Polygon Vastgoed
ActiveSummary
The annual accounts of Polygon Vastgoed for fiscal year 2025 show a net loss of 63% of total assets and of 85% of the equity at the start of that year. The 2025 annual accounts show equity of €109k and a net result of €-618k. Equity is growing by ~44.8% per year across the filed fiscal years. Its solvency ranks better than 30% of 9234 sector peers (fiscal year 2025). The company has been active since 2018 and the Belgian State Gazette contains no insolvency or warning signals. The computed 12-month bankruptcy probability is 0.7% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability0▼-100
Solvency36▼-39
Growth32▼-46
Track record100
Bankruptcy probability, 12 months
0.7%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €4.5k at 30 days only on tighter terms
Net loss of at least half of total assets or of the equity at the start of the financial year.
Liquidity tight (current ratio 1.07 against 1.91 in 2024; short-term debt: 88.9% and cash: 29.8% of total assets), and 88.9% of the assets are financed with debt.
Credit check for your own amount and term
Signals
Four 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
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
11.1%
Return on assets
-62.9%
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 08-06-2026, 53 days ahead of the deadline.
NBB · 6 filingsDeviation from the deadline
2025
53 d early
2024
34 d early
2023
8 d early
2022
4 d early
2021
38 d early
2020
52 d early
← before the deadline
after the deadline →
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
25-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, abbreviated schema
Equity
€109k▼ 85.0%
2024 · €727k
2020: €160k
2021: €158k▼ -0.9% vs 2020
2022: €347k▲ +119% vs 2021
2023: €509k▲ +46.8% vs 2022
2024: €727k▲ +42.8% vs 2023highest in 6 years
2025: €109k▼ -85.0% vs 2024lowest in 6 years
2020 → 2025
Total assets
€984k▼ 33.0%
2024 · €1.47M
2020: €656k
2021: €318k▼ -51.5% vs 2020lowest in 6 years
2022: €791k▲ +148% vs 2021
2023: €1.29M▲ +63.4% vs 2022
2024: €1.47M▲ +13.7% vs 2023highest in 6 years
2025: €984k▼ -33.0% vs 2024
2020 → 2025
Net result
€-618k
2024 · €568k
2020: €10k
2021: €-1k▼ -115% vs 2020
2022: €189k▲ +13348% vs 2021
2023: €163k▼ -13.9% vs 2022
2024: €568k▲ +249% vs 2023highest in 6 years
2025: €-618k▼ -209% vs 2024lowest in 6 years
2020 → 2025
Working capital
€64k▼ 90.6%
2024 · €675k
2020: €144k
2021: €137k▼ -4.5% vs 2020
2022: €335k▲ +144% vs 2021
2023: €498k▲ +48.8% vs 2022
2024: €675k▲ +35.4% vs 2023highest in 6 years
2025: €64k▼ -90.6% vs 2024lowest in 6 years
2020 → 2025
Trend over the years
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€158k-€347k▲ 119%€509k▲ 46.8%€727k▲ 42.8%€109k▼ 85.0%
2021: €158k
2022: €347k▲ +119% vs 2021
2023: €509k▲ +46.8% vs 2022
2024: €727k▲ +42.8% vs 2023highest in 5 years
2025: €109k▼ -85.0% vs 2024lowest in 5 years
Operating result€6k-€268k▲ 4,773%€240k▼ 10.5%€640k▲ 167%€-607k
2021: €6k
2022: €268k▲ +4773% vs 2021
2023: €240k▼ -10.5% vs 2022
2024: €640k▲ +167% vs 2023highest in 5 years
2025: €-607k▼ -195% vs 2024lowest in 5 years
Net result€-1k-€189k€163k▼ 13.9%€568k▲ 249%€-618k
2021: €-1k
2022: €189k▲ +13348% vs 2021
2023: €163k▼ -13.9% vs 2022
2024: €568k▲ +249% vs 2023highest in 5 years
2025: €-618k▼ -209% vs 2024lowest in 5 years
Turnover and EBIT margin not published: the abbreviated or micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result turns negative in 2025: a loss of €607k after €640k in 2024, the lowest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €984k
Fixed assets
€45k ▼ 14.0%
Current assets
€939k ▼ 33.7%
Equity and liabilities €984k
Equity
€109k ▼ 85.0%
Debt
€875k ▲ 17.9%
Debt's share of the balance-sheet total rises from 50.5% to 88.9%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€-598k▼
2024 · €648k
Cash flow
€-609k▼
2024 · €577k
Current ratio
1.07▼
2024 · 1.91
Quick ratio
0.54▼
2024 · 1.62
Debt to equity
8.03▲
2024 · 1.02
ROE
-567.7%▼
2024 · 78.1%
ROA
-62.9%▼
2024 · 38.7%
Interest coverage
-54.65▼
2024 · 114.12
Debt ≤ 1 year
€875k▲
2024 · €742k
Income taxes
€254▼
2024 · €75k
Staff costs
€19k▼
2024 · €22k
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Filed annual accounts As filed with the NBB · 2025 against 2024 · 52 lines
Balance sheet
Code20242025
Assets
Total assets20/58€1.47M€984k▼
Fixed assets21/28€53k€45k▼
Tangible fixed assets22/27€51k€43k▼
Furniture and vehicles24€13k€11k▼
Other tangible fixed assets26€37k€32k▼
Financial fixed assets28€2k€2k=
Current assets29/58€1.42M€939k▼
Stocks and contracts in progress3€215k€469k▲
Stocks30/36€82k€469k▲
Contracts in progress37€133k€0▼
Amounts receivable within one year40/41€170k€171k▲
Trade receivables40€169k€168k▼
Other amounts receivable41€402€3k▲
Cash at bank and in hand54/58€1.03M€293k▼
Deferred charges and accrued income490/1€3k€6k▲
Equity and liabilities
Total equity and liabilities10/49€1.47M€984k▼
Equity10/15€727k€109k▼
Contributions10/11€150k€150k=
Reserves13€577k€577k=
Distributable reserves133€577k€577k=
Profit (loss) carried forward14€0€-618k▼
Amounts payable17/49€742k€875k▲
Amounts payable within one year42/48€742k€875k▲
Current portion of amounts payable after more than one year42-€133k
Trade debts44€322k€524k▲
Suppliers440/4€322k€524k▲
Advances received on contracts in progress46€0€211k▲
Taxes, remuneration and social security45€69k€6k▼
Taxes450/3€69k€4k▼
Remuneration and social security454/9€0€2k▲
Other amounts payable47/48€351k€716▼
Accrued charges and deferred income492/3€0-
Income statement
Code20242025
Remuneration, social security and pensions62€22k€19k▼
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€9k€10k▲
Other operating charges640/8€2k€6k▲
Non-recurring operating charges66A€0-
Gross operating margin9900€672k€-573k▼
Operating profit (loss)9901€640k€-607k▼
Financial income75/76B€9k€62▼
Recurring financial income75€9k€62▼
Financial charges65/66B€6k€11k▲
Recurring financial charges65€6k€11k▲
Profit (loss) for the period before taxes9903€643k€-618k▼
Income taxes67/77€75k€254▼
Profit (loss) for the period9904€568k€-618k▼
Profit (loss) for the period to be appropriated9905€568k€-618k▼
Appropriation of the result
Profit (loss) to be appropriated9906€568k€-618k▼
Transfer to equity691/2€218k€0▼
To other reserves6921€218k€0▼
Profit to be distributed694/7€350k€0▼
Directors or managers695€350k€0▼
Social balance
Average headcount (FTE)90872.02.0=
The notes to these accounts (12 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Accounts by statement
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | €10k | €54k | €22k | €19k | ▼ 12.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €7k | €4k | €4k | €9k | €10k | ▲ 8.1% |
| Other operating charges640/8 | - | €961 | €2k | €2k | €6k | ▲ 227% |
| Non-recurring operating charges66A | - | €2k | €4k | €0 | - | - |
| Gross operating margin9900 | €83k | €285k | €304k | €672k | €-573k | ▼ 185% |
| Operating profit (loss)9901 | €6k | €268k | €240k | €640k | €-607k | ▼ 195% |
| Financial income75/76B | - | €2k | €5k | €9k | €62 | ▼ 99.3% |
| Recurring financial income75 | €73 | €2k | €5k | €9k | €62 | ▼ 99.3% |
| Financial charges65/66B | - | €16k | €20k | €6k | €11k | ▲ 92.5% |
| Recurring financial charges65 | €5k | €16k | €20k | €6k | €11k | ▲ 92.5% |
| Profit (loss) for the period before taxes9903 | €168 | €253k | €225k | €643k | €-618k | ▼ 196% |
| Income taxes67/77 | €2k | €65k | €62k | €75k | €254 | ▼ 99.7% |
| Profit (loss) for the period9904 | €-1k | €189k | €163k | €568k | €-618k | ▼ 209% |
| Profit (loss) for the period to be appropriated9905 | €-1k | €189k | €163k | €568k | €-618k | ▼ 209% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €318k | €791k | €1.29M | €1.47M | €984k | ▼ 33.0% |
| Fixed assets21/28 | €42k | €13k | €11k | €53k | €45k | ▼ 14.0% |
| Tangible fixed assets22/27 | €41k | €11k | €10k | €51k | €43k | ▼ 14.5% |
| Furniture and vehicles24 | - | €3k | €3k | €13k | €11k | ▼ 17.0% |
| Leasing and similar rights25 | - | €0 | - | - | - | - |
| Other tangible fixed assets26 | - | €8k | €7k | €37k | €32k | ▼ 13.7% |
| Financial fixed assets28 | €2k | €2k | €2k | €2k | €2k | = |
| Current assets29/58 | €276k | €778k | €1.28M | €1.42M | €939k | ▼ 33.7% |
| Stocks and contracts in progress3 | €23k | €206k | €469k | €215k | €469k | ▲ 118% |
| Stocks30/36 | - | €16k | €125k | €82k | €469k | ▲ 473% |
| Contracts in progress37 | - | €190k | €344k | €133k | €0 | ▼ 100% |
| Amounts receivable within one year40/41 | €8k | €33k | €116k | €170k | €171k | ▲ 0.9% |
| Trade receivables40 | - | €33k | €65k | €169k | €168k | ▼ 0.6% |
| Other amounts receivable41 | - | €0 | €51k | €402 | €3k | ▲ 634% |
| Cash at bank and in hand54/58 | €182k | €533k | €688k | €1.03M | €293k | ▼ 71.5% |
| Deferred charges and accrued income490/1 | - | €6k | €7k | €3k | €6k | ▲ 74.7% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €318k | €791k | €1.29M | €1.47M | €984k | ▼ 33.0% |
| Equity10/15 | €158k | €347k | €509k | €727k | €109k | ▼ 85.0% |
| Contributions10/11 | - | €150k | €150k | €150k | €150k | = |
| Reserves13 | €10k | €197k | €359k | €577k | €577k | = |
| Distributable reserves133 | - | €197k | €359k | €577k | €577k | = |
| Profit (loss) carried forward14 | €-1k | €0 | - | €0 | €-618k | - |
| Amounts payable17/49 | €160k | €444k | €782k | €742k | €875k | ▲ 17.9% |
| Amounts payable after more than one year17 | €21k | €0 | - | - | - | - |
| Financial debts170/4 | - | €0 | - | - | - | - |
| Amounts payable within one year42/48 | €139k | €443k | €782k | €742k | €875k | ▲ 17.9% |
| Current portion of amounts payable after more than one year42 | - | €0 | - | - | €133k | - |
| Trade debts44 | €24k | €159k | €416k | €322k | €524k | ▲ 62.7% |
| Suppliers440/4 | - | €159k | €416k | €322k | €524k | ▲ 62.7% |
| Advances received on contracts in progress46 | - | €114k | €195k | €0 | €211k | - |
| Taxes, remuneration and social security45 | - | €120k | €171k | €69k | €6k | ▼ 91.7% |
| Taxes450/3 | - | €118k | €162k | €69k | €4k | ▼ 94.9% |
| Remuneration and social security454/9 | - | €1k | €10k | €0 | €2k | - |
| Other amounts payable47/48 | - | €50k | €0 | €351k | €716 | ▼ 99.8% |
| Accrued charges and deferred income492/3 | - | €951 | €348 | €0 | - | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €-1k | €189k | €163k | €568k | €-618k | ▼ 209% |
| + Depreciation and write-downs630 | €7k | €4k | €4k | €9k | €10k | ▲ 8.1% |
| Operating cash flow (approximation) | €5k | €192k | €167k | €577k | €-609k | ▼ 206% |
| Investment in fixed assets (approximation) | - | €26k | €-2k | €-50k | €-2k | ▲ 95.7% |
| Change in cash | - | €351k | €155k | €340k | €-735k | ▼ 316% |
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
08-06
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema
2025
31-12
Financial
Weakest financial yearnet €-618k
Net result drops to €-618k, the lowest in the series.
27-06
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema
2024
31-12
Financial
Highest result since 2020net €568k ▲249%
Operating result €640k, net result €568k, both a record.
22-04
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema
2023
30-09
Financial
Equity above €500kEq €509k ▲46.8%
2 profitable years in a row build equity to €509k.
26-04
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema
2022
30-09
Financial
Back to profitnet €189k
Net result €189k after one loss-making year.
30-09
Financial
Equity above €200kEq €347k ▲119%
Equity rises from €158k to €347k.
23-03
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema
2021
09-03
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
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, Genk · 1 establishment unit since 2024
Ground area
1,427 m²
Building footprint
877 m²
Volume, LiDAR
17,133 m³
Parcel 71016I0771/00A000, Flanders · tallest building 30.6 m, ±8 floors. Linked by address, not a title deed.
4
companies at this address
See who is registered here
1 establishment unit
Polygon Vastgoed
since 20242.369.204.610
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 71016I0771/00A000 | Flanders | 1,427 m² | 1 · 877 m² | 30.6 m · 8 fl. |
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.
Public money · subsidies and aid
Flemish government
2022 · 1 entry · 2,663 EUR awarded · 2,663 EUR paid| Year | Entries | awarded | paid |
|---|---|---|---|
| 2022 | 1 | 2,663 EUR | 2,663 EUR |
Schemes
Vlaams opleidingsverlof (VOV)
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Of 11,748 companies in sector 68310 we hold annual accounts for 6,905. 5,202 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
Founded28-11-2018
Fiscal year end31-12
Activities, NACEBEL 2025
68310Real estate agency activities
46180Agents specialised in the wholesale of other particular products
68321Property management for co-owned buildings (syndics)
68322Real estate appraisal on a fee or contract basis
93299Other amusement and recreation activities
Scores and ratios are computed by Checked and are not a credit decision.