POLYGONIA
ActiveThe file of POLYGONIA contains 4 judicial reorganisation notices, as published in the Belgian State Gazette.
Summary
The computed 12-month bankruptcy probability is ≥ 25% (high). The 2025 annual accounts show negative equity (-€602,339) and a net result of -€31,240. Equity is shrinking by ~31.8% per year across the filed fiscal years. Its solvency ranks better than 5% of 4613 sector peers (fiscal year 2025).
Checked score
Score 2025
Axes · tick = 2024
Profitability45▲+19
Solvency0=
Growth22=
Track record60
Bankruptcy probability, 12 months
≥ 25%
High
0%0.5%1.5%4%10%≥ 25%
No credit on open account
Liquidity short (current ratio 0.68 against 0.68 in 2024; short-term debt: 146.1% and cash: 0.3% of total assets), and equity is negative.
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Signals
Eight 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
-46.1%
Return on assets
-2.4%
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 -€602,339
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 05-07-2026, 26 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
26 d early
2024
42 d early
2023
31 d late
2022
1 d early
2021
7 d early
2020
17 d late
2019
18 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 1 day 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 24 July (4 of the last 5 filed years within 35 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, full schema
Turnover
€28,101▼ 95.2%
2024 · €582,372
EBIT margin
30.9%▲ 25.6pp
2024 · 5.3%
Net result
-€31,240▲ 21.0%
2024 · -€39,550
Working capital
-€602,339▼ 5.4%
2024 · -€571,617
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€4,800▼ 60.2%€4,000▼ 16.7%€12,300▲ 208%€582,372▲ 4,635%€28,101▼ 95.2%
Operating result-€166,106▼ 430%-€97,941▲ 41.0%-€123,464▼ 26.1%€31,106€8,689▼ 72.1%
Net result-€196,453below the sector's middle half▼ 486%-€136,758below the sector's middle half▲ 30.4%-€153,786below the sector's middle half▼ 12.5%-€39,550below the sector's middle half▲ 74.3%-€31,240below the sector's middle half▲ 21.0%
EBIT margin-3460.5%▼ 3200.5pp-2448.5%▲ 1012.0pp-1003.8%▲ 1444.8pp5.3%▲ 1009.1pp30.9%▲ 25.6pp
Equity-€241,005below the sector's middle half▼ 441%-€377,762below the sector's middle half▼ 56.7%-€531,549below the sector's middle half▼ 40.7%-€571,099below the sector's middle half▼ 7.4%-€602,339below the sector's middle half▼ 5.5%
Total assets€1.6mwithin the sector's middle half▲ 1.8%€1.6mwithin the sector's middle half▲ 1.2%€1.7mwithin the sector's middle half▲ 1.4%€1.2mwithin the sector's middle half▼ 27.4%€1.3mwithin the sector's middle half▲ 8.7%
Debt€1.9m▲ 13.8%€2.0m▲ 8.5%€2.2m▲ 8.8%€1.8m▼ 19.0%€1.9m▲ 7.7%
Working capital-€244,060below the sector's middle half▼ 425%-€379,319below the sector's middle half▼ 55.4%-€532,586below the sector's middle half▼ 40.4%-€571,617below the sector's middle half▼ 7.3%-€602,339below the sector's middle half▼ 5.4%
Solvency-14.9%below the sector's middle half▼ 12.1pp-23.1%below the sector's middle half▼ 8.2pp-32.1%below the sector's middle half▼ 9.0pp-47.5%below the sector's middle half▼ 15.4pp-46.1%below the sector's middle half▲ 1.4pp
Current ratio0.87within the sector's middle half▼ 0.100.81within the sector's middle half▼ 0.060.76within the sector's middle half▼ 0.050.68within the sector's middle half▼ 0.080.68within the sector's middle half▲ 0.01
Return on assets (ROA)-12.2%below the sector's middle half▼ 10.1pp-8.4%below the sector's middle half▲ 3.8pp-9.3%below the sector's middle half▼ 0.9pp-3.3%below the sector's middle half▲ 6.0pp-2.4%below the sector's middle half▲ 0.9pp
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 72% below 2024.
Key figures and ratios
EBITDA
€9,208▼
2024 · €31,625
Cash flow
-€30,721▲
2024 · -€39,031
Quick ratio
0.01▲
2024 · 0.00
Debt to equity
-3.17▼
2024 · -3.10
Interest coverage
0.23▼
2024 · 0.45
Debt ≤ 1 year
€1.9m▲
2024 · €1.8m
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 1,216 companies that looked in July 2024 the way this one looks now, 1.2% went bankrupt within 24 months and 96% are still going.
- Small
- 10 to 20 years old
- negative equity
- a small loss
1.2%
went bankrupt
2.6%
stopped otherwise
96%
still going
A further 0.5% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a higher bankruptcy probability: ≥ 25% over twelve months. The score reads more about this company than the group's four characteristics; both figures are right about what they measure.
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 1,216 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 |
|---|---|---|---|---|---|---|
| Turnover70 | €4,800 | €4,000 | €12,300 | €582,372 | €28,101 | ▼ 95.2% |
| Goods, raw materials, services and sundry goods60/61 | €168,539 | €99,494 | €134,204 | €549,699 | €18,633 | ▼ 96.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €1,499 | €1,499 | €519 | €519 | €519 | = |
| Other operating charges640/8 | €868 | €948 | €1,040 | €1,048 | €260 | ▼ 75.2% |
| Gross operating margin9900 | -€163,739 | -€95,494 | -€121,904 | €32,673 | €9,468 | ▼ 71.0% |
| Operating profit (loss)9901 | -€166,106 | -€97,941 | -€123,464 | €31,106 | €8,689 | ▼ 72.1% |
| Financial income75/76B | €16,197 | €19,003 | - | - | - | - |
| Recurring financial income75 | €16,197 | €19,003 | - | - | - | - |
| Financial charges65/66B | €46,544 | €57,820 | €30,323 | €70,656 | €39,929 | ▼ 43.5% |
| Recurring financial charges65 | €46,544 | €57,820 | €30,323 | €70,656 | €39,929 | ▼ 43.5% |
| Profit (loss) for the period before taxes9903 | -€196,453 | -€136,758 | -€153,786 | -€39,550 | -€31,240 | ▲ 21.0% |
| Profit (loss) for the period9904 | -€196,453 | -€136,758 | -€153,786 | -€39,550 | -€31,240 | ▲ 21.0% |
| Profit (loss) for the period to be appropriated9905 | -€196,453 | -€136,758 | -€153,786 | -€39,550 | -€31,240 | ▲ 21.0% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €1.6m | €1.6m | €1.7m | €1.2m | €1.3m | ▲ 8.7% |
| Fixed assets21/28 | €3,055 | €1,557 | €1,038 | €519 | - | - |
| Tangible fixed assets22/27 | €3,055 | €1,557 | €1,038 | €519 | - | - |
| Plant, machinery and equipment23 | €2,075 | €1,557 | €1,038 | €519 | - | - |
| Furniture and vehicles24 | €980 | - | - | - | - | - |
| Current assets29/58 | €1.6m | €1.6m | €1.7m | €1.2m | €1.3m | ▲ 8.8% |
| Stocks and contracts in progress3 | €1.3m | €1.3m | €1.6m | €1.2m | €1.3m | ▲ 8.2% |
| Stocks30/36 | €1.3m | €1.3m | €1.6m | €1.2m | €1.3m | ▲ 8.2% |
| Amounts receivable within one year40/41 | €274,389 | €301,164 | €31,381 | €3,168 | €9,801 | ▲ 209% |
| Trade receivables40 | - | €342 | - | - | €9,801 | - |
| Other amounts receivable41 | €274,389 | €300,823 | €31,381 | €3,168 | - | - |
| Cash at bank and in hand54/58 | €12,131 | €6,995 | €5,578 | €3,238 | €3,784 | ▲ 16.9% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €1.6m | €1.6m | €1.7m | €1.2m | €1.3m | ▲ 8.7% |
| Equity10/15 | -€241,005 | -€377,762 | -€531,549 | -€571,099 | -€602,339 | ▼ 5.5% |
| Contributions10/11 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Capital10 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Issued capital100 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Profit (loss) carried forward14 | -€259,605 | -€396,362 | -€550,149 | -€589,699 | -€620,939 | ▼ 5.3% |
| Amounts payable17/49 | €1.9m | €2.0m | €2.2m | €1.8m | €1.9m | ▲ 7.7% |
| Amounts payable within one year42/48 | €1.9m | €2.0m | €2.2m | €1.8m | €1.9m | ▲ 7.7% |
| Financial debts43 | €944,000 | €944,000 | €944,000 | €644,000 | €660,449 | ▲ 2.6% |
| Credit institutions430/8 | €944,000 | €944,000 | €944,000 | €644,000 | €660,449 | ▲ 2.6% |
| Trade debts44 | €21,333 | - | €2,003 | €1,522 | €58,971 | ▲ 3,774% |
| Suppliers440/4 | €21,333 | - | €2,003 | €1,522 | €58,971 | ▲ 3,774% |
| Taxes, remuneration and social security45 | - | - | - | €35,713 | €1,559 | ▼ 95.6% |
| Taxes450/3 | - | - | - | €35,713 | €1,559 | ▼ 95.6% |
| Other amounts payable47/48 | €888,493 | €1.1m | €1.2m | €1.1m | €1.2m | ▲ 8.8% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€196,453 | -€136,758 | -€153,786 | -€39,550 | -€31,240 | ▲ 21.0% |
| + Depreciation and write-downs630 | €1,499 | €1,499 | €519 | €519 | €519 | = |
| Operating cash flow (approximation) | -€194,954 | -€135,259 | -€153,267 | -€39,031 | -€30,721 | ▲ 21.3% |
| Investment in fixed assets (approximation) | - | €0 | €0 | €0 | - | - |
| Change in cash | - | -€5,136 | -€1,417 | -€2,340 | €546 | ▲ 123% |
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
05-07
NBB filing
Annual accounts filed
fiscal year 2025 · full schema
04-05
Judicial reorganisation
Transfer under judicial authority
Tribunal de l’entreprise du Brabant wallon · court-supervised transfer · event 23-04-2026
25-03
Judicial reorganisation
Reorganisation ended early
Tribunal de l’entreprise du Brabant wallon · event 19-03-2026
2025
27-11
Judicial reorganisation
Extension
Tribunal de l’entreprise du Brabant wallon · collective agreement · event 20-11-2025
13-08
Judicial reorganisation
Opening
Tribunal de l’entreprise du Brabant wallon · collective agreement · event 06-08-2025
19-06
NBB filing
Annual accounts filed
fiscal year 2024 · full schema
2024
31-08
NBB filing
Annual accounts filed
fiscal year 2023 · full schema · 31 days late
2023
30-07
NBB filing
Annual accounts filed
fiscal year 2022 · full schema
2022
24-07
NBB filing
Annual accounts filed
fiscal year 2021 · full schema
2021
31-12
Financial
Weakest financial yearnet -€196,453
Net result drops to -€196,453, the lowest in the series; recovery starts the following year.
17-08
NBB filing
Annual accounts filed
fiscal year 2020 · full schema · 17 days late
2020
18-08
NBB filing
Annual accounts filed
fiscal year 2019 · full schema · 18 days late
Show earlier events
2019
31-12
Financial
Highest result since 2018net €29,911 ▲227%
Operating result €60,196, net result €29,911, both a record.
24-10
NBB filing
Annual accounts filed
fiscal year 2018 · full schema · 85 days late
2018
31-07
NBB filing
Annual accounts filed
fiscal year 2017 · full schema
2017
31-08
NBB filing
Annual accounts filed
fiscal year 2016 · full schema · 31 days late
SignalFinancial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 2 acts read
About the unread acts
We know of 2 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
2 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, Wavre · 1 establishment unit since 2013
Ground area
9,999 m²
Building footprint
1,516 m²
Volume, LiDAR
1,472 m³
2 parcels, Wallonia · tallest building 11.6 m, ±1 floor. Linked by address, not a title deed.
11
companies at this address
See who is registered here
1 establishment unit
Les Gottes 2, 1390 Grez-Doiceau
since 20132.222.543.776
2 parcels
Wallonia
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 25037D0029/00N000 | Wallonia | 5,000 m² | 1 · 334 m² | 11.6 m · 1 fl. |
| 25006A0145/00G000 | Wallonia | 4,998 m² | 1 · 1,182 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 9,698 companies in sector 68121 we hold annual accounts for 7,393. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company
Founded23-09-2013
Fiscal year end31-12
Activities, NACEBEL 2025
68121Development of residential building projects
E-invoicing
Reachable via Peppol
Peppol ID
0208:0538835493
Also
9925:BE0538835493
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.