DAVID
ActiveSummary
DAVID has been active since 1989 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show negative equity (-€597,912) and a net result of €25,160. Equity remains stable across the filed fiscal years (±0.7% per year). Its solvency ranks better than 5% of 14220 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.2% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability76▲+9
Solvency0=
Growth58=
Track record100
Bankruptcy probability, 12 months
0.2%
Very low
0%0.5%1.5%4%10%≥ 25%
No credit on open account
Liquidity short (current ratio 0.03 against 0.02 in 2024; short-term debt: 243.7% and cash: 3.9% of total assets), and 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
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 →
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
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
-143.7%
Return on assets
6%
Age of the figures
9 mo
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 5% of 14220 sector peers (2025).
NBB · sector comparisonPosition among 14220 sector peers
Solvency
better than 5%
← weakest
strongest →
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 27-04-2026, 95 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
95 d early
2024
84 d early
2023
58 d early
2022
28 d late
2021
27 d early
2020
9 d early
2019
38 d early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 7 accounts on average 40 days before 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.
Companies Code · seven monthsPosition in the running window
27-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Investigating this company? Keep it with today's facts in a case file.
Financials · fiscal year 2025, micro schema
Equity
-€597,912▲ 4.0%
2024 · -€623,072
Total assets
€416,120▼ 3.6%
2024 · €431,635
Net result
€25,160
2024 · -€5,200
Working capital
-€980,104▲ 5.4%
2024 · -€1.0m
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-€4,085▼ 39.6%-€4,382▼ 7.3%-€4,683▼ 6.9%-€5,131▼ 9.6%€25,205
Net result-€4,104within the sector's middle half▼ 39.6%-€4,403within the sector's middle half▼ 7.3%-€4,699within the sector's middle half▼ 6.7%-€5,200within the sector's middle half▼ 10.7%€25,160within the sector's middle half
Equity-€608,770below the sector's middle half▼ 0.7%-€613,173below the sector's middle half▼ 0.7%-€617,872below the sector's middle half▼ 0.8%-€623,072below the sector's middle half▼ 0.8%-€597,912below the sector's middle half▲ 4.0%
Total assets€454,317within the sector's middle half▼ 2.3%€441,444within the sector's middle half▼ 2.8%€436,091within the sector's middle half▼ 1.2%€431,635within the sector's middle half▼ 1.0%€416,120within the sector's middle half▼ 3.6%
Debt€1.1m▼ 0.6%€1.1m▼ 0.8%€1.1m▼ 0.1%€1.1m▲ 0.1%€1.0m▼ 3.9%
Working capital-€1.1m▲ 0.7%-€1.1m▲ 0.6%-€1.0m▲ 0.7%-€1.0m▲ 0.7%-€980,104▲ 5.4%
Solvency-134.0%below the sector's middle half▼ 4.0pp-138.9%below the sector's middle half▼ 4.9pp-141.7%below the sector's middle half▼ 2.8pp-144.4%below the sector's middle half▼ 2.7pp-143.7%below the sector's middle half▲ 0.7pp
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 returns to profit in 2025: €25,205 after a loss of €5,131 in 2024, the highest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €416,120
Fixed assets
€382,192 ▼ 7.5%
Current assets
€33,928 ▲ 85.9%
Key figures and ratios
EBITDA
€36,941▲
2024 · €6,605
Cash flow
€36,896▲
2024 · €6,536
Current ratio
0.03▲
2024 · 0.02
Debt to equity
-1.70▼
2024 · -1.69
ROA
6.0%▲
2024 · -1.2%
Interest coverage
819.09▲
2024 · 81.27
Debt ≤ 1 year
€1.0m▼
2024 · €1.1m
Income taxes
€0▼
2024 · €5
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 3,799 companies that looked in July 2024 the way this one looks now, 2.5% went bankrupt within 24 months and 91% are still going.
- Micro
- 20 years or older
- negative equity
- a profit of 5% of the balance sheet or more
2.5%
went bankrupt
5.3%
stopped otherwise
91%
still going
A further 0.8% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a lower bankruptcy probability: 0.2% over twelve months. The score reads more about this company than the group's four characteristics; both figures are right about what they measure.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,058 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% | 1.6% |
| 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 74% 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 3,799 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 |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | €25,545 | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €11,807 | €11,836 | €11,889 | €11,736 | €11,736 | = |
| Other operating charges640/8 | €5,411 | €5,619 | €6,147 | €6,375 | €6,174 | ▼ 3.2% |
| Gross operating margin9900 | €13,134 | €13,073 | €13,354 | €12,979 | €43,115 | ▲ 232% |
| Operating profit (loss)9901 | -€4,085 | -€4,382 | -€4,683 | -€5,131 | €25,205 | ▲ 591% |
| Financial income75/76B | €18 | €18 | €18 | €18 | €0 | ▼ 100% |
| Recurring financial income75 | €18 | €18 | €18 | €18 | €0 | ▼ 100% |
| Financial charges65/66B | €37 | €39 | €39 | €81 | €45 | ▼ 44.5% |
| Recurring financial charges65 | €37 | €39 | €39 | €81 | €45 | ▼ 44.5% |
| Profit (loss) for the period before taxes9903 | -€4,104 | -€4,403 | -€4,704 | -€5,195 | €25,160 | ▲ 584% |
| Income taxes67/77 | - | - | -€5 | €5 | €0 | ▼ 100% |
| Profit (loss) for the period9904 | -€4,104 | -€4,403 | -€4,699 | -€5,200 | €25,160 | ▲ 584% |
| Profit (loss) for the period to be appropriated9905 | -€4,104 | -€4,403 | -€4,699 | -€5,200 | €25,160 | ▲ 584% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €454,317 | €441,444 | €436,091 | €431,635 | €416,120 | ▼ 3.6% |
| Fixed assets21/28 | €447,982 | €437,346 | €425,457 | €413,383 | €382,192 | ▼ 7.5% |
| Tangible fixed assets22/27 | €447,645 | €437,008 | €425,119 | €413,383 | €382,192 | ▼ 7.5% |
| Land and buildings22 | €447,645 | €435,854 | €424,084 | €412,468 | €381,397 | ▼ 7.5% |
| Plant, machinery and equipment23 | - | €1,155 | €1,035 | €915 | €795 | ▼ 13.1% |
| Financial fixed assets28 | €338 | €338 | €338 | €0 | - | - |
| Current assets29/58 | €6,335 | €4,098 | €10,634 | €18,252 | €33,928 | ▲ 85.9% |
| Amounts receivable within one year40/41 | €118 | €5 | €8,704 | €6,591 | €16,615 | ▲ 152% |
| Trade receivables40 | €96 | - | - | €214 | €0 | ▼ 100% |
| Other amounts receivable41 | €22 | €5 | €8,704 | €6,377 | €16,615 | ▲ 161% |
| Cash at bank and in hand54/58 | €5,028 | €2,773 | €477 | €10,145 | €16,120 | ▲ 58.9% |
| Deferred charges and accrued income490/1 | €1,188 | €1,320 | €1,454 | €1,517 | €1,193 | ▼ 21.3% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €454,317 | €441,444 | €436,091 | €431,635 | €416,120 | ▼ 3.6% |
| Equity10/15 | -€608,770 | -€613,173 | -€617,872 | -€623,072 | -€597,912 | ▲ 4.0% |
| Contributions10/11 | €112,000 | €112,000 | €112,000 | €112,000 | €112,000 | = |
| Capital10 | €112,000 | €112,000 | €112,000 | €112,000 | €112,000 | = |
| Issued capital100 | €112,000 | €112,000 | €112,000 | €112,000 | €112,000 | = |
| Reserves13 | €6,197 | €6,197 | €6,197 | €6,197 | €6,197 | = |
| Non-distributable reserves130/1 | €6,197 | €6,197 | €6,197 | €6,197 | €6,197 | = |
| Legal reserve130 | €6,197 | €6,197 | €6,197 | €6,197 | €6,197 | = |
| Profit (loss) carried forward14 | -€726,967 | -€731,370 | -€736,069 | -€741,269 | -€716,109 | ▲ 3.4% |
| Amounts payable17/49 | €1.1m | €1.1m | €1.1m | €1.1m | €1.0m | ▼ 3.9% |
| Amounts payable within one year42/48 | €1.1m | €1.1m | €1.1m | €1.1m | €1.0m | ▼ 3.8% |
| Trade debts44 | €96 | €72 | €10 | €125 | €79 | ▼ 36.8% |
| Suppliers440/4 | €96 | €72 | €10 | €125 | €79 | ▼ 36.8% |
| Taxes, remuneration and social security45 | - | €34 | €0 | €5 | €0 | ▼ 100% |
| Taxes450/3 | - | €34 | €0 | €5 | €0 | ▼ 100% |
| Other amounts payable47/48 | €1.1m | €1.1m | €1.1m | €1.1m | €1.0m | ▼ 3.8% |
| Accrued charges and deferred income492/3 | - | - | - | €625 | €0 | ▼ 100% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€4,104 | -€4,403 | -€4,699 | -€5,200 | €25,160 | ▲ 584% |
| + Depreciation and write-downs630 | €11,807 | €11,836 | €11,889 | €11,736 | €11,736 | = |
| Operating cash flow (approximation) | €7,704 | €7,433 | €7,191 | €6,536 | €36,896 | ▲ 465% |
| Investment in fixed assets (approximation) | - | -€1,200 | €0 | €338 | €19,455 | ▲ 5,660% |
| Change in cash | - | -€2,256 | -€2,296 | €9,668 | €5,975 | ▼ 38.2% |
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
27-04
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
31-12
Financial
Back to profitnet €25,160
Net result €25,160 after 7 loss-making years.
08-05
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
03-06
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
28-08
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 28 days late
2022
04-07
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
22-07
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
2020
23-06
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
2019
03-06
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
2018
06-06
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema
2017
17-08
NBB filing
Annual accounts filed
fiscal year 2016 · micro schema · 17 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 4 acts read
About the unread acts
We know of 4 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
4 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, Tielt · 1 establishment unit since 1990
Ground area
8,727 m²
Building footprint
666 m²
Volume, LiDAR
4,917 m³
Parcel 37007A0182/00C000, Flanders · tallest building 10.9 m, ±2 floors. Linked by address, not a title deed.
2
companies at this address
See who is registered here
1 establishment unit
Bruggesteenweg 78, 8760 Tielt
since 19902.046.415.136
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 37007A0182/00C000 | Flanders | 8,727 m² | 1 · 666 m² | 10.9 m · 2 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
Food safety, FASFC
1 siteTielt2.046.415.136
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This company's figures show no positive equity and no headcount, so a size comparison is not possible. These companies share only the sector and the region. Of 12,042 companies in sector 68203 we hold annual accounts for 5,995. See the whole sector
Identification & contact
Identification
Legal formPublic limited company
Founded20-11-1989
Fiscal year end31-12
Activities, NACEBEL 2025
68203Renting and operating of own or leased non-residential real estate, excluding land
E-invoicing
Reachable via Peppol
Peppol ID
0208:0439031007
Also
9925:BE0439031007
Registered
21-10-2025
Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.