WALLS
ActiveSummary
WALLS has been active since 2004 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €626k and a net result of €48k. Equity is shrinking by ~3.4% per year across the filed fiscal years. Its solvency ranks better than 36% of 14128 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.2% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability39▲+10
Solvency39▼-2
Growth58▲+26
Track record100
Bankruptcy probability, 12 months
0.2%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €30k at 30 days acceptable
Liquidity short (current ratio 0.88 against 0.75 in 2024; short-term debt: 85.9% and cash: 1.6% of total assets), and 86.3% of the assets are financed with debt.
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Signals
Five signals. The signal on the left, the evidence on the right.
−lowers risk○neutral
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 →
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
13.7%
Return on assets
1%
Age of the figures
18 mo
neutral · Filed after the deadline
The financial year that closed on 31-03-2025 was due by 31-10-2025 and was filed on 27-11-2025, 27 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 · 10 filingsDeviation from the deadline
2025
27 d late
2024
26 d late
2023
30 d late
2022
27 d early
2021
9 d early
2020
12 d early
2019
21 d early
← before the deadline
after the deadline →
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-03-2026 and is due by 31-10-2026. Nothing is late today.
Companies Code · seven monthsPosition in the running window
31-03-2026 close25-09-2026 today31-10-2026 deadline
History
Go further with this company
How much credit can you give this customer, and on what term?Credit simulator What should you check before you do business with this company?Supplier due diligence Accepting this client? The AML file with identity, beneficial owners and sanctions lists.AML client file How does this company compare with its sector?Sector benchmark What changed in the latest annual accounts?What changed Roughly what is this company worth?Value indication
Financials · fiscal year 2025, micro schema
Equity
€626k▲ 8.3%
2024 · €578k
Total assets
€4.57M▲ 26.9%
2024 · €3.60M
Net result
€48k
2024 · €-24k
Working capital
€-459k▲ 37.6%
2024 · €-736k
Trend over the years
Click a name to add, emphasise or remove a line.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result€14k▲ 29.5%€-40k€-85k▼ 114%€50k€87k▲ 76.1%
Net result€1k▼ 27.8%€-40k€-93k▼ 133%€-24k▲ 74.3%€48k
Equity€734k▲ 0.2%€695k▼ 5.4%€602k▼ 13.3%€578k▼ 4.0%€626k▲ 8.3%
Total assets€1.60M▼ 28.9%€1.87M▲ 17.2%€3.15M▲ 68.5%€3.60M▲ 14.2%€4.57M▲ 26.9%
Debt€833k▼ 44.9%€1.17M▲ 41.0%€2.55M▲ 117%€3.02M▲ 18.5%€3.94M▲ 30.5%
Working capital€207k▲ 25.6%€-563k€-778k▼ 38.1%€-736k▲ 5.3%€-459k▲ 37.6%
Turnover and EBIT margin not published: the abbreviated or micro schema does not require them.
Result per fiscal year
Operating resultNet result
After the dip in 2023 the operating result has climbed two years in a row; 2025 is 76% above 2024 and is the highest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €4.57M
Fixed assets
€1.10M ▼ 17.4%
Current assets
€3.46M ▲ 53.2%
Equity and liabilities €4.57M
Equity
€626k ▲ 8.3%
Debt
€3.94M ▲ 30.5%
Debt's share of the balance-sheet total rises from 83.9% to 86.3%. Equity and debt are higher.
Key figures and ratios
EBITDA
€131k▲
2024 · €99k
Cash flow
€92k▲
2024 · €26k
Current ratio
0.88▲
2024 · 0.75
Quick ratio
0.04▲
2024 · 0.03
Debt to equity
6.29▲
2024 · 5.22
ROE
7.6%▲
2024 · -4.1%
ROA
1.0%▲
2024 · -0.7%
Interest coverage
2.25▲
2024 · 1.34
Debt ≤ 1 year
€3.92M▲
2024 · €3.00M
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | €80k | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €16k | €16k | €58k | €50k | €44k | ▼ 11.6% |
| Provisions for liabilities and charges: additions (uses and reversals)635/8 | - | €-28k | €8k | - | - | - |
| Other operating charges640/8 | - | €3k | - | €21k | €20k | ▼ 2.2% |
| Gross operating margin9900 | €62k | €-49k | €-19k | €120k | €152k | ▲ 26.4% |
| Operating profit (loss)9901 | €14k | €-40k | €-85k | €50k | €87k | ▲ 76.1% |
| Financial income75/76B | - | €8k | €7k | €792 | €19k | ▲ 2,275% |
| Recurring financial income75 | €25k | €8k | €7k | €792 | €19k | ▲ 2,275% |
| Financial charges65/66B | - | €8k | €14k | €74k | €58k | ▼ 21.3% |
| Recurring financial charges65 | €37k | €8k | €14k | €74k | €58k | ▼ 21.3% |
| Profit (loss) for the period before taxes9903 | €2k | €-40k | €-93k | €-24k | €48k | ▲ 300% |
| Income taxes67/77 | €195 | - | - | - | - | - |
| Profit (loss) for the period9904 | €1k | €-40k | €-93k | €-24k | €48k | ▲ 300% |
| Profit (loss) for the period to be appropriated9905 | €1k | €-40k | €-93k | €-24k | €48k | ▲ 300% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €1.60M | €1.87M | €3.15M | €3.60M | €4.57M | ▲ 26.9% |
| Fixed assets21/28 | €556k | €1.26M | €1.39M | €1.34M | €1.10M | ▼ 17.4% |
| Tangible fixed assets22/27 | €553k | €1.26M | €1.39M | €1.34M | €1.10M | ▼ 17.4% |
| Land and buildings22 | - | €1.24M | €1.37M | €1.33M | €1.10M | ▼ 17.3% |
| Furniture and vehicles24 | - | €17k | €14k | €10k | €6k | ▼ 36.3% |
| Financial fixed assets28 | €4k | €4k | - | - | - | - |
| Current assets29/58 | €1.04M | €611k | €1.76M | €2.26M | €3.46M | ▲ 53.2% |
| Stocks and contracts in progress3 | €709k | €300k | €1.61M | €2.18M | €3.32M | ▲ 52.3% |
| Stocks30/36 | - | €300k | €1.61M | €2.18M | €3.32M | ▲ 52.3% |
| Amounts receivable within one year40/41 | €316k | €140k | €57k | €57k | €61k | ▲ 7.0% |
| Trade receivables40 | - | €113k | - | €57k | €27k | ▼ 52.0% |
| Other amounts receivable41 | - | €26k | €57k | €176 | €34k | ▲ 19,214% |
| Cash at bank and in hand54/58 | €9k | €145k | €84k | €9k | €72k | ▲ 738% |
| Deferred charges and accrued income490/1 | - | €25k | €9k | €14k | €8k | ▼ 43.4% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €1.60M | €1.87M | €3.15M | €3.60M | €4.57M | ▲ 26.9% |
| Equity10/15 | €734k | €695k | €602k | €578k | €626k | ▲ 8.3% |
| Contributions10/11 | €500k | €500k | €500k | €500k | €500k | = |
| Capital10 | - | €500k | €500k | €500k | €500k | = |
| Issued capital100 | - | €500k | €500k | €500k | €500k | = |
| Reserves13 | €230k | €190k | €102k | €78k | €126k | ▲ 61.2% |
| Non-distributable reserves130/1 | - | €50k | €50k | €50k | €50k | = |
| Legal reserve130 | - | €50k | €50k | €50k | €50k | = |
| Distributable reserves133 | - | €140k | €52k | €28k | €76k | ▲ 170% |
| Profit (loss) carried forward14 | €4k | €5k | - | - | - | - |
| Provisions and deferred taxes16 | €28k | - | - | - | - | - |
| Amounts payable17/49 | €833k | €1.17M | €2.55M | €3.02M | €3.94M | ▲ 30.5% |
| Amounts payable within one year42/48 | €832k | €1.17M | €2.54M | €3.00M | €3.92M | ▲ 30.8% |
| Financial debts43 | - | €550k | €694k | €949k | €824k | ▼ 13.2% |
| Credit institutions430/8 | - | €550k | €694k | €949k | €824k | ▼ 13.2% |
| Trade debts44 | €56k | €34k | €18k | €171k | €170k | ▼ 0.6% |
| Suppliers440/4 | - | €34k | €18k | €171k | €170k | ▼ 0.6% |
| Advances received on contracts in progress46 | - | - | - | €324k | - | - |
| Taxes, remuneration and social security45 | - | - | €1k | €1k | €2k | ▲ 23.7% |
| Taxes450/3 | - | - | €1k | €1k | €2k | ▲ 23.7% |
| Other amounts payable47/48 | - | €589k | €1.83M | €1.55M | €2.92M | ▲ 88.7% |
| Accrued charges and deferred income492/3 | - | €1k | €6k | €22k | €18k | ▼ 15.8% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €1k | €-40k | €-93k | €-24k | €48k | ▲ 300% |
| + Depreciation and write-downs630 | €16k | €16k | €58k | €50k | €44k | ▼ 11.6% |
| Operating cash flow (approximation) | €17k | €-23k | €-35k | €26k | €92k | ▲ 256% |
| Investment in fixed assets (approximation) | - | €-719k | €-185k | €0 | €189k | - |
| Change in cash | - | €137k | €-61k | €-76k | €63k | ▲ 184% |
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
2025
27-11
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema · 27 days late
31-03
Financial
Back to profitnet €48k
Net result €48k after 3 loss-making years.
2024
26-11
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema · 26 days late
2023
30-11
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema · 30 days late
31-03
Financial
Weakest financial yearnet €-93k
Net result drops to €-93k, the lowest in the series; recovery starts the following year.
2022
04-10
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema
2021
22-10
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema
2020
19-10
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema
2019
10-10
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema
2018
19-10
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema
2017
31-10
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema
2016
10-10
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 11 acts read
About the unread acts
We know of 11 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
11 acts for this company are 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, Izegem · 1 establishment unit since 2004
Ground area
951 m²
Building footprint
181 m²
Volume, LiDAR
1,214 m³
Parcel 36493B0499/00R000, Flanders · tallest building 9.9 m, ±2 floors. Linked by address, not a title deed.
5
companies at this address
See who is registered here
1 establishment unit
Walls
since 20042.145.348.010
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 36493B0499/00R000 | Flanders | 951 m² | 1 · 181 m² | 9.9 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 9,698 companies in sector 68121 we hold annual accounts for 7,385. 4,486 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPublic limited company
Founded26-11-2004
Fiscal year end31-03
Activities, NACEBEL 2025
68121Development of residential building projects
68110Buying and selling of own real estate
68201Renting and operating of own or leased residential real estate, excluding social housing
Scores and ratios are computed by Checked and are not a credit decision.