Waregem RE has been active since 2019 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €1.2m and a net result of -€196,296. Equity has been shrinking by about 23% per year since 2019. Its solvency ranks better than 53% of 5,795 sector peers (NACE 68, financial year 2025). The computed 12-month bankruptcy probability is 0.1% (very low).
Score breakdownraises riskLoss of €196,296 (financial year 2025)lowers riskSize: total assets €2.9mFigures for financial year 2025 (filed on 13-07-2026)Sector: Real estate activities (NACE 68)Show the evidence
Checked score
Score 2025
Checked score
The higher the Checked score (0 to 100), the smaller the chance that the company goes bankrupt within twelve months. That chance sets the band, from Critical to Excellent, and within the band how the company does against its sector peers counts too. With a low score, agree a shorter payment term, an advance or security.
91/ 100
Excellent
Probability in this band: under 0.55%
Financially stronger than 28% of small companies in real estate (NACE 68)
Financial strength measures the balance sheet and the results with three figures out of 100 from the latest annual accounts: solvency, liquidity and profitability. It does not directly set the Checked score's band. How the company does against its sector peers on these and on growth does count for its place within the band.
Weak
Solvency67-33
equity 41.7% of total assets
Liquidity35+30
short-term debt 58.3% · cash 12.0%
Profitability10-81
return on assets -6.8%
Bankruptcy probability within 12 months
Bankruptcy probability
It is the chance that the company goes bankrupt within twelve months, estimated from the registers, the annual accounts and the Belgian Official Gazette. At 0.2%, about 2 in 1,000 comparable companies go bankrupt. The higher it is, the shorter the payment term to agree.
0.1%Very low
0%0.5%1.5%4%10%≥ 25%
Fewer than 1 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
Sector median 0.1% (6,995 companies, NACE 68, small)
Last 24 months12-2024: 0.1%01-2025: 0.1%● unchanged vs 12-202402-2025: 0.1%● unchanged vs 01-202503-2025: 0.1%● unchanged vs 02-202504-2025: 0.1%● unchanged vs 03-202505-2025: 0.1%● unchanged vs 04-202506-2025: 0.1%● unchanged vs 05-202507-2025: 0.1%● unchanged vs 06-202508-2025: 0.1%● unchanged vs 07-202509-2025: 0.1%● unchanged vs 08-202510-2025: 0.1%● unchanged vs 09-202511-2025: 0.1%● unchanged vs 10-202512-2025: 0.1%● unchanged vs 11-202501-2026: 0.1%● unchanged vs 12-202502-2026: 0.1%● unchanged vs 01-202603-2026: 0.1%● unchanged vs 02-202604-2026: 0.1%● unchanged vs 03-202605-2026: 0.1%● unchanged vs 04-202606-2026: 0.1%● unchanged vs 05-202607-2026: 0.1%● unchanged vs 06-2026highest value08-2026: 0.1%● unchanged vs 07-202609-2026: 0.1%● unchanged vs 08-202610-2026: 0.1%● unchanged vs 09-2026lowest value11-2026: 0.1%● unchanged vs 10-2026lowest value
Credit of up to €110,000 on 30-day terms is acceptable
Liquidity is insufficient, with a current ratio of 0.21, below 1. Short-term debt is 58.3% and cash 12% of total assets. 58.3% of the assets are financed with debt and provisions.
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 61% of them on solvency, 28% on liquidity, 4% on profitability and 20% on growth.
The bankruptcy probability was computed on 03-11-2026 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.
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).
Credit check for an amount and term of your choice
tick = median of all Belgian filingsring = median in the sector
The company filed its last 7 accounts on average 16 days before 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 (2)
neutral · Next filing not due yet
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today. The company usually files around 17 June (4 of the last 5 accounts filed within 30 days either side of that date).
The EBIT margin is the share of each euro of revenue left from ordinary operations. The higher it is, the more room the company has to absorb a setback.
The net result is what is left after all costs and taxes. One loss year is not an alarm on its own. After several loss years in a row, it pays to find out why.
Working capital is what is left when the company pays its short-term debts with its short-term assets. Positive means it can pay its bills in the short term.
Net result-€0.2m-€1.3mabove the sector's middle half€1.4mabove the sector's middle half▲ 6.6%€0.7mabove the sector's middle half▼ 48.9%€1.5mabove the sector's middle half▲ 106%€0.2mabove the sector's middle half▼ 83.4%-€0.2mbelow the sector's middle half
Equity€4.3m-€5.6mabove the sector's middle half▲ 30.8%€3.5mabove the sector's middle half▼ 38.7%€2.7mabove the sector's middle half▼ 22.5%€2.6mabove the sector's middle half▼ 4.2%€1.4mwithin the sector's middle half▼ 45.2%€1.2mwithin the sector's middle half▼ 14.0%
Total assets€4.7m-€5.7mabove the sector's middle half▲ 21.3%€3.6mwithin the sector's middle half▼ 36.3%€4.3mwithin the sector's middle half▲ 19.3%€5.0mabove the sector's middle half▲ 14.2%€1.4mwithin the sector's middle half▼ 71.7%€2.9mwithin the sector's middle half▲ 106%
Working capital€0.1m-€1.8mabove the sector's middle half▲ 14×-€0.06mwithin the sector's middle half-€0.5mbelow the sector's middle half▼ 730%-€0.4mbelow the sector's middle half▲ 26.8%-€1.3mbelow the sector's middle half
Solvency91.5%-98.7%above the sector's middle half▲ 7.2pp94.9%above the sector's middle half▼ 3.8pp61.7%within the sector's middle half▼ 33.3pp51.7%within the sector's middle half▼ 9.9pp100.0%above the sector's middle half▲ 48.3pp41.7%within the sector's middle half▼ 58.3pp
Current ratio1.37-96.64above the sector's middle half▲ 95.270.58within the sector's middle half▼ 96.070.69within the sector's middle half▲ 0.120.85within the sector's middle half▲ 0.150.21below the sector's middle half
Return on assets (ROA)-4.5%-23.2%above the sector's middle half▲ 27.8pp38.9%above the sector's middle half▲ 15.7pp16.7%above the sector's middle half▼ 22.2pp30.0%above the sector's middle half▲ 13.3pp17.6%above the sector's middle half▼ 12.4pp-6.8%below the sector's middle half▼ 24.4pp
Staff (FTE)0within the sector's middle half
abovewithinbelowThe sector band is the middle half of the companies in Real estate activities (NACE 68). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30.
The operating result for 2025 is a loss of €197,167, after a profit of €397,415 in 2024. It is the lowest result since 2021.
Large changes and their cause
2025Total assets +106% on 2024.Capital increase of €2,750,000 (Official Gazette 07-01-2025).
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €2.9m
88.0%
12%
Fixed assets€2.6m ▲ 87.8%
Current assets€346,487 ▲ 652%
Equity and liabilities €2.9m
41.7%
58.3%
Equity€1.2m
Debt€1.7m
Debt's share of the balance-sheet total is 58.3%.
Key figures and ratios
2025 value · change against 2024
EBITDA
-€80,259▼
2024 · €560,135
Cash flow
-€79,388▼
2024 · €410,250
Debt to equity
1.40
ROE
-16.2%▼
2024 · 17.6%
Interest coverage
-1486.28▼
2024 · 10.64
Debt ≤ 1 year
€1.7m
Income taxes
€0▼
2024 · €113,878
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
fixed assets acquired
Item
2021
2022
2023
2024
2025
Tangible fixed assets
-
-
€97,115
-
€1.3m
Financial fixed assets
-
-
-
-
€0
Depreciation and write-downs of the year
€350,527
€349,409
€356,404
€162,720
€116,908
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
Filed annual accountsAs filed with the NBB · 2025 against 2024 · 46 lines
Balance sheetCode20242025
Assets
Total assets20/58€1.4m€2.9m▲
Fixed assets21/28€1.4m€2.6m▲
Tangible fixed assets22/27€1.4m€2.6m▲
Land and buildings22€1.4m€2.6m▲
Current assets29/58€0.05m€0.3m▲
Cash at bank and in hand54/58€0.03m€0.3m▲
Deferred charges and accrued income490/1€0.02m€0▼
Equity and liabilities
Total equity and liabilities10/49€1.4m€2.9m▲
Equity10/15€1.4m€1.2m▼
Contributions10/11€1.3m€1.3m=
Capital10€1.2m€1.2m=
Issued capital100€1.2m€1.2m=
Contributions outside capital11€0.04m€0.04m=
Share premium1100/10€0.04m€0.04m=
Reserves13€0.06m€0.06m=
Non-distributable reserves130/1€0.03m€0.03m=
Legal reserve130€0.03m€0.03m=
Distributable reserves133€0.03m€0.03m=
Profit (loss) carried forward14€0.08m-€0.1m▼
Amounts payable17/49-€1.7m
Amounts payable within one year42/48-€1.7m
Trade debts44-€0.02m
Suppliers440/4-€0.02m
Other amounts payable47/48-€1.7m
Income statementCode20242025
Non-recurring operating income76A€1.5m€0▼
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€0.2m€0.1m▼
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4€1.8m€0▼
Other operating charges640/8€0.3m€0.001m▼
Gross operating margin9900€2.6m-€0.08m▼
Operating profit (loss)9901€0.4m-€0.2m▼
Financial income75/76B-€0.001m
Recurring financial income75-€0.001m
Financial charges65/66B€0.05m€54▼
Recurring financial charges65€0.05m€54▼
Profit (loss) for the period before taxes9903€0.3m-€0.2m▼
Transfer from deferred taxes780€0.02m€0▼
Income taxes67/77€0.1m€0▼
Profit (loss) for the period9904€0.2m-€0.2m▼
Profit (loss) for the period to be appropriated9905€0.2m-€0.2m▼
Appropriation of the result
Profit (loss) to be appropriated9906€0.5m-€0.1m▼
Profit (loss) brought forward from the previous period14P€0.3m€0.08m▼
Transfer to equity691/2€0.5m€0▼
Addition to contributions691€0.4m-
To the legal reserve6920€0.01m€0▼
To other reserves6921-€0
Social balance sheet
Average headcount (FTE)9087-0.0
The notes to these accounts have 10 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the accounts filed with the NBB.
The figures are counted, not predicted. They describe the group, not Waregem RE.
In July 2024, 929 companies had the same profile as Waregem RE has now. Two years later, 92.8% were still going and 1.7% had gone bankrupt.
Small
5 to 10 years old
solvency 30% or more
a small loss
92.8%was still going
5.5%stopped otherwise
1.7%went bankrupt
The bankruptcy probability of Waregem RE itself is lower: 0.1% within 12 months. It rests on far more data about Waregem RE than the profile alone.
Test of the method
The method was tested on the 497,446 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.
The companies in ten equal groups, from the lowest to the highest expected share
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 929 companies, not a prediction for Waregem RE. 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.
Class B director · since 23-07-2025 · 6-year term from 2025 · Private limited company · permanent representative: Claude LAMPOLE · also on the board of 2 other companies · listed in the 2025 annual accounts, filed on 13-07-2026
Class A director · since 23-07-2025 · 6-year term from 2025 · Public limited company · permanent representative: Bernard De Meester · listed in the 2025 annual accounts, filed on 13-07-2026
Class B director · since 23-07-2025 · 6-year term from 2025 · Private limited company · permanent representative: John LAEBENS · also on the board of 6 other companies · listed in the 2025 annual accounts, filed on 13-07-2026
Current
Permanent representatives 3
BD
Bernard De Meester
Permanent representative · appointed in the act of 04-09-2025 · for ECHLIN INVEST
Current
CL
Claude LAMPOLE
Permanent representative · appointed in the act of 04-09-2025 · for Arma Consult
Current
JL
John LAEBENS
Permanent representative · appointed in the act of 04-09-2025 · for WELAKO
Current
Statutory auditor 1
BM
BV MOORE AUDIT
Statutory auditor · appointed in the act of 12-12-2023 · 3-year term from 2023 · permanent representative: Kristof Planquette
Equity €78.7mProfit of €23.4m in 2025 (profit of €1.1m in 2024)
consolidates
Capital transactions
Capital transactions
A capital increase usually strengthens the company. With a reduction, it pays to find out why.
Capital over time
04-08-2025Capital reduction of €2,458,528.31 · to €1,221,070.06 · in a demerger
07-01-2025Capital increase of €2,750,000 · to €3,679,598.37 · 3,938 new shares · in cash
Mandate history
Mandate history
Each bar is one period in a function, from appointment to resignation or to today. An open left edge means the mandate began before its first mention. An open right edge means the mandate ended without a stated end date.
Gazette deedDemerger: Waregem RE splits off to MANNEBEEK
Accounting effect · Real estate · Auditor report16 points ▸
General meeting, 31-12-2024
Other provision, “kennisname partieel splitsingsvoorstel, voorzitter en ondergetekende notaris” (deed in Dutch)
Other provision, “geen opmerkingen op partieel splitsingsvoorstel” (deed in Dutch)
Other provision, “vrijstelling splitsingsverslagen, aandelen nieuwe vennootschap uitgegeven aan aandeelhouders evenredig aan rechten in kapitaal” (deed in Dutch)
Demerger, “goedkeuring, partiële splitsing door oprichting” (deed in Dutch)
Accounting effect, 01-01-2025
Other provision, “beschrijving,verdeling,waardering en vergoeding inbreng”, 31-10-2024 (deed in Dutch)
Real estate, 233, “zonder aanwijsbare oppervlakte” (deed in Dutch)
Real estate, 3, “7a 45ca” (deed in Dutch)
Real estate, 70050, “1ha 89a 44ca” (deed in Dutch)
Auditor report, “Ieper, geen bevindingen van materieel belang” (deed in Dutch)
Other provision, “tussentijdse staat 2024-12-31 en verslag commissaris artikel 5:7 WVV, eigen vermogen nieuw op te richten vennootschap” (deed in Dutch)
Gazette deedCapital increase of €2,750,000 to €3,679,598.37
Financial instrument · Amendment of the articles11 points ▸
General meeting, 24-12-2024, “buitengewone algemene vergadering van de aandeelhouders” (deed in Dutch)
Board meeting, 23-12-2024
General meeting, 23-12-2024
Other provision, “eigen winstbewijzen”, 1430 (deed in Dutch)
Financial instrument, 1430, “cancellation” (deed in Dutch)
Other provision, “uitdrukkelijke verzaking verplichte verslaggeving kapitaalverhoging door inbreng in geld, artikel 7:179 §3 Wetboek van vennootschappen en verenigingen” (deed in Dutch)
Capital increase, €2,750,000
Capital contribution, €2,750,000
Other provision, “attest storting en beschikbaarheid gelden, elektronisch dossier” (deed in Dutch)
Each sentence rests on a document from the KBO register, the Belgian Official Gazette or the National Bank. The number after the sentence opens that document.
Waregem RE was incorporated on 4 November 2019 as a public limited company.1In 2025 the capital was increased by €2.8m to €3.7m.2The company has filed 7 sets of annual accounts, the latest for financial year 2025.3
Establishment unitWaregem RE, Brabantstraat 15, 8790 Waregem since 04-11-2019 · unit number 2.295.943.577
Activities
NACEBEL 2025
68201Renting and operating of own or leased residential real estate, excluding social housingmain activity
PurposeThe purpose describes the activities the company may carry out under its articles.
“Onderneming in onroerende goederen, omvattende onder meer voor eigen rekening van/of voor rekening van derden en/of als tussenpersoon: alle…”
9 activities
Onderneming in onroerende goederen, omvattende onder meer voor eigen rekening van/of voor rekening van derden en/of als tussenpersoon: alle immobiliaire operaties van om het even welke aard of ermede verband houdend, zoals onder meer: de aan-en verkoop, ruiling, het huren en het verhuren van onroerende en roerende goederen, het zelf oprichten of laten oprichten en/of het verbouwen van gebouwen, expertise, beheer (syndicus), omvorming of ombouwing, verkaveling en valorisatie van onroerende goederen van alle aard, dit alles in de ruimste zin;
Promotor, omvattende onder meer: Het optreden als bouwpromotor evenals het management bij de verwezenlijking ervan, alsook projectontwikkeling en projectstudie en adviesverlening, de algemene aanneming en de inrichting van gebouwen allerlei, alsook infrastructuurwerken hetzij om de werken zelf uit te voeren voor eigen rekening of voor rekening van derden, hierin begrepen nieuwbouw, verbouwing, slopingswerken en verhandelingen "sleutel op de deur", alsmede de handel en de nijverheid in bouwwerken, bouwgronden, verkavelingen en bouwmateralen;
Management, omvattende onder meer: Het uitvoeren van administratief-organisatorische opdrachten, bijstand bij de leiding van vennootschappen, het verstrekken van advies en verlenen van bijstand aan het beheer op het gebied van onder andere administratieve organisatie, het opzetten van interne audit, het verbeteren van bestaande en nieuwe beheerstechnieken en managementsystemen, het verstrekken van informatie, het selecteren, opleiden en vormen van personeel;
Advies en analyse van de financiële behoeften van de ondernemingen en de begeleiding en onderhandeling met financiële instellingen, toezien op de optimale aanwending van kredieten, budgettering en budgetcontrole;
Het uitvoeren van alle studies en onderzoek: het verrichten van marktonderzoek, promotie, raadgeving,. protectie, marketing, assistentie op gebied van management, engineering en consulting, technisch commercieel, administratief, financieel, fiscaal en juridisch beheer en advies;
De publiciteit, reclame, marketing en algemene communicatie onder alle vormen en het uitvoeren van alle werken die voor de verwezenlijking van publiciteit, reclame, marketing en algemene communicatie noodzakelijk zijn, zonder enige beperking;
Het ontwikkelen, kopen, verkopen, beheer, in waarde stellen, in licentie nemen of geven van brevetten, octrooien, know-how en andere inteliectuele rechten:
Patrimoniumvennootschap, omvattende onder meer: Alle verrichtingen die rechtstreekst of onrechtstreeks betrekking hebben op het oordeelkundig beheer en verhandeling van de eigen onroerende en roerende goederen; zij mag onder meer onroerende goederen verwerven en vervreemden, huren en verhuren, bouwen, verbouwen, renoveren, opschikken, uitrusten en ombouwen; zij mag de beschikbare middelen beleggen in roerende goederen en waarden; zij mag belangen nemen in andere vennootschappen of ondernemingen door middel van inbreng of aankoop van maatschappelijke rechten of op een andere wijze; de vennootschap mag zich borg stellen of zakelijke zekerheden verlenen mits vergoeding, onder voorbehoud evenwel van de verbodsbepaling opgenomen in artikel 7:227 van het Wetboek van Vennootschappen en Verenigingen;
Tussenpersoon, omvattende onder meer: het optreden als tussenpersoon of makelaar bij de aankoop of bij de verkoop van allerlei roerende en onroerende goederen, zoals onder meer handelsfondsen.
Nieuwbouw van bijgebouwen, niet-overdekte lage constructies en andere handelingen; Verbouwen en/of uitbreiden van bijgebouwen, niet-overdekte lage constructies of wijzigen van andere beperkte handelingen; Verbouwen en/of uitbreiden zonder functiewijziging en zonder wijziging van aantal woongelegenheden
Granted on 02-09-2026submitted 05-06-2026authority: Waregemproject 2026061349