WALDER DEVELOPMENT
ActiveSummary
WALDER DEVELOPMENT has been active since 1968 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €769,209 and a net result of -€65,508. The figures fluctuate too strongly year-on-year for a reliable trend projection. Its solvency ranks better than 47% of 11,034 sector peers (NACE 68, financial year 2025). The computed 12-month bankruptcy probability is 0.2% (very low).
Overview
- Staff
- 3.1 FTE
- Equity
- €769,209
- Loss
- -€65,508
- Parent
- SH GROEP · 99.87%
- Holdings
- 6
- KaMiBo ConsultDirector · permanent representative VANDENBORRE Kathy
- KASTELLUMDirector · permanent representative MARTENS Dimitri
Why 85raises riskLiquidity: current ratio 1.17, cash €73,726Loss of €65,508, the second in a row (financial year 2025)lowers riskSize: 3.1 FTE, total assets €2.8mFigures for financial year 2025 (filed 20-07-2026)Show the evidence
Checked score
About 2 in 1,000 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 47% on solvency, 13% on liquidity, 18% on profitability and 30% on growth.
The bankruptcy probability was computed on 16-10-2026 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 3 days before 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…
- Appointments: KASTELLUM (bijkomende niet statutaire bestuurder)…Permanent representatives: MARTENS Dimitri and…
- Annual accounts filedfinancial year 2024 · abbreviated…
Financials · financial year 2025, abbreviated format
2021 to 2025, 5 financial years 2018 to 2025, 8 financial years
The operating result stays negative: a loss of €44,590 in 2025 against €482,849 in 2024; the loss shrinks.
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.
Average staff in full-time equivalents (FTE).
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), Staff (FTE).
Peer companies
Historical observationOf the 2,450 companies that looked in July 2024 the way this one looks now, 1.5% went bankrupt within 24 months and 93.3% are still going.
- Micro
- 20 years or older
- solvency 10 to 30%
- a small loss
A further 0.2% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a lower bankruptcy probability: 0.2% 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 497,473 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% | 1.0% |
| 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 2,450 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 |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €0.008m | €0.006m | €0.02m | €0.02m | €0.06m | ▲ 297% |
| Remuneration, social security and pensions62 | - | - | - | €0.1m | €0.2m | €0.2m | €0.1m | €0.2m | ▲ 25.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.04m | €0.02m | €0.03m | €0.02m | €0.01m | €0.01m | €0.005m | €0.008m | ▲ 79.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | -€0.03m | €0 | - | - | - |
| Other operating charges640/8 | - | - | - | €0.002m | €0.005m | €0.004m | €0.03m | €0.003m | ▼ 90.0% |
| Non-recurring operating charges66A | - | - | - | €0.03m | €0.004m | €0.01m | €0 | - | - |
| Gross operating margin9900 | €1.7m | €3.1m | -€1.8m | €1.9m | -€0.4m | -€0.04m | -€0.3m | €0.1m | - |
| Operating profit (loss)9901 | €1.5m | €3.0m | -€1.8m | €1.8m | -€0.6m | -€0.3m | -€0.5m | -€0.04m | ▲ 90.8% |
| Financial income75/76B | - | - | - | €160 | €0.06m | €0.07m | €277 | €117 | ▼ 57.6% |
| Recurring financial income75 | €0.006m | €0.006m | €27 | €160 | €0.06m | €0.07m | €277 | €117 | ▼ 57.6% |
| Financial charges65/66B | - | - | - | €0.01m | €0.05m | €0.004m | €1.5m | €0.01m | ▼ 99.2% |
| Recurring financial charges65 | €0.001m | €0.001m | €0.002m | €0.01m | €0.05m | €0.004m | €1.1m | €0.01m | ▼ 98.9% |
| Non-recurring financial charges66B | - | - | - | - | - | - | €0.4m | €0 | ▼ 100% |
| Profit (loss) for the period before taxes9903 | €1.5m | €3.0m | -€1.8m | €1.8m | -€0.6m | -€0.2m | -€2.0m | -€0.06m | ▲ 97.1% |
| Income taxes67/77 | €0.5m | €0.9m | -€0.5m | €0.006m | €0.001m | €0.001m | €384 | €0.009m | ▲ 2,201% |
| Profit (loss) for the period9904 | €1.0m | €2.1m | -€1.3m | €1.8m | -€0.6m | -€0.2m | -€2.0m | -€0.07m | ▲ 96.7% |
| Transfer to tax-exempt reserves689 | - | - | - | €1.8m | - | - | - | - | - |
| Profit (loss) for the period to be appropriated9905 | €1.0m | €2.1m | €0.5m | €0.01m | -€0.6m | -€0.2m | -€2.0m | -€0.07m | ▲ 96.7% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €4.7m | €5.0m | €2.4m | €4.9m | €4.7m | €4.2m | €2.1m | €2.8m | ▲ 30.8% |
| Fixed assets21/28 | €1.0m | €0.9m | €0.9m | €0.9m | €0.9m | €0.8m | €0.3m | €0.4m | ▲ 26.5% |
| Intangible fixed assets21 | - | - | - | - | - | €0.06m | €0.01m | €0.008m | ▼ 20.0% |
| Tangible fixed assets22/27 | €0.06m | €0.03m | €0.04m | €0.01m | €0.02m | €0.01m | €0.02m | €0.05m | ▲ 215% |
| Plant, machinery and equipment23 | - | - | - | €0.005m | €0.001m | €0 | €0.001m | €0.001m | ▼ 20.2% |
| Furniture and vehicles24 | - | - | - | €0.009m | €0.02m | €0.01m | €0.01m | €0.05m | ▲ 236% |
| Financial fixed assets28 | €0.9m | €0.9m | €0.9m | €0.9m | €0.9m | €0.7m | €0.3m | €0.4m | ▲ 18.7% |
| Current assets29/58 | €3.7m | €4.0m | €1.4m | €4.0m | €3.8m | €3.4m | €1.8m | €2.3m | ▲ 31.7% |
| Amounts receivable within one year40/41 | €1.9m | €2.0m | €1.1m | €1.4m | €2.9m | €3.0m | €1.7m | €2.2m | ▲ 31.9% |
| Trade receivables40 | - | - | - | €0.6m | €1.5m | €1.0m | €0.5m | €0.6m | ▲ 21.6% |
| Other amounts receivable41 | - | - | - | €0.9m | €1.4m | €2.0m | €1.2m | €1.6m | ▲ 36.2% |
| Cash at bank and in hand54/58 | €1.8m | €2.0m | €0.4m | €2.5m | €0.9m | €0.3m | €0.05m | €0.07m | ▲ 46.9% |
| Deferred charges and accrued income490/1 | - | - | - | €0.006m | €0.003m | €0.02m | €0.02m | €0.01m | ▼ 28.3% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €4.7m | €5.0m | €2.4m | €4.9m | €4.7m | €4.2m | €2.1m | €2.8m | ▲ 30.8% |
| Equity10/15 | €1.1m | €3.2m | €1.9m | €3.6m | €3.0m | €2.8m | €0.8m | €0.8m | ▼ 7.8% |
| Contributions10/11 | €0.02m | €0.02m | - | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Reserves13 | €0.01m | €0.01m | €0.04m | €1.8m | €1.8m | €2.8m | €1.8m | €1.8m | = |
| Tax-exempt reserves132 | - | - | - | €1.8m | €1.8m | €1.8m | €1.8m | €1.8m | = |
| Distributable reserves133 | - | - | - | €0.04m | €0.04m | €1.0m | €0 | - | - |
| Profit (loss) carried forward14 | €1.0m | €3.1m | €1.8m | €1.8m | €1.2m | €0 | -€0.9m | -€1.0m | ▼ 7.0% |
| Provisions and deferred taxes16 | €0.1m | €0.1m | - | - | - | - | - | - | - |
| Amounts payable17/49 | €3.5m | €1.7m | €0.5m | €1.3m | €1.7m | €1.4m | €1.3m | €2.0m | ▲ 56.3% |
| Amounts payable within one year42/48 | €3.5m | €1.6m | €0.5m | €1.2m | €1.7m | €1.4m | €1.3m | €2.0m | ▲ 56.3% |
| Trade debts44 | €0.3m | €0.2m | €0.3m | €0.3m | €0.8m | €0.4m | €0.4m | €0.2m | ▼ 47.1% |
| Suppliers440/4 | - | - | - | €0.3m | €0.8m | €0.4m | €0.4m | €0.2m | ▼ 47.1% |
| Advances received on contracts in progress46 | - | - | - | - | - | - | €0.006m | €0 | ▼ 100% |
| Taxes, remuneration and social security45 | - | - | - | €0.03m | €0.04m | €0.1m | €0.05m | €0.03m | ▼ 40.3% |
| Taxes450/3 | - | - | - | €0.009m | €0.004m | €0.09m | €0.03m | €0.001m | ▼ 97.9% |
| Remuneration and social security454/9 | - | - | - | €0.02m | €0.04m | €0.02m | €0.02m | €0.03m | ▲ 58.7% |
| Other amounts payable47/48 | - | - | - | €0.9m | €0.9m | €0.9m | €0.9m | €1.8m | ▲ 106% |
| Accrued charges and deferred income492/3 | - | - | - | €0.03m | - | - | - | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €1.0m | €2.1m | -€1.3m | €1.8m | -€0.6m | -€0.2m | -€2.0m | -€0.07m | ▲ 96.7% |
| + Depreciation and write-downs630 | €0.04m | €0.02m | €0.03m | €0.02m | €0.01m | €0.01m | €0.005m | €0.008m | ▲ 79.8% |
| Operating cash flow (approximation) | €1.0m | €2.1m | -€1.3m | €1.8m | -€0.6m | -€0.2m | -€2.0m | -€0.06m | ▲ 97.1% |
| Investment in fixed assets (approximation) | - | €0 | -€0.03m | €0.005m | -€0.02m | €0.1m | €0.5m | -€0.1m | - |
| Change in cash | - | €0.2m | -€1.6m | €2.2m | -€1.7m | -€0.5m | -€0.3m | €0.02m | - |
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 45 filings with the National Bank
| Financial year | Type | Filed | Reference |
|---|---|---|---|
| 31-12-2025 | abbreviated format | 20-07-2026 | 2026-00311431 |
| 31-12-2024 | abbreviated format | 22-07-2025 | 2025-00313566 |
| 31-12-2023 | abbreviated format | 30-08-2024 | 2024-00416880 |
| 31-12-2022 | abbreviated format | 31-08-2023 | 2023-00412525 |
| 31-12-2021 | abbreviated format | 13-07-2022 | 2022-20179874 |
| 30-12-2020 | abbreviated format | 16-07-2021 | 2021-36400107 |
| 30-12-2019 | abbreviated format | 30-06-2020 | 2020-24000019 |
| 30-12-2018 | abbreviated format | 19-06-2019 | 2019-19700353 |
| 30-12-2017 | abbreviated format | 02-07-2018 | 2018-27300102 |
| 30-12-2016 | abbreviated format | 29-06-2017 | 2017-24900272 |
Similar companies · same sector, comparable size
Subsidies and aid
Flemish government
2022 to 2024 · 3 entries · €2,323 awarded · €8,563 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2024 | 1 | €0 | €6,240 |
| 2023 | 1 | €1,050 | €1,050 |
| 2022 | 1 | €1,273 | €1,273 |
Public contracts: No European public contracts awarded found since October 2016. Contracts below the EU thresholds are not in TED.
Directors
Board 2
Permanent representatives 2
Not every act has been read: a resignation may still be missing
Mandate history
- Board
| Name | Functions and periods |
|---|---|
| KaMiBo Consult |
|
| KASTELLUM |
|
Owners and capital
Owners
1 ownerChain of control
- SH GROEP
- WALDER DEVELOPMENT
Highest known parent: SH GROEP. The sources do not say who stands above it.
Owners 1
- SH GROEPparentSourceaccounts SH GROEP 202599.87%
According to the 2025 annual accounts of WALDER DEVELOPMENT and those of the other companies, the acts in the Belgian Official Gazette and the LEI register. Annual accounts state the shareholders that notified the company under article 7:225 of the Code of Companies and Associations and the parent companies that consolidate it. The register of ultimate beneficial owners (UBO) is not public: who ultimately stands behind a natural person or a foreign parent is not stated here. A company that does not include these statements in its annual accounts, or does not have to, is not listed.
Group and network
Holdings and subsidiaries
6 holdingsHoldings 6
Source for every holding own accounts 2025
- E&M CONSTRUCTsubsidiaryEquity -€1.4mResult -€471,198100%
- E&M PROJECTSsubsidiaryEquity €2.0mResult -€13,025100%
- Equity €242,275Result €16,42450%
- Equity -€123,938Result €291,24150%
- Equity -€868,790Result €847,86550%
- Equity €94,821Result -€11,52250%
According to the 2025 annual accounts of WALDER DEVELOPMENT and those of the other companies, the acts in the Belgian Official Gazette and the LEI register. Annual accounts state the shareholders that notified the company under article 7:225 of the Code of Companies and Associations and the parent companies that consolidate it. The register of ultimate beneficial owners (UBO) is not public: who ultimately stands behind a natural person or a foreign parent is not stated here. A company that does not include these statements in its annual accounts, or does not have to, is not listed.
Connections & network
3 connected companiesHistory
Acts, filings and financial milestones
13-03
Gazette deed
Appointments: KASTELLUM (bijkomende niet statutaire bestuurder) and KaMiBo Consult (bijkomende niet statutaire bestuurder)Permanent representatives: MARTENS Dimitri and VANDENBORRE Kathy · Name change · Amendment of the articles14 facts ▸
- General meeting, 06-03-2026
- Name change, WALDER DEVELOPMENT
- Amendment of the articles, 1
- Director appointment, KASTELLUM (bijkomende niet statutaire bestuurder)
- Permanent representative, MARTENS Dimitri
- Director appointment, KaMiBo Consult (bijkomende niet statutaire bestuurder)
- Permanent representative, VANDENBORRE Kathy
- Declaration, “acceptatie mandaat en afwezigheid van verbod, De aldus benoemde bestuurders en hun vaste vertegenwoordigers zijn alhier aanwezig of vertegenwoordigd als voormel…” (deed in Dutch)
- Board composition, SENIOR HOMES HOLDING & MANAGEMENT BV (director)
- Board composition, KASTELLUM (director)
- Board composition, KaMiBo Consult (director)
- Power of attorney
- +2 further facts in this act
Show earlier events
About the unread acts
Of the 8 Belgian Official Gazette deeds we know for this company, 1 has been read. The other 7 have not been read yet: what they contain is neither established nor disproved here.
Register details
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 16 October 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.
Check the withholding obligation If you pay this company for building or cleaning work, check before every payment whether you must withhold part of the invoice, with enterprise number 0400.103.323
Environmental permits
Source: Omgevingsloket Vlaanderen. Flanders only: Brussels and Wallonia do not publish the applicant.
Sites & property
1 establishment unit
1 parcel
| Cadastral parcel | Region | Area | Buildings | Height / floors |
|---|---|---|---|---|
| 44078A0541/00L000 | Flanders | 3,355 m² | 1 · 459 m² | - |