -371,205 | -142,013 | 160,544 | 144,666 | ||
| 108 | 2,784 | 32,702 | 322,779 | ||
| 0 | -50,482 | 36,131 | - | ||
| -531,316 | -170,471 | 216,571 | 1.4m | ||
| - | - | - | 11.8% | ||
| -200.1% | 0.6% | 18.6% | 3.4% | ||
| 0.08 | 0.91 | 1.34 | 2.21 | ||
| - | - | 4.37 | 28.31 | ||
| - | - | 53.2% | 99.0% | ||
| -205.9% | -10.4% | 9.9% | 3.4% | ||
| -199.93 | -11.59 | 18.70 | 2.43 | ||
| - | - | - | 371 days | ||
| - | - | - | 203 days |
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.
Social balance sheet
| Item | 31-12-2022 | 31-12-2021 |
|---|---|---|
| Employees at the balance-sheet date | 4 | 7 |
| full-time | 4 | 5 |
| part-time | - | 2 |
| in full-time equivalents | 4 | 6.8 |
| 2.9 | 4.4 | |
| On a permanent contract | 4 | 7 |
| Joined | 4 | 6 |
| Left | 2 | 3 |
Source: social balance sheet in the 2021 to 2022 annual accounts
Overdue debts
tax and social security| Item | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|
| Overdue tax debts | - | - | - | €18,239 |
| Overdue social security (RSZ) debts | - | - | - | €1,394 |
Source: notes to the 2021 to 2024 annual accounts (statement of debts)
Investments
fixed assets acquired| Item | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|
| Tangible fixed assets | - | €1,784 | €32,702 | €254,498 |
| Intangible fixed assets | - | - | - | €32,881 |
| Financial fixed assets | - | €1,000 | - | €35,400 |
| €49,196 | €52,089 | €50,842 | €49,354 |
Source: notes to the 2021 to 2024 annual accounts (statement of fixed assets)
Insights on Capstone Development Group
The operating result for 2024 is a loss of €139,425, smaller than the loss of €182,819 in 2023.
Equity is negative. Debt (€612,632) exceeds the balance-sheet total (€204,143).
Large changes and their cause
- 2024 Net result -117% on 2023. The accounts now follow the micro format, last year the abbreviated format.
Board & ownership
Curators
the curators have managed the company since 16-10-2025Last board
- Signing authorityThe articles say who may bind the company, for example by signing a contract.
- Each director alonedeed of 16-06-2020
Mandates through the years
1 name, the dashed line is todayPALMANS Davy
Director (not named in the articles)
Director (not named in the articles)
Earlierend not datedBankruptcy 16-10-2025
Mandates as a list
- PALMANS Davy
- Director (not named in the articles), appointed by deed of 16-06-2020, last mentioned in 2020
Control
Capital
- Contribution
- €1,000
- Shares
- 1,000
- Contribution per share
- €1
- Equity per share
- -€408 in 2024
- Source
- deed of 16-06-2020
Articles of association
deed of 16-06-2020 (in Dutch)- DurationMost companies exist for an unlimited period, until they are dissolved.
- Unlimited
- Board ruleThese rules set how the board is made up, meets and takes decisions.
- At least 1 director
- Annual meetingThe shareholders approve the annual accounts, among other things, at the annual meeting.
- Third Sunday of April at 12:00
Shareholders
At incorporation
deed of 16-06-2020 ↗
- PALMANS Davy 1,000 shares (100%) · €1,000
Network & group
No group
Capstone Development Group has no parent and no holdings in its annual accounts.
At the same address
5 other companies| CEKE FARM
registered office since 01-06-2006 · founded in 2006 · negative equity (2025) |
total assets €285,374 (2025) 0881.830.166 |
| IMMO CEKE
registered office since 07-12-2011 · founded in 2011 · negative equity (2025) |
total assets €188,964 (2025) 0841.972.470 |
| CEKE+
registered office since 12-07-2013 · founded in 2013 |
total assets €54,840 (2025) 0536.656.854 |
| Lekeu, Gilles (sole trader)
establishment since 19-08-2025 |
founded in 2025 1026.632.063 |
| VERENIGING VAN MEDE-EIGENAARS VAN RESIDENTIE CAI TE 3300 TIENEN, BROEKSTRAAT 2 - PEPERSTRAAT 1
registered office since 23-08-2021 |
founded in 2021 0775.886.271 |
Earlier ties
| DP Investment Holding via PALMANS Davy, at Capstone Development Group, last mentioned in 2020 · Director (not named in the articles) · deed of 15-06-2020 Open bankruptcy · founded in 2020 |
total assets €41.6m (2024) |
| SB PROPERTIES via PALMANS Davy, at Capstone Development Group, last mentioned in 2020 · Director · deed of 11-01-2024 Open bankruptcy · founded in 2021 |
total assets €27.4m (2022) |
| Waterside Living Properties via PALMANS Davy, at Capstone Development Group, last mentioned in 2020 · Director · deed of 08-05-2020 Open bankruptcy · founded in 2020 |
total assets €26.4m (2024) |
| MB PROPERTIES via PALMANS Davy, at Capstone Development Group, last mentioned in 2020 · Director (not named in the articles) · deed of 18-02-2021 Open bankruptcy · founded in 2021 |
total assets €18.5m (2024) |
| Waterside Living Development via PALMANS Davy, at Capstone Development Group, last mentioned in 2020 · Director (not named in the articles) · deed of 16-06-2020 Open bankruptcy · founded in 2020 |
total assets €6.9m (2023) |
| Teatinos II Properties via PALMANS Davy, at Capstone Development Group, last mentioned in 2020 · Director (not named in the articles) · deed of 18-02-2021 Open bankruptcy · founded in 2021 |
total assets €1.1m (2022) |
Show 7 more earlier ties
| TEATINOS VII PROPERTIES via PALMANS Davy, at Capstone Development Group, last mentioned in 2020 · Director · deed of 16-03-2021 Open bankruptcy · founded in 2021 |
total assets €1,602 (2022) |
| TEATINOS IV PROPERTIES via PALMANS Davy, at Capstone Development Group, last mentioned in 2020 · Director · deed of 16-03-2021 Open bankruptcy · founded in 2021 |
total assets €1,185 (2022) |
| TEATINOS V PROPERTIES via PALMANS Davy, at Capstone Development Group, last mentioned in 2020 · Director (not named in the articles) · deed of 16-03-2021 Open bankruptcy · founded in 2021 |
total assets €1,114 (2022) |
| TEATINOS VI PROPERTIES via PALMANS Davy, at Capstone Development Group, last mentioned in 2020 · Director · deed of 16-03-2021 Open bankruptcy · founded in 2021 |
total assets €1,061 (2022) |
| Teatinos Properties via PALMANS Davy, at Capstone Development Group, last mentioned in 2020 · Director (not named in the articles) · deed of 18-12-2020 founded in 2020 · negative equity (2024) · accounts filed late |
total assets €13.5m (2024) |
| TEATINOS III PROPERTIES via PALMANS Davy, at Capstone Development Group, last mentioned in 2020 · Director · deed of 18-02-2021 founded in 2021 · negative equity (2024) · accounts filed late |
total assets €11.8m (2024) |
| DP Property Investments via PALMANS Davy, at Capstone Development Group, last mentioned in 2020 · Director (not named in the articles) · deed of 18-12-2020 founded in 2020 · negative equity (2024) · accounts filed late |
total assets €319,299 (2024) |
Connections & network
This company
Company
Director
Shareholding
+N: links not shown yet
Click a node to look further, drag to arrange, zoom with the mouse wheel.
Timeline
Timeline
16 events since 2020Filings
Financial
Establishments
Insolvency
Address
2020202220242026
2026
Address struck Broekstraat 2 bus 7 L’adresse du siège Broekstraat 2 boîte 7 3300 Broekstraat 2 Bfk. 7 3300,
3300 Tienen werd doorgehaald met ingang Tienen · effective 06-05-2026
2025
Bankruptcy published Enterprise Court of Leuven · judgment of 16-10-2025
Reorganisation plan revoked Enterprise Court of Antwerp, Hasselt division · judgment of 12-09-2025
Annual accounts 2024 filed PDFmicro format · 41 days late
Lekeu, Gilles (sole trader) at this address Establishment
Annual accounts 2023 filed PDFabbreviated format · 293 days late
Registered office moved from Lummen to TienenNew registered office: Broekstraat 2 bus 7, 3300 Tienen · Previous registered office: Gestelstraat 15, 3560 Lummen · Board meeting of 31-12-20242 points ▸
- Board meeting, 31-12-2024
- Registered-office move, Broekstraat 2 bus 7, 3300 Tienen
2024
Weakest financial year net -€420,401 The net result drops to -€420,401, the lowest from 2021 to 2024.
Plan approval refused Enterprise Court of Antwerp · judgment of 14-08-2024
Judicial reorganisation opened Enterprise Court of Antwerp · collective agreement · judgment of 07-06-2024
2023
Annual accounts 2022 filed PDFabbreviated format · 4 days late
2022
Highest result from 2021 to 2024 net €109,702 ▲15.1% The net result of €109,702 is the highest of those years.
Equity above €200,000 equity €206,013 ▲114% With a profit in every financial year since 2021, equity grows to €206,013.
Annual accounts 2021 filed PDFabbreviated format · 6 days before the deadline
2020
IncorporationFounding capital of €1,000, 1,000 shares · Founder: PALMANS Davy · Appointment: PALMANS Davy (director) · published on 16-06-20204 points ▸
- Founder, PALMANS Davy
- Founding capital, €1,000, 1,000 shares
- Board rule, 1
- Director appointment, PALMANS Davy (director (not named in the articles))
- The deed holds 2 more points.
First establishment Gestelstraat 15, Lummen
Financial milestones sit on the financial year-end date, not the filing date.
Sources: Publications in the Belgian Official GazetteFilings with the National Bank
History
On 12 June 2020, Capstone Development Group was incorporated as a private limited company by one natural person, with a starting capital of €1,000.12 In 2025 the registered office moved to Tienen.3 Total assets went from €2.8m in 2021 to €204,143 in 2024 and headcount from 4 full-time equivalents in 2021 to 4 in 2023.4 The company was declared bankrupt on 16 October 2025.5
Company details
Identity
- Enterprise number
- 0748.533.657
- VAT number
- BE 0748.533.657
- Legal form
- Private limited company
- Status
- In bankruptcy, since 16-10-2025
- Founded
- 12-06-2020
- Financial year
- ends on 31 December
- Annual meetingThe shareholders approve the annual accounts, among other things, at the annual meeting.
- Third Sunday of April at 12:00deed of 16-06-2020 (in Dutch)
- Peppol
- Not found in the Peppol Directory
- Name
- Capstone Development Group in Dutch
- Entity type
- Legal entity
- DurationMost companies exist for an unlimited period, until they are dissolved.
- Unlimiteddeed of 16-06-2020 (in Dutch)
Activities
NACEBEL 202568121
Development of residential building projects main activity
Codes under NACEBEL 2008
41101
Real estate development main activity
41102
Construction of residential and non-residential buildings
- PurposeThe purpose describes the activities the company may carry out under its articles.
- “Het rechtstreeks of onrechtstreeks participeren of investeren,onder welk vorm dan ook,in bestaande of nog op te richten Belgische of…”deed of 16-06-2020 (in Dutch)
11 activities
- Het rechtstreeks of onrechtstreeks participeren of investeren,onder welk vorm dan ook,in bestaande of nog op te richten Belgische of buitenlandse vennootschappen,verenigingen of andere entiteiten of personen met of zonder rechtspersoonlijkheid,voor eigen rekening of voor rekening van derden,en deze participaties of investeringen aan te houden of te desinvesteren zoals zij wenselijk acht.
- De vennootschap zal aldus instaan voor onder meer het beheer,het bestuur,de controle en de ontwikkeling van deze participaties of investeringen,zonder hiertoe beperkt te zijn.De vennootschap mag bij wijze van inbreng in speciën of in natura,fusie,onderschrijving,deelneming,financiële tussenkomst of anderszins,belangen nemen in andere bestaande of op te richten vennootschappen of ondernemingen,zowel in België als in het buitenland.
- De vennootschap zal met name haar fondsen kunnen aanwenden om een portefeuille,die onder meer kan bestaan uit alle al dan niet verhandelbare waardepapieren,aandelen,obligaties,staatsfondsen en alle roerende goederen en rechten,te vormen,te beheren,te valoriseren en/of te vereffenen.Dit houdt onder meer in dat zij kan overgaan tot het aankopen,onderschrijven,beheren,verkopen,omruilen voor eigen rekening van waardepapieren en effecten allerlei van vennootschappen,verenigingen of andere entiteiten of personen met of zonder rechtspersoonlijkheid.
- Het beheren van vennootschappen of ondernemingen,ongeacht het doel dat deze mochten hebben,en dit zelfs in hoedanigheid van bestuurder,gedelegeerd bestuurder of vereffenaar van deze vennootschappen of ondernemingen.
- De vennootschap mag leningen verrichten aan derden of waarborgen stellen voor derden.
- Het verlenen van diensten aan bedrijven en personen,waarin onder meer begrepen het verstrekken van technische,administratieve,financiële en commerciële bijstand en adviezen.Alle activiteiten als makelaar,bemiddelaar,agent of commissionaris,als hoofdaannemer dan wel als onderaannemer en zowel in het binnenland als in het buitenland.
- Het beheer,de instandhouding en valorisatie van een onroerend patrimonium met inbegrip van het onderhoud,de verbouwing,bebouwing,huur en verhuring ervan,de leasing en de uitbating,kortom alle verrichtingen van onroerende aard.
- Hetzij voor eigen rekening,hetzij voor rekening van derden of bij deelneming,alle roerende en onroerende verrichtingen te doen,namelijk te kopen,verkopen,huren en verhuren,leasen,laten bouwen,verbouwen,het uitbaten en het in waarde brengen van eigendommen en gronden,alsmede het ontwikkelen en realiseren van verkavelingen en andere onroerende projecten.
- Het uitvoeren van alle infrastructuur- en uitrustingswerken van gronden met het oog op de verkaveling en de valorisatie ervan.
- De coördinatie van alle bouw- en verbouwingswerken met hun binnenhuisinrichting en voltooiing.
- De studie,schatting,financiering en ontwikkeling van roerende en onroerende projecten.
Registered office and establishments
1 establishment| Establishment | Since | Unit number |
|---|---|---|
| Gestelstraat 15 3560 Lummen | 12-06-2020 | 2.304.825.908 |
1 former office
- Gestelstraat 15, 3560 Lummen until 01-01-2025 · deed of 14-03-2025
Buildings and parcels at the addresses
- Ground area
- 1,851 m²
- Buildings
- 723 m²
- Volume, LiDAR
- 3,776 m³
- Tallest building
- 12.8 m
Buildings to scale, each on its own parcel
Parcels
| Cadastral parcel | Area | Buildings | Height / floors |
|---|---|---|---|
| 71037C0202/00M000 | 1,380 m² | 1 · 345 m² | 12.8 m · 2 |
| 24593G0720/00A000 | 471 m² | 1 · 379 m² | 12.7 m · 1 |