WORKING FORCE
ActiveSummary
WORKING FORCE has been active since 2022 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show negative equity (-€46,243) and a net result of -€6,052. Equity has been growing by about 22% per year since 2023. Its solvency ranks better than 15% of 17,145 sector peers (NACE 68, financial year 2025). The computed 12-month bankruptcy probability is 0.8% (low).
Overview
Overview
Official details
Source: KBO- Status
- Active since 12-10-2022 Normal situation
- Activity
- Renting and operating of own or leased non-residential real estate, excluding land NACE 68203
- Establishment unit
- 2.337.804.819 1410 Waterloo, since 12-10-2022
- Financial year end
- 31 December
- Peppol
- Not found in the Peppol Directory
Financial position
- Bankruptcy probabilitywithin 12 months
- 0.8%
- Gross margin
- €36,276
- ▼ 38.5%
- Turnover
- ≈ €59,000
- estimated
- Loss
- €6,052
- Equity
- -€46,243
- ▼ 15.1%
- Total assets
- €787,835
- ▼ 3.1%
- Negative equity on 31-12-2025
Score breakdownraises riskCapped at 59: negative equity1 change of registered office in 24 monthsNegative equity -€46,243lowers riskSize: total assets €787,835Sector: Real estate activities (NACE 68)Show the evidence
Checked score
About 8 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 15% of them on solvency, 7% on liquidity, 54% on profitability and 24% on growth.
The bankruptcy probability was computed on 01-11-2026 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 10 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
Annual accounts 2025 filed on 30-07-2026 at the NBB all 3 filings
2023 to 2025, 3 financial years
The operating result for 2025 is a loss of €5,870, after a profit of €26,216 in 2024.
Turnover is what the company sold, the result is what was left of it. A loss stands below the zero line.
Assets, equity and debt per financial year.
The EBIT margin is the share of each euro of turnover left from operations. The return on assets is what the assets earn.
The higher the solvency, the better the company absorbs a setback.
Use the arrow keys on the chart for the figures per year.
The 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 dashed line is the median. There is a sector band for net result, equity, total assets, solvency and return on assets (ROA).
Investments
| Item | 2023 | 2024 | 2025 |
|---|---|---|---|
| Tangible fixed assets | €958,538 | - | - |
| Depreciation and write-downs of the year | €135,845 | €23,568 | €23,568 |
Source: notes to the 2023 to 2025 annual accounts (statement of fixed assets)
Comparable companies
These companies have the same main activity as WORKING FORCE: renting and operating of own or leased non-residential real estate, excluding land (NACE 68203). They are comparable in size and age: total assets between €691,000 and €851,000, founded between 2021 and 2023.
| Company | Founded | Total assets | Equity | Gross margin | Net result | Financial year |
|---|---|---|---|---|---|---|
| WORKING FORCE Waterloo | 2022 | €787,835 | -€46,243 | €36,276 | -€6,052 | 2025 |
| IMMOGOM Wevelgem | 2022 | €851,145 | €459,622 | €36,052 | €21,581 | 2025 |
| QUINT Hasselt | 2023 | €809,190 | €354,012 | €42,757 | €24,671 | 2025 |
| Strive Vastgoed Houthalen-Helchteren | 2022 | €691,143 | -€29,530 | €41,612 | -€1,675 | 2025 |
| AMMI MAJUS Eghezée | 2022 | €732,059 | €606,467 | €44,660 | €9,597 | 2025 |
| SKIMMO Sint-Niklaas | 2021 | €827,652 | €551,127 | €37,581 | -€2,386 | 2025 |
| COLFONTAINE SUPPLY Colfontaine | 2023 | €840,225 | €33,728 | €41,083 | -€5,984 | 2025 |
They were chosen from the 6,620 other active companies with that main activity and annual accounts from the past two years. All companies with this main activity
Companies with the same profile, two years later
Historical observationIn July 2024, 1,251 companies had the same profile as WORKING FORCE has now. Two years later, 1.0% had gone bankrupt and 96.6% were still going.
- Small
- 2 to 5 years old
- negative equity
- a small loss
Another 0.3% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of WORKING FORCE itself: 0.8% within 12 months.
Test of the method
The method was tested on the 497,445 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 1,251 companies, not a prediction for WORKING FORCE. 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.
| Line | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €135,845 | €23,568 | €23,568 | = |
| Other operating charges640/8 | €1,057 | €9,244 | €18,578 | ▲ 101% |
| Gross operating margin9900 | €68,234 | €59,027 | €36,276 | ▼ 38.5% |
| Operating profit (loss)9901 | -€68,668 | €26,216 | -€5,870 | - |
| Financial charges65/66B | €69 | €170 | €182 | ▲ 7.1% |
| Recurring financial charges65 | €69 | €170 | €182 | ▲ 7.1% |
| Profit (loss) for the period before taxes9903 | -€68,737 | €26,046 | -€6,052 | - |
| Profit (loss) for the period9904 | -€68,737 | €26,046 | -€6,052 | - |
| Profit (loss) for the period to be appropriated9905 | -€68,737 | €26,046 | -€6,052 | - |
| Line | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|
| Assets | ||||
| Total assets20/58 | €837,674 | €812,720 | €787,835 | ▼ 3.1% |
| Formation expenses20 | €1,284 | €944 | €604 | ▼ 36.0% |
| Fixed assets21/28 | €823,110 | €799,882 | €776,655 | ▼ 2.9% |
| Tangible fixed assets22/27 | €823,110 | €799,882 | €776,655 | ▼ 2.9% |
| Land and buildings22 | €814,680 | €792,302 | €769,924 | ▼ 2.8% |
| Other tangible fixed assets26 | €8,430 | €7,580 | €6,730 | ▼ 11.2% |
| Current assets29/58 | €13,281 | €11,894 | €10,577 | ▼ 11.1% |
| Amounts receivable within one year40/41 | €520 | - | €49 | - |
| Trade receivables40 | - | - | €49 | - |
| Other amounts receivable41 | €520 | - | - | - |
| Cash at bank and in hand54/58 | €12,761 | €11,894 | €10,528 | ▼ 11.5% |
| Equity and liabilities | ||||
| Total equity and liabilities10/49 | €837,674 | €812,720 | €787,835 | ▼ 3.1% |
| Equity10/15 | -€66,237 | -€40,191 | -€46,243 | ▼ 15.1% |
| Contributions10/11 | €2,500 | €2,500 | €2,500 | = |
| Profit (loss) carried forward14 | -€68,737 | -€42,691 | -€48,743 | ▼ 14.2% |
| Amounts payable17/49 | €903,911 | €852,911 | €834,078 | ▼ 2.2% |
| Amounts payable after more than one year17 | €903,911 | €852,911 | €824,911 | ▼ 3.3% |
| Other amounts payable178/9 | €903,911 | €852,911 | €824,911 | ▼ 3.3% |
| Accrued charges and deferred income492/3 | - | - | €9,167 | - |
| Line | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|
| Profit (loss) for the period9904 | -€68,737 | €26,046 | -€6,052 | - |
| + Depreciation and write-downs630 | €135,845 | €23,568 | €23,568 | = |
| Operating cash flow (approximation) | €67,108 | €49,614 | €17,516 | ▼ 64.7% |
| Investment in fixed assets (approximation) | - | -€340 | -€340 | = |
| Change in cash | - | -€867 | -€1,366 | ▼ 57.6% |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Board & ownership
Directors
Owners and capital
Shareholders
- CAUWEL Daniel Auguste sole founder · 100% at incorporation
Capital transactions
- 14-10-2022 Incorporation · €2,500 · 100 shares
Articles of association
- Transfer restrictionThis rule says whether shareholders may sell their shares freely or need approval first.
- “Moitié cédant moitié acquéreurs au prorata si plusieurs, choisi de commun accord ou président du tribunal de l'entreprise statuant comme en…”
Articles of association, deed of 14-10-2022 (in French)
Network & group
Companies at the same address
6 other companies- Les Amis du Champ des Vignes Registered office · since 2026 1042132960
- CHAMP DES VIGNES Establishment · since 2021 0765727995
- WGG HOLDING Establishment · since 2021 0765198059
- NESPART Registered office · since 2019 0721600024
- Comité des Petites Entreprises Registered office · since 2008 0464571897
- Fédération des Commerçants, Artisans et Entreprises du SDI Registered office · since 1999 0471795627
Connections & network
4 connected companiesTimeline
Acts, filings and financial milestones
30-09
Gazette deed
Registered officeRegistered-office move2 points ▸
- Board meeting, 31-08-2026
- Registered-office move, 1410 Waterloo, Drève Richelle 161 K Boite 47
14-10
Gazette deed
IncorporationStarting capital €2,500 · Appointment: CAUWEL Daniel Auguste (director) · Founder9 points ▸
- Founder, CAUWEL Daniel Auguste (comparant)
- Incorporation, 11-10-2022
- Founding capital, “euros 2.500” (deed in French)
- Capital
- Other provision, “apports de fondateurs, compte de capitaux propres statutairement indisponible” (deed in French)
- Other provision, “conformément loi, effectivité décisions finales et transitoires” (deed in French)
- Registered office clause, “1410 Waterloo,Office Park,Drève Richelle 161 k” (deed in French)
- Director appointment, CAUWEL Daniel Auguste (director (not named in the articles))
- Pre-incorporation commitments, “takeover, engagements,obligations et activités entrepris au nom et pour compte société en formation” (deed in French)
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
6 activities
- Toutes activités de consultance, étude, recherche, prospection, gestion, coordination, mise en œuvre et suivi de tous services et prestations généralement quelconques relevant, dans les secteurs tant publics que privé, relevant des domaines spécialisés, scientifiques et techniques, du commerce, de l’industrie, de l’environnement, de l’aide au développement, de l’assistance notamment politique, technique, budgétaire, culturelle ou économique.
- La consultance et l’assistance aux entreprises en matière de planification, d’organisation, de recherche du rendement, de contrôle d’information, de gestion, de marketing, … (code Nace-Bel 7022001) ainsi que toutes autres activités de soutien aux entreprises (code Nace Bel 82990).
- L’information et la communication aux entreprises.
- Les activités d’enseignement et de communication en rapport avec le management et la gestion d’entreprise au sens large.
- Les services administratifs et de soutien aux entreprises.
- L’achat, la vente, la mise en location, la gestion et la mise en valeur de biens immobiliers sans toutefois que cette activité ne tombe dans le champ d’application de l’arrêté royal du six septembre mil neuf cent nonante-trois protégeant le titre professionnel et l’exercice de la profession d’agent immobilier.
Invoicing and payment
Financial year and general meeting
Accounts at the NBBSites & property
Buildings and parcels at the addresses
| Cadastral parcel | Region | Area | Buildings | Height / floors |
|---|---|---|---|---|
| 25763M0621/00F000indicative | Wallonia | 1.0 ha | 1 · 1,772 m² | 22.9 m · 6 |
| 25763M0605/00D000 | Wallonia | 4,465 m² | 1 · 1,124 m² | - |