Finastad
ActiveSummary
Finastad has been active since 2006 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €20.5m and a net result of -€1.5m. Equity remains stable across the filed fiscal years (±0.1% per year). Its solvency ranks better than 87% of 9354 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.2% (very low).
Checked score
Score 2025
Axes · tick = 2023
Profitability16▼-16
Solvency100=
Growth32▼-20
Track record100
Bankruptcy probability, 12 months
0.2%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €1,350,000 at 30 days acceptable
Liquidity ample (current ratio 5.67 against 6.65 in 2023; short-term debt: 5.6% and cash: 0.4% of total assets), and 15.7% of the assets are financed with debt.
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Show the recommended maximum : and see how the verdict changes with amount, term and advance.
Signals
Five signals. The signal on the left, the evidence on the right.
−lowers 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
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
84.3%
Return on assets
-6.3%
Age of the figures
12 mo
neutral · Latest accounts filed on time
The financial year that closed on 30-09-2025 was due by 30-04-2026 and was filed on 27-04-2026, 3 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
3 d early
2023
13 d early
2022
5 d early
2021
15 d early
2020
16 d early
2019
13 d early
2018
21 d late
← 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 6 days before the deadline; the sector median for financial year 2023 is 5 days before the deadline, and 38% of the sector filed late.
Checked, nothing found (1)
History
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Financials · fiscal year 2025, abbreviated schema
In the rankings
#6 company by equity in Kortrijk, Real estate sector
Equity
€20.5m▼ 6.9%
2023 · €22.1m
Total assets
€24.4m▼ 6.8%
2023 · €26.1m
Net result
-€1.5m
2023 · €124,843
Working capital
€6.4m▼ 16.8%
2023 · €7.7m
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
Line20202021202220232025
Operating result€163,728▼ 14.6%€1.0m▲ 531%€345,493▼ 66.5%€163,086▼ 52.8%€712,921-
Net result€192,632above the sector's middle half▼ 7.4%€362,074above the sector's middle half▲ 88.0%€63,143within the sector's middle half▼ 82.6%€124,843above the sector's middle half▲ 97.7%-€1.5mbelow the sector's middle half-
Equity€22.2mabove the sector's middle half▲ 0.9%€21.9mabove the sector's middle half▼ 1.4%€21.9mabove the sector's middle half▲ 0.3%€22.1mabove the sector's middle half▲ 0.6%€20.5mabove the sector's middle half-
Total assets€25.0mabove the sector's middle half▲ 0.3%€24.3mabove the sector's middle half▼ 2.7%€24.0mabove the sector's middle half▼ 1.4%€26.1mabove the sector's middle half▲ 9.1%€24.4mabove the sector's middle half-
Debt€2.8m▼ 4.3%€2.4m▼ 13.0%€2.0m▼ 16.3%€4.1m▲ 101%€3.8m-
Working capital€7.0mabove the sector's middle half▲ 1.2%€4.6mabove the sector's middle half▼ 34.5%€4.7mabove the sector's middle half▲ 2.5%€7.7mabove the sector's middle half▲ 64.3%€6.4mabove the sector's middle half-
Solvency88.8%above the sector's middle half▲ 0.5pp90.0%above the sector's middle half▲ 1.2pp91.5%above the sector's middle half▲ 1.5pp84.4%above the sector's middle half▼ 7.1pp84.3%above the sector's middle half-
Current ratio3.93above the sector's middle half▼ 0.053.24above the sector's middle half▼ 0.693.78above the sector's middle half▲ 0.546.65above the sector's middle half▲ 2.875.67above the sector's middle half-
Return on assets (ROA)0.8%within the sector's middle half▼ 0.1pp1.5%within the sector's middle half▲ 0.7pp0.3%within the sector's middle half▼ 1.2pp0.5%within the sector's middle half▲ 0.2pp-6.3%below the sector's middle half-
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 abbreviated schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result is €712,921 in 2025, compared with €163,086 in 2023. Comparable figures for the intervening years are unavailable.
Balance-sheet composition
2025 in colour, 2023 as the grey bar beneath
Assets €24.4m
Fixed assets
€16.6m ▼ 3.0%
Current assets
€7.8m ▼ 14.1%
Equity and liabilities €24.4m
Equity
€20.5m ▼ 6.9%
Debt
€3.8m ▼ 6.3%
Debt's share of the balance-sheet total rises from 15.6% to 15.7%. Equity and debt are lower.
Key figures and ratios
EBITDA
€879,654▲
2023 · €254,746
Cash flow
-€1.4m▼
2023 · €216,502
Quick ratio
2.86▼
2023 · 3.62
Debt to equity
0.19▲
2023 · 0.18
ROE
-7.4%▼
2023 · 0.6%
Interest coverage
0.55▼
2023 · 1.52
Debt ≤ 1 year
€1.4m▲
2023 · €1.4m
Debt > 1 year
€2.4m▼
2023 · €2.7m
Income taxes
€3,309▲
2023 · €1,847
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2020 | 2021 | 2022 | 2023 | 2025 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | €453,022 | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €85,758 | €270,370 | €97,727 | €91,660 | €166,733 | - |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | €58,026 | - | - | - |
| Other operating charges640/8 | - | €30,529 | €20,359 | €35,181 | €50,042 | - |
| Non-recurring operating charges66A | - | €201 | - | - | - | - |
| Gross operating margin9900 | €268,630 | €1.3m | €521,605 | €289,926 | €929,696 | - |
| Operating profit (loss)9901 | €163,728 | €1.0m | €345,493 | €163,086 | €712,921 | - |
| Financial income75/76B | - | €103,443 | €113,795 | €131,064 | €301,731 | - |
| Recurring financial income75 | €125,132 | €103,443 | €113,795 | €131,064 | €301,731 | - |
| Financial charges65/66B | - | €772,353 | €394,239 | €167,460 | €2.5m | - |
| Recurring financial charges65 | €75,230 | €772,353 | €394,239 | €167,460 | €1.6m | - |
| Non-recurring financial charges66B | - | - | - | - | €937,200 | - |
| Profit (loss) for the period before taxes9903 | €213,630 | €363,802 | €65,049 | €126,690 | -€1.5m | - |
| Income taxes67/77 | €20,998 | €1,729 | €1,906 | €1,847 | €3,309 | - |
| Profit (loss) for the period9904 | €192,632 | €362,074 | €63,143 | €124,843 | -€1.5m | - |
| Profit (loss) for the period to be appropriated9905 | €192,632 | €362,074 | €63,143 | €124,843 | -€1.5m | - |
| Line | 2020 | 2021 | 2022 | 2023 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €25.0m | €24.3m | €24.0m | €26.1m | €24.4m | - |
| Fixed assets21/28 | €15.6m | €17.7m | €17.6m | €17.1m | €16.6m | - |
| Intangible fixed assets21 | - | - | - | - | €3,202 | - |
| Tangible fixed assets22/27 | €1.2m | €3.3m | €3.2m | €3.1m | €3.5m | - |
| Land and buildings22 | - | €3.2m | €3.1m | €3.0m | €3.0m | - |
| Furniture and vehicles24 | - | €33,324 | €29,143 | €26,686 | €17,166 | - |
| Leasing and similar rights25 | - | €56,957 | €38,473 | €27,202 | - | - |
| Assets under construction and advance payments27 | - | - | - | - | €551,535 | - |
| Financial fixed assets28 | €14.4m | €14.4m | €14.4m | €14.0m | €13.1m | - |
| Current assets29/58 | €9.3m | €6.6m | €6.4m | €9.0m | €7.8m | - |
| Amounts receivable after more than one year29 | - | €394,200 | €394,200 | - | - | - |
| Trade receivables290 | - | €394,200 | €394,200 | - | - | - |
| Stocks and contracts in progress3 | €3.2m | €723,646 | €701,837 | €4.1m | €3.8m | - |
| Stocks30/36 | - | €723,646 | €701,837 | €4.1m | €3.8m | - |
| Amounts receivable within one year40/41 | €5.2m | €4.5m | €4.7m | €4.4m | €3.8m | - |
| Trade receivables40 | - | €59,378 | €58,853 | €30,243 | €147,201 | - |
| Other amounts receivable41 | - | €4.5m | €4.6m | €4.4m | €3.6m | - |
| Cash at bank and in hand54/58 | €371,198 | €860,368 | €450,499 | €420,883 | €86,305 | - |
| Deferred charges and accrued income490/1 | - | €108,588 | €122,863 | €110,518 | €31,675 | - |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €25.0m | €24.3m | €24.0m | €26.1m | €24.4m | - |
| Equity10/15 | €22.2m | €21.9m | €21.9m | €22.1m | €20.5m | - |
| Contributions10/11 | €6.6m | €6.6m | €6.6m | €6.6m | €6.6m | - |
| Capital10 | - | €6.6m | €6.6m | €6.6m | €6.6m | - |
| Issued capital100 | - | €6.6m | €6.6m | €6.6m | €6.6m | - |
| Reserves13 | €15.6m | €15.3m | €15.3m | €15.5m | €13.9m | - |
| Non-distributable reserves130/1 | - | €660,073 | €660,073 | €660,073 | €660,073 | - |
| Legal reserve130 | - | €660,073 | €660,073 | €660,073 | €660,073 | - |
| Distributable reserves133 | - | €14.6m | €14.7m | €14.8m | €13.3m | - |
| Amounts payable17/49 | €2.8m | €2.4m | €2.0m | €4.1m | €3.8m | - |
| Amounts payable after more than one year17 | €413,805 | €388,262 | €334,887 | €2.7m | €2.4m | - |
| Financial debts170/4 | - | €388,262 | €334,887 | €2.7m | €2.4m | - |
| Amounts payable within one year42/48 | €2.4m | €2.0m | €1.7m | €1.4m | €1.4m | - |
| Current portion of amounts payable after more than one year42 | - | €718,361 | €520,723 | €129,231 | €465,722 | - |
| Financial debts43 | - | €810,000 | €720,207 | €840,000 | €210,000 | - |
| Credit institutions430/8 | - | €810,000 | €720,207 | €840,000 | €210,000 | - |
| Trade debts44 | €34,652 | €53,900 | €87,474 | €70,807 | €191,073 | - |
| Suppliers440/4 | - | €53,900 | €87,474 | €70,807 | €191,073 | - |
| Taxes, remuneration and social security45 | - | €110,961 | €10,591 | €4,003 | €18,013 | - |
| Taxes450/3 | - | €110,961 | €10,591 | €4,003 | €18,013 | - |
| Other amounts payable47/48 | - | €342,892 | €341,103 | €315,199 | €484,903 | - |
| Accrued charges and deferred income492/3 | - | €76 | €13,951 | €24,200 | €63,546 | - |
| Line | 2020 | 2021 | 2022 | 2023 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €192,632 | €362,074 | €63,143 | €124,843 | -€1.5m | - |
| + Depreciation and write-downs630 | €85,758 | €270,370 | €97,727 | €91,660 | €166,733 | - |
| Operating cash flow (approximation) | €278,390 | €632,443 | €160,870 | €216,502 | -€1.4m | - |
| Investment in fixed assets (approximation) | - | -€2.3m | -€8,035 | €421,092 | - | - |
| Change in cash | - | €489,170 | -€409,869 | -€29,616 | - | - |
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
2026
18-06
State Gazette act
Resignation: DESPRIETCaroline (director)Appointment: GTEINVEST (director) · Permanent representative: DESPRIETCaroline · Name change13 facts ▸
State Gazette act
Resignation: DESPRIETCaroline (director)
Appointment: GTEINVEST (director) · Permanent representative: DESPRIETCaroline · Name change13 facts ▸
- General meeting, 15-06-2026
- Name change, TERRIZON
- Director resignation, DESPRIETCaroline (director)
- Director discharge, DESPRIETCaroline (bestuursmandaat)
- Director appointment, GTEINVEST (director)
- Permanent representative, DESPRIETCaroline (vastevertegenwoordiger)
- Other statement, aanvaardingmandaat+geenverbod
- Power of attorney
- Power of attorney, PatrickTORRELLE
- Board meeting, raadvanbestuur
- Director resignation, DESPRIETCaroline (gedelegeerdbestuurder)
- Director appointment, GTEINVEST (gedelegeerdbestuurder)
- +1 further facts in this act
07-05
State Gazette act
Resignation: Carine STADSBADER (director)2 facts ▸
State Gazette act
Resignation: Carine STADSBADER (director)
2 facts ▸
- General meeting, 06-02-2026
- Director resignation, Carine STADSBADER (director)
27-04
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema
2025
30-09
Financial
Weakest financial yearnet -€1.5m
Net result drops to -€1.5m, the lowest in the series.
2024
18-07
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema
2023
25-07
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema
2022
15-07
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema
2021
14-07
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema
2020
17-07
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema
2019
20-08
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema · 21 days late
2018
21-08
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema · 22 days late
2017
31-08
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema · 32 days late
2016
02-08
NBB filing
Annual accounts filed
fiscal year 2015 · full schema · 3 days late
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
2 of 14 acts read
About the unread acts
Of the 14 Belgian State Gazette acts we know for this company, 2 have been read. The other 12 have not been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
1 director, 1 in day-to-day management, last change in 2026
Board 1
GTE INVEST
CurrentDirector · since 15-06-2026 · Private limited company · perm. rep.: DESPRIETCaroline
Day-to-day management 1
GTE INVEST
CurrentGedelegeerdbestuurder · since 15-06-2026 · Private limited company · perm. rep.: DESPRIETCaroline
Permanent representatives 1
DESPRIETCaroline
CurrentPermanent representative · since 15-06-2026 · for GTE INVEST
Derived from published Gazette acts. The CBE keeps the official list of function holders; we do not read it, so the two can differ.
See the function holders in the CBE →
Not every act has been read: a resignation may be missing here
12 of this company's 14 Belgian State Gazette acts have not been read yet. Appointments and resignations recorded in them are missing above: a director who resigned there may therefore still show here as sitting. The acts are in the Timeline.
Location & real-estate footprint
Registered office, Kortrijk · 1 establishment unit since 2006
Ground area
6,010 m²
Building footprint
1,409 m²
Volume, LiDAR
9,284 m³
2 parcels, Flanders · tallest building 11.5 m, ±2 floors. Linked by address, not a title deed.
1 establishment unit
FINASTAD
since 20062.159.579.096
2 parcels
Flanders
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 34022E0234/02B000 | Flanders | 3,575 m² | 1 · 1,005 m² | 11.5 m · 2 fl. |
| 34022E0191/00F005 | Flanders | 2,435 m² | 1 · 404 m² | 8.8 m · 2 fl. |
Linked by address, not proof of ownership
Good to know
2 of 2 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Mandate history
3 people since 2026, 1 in office
- Board
- Day-to-day management
- began earlier
| Name | Functions and periods |
|---|---|
| GTE INVEST |
|
| DESPRIETCaroline |
|
| Carine STADSBADER |
|
Articles of association
Name clause
Other statement
One provision in the deed
Structure & network
Owners and holdings
3 holdingsOwners 0
The accounts to 30-09-2025 list no shareholders, and no other source names one.
Holdings 3
-
60%
-
30%
-
30%
According to the annual accounts to 30-09-2025 of Finastad and those of the other companies, the acts in the Belgian Gazette and the LEI register. The register of ultimate beneficial owners (UBO) is not public: who ultimately stands behind a natural person or a foreign parent is not stated here. A company that does not fill in these statements, or need not, is missing.
Connections & network
2 connected companiesCapital and shareholders
Shareholders according to the acts
Stated in the act
act of 18-06-2026 ↗
- enige aandeelhouder all shares
The Belgian State Gazette names shareholders only when an act mentions them; the share register itself is not published.
Public money · subsidies and aid
Flemish government
2025 · 1 entry · 17,992 EUR awarded| Year | Entries | awarded | paid |
|---|---|---|---|
| 2025 | 1 | 17,992 EUR | 0 EUR |
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Of 9,696 companies in sector 68121 we hold annual accounts for 7,393. 709 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPublic limited company
Founded27-12-2006
Fiscal year end30-09
Legal name NL
TERRIZON
Activities, NACEBEL 2025
68121Development of residential building projects
68122Development of non-residential building projects
68201Renting and operating of own or leased residential real estate, excluding social housing
70200Business and other management consultancy
E-invoicing
Reachable via Peppol
Peppol ID
0208:0885960287
Registered
27-03-2026
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 30 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.