SHAPES IMMO
ActiveSummary
SHAPES IMMO has been active since 2006 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €5.2m and a net result of €472,149. Equity is growing by ~15.4% per year across the filed fiscal years. Its solvency ranks better than 48% of 689 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.5% (low).
What stands out
- Turnover fell in 2025 ▼ 93.7%from €19.0m to €1.2m
- Company by total assets in Kuurne, Manufacturing sector #8in the Checked rankings
- 8 profitable years in a row 8 yearsprofit 2025: €472,149
- Controlled by DACAR 54%itself parent of 4 companies
- Always filed on time
5 yearsaccounts within the deadline every year
Overview
Why 70- Higher-failure-rate sector- Multiple establishment units+ Annual accounts: healthy financial profile+ Long track record+ Lower-risk legal formLatest accounts filed on timeShow the evidence
Checked score
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Signals
This company filed its last 7 accounts on average 1 day after the deadline; the sector median for financial year 2024 is 7 days before the deadline, and 35% of the sector filed late.
Checked, nothing found (2)
- Appointment: MOORE AUDIT (statutory auditor)State Gazette act
- Annual accounts filedfiscal year 2025 · full…
- Annual accounts filedfiscal year 2024 · full…
Financials
Fiscal year 2025Turnover €1.2mProfit €472,149Solvency 44.2%Liquidity 0.13
Financials · fiscal year 2025, full schema
Trend over the years
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 25, Manufacture of fabricated metal products, except machinery and equipment, 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), Staff (FTE).
Result and balance sheet
Key figures and ratios
Peer companies
Historical observationOf the 1,860 companies that looked in July 2024 the way this one looks now, 0.1% went bankrupt within 24 months and 98% are still going.
- Medium-sized
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
For this company itself Checked computes a higher bankruptcy probability: 0.5% 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 497,341 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 1,860 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.
Filed annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Operating income70/76A | €19.7m | €22.3m | €19.8m | €19.0m | €1.3m | ▼ 93.3% |
| Turnover70 | €19.3m | €22.1m | €19.4m | €19.0m | €1.2m | ▼ 93.7% |
| Change in stocks of work in progress, finished goods and contracts in progress71 | €0.2m | €0.01m | €0.1m | -€0.1m | €0 | ▲ 100% |
| Other operating income74 | €0.2m | €0.2m | €0.3m | €0.2m | €0.08m | ▼ 66.5% |
| Non-recurring operating income76A | - | - | €0.002m | - | - | - |
| Operating charges60/66A | €17.7m | €20.0m | €18.4m | €18.1m | €0.4m | ▼ 97.6% |
| Goods for resale, raw materials and consumables60 | €8.5m | €9.9m | €8.4m | €7.8m | €0 | ▼ 100% |
| Purchases600/8 | €9.7m | €9.3m | €8.2m | €7.9m | €0 | ▼ 100% |
| Change in stocks: decrease (increase)609 | -€1.3m | €0.6m | €0.2m | -€0.1m | €0 | ▲ 100% |
| Services and other goods61 | €4.0m | €4.1m | €4.1m | €4.1m | €0.2m | ▼ 95.8% |
| Remuneration, social security and pensions62 | €4.3m | €4.6m | €4.9m | €5.4m | €0 | ▼ 100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.8m | €1.1m | €0.8m | €0.7m | €0.3m | ▼ 63.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | €0.02m | €0 | ▼ 100% |
| Other operating charges640/8 | €0.1m | €0.09m | €0.1m | €0.1m | €0.003m | ▼ 97.2% |
| Non-recurring operating charges66A | - | €0.2m | - | - | - | - |
| Operating profit (loss)9901 | €2.0m | €2.3m | €1.5m | €0.9m | €0.9m | ▼ 7.4% |
| Financial income75/76B | €0.003m | €0.004m | €0.03m | €0.03m | €0.005m | ▼ 81.5% |
| Recurring financial income75 | €0.003m | €0.004m | €0.03m | €0.03m | €0.005m | ▼ 81.5% |
| Income from financial fixed assets750 | - | €0.004m | €0.009m | €0.03m | €0.005m | ▼ 81.6% |
| Other financial income752/9 | €0.003m | - | €0.02m | - | €27 | - |
| Financial charges65/66B | €0.4m | €0.4m | €0.6m | €0.7m | €0.2m | ▼ 68.6% |
| Recurring financial charges65 | €0.4m | €0.4m | €0.6m | €0.7m | €0.2m | ▼ 68.6% |
| Debt charges650 | €0.3m | €0.3m | €0.5m | €0.7m | €0.2m | ▼ 66.4% |
| Other financial charges652/9 | €0.1m | €0.09m | €0.07m | €0.05m | €0.001m | ▼ 98.2% |
| Profit (loss) for the period before taxes9903 | €1.6m | €2.0m | €1.0m | €0.2m | €0.6m | ▲ 160% |
| Income taxes67/77 | €0.4m | €0.5m | €0.3m | €0.09m | €0.2m | ▲ 85.9% |
| Taxes670/3 | €0.4m | €0.5m | €0.3m | €0.09m | €0.2m | ▲ 85.9% |
| Profit (loss) for the period9904 | €1.2m | €1.4m | €0.7m | €0.2m | €0.5m | ▲ 202% |
| Profit (loss) for the period to be appropriated9905 | €1.2m | €1.4m | €0.7m | €0.2m | €0.5m | ▲ 202% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €18.1m | €19.6m | €23.4m | €22.0m | €11.8m | ▼ 46.6% |
| Fixed assets21/28 | €9.4m | €10.8m | €14.2m | €14.3m | €11.6m | ▼ 18.8% |
| Intangible fixed assets21 | €0.4m | €0.3m | €0.2m | €0.2m | €0 | ▼ 100% |
| Tangible fixed assets22/27 | €4.0m | €5.6m | €5.5m | €5.5m | €11.6m | ▲ 109% |
| Land and buildings22 | €1.3m | €2.6m | €2.6m | €2.6m | €10.4m | ▲ 301% |
| Plant, machinery and equipment23 | €0.6m | €0.5m | €0.6m | €0.9m | €0.5m | ▼ 45.2% |
| Furniture and vehicles24 | €0.03m | €0.04m | €0.04m | €0.06m | €0 | ▼ 100% |
| Leasing and similar rights25 | €1.9m | €2.3m | €2.2m | €1.9m | €0.6m | ▼ 67.0% |
| Other tangible fixed assets26 | €0.08m | €0.08m | €0.07m | €0.06m | €0.06m | ▼ 9.9% |
| Financial fixed assets28 | €5.0m | €5.0m | €8.5m | €8.5m | €0 | ▼ 100% |
| Affiliated companies280/1 | €5.0m | €5.0m | €8.5m | €8.5m | €0 | ▼ 100% |
| Participating interests280 | €4.9m | €4.9m | €8.4m | €8.4m | €0 | ▼ 100% |
| Amounts receivable281 | €0.1m | €0.1m | €0.1m | €0.1m | €0 | ▼ 100% |
| Other financial fixed assets284/8 | €0.006m | €0.006m | €0.01m | €0.01m | €0 | ▼ 100% |
| Amounts receivable and cash guarantees285/8 | €0.006m | €0.006m | €0.01m | €0.01m | €0 | ▼ 100% |
| Current assets29/58 | €8.6m | €8.7m | €9.3m | €7.8m | €0.2m | ▼ 97.7% |
| Amounts receivable after more than one year29 | €1.1m | €1.1m | €1.4m | €1.5m | €0 | ▼ 100% |
| Other amounts receivable291 | €1.1m | €1.1m | €1.4m | €1.5m | €0 | ▼ 100% |
| Stocks and contracts in progress3 | €5.0m | €4.4m | €4.3m | €4.3m | €0 | ▼ 100% |
| Stocks30/36 | €3.0m | €2.4m | €2.2m | €2.3m | €0 | ▼ 100% |
| Raw materials and consumables30/31 | €3.0m | €2.4m | €2.2m | €2.3m | €0 | ▼ 100% |
| Goods purchased for resale34 | €0.03m | €0.02m | €0.02m | €0.02m | €0 | ▼ 100% |
| Contracts in progress37 | €2.0m | €2.0m | €2.1m | €2.0m | €0 | ▼ 100% |
| Amounts receivable within one year40/41 | €1.7m | €1.4m | €1.6m | €1.2m | €0.1m | ▼ 88.2% |
| Trade receivables40 | €1.6m | €1.2m | €1.5m | €0.9m | €0.1m | ▼ 89.3% |
| Other amounts receivable41 | €0.1m | €0.2m | €0.07m | €0.3m | €0.04m | ▼ 84.9% |
| Cash at bank and in hand54/58 | €0.4m | €1.4m | €1.5m | €0.3m | €0.03m | ▼ 89.2% |
| Deferred charges and accrued income490/1 | €0.4m | €0.4m | €0.5m | €0.4m | €0 | ▼ 100% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €18.1m | €19.6m | €23.4m | €22.0m | €11.8m | ▼ 46.6% |
| Equity10/15 | €6.1m | €7.6m | €8.3m | €8.4m | €5.2m | ▼ 38.2% |
| Contributions10/11 | €3.1m | €3.1m | €3.1m | €3.1m | €0.4m | ▼ 86.3% |
| Capital10 | €3.1m | €3.1m | €3.1m | €3.1m | €0.4m | ▼ 86.3% |
| Issued capital100 | €3.1m | €3.1m | €3.1m | €3.1m | €0.4m | ▼ 86.3% |
| Revaluation surpluses12 | - | - | - | - | €3.6m | - |
| Reserves13 | €3.1m | €4.5m | €5.2m | €5.4m | €1.2m | ▼ 77.5% |
| Non-distributable reserves130/1 | €0.1m | €0.2m | €0.2m | €0.2m | €0.04m | ▼ 82.7% |
| Legal reserve130 | €0.1m | €0.2m | €0.2m | €0.2m | €0.04m | ▼ 82.7% |
| Reserves not available under the articles1311 | €228 | €228 | €228 | €228 | €31 | ▼ 86.3% |
| Tax-exempt reserves132 | €0.07m | €0.07m | €0.07m | €0.07m | €0.009m | ▼ 86.3% |
| Distributable reserves133 | €2.9m | €4.3m | €4.9m | €5.1m | €1.2m | ▼ 77.2% |
| Amounts payable17/49 | €11.9m | €12.0m | €15.2m | €13.6m | €6.6m | ▼ 51.8% |
| Amounts payable after more than one year17 | €7.2m | €8.5m | €11.0m | €9.6m | €5.2m | ▼ 45.9% |
| Financial debts170/4 | €7.2m | €8.5m | €11.0m | €9.6m | €5.2m | ▼ 45.9% |
| Leasing and similar obligations172 | €1.8m | €2.2m | €1.9m | €1.6m | €0.4m | ▼ 76.9% |
| Credit institutions173 | €3.7m | €4.4m | €7.3m | €6.3m | €4.8m | ▼ 22.6% |
| Other loans174 | €1.8m | €1.8m | €1.8m | €1.8m | €0 | ▼ 100% |
| Amounts payable within one year42/48 | €4.6m | €3.5m | €4.1m | €3.9m | €1.4m | ▼ 65.1% |
| Current portion of amounts payable after more than one year42 | €0.9m | €1.1m | €1.8m | €1.6m | €0.9m | ▼ 44.8% |
| Financial debts43 | €0.6m | €0.5m | €0.4m | €0.6m | €0.3m | ▼ 53.7% |
| Credit institutions430/8 | €0.6m | €0.5m | €0.4m | €0.6m | €0.3m | ▼ 53.7% |
| Trade debts44 | €2.4m | €1.3m | €1.2m | €1.0m | €0.2m | ▼ 82.2% |
| Suppliers440/4 | €2.4m | €1.3m | €1.2m | €1.0m | €0.2m | ▼ 82.2% |
| Taxes, remuneration and social security45 | €0.7m | €0.6m | €0.7m | €0.7m | €0.01m | ▼ 98.6% |
| Taxes450/3 | €0.2m | €0.1m | €0.2m | €0.1m | €0.01m | ▼ 90.2% |
| Remuneration and social security454/9 | €0.5m | €0.5m | €0.5m | €0.6m | €0 | ▼ 100% |
| Other amounts payable47/48 | €0.08m | - | - | - | - | - |
| Accrued charges and deferred income492/3 | €0.06m | €0.06m | €0.1m | €0.1m | €0 | ▼ 100% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €1.2m | €1.4m | €0.7m | €0.2m | €0.5m | ▲ 202% |
| + Depreciation and write-downs630 | €0.8m | €1.1m | €0.8m | €0.7m | €0.3m | ▼ 63.3% |
| Operating cash flow (approximation) | €2.0m | €2.6m | €1.5m | €0.8m | €0.7m | ▼ 14.0% |
| Investment in fixed assets (approximation) | - | -€2.5m | -€4.2m | -€0.8m | €2.4m | ▲ 403% |
| Change in cash | - | €1.0m | €0.2m | -€1.2m | -€0.3m | ▲ 78.4% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Comparable companies
Similar companies · same sector, comparable size
Board & ownership
Parent DACAR · 54%5 holdingsAuditor Moore Audit
Directors
Statutory auditor 1
Mandate history
- Statutory auditor
| Name | Functions and periods |
|---|---|
| Moore Audit |
|
Structure & network
Owners and holdings
3 owners · 5 holdingsChain of control
- DACAR
- SHAPES IMMO
Highest known parent: DACAR. The sources do not say who stands above it.
Owners 3
- DACARparentSourceaccounts DACAR 202554%
- Sourceaccounts MWM 202520%
-
10%
Holdings 5
-
100%
-
100%
-
100%
-
100%
-
50%
According to the 2024 annual accounts of SHAPES IMMO and those of the other companies, the acts in the Belgian Gazette and the LEI register. 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.
Connections & network
No directors read yet: 1 of 21 Gazette acts processed.
Timeline
14 eventsLatest 26-08-2026Next filing 31-07-2027
History
Acts, filings and financial milestones
26-08
State Gazette act
Appointment: MOORE AUDIT (statutory auditor)2 facts ▸
- General meeting, 15-07-2026
- Auditor appointment, MOORE AUDIT (statutory auditor)
About the unread acts
Of the 21 Belgian State Gazette acts we know for this company, 1 has been read. The other 20 have not been read yet: what they contain is neither established nor disproved here.
Support & recognitions
1 funding sourceFlanders €7,926
Subsidies and aid
Flemish government
2022 to 2025 · 4 entries · €7,926 awarded · €7,926 paid| Year | Entries | awarded | paid |
|---|---|---|---|
| 2025 | 2 | €1,474 | €1,474 |
| 2022 | 2 | €6,452 | €6,452 |
Company details
Public limited company · founded 22-05-2006Year ends 31-12Peppol reachable2 sites
Register details
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 1 October 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.
Sites & property
2 establishment units
2 parcels
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 34023A0316/00B000 | Flanders | 3.3 ha | 1 · 1.3 ha | - |
| 34029B0449/00L000 | Flanders | 5,040 m² | 1 · 3,261 m² | 9.7 m · 2 fl. |
Linked by address, not proof of ownership
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