LOTHIAN DEVELOPMENTS III
ActiveLOTHIAN DEVELOPMENTS III has been active since 1998 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €3.12M and a net result of €-959k. Equity remains stable across the filed fiscal years (±2.2% per year). Its solvency ranks better than 40% of 4500 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.3% (very low).
Checked score
Score 2025
12
/ 100
Critical▼ -13 vs 2024
The score combines four axes. Every signal that weighs is under Signals.
Axes · tick = 2024
Profitability0=
Solvency32▲+6
Growth43=
Stability100
Bankruptcy probability, 12 months
0.3%
Very low
0%0.5%1.5%4%10%≥ 25%
No credit on open account
Liquidity short (current ratio 0.12 against 0.46 in 2024), and 72% of the assets are financed with debt.
Credit advice for your own amount and term
Signals
Nine signals. The signal on the left, the evidence on the right.
−lowers risk+raises 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
Sector 68
lower
← 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
28%
Return on assets
-8.6%
Age of the figures
8 mo
raises risk · Persistent losses
Two consecutive loss-making years (2024 and 2025); equity fell accordingly. May indicate structural pressure on profitability.
NBB · annual accounts 2025Net result per financial year
1819202122232425
2018 to 2025 · latest year -€959k
neutral · Filed after the deadline
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 07-08-2026, 7 days later. For context: 47% of the Belgian market files late and the whole 1-to-90-day band measures 2.0% abnormal legal state against a 1.66% average. We show this as a fact and do not score it.
NBB · 10 filingsDeviation from the deadline
2025
7 d late
2024
on the day
2023
42 d early
2022
206 d late
2021
12 d early
2020
88 d late
2019
29 d early
← before the deadline
after the deadline →
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
14-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, full schema
Turnover
€2.36M▲ 21.9%
2019 · €1.94M
2018: €1.98M
2019: €1.94M
2018 → 2020
EBIT margin
19.7%▼ 0.2pp
2019 · 19.9%
2018: 30.0%
2019: 19.9%
2018 → 2020
Net result
€-959k▼ 320%
2024 · €-228k
2018: €238k
2019: €124k
2020: €196k
2021: €133k
2022: €144k
2023: €303k
2024: €-228k
2018 → 2025
Working capital
€-6.77M▼ 4.1%
2024 · €-6.50M
2018: €1.92M
2019: €2.54M
2020: €2.28M
2021: €3.06M
2022: €-8.19M
2023: €-7.02M
2024: €-6.50M
2018 → 2025
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€3.86M-€4.01M▲ 3.7%€4.31M▲ 7.6%€4.08M▼ 5.3%€3.12M▼ 23.5%
Operating result€392k-€400k▲ 2.0%€841k▲ 111%€388k▼ 53.8%€-549k
Net result€133k-€144k▲ 8.3%€303k▲ 110%€-228k€-959k▼ 320%
Result per fiscal year
Operating resultNet result
The operating result turns negative in 2025: a loss of €549k after €388k in 2024, the lowest year so far.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €11.13M
Fixed assets
€10.20M▼ 5.0%
Current assets
€931k▼ 83.2%
Equity and liabilities €11.13M
Equity
€3.12M▼ 23.5%
Debt
€8.01M▼ 34.3%
The debt ratio falls from 74.9% to 72.0%: debt falls faster than equity shrinks.
Key figures and ratios
EBITDA
€362k▼
2024 · €1.26M
Cash flow
€-48k▼
2024 · €647k
Solvency
28.0%▲
2024 · 25.1%
Current ratio
0.12▼
2024 · 0.46
Quick ratio
0.12▼
2024 · 0.46
Debt / equity
2.57▼
2024 · 2.99
ROE
-30.7%▼
2024 · -5.6%
ROA
-8.6%▼
2024 · -1.4%
Interest coverage
0.82▼
2024 · 1.82
Debt
€8.01M▼
2024 · €12.20M
Debt ≤ 1 year
€7.70M▼
2024 · €12.05M
Green means a favourable move, even when the figure itself falls: as with debt or debt / equity.
Filed annual accounts
As filed with the NBB · 2025 against 2024
Balance sheet
Code20242025
Assets
Total assets20/58€16.28M€11.13M▼
Fixed assets21/28€10.74M€10.20M▼
Tangible fixed assets22/27€10.74M€10.20M▼
Land and buildings22€9.37M€8.72M▼
Plant, machinery and equipment23€1.22M€1.48M▲
Assets under construction and advance payments27€148k€0▼
Current assets29/58€5.54M€931k▼
Amounts receivable after more than one year29€4.00M€8k▼
Other amounts receivable291€4.00M€8k▼
Amounts receivable within one year40/41€208k€2k▼
Trade receivables40€208k€2k▼
Cash at bank and in hand54/58€1.10M€682k▼
Deferred charges and accrued income490/1€234k€240k▲
Equity and liabilities
Total equity and liabilities10/49€16.28M€11.13M▼
Equity10/15€4.08M€3.12M▼
Contributions10/11€5.99M€5.99M=
Capital10€5.99M€5.99M=
Issued capital100€5.99M€5.99M=
Profit (loss) carried forward14€-1.91M€-2.87M▼
Amounts payable17/49€12.20M€8.01M▼
Amounts payable within one year42/48€12.05M€7.70M▼
Current portion of amounts payable after more than one year42€11.75M€6.60M▼
Trade debts44€95k€35k▼
Suppliers440/4€95k€35k▼
Advances received on contracts in progress46€194k€0▼
Taxes, remuneration and social security45€10k€178k▲
Taxes450/3€10k€178k▲
Other amounts payable47/48-€890k
Accrued charges and deferred income492/3€153k€310k▲
Income statement
Code20242025
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€875k€911k▲
Other operating charges640/8€604k€757k▲
Gross operating margin9900€1.87M€1.12M▼
Operating profit (loss)9901€388k€-549k▼
Financial income75/76B€79k€31k▼
Recurring financial income75€79k€31k▼
Financial charges65/66B€695k€441k▼
Recurring financial charges65€695k€441k▼
Profit (loss) for the period before taxes9903€-228k€-959k▼
Profit (loss) for the period9904€-228k€-959k▼
Profit (loss) for the period to be appropriated9905€-228k€-959k▼
Appropriation of the result
Profit (loss) to be appropriated9906€-1.91M€-2.87M▼
Profit (loss) brought forward from the previous period14P€-1.68M€-1.91M▼
The notes to these accounts (8 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
07-08
NBB filing
Annual accounts filed
fiscal year 2025 · full schema · 7 days late
2025
31-12
Financial
Weakest financial yearnet €-959k
Net result drops to €-959k, the lowest in the series.
31-07
NBB filing
Annual accounts filed
fiscal year 2024 · full schema
2024
19-06
NBB filing
Annual accounts filed
fiscal year 2023 · full schema
22-02
NBB filing
Annual accounts filed
fiscal year 2022 · full schema · 206 days late
2023
31-12
Financial
Highest result since 2018net €303k ▲110%
Operating result €841k, net result €303k, both a record.
2022
19-07
NBB filing
Annual accounts filed
fiscal year 2021 · full schema
2021
27-10
NBB filing
Annual accounts filed
fiscal year 2020 · full schema · 88 days late
2020
02-07
NBB filing
Annual accounts filed
fiscal year 2019 · full schema
2019
17-06
NBB filing
Annual accounts filed
fiscal year 2018 · full schema
2018
30-05
NBB filing
Annual accounts filed
fiscal year 2017 · full schema
2017
16-06
NBB filing
Annual accounts filed
fiscal year 2016 · full schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
Directors · office · real estate
Directors
18 directors, no change since 2024
Dmitry Ugolkov
CurrentDirector · since 30-05-2023
Fabio Gasperoni
CurrentDirector · since 12-02-2019
SPRL Geoffroy Mertens
Not recently confirmedDirector · since 14-08-2018 · Legal entity
SPRL Louis de Halleux
Not recently confirmedDirector · since 14-08-2018 · Legal entity
Louis de Halleux-Advestate SPRL
Not recently confirmedDirector · since 22-06-2017 · Legal entity
Alexarider Watt
Not recently confirmedAdministrator · since 18-11-2010
+ 2 not shown in this overview
17-09-2024
Dmitry Ugolkov: Appointed as Director
17-09-2024
Fabio Gasperoni: Appointed as Director
17-09-2024
Sergey Volchenkov: Resigned as Director
30-05-2023
Dmitry Ugolkov: Appointed as Director
30-05-2023
Andrew Butler-Cassar: Resigned as Director
30-05-2023
Angélique Mitrugno: Appointed as Représentant permanent du commissaire
30-05-2023
Pierre-Hugues Bonnefoy: Resigned as Représentant permanent du commissaire
23-01-2023
Andrew Butler-Cassar: Appointed as Director
23-01-2023
Paul Hansen: Resigned as Director
04-10-2022
Paul Hansen: Appointed as Director
04-10-2022
Denis Kononenko: Resigned as Director
12-02-2019
Fabio Gasperoni: Appointed as Director
12-02-2019
Sergey Volchenkov: Appointed as Director
12-02-2019
Denis Kononenko: Appointed as Director
12-02-2019
Geoffroy Mertens: Resigned as Director
12-02-2019
Laetitia Etienne: Resigned as Director
12-02-2019
Louis de Halleux: Resigned as Director
14-08-2018
SPRL Geoffroy Mertens: Appointed as Director
14-08-2018
SPRL Louis de Halleux: Appointed as Director
14-08-2018
SPRL Advestate: Resigned as Director
22-06-2017
Louis de Halleux-Advestate SPRL: Appointed as Director
22-06-2017
Louis de Halleux-Advestate SPRL: Appointed as Managing director
22-06-2017
Laetitia Etienne: Appointed as Director
22-06-2017
Philippe CHAUVEAU: Resigned as Director
+ 8 not shown in this overview
Location & real-estate footprint
Registered office, Brussel · 1 establishment unit since 1998
Cannot be placed on the map
This address could not be matched to a point in the Belgian address register (BOSA BEST). The address below comes straight from the Crossroads Bank.
Terhulpsesteenweg 1201000 BrusselGround area
5,039 m²
Building footprint
1,939 m²
Volume, LiDAR
53,239 m³
Parcel 21822R0523/00K002, Brussels · tallest building 33.6 m, ±10 floors. Linked by address, not a title deed.
1 establishment unit
LOTHIAN DEVELOMENTS III
since 19982.087.777.718
1 parcel
Brussels
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 21822R0523/00K002 | Brussels | 5,039 m² | 1 · 1,939 m² | 33.6 m · 10 fl. |
Linked by address, not proof of ownership
Methodology
via registered seat: 1
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Statutory auditor
4 auditors| Deloitte Bedrijfsrevisoren/Reviseurs d'Entreprises Commissaire | 22-06-2017 → 22-06-2017 |
Show 3 earlier auditors
| Pierre-Hugues Bonnefoy Commissaire | 17-02-2021 → 17-02-2021 |
| PwC Reviseurs d'Entreprises Commissaire | 12-09-2016 → 12-09-2016 |
| PwC Réviseurs d'Entreprises Commissaire | - → 22-06-2017 |
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Of 7,288 companies in sector 68110 we hold annual accounts for 5,354. 2,225 are within a factor 10 of this equity.See the whole sector
Company data · Crossroads Bank
Identification
Legal formPublic limited company
Founded25-06-1998
Fiscal year end31-12
Activities, NACEBEL
68110Buying and selling of own real estate
70120
68203Renting and operating of own or leased non-residential real estate, excluding land
70203
Sources
Crossroads Bank for EnterprisesNational Bank · 28 filingsAddress and cadastre registers
Data from official sources, last processed on 14-09-2026. Scores and ratios are computed by Checked and are not a credit decision.