Equity
-€1.2m
Debts exceed assets in financial year 2026.
HARAB
Lifetime
7 annual accounts with figures on one time axispeak €81,129 (2022)
-€2,158▲ €2,490
lowest -€730,327 (2023)
€33,281▲ 16.0%
peak €379,698 (2020)
-€1.2m▲ €33,281
€1.7munchanged
peak 0 FTE (2023)
-not published
Board8 names since 2018
3 directorsM. DUBOURG and 2 others
Owners
Documentsfilings and deeds
29-09-202632 days before the deadline
2026financial year
Gross margin from -€4,648 to -€2,1583 directors reappointed 13-10Registered office moved within Temse 03-09Cash from €8,357 to €5,350
Key points
from the 2026 annual accountsDebts
€1.7m 336% of the balance sheet
After one year 100%Within one year 0%
Of this, €209 falls due within a year.
Position in the sector
-236.2%
Lower solvency than 95% of companies in real estate. Sector median 39.9% · 191 companies.
Checked score
55
Fair
Financially stronger than 40% of micro companies in real estate (NACE 68)
Probability in this band: 1.5% to 4.2%
Negative equity caps the score at 59.
Bankruptcy probability within 12 months
0.9% Low
0%0.5%1.5%4%10%≥ 25%
The dashed line is the sector median: 0.2% across 26,626 companies (NACE 68, micro).
About 9 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
Last 24 months
12-2024: 0.3%lowest value
01-2025: 0.3%● unchanged vs 12-2024
02-2025: 0.3%● unchanged vs 01-2025
03-2025: 0.3%● unchanged vs 02-2025
04-2025: 0.3%● unchanged vs 03-2025
05-2025: 0.3%● unchanged vs 04-2025
06-2025: 0.3%● unchanged vs 05-2025
07-2025: 0.4%▲ +0.1 percentage points vs 06-2025
08-2025: 0.4%● unchanged vs 07-2025
09-2025: 0.4%● unchanged vs 08-2025
10-2025: 0.4%● unchanged vs 09-2025
11-2025: 0.4%● unchanged vs 10-2025
12-2025: 0.4%● unchanged vs 11-2025
01-2026: 0.4%● unchanged vs 12-2025
02-2026: 0.4%● unchanged vs 01-2026
03-2026: 0.4%● unchanged vs 02-2026
04-2026: 0.4%● unchanged vs 03-2026
05-2026: 0.4%● unchanged vs 04-2026
06-2026: 0.4%● unchanged vs 05-2026
07-2026: 0.3%▼ -0.1 percentage points vs 06-2026
08-2026: 0.4%▲ +0.1 percentage points vs 07-2026
09-2026: 0.4%● unchanged vs 08-2026
10-2026: 0.9%▲ +0.5 percentage points vs 09-2026highest value
11-2026: 0.9%● unchanged vs 10-2026highest value
Financial strengthWeak
Score breakdown
raises risk
Capped at 59: negative equity
1 change of registered office in 24 months
Negative equity -€1.2m
lowers risk
Sector: Real estate activities (NACE 68)
Size: total assets €499,402
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, micro). It does better than 5% of them on solvency, 57% on liquidity, 45% on profitability and 54% on growth.
The bankruptcy probability was computed on 09-11-2026 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 31-03-2026.
Of the companies with a bankruptcy probability in the low class on 30-06-2025, 0.8% 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, 178 companies had the same profile as HARAB has now. Each dot is one company, two years later.
90.4%
were still trading
2.8%
stopped another way
6.2%
went bankrupt
Another 0.6% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of HARAB itself is lower: 0.9% within 12 months. It rests on far more data about HARAB 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 178 companies, not a prediction for HARAB. 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
No credit on open account
Short-term debt is 0% and cash 1.1% of total assets. Equity is negative.
Credit check for an amount and term of your choice
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The scores and ratios are Checked's own calculations, not a credit decision.
Signals
Six 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 5% of 191 sector peers (2026).
NBB · sector comparisonPosition among 191 sector peers
Solvency
better than 5%
← weakest
strongest →
neutral · Latest accounts filed on time
The financial year that closed on 31-03-2026 was due by 31-10-2026 and was filed on 29-09-2026, 32 days ahead of the deadline.
NBB · 7 filingsDeviation from the deadline
2026
32 days early
2025
31 days early
2024
17 days early
2023
9 days late
2022
7 days early
2021
3 days early
2020
1 day 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 12 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 31-03-2027 and is due by 31-10-2027. Nothing is late today. The company usually files around 14 October (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
10-11-2026 today31-03-2027 year end31-10-2027 deadline
Board and ownership
- Aerocircular NV 30%bankrupt since 05-05-2021annual accounts 31-03-2021
Recent changes
3 directors reappointed
Michael Dubourg, Stefan Dubourg and M. DUBOURG (managing director) · General meeting of 08-10-2026 · Gazette deed
Registered office moved within Temse
New registered office: Legen Heirweg 105 bus L, 9140 Temse · Previous registered office: Molenstraat 66, 9140 Temse · Board meeting of 01-08-2026 · Gazette deed
Company renamed from AERO INVEST to HARAB
Registered office moved from Ostend to Temse · New registered office: Molenstraat 66, 9140 Temse · Previous registered office: Nieuwpoortsesteenweg 887 bus 40, 8400 Oostende · General meeting of 14-07-2022 · Gazette deed
2 directors appointed, 2 resignations
Resignations: Marcel DUBOURG and AEROCIRCULAR · Permanent representatives: S&D INTERNATIONAL, Koen STAUT and Marcel DUBOURG · Appointments: Stefan DUBOURG and S&D INTERNATIONAL · General meeting of 19-06-2020 · Gazette deed
Comparable companies
same main activity, similar in size and age| Company | ||||
|---|---|---|---|---|
| HARAB Temse | €499,402 | -€2,158 | -236.2% | - |
| Mapi Horebeke | €543,425 | -€8,538 | 22.4% | - |
| TRIPEL B Woluwe-Saint-Lambert | €509,397 | -€23,774 | -52.4% | - |
| TASKO CONSTRUCT Antwerp | €511,281 | -€855 | 6.2% | - |
| Kohndor Projects Incourt | €524,899 | -€66 | -14.3% | - |
| MUSEUM REAL ESTATE DEVELOPMENT Kontich | €479,108 | -€140,640 | -187.3% | - |
| SMALLAND Antwerp | €609,452 | -€11,774 | 50.4% | - |
These companies have the same main activity as HARAB: buying and selling of own real estate (NACE 68110). They are comparable in size and age: total assets between €479,000 and €609,000, founded between 2017 and 2019.
Official details
Source: KBO- Status
- Active since 06-11-2018Normal situation
- Registered office
- 13 active companies are registered at this addressSource: KBO register, as of 9 November 2026.
- Activity
- Buying and selling of own real estateNACE 68110and 1 other
- Establishment unit
- 2.281.433.3679140 Temse, since 06-11-2018
- Financial year end
- 31 March
- Peppol
- Not found in the Peppol Directory
Annual accounts to 31-03-2026
- €499,402▲ 7.1%
- Filing
- Filed on 29-09-2026, 32 days before the end of the filing period
Insights on HARAB
Solvency rose in 2026 from -260.2% to -236.2% because of the retained profit.
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 HARAB
- What is the company number of HARAB?
- The company number of HARAB is 0712.887.939. The VAT number is the same number with BE in front: BE 0712.887.939.
- Where is HARAB based?
- The registered office is at Legen Heirweg 105, 9140 Temse.Company details
- What does HARAB 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 HARAB?
- HARAB is a public limited company (NV).
- When was HARAB founded?
- HARAB was founded on 06-11-2018.
- Is HARAB still active?
- Yes, HARAB is an active enterprise in the KBO register.
- What is the turnover of HARAB?
- The annual accounts for financial year 2026 state no turnover.Financials
- Is HARAB profitable?
- In financial year 2026, HARAB made a profit of €33,281.
- Where can I find the annual accounts of HARAB?
- HARAB filed 7 annual accounts with the National Bank of Belgium, the latest for financial year 2026.
- When are the next annual accounts of HARAB due?
- HARAB must file the annual accounts for financial year 2027 by 31-10-2027.Timeline
Next steps
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