SUBLIEM PROJECT
ActiveSummary
SUBLIEM PROJECT has been active since 2011 and the Belgian State Gazette contains no insolvency or warning signals. The 2024 annual accounts show equity of €279k and a net result of €-10k. Equity is growing by ~15.6% per year across the filed fiscal years. Its solvency ranks better than 54% of 19356 sector peers (fiscal year 2024). The computed 12-month bankruptcy probability is 0.4% (very low).
Checked score
Score 2024
Axes · tick = 2023
Profitability45▼-1
Solvency61=
Growth52▼-26
Track record100
Bankruptcy probability, 12 months
0.4%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €18k at 30 days acceptable
Liquidity short (current ratio 0.84 against 0.83 in 2023; short-term debt: 63.2% and cash: 36% of total assets), and 63.5% of the assets are financed with debt.
Credit check for your own amount and term
Signals
Four signals. The signal on the left, the evidence on the right.
−lowers risk+raises 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 →
raises risk · Annual accounts: weaker financial profile
The latest annual accounts show a weaker profile in solvency, result or liquidity than companies that stay afloat.
NBB · annual accounts 2024Solvency, return and age of the figures
Solvency
36.5%
Return on assets
-1.3%
Age of the figures
21 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 · Filed after the deadline
The financial year that closed on 31-12-2024 was due by 31-07-2025 and was filed on 28-08-2025, 28 days later. For context: 47% of the Belgian market files late and the whole 1-to-90-day band measures 2.0% abnormal legal state against a 1.66% average. We show this as a fact and do not score it.
NBB · 10 filingsDeviation from the deadline
2025
not confirmed
2024
28 d late
2023
13 d late
2022
18 d late
2021
6 d early
2020
20 d late
2019
21 d early
← before the deadline
after the deadline →
Checked, nothing found (1)
Financials · fiscal year 2024, micro schema
Equity
€279k▼ 3.5%
2023 · €289k
2018: €49klowest in 7 years
2019: €89k▲ +82.0% vs 2018
2020: €130k▲ +46.6% vs 2019
2021: €261k▲ +101% vs 2020
2022: €273k▲ +4.9% vs 2021
2023: €289k▲ +5.8% vs 2022highest in 7 years
2024: €279k▼ -3.5% vs 2023
2018 → 2024
Total assets
€765k▼ 6.0%
2023 · €814k
2018: €221klowest in 7 years
2019: €416k▲ +88.1% vs 2018
2020: €526k▲ +26.4% vs 2019
2021: €926k▲ +76.1% vs 2020highest in 7 years
2022: €789k▼ -14.8% vs 2021
2023: €814k▲ +3.1% vs 2022
2024: €765k▼ -6.0% vs 2023
2018 → 2024
Net result
€-10k
2023 · €16k
2018: €15k
2019: €40k▲ +169% vs 2018
2020: €41k▲ +3.5% vs 2019
2021: €131k▲ +217% vs 2020highest in 7 years
2022: €13k▼ -90.3% vs 2021
2023: €16k▲ +26.4% vs 2022
2024: €-10k▼ -163% vs 2023lowest in 7 years
2018 → 2024
Working capital
€-78k▲ 11.0%
2023 · €-88k
2018: €-96k
2019: €-98k▼ -2.1% vs 2018lowest in 7 years
2020: €-67k▲ +32.4% vs 2019
2021: €109k▲ +264% vs 2020
2022: €379k▲ +248% vs 2021highest in 7 years
2023: €-88k▼ -123% vs 2022
2024: €-78k▲ +11.0% vs 2023
2018 → 2024
Trend over the years
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20202021202220232024Trend
Equity€130k-€261k▲ 101%€273k▲ 4.9%€289k▲ 5.8%€279k▼ 3.5%
2020: €130klowest in 5 years
2021: €261k▲ +101% vs 2020
2022: €273k▲ +4.9% vs 2021
2023: €289k▲ +5.8% vs 2022highest in 5 years
2024: €279k▼ -3.5% vs 2023
Operating result€112k-€207k▲ 84.5%€106k▼ 48.6%€67k▼ 37.3%€13k▼ 80.8%
2020: €112k
2021: €207k▲ +84.5% vs 2020highest in 5 years
2022: €106k▼ -48.6% vs 2021
2023: €67k▼ -37.3% vs 2022
2024: €13k▼ -80.8% vs 2023lowest in 5 years
Net result€41k-€131k▲ 217%€13k▼ 90.3%€16k▲ 26.4%€-10k
2020: €41k
2021: €131k▲ +217% vs 2020highest in 5 years
2022: €13k▼ -90.3% vs 2021
2023: €16k▲ +26.4% vs 2022
2024: €-10k▼ -163% vs 2023lowest in 5 years
Turnover and EBIT margin not published: the abbreviated or micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result has fallen three years in a row; 2024 is 81% below 2023 and is the lowest result in the available series.
Balance-sheet composition
2024 in colour, 2023 as the grey bar beneath
Assets €765k
Fixed assets
€360k ▼ 6.9%
Current assets
€406k ▼ 5.2%
Equity and liabilities €765k
Equity
€279k ▼ 3.5%
Debt
€486k ▼ 7.3%
Debt's share of the balance-sheet total falls from 64.5% to 63.5%. Equity and debt are lower.
Key figures and ratios
EBITDA
€65k▼
2023 · €113k
Cash flow
€42k▼
2023 · €62k
Current ratio
0.84▲
2023 · 0.83
Debt to equity
1.74▼
2023 · 1.81
ROE
-3.6%▼
2023 · 5.5%
ROA
-1.3%▼
2023 · 2.0%
Interest coverage
3.31▲
2023 · 2.95
Debt ≤ 1 year
€484k▼
2023 · €516k
Income taxes
€3k▼
2023 · €14k
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 · 2024 against 2023 · 52 lines
Balance sheet
Code20232024
Assets
Total assets20/58€814k€765k▼
Fixed assets21/28€386k€360k▼
Tangible fixed assets22/27€383k€356k▼
Land and buildings22€272k€266k▼
Plant, machinery and equipment23€33k€26k▼
Furniture and vehicles24€78k€65k▼
Financial fixed assets28€3k€3k=
Current assets29/58€428k€406k▼
Stocks and contracts in progress3€147k-
Stocks30/36€147k-
Amounts receivable within one year40/41€69k€120k▲
Trade receivables40€38k€109k▲
Other amounts receivable41€31k€11k▼
Cash at bank and in hand54/58€210k€276k▲
Deferred charges and accrued income490/1€2k€9k▲
Equity and liabilities
Total equity and liabilities10/49€814k€765k▼
Equity10/15€289k€279k▼
Contributions10/11€36k€36k=
Reserves13€253k€253k=
Non-distributable reserves130/1€4k€4k=
Reserves not available under the articles1311€4k€4k=
Distributable reserves133€250k€250k=
Profit (loss) carried forward14-€-10k
Amounts payable17/49€524k€486k▼
Amounts payable within one year42/48€516k€484k▼
Current portion of amounts payable after more than one year42-€87k
Financial debts43€125k€125k=
Other loans439€125k€125k=
Trade debts44€322k€149k▼
Suppliers440/4€322k€149k▼
Taxes, remuneration and social security45€16k€17k▲
Taxes450/3€14k€17k▲
Remuneration and social security454/9€2k-
Other amounts payable47/48€53k€105k▲
Accrued charges and deferred income492/3€9k€2k▼
Income statement
Code20232024
Remuneration, social security and pensions62€114-
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€46k€52k▲
Other operating charges640/8€129k€5k▼
Gross operating margin9900€242k€70k▼
Operating profit (loss)9901€67k€13k▼
Financial income75/76B€2k€65▼
Recurring financial income75€0€65▲
Non-recurring financial income76B€2k-
Financial charges65/66B€38k€20k▼
Recurring financial charges65€38k€20k▼
Profit (loss) for the period before taxes9903€30k€-7k▼
Income taxes67/77€14k€3k▼
Profit (loss) for the period9904€16k€-10k▼
Profit (loss) for the period to be appropriated9905€16k€-10k▼
Appropriation of the result
Profit (loss) to be appropriated9906€16k€-10k▼
Transfer to equity691/2€16k-
To other reserves6921€16k-
The notes to these accounts (7 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Accounts by statement
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €114 | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €36k | €41k | €46k | €46k | €52k | ▲ 13.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | €-141k | - | - | - | - |
| Other operating charges640/8 | - | €13k | €21k | €129k | €5k | ▼ 96.2% |
| Non-recurring operating charges66A | - | - | €4k | - | - | - |
| Gross operating margin9900 | €305k | €120k | €177k | €242k | €70k | ▼ 71.1% |
| Operating profit (loss)9901 | €112k | €207k | €106k | €67k | €13k | ▼ 80.8% |
| Financial income75/76B | - | €3k | €4k | €2k | €65 | ▼ 95.7% |
| Recurring financial income75 | €448 | €3k | €4k | €0 | €65 | ▲ 17,113% |
| Non-recurring financial income76B | - | €3k | €4k | €2k | - | - |
| Financial charges65/66B | - | €6k | €87k | €38k | €20k | ▼ 48.5% |
| Recurring financial charges65 | €27k | €6k | €12k | €38k | €20k | ▼ 48.5% |
| Non-recurring financial charges66B | - | - | €75k | - | - | - |
| Profit (loss) for the period before taxes9903 | €86k | €204k | €23k | €30k | €-7k | ▼ 123% |
| Income taxes67/77 | €44k | €73k | €11k | €14k | €3k | ▼ 76.3% |
| Profit (loss) for the period9904 | €41k | €131k | €13k | €16k | €-10k | ▼ 163% |
| Profit (loss) for the period to be appropriated9905 | €41k | €131k | €13k | €16k | €-10k | ▼ 163% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €526k | €926k | €789k | €814k | €765k | ▼ 6.0% |
| Fixed assets21/28 | €196k | €164k | €130k | €386k | €360k | ▼ 6.9% |
| Tangible fixed assets22/27 | €118k | €86k | €127k | €383k | €356k | ▼ 6.9% |
| Land and buildings22 | - | - | - | €272k | €266k | ▼ 2.1% |
| Plant, machinery and equipment23 | - | €44k | €32k | €33k | €26k | ▼ 22.8% |
| Furniture and vehicles24 | - | €42k | €96k | €78k | €65k | ▼ 16.8% |
| Financial fixed assets28 | €78k | €78k | €3k | €3k | €3k | = |
| Current assets29/58 | €329k | €762k | €658k | €428k | €406k | ▼ 5.2% |
| Stocks and contracts in progress3 | €104k | €119k | €413k | €147k | - | - |
| Stocks30/36 | - | €119k | €413k | €147k | - | - |
| Amounts receivable within one year40/41 | €67k | €231k | €21k | €69k | €120k | ▲ 74.1% |
| Trade receivables40 | - | €159k | €2k | €38k | €109k | ▲ 189% |
| Other amounts receivable41 | - | €72k | €18k | €31k | €11k | ▼ 64.4% |
| Cash at bank and in hand54/58 | €156k | €410k | €222k | €210k | €276k | ▲ 31.6% |
| Deferred charges and accrued income490/1 | - | €2k | €2k | €2k | €9k | ▲ 442% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €526k | €926k | €789k | €814k | €765k | ▼ 6.0% |
| Equity10/15 | €130k | €261k | €273k | €289k | €279k | ▼ 3.5% |
| Contributions10/11 | - | €36k | €36k | €36k | €36k | = |
| Reserves13 | €94k | €225k | €237k | €253k | €253k | = |
| Non-distributable reserves130/1 | - | €4k | €4k | €4k | €4k | = |
| Reserves not available under the articles1311 | - | €4k | €4k | €4k | €4k | = |
| Distributable reserves133 | - | €221k | €234k | €250k | €250k | = |
| Profit (loss) carried forward14 | - | - | - | - | €-10k | - |
| Amounts payable17/49 | €396k | €665k | €516k | €524k | €486k | ▼ 7.3% |
| Amounts payable after more than one year17 | - | €13k | €235k | - | - | - |
| Financial debts170/4 | - | €13k | €235k | - | - | - |
| Amounts payable within one year42/48 | €396k | €653k | €280k | €516k | €484k | ▼ 6.2% |
| Current portion of amounts payable after more than one year42 | - | €127k | €0 | - | €87k | - |
| Financial debts43 | - | - | €125k | €125k | €125k | = |
| Other loans439 | - | - | €125k | €125k | €125k | = |
| Trade debts44 | €345k | €443k | €31k | €322k | €149k | ▼ 53.6% |
| Suppliers440/4 | - | €443k | €31k | €322k | €149k | ▼ 53.6% |
| Taxes, remuneration and social security45 | - | €83k | €97k | €16k | €17k | ▲ 8.1% |
| Taxes450/3 | - | €83k | €92k | €14k | €17k | ▲ 23.7% |
| Remuneration and social security454/9 | - | - | €5k | €2k | - | - |
| Other amounts payable47/48 | - | - | €27k | €53k | €105k | ▲ 99.3% |
| Accrued charges and deferred income492/3 | - | €159 | €928 | €9k | €2k | ▼ 76.0% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €41k | €131k | €13k | €16k | €-10k | ▼ 163% |
| + Depreciation and write-downs630 | €36k | €41k | €46k | €46k | €52k | ▲ 13.9% |
| Operating cash flow (approximation) | €77k | €172k | €58k | €62k | €42k | ▼ 31.8% |
| Investment in fixed assets (approximation) | - | €-9k | €-12k | €-301k | €-26k | ▲ 91.4% |
| Change in cash | - | €254k | €-188k | €-13k | €66k | ▲ 629% |
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
2025
28-08
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 28 days late
2024
31-12
Financial
Weakest financial yearnet €-10k
Net result drops to €-10k, the lowest in the series.
13-08
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 13 days late
2023
18-08
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema · 18 days late
2022
31-12
Financial
Liquidity doublescurrent ratio 2.35
Current ratio from 1.17 to 2.35; short-term debt falls from €653k to €280k.
25-07
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema
2021
31-12
Financial
Highest result since 2018net €131k ▲217%
Operating result €207k, net result €131k, both a record.
31-12
Financial
Equity above €200kEq €261k ▲101%
4 profitable years in a row build equity to €261k.
20-08
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 20 days late
2020
31-12
Financial
Equity above €100kEq €130k ▲46.6%
3 profitable years in a row build equity to €130k.
10-07
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
2019
12-07
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
Show earlier events
2018
27-09
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema · 58 days late
2017
08-08
NBB filing
Annual accounts filed
fiscal year 2016 · micro schema · 8 days late
2016
23-12
NBB filing
Annual accounts filed
fiscal year 2015 · abbreviated schema · 145 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 10 acts read
About the unread acts
We know of 10 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
10 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, Bonheiden · 1 establishment unit since 2011
Ground area
1,766 m²
Building footprint
281 m²
Volume, LiDAR
1,381 m³
Parcel 12031C0070/00E000, Flanders · tallest building 7.6 m, ±2 floors. Linked by address, not a title deed.
3
companies at this address
See who is registered here
1 establishment unit
Subliem Project
since 20112.199.104.618
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 12031C0070/00E000 | Flanders | 1,766 m² | 1 · 281 m² | 7.6 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 7,321 companies in sector 68110 we hold annual accounts for 5,384. 3,850 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
Founded02-03-2011
Fiscal year end31-12
Activities, NACEBEL 2025
68110Buying and selling of own real estate
64210Activities of holding companies
Scores and ratios are computed by Checked and are not a credit decision.