Equity
-€2.2m
Debts exceed assets in financial year 2025.
VILVOORDE DEVELOPMENT
Lifetime
13 annual accounts with figures on one time axispeak €586,796 (2017)
-€884,333▲ €151,734
lowest -€1.6m (2024)
-€1.5m▲ €109,176
peak €5.7m (2017)
-€2.2m▼ €1.5m
€14.6m▲ 2.4%
Board17 names since 2017all names
4 directorsVAUBAN and 3 others
Owners6 names in the annual accounts
100%MAATSCHAPPIJ TOT EXPLOITATIE VAN IMMOBILIEN and 2 others
Documentsfilings and deeds
10-07-202621 days before the deadline
2025financial year
Gross margin from -€1.0m to -€884,333Loss of €1.5m1 director appointed, 1 resignation 10-03Equity from -€669,257 to -€2.2m
Key points
from the 2025 annual accountsChecked score
54
Fair
Financially stronger than 27% of medium-sized companies in real estate (NACE 68)
Probability in this band: 1.5% to 4.2%
Negative equity caps the score at 59.
Bankruptcy probability within 12 months
1.0% Low
0%0.5%1.5%4%10%≥ 25%
The dashed line is the sector median: 0.1% across 1,719 companies (NACE 68, medium-sized).
About 1 in 100 comparable companies go bankrupt within 12 months (an estimate).
Last 24 months
12-2024: 0.4%lowest value
01-2025: 0.4%● unchanged vs 12-2024lowest value
02-2025: 0.4%● unchanged vs 01-2025lowest value
03-2025: 0.4%● unchanged vs 02-2025
04-2025: 0.4%● unchanged vs 03-2025
05-2025: 0.4%● unchanged vs 04-2025
06-2025: 0.4%● unchanged vs 05-2025
07-2025: 0.5%▲ +0.1 percentage points vs 06-2025
08-2025: 1.1%▲ +0.6 percentage points vs 07-2025
09-2025: 1.1%● unchanged vs 08-2025
10-2025: 1.1%● unchanged vs 09-2025
11-2025: 1.1%● unchanged vs 10-2025
12-2025: 1.1%● unchanged vs 11-2025
01-2026: 1.1%● unchanged vs 12-2025
02-2026: 1.1%● unchanged vs 01-2026
03-2026: 1.1%● unchanged vs 02-2026
04-2026: 1.1%● unchanged vs 03-2026
05-2026: 1.1%● unchanged vs 04-2026
06-2026: 1.1%● unchanged vs 05-2026
07-2026: 1.1%● unchanged vs 06-2026highest value
08-2026: 1.0%▼ -0.1 percentage points vs 07-2026
09-2026: 1.0%● unchanged vs 08-2026
10-2026: 1.0%● unchanged vs 09-2026
11-2026: 1.0%● unchanged vs 10-2026
Financial strengthWeak
Score breakdown
raises risk
Capped at 59: negative equity
Liquidity: current ratio 20.52
Negative equity -€2.2m
Loss of €1.5m, the second in a row (financial year 2025)
lowers risk
Size: total assets €12.5m
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, medium-sized). It does better than 3% of them on solvency, 99% on liquidity, 3% on profitability and 2% on growth.
The bankruptcy probability was computed on 10-11-2026 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 low class on 30-06-2025, 0.8% 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, 252 companies had the same profile as VILVOORDE DEVELOPMENT has now. Each dot is one company, two years later.
85.3%
were still trading
6.7%
stopped another way
7.1%
went bankrupt
Another 0.8% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of VILVOORDE DEVELOPMENT itself is lower: 1.0% within 12 months. It rests on far more data about VILVOORDE DEVELOPMENT than the profile alone.
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 252 companies, not a prediction for VILVOORDE DEVELOPMENT. 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 ample, with a current ratio of 20.52 (25.88 in 2024), above the usual 1.5. Short-term debt is 4.9% of total assets. However, equity is negative.
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The scores and ratios are Checked's own calculations, not a credit decision.
Signals
Six signals.
lowers riskraises riskneutral
raises risk · Negative equity
The 2025 annual accounts show negative equity and a net loss.
NBB · annual accounts 2025Equity per financial year
1819202122232425
2018 to 2025 · latest year -€2.2m
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 10-07-2026, 21 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
21 days early
2024
30 days early
2023
33 days early
2022
20 days early
2021
26 days early
2020
47 days early
2019
29 days early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
The company filed its last 7 accounts on average 29 days before 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. The company usually files around 5 July (5 of the last 5 accounts filed within 30 days either side of that date).
Companies Code · seven monthsWhere today falls in the filing period
11-11-2026 today31-12-2026 year end31-07-2027 deadline
Board and ownership
- MAATSCHAPPIJ TOT EXPLOITATIE VAN IMMOBILIEN 100%score 92equity €327.2m (2025) · 2025 annual accounts of MAATSCHAPPIJ TOT EXPLOITATIE VAN IMMOBILIEN
- ABACUS INVEST NV consolidatesscore 84equity €571.6m (2025) · annual accounts 2025
Recent changes
Environmental permit granted
Bouwen of herbouwen, Het reliëf van de bodem aanmerkelijk wijzigen, Nieuwbouw of aanleggen and 1 more · Vilvoorde
Environmental permit granted
Het reliëf van de bodem aanmerkelijk wijzigen, Hoogstammige bomen vellen die geen deel uitmaken van een bos, Nieuwbouw of aanleggen and 1 more · Departement Omgeving
Environmental permit granted
Bouwen of herbouwen · Vilvoorde
Environmental permit granted
Bouwen of herbouwen, Het reliëf van de bodem aanmerkelijk wijzigen, Nieuwbouw of aanleggen and 1 more · Vilvoorde
Comparable companies
same main activity, similar in size and age| Company | ||||
|---|---|---|---|---|
| VILVOORDE DEVELOPMENT Grimbergen | €12.5m | -€884,333 | -17.6% | - |
| Wibeco Kortrijk | €9.7m | -€10,463 | -0.8% | - |
| CLEAN TECH INVESTMENTS Woluwe-Saint-Lambert | €9.5m | -€4,385 | 84.8% | - |
| OSTENDIA CONSTRUCT Bredene | €10.2m | -€49,191 | 16.2% | - |
| TOP-C PROJECTS Leuven | €13.3m | -€2,408 | -0.4% | - |
| Noorderlaan Turnhout | €17.5m | -€48,869 | 44.0% | 0 |
| Mall of Europe Saint-Josse-ten-Noode | €16.6m | -€73,899 | 21.2% | 0 |
These companies have the same main activity as VILVOORDE DEVELOPMENT: development of residential building projects (NACE 68121). They are comparable in size and age: total assets between €9.5m and €17m, founded between 2008 and 2014.
Official details
Source: KBO- Status
- Active since 22-01-2013Normal situation
- Activity
- Development of residential building projectsNACE 68121and 1 other
- Establishment unit
- 2.216.143.8551850 Grimbergen, since 17-01-2013
- Financial year end
- 31 December
- Peppol
- Reachable
Annual accounts 2025
- €12.5m▼ 8.5%
- Filing
- Filed on 10-07-2026, 21 days before the end of the filing period
Companies linked to VILVOORDE DEVELOPMENT
Parent and group
Insights on VILVOORDE DEVELOPMENT
Solvency fell in 2025 from -4.9% to -17.6% because of the loss and higher long-term debts.
MAATSCHAPPIJ TOT EXPLOITATIE VAN IMMOBILIEN holds all the shares. In 2024, three directors stepped down.
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 VILVOORDE DEVELOPMENT
- What is the company number of VILVOORDE DEVELOPMENT?
- The company number of VILVOORDE DEVELOPMENT is 0502.654.790. The VAT number is the same number with BE in front: BE 0502.654.790.
- Where is VILVOORDE DEVELOPMENT based?
- The registered office is at Brusselsesteenweg 146, 1850 Grimbergen.Company details
- What does VILVOORDE DEVELOPMENT do?
- According to the KBO register, the main activity is development of residential building projects (NACE 68121).
- What is the legal form of VILVOORDE DEVELOPMENT?
- VILVOORDE DEVELOPMENT is a public limited company (NV).
- When was VILVOORDE DEVELOPMENT founded?
- VILVOORDE DEVELOPMENT was founded on 22-01-2013.
- Is VILVOORDE DEVELOPMENT still active?
- Yes, VILVOORDE DEVELOPMENT is an active enterprise in the KBO register.
- What is the turnover of VILVOORDE DEVELOPMENT?
- The annual accounts for financial year 2025 state no turnover.Financials
- Is VILVOORDE DEVELOPMENT profitable?
- In financial year 2025, VILVOORDE DEVELOPMENT made a loss of €1.5m.
- Where can I find the annual accounts of VILVOORDE DEVELOPMENT?
- VILVOORDE DEVELOPMENT filed 13 annual accounts with the National Bank of Belgium, the latest for financial year 2025.
- When are the next annual accounts of VILVOORDE DEVELOPMENT due?
- VILVOORDE DEVELOPMENT must file the annual accounts for financial year 2026 by 31-07-2027.Timeline
Next steps
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