Equity
-€25,314
Debts exceed assets in financial year 2025.
TIME & SPACES
Lifetime
2 annual accounts with figures on one time axispeak €579 (2024)
-€25,083▼ €25,662
lowest -€29,731 (2025)
-€29,731▼ €29,148
peak €4,417 (2024)
-€25,314▼ €29,731
€46,411▲ 255%
Board2 names since 2024
1 directorCEZANNE Glenn
Documentsfilings and deeds
18-09-202649 days late
2025micro format
Gross margin from €579 to -€25,083Loss of €29,731Registered office moved within Brussels 31-12Equity from €4,417 to -€25,314Debts from €13,060 to €46,411Cash from €11,449 to €1,717
Key points
from the 2025 annual accountsLosses
-€30,314 in two years
The 2024 and 2025 financial years closed with a loss. 2025 was the heaviest.
Debts
€46,411 220% of the balance sheet
Financial debts 1%Suppliers 3%Other 96%
Of this, €43,475 falls due within a year.
Investments
€9,087 3.2 × depreciation
Green is investment, beige is depreciation.
Liquidity
0.05 was 0.94 in 2024
Short-term debts rose from €13,060 to €43,475.
Position in the sector
-120.0%
Lower solvency than 95% of companies in real estate. Sector median 28.9% · 17,178 companies.
2025 accounts filed 49 days after the deadlineTurnover not published (micro format)
Checked score
48
Fair
Financially stronger than 5% of micro companies in real estate (NACE 68)
Probability in this band: 1.5% to 4.2%
Bankruptcy probability within 12 months
2.8% Moderate
0%0.5%1.5%4%10%≥ 25%
The dashed line is the sector median: 0.2% across 26,625 companies (NACE 68, micro).
About 3 in 100 comparable companies go bankrupt within 12 months (an estimate).
Last 24 months
04-2025: 0.7%lowest value
05-2025: 0.7%● unchanged vs 04-2025lowest value
06-2025: 0.7%● unchanged vs 05-2025
07-2025: 0.8%▲ +0.1 percentage points vs 06-2025
08-2025: 0.8%● unchanged vs 07-2025
09-2025: 0.9%▲ +0.1 percentage points vs 08-2025
10-2025: 0.9%● unchanged vs 09-2025
11-2025: 1.0%▲ +0.1 percentage points vs 10-2025
12-2025: 1.0%● unchanged vs 11-2025
01-2026: 1.1%▲ +0.1 percentage points vs 12-2025
02-2026: 1.1%● unchanged vs 01-2026
03-2026: 1.2%▲ +0.1 percentage points vs 02-2026
04-2026: 1.2%● unchanged vs 03-2026
05-2026: 1.1%▼ -0.1 percentage points vs 04-2026
06-2026: 1.1%● unchanged vs 05-2026
07-2026: 1.1%● unchanged vs 06-2026
08-2026: 1.6%▲ +0.5 percentage points vs 07-2026
09-2026: 2.2%▲ +0.6 percentage points vs 08-2026
10-2026: 2.8%▲ +0.6 percentage points vs 09-2026highest value
11-2026: 2.8%● unchanged vs 10-2026
Financial strengthWeak
Score breakdown
raises risk
1 change of registered office in 24 months
Last filed accounts filed 49 days late; 2 of the last 3 accounts late
lowers risk
Sector: Real estate activities (NACE 68)
Size: total assets €21,097
Calculation
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 68, micro). It does better than 5% of them on solvency, 11% on liquidity, 4% on profitability and 1% on growth.
The bankruptcy probability was computed on 07-11-2026 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).
Comparable companies, two years later
In July 2024, 7,639 companies had the same profile as TIME & SPACES has now. Each dot stands for 20 companies, two years later.
84.8%
were still trading
5.6%
stopped another way
8.8%
went bankrupt
Another 0.7% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of TIME & SPACES itself: 2.8% within 12 months.
Test of the method
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 7,639 companies, not a prediction for TIME & SPACES. 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.
Credit verdict
No credit on open account
Liquidity is insufficient, with a current ratio of 0.05 (0.94 in 2024), below 1. Short-term debt is 206.1% and cash 8.1% of total assets. Equity is negative.
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The scores and ratios are Checked's own calculations, not a credit decision.
Signals
Seven signals.
lowers riskraises risk
raises risk · Negative equity
The 2025 annual accounts show negative equity and a net loss.
NBB · annual accounts 2025Equity per financial year
2425
2024 to 2025 · latest year -€25,314
raises risk · Young company
Founded in 2024, 2 years ago. Young companies fail more often than established ones; the risk is highest 2 to 8 years after founding.
KBO · incorporation dateAge against the risk zone
raises risk · 2025 accounts filed 49 days late
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 18-09-2026, 49 days later. Nearly half (47%) of Belgian companies file late; of those that file 1 to 90 days late, 2.0% are now bankrupt, dissolved or in another special legal status, against 1.66% of all filers. A delay like this does not count in the score.
NBB · 2 filingsDeviation from the deadline
2025
49 days late
2024
126 days late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
The company filed its last 2 accounts on average 88 days after the deadline. In the sector (NACE 68), the median for financial year 2024 was 7 days before the deadline, and 36% of those companies filed late.
Searched, nothing found (2)
neutral · Next filing not due yet
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today.
Companies Code · seven monthsWhere today falls in the filing period
07-11-2026 today31-12-2026 year end31-07-2027 deadline
Board and ownership
- VANGEEL Philippe Leonie Eugeen 50 sharesdeed of 03-04-2024
- CEZANNE Glenn 50 sharesdeed of 03-04-2024
Recent changes
Registered office moved within Brussels
New registered office: Rue de la Loi 81 A, 1040 Bruxelles · Previous registered office: Aarlenstraat 82, 1040 Brussel · Resignation: Philippe Vangeel (director) · General meeting of 18-09-2025 · Gazette deed
Registered in the Peppol Directory
Reachable for e-invoices through 0208:1007763682
Incorporation
Founding capital of €5,000, 100 shares · Founders: VANGEEL Philippe Leonie Eugeen and CEZANNE Glenn · Appointments: VANGEEL Philippe Leonie Eugeen (director) and CEZANNE Glenn (director) · published on 03-04-2024 · Gazette deed
First establishment
Wetstraat 81A, Brussels
Comparable companies
same main activity, similar in size and age| Company | ||||
|---|---|---|---|---|
| TIME & SPACES Brussels | €21,097 | -€25,083 | -120.0% | - |
| CMC IMMOB Oupeye | €26,808 | -€9,989 | -48.9% | - |
| CLINIQUE DU PRINCE Anderlecht | €27,978 | -€34,118 | -185.1% | - |
| Deca Invest Tongeren-Borgloon | €27,527 | -€2,849 | 11.2% | - |
| AGAPPI Dilbeek | €15,563 | -€15,392 | -427.5% | - |
| Atelier Santé Celine Leuven | €15,145 | €216 | 2.4% | - |
| FORESTIVE Pecq | €25,760 | -€1,786 | 6.6% | - |
These companies have the same main activity as TIME & SPACES: renting and operating of own or leased non-residential real estate, excluding land (NACE 68203). They are comparable in size and age: total assets between €15,100 and €28,000, founded between 2023 and 2025.
Official details
Source: KBO- Status
- Active since 29-03-2024Normal situation
- Registered office
- 16 active companies are registered at this address2 started in the 12 months before. Source: KBO register, as of 7 November 2026.
- Activity
- Renting and operating of own or leased non-residential real estate, excluding landNACE 68203and 3 others
- Establishment unit
- 2.357.904.0111040 Brussels, since 29-03-2024
- Financial year end
- 31 December
- Peppol
- Reachable since 22-10-2024
Insights on TIME & SPACES
The computed 12-month bankruptcy probability of TIME & SPACES is 2.8% (moderate). The 2025 annual accounts show negative equity (-€25,314) and a net result of -€29,731.
Its solvency ranks better than 5% of 17,178 sector peers (NACE 68, financial year 2025). The company has been active since 2024 and the Belgian Official Gazette contains no insolvency or warning signals.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette. Click a figure with a dotted line for the item and the filing.
Key facts about TIME & SPACES
- What is the company number of TIME & SPACES?
- The company number of TIME & SPACES is 1007.763.682. The VAT number is the same number with BE in front: BE 1007.763.682.
- Where is TIME & SPACES based?
- The registered office is at Wetstraat 81A, 1040 Brussels.Company details
- What does TIME & SPACES do?
- According to the KBO register, the main activity is renting and operating of own or leased non-residential real estate, excluding land (NACE 68203).
- What is the legal form of TIME & SPACES?
- TIME & SPACES is a private limited company (BV).
- When was TIME & SPACES founded?
- TIME & SPACES was founded on 29-03-2024.
- Is TIME & SPACES still active?
- Yes, TIME & SPACES is an active enterprise in the KBO register.
- What is the turnover of TIME & SPACES?
- The annual accounts for financial year 2025 state no turnover. The micro format does not require it.Financials
- Is TIME & SPACES profitable?
- In financial year 2025, TIME & SPACES made a loss of €29,731.
- Where can I find the annual accounts of TIME & SPACES?
- TIME & SPACES filed 2 annual accounts with the National Bank of Belgium, the latest for financial year 2025.
- When are the next annual accounts of TIME & SPACES due?
- TIME & SPACES must file the annual accounts for financial year 2026 by 31-07-2027.Timeline
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