WESTERLAAN
ActiveSummary
WESTERLAAN has been active since 1994 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show negative equity (-€1.9m) and a net result of €64,404. Equity remains stable across the filed fiscal years (±0.1% per year). Its solvency ranks better than 5% of 4613 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.4% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability100=
Solvency0=
Growth78▲+20
Track record100
Bankruptcy probability, 12 months
0.4%
Very low
0%0.5%1.5%4%10%≥ 25%
No credit on open account
Liquidity short (current ratio 0.01 against 0.01 in 2024; cash: 8.6% of total assets), and equity is negative.
Credit check for your own amount and term
Show the recommended maximum : and see how the verdict changes with amount, term and advance.
Signals
Seven signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
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 · 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
raises risk · Annual accounts: weaker financial profile
The latest annual accounts show a weaker profile in solvency, result or liquidity than companies that stay afloat.
NBB · annual accounts 2025Solvency, return and age of the figures
Return on assets
400.3%
Age of the figures
9 mo
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 5% of 4613 sector peers (2025).
NBB · sector comparisonPosition among 4613 sector peers
Solvency
better than 5%
← weakest
strongest →
neutral · Filed after the deadline
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 24-08-2026, 24 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
24 d late
2024
26 d late
2023
43 d early
2022
17 d late
2021
25 d late
2020
30 d early
2019
54 d late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 7 accounts on average 10 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 (2)
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today. Usually files around 24 August (4 of the last 5 filed years within 30 days of that day).
Companies Code · seven monthsPosition in the running window
28-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, full schema
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
€64,404▲ 29.2%
2024 · €49,846
Working capital
-€1.9m▲ 3.5%
2024 · -€2.0m
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
Line20212022202320242025
Operating result-€151,672€21,538€18,660▼ 13.4%€50,850▲ 173%€69,442▲ 36.6%
Net result-€151,819below the sector's middle half€21,388within the sector's middle half€18,510within the sector's middle half▼ 13.5%€49,846within the sector's middle half▲ 169%€64,404within the sector's middle half▲ 29.2%
Equity-€2.1mbelow the sector's middle half▼ 8.0%-€2.0mbelow the sector's middle half▲ 1.0%-€2.0mbelow the sector's middle half▲ 0.9%-€2.0mbelow the sector's middle half▲ 2.5%-€1.9mbelow the sector's middle half▲ 3.3%
Total assets€51,106below the sector's middle half▼ 74.7%€68,175below the sector's middle half▲ 33.4%€31,746below the sector's middle half▼ 53.4%€25,861below the sector's middle half▼ 18.5%€16,091below the sector's middle half▼ 37.8%
Debt€2.1m=€2.1m▼ 0.2%€2.1m▼ 2.6%€2.0m▼ 2.7%€1.9m▼ 3.7%
Working capital-€2.1mbelow the sector's middle half▼ 7.9%-€2.0mbelow the sector's middle half▲ 1.0%-€2.0mbelow the sector's middle half▲ 1.0%-€2.0mbelow the sector's middle half▲ 2.4%-€1.9mbelow the sector's middle half▲ 3.5%
Solvency
Current ratio0.02below the sector's middle half▼ 0.070.03below the sector's middle half▲ 0.010.01below the sector's middle half▼ 0.020.01below the sector's middle half=0.01below the sector's middle half=
Return on assets (ROA)-297.1%below the sector's middle half▼ 305.1pp31.4%above the sector's middle half▲ 328.4pp58.3%above the sector's middle half▲ 26.9pp192.7%above the sector's middle half▲ 134.4pp400.3%above the sector's middle half▲ 207.5pp
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.
Result per fiscal year
Operating resultNet result
After the dip in 2023 the operating result has climbed two years in a row; 2025 is 37% above 2024 and is the highest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €16,091
Fixed assets
€972 ▼ 80.6%
Current assets
€15,118 ▼ 27.5%
Key figures and ratios
EBITDA
€69,470
Cash flow
€64,431
Debt to equity
-1.01▲
2024 · -1.01
Interest coverage
118.82
Debt ≤ 1 year
€1.9m▼
2024 · €2.0m
Income taxes
€286▼
2024 · €288
A ratio outside any meaningful range has been withheld (balance sheet total €16,091, equity -€1.9m).
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 3,798 companies that looked in July 2024 the way this one looks now, 2.5% went bankrupt within 24 months and 91% are still going.
- Micro
- 20 years or older
- negative equity
- a profit of 5% of the balance sheet or more
2.5%
went bankrupt
5.3%
stopped otherwise
91%
still going
A further 0.8% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a lower bankruptcy probability: 0.4% over twelve months. The score reads more about this company than the group's four characteristics; both figures are right about what they measure.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,662 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% | 1.7% |
| 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 75% 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 3,798 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 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | - | - | - | - | €28 | - |
| Other operating charges640/8 | €159,591 | €586 | €708 | €529 | €494 | ▼ 6.7% |
| Gross operating margin9900 | €7,919 | €22,124 | €19,368 | €51,379 | €69,964 | ▲ 36.2% |
| Operating profit (loss)9901 | -€151,672 | €21,538 | €18,660 | €50,850 | €69,442 | ▲ 36.6% |
| Financial charges65/66B | €147 | €150 | €150 | €716 | €4,753 | ▲ 564% |
| Recurring financial charges65 | €147 | €150 | €150 | €716 | €585 | ▼ 18.3% |
| Non-recurring financial charges66B | - | - | - | - | €4,168 | - |
| Profit (loss) for the period before taxes9903 | -€151,819 | €21,388 | €18,510 | €50,134 | €64,689 | ▲ 29.0% |
| Income taxes67/77 | - | - | - | €288 | €286 | ▼ 0.8% |
| Profit (loss) for the period9904 | -€151,819 | €21,388 | €18,510 | €49,846 | €64,404 | ▲ 29.2% |
| Profit (loss) for the period to be appropriated9905 | -€151,819 | €21,388 | €18,510 | €49,846 | €64,404 | ▲ 29.2% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €51,106 | €68,175 | €31,746 | €25,861 | €16,091 | ▼ 37.8% |
| Fixed assets21/28 | €5,000 | €5,000 | €5,000 | €5,000 | €972 | ▼ 80.6% |
| Tangible fixed assets22/27 | - | - | - | - | €972 | - |
| Furniture and vehicles24 | - | - | - | - | €972 | - |
| Financial fixed assets28 | €5,000 | €5,000 | €5,000 | €5,000 | - | - |
| Current assets29/58 | €46,106 | €63,175 | €26,746 | €20,861 | €15,118 | ▼ 27.5% |
| Amounts receivable within one year40/41 | €30,383 | €54,188 | €26,628 | €13,455 | €13,449 | = |
| Trade receivables40 | €30,383 | €54,188 | €26,628 | €13,455 | €13,449 | = |
| Cash at bank and in hand54/58 | €15,724 | €8,987 | €117 | €3,785 | €1,376 | ▼ 63.6% |
| Deferred charges and accrued income490/1 | - | - | - | €3,622 | €292 | ▼ 91.9% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €51,106 | €68,175 | €31,746 | €25,861 | €16,091 | ▼ 37.8% |
| Equity10/15 | -€2.1m | -€2.0m | -€2.0m | -€2.0m | -€1.9m | ▲ 3.3% |
| Contributions10/11 | €495,787 | €495,787 | €495,787 | €495,787 | €495,787 | = |
| Capital10 | €495,787 | €495,787 | €495,787 | €495,787 | €495,787 | = |
| Issued capital100 | €495,787 | €495,787 | €495,787 | €495,787 | €495,787 | = |
| Profit (loss) carried forward14 | -€2.6m | -€2.5m | -€2.5m | -€2.5m | -€2.4m | ▲ 2.6% |
| Amounts payable17/49 | €2.1m | €2.1m | €2.1m | €2.0m | €1.9m | ▼ 3.7% |
| Amounts payable within one year42/48 | €2.1m | €2.1m | €2.0m | €2.0m | €1.9m | ▼ 3.7% |
| Trade debts44 | €602 | €1,283 | - | €19,627 | €22,980 | ▲ 17.1% |
| Suppliers440/4 | €602 | €1,283 | - | €19,627 | €9,795 | ▼ 50.1% |
| Bills of exchange payable441 | - | - | - | - | €13,185 | - |
| Taxes, remuneration and social security45 | - | - | - | €9,919 | €6,825 | ▼ 31.2% |
| Taxes450/3 | - | - | - | €8,419 | €6,825 | ▼ 18.9% |
| Remuneration and social security454/9 | - | - | - | €1,500 | - | - |
| Other amounts payable47/48 | €2.1m | €2.1m | €2.0m | €2.0m | €1.9m | ▼ 3.8% |
| Accrued charges and deferred income492/3 | €249 | €249 | €1,692 | - | - | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€151,819 | €21,388 | €18,510 | €49,846 | €64,404 | ▲ 29.2% |
| + Depreciation and write-downs630 | - | - | - | - | €28 | - |
| Operating cash flow (approximation) | -€151,819 | €21,388 | €18,510 | €49,846 | €64,431 | ▲ 29.3% |
| Investment in fixed assets (approximation) | - | €0 | €0 | €0 | €4,000 | - |
| Change in cash | - | -€6,737 | -€8,870 | €3,667 | -€2,408 | ▼ 166% |
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
Next filing, fiscal year 2026, expected by
2026
08-09
State Gazette act
Director resignation · Director appointment
Power of attorney · Board meeting
24-08
NBB filing
Annual accounts filed
fiscal year 2025 · full schema · 24 days late
2025
31-12
Financial
Highest result since 2018net €64,404 ▲29.2%
Operating result €69,442, net result €64,404, both a record.
26-08
NBB filing
Annual accounts filed
fiscal year 2024 · full schema · 26 days late
2024
18-06
NBB filing
Annual accounts filed
fiscal year 2023 · full schema
2023
17-08
NBB filing
Annual accounts filed
fiscal year 2022 · full schema · 17 days late
2022
31-12
Financial
Back to profitnet €21,388
Net result €21,388 after one loss-making year.
25-08
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 25 days late
2021
31-12
Financial
Weakest financial yearnet -€151,819
Net result drops to -€151,819, the lowest in the series; recovery starts the following year.
01-07
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
2020
23-09
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 54 days late
2019
31-12
Financial
Back to profitnet €2,352
Net result €2,352 after one loss-making year.
Show earlier events
29-08
NBB filing
Annual accounts filed
fiscal year 2018 · full schema · 29 days late
2018
25-09
NBB filing
Annual accounts filed
fiscal year 2017 · full schema · 56 days late
2017
29-08
NBB filing
Annual accounts filed
fiscal year 2016 · full schema · 29 days late
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 11 acts read
About the unread acts
We know of 11 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
11 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, Watermaal-Bosvoorde · 1 establishment unit since 1994
Ground area
5,127 m²
Building footprint
1,510 m²
Volume, LiDAR
23,163 m³
Parcel 21652E0039/00H003, Brussels · tallest building 36.3 m, ±1 floor. Linked by address, not a title deed.
288
companies at this address
See who is registered here
1 establishment unit
WESTERLAAN NV
since 19942.068.876.475
1 parcel
Brussels
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 21652E0039/00H003 | Brussels | 5,127 m² | 1 · 1,510 m² | 36.3 m · 1 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.
Structure & network
Owners and holdings
2 owners · 1 holdingOwners 2
- Sourceaccounts ARISTEE 202250%
-
50%
Holdings 1
-
99%
According to the 2024 annual accounts of WESTERLAAN and those of the other companies, the acts in the Belgian Gazette and the LEI register. The register of ultimate beneficial owners (UBO) is not public: who ultimately stands behind a natural person or a foreign parent is not stated here. A company that does not fill in these statements, or need not, is missing.
Connections & network
The group is listed under Ownership & control below; here you explore it as a network.
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Ownership & control
1 board mandateBoard mandates of this companythis company sits on their board1
1 location
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This company's figures show no positive equity and no headcount, so a size comparison is not possible. These companies share only the sector and the region. Of 9,146 companies in sector 68201 we hold annual accounts for 6,775. See the whole sector
Identification & contact
Identification
Legal formPublic limited company
Founded14-09-1994
Fiscal year end31-12
Activities, NACEBEL 2025
68201Renting and operating of own or leased residential real estate, excluding social housing
81100Combined facilities support activities
E-invoicing
Reachable via Peppol
Peppol ID
0208:0453383344
Also
9925:BE0453383344
Registered
05-12-2025
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 28 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.