Sources Development
ActiveSummary
Sources Development has been active since 2016 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show negative equity (-€35,288) and a net result of -€69,984. The figures fluctuate too strongly year-on-year for a reliable trend projection. Its solvency ranks better than 13% of 11,192 sector peers (NACE 68, financial year 2025). The computed 12-month bankruptcy probability is 1.4% (low).
Overview
- Equity
- -€35,288
- Loss
- -€69,984
- Parent
- BELGIAN LAND · 100%
- BELGIAN LANDDirector · permanent representative BOSMANS André Marie Pierre Ghislain Julien
- Adeline SimontDirector
Why 53raises riskCapped at 59: negative equityNegative equity -€35,2881 change of registered office in 24 monthsLoss of €69,984, the second in a row (financial year 2025)lowers riskSize: total assets €734,228Show the evidence
Checked score
About 1 in 100 comparable companies go bankrupt within 12 months (an estimate).
How it is calculated
The band follows from the bankruptcy probability, on a scale where 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): better than 16% on solvency, 14% on liquidity, 16% on profitability and 3% on growth.
The bankruptcy probability was computed on 27-10-2026 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.
Some facts cap the score, however low the probability. Negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late hold it at Fair at most (59); two missing filings, at Weak (44). An ongoing judicial reorganisation or the company's end (bankruptcy, dissolution, liquidation) holds it at Critical at most (24).
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Signals
This company filed its last 7 accounts on average 7 days before the deadline; the sector median (NACE 68) for financial year 2024 is 7 days before the deadline, and 36% of those companies filed late.
Searched, nothing found (2)
- Annual accounts filedfinancial year 2025 · abbreviated…
- Annual accounts filedfinancial year 2024 · full…
- Resignation: Scarfo SRL (director)Permanent representative: Emilie Rousseaux ·…
Financials · financial year 2025, abbreviated format
2021 to 2025, 5 financial years 2018 to 2025, 8 financial years
The operating result stays negative: a loss of €68,743 in 2025 against €200,836 in 2024; the loss shrinks.
What the company sold each financial year and what was left of it. A loss stands below the zero line.
What the company owns (total assets), how much of it is its own (equity) and how much it owes.
Short-term assets minus short-term debts. Above zero the company can pay its bills in the short term.
How much of each euro of turnover is left from operations (EBIT margin) and what the assets earn (return on assets).
The share of the company financed with its own means. The higher it is, the better it absorbs a shock.
Short-term assets per euro of short-term debt. Above 1 the short-term debts are covered.
Use the arrow keys on the chart for the figures per year.
Sector: the middle half of NACE 68, Real estate activities: a quarter of companies sit below it, a quarter above. Each year compared with accounts in the same format, and only where there are at least 30. Dashed line: the median. Available for Net result, Equity, Total assets, Working capital, Solvency, Current ratio, Return on assets (ROA).
- 2025 Net result +65% on 2024. The accounts now follow the abbreviated format, last year the full format.
Peer companies
Historical observationOf the 1,167 companies that looked in July 2024 the way this one looks now, 2.0% went bankrupt within 24 months and 94.9% are still going.
- Small
- 5 to 10 years old
- negative equity
- a small loss
A further 0.3% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 1.4% over twelve months; the group does not contradict it.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,445 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% | 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% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 74.5% 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 1,167 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.
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Turnover70 | - | - | - | - | - | - | €6,027 | - | - |
| Non-recurring operating income76A | - | - | - | - | - | - | - | €50,665 | - |
| Goods, raw materials, services and sundry goods60/61 | - | - | - | - | - | - | €199,807 | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €2,970 | €3,630 | €3,004 | €663 | €1,486 | - | - | - | - |
| Other operating charges640/8 | - | - | - | €312,523 | €2,279 | €1,055 | €7,167 | €22,886 | ▲ 219% |
| Gross operating margin9900 | -€2,056 | -€155 | €830,923 | €333,360 | €860,341 | -€167,979 | -€193,669 | -€45,858 | ▲ 76.3% |
| Operating profit (loss)9901 | -€5,374 | -€4,653 | €827,050 | €20,174 | €856,576 | -€169,034 | -€200,836 | -€68,743 | ▲ 65.8% |
| Financial income75/76B | - | - | - | €756 | €10 | - | - | €0 | - |
| Recurring financial income75 | - | - | €4,997 | €756 | €10 | - | - | €0 | - |
| Financial charges65/66B | - | - | - | €1,671 | €48,123 | €2,099 | €1,823 | €1,241 | ▼ 31.9% |
| Recurring financial charges65 | €1,544 | €11,042 | €5,145 | €1,671 | €48,123 | €2,099 | €1,823 | €1,241 | ▼ 31.9% |
| Profit (loss) for the period before taxes9903 | -€6,918 | -€15,695 | €826,902 | €19,259 | €808,463 | -€171,133 | -€202,659 | -€69,984 | ▲ 65.5% |
| Income taxes67/77 | - | - | €212,717 | €4,815 | €207,095 | €6,824 | - | - | - |
| Profit (loss) for the period9904 | -€6,918 | -€15,695 | €614,185 | €14,444 | €601,368 | -€177,958 | -€202,659 | -€69,984 | ▲ 65.5% |
| Profit (loss) for the period to be appropriated9905 | -€6,918 | -€15,695 | €614,185 | €14,444 | €601,368 | -€177,958 | -€202,659 | -€69,984 | ▲ 65.5% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €1.9m | €3.8m | €6.2m | €7.8m | €1.5m | €0.4m | €0.8m | €0.7m | ▼ 9.2% |
| Formation expenses20 | €0.002m | €0.001m | €0.001m | €0.001m | - | - | - | - | - |
| Fixed assets21/28 | €0.007m | €0.004m | €0.001m | - | - | - | - | - | - |
| Intangible fixed assets21 | €0.007m | €0.004m | €0.001m | - | - | - | - | - | - |
| Current assets29/58 | €1.9m | €3.8m | €6.2m | €7.8m | €1.5m | €0.4m | €0.8m | €0.7m | ▼ 9.2% |
| Stocks and contracts in progress3 | €1.8m | €3.7m | €4.3m | €6.8m | €0.06m | €0.06m | €0.01m | €0.01m | = |
| Stocks30/36 | - | - | - | €6.8m | €0.06m | €0.06m | €0.01m | €0.01m | = |
| Amounts receivable within one year40/41 | €0.04m | - | €0.4m | €0.08m | €1.1m | €0.3m | €0.4m | €0.6m | ▲ 43.6% |
| Trade receivables40 | - | - | - | €0.03m | €0.01m | €0.02m | €0.01m | €0.01m | = |
| Other amounts receivable41 | - | - | - | €0.05m | €1.1m | €0.3m | €0.4m | €0.6m | ▲ 44.6% |
| Cash at bank and in hand54/58 | €0.02m | €0.1m | €1.5m | €1.0m | €0.3m | €0.05m | €0.4m | €0.09m | ▼ 74.4% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €1.9m | €3.8m | €6.2m | €7.8m | €1.5m | €0.4m | €0.8m | €0.7m | ▼ 9.2% |
| Equity10/15 | €0.2m | €0.2m | €0.8m | €0.8m | €0.4m | €0.2m | €0.03m | -€0.04m | - |
| Contributions10/11 | €0.2m | €0.2m | - | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | = |
| Reserves13 | - | - | - | €0.03m | €0.04m | €0.04m | €0.04m | €0.04m | = |
| Non-distributable reserves130/1 | - | - | - | €0.03m | €0.04m | €0.04m | €0.04m | €0.04m | = |
| Reserves not available under the articles1311 | - | - | - | €0.03m | €0.04m | €0.04m | €0.04m | €0.04m | = |
| Profit (loss) carried forward14 | -€0.01m | -€0.03m | €0.6m | €0.6m | €0.2m | -€0.01m | -€0.2m | -€0.3m | ▼ 32.5% |
| Amounts payable17/49 | €1.7m | €3.7m | €5.4m | €7.0m | €1.1m | €0.2m | €0.8m | €0.8m | ▼ 0.6% |
| Amounts payable after more than one year17 | €1.4m | €2.5m | €3.5m | €2.0m | - | - | - | - | - |
| Financial debts170/4 | - | - | - | €2.0m | - | - | - | - | - |
| Amounts payable within one year42/48 | €0.3m | €1.1m | €1.7m | €4.6m | €1.1m | €0.2m | €0.8m | €0.8m | ▼ 0.6% |
| Current portion of amounts payable after more than one year42 | - | - | - | €1.0m | €200 | €200 | €200 | €200 | = |
| Trade debts44 | €0.3m | €0.2m | €0.3m | €0.2m | €0.1m | €0.2m | €0.05m | €0.1m | ▲ 197% |
| Suppliers440/4 | - | - | - | €0.2m | €0.1m | €0.2m | €0.05m | €0.1m | ▲ 197% |
| Taxes, remuneration and social security45 | - | - | - | €0.2m | €0.01m | €0.01m | €0.01m | €0.01m | = |
| Taxes450/3 | - | - | - | €0.2m | €0.01m | €0.01m | €0.01m | €0.01m | = |
| Other amounts payable47/48 | - | - | - | €3.2m | €1.0m | - | €0.7m | €0.6m | ▼ 14.0% |
| Accrued charges and deferred income492/3 | - | - | - | €0.3m | - | - | - | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€0.007m | -€0.02m | €0.6m | €0.01m | €0.6m | -€0.2m | -€0.2m | -€0.07m | ▲ 65.5% |
| + Depreciation and write-downs630 | €0.003m | €0.004m | €0.003m | €0.001m | €0.001m | - | - | - | - |
| Operating cash flow (approximation) | -€0.004m | -€0.01m | €0.6m | €0.02m | €0.6m | -€0.2m | -€0.2m | -€0.07m | ▲ 65.5% |
| Investment in fixed assets (approximation) | - | -€0.001m | €35 | - | - | - | - | - | - |
| Change in cash | - | €0.1m | €1.4m | -€0.6m | -€0.6m | -€0.3m | €0.3m | -€0.3m | - |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Filings with the National Bank (9)
| Financial year | Type | Filed | Reference |
|---|---|---|---|
| 31-12-2025 | abbreviated format | 29-07-2026 | 2026-00385271 |
| 31-12-2024 | full format | 20-08-2025 | 2025-00393190 |
| 31-12-2023 | full format | 24-07-2024 | 2024-00283367 |
| 31-12-2022 | full format | 26-07-2023 | 2023-00298206 |
| 31-12-2021 | full format | 30-06-2022 | 2022-20134563 |
| 31-12-2020 | full format | 04-08-2021 | 2021-46700601 |
| 31-12-2019 | full format | 02-07-2020 | 2020-25500364 |
| 31-12-2018 | full format | 18-07-2019 | 2019-36800231 |
| 31-12-2017 | full format | 13-06-2018 | 2018-17900531 |
Similar companies · same sector and region
Public contracts: No European public contracts awarded found since October 2016. Contracts below the EU thresholds are not in TED.
Directors
Board 2
Permanent representatives 1
Not every act has been read: a resignation may still be missing
Mandate history
- Board
| Name | Functions and periods |
|---|---|
| BELGIAN LAND |
|
| Adeline Simont |
|
| SCARFO |
|
Owners and capital
Owners
1 ownerChain of control
- BELGIAN LAND
- Sources Development
Highest known parent: BELGIAN LAND. The sources do not say who stands above it.
Owners 1
- BELGIAN LANDparent100%
Sources: the companies' annual accounts, the acts in the Belgian Official Gazette and the LEI register. Annual accounts state the shareholders that notified the company under article 7:225 of the Code of Companies and Associations and the parent companies that consolidate it. 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 include these statements in its annual accounts, or does not have to, is not listed.
Capital and shareholders
- 12-12-2023 Converted to unavailable equity · €250,000
Group and network
Connections & network
15 connected companiesShow 11 more companies with a shared director
History
Acts, filings and financial milestones
02-07
Gazette deed
Resignation: Scarfo SRL (director)Permanent representative: Emilie Rousseaux · Appointment: Adeline Simont (director) · Registered-office move5 facts ▸
- General meeting, 13-05-2025
- Director resignation, Scarfo SRL (director)
- Permanent representative, Emilie Rousseaux
- Director appointment, Adeline Simont (director)
- Registered-office move, rue Guimard 18 à 1040 Bruxelles
12-12
Gazette deed
Appointments: BELGIAN LAND (director) and SCARFO (director)Permanent representatives: BOSMANS André Marie Pierre Ghislain Julien and ROUSSEAUX Emilie Johanne Marthe Régine · Amendment of the articles · Capital conversion11 facts ▸
- General meeting, 28-11-2023
- Amendment of the articles (2 times)
- Capital conversion, “compte de capitaux propres statutairement indisponible” (deed in French)
- Capital conversion, “supprimer, rendre ces fonds disponibles pour distribution” (deed in French)
- Capital
- Director appointment, BELGIAN LAND (director)
- Director appointment, SCARFO (director)
- Permanent representative, BOSMANS André Marie Pierre Ghislain Julien
- Permanent representative, ROUSSEAUX Emilie Johanne Marthe Régine
- Registered office clause, “1000 Bruxelles, boulevard de Waterloo 16” (deed in French)
- Power of attorney
About the unread acts
Of the 6 Belgian Official Gazette deeds we know for this company, 2 have been read. The other 4 have not been read yet: what they contain is neither established nor disproved here.
Register details
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 27 October 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.
Check the withholding obligation If you pay this company for building or cleaning work, check before every payment whether you must withhold part of the invoice, with enterprise number 0668.433.334
Environmental permits: No permit applications found in Flanders. Brussels and Wallonia do not publish the applicant.
Sites & property
1 establishment unit
2 parcels
| Cadastral parcel | Region | Area | Buildings | Height / floors |
|---|---|---|---|---|
| 21822R0229/00M003 | Brussels | 4,635 m² | 1 · 2,770 m² | 30.9 m · 8 |
| 21805E0197/00N000 | Brussels | 502 m² | 1 · 502 m² | 24.8 m · 6 |
How the parcels are linked
Articles of association
What the company does
- DurationHow long the company exists; usually unlimited, so until it is dissolved.
- Unlimited
- Name clauseThe name the company operates under according to its articles.
- SOURCES DEVELOPMENT
- Registered office clauseThe region of the registered office; it decides among other things the language of official documents.
- “Organe d’administration, Région de Bruxelles-Capitale” (deed in French)
Who represents it, and how
- Board ruleHow the board is made up, meets and takes decisions.
- “Un ou plusieurs administrateurs, assemblée qui nomme” (deed in French)
Capital, shares and profit
- Kind of sharesWhich classes of shares exist and what rights each class carries.
- One provision in the deed
- Transfer restrictionWhether shareholders may sell their shares freely or need approval first.
- “Libre de céder tout ou partie librement” (deed in French)
Meetings and financial year
- Annual meetingWhen the shareholders meet each year, among other things to approve the annual accounts.
- First Wednesday of May at 15:00
Oversight and winding up
- Dissolution ruleWhen and by whom the company can be dissolved.
- “En tout temps par assemblée générale formes modifications statuts” (deed in French)
- Liquidation ruleHow assets are shared after dissolution: creditors first, then shareholders.
- “Quelque cause et moment, administrateurs en fonction désignés liquidateurs en vertu statuts si aucun autre désigné” (deed in French)