Equity
-€496,833
Debts exceed assets in financial year 2025.
iret development
Lifetime
18 annual accounts with figures on one time axispeak €173.5m (2022)
€10.2m▲ 720%
lowest -€4.9m (2015)
-€247,917▲ €306,613
peak €305,615 (2023)
-€496,833▼ €247,917
€104.3m▲ 23.8%
peak 11.8 FTE (2021)
5.7 FTE▼ 12.3%
Board7 names since 2018
2 directorsJOSTI and 1 other
Owners3 names in the annual accounts
consolidatesBelfilux SA
Documentsfilings and deeds
01-07-202630 days before the deadline
2025financial year
Turnover from €1.2m to €10.2mLoss of €247,917Staff from 6.5 FTE to 5.7 FTEEquity from -€248,915 to -€496,833Debts from €84.3m to €104.3mCash from €63,579 to €843,705
Key points
from the 2025 annual accountsLosses
-€1.2m in three years
Every financial year from 2023 to 2025 closed with a loss. 2024 was the heaviest.
Turnover
€10.2m ▲ 720%
Turnover rose in 2025 from €1.2m to €10.2m.
Debts
€104.3m 100% of the balance sheet
Financial debts 6%Suppliers 8%Taxes and wages 1%Other 85%
€37.0m of the debts are secured on the company's own assets. In 2023 that was €15.9m.
Staff
5.7 FTE from 11.8 in 2021
Between 2021 and 2025, 52% of the full-time equivalents disappeared.
Payment terms
224 days to suppliers
iret development pays its suppliers 284 days earlier than in 2024. Customers pay 1,190 days earlier.
Checked score
54
Fair
Financially stronger than 25% 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
1.0% Low
0%0.5%1.5%4%10%≥ 25%
The dashed line is the sector median: 0.2% across 26,625 companies (NACE 68, micro).
About 1 in 100 comparable companies go bankrupt within 12 months (an estimate).
Last 24 months
12-2024: 0.5%
01-2025: 0.5%● unchanged vs 12-2024
02-2025: 0.5%● unchanged vs 01-2025lowest value
03-2025: 0.5%● unchanged vs 02-2025
04-2025: 0.5%● unchanged vs 03-2025
05-2025: 0.5%● unchanged vs 04-2025
06-2025: 0.6%▲ +0.1 percentage points vs 05-2025
07-2025: 0.7%▲ +0.1 percentage points vs 06-2025
08-2025: 1.1%▲ +0.4 percentage points vs 07-2025
09-2025: 1.1%● unchanged vs 08-2025
10-2025: 1.1%● unchanged vs 09-2025
11-2025: 1.1%● unchanged vs 10-2025
12-2025: 1.1%● unchanged vs 11-2025
01-2026: 1.1%● unchanged vs 12-2025
02-2026: 1.1%● unchanged vs 01-2026
03-2026: 1.1%● unchanged vs 02-2026
04-2026: 1.1%● unchanged vs 03-2026
05-2026: 1.1%● unchanged vs 04-2026
06-2026: 1.2%▲ +0.1 percentage points vs 05-2026
07-2026: 1.2%● unchanged vs 06-2026highest value
08-2026: 1.0%▼ -0.2 percentage points vs 07-2026
09-2026: 1.0%● unchanged vs 08-2026
10-2026: 1.0%● unchanged vs 09-2026
11-2026: 1.0%● unchanged vs 10-2026
Financial strengthWeak
Score breakdown
raises risk
Capped at 59: negative equity
Negative equity -€496,833
Liquidity: current ratio 1.02, cash €843,705
Loss of €247,917, the second in a row (financial year 2025)
lowers risk
Size: turnover €10.2m, 5.7 FTE, total assets €103.8m
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 19% of them on solvency, 4% on liquidity, 24% on profitability and 52% on growth.
The bankruptcy probability was computed on 08-11-2026 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 31-12-2025.
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, 2,333 companies had the same profile as iret development has now. Each dot stands for 6 companies, two years later.
90.5%
were still trading
5.8%
stopped another way
2.8%
went bankrupt
Another 0.8% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of iret development itself: 1.0% within 12 months.
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 2,333 companies, not a prediction for iret development. 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
Liquidity is tight, with a current ratio of 1.02 (0.99 in 2024), below the usual 1.5. Short-term debt is 94.5% and cash 0.8% of total assets. Equity is negative.
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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 · Negative equity
The 2025 annual accounts show negative equity and a net loss.
NBB · annual accounts 2025Equity per financial year
1819202122232425
2018 to 2025 · latest year -€496,833
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 01-07-2026, 30 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
30 days early
2024
20 days early
2023
33 days early
2022
18 days early
2021
25 days early
2020
47 days early
2019
21 days 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 28 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 31-12-2026 and is due by 31-07-2027. Nothing is late today. The company usually files around 6 July (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
09-11-2026 today31-12-2026 year end31-07-2027 deadline
Board and ownership
- Belfilux SA consolidatesannual accounts 2025
Shares in 2 companies, Everop Porte de France and Woluwe Viaduct
Board & ownershipRecent changes
Environmental permit granted
Verbouwen en/of uitbreiden met het wijzigen van alle zelfstandige gebruikseenheden (unit) binnen het gebouw · Provincie Antwerpen
Environmental permit refused
Verbouwen / Wijzigen Infrastructuur · Antwerpen
Registered in the Peppol Directory
Reachable for e-invoices through 0208:0894404732
1 director appointed, 1 resignation, 1 statutory auditor reappointed
Resignation: IRET INVESTMENT NV (managing director) · Permanent representative: Eric DE VOCHT · Appointment: INTERGERIM NV (managing director) · General meeting of 04-06-2024 · Gazette deed
Comparable companies
same main activity, similar in size and age| Company | ||||
|---|---|---|---|---|
| iret development Antwerp | €10.2m | -0.5% | -0.5% | 5.7 |
| BVI.EU Kontich | €11.7m | 6.4% | 21.2% | 11.1 |
| IMMOBILIERE SOCIETE NOUVELLE DE DISTRIBUTION Gembloux | €5.0m | - | 68.8% | 7.2 |
| BBR Belgium Sint-Gillis (bij-Brussel) | €29.1m | 3.9% | 32.6% | 8.6 |
| Association Intercommunale Idelux-Projets publics Arlon | €6.5m | -29.6% | 82.7% | 12.5 |
| Q-PARK REAL ESTATE BELGIUM Zaventem | €11.2m | 55.2% | 41.6% | 2 |
| BANIMMO Brussels | €3.2m | - | 33.4% | 2.6 |
Grey: the largest companies of the sector (real estate (NACE 68)), without their names. Blue: the sector peers from the table.
These companies have the same main activity as iret development: development of non-residential building projects (NACE 68122). They are comparable in size and age: total assets between €45m and €138m, founded between 1999 and 2013.
Official details
Source: KBO- Status
- Active since 21-12-2007Normal situation
- Registered office
- 53 active companies are registered at this addressSource: KBO register, as of 9 November 2026.
- Activity
- Development of non-residential building projectsNACE 68122and 2 others
- Joint committee
- 200Auxiliary committee for white-collar workers · annual accounts 2025
- Establishment unit
- 2.263.582.0032000 Antwerp, since 29-03-2017
- Financial year end
- 31 December
- Peppol
- Reachable since 15-12-2025
Annual accounts 2025
- €103.8m▲ 23.6%
- Employeeson 31-12-2025
- 5▼ 16.7%
- Filing
- Filed on 01-07-2026, 30 days before the end of the filing period
Insights on iret development
iret development has existed since 2007. Turnover fell from €71.2m in 2019 to €226,803 in 2020, while staff rose from 7.9 to 10.5 full-time equivalents.
In August 2024, the Official Gazette published the appointment of INTERGERIM as managing director.
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 iret development
- What is the company number of iret development?
- The company number of iret development is 0894.404.732. The VAT number is the same number with BE in front: BE 0894.404.732.
- Where is iret development based?
- The registered office is at Lange Gasthuisstraat 35-37, 2000 Antwerp.Company details
- What does iret development do?
- According to the KBO register, the main activity is development of non-residential building projects (NACE 68122).
- What is the legal form of iret development?
- iret development is a public limited company (NV).
- When was iret development founded?
- iret development was founded on 21-12-2007.
- Is iret development still active?
- Yes, iret development is an active enterprise in the KBO register.
- How many employees does iret development have?
- iret development had an average of 5.7 full-time equivalents in financial year 2025, according to the filed annual accounts.Financials
- Which joint committee does iret development fall under?
- In its 2025 annual accounts, iret development states joint committee 200 (Auxiliary committee for white-collar workers).
- What is the turnover of iret development?
- The turnover of iret development was €10.2m in financial year 2025, according to the filed annual accounts.
- Is iret development profitable?
- In financial year 2025, iret development made a loss of €247,917.
- Where can I find the annual accounts of iret development?
- iret development filed 18 annual accounts with the National Bank of Belgium, the latest for financial year 2025.
- When are the next annual accounts of iret development due?
- iret development must file the annual accounts for financial year 2026 by 31-07-2027.Timeline
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