Equity
Debts exceed assets in financial year 2025.
Debts exceed assets in financial year 2025.
Every financial year from 2023 to 2025 closed with a loss. 2025 was the heaviest.
The accounts state no turnover.
€1.2m of the debts are secured on the company's own assets.
The 2025 accounts came latest: 42 days after the end of the period.
Less equity than 95% of companies in specialised construction. Sector median €250,541 · 9,969 companies.
The dashed line is the sector median: 0.7% across 47,693 companies (NACE 43, micro).
About 3 in 100 comparable companies go bankrupt within 12 months (an estimate).
The band follows from the bankruptcy probability. 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 43, micro). It does better than 8% of them on solvency, 44% on liquidity, 14% on profitability and 1% on growth.
The bankruptcy probability was computed on 08-11-2026 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.
The probability rests on the annual accounts with balance sheet date 31-12-2025.
Of the companies with a bankruptcy probability in the moderate class on 30-06-2025, 2.4% went bankrupt within twelve months.
Some facts cap the score, however low the probability. With negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late, the score is Fair at most (59). With two missing filings, it is Weak at most (44). During a judicial reorganisation or at the company's end (bankruptcy, dissolution, liquidation), it is Critical at most (24).
In July 2024, 1,251 companies had the same profile as SUBLIMA has now. Each dot stands for 4 companies, two years later.
Another 0.3% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of SUBLIMA itself is higher: 3.0% within 12 months. It rests on far more data about SUBLIMA than the profile alone.
The method was tested on the 497,447 companies of July 2024. Each company was given the bankruptcy share of the same profile a year earlier, in July 2023. The expectation was that 1.6% would go bankrupt within 24 months. In fact 1.7% went bankrupt.
| 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% |
A company that went bankrupt had a higher expected share than one that kept going in 74.5% of comparisons. The level depends on the economy. In a year with more bankruptcies than the year before, the actual share is higher than the expected one.
This is an observation about 1,251 companies, not a prediction for SUBLIMA. The sector does not count, because the KBO no longer lists a sector for a company that has stopped. By sector, mostly the survivors would count, which would paint too rosy a picture.
Liquidity is ample, with a current ratio of 6.04 (12.58 in 2024), above the usual 1.5. Short-term debt is 7.2% and cash 0.2% of total assets. However, equity is negative.
Show the recommended maximum and see how the verdict changes with amount, term and advance.
The scores and ratios are Checked's own calculations, not a credit decision.
The company filed its last 4 accounts on average 2 days after the deadline. In the sector (NACE 43), the median for financial year 2024 was 1 day before the deadline, and 43% of those companies filed late.
| Company | ||||
|---|---|---|---|---|
| SUBLIMA Knokke-Heist | €1.7m | €31,514 | -3.4% | - |
| TM Building Beernem | €2.6m | €23,123 | 7.8% | 0 |
| GMDS Group Antwerp | €1.1m | €25,453 | 6.6% | - |
| ELYS GROUPE Etalle | €1.0m | €49,845 | 51.1% | 0.8 |
| HEYDENS Bruges | €1.0m | €45,460 | 5.3% | - |
| Vromant Prefab Anzegem | €1.3m | €66,145 | 7.8% | 0 |
| Willekens Toon Herentals | €1.2m | €46,350 | -5.7% | - |
These companies have the same main activity as SUBLIMA: other specialised construction activities (NACE 43990). They are comparable in size and age: total assets between €991,000 and €2.6m, founded between 2018 and 2023.
SUBLIMA files the abbreviated format. That format states no turnover. The gross margin rose from €26,032 in 2022 to €31,514 in 2025.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette.
Turnover and EBIT margin are not published. The abbreviated or micro format does not require them. The turnover shown is an estimate from the gross margin.
Turnover ≈ €280,000. Estimated: probably between €170,000 and €460,000.
Higher than 7% of 9,967 companies in 2025.
Higher than 89% of 9,830 companies in 2025.
Higher than 15% of 9,899 companies in 2025.
Net result: bottom quarter · Equity: bottom quarter · Balance sheet total: top quarter · Working capital: top quarter
| Line | Trend | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Balance sheet: assets | |||||
20/58 |
1.7m | 1.7m | 1.7m | 1.3m | |
20 |
- | - | 0 | 323 | |
21/28 |
966,177 | 966,498 | 964 | - | |
22/27 |
966,177 | 966,498 | 964 | - | |
22 |
966,024 | 965,940 | - | - | |
23 |
152 | 558 | 964 | - | |
29/58 |
752,617 | 735,207 | 1.7m | 1.3m | |
3 |
716,280 | 713,026 | 1.6m | 1.2m | |
30/36 |
716,280 | 713,026 | 1.6m | 1.2m | |
40/41 |
32,347 | 13,938 | 17,548 | 77,157 | |
40 |
31,930 | 13,398 | 12,820 | 3,091 | |
41 |
417 | 541 | 4,728 | 74,065 | |
54/58 |
3,991 | 7,760 | 31,757 | 96,890 | |
490/1 |
- | 482 | - | - | |
| Balance sheet: equity and liabilities | |||||
10/49 |
1.7m | 1.7m | 1.7m | 1.3m | |
10/15 |
-59,140 | -11,011 | 12,948 | 17,311 | |
10/11 |
5,000 | 5,000 | 5,000 | 5,000 | |
14 |
-64,140 | -16,011 | 7,948 | 12,311 | |
17/49 |
1.8m | 1.7m | 1.7m | 1.3m | |
17 |
1.7m | 1.7m | 1.7m | 1.3m | |
170/4 |
1.7m | 1.7m | 1.7m | 1.3m | |
42/48 |
124,589 | 58,421 | 17,679 | 29,181 | |
44 |
25,156 | 50,766 | 14,138 | 22,585 | |
440/4 |
25,156 | 50,766 | 14,138 | 22,585 | |
45 |
3,190 | 0 | 3,078 | 6,133 | |
450/3 |
3,190 | 0 | 3,078 | 6,133 | |
47/48 |
96,243 | 7,655 | 463 | 463 | |
492/3 |
- | 950 | 153 | 153 | |
| Income statement | |||||
76A |
15,140 | - | - | - | |
9900 |
31,514 | 61,831 | 25,509 | 26,032 | |
630 |
15,462 | 28,175 | 576 | 810 | |
640/8 |
3,426 | 2,101 | 1,468 | 984 | |
9901 |
12,626 | 31,554 | 23,464 | 24,238 | |
75/76B |
96 | 1,045 | 2,409 | 1,759 | |
75 |
96 | 1,045 | 2,409 | 1,759 | |
65/66B |
60,852 | 56,558 | 30,235 | 10,608 | |
65 |
60,852 | 56,558 | 30,235 | 10,608 | |
9903 |
-48,129 | -23,959 | -4,363 | 15,389 | |
67/77 |
- | - | 0 | 3,078 | |
9904 |
-48,129 | -23,959 | -4,363 | 12,311 | |
9905 |
-48,129 | -23,959 | -4,363 | 12,311 | |
| Appropriation of the result | |||||
9906 |
-64,140 | -16,011 | 7,948 | 12,311 | |
14P |
-16,011 | 7,948 | 12,311 | - | |
| Document | |||||
The notes to these accounts have 12 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the accounts filed with the NBB.
Source: Annual accounts 2025 at the NBB, filed on 11-09-2026.
2025 annual accounts filed 42 days after the deadline. Filed on 11 September 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00513468.
| Line | Trend | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| 28,088 | 59,729 | 24,040 | 25,048 | ||
| -32,668 | 4,216 | -3,786 | 13,121 | ||
| 15,140 | 993,710 | 1,217 | - | ||
| -3,769 | -23,997 | -65,133 | - | ||
| 628,028 | 676,786 | 1.7m | 1.3m | ||
| -3.4% | -0.6% | 0.8% | 1.3% | ||
| 6.04 | 12.58 | 95.21 | 46.22 | ||
| 0.29 | 0.38 | 2.79 | 5.96 | ||
| - | - | - | 76.93 | ||
| - | - | -33.7% | 71.1% | ||
| -2.8% | -1.4% | -0.3% | 0.9% | ||
| 0.46 | 1.06 | 0.80 | 2.36 |
Debt to equity is not shown because equity is negative. Debt divided by negative equity means nothing.
A Belgian filing has no cash-flow statement. Cash flow is therefore an approximation, derived from the income statement. Investment is the acquisitions in the notes and, without them, the balance-sheet move.
| Item | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|
| Debts secured on the company's own assets | €1.2m | - | - | - |
Source: notes to the 2022 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
| Item | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|
| Tangible fixed assets | - | €993,710 | €1,217 | - |
| €15,462 | €28,175 | €576 | €810 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
The operating result for 2025 is 60% lower than in 2024 and the lowest since 2022.
Equity is negative. Debt (€1.8m) exceeds the balance-sheet total (€1.7m).
SUBLIMA has no parent and no holdings in its annual accounts. CALLANT Jan Ivan Denise is the only director. SUBLIMA shares no director with another company.
| CALLANT INTERIEUR
registered office since 08-11-2001 · founded in 2001 |
total assets €1.7m (2025) 0475.808.556 |
| Vereniging van Mede-eigenaars Residentie Cezanne Knokke-Heist(Knokke) Koningslaan 104
registered office since 16-11-2007 |
founded in 2007 0891.341.314 |
Deadline for the 2026 accounts: 31-07-2027
Financial milestones sit on the financial year-end date, not the filing date.
Sources: Publications in the Belgian Official GazetteFilings with the National Bank
On 15 April 2022, SUBLIMA was incorporated as a private limited company by one natural person, with a starting capital of €5,000.12 CALLANT Jan Ivan Denise has served as director since 2022.3 Total assets went from €1.3m in 2022 to €1.7m in 2025.4
| Establishment | Since | Unit number |
|---|---|---|
| Koningslaan 104 registered office 8300 Knokke-Heist 46180 Agents specialised in the wholesale of other particular products | 15-04-2022 | 2.331.801.014 |
| Cadastral parcel | Area | Buildings | Height / floors |
|---|---|---|---|
| 31013C0201/00B000 | 106 m² | 1 · 106 m² | 20.1 m · 6 |
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. Use the enterprise number 0784.898.561
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