Parent and group
- AXA HOLDINGS BELGIUM94.93%
WATER-LEAU
ActiveSummary
WATER-LEAU has been active since 2004 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €10.2m and a net result of -€2.1m. Equity has been shrinking by about 6.2% per year since 2018. Its solvency ranks better than 28% of 5,795 sector peers (NACE 68, financial year 2025). The computed 12-month bankruptcy probability is 0.1% (very low).
Overview
Official details
Source: KBO- Status
- Active since 16-03-2004 Normal situation
- Registered office
- 27 active companies are registered at this address Source: KBO register, as of 3 November 2026.
- Activity
- Development of residential building projects NACE 68121and 1 other
- Establishment unit
- 2.138.119.926 1000 Brussel, since 16-03-2004
- Financial year end
- 31 December
- Peppol
- Reachable
Board and ownership
Board
- Bernard D'OCQUIERDirector · since 04-07-2019
- MOALIC ARMELLEDirector · since 31-03-2021
- Mario ANTHUENISDirector · since 28-03-2022
Shareholders
- AXA BELGIUM100%annual accounts 2025
- AXA SAconsolidatesannual accounts 2025
Financial position
- Bankruptcy probabilitywithin 12 months
- 0.1%
Annual accounts 2025
- Turnover
- €4.7m
- ▲ 2.9%
- Loss
- €2.1m
- ▼ 58.6%
- Equity
- €10.2m
- ▼ 16.8%
- Total assets
- €66.4m
- ▲ 6.8%
Score breakdownraises riskLiquidity: current ratio 0.04, cash €696,288, halvedEquity €10.2m (15.4% of total assets)lowers riskSize: turnover €4.7m, total assets €66.4mLegal form: public limited companyShow the evidence
Checked score
Score 2025
89
/ 100
Excellent
Probability in this band: under 0.55%
Financially stronger than 27% of large companies in real estate (NACE 68)
Financial strength · tick: 2024
Weak
Solvency
40-5
equity 15.4% of total assets
Liquidity
28-6
short-term debt 47.4% · cash 1.0%
Profitability
35+29
return on assets -3.1%
Bankruptcy probability within 12 months
0.1%
Very low
0%0.5%1.5%4%10%≥ 25%
About 1 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
Last 24 months
12-2024: < 0.1%
01-2025: < 0.1%● unchanged vs 12-2024
02-2025: < 0.1%● unchanged vs 01-2025lowest value
03-2025: < 0.1%● unchanged vs 02-2025
04-2025: < 0.1%● unchanged vs 03-2025
05-2025: 0.1%▲ +0.1 percentage points vs 04-2025
06-2025: 0.1%● unchanged vs 05-2025
07-2025: 0.2%▲ +0.1 percentage points vs 06-2025
08-2025: 0.2%● unchanged vs 07-2025
09-2025: 0.2%● unchanged vs 08-2025
10-2025: 0.2%● unchanged vs 09-2025
11-2025: 0.2%● unchanged vs 10-2025
12-2025: 0.2%● unchanged vs 11-2025
01-2026: 0.2%● unchanged vs 12-2025
02-2026: 0.2%● unchanged vs 01-2026
03-2026: 0.2%● unchanged vs 02-2026
04-2026: 0.2%● unchanged vs 03-2026
05-2026: 0.2%● unchanged vs 04-2026
06-2026: 0.2%● unchanged vs 05-2026highest value
07-2026: 0.1%▼ -0.1 percentage points vs 06-2026
08-2026: 0.1%● unchanged vs 07-2026
09-2026: 0.1%● unchanged vs 08-2026
10-2026: 0.1%● unchanged vs 09-2026
11-2026: 0.1%● unchanged vs 10-2026
Credit of up to €470,000 on 30-day terms is acceptable
Liquidity is insufficient, with a current ratio of 0.04 (0.07 in 2024), below 1. Short-term debt is 47.4% and cash 1% of total assets. 84.6% 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, large). It does better than 31% of them on solvency, 15% on liquidity, 30% on profitability and 34% on growth.
The bankruptcy probability was computed on 02-11-2026 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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Signals
Six signals.
lowers riskraises riskneutral
raises risk · Persistent losses
Two consecutive loss-making years (2024 and 2025); equity is also lower. May indicate structural pressure on profitability.
NBB · annual accounts 2025Net result per financial year
1819202122232425
2018 to 2025 · latest year -€2.1m
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 11-06-2026, 50 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
50 days early
2024
44 days early
2023
54 days early
2022
49 days early
2021
107 days early
2020
107 days early
2019
101 days early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
The company filed its last 7 accounts on average 73 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 11 June (4 of the last 5 accounts filed within 30 days either side of that date).
Companies Code · seven monthsWhere today falls in the filing period
03-11-2026 today31-12-2026 year end31-07-2027 deadline
Key points
- Caution: Lower net result than 95% of companies in real estatesector median €20,550 · 5,802 companies -€2.1m View
- Positive: Result rose in 2025from -€5.0m to -€2.1m ▲ 58.6% View
- Positive: Filed on time since financial year 2018accounts within the deadline every year 8 years View
- Caution: 2 loss-making years in a rowloss in financial year 2025 -€2.1m View
Recent changes
- · Gazette deed Reappointment: Bernard D'OCQUIER (director)
- · Gazette deed Resignation: PwC Reviseurs d'Entreprises (statutory auditor)Appointment: Ernst et Young Reviseurs d'Entreprises (statutory auditor)
- · Gazette deed Reappointment: Christophe MIGNOT (director)Appointment: PwC Reviseurs d'Entreprises (statutory auditor)
Companies linked to WATER-LEAU
Comparable companies
These companies have the same main activity as WATER-LEAU: development of residential building projects (NACE 68121). They are comparable in size and age: total assets between €52m and €104m, founded between 1999 and 2009.
| Company | Total assets | Turnover |
|---|---|---|
| WATER-LEAU Brussel | €66.4m | €4.7m |
| IMMOBEL Project Management Brussel | €66.5m | €11.1m |
| SKYLINE EUROPE Oudergem | €51.8m | €5.6m |
| OMIVA Zottegem | €56.7m | €2.8m |
| ANTONISSEN DEVELOPMENT GROUP Antwerpen | €83.9m | €6.3m |
| Adgar Plantin Antwerpen | €104.1m | €4.4m |
| CORES DEVELOPMENT Antwerpen | €74.8m | €10.0m |
Key facts about WATER-LEAU
- What is the company number of WATER-LEAU?
- The company number of WATER-LEAU is 0864.081.443. The VAT number is the same number with BE in front: BE 0864.081.443.
- Where is WATER-LEAU based?
- The registered office is at Troonplein 1, 1000 Brussel.Company details
- What does WATER-LEAU do?
- According to the KBO register, the main activity is development of residential building projects (NACE 68121).
- What is the legal form of WATER-LEAU?
- The legal form of WATER-LEAU is Public limited company (NV).
- When was WATER-LEAU founded?
- WATER-LEAU was founded on 16-03-2004.
- Is WATER-LEAU still active?
- Yes, WATER-LEAU is an active enterprise in the KBO register.
- What is the turnover of WATER-LEAU?
- The turnover of WATER-LEAU was €4.7m in financial year 2025, according to the filed annual accounts.Financials
- Is WATER-LEAU profitable?
- In financial year 2025, WATER-LEAU made a loss of €2.1m.
- Where can I find the annual accounts of WATER-LEAU?
- WATER-LEAU filed 22 annual accounts with the National Bank of Belgium, the latest for financial year 2025.
- When are the next annual accounts of WATER-LEAU due?
- WATER-LEAU must file the annual accounts for financial year 2026 by 31-07-2027.Timeline
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