Private limited company · founded 2021 · 5 yrs activeZwaanhofweg 10, 8900 Ieper, BelgiumKBO/BCE: BE 0768.712.726
Summary
LIGORA has been active since 2021 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show negative equity (-€955,516) and a net result of -€972,946. The figures fluctuate too strongly year-on-year for a reliable trend projection. Its solvency ranks better than 15% of 9354 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.8% (low).
How financially healthy the company is, how likely a bankruptcy is and how much credit is sensible. Start here to know whether you can do business safely.
Score 2025
Checked score
A figure from 0 to 100 for financial health from the latest annual accounts: the higher, the healthier. Without a figure, the card says why. A low score is a reason to look closely at payment terms and security.
Four sides of financial health side by side. You see at a glance where the company is strong and where it is vulnerable.
Profitability32▼-5
Solvency23▼-2
Growth32▼-26
Track record94
Bankruptcy probability, 12 months
Bankruptcy probability
The chance that this company goes bankrupt within twelve months. A low chance is reassuring; with a higher one, agree shorter payment terms or an advance.
0.8%Low
0%0.5%1.5%4%10%≥ 25%
No credit on open account
Liquidity short (current ratio 0.27 against 0.01 in 2024; short-term debt: 46.2% and cash: 0.6% of total assets), and equity is negative.
This company filed 4 consecutive financial years on time. The year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 01-09-2026, 32 days late. Weigh it accordingly: a break into the 1-to-90-day band measures 1.41% abnormal legal state, below the 1.66% market average. It is a change in behaviour, not evidence of elevated risk.
tick = median of all Belgian filingsring = median in the sector
This company filed its last 5 accounts on average 11 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. Usually files around 10 July (4 of the last 5 filed years within 30 days of that day).
We found no ex-officio strike-off or cessation. Our series starts in 2021 and has gaps, so this is not a confirmation that there is nothing.
KBO publications · our coverage
History
History
The company's story in a few sentences, from the company register, the Belgian State Gazette and the filed annual accounts. Each number opens the document the sentence rests on.
On 25 May 2021, LIGORA was incorporated as a Private limited company.1Total assets went from EUR 3.2 million in 2021 to EUR 46 million in 2025.2
Untick a line to hide it. Point at a year (or use the arrow keys on the chart) for the exact figures; the table below gives them all.Sector: 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. Available for Net result, Equity, Total assets, Working capital, Solvency, Current ratio, Return on assets (ROA).
Every figure with its change against the fiscal year before
Net result-€101,631below the sector's middle half--€102,998below the sector's middle half▼ 1.3%€50,076within the sector's middle half-€78,016below the sector's middle half-€972,946below the sector's middle half▼ 1,147%
Equity€148,369within the sector's middle half-€45,371below the sector's middle half▼ 69.4%€95,446within the sector's middle half▲ 110%€17,430below the sector's middle half▼ 81.7%-€955,516below the sector's middle half
Total assets€3.2mwithin the sector's middle half-€4.7mwithin the sector's middle half▲ 47.7%€10.1mabove the sector's middle half▲ 117%€22.1mabove the sector's middle half▲ 119%€46.3mabove the sector's middle half▲ 110%
Working capital-€97,919within the sector's middle half--€1.2mbelow the sector's middle half▼ 1,088%-€9.6mbelow the sector's middle half▼ 727%-€8.3mbelow the sector's middle half▲ 13.8%-€15.7mbelow the sector's middle half▼ 89.3%
Solvency4.7%below the sector's middle half-1.0%below the sector's middle half▼ 3.7pp0.9%below the sector's middle half=0.1%below the sector's middle half▼ 0.9pp-2.1%below the sector's middle half▼ 2.1pp
Current ratio0.55within the sector's middle half-0.13below the sector's middle half▼ 0.420.01below the sector's middle half▼ 0.120.01below the sector's middle half=0.27below the sector's middle half▲ 0.25
Return on assets (ROA)-3.2%below the sector's middle half--2.2%below the sector's middle half▲ 1.0pp0.5%within the sector's middle half▲ 2.7pp-0.4%within the sector's middle half▼ 0.8pp-2.1%below the sector's middle half▼ 1.7pp
abovewithinbelowthe 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 schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €653,836 in 2025 against €76,711 in 2024; the loss grows and 2025 has the lowest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €46.3m
87.7%
12.3%
Fixed assets€40.6m ▲ 84.7%
Current assets€5.7m ▲ 5,356%
Key figures and ratios
2025 value · change against 2024
Debt to equity
-49.45
Debt ≤ 1 year
€21.4m▲
2024 · €8.4m
Debt > 1 year
€25.7m▲
2024 · €13.6m
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observation
Peer companies
What happened to companies that once looked just like this one does now. It describes the group, not this company: the figures are counted, not predicted.
Of the 2,861 companies that looked in July 2024 the way this one looks now, 3.6% went bankrupt within 24 months and 92% are still going.
5 to 10 years old
negative equity
a small loss
without size
3.6%went bankrupt
4.2%stopped otherwise
92%still going
A further 0.5% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.8% 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 497,340 companies of July 2024 its group's bankruptcy share. Expected: 1.6%; actually bankrupt within 24 months: 1.7%.
The companies in ten equal groups, from lowest to 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%
1.0%
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% 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 2,861 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
Filed annual accountsAs filed with the NBB · 2025 against 2024 · 38 lines
Balance sheetCode20242025
Assets
Total assets20/58€22.1m€46.3m▲
Fixed assets21/28€22.0m€40.6m▲
Tangible fixed assets22/27€22.0m€40.6m▲
Land and buildings22€2.9m€2.9m=
Assets under construction and advance payments27€19.1m€37.7m▲
Financial fixed assets28-€25,345
Current assets29/58€104,193€5.7m▲
Amounts receivable within one year40/41€82,822€5.3m▲
Trade receivables40-€132,022
Other amounts receivable41€82,822€5.2m▲
Cash at bank and in hand54/58€21,371€260,427▲
Deferred charges and accrued income490/1-€99,142
Equity and liabilities
Total equity and liabilities10/49€22.1m€46.3m▲
Equity10/15€17,430-€955,516▼
Contributions10/11€250,000€250,000=
Profit (loss) carried forward14-€232,570-€1.2m▼
Amounts payable17/49€22.1m€47.2m▲
Amounts payable after more than one year17€13.6m€25.7m▲
Other amounts payable178/9€13.6m€25.7m▲
Amounts payable within one year42/48€8.4m€21.4m▲
Current portion of amounts payable after more than one year42€162,750-
Financial debts43€7.3m€14.0m▲
Credit institutions430/8€7.3m€14.0m▲
Trade debts44€886,194€7.4m▲
Suppliers440/4€886,194€7.4m▲
Accrued charges and deferred income492/3€74,610€137,054▲
Income statementCode20242025
Other operating charges640/8€1,124€1,407▲
Gross operating margin9900-€75,587-€652,429▼
Operating profit (loss)9901-€76,711-€653,836▼
Financial income75/76B€827€3,837▲
Recurring financial income75€827€3,837▲
Financial charges65/66B€2,132€322,946▲
Recurring financial charges65€2,132€322,946▲
Profit (loss) for the period before taxes9903-€78,016-€972,946▼
Profit (loss) for the period9904-€78,016-€972,946▼
Profit (loss) for the period to be appropriated9905-€78,016-€972,946▼
Appropriation of the result
Profit (loss) to be appropriated9906-€232,570-€1.2m▼
Profit (loss) brought forward from the previous period14P-€154,554-€232,570▼
The notes to these accounts (13 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Line
2021
2022
2023
2024
2025
Change
Non-recurring operating income76A
-
€34,487
-
-
-
-
Other operating charges640/8
€30,693
€82,148
€1,756
€1,124
€1,407
▲ 25.2%
Gross operating margin9900
-€68,541
-€19,026
€24,544
-€75,587
-€652,429
▼ 763%
Operating profit (loss)9901
-€99,234
-€101,174
€22,789
-€76,711
-€653,836
▼ 752%
Financial income75/76B
-
€382
€78,646
€827
€3,837
▲ 364%
Recurring financial income75
-
€382
€78,646
€827
€3,837
▲ 364%
Financial charges65/66B
€2,397
€2,206
€51,359
€2,132
€322,946
▲ 15,046%
Recurring financial charges65
€2,397
€2,206
€51,359
€2,132
€322,946
▲ 15,046%
Profit (loss) for the period before taxes9903
-€101,631
-€102,998
€50,076
-€78,016
-€972,946
▼ 1,147%
Profit (loss) for the period9904
-€101,631
-€102,998
€50,076
-€78,016
-€972,946
▼ 1,147%
Profit (loss) for the period to be appropriated9905
-€101,631
-€102,998
€50,076
-€78,016
-€972,946
▼ 1,147%
Line
2021
2022
2023
2024
2025
Change
Assets
Total assets20/58
€3.2m
€4.7m
€10.1m
€22.1m
€46.3m
▲ 110%
Fixed assets21/28
€3.0m
€4.5m
€10.0m
€22.0m
€40.6m
▲ 84.7%
Tangible fixed assets22/27
€3.0m
€4.5m
€9.8m
€22.0m
€40.6m
▲ 84.6%
Land and buildings22
€2.9m
€2.9m
€2.9m
€2.9m
€2.9m
=
Assets under construction and advance payments27
€170,127
€1.6m
€6.9m
€19.1m
€37.7m
▲ 97.3%
Financial fixed assets28
-
-
€209,656
-
€25,345
-
Current assets29/58
€120,398
€170,808
€103,825
€104,193
€5.7m
▲ 5,356%
Amounts receivable within one year40/41
€44,514
€128,943
€84,069
€82,822
€5.3m
▲ 6,330%
Trade receivables40
€1,850
€29,645
€608
-
€132,022
-
Other amounts receivable41
€42,664
€99,298
€83,461
€82,822
€5.2m
▲ 6,171%
Cash at bank and in hand54/58
€1,525
€364
€19,756
€21,371
€260,427
▲ 1,119%
Deferred charges and accrued income490/1
€74,359
€41,501
-
-
€99,142
-
Equity and liabilities
Total equity and liabilities10/49
€3.2m
€4.7m
€10.1m
€22.1m
€46.3m
▲ 110%
Equity10/15
€148,369
€45,371
€95,446
€17,430
-€955,516
▼ 5,582%
Contributions10/11
€250,000
€250,000
€250,000
€250,000
€250,000
=
Profit (loss) carried forward14
-€101,631
-€204,629
-€154,554
-€232,570
-€1.2m
▼ 418%
Amounts payable17/49
€3.0m
€4.6m
€10.0m
€22.1m
€47.2m
▲ 114%
Amounts payable after more than one year17
€2.7m
€3.1m
€154,243
€13.6m
€25.7m
▲ 89.1%
Other amounts payable178/9
€2.7m
€3.1m
€154,243
€13.6m
€25.7m
▲ 89.1%
Amounts payable within one year42/48
€218,317
€1.3m
€9.7m
€8.4m
€21.4m
▲ 155%
Current portion of amounts payable after more than one year42
-
-
€238,455
€162,750
-
-
Financial debts43
-
-
€7.3m
€7.3m
€14.0m
▲ 90.6%
Credit institutions430/8
-
-
€7.3m
€7.3m
€14.0m
▲ 90.6%
Trade debts44
€166,451
€1.3m
€2.1m
€886,194
€7.4m
▲ 733%
Suppliers440/4
€166,451
€1.3m
€2.1m
€886,194
€7.4m
▲ 733%
Taxes, remuneration and social security45
-
€79,608
-
-
-
-
Taxes450/3
-
€79,608
-
-
-
-
Other amounts payable47/48
€51,866
-
-
-
-
-
Accrued charges and deferred income492/3
€59,843
€223,244
€133,642
€74,610
€137,054
▲ 83.7%
Line
2021
2022
2023
2024
2025
Change
Profit (loss) for the period9904
-€101,631
-€102,998
€50,076
-€78,016
-€972,946
▼ 1,147%
Operating cash flow (approximation)
-€101,631
-€102,998
€50,076
-€78,016
-€972,946
▼ 1,147%
Investment in fixed assets (approximation)
-
-€1.5m
-€5.5m
-€12.0m
-€18.6m
▼ 55.4%
Change in cash
-
-€1,161
€19,392
€1,615
€239,056
▲ 14,703%
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
What happened to the company over the years, from its founding to recent changes. Many changes in a short time are a reason to ask questions.
Next filing, fiscal year 2026, expected by
31-07-2027
2026
28-09
State Gazette actResignation: Opus Terrae BV (director)
Appointment: Opus Terrae BV (director) · Permanent representative: Paul Gheysens · Reappointment: Ghemic BV (director)5 facts ▸
General meeting, 14-08-2026
Director resignation, Opus Terrae BV (director)
Director appointment, Opus Terrae BV (director)
Permanent representative, Paul Gheysens (permanent representative)
Director reappointment, Ghemic BV (director)
03-09
State Gazette actStatutes amendment
Transfer restriction · Power of attorney · Shareholding5 facts ▸
General meeting, 24-08-2026
Transfer restriction, schrapping, vrije overdraagbaarheid
Statutes amendment
Power of attorney
Shareholding, artikel 2:14, 4° Wetboek vennootschappen en verenigingen, kenbaar gemaakt in vennootschapsdossier
01-09
NBB filingAnnual accounts filed
fiscal year 2025 · abbreviated schema · 32 days late
2025
31-12
FinancialWeakest financial yearnet -€972,946
Net result drops to -€972,946, the lowest in the series.
17-07
NBB filingAnnual accounts filed
fiscal year 2024 · abbreviated schema
2024
03-07
NBB filingAnnual accounts filed
fiscal year 2023 · abbreviated schema
2023
31-12
FinancialBack to profitnet €50,076
Net result €50,076 after 2 loss-making years.
10-07
NBB filingAnnual accounts filed
fiscal year 2022 · abbreviated schema
2022
07-07
NBB filingAnnual accounts filed
fiscal year 2021 · abbreviated schema
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
2 of 6 acts read
About the unread acts
Of the 6 Belgian State Gazette acts we know for this company, 2 have been read. The other 4 have not been read yet: what they contain is neither established nor disproved here.
Who runs the company and where it is based. It tells you who you are talking to and whether the address checks out.
Directors
Directors
Who runs the company today and since when, grouped the way the CBE groups its function holders. Many recent board changes are a reason to keep a close eye.
1 director, last change in 2026
GB
Ghemic BV
Director · Legal entity
Current
Derived from published Gazette acts. The CBE keeps the official list of function holders; we do not read it, so the two can differ.
See the function holders in the CBE →
Not every act has been read: a resignation may be missing here
4 of this company's 6 Belgian State Gazette acts have not been read yet. Appointments and resignations recorded in them are missing above: a director who resigned there may therefore still show here as sitting. The acts are in the Timeline.
Location & real-estate footprint
Location & real estate
Where the company is based and which parcels are linked to its addresses. An address shared by many companies is often a registered-office service.
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Mandate history
Mandate history
Who held which function and when, per person: one bar per period, from appointment to resignation or to today. An open left edge means the mandate began before the oldest act we hold.
Who owns the company and which companies it holds shares in, as the companies file it in their annual accounts. It shows which group it belongs to and who ultimately stands behind it.
No holding stated in the accounts, acts or LEI register we read.
According to the annual accounts of the other companies, the acts in the Belgian Gazette and the LEI register.
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 fill in these statements, or need not, is missing.
Connections & network
Connections & network
Which other companies are linked to this one through directors or shares. Look especially for linked companies in trouble.
10 connected companies
Depth
Shared directors
This companyCompanyDirectorShareholding+N: links not shown yetClick a node to look further, drag to arrange, scroll to zoom.
Of 1,293 companies in sector 68122 we hold annual accounts for 903. 343 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Company details
The company's official details: legal form, status, activities and founding date. Useful to draw up an invoice or contract correctly.
Identification
Legal formPrivate limited company
Founded25-05-2021
Fiscal year end31-12
Activities, NACEBEL 2025
68122Development of non-residential building projects
68121Development of residential building projects
E-invoicing
Reachable via Peppol
Peppol ID0208:0768712726
Also9925:BE0768712726
If you follow this company, Checked tells you the day it leaves the Peppol register.