WAREP
ActiveSummary
WAREP has been active since 2022 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €16,736 and a net result of -€7,271. Equity has been shrinking by about 16% per year since 2023. Its solvency ranks better than 24% of 17,149 sector peers (NACE 68, financial year 2025). The computed 12-month bankruptcy probability is 0.4% (very low).
Overview
Overview
Official details
Source: KBO- Status
- Active since 07-03-2022 Normal situation
- Activity
- Development of residential building projects NACE 68121and 5 others
- Establishment unit
- 2.328.830.240 1852 Grimbergen, since 07-03-2022
- Financial year end
- 31 December
- Peppol
- Reachable since 22-04-2026
Financial position
- Bankruptcy probabilitywithin 12 months
- 0.4%
- Gross margin
- -€3,757
- Loss
- €7,271
- ▲ 14×
- Equity
- €16,736
- ▼ 30.3%
- Total assets
- €562,895
- ▲ 1.4%
- 2025 accounts filed 31 days after the deadline
Score breakdownraises riskLast filed accounts filed 31 days late; 2 of the last 3 accounts latelowers riskSector: Real estate activities (NACE 68)Size: total assets €562,895Figures for financial year 2025 (filed on 02-09-2026)Show the evidence
Checked score
About 4 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
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, micro). It does better than 23% of them on solvency, 37% on liquidity, 29% on profitability and 17% 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).
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The scores and ratios are Checked's own calculations, not a credit decision.
Signals
The company filed its last 3 accounts on average 39 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 (2)
Financials
Financials · financial year 2025, micro format
2025 annual accounts filed 31 days after the deadline Filed on 31 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00486958.
Annual accounts 2025 filed on 31-08-2026 at the NBB all 3 filings
Every figure per financial year
The operating result for 2025 is a loss of €5,239, after a profit of €12,183 in 2024. It is the lowest result since 2023.
Turnover and EBIT margin are not published. The micro format does not require them.
Securities and guarantees
| Item | 2023 | 2024 | 2025 |
|---|---|---|---|
| Mortgages, amount registered | €326,777 | - | - |
| Carrying value of the mortgaged assets | €442,040 | - | - |
Source: notes to the 2023 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
| Line | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|
| Other operating charges640/8 | €1,554 | €463 | €1,482 | ▲ 220% |
| Gross operating margin9900 | €19,655 | €12,646 | -€3,757 | - |
| Operating profit (loss)9901 | €18,102 | €12,183 | -€5,239 | - |
| Financial income75/76B | - | - | €240 | - |
| Recurring financial income75 | - | - | €240 | - |
| Financial charges65/66B | €17,065 | €12,707 | €2,227 | ▼ 82.5% |
| Recurring financial charges65 | €17,065 | €12,707 | €2,227 | ▼ 82.5% |
| Profit (loss) for the period before taxes9903 | €1,037 | -€525 | -€7,226 | ▼ 1,278% |
| Income taxes67/77 | €218 | - | €45 | - |
| Profit (loss) for the period9904 | €818 | -€525 | -€7,271 | ▼ 1,286% |
| Profit (loss) for the period to be appropriated9905 | €818 | -€525 | -€7,271 | ▼ 1,286% |
| Line | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|
| Assets | ||||
| Total assets20/58 | €471,679 | €555,033 | €562,895 | ▲ 1.4% |
| Current assets29/58 | €471,679 | €555,033 | €562,895 | ▲ 1.4% |
| Stocks and contracts in progress3 | €442,040 | €521,133 | €537,947 | ▲ 3.2% |
| Stocks30/36 | €442,040 | €521,133 | €537,947 | ▲ 3.2% |
| Amounts receivable within one year40/41 | €9,910 | €10,593 | €10,525 | ▼ 0.6% |
| Trade receivables40 | €6,702 | €10,561 | €9,813 | ▼ 7.1% |
| Other amounts receivable41 | €3,208 | €32 | €712 | ▲ 23× |
| Cash at bank and in hand54/58 | €18,143 | €21,546 | €11,859 | ▼ 45.0% |
| Deferred charges and accrued income490/1 | €1,586 | €1,761 | €2,564 | ▲ 45.6% |
| Equity and liabilities | ||||
| Total equity and liabilities10/49 | €471,679 | €555,033 | €562,895 | ▲ 1.4% |
| Equity10/15 | €24,532 | €24,007 | €16,736 | ▼ 30.3% |
| Contributions10/11 | €25,000 | €25,000 | €25,000 | = |
| Profit (loss) carried forward14 | -€468 | -€993 | -€8,264 | ▼ 732% |
| Amounts payable17/49 | €447,147 | €531,026 | €546,159 | ▲ 2.8% |
| Amounts payable after more than one year17 | €326,777 | €378,430 | €407,500 | ▲ 7.7% |
| Financial debts170/4 | €326,777 | €378,430 | €407,500 | ▲ 7.7% |
| Amounts payable within one year42/48 | €120,370 | €139,408 | €138,659 | ▼ 0.5% |
| Trade debts44 | €3,347 | €5,978 | €7,308 | ▲ 22.2% |
| Suppliers440/4 | €3,347 | €5,978 | €7,308 | ▲ 22.2% |
| Taxes, remuneration and social security45 | €218 | €1,924 | €1,904 | ▼ 1.0% |
| Taxes450/3 | €218 | €1,924 | €104 | ▼ 94.6% |
| Remuneration and social security454/9 | - | - | €1,800 | - |
| Other amounts payable47/48 | €116,805 | €131,505 | €129,447 | ▼ 1.6% |
| Accrued charges and deferred income492/3 | - | €13,188 | - | - |
| Line | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|
| Profit (loss) for the period9904 | €818 | -€525 | -€7,271 | ▼ 1,286% |
| Operating cash flow (approximation) | €818 | -€525 | -€7,271 | ▼ 1,286% |
| Change in cash | - | €3,404 | -€9,687 | - |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Historical observation
In July 2024, 865 companies had the same profile as WAREP has now. Two years later, 96.6% were still going and 1.5% had gone bankrupt.
- Small
- 2 to 5 years old
- solvency under 10%
- a small loss
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of WAREP itself: 0.4% within 12 months.
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.
| 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 865 companies, not a prediction for WAREP. 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.
Board & ownership
Directors
Owners and capital
Shareholders
- THÜER Frédéric Luc Joseph sole founder · 100% at incorporation
Capital transactions
- 09-03-2022 Incorporation · €25,000 · 100 shares
Articles of association
- Board ruleThese rules set how the board is made up, meets and takes decisions.
- “Met of zonder beperking van duur, algemene vergadering bepaalt aantal,duur opdracht en bij meerdere bevoegdheid”
- Statutory auditorA statutory auditor is a registered auditor who checks the annual accounts. Small companies need not have one. According to the deed, the legal criteria do not require one here.
- No statutory auditor
Articles of association, deed of 09-03-2022 (in Dutch)
Network & group
WAREP shares no director with another company.
Companies at the same address
1 other companyConnections & network
1 current directorThe network starts from the directors of WAREP. Every other company they run is a node.
Timeline
Acts, filings and financial milestones
09-03
Gazette deed
IncorporationStarting capital €25,000 · Appointment: THÜER Frédéric Luc Joseph (director) · Founder6 points ▸
- Incorporation, 25-02-2022
- Founder, THÜER Frédéric Luc Joseph
- Founding capital, €25,000
- Registered office clause, “1852 Grimbergen (Beigem),Gemeentehuisstraat 9” (deed in Dutch)
- Board rule, 1, “vergadering” (deed in Dutch)
- Director appointment, THÜER Frédéric Luc Joseph (director)
Sources:Publications in the Belgian Official GazetteFilings with the National Bank
History
Company details
Register details
Identity
KBO recordRegistered office and establishments
Activities
NACEBEL 2025Codes under NACEBEL 2008
8 activities
- De uitbating van een algemeen bouwbedrijf omvattende de oprichting,omvorming,verandering,afwerking en renovatie van gebouwen,het reinigen van gevels en daken,het uitvoeren van voegwerken,alle timmer- en schrijnwerk,het plaatsen van wand-,vloer- en dakbedekkingen,stellingbouw,plafonneer-,cementeer- en pleisterwerken,grondwerken,terras- en tuinaanleg,rioleringswerken,draine-rings-werken,slopingswerken,lood- en zinkwerken,elektriciteitswerken evenals het uitbaten van een onderneming voor het plaatsen van afsluitingen en voor warmte- en geluidsisole-ring,zowel voor de privé als voor de openbare sector en zowel in binnen- als in buitenland.
- De vennootschap mag tevens als algemene onderneming de bedrijvigheden coördineren die betrekking hebben op de gehele of gedeeltelijke uitvoering van bouwvoltooïngswerken door onderaannemers ;
- De groot- en kleinhandel,in- en uitvoer,verwerking,opslag en transport van alle bouwmaterialen,grondstoffen,machines en werktuigen voor de bouwnijverheid waaronder alle installaties en leidingen voor verwarming,verlichting,watervoorzie-ning,sanitair en luchtbehan-deling ;
- Het uitbaten van een studiebureau voor bouwwerken en immobiliën ;
- Het uitvoeren van alle immobiliënverrichtingen,zoals het aan- en verkopen,huren en verhuren,beheren,promoten,valoriseren en verkavelen van alle onroerende goederen evenals het optreden als makelaar in onroerende goederen met inbegrip van de onroerende leasing ;
- Het waarnemen en uitoefenen van alle beheers- en bestuursopdrachten en mandaten ;
- De handel in,de in- en uitvoer evenals het vervoer en het vervaardigen of laten vervaardigen en het ontwikkelen van alle producten,materialen,grondstoffen,werktuigen,machines en toebehoren die verband houden met de bouw- en construc-tie-nijverheid evenals de uitrusting van gebouwen en binnenhuis-in-rich-ting.
- Het ontwerpen,opmaken en uitwerken van alle studies,plannen en projecten aangaande alle bouwactiviteiten.
Invoicing and payment
Check the withholding obligation If you pay this company for building or cleaning work, check before every payment whether you must withhold part of the invoice. Use the enterprise number 0782.925.503
Financial year and general meeting
Accounts at the NBBSites & property
Buildings and parcels at the address
| Cadastral parcel | Region | Area | Buildings | Height / floors |
|---|---|---|---|---|
| 23005B0421/00T004 | Flanders | 596 m² | 1 · 115 m² | 12.3 m · 2 |