Active BE 0633.541.939Public limited company

UNION B

Regine Beerplein 1 ·2018 Antwerpen, Belgium· 11 yrs active

Sector: Buying and selling of own real estate (68110)

Conclusion Checked

UNION B has been active since 2015 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €68k and a net result of €-4k. Equity is shrinking by ~3.1% per year across the filed fiscal years. Its solvency ranks better than 39% of 8862 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.3% (very low).

Based on the State Gazette, CBE and 5 annual accounts.

Key figures

Equity	€68k
Net result	€-4k
Better than sector	39%
Active	11 yrs

Financial profile 5 of 5 axes measured · computed by Checked

36 / 100

Fragile profile, watch profitability in particular.

All 5 axes are computed from data Checked has read.

Health 17

Profitability 0

Solvency 31

Growth 32

Stability 100

Bankruptcy probability (12 mo) Checked model v1 · free

0.3% Very low

0%0,5%1,5%4%10%≥25%

How do we compute this?

Risk Assessment rule-based

0 / 100

Low risk

Trust signals 2 signals

Established

Founded in 2015, 11 years in business.

No legal incidents

No bankruptcy, reorganisation or interim measure in the Belgisch Staatsblad, and the KBO register records a normal legal situation.

Administrative Flags0 events

No strikeouts found in the KBO publications we processed. That series starts in 2021 and has gaps, so this is not a confirmation that there is nothing.

Checked score FY 2025 · computed

17 / 100 Critical

050100

Computed from 5 of the 6 factors this model weighs. The rest cannot be derived from the filed figures, or need a prior year to compare against.

Indicative credit limit

No credit

negative equity or figures too weak

Score history

68 2021

76 2022

52 2023

52 2024

17 2025

purely financial, excl. current insolvency signals

Score components

Liquidity Current ratio 1.25 (≥ 1.0) +5

Quick ratio Quick ratio 0.23 (< 0.6) -5

Leverage Debt/equity 3.88 (> 3.0) -10

Profitability Negatieve ROE -6% -10

Interest coverage Interest coverage -7.4× (< 1.5×) -10

Profit trend Net profit down YoY -3

Computed by Checked from the NBB filing for FY 2025. Indicative, not credit advice.

Financial overview10 NBB filings

Annual accounts filed on 01-07-2026 with the NBB · fiscal year 2025 · abbreviated schema

Operating resultNet result

Trajectory (indicative)

Projection over 3 fiscal years from the filed annual accounts, not a forecast, the extended trend.

declining Equity: declining trend of ~3.1%/year over 5 fiscal years, indicative, assuming unchanged policy.

Solid line = filed figures · dashed = extended trend · area = indicative range.

How do we compute this?

The trend is a robust median of all pairwise slopes between fiscal years (Theil-Sen), so a single odd year cannot hijack the line. For strictly positive series we also fit a log variant (compound annual growth) and keep whichever describes the figures best.

The area around the projection is 1.8 × the median absolute deviation from the trend, widening each year ahead (×1 / ×1.6 / ×2.2), with a minimum of 8% of the last value. It is an indicative range, not a statistical confidence interval.

A series whose deviations exceed 35% of its level is too volatile: we then deliberately show no projection. Every projection assumes unchanged policy and is blind to non-public information (order book, contracts, funding rounds).

Sector comparison

Fiscal year 2025 · NACE 68, Real estate activities · compared within the same schema type (abbreviated schema)

Metric	This company	Sector median	Position in the sector
Solvency	20.5%	31.5%	better than 39% of 8862 sector peers
Net result	€-4k	€11k	better than 35% of 8858 sector peers
Equity	€68k	€331k	better than 28% of 8866 sector peers
Gross operating margin	€-1k	€93k	better than 17% of 8845 sector peers
Total assets	€330k	€1.42M	better than 17% of 8864 sector peers

EBITDA

€-2k

-7.7% 21-25

Net profit

€-4k

-4.2% 21-25

Cash flow

€-2k

-6.9% 21-25

Total assets

€330k

+323.5% 21-25

Equity

€68k

-5.3% 21-25

Working capital

€66k

-3.4% 21-25

Debt

€262k

+3918.8% 21-25

Debt ≤ 1y

€262k

+3918.8% 21-25

Current ratio

1.25

-89.1% 21-25

Quick ratio

0.23

-95.3% 21-25

Solvency

20.5%

-77.6% 21-25

Debt / equity

3.88

+4144.5% 21-25

ROE

-5.6%

-10.0% 21-25

ROA

-1.2%

+75.4% 21-25

Interest coverage

-7.41

-5.7% 21-25

Figures by fiscal year and ratios

Highlight YoY changes (±10%)

Fiscal year	2025	2024	2023	2022	2021
Deposit	abbreviated schema	micro schema	micro schema	micro schema	micro schema
Revenue	-	-	-	-	-
EBITDA	€-2k	€-2k	€-4k	€-2k	€-1k
Net profit	€-4k	€-4k	€-2k	€454	€372
Cash flow	€-2k	€-2k	€-76	€3k	€2k
Staff costs	-	-	-	-	-
Income taxes	-	-	-	-	-
Dividends	-	-	-	-	-
Total assets	€330k	€78k	€79k	€79k	€78k
Equity	€68k	€71k	€75k	€77k	€76k
Debt	€262k	€7k	€4k	€2k	€2k
of which ≤ 1y	€262k	€7k	€4k	€2k	€778
of which > 1y	-	-	-	-	-
Working capital	€66k	€68k	€71k	€71k	€69k
Employees (FTE)	-	-	-	-	-

Note: these years are not on the same basis. The filed schemas differ (abbreviated schema, micro schema), so the columns are not directly comparable.

Ratios (computed)

	2025	2024	2023	2022	2021
Current ratio	1.25	11.49	20.46	32.37	90.17
Quick ratio	0.23	4.95	20.46	32.37	90.17
Working capital ratio	20.0%	87.9%	89.8%	89.8%	88.9%
Solvency	20.5%	91.6%	95.4%	97.1%	97.5%
Debt / equity	3.88	0.09	0.05	0.03	0.03
Long-term debt ratio	-	-	-	-	-
Interest coverage	-7.41	-7.01	-23.27	-13.98	-9.88
Gross margin	-	-	-	-	-
Net margin	-	-	-	-	-
ROA	-1.2%	-4.7%	-1.9%	0.6%	0.5%
ROE	-5.6%	-5.1%	-2.0%	0.6%	0.5%
EBITDA margin	-	-	-	-	-
Days sales outstanding	-	-	-	-	-
Days payable outstanding	-	-	-	-	-
Inventory turnover	-	-	-	-	-
Days inventory (DSI)	-	-	-	-	-

Balance-sheet composition 2025

Assets

Fixed assets €1k · 0.4% Current assets €328k · 99.6%

Equity & liabilities

Equity €68k · 20.5% Debt €262k · 79.5%

Full annual accounts (22 line items)

Filed balance sheet and income statement, exactly as deposited with the NBB.

Line item	Code	2025	2024	2023	2022	2021
Balance sheet, Assets
TOTAL ASSETS	20/58	€330k	€78k	€79k	€79k	€78k
Fixed assets	21/28	€1k	€3k	€4k	€6k	€8k
Tangible fixed assets	22/27	€1k	€3k	€4k	€6k	€8k
Current assets	29/58	€328k	€75k	€74k	€73k	€70k
Stocks & contracts in progress	3	€268k	€43k	-	-	-
Amounts receivable within one year	40/41	€33k	€9k	€70k	€68k	€66k
Cash & bank	54/58	€28k	€24k	€236	€67	€301
Balance sheet, Equity & liabilities
TOTAL EQUITY & LIABILITIES	10/49	€330k	€78k	€79k	€79k	€78k
Equity	10/15	€68k	€71k	€75k	€77k	€76k
Contributions / capital	10/11	€80k	€80k	€80k	€80k	€80k
Reserves	13	€1k	€1k	€1k	€1k	€1k
Accumulated profits (losses)	14	€-13k	€-10k	€-6k	€-4k	€-5k
Amounts payable	17/49	€262k	€7k	€4k	€2k	€2k
Amounts payable within one year	42/48	€262k	€7k	€4k	€2k	€778
Trade debts payable within one year	44	€106k	-	€1k	€2k	€778
Income statement
Gross operating margin	9900	€-1k	€-1k	€-3k	€-1k	€-801
Operating result	9901	€-4k	€-3k	€-5k	€-4k	€-3k
Financial income	75	-	-	€4k	€5k	€4k
Financial charges	65	€279	€274	€157	€141	€132
Result before taxes	9903	€-4k	€-4k	€-2k	€454	€372
Net result for the period	9904	€-4k	€-4k	€-2k	€454	€372
Result to be appropriated	9905	€-4k	€-4k	€-2k	€454	€372

Directors & mandates 3 directors

Current directors & mandates

YAMAN Ismaïl
Director
State Gazette act 24325752 (15-01-2024)

Current
15-01-2024 → present
YAMAN Yusuf
Director
State Gazette act 24325752 (15-01-2024)

Current
15-01-2024 → present

Former directors (1)

BOSTOEN Stefan
Director
State Gazette act 24325752 (15-01-2024)

Former
- → 06-07-2021

Legal Structure

NACE primary	Buying and selling of own real estate(68110)
Legal form	Public limited company(014)
Incorporation	06-07-2015
Status	Active
Postal code	2018

Establishment units 1 location

UNION B

Regine Beerplein 1, 2018 AntwerpenReal estate activities

since 20152.245.229.108

Updates 11 events

All 13Financial 2Gazette 1Filings 10

Next filing, fiscal year 2026, expected by 31-07-2027

2026

01-07

NBB filing Annual accounts filed

fiscal year 2025 · abbreviated schema

2025

31-12

Financial Weakest financial yearnet €-4k

Net result drops to €-4k, the lowest in the series.

22-07

NBB filing Annual accounts filed

fiscal year 2024 · micro schema

2024

26-08

NBB filing Annual accounts filed

fiscal year 2023 · micro schema · 26 days late

15-01

State Gazette act Director changes

Jennifer De Weggheleire

2023

28-09

NBB filing Annual accounts filed

fiscal year 2022 · micro schema · 59 days late

2022

31-12

Financial Highest result since 2021net €454 ▲22.2%

Net result €454, the highest in the series.

29-08

NBB filing Annual accounts filed

fiscal year 2021 · micro schema · 29 days late

2021

26-08

NBB filing Annual accounts filed

fiscal year 2020 · micro schema · 26 days late

2020

30-08

NBB filing Annual accounts filed

fiscal year 2019 · micro schema · 30 days late

2019

28-08

NBB filing Annual accounts filed

fiscal year 2018 · micro schema · 28 days late

2018

29-08

NBB filing Annual accounts filed

fiscal year 2017 · micro schema · 29 days late

2017

11-08

NBB filing Annual accounts filed

fiscal year 2016 · abbreviated schema · 11 days late

Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.

Belgian State Gazette reading coverage 0 of 2 acts read

We know of 2 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.

Belgisch Staatsblad, acts 1 acts

All acts · 1 updated 2 years ago

2024

15-01-2024 2 directors appointed, 1 resigning Director changes·Jennifer De Weggheleire

YAMAN Ismaïl, Bestuurder
YAMAN Yusuf, Bestuurder
BOSTOEN Stefan, Bestuurder

Notary: Jennifer De Weggheleire · Brecht

Original publication ↗

Technical details

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        "kbo": "0719.918.459",
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Credit advice verdict per customer and amount

Company registry (CBE) Crossroads Bank

Activities

Buying and selling of own real estate68110

Names & trade names

Legal nameNL

UNION B

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