NAVI Projects
ActiveSummary
NAVI Projects has been active since 2020 and the Belgian State Gazette contains no insolvency or warning signals. The 2024 annual accounts show equity of €135,922 and a net result of €16,613. Equity is growing by ~26.5% per year across the filed fiscal years. Its solvency ranks better than 38% of 19375 sector peers (fiscal year 2024). The computed 12-month bankruptcy probability is 0.8% (low).
Checked score
Score 2024
Axes · tick = 2023
Profitability68▼-5
Solvency42▼-4
Growth78=
Track record94
Bankruptcy probability, 12 months
0.8%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €8,000 at 30 days acceptable
Liquidity tight (current ratio 1.18 against 1.14 in 2023; short-term debt: 21.8% and cash: 1% of total assets), and 83% of the assets are financed with debt.
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Signals
Four signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
raises risk · Limited track record
This company has not been active as long as an established one and statistically fails somewhat more often.
KBO · incorporation dateAge against the risk zone
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 →
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 24-06-2025, 37 days ahead of the deadline.
NBB · 4 filingsDeviation from the deadline
2025
not confirmed
2024
37 d early
2023
61 d late
2022
92 d late
2021
109 d early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 4 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
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
€16,613▼ 12.0%
2023 · €18,886
Working capital
€32,166▼ 1.8%
2023 · €32,743
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
Line2021202220232024
Operating result€2,565-€114,514▲ 4,364%€63,001▼ 45.0%€15,950▼ 74.7%
Net result€95within the sector's middle half-€82,328within the sector's middle half▲ 86,525%€18,886within the sector's middle half▼ 77.1%€16,613within the sector's middle half▼ 12.0%
Equity€18,095within the sector's middle half-€100,423within the sector's middle half▲ 455%€119,309within the sector's middle half▲ 18.8%€135,922within the sector's middle half▲ 13.9%
Total assets€303,333within the sector's middle half-€504,476below the sector's middle half▲ 66.3%€579,550within the sector's middle half▲ 14.9%€798,990within the sector's middle half▲ 37.9%
Debt€285,238-€404,053▲ 41.7%€460,241▲ 13.9%€663,068▲ 44.1%
Working capital-€7,257within the sector's middle half-€37,578within the sector's middle half€32,743within the sector's middle half▼ 12.9%€32,166within the sector's middle half▼ 1.8%
Solvency6.0%below the sector's middle half-19.9%within the sector's middle half▲ 13.9pp20.6%within the sector's middle half▲ 0.7pp17.0%within the sector's middle half▼ 3.6pp
Current ratio0.68within the sector's middle half-1.25within the sector's middle half▲ 0.571.14within the sector's middle half▼ 0.111.18within the sector's middle half▲ 0.04
Return on assets (ROA)0.0%within the sector's middle half-16.3%above the sector's middle half▲ 16.3pp3.3%within the sector's middle half▼ 13.1pp2.1%within the sector's middle half▼ 1.2pp
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.
Result per fiscal year
Operating resultNet result
The operating result has fallen two years in a row; 2024 is 75% below 2023.
Balance-sheet composition
2024 in colour, 2023 as the grey bar beneath
Assets €798,990
Fixed assets
€592,641 ▲ 87.3%
Current assets
€206,349 ▼ 21.6%
Equity and liabilities €798,990
Equity
€135,922 ▲ 13.9%
Debt
€663,068 ▲ 44.1%
Debt's share of the balance-sheet total rises from 79.4% to 83.0%. Equity and debt are higher.
Key figures and ratios
EBITDA
€84,839▲
2023 · €76,782
Cash flow
€85,502▲
2023 · €32,668
Debt to equity
4.88▲
2023 · 3.86
ROE
12.2%▼
2023 · 15.8%
Interest coverage
5.56▼
2023 · 10.55
Debt ≤ 1 year
€174,183▼
2023 · €230,337
Debt > 1 year
€488,885▲
2023 · €229,904
Income taxes
-€15,922▼
2023 · €36,836
Staff costs
€286
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 2,368 companies that looked in July 2024 the way this one looks now, 1.7% went bankrupt within 24 months and 97% are still going.
- Small
- 5 to 10 years old
- solvency 10 to 30%
- a profit under 5% of the balance sheet
1.7%
went bankrupt
1.4%
stopped otherwise
97%
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 0.8% 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 497,662 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 2,368 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 | Change |
|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €286 | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €48,788 | €10,817 | €13,782 | €68,889 | ▲ 400% |
| Other operating charges640/8 | €636 | €2,570 | €16,884 | €4,400 | ▼ 73.9% |
| Gross operating margin9900 | €51,990 | €127,902 | €93,666 | €89,526 | ▼ 4.4% |
| Operating profit (loss)9901 | €2,565 | €114,514 | €63,001 | €15,950 | ▼ 74.7% |
| Financial income75/76B | - | €122 | €0 | €0 | = |
| Recurring financial income75 | - | €122 | €0 | €0 | = |
| Non-recurring financial income76B | - | €122 | - | - | - |
| Financial charges65/66B | €2,412 | €5,307 | €7,279 | €15,260 | ▲ 110% |
| Recurring financial charges65 | €2,412 | €5,307 | €7,279 | €15,260 | ▲ 110% |
| Profit (loss) for the period before taxes9903 | €153 | €109,328 | €55,721 | €690 | ▼ 98.8% |
| Income taxes67/77 | €58 | €27,000 | €36,836 | -€15,922 | ▼ 143% |
| Profit (loss) for the period9904 | €95 | €82,328 | €18,886 | €16,613 | ▼ 12.0% |
| Profit (loss) for the period to be appropriated9905 | €95 | €82,328 | €18,886 | €16,613 | ▼ 12.0% |
| Line | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|
| Assets | |||||
| Total assets20/58 | €303,333 | €504,476 | €579,550 | €798,990 | ▲ 37.9% |
| Fixed assets21/28 | €288,091 | €317,775 | €316,470 | €592,641 | ▲ 87.3% |
| Tangible fixed assets22/27 | €288,014 | €317,698 | €316,394 | €592,564 | ▲ 87.3% |
| Land and buildings22 | €281,958 | €308,841 | €298,164 | €574,805 | ▲ 92.8% |
| Plant, machinery and equipment23 | €6,056 | €0 | - | €1,550 | - |
| Furniture and vehicles24 | - | €8,857 | €18,229 | €16,209 | ▼ 11.1% |
| Financial fixed assets28 | €77 | €77 | €77 | €77 | = |
| Current assets29/58 | €15,242 | €186,701 | €263,079 | €206,349 | ▼ 21.6% |
| Amounts receivable after more than one year29 | - | - | €50,690 | €46,537 | ▼ 8.2% |
| Trade receivables290 | - | - | €50,690 | €46,537 | ▼ 8.2% |
| Amounts receivable within one year40/41 | €13,290 | €150,955 | €205,750 | €148,769 | ▼ 27.7% |
| Trade receivables40 | €13,290 | €97,743 | €145,869 | €148,769 | ▲ 2.0% |
| Other amounts receivable41 | - | €53,212 | €59,881 | €0 | ▼ 100% |
| Cash at bank and in hand54/58 | €6 | €32,857 | €0 | €7,946 | - |
| Deferred charges and accrued income490/1 | €1,946 | €2,889 | €6,639 | €3,097 | ▼ 53.3% |
| Equity and liabilities | |||||
| Total equity and liabilities10/49 | €303,333 | €504,476 | €579,550 | €798,990 | ▲ 37.9% |
| Equity10/15 | €18,095 | €100,423 | €119,309 | €135,922 | ▲ 13.9% |
| Contributions10/11 | €18,000 | €18,000 | €18,000 | €18,000 | = |
| Reserves13 | - | €81,000 | €81,000 | €81,000 | = |
| Non-distributable reserves130/1 | - | €81,000 | - | - | - |
| Other1319 | - | €81,000 | - | - | - |
| Distributable reserves133 | - | - | €81,000 | €81,000 | = |
| Profit (loss) carried forward14 | €95 | €1,423 | €20,309 | €36,922 | ▲ 81.8% |
| Amounts payable17/49 | €285,238 | €404,053 | €460,241 | €663,068 | ▲ 44.1% |
| Amounts payable after more than one year17 | €262,738 | €248,930 | €229,904 | €488,885 | ▲ 113% |
| Financial debts170/4 | €262,738 | €248,930 | €229,904 | €488,885 | ▲ 113% |
| Amounts payable within one year42/48 | €22,500 | €149,123 | €230,337 | €174,183 | ▼ 24.4% |
| Current portion of amounts payable after more than one year42 | €16,594 | €18,638 | €30,822 | €33,950 | ▲ 10.1% |
| Financial debts43 | - | - | €2,808 | €0 | ▼ 100% |
| Credit institutions430/8 | - | - | €2,808 | €0 | ▼ 100% |
| Trade debts44 | €1,161 | €81,262 | €118,518 | €30,339 | ▼ 74.4% |
| Suppliers440/4 | €1,161 | €81,262 | €118,518 | €30,339 | ▼ 74.4% |
| Advances received on contracts in progress46 | €653 | - | - | - | - |
| Taxes, remuneration and social security45 | €3,887 | €49,223 | €78,189 | €35,237 | ▼ 54.9% |
| Taxes450/3 | €2,387 | €49,223 | €74,689 | €35,237 | ▼ 52.8% |
| Remuneration and social security454/9 | €1,500 | - | €3,500 | €0 | ▼ 100% |
| Other amounts payable47/48 | €203 | - | - | €74,658 | - |
| Accrued charges and deferred income492/3 | - | €6,000 | €0 | - | - |
| Line | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €95 | €82,328 | €18,886 | €16,613 | ▼ 12.0% |
| + Depreciation and write-downs630 | €48,788 | €10,817 | €13,782 | €68,889 | ▲ 400% |
| Operating cash flow (approximation) | €48,883 | €93,145 | €32,668 | €85,502 | ▲ 162% |
| Investment in fixed assets (approximation) | - | -€40,502 | -€12,477 | -€345,060 | ▼ 2,666% |
| Change in cash | - | €32,851 | -€32,857 | €7,946 | ▲ 124% |
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
24-06
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
30-09
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 61 days late
2023
31-10
NBB filing
Annual accounts filed
fiscal year 2022 · full schema · 92 days late
2022
31-12
Financial
Highest result since 2021net €82,328 ▲86,525%
Operating result €114,514, net result €82,328, both a record.
31-12
Financial
Equity above €100,000Eq €100,423 ▲455%
2 profitable years in a row build equity to €100,423.
13-04
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 2 acts read
About the unread acts
We know of 2 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
2 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, Gerpinnes · 1 establishment unit since 2020
Ground area
4,608 m²
Building footprint
3,752 m²
Volume, LiDAR
71,384 m³
2 parcels, Brussels, Wallonia · tallest building 29.6 m, ±8 floors. Linked by address, not a title deed.
1 establishment unit
NAVI Projects
since 20202.311.944.025
2 parcels
Wallonia
1
(50%)
Brussels
1
(50%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 21802B0818/00E000 | Brussels | 3,564 m² | 1 · 3,393 m² | 29.6 m · 8 fl. |
| 52041A0271/00H002 | Wallonia | 1,044 m² | 1 · 359 m² | 8.7 m · 1 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.
1 of these parcels carry protected heritage: expect extra rules on renovation or sale.
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Of 1,530 companies in sector 68322 we hold annual accounts for 745. 569 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
Founded11-12-2020
Fiscal year end31-12
Activities, NACEBEL 2025
68322Real estate appraisal on a fee or contract basis
68110Buying and selling of own real estate
E-invoicing
Reachable via Peppol
Peppol ID
0208:0759716569
Registered
22-07-2026
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 28 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.