SAEN PROJECTS
ActiveSummary
The computed 12-month bankruptcy probability of SAEN PROJECTS is 2.6% (moderate). The 2024 annual accounts show equity of €43,685 and a net result of €9,513. Equity is growing by ~14.4% per year across the filed fiscal years. Its solvency ranks better than 43% of 36386 sector peers (fiscal year 2024). The company has been active since 2021 and the Belgian State Gazette contains no insolvency or warning signals.
Checked score
Score 2024
Axes · tick = 2023
Profitability80▲+7
Solvency66▲+9
Growth52=
Track record94
Bankruptcy probability, 12 months
2.6%
Moderate
0%0.5%1.5%4%10%≥ 25%
Credit up to €3,000 at 30 days acceptable
Liquidity ample (current ratio 4.29 against 1.62 in 2023; short-term debt: 13.8% of total assets), but 59.2% of the assets are financed with debt.
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Signals
Four signals. The signal on the left, the evidence on the right.
+raises risk○neutral
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
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 43
Relative position
BE, all sectors
reference
Specialised construction activities (NACE 43)
about 85% more bankruptcies
← fewer bankruptcies
more bankruptcies →
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 2024Solvency, return and age of the figures
Solvency
40.8%
Return on assets
8.9%
Age of the figures
21 mo
neutral · Filed after the deadline
The financial year that closed on 31-12-2024 was due by 31-07-2025 and was filed on 01-09-2025, 32 days later. For context: 47% of the Belgian market files late and the whole 1-to-90-day band measures 2.0% abnormal legal state against a 1.66% average. We show this as a fact and do not score it.
NBB · 4 filingsDeviation from the deadline
2025
not confirmed
2024
32 d late
2023
65 d late
2022
43 d late
2021
100 d late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 4 accounts on average 60 days after the deadline; the sector median for financial year 2024 is 1 day before the deadline, and 42% of the sector filed late.
Checked, nothing found (1)
History
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Financials · fiscal year 2024, micro schema
Equity
€43,685▲ 10.1%
2023 · €39,672
Total assets
€107,027▼ 14.4%
2023 · €124,992
Net result
€9,513▲ 131%
2023 · €4,113
Working capital
€48,521▲ 114%
2023 · €22,713
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 43, Specialised construction 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
Line2021202220232024
Operating result€32,086-€19,271▼ 39.9%€8,301▼ 56.9%€11,599▲ 39.7%
Net result€24,615within the sector's middle half-€14,943within the sector's middle half▼ 39.3%€4,113within the sector's middle half▼ 72.5%€9,513within the sector's middle half▲ 131%
Equity€23,615within the sector's middle half-€35,559within the sector's middle half▲ 50.6%€39,672within the sector's middle half▲ 11.6%€43,685within the sector's middle half▲ 10.1%
Total assets€94,504within the sector's middle half-€133,303within the sector's middle half▲ 41.1%€124,992within the sector's middle half▼ 6.2%€107,027within the sector's middle half▼ 14.4%
Debt€70,889-€97,744▲ 37.9%€85,320▼ 12.7%€63,342▼ 25.8%
Working capital€9,780within the sector's middle half-€13,998within the sector's middle half▲ 43.1%€22,713within the sector's middle half▲ 62.3%€48,521within the sector's middle half▲ 114%
Solvency25.0%within the sector's middle half-26.7%within the sector's middle half▲ 1.7pp31.7%within the sector's middle half▲ 5.1pp40.8%within the sector's middle half▲ 9.1pp
Current ratio1.23within the sector's middle half-1.44within the sector's middle half▲ 0.211.62within the sector's middle half▲ 0.184.29above the sector's middle half▲ 2.67
Return on assets (ROA)26.0%above the sector's middle half-11.2%within the sector's middle half▼ 14.8pp3.3%within the sector's middle half▼ 7.9pp8.9%within the sector's middle half▲ 5.6pp
above
within
below
the middle half (P25 to P75) of NACE 43, Specialised construction activities, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result recovers in 2024; 2024 is 40% above 2023.
Balance-sheet composition
2024 in colour, 2023 as the grey bar beneath
Assets €107,027
Fixed assets
€43,740 ▼ 33.3%
Current assets
€63,287 ▲ 6.4%
Equity and liabilities €107,027
Equity
€43,685 ▲ 10.1%
Debt
€63,342 ▼ 25.8%
Debt's share of the balance-sheet total falls from 68.3% to 59.2%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€33,395▲
2023 · €30,226
Cash flow
€31,309▲
2023 · €26,038
Debt to equity
1.45▼
2023 · 2.15
ROE
21.8%▲
2023 · 10.4%
Interest coverage
20.17▲
2023 · 9.99
Debt ≤ 1 year
€14,766▼
2023 · €36,744
Debt > 1 year
€48,576=
2023 · €48,576
Income taxes
€1,789▲
2023 · €1,527
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 26,970 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 higher bankruptcy probability: 2.6% over twelve months. The score reads more about this company than the group's four characteristics; both figures are right about what they measure.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,662 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% | 1.7% |
| 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 75% 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 26,970 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 | Change |
|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €2,319 | €17,542 | €21,925 | €21,796 | ▼ 0.6% |
| Other operating charges640/8 | - | €318 | €832 | €1,488 | ▲ 78.8% |
| Gross operating margin9900 | €34,405 | €37,131 | €31,058 | €34,883 | ▲ 12.3% |
| Operating profit (loss)9901 | €32,086 | €19,271 | €8,301 | €11,599 | ▲ 39.7% |
| Financial income75/76B | €104 | €218 | €366 | €1,359 | ▲ 271% |
| Recurring financial income75 | €104 | €218 | €366 | €1,359 | ▲ 271% |
| Financial charges65/66B | €36 | €1,429 | €3,027 | €1,656 | ▼ 45.3% |
| Recurring financial charges65 | €36 | €1,429 | €3,027 | €1,656 | ▼ 45.3% |
| Profit (loss) for the period before taxes9903 | €32,154 | €18,060 | €5,640 | €11,302 | ▲ 100% |
| Income taxes67/77 | €7,539 | €3,117 | €1,527 | €1,789 | ▲ 17.2% |
| Profit (loss) for the period9904 | €24,615 | €14,943 | €4,113 | €9,513 | ▲ 131% |
| Profit (loss) for the period to be appropriated9905 | €24,615 | €14,943 | €4,113 | €9,513 | ▲ 131% |
| Line | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|
| Assets | |||||
| Total assets20/58 | €94,504 | €133,303 | €124,992 | €107,027 | ▼ 14.4% |
| Fixed assets21/28 | €42,411 | €87,461 | €65,535 | €43,740 | ▼ 33.3% |
| Tangible fixed assets22/27 | €42,411 | €87,461 | €65,535 | €43,740 | ▼ 33.3% |
| Plant, machinery and equipment23 | - | €2,064 | €1,221 | €379 | ▼ 69.0% |
| Furniture and vehicles24 | €801 | €52,547 | €40,224 | €28,031 | ▼ 30.3% |
| Leasing and similar rights25 | €41,610 | €32,850 | €24,090 | €15,330 | ▼ 36.4% |
| Current assets29/58 | €52,093 | €45,842 | €59,457 | €63,287 | ▲ 6.4% |
| Amounts receivable within one year40/41 | €17,873 | €10,976 | €52,754 | €63,104 | ▲ 19.6% |
| Trade receivables40 | €12,412 | €7,128 | €40,418 | €27,607 | ▼ 31.7% |
| Other amounts receivable41 | €5,461 | €3,848 | €12,336 | €35,497 | ▲ 188% |
| Cash at bank and in hand54/58 | €34,220 | €34,866 | €6,703 | - | - |
| Deferred charges and accrued income490/1 | - | - | - | €183 | - |
| Equity and liabilities | |||||
| Total equity and liabilities10/49 | €94,504 | €133,303 | €124,992 | €107,027 | ▼ 14.4% |
| Equity10/15 | €23,615 | €35,559 | €39,672 | €43,685 | ▲ 10.1% |
| Contributions10/11 | €1,000 | €1,000 | €1,000 | €1,000 | = |
| Capital10 | €1,000 | €1,000 | €1,000 | €1,000 | = |
| Issued capital100 | €1,000 | €1,000 | €1,000 | €1,000 | = |
| Reserves13 | €100 | €100 | €100 | €100 | = |
| Non-distributable reserves130/1 | €100 | €100 | €100 | €100 | = |
| Legal reserve130 | €100 | €100 | €100 | €100 | = |
| Profit (loss) carried forward14 | €22,515 | €34,459 | €38,572 | €42,585 | ▲ 10.4% |
| Amounts payable17/49 | €70,889 | €97,744 | €85,320 | €63,342 | ▼ 25.8% |
| Amounts payable after more than one year17 | €28,576 | €65,900 | €48,576 | €48,576 | = |
| Financial debts170/4 | €28,576 | €65,900 | €48,576 | €48,576 | = |
| Amounts payable within one year42/48 | €42,313 | €31,844 | €36,744 | €14,766 | ▼ 59.8% |
| Current portion of amounts payable after more than one year42 | €6,960 | €16,889 | €19,645 | €3,951 | ▼ 79.9% |
| Trade debts44 | €25,814 | €1,299 | €12,456 | - | - |
| Suppliers440/4 | €25,814 | €1,299 | €12,456 | - | - |
| Taxes, remuneration and social security45 | €7,539 | €10,656 | €4,643 | €5,315 | ▲ 14.5% |
| Taxes450/3 | €7,539 | €10,656 | €4,643 | €3,315 | ▼ 28.6% |
| Remuneration and social security454/9 | - | - | - | €2,000 | - |
| Other amounts payable47/48 | €2,000 | €3,000 | - | €5,500 | - |
| Line | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €24,615 | €14,943 | €4,113 | €9,513 | ▲ 131% |
| + Depreciation and write-downs630 | €2,319 | €17,542 | €21,925 | €21,796 | ▼ 0.6% |
| Operating cash flow (approximation) | €26,934 | €32,485 | €26,038 | €31,309 | ▲ 20.2% |
| Investment in fixed assets (approximation) | - | -€62,592 | €1 | -€1 | ▼ 200% |
| Change in cash | - | €646 | -€28,163 | - | - |
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
2025
01-09
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 32 days late
2024
31-12
Financial
Liquidity triplescurrent ratio 4.29
Current ratio from 1.62 to 4.29; short-term debt falls from €36,744 to €14,766.
04-10
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 65 days late
2023
31-12
Financial
Weakest financial yearnet €4,113 ▼72.5%
Net result drops to €4,113, the lowest in the series; recovery starts the following year.
12-09
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 43 days late
2022
08-11
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 100 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, Sint-Pieters-Leeuw · 1 establishment unit since 2021
Ground area
8,700 m²
Building footprint
1,308 m²
Volume, LiDAR
23,379 m³
2 parcels, Brussels, Flanders · tallest building 26.2 m, ±7 floors. Linked by address, not a title deed.
515
companies at this address
See who is registered here
1 establishment unit
SAEN PROJECTS
since 20212.316.065.436
2 parcels
Flanders
1
(50%)
Brussels
1
(50%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 21392A0064/00C002 | Brussels | 7,062 m² | 1 · 911 m² | 26.2 m · 7 fl. |
| 23077A0118/00W082 | Flanders | 1,638 m² | 1 · 398 m² | 9.5 m · 3 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.
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Of 1,366 companies in sector 43110 we hold annual accounts for 635. 469 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
Founded01-04-2021
Fiscal year end31-12
Activities, NACEBEL 2025
43110Demolition
43350Other building finishing work
43990Other specialised construction activities
E-invoicing
Reachable via Peppol
Peppol ID
0208:0766257537
Also
9925:BE0766257537
Registered
15-02-2026
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 28 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.