Active BE 0684.833.262Private limited company

IMMO DEVELOPMENT DAVID

Renbaanlaan 66 ·1050 Elsene, Belgium· 8 yrs active

Sector: Buying and selling of own real estate (68110)

Conclusion Checked

IMMO DEVELOPMENT DAVID has been active since 2017 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show negative equity (€-53k) and a net result of €117k. Equity is shrinking by ~51.7% per year across the filed fiscal years. Its solvency ranks better than 18% of 13655 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.6% (low).

Based on the State Gazette, CBE and 6 annual accounts.

Key figures

Equity	€-53k
Net result	€117k
Better than sector	18%
Active	8 yrs

Financial profile 5 of 5 axes measured · computed by Checked

51 / 100

Mixed profile: strong on stability, weaker on profitability.

All 5 axes are computed from data Checked has read.

Health 28

Profitability 0

Solvency 67

Growth 58

Stability 100

Bankruptcy probability (12 mo) Checked model v1 · free

0.6% Low

0%0,5%1,5%4%10%≥25%

How do we compute this?

Risk Assessment rule-based

0 / 100

Low risk

Trust signals 2 signals

More than 3 years active

Founded in 2017, past the statistically most fragile first 3 years.

No legal incidents

No bankruptcy, reorganisation or interim measure in the Belgisch Staatsblad, and the KBO register records a normal legal situation.

Administrative Flags0 events

No strikeouts found in the KBO publications we processed. That series starts in 2021 and has gaps, so this is not a confirmation that there is nothing.

Checked score FY 2025 · computed

28 / 100 Weak

050100

Computed from 4 of the 6 factors this model weighs. The rest cannot be derived from the filed figures, or need a prior year to compare against.

Indicative credit limit

No credit

negative equity or figures too weak

Score history

40 2020

45 2021

37 2022

37 2023

45 2024

28 2025

purely financial, excl. current insolvency signals

Score components

Liquidity Current ratio 2.46 (≥ 1.5) +10

Quick ratio Quick ratio 0.03 (< 0.6) -5

Equity Negative equity -25

Profitability Negatieve ROE -222% -10

Profit trend Net profit up YoY +5

Equity growth Equity growing YoY +3

Computed by Checked from the NBB filing for FY 2025. Indicative, not credit advice.

Financial overview8 NBB filings

Annual accounts filed on 31-08-2026 with the NBB · fiscal year 2025 · micro schema

Operating resultNet result

Trajectory (indicative)

Projection over 3 fiscal years from the filed annual accounts, not a forecast, the extended trend.

declining Equity: declining trend of ~51.7%/year over 6 fiscal years, indicative, assuming unchanged policy.

Solid line = filed figures · dashed = extended trend · area = indicative range.

How do we compute this?

The trend is a robust median of all pairwise slopes between fiscal years (Theil-Sen), so a single odd year cannot hijack the line. For strictly positive series we also fit a log variant (compound annual growth) and keep whichever describes the figures best.

The area around the projection is 1.8 × the median absolute deviation from the trend, widening each year ahead (×1 / ×1.6 / ×2.2), with a minimum of 8% of the last value. It is an indicative range, not a statistical confidence interval.

A series whose deviations exceed 35% of its level is too volatile: we then deliberately show no projection. Every projection assumes unchanged policy and is blind to non-public information (order book, contracts, funding rounds).

Sector comparison

Fiscal year 2025 · NACE 68, Real estate activities · compared within the same schema type (micro schema)

Metric	This company	Sector median	Position in the sector
Solvency	-2.4%	29.8%	better than 18% of 13655 sector peers
Net result	€117k	€6k	better than 92% of 13656 sector peers
Equity	€-53k	€78k	better than 10% of 13671 sector peers
Gross operating margin	€156k	€41k	better than 84% of 13639 sector peers
Total assets	€2.17M	€416k	better than 90% of 13659 sector peers

Net profit

€117k

- 20-25

Total assets

€2.17M

+22.7% 20-25

Equity

€-53k

+69.0% 20-25

Working capital

€1.29M

+52.0% 20-25

Debt

€2.22M

+14.7% 20-25

Debt ≤ 1y

€882k

-4.3% 20-25

Debt > 1y

€1.34M

+31.9% 20-25

Current ratio

2.46

+28.2% 20-25

Quick ratio

0.03

+190.1% 20-25

Solvency

-2.4%

+74.7% 20-25

Debt / equity

-42.24

-269.6% 20-25

ROE

-222.3%

- 20-25

ROA

5.4%

- 20-25

Figures by fiscal year and ratios

Change versus the prior fiscal year, coloured by direction (green = favourable).

Fiscal year	2025 Δ	2024 Δ	2023 Δ	2022 Δ	2021 Δ
Deposit	micro schema	micro schema	micro schema	micro schema	micro schema
Revenue	-	-	-	-	-
EBITDA	-	-	-	-	-
Net profit	-	+0.5%	-15.9%	-1.4%	-
Cash flow	-	-	-	-	-
Staff costs	-	-	-	-	-
Income taxes	-	-	-	-	-
Dividends	-	-	-	-	-
Total assets	+22.7%	+9.5%	+6.4%	+50.2%	-
Equity	+69.0%	-32.4%	-48.2%	-71.2%	-
Debt	+14.7%	+11.2%	+8.7%	+51.2%	-
of which ≤ 1y	-4.3%	+41.4%	+19.3%	+14.0%	-
of which > 1y	+31.9%	-6.9%	+3.2%	+81.9%	-
Working capital	+52.0%	-12.1%	-0.8%	+82.9%	-
Employees (FTE)	-	-	-	-	-

Ratios (computed)

	2025	2024	2023	2022	2021
Current ratio	2.46	1.92	2.48	2.78	2.11
Quick ratio	0.03	0.01	0.02	0.04	0.03
Working capital ratio	59.3%	47.9%	59.6%	64.0%	52.6%
Solvency	-2.4%	-9.6%	-7.9%	-5.7%	-5.0%
Debt / equity	-42.24	-11.43	-13.60	-18.56	-21.01
Long-term debt ratio	-25.47	-5.99	-8.52	-12.23	-11.52
Interest coverage	-	-	-	-	-
Gross margin	-	-	-	-	-
Net margin	-	-	-	-	-
ROA	5.4%	-2.3%	-2.6%	-2.4%	-3.5%
ROE	-222.3%	24.5%	32.5%	41.6%	70.2%
EBITDA margin	-	-	-	-	-
Days sales outstanding	-	-	-	-	-
Days payable outstanding	-	-	-	-	-
Inventory turnover	-	-	-	-	-
Days inventory (DSI)	-	-	-	-	-

Full annual accounts (21 line items)

Filed balance sheet and income statement, exactly as deposited with the NBB.

Line item	Code	2025	2024	2023	2022	2021
Balance sheet, Assets
TOTAL ASSETS	20/58	€2.17M	€1.77M	€1.61M	€1.52M	€1.01M
Current assets	29/58	€2.17M	€1.77M	€1.61M	€1.52M	€1.01M
Stocks & contracts in progress	3	€2.14M	€1.76M	€1.60M	€1.50M	€995k
Amounts receivable within one year	40/41	€25k	€8k	€6k	€5k	€4k
Investments	50/53	€3k	-	-	-	-
Cash & bank	54/58	-	€2k	€5k	€16k	€10k
Balance sheet, Equity & liabilities
TOTAL EQUITY & LIABILITIES	10/49	€2.17M	€1.77M	€1.61M	€1.52M	€1.01M
Equity	10/15	€-53k	€-170k	€-128k	€-86k	€-50k
Contributions / capital	10/11	€100k	€100k	€100k	€100k	€100k
Accumulated profits (losses)	14	€-153k	€-270k	€-228k	€-186k	€-150k
Amounts payable	17/49	€2.22M	€1.94M	€1.74M	€1.60M	€1.06M
Amounts payable after one year	17	€1.34M	€1.02M	€1.09M	€1.06M	€581k
Amounts payable within one year	42/48	€882k	€921k	€651k	€546k	€479k
Trade debts payable within one year	44	€10k	€150k	-	€41	-
Income statement
Gross operating margin	9900	€156k	€-9k	€-9k	€-6k	€-7k
Operating result	9901	€144k	€-21k	€-20k	€-16k	€-17k
Financial income	75	-	-	-	-	€7
Financial charges	65	€27k	€20k	€21k	€20k	€19k
Result before taxes	9903	€117k	€-41k	€-42k	€-36k	€-35k
Net result for the period	9904	€117k	€-41k	€-42k	€-36k	€-35k
Result to be appropriated	9905	€117k	€-41k	€-42k	€-36k	€-35k

Directors & mandates 1 directors

Current directors & mandates

ZAPISEK Wojciech
Director
State Gazette act 23424613 (10-11-2023)

Current
10-11-2023 → present
2 events
- 10-11-2023 Resigned· Manager
- 10-11-2023 Appointed· Director

Legal Structure

NACE primary	Buying and selling of own real estate(68110)
Legal form	Private limited company(610)
Incorporation	20-11-2017
Status	Active
Postal code	1050

Establishment units 1 location

IDD

Tweetorenstraat 19/21, 1210 Sint-Joost-ten-NodeReal estate activities

since 20172.270.053.584

Real-estate footprint Source: CBE × cadastre

Brussels 2 (100%)

Parcel (capakey)	Region	Area	Buildings	Height / fl.
21443C0190/00Y012	Brussels	368 m²	1 · 111 m²	18.9 m · 5 fl.
21572B0080/00A005	Brussels	213 m²	1 · 277 m²	18.7 m · 3 fl.

Methodology

via registered seat: 1 · via establishment units: 1

2 of 2 parcels with an exact address match; the rest are indicative.

Linked through address data, this is not proof of ownership.

Updates 9 events

All 10Financial 1Gazette 1Filings 8

Next filing, fiscal year 2026, expected by 31-07-2027

2026

31-08

NBB filing Annual accounts filed

fiscal year 2025 · micro schema · 31 days late

2025

31-12

Financial Back to profitnet €117k

Net result €117k after 5 loss-making years.

28-07

NBB filing Annual accounts filed

fiscal year 2024 · micro schema

2024

29-05

NBB filing Annual accounts filed

fiscal year 2023 · micro schema

2023

10-11

State Gazette act Director changes

David INDEKEU

12-04

NBB filing Annual accounts filed

fiscal year 2022 · micro schema

2022

07-07

NBB filing Annual accounts filed

fiscal year 2021 · micro schema

2021

04-05

NBB filing Annual accounts filed

fiscal year 2020 · micro schema

2020

12-06

NBB filing Annual accounts filed

fiscal year 2019 · micro schema

2019

06-06

NBB filing Annual accounts filed

fiscal year 2018 · micro schema

Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.

Belgian State Gazette reading coverage 0 of 3 acts read

We know of 3 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.

Belgisch Staatsblad, acts 1 acts

All acts · 1 updated 2 years ago

2023

10-11-2023 2 directors appointed, 1 resigning Director changes·David INDEKEU

ZAPISEK Wojciech, Bestuurder
CORPOCONSULT, Vaste vertegenwoordiger
ZAPISEK Wojciech, Zaakvoerder

Notary: David INDEKEU · Bruxelles

Original publication ↗

Technical details

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Credit advice verdict per customer and amount

Company registry (CBE) Crossroads Bank

Activities

Buying and selling of own real estate68110Development of residential building projects68121Development of non-residential building projects68122

Names & trade names

Legal nameFR

IMMO DEVELOPMENT DAVID

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