Equity
-€90,291
Debts exceed assets in financial year 2025.
Properties 18
Lifetime
5 annual accounts with figures on one time axispeak -€6,270 (2022)
-€9,195▼ €2,563
lowest -€61,935 (2023)
-€11,503▼ €3,476
peak -€2,062 (2021)
-€90,291▼ €11,503
€2.6m▲ 11.3%
Board2 names since 2021
2 directorsGLECER Jacques and 1 other
Documentsfilings and deeds
02-06-202659 days before the deadline
2025micro format
Gross margin from -€6,632 to -€9,195Loss of €11,503Equity from -€78,788 to -€90,291Cash from €2,751 to €1,392
Key points
from the 2025 annual accountsLosses
-€95,291 in five years
Every financial year from 2021 to 2025 closed with a loss. 2023 was the heaviest.
Debts
€2.6m 104% of the balance sheet
Financial debts 60%Suppliers 1%Taxes and wages 0%Other 39%
Filings
5 annual accounts since 2021
The last five annual accounts were filed 18 to 59 days before the end of the period.
Position in the sector
-€90,291
Less equity than 92% of companies in real estate. Sector median €73,122 · 17,201 companies.
Public support
€79,149 awarded from 2022 to 2024
Flemish support: Erfgoedpremie voor beschermde monumenten en landschappen - standaardprocedure.
Turnover not published (micro format)
Checked score
53
Fair
Financially stronger than 15% of small companies in real estate (NACE 68)
Probability in this band: 1.5% to 4.2%
Negative equity caps the score at 59.
Bankruptcy probability within 12 months
0.7% Low
0%0.5%1.5%4%10%≥ 25%
The dashed line is the sector median: 0.1% across 6,995 companies (NACE 68, small).
About 7 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
Last 24 months
12-2024: 0.3%
01-2025: 0.3%● unchanged vs 12-2024
02-2025: 0.3%● unchanged vs 01-2025
03-2025: 0.3%● unchanged vs 02-2025lowest value
04-2025: 0.3%● unchanged vs 03-2025
05-2025: 0.3%● unchanged vs 04-2025
06-2025: 0.4%▲ +0.1 percentage points vs 05-2025
07-2025: 0.5%▲ +0.1 percentage points vs 06-2025
08-2025: 0.5%● unchanged vs 07-2025
09-2025: 0.5%● unchanged vs 08-2025
10-2025: 0.5%● unchanged vs 09-2025
11-2025: 0.5%● unchanged vs 10-2025
12-2025: 0.5%● unchanged vs 11-2025
01-2026: 0.5%● unchanged vs 12-2025
02-2026: 0.5%● unchanged vs 01-2026
03-2026: 0.5%● unchanged vs 02-2026
04-2026: 0.5%● unchanged vs 03-2026
05-2026: 0.5%● unchanged vs 04-2026
06-2026: 0.6%▲ +0.1 percentage points vs 05-2026
07-2026: 0.7%▲ +0.1 percentage points vs 06-2026
08-2026: 0.7%● unchanged vs 07-2026
09-2026: 0.7%● unchanged vs 08-2026
10-2026: 0.7%● unchanged vs 09-2026highest value
11-2026: 0.7%● unchanged vs 10-2026highest value
Financial strengthWeak
Score breakdown
raises risk
Capped at 59: negative equity
Liquidity: current ratio 0.96, cash €1,392
Negative equity -€90,291
lowers risk
Size: total assets €2.5m
Sector: Real estate activities (NACE 68)
Calculation
The band follows from the bankruptcy probability. 10 more points roughly halve it.
| 75-100 | Excellent | under 0.55% |
| 60-74 | Healthy | 0.55% to 1.5% |
| 45-59 | Fair | 1.5% to 4.2% |
| 25-44 | Weak | 4.2% to 15.0% |
| 0-24 | Critical | over 15.0% |
Where the company stands within its band depends half on the bankruptcy probability and half on how it does against its sector peers (NACE 68, small). It does better than 10% of them on solvency, 1% on liquidity, 31% on profitability and 19% on growth.
The bankruptcy probability was computed on 08-11-2026 by the bankruptcy model of 2 October 2026, which learns from Belgian bankruptcies and reads the registers, the annual accounts and the Belgian Official Gazette.
The probability rests on the annual accounts with balance sheet date 31-12-2025.
Of the companies with a bankruptcy probability in the low class on 30-06-2025, 0.8% went bankrupt within twelve months.
Some facts cap the score, however low the probability. With negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late, the score is Fair at most (59). With two missing filings, it is Weak at most (44). During a judicial reorganisation or at the company's end (bankruptcy, dissolution, liquidation), it is Critical at most (24).
Comparable companies, two years later
In July 2024, 1,167 companies had the same profile as Properties 18 has now. Each dot stands for 3 companies, two years later.
94.9%
were still trading
2.8%
stopped another way
2.0%
went bankrupt
Another 0.3% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of Properties 18 itself: 0.7% within 12 months.
Test of the method
The method was tested on the 497,447 companies of July 2024. Each company was given the bankruptcy share of the same profile a year earlier, in July 2023. The expectation was that 1.6% would go bankrupt within 24 months. In fact 1.7% went bankrupt.
| 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% | 0.9% |
| 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% |
A company that went bankrupt had a higher expected share than one that kept going in 74.5% of comparisons. The level depends on the economy. In a year with more bankruptcies than the year before, the actual share is higher than the expected one.
This is an observation about 1,167 companies, not a prediction for Properties 18. The sector does not count, because the KBO no longer lists a sector for a company that has stopped. By sector, mostly the survivors would count, which would paint too rosy a picture.
Credit verdict
No credit on open account
Liquidity is insufficient, with a current ratio of 0.96 (0.97 in 2024), below 1. Short-term debt is 103.7% and cash 0.1% of total assets. Equity is negative.
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The scores and ratios are Checked's own calculations, not a credit decision.
Signals
Six signals.
lowers riskraises riskneutral
raises risk · Negative equity
The 2025 annual accounts show negative equity and a net loss.
NBB · annual accounts 2025Equity per financial year
2122232425
2021 to 2025 · latest year -€90,291
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 02-06-2026, 59 days ahead of the deadline.
NBB · 5 filingsDeviation from the deadline
2025
59 days early
2024
59 days early
2023
19 days early
2022
18 days early
2021
40 days early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
The company filed its last 5 accounts on average 39 days before the deadline. In the sector (NACE 68), the median for financial year 2024 was 7 days before the deadline, and 36% of those companies filed late.
Searched, nothing found (2)
neutral · Next filing not due yet
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today. The company usually files around 21 June (5 of the last 5 accounts filed within 30 days either side of that date).
Companies Code · seven monthsWhere today falls in the filing period
09-11-2026 today31-12-2026 year end31-07-2027 deadline
Board and ownership
- GLECER Moses founderdeed of 28-06-2021
- GLECER Jacques founderdeed of 28-06-2021
Recent changes
Registered in the Peppol Directory
Reachable for e-invoices through 0208:0770274624
Environmental permit granted
Verbouwen en/of uitbreiden met functiewijziging en met wijziging van aantal woongelegenheden · Oostende
Incorporation
Founding capital of €5,000 · Founders: GLECER Moses and GLECER Jacques · Appointments: GLECER Jacques (director) and GLECER Moses (director) · published on 28-06-2021 · Gazette deed
First establishment
Belgiëlei 114, Antwerp
Comparable companies
same main activity, similar in size and age| Company | ||||
|---|---|---|---|---|
| Properties 18 Antwerp | €2.5m | -€9,195 | -3.7% | - |
| D&W Immo Antwerp | €2.1m | -€335 | -20.6% | 1 |
| Triple Living Alexandrium Antwerp | €2.0m | -€7,030 | -17.0% | - |
| The Labyrinth Antwerp | €3.1m | -€185,440 | 0.1% | - |
| Brabo Development Schoten | €2.5m | -€5,290 | -8.2% | - |
| Project Ventôse Schoten | €2.9m | -€21,082 | -1.6% | - |
| BADELIM Thimister-Clermont | €2.5m | -€12,175 | 2.3% | - |
These companies have the same main activity as Properties 18: development of residential building projects (NACE 68121). They are comparable in size and age: total assets between €2m and €3.1m, founded between 2021 and 2022.
Official details
Source: KBO- Status
- Active since 24-06-2021Normal situation
- Activity
- Development of residential building projectsNACE 68121
- Establishment unit
- 2.318.641.7752018 Antwerp, since 24-06-2021
- Financial year end
- 31 December
- Peppol
- Reachable since 08-01-2025
Annual accounts 2025
- €2.5m▲ 11.2%
- Filing
- Filed on 02-06-2026, 59 days before the end of the filing period
Insights on Properties 18
Properties 18 files the micro format. That format states no turnover. The gross margin fell from -€6,486 in 2021 to -€9,195 in 2025.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette. Click a figure with a dotted line for the item and the filing.
Key facts about Properties 18
- What is the company number of Properties 18?
- The company number of Properties 18 is 0770.274.624. The VAT number is the same number with BE in front: BE 0770.274.624.
- Where is Properties 18 based?
- The registered office is at Belgiëlei 114, 2018 Antwerp.Company details
- What does Properties 18 do?
- According to the KBO register, the main activity is development of residential building projects (NACE 68121).
- What is the legal form of Properties 18?
- Properties 18 is a private limited company (BV).
- When was Properties 18 founded?
- Properties 18 was founded on 24-06-2021.
- Is Properties 18 still active?
- Yes, Properties 18 is an active enterprise in the KBO register.
- What is the turnover of Properties 18?
- The annual accounts for financial year 2025 state no turnover. The micro format does not require it.Financials
- Is Properties 18 profitable?
- In financial year 2025, Properties 18 made a loss of €11,503.
- Where can I find the annual accounts of Properties 18?
- Properties 18 filed 5 annual accounts with the National Bank of Belgium, the latest for financial year 2025.
- When are the next annual accounts of Properties 18 due?
- Properties 18 must file the annual accounts for financial year 2026 by 31-07-2027.Timeline
Next steps
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