KES-Projects
ActiveSummary
KES-Projects has been active since 2007 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €813,426 and a net result of €14,294. Equity is growing by ~47.3% per year across the filed fiscal years. Its solvency ranks better than 40% of 9336 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.2% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability32▲+5
Solvency46▲+5
Growth78▲+26
Track record100
Bankruptcy probability, 12 months
0.2%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €40,000 at 30 days acceptable
Liquidity tight (current ratio 1.2 against 0.99 in 2024; short-term debt: 59.8% and cash: 3.3% of total assets), and 79.4% of the assets are financed with debt.
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Show the recommended maximum : and see how the verdict changes with amount, term and advance.
Signals
Four 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
Real estate activities (NACE 68)
about 43% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
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
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
20.6%
Return on assets
0.4%
Age of the figures
9 mo
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 01-06-2026, 60 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
60 d early
2024
20 d early
2023
33 d early
2022
55 d early
2021
62 d early
2020
47 d early
2019
9 d early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 7 accounts on average 41 days before the deadline; the sector median for financial year 2024 is 7 days before the deadline, and 36% of the sector filed late.
Checked, nothing found (2)
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
28-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, abbreviated schema
In the rankings
#2 company by total assets in Tremelo, Real estate sector#6 company by equity in Tremelo, Real estate sector
Equity
€813,426▲ 1.8%
2024 · €799,132
Total assets
€4.0m▼ 21.6%
2024 · €5.0m
Net result
€14,294
2024 · -€42,012
Working capital
€474,192
2024 · -€48,707
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 68, Real estate activities, each year against the same schema; no band under 30 filings. Dashed line: the median.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result€186,263▲ 16.2%€983,385▲ 428%€325,952▼ 66.9%€163,093▼ 50.0%€154,387▼ 5.3%
Net result€64,706within the sector's middle half▲ 56.1%€571,415above the sector's middle half▲ 783%€79,468within the sector's middle half▼ 86.1%-€42,012below the sector's middle half€14,294within the sector's middle half
Equity€191,092within the sector's middle half▲ 51.2%€762,507within the sector's middle half▲ 299%€841,145within the sector's middle half▲ 10.3%€799,132within the sector's middle half▼ 5.0%€813,426within the sector's middle half▲ 1.8%
Total assets€4.4mwithin the sector's middle half▲ 58.8%€4.8mwithin the sector's middle half▲ 8.4%€5.3mabove the sector's middle half▲ 12.5%€5.0mwithin the sector's middle half▼ 5.8%€4.0mabove the sector's middle half▼ 21.6%
Debt€4.2m▲ 59.1%€4.0m▼ 4.8%€4.5m▲ 12.9%€4.2m▼ 6.0%€3.1m▼ 26.0%
Working capital€59,137within the sector's middle half▼ 34.6%€345,821within the sector's middle half▲ 485%€2,560within the sector's middle half▼ 99.3%-€48,707within the sector's middle half€474,192above the sector's middle half
Solvency4.4%below the sector's middle half▼ 0.2pp16.0%within the sector's middle half▲ 11.7pp15.7%within the sector's middle half▼ 0.3pp15.9%within the sector's middle half▲ 0.1pp20.6%within the sector's middle half▲ 4.7pp
Current ratio1.02within the sector's middle half▼ 0.021.10within the sector's middle half▲ 0.081.00within the sector's middle half▼ 0.100.99within the sector's middle half▼ 0.011.20within the sector's middle half▲ 0.21
Return on assets (ROA)1.5%within the sector's middle half=12.0%above the sector's middle half▲ 10.5pp1.5%within the sector's middle half▼ 10.5pp-0.8%within the sector's middle half▼ 2.3pp0.4%within the sector's middle half▲ 1.2pp
Staff (FTE)0within the sector's middle half0within the sector's middle half0within the sector's middle half
above
within
below
the middle half (P25 to P75) of NACE 68, Real estate activities, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the abbreviated or micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result has fallen three years in a row; 2025 is 5% below 2024 and is the lowest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €4.0m
Fixed assets
€1.1m ▼ 21.7%
Current assets
€2.8m ▼ 21.5%
Equity and liabilities €4.0m
Equity
€813,426 ▲ 1.8%
Debt
€3.1m ▼ 26.0%
Debt's share of the balance-sheet total falls from 84.1% to 79.4%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€223,416▼
2024 · €239,767
Cash flow
€83,323▲
2024 · €34,661
Quick ratio
0.07▲
2024 · 0.05
Debt to equity
3.86▼
2024 · 5.30
ROE
1.8%▲
2024 · -5.3%
Interest coverage
1.59▲
2024 · 1.17
Debt ≤ 1 year
€2.4m▼
2024 · €3.7m
Debt > 1 year
€767,285▲
2024 · €574,053
Income taxes
€435▼
2024 · €615
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 4,105 companies that looked in July 2024 the way this one looks now, 0.9% went bankrupt within 24 months and 98% are still going.
- Small
- 10 to 20 years old
- solvency 10 to 30%
- a profit under 5% of the balance sheet
0.9%
went bankrupt
0.9%
stopped otherwise
98%
still going
A further 0.3% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.2% over twelve months; the group does not contradict it.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,662 companies of July 2024 its group's bankruptcy share. Expected: 1.5%; actually bankrupt within 24 months: 1.6%.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.4% |
| 3 | 0.5% | 0.5% |
| 4 | 0.6% | 0.7% |
| 5 | 0.8% | 0.9% |
| 6 | 1.2% | 1.3% |
| 7 | 1.5% | 1.7% |
| 8 | 1.7% | 1.7% |
| 9 | 2.7% | 2.8% |
| 10 | 5.3% | 5.7% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 75% of comparisons. The level follows the economy: in a year with more bankruptcies, the actual share is higher than the year before.
An observation about 4,105 comparable companies, not a prediction for this company. The sector does not count: the register keeps no sector for companies that stopped, so it would make the outcome look better than it was.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | €12,008 | €3,000 | €2,575 | €0 | €12,808 | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €27,765 | €96,372 | €63,783 | €76,673 | €69,029 | ▼ 10.0% |
| Other operating charges640/8 | €3,514 | €12,897 | €11,510 | €8,607 | €6,097 | ▼ 29.2% |
| Non-recurring operating charges66A | €798 | €0 | €2,700 | €0 | - | - |
| Gross operating margin9900 | €218,340 | €1.1m | €403,945 | €248,374 | €229,513 | ▼ 7.6% |
| Operating profit (loss)9901 | €186,263 | €983,385 | €325,952 | €163,093 | €154,387 | ▼ 5.3% |
| Financial income75/76B | €16 | €14 | €606 | €158 | €766 | ▲ 384% |
| Recurring financial income75 | €16 | €14 | €606 | €158 | €766 | ▲ 384% |
| Financial charges65/66B | €78,511 | €135,990 | €207,046 | €204,649 | €140,425 | ▼ 31.4% |
| Recurring financial charges65 | €78,511 | €135,990 | €207,046 | €204,649 | €140,425 | ▼ 31.4% |
| Profit (loss) for the period before taxes9903 | €107,768 | €847,408 | €119,511 | -€41,397 | €14,728 | ▲ 136% |
| Income taxes67/77 | €43,062 | €275,993 | €40,043 | €615 | €435 | ▼ 29.4% |
| Profit (loss) for the period9904 | €64,706 | €571,415 | €79,468 | -€42,012 | €14,294 | ▲ 134% |
| Transfer from tax-exempt reserves789 | €25,500 | €0 | - | - | - | - |
| Profit (loss) for the period to be appropriated9905 | €90,206 | €571,415 | €79,468 | -€42,012 | €14,294 | ▲ 134% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €4.4m | €4.8m | €5.3m | €5.0m | €4.0m | ▼ 21.6% |
| Fixed assets21/28 | €455,437 | €862,265 | €1.5m | €1.4m | €1.1m | ▼ 21.7% |
| Tangible fixed assets22/27 | €455,437 | €862,265 | €1.5m | €1.4m | €1.1m | ▼ 21.7% |
| Land and buildings22 | €406,492 | €829,479 | €1.4m | €1.4m | €1.1m | ▼ 21.3% |
| Plant, machinery and equipment23 | €0 | €5,930 | €7,427 | €5,585 | €3,743 | ▼ 33.0% |
| Furniture and vehicles24 | €48,944 | €26,857 | €86,675 | €65,398 | €45,928 | ▼ 29.8% |
| Financial fixed assets28 | €0 | - | - | - | - | - |
| Current assets29/58 | €3.9m | €3.9m | €3.9m | €3.6m | €2.8m | ▼ 21.5% |
| Stocks and contracts in progress3 | €3.8m | €3.7m | €3.8m | €3.4m | €2.7m | ▼ 22.3% |
| Stocks30/36 | €3.8m | €3.7m | €3.8m | €3.4m | €2.7m | ▼ 22.3% |
| Amounts receivable within one year40/41 | €71,000 | €94,664 | €35,570 | €82,603 | €20,924 | ▼ 74.7% |
| Trade receivables40 | €11,275 | €51,991 | €10,713 | €10,231 | €0 | ▼ 100% |
| Other amounts receivable41 | €59,725 | €42,672 | €24,857 | €72,372 | €20,924 | ▼ 71.1% |
| Cash at bank and in hand54/58 | €26,095 | €85,658 | €19,915 | €88,831 | €132,206 | ▲ 48.8% |
| Deferred charges and accrued income490/1 | €17,915 | €41,480 | €8,327 | €7,570 | €15,268 | ▲ 102% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €4.4m | €4.8m | €5.3m | €5.0m | €4.0m | ▼ 21.6% |
| Equity10/15 | €191,092 | €762,507 | €841,145 | €799,132 | €813,426 | ▲ 1.8% |
| Contributions10/11 | €24,800 | €24,800 | €24,800 | €24,800 | €24,800 | = |
| Reserves13 | €166,292 | €737,707 | €816,345 | €799,747 | €799,747 | = |
| Non-distributable reserves130/1 | €3,720 | €0 | - | - | - | - |
| Reserves not available under the articles1311 | €3,720 | €0 | - | - | - | - |
| Tax-exempt reserves132 | €0 | - | - | - | - | - |
| Distributable reserves133 | €162,572 | €737,707 | €816,345 | €799,747 | €799,747 | = |
| Profit (loss) carried forward14 | - | - | €0 | -€25,415 | -€11,121 | ▲ 56.2% |
| Amounts payable17/49 | €4.2m | €4.0m | €4.5m | €4.2m | €3.1m | ▼ 26.0% |
| Amounts payable after more than one year17 | €314,999 | €437,784 | €621,174 | €574,053 | €767,285 | ▲ 33.7% |
| Financial debts170/4 | €314,999 | €437,784 | €621,174 | €574,053 | €767,285 | ▲ 33.7% |
| Amounts payable within one year42/48 | €3.9m | €3.5m | €3.9m | €3.7m | €2.4m | ▼ 35.5% |
| Current portion of amounts payable after more than one year42 | €34,642 | €31,175 | €49,899 | €47,429 | €54,903 | ▲ 15.8% |
| Financial debts43 | €2.8m | €2.4m | €2.7m | €2.6m | €1.6m | ▼ 38.2% |
| Credit institutions430/8 | €2.8m | €2.4m | €2.7m | €2.6m | €1.6m | ▼ 38.2% |
| Trade debts44 | €3,309 | €31,104 | €2,856 | €2,861 | €2,791 | ▼ 2.4% |
| Suppliers440/4 | €3,309 | €31,104 | €2,856 | €2,861 | €2,791 | ▼ 2.4% |
| Advances received on contracts in progress46 | - | - | - | €86,000 | €10,850 | ▼ 87.4% |
| Taxes, remuneration and social security45 | €14,799 | €98,326 | €200,567 | €100,936 | €9,707 | ▼ 90.4% |
| Taxes450/3 | €14,799 | €98,326 | €200,567 | €100,936 | €9,707 | ▼ 90.4% |
| Other amounts payable47/48 | €1.0m | €995,265 | €941,133 | €872,164 | €706,066 | ▼ 19.0% |
| Accrued charges and deferred income492/3 | €8,483 | €7,796 | €8,380 | €0 | €6,618 | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €64,706 | €571,415 | €79,468 | -€42,012 | €14,294 | ▲ 134% |
| + Depreciation and write-downs630 | €27,765 | €96,372 | €63,783 | €76,673 | €69,029 | ▼ 10.0% |
| Operating cash flow (approximation) | €92,471 | €667,787 | €143,251 | €34,661 | €83,323 | ▲ 140% |
| Investment in fixed assets (approximation) | - | -€503,200 | -€669,656 | -€30,428 | €239,725 | ▲ 888% |
| Change in cash | - | €59,563 | -€65,744 | €68,916 | €43,375 | ▼ 37.1% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
01-06
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema
2025
31-12
Financial
Back to profitnet €14,294
Net result €14,294 after one loss-making year.
11-07
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema
2024
31-12
Financial
Weakest financial yearnet -€42,012
Net result drops to -€42,012, the lowest in the series; recovery starts the following year.
28-06
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema
2023
06-06
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema
2022
31-12
Financial
Highest result since 2018net €571,415 ▲783%
Operating result €983,385, net result €571,415, both a record.
31-12
Financial
Equity above €500,000Eq €762,507 ▲299%
3 profitable years in a row build equity to €762,507.
30-05
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema
2021
31-12
Financial
Equity above €150,000Eq €191,092 ▲51.2%
2 profitable years in a row build equity to €191,092.
14-06
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema
2020
31-12
Financial
Back to profitnet €41,456
Net result €41,456 after one loss-making year.
Show earlier events
31-12
Financial
Equity above €100,000Eq €126,386 ▲48.8%
Equity rises from €84,930 to €126,386.
22-07
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema
2019
12-07
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
2018
25-07
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema
2017
31-05
NBB filing
Annual accounts filed
fiscal year 2016 · micro schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 3 acts read
About the unread acts
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.
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Directors · office · real estate
Directors
3 acts for this company are 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, Tremelo · 1 establishment unit since 2007
Ground area
716 m²
Building footprint
93 m²
Volume, LiDAR
325 m³
Parcel 24109C0463/00D002, Flanders · tallest building 5.1 m, ±1 floor. Linked by address, not a title deed.
1 establishment unit
KES-Projects
since 20072.161.768.724
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 24109C0463/00D002 | Flanders | 716 m² | 1 · 93 m² | 5.0 m · 1 fl. |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
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PASCUAL INVEST
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H.I.A REAL ESTATE
BE 0707.537.794
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GHEERAERT PROPERTY
BE 0429.991.201
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MAJA DEDECKER
BE 0893.785.219
Londerzeel · Eq €810,210
Of 7,326 companies in sector 68110 we hold annual accounts for 5,390. 3,385 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company
Founded23-02-2007
Fiscal year end31-12
Activities, NACEBEL 2025
68110Buying and selling of own real estate
43990Other specialised construction activities
E-invoicing
Reachable via Peppol
Peppol ID
0208:0887689659
Also
9925:BE0887689659
Registered
24-11-2023
Register as of 28 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.