SD DEVELOPMENTS
ActiveSummary
SD DEVELOPMENTS has been active since 2020 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show negative equity (-€593,333) and a net result of -€132,264. Equity is shrinking by ~200.8% per year across the filed fiscal years. Its solvency ranks better than 7% of 11,011 sector peers (NACE 68, fiscal year 2025). The computed 12-month bankruptcy probability is 1.3% (low).
Overview
- Equity
- -€593,333
- Loss
- -€132,264
- Largest shareholder
- GM INVESTMENTS · 50%
Why 53Capped at 59: negative equity- Liquidity: current ratio 0.78, cash €325- Negative equity -€593,333+ Size: total assets €2.1m+ Sector Real estate activities (NACE 68)Show the evidence
Checked score
About 1 in 100 comparable companies go bankrupt within 12 months (an estimate).
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 (NACE 68, small): better than 1% on solvency, 1% on liquidity, 15% on profitability and 13% on growth.
The bankruptcy probability was computed on 06-10-2026 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
This company filed its last 5 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)
- Annual accounts filedfiscal year 2025 · abbreviated…
- Annual accounts filedfiscal year 2024 · abbreviated…
- Weakest financial yearnet -€408,580
Financials · fiscal year 2025, abbreviated schema
2021 to 2025, 5 fiscal years
The operating result stays negative: a loss of €131,347 in 2025 against €336,703 in 2024; the loss shrinks.
What the company sold each fiscal year and what was left of it. A loss stands below the zero line.
What the company owns (total assets), how much of it is its own (equity) and how much it owes.
Short-term assets minus short-term debts. Above zero the company can pay its bills in the short term.
How much of each euro of turnover is left from operations (EBIT margin) and what the assets earn (return on assets).
The share of the company financed with its own means. The higher it is, the better it absorbs a shock.
Short-term assets per euro of short-term debt. Above 1 the short-term debts are covered.
Point at or tap a year, or use the arrow keys on the chart, for the exact figures; the table below gives them all.Sector: 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. Available for Net result, Equity, Total assets, Working capital, Solvency, Current ratio, Return on assets (ROA).
Peer companies
Historical observationOf the 1,167 companies that looked in July 2024 the way this one looks now, 2.0% went bankrupt within 24 months and 95% are still going.
- Small
- 5 to 10 years old
- negative equity
- a small loss
A further 0.3% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 1.3% 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 497,471 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% | 1.8% |
| 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 1,167 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.
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Other operating charges640/8 | - | €62 | €14,932 | €8,082 | €62 | ▼ 99.2% |
| Non-recurring operating charges66A | - | €0 | - | - | - | - |
| Gross operating margin9900 | -€9,621 | €101,288 | -€23,614 | -€328,620 | -€131,285 | ▲ 60.0% |
| Operating profit (loss)9901 | -€100,371 | €101,226 | -€38,546 | -€336,703 | -€131,347 | ▲ 61.0% |
| Financial income75/76B | - | €426 | €0 | €586 | €30 | ▼ 94.8% |
| Recurring financial income75 | - | €426 | €0 | €586 | €30 | ▼ 94.8% |
| Financial charges65/66B | - | €26,913 | €4,759 | €11,713 | €947 | ▼ 91.9% |
| Recurring financial charges65 | €15,403 | €26,913 | €4,759 | €11,713 | €947 | ▼ 91.9% |
| Profit (loss) for the period before taxes9903 | -€115,773 | €74,739 | -€43,306 | -€347,830 | -€132,264 | ▲ 62.0% |
| Income taxes67/77 | - | €18,149 | €0 | €60,750 | €0 | ▼ 100% |
| Profit (loss) for the period9904 | -€115,773 | €56,590 | -€43,306 | -€408,580 | -€132,264 | ▲ 67.6% |
| Profit (loss) for the period to be appropriated9905 | -€115,773 | €56,590 | -€43,306 | -€408,580 | -€132,264 | ▲ 67.6% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €1.8m | €2.9m | €1.3m | €2.0m | €2.1m | ▲ 2.9% |
| Current assets29/58 | €1.8m | €2.9m | €1.3m | €2.0m | €2.1m | ▲ 2.9% |
| Stocks and contracts in progress3 | €0.6m | €1.3m | €0.08m | €0 | - | - |
| Stocks30/36 | - | €0.3m | €0 | - | - | - |
| Contracts in progress37 | - | €0.9m | €0.08m | €0 | - | - |
| Amounts receivable within one year40/41 | €1.0m | €1.6m | €1.2m | €2.0m | €2.1m | ▲ 2.9% |
| Trade receivables40 | - | €0.05m | €0.08m | €1.0m | €0.9m | ▼ 12.3% |
| Other amounts receivable41 | - | €1.5m | €1.1m | €1.0m | €1.1m | ▲ 19.4% |
| Cash at bank and in hand54/58 | €0.1m | €0.02m | €0.03m | €0.001m | €325 | ▼ 42.0% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €1.8m | €2.9m | €1.3m | €2.0m | €2.1m | ▲ 2.9% |
| Equity10/15 | -€0.07m | -€0.009m | -€0.05m | -€0.5m | -€0.6m | ▼ 28.7% |
| Contributions10/11 | - | €0.05m | €0.05m | €0.05m | €0.05m | = |
| Profit (loss) carried forward14 | -€0.1m | -€0.06m | -€0.1m | -€0.5m | -€0.6m | ▼ 25.9% |
| Amounts payable17/49 | €1.8m | €2.9m | €1.4m | €2.5m | €2.6m | ▲ 7.7% |
| Amounts payable within one year42/48 | €1.8m | €2.9m | €1.4m | €2.5m | €2.6m | ▲ 7.7% |
| Financial debts43 | - | €0.5m | €0 | - | - | - |
| Credit institutions430/8 | - | €0.5m | €0 | - | - | - |
| Trade debts44 | €0.06m | €0.2m | €0.3m | €1.5m | €1.4m | ▼ 5.3% |
| Suppliers440/4 | - | €0.2m | €0.3m | €1.5m | €1.4m | ▼ 5.3% |
| Advances received on contracts in progress46 | - | €1.3m | €0.7m | €0 | - | - |
| Taxes, remuneration and social security45 | - | €0.07m | €0.1m | €0.02m | €0 | ▼ 100% |
| Taxes450/3 | - | €0.07m | €0.1m | €0.02m | €0 | ▼ 100% |
| Other amounts payable47/48 | - | €0.9m | €0.3m | €0.9m | €1.2m | ▲ 31.6% |
| Accrued charges and deferred income492/3 | - | €0 | - | - | - | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€115,773 | €56,590 | -€43,306 | -€408,580 | -€132,264 | ▲ 67.6% |
| Operating cash flow (approximation) | -€115,773 | €56,590 | -€43,306 | -€408,580 | -€132,264 | ▲ 67.6% |
| Change in cash | - | -€78,219 | €8,371 | -€25,982 | -€236 | ▲ 99.1% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Similar companies · same sector and region
Directors
Owners and capital
Owners
1 ownerOwners 1
-
50%
According to the annual accounts of the companies, the acts in the Belgian Gazette and the LEI register. Annual accounts state the shareholders that notified the company under article 7:225 of the Companies Code and the parent companies that consolidate it. 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.
Group and network
Connections & network
No directors read yet: 0 of 3 Gazette acts processed.
History
Acts, filings and financial milestones
About the unread acts
We know of 3 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
Register details
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 7 October 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.
Sites & property
1 establishment unit
1 parcel
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 71326F0010/00C003 | Flanders | 5,413 m² | 1 · 1,479 m² | 20.9 m · 4 fl. |