D23i
ActiveSummary
D23i has been active since 2021 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show negative equity (-€56,728) and a net result of -€49,016. Equity is shrinking by ~106.7% per year across the filed fiscal years. Its solvency ranks better than 16% of 14254 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 1.0% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability14▼-22
Solvency20▼-3
Growth32▼-26
Track record94
Bankruptcy probability, 12 months
1.0%
Low
0%0.5%1.5%4%10%≥ 25%
No credit on open account
Liquidity ample (current ratio 2.11 against 0.98 in 2024; short-term debt: 45.2% and cash: 36.5% of total assets), but equity is negative.
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Signals
Six signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
raises risk · Limited track record
This company has not been active as long as an established one and statistically fails somewhat more often.
KBO · incorporation dateAge against the risk zone
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 68
Relative position
BE, all sectors
reference
Real estate activities (NACE 68)
about 43% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
raises risk · Annual accounts: weaker financial profile
The latest annual accounts show a weaker profile in solvency, result or liquidity than companies that stay afloat.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
-4.8%
Return on assets
-4.2%
Age of the figures
9 mo
raises risk · Negative equity
The 2025 annual accounts show negative equity and a net loss.
NBB · annual accounts 2025Equity per financial year
2122232425
2021 to 2025 · latest year -€56,728
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 13-07-2026, 18 days ahead of the deadline.
NBB · 5 filingsDeviation from the deadline
2025
18 d early
2024
18 d late
2023
27 d early
2022
16 d late
2021
31 d late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 5 accounts on average 4 days after the deadline; the sector median for financial year 2024 is 7 days before the deadline, and 36% of the sector filed late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today. Usually files around 16 August (4 of the last 5 filed years within 34 days of that day).
Companies Code · seven monthsPosition in the running window
28-09-2026 today31-12-2026 close31-07-2027 deadline
History
Go further with this company
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Financials · fiscal year 2025, micro schema
Equity
-€56,728▼ 636%
2024 · -€7,712
Total assets
€1.2m▲ 164%
2024 · €444,409
Net result
-€49,016▼ 1,408%
2024 · -€3,250
Working capital
€589,975
2024 · -€7,712
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 68, Real estate activities, each year against the same schema; no band under 30 filings. Dashed line: the median.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result-€3,839--€1,806▲ 53.0%-€5,229▼ 190%-€3,208▲ 38.6%-€46,242▼ 1,341%
Net result-€3,853within the sector's middle half--€1,943within the sector's middle half▲ 49.6%-€5,266within the sector's middle half▼ 171%-€3,250within the sector's middle half▲ 38.3%-€49,016below the sector's middle half▼ 1,408%
Equity€2,747below the sector's middle half-€804below the sector's middle half▼ 70.7%-€4,462below the sector's middle half-€7,712below the sector's middle half▼ 72.8%-€56,728below the sector's middle half▼ 636%
Total assets€10,067below the sector's middle half-€3,780below the sector's middle half▼ 62.4%€371,878within the sector's middle half▲ 9,738%€444,409within the sector's middle half▲ 19.5%€1.2mabove the sector's middle half▲ 164%
Debt€7,320-€2,976▼ 59.3%€376,340▲ 12,546%€452,122▲ 20.1%€1.2m▲ 172%
Working capital€2,747within the sector's middle half-€804within the sector's middle half▼ 70.7%-€4,462within the sector's middle half-€7,712within the sector's middle half▼ 72.8%€589,975above the sector's middle half
Solvency27.3%within the sector's middle half--1.2%below the sector's middle half-1.7%below the sector's middle half▼ 0.5pp-4.8%below the sector's middle half▼ 3.1pp
Current ratio1.38within the sector's middle half-0.99within the sector's middle half0.98within the sector's middle half▼ 0.012.11within the sector's middle half▲ 1.13
Return on assets (ROA)-38.3%below the sector's middle half--1.4%within the sector's middle half-0.7%within the sector's middle half▲ 0.7pp-4.2%below the sector's middle half▼ 3.4pp
above
within
below
the middle half (P25 to P75) of NACE 68, Real estate activities, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €46,242 in 2025 against €3,208 in 2024; the loss grows and 2025 has the lowest result in the available series.
Balance-sheet composition
Assets €1.2m
Fixed assets
€53,297
Current assets
€1.1m
Key figures and ratios
EBITDA
-€46,237
Cash flow
-€49,011
Quick ratio
0.81▲
2024 · 0.03
Debt to equity
-21.68▲
2024 · -58.62
Interest coverage
-16.67
Debt ≤ 1 year
€529,937▲
2024 · €452,122
Debt > 1 year
€700,000
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 1,171 companies that looked in July 2024 the way this one looks now, 1.7% went bankrupt within 24 months and 95% are still going.
- Small
- 5 to 10 years old
- negative equity
- a small loss
1.7%
went bankrupt
2.6%
stopped otherwise
95%
still going
A further 1.2% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 1.0% over twelve months; the group does not contradict it.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,662 companies of July 2024 its group's bankruptcy share. Expected: 1.5%; actually bankrupt within 24 months: 1.6%.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.4% |
| 3 | 0.5% | 0.5% |
| 4 | 0.6% | 0.7% |
| 5 | 0.8% | 0.9% |
| 6 | 1.2% | 1.3% |
| 7 | 1.5% | 1.7% |
| 8 | 1.7% | 1.7% |
| 9 | 2.7% | 2.8% |
| 10 | 5.3% | 5.7% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 75% of comparisons. The level follows the economy: in a year with more bankruptcies, the actual share is higher than the year before.
An observation about 1,171 comparable companies, not a prediction for this company. The sector does not count: the register keeps no sector for companies that stopped, so it would make the outcome look better than it was.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | - | - | - | - | €5 | - |
| Other operating charges640/8 | €348 | - | €384 | €2,026 | €2,309 | ▲ 14.0% |
| Gross operating margin9900 | -€3,492 | -€1,806 | -€4,844 | -€1,183 | -€43,928 | ▼ 3,615% |
| Operating profit (loss)9901 | -€3,839 | -€1,806 | -€5,229 | -€3,208 | -€46,242 | ▼ 1,341% |
| Financial charges65/66B | €14 | €137 | €38 | €42 | €2,773 | ▲ 6,499% |
| Recurring financial charges65 | €14 | €137 | €38 | €42 | €2,773 | ▲ 6,499% |
| Profit (loss) for the period before taxes9903 | -€3,853 | -€1,943 | -€5,266 | -€3,250 | -€49,016 | ▼ 1,408% |
| Profit (loss) for the period9904 | -€3,853 | -€1,943 | -€5,266 | -€3,250 | -€49,016 | ▼ 1,408% |
| Profit (loss) for the period to be appropriated9905 | -€3,853 | -€1,943 | -€5,266 | -€3,250 | -€49,016 | ▼ 1,408% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €10,067 | €3,780 | €371,878 | €444,409 | €1.2m | ▲ 164% |
| Fixed assets21/28 | - | - | - | - | €53,297 | - |
| Tangible fixed assets22/27 | - | - | - | - | €797 | - |
| Furniture and vehicles24 | - | - | - | - | €797 | - |
| Financial fixed assets28 | - | - | - | - | €52,500 | - |
| Current assets29/58 | €10,067 | €3,780 | €371,878 | €444,409 | €1.1m | ▲ 152% |
| Stocks and contracts in progress3 | - | - | €361,208 | €428,801 | €688,212 | ▲ 60.5% |
| Stocks30/36 | - | - | €361,208 | €428,801 | €688,212 | ▲ 60.5% |
| Amounts receivable within one year40/41 | €1,373 | €3,603 | €3,115 | €14,268 | €3,878 | ▼ 72.8% |
| Trade receivables40 | €1,373 | - | - | - | - | - |
| Other amounts receivable41 | - | €3,603 | €3,115 | €14,268 | €3,878 | ▼ 72.8% |
| Cash at bank and in hand54/58 | €8,694 | €177 | €7,556 | €1,340 | €427,822 | ▲ 31,830% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €10,067 | €3,780 | €371,878 | €444,409 | €1.2m | ▲ 164% |
| Equity10/15 | €2,747 | €804 | -€4,462 | -€7,712 | -€56,728 | ▼ 636% |
| Contributions10/11 | €6,600 | €6,600 | €6,600 | €6,600 | €6,600 | = |
| Profit (loss) carried forward14 | -€3,853 | -€5,796 | -€11,062 | -€14,312 | -€63,328 | ▼ 342% |
| Amounts payable17/49 | €7,320 | €2,976 | €376,340 | €452,122 | €1.2m | ▲ 172% |
| Amounts payable after more than one year17 | - | - | - | - | €700,000 | - |
| Financial debts170/4 | - | - | - | - | €700,000 | - |
| Amounts payable within one year42/48 | €7,320 | €2,976 | €376,340 | €452,122 | €529,937 | ▲ 17.2% |
| Trade debts44 | €1,489 | €1,286 | €1,973 | €150 | €69,125 | ▲ 45,983% |
| Suppliers440/4 | €1,489 | €1,286 | €1,973 | €150 | €69,125 | ▲ 45,983% |
| Taxes, remuneration and social security45 | €357 | - | - | - | - | - |
| Taxes450/3 | €357 | - | - | - | - | - |
| Other amounts payable47/48 | €5,473 | €1,690 | €374,367 | €451,972 | €460,813 | ▲ 2.0% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€3,853 | -€1,943 | -€5,266 | -€3,250 | -€49,016 | ▼ 1,408% |
| + Depreciation and write-downs630 | - | - | - | - | €5 | - |
| Operating cash flow (approximation) | -€3,853 | -€1,943 | -€5,266 | -€3,250 | -€49,011 | ▼ 1,408% |
| Change in cash | - | -€8,517 | €7,379 | -€6,216 | €426,482 | ▲ 6,961% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
13-07
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
31-12
Financial
Weakest financial yearnet -€49,016
Net result drops to -€49,016, the lowest in the series.
31-12
Financial
Liquidity doublescurrent ratio 2.11
Current ratio from 0.98 to 2.11.
18-08
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 18 days late
2024
04-07
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
16-08
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 16 days late
2022
31-08
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 31 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 5 acts read
About the unread acts
We know of 5 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
5 acts for this company are in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Liège · 1 establishment unit since 2021
Ground area
153 m²
Building footprint
65 m²
Volume, LiDAR
531 m³
Parcel 62806C0722/00M000, Wallonia · tallest building 9.8 m, ±3 floors. Linked by address, not a title deed.
3
companies at this address
See who is registered here
1 establishment unit
Place Georges-Ista 12, 4020 Liège
since 20212.323.538.592
1 parcel
Wallonia
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 62806C0722/00M000 | Wallonia | 153 m² | 1 · 64 m² | 9.8 m · 3 fl. |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Recognitions · licences · registrations
Legal Entity Identifier
6488X5Z177DNJT21X461
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Of 9,699 companies in sector 68121 we hold annual accounts for 7,393. 691 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company
Founded10-08-2021
Fiscal year end31-12
Activities, NACEBEL 2025
68121Development of residential building projects
E-invoicing
Reachable via Peppol
Peppol ID
0208:0772422975
Also
9925:BE0772422975
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 28 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.