Summary
Conclusion
the dossier summarised in one paragraphThe computed 12-month bankruptcy probability of Projectmakelaar is 0.6% (low). The 2025 annual accounts show negative equity (€-580k) and a net result of €-73k. The figures fluctuate too strongly year-on-year for a reliable trend projection. Its solvency ranks better than 5% of 546 sector peers (fiscal year 2025). The company has been active since 2006 and the Belgian State Gazette contains no insolvency or warning signals.
Based on the State Gazette, CBE and 7 annual accounts.
Bankruptcy probability (12 mo)
Checked model v1 · free for everyone0.6%
Low
0%0,5%1,5%4%10%≥25%
Annual accounts: weaker financial profile
+Lower-failure-rate sector
−Multiple establishment units
+
Statistical estimate based on public sources, not credit advice nor a finding of fact. How do we compute this?
Signals
1 signal · with evidenceNegative equity
Equity is negative for financial year 2025: liabilities exceed assets. This is the trigger point of the alarm-bell procedure (Belgian CAC).
View the annual accounts Signals are derived from the filed annual accounts and the sector comparison. No composite score: each signal is separately verifiable at the source.
Filing behaviour
From the deposit records, complete market-wideLatest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 30-07-2026, 1 day ahead of the deadline. This speaks to administrative punctuality and says nothing about the financial position.
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.
How we compute the deadline
The year end is derived from 10 filed financial years, each closing on 31-12. The statutory deadline is seven months after the close of the financial year (art. 3:10 par. 1 CAC, art. 3:47 par. 7 for ASBL and foundations). Applied to the financial year that closed on 31-12-2025, that is 31-07-2026.
Deadline per financial year
| Year closed | Due by | Filed | Variance | Reference |
|---|---|---|---|---|
| 31-12-2025 | 31-07-2026 | 30-07-2026 | 1 d early | 2026-00355617 |
| 31-12-2024 | 31-07-2025 | 16-07-2026 | 350 d late | 2026-00299612 |
| 30-06-2023 | 31-01-2024 | 31-01-2024 | on the day | 2024-00016427 |
| 30-06-2022 | 31-01-2023 | 30-01-2023 | 1 d early | 2023-00009148 |
| 30-06-2021 | 31-01-2022 | 29-01-2022 | 2 d early | 2022-04300477 |
| 30-06-2020 | 31-01-2021 | 30-01-2021 | 1 d early | 2021-04600368 |
| 30-06-2019 | 31-01-2020 | 20-12-2019 | 42 d early | 2019-77100127 |
| 30-06-2018 | 31-01-2019 | 30-01-2019 | 1 d early | 2019-04300476 |
| 30-06-2017 | 31-01-2018 | 29-01-2018 | 2 d early | 2018-03200415 |
| 30-06-2016 | 31-01-2017 | 27-01-2017 | 4 d early | 2017-02900097 |
Source: the National Bank's deposit records. Those records are complete, including for years whose figures we have not read yet. Filing late covers nearly half the market and is therefore not scored; only not filing, being more than 90 days late and breaking a punctual record carry weight.
Trust signals
2 signalsEstablished
Founded in 2006, 19 years in business.
No legal incidents
No bankruptcy, reorganisation or interim measure in the Belgisch Staatsblad, and the KBO register records a normal legal situation.
Administrative Flags
No strikeouts found in the KBO publications we processed. That series starts in 2021 and has gaps, so this is not a confirmation that there is nothing.
Financials
TurnoverNot published (abbreviated filing)
EBIT marginNot published (abbreviated filing)
Net result€-73k+85.8%
Working capital€-579k-9.6%
Annual accounts & ratios
Source: NBB · 2025Annual accounts filed on 30-07-2026 with the NBB · fiscal year 2025 · verkort
Trajectory (indicative)
Projection over 3 fiscal years from the filed annual accounts, not a forecast, the extended trend.
declining
At this pace, gross margin would indicatively turn negative around fiscal year 2026, assuming unchanged policy.
Solid line = filed figures · dashed = extended trend · area = indicative range.
How do we compute this?
The trend is a robust median of all pairwise slopes between fiscal years (Theil-Sen), so a single odd year cannot hijack the line. For strictly positive series we also fit a log variant (compound annual growth) and keep whichever describes the figures best.
The area around the projection is 1.8 × the median absolute deviation from the trend, widening each year ahead (×1 / ×1.6 / ×2.2), with a minimum of 8% of the last value. It is an indicative range, not a statistical confidence interval.
A series whose deviations exceed 35% of its level is too volatile: we then deliberately show no projection. Every projection assumes unchanged policy and is blind to non-public information (order book, contracts, funding rounds).
Sector comparison
Fiscal year 2025 · NACE 68, Real estate activities · compared within the same schema type (abbreviated schema)
| Metric | This company | Sector median | Position in the sector |
|---|---|---|---|
| Solvency | -2107.5% | 16.1% | |
| Net result | €-73k | €6k | |
| Equity | €-580k | €165k | |
| Gross operating margin | €3k | €77k | |
| Staff costs | €52k | €70k |
Median and position computed from NBB annual accounts filed by sector peers; own figures from the latest filed accounts.
Sector position over time
Percentile per fiscal year versus peers that filed figures, computed year by year (a year without enough peers is absent).
P5
Weakening position over 2020-2025
· n=472-1709
P15
Weakening position over 2020-2025
· n=472-1705
P5
Weakening position over 2020-2025
· n=472-1709
P23
Weakening position over 2020-2025
· n=471-1706
Describes the position versus peers, not a forecast.
€-72k
+85.2%
19-25
€-73k
+85.8%
19-25
€-73k
+85.3%
19-25
€28k
-62.5%
19-25
€-580k
-14.4%
19-25
€-579k
-9.6%
19-25
1
-36.8%
19-25
€52k
-54.4%
19-25
Show 11 other metrics
€0
-100.0%
19-25
€608k
+4.7%
19-25
€607k
+4.5%
19-25
€0
-100.0%
19-25
0.05
-49.6%
19-25
0.05
-49.6%
19-25
-2107.5%
-205.0%
19-25
-1.05
+8.5%
19-25
12.6%
-87.6%
19-25
-264.8%
+62.3%
19-25
-129.64
-73.7%
19-25
Figures by fiscal year
| Fiscal year | 2025 |
|---|---|
| Deposit | verkort |
| Revenue | - |
| EBITDA | €-72k |
| Net profit | €-73k |
| Cash flow | €-73k |
| Staff costs | €52k |
| Income taxes | €0 |
| Dividends | - |
| Total assets | €28k |
| Equity | €-580k |
| Debt | €608k |
| of which ≤ 1y | €607k |
| of which > 1y | - |
| Working capital | €-579k |
| Employees (FTE) | 1.2 |
Ratios (computed)
| 2025 | |
|---|---|
| Current ratio | 0.05 |
| Quick ratio | 0.05 |
| Working capital ratio | -2103.8% |
| Solvency | -2107.5% |
| Debt / equity | -1.05 |
| Long-term debt ratio | - |
| Interest coverage | -129.64 |
| Gross margin | - |
| Net margin | - |
| ROA | -264.8% |
| ROE | 12.6% |
| EBITDA margin | - |
| Days sales outstanding | - |
| Days payable outstanding | - |
| Inventory turnover | - |
| Days inventory (DSI) | - |
Full annual accounts (22 line items)
Filed balance sheet and income statement, exactly as deposited with the NBB.
| Line item | Code | 2025 |
|---|---|---|
| Balance sheet, Assets | ||
| TOTAL ASSETS | 20/58 | €28k |
| Fixed assets | 21/28 | €0 |
| Tangible fixed assets | 22/27 | €0 |
| Current assets | 29/58 | €28k |
| Amounts receivable within one year | 40/41 | €22k |
| Cash & bank | 54/58 | €5k |
| Balance sheet, Equity & liabilities | ||
| TOTAL EQUITY & LIABILITIES | 10/49 | €28k |
| Equity | 10/15 | €-580k |
| Contributions / capital | 10/11 | €63k |
| Reserves | 13 | €157k |
| Accumulated profits (losses) | 14 | €-800k |
| Amounts payable | 17/49 | €608k |
| Amounts payable within one year | 42/48 | €607k |
| Trade debts payable within one year | 44 | €44k |
| Income statement | ||
| Gross operating margin | 9900 | €3k |
| Operating result | 9901 | €-72k |
| Financial income | 75 | €0 |
| Financial charges | 65 | €558 |
| Result before taxes | 9903 | €-73k |
| Income taxes | 67/77 | €0 |
| Net result for the period | 9904 | €-73k |
| Result to be appropriated | 9905 | €-73k |
This table shows the latest fiscal year. 4 prior years, with figures and ratios, belong to a paid plan.
See plans →
Ratios computed by Checked.
Health barometer
FY 2025 · computed15
/ 100
Critical
Computed from 5 of the 6 factors this model weighs. The rest cannot be derived from the filed figures, or need a prior year to compare against.
The full score breakdown, per-year score history and the indicative credit limit are in Kantoor S.
See plans →Computed by Checked from the NBB filing for FY 2025. Indicative, not credit advice.
Directors
Directors & mandates
2 directors9 of this company's 9 Belgian State Gazette acts have not been read yet. Appointments and resignations recorded in them are missing below: a director who resigned there may therefore still show here as sitting. See the acts under Publications.
Current directors & mandates
-
De Clercq GuyDirectorState Gazette act 24124075 (21-08-2024)Current21-08-2024 → present
-
Rudi LeroyDirectorState Gazette act 23432481 (21-11-2023)Current21-11-2023 → present
2 events
- 21-08-2024 Resigned· Director
- 21-11-2023 Appointed· Director
Permanent representatives (1)
These people represent a legal-person director (a management company, for instance). They hold no board mandate of their own and do not count as directors.
-
DE WAELE ADVIESGROEPPrivate limited companyPermanent representative· perm. rep.: Dewaele, Pieter Paul JoséState Gazette act 23432481 (21-11-2023)Permanent representative21-11-2023 → present
Full appointment history from the Belgian State Gazette. Permanent representatives are shown for corporate directors.This list is read straight from this company's published acts, not from the officer register.
Insolvency mandates
No insolvency mandates (liquidators, administrators) on record for this company.
Legal Structure
| NACE primary | Bemiddeling in verband met exploitatie van en handel in onroerend goed(68310) |
| Legal form | Public limited company(014) |
| Incorporation | 18-12-2006 |
| Status | Active |
| Postal code | 9032 |
Structure & network
Locations & real estate
Registered office
on the map · from the address registerEstablishment units
2 locationsProjectmakelaar NV
since 20062.160.076.172
Projectmakelaar NV
since 20232.340.135.589
Physical sites registered in the Crossroads Bank for Enterprises (CBE).
Parcels2
Ground area1.1 ha
Buildings2
Building footprint656 m²
Volume (LiDAR)25 m³
Tallest building5.5 m
Real-estate footprint
Source: CBE × cadastre · address linkingParcels linked to this company through its CBE addresses (seat, establishment units, branches), cross-referenced with the cadastral parcel plan. This shows where the company operates, not a deeds register.
Flanders
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 44074C0050/00H000 | Flanders | 5,728 m² | 1 · 268 m² | - |
| 11813N0204/00H023 | Flanders | 5,577 m² | 1 · 387 m² | 5.5 m |
Methodology
via registered seat: 1 · via establishment units: 1
2 of 2 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
1 of these parcels carry protected heritage (source: regional heritage registers, Onroerend Erfgoed / patrimoine.brussels).
Publications
Lifecycle & Insolvency Signals
No insolvency signals in the Belgian State Gazette
Belgisch Staatsblad · acts
3 acts Address history · 1
04-06-2025
Registered-office move
All acts · 3
updated 1 year ago
2025
04-06-2025 Registered office moved from Gent to Wondelgem
- Laurent Delvauxstraat 2 bus A, 9000 Gent → Waterlelielaan 1, 9032 Wondelgem
2024
21-08-2024 1 director appointed, 1 resigning
- De Clercq Guy, Bestuurder
- Leroy Rudi, Bestuurder
2023
21-11-2023 2 directors appointed
- Rudi Leroy, Bestuurder
- Dewaele, Pieter Paul José, Vaste vertegenwoordiger
Notary:
Christophe BLINDEMAN · GentFirm:
BLINDEMAN, notarisvennootschap
Analysis
Financial profile
5 of 5 axes measured54
/ 100
Mixed profile: strong on stability, weaker on health.
All 5 axes are computed from data Checked has read.
Health
15
Profitability
63
Solvency
33
Growth
58
Stability
100
Credit advice
verdict per customer and amountSimilar
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We hold annual accounts for 1,385 of the 11,733 companies in this sector. 845 of them are within a factor 10 of this company's equity.
Company registry
Company registry (CBE)
Crossroads BankActivities
Ontwikkeling van residentiële bouwprojecten68121Bemiddeling in verband met exploitatie van en handel in onroerend goed68310Bemiddeling bij de aankoop, verkoop en verhuur van onroerend goed voor een vast bedrag of op contractbasis68311Bemiddeling bij de aankoop, verkoop en verhuur van onroerend goed70311
Primary activity highlighted.
Names & trade names
| Legal nameNL | Projectmakelaar |
Registered office
Waterlelielaan 1
9032 Gent, Belgium
Official data from the Crossroads Bank for Enterprises (CBE). Available for every registered company.