Result
€47,821 €47,821
Back in profit in 2025, after a loss of €23,870 in 2024.
WALLS
Lifetime
18 annual accounts with figures on one time axis, 19 filings since 2006peak €160,892 (2018)
€151,556▲ 26.4%
lowest -€92,720 (2023)
€47,821▲ €71,691
peak €734,437 (2021)
€625,928▲ 8.3%
€3.9m▲ 30.5%
Board5 names since 2016
1 directorDERA PROJECTS
Owners3 names in the annual accounts
100%DERA PROJECTS
Documentsfilings and deeds
27-11-202527 days late
2025micro format
Gross margin from €119,916 to €151,556Back to profit: €47,821Debts from €3.0m to €3.9mCash from €8,595 to €72,046
Key points
from the 2025 annual accountsChecked score
84
Excellent
Financially stronger than 37% of small companies in real estate (NACE 68)
Probability in this band: under 0.55%
Bankruptcy probability within 12 months
0.3% Very low
0%0.5%1.5%4%10%≥ 25%
The dashed line is the sector median: 0.1% across 6,995 companies (NACE 68, small).
About 3 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
Last 24 months
12-2024: 0.2%
01-2025: 0.2%● unchanged vs 12-2024
02-2025: 0.2%● unchanged vs 01-2025
03-2025: 0.2%● unchanged vs 02-2025
04-2025: 0.2%● unchanged vs 03-2025
05-2025: 0.2%● unchanged vs 04-2025
06-2025: 0.2%● unchanged vs 05-2025
07-2025: 0.2%● unchanged vs 06-2025
08-2025: 0.2%● unchanged vs 07-2025
09-2025: 0.3%▲ +0.1 percentage points vs 08-2025
10-2025: 0.3%● unchanged vs 09-2025
11-2025: 0.6%▲ +0.3 percentage points vs 10-2025highest value
12-2025: 0.1%▼ -0.5 percentage points vs 11-2025lowest value
01-2026: 0.1%● unchanged vs 12-2025lowest value
02-2026: 0.1%● unchanged vs 01-2026lowest value
03-2026: 0.1%● unchanged vs 02-2026lowest value
04-2026: 0.1%● unchanged vs 03-2026lowest value
05-2026: 0.1%● unchanged vs 04-2026
06-2026: 0.1%● unchanged vs 05-2026
07-2026: 0.1%● unchanged vs 06-2026
08-2026: 0.1%● unchanged vs 07-2026
09-2026: 0.1%● unchanged vs 08-2026
10-2026: 0.3%▲ +0.2 percentage points vs 09-2026
11-2026: 0.3%● unchanged vs 10-2026
Financial strengthWeak
Score breakdown
raises risk
Figures for financial year 2025 (filed on 29-11-2025)
Liquidity: current ratio 0.88, cash €72,046
Equity €625,928 (13.7% of total assets)
lowers risk
Size: total assets €4.6m
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, small). It does better than 33% of them on solvency, 7% on liquidity, 37% on profitability and 70% on growth.
The bankruptcy probability was computed on 09-11-2026 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 31-03-2025.
Of the companies with a bankruptcy probability in the very low class on 30-06-2025, 0.1% 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, 4,685 companies had the same profile as WALLS has now. Each dot stands for 12 companies, two years later.
97.0%
were still trading
1.9%
stopped another way
1.1%
went bankrupt
That fits the bankruptcy probability of WALLS itself: 0.3% within 12 months.
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 4,685 companies, not a prediction for WALLS. 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
Credit of up to €50,000 on 30-day terms is acceptable
Liquidity is insufficient, with a current ratio of 0.88 (0.75 in 2024), below 1. Short-term debt is 85.9% and cash 1.6% of total assets. 86.3% of the assets are financed with debt and provisions.
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The scores and ratios are Checked's own calculations, not a credit decision.
Signals
Five signals.
lowers riskraises risk
raises risk · 2025 accounts filed 27 days late
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. Nearly half (47%) of Belgian companies file late; of those that file 1 to 90 days late, 2.0% are now bankrupt, dissolved or in another special legal status, against 1.66% of all filers. A delay like this does not count in the score.
NBB · 10 filingsDeviation from the deadline
2026
not filed
2025
27 days late
2024
26 days late
2023
30 days late
2022
27 days early
2021
9 days early
2020
12 days early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
The company filed its last 6 accounts on average 6 days after 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 (1)
Board and ownership
- DERA PROJECTS 100%score 84equity €2.7m (2025) · 30-09-2025 annual accounts of DERA PROJECTS
Recent changes
Registered in the Peppol Directory
Reachable for e-invoices through 0208:0870214714
Environmental permit granted
Verbouwen en/of uitbreiden zonder functiewijziging en zonder wijziging van aantal woongelegenheden · Nieuwpoort
Environmental permit granted
Slopen van niet vrijstaande gebouwen of constructies, Verbouwen en/of uitbreiden met functiewijziging en met wijziging van aantal woongelegenheden · Gent
Environmental permit granted
Verbouwen en/of uitbreiden van bijgebouwen en niet overdekte lage constructies, Verbouwen en/of uitbreiden zonder functiewijziging en zonder wijziging van aantal woongelegenheden · De Panne
Comparable companies
same main activity, similar in size and age| Company | ||||
|---|---|---|---|---|
| WALLS Izegem | €4.6m | €151,556 | 13.7% | - |
| GRONDIG Roeselare | €5.0m | €117,968 | 34.2% | - |
| VERDOWAL Kortrijk | €4.7m | €109,859 | 15.2% | - |
| HENDRIK CONSTANDT CONSTRUCT Ostend | €3.8m | €129,253 | 34.6% | - |
| ELITE PROPERTIES Auderghem | €4.1m | €127,237 | 9.9% | - |
| BRUSSELS CONSULTING MANAGEMENT Uccle | €4.8m | €104,762 | 46.7% | - |
| GREEN FINANCE Ans | €5.0m | €214,047 | -1.5% | 0 |
These companies have the same main activity as WALLS: development of residential building projects (NACE 68121). They are comparable in size and age: total assets between €3.8m and €5m, founded between 2004 and 2006.
Official details
Source: KBO- Status
- Active since 26-11-2004Normal situation
- Activity
- Development of residential building projectsNACE 68121and 2 others
- Establishment unit
- 2.145.348.0108870 Izegem, since 23-11-2004
- Financial year end
- 31 March
- Peppol
- Reachable since 01-01-2026
Insights on WALLS
WALLS files the micro format. That format states no turnover. The gross margin rose from €140,466 in 2007 to €151,556 in 2025.
DERA PROJECTS holds all the shares.
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 WALLS
- What is the company number of WALLS?
- The company number of WALLS is 0870.214.714. The VAT number is the same number with BE in front: BE 0870.214.714.
- Where is WALLS based?
- The registered office is at Groenstraat 28, 8870 Izegem.Company details
- What does WALLS do?
- According to the KBO register, the main activity is development of residential building projects (NACE 68121).
- What is the legal form of WALLS?
- WALLS is a public limited company (NV).
- When was WALLS founded?
- WALLS was founded on 26-11-2004.
- Is WALLS still active?
- Yes, WALLS is an active enterprise in the KBO register.
- What is the turnover of WALLS?
- The turnover in financial year 2025 is ≈ €270,000. This figure is estimated from the gross margin of €151,556 and 49 comparable companies (NACE 681). It probably lies between €200,000 and €510,000.Financials
- Is WALLS profitable?
- In financial year 2025, WALLS made a profit of €47,821.
- Where can I find the annual accounts of WALLS?
- WALLS filed 19 annual accounts with the National Bank of Belgium, the latest for financial year 2025.
Next steps
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