WALDO MUNTERS
ActiveSummary
WALDO MUNTERS has been active since 2019 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show negative equity (-€143,851) and a net result of €35,279. Equity remains stable across the filed fiscal years (±1.8% per year). Its solvency ranks better than 14% of 14284 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.9% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability71▲+2
Solvency18▲+2
Growth58=
Track record100
Bankruptcy probability, 12 months
0.9%
Low
0%0.5%1.5%4%10%≥ 25%
No credit on open account
Liquidity short (current ratio 0.21 against 0.13 in 2024; short-term debt: 51.8% and cash: 9.9% 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 · 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 · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 14% of 14284 sector peers (2025).
NBB · sector comparisonPosition among 14284 sector peers
Solvency
better than 14%
← weakest
strongest →
neutral · Filed after the deadline
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 31-08-2026, 31 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 · 6 filingsDeviation from the deadline
2025
31 d late
2024
49 d late
2023
68 d late
2022
49 d early
2021
24 d late
2020
44 d late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 6 accounts on average 28 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 (2)
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today. Usually files around 31 August (4 of the last 5 filed years within 38 days of that day).
Companies Code · seven monthsPosition in the running window
30-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, micro schema
Equity
-€143,851▲ 19.7%
2024 · -€179,130
Total assets
€2.0m▼ 1.0%
2024 · €2.0m
Net result
€35,279▲ 74.3%
2024 · €20,236
Working capital
-€801,066▲ 8.1%
2024 · -€871,243
Trend over the years
In euros
In per cent
Ratio
In euros
No line ticked in this group.
In per cent
No line ticked in this group.
Ratio
No line ticked in this group.
Untick a line to hide it. Point at a year (or use the arrow keys on the chart) for the exact figures; the table below gives them all.Sector: 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. Available for Net result, Equity, Total assets, Working capital, Solvency, Current ratio, Return on assets (ROA).
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result-€39,246▲ 67.6%€14,345€30,887▲ 115%€46,616▲ 50.9%€59,686▲ 28.0%
Net result-€64,645below the sector's middle half▲ 58.8%-€10,911below the sector's middle half▲ 83.1%€3,282within the sector's middle half€20,236within the sector's middle half▲ 517%€35,279above the sector's middle half▲ 74.3%
Equity-€191,738below the sector's middle half▼ 50.9%-€202,649below the sector's middle half▼ 5.7%-€199,366below the sector's middle half▲ 1.6%-€179,130below the sector's middle half▲ 10.2%-€143,851below the sector's middle half▲ 19.7%
Total assets€1.7mabove the sector's middle half▲ 2.5%€2.0mabove the sector's middle half▲ 18.0%€2.0mabove the sector's middle half▼ 2.7%€2.0mabove the sector's middle half▼ 0.4%€2.0mabove the sector's middle half▼ 1.0%
Debt€1.9m▲ 5.8%€2.3m▲ 16.7%€2.2m▼ 2.6%€2.2m▼ 1.3%€2.1m▼ 2.6%
Working capital-€616,126below the sector's middle half▼ 38.2%-€884,845below the sector's middle half▼ 43.6%-€916,538below the sector's middle half▼ 3.6%-€871,243below the sector's middle half▲ 4.9%-€801,066below the sector's middle half▲ 8.1%
Solvency-11.0%below the sector's middle half▼ 3.5pp-9.9%below the sector's middle half▲ 1.1pp-10.0%below the sector's middle half▼ 0.1pp-9.0%below the sector's middle half▲ 1.0pp-7.3%below the sector's middle half▲ 1.7pp
Current ratio0.09below the sector's middle half▼ 0.050.08below the sector's middle half▼ 0.010.06below the sector's middle half▼ 0.020.13below the sector's middle half▲ 0.070.21below the sector's middle half▲ 0.08
Return on assets (ROA)-3.7%below the sector's middle half▲ 5.5pp-0.5%within the sector's middle half▲ 3.2pp0.2%within the sector's middle half▲ 0.7pp1.0%within the sector's middle half▲ 0.9pp1.8%within the sector's middle half▲ 0.8pp
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 micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result has risen four years in a row; 2025 is 28% above 2024 and is the highest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €2.0m
Fixed assets
€1.7m ▼ 5.9%
Current assets
€216,834 ▲ 69.2%
Key figures and ratios
EBITDA
€168,716▲
2024 · €155,170
Cash flow
€144,309▲
2024 · €128,790
Debt to equity
-14.65▼
2024 · -12.07
Interest coverage
6.77▲
2024 · 5.86
Debt ≤ 1 year
€1.0m▲
2024 · €999,415
Debt > 1 year
€1.1m▼
2024 · €1.1m
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 457 companies that looked in July 2024 the way this one looks now, 0.7% went bankrupt within 24 months and 97% are still going.
- Small
- 5 to 10 years old
- negative equity
- a profit under 5% of the balance sheet
0.7%
went bankrupt
2.0%
stopped otherwise
97%
still going
A further 0.2% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a higher bankruptcy probability: 0.9% 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 497,340 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% 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 457 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 | 2025 | Change |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €117,949 | €97,568 | €105,001 | €108,554 | €109,030 | ▲ 0.4% |
| Other operating charges640/8 | €23,244 | €22,696 | €25,307 | €26,281 | €27,106 | ▲ 3.1% |
| Gross operating margin9900 | €101,946 | €134,609 | €161,195 | €181,451 | €195,823 | ▲ 7.9% |
| Operating profit (loss)9901 | -€39,246 | €14,345 | €30,887 | €46,616 | €59,686 | ▲ 28.0% |
| Financial income75/76B | €83 | €10 | €29 | €105 | €522 | ▲ 399% |
| Recurring financial income75 | €83 | €10 | €29 | €105 | €522 | ▲ 399% |
| Financial charges65/66B | €25,481 | €25,265 | €27,634 | €26,485 | €24,929 | ▼ 5.9% |
| Recurring financial charges65 | €25,481 | €25,265 | €27,634 | €26,485 | €24,929 | ▼ 5.9% |
| Profit (loss) for the period before taxes9903 | -€64,645 | -€10,911 | €3,282 | €20,236 | €35,279 | ▲ 74.3% |
| Profit (loss) for the period9904 | -€64,645 | -€10,911 | €3,282 | €20,236 | €35,279 | ▲ 74.3% |
| Profit (loss) for the period to be appropriated9905 | -€64,645 | -€10,911 | €3,282 | €20,236 | €35,279 | ▲ 74.3% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €1.7m | €2.0m | €2.0m | €2.0m | €2.0m | ▼ 1.0% |
| Fixed assets21/28 | €1.7m | €2.0m | €1.9m | €1.9m | €1.7m | ▼ 5.9% |
| Tangible fixed assets22/27 | €1.7m | €2.0m | €1.9m | €1.9m | €1.7m | ▼ 5.9% |
| Land and buildings22 | €1.7m | €2.0m | €1.9m | €1.9m | €1.7m | ▼ 5.8% |
| Furniture and vehicles24 | - | - | €3,456 | €2,301 | €1,146 | ▼ 50.2% |
| Current assets29/58 | €58,228 | €76,093 | €55,865 | €128,173 | €216,834 | ▲ 69.2% |
| Amounts receivable within one year40/41 | €11,401 | €45,651 | €37,457 | €15,962 | €16,936 | ▲ 6.1% |
| Trade receivables40 | €11,401 | €45,651 | €37,457 | €15,962 | €16,936 | ▲ 6.1% |
| Cash at bank and in hand54/58 | €41,703 | €24,482 | €12,645 | €106,393 | €194,126 | ▲ 82.5% |
| Deferred charges and accrued income490/1 | €5,124 | €5,959 | €5,763 | €5,818 | €5,771 | ▼ 0.8% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €1.7m | €2.0m | €2.0m | €2.0m | €2.0m | ▼ 1.0% |
| Equity10/15 | -€191,738 | -€202,649 | -€199,366 | -€179,130 | -€143,851 | ▲ 19.7% |
| Contributions10/11 | €30,000 | €30,000 | €30,000 | €30,000 | €30,000 | = |
| Profit (loss) carried forward14 | -€221,738 | -€232,649 | -€229,366 | -€209,130 | -€173,851 | ▲ 16.9% |
| Amounts payable17/49 | €1.9m | €2.3m | €2.2m | €2.2m | €2.1m | ▼ 2.6% |
| Amounts payable after more than one year17 | €1.2m | €1.3m | €1.2m | €1.1m | €1.1m | ▼ 6.5% |
| Financial debts170/4 | €1.2m | €1.3m | €1.2m | €1.1m | €1.1m | ▼ 6.5% |
| Amounts payable within one year42/48 | €674,354 | €960,938 | €972,403 | €999,415 | €1.0m | ▲ 1.8% |
| Current portion of amounts payable after more than one year42 | €63,089 | €64,261 | €71,635 | €73,220 | €74,769 | ▲ 2.1% |
| Financial debts43 | €2,400 | - | - | - | - | - |
| Other loans439 | €2,400 | - | - | - | - | - |
| Trade debts44 | €1,265 | €7,499 | €9,556 | €7,894 | €6,630 | ▼ 16.0% |
| Suppliers440/4 | €1,265 | €7,499 | €9,556 | €7,894 | €6,630 | ▼ 16.0% |
| Taxes, remuneration and social security45 | €3,300 | €2,089 | €7,960 | €9,867 | €11,585 | ▲ 17.4% |
| Taxes450/3 | €1,311 | €2,089 | €7,960 | €9,867 | €11,585 | ▲ 17.4% |
| Remuneration and social security454/9 | €1,989 | - | - | - | - | - |
| Other amounts payable47/48 | €604,299 | €887,089 | €883,251 | €908,434 | €924,915 | ▲ 1.8% |
| Accrued charges and deferred income492/3 | €11,500 | - | - | €17,246 | €17,883 | ▲ 3.7% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€64,645 | -€10,911 | €3,282 | €20,236 | €35,279 | ▲ 74.3% |
| + Depreciation and write-downs630 | €117,949 | €97,568 | €105,001 | €108,554 | €109,030 | ▲ 0.4% |
| Operating cash flow (approximation) | €53,304 | €86,657 | €108,284 | €128,790 | €144,309 | ▲ 12.1% |
| Investment in fixed assets (approximation) | - | -€391,612 | -€69,997 | -€27,521 | €0 | ▲ 100% |
| Change in cash | - | -€17,220 | -€11,837 | €93,748 | €87,733 | ▼ 6.4% |
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
Next filing, fiscal year 2026, expected by
2026
31-08
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema · 31 days late
2025
31-12
Financial
Highest result since 2020net €35,279 ▲74.3%
Operating result €59,686, net result €35,279, both a record.
18-09
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 49 days late
2024
07-10
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 68 days late
2023
31-12
Financial
Back to profitnet €3,282
Net result €3,282 after 3 loss-making years.
12-06
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
24-08
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 24 days late
2021
13-09
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 44 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, Tienen · 2 establishment units since 2019
Ground area
1.1 ha
Building footprint
4,773 m²
Volume, LiDAR
42,602 m³
2 parcels, Flanders · tallest building 12.1 m, ±3 floors. Linked by address, not a title deed.
2 establishment units
Waldo Munters
since 20192.292.373.185
Waldo Munters
since 20202.298.496.360
2 parcels
Flanders
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 24592D0027/00Z003 | Flanders | 1.0 ha | 1 · 4,570 m² | 12.1 m · 3 fl. |
| 24031B0103/00K000 | Flanders | 853 m² | 1 · 202 m² | 9.8 m · 2 fl. |
Linked by address, not proof of ownership
Good to know
2 of 2 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
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This company's figures show no positive equity and no headcount, so a size comparison is not possible. These companies share only the sector and the region. Of 9,695 companies in sector 68121 we hold annual accounts for 7,392. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company
Founded12-06-2019
Fiscal year end31-12
Activities, NACEBEL 2025
68121Development of residential building projects
E-invoicing
Reachable via Peppol
Peppol ID
0208:0727986978
Also
9925:BE0727986978
Registered
14-10-2025
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 30 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.