NEDCAP
ActiveSummary
NEDCAP has been active since 2013 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show negative equity (-€722,421) and a net result of -€8,268. Equity is shrinking by ~15.7% per year across the filed fiscal years. Its solvency ranks better than 5% of 4577 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.4% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability40▲+40
Solvency0=
Growth58▲+26
Track record100
Bankruptcy probability, 12 months
0.4%
Very low
0%0.5%1.5%4%10%≥ 25%
No credit on open account
Liquidity tight (current ratio 1.15 against 0.14 in 2024; short-term debt: 12% and cash: 3.4% of total assets), and equity is negative.
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Show the recommended maximum : and see how the verdict changes with amount, term and advance.
Signals
Six 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
Real estate activities (NACE 68)
about 43% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
raises risk · Annual accounts: weaker financial profile
The latest annual accounts show a weaker profile in solvency, result or liquidity than companies that stay afloat.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
-126.8%
Return on assets
-1.5%
Age of the figures
9 mo
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
raises risk · Negative equity
The 2025 annual accounts show negative equity and a net loss.
NBB · annual accounts 2025Equity per financial year
1819202122232425
2018 to 2025 · latest year -€722,421
neutral · Filed after the deadline
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 06-08-2026, 6 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
6 d late
2024
16 d early
2023
1 d late
2022
4 d early
2021
26 d early
2020
30 d late
2019
14 d late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 7 accounts on average 1 day 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 (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.
Companies Code · seven monthsPosition in the running window
27-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, full schema
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
-€8,268▲ 92.4%
2024 · -€108,878
Working capital
€10,165
2024 · -€262,026
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
Line20212022202320242025
Operating result-€16,384▲ 57.4%-€97,766▼ 497%-€5,408▲ 94.5%-€73,378▼ 1,257%€24,574
Net result-€63,415below the sector's middle half▲ 30.0%-€139,400below the sector's middle half▼ 120%-€42,553below the sector's middle half▲ 69.5%-€108,878below the sector's middle half▼ 156%-€8,268within the sector's middle half▲ 92.4%
Equity-€423,321below the sector's middle half▼ 17.6%-€562,721below the sector's middle half▼ 32.9%-€605,275below the sector's middle half▼ 7.6%-€714,153below the sector's middle half▼ 18.0%-€722,421below the sector's middle half▼ 1.2%
Total assets€937,250within the sector's middle half▼ 14.1%€719,989within the sector's middle half▼ 23.2%€677,895within the sector's middle half▼ 5.8%€598,430below the sector's middle half▼ 11.7%€569,638below the sector's middle half▼ 4.8%
Debt€1.4m▼ 6.2%€1.3m▼ 5.7%€1.3m=€1.3m▲ 2.3%€1.3m▼ 1.6%
Working capital-€45,675-€235,496▼ 416%-€218,036▲ 7.4%-€262,026▼ 20.2%€10,165
Solvency-45.2%below the sector's middle half▼ 12.2pp-78.2%below the sector's middle half▼ 33.0pp-89.3%below the sector's middle half▼ 11.1pp-119.3%below the sector's middle half▼ 30.1pp-126.8%below the sector's middle half▼ 7.5pp
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.
Why a figure moved sharply
- 2025 Net result +92% on 2024. The accounts now follow the full schema, last year the abbreviated schema.
Result per fiscal year
Operating resultNet result
The operating result returns to profit in 2025: €24,574 after a loss of €73,378 in 2024, the highest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €569,638
Fixed assets
€490,957 ▼ 11.7%
Current assets
€78,681 ▲ 86.5%
Key figures and ratios
EBITDA
€89,868▲
2024 · -€8,084
Cash flow
€57,026▲
2024 · -€43,584
Current ratio
1.15▲
2024 · 0.14
Debt to equity
-1.79▲
2024 · -1.84
ROA
-1.5%▲
2024 · -18.2%
Interest coverage
2.74▲
2024 · -0.22
Debt ≤ 1 year
€68,516▼
2024 · €304,206
Debt > 1 year
€1.2m▲
2024 · €1.0m
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 1,217 companies that looked in July 2024 the way this one looks now, 1.2% went bankrupt within 24 months and 96% are still going.
- Small
- 10 to 20 years old
- negative equity
- a small loss
1.2%
went bankrupt
2.6%
stopped otherwise
96%
still going
A further 0.7% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.4% 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 497,058 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% | 1.6% |
| 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 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 1,217 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 | 2025 | Change |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €66,108 | €66,535 | €66,535 | €65,294 | €65,294 | = |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | €69,514 | €0 | ▼ 100% |
| Other operating charges640/8 | €113,949 | €71,926 | €5,798 | €8,426 | €4,588 | ▼ 45.6% |
| Gross operating margin9900 | €163,673 | €40,695 | €66,924 | €69,856 | €94,455 | ▲ 35.2% |
| Operating profit (loss)9901 | -€16,384 | -€97,766 | -€5,408 | -€73,378 | €24,574 | ▲ 133% |
| Financial income75/76B | - | - | €0 | €585 | €6 | ▼ 99.0% |
| Recurring financial income75 | - | - | €0 | €585 | €6 | ▼ 99.0% |
| Financial charges65/66B | €47,031 | €41,634 | €37,146 | €36,085 | €32,848 | ▼ 9.0% |
| Recurring financial charges65 | €47,031 | €41,634 | €37,146 | €36,085 | €32,848 | ▼ 9.0% |
| Profit (loss) for the period before taxes9903 | -€63,415 | -€139,400 | -€42,553 | -€108,878 | -€8,268 | ▲ 92.4% |
| Profit (loss) for the period9904 | -€63,415 | -€139,400 | -€42,553 | -€108,878 | -€8,268 | ▲ 92.4% |
| Profit (loss) for the period to be appropriated9905 | -€63,415 | -€139,400 | -€42,553 | -€108,878 | -€8,268 | ▲ 92.4% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €937,250 | €719,989 | €677,895 | €598,430 | €569,638 | ▼ 4.8% |
| Fixed assets21/28 | €754,614 | €688,080 | €621,545 | €556,251 | €490,957 | ▼ 11.7% |
| Tangible fixed assets22/27 | €754,614 | €688,080 | €621,545 | €556,251 | €490,957 | ▼ 11.7% |
| Leasing and similar rights25 | €750,752 | €686,093 | €621,545 | €556,251 | €490,957 | ▼ 11.7% |
| Other tangible fixed assets26 | €3,863 | €1,987 | €0 | - | - | - |
| Current assets29/58 | €182,636 | €31,909 | €56,350 | €42,179 | €78,681 | ▲ 86.5% |
| Amounts receivable within one year40/41 | €0 | - | €17,107 | €584 | €659 | ▲ 12.9% |
| Trade receivables40 | €0 | - | €17,107 | €584 | €659 | ▲ 12.9% |
| Cash at bank and in hand54/58 | €72,665 | €28,372 | €36,318 | €15,528 | €19,545 | ▲ 25.9% |
| Deferred charges and accrued income490/1 | €109,971 | €3,537 | €2,925 | €26,068 | €58,477 | ▲ 124% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €937,250 | €719,989 | €677,895 | €598,430 | €569,638 | ▼ 4.8% |
| Equity10/15 | -€423,321 | -€562,721 | -€605,275 | -€714,153 | -€722,421 | ▼ 1.2% |
| Contributions10/11 | €500,000 | €500,000 | €500,000 | €500,000 | €500,000 | = |
| Capital10 | €500,000 | €500,000 | €500,000 | €500,000 | €500,000 | = |
| Issued capital100 | €500,000 | €500,000 | €500,000 | €500,000 | €500,000 | = |
| Profit (loss) carried forward14 | -€923,321 | -€1.1m | -€1.1m | -€1.2m | -€1.2m | ▼ 0.7% |
| Amounts payable17/49 | €1.4m | €1.3m | €1.3m | €1.3m | €1.3m | ▼ 1.6% |
| Amounts payable after more than one year17 | €1.1m | €1.0m | €1.0m | €1.0m | €1.2m | ▲ 21.3% |
| Financial debts170/4 | €1.1m | €1.0m | €980,034 | €1.0m | €1.2m | ▲ 21.3% |
| Other amounts payable178/9 | - | - | €28,750 | €0 | - | - |
| Amounts payable within one year42/48 | €228,311 | €267,405 | €274,386 | €304,206 | €68,516 | ▼ 77.5% |
| Current portion of amounts payable after more than one year42 | €111,079 | €116,955 | €123,142 | €129,656 | €67,378 | ▼ 48.0% |
| Trade debts44 | €3,473 | €23,061 | €6,833 | €10,201 | €1,139 | ▼ 88.8% |
| Suppliers440/4 | €3,473 | €23,061 | €6,833 | €10,201 | €1,139 | ▼ 88.8% |
| Other amounts payable47/48 | €113,759 | €127,389 | €144,411 | €164,349 | €0 | ▼ 100% |
| Accrued charges and deferred income492/3 | €13,630 | €13,630 | €0 | - | - | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€63,415 | -€139,400 | -€42,553 | -€108,878 | -€8,268 | ▲ 92.4% |
| + Depreciation and write-downs630 | €66,108 | €66,535 | €66,535 | €65,294 | €65,294 | = |
| Operating cash flow (approximation) | €2,693 | -€72,865 | €23,981 | -€43,584 | €57,026 | ▲ 231% |
| Investment in fixed assets (approximation) | - | €0 | €0 | €0 | €0 | - |
| Change in cash | - | -€44,293 | €7,946 | -€20,790 | €4,018 | ▲ 119% |
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
Next filing, fiscal year 2026, expected by
2026
01-09
State Gazette act
Registered officeRegistered-office move · Power of attorney4 facts ▸
State Gazette act
Registered office
Registered-office move · Power of attorney4 facts ▸
- Board meeting, 16-07-2026
- Registered-office move, Kortrijksesteenweg 157, 9830 Sint-Martens-Latem, België
- Power of attorney, Lauren Willen
- Power of attorney
06-08
NBB filing
Annual accounts filed
fiscal year 2025 · full schema · 6 days late
2025
31-12
Financial
Liquidity times 8current ratio 1.15
Current ratio from 0.14 to 1.15; short-term debt falls from €304,206 to €68,516.
15-07
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema
2024
01-08
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema · 1 day late
2023
27-07
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema
2022
31-12
Financial
Weakest financial yearnet -€139,400
Net result drops to -€139,400, the lowest in the series; recovery starts the following year.
05-07
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema
2021
30-08
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema · 30 days late
2020
14-08
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema · 14 days late
2019
26-07
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema
2018
31-07
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema
2017
05-07
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
1 of 8 acts read
About the unread acts
Of the 8 Belgian State Gazette acts we know for this company, 1 has been read. The other 7 have not been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
8 acts for this company are in the Belgian State Gazette, of which we have read 1. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Sint-Martens-Latem · 1 establishment unit since 2013
Ground area
7,565 m²
Parcel 44064B0716/00S000, Flanders. Linked by address, not a title deed.
37
companies at this address
See who is registered here
1 establishment unit
NEDCAP
since 20132.220.523.109
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 44064B0716/00S000 | Flanders | 7,565 m² | - | - |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Structure & network
Owners and holdings
1 ownerOwners 1
- Sourceaccounts NEDCO 202550%
Holdings 0
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
No current directors or connected companies found in the register.
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This company's figures show no positive equity and no headcount, so a size comparison is not possible. These companies share only the sector and the region. Of 12,042 companies in sector 68203 we hold annual accounts for 5,995. See the whole sector
Identification & contact
Identification
Legal formPublic limited company
Founded25-06-2013
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
0208:0535931433
Also
9925:BE0535931433
Registered
31-07-2025
Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.