SQUARE 2
ActiveSummary
SQUARE 2 has been active since 2006 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €1.11M and a net result of €154k. Equity is growing by ~30.5% per year across the filed fiscal years. Its solvency ranks better than 38% of 7838 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 1.0% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability75▲+17
Solvency60▲+2
Growth85=
Track record100
Bankruptcy probability, 12 months
1.0%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €65k at 30 days acceptable
Liquidity ample (current ratio 1.61 against 1.7 in 2024; short-term debt: 51.9% and cash: 5% of total assets), but 65.4% of the assets are financed with debt.
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Signals
Six signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 43
Relative position
BE, all sectors
reference
Specialised construction activities (NACE 43)
about 85% more 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
34.6%
Return on assets
4.8%
Age of the figures
9 mo
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
neutral · A punctual record breaks
This company filed 3 consecutive financial years on time. The year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 14-08-2026, 14 days late. Weigh it accordingly: a break into the 1-to-90-day band measures 1.41% abnormal legal state, below the 1.66% market average. It is a change in behaviour, not evidence of elevated risk.
NBB · 10 filingsDeviation from the deadline
2025
14 d late
2024
31 d early
2023
5 d early
2022
70 d early
2021
25 d late
2020
1 d early
2019
on the day
← 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
History
Go further with this company
How much credit can you give this customer, and on what term?Credit simulator What should you check before you do business with this company?Supplier due diligence Hiring this company for building work? Recognition, activities and what to check first.Contractor check Accepting this client? The AML file with identity, beneficial owners and sanctions lists.AML client file How does this company compare with its sector?Sector benchmark What changed in the latest annual accounts?What changed
Financials · fiscal year 2025, abbreviated schema
In the rankings
#5 company by equity in Waterloo, Construction sector#6 company by total assets in Waterloo, Construction sector
Turnover
€10.61M▲ 15.7%
2023 · €9.17M
EBIT margin
1.3%▼ 3.4pp
2023 · 4.8%
Net result
€154k▲ 69.8%
2024 · €91k
Working capital
€1.03M▲ 1.0%
2024 · €1.01M
Trend over the years
Click a name to add, emphasise or remove a line.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Turnover€5.87M▲ 8.6%€7.75M▲ 32.1%€9.17M▲ 18.4%€10.61M▲ 15.7%
Operating result€190k▼ 5.4%€239k▲ 26.1%€436k▲ 82.3%€141k▼ 67.6%€257k▲ 82.0%
Net result€131k▼ 15.6%€170k▲ 30.4%€319k▲ 87.3%€91k▼ 71.5%€154k▲ 69.8%
EBIT margin3.2%▼ 0.5pp3.1%▼ 0.1pp4.8%▲ 1.7pp1.3%▼ 3.4pp
Equity€429k▲ 43.8%€600k▲ 39.7%€919k▲ 53.2%€1.01M▲ 9.9%€1.11M▲ 10.3%
Total assets€916k▲ 30.2%€1.03M▲ 12.0%€1.16M▲ 13.2%€3.06M▲ 164%€3.22M▲ 5.2%
Debt€487k▲ 20.1%€426k▼ 12.5%€242k▼ 43.2%€2.05M▲ 748%€2.11M▲ 2.7%
Working capital€417k▲ 62.0%€544k▲ 30.3%€862k▲ 58.6%€1.01M▲ 17.7%€1.03M▲ 1.0%
Staff (FTE)0.5=0.5=0.51.5▲ 200%
Result per fiscal year
Operating resultNet result
The operating result recovers in 2025; 2025 is 82% above 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €3.22M
Fixed assets
€524k ▼ 11.7%
Current assets
€2.70M ▲ 9.3%
Equity and liabilities €3.22M
Equity
€1.11M ▲ 10.3%
Debt
€2.11M ▲ 2.7%
Debt's share of the balance-sheet total falls from 67.0% to 65.4%. Equity and debt are higher.
Key figures and ratios
EBITDA
€328k▲
2024 · €219k
Cash flow
€225k▲
2024 · €168k
Current ratio
1.61▼
2024 · 1.70
Quick ratio
1.56▼
2024 · 1.62
Debt to equity
1.89▼
2024 · 2.03
ROE
13.9%▲
2024 · 9.0%
ROA
4.8%▲
2024 · 3.0%
Interest coverage
12.80▲
2024 · 10.59
Debt ≤ 1 year
€1.67M▲
2024 · €1.45M
Debt > 1 year
€434k▼
2024 · €493k
Income taxes
€78k▲
2024 · €31k
Staff costs
€30k▲
2024 · €30k
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Turnover70 | €5.87M | €7.75M | €9.17M | €10.61M | - | - |
| Non-recurring operating income76A | €413 | - | - | - | - | - |
| Goods, raw materials, services and sundry goods60/61 | €5.67M | €7.47M | €8.72M | €10.39M | - | - |
| Remuneration, social security and pensions62 | €17k | €18k | €20k | €30k | €30k | ▲ 1.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €31k | €44k | €39k | €77k | €71k | ▼ 8.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | €1k | - | - |
| Other operating charges640/8 | €2k | €4k | €2k | €19k | €4k | ▼ 80.0% |
| Gross operating margin9900 | €240k | €306k | €497k | €268k | €362k | ▲ 34.8% |
| Operating profit (loss)9901 | €190k | €239k | €436k | €141k | €257k | ▲ 82.0% |
| Financial income75/76B | €2k | €2k | €260 | €2k | €1k | ▼ 35.2% |
| Recurring financial income75 | €2k | €2k | €260 | €2k | €1k | ▼ 35.2% |
| Financial charges65/66B | €18k | €5k | €2k | €21k | €26k | ▲ 21.8% |
| Recurring financial charges65 | €18k | €5k | €2k | €21k | €26k | ▲ 24.0% |
| Non-recurring financial charges66B | - | - | - | €370 | - | - |
| Profit (loss) for the period before taxes9903 | €175k | €236k | €434k | €122k | €233k | ▲ 90.1% |
| Income taxes67/77 | €44k | €66k | €115k | €31k | €78k | ▲ 149% |
| Profit (loss) for the period9904 | €131k | €170k | €319k | €91k | €154k | ▲ 69.8% |
| Profit (loss) for the period to be appropriated9905 | €131k | €170k | €319k | €91k | €154k | ▲ 69.8% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €916k | €1.03M | €1.16M | €3.06M | €3.22M | ▲ 5.2% |
| Fixed assets21/28 | €85k | €84k | €74k | €594k | €524k | ▼ 11.7% |
| Tangible fixed assets22/27 | €81k | €77k | €67k | €587k | €517k | ▼ 11.9% |
| Land and buildings22 | - | - | - | €348k | €338k | ▼ 2.8% |
| Plant, machinery and equipment23 | €28k | €25k | €41k | €38k | €25k | ▼ 34.8% |
| Furniture and vehicles24 | €44k | €45k | €22k | €153k | €113k | ▼ 26.0% |
| Other tangible fixed assets26 | €9k | €7k | €5k | €47k | €40k | ▼ 14.6% |
| Financial fixed assets28 | €4k | €7k | €7k | €7k | €7k | = |
| Current assets29/58 | €831k | €941k | €1.09M | €2.47M | €2.70M | ▲ 9.3% |
| Stocks and contracts in progress3 | €51k | €60k | €72k | €117k | €93k | ▼ 20.5% |
| Stocks30/36 | €51k | €60k | €72k | €117k | €93k | ▼ 20.5% |
| Amounts receivable within one year40/41 | €661k | €758k | €859k | €2.18M | €2.43M | ▲ 11.6% |
| Trade receivables40 | €596k | €655k | €574k | €1.64M | €2.23M | ▲ 36.4% |
| Other amounts receivable41 | €65k | €103k | €285k | €544k | €201k | ▼ 63.0% |
| Cash at bank and in hand54/58 | €103k | €104k | €150k | €164k | €162k | ▼ 0.8% |
| Deferred charges and accrued income490/1 | €16k | €19k | €5k | €8k | €10k | ▲ 33.5% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €916k | €1.03M | €1.16M | €3.06M | €3.22M | ▲ 5.2% |
| Equity10/15 | €429k | €600k | €919k | €1.01M | €1.11M | ▲ 10.3% |
| Contributions10/11 | €19k | €19k | €19k | €19k | €19k | = |
| Reserves13 | €2k | €52k | €102k | €102k | €206k | ▲ 102% |
| Non-distributable reserves130/1 | €2k | €2k | €2k | €2k | - | - |
| Reserves not available under the articles1311 | €2k | €2k | €2k | €2k | - | - |
| Distributable reserves133 | - | €50k | €100k | €100k | €206k | ▲ 106% |
| Profit (loss) carried forward14 | €409k | €529k | €798k | €889k | €890k | ▲ 0.1% |
| Amounts payable17/49 | €487k | €426k | €242k | €2.05M | €2.11M | ▲ 2.7% |
| Amounts payable after more than one year17 | €26k | €28k | €18k | €493k | €434k | ▼ 12.0% |
| Financial debts170/4 | €26k | €28k | €18k | €493k | €434k | ▼ 12.0% |
| Amounts payable within one year42/48 | €414k | €398k | €224k | €1.45M | €1.67M | ▲ 15.1% |
| Current portion of amounts payable after more than one year42 | €50k | €34k | €44k | €109k | €92k | ▼ 15.6% |
| Financial debts43 | - | - | - | - | €125k | - |
| Credit institutions430/8 | - | - | - | - | €125k | - |
| Trade debts44 | €355k | €308k | €92k | €1.26M | €1.37M | ▲ 9.0% |
| Suppliers440/4 | €355k | €308k | €92k | €1.26M | €1.37M | ▲ 9.0% |
| Taxes, remuneration and social security45 | €9k | €55k | €88k | €68k | €28k | ▼ 58.1% |
| Taxes450/3 | €6k | €41k | €81k | €65k | €24k | ▼ 63.2% |
| Remuneration and social security454/9 | €3k | €14k | €7k | €3k | €4k | ▲ 65.2% |
| Other amounts payable47/48 | - | €1k | - | €20k | €57k | ▲ 191% |
| Accrued charges and deferred income492/3 | €46k | - | - | €106k | €1k | ▼ 98.9% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €131k | €170k | €319k | €91k | €154k | ▲ 69.8% |
| + Depreciation and write-downs630 | €31k | €44k | €39k | €77k | €71k | ▼ 8.6% |
| Operating cash flow (approximation) | €162k | €214k | €358k | €168k | €225k | ▲ 33.7% |
| Investment in fixed assets (approximation) | - | €-43k | €-29k | €-597k | €-1k | ▲ 99.8% |
| Change in cash | - | €324 | €47k | €13k | €-1k | ▼ 110% |
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
14-08
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema · 14 days late
2025
30-06
NBB filing
Annual accounts filed
fiscal year 2024 · full schema
2024
31-12
Financial
Equity above €1MEq €1.01M ▲9.9%
7 profitable years in a row build equity to €1.01M.
26-07
NBB filing
Annual accounts filed
fiscal year 2023 · full schema
2023
31-12
Financial
Highest result since 2018net €319k ▲87.3%
Operating result €436k, net result €319k, both a record.
31-12
Financial
Liquidity doublescurrent ratio 4.85
Current ratio from 2.37 to 4.85; short-term debt falls from €398k to €224k.
22-05
NBB filing
Annual accounts filed
fiscal year 2022 · full schema
2022
31-12
Financial
Equity above €500kEq €600k ▲39.7%
5 profitable years in a row build equity to €600k.
25-08
NBB filing
Annual accounts filed
fiscal year 2021 · full schema · 25 days late
2021
30-07
NBB filing
Annual accounts filed
fiscal year 2020 · full schema
2020
31-12
Financial
Equity above €200kEq €299k ▲108%
3 profitable years in a row build equity to €299k.
31-07
NBB filing
Annual accounts filed
fiscal year 2019 · full schema
Show earlier events
2019
23-07
NBB filing
Annual accounts filed
fiscal year 2018 · full schema
2018
31-07
NBB filing
Annual accounts filed
fiscal year 2017 · full schema
2017
28-07
NBB filing
Annual accounts filed
fiscal year 2016 · full 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, Waterloo · 2 establishment units since 2006
Ground area
7,927 m²
Building footprint
995 m²
Volume, LiDAR
8,927 m³
2 parcels, Flanders, Wallonia · tallest building 16.9 m, ±4 floors. Linked by address, not a title deed.
2
companies at this address
See who is registered here
2 establishment units
SQUARE 2
since 20062.159.544.553
SQUARE 2
since 20212.315.622.701
2 parcels
Flanders
1
(50%)
Wallonia
1
(50%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 22552E0048/00Z025 | Flanders | 7,308 m² | 1 · 838 m² | 16.9 m · 4 fl. |
| 25763I0660/00B000 | Wallonia | 619 m² | 1 · 157 m² | - |
Linked by address, not proof of ownership
Good to know
2 of 2 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
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Of 15,521 companies in sector 43990 we hold annual accounts for 7,416. 3,045 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
Founded07-12-2006
Fiscal year end31-12
Activities, NACEBEL 2025
43990Other specialised construction activities
71112Activities of interior architects
43320Joinery installation
43331Floor and wall tiling
43350Other building finishing work
43410Roofing work
47120Other non-specialised retail sale
Scores and ratios are computed by Checked and are not a credit decision.