Losses
-€15.5m in six years
Every financial year from 2020 to 2025 closed with a loss. 2022 was the heaviest.
Société de reconversion des sites industriels de Charleroi
Part of the group
Intercommunale pour la Gestion et la Réalisation d'Etudes Techniques et Economiques
3 companies
See the group
Lifetime
8 annual accounts with figures on one time axispeak €4.5m (2024)
€2.5m▼ 44.3%
lowest -€4.1m (2022)
-€3.9m▼ €2.2m
peak €36.4m (2019)
€20.6m▼ 15.8%
€21.3m▲ 45.9%
peak 5.9 FTE (2019)
3.5 FTE▼ 30.0%
Board14 names since 2017all names
6 directorsNathalie Czerniatynski and 5 others
Owners3 names in the annual accounts
Documentsfilings and deeds
16-06-202645 days before the deadline
2025financial year
Turnover from €4.5m to €2.5mLoss of €3.9mStaff from 5 FTE to 3.5 FTEAppointment: Axylium Audit (statutory auditor) 23-01Equity from €24.5m to €20.6mDebts from €14.6m to €21.3m
Key points
from the 2025 annual accountsInvestments
€4.8m 4.0 × depreciation
Green is investment, beige is depreciation.
Staff
3.5 FTE from 5.9 in 2019
Between 2019 and 2025, 41% of the full-time equivalents disappeared.
Payment terms
159 days to suppliers
Société de reconversion des sites industriels de Charleroi pays its suppliers 144 days earlier than in 2024. Customers pay 56 days earlier.
Liquidity
0.09 was 0.80 in 2024
Short-term debts rose from €3.5m to €21.3m.
Position in the sector
-€3.9m
Lower net result than 95% of companies in real estate. Sector median €20,526 · 5,817 companies.
Checked score
84
Excellent
Financially stronger than 27% of micro companies in real estate (NACE 68)
Probability in this band: under 0.55%
Bankruptcy probability within 12 months
0.3% Very low
0%0.5%1.5%4%10%≥ 25%
The dashed line is the sector median: 0.2% across 26,625 companies (NACE 68, micro).
About 3 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
Last 24 months
12-2024: 0.3%
01-2025: 0.3%● unchanged vs 12-2024
02-2025: 0.3%● unchanged vs 01-2025
03-2025: 0.3%● unchanged vs 02-2025
04-2025: 0.3%● unchanged vs 03-2025
05-2025: 0.3%● unchanged vs 04-2025
06-2025: 0.4%▲ +0.1 percentage points vs 05-2025highest value
07-2025: 0.3%▼ -0.1 percentage points vs 06-2025
08-2025: 0.3%● unchanged vs 07-2025
09-2025: 0.3%● unchanged vs 08-2025
10-2025: 0.3%● unchanged vs 09-2025
11-2025: 0.3%● unchanged vs 10-2025
12-2025: 0.3%● unchanged vs 11-2025
01-2026: 0.3%● unchanged vs 12-2025
02-2026: 0.3%● unchanged vs 01-2026lowest value
03-2026: 0.3%● unchanged vs 02-2026
04-2026: 0.3%● unchanged vs 03-2026
05-2026: 0.3%● unchanged vs 04-2026
06-2026: 0.3%● unchanged vs 05-2026
07-2026: 0.3%● unchanged vs 06-2026
08-2026: 0.3%● unchanged vs 07-2026
09-2026: 0.3%● unchanged vs 08-2026
10-2026: 0.3%● unchanged vs 09-2026
11-2026: 0.3%● unchanged vs 10-2026
Financial strengthWeak
Score breakdown
raises risk
Liquidity: current ratio 0.09, cash €622,270
Loss of €3.9m, the second in a row (financial year 2025)
lowers risk
Sector: Real estate activities (NACE 68)
Size: turnover €2.5m, 3.5 FTE, total assets €46.9m
Calculation
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 60% of them on solvency, 22% on liquidity, 11% on profitability and 17% on growth.
The bankruptcy probability was computed on 07-11-2026 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).
Comparable companies, two years later
In July 2024, 3,440 companies had the same profile as Société de reconversion des sites industriels de Charleroi has now. Each dot stands for 9 companies, two years later.
90.1%
were still trading
7.4%
stopped another way
2.3%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of Société de reconversion des sites industriels de Charleroi itself is lower: 0.3% within 12 months. It rests on far more data about Société de reconversion des sites industriels de Charleroi than the profile alone.
Test of the method
The method was tested on the 497,447 companies of July 2024. Each company was given the bankruptcy share of the same profile a year earlier, in July 2023. The expectation was that 1.6% would go bankrupt within 24 months. In fact 1.7% went bankrupt.
| 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% | 0.9% |
| 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% |
A company that went bankrupt had a higher expected share than one that kept going in 74.5% of comparisons. The level depends on the economy. In a year with more bankruptcies than the year before, the actual share is higher than the expected one.
This is an observation about 3,440 companies, not a prediction for Société de reconversion des sites industriels de Charleroi. The sector does not count, because the KBO no longer lists a sector for a company that has stopped. By sector, mostly the survivors would count, which would paint too rosy a picture.
Credit verdict
Credit of up to €240,000 on 30-day terms is acceptable
Liquidity is insufficient, with a current ratio of 0.09 (0.8 in 2024), below 1. Short-term debt is 45.5% and cash 1.3% of total assets. 56.1% of the assets are financed with debt and provisions.
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The scores and ratios are Checked's own calculations, not a credit decision.
Signals
Six signals.
lowers riskraises riskneutral
raises risk · Persistent losses
Two consecutive loss-making years (2024 and 2025); equity is also lower. May indicate structural pressure on profitability.
NBB · annual accounts 2025Net result per financial year
1819202122232425
2018 to 2025 · latest year -€3.9m
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 16-06-2026, 45 days ahead of the deadline.
NBB · 8 filingsDeviation from the deadline
2025
45 days early
2024
56 days early
2023
49 days early
2022
61 days early
2021
67 days early
2020
44 days early
2019
26 days late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
The company filed its last 7 accounts on average 42 days before 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.
Searched, nothing found (2)
neutral · Next filing not due yet
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today. The company usually files around 5 June (5 of the last 5 accounts filed within 30 days either side of that date).
Companies Code · seven monthsWhere today falls in the filing period
08-11-2026 today31-12-2026 year end31-07-2027 deadline
Board and ownership
and 1 other
- Intercommunale pour la Gestion et la Réalisation d'Etudes Techniques et Economiques 51%annual accounts 2025
- Wallonie Entreprendre 49%equity €4.98bn (2025) · annual accounts 2025
Recent changes
Appointment: Axylium Audit (statutory auditor)
General meeting of 16-05-2024 · Gazette deed
2 directors appointed, 1 statutory auditor appointed, 2 resignations, 4 reappointments
Resignations: Frédéric Kalkmann and Philippe Buelen · Reappointments: Renaud Moens, Nathalie Czerniatynski, Brigitte Gossiaux and Marc Degaute · Appointments: SA SPARAXIS, SA WALLONIE ENTREPRENDRE and AXYLIUM AUDIT (statutory auditor) · General meeting of 16-05-2024 · Gazette deed
Resignation: Florence Vanderthommen (director)
Appointment: Frédéric Kalkmann (director) · Board meeting of 23-12-2022 · Gazette deed
2 directors appointed, 2 resignations
Resignations: Renaud Witmeur and Sébastien DURIEUX · Appointments: Sébastien DURIEUX and Marc DEGAUTE · Director discharge: Renaud Witmeur · Board meeting of 24-06-2022 · Gazette deed
Comparable companies
same main activity, similar in size and age| Company | ||||
|---|---|---|---|---|
| Société de reconversion des sites industriels de Charleroi Charleroi | €2.5m | - | 43.9% | 3.5 |
| LICENSE TO CONSTRUCT Ghent | €3.1m | 92.0% | 22.4% | 3.7 |
| IMRODER Sint-Martens-Latem | €6.2m | 20.0% | 53.0% | 7.6 |
| UP 36 Brussels | €1.3m | 32.2% | 94.6% | - |
| VAN WELLEN INVEST Antwerp | €2.0m | 36.7% | 22.4% | - |
| IMMO-QUINTO Molenbeek-Saint-Jean | €1.7m | 41.7% | 96.5% | - |
| Artim New Brasschaat | - | - | 96.6% | - |
These companies have the same main activity as Société de reconversion des sites industriels de Charleroi: real estate activities (NACE 68204). They are comparable in size and age: total assets between €13m and €115m, founded between 1999 and 2016.
Official details
Source: KBO- Status
- Active since 22-12-2017Normal situation
- Registered office
- 23 active companies are registered at this addressSource: KBO register, as of 8 November 2026.
- Activity
- Real estate activitiesNACE 68204
- Joint committee
- 200Auxiliary committee for white-collar workers · annual accounts 2025
- Establishment unit
- 2.316.898.7456041 Charleroi, since 22-12-2017
- Financial year end
- 31 December
- Peppol
- Reachable since 20-11-2020
Annual accounts 2025
- €46.9m▲ 6.4%
- Employeeson 31-12-2025
- 2▼ 60.0%
- Filing
- Filed on 16-06-2026, 45 days before the end of the filing period
Insights on Société de reconversion des sites industriels de Charleroi
Société de reconversion des sites industriels de Charleroi has existed since 2017. The present size dates from 2020. Turnover rose that year from €126,095 to €1.3m.
Solvency fell in 2025 from 55.5% to 43.9% because of the loss.
Intercommunale pour la Gestion et la Réalisation d'Etudes Techniques et Economiques holds 51% of the shares.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette. Click a figure with a dotted line for the item and the filing.
Key facts about Société de reconversion des sites industriels de Charleroi
- What is the company number of Société de reconversion des sites industriels de Charleroi?
- The company number of Société de reconversion des sites industriels de Charleroi is 0686.758.119. The VAT number is the same number with BE in front: BE 0686.758.119.
- Where is Société de reconversion des sites industriels de Charleroi based?
- The registered office is at Boulevard Pierre Mayence 1, 6000 Charleroi.Company details
- What does Société de reconversion des sites industriels de Charleroi do?
- According to the KBO register, the main activity is real estate activities (NACE 68204).
- What is the legal form of Société de reconversion des sites industriels de Charleroi?
- Société de reconversion des sites industriels de Charleroi is a public limited company (NV).
- When was Société de reconversion des sites industriels de Charleroi founded?
- Société de reconversion des sites industriels de Charleroi was founded on 22-12-2017.
- Is Société de reconversion des sites industriels de Charleroi still active?
- Yes, Société de reconversion des sites industriels de Charleroi is an active enterprise in the KBO register.
- How many employees does Société de reconversion des sites industriels de Charleroi have?
- Société de reconversion des sites industriels de Charleroi had an average of 3.5 full-time equivalents in financial year 2025, according to the filed annual accounts.Financials
- Which joint committee does Société de reconversion des sites industriels de Charleroi fall under?
- In its 2025 annual accounts, Société de reconversion des sites industriels de Charleroi states joint committee 200 (Auxiliary committee for white-collar workers).
- What is the turnover of Société de reconversion des sites industriels de Charleroi?
- The turnover of Société de reconversion des sites industriels de Charleroi was €2.5m in financial year 2025, according to the filed annual accounts.
- Is Société de reconversion des sites industriels de Charleroi profitable?
- In financial year 2025, Société de reconversion des sites industriels de Charleroi made a loss of €3.9m.
- Where can I find the annual accounts of Société de reconversion des sites industriels de Charleroi?
- Société de reconversion des sites industriels de Charleroi filed 8 annual accounts with the National Bank of Belgium, the latest for financial year 2025.
- When are the next annual accounts of Société de reconversion des sites industriels de Charleroi due?
- Société de reconversion des sites industriels de Charleroi must file the annual accounts for financial year 2026 by 31-07-2027.Timeline
Next steps
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