Warbel
ActiveSummary
Warbel has been active since 1979 and the Belgian State Gazette contains no insolvency or warning signals. The 2024 annual accounts show equity of €2.7m and a net result of €109,591. Equity is shrinking by ~2.6% per year across the filed fiscal years. Its solvency ranks better than 93% of 9722 sector peers (fiscal year 2024). The computed 12-month bankruptcy probability is 0.3% (very low).
Checked score
Score 2024
Axes · tick = 2023
Profitability73▲+7
Solvency100=
Growth58=
Track record100
Bankruptcy probability, 12 months
0.3%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €220,000 at 30 days acceptable
Liquidity ample (current ratio 24.21 against 13.55 in 2023; short-term debt: 0.5% and cash: 5% of total assets), and 5.8% 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+raises risk○neutral
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 · 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 · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2024Solvency, return and age of the figures
Solvency
94.2%
Return on assets
3.8%
Age of the figures
21 mo
neutral · Filed after the deadline
The financial year that closed on 31-12-2024 was due by 31-07-2025 and was filed on 31-08-2025, 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 · 10 filingsDeviation from the deadline
2025
not confirmed
2024
31 d late
2023
29 d early
2022
11 d early
2021
30 d late
2020
27 d late
2019
48 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 16 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 (1)
History
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Financials · fiscal year 2024, abbreviated schema
Equity
€2.7m▲ 0.5%
2023 · €2.7m
Total assets
€2.9m▲ 0.2%
2023 · €2.9m
Net result
€109,591
2023 · -€75,118
Working capital
€334,150▲ 119%
2023 · €152,745
Trend over the years
Click a name to add, emphasise or remove a line.Band: 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.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20202021202220232024
Operating result-€86,132▲ 29.7%-€92,360▼ 7.2%-€91,369▲ 1.1%-€88,367▲ 3.3%€97,652
Net result-€82,706below the sector's middle half▼ 63.3%-€83,963below the sector's middle half▼ 1.5%-€78,073below the sector's middle half▲ 7.0%-€75,118below the sector's middle half▲ 3.8%€109,591above the sector's middle half
Equity€2.9mabove the sector's middle half▼ 2.7%€2.9mabove the sector's middle half▼ 2.8%€2.8mabove the sector's middle half▼ 2.7%€2.7mabove the sector's middle half▼ 2.7%€2.7mabove the sector's middle half▲ 0.5%
Total assets€3.3mwithin the sector's middle half▼ 4.9%€3.1mwithin the sector's middle half▼ 4.7%€3.0mwithin the sector's middle half▼ 4.8%€2.9mwithin the sector's middle half▼ 2.8%€2.9mwithin the sector's middle half▲ 0.2%
Debt€143,730▼ 34.8%€87,392▼ 39.2%€27,433▼ 68.6%€30,033▲ 9.5%€32,666▲ 8.8%
Working capital€557,908▼ 11.1%€125,723▼ 77.5%€125,675=€152,745▲ 21.5%€334,150▲ 119%
Solvency90.0%above the sector's middle half▲ 2.0pp91.7%above the sector's middle half▲ 1.7pp93.7%above the sector's middle half▲ 2.0pp93.8%above the sector's middle half▲ 0.1pp94.2%above the sector's middle half▲ 0.3pp
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 abbreviated or micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result returns to profit in 2024: €97,652 after a loss of €88,367 in 2023, the highest result in the available series.
Balance-sheet composition
2024 in colour, 2023 as the grey bar beneath
Assets €2.9m
Fixed assets
€2.5m ▼ 6.5%
Current assets
€348,547 ▲ 111%
Equity and liabilities €2.9m
Equity
€2.7m ▲ 0.5%
Provisions
€136,435 ▼ 8.2%
Debt
€32,666 ▲ 8.8%
Debt's share of the balance-sheet total rises from 1.0% to 1.1%. Equity and debt are higher.
Key figures and ratios
EBITDA
€210,070▲
2023 · €26,912
Cash flow
€222,009▲
2023 · €40,162
Current ratio
24.21▲
2023 · 13.55
Debt to equity
0.01▲
2023 · 0.01
ROE
4.0%▲
2023 · -2.8%
ROA
3.8%▲
2023 · -2.6%
Interest coverage
977.07▲
2023 · 70.04
Debt ≤ 1 year
€14,396▲
2023 · €12,168
Income taxes
€608▼
2023 · €988
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 14,684 companies that looked in July 2024 the way this one looks now, 0.2% went bankrupt within 24 months and 96% are still going.
- Small
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
0.2%
went bankrupt
3.5%
stopped otherwise
96%
still going
A further 0.2% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.3% over twelve months; the group does not contradict it.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,058 companies of July 2024 its group's bankruptcy share. Expected: 1.5%; actually bankrupt within 24 months: 1.6%.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.4% |
| 3 | 0.5% | 0.5% |
| 4 | 0.6% | 0.7% |
| 5 | 0.8% | 0.9% |
| 6 | 1.2% | 1.3% |
| 7 | 1.5% | 1.6% |
| 8 | 1.7% | 1.7% |
| 9 | 2.7% | 2.8% |
| 10 | 5.3% | 5.7% |
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 14,684 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 | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | €203,897 | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €108,101 | €115,616 | €118,587 | €115,280 | €112,418 | ▼ 2.5% |
| Other operating charges640/8 | - | €19,082 | €18,486 | €21,836 | €21,177 | ▼ 3.0% |
| Gross operating margin9900 | €36,154 | €42,338 | €45,704 | €48,749 | €231,247 | ▲ 374% |
| Operating profit (loss)9901 | -€86,132 | -€92,360 | -€91,369 | -€88,367 | €97,652 | ▲ 211% |
| Financial income75/76B | - | €5 | €653 | €2,393 | €649 | ▼ 72.9% |
| Recurring financial income75 | €44 | €5 | €653 | €2,393 | €649 | ▼ 72.9% |
| Financial charges65/66B | - | €2,276 | -€1,298 | €384 | €215 | ▼ 44.0% |
| Recurring financial charges65 | €4,127 | €2,276 | -€1,298 | €384 | €215 | ▼ 44.0% |
| Profit (loss) for the period before taxes9903 | -€90,214 | -€94,631 | -€89,418 | -€86,358 | €98,086 | ▲ 214% |
| Transfer from deferred taxes780 | - | €12,233 | €12,233 | €12,228 | €12,113 | ▼ 0.9% |
| Income taxes67/77 | €1,910 | €1,564 | €887 | €988 | €608 | ▼ 38.5% |
| Profit (loss) for the period9904 | -€82,706 | -€83,963 | -€78,073 | -€75,118 | €109,591 | ▲ 246% |
| Transfer from tax-exempt reserves789 | - | €23,757 | €23,757 | €23,747 | €23,524 | ▼ 0.9% |
| Profit (loss) for the period to be appropriated9905 | -€64,417 | -€60,206 | -€54,316 | -€51,371 | €133,115 | ▲ 359% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €3.3m | €3.1m | €3.0m | €2.9m | €2.9m | ▲ 0.2% |
| Fixed assets21/28 | €2.6m | €2.9m | €2.8m | €2.7m | €2.5m | ▼ 6.5% |
| Tangible fixed assets22/27 | €2.6m | €2.9m | €2.8m | €2.7m | €2.5m | ▼ 6.5% |
| Land and buildings22 | - | €2.7m | €2.6m | €2.5m | €2.3m | ▼ 6.9% |
| Plant, machinery and equipment23 | - | €25,967 | €18,235 | €11,872 | €6,351 | ▼ 46.5% |
| Furniture and vehicles24 | - | €3,152 | €5,683 | €4,932 | €4,182 | ▼ 15.2% |
| Other tangible fixed assets26 | - | €201,719 | €201,719 | €201,719 | €201,719 | = |
| Current assets29/58 | €646,672 | €203,578 | €149,413 | €164,914 | €348,547 | ▲ 111% |
| Amounts receivable within one year40/41 | €627 | €18,357 | €28,732 | €62,809 | - | - |
| Trade receivables40 | - | €2,500 | €657 | €415 | - | - |
| Other amounts receivable41 | - | €15,857 | €28,075 | €62,394 | - | - |
| Current investments50/53 | - | - | - | - | €200,000 | - |
| Cash at bank and in hand54/58 | €642,497 | €181,027 | €115,089 | €96,168 | €144,111 | ▲ 49.9% |
| Deferred charges and accrued income490/1 | - | €4,194 | €5,592 | €5,937 | €4,435 | ▼ 25.3% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €3.3m | €3.1m | €3.0m | €2.9m | €2.9m | ▲ 0.2% |
| Equity10/15 | €2.9m | €2.9m | €2.8m | €2.7m | €2.7m | ▲ 0.5% |
| Contributions10/11 | €1.7m | €1.7m | €1.7m | €1.7m | €1.6m | ▼ 5.5% |
| Capital10 | - | €1.7m | - | - | - | - |
| Issued capital100 | - | €1.7m | - | - | - | - |
| Outside capital11 | - | €1,983 | €1.7m | - | - | - |
| Share premium1100/10 | - | €1,983 | €1,983 | - | - | - |
| Other1109/19 | - | - | €1.7m | - | - | - |
| Reserves13 | €1.2m | €1.1m | €1.0m | €974,411 | €1.1m | ▲ 11.2% |
| Non-distributable reserves130/1 | - | €101,926 | €101,926 | - | - | - |
| Legal reserve130 | - | €101,926 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | €101,926 | - | - | - |
| Tax-exempt reserves132 | - | €334,124 | €310,367 | €286,620 | €263,096 | ▼ 8.2% |
| Distributable reserves133 | - | €691,552 | €637,236 | €687,791 | €820,906 | ▲ 19.4% |
| Provisions and deferred taxes16 | €185,242 | €173,009 | €160,776 | €148,548 | €136,435 | ▼ 8.2% |
| Deferred taxes168 | - | €173,009 | €160,776 | €148,548 | €136,435 | ▼ 8.2% |
| Amounts payable17/49 | €143,730 | €87,392 | €27,433 | €30,033 | €32,666 | ▲ 8.8% |
| Amounts payable after more than one year17 | €48,750 | €3,750 | - | - | - | - |
| Financial debts170/4 | - | €3,750 | - | - | - | - |
| Amounts payable within one year42/48 | €88,764 | €77,856 | €23,738 | €12,168 | €14,396 | ▲ 18.3% |
| Current portion of amounts payable after more than one year42 | - | €45,000 | €3,750 | - | - | - |
| Trade debts44 | €5,344 | €4,320 | €13,870 | €7,518 | €6,510 | ▼ 13.4% |
| Suppliers440/4 | - | €4,320 | €13,870 | €7,518 | €6,510 | ▼ 13.4% |
| Taxes, remuneration and social security45 | - | - | €1,200 | - | €1,200 | - |
| Remuneration and social security454/9 | - | - | €1,200 | - | €1,200 | - |
| Other amounts payable47/48 | - | €28,536 | €4,918 | €4,651 | €6,687 | ▲ 43.8% |
| Accrued charges and deferred income492/3 | - | €5,786 | €3,696 | €17,864 | €18,270 | ▲ 2.3% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€82,706 | -€83,963 | -€78,073 | -€75,118 | €109,591 | ▲ 246% |
| + Depreciation and write-downs630 | €108,101 | €115,616 | €118,587 | €115,280 | €112,418 | ▼ 2.5% |
| Operating cash flow (approximation) | €25,395 | €31,653 | €40,515 | €40,162 | €222,009 | ▲ 453% |
| Investment in fixed assets (approximation) | - | -€406,176 | -€22,489 | -€15,032 | €66,103 | ▲ 540% |
| Change in cash | - | -€461,469 | -€65,938 | -€18,921 | €47,943 | ▲ 353% |
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
2025
31-08
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema · 31 days late
2024
31-12
Financial
Back to profitnet €109,591
Net result €109,591 after 6 loss-making years.
02-07
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema
2023
31-12
Financial
Liquidity doublescurrent ratio 13.55
Current ratio from 6.29 to 13.55; short-term debt falls from €23,738 to €12,168.
20-07
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema
2022
31-12
Financial
Liquidity doublescurrent ratio 6.29
Current ratio from 2.61 to 6.29; short-term debt falls from €77,856 to €23,738.
30-08
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema · 30 days late
2021
27-08
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema · 27 days late
2020
17-09
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 48 days late
2019
11-07
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema
2018
29-06
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema
2017
18-07
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema
2016
14-07
NBB filing
Annual accounts filed
fiscal year 2015 · abbreviated schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 4 acts read
About the unread acts
We know of 4 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
4 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, Etterbeek · 1 establishment unit since 1979
Ground area
269 m²
Building footprint
188 m²
Volume, LiDAR
2,401 m³
Parcel 21005A0577/00W004, Brussels · tallest building 22.6 m, ±5 floors. Linked by address, not a title deed.
8
companies at this address
See who is registered here
1 establishment unit
Tervurenlaan 40, 1040 Etterbeek
since 19792.183.288.866
1 parcel
Brussels
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 21005A0577/00W004 | Brussels | 269 m² | 1 · 188 m² | 22.6 m · 5 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 9,146 companies in sector 68201 we hold annual accounts for 6,770. 3,933 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company
Founded01-10-1979
Fiscal year end31-12
Activities, NACEBEL 2025
68201Renting and operating of own or leased residential real estate, excluding social housing
52210Service activities incidental to land transportation
E-invoicing
Reachable via Peppol
Peppol ID
0208:0419857570
Also
9925:BE0419857570
Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.