Losses
Every financial year from 2024 to 2026 closed with a loss. 2024 was the heaviest.
Every financial year from 2024 to 2026 closed with a loss. 2024 was the heaviest.
The abbreviated format states no turnover.
Short-term debts fell from €6,791 to €938.
The last five annual accounts were filed 3 to 34 days before the end of the period.
Lower net result than 91% of companies in real estate. Sector median €15,335 · 409 companies.
The dashed line is the sector median: 0.1% across 6,995 companies (NACE 68, small).
Fewer than 1 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
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, small). It does better than 62% of them on solvency, 62% on liquidity, 23% on profitability and 30% on growth.
The bankruptcy probability was computed on 10-11-2026 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 very low class on 30-06-2025, 0.1% 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).
In July 2024, 929 companies had the same profile as KASPER has now. Each dot stands for 3 companies, two years later.
Another 0.1% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of KASPER itself is lower: 0.1% within 12 months. It rests on far more data about KASPER than the profile alone.
The method was tested on the 497,448 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 929 companies, not a prediction for KASPER. 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.
Liquidity is ample, with a current ratio of 21.78 (5.13 in 2025), above the usual 1.5. Short-term debt is 0% and cash 0.6% of total assets. However, 56.8% of the assets are financed with debt and provisions.
Show the recommended maximum and see how the verdict changes with amount, term and advance.
The scores and ratios are Checked's own calculations, not a credit decision.
The company filed its last 5 accounts on average 17 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.
A company was founded shortly before or after the bankruptcy of another, with a director in both or at the same registered office.
This company was founded 17 days before the bankruptcy of KASPER. PERNEEL Herbrand Boudewijn Julius Rogier sat on both boards.
This is a pattern, not a judgment. A new start after a bankruptcy is often entirely legitimate. The facts come from the KBO register, the Belgian Official Gazette, the director data and the annual accounts at the NBB. The same name in two sets of accounts is not necessarily the same person. What the facts mean is for you to look into.
| Company | ||||
|---|---|---|---|---|
| KASPER Kortemark | €3.2m | €99,737 | 43.2% | - |
| G-KO Koksijde | €3.3m | €111,836 | 96.9% | - |
| POTENTIA Brussels | €2.9m | €92,825 | -1.1% | - |
| Gerko Invest Beerse | €3.5m | €93,730 | 26.8% | - |
| JUDOTHO Nijlen | €3.5m | €117,966 | 73.0% | - |
| THUSCALIS Lievegem | €3.4m | €96,216 | 91.1% | - |
| Plattoo Construct Sint-Martens-Latem | €3.3m | €104,842 | -8.5% | - |
These companies have the same main activity as KASPER: renting and operating of own or leased residential real estate, excluding social housing (NACE 68201). They are comparable in size and age: total assets between €2.9m and €3.5m, founded between 2019 and 2021.
KASPER files the abbreviated format. That format states no turnover. The gross margin fell from €952,766 in 2022 to €99,737 in 2026.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette.
Turnover and EBIT margin are not published. The abbreviated format does not require them. The turnover shown is an estimate from the gross margin.
Turnover ≈ €130,000. Estimated: probably between €110,000 and €160,000.
Higher than 60% of 11,297 companies in 2025.
Higher than 84% of 10,849 companies in 2025.
Higher than 27% of 11,182 companies in 2025.
| Line | Trend | 2026 | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|---|
| Balance sheet: assets | ||||||
20/58 |
3.2m | 3.3m | 3.4m | 3.6m | 3.8m | |
21/28 |
3.2m | 3.3m | 3.4m | 3.5m | 3.4m | |
22/27 |
3.2m | 3.3m | 3.4m | 3.5m | 3.4m | |
22 |
3.2m | 3.3m | 3.4m | 3.5m | 3.4m | |
29/58 |
20,423 | 34,841 | 20,926 | 144,650 | 373,941 | |
40/41 |
1,083 | 6,140 | 20,054 | 62,080 | 32,694 | |
40 |
1,083 | 6,140 | 20,031 | 38,853 | 21,294 | |
41 |
- | 0 | 23 | 23,227 | 11,400 | |
54/58 |
18,995 | 28,366 | 343 | 82,210 | 339,869 | |
490/1 |
344 | 336 | 530 | 360 | 1,377 | |
| Balance sheet: equity and liabilities | ||||||
10/49 |
3.2m | 3.3m | 3.4m | 3.6m | 3.8m | |
10/15 |
1.4m | 1.4m | 1.5m | 1.6m | 1.4m | |
10/11 |
795,000 | 795,000 | 795,000 | 795,000 | 795,000 | |
13 |
590,156 | 645,980 | 697,989 | 756,234 | 633,154 | |
133 |
590,156 | 645,980 | 697,989 | 756,234 | 633,154 | |
17/49 |
1.8m | 1.9m | 1.9m | 2.1m | 2.4m | |
17 |
1.8m | 1.8m | 1.8m | - | - | |
178/9 |
1.8m | 1.8m | 1.8m | - | - | |
42/48 |
938 | 6,791 | 65,915 | 2.0m | 2.3m | |
44 |
938 | 6,791 | 65,915 | 191,455 | 334,728 | |
440/4 |
938 | 6,791 | 65,915 | 191,455 | 334,728 | |
45 |
- | - | - | 2,000 | 100,554 | |
450/3 |
- | - | - | - | 98,554 | |
454/9 |
- | - | - | 2,000 | 2,000 | |
47/48 |
- | - | - | 1.8m | 1.9m | |
492/3 |
53,943 | 58,867 | 45,981 | 28,325 | 33,925 | |
| Income statement | ||||||
9900 |
99,737 | 114,994 | 73,087 | 273,795 | 952,766 | |
630 |
93,975 | 93,975 | 84,578 | 83,688 | 71,222 | |
640/8 |
7,596 | 14,118 | 521 | 479 | 825 | |
9901 |
-1,835 | 6,901 | -12,012 | 189,628 | 880,720 | |
65/66B |
53,988 | 58,910 | 46,016 | 28,359 | 33,966 | |
65 |
53,988 | 58,910 | 46,016 | 28,359 | 33,966 | |
9903 |
-55,824 | -52,009 | -58,028 | 161,269 | 846,754 | |
67/77 |
- | 0 | 217 | 38,188 | 213,600 | |
9904 |
-55,824 | -52,009 | -58,245 | 123,080 | 633,154 | |
9905 |
-55,824 | -52,009 | -58,245 | 123,080 | 633,154 | |
| Appropriation of the result | ||||||
9906 |
-55,824 | -52,009 | -58,245 | 123,080 | 633,154 | |
791/2 |
55,824 | 52,009 | 58,245 | - | - | |
691/2 |
- | - | - | 123,080 | 633,154 | |
6921 |
- | - | - | 123,080 | 633,154 | |
| Document | ||||||
The notes to these accounts have 9 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 2026 at the NBB, filed on 29-09-2026.
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-03-2026 | abbreviated format | 29-09-2026 | 2026-00528893 | |
| 31-03-2025 | abbreviated format | 28-10-2025 | 2025-00550927 | |
| 31-03-2024 | abbreviated format | 27-09-2024 | 2024-00475134 | |
| 31-03-2023 | abbreviated format | 26-10-2023 | 2023-00492890 | |
| 31-03-2022 | abbreviated format | 21-10-2022 | 2022-20468729 |
| Line | Trend | 2026 | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|---|
| 92,140 | 100,877 | 72,566 | 273,316 | 951,941 | ||
| 38,152 | 41,966 | 26,332 | 206,769 | 704,375 | ||
| 0 | 0 | 0 | 136,259 | 3.5m | ||
| -9,371 | 28,024 | -81,867 | -257,659 | - | ||
| 19,485 | 28,050 | -44,989 | -1.9m | -1.9m | ||
| 43.2% | 43.5% | 44.0% | 43.0% | 37.8% | ||
| 21.78 | 5.13 | 0.32 | 0.07 | 0.16 | ||
| 1.32 | 1.30 | 1.27 | 1.32 | 1.65 | ||
| -4.0% | -3.6% | -3.9% | 7.9% | 44.3% | ||
| -1.7% | -1.6% | -1.7% | 3.4% | 16.7% | ||
| 1.71 | 1.71 | 1.58 | 9.64 | 28.03 |
A Belgian filing has no cash-flow statement. Cash flow is therefore an approximation, derived from the income statement. Investment is the acquisitions in the notes and, without them, the balance-sheet move.
| Item | 31-03-2026 | 31-03-2025 | 31-03-2024 | 31-03-2023 | 31-03-2022 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | - | - | €136,259 | €3.5m |
| €93,975 | €93,975 | €84,578 | €83,688 | €71,222 |
Source: notes to the 2022 to 2026 annual accounts (statement of fixed assets)
The operating result for 2026 is a loss of €1,835, after a profit of €6,901 in 2025.
Debt's share of the balance-sheet total rises from 56.5% to 56.8%. Equity and debt are lower.
KASPER has no parent and no holdings in its annual accounts.
| De Deurwaerder Hout
registered office since 25-09-2018 · founded in 2018 |
11 FTE (2025) 0705.821.785 |
| Perneel Wood Solutions
registered office since 06-10-2026 |
founded in 2026 1043.647.546 |
| HOUTMASSIEFBOUW-SAWCO via PERNEEL Herbrand Boudewijn Julius Rogier, no longer at HOUTMASSIEFBOUW-SAWCO · Director · deed of 18-10-2017 founded in 2003 |
4.4 FTE (2025) |
Deadline for the 2027 accounts: 31-10-2027
Financial milestones sit on the financial year-end date, not the filing date.
Sources: Publications in the Belgian Official GazetteFilings with the National Bank
| Establishment | Since | Unit number |
|---|---|---|
| Amersveldestraat 211 registered office 8610 Kortemark | 24-08-2020 | 2.309.716.686 |
| Cadastral parcel | Area | Buildings | Height / floors |
|---|---|---|---|
| 32005F0310/00H000 | 2.9 ha | 1 · 240 m² | 9.7 m · 2 |
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