Result
-€993,578 ▼ 18,451%
The result fell in 2025: different schema filed.
Square des Héros
Lifetime
13 annual accounts with figures on one time axisTurnoverpeak €35.6m (2016)
-not published
Resultlowest -€993,578 (2025)
-€993,578▼ €988,222
Equitypeak €6.9m (2023)
€5.9m▼ 14.5%
Debts
€1.2m▼ 89.9%
Staffpeak 0 FTE (2023)
0 FTE
Board6 names since 2018
3 directorsLady At Work and 2 others
Owners4 names in the annual accounts
100%IMMOBEL
Documentsfilings and deeds
15-07-202616 days before the deadline
2025financial year
Gross margin from -€5,356 to -€615,086Loss of €993,578Equity from €6.9m to €5.9mDebts from €11.5m to €1.2mCash from €1.6m to €673,903
Key points
from the 2025 annual accountsLiquidity
4.97 was 1.60 in 2024
Short-term debts fell from €11.5m to €1.2m.
Position in the sector
-€993,578
Lower net result than 95% of companies in real estate. Sector median €20,578 · 5,804 companies.
Checked score
94
Excellent
Financially stronger than 49% of small companies in real estate (NACE 68)
Probability in this band: under 0.55%
Bankruptcy probability within 12 months
0.1% Very low
0%0.5%1.5%4%10%≥ 25%
The dashed line is the sector median: 0.1% across 6,995 companies (NACE 68, small).
Fewer than 1 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
Last 24 months
12-2024: < 0.1%lowest value
01-2025: < 0.1%● unchanged vs 12-2024lowest value
02-2025: < 0.1%● unchanged vs 01-2025
03-2025: < 0.1%● unchanged vs 02-2025
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: 0.1%▲ +0.1 percentage points vs 07-2026highest value
09-2026: 0.1%● unchanged vs 08-2026highest value
10-2026: 0.1%● unchanged vs 09-2026highest value
11-2026: 0.1%● unchanged vs 10-2026highest value
Financial strengthAverage
Score breakdown
raises risk
Loss of €993,578, the second in a row (financial year 2025)
lowers risk
Size: total assets €7.0m
Figures for financial year 2025 (filed on 15-07-2026)
Equity €5.9m (83.6% of total assets)
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 92% of them on solvency, 84% on liquidity, 1% on profitability and 19% on growth.
The bankruptcy probability was computed on 04-11-2026 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, 147 companies had the same profile as Square des Héros has now. Each dot is one company, two years later.
91.8%
were still trading
5.4%
stopped another way
2.0%
went bankrupt
Another 0.7% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of Square des Héros itself is lower: 0.1% within 12 months. It rests on far more data about Square des Héros than the profile alone.
Test of the method
The method was tested on the 497,446 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 147 companies, not a prediction for Square des Héros. 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 €550,000 on 30-day terms is acceptable
Liquidity is ample, with a current ratio of 4.97 (1.6 in 2024), above the usual 1.5. Short-term debt is 16.4% and cash 9.6% of total assets. 16.4% 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
raises risk · Persistent losses
Two consecutive loss-making years (2024 and 2025); equity is also lower. May indicate structural pressure on profitability.
NBB · annual accounts 2025Net result per financial year
1819202122232425
2018 to 2025 · latest year -€993,578
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 15-07-2026, 16 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
16 days early
2024
24 days early
2023
41 days early
2022
27 days early
2021
12 days early
2020
1 day early
2019
66 days late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
The company filed its last 7 accounts on average 8 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 7 July (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
05-11-2026 today31-12-2026 year end31-07-2027 deadline
Board and ownership
AA
Alix Aspeslagh BV
Director, since 12-06-2023
ZB
ZAFFERANA BV
Director, Wim SMEKENS, since 12-06-2023
LA
L.A.W. BV
Director
KB
KPMG Bedrijfsrevisoren
Auditor, Robin Huybrechts
- IMMOBEL 100%score 87equity €322.0m (2025) · 2025 annual accounts of IMMOBEL
Recent changes
1 director reappointed
L.A.W. BV · Permanent representatives: Stephanie De Wilde, Frederic Poesen and Jonas Nachtergaele · General meeting of 08-07-2026 · Gazette deed
Reappointment: KPMG Bedrijfsrevisoren (statutory auditor)
General meeting of 10-06-2024 · Gazette deed
2 directors appointed, 1 resignation
Resignation: 2BUILD CONSULTANCY BV · Permanent representatives: Rudi OP 'T ROODT, Wim SMEKENS and Alix ASPESLAGH · Appointments: ZAFFERANA BV and ALIX ASPESLAGH BV · General meeting of 12-06-2023 · Gazette deed
Registered office moved within Brussels
New registered office: Anspachlaan 1, 1000 Brussel · Previous registered office: Regentschapsstraat 58, 1000 Brussel · Reappointments: 2Build Consultancy BV (director) and Lady At Work BV (director) · Board meeting of 21-06-2022 · Gazette deed
Comparable companies
same main activity, similar in size and age| Company | Total assets | Gross margin | Solvency | Staff |
|---|---|---|---|---|
| Square des Héros Brussels | €7.0m | -€615,086 | 83.6% | 0 |
| BEST Projects Hasselt | €5.6m | -€10,417 | 8.6% | 0.1 |
| BRUSSELS SOUTH ACTIVITY PARK Seneffe | €4.7m | -€113,141 | -28.8% | 0 |
| GEM CORPORATION Antwerp | €3.6m | -€626,139 | 40.8% | 0 |
| eARThlabs Ronse | €3.0m | -€5,889 | 26.6% | 0 |
| LV2 Brussels | €1.9m | -€16,683 | 1.9% | 0 |
| CONSORTIUM HASSELT Hasselt | €2.8m | -€662 | 2.5% | 0 |
These companies have the same main activity as Square des Héros: development of non-residential building projects (NACE 68122). They are comparable in size and age: total assets between €1.9m and €5.6m, founded between 2007 and 2018.
Official details
Source: KBO- Status
- Active since 14-02-2012Normal situation
- Registered office
- 105 active companies are registered at this addressSource: KBO register, as of 5 November 2026.
- Activity
- Development of non-residential building projectsNACE 68122and 1 other
- Establishment unit
- 2.246.443.8831000 Brussels, since 14-02-2012
- Financial year end
- 31 December
- Peppol
- Reachable
Annual accounts 2025
- Total assets
- €7.0m▼ 61.7%
- Filing
- Filed on 15-07-2026, 16 days before the end of the filing period
Companies linked to Square des Héros
Parent and group
Insights on Square des Héros
Square des Héros has existed since 2012. In 2014 turnover rose from €9,874 to €19.0m.
Solvency rose in 2025 from 37.5% to 83.6% because of lower debts.
IMMOBEL holds all the shares.
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 Square des Héros
- What is the company number of Square des Héros?
- The company number of Square des Héros is 0843.656.906. The VAT number is the same number with BE in front: BE 0843.656.906.
- Where is Square des Héros based?
- The registered office is at Anspachlaan 1, 1000 Brussels.Company details
- What does Square des Héros do?
- According to the KBO register, the main activity is development of non-residential building projects (NACE 68122).
- What is the legal form of Square des Héros?
- Square des Héros is a public limited company (NV).
- When was Square des Héros founded?
- Square des Héros was founded on 14-02-2012.
- Is Square des Héros still active?
- Yes, Square des Héros is an active enterprise in the KBO register.
- What is the turnover of Square des Héros?
- The annual accounts for financial year 2025 state no turnover. In financial year 2020 turnover was €141,750.Financials
- Is Square des Héros profitable?
- In financial year 2025, Square des Héros made a loss of €993,578.
- Where can I find the annual accounts of Square des Héros?
- Square des Héros filed 13 annual accounts with the National Bank of Belgium, the latest for financial year 2025.
- When are the next annual accounts of Square des Héros due?
- Square des Héros must file the annual accounts for financial year 2026 by 31-07-2027.Timeline
Next steps
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