NICOVAL
ActiveSummary
NICOVAL has been active since 2008 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show negative equity (-€8.6m) and a net result of -€223,410. Equity is shrinking by ~6.9% per year across the filed fiscal years. Its solvency ranks better than 5% of 14258 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.5% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability38▲+6
Solvency0=
Growth58=
Track record100
Bankruptcy probability, 12 months
0.5%
Low
0%0.5%1.5%4%10%≥ 25%
No credit on open account
Liquidity short (current ratio 0.01 against 0.02 in 2024; short-term debt: 144.5% and cash: 0.9% of total assets), and equity is negative.
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Signals
Seven 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
-82.5%
Return on assets
-2.2%
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 -€8.6m
neutral · Filed after the deadline
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 31-08-2026, 31 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
31 d late
2024
110 d late
2023
61 d late
2022
262 d late
2021
31 d late
2020
96 d late
2019
181 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 110 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 (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 October (4 of the last 5 filed years within 48 days of that day).
Companies Code · seven monthsPosition in the running window
29-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, micro schema
In the rankings
#5 company by total assets in Gembloux, Real estate sector
Turnover
€181,660
EBIT margin
-385.8%
Net result
-€223,410▲ 25.9%
2024 · -€301,527
Working capital
-€14.8m▼ 1.1%
2024 · -€14.7m
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
Operating result-€594,448▼ 42.8%-€514,510▲ 13.4%-€293,334▲ 43.0%-€138,809▲ 52.7%-€50,500▲ 63.6%
Net result-€603,056below the sector's middle half▼ 40.4%-€543,979below the sector's middle half▲ 9.8%-€454,472below the sector's middle half▲ 16.5%-€301,527below the sector's middle half▲ 33.7%-€223,410below the sector's middle half▲ 25.9%
EBIT margin
Equity-€7.0mbelow the sector's middle half▼ 9.4%-€7.6mbelow the sector's middle half▼ 7.7%-€8.0mbelow the sector's middle half▼ 6.0%-€8.3mbelow the sector's middle half▼ 3.8%-€8.6mbelow the sector's middle half▼ 2.7%
Total assets€5.2mabove the sector's middle half▼ 8.5%€7.6mabove the sector's middle half▲ 45.3%€9.8mabove the sector's middle half▲ 29.7%€10.3mabove the sector's middle half▲ 5.0%€10.4mabove the sector's middle half▲ 0.4%
Debt€12.3m▲ 1.0%€15.2m▲ 23.8%€17.9m▲ 17.8%€18.7m▲ 4.5%€18.9m▲ 1.4%
Working capital-€446,795below the sector's middle half▼ 66.3%-€13.1mbelow the sector's middle half▼ 2,827%-€14.0mbelow the sector's middle half▼ 7.1%-€14.7mbelow the sector's middle half▼ 4.8%-€14.8mbelow the sector's middle half▼ 1.1%
Solvency-134.8%below the sector's middle half▼ 22.1pp-99.9%below the sector's middle half▲ 34.9pp-81.7%below the sector's middle half▲ 18.2pp-80.7%below the sector's middle half▲ 1.0pp-82.5%below the sector's middle half▼ 1.8pp
Current ratio0.07below the sector's middle half▼ 0.150.02below the sector's middle half▼ 0.040.00below the sector's middle half▼ 0.020.02below the sector's middle half▲ 0.010.01below the sector's middle half▼ 0.01
Return on assets (ROA)-11.6%below the sector's middle half▼ 4.0pp-7.2%below the sector's middle half▲ 4.4pp-4.6%below the sector's middle half▲ 2.6pp-2.9%below the sector's middle half▲ 1.7pp-2.2%within the sector's middle half▲ 0.8pp
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 stays negative: a loss of €50,500 in 2025 against €138,809 in 2024; the loss shrinks.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €10.4m
Fixed assets
€10.2m ▲ 1.9%
Current assets
€136,124 ▼ 52.2%
Key figures and ratios
EBITDA
€450,155▲
2024 · €338,747
Cash flow
€277,246▲
2024 · €176,030
Debt to equity
-2.21▲
2024 · -2.24
Interest coverage
2.60▲
2024 · 2.08
Debt ≤ 1 year
€15.0m▲
2024 · €15.0m
Debt > 1 year
€3.9m▲
2024 · €3.7m
Staff costs
€0▼
2024 · €336
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 129 companies that looked in July 2024 the way this one looks now, 1.6% went bankrupt within 24 months and 95% are still going.
- Medium-sized
- 10 to 20 years old
- negative equity
- a small loss
1.6%
went bankrupt
2.3%
stopped otherwise
95%
still going
A further 0.8% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.5% 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 497,338 companies of July 2024 its group's bankruptcy share. Expected: 1.6%; actually bankrupt within 24 months: 1.7%.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.5% |
| 3 | 0.5% | 0.6% |
| 4 | 0.7% | 0.8% |
| 5 | 0.9% | 1.0% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.9% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
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 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 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | €47,003 | - | - | €6,536 | €0 | ▼ 100% |
| Goods, raw materials, services and sundry goods60/61 | €188,853 | - | - | - | - | - |
| Remuneration, social security and pensions62 | - | - | €2,112 | €336 | €0 | ▼ 100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €297,536 | €315,374 | €445,772 | €477,557 | €500,656 | ▲ 4.8% |
| Other operating charges640/8 | €194,848 | €13,395 | €46,838 | €19,967 | €42,923 | ▲ 115% |
| Non-recurring operating charges66A | - | €14,870 | €0 | €964 | €0 | ▼ 100% |
| Gross operating margin9900 | -€102,064 | -€170,870 | €201,387 | €360,015 | €493,078 | ▲ 37.0% |
| Operating profit (loss)9901 | -€594,448 | -€514,510 | -€293,334 | -€138,809 | -€50,500 | ▲ 63.6% |
| Financial income75/76B | €6,598 | €0 | €23 | €0 | €52 | - |
| Recurring financial income75 | €6,598 | €0 | €23 | €0 | €52 | - |
| Financial charges65/66B | €15,206 | €29,469 | €161,161 | €162,718 | €172,962 | ▲ 6.3% |
| Recurring financial charges65 | €15,206 | €29,469 | €161,161 | €162,718 | €172,962 | ▲ 6.3% |
| Profit (loss) for the period before taxes9903 | -€603,056 | -€543,979 | -€454,472 | -€301,527 | -€223,410 | ▲ 25.9% |
| Profit (loss) for the period9904 | -€603,056 | -€543,979 | -€454,472 | -€301,527 | -€223,410 | ▲ 25.9% |
| Profit (loss) for the period to be appropriated9905 | -€603,056 | -€543,979 | -€454,472 | -€301,527 | -€223,410 | ▲ 25.9% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €5.2m | €7.6m | €9.8m | €10.3m | €10.4m | ▲ 0.4% |
| Fixed assets21/28 | €5.2m | €7.3m | €9.8m | €10.0m | €10.2m | ▲ 1.9% |
| Intangible fixed assets21 | €32,340 | €21,560 | €10,780 | €0 | - | - |
| Tangible fixed assets22/27 | €5.1m | €7.1m | €9.7m | €10.0m | €10.2m | ▲ 1.9% |
| Land and buildings22 | €5.0m | €7.1m | €9.7m | €10.0m | €10.2m | ▲ 1.9% |
| Plant, machinery and equipment23 | €72,722 | €0 | - | - | - | - |
| Furniture and vehicles24 | €18,729 | €15,489 | €8,783 | €4,062 | €2,930 | ▼ 27.9% |
| Leasing and similar rights25 | €8,893 | €0 | - | - | - | - |
| Financial fixed assets28 | €5,084 | €173,736 | €15,836 | €15,836 | €15,836 | = |
| Current assets29/58 | €31,578 | €307,604 | €65,107 | €284,821 | €136,124 | ▼ 52.2% |
| Amounts receivable within one year40/41 | €24,427 | €123,152 | €13,581 | €239,054 | €38,735 | ▼ 83.8% |
| Trade receivables40 | €16,102 | €119,000 | €13,581 | €239,054 | €38,735 | ▼ 83.8% |
| Other amounts receivable41 | €8,324 | €4,152 | €0 | - | - | - |
| Cash at bank and in hand54/58 | €7,151 | €178,003 | €51,526 | €45,766 | €94,499 | ▲ 106% |
| Deferred charges and accrued income490/1 | - | €6,448 | €0 | - | €2,891 | - |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €5.2m | €7.6m | €9.8m | €10.3m | €10.4m | ▲ 0.4% |
| Equity10/15 | -€7.0m | -€7.6m | -€8.0m | -€8.3m | -€8.6m | ▼ 2.7% |
| Contributions10/11 | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Profit (loss) carried forward14 | -€7.0m | -€7.6m | -€8.0m | -€8.3m | -€8.6m | ▼ 2.7% |
| Amounts payable17/49 | €12.3m | €15.2m | €17.9m | €18.7m | €18.9m | ▲ 1.4% |
| Amounts payable after more than one year17 | €11.8m | €1.8m | €3.8m | €3.7m | €3.9m | ▲ 5.8% |
| Financial debts170/4 | €416,455 | €1.8m | €3.8m | €3.7m | €3.9m | ▲ 5.8% |
| Other amounts payable178/9 | €11.4m | €0 | - | - | - | - |
| Amounts payable within one year42/48 | €478,372 | €13.4m | €14.1m | €15.0m | €15.0m | ▲ 0.1% |
| Current portion of amounts payable after more than one year42 | €22,811 | €95,989 | €215,144 | €235,710 | €242,782 | ▲ 3.0% |
| Trade debts44 | €80,947 | €506,614 | €444,245 | €679,956 | €426,472 | ▼ 37.3% |
| Suppliers440/4 | €80,947 | €506,614 | €444,245 | €679,956 | €426,472 | ▼ 37.3% |
| Taxes, remuneration and social security45 | €28,568 | €0 | €2,958 | €41,132 | €10,300 | ▼ 75.0% |
| Taxes450/3 | €28,568 | €0 | €2,958 | €41,132 | €10,300 | ▼ 75.0% |
| Other amounts payable47/48 | €346,046 | €12.8m | €13.4m | €14.0m | €14.3m | ▲ 2.1% |
| Accrued charges and deferred income492/3 | - | €16,667 | €13,246 | €0 | €28,567 | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€603,056 | -€543,979 | -€454,472 | -€301,527 | -€223,410 | ▲ 25.9% |
| + Depreciation and write-downs630 | €297,536 | €315,374 | €445,772 | €477,557 | €500,656 | ▲ 4.8% |
| Operating cash flow (approximation) | -€305,520 | -€228,605 | -€8,701 | €176,030 | €277,246 | ▲ 57.5% |
| Investment in fixed assets (approximation) | - | -€2.4m | -€2.9m | -€752,387 | -€690,164 | ▲ 8.3% |
| Change in cash | - | €170,853 | -€126,477 | -€5,760 | €48,732 | ▲ 946% |
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
31-08
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema · 31 days late
2025
18-11
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 110 days late
2024
30-09
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 61 days late
18-04
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 262 days late
2022
31-08
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 31 days late
2021
04-11
NBB filing
Annual accounts filed
fiscal year 2020 · full schema · 96 days late
28-01
NBB filing
Annual accounts filed
fiscal year 2019 · full schema · 181 days late
2019
31-12
Financial
Weakest financial yearnet -€2.4m
Net result drops to -€2.4m, the lowest in the series; recovery starts the following year.
19-09
NBB filing
Annual accounts filed
fiscal year 2018 · full schema · 50 days late
2018
31-08
NBB filing
Annual accounts filed
fiscal year 2017 · full schema · 31 days late
2017
01-09
NBB filing
Annual accounts filed
fiscal year 2016 · full schema · 32 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 4 acts read
About the unread acts
We know of 4 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
4 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, Gembloux · 2 establishment units since 2008
Ground area
1.4 ha
Building footprint
1,837 m²
Volume, LiDAR
2,710 m³
2 parcels, Wallonia · tallest building 14.4 m, ±4 floors. Linked by address, not a title deed.
2 establishment units
Rue des Poiriers, Sauv. 5, 5030 Gembloux
since 20082.237.821.474
Villa d'Olne
since 20142.238.513.144
2 parcels
Wallonia
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 63072H0394/00A002 | Wallonia | 1.0 ha | 1 · 243 m² | 14.4 m · 4 fl. |
| 92253D0280/00T002 | Wallonia | 3,539 m² | 1 · 1,594 m² | - |
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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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 9,145 companies in sector 68201 we hold annual accounts for 6,776. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company
Founded02-09-2008
Fiscal year end31-12
Activities, NACEBEL 2025
68201Renting and operating of own or leased residential real estate, excluding social housing
68122Development of non-residential building projects
68110Buying and selling of own real estate
E-invoicing
Reachable via Peppol
Peppol ID
0208:0806105236
Registered
04-12-2025
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 29 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.