NSL Projects
ActiveSummary
The computed 12-month bankruptcy probability of NSL Projects is 2.6% (moderate). The 2025 annual accounts show equity of €16,275 and a net result of €1. Its solvency ranks better than 18% of 28281 sector peers (fiscal year 2025). The company has been active since 2023 and the Belgian State Gazette contains no insolvency or warning signals.
Checked score
Score 2025
Axes · tick = 2024
Profitability27▼-69
Solvency40▼-16
Growth52
Track record94
Bankruptcy probability, 12 months
2.6%
Moderate
0%0.5%1.5%4%10%≥ 25%
Credit up to €500 at 30 days only on tighter terms
Liquidity tight (current ratio 1.17 against 1.42 in 2024; short-term debt: 84.9% and cash: 84.3% of total assets), and 84.9% of the assets are financed with debt.
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Signals
Five 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
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 43
Relative position
BE, all sectors
reference
Specialised construction activities (NACE 43)
about 85% more bankruptcies
← fewer bankruptcies
more bankruptcies →
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
15.1%
Return on assets
0%
Age of the figures
9 mo
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 18% of 28281 sector peers (2025).
NBB · sector comparisonPosition among 28281 sector peers
Solvency
better than 18%
← weakest
strongest →
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 · 2 filingsDeviation from the deadline
2025
31 d late
2024
7 d late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 2 accounts on average 19 days after the deadline; the sector median for financial year 2024 is 1 day before the deadline, and 42% 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
29-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, micro schema
Equity
€16,275=
2024 · €16,274
Total assets
€107,526▲ 107%
2024 · €52,047
Net result
€1▼ 100.0%
2024 · €11,274
Working capital
€15,396▲ 3.0%
2024 · €14,954
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 43, Specialised construction 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
Line20242025
Operating result€15,083-€3,525▼ 76.6%
Net result€11,274within the sector's middle half-€1below the sector's middle half▼ 100.0%
Equity€16,274below the sector's middle half-€16,275below the sector's middle half=
Total assets€52,047below the sector's middle half-€107,526within the sector's middle half▲ 107%
Debt€35,773-€91,252▲ 155%
Working capital€14,954within the sector's middle half-€15,396within the sector's middle half▲ 3.0%
Solvency31.3%within the sector's middle half-15.1%below the sector's middle half▼ 16.1pp
Current ratio1.42within the sector's middle half-1.17within the sector's middle half▼ 0.25
Return on assets (ROA)21.7%above the sector's middle half-0.0%below the sector's middle half▼ 21.7pp
Staff (FTE)1
above
within
below
the middle half (P25 to P75) of NACE 43, Specialised construction activities, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result falls in 2025; 2025 is 77% below 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €107,526
Fixed assets
€879 ▼ 33.4%
Current assets
€106,647 ▲ 110%
Equity and liabilities €107,526
Equity
€16,275 =
Debt
€91,252 ▲ 155%
Debt's share of the balance-sheet total rises from 68.7% to 84.9%. Debt is higher.
Key figures and ratios
EBITDA
€3,966▼
2024 · €15,086
Cash flow
€442▼
2024 · €11,276
Debt to equity
5.61▲
2024 · 2.20
ROE
0.0%▼
2024 · 69.3%
Interest coverage
1.01▼
2024 · 171.16
Debt ≤ 1 year
€91,252▲
2024 · €35,773
Staff costs
€46,135
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 2,542 companies that looked in July 2024 the way this one looks now, 3.5% went bankrupt within 24 months and 95% are still going.
- Micro
- 2 to 5 years old
- solvency 10 to 30%
- a profit under 5% of the balance sheet
3.5%
went bankrupt
1.2%
stopped otherwise
95%
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 2.6% 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 2,542 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 | 2024 | 2025 | Change |
|---|---|---|---|
| Remuneration, social security and pensions62 | - | €46,135 | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €2 | €441 | ▲ 18,181% |
| Other operating charges640/8 | €873 | €610 | ▼ 30.2% |
| Gross operating margin9900 | €15,959 | €50,710 | ▲ 218% |
| Operating profit (loss)9901 | €15,083 | €3,525 | ▼ 76.6% |
| Financial income75/76B | €1 | €393 | ▲ 42,159% |
| Recurring financial income75 | €1 | €393 | ▲ 42,159% |
| Financial charges65/66B | €88 | €3,917 | ▲ 4,344% |
| Recurring financial charges65 | €88 | €3,917 | ▲ 4,344% |
| Profit (loss) for the period before taxes9903 | €14,996 | €1 | ▼ 100.0% |
| Income taxes67/77 | €3,723 | - | - |
| Profit (loss) for the period9904 | €11,274 | €1 | ▼ 100.0% |
| Profit (loss) for the period to be appropriated9905 | €11,274 | €1 | ▼ 100.0% |
| Line | 2024 | 2025 | Change |
|---|---|---|---|
| Assets | |||
| Total assets20/58 | €52,047 | €107,526 | ▲ 107% |
| Fixed assets21/28 | €1,319 | €879 | ▼ 33.4% |
| Tangible fixed assets22/27 | €1,319 | €879 | ▼ 33.4% |
| Furniture and vehicles24 | €1,319 | €879 | ▼ 33.4% |
| Current assets29/58 | €50,728 | €106,647 | ▲ 110% |
| Amounts receivable within one year40/41 | €16,450 | €15,967 | ▼ 2.9% |
| Trade receivables40 | €13,221 | €14,291 | ▲ 8.1% |
| Other amounts receivable41 | €3,229 | €1,676 | ▼ 48.1% |
| Cash at bank and in hand54/58 | €33,369 | €90,680 | ▲ 172% |
| Deferred charges and accrued income490/1 | €909 | - | - |
| Equity and liabilities | |||
| Total equity and liabilities10/49 | €52,047 | €107,526 | ▲ 107% |
| Equity10/15 | €16,274 | €16,275 | = |
| Contributions10/11 | €5,000 | €5,000 | = |
| Reserves13 | €11,274 | €11,274 | = |
| Distributable reserves133 | €11,274 | €11,274 | = |
| Profit (loss) carried forward14 | - | €1 | - |
| Amounts payable17/49 | €35,773 | €91,252 | ▲ 155% |
| Amounts payable within one year42/48 | €35,773 | €91,252 | ▲ 155% |
| Trade debts44 | €17,051 | €41,203 | ▲ 142% |
| Suppliers440/4 | €17,051 | €41,203 | ▲ 142% |
| Taxes, remuneration and social security45 | €3,723 | - | - |
| Taxes450/3 | €3,723 | - | - |
| Other amounts payable47/48 | €15,000 | €50,049 | ▲ 234% |
| Line | 2024 | 2025 | Change |
|---|---|---|---|
| Profit (loss) for the period9904 | €11,274 | €1 | ▼ 100.0% |
| + Depreciation and write-downs630 | €2 | €441 | ▲ 18,181% |
| Operating cash flow (approximation) | €11,276 | €442 | ▼ 96.1% |
| Investment in fixed assets (approximation) | - | €0 | - |
| Change in cash | - | €57,312 | - |
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
27-05
State Gazette act
Resignations: VISTA GROUP (director) and HELLEBAUT Michiel (director)Permanent representative: VAN den BOSSCHE Klaas · Appointment: DE MULDER, Jan Frans (non-statutory director) · Name change10 facts ▸
State Gazette act
Resignations: VISTA GROUP (director) and HELLEBAUT Michiel (director)
Permanent representative: VAN den BOSSCHE Klaas · Appointment: DE MULDER, Jan Frans (non-statutory director) · Name change10 facts ▸
- General meeting, 22-05-2026
- Name change, NSL Projects
- Director resignation, VISTA GROUP (director)
- Director resignation, HELLEBAUT Michiel (director)
- Director discharge, VISTA GROUP
- Director discharge, HELLEBAUT Michiel
- Permanent representative, VAN den BOSSCHE Klaas (permanent representative)
- Director appointment, DE MULDER, Jan Frans (non-statutory director)
- Registered-office move, Steenweg op Merchtem 104 1745 Opwijk
- Power of attorney, Renate De Koker
2025
07-08
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 7 days late
State Gazette actNBB filing
1 of 3 acts read
About the unread acts
Of the 3 Belgian State Gazette acts we know for this company, 1 has been read. The other 2 have not been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
1 director, last change in 2026
DE MULDER, Jan Frans
CurrentNon-statutory director · since 22-05-2026
Derived from published Gazette acts. The CBE keeps the official list of function holders; we do not read it, so the two can differ.
See the function holders in the CBE →
Not every act has been read: a resignation may be missing here
2 of this company's 3 Belgian State Gazette acts have not been read yet. Appointments and resignations recorded in them are missing above: a director who resigned there may therefore still show here as sitting. The acts are in the Timeline.
Location & real-estate footprint
Registered office, Opwijk · 1 establishment unit since 2023
Ground area
1,649 m²
Building footprint
294 m²
Volume, LiDAR
1,372 m³
2 parcels, Flanders · tallest building 10.0 m, ±2 floors. Linked by address, not a title deed.
1 establishment unit
SEALFLEX
since 20232.345.200.474
2 parcels
Flanders
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 45046A0331/00G000 | Flanders | 844 m² | 1 · 147 m² | 7.0 m · 1 fl. |
| 23060C0494/00T003 | Flanders | 806 m² | 1 · 147 m² | 10.0 m · 2 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.
Mandate history
3 people since 2026, 1 in office
- Board
- began earlier
| Name | Functions and periods |
|---|---|
| DE MULDER, Jan Frans |
|
| HELLEBAUT Michiel |
|
| VISTA GROUP |
|
Articles of association
Purpose
Vervaardiging, productie, groothandel, kleinhandel, handelsbemiddeling, herstel, onderhoud, plaatsing, verhuur en vertegenwoordiging van hef- en hijsmateriaal…
Full purpose (18 activities)
- Vervaardiging, productie, groothandel, kleinhandel, handelsbemiddeling, herstel, onderhoud, plaatsing, verhuur en vertegenwoordiging van hef- en hijsmateriaal, oppervlaktebehandelingsmachines, verbruiksgoederen, meet-, controle- en navigatie-instrumenten, in machines, apparaten en werktuigen, verpakkingsmachines, weegtoestellen en andere machines en werktuigen;
- Onderhoud van (lichte) vrachtwagens;
- Zakelijke dienstverlening;
- Het uitvoeren van werfopvolging, projectbegeleiding en technische coördinatie van bouw- en renovatiewerken, met inbegrip van maar niet beperkt tot chapewerken en isolatiewerken.
- Het verlenen van advies en ondersteuning inzake uitvoering, planning, kwaliteitscontrole en veiligheidsopvolging van voornoemde werken.
- Het ontwerpen, ontwikkelen, tekenen en voorbereiden van windturbines en aanverwante systemen, met inbegrip van technische studies, prototypes en optimalisaties.
- Alle mogelijke verrichtingen die rechtstreeks of onrechtstreeks verband houden met het onderhoud, de renovatie, het herstel, de verfraaiing, de vernieuwing en de modernisering van alle soorten kunstwerken en onroerende goederen en, algemeen genomen, alle verrichtingen die rechtstreeks of onrechtstreeks verband houden met openbare en particuliere bouwwerken.
- Het verstrekken van advies en bijstand, zowel technisch als administratief en commercieel, aan alle vennootschappen en ondernemingen voor alle mogelijke aangelegenheden met betrekking tot de sector van de onroerende goederen.
- De aan- en verkoop, in- en uitvoer, handelsbemiddeling, commissiehandel en vertegenwoordiging van om het even welke goederen en materialen;
- Het verwerven van participaties in eender welke vorm in alle bestaande of op te richten rechtspersonen en vennootschappen, het stimuleren, de planning, de coördinatie, de ontwikkeling van, en de investering in, rechtspersonen en ondernemingen waarin zij al of niet een participatie aanhoudt;
- Het toestaan van leningen en kredietopeningen aan rechtspersonen en ondernemingen of particulieren, onder om het even welke vorm, in dit kader kan zij zich ook borg stellen of haar aval verlenen, in de meest ruime zin, alle handels- en financiële operaties verrichten behalve die wettelijk voorbehouden zijn aan kredietinstellingen. De vennootschap kan zowel tot waarborg van eigen verbintenissen als tot waarborg van verbintenissen van derden borg stellen, onder meer door haar goederen in hypotheek of in pand te geven, inclusief de eigen handelszaak;
- Het ontwikkelen, kopen, verkopen, in licentie nemen of geven van octrooien, knowhow en aanverwante immateriële duurzame activa;
- Het onderzoek, de ontwikkeling, de vervaardiging of commercialisering van nieuwe producten, nieuwe vormen van technologie en hun toepassingen;
- Het opnemen van mandaten als zaakvoerder, bestuurder en/of vereffenaar, managementactiviteiten van holdings, vertegenwoordigen van bedrijven op grond van bezit of controle over het vermogen en andere;
- Het beheer van financiële activa;
- Het aanleggen, het oordeelkundig uitbouwen en beheren van eigen onroerend vermogen; alle verrichtingen met betrekking tot eigen onroerende goederen en onroerende zakelijke rechten, zoals de aan- en verkoop, de bouw, de verbouwing, de binnenhuisinrichting en decoratie, de huur en verhuur, de ruil, de verkaveling en, in het algemeen, alle verrichtingen die rechtstreeks of onrechtstreeks betrekking hebben op het beheer of op het productief maken, van eigen onroerende goederen of onroerende zakelijke rechten;
- Het aanleggen, en oordeelkundig uitbouwen en beheren van roerend vermogen. Alle verrichtingen met betrekking tot roerende goederen en rechten, van welke aard ook, zoals de aan- en verkoop, de huur en verhuur, de ruil; in het bijzonder het beheer en de valorisatie van alle verhandelbare waardepapieren, aandelen, obligaties, staatsfondsen;
- Beheer van een eigen roerend en onroerend vermogen. Zijn uitdrukkelijk uitgesloten alle handelingen en activiteiten onderworpen aan een voorafgaandelijke goedkeuring of vergunning van FSMA of die onder het beroep van vastgoedmakelaar vallen.
Structure & network
Connections & network
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Of 4,269 companies in sector 43230 we hold annual accounts for 1,241. 828 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
Founded08-05-2023
Fiscal year end31-12
Legal name NL
SEALFLEX
Activities, NACEBEL 2025
43230Insulation installation
E-invoicing
Reachable via Peppol
Peppol ID
0208:0801526143
Also
9925:BE0801526143
Registered
05-01-2026
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.