IMMO 48 PROJECTS
ActiveIMMO 48 PROJECTS has been active since 2015 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €249k and a net result of €22k. Equity is growing by ~12.1% per year across the filed fiscal years. Its solvency ranks better than 44% of 9098 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.3% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability44▼-10
Solvency27▼-7
Growth78=
Stability100
Bankruptcy probability, 12 months
0.3%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €11k at 30 days acceptable
Liquidity short (current ratio 0.24 against 0.69 in 2024), and 74.6% of the assets are financed with debt.
Credit advice for your own amount and term
Signals
Six signals. The signal on the left, the evidence on the right.
−lowers 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
Sector 68
lower
← fewer bankruptcies
more bankruptcies →
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
25.4%
Return on assets
2.3%
Age of the figures
8 mo
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
neutral · Filed after the deadline
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 12-08-2026, 12 days later. For context: 47% of the Belgian market files late and the whole 1-to-90-day band measures 2.0% abnormal legal state against a 1.66% average. We show this as a fact and do not score it.
NBB · 10 filingsDeviation from the deadline
2025
12 d late
2024
23 d early
2023
23 d early
2022
85 d late
2021
75 d late
2020
58 d early
2019
91 d late
← before the deadline
after the deadline →
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
14-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, abbreviated schema
Equity
€249k▲ 9.8%
2024 · €227k
2018: €152k
2019: €126k
2020: €110k
2021: €112k
2022: €176k
2023: €202k
2024: €227k
2018 → 2025
Total assets
€979k▲ 15.5%
2024 · €848k
2018: €707k
2019: €751k
2020: €933k
2021: €900k
2022: €905k
2023: €739k
2024: €848k
2018 → 2025
Net result
€22k▼ 9.9%
2024 · €25k
2018: €4k
2019: €18k
2020: €-16k
2021: €3k
2022: €64k
2023: €26k
2024: €25k
2018 → 2025
Working capital
€-153k▼ 209%
2024 · €-49k
2018: €158k
2019: €133k
2020: €187k
2021: €94k
2022: €218k
2023: €221k
2024: €-49k
2018 → 2025
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€112k-€176k▲ 57.0%€202k▲ 14.6%€227k▲ 12.1%€249k▲ 9.8%
Operating result€33k-€106k▲ 220%€49k▼ 53.5%€43k▼ 13.0%€52k▲ 20.2%
Net result€3k-€64k▲ 2,322%€26k▼ 59.8%€25k▼ 4.9%€22k▼ 9.9%
Turnover and EBIT margin not published: the abbreviated schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result recovers in 2025; 2025 is 20% above 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €979k
Fixed assets
€931k▲ 26.2%
Current assets
€48k▼ 56.4%
Equity and liabilities €979k
Equity
€249k▲ 9.8%
Debt
€730k▲ 17.6%
The debt ratio rises from 73.3% to 74.6%: debt grows faster than equity.
Key figures and ratios
EBITDA
€68k▲
2024 · €59k
Cash flow
€38k▼
2024 · €41k
Solvency
25.4%▼
2024 · 26.7%
Current ratio
0.24▼
2024 · 0.69
Quick ratio
0.24▼
2024 · 0.69
Debt / equity
2.93▲
2024 · 2.74
ROE
8.9%▼
2024 · 10.8%
ROA
2.3%▼
2024 · 2.9%
Interest coverage
3.17▼
2024 · 6.44
Debt
€730k▲
2024 · €621k
Debt ≤ 1 year
€201k▲
2024 · €160k
Debt > 1 year
€529k▲
2024 · €461k
Income taxes
€8k▼
2024 · €9k
Green means a favourable move, even when the figure itself falls: as with debt or debt / equity.
Filed annual accounts
As filed with the NBB · 2025 against 2024
Balance sheet
Code20242025
Assets
Total assets20/58€848k€979k▲
Fixed assets21/28€738k€931k▲
Tangible fixed assets22/27€738k€931k▲
Land and buildings22€738k€931k▲
Current assets29/58€110k€48k▼
Amounts receivable within one year40/41€60k€35k▼
Trade receivables40€30k€34k▲
Other amounts receivable41€30k€2k▼
Cash at bank and in hand54/58€50k€13k▼
Equity and liabilities
Total equity and liabilities10/49€848k€979k▲
Equity10/15€227k€249k▲
Contributions10/11€100k€100k=
Reserves13€127k€149k▲
Non-distributable reserves130/1€10k€10k=
Reserves not available under the articles1311€10k€10k=
Distributable reserves133€117k€139k▲
Amounts payable17/49€621k€730k▲
Amounts payable after more than one year17€461k€529k▲
Financial debts170/4€461k€529k▲
Amounts payable within one year42/48€160k€201k▲
Current portion of amounts payable after more than one year42€25k€42k▲
Trade debts44€40k€47k▲
Suppliers440/4€40k€47k▲
Taxes, remuneration and social security45€11k€22k▲
Taxes450/3€11k€22k▲
Other amounts payable47/48€83k€90k▲
Income statement
Code20242025
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€16k€16k=
Other operating charges640/8€3k€2k▼
Gross operating margin9900€63k€70k▲
Operating profit (loss)9901€43k€52k▲
Financial charges65/66B€9k€21k▲
Recurring financial charges65€9k€21k▲
Profit (loss) for the period before taxes9903€34k€30k▼
Income taxes67/77€9k€8k▼
Profit (loss) for the period9904€25k€22k▼
Profit (loss) for the period to be appropriated9905€25k€22k▼
Appropriation of the result
Profit (loss) to be appropriated9906€25k€22k▼
Transfer to equity691/2€25k€22k▼
To other reserves6921€25k€22k▼
The notes to these accounts (14 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
12-08
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema · 12 days late
2025
08-07
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema
2024
08-07
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema
2023
31-12
Financial
Equity above €200kEq €202k ▲14.6%
3 profitable years in a row build equity to €202k.
24-10
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema · 85 days late
2022
31-12
Financial
Highest result since 2018net €64k ▲2322%
Operating result €106k, net result €64k, both a record.
31-12
Financial
Equity above €150kEq €176k ▲57%
2 profitable years in a row build equity to €176k.
14-10
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema · 75 days late
2021
31-12
Financial
Back to profitnet €3k
Net result €3k after one loss-making year.
03-06
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema
2020
31-12
Financial
Weakest financial yearnet €-16k ▼187%
Net result drops to €-16k, the lowest in the series; recovery starts the following year.
30-10
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema · 91 days late
2019
30-08
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema · 30 days late
2018
31-08
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema · 31 days late
2017
29-09
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema · 60 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
Directors · office · real estate
Directors
1 act for this company is in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Geel · 1 establishment unit since 2015
Cannot be placed on the map
This address could not be matched to a point in the Belgian address register (BOSA BEST). The address below comes straight from the Crossroads Bank.
Diestseweg 11 C2440 GeelGround area
568 m²
Building footprint
221 m²
Volume, LiDAR
1,479 m³
Parcel 13008H0515/00Z000, Flanders · tallest building 11.4 m, ±2 floors. Linked by address, not a title deed.
1 establishment unit
IMMO 48 PROJECTS
since 20152.241.092.057
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 13008H0515/00Z000 | Flanders | 568 m² | 1 · 221 m² | 11.4 m · 2 fl. |
Linked by address, not proof of ownership
Methodology
via registered seat: 1
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Similar companies · same sector, comparable size
Vallngc-projects
BE 0731.981.695
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GALBIGA
BE 0689.956.545
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FIN LAND
BE 0879.356.072
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GELOMA
BE 0439.742.372
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TOPCOMPANY
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Of 9,635 companies in sector 68121 we hold annual accounts for 7,328. 5,207 are within a factor 10 of this equity.See the whole sector
Company data · Crossroads Bank
Identification
Legal formPrivate limited company (pre-2019)
Founded17-03-2015
Fiscal year end31-12
Activities, NACEBEL
68121Development of residential building projects
Sources
Crossroads Bank for EnterprisesNational Bank · 11 filingsAddress and cadastre registers
Data from official sources, last processed on 14-09-2026. Scores and ratios are computed by Checked and are not a credit decision.