Shadd
ActiveSummary
Shadd has been active since 2021 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €145k and a net result of €14k. Equity is growing by ~46.8% per year across the filed fiscal years. Its solvency ranks better than 28% of 14128 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.6% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability55▼-19
Solvency31▼-5
Growth78=
Track record94
Bankruptcy probability, 12 months
0.6%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €8k at 30 days acceptable
Liquidity short (current ratio 0.02 against 2.11 in 2024; short-term debt: 5.5% and cash: 0.1% of total assets), and 94.3% of the assets are financed with debt.
Credit check for your own amount and term
Signals
Four signals. The signal on the left, the evidence on the right.
−lowers risk+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
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
5.7%
Return on assets
0.5%
Age of the figures
9 mo
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 24-07-2026, 7 days ahead of the deadline.
NBB · 4 filingsDeviation from the deadline
2025
7 d early
2024
8 d early
2023
13 d early
2022
20 d early
← before the deadline
after the deadline →
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.
Companies Code · seven monthsPosition in the running window
25-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, micro schema
Equity
€145k▲ 10.3%
2024 · €132k
2022: €11klowest in 4 years
2023: €78k▲ +637% vs 2022
2024: €132k▲ +68.1% vs 2023
2025: €145k▲ +10.3% vs 2024highest in 4 years
2022 → 2025
Total assets
€2.56M▲ 117%
2024 · €1.18M
2022: €1.11Mlowest in 4 years
2023: €1.17M▲ +5.7% vs 2022
2024: €1.18M▲ +0.6% vs 2023
2025: €2.56M▲ +117% vs 2024highest in 4 years
2022 → 2025
Net result
€14k▼ 74.7%
2024 · €53k
2022: €-9klowest in 4 years
2023: €68k▲ +822% vs 2022highest in 4 years
2024: €53k▼ -21.2% vs 2023
2025: €14k▼ -74.7% vs 2024
2022 → 2025
Working capital
€-139k
2024 · €94k
2022: €-163klowest in 4 years
2023: €-136k▲ +16.6% vs 2022
2024: €94k▲ +169% vs 2023highest in 4 years
2025: €-139k▼ -248% vs 2024
2022 → 2025
Trend over the years
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line2022202320242025Trend
Equity€11k-€78k▲ 637%€132k▲ 68.1%€145k▲ 10.3%
2022: €11klowest in 4 years
2023: €78k▲ +637% vs 2022
2024: €132k▲ +68.1% vs 2023
2025: €145k▲ +10.3% vs 2024highest in 4 years
Operating result€-2k-€89k€73k▼ 18.0%€52k▼ 29.1%
2022: €-2klowest in 4 years
2023: €89k▲ +5068% vs 2022highest in 4 years
2024: €73k▼ -18.0% vs 2023
2025: €52k▼ -29.1% vs 2024
Net result€-9k-€68k€53k▼ 21.2%€14k▼ 74.7%
2022: €-9klowest in 4 years
2023: €68k▲ +822% vs 2022highest in 4 years
2024: €53k▼ -21.2% vs 2023
2025: €14k▼ -74.7% vs 2024
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result has fallen two years in a row; 2025 is 29% below 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €2.56M
Fixed assets
€2.56M ▲ 156%
Current assets
€3k ▼ 98.5%
Equity and liabilities €2.56M
Equity
€145k ▲ 10.3%
Debt
€2.42M ▲ 131%
Debt's share of the balance-sheet total rises from 88.8% to 94.3%. Equity and debt are higher.
Key figures and ratios
EBITDA
€154k▲
2024 · €85k
Cash flow
€115k▲
2024 · €66k
Current ratio
0.02▼
2024 · 2.11
Debt to equity
16.65▲
2024 · 7.96
ROE
9.3%▼
2024 · 40.5%
ROA
0.5%▼
2024 · 4.5%
Interest coverage
4.23▼
2024 · 13.75
Debt ≤ 1 year
€142k▲
2024 · €85k
Debt > 1 year
€2.15M▲
2024 · €838k
Income taxes
€2k▼
2024 · €13k
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Filed annual accounts As filed with the NBB · 2025 against 2024 · 41 lines
Balance sheet
Code20242025
Assets
Total assets20/58€1.18M€2.56M▲
Fixed assets21/28€1.00M€2.56M▲
Tangible fixed assets22/27€1.00M€2.56M▲
Land and buildings22€1.00M€2.41M▲
Assets under construction and advance payments27-€146k
Current assets29/58€179k€3k▼
Amounts receivable within one year40/41€19k€0▼
Trade receivables40€19k€0▼
Cash at bank and in hand54/58€160k€2k▼
Deferred charges and accrued income490/1-€856
Equity and liabilities
Total equity and liabilities10/49€1.18M€2.56M▲
Equity10/15€132k€145k▲
Contributions10/11€20k€20k=
Reserves13€112k€125k▲
Distributable reserves133€112k€125k▲
Amounts payable17/49€1.05M€2.42M▲
Amounts payable after more than one year17€838k€2.15M▲
Financial debts170/4€620k€1.55M▲
Other amounts payable178/9€218k€603k▲
Amounts payable within one year42/48€85k€142k▲
Current portion of amounts payable after more than one year42€54k€112k▲
Trade debts44€968€13k▲
Suppliers440/4€968€13k▲
Taxes, remuneration and social security45€30k€18k▼
Taxes450/3€30k€18k▼
Other amounts payable47/48€0-
Accrued charges and deferred income492/3€125k€125k=
Income statement
Code20242025
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€13k€102k▲
Other operating charges640/8€5k€7k▲
Gross operating margin9900€90k€160k▲
Operating profit (loss)9901€73k€52k▼
Financial charges65/66B€6k€36k▲
Recurring financial charges65€6k€36k▲
Profit (loss) for the period before taxes9903€67k€15k▼
Income taxes67/77€13k€2k▼
Profit (loss) for the period9904€53k€14k▼
Profit (loss) for the period to be appropriated9905€53k€14k▼
Appropriation of the result
Profit (loss) to be appropriated9906€53k€14k▼
Profit (loss) brought forward from the previous period14P€0-
Transfer to equity691/2€53k€14k▼
To other reserves6921€53k€14k▼
The notes to these accounts (10 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Accounts by statement
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €15k | €13k | €13k | €102k | ▲ 716% |
| Other operating charges640/8 | €110k | €4k | €5k | €7k | ▲ 51.5% |
| Gross operating margin9900 | €123k | €105k | €90k | €160k | ▲ 78.5% |
| Operating profit (loss)9901 | €-2k | €89k | €73k | €52k | ▼ 29.1% |
| Financial charges65/66B | €8k | €7k | €6k | €36k | ▲ 484% |
| Recurring financial charges65 | €8k | €7k | €6k | €36k | ▲ 484% |
| Profit (loss) for the period before taxes9903 | €-9k | €82k | €67k | €15k | ▼ 76.9% |
| Income taxes67/77 | - | €15k | €13k | €2k | ▼ 85.9% |
| Profit (loss) for the period9904 | €-9k | €68k | €53k | €14k | ▼ 74.7% |
| Profit (loss) for the period to be appropriated9905 | €-9k | €68k | €53k | €14k | ▼ 74.7% |
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Assets | |||||
| Total assets20/58 | €1.11M | €1.17M | €1.18M | €2.56M | ▲ 117% |
| Fixed assets21/28 | €1.03M | €1.01M | €1.00M | €2.56M | ▲ 156% |
| Tangible fixed assets22/27 | €1.03M | €1.01M | €1.00M | €2.56M | ▲ 156% |
| Land and buildings22 | €1.03M | €1.01M | €1.00M | €2.41M | ▲ 141% |
| Assets under construction and advance payments27 | - | - | - | €146k | - |
| Current assets29/58 | €85k | €160k | €179k | €3k | ▼ 98.5% |
| Amounts receivable within one year40/41 | €68k | €123k | €19k | €0 | ▼ 100% |
| Trade receivables40 | €68k | €123k | €19k | €0 | ▼ 100% |
| Cash at bank and in hand54/58 | €16k | €37k | €160k | €2k | ▼ 98.9% |
| Deferred charges and accrued income490/1 | €467 | €0 | - | €856 | - |
| Equity and liabilities | |||||
| Total equity and liabilities10/49 | €1.11M | €1.17M | €1.18M | €2.56M | ▲ 117% |
| Equity10/15 | €11k | €78k | €132k | €145k | ▲ 10.3% |
| Contributions10/11 | €20k | €20k | €20k | €20k | = |
| Reserves13 | - | €58k | €112k | €125k | ▲ 12.1% |
| Distributable reserves133 | - | €58k | €112k | €125k | ▲ 12.1% |
| Profit (loss) carried forward14 | €-9k | €0 | - | - | - |
| Amounts payable17/49 | €1.10M | €1.09M | €1.05M | €2.42M | ▲ 131% |
| Amounts payable after more than one year17 | €727k | €674k | €838k | €2.15M | ▲ 157% |
| Financial debts170/4 | €727k | €674k | €620k | €1.55M | ▲ 149% |
| Other amounts payable178/9 | - | - | €218k | €603k | ▲ 177% |
| Amounts payable within one year42/48 | €247k | €296k | €85k | €142k | ▲ 67.3% |
| Current portion of amounts payable after more than one year42 | €53k | €53k | €54k | €112k | ▲ 108% |
| Trade debts44 | €467 | €3k | €968 | €13k | ▲ 1,205% |
| Suppliers440/4 | €467 | €3k | €968 | €13k | ▲ 1,205% |
| Taxes, remuneration and social security45 | €7k | €22k | €30k | €18k | ▼ 41.9% |
| Taxes450/3 | €7k | €22k | €30k | €18k | ▼ 41.9% |
| Other amounts payable47/48 | €187k | €218k | €0 | - | - |
| Accrued charges and deferred income492/3 | €125k | €125k | €125k | €125k | = |
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €-9k | €68k | €53k | €14k | ▼ 74.7% |
| + Depreciation and write-downs630 | €15k | €13k | €13k | €102k | ▲ 716% |
| Operating cash flow (approximation) | €5k | €80k | €66k | €115k | ▲ 75.4% |
| Investment in fixed assets (approximation) | - | €0 | €0 | €-1.66M | - |
| Change in cash | - | €21k | €122k | €-158k | ▼ 229% |
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
24-07
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
23-07
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
31-12
Financial
Liquidity quadruplescurrent ratio 2.11
Current ratio from 0.54 to 2.11; short-term debt falls from €296k to €85k.
31-12
Financial
Equity above €100kEq €132k ▲68.1%
2 profitable years in a row build equity to €132k.
18-07
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
31-12
Financial
Back to profitnet €68k
Net result €68k after one loss-making year.
11-07
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 1 act read
About the unread acts
We know of 1 Belgian State Gazette act for this company. It has not been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
1 act for this company is 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, Kapellen · 1 establishment unit since 2021
Ground area
3,159 m²
Building footprint
850 m²
Volume, LiDAR
3,529 m³
Parcel 11023K0007/00Z026, Flanders · tallest building 5.0 m, ±1 floor. Linked by address, not a title deed.
2
companies at this address
See who is registered here
1 establishment unit
Shadd
since 20212.324.605.889
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 11023K0007/00Z026 | Flanders | 3,159 m² | 1 · 850 m² | 5.0 m · 1 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.
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Of 12,020 companies in sector 68203 we hold annual accounts for 5,986. 4,069 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
Founded30-11-2021
Fiscal year end31-12
Activities, NACEBEL 2025
68203Renting and operating of own or leased non-residential real estate, excluding land
64210Activities of holding companies
68204Real estate activities
82100Office administrative and support services
82990Other business support services
Scores and ratios are computed by Checked and are not a credit decision.