SAFE HOLDING BELGIUM

Active

Public limited companyfounded 1992active for 34 yearsZwaanhofweg 10, 8900 Ieper, Belgium88 active companies are registered at this addressKBO/BCE: BE 0446.637.983

Summary

The computed 12-month bankruptcy probability of SAFE HOLDING BELGIUM is 1.9% (moderate). The 2025 annual accounts show negative equity (-€11.9m) and a net result of -€2.3m. Equity is shrinking by about 48% per year across the filed financial years. The company has been active since 1992 and the Belgian Official Gazette contains no insolvency or warning signals.

Risk analysisFollow Report Compare

SAFE HOLDING BELGIUMActiveChecked score 52/100

Risk analysis Report Compare

Activity

Activity not known1 site

Size

€4.4mtotal assets 2025

Equity: -€11.9m
Loss: -€2.3m

Financial health

52 Fair Checked score 2025

Bankruptcy probabilitywithin 12 months: 1.9%

Structure

Parent: INTERNATIONAL REAL ESTATE SERVICES · 100%
Holdings: 1

OPUS TERRAEDirector · permanent representative Paul GHEYSENS
Philippe PANNIERDirector
Ghemic BVDirector · permanent representative Michael GHEYSENS

Auditor: KPMG Bedrijfsrevisoren2025 accounts filed 62 days late5 of 15 deeds summarised

Why 52raises riskLiquidity: current ratio 0.08, cash €3,567Loss of €2.3m, the second in a row (financial year 2025)Negative equity -€11.9mlowers riskSize: total assets €4.4mShow the evidence

Checked score

Score 2025

52 / 100

Fair

Probability in this band: 1.5% to 4.2%

Financially better than 15% of its sector peers (no NACE code, small)

Every signal that counts is listed under Signals.

Financial strength · tick = 2024

Weak

Solvency 0=

equity -270.8% of total assets

Liquidity 50=

short-term debt 1.0% · cash 0.1%

Profitability 0=

return on assets -52.8%

Bankruptcy probability, 12 months

1.9% Moderate

0%0.5%1.5%4%10%≥ 25%

About 2 in 100 comparable companies go bankrupt within 12 months (an estimate).

Last 24 months 11-2024: 1.5% 12-2024: 1.5%● unchanged vs 11-2024 01-2025: 1.5%● unchanged vs 12-2024 02-2025: 1.5%● unchanged vs 01-2025 03-2025: 1.5%● unchanged vs 02-2025 04-2025: 1.5%● unchanged vs 03-2025 05-2025: 1.5%● unchanged vs 04-2025 06-2025: 1.5%● unchanged vs 05-2025lowest value 07-2025: 1.6%▲ +0.1 percentage points vs 06-2025 08-2025: 1.8%▲ +0.2 percentage points vs 07-2025 09-2025: 1.8%● unchanged vs 08-2025 10-2025: 1.8%● unchanged vs 09-2025 11-2025: 1.8%● unchanged vs 10-2025 12-2025: 1.8%● unchanged vs 11-2025 01-2026: 1.8%● unchanged vs 12-2025 02-2026: 1.8%● unchanged vs 01-2026 03-2026: 1.9%▲ +0.1 percentage points vs 02-2026 04-2026: 1.9%● unchanged vs 03-2026 05-2026: 1.9%● unchanged vs 04-2026 06-2026: 1.9%● unchanged vs 05-2026 07-2026: 2.0%▲ +0.1 percentage points vs 06-2026 08-2026: 2.6%▲ +0.6 percentage points vs 07-2026 09-2026: 2.8%▲ +0.2 percentage points vs 08-2026highest value 10-2026: 1.9%▼ -0.9 percentage points vs 09-2026

No credit on open account

Liquidity insufficient (current ratio 0.08, compared with 0.04 in 2024, below 1; short-term debt: 1% and cash: 0.1% of total assets), and equity is negative.

How it is calculated

The band follows from the bankruptcy probability, on a scale where 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 (no NACE code, small): better than 1% on solvency, 47% on liquidity, 1% on profitability and 10% on growth.

The bankruptcy probability was computed on 29-10-2026 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.

Some facts cap the score, however low the probability. Negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late hold it at Fair at most (59); two missing filings, at Weak (44). An ongoing judicial reorganisation or the company's end (bankruptcy, dissolution, liquidation) holds it at Critical at most (24).

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Signals

Six signals.

lowers riskraises riskneutral

Size: total assets €4.4m

Companies of this size fail less often; how much that weighs depends on the rest of its profile.

NBB · annual accounts

Liquidity: current ratio 0.08, cash €3,567

NBB · annual accounts

Loss of €2.3m, the second in a row (financial year 2025)

NBB · annual accounts

Negative equity -€11.9m

NBB · annual accounts

Negative equity

The 2025 annual accounts show negative equity and a net loss.

NBB · annual accounts 2025

Equity per financial year

1819202122232425

2018 to 2025 · latest year -€11.9m

A punctual record breaks

This company filed 9 consecutive financial years on time. The year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 01-10-2026, 62 days late. Weigh it accordingly: of the companies that move to filing 1 to 90 days late, 1.41% are now bankrupt, dissolved or in another special legal status, below the 1.66% of all filers. It is a change in behaviour, not evidence of elevated risk.

NBB · 10 filings

Deviation from the deadline

2025

62 days late

2024

15 days early

2023

19 days early

2022

24 days early

2021

23 days early

2020

19 days early

2019

22 days early

← before the deadline after the deadline →

tick = median of all Belgian filings

This company filed its last 7 accounts on average 9 days before the deadline; the Belgian median for financial year 2024 is 4 days before the deadline, and 38% of all filings were late.

Searched, nothing found (2)

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 13 July (4 of the last 5 filed years within 30 days of that day).

Companies Code · seven months

Where today falls in the filing period

30-10-2026 today31-12-2026 year end31-07-2027 deadline

No strike-offs in the KBO publications

Searched since 2021.

KBO publications · our coverage

16-10-2026 Reappointment: Ghemic BV (director)Power of attorney
01-10-2026 Annual accounts filedfinancial year 2025 · full…
15-04-2026 Permanent representatives: Melissa Carton and Christophe…Power of attorney

Key points

Risk: Negative equityfinancial year 2025: debts exceed assets -€11.9m View
Risk: 8 loss-making years in a rowloss financial year 2025 -€2.3m View
Caution: Latest accounts filed lateafter the legal deadline 62 days View
Controlled by INTERNATIONAL REAL ESTATE SERVICESultimately: International Real Estates Services… 100% View
Positive: Result rose in 2025from -€4.5m to -€2.3m ▲ 48.1% View

By topic

Financials

Financial year: 2025
Total assets: €4.4m
Loss: -€2.3m
Solvency: -270.8%

Total assets▼ 23.5%

Net result

20182025

Go to Financials

Board & ownership

Board: 3 members
Parent: INTERNATIONAL REAL ESTATE SERVICES · 100%
Auditor: KPMG Bedrijfsrevisoren

OPUS TERRAEDirector
Philippe PANNIERDirector
Ghemic BVDirector

Go to Board & ownership

Network & group

Group: International Real Estates Services…
Subsidiaries: 1

1 subsidiary

Go to Network & group

Timeline

Events: 40
Since: 1993
Next accounts: by 31-07-2027

19-09-2025Resignation: Michael GHEYSENS (director)
16-07-2025Annual accounts filed
06-03-2025Reappointment: KPMG Bedrijfsrevisoren (statutory auditor)

Go to Timeline

Company details

Sites: 1

Legal form: Public limited company
Founded: 17-02-1992
Year ends: 31-12
Peppol: Not found in the Peppol directory

Go to Company details

Articles of association

Provisions read: 13

Annual meeting: Second Tuesday of June at 12:00

Go to Articles of association

Key facts about SAFE HOLDING BELGIUM

What is the company number of SAFE HOLDING BELGIUM?: 0446.637.983. In Belgium the VAT number is the company number with BE in front: BE 0446.637.983.
Where is SAFE HOLDING BELGIUM based?: The registered office is at Zwaanhofweg 10, 8900 Ieper.Company details
What is the legal form of SAFE HOLDING BELGIUM?: Public limited company (NV).
When was SAFE HOLDING BELGIUM founded?: On 17-02-1992.
Is SAFE HOLDING BELGIUM still active?: Yes, SAFE HOLDING BELGIUM is an active enterprise in the KBO register.
What is the turnover of SAFE HOLDING BELGIUM?: Not stated in the processed annual accounts. The abridged format for small companies does not require turnover.Financials
Is SAFE HOLDING BELGIUM profitable?: In financial year 2025, SAFE HOLDING BELGIUM made a loss of €2.3m.
Where can I find the annual accounts of SAFE HOLDING BELGIUM?: SAFE HOLDING BELGIUM filed 34 annual accounts with the National Bank of Belgium, the latest for financial year 2025.
When are the next annual accounts of SAFE HOLDING BELGIUM due?: By 31-07-2027, for financial year 2026.Timeline