Equity
€197,435 ▲ 16.4%
FUGAVE has made a profit without a break since 2021.
FUGAVE
Lifetime
7 annual accounts with figures on one time axispeak €2.3m (2022)
€337,960▼ 17.1%
lowest -€3,170 (2020)
€27,806▼ 80.0%
peak €197,435 (2025)
€197,435▲ 16.4%
€5.1m▲ 17.8%
Board6 names since 2018
2 directorsVesta Group and 1 other
Owners2 names in the annual accounts
Documentsfilings and deeds
16-07-202615 days before the deadline
2025abbreviated format
Gross margin from €407,593 to €337,960Result from €139,198 to €27,806Equity from €169,630 to €197,435Debts from €4.3m to €5.1mCash from €3.0m to €1.7m
Key points
from the 2025 annual accountsResult
€27,806 ▼ 80.0%
The result fell in 2025 from €139,198 to €27,806.
Turnover
≈ €600,000 estimated
The abbreviated format states no turnover.
Debts
€5.1m 94% of the balance sheet
Financial debts 82%Suppliers 13%Taxes and wages 2%Other 3%
Of this, €800,584 falls due within a year.
Liquidity
6.80 was 3.94 in 2024
Short-term debts fell from €1.2m to €800,584.
Filings
7 annual accounts since 2019
The last five annual accounts were filed 13 to 27 days before the end of the period.
Checked score
95
Excellent
Financially stronger than 58% 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 6,998 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%
01-2025: 0.1%● unchanged vs 12-2024
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: 0.2%▲ +0.1 percentage points vs 06-2025highest value
08-2025: < 0.1%▼ -0.2 percentage points vs 07-2025lowest value
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%● unchanged vs 07-2026
09-2026: < 0.1%● unchanged vs 08-2026
10-2026: < 0.1%● unchanged vs 09-2026
11-2026: < 0.1%● unchanged vs 10-2026
Financial strengthAverage
Score breakdown
raises risk
Equity €197,435 (3.6% of total assets)
lowers risk
Size: total assets €5.4m
Figures for financial year 2025 (filed on 16-07-2026)
Sector: Real estate activities (NACE 68)
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 21% of them on solvency, 97% on liquidity, 37% on profitability and 79% on growth.
The bankruptcy probability was computed on 06-11-2026 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, 1,603 companies had the same profile as FUGAVE has now. Each dot stands for 5 companies, two years later.
96.0%
were still trading
1.8%
stopped another way
1.9%
went bankrupt
Another 0.3% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of FUGAVE itself is lower: < 0.1% within 12 months. It rests on far more data about FUGAVE than the profile alone.
Test of the method
The method was tested on the 497,447 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 1,603 companies, not a prediction for FUGAVE. 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 €18,000 on 30-day terms is acceptable
Liquidity is ample, with a current ratio of 6.8 (3.94 in 2024), above the usual 1.5. Short-term debt is 14.7% and cash 31.9% of total assets. However, 96.4% 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
Seven signals.
lowers riskraises riskneutral
raises risk · Weak solvency compared with the sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 22% of 11289 sector peers (2025).
NBB · sector comparisonPosition among 11289 sector peers
Solvency
better than 22%
← weakest
strongest →
lowers risk · Growing equity
Reported equity is higher than in 2023 and did not fall compared with 2024. These amounts do not establish the cause of the change.
NBB · annual accounts 2025Equity per financial year
19202122232425
2019 to 2025 · latest year €197,435
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 16-07-2026, 15 days ahead of the deadline.
NBB · 7 filingsDeviation from the deadline
2025
15 days early
2024
17 days early
2023
13 days early
2022
20 days early
2021
27 days early
2020
15 days early
2019
17 days early
← 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 18 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 14 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
07-11-2026 today31-12-2026 year end31-07-2027 deadline
Recent changes
Registered in the Peppol Directory
Reachable for e-invoices through 0208:0694696182
Environmental permit granted
Bouwen of herbouwen · Middelkerke
Amendment of the articles · Legal-form change · Resignations & appointments
Permanent representative: Christophe Verstraete · Appointments: VESTA GROUP (chair), SCHAUTTEET Patricia Agnes Angela (director) and VERSTRAETE Thibault Marc Désiré (director) · Resignations: Christophe Verstraete (manager) and STADSBADER PROMOTIONS (manager) · General meeting of 13-12-2023 · Gazette deed
1 director appointed, 1 resignation
Resignation: Luc Pollet · Appointment: Stadsbader Promotions NV · Permanent representative: Schautteet Patricia Agnes Angela · General meeting of 10-09-2021 · Gazette deed
Comparable companies
same main activity, similar in size and age| Company | ||||
|---|---|---|---|---|
| FUGAVE Kortrijk | €5.4m | €337,960 | 3.6% | - |
| SDF Construct Roeselare | €4.4m | €370,767 | 1.1% | - |
| PATTIM Nieuwpoort | €5.9m | €532,486 | 4.4% | 0 |
| LIME IMMO Ottignies-Louvain-la-Neuve | €4.9m | €315,092 | 4.3% | - |
| YOBO Ixelles | €5.6m | €259,569 | 3.9% | 0.8 |
| SWINNEN WOONPROJECTEN Balen | €6.1m | €320,317 | 4.0% | - |
| BRICK & MORTAR LTI Sint-Truiden | €5.4m | €232,971 | 37.6% | - |
These companies have the same main activity as FUGAVE: development of residential building projects (NACE 68121). They are comparable in size and age: total assets between €4.4m and €6.1m, founded between 2017 and 2019.
Official details
Source: KBO- Status
- Active since 12-04-2018Normal situation
- Registered office
- 100 active companies are registered at this address3 started in the 12 months before. Source: KBO register, as of 7 November 2026.
- Activity
- Development of residential building projectsNACE 68121
- Establishment unit
- 2.278.177.2368500 Kortrijk, since 12-04-2018
- Financial year end
- 31 December
- Peppol
- Reachable since 21-10-2026
Annual accounts 2025
- €5.4m▲ 16.7%
- Filing
- Filed on 16-07-2026, 15 days before the end of the filing period
Insights on FUGAVE
FUGAVE files the abbreviated format. That format states no turnover. The gross margin rose from €27,382 in 2019 to €337,960 in 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 FUGAVE
- What is the company number of FUGAVE?
- The company number of FUGAVE is 0694.696.182. The VAT number is the same number with BE in front: BE 0694.696.182.
- Where is FUGAVE based?
- The registered office is at Beneluxpark 26, 8500 Kortrijk.Company details
- What does FUGAVE do?
- According to the KBO register, the main activity is development of residential building projects (NACE 68121).
- What is the legal form of FUGAVE?
- FUGAVE is a private limited company (BV).
- When was FUGAVE founded?
- FUGAVE was founded on 12-04-2018.
- Is FUGAVE still active?
- Yes, FUGAVE is an active enterprise in the KBO register.
- What is the turnover of FUGAVE?
- The turnover in financial year 2025 is ≈ €600,000. This figure is estimated from the gross margin of €337,960 and 40 comparable companies (NACE 681). It probably lies between €450,000 and €980,000.Financials
- Is FUGAVE profitable?
- In financial year 2025, FUGAVE made a profit of €27,806.
- Where can I find the annual accounts of FUGAVE?
- FUGAVE filed 7 annual accounts with the National Bank of Belgium, the latest for financial year 2025.
- When are the next annual accounts of FUGAVE due?
- FUGAVE must file the annual accounts for financial year 2026 by 31-07-2027.Timeline
Next steps
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