SQUARE-ALVA
ActiveSummary
SQUARE-ALVA has been active since 1978 and the Belgian State Gazette contains no insolvency or warning signals. The 2024 annual accounts show equity of €1.3m and a net result of €15,625. Equity remains stable across the filed fiscal years (±1.2% per year). The computed 12-month bankruptcy probability is 0.3% (very low).
Checked score
Score 2024
Axes · tick = 2023
Profitability53▼-1
Solvency60▲+2
Growth78=
Track record100
Bankruptcy probability, 12 months
0.3%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €85,000 at 30 days acceptable
Liquidity short (current ratio 0.79 against 0.51 in 2023; short-term debt: 5.5% and cash: 1.4% of total assets), and 65.3% of the assets are financed with debt.
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Signals
Five signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
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
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 2024Solvency, return and age of the figures
Solvency
34.7%
Return on assets
0.4%
Age of the figures
21 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 25-06-2026, 36 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
36 d early
2024
34 d early
2023
41 d late
2022
22 d late
2021
17 d late
2020
11 d late
2019
56 d early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 7 accounts on average 5 days before the deadline; the sector median for financial year 2024 is 7 days before the deadline, and 36% of the sector filed late.
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. Usually files around 17 August (4 of the last 5 filed years within 51 days of that day).
Companies Code · seven monthsPosition in the running window
30-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2024, full schema
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
€15,625▼ 21.8%
2023 · €19,976
Working capital
-€44,005▲ 58.6%
2023 · -€106,270
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 68, Real estate activities, each year against the same schema; no band under 30 filings. Dashed line: the median.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20202021202220232024
Operating result€68,582▲ 160%€51,466▼ 25.0%€64,568▲ 25.5%€79,783▲ 23.6%€80,123▲ 0.4%
Net result€29,964above the sector's middle half€14,589within the sector's middle half▼ 51.3%€10,527within the sector's middle half▼ 27.8%€19,976within the sector's middle half▲ 89.8%€15,625within the sector's middle half▼ 21.8%
Equity€1.2mabove the sector's middle half▲ 2.5%€1.3mabove the sector's middle half▲ 1.2%€1.3mwithin the sector's middle half▲ 0.8%€1.3mwithin the sector's middle half▲ 1.6%€1.3mwithin the sector's middle half▲ 1.2%
Total assets€4.0mabove the sector's middle half▼ 0.9%€4.0mabove the sector's middle half▲ 1.3%€4.0mwithin the sector's middle half▼ 1.4%€3.9mwithin the sector's middle half▼ 1.8%€3.8mwithin the sector's middle half▼ 2.8%
Debt€2.7m▼ 2.4%€2.7m▲ 1.3%€2.7m▼ 2.4%€2.6m▼ 3.4%€2.5m▼ 4.8%
Working capital-€80,749below the sector's middle half▲ 58.8%-€107,099below the sector's middle half▼ 32.6%-€95,746within the sector's middle half▲ 10.6%-€106,270within the sector's middle half▼ 11.0%-€44,005within the sector's middle half▲ 58.6%
Solvency31.5%within the sector's middle half▲ 1.0pp31.5%within the sector's middle half=32.2%within the sector's middle half▲ 0.7pp33.3%within the sector's middle half▲ 1.1pp34.7%within the sector's middle half▲ 1.4pp
Current ratio0.49within the sector's middle half▲ 0.280.42within the sector's middle half▼ 0.070.55within the sector's middle half▲ 0.120.51within the sector's middle half▼ 0.040.79within the sector's middle half▲ 0.28
Return on assets (ROA)0.8%within the sector's middle half▲ 1.1pp0.4%within the sector's middle half▼ 0.4pp0.3%within the sector's middle half▼ 0.1pp0.5%within the sector's middle half▲ 0.2pp0.4%within the sector's middle half▼ 0.1pp
above
within
below
the middle half (P25 to P75) of NACE 68, Real estate activities, each year against the same schema; no band under 30 filings.
Result per fiscal year
Operating resultNet result
After the dip in 2021 the operating result has climbed three years in a row; 2024 is 0% above 2023 and is the highest result in the available series.
Balance-sheet composition
2024 in colour, 2023 as the grey bar beneath
Assets €3.8m
Fixed assets
€3.6m ▼ 4.2%
Current assets
€164,216 ▲ 46.9%
Equity and liabilities €3.8m
Equity
€1.3m ▲ 1.2%
Debt
€2.5m ▼ 4.8%
Debt's share of the balance-sheet total falls from 66.7% to 65.3%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€258,558▲
2023 · €249,405
Cash flow
€194,060▲
2023 · €189,597
Debt to equity
1.88▼
2023 · 2.00
ROE
1.2%▼
2023 · 1.5%
Interest coverage
4.01▼
2023 · 4.17
Debt ≤ 1 year
€208,221▼
2023 · €218,043
Debt > 1 year
€2.2m▼
2023 · €2.4m
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 14,732 companies that looked in July 2024 the way this one looks now, 0.2% went bankrupt within 24 months and 96% are still going.
- Small
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
0.2%
went bankrupt
3.5%
stopped otherwise
96%
still going
A further 0.1% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.3% 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 497,340 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% | 1.0% |
| 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% 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 14,732 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.
Annual accounts
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Goods, raw materials, services and sundry goods60/61 | - | €15,808 | €19,618 | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €151,404 | €160,160 | €174,464 | €169,621 | €178,435 | ▲ 5.2% |
| Other operating charges640/8 | - | €47,591 | €49,926 | €53,811 | €56,453 | ▲ 4.9% |
| Non-recurring operating charges66A | - | €9,375 | - | - | - | - |
| Gross operating margin9900 | €268,410 | €268,592 | €288,957 | €303,216 | €315,011 | ▲ 3.9% |
| Operating profit (loss)9901 | €68,582 | €51,466 | €64,568 | €79,783 | €80,123 | ▲ 0.4% |
| Financial charges65/66B | - | €36,876 | €54,041 | €59,808 | €64,498 | ▲ 7.8% |
| Recurring financial charges65 | €38,618 | €36,876 | €54,041 | €59,808 | €64,498 | ▲ 7.8% |
| Profit (loss) for the period before taxes9903 | €29,964 | €14,589 | €10,527 | €19,976 | €15,625 | ▼ 21.8% |
| Profit (loss) for the period9904 | €29,964 | €14,589 | €10,527 | €19,976 | €15,625 | ▼ 21.8% |
| Profit (loss) for the period to be appropriated9905 | €29,964 | €14,589 | €10,527 | €19,976 | €15,625 | ▼ 21.8% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €4.0m | €4.0m | €4.0m | €3.9m | €3.8m | ▼ 2.8% |
| Fixed assets21/28 | €3.9m | €3.9m | €3.8m | €3.8m | €3.6m | ▼ 4.2% |
| Tangible fixed assets22/27 | €3.9m | €3.9m | €3.8m | €3.8m | €3.6m | ▼ 4.2% |
| Land and buildings22 | - | €3.7m | €3.6m | €3.4m | €3.3m | ▼ 3.8% |
| Plant, machinery and equipment23 | - | €248,117 | €281,651 | €345,176 | €316,732 | ▼ 8.2% |
| Financial fixed assets28 | €30 | €30 | €30 | €30 | €30 | = |
| Current assets29/58 | €78,845 | €78,580 | €116,126 | €111,773 | €164,216 | ▲ 46.9% |
| Amounts receivable within one year40/41 | €51,745 | €38,232 | €94,160 | €92,047 | €99,054 | ▲ 7.6% |
| Trade receivables40 | - | €20,093 | €72,436 | €76,006 | €65,028 | ▼ 14.4% |
| Other amounts receivable41 | - | €18,139 | €21,724 | €16,041 | €34,026 | ▲ 112% |
| Cash at bank and in hand54/58 | €21,114 | €29,339 | €11,489 | €8,785 | €54,037 | ▲ 515% |
| Deferred charges and accrued income490/1 | - | €11,010 | €10,477 | €10,941 | €11,126 | ▲ 1.7% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €4.0m | €4.0m | €4.0m | €3.9m | €3.8m | ▼ 2.8% |
| Equity10/15 | €1.2m | €1.3m | €1.3m | €1.3m | €1.3m | ▲ 1.2% |
| Contributions10/11 | - | €1.5m | €1.5m | €1.5m | €1.5m | = |
| Reserves13 | €41,405 | €41,405 | €41,405 | €41,405 | €41,405 | = |
| Distributable reserves133 | - | €41,405 | €41,405 | €41,405 | €41,405 | = |
| Profit (loss) carried forward14 | -€268,886 | -€254,296 | -€243,769 | -€223,794 | -€208,169 | ▲ 7.0% |
| Amounts payable17/49 | €2.7m | €2.7m | €2.7m | €2.6m | €2.5m | ▼ 4.8% |
| Amounts payable after more than one year17 | €2.5m | €2.6m | €2.4m | €2.4m | €2.2m | ▼ 5.6% |
| Financial debts170/4 | - | €1.3m | €1.2m | €1.5m | €1.3m | ▼ 10.7% |
| Other amounts payable178/9 | - | €1.3m | €1.3m | €857,580 | €887,330 | ▲ 3.5% |
| Amounts payable within one year42/48 | €159,594 | €185,679 | €211,871 | €218,043 | €208,221 | ▼ 4.5% |
| Current portion of amounts payable after more than one year42 | - | €109,865 | €112,205 | €165,355 | €160,279 | ▼ 3.1% |
| Trade debts44 | €43,094 | €53,212 | €82,478 | €35,614 | €40,398 | ▲ 13.4% |
| Suppliers440/4 | - | €53,212 | €82,478 | €35,614 | €40,398 | ▲ 13.4% |
| Taxes, remuneration and social security45 | - | €1,483 | €2,898 | €14,965 | €4,187 | ▼ 72.0% |
| Taxes450/3 | - | €1,483 | €2,898 | €14,965 | €4,187 | ▼ 72.0% |
| Remuneration and social security454/9 | - | €0 | €0 | - | - | - |
| Other amounts payable47/48 | - | €21,119 | €14,290 | €2,110 | €3,357 | ▲ 59.1% |
| Accrued charges and deferred income492/3 | - | €5,882 | €25,388 | €17,884 | €35,177 | ▲ 96.7% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €29,964 | €14,589 | €10,527 | €19,976 | €15,625 | ▼ 21.8% |
| + Depreciation and write-downs630 | €151,404 | €160,160 | €174,464 | €169,621 | €178,435 | ▲ 5.2% |
| Operating cash flow (approximation) | €181,368 | €174,749 | €184,990 | €189,597 | €194,060 | ▲ 2.4% |
| Investment in fixed assets (approximation) | - | -€211,185 | -€80,937 | -€101,739 | -€18,560 | ▲ 81.8% |
| Change in cash | - | €8,225 | -€17,850 | -€2,704 | €45,252 | ▲ 1,774% |
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
25-06
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema
2025
27-06
NBB filing
Annual accounts filed
fiscal year 2024 · full schema
2024
10-09
NBB filing
Annual accounts filed
fiscal year 2023 · full schema · 41 days late
2023
22-08
NBB filing
Annual accounts filed
fiscal year 2022 · full schema · 22 days late
2022
17-08
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 17 days late
2021
11-08
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 11 days late
2020
31-12
Financial
Back to profitnet €29,964
Net result €29,964 after 2 loss-making years.
05-06
NBB filing
Annual accounts filed
fiscal year 2019 · full schema
2019
22-05
NBB filing
Annual accounts filed
fiscal year 2018 · full schema
2018
20-06
NBB filing
Annual accounts filed
fiscal year 2017 · full schema
2017
31-08
NBB filing
Annual accounts filed
fiscal year 2016 · full schema · 31 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 7 acts read
About the unread acts
We know of 7 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
7 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, Elsene · 1 establishment unit since 1978
Ground area
2,394 m²
Building footprint
2,204 m²
Volume, LiDAR
55,836 m³
2 parcels, Brussels · tallest building 45.6 m, ±11 floors. Linked by address, not a title deed.
157
companies at this address
See who is registered here
1 establishment unit
Sainctelettesquare 11, 1000 Brussel
since 19782.015.197.962
2 parcels
Brussels
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 21822R0224/00S007 | Brussels | 1,833 m² | 1 · 1,831 m² | 45.6 m · 8 fl. |
| 21812N1454/00E010 | Brussels | 561 m² | 1 · 372 m² | 37.9 m · 11 fl. |
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 12,041 companies in sector 68203 we hold annual accounts for 6,007. 3,966 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
Founded25-07-1978
Fiscal year end31-12
Activities, NACEBEL 2025
68203Renting and operating of own or leased non-residential real estate, excluding land
E-invoicing
Reachable via Peppol
Peppol ID
0208:0418630125
Also
9925:BE0418630125
Registered
13-08-2026
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 30 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.