Equity
€67.3m ▼ 2.8%
WAVE has made a profit without a break since 2008.
WAVE
Lifetime
19 annual accounts with figures on one time axis, 47 filings since 1977peak €5.5m (2018)
-not published
lowest -€5,657 (2007)
€1.6m▲ 712%
peak €69.2m (2023)
€67.3m▼ 2.8%
€116.1m▼ 13.7%
peak 1 FTE (2007)
-not published
Board8 names since 2020
3 directorsIMMOBILIEN ROBY NV and 2 others
Owners2 names in the annual accounts
0.19%WAVE HOLDING
Documentsfilings and deeds
31-10-202592 days late
2024financial year
Result from €198,723 to €1.6mMerger proposal: Winvest I takes over Fashion Republic België 21-10Cash from €1.3m to €2.8m
Key points
from the 2024 annual accountsResult
€1.6m ▲ 712%
The result rose in 2024: merger with KDB Vastgoed.
Payment terms
62 days to suppliers
WAVE pays its suppliers 40 days later than in 2023. Customers pay 16 days later.
Filings
47 annual accounts 48 filings, 99 days past the deadline
2025 accounts not filed: deadline was 31-07-2026.
At the same address
28 companies
Restructuring
2025
Restructuring with Fashion Republic België. Restructuring on 31-01-2025.
Checked score
55
Fair
Financially stronger than 44% of large companies in real estate (NACE 68)
Probability in this band: 1.5% to 4.2%
A confirmed filing finding caps the score at 59.
Bankruptcy probability within 12 months
0.7% Low
0%0.5%1.5%4%10%≥ 25%
The dashed line is the sector median: 0.2% across 317 companies (NACE 68, large).
About 7 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
Last 24 months
12-2024: 0.2%
01-2025: 0.2%● unchanged vs 12-2024
02-2025: 0.2%● unchanged vs 01-2025lowest value
03-2025: 0.2%● unchanged vs 02-2025
04-2025: 0.2%● unchanged vs 03-2025
05-2025: 0.2%● unchanged vs 04-2025
06-2025: 0.2%● unchanged vs 05-2025
07-2025: 0.3%▲ +0.1 percentage points vs 06-2025
08-2025: 0.4%▲ +0.1 percentage points vs 07-2025
09-2025: 0.5%▲ +0.1 percentage points vs 08-2025
10-2025: 0.7%▲ +0.2 percentage points vs 09-2025
11-2025: 0.2%▼ -0.5 percentage points 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 05-2026
07-2026: 0.2%● unchanged vs 06-2026
08-2026: 0.4%▲ +0.2 percentage points vs 07-2026
09-2026: 0.5%▲ +0.1 percentage points vs 08-2026
10-2026: 0.7%▲ +0.2 percentage points vs 09-2026highest value
11-2026: 0.7%● unchanged vs 10-2026highest value
Financial strengthAverage
Score breakdown
raises risk
Capped at 59: a confirmed filing finding
Figures for financial year 2024 (filed on 31-10-2025)
Liquidity: current ratio 0.71, cash €2.8m
lowers risk
Size: turnover €30.1m, total assets €186.2m
Founded in 1974
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 57% of them on solvency, 18% on liquidity, 68% on profitability and 35% on growth.
The bankruptcy probability was computed on 06-11-2026 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.
The probability rests on the annual accounts with balance sheet date 31-12-2024.
Of the companies with a bankruptcy probability in the low class on 30-06-2025, 0.8% went bankrupt within twelve months.
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).
Comparable companies, two years later
In July 2024, 513 companies had the same profile as WAVE has now. Each dot stands for 2 companies, two years later.
96.1%
were still trading
3.1%
stopped another way
0.8%
went bankrupt
That fits the bankruptcy probability of WAVE itself: 0.7% within 12 months.
Test of the method
The method was tested on the 497,447 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 513 companies, not a prediction for WAVE. 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.
Credit verdict
Credit of up to €3,000,000 on 30-day terms, only on tighter conditions: an expected filing is missing beyond Checked's processing allowance
Liquidity is insufficient, with a current ratio of 0.71 (0.59 in 2023), below 1. Short-term debt is 43.6% and cash 1.5% of total assets. 63.9% of the assets are financed with debt and provisions.
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The scores and ratios are Checked's own calculations, not a credit decision.
Signals
Six signals.
lowers riskraises risk
raises risk · Annual accounts not filed
The financial year that closed on 31-12-2025 was due at the National Bank by 31-07-2026. Nothing is on record, 99 days later.
NBB · 10 filingsPosition against the passed deadline
31-12-2025 year end31-07-2026 deadline07-11-2026 today
raises risk · 2024 accounts filed 92 days late
The financial year that closed on 31-12-2024 was due by 31-07-2025 and was filed on 31-10-2025, 92 days past the deadline. Measured on financial year 2023: of the companies more than 90 days late, 5.61% are now bankrupt, dissolved or in another special legal status, against 1.66% of all filers.
NBB · 10 filingsDeviation from the deadline
2025
not filed
2024
92 days late
2023
30 days late
2022
31 days late
2021
59 days late
2020
18 days late
2019
18 days late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
The company filed its last 6 accounts on average 41 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 (1)
Board and ownership
WD
Winvest Developments BV
Managing director, Tanguy Westerlund
- FASHION REPUBLIC BELGIE 100%equity €107,572 (2023) · deed of 31-01-2025
- WAVE HOLDING 0.19%score 57equity €3.1m (2024) · 2024 annual accounts of WAVE HOLDING
Shares in 7 companies, including FASHION REPUBLIC BELGIE and OEVER
Board & ownershipRecent changes
Environmental permit refused
Slopen van niet vrijstaande gebouwen of constructies, Verbouwen en/of uitbreiden met functiewijziging en met wijziging van aantal woongelegenheden · Antwerpen
Environmental permit granted
Functiewijziging zonder verbouwingswerken · Antwerpen
Environmental permit granted
Verbouwen en/of uitbreiden zonder functiewijziging en zonder wijziging van aantal woongelegenheden · Provincie Antwerpen
Environmental permit granted
Functiewijziging zonder verbouwingswerken · Mechelen
Comparable companies
same main activity, similar in size and age| Company | ||||
|---|---|---|---|---|
| WAVE Antwerp | €30.1m | 23.1% | 36.1% | - |
| D'IETEREN IMMO Ixelles | €28.6m | 37.5% | 39.9% | 39.4 |
| Delimmo Asse | €88.4m | 20.9% | 73.5% | - |
| Le Logis Social de Liège Liège | €14.5m | 3.3% | 60.0% | 79.5 |
| Tuinwijk Lokeren | €9.8m | 3.2% | 28.2% | 22.1 |
| VASTINT BELGIUM Brussels | €4.4m | -64.9% | 67.5% | 3.9 |
| Bermaso Schilde | €7.5m | -34.9% | 44.4% | 2.7 |
Grey: the largest companies of the sector (real estate (NACE 68)), without their names. Blue: the sector peers from the table.
These companies have the same main activity as WAVE: buying and selling of own real estate (NACE 68110). They are comparable in size and age: total assets between €107m and €220m, founded between 1921 and 1999.
Official details
Source: KBO- Status
- Active since 16-01-1974Normal situation
- Registered office
- 29 active companies are registered at this addressSource: KBO register, as of 7 November 2026.
- Activity
- Buying and selling of own real estateNACE 68110
- Establishment unit
- 2.102.138.0722000 Antwerp, since 01-01-1974
- Financial year end
- 31 December
- Peppol
- Reachable since 17-11-2025
Companies linked to WAVE
Subsidiaries and holdings
- IMMOCAMP50%
- PATINE50%
- UVO50%
- VASTGOED NATIE50%
- WAVE BUILDING1%
Insights on WAVE
WAVE has been active since 1974 and the Belgian Official Gazette contains no insolvency or warning signals. The 2024 annual accounts show equity of €67.3m and a net result of €1.6m.
Equity grew by about 19% per year on average since 2018. In 2024 it fell by 2.8%. Its solvency ranks better than 55% of 4,790 sector peers (NACE 68, financial year 2024).
The computed 12-month bankruptcy probability is 0.7% (low).
Sources: KBO register, filings at the National Bank, Belgian Official Gazette. Click a figure with a dotted line for the item and the filing.
Key facts about WAVE
- What is the company number of WAVE?
- The company number of WAVE is 0413.839.711. The VAT number is the same number with BE in front: BE 0413.839.711.
- Where is WAVE based?
- The registered office is at Jordaenskaai 25, 2000 Antwerp.Company details
- What does WAVE do?
- According to the KBO register, the main activity is buying and selling of own real estate (NACE 68110).
- What is the legal form of WAVE?
- WAVE is a public limited company (NV).
- When was WAVE founded?
- WAVE was founded on 16-01-1974.
- Is WAVE still active?
- Yes, WAVE is an active enterprise in the KBO register.
- What is the turnover of WAVE?
- The turnover of WAVE was €30.1m in financial year 2024, according to the filed annual accounts.Financials
- Is WAVE profitable?
- In financial year 2024, WAVE made a profit of €1.6m.
- Where can I find the annual accounts of WAVE?
- WAVE filed 48 annual accounts with the National Bank of Belgium, the latest for financial year 2024.
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