Result
€17,960 €17,960
Back in profit in 2025, after a loss of €308,268 in 2024.
Friendship Development
Part of the group
18 companies in 2 countries
Lifetime
20 annual accounts with figures on one time axispeak €697,600 (2007)
-not published
lowest -€1.8m (2016)
€17,960▲ €326,228
peak €2.1m (2021)
€1.4m▲ 1.3%
€9.1m▲ 10.4%
Board17 names since 2010all names
2 directors and 1 other
Owners2 names in the annual accounts
consolidates
Documentsfilings and deeds
15-06-202646 days before the deadline
2025financial year
Back to profit: €17,9601 statutory auditor appointed, 2 directors appointed, 1 resig… 27-08Company renamed from Midcore Development to Friendship Develo… 17-07Investments €1.2mCash from €117,943 to €13,584
Key points
from the 2025 annual accountsDebts
€9.1m 87% of the balance sheet
Financial debts 98%Suppliers 1%Other 1%
€3.9m of the debts are secured on the company's own assets. In 2023 that was €2.7m.
Securities
€22.9m
Mortgage mandates, new in 2025. 16.7 times equity · not in the 2024 accounts.
Liquidity
97.86 was 3.09 in 2024
Short-term debts fell from €2.8m to €84,897.
Filings
20 annual accounts since 2006
The last five annual accounts were filed 46 to 99 days before the end of the period.
Subsidiaries
-€6.4m
Subsidiary with negative equity. .
Checked score
Bankruptcy probability within 12 months
Financial strength
Score breakdown
Comparable companies, two years later
In July 2024, 733 companies had the same profile as Friendship Development has now. Each dot stands for 2 companies, two years later.
97.4%
were still trading
1.4%
stopped another way
1.0%
went bankrupt
Another 0.3% stopped without a precise date, possibly only after those two years.
Test of the method
The method was tested on the 497,762 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 | 2.9% | 3.1% |
| 10 | 5.6% | 6.1% |
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 733 companies, not a prediction for Friendship Development. 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
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Signals
Board and ownership
Managing director,
Managing director,
Daily manager,
Auditor,
- 100%score equity €38.2m (2025) · 2025 annual accounts of
- consolidatesannual accounts 2025
Recent changes
Appointment: (day-to-day manager)
Permanent representative: · Gazette deed
Registered in the Peppol Directory
Reachable for e-invoices through 0208:0881057235
1 statutory auditor appointed, 2 directors appointed, 1 resignation, 2 resignations
Resignations: (statutory auditor), and · Permanent representatives: , , , and · Appointments: (statutory auditor), (managing director) and (managing director) · Board meeting of 19-06-2025 · Gazette deed
Company renamed from Midcore Development to Friendship Development
General meeting of 10-07-2025 · Gazette deed
Comparable companies
same main activity, similar in size and age| Company | ||||
|---|---|---|---|---|
| Friendship Development Antwerp | €10.5m | - | 13.0% | - |
| INTERESTING VASTGOED BELGIË Kapellen | €11.3m | -€9,481 | 0.7% | - |
| ALM GROUP Mol | €10.0m | -€74,171 | 58.9% | 1.2 |
| SPORTS ADVICE & MANAGEMENT Sint-Katelijne-Waver | €11.3m | €755,954 | 28.3% | - |
| ECO-SERVICE DC Ypres | €11.0m | -€34,916 | 94.9% | 0 |
| HBP Deinze | €10.3m | €730,694 | 37.0% | 1 |
| ENLAMAS Chaudfontaine | €11.3m | €16,335 | -6.0% | - |
These companies have the same main activity as Friendship Development: buying and selling of own real estate (NACE 68110). They are comparable in size and age: total assets between €10m and €11m, founded between 2004 and 2007.
Official details
Source: KBO- Status
- Active since 02-05-2006Normal situation
- Registered office
- 12 active companies are registered at this addressSource: KBO register, as of 13 November 2026.
- Activity
- Buying and selling of own real estateNACE 68110
- Establishment unit
- 2.153.374.5612018 Antwerp, since 09-05-2006
- Financial year end
- 31 December
- Peppol
- Reachable since 09-10-2025
Annual accounts 2025
- €10.5m▲ 9.1%
- Filing
- Filed on 15-06-2026, 46 days before the end of the filing period
Insights on Friendship Development
Friendship Development has been active since 2006 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €1.4m and a net result of €17,960.
Equity fluctuates too strongly from year to year to read a trend from it. Its solvency ranks better than 25% of 2,108 sector peers (NACE 68, financial year 2025).
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 Friendship Development
- What is the company number of Friendship Development?
- The company number of Friendship Development is 0881.057.235. The VAT number is the same number with BE in front: BE 0881.057.235.
- Where is Friendship Development based?
- The registered office is at Mechelsesteenweg 176, 2018 Antwerp.Company details
- What does Friendship Development do?
- According to the KBO register, the main activity is buying and selling of own real estate (NACE 68110).
- What is the legal form of Friendship Development?
- Friendship Development is a public limited company (NV).
- When was Friendship Development founded?
- Friendship Development was founded on 02-05-2006.
- Is Friendship Development still active?
- Yes, Friendship Development is an active enterprise in the KBO register.
- What is the turnover of Friendship Development?
- The annual accounts for financial year 2025 state no turnover. In financial year 2024 turnover was €0.Financials
- Is Friendship Development profitable?
- In financial year 2025, Friendship Development made a profit of €17,960.
- Where can I find the annual accounts of Friendship Development?
- Friendship Development filed 20 annual accounts with the National Bank of Belgium, the latest for financial year 2025.
- When are the next annual accounts of Friendship Development due?
- Friendship Development must file the annual accounts for financial year 2026 by 31-07-2027.Timeline
Next steps
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