SHAD
Open bankruptcyA bankruptcy procedure is open for SHAD according to publications in the Belgian State Gazette; curator: PHILIPPE MOENS.
Summary
The 2020 annual accounts show negative equity (-€81,680) and a net result of €14,850.
Are you a creditor?
Open bankruptcy
Source: Belgian Official Gazette
If this company owes you money, you are not paid automatically: you file your claim yourself, within the deadline the judgment sets.
The procedure
- Court
- Enterprise Court of Walloon Brabant
- Declared bankrupt
- 25 April 2022
- Supervising judge
- Michel Caldana
- Official Gazette
- 29-04-2022 (pdf) ↗search the document for 2022/115349
Deadlines
- Appeal or third-party opposition until
- passed on 14 May 2022Fifteen days after the publication in the Official Gazette.art. XX.108 CEL
- File the claim in RegSol until
- passed on 25 May 2022art. XX.104 and XX.155 CEL
- First verification report
- passed on 13 June 2022Goods that belong to you, such as those delivered under retention of title, are reclaimed before this day.art. XX.104 and XX.194 CEL
- Late claim until
- passed on 25 April 2023Late, you share only in what has not been paid out yet, and the costs are yours.art. XX.165 CEL
Curator
- Philippe MoensRue De Clairvaux 40, 1348 Louvain-La-Neuvephilippe.moens@celes.be
What to do now
- Do not deliver on credit any more without an agreement with the curator.
- Gather your documents: invoices, purchase orders, contract, delivery notes and reminders.
- File your proof of claim in RegSol (regsol.be), yourself with eID or itsme, or through your lawyer. State principal, interest and costs separately, and any preferential right you hold.
- Delivered under retention of title? Reclaim your goods before the first report on the verification of claims.
- Ask your accountant about the VAT on the unpaid invoices: in a bankruptcy it can be recovered under conditions.
- Follow the file in RegSol: the verification report (admitted or disputed) and the curator's reports appear there.
The deadlines above come from the publication of the judgment. Check them in RegSol before you file anything; a passed deadline no longer applies.
File a claim in RegSol ↗
Watch
Follow this bankruptcy: you are alerted when it is closed or reversed.
General information, not legal advice. If in doubt, the curator, your lawyer or your accountant can help.Creditor guide for this company
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Overview
What they do
Development of residential building projects
NACE 68121Real estate development NACE 41101
1 site
How big
€39,374total assets 2020
- Equity
- -€81,680
- Profit
- €14,850
Turnover not published (abridged schema)
Financially healthy?
Open bankruptcy: no score
Who decides
Accounts 1523 d overdue0 of 3 deeds read
Signals- Open bankruptcyFiled after the deadlineShow the evidence
Signals
Two signals. The signal on the left, the evidence on the right.
+raises risk○neutral
neutral · Filed after the deadline
The financial year that closed on 31-12-2020 was due by 31-07-2021 and was filed on 31-08-2021, 31 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 · 10 filingsDeviation from the deadline
2020
31 d late
2019
24 d early
2018
6 d late
2017
36 d early
2016
6 d early
2015
12 d late
2014
27 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 1 day after the deadline; the sector median for financial year 2020 is 3 days before the deadline, and 42% of the sector filed late.
Checked, nothing found (1)
- OpeningTribunal de l’entreprise du Brabant…
- Annual accounts filedfiscal year 2020 · micro…
- Back to profitnet €14,850
Financials
Fiscal year 2020Total assets €39,374Profit €14,850Solvency -207.4%Liquidity 0.33
Total assets
€39,374▼ 67.4%
2018 - 2020
Net result
€14,850
2018 - 2020
Equity
-€81,680▲ 15.4%
2018 - 2020
Solvency
-207.4%▼ 127.6pp
2018 - 2020
Financials · fiscal year 2020, micro schema
Trend over the years
Trend over the years
In euros
In per cent
Ratio
In euros
No line ticked in this group.
In per cent
No line ticked in this group.
Ratio
No line ticked in this group.
Untick a line to hide it. Point at 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).
Every figure with its change against the fiscal year before
favourable
unfavourable
Line201820192020
Operating result-€6,569--€12,525▼ 90.7%-€15,138▼ 20.9%
Net result-€6,632--€12,583▼ 89.7%€14,850within the sector's middle half
Equity-€83,947--€96,529▼ 15.0%-€81,680below the sector's middle half▲ 15.4%
Total assets€124,184-€120,945▼ 2.6%€39,374below the sector's middle half▼ 67.4%
Debt€178,131-€187,474▲ 5.2%€121,053▼ 35.4%
Working capital-€54,525--€66,529▼ 22.0%-€81,680below the sector's middle half▼ 22.8%
Solvency-67.6%--79.8%▼ 12.2pp-207.4%below the sector's middle half▼ 127.6pp
Current ratio0.69-0.65▼ 0.050.33below the sector's middle half▼ 0.32
Return on assets (ROA)-5.3%--10.4%▼ 5.1pp37.7%above the sector's middle half▲ 48.1pp
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.
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €15,138 in 2020 against €12,525 in 2019; the loss grows and 2020 has the lowest result in the available series.
Key figures and ratios
Key figures and ratios
Quick ratio
0.01▼
2019 · 0.23
Debt ≤ 1 year
€121,053▼
2019 · €187,474
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Filed annual accounts
Annual accounts
| Line | 2018 | 2019 | 2020 | Change |
|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €578 | €578 | - | - |
| Gross operating margin9900 | -€5,991 | -€11,946 | €20,773 | ▲ 274% |
| Operating profit (loss)9901 | -€6,569 | -€12,525 | -€15,138 | ▼ 20.9% |
| Recurring financial income75 | - | - | €100 | - |
| Recurring financial charges65 | €62 | €58 | €112 | ▲ 94.0% |
| Profit (loss) for the period before taxes9903 | -€6,632 | -€12,583 | €14,850 | ▲ 218% |
| Profit (loss) for the period9904 | -€6,632 | -€12,583 | €14,850 | ▲ 218% |
| Profit (loss) for the period to be appropriated9905 | -€6,632 | -€12,583 | €14,850 | ▲ 218% |
| Line | 2018 | 2019 | 2020 | Change |
|---|---|---|---|---|
| Assets | ||||
| Total assets20/58 | €124,184 | €120,945 | €39,374 | ▼ 67.4% |
| Fixed assets21/28 | €578 | - | - | - |
| Tangible fixed assets22/27 | €578 | - | - | - |
| Current assets29/58 | €123,606 | €120,945 | €39,374 | ▼ 67.4% |
| Stocks and contracts in progress3 | €81,936 | €78,328 | €38,328 | ▼ 51.1% |
| Amounts receivable within one year40/41 | €40,802 | €39,491 | €883 | ▼ 97.8% |
| Cash at bank and in hand54/58 | €868 | €3,126 | €163 | ▼ 94.8% |
| Equity and liabilities | ||||
| Total equity and liabilities10/49 | €124,184 | €120,945 | €39,374 | ▼ 67.4% |
| Equity10/15 | -€83,947 | -€96,529 | -€81,680 | ▲ 15.4% |
| Contributions10/11 | €62,000 | €62,000 | - | - |
| Profit (loss) carried forward14 | -€145,947 | -€158,529 | -€143,680 | ▲ 9.4% |
| Provisions and deferred taxes16 | €30,000 | €30,000 | - | - |
| Amounts payable17/49 | €178,131 | €187,474 | €121,053 | ▼ 35.4% |
| Amounts payable within one year42/48 | €178,131 | €187,474 | €121,053 | ▼ 35.4% |
| Trade debts44 | €112,446 | €111,475 | €49,738 | ▼ 55.4% |
| Line | 2018 | 2019 | 2020 | Change |
|---|---|---|---|---|
| Profit (loss) for the period9904 | -€6,632 | -€12,583 | €14,850 | ▲ 218% |
| + Depreciation and write-downs630 | €578 | €578 | - | - |
| Operating cash flow (approximation) | -€6,053 | -€12,004 | €14,850 | ▲ 224% |
| Change in cash | - | €2,258 | -€2,963 | ▼ 231% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
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This company's figures show no positive equity and no headcount, so a size comparison is not possible. These companies share only the sector and the region. Of 9,695 companies in this sector we hold annual accounts for 7,393. See the whole sector
Board & ownership
Directors
Directors
No directors read yet: 0 of 3 Gazette acts processed. See the function holders in the CBE →
Insolvency mandates
1 mandate| Role | Name | Tenure |
|---|---|---|
| Curator | PHILIPPE MOENS Rue De Clairvaux 40, 1348 Louvain-La-Neuve |
25-04-2022 → present |
Timeline
13 eventsLatest 29-04-2022
History
Acts, filings and financial milestones
2022
29-04
Bankruptcy
Opening
Tribunal de l’entreprise du Brabant wallon · event 25-04-2022
2021
31-08
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 31 days late
2020
31-12
Financial
Back to profitnet €14,850
Net result €14,850 after 2 loss-making years.
07-07
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
2019
31-12
Financial
Weakest financial yearnet -€12,583
Net result drops to -€12,583, the lowest in the series.
06-08
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema · 6 days late
2018
25-06
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema
2017
25-07
NBB filing
Annual accounts filed
fiscal year 2016 · full schema
2016
12-08
NBB filing
Annual accounts filed
fiscal year 2015 · full schema · 12 days late
2015
27-08
NBB filing
Annual accounts filed
fiscal year 2014 · full schema · 27 days late
2014
11-07
NBB filing
Annual accounts filed
fiscal year 2013 · full schema
2013
26-08
NBB filing
Annual accounts filed
fiscal year 2012 · full schema · 26 days late
2012
09-07
NBB filing
Annual accounts filed
fiscal year 2011 · full schema
SignalFinancial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 3 acts read
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.
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Company details
Public limited company · founded 02-07-2001Year ends 31-12Peppol not found1 site
Register details
Identification
Legal formPublic limited company
Founded02-07-2001
Fiscal year end31-12
Activities, NACEBEL 2025
68121Development of residential building projects
68122Development of non-residential building projects
E-invoicing
Not found in the Peppol register
No Peppol card under this enterprise or VAT number. That proves nothing: publishing a card is voluntary.
Register as of 1 October 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.
Sites & property
Location & real-estate footprint
Registered office, Ottignies-Louvain-la-Neuve · 1 establishment unit since 2002
Ground area
1,788 m²
Building footprint
620 m²
Volume, LiDAR
9,388 m³
2 parcels, Brussels, Wallonia · tallest building 18.6 m, ±6 floors. Linked by address, not a title deed.
1 establishment unit
Capouilletstraat 35, 1060 Sint-Gillis (bij-Brussel)
since 2002unit no. 2.094.576.032
2 parcels
Wallonia
1
(50%)
Brussels
1
(50%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 25083D0237/00P007 | Wallonia | 1,533 m² | 1 · 534 m² | 17.9 m · 5 fl. |
| 21013B0016/00N009 | Brussels | 255 m² | 1 · 87 m² | 18.6 m · 6 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.
Go further with this company
Who ran this company, and where was it based, on a date before the end?Company as of a date Is the registered address a letterbox address or a business centre?Addresses Are there other customers at risk in your own list?Process a list How is the Development of residential building projects sector doing?Sector figures
Investigating this company? Keep it with today's facts in a case file.