GROUND DEVELOPERS
ActiveSummary
GROUND DEVELOPERS has been active since 2019 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €193,705 and a net result of -€414,605. Equity is growing by about 63% per year across the filed financial years. The computed 12-month bankruptcy probability is 0.5% (low).
Overview
- Staff
- 2.1 FTE
- Equity
- €193,705
- Loss
- -€414,605
- Largest shareholder
- PEETERMANS STEVEN MANAGEMENT · 10%
- Holdings
- 1
Why 78raises riskEquity €193,705 (3.0% of total assets)1 change of registered office in 24 monthslowers riskSize: 2.1 FTE, total assets €6.4mSector: Real estate activities (NACE 68)Show the evidence
Checked score
About 5 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
How it is calculated
The band follows from the bankruptcy probability, on a scale where 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, micro): better than 23% on solvency, 14% on liquidity and 21% on profitability.
The bankruptcy probability was computed on 16-10-2026 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.
Some facts cap the score, however low the probability. Negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late hold it at Fair at most (59); two missing filings, at Weak (44). An ongoing judicial reorganisation or the company's end (bankruptcy, dissolution, liquidation) holds it at Critical at most (24).
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Signals
This company filed its last 5 accounts on average 33 days before the deadline; the Belgian median for financial year 2024 is 4 days before the deadline, and 38% of all filings were late.
Searched, nothing found (1)
- Annual accounts filedfinancial year 2025 · abbreviated…
- Permanent representative: Pieter VangeelRegistered-office move
- Weakest financial yearnet -€414,605
Financials · financial year 2025, abbreviated format
2021 to 2025, 5 financial years
The operating result turns negative in 2025: a loss of €566 after €733,681 in 2024, the lowest result in the available series.
What the company sold each financial year and what was left of it. A loss stands below the zero line.
What the company owns (total assets), how much of it is its own (equity) and how much it owes.
Short-term assets minus short-term debts. Above zero the company can pay its bills in the short term.
Average staff in full-time equivalents (FTE).
Use the arrow keys on the chart for the figures per year.
Peer companies
Historical observationOf the 849 companies that looked in July 2024 the way this one looks now, 4.6% went bankrupt within 24 months and 92.0% are still going.
- Micro
- 5 to 10 years old
- solvency under 10%
- a small loss
A further 0.1% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a lower bankruptcy probability: 0.5% 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 497,473 companies of July 2024 its group's bankruptcy share. Expected: 1.6%; actually bankrupt within 24 months: 1.7%.
| 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% | 1.0% |
| 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% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 74.5% 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 849 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.
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | €27,321 | €66,117 | €84,648 | €214,104 | ▲ 153% |
| Other operating charges640/8 | - | €138,785 | €70,432 | €131,249 | €94,272 | ▼ 28.2% |
| Gross operating margin9900 | €24,278 | €277,944 | €442,617 | €949,577 | €307,810 | ▼ 67.6% |
| Operating profit (loss)9901 | €11,817 | €111,838 | €306,068 | €733,681 | -€566 | - |
| Financial income75/76B | - | €33 | €0 | - | - | - |
| Recurring financial income75 | - | €33 | €0 | - | - | - |
| Financial charges65/66B | - | €34,618 | €109,116 | €327,519 | €413,741 | ▲ 26.3% |
| Recurring financial charges65 | €5,111 | €34,618 | €109,116 | €327,519 | €413,741 | ▲ 26.3% |
| Profit (loss) for the period before taxes9903 | €6,706 | €77,253 | €196,952 | €406,162 | -€414,308 | - |
| Income taxes67/77 | €756 | €19,484 | €49,584 | €108,939 | €298 | ▼ 99.7% |
| Profit (loss) for the period9904 | €5,950 | €57,769 | €147,368 | €297,223 | -€414,605 | - |
| Profit (loss) for the period to be appropriated9905 | €5,950 | €57,769 | €147,368 | €297,223 | -€414,605 | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €1.4m | €2.7m | €7.0m | €7.3m | €6.4m | ▼ 12.7% |
| Fixed assets21/28 | €0.2m | €0.2m | €0.2m | €0.2m | €0.3m | ▲ 14.4% |
| Financial fixed assets28 | €0.2m | €0.2m | €0.2m | €0.2m | €0.3m | ▲ 14.4% |
| Current assets29/58 | €1.1m | €2.5m | €6.8m | €7.0m | €6.1m | ▼ 13.6% |
| Stocks and contracts in progress3 | €1.0m | €1.8m | €6.4m | €6.5m | €4.9m | ▼ 24.3% |
| Stocks30/36 | - | €1.8m | €6.4m | €6.5m | €4.9m | ▼ 24.3% |
| Amounts receivable within one year40/41 | €0.009m | €0.05m | €0.005m | - | €0.1m | - |
| Trade receivables40 | - | €0.05m | €0.005m | - | - | - |
| Other amounts receivable41 | - | - | - | - | €0.1m | - |
| Cash at bank and in hand54/58 | €0.05m | €0.5m | - | €0.2m | €0.8m | ▲ 249% |
| Deferred charges and accrued income490/1 | - | €0.06m | €0.4m | €0.3m | €0.3m | ▼ 18.1% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €1.4m | €2.7m | €7.0m | €7.3m | €6.4m | ▼ 12.7% |
| Equity10/15 | €0.1m | €0.2m | €0.3m | €0.6m | €0.2m | ▼ 68.2% |
| Contributions10/11 | - | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Profit (loss) carried forward14 | €0.006m | €0.06m | €0.2m | €0.5m | €0.09m | ▼ 81.6% |
| Amounts payable17/49 | €1.3m | €2.5m | €6.7m | €6.7m | €6.2m | ▼ 7.7% |
| Amounts payable within one year42/48 | €1.3m | €2.5m | €6.7m | €6.7m | €6.1m | ▼ 7.7% |
| Current portion of amounts payable after more than one year42 | - | €1.4m | €5.3m | €5.2m | €5.2m | ▼ 0.2% |
| Financial debts43 | - | - | €0.2m | - | €0.004m | - |
| Credit institutions430/8 | - | - | €0.2m | - | €0.004m | - |
| Trade debts44 | €0.02m | €0.007m | €0.008m | €0.01m | €0.3m | ▲ 2,072% |
| Suppliers440/4 | - | €0.007m | €0.008m | €0.01m | €0.3m | ▲ 2,072% |
| Taxes, remuneration and social security45 | - | €0.02m | €0.08m | €0.1m | €0.02m | ▼ 85.4% |
| Taxes450/3 | - | €0.02m | €0.07m | €0.1m | €298 | ▼ 99.7% |
| Remuneration and social security454/9 | - | €0.002m | €0.007m | €0.02m | €0.02m | ▲ 16.0% |
| Other amounts payable47/48 | - | €1.1m | €1.1m | €1.3m | €0.6m | ▼ 53.5% |
| Accrued charges and deferred income492/3 | - | €0.004m | €0.02m | €0.02m | €0.02m | = |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €5,950 | €57,769 | €147,368 | €297,223 | -€414,605 | - |
| Operating cash flow (approximation) | €5,950 | €57,769 | €147,368 | €297,223 | -€414,605 | - |
| Investment in fixed assets (approximation) | - | €0 | €0 | €0 | -€34,347 | - |
| Change in cash | - | €479,644 | - | - | €561,653 | - |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Filings with the National Bank (5)
| Financial year | Type | Filed | Reference |
|---|---|---|---|
| 31-12-2025 | abbreviated format | 29-07-2026 | 2026-00345398 |
| 31-03-2024 | abbreviated format | 30-09-2024 | 2024-00480024 |
| 31-03-2023 | abbreviated format | 29-09-2023 | 2023-00460265 |
| 31-03-2022 | abbreviated format | 07-09-2022 | 2022-20422187 |
| 31-03-2021 | abbreviated format | 14-09-2021 | 2021-67200370 |
Public contracts: No European public contracts awarded found since October 2016. Contracts below the EU thresholds are not in TED.
Directors
Owners and capital
Owners
2 ownersOwners 2
- Pieter Vangeelnatural personSourceown accounts 202590%
-
10%
According to the 2025 annual accounts of GROUND DEVELOPERS and those of the other companies, the acts in the Belgian Official Gazette and the LEI register. Annual accounts state the shareholders that notified the company under article 7:225 of the Code of Companies and Associations and the parent companies that consolidate it. 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 include these statements in its annual accounts, or does not have to, is not listed.
Group and network
Holdings and subsidiaries
1 holdingHoldings 1
-
100%
According to the 2025 annual accounts of GROUND DEVELOPERS and those of the other companies, the acts in the Belgian Official Gazette and the LEI register. Annual accounts state the shareholders that notified the company under article 7:225 of the Code of Companies and Associations and the parent companies that consolidate it. 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 include these statements in its annual accounts, or does not have to, is not listed.
Connections & network
The network starts from this company’s shareholders. What else they own or run appears here as nodes.
History
Acts, filings and financial milestones
12-05
Gazette deed
Permanent representative: Pieter VangeelRegistered-office move5 facts ▸
- Board meeting, 12-03-2026
- Registered-office move, Grauwmeer 1/46 bus 31, 3001 Leuven
- Permanent representative, Pieter Vangeel
- Director in office, BV The Coconut Company (director)
- Other provision, “formuliervoorschrift voorkant, Voorkant” (deed in Dutch)
19-12
Gazette deed
Amendment of the articlesPower of attorney4 facts ▸
- General meeting, 20-11-2024
- Other provision, “overgangsbepaling lopend boekjaar verlengd, TWEEDE BESLISSING - OVERGANGSBEPALINGEN” (deed in Dutch)
- Power of attorney, Alexis Brusselmans
- Power of attorney
About the unread acts
Of the 5 Belgian Official Gazette deeds we know for this company, 2 have been read. The other 3 have not been read yet: what they contain is neither established nor disproved here.
Register details
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 17 October 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.
Environmental permits: No permit applications found in Flanders. Brussels and Wallonia do not publish the applicant.
Sites & property
1 establishment unit
1 parcel
| Cadastral parcel | Region | Area | Buildings | Height / floors |
|---|---|---|---|---|
| 24514B0181/00Z000 | Flanders | 2,588 m² | - | - |
How the parcels are linked
Articles of association
- Annual meetingWhen the shareholders meet each year, among other things to approve the annual accounts.
- “DERDE BESLISSING De vergadering beslist de datum van de jaarvergadering te wijzigen en deze voortaan te houden op de laatste vrijdag van de…” (deed in Dutch)
Read from the deeds: 1 provision, deed of 19-12-2024