Upgrado
ActiveSummary
The computed 12-month bankruptcy probability of Upgrado is 1.8% (moderate). The 2024 annual accounts show negative equity (-€184,562) and a net result of -€31,832. Equity is shrinking by ~35.1% per year across the filed fiscal years. Its solvency ranks better than 5% of 9722 sector peers (fiscal year 2024). The company has been active since 2020 and the Belgian State Gazette contains no insolvency or warning signals.
Checked score
Score 2024
Axes · tick = 2023
Profitability0▼-21
Solvency0=
Growth32=
Track record94
Bankruptcy probability, 12 months
1.8%
Moderate
0%0.5%1.5%4%10%≥ 25%
No credit on open account
Liquidity short (current ratio 0.07 against 1.03 in 2023; cash: 38.5% of total assets), and equity is negative.
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Signals
Five signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
raises risk · Annual accounts: weaker financial profile
The latest annual accounts show a weaker profile in solvency, result or liquidity than companies that stay afloat.
NBB · annual accounts 2024Solvency, return and age of the figures
Return on assets
-224%
Age of the figures
21 mo
raises risk · Limited track record
This company has not been active as long as an established one and statistically fails somewhat more often.
KBO · incorporation dateAge against the risk zone
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 68
Relative position
BE, all sectors
reference
Real estate activities (NACE 68)
about 43% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
raises risk · Negative equity
The 2024 annual accounts show negative equity and a net loss.
NBB · annual accounts 2024Equity per financial year
21222324
2021 to 2024 · latest year -€184,562
neutral · Filed after the deadline
The financial year that closed on 31-12-2024 was due by 31-07-2025 and was filed on 29-08-2025, 29 days later. For context: 47% of the Belgian market files late and the whole 1-to-90-day band measures 2.0% abnormal legal state against a 1.66% average. We show this as a fact and do not score it.
NBB · 4 filingsDeviation from the deadline
2025
not confirmed
2024
29 d late
2023
21 d late
2022
16 d late
2021
3 d late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 4 accounts on average 17 days after the deadline; the sector median for financial year 2024 is 7 days before the deadline, and 36% of the sector filed late.
Checked, nothing found (1)
History
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Financials · fiscal year 2024, abbreviated schema
Equity
-€184,562▼ 20.8%
2023 · -€152,730
Total assets
€14,213▼ 97.7%
2023 · €611,524
Net result
-€31,832▲ 18.9%
2023 · -€39,270
Working capital
-€184,562
2023 · €17,270
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 68, Real estate activities, each year against the same schema; no band under 30 filings. Dashed line: the median.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line2021202220232024
Operating result-€21,356--€82,546▼ 287%-€17,034▲ 79.4%-€2,613▲ 84.7%
Net result-€22,778below the sector's middle half--€91,683below the sector's middle half▼ 303%-€39,270below the sector's middle half▲ 57.2%-€31,832below the sector's middle half▲ 18.9%
Equity-€21,778below the sector's middle half--€113,460below the sector's middle half▼ 421%-€152,730below the sector's middle half▼ 34.6%-€184,562below the sector's middle half▼ 20.8%
Total assets€622,257below the sector's middle half-€1.1mwithin the sector's middle half▲ 84.2%€611,524below the sector's middle half▼ 46.6%€14,213below the sector's middle half▼ 97.7%
Debt€644,035-€1.3m▲ 95.6%€764,254▼ 39.3%€198,775▼ 74.0%
Working capital€200,222-€256,540▲ 28.1%€17,270▼ 93.3%-€184,562
Solvency-3.5%below the sector's middle half--9.9%below the sector's middle half▼ 6.4pp-25.0%below the sector's middle half▼ 15.1pp
Staff (FTE)1within the sector's middle half1within the sector's middle half=1within the sector's middle half=
above
within
below
the middle half (P25 to P75) of NACE 68, Real estate activities, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the abbreviated schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €2,613 in 2024 against €17,034 in 2023; the loss shrinks.
Key figures and ratios
Current ratio
0.07▼
2023 · 1.03
Debt to equity
-1.08▲
2023 · -5.00
ROA
-224.0%▼
2023 · -6.4%
Debt ≤ 1 year
€198,775▼
2023 · €594,254
Debt > 1 year
€0▼
2023 · €170,000
Income taxes
€74▼
2023 · €154
Staff costs
€52,216▼
2023 · €52,833
A ratio outside any meaningful range has been withheld (balance sheet total €14,213, equity -€184,562).
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 6,035 companies that looked in July 2024 the way this one looks now, 7.2% went bankrupt within 24 months and 82% are still going.
- Micro
- 5 to 10 years old
- negative equity
- a loss of 10% of the balance sheet or more
7.2%
went bankrupt
8.2%
stopped otherwise
82%
still going
A further 2.2% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 1.8% over twelve months; the group does not contradict it.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,058 companies of July 2024 its group's bankruptcy share. Expected: 1.5%; actually bankrupt within 24 months: 1.6%.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.4% |
| 3 | 0.5% | 0.5% |
| 4 | 0.6% | 0.7% |
| 5 | 0.8% | 0.9% |
| 6 | 1.2% | 1.3% |
| 7 | 1.5% | 1.6% |
| 8 | 1.7% | 1.7% |
| 9 | 2.7% | 2.8% |
| 10 | 5.3% | 5.7% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 74% 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 6,035 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.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | €2,500 | €40,544 | €52,833 | €52,216 | ▼ 1.2% |
| Other operating charges640/8 | €693 | €15,738 | €1,846 | €3,052 | ▲ 65.3% |
| Gross operating margin9900 | -€18,163 | -€26,264 | €37,645 | €52,655 | ▲ 39.9% |
| Operating profit (loss)9901 | -€21,356 | -€82,546 | -€17,034 | -€2,613 | ▲ 84.7% |
| Financial income75/76B | €57 | €0 | €0 | €1 | ▲ 233% |
| Recurring financial income75 | €57 | €0 | €0 | €1 | ▲ 233% |
| Financial charges65/66B | €1,479 | €8,998 | €22,083 | €29,146 | ▲ 32.0% |
| Recurring financial charges65 | €1,479 | €8,998 | €22,083 | €29,146 | ▲ 32.0% |
| Profit (loss) for the period before taxes9903 | -€22,778 | -€91,544 | -€39,116 | -€31,758 | ▲ 18.8% |
| Income taxes67/77 | - | €139 | €154 | €74 | ▼ 51.9% |
| Profit (loss) for the period9904 | -€22,778 | -€91,683 | -€39,270 | -€31,832 | ▲ 18.9% |
| Profit (loss) for the period to be appropriated9905 | -€22,778 | -€91,683 | -€39,270 | -€31,832 | ▲ 18.9% |
| Line | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|
| Assets | |||||
| Total assets20/58 | €622,257 | €1.1m | €611,524 | €14,213 | ▼ 97.7% |
| Current assets29/58 | €622,257 | €1.1m | €611,524 | €14,213 | ▼ 97.7% |
| Stocks and contracts in progress3 | €585,547 | €1.1m | €580,677 | €0 | ▼ 100% |
| Stocks30/36 | €585,547 | €1.1m | €580,677 | €0 | ▼ 100% |
| Amounts receivable within one year40/41 | - | - | €24,392 | €8,738 | ▼ 64.2% |
| Other amounts receivable41 | - | - | €24,392 | €8,738 | ▼ 64.2% |
| Cash at bank and in hand54/58 | €36,226 | €12,085 | €5,301 | €5,474 | ▲ 3.3% |
| Deferred charges and accrued income490/1 | €485 | €535 | €1,155 | €0 | ▼ 100% |
| Equity and liabilities | |||||
| Total equity and liabilities10/49 | €622,257 | €1.1m | €611,524 | €14,213 | ▼ 97.7% |
| Equity10/15 | -€21,778 | -€113,460 | -€152,730 | -€184,562 | ▼ 20.8% |
| Contributions10/11 | €1,000 | €1,000 | €1,000 | €1,000 | = |
| Profit (loss) carried forward14 | -€22,778 | -€114,460 | -€153,730 | -€185,562 | ▼ 20.7% |
| Amounts payable17/49 | €644,035 | €1.3m | €764,254 | €198,775 | ▼ 74.0% |
| Amounts payable after more than one year17 | €222,000 | €370,000 | €170,000 | €0 | ▼ 100% |
| Financial debts170/4 | €222,000 | €370,000 | €170,000 | €0 | ▼ 100% |
| Amounts payable within one year42/48 | €422,035 | €889,683 | €594,254 | €198,775 | ▼ 66.6% |
| Financial debts43 | €405,000 | €789,875 | €397,500 | €0 | ▼ 100% |
| Credit institutions430/8 | €405,000 | €789,875 | €397,500 | €0 | ▼ 100% |
| Trade debts44 | €8,517 | €3,448 | €12,790 | €8,368 | ▼ 34.6% |
| Suppliers440/4 | €8,517 | €3,448 | €12,790 | €8,368 | ▼ 34.6% |
| Taxes, remuneration and social security45 | €3,148 | €10,965 | €19,670 | €15,613 | ▼ 20.6% |
| Taxes450/3 | €2,802 | €2,416 | €6,253 | €2,251 | ▼ 64.0% |
| Remuneration and social security454/9 | €346 | €8,549 | €13,417 | €13,362 | ▼ 0.4% |
| Other amounts payable47/48 | €5,370 | €85,395 | €164,294 | €174,794 | ▲ 6.4% |
| Line | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€22,778 | -€91,683 | -€39,270 | -€31,832 | ▲ 18.9% |
| Operating cash flow (approximation) | -€22,778 | -€91,683 | -€39,270 | -€31,832 | ▲ 18.9% |
| Change in cash | - | -€24,140 | -€6,784 | €174 | ▲ 103% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
2025
29-08
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema · 29 days late
2024
21-08
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema · 21 days late
2023
16-08
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema · 16 days late
2022
31-12
Financial
Weakest financial yearnet -€91,683
Net result drops to -€91,683, the lowest in the series; recovery starts the following year.
03-08
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema · 3 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 1 act read
About the unread acts
We know of 1 Belgian State Gazette act for this company. It has not been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
1 act for this company is in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Brasschaat · 1 establishment unit since 2020
Ground area
2,400 m²
Building footprint
126 m²
Volume, LiDAR
727 m³
Parcel 11322E0001/00H003, Flanders · tallest building 8.0 m, ±2 floors. Linked by address, not a title deed.
86
companies at this address
See who is registered here
1 establishment unit
Upgrado
since 20202.309.890.494
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 11322E0001/00H003 | Flanders | 2,400 m² | 1 · 126 m² | 8.0 m · 2 fl. |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
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Of 9,699 companies in sector 68121 we hold annual accounts for 7,385. 758 are within a factor 10 of this headcount. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company
Founded20-11-2020
Fiscal year end31-12
Activities, NACEBEL 2025
68121Development of residential building projects
E-invoicing
Reachable via Peppol
Peppol ID
0208:0758630367
Also
9925:BE0758630367
Registered
09-12-2025
Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.