REALED
ActiveSummary
REALED has been active since 2020 and the Belgian State Gazette contains no insolvency or warning signals. The 2024 annual accounts show equity of €305,912 and a net result of €150,635. Equity is growing by ~3.2% per year across the filed fiscal years. Its solvency ranks better than 34% of 1938 sector peers (fiscal year 2024). The computed 12-month bankruptcy probability is 0.7% (low).
Checked score
Score 2024
Axes · tick = 2023
Profitability87▼-12
Solvency55▲+6
Growth78=
Track record100
Bankruptcy probability, 12 months
0.7%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €22,000 at 30 days acceptable
Liquidity ample (current ratio 1.93 against 0.62 in 2023; short-term debt: 18.4% and cash: 22% of total assets), but 69.9% of the assets are financed with debt.
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Show the recommended maximum : and see how the verdict changes with amount, term and advance.
Signals
Four 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 71
Relative position
BE, all sectors
reference
Architectural and engineering activities; technical testing and analysis (NACE 71)
about 56% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
raises risk · Limited track record
This company has not been active as long as an established one and statistically fails somewhat more often.
KBO · incorporation dateAge against the risk zone
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2024 was due by 31-07-2025 and was filed on 04-06-2025, 57 days ahead of the deadline.
NBB · 5 filingsDeviation from the deadline
2025
not confirmed
2024
57 d early
2023
23 d early
2022
23 d late
2021
48 d early
2020
8 d early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 5 accounts on average 23 days before the deadline; the sector median for financial year 2024 is 8 days before the deadline, and 33% of the sector filed late.
Checked, nothing found (1)
History
Go further with this company
How much credit can you give this customer, and on what term?Credit check What should you check before you do business with this company?Supplier due diligence Can you accept this company as a client under the anti-money-laundering law?AML client file Which of your other customers can you e-invoice via Peppol?Peppol check What other support did companies like this one receive, and it did not?Public money Which other companies belong to the same group?STUDIBO HOLDING · 24 companies
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Financials · fiscal year 2024, abbreviated schema
Equity
€305,912▲ 86.9%
2023 · €163,635
Total assets
€1.0m▲ 47.4%
2023 · €688,324
Net result
€150,635▼ 9.5%
2023 · €166,524
Working capital
€174,427
2023 · -€164,537
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 71, Architectural and engineering activities; technical testing and analysis, 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
Line20202021202220232024
Operating result€203,052-€171,334▼ 15.6%€168,687▼ 1.5%€228,256▲ 35.3%€208,559▼ 8.6%
Net result€145,025above the sector's middle half-€123,200above the sector's middle half▼ 15.0%€125,555above the sector's middle half▲ 1.9%€166,524above the sector's middle half▲ 32.6%€150,635above the sector's middle half▼ 9.5%
Equity€153,425above the sector's middle half-€275,025above the sector's middle half▲ 79.3%€162,085above the sector's middle half▼ 41.1%€163,635above the sector's middle half▲ 1.0%€305,912within the sector's middle half▲ 86.9%
Total assets€245,974within the sector's middle half-€406,315above the sector's middle half▲ 65.2%€515,156above the sector's middle half▲ 26.8%€688,324above the sector's middle half▲ 33.6%€1.0mwithin the sector's middle half▲ 47.4%
Debt€92,549-€131,290▲ 41.9%€353,070▲ 169%€524,689▲ 48.6%€709,002▲ 35.1%
Working capital€108,691-€192,266▲ 76.9%€52,819▼ 72.5%-€164,537€174,427
Solvency62.4%within the sector's middle half-67.7%within the sector's middle half▲ 5.3pp31.5%within the sector's middle half▼ 36.2pp23.8%below the sector's middle half▼ 7.7pp30.1%within the sector's middle half▲ 6.4pp
Staff (FTE)0.9within the sector's middle half-2.8▲ 211%3.7▲ 32.1%4.1▲ 10.8%4.6within the sector's middle half▲ 12.2%
above
within
below
the middle half (P25 to P75) of NACE 71, Architectural and engineering activities; technical testing and analysis, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the abbreviated or micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result falls in 2024; 2024 is 9% below 2023.
Balance-sheet composition
2024 in colour, 2023 as the grey bar beneath
Assets €1.0m
Fixed assets
€653,727 ▲ 54.7%
Current assets
€361,187 ▲ 35.9%
Equity and liabilities €1.0m
Equity
€305,912 ▲ 86.9%
Debt
€709,002 ▲ 35.1%
Debt's share of the balance-sheet total falls from 76.2% to 69.9%. Equity and debt are higher.
Key figures and ratios
EBITDA
€273,882▲
2023 · €257,767
Cash flow
€215,958▲
2023 · €196,035
Current ratio
1.93▲
2023 · 0.62
Debt to equity
2.32▼
2023 · 3.21
ROE
49.2%▼
2023 · 101.8%
ROA
14.8%▼
2023 · 24.2%
Interest coverage
19.16▼
2023 · 78.41
Debt ≤ 1 year
€186,759▼
2023 · €430,358
Debt > 1 year
€521,292▲
2023 · €94,331
Income taxes
€43,660▼
2023 · €58,468
Staff costs
€236,994▲
2023 · €195,804
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 26,964 companies that looked in July 2024 the way this one looks now, 1.5% went bankrupt within 24 months and 95% are still going.
- Micro
- 5 to 10 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
1.5%
went bankrupt
3.4%
stopped otherwise
95%
still going
A further 0.3% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.7% 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 26,964 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 | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | €103,276 | €146,591 | €195,804 | €236,994 | ▲ 21.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €9,776 | €16,641 | €26,465 | €29,512 | €65,323 | ▲ 121% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | €1,050 | €0 | ▼ 100% |
| Other operating charges640/8 | - | €1,405 | €1,036 | €1,710 | €1,338 | ▼ 21.8% |
| Gross operating margin9900 | €239,130 | €292,656 | €342,779 | €456,332 | €512,213 | ▲ 12.2% |
| Operating profit (loss)9901 | €203,052 | €171,334 | €168,687 | €228,256 | €208,559 | ▼ 8.6% |
| Financial income75/76B | - | €1 | €0 | €23 | €31 | ▲ 33.2% |
| Recurring financial income75 | €5 | €1 | €0 | €23 | €31 | ▲ 33.2% |
| Financial charges65/66B | - | €694 | €1,300 | €3,288 | €14,295 | ▲ 335% |
| Recurring financial charges65 | €316 | €694 | €1,300 | €3,288 | €14,295 | ▲ 335% |
| Profit (loss) for the period before taxes9903 | €202,741 | €170,641 | €167,388 | €224,991 | €194,295 | ▼ 13.6% |
| Income taxes67/77 | €57,716 | €47,441 | €41,833 | €58,468 | €43,660 | ▼ 25.3% |
| Profit (loss) for the period9904 | €145,025 | €123,200 | €125,555 | €166,524 | €150,635 | ▼ 9.5% |
| Profit (loss) for the period to be appropriated9905 | €145,025 | €123,200 | €125,555 | €166,524 | €150,635 | ▼ 9.5% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €245,974 | €406,315 | €515,156 | €688,324 | €1.0m | ▲ 47.4% |
| Formation expenses20 | €388 | €0 | - | - | - | - |
| Fixed assets21/28 | €60,753 | €92,059 | €109,266 | €422,504 | €653,727 | ▲ 54.7% |
| Intangible fixed assets21 | - | - | - | €10,812 | €6,845 | ▼ 36.7% |
| Tangible fixed assets22/27 | €60,753 | €92,059 | €109,266 | €411,692 | €646,882 | ▲ 57.1% |
| Land and buildings22 | - | - | €9,927 | €336,552 | €445,249 | ▲ 32.3% |
| Plant, machinery and equipment23 | - | €7,362 | €11,973 | €11,474 | €9,937 | ▼ 13.4% |
| Furniture and vehicles24 | - | €84,697 | €87,365 | €63,667 | €191,696 | ▲ 201% |
| Current assets29/58 | €184,833 | €314,256 | €405,890 | €265,820 | €361,187 | ▲ 35.9% |
| Amounts receivable within one year40/41 | €68,728 | €45,211 | €38,808 | €91,788 | €122,919 | ▲ 33.9% |
| Trade receivables40 | - | €45,135 | €25,295 | €78,621 | €106,245 | ▲ 35.1% |
| Other amounts receivable41 | - | €77 | €13,513 | €13,167 | €16,674 | ▲ 26.6% |
| Cash at bank and in hand54/58 | €116,105 | €263,519 | €357,769 | €170,808 | €223,564 | ▲ 30.9% |
| Deferred charges and accrued income490/1 | - | €5,526 | €9,313 | €3,224 | €14,704 | ▲ 356% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €245,974 | €406,315 | €515,156 | €688,324 | €1.0m | ▲ 47.4% |
| Equity10/15 | €153,425 | €275,025 | €162,085 | €163,635 | €305,912 | ▲ 86.9% |
| Contributions10/11 | - | €10,000 | €10,000 | €10,000 | €10,000 | = |
| Reserves13 | €143,425 | €265,025 | €152,085 | €152,085 | €296,531 | ▲ 95.0% |
| Distributable reserves133 | - | €265,025 | €152,085 | €152,085 | €296,531 | ▲ 95.0% |
| Profit (loss) carried forward14 | - | €0 | €0 | €1,550 | -€619 | ▼ 140% |
| Amounts payable17/49 | €92,549 | €131,290 | €353,070 | €524,689 | €709,002 | ▲ 35.1% |
| Amounts payable after more than one year17 | €16,407 | €9,300 | €0 | €94,331 | €521,292 | ▲ 453% |
| Financial debts170/4 | - | €9,300 | €0 | €94,331 | €521,292 | ▲ 453% |
| Amounts payable within one year42/48 | €76,142 | €121,990 | €353,070 | €430,358 | €186,759 | ▼ 56.6% |
| Current portion of amounts payable after more than one year42 | - | €15,047 | €9,300 | €0 | €28,936 | - |
| Trade debts44 | €6,221 | €18,531 | €19,434 | €137,309 | €60,064 | ▼ 56.3% |
| Suppliers440/4 | - | €18,531 | €19,434 | €137,309 | €60,064 | ▼ 56.3% |
| Taxes, remuneration and social security45 | - | €67,468 | €64,878 | €48,606 | €90,332 | ▲ 85.8% |
| Taxes450/3 | - | €47,911 | €42,356 | €18,500 | €54,248 | ▲ 193% |
| Remuneration and social security454/9 | - | €19,557 | €22,522 | €30,106 | €36,084 | ▲ 19.9% |
| Other amounts payable47/48 | - | €20,945 | €259,459 | €244,443 | €7,427 | ▼ 97.0% |
| Accrued charges and deferred income492/3 | - | - | - | - | €950 | - |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €145,025 | €123,200 | €125,555 | €166,524 | €150,635 | ▼ 9.5% |
| + Depreciation and write-downs630 | €9,776 | €16,641 | €26,465 | €29,512 | €65,323 | ▲ 121% |
| Operating cash flow (approximation) | €154,801 | €139,842 | €152,020 | €196,035 | €215,958 | ▲ 10.2% |
| Investment in fixed assets (approximation) | - | -€47,948 | -€43,672 | -€342,749 | -€296,546 | ▲ 13.5% |
| Change in cash | - | €147,413 | €94,251 | -€186,961 | €52,756 | ▲ 128% |
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
2026
03-09
State Gazette act
Resignation: JMC-Z BV (niet statutair benoemd bestuurder)Permanent representative: Maarten Zwaenepoel3 facts ▸
State Gazette act
Resignation: JMC-Z BV (niet statutair benoemd bestuurder)
Permanent representative: Maarten Zwaenepoel3 facts ▸
- General meeting, 28-08-2026
- Director resignation, JMC-Z BV (niet statutair benoemd bestuurder)
- Permanent representative, Maarten Zwaenepoel (permanent representative)
17-02
State Gazette act
Purpose · Resignations & appointments · RestructuringResignation: AFINO (director) · Reappointments: CRMCR, JMC-Z and 2 others · Permanent representatives: ROELANT Jensie Alfred Valère, ZWAENEPOEL Maarten and 3 others15 facts ▸
State Gazette act
Purpose · Resignations & appointments · Restructuring
Resignation: AFINO (director) · Reappointments: CRMCR, JMC-Z and 2 others · Permanent representatives: ROELANT Jensie Alfred Valère, ZWAENEPOEL Maarten and 3 others15 facts ▸
- General meeting, 29-12-2025
- Merger, 01-01-2026
- Merger, 01-01-2026
- Accounting effect, 01-01-2026
- Purpose change, I. Specifieke activiteiten ... II. Beheer van een eigen roerend en onroerend vermogen ... III. Algemene activiteiten ... IV. Bijzondere bepalingen ...
- Director resignation, AFINO (director)
- Director reappointment, CRMCR (director)
- Permanent representative, ROELANT Jensie Alfred Valère
- Director reappointment, JMC-Z (director)
- Permanent representative, ZWAENEPOEL Maarten
- Director reappointment, HANNECART (director)
- Permanent representative, VANDEPUTTE Vincent Philippe Jean
- +3 further facts in this act
2025
04-06
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema
2024
31-12
Financial
Liquidity triplescurrent ratio 1.93
Current ratio from 0.62 to 1.93; short-term debt falls from €430,358 to €186,759.
31-12
Financial
Equity above €200,000Eq €305,912 ▲86.9%
5 profitable years in a row build equity to €305,912.
08-07
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
31-12
Financial
Highest result since 2020net €166,524 ▲32.6%
Operating result €228,256, net result €166,524, both a record.
23-08
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 23 days late
2022
13-06
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
31-12
Financial
Weakest financial yearnet €123,200 ▼15%
Net result drops to €123,200, the lowest in the series; recovery starts the following year.
31-12
Financial
Equity above €200,000Eq €275,025 ▲79.3%
2 profitable years in a row build equity to €275,025.
23-07
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
2 of 8 acts read
About the unread acts
Of the 8 Belgian State Gazette acts we know for this company, 2 have been read. The other 6 have not been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
under verification, last change in 2026
This board is reconstructed from a single act (26024035). A Gazette act generally publishes only CHANGES, not a full roll call, so directors unchanged since then may be missing here. The KBO register holds the complete list of function holders.
Board 3
CRMCR
CurrentDirector · since 29-12-2025 · Private limited company · perm. rep.: ROELANT Jensie Alfred Valère
Hannecart
CurrentDirector · since 29-12-2025 · Private limited company · perm. rep.: VANDEPUTTE Vincent Philippe Jean
Studibo Belgium
CurrentDirector · since 29-12-2025 · Private limited company · perm. rep.: VERHAEGHE Karel
Permanent representatives 3
ROELANT Jensie Alfred Valère
CurrentPermanent representative · since 29-12-2025 · for CRMCR
VANDEPUTTE Vincent Philippe Jean
CurrentPermanent representative · since 29-12-2025 · for Hannecart
VERHAEGHE Karel
CurrentPermanent representative · since 29-12-2025 · for Studibo Belgium
Derived from published Gazette acts. The CBE keeps the official list of function holders; we do not read it, so the two can differ.
See the function holders in the CBE →
Not every act has been read: a resignation may be missing here
6 of this company's 8 Belgian State Gazette acts have not been read yet. Appointments and resignations recorded in them are missing above: a director who resigned there may therefore still show here as sitting. The acts are in the Timeline.
Location & real-estate footprint
Registered office, Waregem · 2 establishment units since 2020
Ground area
5,913 m²
Building footprint
2,417 m²
Volume, LiDAR
15,957 m³
2 parcels, Flanders · tallest building 11.3 m, ±2 floors. Linked by address, not a title deed.
2 establishment units
REALED
since 20202.297.298.609
Realed
since 20262.381.552.215
2 parcels
Flanders
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 31807I0459/00Z007 | Flanders | 2,965 m² | 1 · 2,093 m² | 8.9 m · 2 fl. |
| 34006A0471/00A000 | Flanders | 2,948 m² | 1 · 323 m² | 11.3 m · 1 fl. |
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.
Mandate history
5 people since 2025, 3 in office
- Board
- began earlier
| Name | Functions and periods |
|---|---|
| CRMCR |
|
| Hannecart |
|
| Studibo Belgium |
|
| JMC-Z |
|
| AFINO |
|
Structure & network
Part of the group
STUDIBO HOLDING
24 companies
Group, risk and exposure
Owners and holdings
1 ownerChain of control
- STUDIBO HOLDING
- Studibo Belgium
- REALED
Highest known parent: STUDIBO HOLDING. The sources do not say who stands above it.
Owners 1
- Studibo Belgiumparent100%
Holdings 0
No holding stated in the accounts, acts or LEI register we read.
According to the annual accounts of the other companies, the acts in the Belgian Gazette and the LEI register. The register of ultimate beneficial owners (UBO) is not public: who ultimately stands behind a natural person or a foreign parent is not stated here. A company that does not fill in these statements, or need not, is missing.
Connections & network
1 connected companyThe connected companies are in the list below.
This company
Company
Director
Shareholding
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Linked via shared directors
Group J2F
Shared corporate director
→
Acquisitions and mergers
2 transactionsTook over:KEURDESK
Took over:STUDIEBUREAU KUBIEK
Public money · subsidies and aid
Flemish government
2022 to 2025 · 4 entries · 3,359 EUR awarded · 3,434 EUR paid| Year | Entries | awarded | paid |
|---|---|---|---|
| 2025 | 1 | 503 EUR | 503 EUR |
| 2024 | 1 | 1,098 EUR | 1,098 EUR |
| 2023 | 1 | 795 EUR | 870 EUR |
| 2022 | 1 | 963 EUR | 963 EUR |
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Of 11,577 companies in sector 71121 we hold annual accounts for 6,570. 4,875 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
Founded02-01-2020
Fiscal year end31-12
Activities, NACEBEL 2025
71121Engineering and related technical consultancy, excluding land surveyors
71209Other technical testing and analysis
74999Other professional, scientific and technical activities
82100Office administrative and support services
E-invoicing
Reachable via Peppol
Peppol ID
0208:0740675766
Registered
23-12-2025
Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.