Project 44bis
ActiveSummary
Project 44bis has been active since 2013 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €711,763 and a net result of €7,585. Equity is growing by ~39.5% per year across the filed fiscal years. Its solvency ranks better than 90% of 4616 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.2% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability70▼-22
Solvency100=
Growth85▲+7
Track record100
Bankruptcy probability, 12 months
0.2%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €18,000 at 30 days acceptable
Liquidity ample (current ratio 11.02 against 5.38 in 2024; short-term debt: 5.7% and cash: 22.9% of total assets), and 5.7% 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○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 →
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
94.3%
Return on assets
1%
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
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 · 9 filingsDeviation from the deadline
2025
31 d late
2024
41 d late
2023
30 d late
2022
29 d late
2021
31 d late
2020
87 d late
2019
75 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 46 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 31 August (5 of the last 5 filed years within 30 days of that day).
Companies Code · seven monthsPosition in the running window
30-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, full schema
Turnover
€180,982▲ 2,131%
2020 · €8,114
EBIT margin
4.2%▲ 182.7pp
2020 · -178.5%
Net result
€7,585▼ 94.9%
2024 · €148,323
Working capital
€432,412▲ 9.5%
2024 · €394,828
Trend over the years
In euros
In per cent
Ratio
In euros
No line ticked in this group.
In per cent
No line ticked in this group.
Ratio
No line ticked in this group.
Untick a line to hide it. Point at a year (or use the arrow keys on the chart) for the exact figures; the table below gives them all.Sector: 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. Available for Net result, Equity, Total assets, Working capital, Solvency, Current ratio, Return on assets (ROA).
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Turnover€180,982
Operating result€333,322€313,702▼ 5.9%€195,894▼ 37.6%€155,704▼ 20.5%€7,585▼ 95.1%
Net result€238,796above the sector's middle half€163,666above the sector's middle half▼ 31.5%€158,638above the sector's middle half▼ 3.1%€148,323above the sector's middle half▼ 6.5%€7,585within the sector's middle half▼ 94.9%
EBIT margin4.2%
Equity€233,551within the sector's middle half€397,217within the sector's middle half▲ 70.1%€555,855within the sector's middle half▲ 39.9%€704,178within the sector's middle half▲ 26.7%€711,763within the sector's middle half▲ 1.1%
Total assets€585,937below the sector's middle half▲ 145%€515,228below the sector's middle half▼ 12.1%€641,898below the sector's middle half▲ 24.6%€794,370within the sector's middle half▲ 23.8%€754,914below the sector's middle half▼ 5.0%
Debt€352,386▲ 44.0%€118,011▼ 66.5%€86,042▼ 27.1%€90,192▲ 4.8%€43,151▼ 52.2%
Working capital€20,281within the sector's middle half€195,285within the sector's middle half▲ 863%€344,762within the sector's middle half▲ 76.5%€394,828within the sector's middle half▲ 14.5%€432,412within the sector's middle half▲ 9.5%
Solvency39.9%within the sector's middle half▲ 42.0pp77.1%above the sector's middle half▲ 37.2pp86.6%above the sector's middle half▲ 9.5pp88.6%above the sector's middle half▲ 2.1pp94.3%above the sector's middle half▲ 5.6pp
Current ratio1.06within the sector's middle half▲ 1.002.65within the sector's middle half▲ 1.605.01above the sector's middle half▲ 2.355.38above the sector's middle half▲ 0.3711.02above the sector's middle half▲ 5.64
Return on assets (ROA)40.8%above the sector's middle half▲ 46.8pp31.8%above the sector's middle half▼ 9.0pp24.7%above the sector's middle half▼ 7.1pp18.7%above the sector's middle half▼ 6.0pp1.0%within the sector's middle half▼ 17.7pp
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 has fallen four years in a row; 2025 is 95% below 2024 and is the lowest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €754,914
Fixed assets
€279,350 ▼ 9.7%
Current assets
€475,563 ▼ 1.9%
Equity and liabilities €754,914
Equity
€711,763 ▲ 1.1%
Debt
€43,151 ▼ 52.2%
Debt's share of the balance-sheet total falls from 11.4% to 5.7%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€37,585▼
2024 · €172,810
Cash flow
€37,585▼
2024 · €165,429
Debt to equity
0.06▼
2024 · 0.13
ROE
1.1%▼
2024 · 21.1%
Debt ≤ 1 year
€43,151▼
2024 · €90,192
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 6,048 companies that looked in July 2024 the way this one looks now, 0.4% went bankrupt within 24 months and 96% are still going.
- Small
- 10 to 20 years old
- solvency 30% or more
- a profit under 5% of the balance sheet
0.4%
went bankrupt
3.6%
stopped otherwise
96%
still going
For this company itself Checked computes a bankruptcy probability of 0.2% 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 497,340 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% | 1.8% |
| 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 6,048 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 | - | - | - | - | €180,982 | - |
| Goods, raw materials, services and sundry goods60/61 | - | - | - | - | €150,435 | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €11,338 | €11,338 | €11,338 | €17,107 | €30,000 | ▲ 75.4% |
| Other operating charges640/8 | €611 | €955 | €946 | €911 | €937 | ▲ 2.9% |
| Gross operating margin9900 | €345,271 | €325,995 | €208,178 | €173,721 | €38,522 | ▼ 77.8% |
| Operating profit (loss)9901 | €333,322 | €313,702 | €195,894 | €155,704 | €7,585 | ▼ 95.1% |
| Financial income75/76B | - | - | - | €7,013 | - | - |
| Recurring financial income75 | - | - | - | €7,013 | - | - |
| Financial charges65/66B | €26 | €35 | €42 | €41 | - | - |
| Recurring financial charges65 | €26 | €35 | €42 | €41 | - | - |
| Non-recurring financial charges66B | €26 | €35 | €42 | €41 | - | - |
| Profit (loss) for the period before taxes9903 | €333,296 | €313,666 | €195,853 | €162,675 | €7,585 | ▼ 95.3% |
| Income taxes67/77 | €94,500 | €150,000 | €37,214 | €14,353 | - | - |
| Profit (loss) for the period9904 | €238,796 | €163,666 | €158,638 | €148,323 | €7,585 | ▼ 94.9% |
| Profit (loss) for the period to be appropriated9905 | €238,796 | €163,666 | €158,638 | €148,323 | €7,585 | ▼ 94.9% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €585,937 | €515,228 | €641,898 | €794,370 | €754,914 | ▼ 5.0% |
| Fixed assets21/28 | €213,270 | €201,932 | €211,093 | €309,350 | €279,350 | ▼ 9.7% |
| Tangible fixed assets22/27 | €213,270 | €201,932 | €211,093 | €309,350 | €279,350 | ▼ 9.7% |
| Land and buildings22 | €212,460 | €201,693 | €190,593 | €178,444 | €168,444 | ▼ 5.6% |
| Plant, machinery and equipment23 | €811 | €238 | - | - | - | - |
| Furniture and vehicles24 | - | - | - | €109,595 | €89,595 | ▼ 18.2% |
| Other tangible fixed assets26 | - | - | €20,500 | €21,311 | €21,311 | = |
| Current assets29/58 | €372,666 | €313,296 | €430,804 | €485,020 | €475,563 | ▼ 1.9% |
| Amounts receivable within one year40/41 | - | - | €273,373 | €315,882 | €302,812 | ▼ 4.1% |
| Other amounts receivable41 | - | - | €273,373 | €315,882 | €302,812 | ▼ 4.1% |
| Cash at bank and in hand54/58 | €372,666 | €313,296 | €157,432 | €169,138 | €172,751 | ▲ 2.1% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €585,937 | €515,228 | €641,898 | €794,370 | €754,914 | ▼ 5.0% |
| Equity10/15 | €233,551 | €397,217 | €555,855 | €704,178 | €711,763 | ▲ 1.1% |
| Contributions10/11 | €61,500 | €61,500 | €61,500 | €61,500 | €61,500 | = |
| Capital10 | €61,500 | €61,500 | €61,500 | €61,500 | €61,500 | = |
| Issued capital100 | €61,500 | €61,500 | €61,500 | €61,500 | €61,500 | = |
| Reserves13 | €6,150 | €6,150 | €6,150 | €154,473 | €154,473 | = |
| Non-distributable reserves130/1 | €6,150 | €6,150 | €6,150 | €6,150 | €6,150 | = |
| Legal reserve130 | €6,150 | €6,150 | €6,150 | €6,150 | €6,150 | = |
| Distributable reserves133 | - | - | - | €148,323 | €148,323 | = |
| Profit (loss) carried forward14 | €165,901 | €329,567 | €488,205 | €488,205 | €495,790 | ▲ 1.6% |
| Amounts payable17/49 | €352,386 | €118,011 | €86,042 | €90,192 | €43,151 | ▼ 52.2% |
| Amounts payable within one year42/48 | €352,386 | €118,011 | €86,042 | €90,192 | €43,151 | ▼ 52.2% |
| Trade debts44 | €283 | €8,250 | €22,750 | €36,900 | €36,900 | = |
| Suppliers440/4 | €283 | €8,250 | €22,750 | €36,900 | €36,900 | = |
| Taxes, remuneration and social security45 | €206,328 | €107,957 | €63,292 | €53,292 | €6,251 | ▼ 88.3% |
| Taxes450/3 | €180,643 | €97,247 | €60,000 | €50,000 | €2,959 | ▼ 94.1% |
| Remuneration and social security454/9 | €25,684 | €10,710 | €3,292 | €3,292 | €3,292 | = |
| Other amounts payable47/48 | €145,775 | €1,804 | - | - | - | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €238,796 | €163,666 | €158,638 | €148,323 | €7,585 | ▼ 94.9% |
| + Depreciation and write-downs630 | €11,338 | €11,338 | €11,338 | €17,107 | €30,000 | ▲ 75.4% |
| Operating cash flow (approximation) | €250,135 | €175,005 | €169,977 | €165,429 | €37,585 | ▼ 77.3% |
| Investment in fixed assets (approximation) | - | €0 | -€20,500 | -€115,364 | €0 | ▲ 100% |
| Change in cash | - | -€59,370 | -€155,864 | €11,706 | €3,613 | ▼ 69.1% |
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 · full schema · 31 days late
2025
31-12
Financial
Liquidity doublescurrent ratio 11.02
Current ratio from 5.38 to 11.02; short-term debt falls from €90,192 to €43,151.
29-09
NBB filing
Annual accounts filed
fiscal year 2024 · full schema · 41 days late
10-09
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema · 41 days late
24-06
State Gazette act
General meeting · Director resignation
Director discharge · Director appointment
2024
30-08
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema · 30 days late
2023
31-12
Financial
Equity above €500,000Eq €555,855 ▲39.9%
3 profitable years in a row build equity to €555,855.
11-10
State Gazette act
General meeting · Director resignation
Director discharge · Director appointment
11-10
State Gazette act
General meeting · Director resignation
Director discharge · Director appointment
11-10
State Gazette act
General meeting · Director resignation
Director discharge · Director appointment
11-10
State Gazette act
General meeting · Director resignation
Director discharge · Director appointment
11-10
State Gazette act
General meeting · Director resignation
Director discharge · Director appointment
Show earlier events
11-10
State Gazette act
General meeting · Director resignation
Director discharge · Director appointment
29-08
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema · 29 days late
2022
31-12
Financial
Liquidity triplescurrent ratio 2.65
Current ratio from 1.06 to 2.65; short-term debt falls from €352,386 to €118,011.
31-08
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema · 31 days late
2021
31-12
Financial
Back to profitnet €238,796
Net result €238,796 after 3 loss-making years.
31-12
Financial
Liquidity times 17current ratio 1.06
Current ratio from 0.06 to 1.06.
31-12
Financial
Equity above €200,000Eq €233,551
Equity rises from -€5,246 to €233,551.
26-10
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema · 87 days late
2020
31-12
Financial
Weakest financial yearnet -€14,512
Net result drops to -€14,512, the lowest in the series; recovery starts the following year.
14-10
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema · 75 days late
2019
30-08
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema · 30 days late
2018
22-08
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema · 22 days late
Financial milestoneState Gazette actNBB 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, Willebroek · 1 establishment unit since 2013
Ground area
1,918 m²
Building footprint
215 m²
Volume, LiDAR
1,354 m³
Parcel 12036A0219/00H000, Flanders · tallest building 10.1 m, ±2 floors. Linked by address, not a title deed.
3
companies at this address
See who is registered here
1 establishment unit
Project 44bis
since 20132.330.194.376
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 12036A0219/00H000 | Flanders | 1,918 m² | 1 · 215 m² | 10.1 m · 2 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.
Structure & network
Connections & network
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This company
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Ownership & control
7 board mandatesBoard mandates of this companythis company sits on their board7
12 locations
11 locations
9 locations
8 locations
2 locations
1 location
Show 1 more
1 location
Subsidies and aid
Flemish government
2025 · 1 entry · 915 EUR awarded · 915 EUR paid| Year | Entries | awarded | paid |
|---|---|---|---|
| 2025 | 1 | 915 EUR | 915 EUR |
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Of 9,141 companies in sector 68201 we hold annual accounts for 6,772. 4,989 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPublic limited company
Founded24-10-2013
Fiscal year end31-12
Activities, NACEBEL 2025
68201Renting and operating of own or leased residential real estate, excluding social housing
68203Renting and operating of own or leased non-residential real estate, excluding land
Contact
E-mail
fam.rottiers@telenet.be
E-invoicing
Reachable via Peppol
Peppol ID
0208:0541570794
Also
9925:BE0541570794
Registered
21-12-2025
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 30 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.