Losses
The 2024 and 2025 financial years closed with a loss. 2024 was the heaviest.
The 2024 and 2025 financial years closed with a loss. 2024 was the heaviest.
Subsidiary with negative equity. SONIAN CONSTRUCTIONS · loss of €280,164 in 2025.
Lower net result than 88% of companies in real estate. Sector median €9,988 · 11,288 companies.
The dashed line is the sector median: 0.2% across 26,626 companies (NACE 68, micro).
About 5 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
The band follows from the bankruptcy probability. 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, micro). It does better than 55% of them on solvency, 17% on liquidity, 18% on profitability and 22% on growth.
The bankruptcy probability was computed on 09-11-2026 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.
The probability rests on the annual accounts with balance sheet date 31-12-2025.
Of the companies with a bankruptcy probability in the very low class on 30-06-2025, 0.1% went bankrupt within twelve months.
Some facts cap the score, however low the probability. With negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late, the score is Fair at most (59). With two missing filings, it is Weak at most (44). During a judicial reorganisation or at the company's end (bankruptcy, dissolution, liquidation), it is Critical at most (24).
Liquidity is insufficient, with a current ratio of 0.84 (1.43 in 2024), below 1. Short-term debt is 57% and cash 0.4% of total assets. 62.1% of the assets are financed with debt and provisions.
Show the recommended maximum and see how the verdict changes with amount, term and advance.
The scores and ratios are Checked's own calculations, not a credit decision.
The company filed its last 5 accounts on average 33 days after the deadline. In the sector (NACE 68), the median for financial year 2024 was 7 days before the deadline, and 36% of those companies filed late.
Shares in 1 company, SONIAN CONSTRUCTIONS
Board & ownership| Company | ||||
|---|---|---|---|---|
| SONIAN DEVELOPMENT Kraainem | €1.1m | -€56,424 | 37.9% | - |
| JMSDR Esneux | €0.5m | -€7,463 | 23.7% | - |
| Portsea Banus Keerbergen | €0.8m | -€5,719 | 60.4% | - |
| VLEVIA IMMO Mouscron | €1.4m | -€3,290 | 21.5% | - |
| BERGVIS Geel | €0.5m | -€14,810 | 45.8% | - |
| Dhage Poperinge | €0.4m | -€3,393 | 76.4% | - |
| EquiLys Mouscron | €2.4m | -€21,687 | 94.0% | - |
These companies have the same main activity as SONIAN DEVELOPMENT: real estate activities (NACE 68204). They are comparable in size and age: total assets between €444,000 and €2.4m, founded between 2016 and 2022.
SONIAN DEVELOPMENT files the abbreviated format. That format states no turnover. The gross margin fell from -€9,705 in 2021 to -€56,424 in 2025.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette.
Turnover: not included in this filing.
Higher than 56% of 11,297 companies in 2025.
Higher than 38% of 10,849 companies in 2025.
Higher than 9% of 11,182 companies in 2025.
Net result: bottom quarter · Equity: middle half · Balance sheet total: middle half · Working capital: middle half
Staff costs divided by the average number of full-time equivalents.
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| Balance sheet: assets | ||||||
20/58 |
1.1m | 2.2m | 2.4m | 2.3m | 1.5m | |
21/28 |
550,000 | 550,000 | 550,000 | 550,000 | 550,000 | |
28 |
550,000 | 550,000 | 550,000 | 550,000 | 550,000 | |
29/58 |
506,593 | 1.7m | 1.8m | 1.7m | 980,004 | |
3 |
400,453 | 1.4m | 1.5m | 1.6m | 761,044 | |
30/36 |
400,453 | 1.4m | 1.5m | 1.6m | 761,044 | |
40/41 |
99,607 | 158,216 | 363,714 | 61,192 | 67,473 | |
40 |
- | 3,609 | 692 | 6,192 | - | |
41 |
99,607 | 154,607 | 363,022 | 55,000 | 67,473 | |
54/58 |
4,553 | 43,687 | 3,488 | 11,563 | 150,766 | |
490/1 |
1,981 | - | 630 | 3,003 | 720 | |
| Balance sheet: equity and liabilities | ||||||
10/49 |
1.1m | 2.2m | 2.4m | 2.3m | 1.5m | |
10/15 |
400,241 | 490,453 | 588,815 | -224,943 | -4,059 | |
10/11 |
30,000 | 30,000 | 30,000 | 30,000 | 30,000 | |
14 |
370,241 | 460,453 | 558,815 | -254,943 | -34,059 | |
17/49 |
656,353 | 1.7m | 1.8m | 2.5m | 1.5m | |
17 |
- | 500,000 | 500,000 | 500,000 | 1.5m | |
170/4 |
- | 500,000 | 500,000 | 500,000 | 1.5m | |
42/48 |
602,446 | 1.2m | 1.2m | 2.0m | 11,459 | |
42 |
- | - | 0 | 1.0m | - | |
43 |
- | 739,158 | 982,000 | - | - | |
430/8 |
- | 739,158 | 982,000 | - | - | |
44 |
51,781 | 248,985 | 68,763 | 16,733 | 3,876 | |
440/4 |
51,781 | 248,985 | 68,763 | 16,733 | 3,876 | |
45 |
- | - | 188,764 | 24,819 | - | |
450/3 |
- | - | 188,764 | 4,924 | - | |
454/9 |
- | - | 0 | 19,895 | - | |
47/48 |
550,666 | 169,258 | 7,583 | 952,976 | 7,583 | |
492/3 |
53,906 | 53,938 | 56,003 | 24 | 22,604 | |
| Income statement | ||||||
9900 |
-56,424 | -3,772 | 1.3m | -4,596 | -9,705 | |
62 |
- | 377 | 89,349 | 131,180 | - | |
640/8 |
10,991 | 16,592 | 1,257 | 4,987 | 1,364 | |
9901 |
-67,415 | -20,741 | 1.2m | -140,763 | -11,069 | |
75/76B |
- | 32 | 7,614 | - | - | |
75 |
- | 32 | 7,614 | - | - | |
65/66B |
22,798 | 77,652 | 164,358 | 80,120 | 22,990 | |
65 |
22,798 | 77,652 | 164,358 | 80,120 | 22,990 | |
9903 |
-90,213 | -98,361 | 1.0m | -220,883 | -34,059 | |
67/77 |
- | - | 191,048 | - | - | |
9904 |
-90,213 | -98,361 | 813,757 | -220,883 | -34,059 | |
9905 |
-90,213 | -98,361 | 813,757 | -220,883 | -34,059 | |
| Appropriation of the result | ||||||
9906 |
370,241 | 460,453 | 558,815 | -254,943 | -34,059 | |
14P |
460,453 | 558,815 | -254,943 | -34,059 | - | |
| Social balance sheet | ||||||
9087 |
- | - | 0.6 | 1 | - | |
Hours worked1013 |
- | - | 908 | 1,752 | - | |
| Document | ||||||
The notes to these accounts have 2 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the accounts filed with the NBB.
Source: Annual accounts 2025 at the NBB, filed on 21-08-2026.
2025 annual accounts filed 21 days after the deadline. Filed on 21 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00413126.
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 21-08-2026 | 2026-00413126 | |
| 31-12-2024 | abbreviated format | 30-09-2025 | 2025-00517895 | |
| 31-12-2024 | full format | 31-08-2025 | 2025-00456714 | |
| 31-12-2023 | abbreviated format | 14-10-2024 | 2024-00507667 | |
| 31-12-2022 | abbreviated format | 08-08-2023 | 2023-00322146 | |
| 31-12-2021 | abbreviated format | 31-08-2022 | 2022-20389763 |
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| - | - | - | - | 550,000 | ||
| -39,134 | 40,199 | -8,075 | -139,203 | - | ||
| -95,853 | 494,391 | 594,818 | -274,919 | 968,545 | ||
| 37.9% | 22.3% | 24.6% | -9.9% | -0.3% | ||
| 0.84 | 1.43 | 1.48 | 0.86 | 85.52 | ||
| 0.18 | 0.17 | 0.29 | 0.04 | 19.11 | ||
| 1.64 | 3.49 | 3.06 | - | - | ||
| -22.5% | -20.1% | 138.2% | - | - | ||
| -8.5% | -4.5% | 34.0% | -9.7% | -2.2% |
EBIT margin: not included in this filing.
A Belgian filing has no cash-flow statement. Cash flow is therefore an approximation, derived from the income statement. Investment is the acquisitions in the notes and, without them, the balance-sheet move.
| Item | 31-12-2023 | 31-12-2022 |
|---|---|---|
| Employees at the balance-sheet date | - | 1 |
| full-time | - | 1 |
| part-time | - | 0 |
| in full-time equivalents | - | 1 |
| 0.6 | 1 | |
| On a permanent contract | - | 1 |
| Joined | 0 | 1 |
| Left | 1 | 0 |
Source: social balance sheet in the 2022 to 2023 annual accounts
| Item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Debts secured on the company's own assets | - | €813,500 | €982,000 | - | - |
| Mortgages, amount registered | - | €55,000 | €55,000 | - | - |
| - | €1.0m | €1.0m | - | - | |
| Carrying value of the mortgaged assets | - | €1.3m | €1.3m | - | - |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
| Item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Financial fixed assets | - | - | - | - | €550,000 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
The operating result for 2025 is a loss of €67,415, larger than the loss of €20,741 in 2024. It is the lowest result since 2022.
Debt's share of the balance-sheet total falls from 77.7% to 62.1%. Equity and debt are lower.
Source: lists of holdings in the owners' accounts
Source: list of holdings in its own 2025 accounts. Every holding stands with its own latest accounts.
| IMMPACT VASTGOED via ARISTOS INVEST, no longer at IMMPACT VASTGOED · Director · deed of 05-07-2018 founded in 2003 |
total assets €32.9m (2025) |
| GOODWAYS via ARISTOS INVEST, no longer at GOODWAYS · Class A director · deed of 31-07-2018 founded in 1960 |
total assets €24.5m (2025) |
| Name | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| SONIAN CONSTRUCTIONS | 100% | ||||
Source: list of holdings in its own accounts
Deadline for the 2026 accounts: 31-07-2027
Financial milestones sit on the financial year-end date, not the filing date.
Sources: Publications in the Belgian Official GazetteFilings with the National Bank
SONIAN DEVELOPMENT was incorporated on 13 May 2021 as a private limited company by A&L ADVISORY and one natural person.12 The registered office was moved to Kraainem in 2024.3 The board currently has 2 members, 2 of whom have served since 2021.4 Total assets fell from €1.5m in 2021 to €1.1m in 2025.5
| Establishment | Since | Unit number |
|---|---|---|
| Steenweg op Mechelen 338 registered office 1950 Kraainem | 13-05-2021 | 2.377.367.258 |
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