Level C
ActiveSummary
Level C has been active since 2012 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show negative equity (-€152,469) and a net result of -€42,589. Equity is shrinking by about 18% per year across the filed financial years. Its solvency ranks better than 5% of 11,213 sector peers (NACE 68, financial year 2025). The computed 12-month bankruptcy probability is 1.2% (low).
Overview
- Equity
- -€152,469
- Loss
- -€42,589
- Largest shareholder
- ZEPPELIN INVEST · 30%
- Ceulemans JanManaging director
- ZEPPELIN INVESTDirector · permanent representative Loos Benoit
Why 53raises riskCapped at 59: negative equityLast filed accounts filed 31 days late; 3 of the last 3 lateLoss of €42,589 (financial year 2025)Negative equity -€152,469lowers riskSize: total assets €3,141Show the evidence
Checked score
About 1 in 100 comparable companies go bankrupt within 12 months (an estimate).
How it is calculated
The band follows from the bankruptcy probability, on a scale where 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): better than 5% on solvency, 49% on liquidity, 4% on profitability and 14% on growth.
The bankruptcy probability was computed on 30-10-2026 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.
Some facts cap the score, however low the probability. Negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late hold it at Fair at most (59); two missing filings, at Weak (44). An ongoing judicial reorganisation or the company's end (bankruptcy, dissolution, liquidation) holds it at Critical at most (24).
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Signals
This company filed its last 7 accounts on average 48 days after the deadline; the sector median (NACE 68) for financial year 2024 is 7 days before the deadline, and 36% of those companies filed late.
Searched, nothing found (2)
- Annual accounts filedfinancial year 2025 · abbreviated…
- Annual accounts filedfinancial year 2024 · micro…
- Back to profitnet €50,441
Financials · financial year 2025, abbreviated format
2025 annual accounts filed late (31 days) Filed on 31 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00489843.
2021 to 2025, 5 financial years 2018 to 2025, 8 financial years
The operating result turns negative in 2025: a loss of €42,322 after €50,730 in 2024.
What the company sold each financial year and what was left of it. A loss stands below the zero line.
What the company owns (total assets), how much of it is its own (equity) and how much it owes.
Short-term assets minus short-term debts. Above zero the company can pay its bills in the short term.
How much of each euro of turnover is left from operations (EBIT margin) and what the assets earn (return on assets).
The share of the company financed with its own means. The higher it is, the better it absorbs a shock.
Short-term assets per euro of short-term debt. Above 1 the short-term debts are covered.
Use the arrow keys on the chart for the figures per year.
Sector: the middle half of NACE 68, Real estate activities: a quarter of companies sit below it, a quarter above. Each year compared with accounts in the same format, and only where there are at least 30. Dashed line: the median. Available for Net result, Equity, Total assets, Working capital, Solvency, Current ratio, Return on assets (ROA).
Peer companies
Historical observationOf the 6,907 companies that looked in July 2024 the way this one looks now, 5.8% went bankrupt within 24 months and 85.5% are still going.
- Micro
- 10 to 20 years old
- negative equity
- a loss of 10% of the balance sheet or more
A further 0.6% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 1.2% 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 497,445 companies of July 2024 its group's bankruptcy share. Expected: 1.6%; actually bankrupt within 24 months: 1.7%.
| 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% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 74.5% 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 6,907 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.
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €522 | - | - | - | - | - | - | - | - |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | - | -€98,065 | - | -€129,427 | - |
| Other operating charges640/8 | - | - | - | €2,627 | €1,634 | €262,063 | €1,747 | €186,492 | ▲ 107× |
| Gross operating margin9900 | €29,103 | -€28,790 | -€37,798 | €8,099 | -€9,940 | €69,859 | €52,477 | €14,744 | ▼ 71.9% |
| Operating profit (loss)9901 | -€61,283 | €56,944 | -€38,148 | €5,472 | -€11,575 | -€94,139 | €50,730 | -€42,322 | - |
| Financial income75/76B | - | - | - | €627 | €6 | €11,590 | - | €73 | - |
| Recurring financial income75 | €197 | - | €2,237 | €627 | €6 | €11,590 | - | €73 | - |
| Financial charges65/66B | - | - | - | €204 | €236 | €291 | €289 | €340 | ▲ 17.4% |
| Recurring financial charges65 | €4,019 | €3,926 | €3,266 | €204 | €236 | €291 | €289 | €340 | ▲ 17.4% |
| Profit (loss) for the period before taxes9903 | -€65,104 | €53,018 | -€39,178 | €5,895 | -€11,805 | -€82,840 | €50,441 | -€42,589 | - |
| Profit (loss) for the period9904 | -€65,104 | €53,018 | -€39,178 | €5,895 | -€11,805 | -€82,840 | €50,441 | -€42,589 | - |
| Profit (loss) for the period to be appropriated9905 | -€65,104 | €53,018 | -€39,178 | €5,895 | -€11,805 | -€82,840 | €50,441 | -€42,589 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €1.0m | €0.7m | €0.6m | €0.5m | €0.4m | €0.3m | €0.3m | €0.003m | ▼ 98.9% |
| Current assets29/58 | €1.0m | €0.7m | €0.6m | €0.5m | €0.4m | €0.3m | €0.3m | €0.003m | ▼ 98.9% |
| Stocks and contracts in progress3 | €0.9m | €0.7m | €0.5m | €0.5m | €0.4m | €0.3m | €0.3m | - | - |
| Stocks30/36 | - | - | - | €0.5m | €0.4m | €0.3m | €0.3m | - | - |
| Amounts receivable within one year40/41 | €0.005m | €0.01m | €0.02m | €0.001m | - | €0.003m | - | €68 | - |
| Other amounts receivable41 | - | - | - | €0.001m | - | €0.003m | - | €68 | - |
| Cash at bank and in hand54/58 | €0.09m | €0.003m | €0.03m | €0.005m | €0.003m | €0.003m | €0.002m | €0.003m | ▲ 30.7% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €1.0m | €0.7m | €0.6m | €0.5m | €0.4m | €0.3m | €0.3m | €0.003m | ▼ 98.9% |
| Equity10/15 | -€0.09m | -€0.03m | -€0.07m | -€0.07m | -€0.08m | -€0.2m | -€0.1m | -€0.2m | ▼ 38.8% |
| Contributions10/11 | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Capital10 | - | - | - | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Issued capital100 | - | - | - | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Profit (loss) carried forward14 | -€0.1m | -€0.09m | -€0.1m | -€0.1m | -€0.1m | -€0.2m | -€0.2m | -€0.2m | ▼ 24.9% |
| Amounts payable17/49 | €1.1m | €0.7m | €0.6m | €0.6m | €0.5m | €0.5m | €0.4m | €0.2m | ▼ 61.9% |
| Amounts payable after more than one year17 | - | - | - | €360 | €480 | €260 | €410 | €290 | ▼ 29.3% |
| Other amounts payable178/9 | - | - | - | €360 | €480 | €260 | €410 | €290 | ▼ 29.3% |
| Amounts payable within one year42/48 | €1.1m | €0.7m | €0.6m | €0.5m | €0.5m | €0.5m | €0.4m | €0.2m | ▼ 62.0% |
| Trade debts44 | €0.1m | €0.08m | €0.06m | €0.06m | €0.07m | €0.06m | €0.06m | €0.06m | ▲ 1.8% |
| Suppliers440/4 | - | - | - | €0.06m | €0.07m | €0.06m | €0.06m | €0.06m | ▲ 1.8% |
| Taxes, remuneration and social security45 | - | - | - | - | €0.001m | €0.06m | €0.004m | €0.04m | ▲ 760% |
| Taxes450/3 | - | - | - | - | €0.001m | €0.06m | €0.004m | €0.04m | ▲ 760% |
| Other amounts payable47/48 | - | - | - | €0.5m | €0.4m | €0.3m | €0.3m | €0.06m | ▼ 82.9% |
| Accrued charges and deferred income492/3 | - | - | - | €2 | - | - | €99 | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€65,104 | €53,018 | -€39,178 | €5,895 | -€11,805 | -€82,840 | €50,441 | -€42,589 | - |
| + Depreciation and write-downs630 | €522 | - | - | - | - | - | - | - | - |
| Operating cash flow (approximation) | -€64,583 | €53,018 | -€39,178 | €5,895 | -€11,805 | -€82,840 | €50,441 | -€42,589 | - |
| Change in cash | - | -€90,254 | €23,356 | -€20,905 | -€2,243 | -€93 | -€662 | €722 | - |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Latest 10 of 13 filings with the National Bank
| Financial year | Type | Filed | Reference |
|---|---|---|---|
| 31-12-2025 | abbreviated format | 31-08-2026 | 2026-00489843 |
| 31-12-2024 | micro format | 31-08-2025 | 2025-00477892 |
| 31-12-2023 | micro format | 31-10-2024 | 2024-00527594 |
| 31-12-2022 | micro format | 09-10-2023 | 2023-00487183 |
| 31-12-2021 | micro format | 31-08-2022 | 2022-20425408 |
| 31-12-2020 | abbreviated format | 30-07-2021 | 2021-44300428 |
| 31-12-2019 | abbreviated format | 19-10-2020 | 2020-62000372 |
| 31-12-2018 | abbreviated format | 18-09-2019 | 2019-64700322 |
| 31-12-2017 | abbreviated format | 19-07-2018 | 2018-35900353 |
| 31-12-2016 | abbreviated format | 30-08-2017 | 2017-53700285 |
Similar companies · same sector and region
Public contracts: No European public contracts awarded found since October 2016. Contracts below the EU thresholds are not in TED.
Directors
Board 2
Day-to-day management 1
Permanent representatives 1
Not every act has been read: a resignation may still be missing
Mandate history
- Board
- Day-to-day management
- began earlier
| Name | Functions and periods |
|---|---|
| Ceulemans Jan |
|
| ZEPPELIN INVEST |
|
Owners and capital
Owners
1 ownerOwners 1
-
30%
Sources: the companies' annual accounts, the acts in the Belgian Official Gazette and the LEI register. Annual accounts state the shareholders that notified the company under article 7:225 of the Code of Companies and Associations and the parent companies that consolidate it. The register of ultimate beneficial owners (UBO) is not public: who ultimately stands behind a natural person or a foreign parent is not stated here. A company that does not include these statements in its annual accounts, or does not have to, is not listed.
Capital and shareholders
- 02-05-2024 Capital stated in the deed · €61,500 · 6,150 shares
Group and network
Connections & network
2 current directorsThe board mandates are listed below; here you explore them as a network.
History
Acts, filings and financial milestones
02-05
Gazette deed
Reappointments: ZEPPELIN INVEST (director) and Ceulemans Jan (director)Permanent representative: Loos Benoit · Registered-office move · Power of attorney10 facts ▸
- Registered-office move, 2000 Antwerpen,Kipdorp 46 bus 111
- Power of attorney, Alvin Wittens
- Director reappointment, ZEPPELIN INVEST (director)
- Director reappointment, Ceulemans Jan (director)
- Permanent representative, Loos Benoit
- Director reappointment, Ceulemans Jan (managing director)
- General meeting, 01-04-2024
- Other provision, “zonder te raken aan essentiële bepalingen, omwerking, herformulering, hernummering, vigerende terminologie, aanvullingen en/of vereenvoudigingen” (deed in Dutch)
- Amendment of the articles
- Capital, €61,500
Show earlier events
About the unread acts
Of the 5 Belgian Official Gazette deeds we know for this company, 1 has been read. The other 4 have not been read yet: what they contain is neither established nor disproved here.
Register details
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 30 October 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.
Environmental permits: No permit applications found in Flanders. Brussels and Wallonia do not publish the applicant.
Sites & property
1 parcel
| Cadastral parcel | Region | Area | Buildings | Height / floors |
|---|---|---|---|---|
| 11802B2098/00C000 | Flanders | 2,430 m² | 1 · 752 m² | 32.9 m · 6 |
How the parcels are linked
Articles of association
What the company does
- PurposeThe activities the company may carry out under its articles.
- “Het aanleggen, het oordeelkundig uitbouwen en beheren van een onroerend vermogen, alle verrichtingen met betrekking tot onroerende goederen…” (deed in Dutch)
9 activities (deed in Dutch)
- Het aanleggen, het oordeelkundig uitbouwen en beheren van een onroerend vermogen, alle verrichtingen met betrekking tot onroerende goederen en onroerende zakelijke rechten zoals de huurfinanciering van onroerende goederen aan derden, het aankopen, verkopen, ruilen, bouwen, onderhouden, verhuren, huren, verkavelen, prospecteren, valoriseren, het doen bouwen en verbouwen waaronder ook de constructie van nieuwbouw, binnenhuisinrichting en decoratie, evenals welkdanige onroerende verhandelingen in de meest brede zin met inbegrip van onroerende leasing.
- De aan- en verkoop van roerende goederen alsmede alle handelingen die rechtstreeks of onrechtstreeks met dit voorwerp in verband staan en die van aard zijn de opbrengst van roerende en onroerende goederen te bevorderen alsmede zich borg te stellen voor het goede verloop van verbintenissen door derde personen aangegaan die het genot zouden hebben van deze roerende en onroerende goederen.
- Projectontwikkeling van onroerend goed in de ruimste zin, tot en met de mogelijke verkoop van de realisatie met inbegrip van deze die kaderen binnen de woningbouwwet.
- Activiteiten uit te voeren aangaande studie, onderzoek, organisatie, verwerving, vervreemding, promotie, huur, verhuring, syndicus, controle en beheer van onroerend goed.
- Het verstrekken van adviezen en het maken van studies van diverse aard.
- De vennootschap mag in België en in het buitenland alle roerende en onroerende, commerciële, industriële en financiële handelingen stellen, die rechtstreeks of onrechtstreeks verband houden met haar voorwerp.
- Zij mag eveneens belangen hebben bij wijze van inbreng, inschrijving, financiële tussenkomst of anderszins, in alle ondernemingen, verenigingen of vennootschappen die een gelijkaardig, analoog of aanverwant voorwerp nastreven of wier voorwerp van aard is dat van de vennootschap te bevorderen.
- Zij mag voor deze vennootschappen borg stellen of aval verlenen, voorschotten en krediet toestaan, hypothecaire of andere waarborgen verstrekken.
- Zij kan ook functies van bestuurder en vereffenaar van vennootschappen waarnemen.
- DurationHow long the company exists; usually unlimited, so until it is dissolved.
- Unlimited
- Name clauseThe name the company operates under according to its articles.
- Level C
- Registered office clauseThe region of the registered office; it decides among other things the language of official documents.
- “Vlaams Gewest” (deed in Dutch)
Who represents it, and how
- Who signsWho may bind the company towards others, for example by signing a contract.
- “Artikel 20: Vertegenwoordiging van de vennootschap De raad van bestuur vertegenwoordigt als college de vennootschap in alle handelingen in…”
- Board ruleHow the board is made up, meets and takes decisions.
- “Vergoeding bestuurders, algemene vergadering kan zitpenningen toekennen” (deed in Dutch)“Samenstelling van de raad van bestuur, herstemming tussen twee kandidaten met meeste stemmen” (deed in Dutch)“Raad kiest voorzitter uit midden, Voorzitterschap van de raad van bestuur” (deed in Dutch)
Meetings and financial year
- Annual meetingWhen the shareholders meet each year, among other things to approve the annual accounts.
- Last Friday of May at 18:00
Oversight and winding up
- Liquidation ruleHow assets are shared after dissolution: creditors first, then shareholders.
- “Goederen nog in natura aanwezig opzelfde wijze verdeeld, vereffenaars verdelen netto-actief in geld of effecten onder aandeelhouders naar…” (deed in Dutch)