NewCort
ActiveSummary
NewCort has been active since 2000 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €4.0m and a net result of -€37,032. Equity is shrinking by ~3.1% per year across the filed fiscal years. Its solvency ranks better than 36% of 4613 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.3% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability56▼-24
Solvency49▲+1
Growth29=
Track record100
Bankruptcy probability, 12 months
0.3%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €110,000 at 30 days acceptable
Liquidity ample (current ratio 24.57 against 13.5 in 2024; short-term debt: 1.3% and cash: 25.2% of total assets), but 76.1% of the assets are financed with debt.
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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 →
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
23.9%
Return on assets
-0.2%
Age of the figures
9 mo
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 01-07-2026, 30 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
30 d early
2024
21 d late
2023
34 d early
2022
28 d early
2021
41 d early
2020
75 d early
2019
23 d early
← 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 30 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 1 July (4 of the last 5 filed years within 30 days of that day).
Companies Code · seven monthsPosition in the running window
28-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, full schema
Turnover
€1.2m▼ 6.4%
2024 · €1.2m
EBIT margin
32.1%▼ 11.1pp
2024 · 43.2%
Net result
-€37,032
2024 · €350,220
Working capital
€5.3m▲ 3.6%
2024 · €5.1m
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
Turnover€1.1m▼ 28.7%€1.3m▲ 14.1%€1.3m▼ 0.2%€1.2m▼ 1.3%€1.2m▼ 6.4%
Operating result€478,386▼ 51.5%€502,433▲ 5.0%€477,609▼ 4.9%€533,246▲ 11.6%€370,922▼ 30.4%
Net result€320,567above the sector's middle half▼ 61.7%€372,432above the sector's middle half▲ 16.2%€312,930above the sector's middle half▼ 16.0%€350,220above the sector's middle half▲ 11.9%-€37,032below the sector's middle half
EBIT margin43.5%▼ 20.4pp40.1%▼ 3.5pp38.2%▼ 1.9pp43.2%▲ 5.0pp32.1%▼ 11.1pp
Equity€5.0mabove the sector's middle half=€5.0mabove the sector's middle half=€4.0mabove the sector's middle half▼ 19.9%€4.0mabove the sector's middle half=€4.0mabove the sector's middle half▼ 0.9%
Total assets€17.9mabove the sector's middle half▼ 3.2%€18.2mabove the sector's middle half▲ 1.4%€17.0mabove the sector's middle half▼ 6.6%€17.1mabove the sector's middle half▲ 1.0%€16.7mabove the sector's middle half▼ 2.5%
Debt€12.9m▼ 4.4%€13.1m▲ 2.0%€12.9m▼ 1.5%€13.1m▲ 1.4%€12.7m▼ 3.0%
Working capital€4.6mabove the sector's middle half▲ 9.9%€5.1mabove the sector's middle half▲ 10.6%-€7.5mbelow the sector's middle half€5.1mabove the sector's middle half€5.3mabove the sector's middle half▲ 3.6%
Solvency28.1%within the sector's middle half▲ 0.9pp27.7%within the sector's middle half▼ 0.4pp23.7%within the sector's middle half▼ 3.9pp23.5%within the sector's middle half▼ 0.2pp23.9%within the sector's middle half▲ 0.4pp
Current ratio13.21above the sector's middle half▲ 7.879.97above the sector's middle half▼ 3.240.40below the sector's middle half▼ 9.5813.50above the sector's middle half▲ 13.1024.57above the sector's middle half▲ 11.07
Return on assets (ROA)1.8%within the sector's middle half▼ 2.7pp2.1%within the sector's middle half▲ 0.3pp1.8%within the sector's middle half▼ 0.2pp2.0%within the sector's middle half▲ 0.2pp-0.2%within the sector's middle half▼ 2.3pp
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 falls in 2025; 2025 is 30% below 2024 and is the lowest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €16.7m
Fixed assets
€11.2m ▼ 3.7%
Current assets
€5.5m =
Equity and liabilities €16.7m
Equity
€4.0m ▼ 0.9%
Debt
€12.7m ▼ 3.0%
Debt's share of the balance-sheet total falls from 76.5% to 76.1%. Equity and debt are lower.
Key figures and ratios
EBITDA
€827,709▼
2024 · €996,184
Cash flow
€419,755▼
2024 · €813,157
Debt to equity
3.19▼
2024 · 3.26
ROE
-0.9%▼
2024 · 8.7%
Interest coverage
1.85▼
2024 · 5.86
Debt ≤ 1 year
€224,955▼
2024 · €409,519
Debt > 1 year
€12.2m▼
2024 · €12.2m
Income taxes
€0▼
2024 · €100,032
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 370 companies that looked in July 2024 the way this one looks now, 0.5% went bankrupt within 24 months and 97% are still going.
- Medium-sized
- 20 years or older
- solvency 10 to 30%
- a small loss
0.5%
went bankrupt
2.2%
stopped otherwise
97%
still going
For this company itself Checked computes a bankruptcy probability of 0.3% 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 370 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 |
|---|---|---|---|---|---|---|
| Operating income70/76A | €1.4m | €1.5m | €1.6m | €1.6m | €1.5m | ▼ 4.8% |
| Turnover70 | €1.1m | €1.3m | €1.3m | €1.2m | €1.2m | ▼ 6.4% |
| Other operating income74 | €306,952 | €285,808 | €335,089 | €349,196 | €352,140 | ▲ 0.8% |
| Operating charges60/66A | €927,502 | €1.0m | €1.1m | €1.1m | €1.1m | ▲ 8.2% |
| Services and other goods61 | €161,958 | €225,363 | €239,860 | €194,360 | €243,089 | ▲ 25.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €454,764 | €457,649 | €463,182 | €462,937 | €456,787 | ▼ 1.3% |
| Other operating charges640/8 | €310,780 | €354,326 | €406,191 | €394,382 | €438,282 | ▲ 11.1% |
| Operating profit (loss)9901 | €478,386 | €502,433 | €477,609 | €533,246 | €370,922 | ▼ 30.4% |
| Financial income75/76B | €10 | €1,197 | €55,654 | €88,014 | €40,139 | ▼ 54.4% |
| Recurring financial income75 | €10 | €1,197 | €55,654 | €88,014 | €40,139 | ▼ 54.4% |
| Income from current assets751 | €10 | €1,197 | €55,654 | €88,014 | €40,139 | ▼ 54.4% |
| Other financial income752/9 | €0 | €0 | €0 | - | €0 | - |
| Financial charges65/66B | €157,830 | €131,199 | €113,770 | €171,010 | €448,092 | ▲ 162% |
| Recurring financial charges65 | €157,830 | €131,199 | €113,770 | €171,010 | €448,092 | ▲ 162% |
| Debt charges650 | €114,536 | €130,336 | €112,868 | €170,076 | €447,784 | ▲ 163% |
| Other financial charges652/9 | €43,293 | €863 | €902 | €933 | €308 | ▼ 67.0% |
| Profit (loss) for the period before taxes9903 | €320,567 | €372,432 | €419,492 | €450,251 | -€37,032 | ▼ 108% |
| Income taxes67/77 | - | - | €106,563 | €100,032 | €0 | ▼ 100% |
| Taxes670/3 | - | - | €106,563 | €100,032 | €0 | ▼ 100% |
| Profit (loss) for the period9904 | €320,567 | €372,432 | €312,930 | €350,220 | -€37,032 | ▼ 111% |
| Profit (loss) for the period to be appropriated9905 | €320,567 | €372,432 | €312,930 | €350,220 | -€37,032 | ▼ 111% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €17.9m | €18.2m | €17.0m | €17.1m | €16.7m | ▼ 2.5% |
| Fixed assets21/28 | €12.9m | €12.5m | €12.0m | €11.6m | €11.2m | ▼ 3.7% |
| Tangible fixed assets22/27 | €12.9m | €12.5m | €12.0m | €11.6m | €11.2m | ▼ 3.7% |
| Land and buildings22 | €12.9m | €12.5m | €12.0m | €11.6m | €11.2m | ▼ 3.7% |
| Plant, machinery and equipment23 | €10,377 | €4,347 | €286 | €0 | - | - |
| Financial fixed assets28 | €189 | €189 | €389 | €200 | €200 | = |
| Other financial fixed assets284/8 | €189 | €189 | €389 | €200 | €200 | = |
| Amounts receivable and cash guarantees285/8 | €189 | €189 | €389 | €200 | €200 | = |
| Current assets29/58 | €5.0m | €5.7m | €4.9m | €5.5m | €5.5m | = |
| Stocks and contracts in progress3 | €0 | €0 | €0 | €0 | €0 | - |
| Amounts receivable within one year40/41 | €524,371 | €668,865 | €769,962 | €912,931 | €1.1m | ▲ 22.4% |
| Trade receivables40 | €140,166 | €220,232 | €197,450 | €186,372 | €156,670 | ▼ 15.9% |
| Other amounts receivable41 | €384,205 | €448,633 | €572,512 | €726,559 | €960,507 | ▲ 32.2% |
| Cash at bank and in hand54/58 | €4.4m | €4.8m | €3.9m | €4.3m | €4.2m | ▼ 3.1% |
| Deferred charges and accrued income490/1 | €63,191 | €191,340 | €293,165 | €267,931 | €195,594 | ▼ 27.0% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €17.9m | €18.2m | €17.0m | €17.1m | €16.7m | ▼ 2.5% |
| Equity10/15 | €5.0m | €5.0m | €4.0m | €4.0m | €4.0m | ▼ 0.9% |
| Contributions10/11 | €1.8m | €1.8m | €813,089 | €813,089 | €813,089 | = |
| Capital10 | €1.8m | €1.8m | €813,089 | €813,089 | €813,089 | = |
| Issued capital100 | €1.8m | €1.8m | €813,089 | €813,089 | €813,089 | = |
| Revaluation surpluses12 | €3.0m | €3.0m | €3.0m | €3.0m | €3.0m | = |
| Reserves13 | €181,309 | €181,309 | €181,309 | €181,309 | €181,309 | = |
| Non-distributable reserves130/1 | €181,309 | €181,309 | €181,309 | €181,309 | €181,309 | = |
| Legal reserve130 | €181,309 | €181,309 | €181,309 | €181,309 | €181,309 | = |
| Profit (loss) carried forward14 | - | - | - | - | -€37,032 | - |
| Amounts payable17/49 | €12.9m | €13.1m | €12.9m | €13.1m | €12.7m | ▼ 3.0% |
| Amounts payable after more than one year17 | €12.2m | €12.2m | €62,506 | €12.2m | €12.2m | ▼ 0.5% |
| Financial debts170/4 | €12.1m | €12.1m | €0 | €12.1m | €12.1m | = |
| Credit institutions173 | €12.1m | €12.1m | €0 | €12.1m | €12.1m | = |
| Other amounts payable178/9 | €62,506 | €62,506 | €62,506 | €111,251 | €52,506 | ▼ 52.8% |
| Amounts payable within one year42/48 | €379,340 | €571,150 | €12.5m | €409,519 | €224,955 | ▼ 45.1% |
| Current portion of amounts payable after more than one year42 | - | - | €12.1m | €0 | - | - |
| Trade debts44 | €57,376 | €194,754 | €62,106 | €53,823 | €195,804 | ▲ 264% |
| Suppliers440/4 | €57,376 | €194,754 | €62,106 | €53,823 | €195,804 | ▲ 264% |
| Taxes, remuneration and social security45 | €1,396 | €3,965 | €7,142 | €5,476 | €29,151 | ▲ 432% |
| Taxes450/3 | €1,396 | €3,965 | €7,142 | €5,476 | €29,151 | ▲ 432% |
| Other amounts payable47/48 | €320,567 | €372,432 | €312,930 | €350,220 | €0 | ▼ 100% |
| Accrued charges and deferred income492/3 | €338,648 | €404,420 | €396,621 | €495,816 | €339,465 | ▼ 31.5% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €320,567 | €372,432 | €312,930 | €350,220 | -€37,032 | ▼ 111% |
| + Depreciation and write-downs630 | €454,764 | €457,649 | €463,182 | €462,937 | €456,787 | ▼ 1.3% |
| Operating cash flow (approximation) | €775,330 | €830,081 | €776,111 | €813,157 | €419,755 | ▼ 48.4% |
| Investment in fixed assets (approximation) | - | -€31,558 | -€28,919 | -€43,965 | -€21,906 | ▲ 50.2% |
| Change in cash | - | €411,032 | -€965,431 | €476,518 | -€133,719 | ▼ 128% |
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
01-07
NBB filing
Annual accounts filed
fiscal year 2025 · full schema
2025
31-12
Financial
Weakest financial yearnet -€37,032
Net result drops to -€37,032, the lowest in the series.
21-08
NBB filing
Annual accounts filed
fiscal year 2024 · full schema · 21 days late
2024
31-12
Financial
Liquidity times 34current ratio 13.50
Current ratio from 0.40 to 13.50; short-term debt falls from €12.5m to €409,519.
27-06
NBB filing
Annual accounts filed
fiscal year 2023 · full schema
2023
03-07
NBB filing
Annual accounts filed
fiscal year 2022 · full schema
2022
20-06
NBB filing
Annual accounts filed
fiscal year 2021 · full schema
2021
31-12
Financial
Liquidity doublescurrent ratio 13.21
Current ratio from 5.35 to 13.21; short-term debt falls from €970,215 to €379,340.
17-05
NBB filing
Annual accounts filed
fiscal year 2020 · full schema
2020
08-07
NBB filing
Annual accounts filed
fiscal year 2019 · full schema
2019
31-12
Financial
Highest result since 2018net €917,291 ▲10.3%
Operating result €1.1m, net result €917,291, both a record.
31-12
Financial
Liquidity times 14current ratio 5.27
Current ratio from 0.38 to 5.27; short-term debt falls from €14.4m to €932,965.
Show earlier events
31-12
Financial
Equity above €5mEq €5.0m ▲0.6%
2 profitable years in a row build equity to €5.0m.
20-08
NBB filing
Annual accounts filed
fiscal year 2018 · full schema · 20 days late
2018
03-08
NBB filing
Annual accounts filed
fiscal year 2017 · full schema · 3 days late
2017
17-07
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.
0 of 24 acts read
About the unread acts
We know of 24 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
24 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, Brussel · 1 establishment unit since 2001
Ground area
3,308 m²
Building footprint
3,719 m²
Volume, LiDAR
96,491 m³
2 parcels, Brussels · tallest building 35.6 m, ±9 floors. Linked by address, not a title deed.
376
companies at this address
See who is registered here
1 establishment unit
Louizalaan 65, 1050 Brussel
since 20012.101.177.277
2 parcels
Brussels
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 21807G0007/00R000 | Brussels | 1,683 m² | 1 · 2,433 m² | 35.6 m · 9 fl. |
| 21807G0001/00L000 | Brussels | 1,625 m² | 1 · 1,286 m² | 33.9 m · 9 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.
Structure & network
Owners and holdings
2 ownersChain of control
Highest known parent: UNION INVESTMENT INSTITUTIONAL PROPERTY GMBH. The sources do not say who stands above it.
Owners 2
-
99.99%
- Defo Immobilienfonds 1 V GmbHDESourceown accounts 20250.01%
Holdings 0
The accounts to 31-12-2025 list no holdings, and no other source names one.
According to the 2025 annual accounts of NewCort and those 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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Of 1,294 companies in sector 68122 we hold annual accounts for 904. 413 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
Founded29-12-2000
Fiscal year end31-12
Activities, NACEBEL 2025
68122Development of non-residential building projects
E-invoicing
Reachable via Peppol
Peppol ID
0208:0473648327
Also
9925:BE0473648327
Registered
16-12-2025
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.