GW-Immo
ActiveSummary
GW-Immo has been active since 2018 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €65,717 and a net result of -€35,667. Equity is growing by ~19.7% per year across the filed fiscal years. Its solvency ranks better than 20% of 9436 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.4% (very low).
Overview
What they do
Renting and operating of own or leased non-residential real estate, excluding land
NACE 68203
1 site
How big
€2.8mtotal assets 2025
- Equity
- €65,717
- Loss
- -€35,667
Turnover not published (abridged schema)
Who decides
- Largest shareholder
- CALISTOGA · 33.33%
Accounts 8 d early0 of 2 deeds read
Why 51- Annual accounts: weaker financial profile- Limited track record- Weak solvency vs sector+ Lower-failure-rate sectorLatest accounts filed on timeShow the evidence
Checked score
Score 2025
Axes · tick = 2024
Profitability33▼-8
Solvency27▼-1
Growth52▼-26
Track record100
Bankruptcy probability, 12 months
0.4%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €3,000 at 30 days acceptable
Liquidity short (current ratio 0.32 against 0.58 in 2024; short-term debt: 4.7% and cash: 1% of total assets), and 97.7% of the assets are financed with debt.
Credit check for your own amount and term
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+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 →
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
2.3%
Return on assets
-1.3%
Age of the figures
18 mo
raises risk · Limited track record
This company has not been active as long as an established one and statistically fails somewhat more often.
KBO · incorporation dateAge against the risk zone
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 20% of 9436 sector peers (2025).
NBB · sector comparisonPosition among 9436 sector peers
Solvency
better than 20%
← weakest
strongest →
neutral · Latest accounts filed on time
The financial year that closed on 31-03-2025 was due by 31-10-2025 and was filed on 23-10-2025, 8 days ahead of the deadline.
NBB · 6 filingsDeviation from the deadline
2025
8 d early
2024
3 d early
2023
22 d early
2022
7 d early
2021
11 d early
2020
2 d early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 6 accounts on average 9 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 31-03-2026 and is due by 31-10-2026. Nothing is late today. Usually files around 23 October (5 of the last 5 filed years within 30 days of that day).
Companies Code · seven monthsPosition in the running window
31-03-2026 close01-10-2026 today31-10-2026 deadline
- Annual accounts filedfiscal year 2025 · abbreviated…
- Weakest financial yearnet -€35,667
- Annual accounts filedfiscal year 2024 · abbreviated…
Financials
Fiscal year 2025Total assets €2.8mLoss -€35,667Solvency 2.3%Liquidity 0.32
Total assets
€2.8m▼ 4.9%
2020 - 2025
Net result
-€35,667
2020 - 2025
Equity
€65,717▼ 35.2%
2020 - 2025
Solvency
2.3%▼ 1.1pp
2020 - 2025
Financials · fiscal year 2025, abbreviated schema
Trend over the years
Trend over the years
In euros
In per cent
Ratio
In euros
No line ticked in this group.
In per cent
No line ticked in this group.
Ratio
No line ticked in this group.
Untick a line to hide it. Point at a year (or use the arrow keys on the chart) for the exact figures; the table below gives them all.Sector: 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. Available for Net result, Equity, Total assets, Working capital, Solvency, Current ratio, Return on assets (ROA).
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result€0.05m▼ 9.2%€0.04m▼ 8.1%€0.04m▲ 1.4%€0.09m▲ 109%€0.06m▼ 39.0%
Net result€0.02mwithin the sector's middle half▲ 121%€0.02mwithin the sector's middle half▼ 6.8%€0.02mwithin the sector's middle half▲ 7.8%€0.01mwithin the sector's middle half▼ 39.1%-€0.04mbelow the sector's middle half
Equity€0.06mbelow the sector's middle half▲ 37.7%€0.07mbelow the sector's middle half▲ 25.5%€0.09mwithin the sector's middle half▲ 21.9%€0.1mwithin the sector's middle half▲ 10.9%€0.07mwithin the sector's middle half▼ 35.2%
Total assets€1.3mwithin the sector's middle half▼ 5.2%€1.2mwithin the sector's middle half▼ 3.2%€1.2mwithin the sector's middle half▼ 2.8%€3.0mwithin the sector's middle half▲ 153%€2.8mwithin the sector's middle half▼ 4.9%
Debt€1.2m▼ 6.6%€1.1m▼ 4.7%€1.1m▼ 4.4%€2.9m▲ 165%€2.8m▼ 3.9%
Working capital-€0.03mwithin the sector's middle half▼ 116%-€0.01mwithin the sector's middle half▲ 49.0%-€401within the sector's middle half▲ 97.0%-€0.06mwithin the sector's middle half▼ 14,034%-€0.09mwithin the sector's middle half▼ 60.0%
Solvency4.8%below the sector's middle half▲ 1.5pp6.2%below the sector's middle half▲ 1.4pp7.8%below the sector's middle half▲ 1.6pp3.4%below the sector's middle half▼ 4.4pp2.3%below the sector's middle half▼ 1.1pp
Current ratio0.57within the sector's middle half▼ 0.230.78within the sector's middle half▲ 0.210.99within the sector's middle half▲ 0.210.58within the sector's middle half▼ 0.420.32below the sector's middle half▼ 0.26
Return on assets (ROA)1.3%within the sector's middle half▲ 0.7pp1.3%within the sector's middle half=1.4%within the sector's middle half▲ 0.1pp0.3%within the sector's middle half▼ 1.1pp-1.3%within the sector's middle half▼ 1.6pp
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 and balance sheet
Result per fiscal year
Operating resultNet result
The operating result falls in 2025; 2025 is 39% below 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €2.8m
Fixed assets
€2.8m ▼ 3.9%
Current assets
€42,238 ▼ 45.5%
Equity and liabilities €2.8m
Equity
€65,717 ▼ 35.2%
Debt
€2.8m ▼ 3.9%
Debt's share of the balance-sheet total rises from 96.6% to 97.7%. Equity and debt are lower.
Key figures and ratios
Key figures and ratios
EBITDA
€177,267▼
2024 · €199,814
Cash flow
€86,560▼
2024 · €119,576
Debt to equity
42.13▲
2024 · 28.41
ROE
-54.3%▼
2024 · 9.9%
Interest coverage
1.95▼
2024 · 2.61
Debt ≤ 1 year
€132,821▼
2024 · €134,102
Debt > 1 year
€2.6m▼
2024 · €2.7m
Income taxes
€0▼
2024 · €3,639
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 819 companies that looked in July 2024 the way this one looks now, 1.8% went bankrupt within 24 months and 95% are still going.
- Small
- 5 to 10 years old
- solvency under 10%
- a small loss
1.8%
went bankrupt
3.3%
stopped otherwise
95%
still going
A further 0.2% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.4% over twelve months; the group does not contradict it.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,341 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% 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 819 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.
Filed annual accounts
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €54,300 | €54,300 | €54,300 | €109,580 | €122,227 | ▲ 11.5% |
| Other operating charges640/8 | - | €6,593 | €6,937 | €10,964 | €16,335 | ▲ 49.0% |
| Gross operating margin9900 | €106,789 | €103,454 | €104,374 | €210,777 | €193,602 | ▼ 8.1% |
| Operating profit (loss)9901 | €46,290 | €42,560 | €43,136 | €90,234 | €55,041 | ▼ 39.0% |
| Financial income75/76B | - | - | - | - | €0 | - |
| Recurring financial income75 | - | - | - | - | €0 | - |
| Financial charges65/66B | - | €21,785 | €20,742 | €76,599 | €90,707 | ▲ 18.4% |
| Recurring financial charges65 | €23,998 | €21,785 | €20,742 | €76,599 | €90,707 | ▲ 18.4% |
| Profit (loss) for the period before taxes9903 | €22,292 | €20,775 | €22,394 | €13,635 | -€35,667 | ▼ 362% |
| Income taxes67/77 | €5,949 | €5,544 | €5,976 | €3,639 | €0 | ▼ 100% |
| Profit (loss) for the period9904 | €16,343 | €15,231 | €16,418 | €9,996 | -€35,667 | ▼ 457% |
| Profit (loss) for the period to be appropriated9905 | €16,343 | €15,231 | €16,418 | €9,996 | -€35,667 | ▼ 457% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €1.3m | €1.2m | €1.2m | €3.0m | €2.8m | ▼ 4.9% |
| Fixed assets21/28 | €1.2m | €1.2m | €1.1m | €2.9m | €2.8m | ▼ 3.9% |
| Tangible fixed assets22/27 | €1.2m | €1.2m | €1.1m | €2.9m | €2.8m | ▼ 3.9% |
| Land and buildings22 | - | €1.2m | €1.1m | €2.9m | €2.8m | ▼ 4.2% |
| Furniture and vehicles24 | - | - | - | - | €0.008m | - |
| Current assets29/58 | €0.03m | €0.05m | €0.07m | €0.08m | €0.04m | ▼ 45.5% |
| Amounts receivable within one year40/41 | €0.009m | €0.02m | €0.02m | €0.06m | €0.01m | ▼ 79.5% |
| Trade receivables40 | - | €0.02m | €0.02m | €0.06m | €0.01m | ▼ 79.5% |
| Cash at bank and in hand54/58 | €0.03m | €0.03m | €0.05m | €0.02m | €0.03m | ▲ 52.3% |
| Deferred charges and accrued income490/1 | - | - | - | - | €0.001m | - |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €1.3m | €1.2m | €1.2m | €3.0m | €2.8m | ▼ 4.9% |
| Equity10/15 | €0.06m | €0.07m | €0.09m | €0.1m | €0.07m | ▼ 35.2% |
| Contributions10/11 | - | €0.04m | €0.04m | €0.04m | €0.04m | = |
| Reserves13 | €0.02m | €0.04m | €0.06m | €0.07m | €0.03m | ▼ 55.4% |
| Non-distributable reserves130/1 | - | €0.004m | €0.004m | - | - | - |
| Reserves not available under the articles1311 | - | €0.004m | €0.004m | - | - | - |
| Distributable reserves133 | - | €0.04m | €0.05m | €0.07m | €0.03m | ▼ 55.4% |
| Profit (loss) carried forward14 | €139 | €170 | €388 | €384 | €0.001m | ▲ 86.9% |
| Amounts payable17/49 | €1.2m | €1.1m | €1.1m | €2.9m | €2.8m | ▼ 3.9% |
| Amounts payable after more than one year17 | €1.1m | €1.1m | €1.0m | €2.7m | €2.6m | ▼ 4.7% |
| Financial debts170/4 | - | €1.1m | €1.0m | €2.7m | €2.6m | ▼ 4.7% |
| Amounts payable within one year42/48 | €0.06m | €0.06m | €0.07m | €0.1m | €0.1m | ▼ 1.0% |
| Current portion of amounts payable after more than one year42 | - | €0.06m | €0.06m | €0.1m | €0.1m | ▲ 3.0% |
| Trade debts44 | €178 | €257 | €0.006m | €0.006m | €0.002m | ▼ 66.1% |
| Suppliers440/4 | - | €257 | €0.006m | €0.006m | €0.002m | ▼ 66.1% |
| Taxes, remuneration and social security45 | - | €0.006m | €0.006m | €0.004m | €0.003m | ▼ 23.8% |
| Taxes450/3 | - | €0.006m | €0.006m | €0.004m | €0.003m | ▼ 23.8% |
| Accrued charges and deferred income492/3 | - | - | - | - | €0.02m | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €0.02m | €0.02m | €0.02m | €0.01m | -€0.04m | ▼ 457% |
| + Depreciation and write-downs630 | €0.05m | €0.05m | €0.05m | €0.1m | €0.1m | ▲ 11.5% |
| Operating cash flow (approximation) | €0.07m | €0.07m | €0.07m | €0.1m | €0.09m | ▼ 27.6% |
| Investment in fixed assets (approximation) | - | €0 | €0 | -€1.9m | -€0.01m | ▲ 99.5% |
| Change in cash | - | €0.004m | €0.02m | -€0.03m | €0.01m | ▲ 134% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Comparable companies
Similar companies · same sector, comparable size
CM IMMO
BE 1005.539.216
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Unit 86
BE 0728.474.948
Antwerpen · Eq €65,683
F&A Construction
BE 1010.810.373
Houthalen-Helchteren · Eq €65,662
RUDAPA
BE 1016.145.472
Dentergem · Eq €65,432
JERRIMMO
BE 0663.572.248
Kontich · Eq €66,091
Of 12,040 companies in this sector we hold annual accounts for 6,007. 3,391 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Board & ownership
Directors
Directors
No directors read yet: 0 of 2 Gazette acts processed. See the function holders in the CBE →
Structure & network
Owners and holdings
1 ownerOwners 1
-
33.33%
Holdings 0
No holding stated in the accounts, acts or LEI register we read.
According to the annual accounts 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
No directors read yet: 0 of 2 Gazette acts processed.
Timeline
9 eventsLatest 23-10-2025Next filing 31-10-2026
History
Acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2025
23-10
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema
31-03
Financial
Weakest financial yearnet -€35,667
Net result drops to -€35,667, the lowest in the series.
2024
28-10
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema
31-03
Financial
Equity above €100,000Eq €101,384 ▲10.9%
5 profitable years in a row build equity to €101,384.
2023
09-10
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema
31-03
Financial
Highest result since 2020net €16,418 ▲7.8%
Net result €16,418, the highest in the series.
2022
24-10
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema
2021
20-10
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema
2020
29-10
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 2 acts read
About the unread acts
We know of 2 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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Company details
Private limited company · founded 27-07-2018Year ends 31-03Peppol reachable1 site
Register details
Identification
Legal formPrivate limited company
Founded27-07-2018
Fiscal year end31-03
Activities, NACEBEL 2025
68203Renting and operating of own or leased non-residential real estate, excluding land
68321Property management for co-owned buildings (syndics)
E-invoicing
Reachable via Peppol
Peppol ID
0208:0700448579
Also
9925:BE0700448579
Registered
01-09-2025
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 1 October 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.
Sites & property
Location & real-estate footprint
Registered office, Kapellen · 1 establishment unit since 2018
Ground area
3,102 m²
Building footprint
1,320 m²
Volume, LiDAR
8,190 m³
Parcel 11023C0139/00R000, Flanders · tallest building 7.0 m, ±2 floors. Linked by address, not a title deed.
2
companies at this address
See who is registered here
1 establishment unit
GW-Immo
since 2018unit no. 2.278.301.158
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 11023C0139/00R000 | Flanders | 3,102 m² | 1 · 1,319 m² | 7.0 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.
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