System and Development
ActiveSummary
The computed 12-month bankruptcy probability of System and Development is 3.2% (moderate). The 2025 annual accounts show equity of €22,273 and a net result of €419. Equity is shrinking by about 18% per year and would, assuming unchanged policy, indicatively turn negative around financial year 2026. Its solvency ranks better than 32% of 11,191 sector peers (NACE 68, financial year 2025). The company has been active since 1992 and the Belgian Official Gazette contains no insolvency or warning signals.
Overview
- Equity
- €22,273
- Profit
- €419
Why 50raises risk3 changes of registered office in 24 monthsLast filed accounts filed 20 days late; 1 of the last 3 lateLiquidity: current ratio 0.00, cash €689lowers riskSize: turnover €46,000, total assets €175,694Show the evidence
Checked score
About 3 in 100 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 33% on solvency, 6% on liquidity, 34% on profitability and 69% 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 36 days after 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…
- Back to profitnet €419
- Annual accounts filedfinancial year 2024 · micro…
Financials · financial year 2025, abbreviated format
2025 annual accounts filed late (20 days) Filed on 20 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00414337.
2021 to 2025, 5 financial years 2018 to 2025, 8 financial years
The operating result returns to profit in 2025: €4,030 after a loss of €8,222 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.
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).
Peer companies
Historical observationOf the 3,984 companies that looked in July 2024 the way this one looks now, 1.1% went bankrupt within 24 months and 96.5% are still going.
- Micro
- 20 years or older
- solvency 10 to 30%
- a profit under 5% of the balance sheet
A further 0.1% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a higher bankruptcy probability: 3.2% over twelve months. The score reads more about this company than the group's four characteristics; both figures are right about what they measure.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,445 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% | 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% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 74.5% 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 3,984 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.
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Turnover70 | - | - | - | - | - | - | €31,775 | €46,000 | ▲ 44.8% |
| Goods, raw materials, services and sundry goods60/61 | - | - | - | - | - | - | €32,398 | €34,941 | ▲ 7.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €338 | €338 | €338 | €84 | €0 | - | - | - | - |
| Other operating charges640/8 | - | - | - | €3,631 | €8,578 | €12,927 | €7,599 | €7,029 | ▼ 7.5% |
| Non-recurring operating charges66A | - | - | - | - | - | €89,992 | - | - | - |
| Gross operating margin9900 | €6,460 | €6,407 | €6,794 | -€5,597 | €6,539 | €9,053 | -€623 | €11,059 | - |
| Operating profit (loss)9901 | -€2,299 | -€1,439 | -€9,334 | -€9,312 | -€2,039 | -€93,866 | -€8,222 | €4,030 | - |
| Financial income75/76B | - | - | - | - | - | - | - | €0 | - |
| Recurring financial income75 | - | €5 | - | - | - | - | - | €0 | - |
| Financial charges65/66B | - | - | - | €211 | €549 | €240 | €390 | €187 | ▼ 52.0% |
| Recurring financial charges65 | €212 | €399 | - | €211 | €549 | €240 | €390 | €187 | ▼ 52.0% |
| Profit (loss) for the period before taxes9903 | -€2,511 | -€1,833 | -€9,334 | -€9,524 | -€2,588 | -€94,106 | -€8,613 | €3,843 | - |
| Income taxes67/77 | - | - | €17,963 | - | - | - | - | €3,424 | - |
| Profit (loss) for the period9904 | -€2,511 | -€1,833 | -€27,297 | -€9,524 | -€2,588 | -€94,106 | -€8,613 | €419 | - |
| Profit (loss) for the period to be appropriated9905 | -€2,511 | -€1,833 | -€27,297 | -€9,524 | -€2,588 | -€94,106 | -€8,613 | €419 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €176,875 | €176,556 | €202,533 | €178,025 | €177,136 | €176,445 | €176,354 | €175,694 | ▼ 0.4% |
| Formation expenses20 | €759 | €422 | €84 | - | - | - | - | - | - |
| Fixed assets21/28 | €175,004 | €175,004 | €175,004 | €175,004 | €175,004 | €175,004 | €175,004 | €175,004 | = |
| Tangible fixed assets22/27 | €175,004 | €175,004 | €175,004 | €175,004 | €175,004 | €175,004 | €175,004 | €175,004 | = |
| Land and buildings22 | - | - | - | €175,004 | €175,004 | €175,004 | €175,004 | €175,004 | = |
| Current assets29/58 | €1,111 | €1,130 | €27,444 | €3,020 | €2,131 | €1,441 | €1,350 | €689 | ▼ 48.9% |
| Amounts receivable within one year40/41 | - | - | - | - | - | €138 | - | - | - |
| Trade receivables40 | - | - | - | - | - | €138 | - | - | - |
| Cash at bank and in hand54/58 | €318 | €302 | €26,597 | €2,054 | €999 | €166 | €129 | €689 | ▲ 434% |
| Deferred charges and accrued income490/1 | - | - | - | €966 | €1,133 | €1,136 | €1,221 | - | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €176,875 | €176,556 | €202,533 | €178,025 | €177,136 | €176,445 | €176,354 | €175,694 | ▼ 0.4% |
| Equity10/15 | €165,815 | €163,982 | €136,685 | €127,161 | €124,573 | €30,466 | €21,854 | €22,273 | ▲ 1.9% |
| Contributions10/11 | €347,051 | €347,051 | €347,051 | €347,051 | €347,051 | €347,051 | €347,051 | €347,051 | = |
| Capital10 | - | - | - | €347,051 | €347,051 | €347,051 | €347,051 | €347,051 | = |
| Issued capital100 | - | - | - | €347,051 | €347,051 | €347,051 | €347,051 | €347,051 | = |
| Profit (loss) carried forward14 | -€181,236 | -€183,069 | -€210,366 | -€219,890 | -€222,478 | -€316,585 | -€325,197 | -€324,778 | ▲ 0.1% |
| Amounts payable17/49 | €11,060 | €12,574 | €65,848 | €50,864 | €52,563 | €145,979 | €154,500 | €153,421 | ▼ 0.7% |
| Amounts payable within one year42/48 | €11,060 | €12,574 | €65,848 | €50,864 | €52,563 | €145,465 | €151,753 | €153,421 | ▲ 1.1% |
| Trade debts44 | €10,185 | €11,849 | €8,406 | €16,007 | €25,550 | €29,286 | €35,437 | €37,209 | ▲ 5.0% |
| Suppliers440/4 | - | - | - | €16,007 | €25,550 | €29,286 | €35,437 | €37,209 | ▲ 5.0% |
| Taxes, remuneration and social security45 | - | - | - | €8,857 | €1,013 | €90,179 | €90,593 | €90,487 | ▼ 0.1% |
| Taxes450/3 | - | - | - | €8,857 | €1,013 | €90,179 | €90,593 | €90,487 | ▼ 0.1% |
| Other amounts payable47/48 | - | - | - | €26,000 | €26,000 | €26,000 | €25,724 | €25,724 | = |
| Accrued charges and deferred income492/3 | - | - | - | - | - | €514 | €2,747 | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€2,511 | -€1,833 | -€27,297 | -€9,524 | -€2,588 | -€94,106 | -€8,613 | €419 | - |
| + Depreciation and write-downs630 | €338 | €338 | €338 | €84 | €0 | - | - | - | - |
| Operating cash flow (approximation) | -€2,173 | -€1,496 | -€26,959 | -€9,439 | -€2,588 | -€94,106 | -€8,613 | €419 | - |
| Investment in fixed assets (approximation) | - | -€338 | -€338 | -€84 | €0 | €0 | €0 | €0 | - |
| Change in cash | - | -€16 | €26,295 | -€24,542 | -€1,056 | -€832 | -€37 | €560 | - |
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 34 filings with the National Bank
| Financial year | Type | Filed | Reference |
|---|---|---|---|
| 31-12-2025 | abbreviated format | 20-08-2026 | 2026-00414337 |
| 31-12-2024 | micro format | 29-08-2025 | 2025-00432978 |
| 31-12-2023 | full format | 13-11-2024 | 2024-00533414 |
| 31-12-2022 | micro format | 30-07-2023 | 2023-00315237 |
| 31-12-2021 | micro format | 31-08-2022 | 2022-20427054 |
| 31-12-2020 | micro format | 30-07-2021 | 2021-46300496 |
| 31-12-2019 | micro format | 07-10-2020 | 2020-61200560 |
| 31-12-2018 | abbreviated format | 30-07-2019 | 2019-44000274 |
| 31-12-2017 | abbreviated format | 30-07-2018 | 2018-39100513 |
| 31-12-2016 | abbreviated format | 18-07-2017 | 2017-31900122 |
Similar companies · same sector, comparable size
Public contracts: No European public contracts awarded found since October 2016. Contracts below the EU thresholds are not in TED.
Directors
Not every act has been read: a resignation may still be missing
Mandate history
- Board
- began earlier
| Name | Functions and periods |
|---|---|
| Christiane BERTIN |
|
| Eric BECKER |
|
Owners and capital
Capital and shareholders
- 17-02-2025 Capital stated in the deed · €347,050.93 · 140 shares
Group and network
Connections & network
1 current directorThe network starts from this company’s directors. Other companies they run appear here as nodes.
History
Acts, filings and financial milestones
24-02
Gazette deed
Registered officeRegistered-office move2 facts ▸
- General meeting, 20-12-2024
- Registered-office move
17-02
Gazette deed
Resignation: Eric BECKER (director)Appointment: Christiane BERTIN (sole director) · Amendment of the articles · Capital7 facts ▸
- General meeting, 20-12-2024
- Amendment of the articles (2 times)
- Capital, €347,050.93
- Other provision, “transfert vers Région de Bruxelles-Capitale décidé premier acte effectif, constatation réalisation transfert siège” (deed in Dutch)
- Director resignation, Eric BECKER (director)
- Director discharge, Eric BECKER
- Director appointment, Christiane BERTIN (sole director)
17-02
Gazette deed
Registered officeRegistered-office move2 facts ▸
- General meeting, 20-12-2024
- Registered-office move, Wolvindreef 9 te 1170 Watermaal-Bosvoorde
Show earlier events
About the unread acts
Of the 8 Belgian Official Gazette deeds we know for this company, 3 have been read. The other 5 have not been read yet: what they contain is neither established nor disproved here.
Register details
No listing in the Peppol Directory under this enterprise or VAT number. That proves nothing: being listed there is voluntary.
What can you do?
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If you follow this company, Checked tells you the day it appears in the Peppol register.
Register as of 28 October 2026 · Peppol Directory
General meetings
1 meeting noticeScores and ratios are computed by Checked and are not a credit decision.
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 |
|---|---|---|---|---|
| 21652F0019/00P003 | Brussels | 2,248 m² | 1 · 198 m² | 11.8 m · 3 |
How the parcels are linked
Articles of association
What the company does
- PurposeThe activities the company may carry out under its articles.
- “Toutes opérations portant sur des biens immobiliers, notamment l'achat et la vente, le leasing, la location et la mise en location, la…” (deed in Dutch)
11 activities (deed in Dutch)
- Toutes opérations portant sur des biens immobiliers, notamment l'achat et la vente, le leasing, la location et la mise en location, la construction et la transformation, l'exploitation, la gestion, la mise en gage et l'hypothèque de ces biens.
- L'exécution de tous travaux s'y rapportant, tels que l'entretien, la réparation et la transformation des bâtiments et des installations.
- La gestion des biens immobiliers; à ce titre, elle peut effectuer toutes opérations d'achat, de construction, de transformation, d'ameublement, de location, de sous-location, d'échange et de vente de tous biens immobiliers et ce tant en usufruit, en nue-propriété qu'en pleine propriété.
- La gestion de participations, sous quelque forme que ce soit, dans toutes sociétés ou entreprises belges étrangères; elle peut acquérir et valoriser toutes participations à ce titre, ainsi qu'exercer des mandats de gestion.
- L'investissement en valeurs mobilières et l'achat d'instruments financiers de toute nature.
- L'achat, l'établissement, la conversion, la vente, la location et la sous-location, l'emphytéose, la concession l'exploitation, sous quelque forme que ce soit, de tout commerce et de tous biens et droits mobiliers et immobiliers.
- La délivrance, la mise au point, le dépôt de brevets, de patentes et de licences dans tous les domaines et à toutes les fins possibles.
- La prestation de services commerciaux ou administratifs aux entreprises, aux particuliers et aux institutions publiques ou similaires dans les domaines de la gestion, de la vente, du conseil technique, de la politique d'investissement, de la publicité, du traitement et des programmes informatiques, de l'organisation, de la recherche, du contrôle et du développement, sans que cette énumération puisse être considérée comme limitative.
- Location, achat, vente et entretien de tous types d'équipements, d'outils, de machines et d'installations.
- L'importation et l'exportation, le commerce de gros et de détail, la fabrication, le courtage et la commission de tous produits, marchandises, matières premières, équipements et machines destinés au commerce, à l'industrie, aux particuliers et aux institutions publiques ou assimilées. Tout ceci au sens le plus large.
- La société agit pour son propre compte, en consignation, à la commission, comme intermédiaire ou comme représentant.
- DurationHow long the company exists; usually unlimited, so until it is dissolved.
- Unlimited
- Name clauseThe name the company operates under according to its articles.
- SYSTEM & DEVELOPMENT
- Registered office clauseThe region of the registered office; it decides among other things the language of official documents.
- “Région de Bruxelles-Capitale, Annexes du Moniteur belge” (deed in Dutch)
Who represents it, and how
- Board ruleHow the board is made up, meets and takes decisions.
- “1, un ou plusieurs administrateurs personnes physiques ou morales” (deed in Dutch)“Organe d'administration, tous actes nécessaires ou utiles à la réalisation de l'objet” (deed in Dutch)“Sauf décision contraire de l'assemblée générale, non rémunéré” (deed in Dutch)1 more provision on this in the deed
Capital, shares and profit
- Transfer restrictionWhether shareholders may sell their shares freely or need approval first.
- “Cession libre sauf conventions contraires entre actionnaires, tous cessionnaires consécutifs solidairement tenus” (deed in Dutch)
- Authorised capitalThe amount by which the board may raise capital without a new shareholder decision.
- “En une ou plusieurs fois, d'un montant maximal déterminé, jour fixé par la loi comme point de départ de ce délai” (deed in Dutch)
Oversight and winding up
- Liquidation ruleHow assets are shared after dissolution: creditors first, then shareholders.
- “Plus étendus conférés par Code des sociétés et associations, assemblée générale détermine le cas échéant” (deed in Dutch)