NORMANDY ESTATE

Active

Public limited companyfounded 199332 yrs activeLouizalaan 203, 1050 Elsene, BelgiumKBO/BCE: BE 0451.310.415

NORMANDY ESTATE has been active since 1993 and the Belgian State Gazette contains no insolvency or warning signals. The 2024 annual accounts show negative equity (€-53k) and a net result of €-53k. The figures fluctuate too strongly year-on-year for a reliable trend projection. Its solvency ranks better than 19% of 26043 sector peers (fiscal year 2024). The computed 12-month bankruptcy probability is 1.3% (low).

Watch Print / PDF

Checked score

Score 2024

35 / 100

Weak

The score weighs solvency, liquidity and profitability. Bankruptcy probability contributes 35%. Every signal that weighs is under Signals.

Axes · tick = 2023

Profitability6▼-94

Solvency15▼-10

Growth32▼-46

Track record100

Bankruptcy probability, 12 months

1.3% Low

0%0.5%1.5%4%10%≥ 25%

No credit on open account

Liquidity tight (current ratio 1.36 against 1.71 in 2023; short-term debt: 28.7% and cash: 0.7% of total assets), and equity is negative.

How do we compute the score and the probability?

Credit advice for your own amount and term

Signals

Eight signals. The signal on the left, the evidence on the right.

−lowers risk+raises risk○neutral

Higher-failure-rate region

In this region companies fail more often than in the rest of the country.

KBO · registered office

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 2024

Solvency, return and age of the figures

Solvency

-9.7%

Return on assets

-9.9%

Age of the figures

21 mo

Long track record

A company with a long track record statistically fails less often than a young one.

KBO · incorporation date

Age against the risk zone

Higher-failure-rate sector

In this sector companies fail more often than the Belgian average.

Gazette · bankruptcies per sector, NACE 47

Relative position

BE, all sectors

reference

Sector 47

higher

← fewer bankruptcies more bankruptcies →

Lower-risk legal form

Companies with this legal form statistically fail less often than a BV.

KBO · legal form

Negative equity

The 2024 annual accounts show negative equity and a net loss.

NBB · annual accounts 2024

Equity per financial year

18192021222324

2018 to 2024 · latest year €-53k

Filed after the deadline

The financial year that closed on 31-12-2024 was due by 31-07-2025 and was filed on 27-09-2025, 58 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 filings

Deviation from the deadline

2025

not confirmed

2024

58 d late

2023

280 d late

2022

2 d early

2021

169 d late

2020

153 d late

2019

1201 d late

← before the deadline after the deadline →

No strike-offs in the KBO publications

We found no ex-officio strike-off or cessation. Our series starts in 2021 and has gaps, so this is not a confirmation that there is nothing.

KBO publications · our coverage

Financials · fiscal year 2024, micro schema

Turnover

€517k

EBIT margin

-0.1%

Net result

€-53k

2023 · €143k

2018: €-14k 2019: €-90k 2020: €-2k 2021: €-5k 2022: €-39k 2023: €143k

2018 → 2024

Working capital

€57k▼ 38.9%

2023 · €93k

2018: €295k 2019: €80k 2020: €92k 2021: €31k 2022: €-46k 2023: €93k

2018 → 2024

Multi-year overview

Every figure with its change against the year before

▲ rise ▼ fall

Line20202021202220232024Trend

Equity€-98k-€-104k▼ 5.1%€-142k▼ 37.4%€736€-53k

Operating result€7k-€6k▼ 16.8%€-29k€152k€-53k

Net result€-2k-€-5k▼ 128%€-39k▼ 664%€143k€-53k

Result per fiscal year

Operating resultNet result

The operating result turns negative in 2024: a loss of €53k after €152k in 2023, the lowest result in the available series.

Balance-sheet composition

2024 in colour, 2023 as the grey bar beneath

Assets €541k

60.8%

39.2%

Fixed assets €329k▼ 5.0%

Current assets €212k▼ 4.9%

Key figures and ratios

2024 value · change against 2023

EBITDA

€-35k▼

2023 · €171k

Cash flow

€-35k▼

2023 · €162k

Solvency

-9.7%▼

2023 · 0.1%

Current ratio

1.36▼

2023 · 1.71

Quick ratio

0.33▼

2023 · 0.83

Debt / equity

-11.27

ROA

-9.9%▼

2023 · 25.1%

Interest coverage

-99.65▼

2023 · 18.62

Debt

€593k▲

2023 · €568k

Debt ≤ 1 year

€155k▲

2023 · €130k

Debt > 1 year

€438k=

2023 · €438k

Green means a favourable move, even when the figure itself falls: as with debt or debt / equity.

Filed annual accounts

As filed with the NBB · 2024 against 2023

Balance sheet Code20232024

Assets

Total assets20/58€569k€541k▼

Fixed assets21/28€346k€329k▼

Tangible fixed assets22/27€226k€209k▼

Land and buildings22€226k€208k▼

Plant, machinery and equipment23€157-

Furniture and vehicles24-€697

Financial fixed assets28€120k€120k=

Current assets29/58€223k€212k▼

Stocks and contracts in progress3€114k€162k▲

Stocks30/36€114k€162k▲

Amounts receivable within one year40/41€107k€47k▼

Trade receivables40€105k-

Other amounts receivable41€2k€47k▲

Cash at bank and in hand54/58€2k€4k▲

Equity and liabilities

Total equity and liabilities10/49€569k€541k▼

Equity10/15€736€-53k▼

Contributions10/11€62k€62k=

Outside capital11€62k€62k=

Other1109/19€62k€62k=

Reserves13€7k€7k=

Non-distributable reserves130/1€7k€7k=

Reserves not available under the articles1311€7k€7k=

Profit (loss) carried forward14€-68k€-121k▼

Amounts payable17/49€568k€593k▲

Amounts payable after more than one year17€438k€438k=

Financial debts170/4€178k€178k=

Other amounts payable178/9€260k€260k=

Amounts payable within one year42/48€130k€155k▲

Current portion of amounts payable after more than one year42€46k€29k▼

Trade debts44€5k€9k▲

Suppliers440/4€5k€9k▲

Taxes, remuneration and social security45-€3k

Taxes450/3-€3k

Other amounts payable47/48€79k€114k▲

Income statement Code20232024

Non-recurring operating income76A€210k-

Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€19k€18k▼

Other operating charges640/8€728€12k▲

Gross operating margin9900€171k€-23k▼

Operating profit (loss)9901€152k€-53k▼

Financial charges65/66B€9k€351▼

Recurring financial charges65€9k€351▼

Profit (loss) for the period before taxes9903€143k€-53k▼

Profit (loss) for the period9904€143k€-53k▼

Profit (loss) for the period to be appropriated9905€143k€-53k▼

Appropriation of the result

Profit (loss) to be appropriated9906€-68k€-121k▼

Profit (loss) brought forward from the previous period14P€-211k€-68k▲

The notes to these accounts (6 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.

Download as CSV

Timeline · acts, filings and financial milestones

All 14Financial 3Gazette 1Filings 10

2026

04-09

State Gazette act Resignations & appointments

General meeting · Legal-form conversion · Corporate purpose10 facts ▸

General meeting, 2026-08-31
Legal-form conversion, Société anonyme
Corporate purpose, L'achat en vue de la revente, soit en nature soit après les avoir travaillées et mises en œuvre, ainsi que la fabrication, la représentation, le courtage et la…
Capital, €62.000
Director resignation, NORMANDY ESTATE (administrateur)
Director reappointment, Thierry HOLLEBECQ (administrateur non statutaire)
Mandate compensation, Thierry HOLLEBECQ
Director discharge, NORMANDY ESTATE
Statutes amendment
Power of attorney, NORMANDY ESTATE

2025

27-09

NBB filing Annual accounts filed

fiscal year 2024 · micro schema · 58 days late

07-05

NBB filing Annual accounts filed

fiscal year 2023 · micro schema · 280 days late

2023

31-12

Financial Back to profitnet €143k

Net result €143k after 5 loss-making years.

31-12

Financial Liquidity doublescurrent ratio 1.71

Current ratio from 0.85 to 1.71; short-term debt falls from €313k to €130k.

14-11

NBB filing Annual accounts filed

fiscal year 2019 · full schema · 1201 days late

29-07

NBB filing Annual accounts filed

fiscal year 2022 · micro schema

16-01

NBB filing Annual accounts filed

fiscal year 2021 · micro schema · 169 days late

2021

31-12

NBB filing Annual accounts filed

fiscal year 2020 · micro schema · 153 days late

2019

31-12

Financial Weakest financial yearnet €-90k

Net result drops to €-90k, the lowest in the series; recovery starts the following year.

12-07

NBB filing Annual accounts filed

fiscal year 2018 · full schema

2018

26-07

NBB filing Annual accounts filed

fiscal year 2017 · full schema

2017

25-08

NBB filing Annual accounts filed

fiscal year 2016 · full schema · 25 days late

2016

25-08

NBB filing Annual accounts filed

fiscal year 2015 · full schema · 25 days late

Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.

Directors · office · real estate

Directors

1 director, no change since 2026

Thierry HOLLEBECQ

Administrateur non statutaire · since 31-08-2026

Current

31-08-2026 Mandate renewed as Administrateur non statutaire

Location & real-estate footprint

Registered office, Elsene · 1 establishment unit since 1993

establishment The establishment unit on the map

Cannot be placed on the map

This address could not be matched to a point in the Belgian address register (BOSA BEST). The address below comes straight from the Crossroads Bank.

Louizalaan 2031050 Elsene

Ground area

476 m²

Building footprint

479 m²

Volume, LiDAR

6,324 m³

Parcel 21807G0120/00E005, Brussels · tallest building 31.3 m, ±2 floors. Linked by address, not a title deed.

1 establishment unit

Louizalaan 203, 1050 Brussel

NACE 51421

since 19932.064.564.430

1 parcel

Brussels 1 (100%)

Parcel (capakey)	Region	Area	Buildings	Height / fl.
21807G0120/00E005	Brussels	476 m²	1 · 479 m²	31.2 m · 2 fl.

Linked by address, not proof of ownership

Methodology

via registered seat: 1

1 of 1 parcel with an exact address match; the rest are indicative.

Linked through address data, this is not proof of ownership.

Similar companies · same sector, comparable size

Of 6,503 companies in sector 47716 we hold annual accounts for 2,438. 254 are within a factor 10 of this equity.See the whole sector

Company data · Crossroads Bank

Identification

Legal formPublic limited company

Founded27-10-1993

Fiscal year end31-12

Activities, NACEBEL

47716Retail sale of clothing and accessories for women, men, children and babies (general range)

46423Wholesale of clothing, excluding workwear and underwear

Sources

Crossroads Bank for EnterprisesNational Bank · 31 filingsAddress and cadastre registers

Data from official sources, last processed on 20-09-2026. Scores and ratios are computed by Checked and are not a credit decision.