Realest
ActiveSummary
Realest has been active since 1973 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €1.5m and a net result of -€521,675. Equity is shrinking by ~7.2% per year across the filed fiscal years. Its solvency ranks better than 36% of 9341 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.1% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability11=
Solvency42▼-6
Growth22=
Track record100
Bankruptcy probability, 12 months
0.1%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €80,000 at 30 days acceptable
Liquidity ample (current ratio 6.96 against 21.81 in 2024; short-term debt: 0.4% and cash: 0.1% of total assets), but 83.1% of the assets are financed with debt.
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Signals
Six signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
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
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
16.9%
Return on assets
-6%
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 -€521,675
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 20-05-2026, 72 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
72 d early
2024
41 d early
2023
9 d early
2022
47 d early
2021
46 d early
2020
16 d early
2019
67 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 23 days before 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 15 June (4 of the last 5 filed years within 30 days of that day).
Companies Code · seven monthsPosition in the running window
29-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, abbreviated schema
Turnover
€407,919▼ 43.2%
2019 · €718,069
EBIT margin
-13.7%▲ 28.2pp
2019 · -41.9%
Net result
-€521,675▲ 4.9%
2024 · -€548,553
Working capital
€183,709▼ 81.3%
2024 · €984,794
Trend over the years
Click a name to add, emphasise or remove a line.Band: 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.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Turnover
Operating result-€107,874▼ 92.4%€1.3m-€233,928-€279,675▼ 19.6%-€210,590▲ 24.7%
Net result€8,354within the sector's middle half€789,982above the sector's middle half▲ 9,357%-€499,633below the sector's middle half-€548,553below the sector's middle half▼ 9.8%-€521,675below the sector's middle half▲ 4.9%
EBIT margin
Equity€2.2mabove the sector's middle half▲ 0.4%€3.0mabove the sector's middle half▲ 35.2%€2.5mabove the sector's middle half▼ 16.4%€2.0mabove the sector's middle half▼ 21.6%€1.5mabove the sector's middle half▼ 26.2%
Total assets€3.6mwithin the sector's middle half▲ 3.6%€8.5mabove the sector's middle half▲ 138%€9.0mabove the sector's middle half▲ 5.2%€8.8mabove the sector's middle half▼ 2.1%€8.7mabove the sector's middle half▼ 1.0%
Debt€1.3m▲ 9.6%€5.5m▲ 311%€6.4m▲ 17.2%€6.8m▲ 5.6%€7.2m▲ 6.4%
Working capital€425,379within the sector's middle half€880,788above the sector's middle half▲ 107%€1.0mabove the sector's middle half▲ 19.1%€984,794above the sector's middle half▼ 6.1%€183,709within the sector's middle half▼ 81.3%
Solvency62.7%above the sector's middle half▼ 2.0pp35.6%within the sector's middle half▼ 27.1pp28.3%within the sector's middle half▼ 7.3pp22.7%within the sector's middle half▼ 5.6pp16.9%within the sector's middle half▼ 5.8pp
Current ratio2.68within the sector's middle half▲ 2.2310.23above the sector's middle half▲ 7.5533.37above the sector's middle half▲ 23.1421.81above the sector's middle half▼ 11.566.96above the sector's middle half▼ 14.85
Return on assets (ROA)0.2%within the sector's middle half▲ 8.3pp9.3%above the sector's middle half▲ 9.0pp-5.6%below the sector's middle half▼ 14.8pp-6.3%below the sector's middle half▼ 0.7pp-6.0%below the sector's middle half▲ 0.2pp
Staff (FTE)
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 stays negative: a loss of €210,590 in 2025 against €279,675 in 2024; the loss shrinks.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €8.7m
Fixed assets
€8.5m ▲ 9.4%
Current assets
€214,519 ▼ 79.2%
Equity and liabilities €8.7m
Equity
€1.5m ▼ 26.2%
Debt
€7.2m ▲ 6.4%
Debt's share of the balance-sheet total rises from 77.3% to 83.1%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€1,851▲
2024 · -€71,737
Cash flow
-€309,234▲
2024 · -€340,615
Quick ratio
1.29▲
2024 · 0.69
Debt to equity
4.92▲
2024 · 3.41
ROE
-35.5%▼
2024 · -27.6%
Interest coverage
0.01▲
2024 · -0.27
Debt ≤ 1 year
€30,810▼
2024 · €47,320
Debt > 1 year
€7.2m▲
2024 · €6.7m
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 370 companies that looked in July 2024 the way this one looks now, 0.5% went bankrupt within 24 months and 97% are still going.
- Medium-sized
- 20 years or older
- solvency 10 to 30%
- a small loss
0.5%
went bankrupt
2.2%
stopped otherwise
97%
still going
For this company itself Checked computes a bankruptcy probability of 0.1% 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 497,338 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% | 1.9% |
| 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 370 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 | - | - | - | €24,151 | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €91,421 | €457,888 | €93,893 | €207,938 | €212,441 | ▲ 2.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | €19,666 | -€19,666 | ▼ 200% |
| Other operating charges640/8 | €25,676 | €63,917 | €69,265 | €56,300 | €52,394 | ▼ 6.9% |
| Non-recurring operating charges66A | - | - | - | €4,080 | - | - |
| Gross operating margin9900 | €9,223 | €1.8m | -€70,770 | €8,309 | €34,579 | ▲ 316% |
| Operating profit (loss)9901 | -€107,874 | €1.3m | -€233,928 | -€279,675 | -€210,590 | ▲ 24.7% |
| Financial income75/76B | - | €1 | - | - | €75 | - |
| Recurring financial income75 | - | €1 | - | - | €75 | - |
| Financial charges65/66B | €9,146 | €41,059 | €265,705 | €268,878 | €311,160 | ▲ 15.7% |
| Recurring financial charges65 | €9,146 | €41,059 | €265,705 | €268,878 | €311,160 | ▲ 15.7% |
| Profit (loss) for the period before taxes9903 | -€117,019 | €1.2m | -€499,633 | -€548,553 | -€521,675 | ▲ 4.9% |
| Income taxes67/77 | -€125,373 | €447,475 | - | - | - | - |
| Profit (loss) for the period9904 | €8,354 | €789,982 | -€499,633 | -€548,553 | -€521,675 | ▲ 4.9% |
| Transfer from tax-exempt reserves789 | €2,371 | - | - | - | - | - |
| Profit (loss) for the period to be appropriated9905 | €10,725 | €789,982 | -€499,633 | -€548,553 | -€521,675 | ▲ 4.9% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €3.6m | €8.5m | €9.0m | €8.8m | €8.7m | ▼ 1.0% |
| Fixed assets21/28 | €2.9m | €7.5m | €7.9m | €7.7m | €8.5m | ▲ 9.4% |
| Tangible fixed assets22/27 | €2.9m | €7.5m | €7.9m | €7.7m | €8.5m | ▲ 9.4% |
| Land and buildings22 | €2.9m | €6.5m | €7.9m | €7.7m | €8.4m | ▲ 9.1% |
| Furniture and vehicles24 | - | - | - | €7,283 | €31,176 | ▲ 328% |
| Assets under construction and advance payments27 | - | €1.1m | - | - | - | - |
| Financial fixed assets28 | - | - | €150 | - | - | - |
| Current assets29/58 | €678,737 | €976,240 | €1.1m | €1.0m | €214,519 | ▼ 79.2% |
| Stocks and contracts in progress3 | €174,664 | €964,203 | €1.0m | €999,664 | €174,664 | ▼ 82.5% |
| Stocks30/36 | €174,664 | €964,203 | €1.0m | €999,664 | €174,664 | ▼ 82.5% |
| Amounts receivable within one year40/41 | €405,269 | - | €197 | €6,775 | €22,141 | ▲ 227% |
| Trade receivables40 | - | - | €197 | €6,775 | €22,141 | ▲ 227% |
| Other amounts receivable41 | €405,269 | - | - | - | - | - |
| Cash at bank and in hand54/58 | €97,170 | €10,326 | €60,091 | €25,675 | €10,536 | ▼ 59.0% |
| Deferred charges and accrued income490/1 | €1,633 | €1,711 | €1,816 | - | €7,178 | - |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €3.6m | €8.5m | €9.0m | €8.8m | €8.7m | ▼ 1.0% |
| Equity10/15 | €2.2m | €3.0m | €2.5m | €2.0m | €1.5m | ▼ 26.2% |
| Contributions10/11 | €3.7m | €3.7m | €3.7m | €3.7m | €3.7m | = |
| Capital10 | €3.7m | €3.7m | €3.7m | €3.7m | €3.7m | = |
| Issued capital100 | €3.7m | €3.7m | €3.7m | €3.7m | €3.7m | = |
| Revaluation surpluses12 | €118,989 | €118,989 | €118,989 | €118,989 | €118,989 | = |
| Reserves13 | €365,000 | €365,000 | €365,000 | €365,000 | €365,000 | = |
| Non-distributable reserves130/1 | €365,000 | €365,000 | €365,000 | €365,000 | €365,000 | = |
| Legal reserve130 | €365,000 | €365,000 | €365,000 | €365,000 | €365,000 | = |
| Profit (loss) carried forward14 | -€1.9m | -€1.1m | -€1.6m | -€2.1m | -€2.7m | ▼ 24.3% |
| Amounts payable17/49 | €1.3m | €5.5m | €6.4m | €6.8m | €7.2m | ▲ 6.4% |
| Amounts payable after more than one year17 | €1.1m | €5.4m | €6.4m | €6.7m | €7.2m | ▲ 6.7% |
| Financial debts170/4 | €1.1m | €5.4m | €6.4m | €6.7m | €7.2m | ▲ 6.7% |
| Other amounts payable178/9 | - | - | - | €500 | €500 | = |
| Amounts payable within one year42/48 | €253,358 | €95,452 | €32,405 | €47,320 | €30,810 | ▼ 34.9% |
| Trade debts44 | €26,263 | €87,967 | €30,734 | €29,160 | €29,845 | ▲ 2.3% |
| Suppliers440/4 | €26,263 | €87,967 | €30,734 | €29,160 | €29,845 | ▲ 2.3% |
| Taxes, remuneration and social security45 | €227,095 | €7,485 | €1,671 | €2,160 | €965 | ▼ 55.3% |
| Taxes450/3 | €227,095 | €7,485 | €1,671 | €2,160 | €965 | ▼ 55.3% |
| Other amounts payable47/48 | - | - | - | €16,000 | - | - |
| Accrued charges and deferred income492/3 | €6,038 | €12,353 | €13,329 | €7,840 | €7,340 | ▼ 6.4% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €8,354 | €789,982 | -€499,633 | -€548,553 | -€521,675 | ▲ 4.9% |
| + Depreciation and write-downs630 | €91,421 | €457,888 | €93,893 | €207,938 | €212,441 | ▲ 2.2% |
| Operating cash flow (approximation) | €99,775 | €1.2m | -€405,740 | -€340,615 | -€309,234 | ▲ 9.2% |
| Investment in fixed assets (approximation) | - | -€5.1m | -€430,190 | -€65,435 | -€941,351 | ▼ 1,339% |
| Change in cash | - | -€86,844 | €49,765 | -€34,416 | -€15,139 | ▲ 56.0% |
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
20-05
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema
2025
20-06
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema
2024
31-12
Financial
Weakest financial yearnet -€548,553
Net result drops to -€548,553, the lowest in the series; recovery starts the following year.
22-07
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema
2023
31-12
Financial
Liquidity triplescurrent ratio 33.37
Current ratio from 10.23 to 33.37; short-term debt falls from €95,452 to €32,405.
14-06
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema
2022
31-12
Financial
Highest result since 2018net €789,982 ▲9,357%
Operating result €1.3m, net result €789,982, both a record.
31-12
Financial
Liquidity quadruplescurrent ratio 10.23
Current ratio from 2.68 to 10.23; short-term debt falls from €253,358 to €95,452.
15-06
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema
2021
31-12
Financial
Back to profitnet €8,354
Net result €8,354 after 2 loss-making years.
31-12
Financial
Liquidity times 6current ratio 2.68
Current ratio from 0.45 to 2.68; short-term debt falls from €1.1m to €253,358.
15-07
NBB filing
Annual accounts filed
fiscal year 2020 · full schema
Show earlier events
2020
06-10
NBB filing
Annual accounts filed
fiscal year 2019 · full schema · 67 days late
2019
19-06
NBB filing
Annual accounts filed
fiscal year 2018 · full schema
2018
02-07
NBB filing
Annual accounts filed
fiscal year 2017 · full schema
2017
28-06
NBB filing
Annual accounts filed
fiscal year 2016 · full schema
2013
17-12
State Gazette act
General meeting · Director resignation
Permanent representative · Director discharge
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 18 acts read
About the unread acts
We know of 18 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
18 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, Knokke-Heist · 1 establishment unit since 1975
Ground area
2,109 m²
Building footprint
318 m²
Volume, LiDAR
2,562 m³
Parcel 31332E0837/00A000, Flanders · tallest building 13.6 m, ±3 floors. Linked by address, not a title deed.
10
companies at this address
See who is registered here
1 establishment unit
Prins Karellaan 50, 8300 Knokke-Heist
since 19752.010.945.701
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 31332E0837/00A000 | Flanders | 2,109 m² | 1 · 318 m² | 13.6 m · 3 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
Owners and holdings
1 ownerChain of control
- SOVANEST
- Realest
Highest known parent: SOVANEST. The sources do not say who stands above it.
Owners 1
- SOVANESTparentSourceaccounts SOVANEST 2025100%
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
No current directors or connected companies found in the register.
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Of 9,696 companies in sector 68121 we hold annual accounts for 7,392. 3,414 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
Founded29-01-1973
Fiscal year end31-12
Activities, NACEBEL 2025
68121Development of residential building projects
01500Mixed farming
E-invoicing
Reachable via Peppol
Peppol ID
0208:0412921377
Also
9925:BE0412921377
Registered
14-10-2025
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 29 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.