Substantia Development
ActiveSummary
Substantia Development has been active since 2011 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show negative equity (-€81,773) and a net result of -€53,718. Equity is shrinking by about 38% per year across the filed financial years. Its solvency ranks better than 10% of 11,120 sector peers (NACE 68, financial year 2025). The computed 12-month bankruptcy probability is 0.4% (very low).
Financials · financial year 2025, abbreviated format
Source amounts without an identifiable currency are assumed to be EUR.
Equity
-€81,773▼ 191%
2024 · -€28,055
Total assets
€795,407▲ 1.3%
2024 · €785,087
Net result
-€53,718▲ 12.9%
2024 · -€61,702
Working capital
-€108,418▲ 8.3%
2024 · -€118,213
Trend over the years
2021 to 2025, 5 financial years 2019 to 2025, 7 financial years
The operating result returns to profit in 2025: €16,103 after a loss of €2,411 in 2024, the highest result in the available series.
What the company sold each financial year and what was left of it. A loss stands below the zero line.
Operating result€16,103
2025
Net result-€53,718
2025
What the company owns (total assets), how much of it is its own (equity) and how much it owes.
Total assets€795,407
2025
Equity-€81,773
2025
Debt€877,179
2025
Short-term assets minus short-term debts. Above zero the company can pay its bills in the short term.
Working capital-€108,418
2025
How much of each euro of turnover is left from operations (EBIT margin) and what the assets earn (return on assets).
Return on assets (ROA)-6.8%
2025
The share of the company financed with its own means. The higher it is, the better it absorbs a shock.
Solvency-10.3%
2025
Short-term assets per euro of short-term debt. Above 1 the short-term debts are covered.
Current ratio0.30
2025
Average staff in full-time equivalents (FTE).
Staff (FTE)0
2025
Use the arrow keys on the chart for the figures per year.
Sector: the middle half of NACE 68, Real estate activities: a quarter of companies sit below it, a quarter above. Each year compared with accounts in the same format, and only where there are at least 30. Dashed line: the median. Available for Net result, Equity, Total assets, Working capital, Solvency, Current ratio, Return on assets (ROA), Staff (FTE).
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€14,734--€3,683-€3,546▲ 3.7%-€3,295▲ 7.1%€3,513-€2,411€16,103
Net result€10,204--€8,843-€8,873within the sector's middle half▼ 0.3%-€8,753within the sector's middle half▲ 1.4%-€43,373below the sector's middle half▼ 396%-€61,702below the sector's middle half▼ 42.3%-€53,718below the sector's middle half▲ 12.9%
Equity€107,101-€103,490▼ 3.4%€85,773within the sector's middle half▼ 17.1%€77,020below the sector's middle half▼ 10.2%€33,647below the sector's middle half▼ 56.3%-€28,055below the sector's middle half-€81,773below the sector's middle half▼ 191%
Total assets€285,847-€244,903▼ 14.3%€228,106below the sector's middle half▼ 6.9%€194,742below the sector's middle half▼ 14.6%€775,235within the sector's middle half▲ 298%€785,087within the sector's middle half▲ 1.3%€795,407within the sector's middle half▲ 1.3%
Debt€178,746-€141,414▼ 20.9%€142,333▲ 0.6%€117,722▼ 17.3%€741,588▲ 530%€813,142▲ 9.6%€877,179▲ 7.9%
Working capital-€80,478--€84,127▼ 4.5%-€101,929within the sector's middle half▼ 21.2%-€110,652within the sector's middle half▼ 8.6%-€112,063within the sector's middle half▼ 1.3%-€118,213within the sector's middle half▼ 5.5%-€108,418within the sector's middle half▲ 8.3%
Solvency37.5%-42.3%▲ 4.8pp37.6%within the sector's middle half▼ 4.7pp39.5%within the sector's middle half▲ 1.9pp4.3%below the sector's middle half▼ 35.2pp-3.6%below the sector's middle half▼ 7.9pp-10.3%below the sector's middle half▼ 6.7pp
Current ratio0.55-0.40▼ 0.150.28below the sector's middle half▼ 0.120.06below the sector's middle half▼ 0.220.18below the sector's middle half▲ 0.120.24below the sector's middle half▲ 0.060.30below the sector's middle half▲ 0.07
Return on assets (ROA)3.6%--3.6%▼ 7.2pp-3.9%below the sector's middle half▼ 0.3pp-4.5%below the sector's middle half▼ 0.6pp-5.6%below the sector's middle half▼ 1.1pp-7.9%below the sector's middle half▼ 2.3pp-6.8%below the sector's middle half▲ 1.1pp
Staff (FTE)0-00within the sector's middle half
above
within
below
the middle half of NACE 68, Real estate activities: a quarter of companies sit below it, a quarter above. Each year compared with accounts in the same format, and only where there are at least 30.
Turnover and EBIT margin not published: the abbreviated format does not require them.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €795,407
Fixed assets
€748,411 =
Current assets
€46,996 ▲ 28.1%
Equity and liabilities
Equity-€81,773
Debt€877,179
Equity is negative: debt (€877,179) exceeds the balance-sheet total (€795,407).
Key figures and ratios
Debt ≤ 1 year
€155,414▲
2024 · €154,889
Debt > 1 year
€721,381▲
2024 · €615,622
Income taxes
-€95▼
2024 · €95
No debt to equity: equity is negative, so debt divided by equity means nothing.
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €121 | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0 | €0 | - | - | - | - | - | - |
| Other operating charges640/8 | - | - | €449 | €747 | €493 | €505 | €832 | ▲ 64.6% |
| Gross operating margin9900 | €15,178 | -€3,235 | -€3,098 | -€2,548 | €4,006 | -€1,905 | €16,934 | - |
| Operating profit (loss)9901 | €14,734 | -€3,683 | -€3,546 | -€3,295 | €3,513 | -€2,411 | €16,103 | - |
| Financial income75/76B | - | - | - | - | - | €511 | €0 | ▼ 100% |
| Recurring financial income75 | €0 | €0 | - | - | - | €316 | €0 | ▼ 100% |
| Non-recurring financial income76B | - | - | - | - | - | €196 | €0 | ▼ 100% |
| Financial charges65/66B | - | - | €5,327 | €5,458 | €46,886 | €59,708 | €69,915 | ▲ 17.1% |
| Recurring financial charges65 | €5,588 | €5,588 | €5,327 | €5,458 | €46,886 | €58,762 | €69,915 | ▲ 19.0% |
| Non-recurring financial charges66B | - | - | - | - | - | €946 | €0 | ▼ 100% |
| Profit (loss) for the period before taxes9903 | €10,204 | -€8,843 | -€8,873 | -€8,753 | -€43,373 | -€61,607 | -€53,812 | ▲ 12.7% |
| Income taxes67/77 | €0 | €0 | - | - | - | €95 | -€95 | - |
| Profit (loss) for the period9904 | €10,204 | -€8,843 | -€8,873 | -€8,753 | -€43,373 | -€61,702 | -€53,718 | ▲ 12.9% |
| Profit (loss) for the period to be appropriated9905 | €10,204 | -€8,843 | -€8,873 | -€8,753 | -€43,373 | -€61,702 | -€53,718 | ▲ 12.9% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €285,847 | €244,903 | €228,106 | €194,742 | €775,235 | €785,087 | €795,407 | ▲ 1.3% |
| Formation expenses20 | €0 | €0 | - | - | - | - | - | - |
| Fixed assets21/28 | €188,019 | €188,019 | €188,019 | €188,019 | €750,519 | €748,411 | €748,411 | = |
| Intangible fixed assets21 | €0 | €0 | - | - | - | - | - | - |
| Financial fixed assets28 | €188,019 | €188,019 | €188,019 | €188,019 | €750,519 | €748,411 | €748,411 | = |
| Current assets29/58 | €97,978 | €56,885 | €40,087 | €6,723 | €24,717 | €36,676 | €46,996 | ▲ 28.1% |
| Amounts receivable after more than one year29 | - | - | - | - | - | - | €700 | - |
| Other amounts receivable291 | - | - | - | - | - | - | €700 | - |
| Stocks and contracts in progress3 | €0 | €0 | - | - | - | - | - | - |
| Amounts receivable within one year40/41 | €92,522 | €24,630 | €16,612 | €1,310 | €19,890 | €32,696 | €16,554 | ▼ 49.4% |
| Trade receivables40 | - | - | €14,613 | €966 | €13,314 | €28,127 | €16,333 | ▼ 41.9% |
| Other amounts receivable41 | - | - | €1,999 | €344 | €6,576 | €4,568 | €221 | ▼ 95.2% |
| Current investments50/53 | €0 | €0 | - | - | - | - | - | - |
| Cash at bank and in hand54/58 | €32,255 | €35,139 | €23,475 | €5,413 | €2,728 | €2,105 | €29,028 | ▲ 1,279% |
| Deferred charges and accrued income490/1 | - | - | - | - | €2,098 | €1,876 | €714 | ▼ 61.9% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €285,847 | €244,903 | €228,106 | €194,742 | €775,235 | €785,087 | €795,407 | ▲ 1.3% |
| Equity10/15 | €107,101 | €103,490 | €85,773 | €77,020 | €33,647 | -€28,055 | -€81,773 | ▼ 191% |
| Contributions10/11 | €18,600 | - | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €88,501 | €84,890 | €67,173 | €58,420 | €15,047 | - | - | - |
| Non-distributable reserves130/1 | - | - | €1,860 | €1,860 | €1,860 | - | - | - |
| Reserves not available under the articles1311 | - | - | €1,860 | €1,860 | €1,860 | - | - | - |
| Distributable reserves133 | - | - | €65,313 | €56,560 | €13,187 | - | - | - |
| Profit (loss) carried forward14 | -€11,124 | €0 | - | - | - | -€46,655 | -€100,373 | ▼ 115% |
| Amounts payable17/49 | €178,746 | €141,414 | €142,333 | €117,722 | €741,588 | €813,142 | €877,179 | ▲ 7.9% |
| Amounts payable after more than one year17 | - | - | - | - | €570,021 | €615,622 | €721,381 | ▲ 17.2% |
| Financial debts170/4 | - | - | - | - | €570,021 | €615,622 | €721,381 | ▲ 17.2% |
| Amounts payable within one year42/48 | €178,456 | €141,012 | €142,016 | €117,375 | €136,779 | €154,889 | €155,414 | ▲ 0.3% |
| Trade debts44 | €43,570 | €23,503 | €17,332 | €348 | €15,709 | €29,303 | €17,401 | ▼ 40.6% |
| Suppliers440/4 | - | - | €17,332 | €348 | €15,709 | €29,303 | €17,401 | ▼ 40.6% |
| Taxes, remuneration and social security45 | - | - | - | €298 | - | - | €7,030 | - |
| Taxes450/3 | - | - | - | €298 | - | - | €7,030 | - |
| Other amounts payable47/48 | - | - | €124,684 | €116,730 | €121,071 | €125,586 | €130,983 | ▲ 4.3% |
| Accrued charges and deferred income492/3 | - | - | €317 | €346 | €34,788 | €42,631 | €385 | ▼ 99.1% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €10,204 | -€8,843 | -€8,873 | -€8,753 | -€43,373 | -€61,702 | -€53,718 | ▲ 12.9% |
| + Depreciation and write-downs630 | €0 | €0 | - | - | - | - | - | - |
| Operating cash flow (approximation) | €10,204 | -€8,843 | -€8,873 | -€8,753 | -€43,373 | -€61,702 | -€53,718 | ▲ 12.9% |
| Investment in fixed assets (approximation) | - | €0 | €0 | €0 | -€562,500 | €2,108 | €0 | ▼ 100% |
| Change in cash | - | €2,885 | -€11,664 | -€18,063 | -€2,684 | -€624 | €26,923 | - |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Latest 10 of 13 filings with the National Bank
| Financial year | Type | Filed | Reference |
|---|---|---|---|
| 30-09-2025 | abbreviated format | 29-04-2026 | 2026-00092767 |
| 30-09-2024 | abbreviated format | 29-04-2025 | 2025-00079354 |
| 30-09-2023 | abbreviated format | 26-04-2024 | 2024-00069700 |
| 30-09-2022 | abbreviated format | 28-04-2023 | 2023-00073781 |
| 30-09-2021 | abbreviated format | 22-04-2022 | 2022-20006339 |
| 30-09-2020 | abbreviated format | 29-04-2021 | 2021-11900140 |
| 30-09-2019 | abbreviated format | 29-04-2020 | 2020-10300465 |
| 30-09-2018 | abbreviated format | 29-04-2019 | 2019-11200375 |
| 30-09-2017 | abbreviated format | 30-04-2018 | 2018-11100191 |
| 30-09-2016 | abbreviated format | 02-05-2017 | 2017-10500296 |
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This company's figures show no positive equity and no headcount, so a size comparison is not possible. These companies share only the sector and the region. Of the 9,540 active companies whose main activity is development of residential building projects (NACE 68121), figures are known for 7,338. See the whole sector
Public contracts: No European public contracts awarded found since October 2016. Contracts below the EU thresholds are not in TED.