Skip to content

iret development

Active
Public limited companyfounded 2007active for 18 yearsLange Gasthuisstraat 35-37, 2000 Antwerpen, BelgiumKBO/BCE: BE 0894.404.732

Financials · financial year 2025, full format

Annual accounts 2025 filed on 01-07-2026 at the NBB all 18 filings

Turnover
€10.2m▲ 720%
2024 · €1.2m
EBIT margin
-0.5%▲ 36.3pp
2024 · -36.8%
Net result
-€247,917▲ 55.3%
2024 · -€554,530
Working capital
€2.0m
2024 · -€516,875
Trend over the years

2021 to 2025, 5 financial years 2018 to 2025, 8 financial years

The operating result for 2025 is a loss of €48,339, smaller than the loss of €458,888 in 2024.

Turnover€10.2m 2025 Operating result-€0.05m 2025 Net result-€0.2m 2025

Turnover is what the company sold, the result is what was left of it. A loss stands below the zero line.

Use the arrow keys on the chart for the figures per year.

The sector band is the middle half of the companies in Real estate activities (NACE 68). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30. The dashed line is the median. There is a sector band for net result, equity, total assets, working capital, solvency, current ratio, return on assets (ROA) and staff (FTE).

Every figure with its change against the financial year before
favourable unfavourable
Line20182019202020212022202320242025
Turnover€35.1m-€71.2m▲ 103%€0.2m▼ 99.7%€14.7m▲ 65×€173.5m▲ 12×€4.0m▼ 97.7%€1.2m▼ 69.1%€10.2m▲ 720%
Operating result€0.9m-€0.2m▼ 78.0%-€1.5m-€0.04m▲ 97.0%€1.1m-€0.4m-€0.5m▼ 7.0%-€0.05m▲ 89.5%
Net result€0.4m-€0.3m▼ 32.6%-€1.5mbelow the sector's middle half-€0.04mbelow the sector's middle half▲ 97.4%€1.0mabove the sector's middle half-€0.4mbelow the sector's middle half-€0.6mbelow the sector's middle half▼ 25.1%-€0.2mbelow the sector's middle half▲ 55.3%
EBIT margin2.5%-0.3%▼ 2.3pp-641.4%▼ 641.7pp-0.3%▲ 641.2pp0.6%▲ 0.9pp-10.6%▼ 11.2pp-36.8%▼ 26.2pp-0.5%▲ 36.3pp
Equity-€2.7m--€2.5m▲ 6.0%-€4.0mbelow the sector's middle half▼ 59.1%-€4.1mbelow the sector's middle half▼ 1.0%-€3.1mbelow the sector's middle half▲ 24.3%€0.3mwithin the sector's middle half-€0.2mbelow the sector's middle half-€0.5mbelow the sector's middle half▼ 99.6%
Total assets€72.0m-€54.7m▼ 24.1%€76.6mabove the sector's middle half▲ 39.9%€153.1mabove the sector's middle half▲ 100%€24.4mabove the sector's middle half▼ 84.1%€47.9mabove the sector's middle half▲ 96.6%€84.0mabove the sector's middle half▲ 75.3%€103.8mabove the sector's middle half▲ 23.6%
Debt€74.4m-€56.9m▼ 23.5%€80.2m▲ 41.0%€156.9m▲ 95.5%€27.1m▼ 82.7%€47.3m▲ 74.3%€84.3m▲ 78.3%€104.3m▲ 23.8%
Working capital-€4.5m--€4.1m▲ 8.3%-€5.4mbelow the sector's middle half▼ 30.9%-€5.1mbelow the sector's middle half▲ 4.5%-€3.9mbelow the sector's middle half▲ 23.9%€15.5mabove the sector's middle half-€0.5mbelow the sector's middle half€2.0mabove the sector's middle half
Solvency-3.8%--4.6%▼ 0.9pp-5.3%below the sector's middle half▼ 0.6pp-2.7%below the sector's middle half▲ 2.6pp-12.7%below the sector's middle half▼ 10.0pp0.6%below the sector's middle half▲ 13.3pp-0.3%below the sector's middle half▼ 0.9pp-0.5%below the sector's middle half▼ 0.2pp
Current ratio0.94-0.93▼ 0.010.93within the sector's middle half▲ 0.010.97within the sector's middle half▲ 0.030.86within the sector's middle half▼ 0.111.49within the sector's middle half▲ 0.640.99within the sector's middle half▼ 0.501.02within the sector's middle half▲ 0.03
Return on assets (ROA)0.6%-0.5%▼ 0.1pp-2.0%below the sector's middle half▼ 2.5pp0.0%within the sector's middle half▲ 1.9pp4.1%within the sector's middle half▲ 4.1pp-0.9%within the sector's middle half▼ 5.0pp-0.7%within the sector's middle half▲ 0.3pp-0.2%within the sector's middle half▲ 0.4pp
Staff (FTE)5.8-7.9▲ 36.2%10.5above the sector's middle half▲ 32.9%11.8above the sector's middle half▲ 12.4%6.1within the sector's middle half▼ 48.3%4.9within the sector's middle half▼ 19.7%6.5above the sector's middle half▲ 32.7%5.7above the sector's middle half▼ 12.3%
above within below The sector band is the middle half of the companies in Real estate activities (NACE 68). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €103.8m
Fixed assets €3.7m ▼ 14.9%
Current assets €100.1m ▲ 25.7%
Equity and liabilities
Equity-€496,833
Debt€104.3m
Equity is negative. Debt (€104.3m) exceeds the balance-sheet total (€103.8m).
Key figures and ratios
2025 value · change against 2024
EBITDA
€190,960▲
2024 · -€166,307
Cash flow
-€8,618▲
2024 · -€261,950
Quick ratio
0.10▲
2024 · 0.07
Interest coverage
0.99▲
2024 · -1.94
Debt ≤ 1 year
€98.1m▲
2024 · €80.2m
Debt > 1 year
€6.3m▲
2024 · €4.1m
Income taxes
€558▼
2024 · €838
Customer credit
327 days▼
2024 · 1517 days
Supplier credit
346 days▼
2024 · 1939 days
Staff costs
€584,234▼
2024 · €771,636
A ratio outside any meaningful range has been withheld (balance sheet total €103.8m, equity -€496,833).
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.

Staff

social balance sheet
Item31-12-202131-12-202231-12-202331-12-202431-12-2025
Employees at the balance-sheet date104665
full-time93554
part-time11111
in full-time equivalents9.93.95.95.94.9
Average over the year, in full-time equivalents11.86.14.96.55.7
On a permanent contract104665
Joined52420
Left78221
Agency workers, average number-0.30.2-0.4

Source: social balance sheet in the 2021 to 2025 annual accounts

Securities and guarantees

on own assets and for others
Item20212022202320242025
Debts secured on the company's own assets--€15.9m€32.6m€37.0m
Mortgages, amount registered€27,500-€25,000€25,000€25,000
Mortgage mandates--€40.0m€40.0m€40.0m
Carrying value of the mortgaged assets--€20.2m€35.3m€40.1m

Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)

Investments

fixed assets acquired
Item20212022202320242025
Tangible fixed assets€6,060€48,101€79,694€10,221€22,726
Intangible fixed assets€36,160--€5,858-
Financial fixed assets-€10,000-€3.7m-
Depreciation and write-downs of the year€291,594€289,374€285,051€292,580€239,299

Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)

Auditor

fees

The auditor is Ernst et Young Reviseurs d'Entreprises.

Item20212022202320242025
Fee for the audit€3,600-€4,265€5,105€5,206
Other work by the auditor--€4,000--

Source: notes to the 2021 to 2025 annual accounts (relations with the auditor)

Subsidies and aid

Flemish government

2022 to 2023 · 2 entries · €1,049 awarded · €1,049 paid
Year Entries AwardedPaid
2023 1 €0€495
2022 1 €1,049€554
Schemes
2 entries · €1,049 · €1,049 paid · Fonds voor Innoveren en Ondernemen
Annual accounts
Filed annual accounts As filed with the NBB · 2025 against 2024 · 73 lines
Balance sheet Code20242025
Assets
Total assets20/58€84.0m€103.8m▲
Fixed assets21/28€4.4m€3.7m▼
Intangible fixed assets21€0.02m€0.006m▼
Tangible fixed assets22/27€0.7m€0.4m▼
Land and buildings22€0.4m€0.3m▼
Furniture and vehicles24€0.07m€0.02m▼
Other tangible fixed assets26€0.2m€0.05m▼
Financial fixed assets28€3.7m€3.3m▼
Affiliated companies280/1€3.7m€3.3m▼
Participating interests280€3.7m€3.3m▼
Other financial fixed assets284/8€0.01m€0.01m=
Shares284€0.01m€0.01m=
Amounts receivable and cash guarantees285/8€0.004m€0.004m=
Current assets29/58€79.7m€100.1m▲
Stocks and contracts in progress3€74.1m€90.0m▲
Stocks30/36€74.1m€86.9m▲
Property held for sale35€74.1m€86.9m▲
Contracts in progress37-€3.1m
Amounts receivable within one year40/41€5.5m€9.3m▲
Trade receivables40€5.2m€9.2m▲
Other amounts receivable41€0.3m€0.1m▼
Cash at bank and in hand54/58€0.06m€0.8m▲
Deferred charges and accrued income490/1€0.004m€0.005m▲
Equity and liabilities
Total equity and liabilities10/49€84.0m€103.8m▲
Equity10/15-€0.2m-€0.5m▼
Contributions10/11€0.8m€0.8m=
Capital10€0.8m€0.8m=
Issued capital100€0.8m€0.8m=
Profit (loss) carried forward14-€1.0m-€1.2m▼
Amounts payable17/49€84.3m€104.3m▲
Amounts payable after more than one year17€4.1m€6.3m▲
Financial debts170/4€4.1m€6.3m▲
Other loans174€4.1m€6.3m▲
Amounts payable within one year42/48€80.2m€98.1m▲
Current portion of amounts payable after more than one year42€32.6m€37.0m▲
Trade debts44€9.0m€8.4m▼
Suppliers440/4€9.0m€8.4m▼
Advances received on contracts in progress46€0.03m€3.1m▲
Taxes, remuneration and social security45€0.5m€0.9m▲
Taxes450/3€0.4m€0.8m▲
Remuneration and social security454/9€0.08m€0.06m▼
Other amounts payable47/48€38.0m€48.7m▲
Income statement Code20242025
Operating income70/76A€6.9m€14.5m▲
Turnover70€1.2m€10.2m▲
Other operating income74€5.6m€4.2m▼
Non-recurring operating income76A€0.1m€0.08m▼
Operating charges60/66A€7.4m€14.5m▲
Goods for resale, raw materials and consumables60€1.7m€8.8m▲
Purchases600/8€30.3m€20.4m▼
Change in stocks: decrease (increase)609-€28.6m-€11.5m▲
Services and other goods61€4.8m€4.8m▲
Remuneration, social security and pensions62€0.8m€0.6m▼
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€0.3m€0.2m▼
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4-€0.008m-
Provisions for liabilities and charges: additions (uses and reversals)635/8-€0.4m-
Other operating charges640/8€0.2m€0.03m▼
Non-recurring operating charges66A-€0.004m
Operating profit (loss)9901-€0.5m-€0.05m▲
Financial income75/76B€0-
Recurring financial income75€0-
Other financial income752/9€0-
Financial charges65/66B€0.09m€0.2m▲
Recurring financial charges65€0.09m€0.2m▲
Debt charges650€0.09m€0.2m▲
Other financial charges652/9€0.009m€0.007m▼
Profit (loss) for the period before taxes9903-€0.6m-€0.2m▲
Income taxes67/77€0.001m€0.001m▼
Taxes670/3€0.001m€0.001m▼
Profit (loss) for the period9904-€0.6m-€0.2m▲
Profit (loss) for the period to be appropriated9905-€0.6m-€0.2m▲
Appropriation of the result
Profit (loss) to be appropriated9906-€1.0m-€1.2m▼
Profit (loss) brought forward from the previous period14P-€0.4m-€1.0m▼
Social balance sheet
Average headcount (FTE)90876.55.7▼

The notes to these accounts have 61 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the accounts filed with the NBB.

Source: Annual accounts 2025 at the NBB, filed on 01-07-2026.

Line20182019202020212022202320242025Change
Operating income70/76A---€5.5m€7.0m€8.7m€6.9m€14.5m▲ 109%
Turnover70€35.1m€71.2m€0.2m€14.7m€173.5m€4.0m€1.2m€10.2m▲ 720%
Change in stocks of work in progress, finished goods and contracts in progress71----€14.4m-€171.7m-€0.4m---
Other operating income74---€5.1m€5.3m€5.1m€5.6m€4.2m▼ 25.2%
Non-recurring operating income76A------€0.1m€0.08m▼ 15.4%
Operating charges60/66A---€5.5m€5.9m€9.1m€7.4m€14.5m▲ 96.8%
Goods for resale, raw materials and consumables60---€0.5m€0.7m€3.9m€1.7m€8.8m▲ 423%
Purchases600/8---€86.8m€39.6m€22.9m€30.3m€20.4m▼ 32.6%
Change in stocks: decrease (increase)609----€86.3m-€38.9m-€19.0m-€28.6m-€11.5m▲ 59.6%
Services and other goods61---€4.0m€4.4m€4.4m€4.8m€4.8m▲ 1.7%
Remuneration, social security and pensions62---€0.8m€0.4m€0.5m€0.8m€0.6m▼ 24.3%
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€0.3m€0.3m€0.3m€0.3m€0.3m€0.3m€0.3m€0.2m▼ 18.2%
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4----€0.02m---€0.008m--
Provisions for liabilities and charges: additions (uses and reversals)635/8-------€0.4m--
Other operating charges640/8---€0.03m€0.01m€0.03m€0.2m€0.03m▼ 88.4%
Non-recurring operating charges66A-------€0.004m-
Operating profit (loss)9901€0.9m€0.2m-€1.5m-€0.04m€1.1m-€0.4m-€0.5m-€0.05m▲ 89.5%
Financial income75/76B---€0.01m€416€13€0--
Recurring financial income75€11€0.1m€0.001m€0.01m€416€13€0--
Income from current assets751-----€13---
Other financial income752/9---€0.01m€416€0€0--
Financial charges65/66B---€0.004m€0.1m€0.01m€0.09m€0.2m▲ 110%
Recurring financial charges65€0.4m€0.04m€0.05m€0.004m€0.1m€0.01m€0.09m€0.2m▲ 110%
Debt charges650€0.4m€0.03m€0.04m€0.002m€0.1m€0€0.09m€0.2m▲ 124%
Other financial charges652/9---€0.002m€0.01m€0.01m€0.009m€0.007m▼ 24.3%
Non-recurring financial charges66B----€0.004m----
Profit (loss) for the period before taxes9903€0.5m€0.3m-€1.5m-€0.04m€1.0m-€0.4m-€0.6m-€0.2m▲ 55.3%
Income taxes67/77€0.09m€0.01m€341€0.001m€33€0.004m€0.001m€0.001m▼ 33.5%
Taxes670/3---€0.001m€33€0.004m€0.001m€0.001m▼ 33.5%
Profit (loss) for the period9904€0.4m€0.3m-€1.5m-€0.04m€1.0m-€0.4m-€0.6m-€0.2m▲ 55.3%
Profit (loss) for the period to be appropriated9905€0.4m€0.3m-€1.5m-€0.04m€1.0m-€0.4m-€0.6m-€0.2m▲ 55.3%
Line20182019202020212022202320242025Change
Assets
Total assets20/58€72.0m€54.7m€76.6m€153.1m€24.4m€47.9m€84.0m€103.8m▲ 23.6%
Fixed assets21/28€2.1m€1.9m€1.7m€1.4m€1.2m€1.0m€4.4m€3.7m▼ 14.9%
Intangible fixed assets21€0.04m€0.03m€0.1m€0.1m€0.08m€0.05m€0.02m€0.006m▼ 60.0%
Tangible fixed assets22/27€2.1m€1.9m€1.5m€1.3m€1.1m€0.9m€0.7m€0.4m▼ 37.9%
Land and buildings22---€0.4m€0.4m€0.4m€0.4m€0.3m▼ 2.4%
Furniture and vehicles24---€0.05m€0.04m€0.09m€0.07m€0.02m▼ 72.2%
Other tangible fixed assets26---€0.9m€0.7m€0.5m€0.2m€0.05m▼ 79.5%
Financial fixed assets28€0.01m€0.01m€0.01m€0.01m€0.01m€0.01m€3.7m€3.3m▼ 10.5%
Affiliated companies280/1---€0.005m--€3.7m€3.3m▼ 10.6%
Participating interests280---€0.005m--€3.7m€3.3m▼ 10.6%
Other financial fixed assets284/8---€0.007m€0.01m€0.01m€0.01m€0.01m=
Shares284----€0.01m€0.01m€0.01m€0.01m=
Amounts receivable and cash guarantees285/8---€0.007m€0.004m€0.002m€0.004m€0.004m=
Current assets29/58€69.9m€52.8m€74.9m€151.7m€23.2m€46.9m€79.7m€100.1m▲ 25.7%
Stocks and contracts in progress3€64.6m€45.9m€72.9m€149.8m€22.6m€42.6m€74.1m€90.0m▲ 21.5%
Stocks30/36---€149.8m€22.6m€42.6m€74.1m€86.9m▲ 17.3%
Property held for sale35---€149.8m€22.6m€42.6m€74.1m€86.9m▲ 17.3%
Contracts in progress37-------€3.1m-
Amounts receivable within one year40/41€1.6m€5.9m€1.7m€1.7m€0.5m€4.2m€5.5m€9.3m▲ 68.0%
Trade receivables40---€1.0m€0.1m€3.8m€5.2m€9.2m▲ 76.6%
Other amounts receivable41---€0.7m€0.4m€0.4m€0.3m€0.1m▼ 65.1%
Cash at bank and in hand54/58€3.2m€0.4m€0.1m€0.1m€0.1m€0.1m€0.06m€0.8m▲ 13×
Deferred charges and accrued income490/1---€0.03m€411€0.002m€0.004m€0.005m▲ 23.5%
Equity and liabilities
Total equity and liabilities10/49€72.0m€54.7m€76.6m€153.1m€24.4m€47.9m€84.0m€103.8m▲ 23.6%
Equity10/15-€2.7m-€2.5m-€4.0m-€4.1m-€3.1m€0.3m-€0.2m-€0.5m▼ 99.6%
Contributions10/11€1.6m€1.6m€1.6m€1.6m€1.6m€0.8m€0.8m€0.8m=
Capital10---€1.6m€1.6m€0.8m€0.8m€0.8m=
Issued capital100---€1.9m€1.9m€0.8m€0.8m€0.8m=
Uncalled capital101---€0.3m€0.3m----
Profit (loss) carried forward14-€4.3m-€4.1m-€5.6m-€5.7m-€4.7m-€0.4m-€1.0m-€1.2m▼ 24.8%
Provisions and deferred taxes16€0.4m€0.4m€0.4m€0.4m€0.4m€0.4m---
Provisions for liabilities and charges160/5---€0.4m€0.4m€0.4m---
Other liabilities and charges164/5---€0.4m€0.4m€0.4m---
Amounts payable17/49€74.4m€56.9m€80.2m€156.9m€27.1m€47.3m€84.3m€104.3m▲ 23.8%
Amounts payable after more than one year17-----€15.9m€4.1m€6.3m▲ 53.0%
Financial debts170/4-----€15.9m€4.1m€6.3m▲ 53.0%
Credit institutions173-----€15.9m---
Other loans174------€4.1m€6.3m▲ 53.0%
Amounts payable within one year42/48€74.4m€56.9m€80.2m€156.9m€27.1m€31.4m€80.2m€98.1m▲ 22.3%
Current portion of amounts payable after more than one year42------€32.6m€37.0m▲ 13.4%
Financial debts43---€26.5m-----
Credit institutions430/8---€26.5m-----
Trade debts44€10.0m€7.4m€4.9m€4.4m€12.5m€8.4m€9.0m€8.4m▼ 6.5%
Suppliers440/4---€4.4m€12.5m€8.4m€9.0m€8.4m▼ 6.5%
Advances received on contracts in progress46---€1.1m-€0.03m€0.03m€3.1m▲ 111×
Taxes, remuneration and social security45---€0.5m€0.5m€0.5m€0.5m€0.9m▲ 68.2%
Taxes450/3---€0.4m€0.4m€0.4m€0.4m€0.8m▲ 84.1%
Remuneration and social security454/9---€0.07m€0.02m€0.05m€0.08m€0.06m▼ 21.2%
Other amounts payable47/48---€124.3m€14.1m€22.5m€38.0m€48.7m▲ 28.1%
Accrued charges and deferred income492/3---€0.003m-----
Line20182019202020212022202320242025Change
Profit (loss) for the period9904€0.4m€0.3m-€1.5m-€0.04m€1.0m-€0.4m-€0.6m-€0.2m▲ 55.3%
+ Depreciation and write-downs630€0.3m€0.3m€0.3m€0.3m€0.3m€0.3m€0.3m€0.2m▼ 18.2%
Operating cash flow (approximation)€0.7m€0.6m-€1.2m€0.3m€1.3m-€0.2m-€0.3m-€0.009m▲ 96.7%
Investment in fixed assets (approximation)--€0.09m-€0.09m-€0.01m-€0.05m-€0.08m-€3.7m€0.4m-
Change in cash--€2.7m-€0.3m-€0.009m-€0.02m-€0.006m-€0.05m€0.8m-

A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.

Download as CSV

Historical observation

In July 2024, 2,333 companies had the same profile as iret development has now. Two years later, 2.8% had gone bankrupt and 90.6% were still going.

  • Micro
  • 10 to 20 years old
  • negative equity
  • a small loss
2.8% went bankrupt
5.8% stopped otherwise
90.6% was still going

Another 0.7% 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 497,446 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.

The companies in ten equal groups, from the lowest to the highest expected share
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.

Latest 10 of 18 filings with the National Bank
Financial year Type Filed Reference Document
31-12-2025 full format 01-07-2026 2026-00250172 PDF
31-12-2024 full format 11-07-2025 2025-00266505 PDF
31-12-2023 full format 28-06-2024 2024-00203249 PDF
31-12-2022 full format 13-07-2023 2023-00237176 PDF
31-12-2021 full format 06-07-2022 2022-20160847 PDF
31-12-2020 full format 14-06-2021 2021-20000101 PDF
31-12-2019 full format 10-07-2020 2020-28600497 PDF
31-12-2018 full format 11-07-2019 2019-32000366 PDF
31-12-2017 full format 31-08-2018 2018-60600483 PDF
31-12-2016 full format 31-08-2017 2017-59300479 PDF

Show all 18 filings

Next steps