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 11,191 sector peers (NACE 68, financial year 2025). The computed 12-month bankruptcy probability is 0.4% (very low).
Overview
- Equity
- -€81,773
- Loss
- -€53,718
- Largest shareholder
- ESV Estates · 50%
- Holdings
- 1
Why 53raises riskCapped at 59: negative equityNegative equity -€81,773Loss of €53,718, the second in a row (financial year 2025)lowers riskSize: total assets €795,407Sector: Real estate activities (NACE 68)Show the evidence
Checked score
About 4 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
How it is calculated
The band follows from the bankruptcy probability, on a scale where 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 68, micro): better than 13% on solvency, 45% on liquidity, 21% on profitability and 3% on growth.
The bankruptcy probability was computed on 27-10-2026 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.
Some facts cap the score, however low the probability. Negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late hold it at Fair at most (59); two missing filings, at Weak (44). An ongoing judicial reorganisation or the company's end (bankruptcy, dissolution, liquidation) holds it at Critical at most (24).
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Signals
This company filed its last 7 accounts on average 3 days before the deadline; the sector median (NACE 68) for financial year 2024 is 7 days before the deadline, and 36% of those companies filed late.
Searched, nothing found (2)
- Annual accounts filedfinancial year 2025 · abbreviated…
- Annual accounts filedfinancial year 2024 · abbreviated…
- Weakest financial yearnet -€61,702
Financials · financial year 2025, abbreviated format
Source amounts without an identifiable currency are assumed to be EUR.
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.
What the company owns (total assets), how much of it is its own (equity) and how much it owes.
Short-term assets minus short-term debts. Above zero the company can pay its bills in the short term.
How much of each euro of turnover is left from operations (EBIT margin) and what the assets earn (return on assets).
The share of the company financed with its own means. The higher it is, the better it absorbs a shock.
Short-term assets per euro of short-term debt. Above 1 the short-term debts are covered.
Average staff in full-time equivalents (FTE).
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).
| 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 | €2,422 | -€3,235 | -€3,098 | -€2,548 | €4,006 | -€1,905 | €16,934 | - |
| Operating profit (loss)9901 | €1,976 | -€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 | €5,161 | €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 | -€3,611 | -€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 | -€3,611 | -€8,843 | -€8,873 | -€8,753 | -€43,373 | -€61,702 | -€53,718 | ▲ 12.9% |
| Profit (loss) for the period to be appropriated9905 | -€3,611 | -€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 | €244,903 | €235,966 | €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 | €56,885 | €47,947 | €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 | €24,630 | €12,808 | €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 | ▲ 14× |
| Deferred charges and accrued income490/1 | - | - | - | - | €2,098 | €1,876 | €714 | ▼ 61.9% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €244,903 | €235,966 | €228,106 | €194,742 | €775,235 | €785,087 | €795,407 | ▲ 1.3% |
| Equity10/15 | €103,490 | €94,646 | €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 | €84,890 | €76,046 | €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 | €0 | €0 | - | - | - | -€46,655 | -€100,373 | ▼ 115% |
| Amounts payable17/49 | €141,414 | €141,319 | €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 | €140,824 | €141,012 | €142,016 | €117,375 | €136,779 | €154,889 | €155,414 | ▲ 0.3% |
| Trade debts44 | €23,503 | €21,032 | €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 | -€3,611 | -€8,843 | -€8,873 | -€8,753 | -€43,373 | -€61,702 | -€53,718 | ▲ 12.9% |
| + Depreciation and write-downs630 | €0 | €0 | - | - | - | - | - | - |
| Operating cash flow (approximation) | -€3,611 | -€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 |
Similar companies · same sector and region
Public contracts: No European public contracts awarded found since October 2016. Contracts below the EU thresholds are not in TED.
Directors
Owners and capital
Owners
2 ownersOwners 2
-
50%
-
share not stated
According to the annual accounts to 30-09-2024 of Substantia Development and those of the other companies, the acts in the Belgian Official Gazette and the LEI register. Annual accounts state the shareholders that notified the company under article 7:225 of the Code of Companies and Associations and the parent companies that consolidate it. The register of ultimate beneficial owners (UBO) is not public: who ultimately stands behind a natural person or a foreign parent is not stated here. A company that does not include these statements in its annual accounts, or does not have to, is not listed.
Group and network
Holdings and subsidiaries
1 holding · 5 subsidiaries in the treeHoldings 1
-
100%
All subsidiaries, including indirect ones 5
Companies in which this company or one of its subsidiaries holds more than half, or which it consolidates according to the LEI register.
SUBSTANTIA 100%4 subsidiaries
- BRIDGE DEVELOPMENT 100%
- Emiel Development 100%
- Sophie Development 100%
- Subland 100%
According to the annual accounts to 30-09-2024 of Substantia Development and those of the other companies, the acts in the Belgian Official Gazette and the LEI register. Annual accounts state the shareholders that notified the company under article 7:225 of the Code of Companies and Associations and the parent companies that consolidate it. The register of ultimate beneficial owners (UBO) is not public: who ultimately stands behind a natural person or a foreign parent is not stated here. A company that does not include these statements in its annual accounts, or does not have to, is not listed.
Connections & network
The network starts from this company’s shareholders. What else they own or run appears here as nodes.
History
Acts, filings and financial milestones
23-01
Gazette deed
Permanent representatives: VERTÉ Edward and VAN HAMME TomRegistered office clause · Amendment of the articles · Capital conversion14 facts ▸
- General meeting, 29-12-2023
- Registered office clause, “Plantinkaai 1/105,2000 Antwerpen, RPR Antwerpen afdeling Antwerpen” (deed in Dutch)
- Amendment of the articles (2 times)
- Capital conversion, “statutair onbeschikbare eigen vermogensrekeningen” (deed in Dutch)
- Other provision, “nog niet gestort deel van het kapitaal, geen nog niet gestort deel van het kapitaal” (deed in Dutch)
- Reserve release, “opheffing aangelegde statutair onbeschikbare eigen vermogensrekeningen, middelen beschikbaar maken voor uitkering” (deed in Dutch)
- Name change, Substantia Development
- Other provision, “omzetting hoedanigheid zaakvoerder naar bestuurder van rechtswege”, 01-01-2020 (deed in Dutch)
- Board composition, ESV Ventures (director)
- Board composition, VHB PROJECTS (director)
- Permanent representative, VERTÉ Edward
- Permanent representative, VAN HAMME Tom
- +2 further facts in this act
About the unread acts
Of the 3 Belgian Official Gazette deeds we know for this company, 1 has been read. The other 2 have not been read yet: what they contain is neither established nor disproved here.
Register details
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 28 October 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.
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, with enterprise number 0841.829.544
Environmental permits: No permit applications found in Flanders. Brussels and Wallonia do not publish the applicant.
Sites & property
1 establishment unit
1 parcel
| Cadastral parcel | Region | Area | Buildings | Height / floors |
|---|---|---|---|---|
| 11804D3418/00B000 | Flanders | 721 m² | 1 · 720 m² | 26.5 m · 7 |
How the parcels are linked
Articles of association
What the company does
- DurationHow long the company exists; usually unlimited, so until it is dissolved.
- Unlimited
- Name clauseThe name the company operates under according to its articles.
- Substantia Development
- Registered office clauseThe region of the registered office; it decides among other things the language of official documents.
- “Vlaams Gewest, bestuursorgaan kan bij enkel besluit administratieve zetels,agentschappen,werkhuizen,stapelplaatsen en bijkantoren vestigen…” (deed in Dutch)
Who represents it, and how
- Who signsWho may bind the company towards others, for example by signing a contract.
- Each director alone
- Board ruleHow the board is made up, meets and takes decisions.
- “Met of zonder beperking van duur, bestuursorgaan” (deed in Dutch)“Onverminderd vergoeding van kosten, ten laste van algemene kosten” (deed in Dutch)
Meetings and financial year
- Annual meetingWhen the shareholders meet each year, among other things to approve the annual accounts.
- “laste komt van de algemene kosten van de vennootschap. Controle van de vennootschap Wanneer het door de wet vereist is en binnen de…” (deed in Dutch)
Oversight and winding up
- Dissolution ruleWhen and by whom the company can be dissolved.
- “Algemene vergadering beslissende in vormen vereist voor statutenwijziging” (deed in Dutch)
- Liquidation ruleHow assets are shared after dissolution: creditors first, then shareholders.
- “Bij ontbinding om welke reden en op welk ogenblik ook, bestuurder(s) in functie krachtens statuten indien geen andere vereffenaar benoemd” (deed in Dutch)