R&D
ActiveSummary
The annual accounts of R&D for fiscal year 2025 show a net loss of 84% of total assets and of 67% of the equity at the start of that year. The 2025 annual accounts show equity of €10,934 and a net result of -€22,612. Equity is shrinking by ~9.7% per year across the filed fiscal years. Its solvency ranks better than 58% of 14220 sector peers (fiscal year 2025). The company has been active since 1990 and the Belgian State Gazette contains no insolvency or warning signals. The computed 12-month bankruptcy probability is 0.3% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability0=
Solvency65▼-35
Growth32=
Track record100
Bankruptcy probability, 12 months
0.3%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €500 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 short (current ratio 0.04; short-term debt: 59.5% and cash: 2.7% of total assets), and 59.5% 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+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 →
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 · 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
40.5%
Return on assets
-83.8%
Age of the figures
9 mo
raises risk · Persistent losses
Two consecutive loss-making years (2024 and 2025); equity is also lower. May indicate structural pressure on profitability.
NBB · annual accounts 2025Net result per financial year
1819202122232425
2018 to 2025 · latest year -€22,612
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 29-06-2026, 32 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
32 d early
2024
35 d early
2023
29 d early
2022
29 d late
2021
25 d late
2020
31 d late
2019
56 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 6 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.
Companies Code · seven monthsPosition in the running window
27-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, micro schema
Equity
€10,934▼ 67.4%
2024 · €33,546
Total assets
€26,998▼ 19.5%
2024 · €33,556
Net result
-€22,612▼ 342%
2024 · -€5,116
Working capital
-€15,342
2024 · €6,664
Trend over the years
Click a name to add, emphasise or remove a line.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result-€362-€5,988▼ 1,557%-€6,039▼ 0.8%-€5,072▲ 16.0%-€22,567▼ 345%
Net result-€559-€6,079▼ 987%-€6,074▲ 0.1%-€5,116▲ 15.8%-€22,612▼ 342%
Equity€50,815▼ 1.1%€44,736▼ 12.0%€38,662▼ 13.6%€33,546▼ 13.2%€10,934▼ 67.4%
Total assets€51,474▼ 1.4%€44,882▼ 12.8%€38,672▼ 13.8%€33,556▼ 13.2%€26,998▼ 19.5%
Debt€660▼ 18.8%€146▼ 77.9%€10▼ 93.1%€10=€16,064▲ 160,540%
Working capital€42,714▼ 0.4%€16,641▼ 61.0%€11,173▼ 32.9%€6,664▼ 40.4%-€15,342
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €22,567 in 2025 against €5,072 in 2024; the loss grows and 2025 has the lowest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €26,998
Fixed assets
€26,276 ▼ 2.3%
Current assets
€722 ▼ 89.2%
Equity and liabilities €26,998
Equity
€10,934 ▼ 67.4%
Debt
€16,064 ▲ 160,540%
Debt's share of the balance-sheet total rises from 0.0% to 59.5%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
-€21,961▼
2024 · -€4,466
Cash flow
-€22,006▼
2024 · -€4,510
Current ratio
0.04
Debt to equity
1.47▲
2024 · 0.00
ROE
-206.8%▼
2024 · -15.2%
ROA
-83.8%▼
2024 · -15.2%
Interest coverage
-488.02▼
2024 · -102.67
Debt ≤ 1 year
€16,064▲
2024 · €10
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 5,827 companies that looked in July 2024 the way this one looks now, 1.5% went bankrupt within 24 months and 84% are still going.
- Micro
- 20 years or older
- solvency 30% or more
- a loss of 10% of the balance sheet or more
1.5%
went bankrupt
14%
stopped otherwise
84%
still going
A further 0.7% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.3% 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 497,058 companies of July 2024 its group's bankruptcy share. Expected: 1.5%; actually bankrupt within 24 months: 1.6%.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.4% |
| 3 | 0.5% | 0.5% |
| 4 | 0.6% | 0.7% |
| 5 | 0.8% | 0.9% |
| 6 | 1.2% | 1.3% |
| 7 | 1.5% | 1.6% |
| 8 | 1.7% | 1.7% |
| 9 | 2.7% | 2.8% |
| 10 | 5.3% | 5.7% |
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 5,827 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 |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | €2,000 | - | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | - | €4,806 | €606 | €606 | €606 | = |
| Other operating charges640/8 | €3,202 | €2,361 | €3,032 | €2,684 | €3,368 | ▲ 25.5% |
| Gross operating margin9900 | €2,841 | €1,179 | -€2,401 | -€1,782 | -€18,593 | ▼ 943% |
| Operating profit (loss)9901 | -€362 | -€5,988 | -€6,039 | -€5,072 | -€22,567 | ▼ 345% |
| Financial charges65/66B | €198 | €90 | €35 | €44 | €45 | ▲ 3.4% |
| Recurring financial charges65 | €198 | €90 | €35 | €44 | €45 | ▲ 3.4% |
| Profit (loss) for the period before taxes9903 | -€559 | -€6,079 | -€6,074 | -€5,116 | -€22,612 | ▼ 342% |
| Profit (loss) for the period9904 | -€559 | -€6,079 | -€6,074 | -€5,116 | -€22,612 | ▼ 342% |
| Profit (loss) for the period to be appropriated9905 | -€559 | -€6,079 | -€6,074 | -€5,116 | -€22,612 | ▼ 342% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €51,474 | €44,882 | €38,672 | €33,556 | €26,998 | ▼ 19.5% |
| Fixed assets21/28 | €8,701 | €28,095 | €27,488 | €26,882 | €26,276 | ▼ 2.3% |
| Tangible fixed assets22/27 | €8,701 | €28,095 | €27,488 | €26,882 | €26,276 | ▼ 2.3% |
| Land and buildings22 | €8,701 | €28,095 | €27,488 | €26,882 | €26,276 | ▼ 2.3% |
| Current assets29/58 | €42,774 | €16,787 | €11,183 | €6,674 | €722 | ▼ 89.2% |
| Amounts receivable within one year40/41 | - | €5 | €4 | €4 | €4 | = |
| Other amounts receivable41 | - | €5 | €4 | €4 | €4 | = |
| Cash at bank and in hand54/58 | €42,774 | €16,783 | €11,179 | €6,670 | €718 | ▼ 89.2% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €51,474 | €44,882 | €38,672 | €33,556 | €26,998 | ▼ 19.5% |
| Equity10/15 | €50,815 | €44,736 | €38,662 | €33,546 | €10,934 | ▼ 67.4% |
| Contributions10/11 | €30,000 | €30,000 | €30,000 | €30,000 | €30,000 | = |
| Reserves13 | €19,985 | €19,985 | €19,985 | €19,985 | €19,985 | = |
| Non-distributable reserves130/1 | €3,000 | €3,000 | €3,000 | €3,000 | €3,000 | = |
| Reserves not available under the articles1311 | €3,000 | €3,000 | €3,000 | €3,000 | €3,000 | = |
| Distributable reserves133 | €16,985 | €16,985 | €16,985 | €16,985 | €16,985 | = |
| Profit (loss) carried forward14 | €829 | -€5,249 | -€11,323 | -€16,439 | -€39,051 | ▼ 138% |
| Amounts payable17/49 | €660 | €146 | €10 | €10 | €16,064 | ▲ 160,540% |
| Amounts payable within one year42/48 | €60 | €146 | €10 | €10 | €16,064 | ▲ 160,540% |
| Trade debts44 | €60 | €50 | €10 | €10 | €64 | ▲ 540% |
| Suppliers440/4 | €60 | €50 | €10 | €10 | €64 | ▲ 540% |
| Taxes, remuneration and social security45 | - | €96 | - | - | - | - |
| Taxes450/3 | - | €96 | - | - | - | - |
| Other amounts payable47/48 | - | - | - | - | €16,000 | - |
| Accrued charges and deferred income492/3 | €600 | - | - | - | - | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€559 | -€6,079 | -€6,074 | -€5,116 | -€22,612 | ▼ 342% |
| + Depreciation and write-downs630 | - | €4,806 | €606 | €606 | €606 | = |
| Operating cash flow (approximation) | -€559 | -€1,273 | -€5,468 | -€4,510 | -€22,006 | ▼ 388% |
| Investment in fixed assets (approximation) | - | -€24,200 | €0 | €0 | €0 | - |
| Change in cash | - | -€25,991 | -€5,603 | -€4,510 | -€5,952 | ▼ 32.0% |
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
29-06
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
31-12
Financial
Weakest financial yearnet -€22,612
Net result drops to -€22,612, the lowest in the series.
26-06
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
02-07
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
31-12
Financial
Liquidity times 10current ratio 1118.35
Current ratio from 115.01 to 1118.35; short-term debt falls from €146 to €10.
29-08
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 29 days late
2022
25-08
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 25 days late
2021
31-12
Financial
Liquidity times 10current ratio 717.32
Current ratio from 70.77 to 717.32; short-term debt falls from €614 to €60.
31-08
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 31 days late
2020
31-12
Financial
Back to profitnet €6,135
Net result €6,135 after 2 loss-making years.
25-09
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 56 days late
04-02
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema · 188 days late
Show earlier events
2019
31-12
Financial
Liquidity doublescurrent ratio 41.92
Current ratio from 18.28 to 41.92; short-term debt falls from €1,886 to €893.
2018
16-03
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema
2017
30-08
NBB filing
Annual accounts filed
fiscal year 2016 · micro schema · 30 days late
Financial 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, Dilbeek · 1 establishment unit since 1991
Ground area
6,424 m²
Building footprint
344 m²
Volume, LiDAR
982 m³
2 parcels, Flanders · tallest building 9.5 m, ±2 floors. Linked by address, not a title deed.
2
companies at this address
See who is registered here
1 establishment unit
Kortemansstraat 109, 1730 Asse
since 19912.051.139.036
2 parcels
Flanders
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 23006A0161/00L000 | Flanders | 3,620 m² | 1 · 174 m² | 9.4 m · 2 fl. |
| 23074C0023/00F000 | Flanders | 2,804 m² | 1 · 170 m² | 0.1 m |
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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Of 9,146 companies in sector 68201 we hold annual accounts for 6,770. 1,628 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 (pre-2019)
Founded12-11-1990
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
68204Real estate activities
E-invoicing
Reachable via Peppol
Peppol ID
0208:0442484603
Also
9925:BE0442484603
Registered
19-11-2025
Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.