NAPAS
ActiveSummary
NAPAS has been active since 1999 and the Belgian State Gazette contains no insolvency or warning signals. The 2024 annual accounts show equity of €628,636 and a net result of €82,835. Equity is growing by ~20.4% per year across the filed fiscal years. Its solvency ranks better than 84% of 19375 sector peers (fiscal year 2024). The computed 12-month bankruptcy probability is 0.2% (very low).
Checked score
Score 2024
Axes · tick = 2023
Profitability82▲+3
Solvency100▲+7
Growth78=
Track record100
Bankruptcy probability, 12 months
0.2%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €50,000 at 30 days acceptable
Liquidity ample (current ratio 1.7 against 0.4 in 2023; short-term debt: 3.6% and cash: 6.2% of total assets), and 20.1% of the assets are financed with debt.
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Signals
Five 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 2024Solvency, return and age of the figures
Solvency
79.9%
Return on assets
10.5%
Age of the figures
21 mo
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2024 was due by 31-07-2025 and was filed on 30-07-2025, 1 day ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
not confirmed
2024
1 d early
2023
on the day
2022
28 d late
2021
25 d early
2020
2 d early
2019
13 d late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 6 accounts on average 2 days after 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 (1)
History
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Financials · fiscal year 2024, micro schema
Equity
€628,636▲ 15.2%
2023 · €545,800
Total assets
€786,517▼ 1.6%
2023 · €799,293
Net result
€82,835▲ 23.1%
2023 · €67,296
Working capital
€19,903
2023 · -€61,917
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
Line20202021202220232024
Operating result€110,404▼ 23.9%€117,967▲ 6.9%€121,241▲ 2.8%€104,671▼ 13.7%€126,165▲ 20.5%
Net result€74,400above the sector's middle half▼ 17.6%€79,079above the sector's middle half▲ 6.3%€88,254above the sector's middle half▲ 11.6%€67,296above the sector's middle half▼ 23.7%€82,835above the sector's middle half▲ 23.1%
Equity€311,171within the sector's middle half▲ 31.4%€390,250above the sector's middle half▲ 25.4%€478,504above the sector's middle half▲ 22.6%€545,800above the sector's middle half▲ 14.1%€628,636above the sector's middle half▲ 15.2%
Total assets€506,816within the sector's middle half▲ 70.2%€649,845within the sector's middle half▲ 28.2%€824,145within the sector's middle half▲ 26.8%€799,293within the sector's middle half▼ 3.0%€786,517within the sector's middle half▼ 1.6%
Debt€195,645▲ 220%€259,595▲ 32.7%€345,641▲ 33.1%€253,492▼ 26.7%€157,881▼ 37.7%
Working capital€7,733within the sector's middle half▼ 81.7%-€12,624within the sector's middle half-€78,137below the sector's middle half▼ 519%-€61,917within the sector's middle half▲ 20.8%€19,903within the sector's middle half
Solvency61.4%within the sector's middle half▼ 18.1pp60.1%within the sector's middle half▼ 1.3pp58.1%within the sector's middle half▼ 2.0pp68.3%above the sector's middle half▲ 10.2pp79.9%above the sector's middle half▲ 11.6pp
Current ratio1.08within the sector's middle half▼ 0.610.81within the sector's middle half▼ 0.270.37below the sector's middle half▼ 0.440.40within the sector's middle half▲ 0.031.70within the sector's middle half▲ 1.30
Return on assets (ROA)14.7%above the sector's middle half▼ 15.6pp12.2%above the sector's middle half▼ 2.5pp10.7%above the sector's middle half▼ 1.5pp8.4%above the sector's middle half▼ 2.3pp10.5%above the sector's middle half▲ 2.1pp
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 micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result recovers in 2024; 2024 is 21% above 2023 and is the highest result in the available series.
Balance-sheet composition
2024 in colour, 2023 as the grey bar beneath
Assets €786,517
Fixed assets
€738,062 ▼ 2.7%
Current assets
€48,455 ▲ 17.8%
Equity and liabilities €786,517
Equity
€628,636 ▲ 15.2%
Debt
€157,881 ▼ 37.7%
Debt's share of the balance-sheet total falls from 31.7% to 20.1%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€146,273▲
2023 · €124,778
Cash flow
€102,943▲
2023 · €87,403
Debt to equity
0.25▼
2023 · 0.46
ROE
13.2%▲
2023 · 12.3%
Interest coverage
31.08▲
2023 · 21.02
Debt ≤ 1 year
€28,552▼
2023 · €103,041
Debt > 1 year
€129,329▼
2023 · €150,452
Income taxes
€38,623▲
2023 · €31,438
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 20,129 companies that looked in July 2024 the way this one looks now, 0.2% went bankrupt within 24 months and 95% are still going.
- Small
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
0.2%
went bankrupt
4.7%
stopped otherwise
95%
still going
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 20,129 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 | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €6,616 | €11,377 | €15,464 | €20,107 | €20,107 | = |
| Other operating charges640/8 | - | €410 | €1,273 | €31,320 | €17,638 | ▼ 43.7% |
| Gross operating margin9900 | €123,519 | €129,753 | €137,978 | €156,098 | €163,910 | ▲ 5.0% |
| Operating profit (loss)9901 | €110,404 | €117,967 | €121,241 | €104,671 | €126,165 | ▲ 20.5% |
| Financial charges65/66B | - | €2,004 | €3,268 | €5,937 | €4,707 | ▼ 20.7% |
| Recurring financial charges65 | €1,289 | €2,004 | €3,268 | €5,937 | €4,707 | ▼ 20.7% |
| Profit (loss) for the period before taxes9903 | €109,114 | €115,963 | €117,973 | €98,734 | €121,459 | ▲ 23.0% |
| Income taxes67/77 | €34,714 | €36,884 | €29,719 | €31,438 | €38,623 | ▲ 22.9% |
| Profit (loss) for the period9904 | €74,400 | €79,079 | €88,254 | €67,296 | €82,835 | ▲ 23.1% |
| Profit (loss) for the period to be appropriated9905 | €74,400 | €79,079 | €88,254 | €67,296 | €82,835 | ▲ 23.1% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €506,816 | €649,845 | €824,145 | €799,293 | €786,517 | ▼ 1.6% |
| Fixed assets21/28 | €407,164 | €595,467 | €778,276 | €758,169 | €738,062 | ▼ 2.7% |
| Tangible fixed assets22/27 | €407,164 | €595,467 | €778,276 | €758,169 | €738,062 | ▼ 2.7% |
| Land and buildings22 | - | €395,787 | €580,036 | €559,929 | €539,822 | ▼ 3.6% |
| Other tangible fixed assets26 | - | €199,680 | €198,240 | €198,240 | €198,240 | = |
| Current assets29/58 | €99,653 | €54,379 | €45,868 | €41,124 | €48,455 | ▲ 17.8% |
| Amounts receivable within one year40/41 | - | €3,116 | €10,507 | €8,562 | - | - |
| Other amounts receivable41 | - | €3,116 | €10,507 | €8,562 | - | - |
| Cash at bank and in hand54/58 | €99,582 | €51,262 | €35,362 | €32,562 | €48,455 | ▲ 48.8% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €506,816 | €649,845 | €824,145 | €799,293 | €786,517 | ▼ 1.6% |
| Equity10/15 | €311,171 | €390,250 | €478,504 | €545,800 | €628,636 | ▲ 15.2% |
| Contributions10/11 | €66,931 | €66,931 | €66,931 | €66,931 | €66,931 | = |
| Capital10 | - | €66,931 | €66,931 | €66,931 | €66,931 | = |
| Issued capital100 | - | €66,931 | €66,931 | €66,931 | €66,931 | = |
| Reserves13 | €244,240 | €323,319 | €411,573 | €478,869 | €561,704 | ▲ 17.3% |
| Non-distributable reserves130/1 | - | €9,106 | €9,106 | €9,106 | €9,106 | = |
| Legal reserve130 | - | €9,106 | €9,106 | €9,106 | €9,106 | = |
| Distributable reserves133 | - | €314,212 | €402,467 | €469,763 | €552,598 | ▲ 17.6% |
| Amounts payable17/49 | €195,645 | €259,595 | €345,641 | €253,492 | €157,881 | ▼ 37.7% |
| Amounts payable after more than one year17 | €103,725 | €192,593 | €221,635 | €150,452 | €129,329 | ▼ 14.0% |
| Financial debts170/4 | - | €192,593 | €221,635 | €150,452 | €129,329 | ▼ 14.0% |
| Amounts payable within one year42/48 | €91,920 | €67,002 | €124,005 | €103,041 | €28,552 | ▼ 72.3% |
| Current portion of amounts payable after more than one year42 | - | €61,133 | €70,262 | €71,183 | €21,123 | ▼ 70.3% |
| Trade debts44 | - | - | - | €266 | €266 | = |
| Suppliers440/4 | - | - | - | €266 | €266 | = |
| Taxes, remuneration and social security45 | - | €5,870 | €3,744 | €6,591 | €7,163 | ▲ 8.7% |
| Taxes450/3 | - | €5,870 | €3,744 | €6,591 | €7,163 | ▲ 8.7% |
| Other amounts payable47/48 | - | - | €50,000 | €25,000 | - | - |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €74,400 | €79,079 | €88,254 | €67,296 | €82,835 | ▲ 23.1% |
| + Depreciation and write-downs630 | €6,616 | €11,377 | €15,464 | €20,107 | €20,107 | = |
| Operating cash flow (approximation) | €81,016 | €90,456 | €103,718 | €87,403 | €102,943 | ▲ 17.8% |
| Investment in fixed assets (approximation) | - | -€199,680 | -€198,274 | €0 | €0 | - |
| Change in cash | - | -€48,320 | -€15,901 | -€2,800 | €15,893 | ▲ 668% |
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
2025
30-07
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
31-12
Financial
Liquidity quadruplescurrent ratio 1.70
Current ratio from 0.40 to 1.70; short-term debt falls from €103,041 to €28,552.
31-07
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
31-12
Financial
Equity above €500,000Eq €545,800 ▲14.1%
6 profitable years in a row build equity to €545,800.
28-08
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 28 days late
2022
06-07
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
29-07
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
2020
13-08
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 13 days late
2019
31-12
Financial
Highest result since 2018net €90,254 ▲938%
Operating result €145,167, net result €90,254, both a record.
31-12
Financial
Equity above €200,000Eq €236,771 ▲61.6%
2 profitable years in a row build equity to €236,771.
21-08
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema · 21 days late
2018
24-08
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema · 24 days late
2017
27-07
NBB filing
Annual accounts filed
fiscal year 2016 · micro schema
2016
04-08
NBB filing
Annual accounts filed
fiscal year 2015 · abbreviated schema · 4 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 5 acts read
About the unread acts
We know of 5 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
5 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, Tessenderlo-Ham · 1 establishment unit since 1999
Ground area
3,503 m²
Building footprint
417 m²
Volume, LiDAR
2,386 m³
2 parcels, Flanders · tallest building 10.3 m, ±2 floors. Linked by address, not a title deed.
1 establishment unit
Baalbergstraat(C) 24, 3980 Tessenderlo-Ham
since 19992.092.104.710
2 parcels
Flanders
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 71057A0349/00N000 | Flanders | 1,786 m² | 1 · 179 m² | 6.5 m · 2 fl. |
| 71057A0350/00Y000 | Flanders | 1,717 m² | 1 · 238 m² | 10.3 m · 2 fl. |
Linked by address, not proof of ownership
Good to know
2 of 2 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
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LEARGEST
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Of 12,042 companies in sector 68203 we hold annual accounts for 6,005. 4,372 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPublic limited company
Founded11-03-1999
Fiscal year end31-12
Activities, NACEBEL 2025
68203Renting and operating of own or leased non-residential real estate, excluding land
E-invoicing
Reachable via Peppol
Peppol ID
0208:0465618806
Also
9925:BE0465618806
Registered
20-11-2025
Register as of 28 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.