Souterrain
ActiveSummary
Souterrain has been active since 2017 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €3.90M and a net result of €45k. Equity is growing by ~27.2% per year across the filed fiscal years. Its solvency ranks better than 38% of 9234 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.3% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability73▲+38
Solvency44▼-2
Growth78▲+26
Track record100
Bankruptcy probability, 12 months
0.3%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €75k at 30 days acceptable
Liquidity ample (current ratio 51.16 against 46.09 in 2024; short-term debt: 0.1% and cash: 1% of total assets), but 81.1% of the assets are financed with debt.
Credit check for your own amount and term
Signals
Three signals. The signal on the left, the evidence on the right.
−lowers risk○neutral
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
18.9%
Return on assets
0.2%
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 29-07-2026, 2 days ahead of the deadline.
NBB · 8 filingsDeviation from the deadline
2025
2 d early
2024
29 d late
2023
13 d early
2022
11 d early
2021
3 d early
2020
1 d early
2019
38 d late
← 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, abbreviated schema
Turnover
€762k
EBIT margin
26.4%
Net result
€45k
2024 · €-414k
2018: €-183k
2019: €-85k▲ +53.4% vs 2018
2020: €-41k▲ +52.4% vs 2019
2021: €-623k▼ -1435% vs 2020lowest in 8 years
2022: €-524k▲ +15.9% vs 2021
2023: €-279k▲ +46.9% vs 2022
2024: €-414k▼ -48.6% vs 2023
2025: €45k▲ +111% vs 2024highest in 8 years
2018 → 2025
Working capital
€1.08M▲ 5.2%
2024 · €1.02M
2018: €170k
2019: €55k▼ -67.3% vs 2018lowest in 8 years
2020: €133k▲ +140% vs 2019
2021: €4.51M▲ +3284% vs 2020
2022: €4.86M▲ +7.8% vs 2021highest in 8 years
2023: €3.77M▼ -22.4% vs 2022
2024: €1.02M▼ -72.9% vs 2023
2025: €1.08M▲ +5.2% vs 2024
2018 → 2025
Trend over the years
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Turnover€762k
Equity€5.07M-€4.54M▼ 10.3%€4.26M▼ 6.1%€3.85M▼ 9.7%€3.90M▲ 1.2%
2021: €5.07Mhighest in 5 years
2022: €4.54M▼ -10.3% vs 2021
2023: €4.26M▼ -6.1% vs 2022
2024: €3.85M▼ -9.7% vs 2023lowest in 5 years
2025: €3.90M▲ +1.2% vs 2024
Operating result€-606k-€-423k▲ 30.2%€-168k▲ 60.3%€-295k▼ 75.7%€201k
2021: €-606klowest in 5 years
2022: €-423k▲ +30.2% vs 2021
2023: €-168k▲ +60.3% vs 2022
2024: €-295k▼ -75.7% vs 2023
2025: €201k▲ +168% vs 2024highest in 5 years
Net result€-623k-€-524k▲ 15.9%€-279k▲ 46.9%€-414k▼ 48.6%€45k
2021: €-623klowest in 5 years
2022: €-524k▲ +15.9% vs 2021
2023: €-279k▲ +46.9% vs 2022
2024: €-414k▼ -48.6% vs 2023
2025: €45k▲ +111% vs 2024highest in 5 years
Turnover and EBIT margin not published: the abbreviated schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result returns to profit in 2025: €201k after a loss of €295k in 2024, the highest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €20.65M
Fixed assets
€19.56M ▲ 15.5%
Current assets
€1.10M ▲ 5.0%
Equity and liabilities €20.65M
Equity
€3.90M ▲ 1.2%
Debt
€16.76M ▲ 18.6%
Debt's share of the balance-sheet total rises from 78.6% to 81.1%. Equity and debt are higher.
Key figures and ratios
EBITDA
€722k▲
2024 · €280k
Cash flow
€566k▲
2024 · €162k
Current ratio
51.16▲
2024 · 46.09
Quick ratio
34.72▲
2024 · 30.55
Debt to equity
4.30▲
2024 · 3.67
ROE
1.2%▲
2024 · -10.8%
ROA
0.2%▲
2024 · -2.3%
Interest coverage
4.84▲
2024 · 2.27
Debt ≤ 1 year
€21k▼
2024 · €23k
Debt > 1 year
€16.18M▲
2024 · €13.70M
Income taxes
€11k
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 · 53 lines
Balance sheet
Code20242025
Assets
Total assets20/58€17.98M€20.65M▲
Fixed assets21/28€16.94M€19.56M▲
Intangible fixed assets21€644€172▼
Tangible fixed assets22/27€16.64M€17.10M▲
Land and buildings22€15.44M€15.00M▼
Plant, machinery and equipment23-€4k
Furniture and vehicles24€63k€54k▼
Assets under construction and advance payments27€1.13M€2.05M▲
Financial fixed assets28€302k€2.45M▲
Current assets29/58€1.04M€1.10M▲
Amounts receivable after more than one year29€399k€399k=
Other amounts receivable291€399k€399k=
Stocks and contracts in progress3€352k€352k=
Stocks30/36€352k€352k=
Amounts receivable within one year40/41€141k€113k▼
Trade receivables40€135k€101k▼
Other amounts receivable41€6k€11k▲
Cash at bank and in hand54/58€133k€211k▲
Deferred charges and accrued income490/1€20k€22k▲
Equity and liabilities
Total equity and liabilities10/49€17.98M€20.65M▲
Equity10/15€3.85M€3.90M▲
Contributions10/11€6.00M€6.00M=
Profit (loss) carried forward14€-2.15M€-2.10M▲
Amounts payable17/49€14.13M€16.76M▲
Amounts payable after more than one year17€13.70M€16.18M▲
Other amounts payable178/9€13.70M€16.18M▲
Amounts payable within one year42/48€23k€21k▼
Trade debts44€16k€13k▼
Suppliers440/4€16k€13k▼
Advances received on contracts in progress46€4k-
Taxes, remuneration and social security45€3k€832▼
Taxes450/3€3k€832▼
Other amounts payable47/48-€7k
Accrued charges and deferred income492/3€405k€553k▲
Income statement
Code20242025
Turnover70-€762k
Non-recurring operating income76A€87k€180k▲
Goods, raw materials, services and sundry goods60/61-€180k
Remuneration, social security and pensions62€42k-
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€576k€521k▼
Other operating charges640/8€42k€46k▲
Gross operating margin9900€364k€768k▲
Operating profit (loss)9901€-295k€201k▲
Financial income75/76B€5k€4k▼
Recurring financial income75€5k€4k▼
Financial charges65/66B€124k€149k▲
Recurring financial charges65€124k€149k▲
Profit (loss) for the period before taxes9903€-414k€56k▲
Income taxes67/77-€11k
Profit (loss) for the period9904€-414k€45k▲
Profit (loss) for the period to be appropriated9905€-414k€45k▲
Appropriation of the result
Profit (loss) to be appropriated9906€-2.15M€-2.10M▲
Profit (loss) brought forward from the previous period14P€-1.74M€-2.15M▼
Social balance
Average headcount (FTE)90871.2-
The notes to these accounts (15 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Accounts by statement
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Turnover70 | - | - | - | - | €762k | - |
| Non-recurring operating income76A | €302 | €156k | €163k | €87k | €180k | ▲ 107% |
| Goods, raw materials, services and sundry goods60/61 | - | - | - | - | €180k | - |
| Remuneration, social security and pensions62 | - | - | €51k | €42k | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €580k | €611k | €382k | €576k | €521k | ▼ 9.5% |
| Other operating charges640/8 | €13k | €27k | €32k | €42k | €46k | ▲ 9.5% |
| Gross operating margin9900 | €-13k | €215k | €297k | €364k | €768k | ▲ 111% |
| Operating profit (loss)9901 | €-606k | €-423k | €-168k | €-295k | €201k | ▲ 168% |
| Financial income75/76B | €0 | €4k | €5k | €5k | €4k | ▼ 16.4% |
| Recurring financial income75 | €0 | €4k | €5k | €5k | €4k | ▼ 16.4% |
| Financial charges65/66B | €17k | €105k | €115k | €124k | €149k | ▲ 20.8% |
| Recurring financial charges65 | €17k | €105k | €115k | €124k | €149k | ▲ 20.8% |
| Profit (loss) for the period before taxes9903 | €-623k | €-524k | €-279k | €-414k | €56k | ▲ 114% |
| Income taxes67/77 | - | - | - | - | €11k | - |
| Profit (loss) for the period9904 | €-623k | €-524k | €-279k | €-414k | €45k | ▲ 111% |
| Profit (loss) for the period to be appropriated9905 | €-623k | €-524k | €-279k | €-414k | €45k | ▲ 111% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €10.47M | €16.04M | €16.34M | €17.98M | €20.65M | ▲ 14.9% |
| Fixed assets21/28 | €5.93M | €11.16M | €12.53M | €16.94M | €19.56M | ▲ 15.5% |
| Intangible fixed assets21 | €2k | €2k | €1k | €644 | €172 | ▼ 73.3% |
| Tangible fixed assets22/27 | €5.93M | €10.86M | €12.23M | €16.64M | €17.10M | ▲ 2.8% |
| Land and buildings22 | €5.53M | €8.85M | €10.41M | €15.44M | €15.00M | ▼ 2.9% |
| Plant, machinery and equipment23 | - | - | - | - | €4k | - |
| Furniture and vehicles24 | €6k | €74k | €71k | €63k | €54k | ▼ 15.6% |
| Assets under construction and advance payments27 | €397k | €1.94M | €1.75M | €1.13M | €2.05M | ▲ 81.4% |
| Financial fixed assets28 | - | €300k | €300k | €302k | €2.45M | ▲ 713% |
| Current assets29/58 | €4.54M | €4.88M | €3.81M | €1.04M | €1.10M | ▲ 5.0% |
| Amounts receivable after more than one year29 | - | €454k | €414k | €399k | €399k | = |
| Other amounts receivable291 | - | €454k | €414k | €399k | €399k | = |
| Stocks and contracts in progress3 | €3.94M | €3.94M | €3.25M | €352k | €352k | = |
| Stocks30/36 | €3.94M | €3.94M | €3.25M | €352k | €352k | = |
| Amounts receivable within one year40/41 | €239k | €97k | €98k | €141k | €113k | ▼ 20.0% |
| Trade receivables40 | €239k | €96k | €98k | €135k | €101k | ▼ 24.8% |
| Other amounts receivable41 | - | €390 | €609 | €6k | €11k | ▲ 89.0% |
| Cash at bank and in hand54/58 | €362k | €378k | €33k | €133k | €211k | ▲ 58.3% |
| Deferred charges and accrued income490/1 | €5k | €12k | €15k | €20k | €22k | ▲ 11.9% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €10.47M | €16.04M | €16.34M | €17.98M | €20.65M | ▲ 14.9% |
| Equity10/15 | €5.07M | €4.54M | €4.26M | €3.85M | €3.90M | ▲ 1.2% |
| Contributions10/11 | €6.00M | €6.00M | €6.00M | €6.00M | €6.00M | = |
| Profit (loss) carried forward14 | €-932k | €-1.46M | €-1.74M | €-2.15M | €-2.10M | ▲ 2.1% |
| Amounts payable17/49 | €5.41M | €11.49M | €12.07M | €14.13M | €16.76M | ▲ 18.6% |
| Amounts payable after more than one year17 | €5.36M | €11.36M | €11.80M | €13.70M | €16.18M | ▲ 18.1% |
| Other amounts payable178/9 | €5.36M | €11.36M | €11.80M | €13.70M | €16.18M | ▲ 18.1% |
| Amounts payable within one year42/48 | €28k | €12k | €35k | €23k | €21k | ▼ 5.4% |
| Trade debts44 | €28k | €12k | €21k | €16k | €13k | ▼ 16.3% |
| Suppliers440/4 | €28k | €12k | €21k | €16k | €13k | ▼ 16.3% |
| Advances received on contracts in progress46 | - | - | €1k | €4k | - | - |
| Taxes, remuneration and social security45 | €329 | €338 | €12k | €3k | €832 | ▼ 73.7% |
| Taxes450/3 | €329 | €338 | €1k | €3k | €832 | ▼ 73.7% |
| Remuneration and social security454/9 | - | - | €11k | - | - | - |
| Other amounts payable47/48 | - | - | - | - | €7k | - |
| Accrued charges and deferred income492/3 | €18k | €127k | €243k | €405k | €553k | ▲ 36.3% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €-623k | €-524k | €-279k | €-414k | €45k | ▲ 111% |
| + Depreciation and write-downs630 | €580k | €611k | €382k | €576k | €521k | ▼ 9.5% |
| Operating cash flow (approximation) | €-43k | €87k | €103k | €162k | €566k | ▲ 250% |
| Investment in fixed assets (approximation) | - | €-5.84M | €-1.75M | €-4.99M | €-3.14M | ▲ 37.0% |
| Change in cash | - | €15k | €-345k | €100k | €78k | ▼ 22.4% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
29-07
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema
2025
31-12
Financial
Back to profitnet €45k
Net result €45k after 7 loss-making years.
29-08
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema · 29 days late
2024
18-07
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema
2023
20-07
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema
2022
31-12
Financial
Liquidity triplescurrent ratio 411.17
Current ratio from 162.58 to 411.17; short-term debt falls from €28k to €12k.
28-07
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema
2021
31-12
Financial
Weakest financial yearnet €-623k
Net result drops to €-623k, the lowest in the series; recovery starts the following year.
31-12
Financial
Equity above €5MEq €5.07M ▲633%
Equity rises from €691k to €5.07M.
30-07
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema
2020
31-12
Financial
Liquidity doublescurrent ratio 213.45
Current ratio from 91.49 to 213.45.
07-09
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema · 38 days late
2019
31-12
Financial
Liquidity doublescurrent ratio 91.49
Current ratio from 42.94 to 91.49; short-term debt falls from €4k to €613.
31-07
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 4 acts read
About the unread acts
We know of 4 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
4 acts for this company are 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, Kortrijk · 1 establishment unit since 2017
Ground area
6,136 m²
Building footprint
575 m²
Volume, LiDAR
4,144 m³
Parcel 34354C0901/00K000, Flanders · tallest building 11.3 m, ±2 floors. Linked by address, not a title deed.
1 establishment unit
SOUTERRAIN
since 20172.266.796.562
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 34354C0901/00K000 | Flanders | 6,136 m² | 1 · 575 m² | 11.3 m · 2 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 9,136 companies in sector 68201 we hold annual accounts for 6,765. 3,499 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
Founded27-07-2017
Fiscal year end31-12
Activities, NACEBEL 2025
68201Renting and operating of own or leased residential real estate, excluding social housing
35150Electricity, gas, steam and air conditioning supply
68110Buying and selling of own real estate
Contact
Website
www.souterrain.eu
E-mail
info@souterrain.eu
Scores and ratios are computed by Checked and are not a credit decision.