Equity
Debts exceed assets in financial year 2025.
Debts exceed assets in financial year 2025.
Every financial year from 2021 to 2025 closed with a loss. 2025 was the heaviest.
€10.5m of the debts are secured on the company's own assets. In 2024 that was €9.9m.
Green is investment, beige is depreciation. Land and buildings stand 7791.2% higher than in 2024.
Lower net result than 95% of companies in construction of buildings. Sector median €32,512 · 1,039 companies.
Negative equity caps the score at 59.
The dashed line is the sector median: 0.3% across 209 companies (NACE 41, medium-sized).
About 2 in 100 comparable companies go bankrupt within 12 months (an estimate).
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 41, medium-sized). It does better than 7% of them on solvency, 33% on liquidity, 9% on profitability and 1% on growth.
The bankruptcy probability was computed on 08-11-2026 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 moderate class on 30-06-2025, 2.4% 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).
In July 2024, 2,862 companies had the same profile as CINIMMO has now. Each dot stands for 8 companies, two years later.
Another 0.5% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of CINIMMO itself: 1.6% within 12 months.
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 2,862 companies, not a prediction for CINIMMO. 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.
Liquidity is insufficient, with a current ratio of 0.01 (0.04 in 2024), below 1. Short-term debt is 55.2% and cash 0.3% of total assets. Equity is negative.
Show the recommended maximum and see how the verdict changes with amount, term and advance.
The scores and ratios are Checked's own calculations, not a credit decision.
The company filed its last 5 accounts on average 48 days before the deadline. In the sector (NACE 41), the median for financial year 2024 was on the deadline day, and 46% of those companies filed late.
| Company | ||||
|---|---|---|---|---|
| CINIMMO Ghent | - | - | -3.7% | 0 |
| Hangar M Brussels | - | - | 11.5% | - |
| IMMO FROIDCHAPELLE CYCLO SANTE Florennes | - | - | -0.6% | - |
| Sequentia Invest Saint-Josse-ten-Noode | €2.0m | 35.5% | 31.4% | 1.9 |
| ADELAAR Projects Ghent | - | - | 7.8% | - |
| BUSINESS PARK AWANS Ghent | - | - | 0.4% | - |
| NHQ DEVELOPMENT Aalst | €72.9m | 0.0% | 0.4% | - |
These companies have the same main activity as CINIMMO: general construction of other non-residential buildings (NACE 41003). They are comparable in size and age: total assets between €4.8m and €75m, founded between 2015 and 2023.
The computed 12-month bankruptcy probability of CINIMMO is 1.6% (moderate). The 2025 annual accounts show negative equity (-€941,239) and a net result of -€1.1m.
Equity has been shrinking by about 32% per year since 2021. Its solvency ranks better than 9% of 1,037 sector peers (NACE 41, financial year 2025).
The company has been active since 2020 and the Belgian Official Gazette contains no insolvency or warning signals.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette.
The turnover shown is an estimate from the gross margin.
Turnover ≈ €290,000. Estimated: probably between €130,000 and €520,000.
Higher than 9% of 1,037 companies in 2025.
Lower than 95% of 1,016 companies in 2025.
Higher than 15% of 1,032 companies in 2025.
Net result: bottom quarter · Equity: bottom quarter · Balance sheet total: top quarter · Working capital: bottom quarter · Staff: bottom quarter
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| Balance sheet: assets | ||||||
20/58 |
25.6m | 24.2m | 12.8m | 2.5m | 1.7m | |
21/28 |
25.4m | 23.7m | 12.6m | 2.4m | 1.7m | |
22/27 |
25.4m | 23.7m | 12.6m | 2.4m | 1.7m | |
22 |
12.7m | 160,698 | 160,698 | 160,698 | 160,698 | |
23 |
15,783 | - | - | - | - | |
27 |
12.7m | 23.5m | 12.5m | 2.3m | 1.5m | |
29/58 |
180,827 | 544,696 | 210,623 | 33,401 | 17,204 | |
40/41 |
33,456 | 515,263 | 145,941 | 27,609 | - | |
40 |
23,584 | 500,000 | 145,812 | 1,694 | - | |
41 |
9,872 | 15,263 | 130 | 25,915 | - | |
54/58 |
74,157 | 28,341 | 63,589 | 4,699 | 17,204 | |
490/1 |
73,213 | 1,093 | 1,093 | 1,093 | - | |
| Balance sheet: equity and liabilities | ||||||
10/49 |
25.6m | 24.2m | 12.8m | 2.5m | 1.7m | |
10/15 |
-941,239 | 141,390 | 253,954 | 317,800 | 380,396 | |
10/11 |
492,096 | 492,096 | 492,096 | 492,096 | 492,096 | |
10 |
243,198 | 243,198 | 243,198 | 243,198 | 243,198 | |
100 |
243,198 | 243,198 | 243,198 | 243,198 | 243,198 | |
11 |
248,898 | 248,898 | 248,898 | 248,898 | 248,898 | |
1100/10 |
248,898 | 248,898 | 248,898 | 248,898 | 248,898 | |
14 |
-1.5m | -350,705 | -238,142 | -174,295 | -111,700 | |
15 |
32,054 | - | - | - | - | |
16 |
10,685 | - | - | - | - | |
168 |
10,685 | - | - | - | - | |
17/49 |
26.6m | 24.1m | 12.6m | 2.1m | 1.3m | |
17 |
12.3m | 10.9m | 9.7m | 1.9m | 1.2m | |
170/4 |
12.3m | 10.9m | 9.7m | 1.9m | 1.2m | |
42/48 |
14.2m | 13.0m | 2.8m | 118,772 | 73,372 | |
43 |
10.5m | 9.9m | - | - | - | |
430/8 |
10.5m | 9.9m | - | - | - | |
44 |
3.7m | 3.1m | 2.6m | 118,772 | 73,372 | |
440/4 |
3.7m | 3.1m | 2.6m | 118,772 | 73,372 | |
45 |
3,185 | 4,789 | 172,738 | - | - | |
450/3 |
3,185 | 4,789 | 172,738 | - | - | |
492/3 |
62,530 | 206,188 | 92,574 | 128,149 | 45,578 | |
| Income statement | ||||||
9900 |
22,073 | -43,975 | -38,683 | -24,419 | -34,946 | |
630 |
226,886 | - | - | - | - | |
640/8 |
5,146 | 23,538 | 22,616 | 37,983 | 66,803 | |
66A |
- | - | - | 0 | 9,541 | |
9901 |
-209,959 | -67,514 | -61,299 | -62,402 | -111,289 | |
75/76B |
1,002 | - | - | - | - | |
75 |
1,002 | - | - | - | - | |
65/66B |
906,060 | 45,050 | 2,548 | 193 | 411 | |
65 |
906,060 | 45,050 | 2,548 | 193 | 411 | |
9903 |
-1.1m | -112,563 | -63,847 | -62,595 | -111,700 | |
780 |
334 | - | - | - | - | |
9904 |
-1.1m | -112,563 | -63,847 | -62,595 | -111,700 | |
9905 |
-1.1m | -112,563 | -63,847 | -62,595 | -111,700 | |
| Appropriation of the result | ||||||
9906 |
-1.5m | -350,705 | -238,142 | -174,295 | -111,700 | |
14P |
-350,705 | -238,142 | -174,295 | -111,700 | - | |
| Social balance sheet | ||||||
9087 |
0 | 0 | 0 | - | - | |
| Document | ||||||
The notes to these accounts have 18 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the accounts filed with the NBB.
Source: Annual accounts 2025 at the NBB, filed on 15-07-2026.
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 15-07-2026 | 2026-00300699 | |
| 31-12-2024 | abbreviated format | 27-06-2025 | 2025-00202529 | |
| 31-12-2023 | abbreviated format | 18-04-2024 | 2024-00065302 | |
| 31-12-2022 | full format | 14-07-2023 | 2023-00243152 | |
| 31-12-2021 | full format | 24-05-2022 | 2022-20039741 |
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| 16,927 | - | - | - | - | ||
| -887,797 | - | - | - | - | ||
| 27.4m | 11.1m | 10.2m | 789,077 | 1.7m | ||
| 45,816 | -35,249 | 58,890 | -12,505 | - | ||
| -14.0m | -12.4m | -2.6m | -85,371 | -56,168 | ||
| -3.7% | 0.6% | 2.0% | 12.9% | 22.8% | ||
| 0.01 | 0.04 | 0.08 | 0.28 | 0.23 | ||
| - | - | 49.49 | 6.76 | 3.39 | ||
| - | -79.6% | -25.1% | -19.7% | -29.4% | ||
| -4.4% | -0.5% | -0.5% | -2.5% | -6.7% | ||
| 0.02 | - | - | - | - |
EBIT margin: not included in this filing.
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.
| Item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Debts secured on the company's own assets | €10.5m | €9.9m | - | - | - |
| Mortgages, amount registered | €25,000 | €25,000 | - | - | - |
| €15.1m | €15.1m | - | - | - | |
| Carrying value of the mortgaged assets | €25.4m | €23.5m | - | - | - |
| Pledge on other assets, amount secured | - | €28,341 | - | - | - |
| Carrying value of the other pledged assets | €74,157 | - | - | - | - |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
| Item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Tangible fixed assets | €27.4m | €11.1m | €10.2m | €789,077 | €1.7m |
| €226,886 | - | - | - | - |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
The operating result for 2025 is a loss of €209,959, larger than the loss of €67,514 in 2024. It is the lowest result since 2021.
Equity is negative. Debt (€26.6m) exceeds the balance-sheet total (€25.6m).
Further up the chainThe Good Life Fund 100%
Source: lists of holdings in the owners' accounts
Source: list of holdings in the 2025 accounts of Good Life PDV. Every holding stands with its own latest accounts.
Part of the group The Good Life Fund Group, risk and exposure| TRIODOS BANK
establishment since 01-12-2020 · founded in 1993 |
turnover €40.4m (2017) 0450.507.887 |
| The Good Life Fund
registered office since 07-11-2016 · founded in 2016 |
total assets €60.9m (2025) 0665.802.060 |
| The Good Life Development Fund II
registered office since 13-09-2019 · founded in 2019 |
total assets €54.7m (2025) 0734.432.431 |
| Nerviens Development
registered office since 30-08-2023 · founded in 2023 · negative equity (2025) · group The Good Life Development Fund II |
total assets €23.1m (2025) 0805.296.275 |
| LOCAL ENERGY SAVING SOLUTIONS 4
registered office since 15-07-2019 · founded in 2019 · negative equity (2025) |
total assets €15.6m (2025) 0730.684.667 |
| RE-VIVE ZORRO DEVELOPMENT
registered office since 18-08-2016 · founded in 2016 · negative equity (2025) · group Re-Vive Brownfield Fund II |
turnover €14.0m (2025) 0660.979.279 |
| Good Life PDV
registered office since 31-01-2020 · founded in 2020 · negative equity (2025) · group The Good Life Fund |
total assets €13.4m (2025) 0742.790.663 |
| TWEE KRANEN
registered office since 10-09-2024 · founded in 2024 · negative equity (2025) |
total assets €13.4m (2025) 1013.374.539 |
| GEGROND
registered office since 11-05-2020 · founded in 2020 · group The Good Life Fund |
total assets €13.2m (2025) 0746.813.193 |
| Kliniek Gebouw
registered office since 13-04-2022 · founded in 2022 · negative equity (2025) · group The Good Life Fund |
total assets €13.1m (2025) 0784.799.977 |
The network starts from the directors of CINIMMO. Every other company they run is a node.
Deadline for the 2026 accounts: 31-07-2027
Financial milestones sit on the financial year-end date, not the filing date.
A deed published in both Dutch and French appears here once.
Sources: Publications in the Belgian Official GazetteFilings with the National Bank
CINIMMO was incorporated on 14 July 2020 as a public limited company by CINOCO-LE PALAIS DU VIN, with a starting capital of €170,239.12 In 2020 the capital was increased by €72,959 to €243,198.3 The registered office was moved to Ghent in 2023.4 Since 2023, Good Life PDV has served as sole director.5 Total assets rose from €1.7m in 2021 to €25.6m in 2025.6
| Establishment | Since | Unit number |
|---|---|---|
| Nieuwewandeling 62 registered office 9000 Ghent 39000 Remediation activities and other waste management service activities | 14-07-2020 | 2.306.709.686 |
| Cadastral parcel | Area | Buildings | Height / floors |
|---|---|---|---|
| 44806F0399/00H000 | 2,277 m² | 1 · 281 m² | 17.8 m · 5 |
1 of these parcels carries protected heritage. Expect extra rules on renovation or sale.
Check the withholding obligation If you pay this company for building or cleaning work, check before every payment whether you must withhold part of the invoice. Use the enterprise number 0750.616.880
If something looks wrong or is missing, please tell us.