BGV III BELGIUM
ActiveSummary
BGV III BELGIUM has been active since 2009 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show negative equity (€-2.92M) and a net result of €-3.08M. The figures fluctuate too strongly year-on-year for a reliable trend projection. Its solvency ranks better than 6% of 4556 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.5% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability0=
Solvency2▼-24
Growth22▼-20
Track record100
Bankruptcy probability, 12 months
0.5%
Very low
0%0.5%1.5%4%10%≥ 25%
No credit on open account
Liquidity short (current ratio 0.22 against 0.04 in 2024; short-term debt: 74.2% and cash: 15.5% of total assets), and equity is negative.
Credit check for your own amount and term
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
Solvency
-22.6%
Return on assets
-23.9%
Age of the figures
9 mo
raises risk · Negative equity
The 2025 annual accounts show negative equity and a net loss.
NBB · annual accounts 2025Equity per financial year
1819202122232425
2018 to 2025 · latest year €-2.92M
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 28-07-2026, 3 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
3 d early
2024
3 d early
2023
29 d late
2022
32 d early
2021
144 d early
2020
44 d early
2019
4 d late
← before the deadline
after the deadline →
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.
Companies Code · seven monthsPosition in the running window
25-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, full schema
Turnover
€27k▼ 98.7%
2024 · €2.08M
2018: €2.65M
2019: €2.70M▲ +1.9% vs 2018
2020: €2.73M▲ +1.1% vs 2019
2021: €2.77M▲ +1.5% vs 2020
2022: €3.08M▲ +11.5% vs 2021
2023: €3.33M▲ +8.0% vs 2022highest in 8 years
2024: €2.08M▼ -37.4% vs 2023
2025: €27k▼ -98.7% vs 2024lowest in 8 years
2018 → 2025
EBIT margin
-13212.4%▼ 13106.8pp
2024 · -105.6%
2018: 81.9%highest in 8 years
2019: 55.9%▼ -31.7% vs 2018
2020: -99.8%▼ -278% vs 2019
2021: -20.5%▲ +79.5% vs 2020
2022: 78.7%▲ +485% vs 2021
2023: -17.6%▼ -122% vs 2022
2024: -105.6%▼ -501% vs 2023
2025: -13212.4%▼ -12411% vs 2024lowest in 8 years
2018 → 2025
Net result
€-3.08M▼ 49.4%
2024 · €-2.06M
2018: €1.15M
2019: €497k▼ -56.9% vs 2018
2020: €-3.83M▼ -869% vs 2019lowest in 8 years
2021: €-1.71M▲ +55.2% vs 2020
2022: €1.78M▲ +204% vs 2021highest in 8 years
2023: €-1.58M▼ -189% vs 2022
2024: €-2.06M▼ -30.1% vs 2023
2025: €-3.08M▼ -49.4% vs 2024
2018 → 2025
Working capital
€-7.47M▼ 211%
2024 · €-2.40M
2018: €1.71M
2019: €2.63M▲ +54.3% vs 2018highest in 8 years
2020: €1.04M▼ -60.4% vs 2019
2021: €30k▼ -97.1% vs 2020
2022: €-1.57M▼ -5362% vs 2021
2023: €-11.48M▼ -630% vs 2022lowest in 8 years
2024: €-2.40M▲ +79.0% vs 2023
2025: €-7.47M▼ -211% vs 2024
2018 → 2025
Trend over the years
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Turnover€2.77M-€3.08M▲ 11.5%€3.33M▲ 8.0%€2.08M▼ 37.4%€27k▼ 98.7%
2021: €2.77M
2022: €3.08M▲ +11.5% vs 2021
2023: €3.33M▲ +8.0% vs 2022highest in 5 years
2024: €2.08M▼ -37.4% vs 2023
2025: €27k▼ -98.7% vs 2024lowest in 5 years
Equity€2.02M-€3.81M▲ 88.2%€2.22M▼ 41.6%€160k▼ 92.8%€-2.92M
2021: €2.02M
2022: €3.81M▲ +88.2% vs 2021highest in 5 years
2023: €2.22M▼ -41.6% vs 2022
2024: €160k▼ -92.8% vs 2023
2025: €-2.92M▼ -1925% vs 2024lowest in 5 years
Operating result€-566k-€2.43M€-585k€-2.20M▼ 276%€-3.62M▼ 64.4%
2021: €-566k
2022: €2.43M▲ +529% vs 2021highest in 5 years
2023: €-585k▼ -124% vs 2022
2024: €-2.20M▼ -276% vs 2023
2025: €-3.62M▼ -64.4% vs 2024lowest in 5 years
Net result€-1.71M-€1.78M€-1.58M€-2.06M▼ 30.1%€-3.08M▼ 49.4%
2021: €-1.71M
2022: €1.78M▲ +204% vs 2021highest in 5 years
2023: €-1.58M▼ -189% vs 2022
2024: €-2.06M▼ -30.1% vs 2023
2025: €-3.08M▼ -49.4% vs 2024lowest in 5 years
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €3.62M in 2025 against €2.20M in 2024; the loss grows and 2025 has the lowest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €12.89M
Fixed assets
€10.80M ▼ 18.3%
Current assets
€2.09M ▲ 2,182%
Key figures and ratios
EBITDA
€-2.62M▼
2024 · €-1.20M
Cash flow
€-2.08M▼
2024 · €-1.06M
Solvency
-22.6%▼
2024 · 1.2%
Current ratio
0.22▲
2024 · 0.04
Debt to equity
-5.42▼
2024 · 82.24
ROA
-23.9%▼
2024 · -15.5%
Interest coverage
-182.28▼
2024 · -11.57
Debt
€15.81M▲
2024 · €13.15M
Debt ≤ 1 year
€9.56M▲
2024 · €2.50M
Debt > 1 year
€6.25M▼
2024 · €10.53M
Income taxes
€-563k▼
2024 · €-257k
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Filed annual accounts As filed with the NBB · 2025 against 2024 · 56 lines
Balance sheet
Code20242025
Assets
Total assets20/58€13.31M€12.89M▼
Fixed assets21/28€13.22M€10.80M▼
Tangible fixed assets22/27€13.22M€10.80M▼
Land and buildings22€10.09M€7.09M▼
Assets under construction and advance payments27€3.13M€3.71M▲
Financial fixed assets28€3k-
Other financial fixed assets284/8€3k-
Amounts receivable and cash guarantees285/8€3k-
Current assets29/58€92k€2.09M▲
Amounts receivable within one year40/41€80k€93k▲
Trade receivables40€2k€22k▲
Other amounts receivable41€78k€71k▼
Cash at bank and in hand54/58-€2.00M
Deferred charges and accrued income490/1€11k-
Equity and liabilities
Total equity and liabilities10/49€13.31M€12.89M▼
Equity10/15€160k€-2.92M▼
Contributions10/11€10.96M€10.96M=
Capital10€10.96M€10.96M=
Issued capital100€10.96M€10.96M=
Profit (loss) carried forward14€-10.80M€-13.88M▼
Amounts payable17/49€13.15M€15.81M▲
Amounts payable after more than one year17€10.53M€6.25M▼
Financial debts170/4€10.53M€6.25M▼
Subordinated loans170€819k€819k=
Credit institutions173€7.00M-
Other loans174€2.71M€5.43M▲
Amounts payable within one year42/48€2.50M€9.56M▲
Current portion of amounts payable after more than one year42€1.00M€8.00M▲
Financial debts43€1k-
Credit institutions430/8€1k-
Trade debts44€1.49M€1.56M▲
Suppliers440/4€1.49M€1.56M▲
Accrued charges and deferred income492/3€126k-
Income statement
Code20242025
Operating income70/76A€2.08M€46k▼
Turnover70€2.08M€27k▼
Non-recurring operating income76A-€19k
Operating charges60/66A€4.28M€3.66M▼
Goods for resale, raw materials and consumables60-€16k
Purchases600/8-€16k
Services and other goods61€581k€616k▲
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€1,000k€997k▼
Other operating charges640/8€205k€40k▼
Non-recurring operating charges66A€2.50M€2.00M▼
Operating profit (loss)9901€-2.20M€-3.62M▼
Financial charges65/66B€118k€25k▼
Recurring financial charges65€118k€25k▼
Debt charges650€104k€14k▼
Other financial charges652/9€14k€11k▼
Profit (loss) for the period before taxes9903€-2.32M€-3.64M▼
Income taxes67/77€-257k€-563k▼
Taxes670/3€3k€944▼
Tax adjustments and reversals of tax provisions77€260k€564k▲
Profit (loss) for the period9904€-2.06M€-3.08M▼
Profit (loss) for the period to be appropriated9905€-2.06M€-3.08M▼
Appropriation of the result
Profit (loss) to be appropriated9906€-10.80M€-13.88M▼
Profit (loss) brought forward from the previous period14P€-8.74M€-10.80M▼
The notes to these accounts (31 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Accounts by statement
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Operating income70/76A | - | €9.18M | €3.34M | €2.08M | €46k | ▼ 97.8% |
| Turnover70 | €2.77M | €3.08M | €3.33M | €2.08M | €27k | ▼ 98.7% |
| Other operating income74 | - | - | €10k | - | - | - |
| Non-recurring operating income76A | - | €6.10M | - | - | €19k | - |
| Operating charges60/66A | - | €6.75M | €3.93M | €4.28M | €3.66M | ▼ 14.5% |
| Goods for resale, raw materials and consumables60 | - | €48k | - | - | €16k | - |
| Purchases600/8 | - | €48k | - | - | €16k | - |
| Services and other goods61 | - | €651k | €671k | €581k | €616k | ▲ 6.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €602k | €5.88M | €997k | €1,000k | €997k | ▼ 0.3% |
| Other operating charges640/8 | - | €177k | €193k | €205k | €40k | ▼ 80.6% |
| Non-recurring operating charges66A | - | - | €2.07M | €2.50M | €2.00M | ▼ 20.2% |
| Operating profit (loss)9901 | €-566k | €2.43M | €-585k | €-2.20M | €-3.62M | ▼ 64.4% |
| Financial income75/76B | - | €5k | - | - | - | - |
| Recurring financial income75 | - | €5k | - | - | - | - |
| Income from current assets751 | - | €5k | - | - | - | - |
| Financial charges65/66B | - | €317k | €506k | €118k | €25k | ▼ 78.6% |
| Recurring financial charges65 | €1.06M | €317k | €506k | €118k | €25k | ▼ 78.6% |
| Debt charges650 | €961k | €298k | €504k | €104k | €14k | ▼ 86.2% |
| Other financial charges652/9 | - | €20k | €2k | €14k | €11k | ▼ 24.1% |
| Profit (loss) for the period before taxes9903 | €-1.63M | €2.11M | €-1.09M | €-2.32M | €-3.64M | ▼ 57.1% |
| Income taxes67/77 | €83k | €331k | €494k | €-257k | €-563k | ▼ 119% |
| Taxes670/3 | - | €331k | €494k | €3k | €944 | ▼ 66.5% |
| Tax adjustments and reversals of tax provisions77 | - | - | - | €260k | €564k | ▲ 117% |
| Profit (loss) for the period9904 | €-1.71M | €1.78M | €-1.58M | €-2.06M | €-3.08M | ▼ 49.4% |
| Profit (loss) for the period to be appropriated9905 | €-1.71M | €1.78M | €-1.58M | €-2.06M | €-3.08M | ▼ 49.4% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €18.70M | €18.10M | €15.88M | €13.31M | €12.89M | ▼ 3.2% |
| Fixed assets21/28 | €16.43M | €16.80M | €15.17M | €13.22M | €10.80M | ▼ 18.3% |
| Tangible fixed assets22/27 | €16.43M | €16.80M | €15.17M | €13.22M | €10.80M | ▼ 18.3% |
| Land and buildings22 | - | €16.65M | €13.59M | €10.09M | €7.09M | ▼ 29.7% |
| Assets under construction and advance payments27 | - | €154k | €1.59M | €3.13M | €3.71M | ▲ 18.4% |
| Financial fixed assets28 | - | - | - | €3k | - | - |
| Other financial fixed assets284/8 | - | - | - | €3k | - | - |
| Amounts receivable and cash guarantees285/8 | - | - | - | €3k | - | - |
| Current assets29/58 | €2.27M | €1.30M | €710k | €92k | €2.09M | ▲ 2,182% |
| Amounts receivable within one year40/41 | €48k | €10k | - | €80k | €93k | ▲ 15.4% |
| Trade receivables40 | - | €10k | - | €2k | €22k | ▲ 775% |
| Other amounts receivable41 | - | - | - | €78k | €71k | ▼ 8.6% |
| Cash at bank and in hand54/58 | €2.17M | €1.29M | €702k | - | €2.00M | - |
| Deferred charges and accrued income490/1 | - | €1k | €8k | €11k | - | - |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €18.70M | €18.10M | €15.88M | €13.31M | €12.89M | ▼ 3.2% |
| Equity10/15 | €2.02M | €3.81M | €2.22M | €160k | €-2.92M | ▼ 1,925% |
| Contributions10/11 | €10.96M | €10.96M | €10.96M | €10.96M | €10.96M | = |
| Capital10 | - | €10.96M | €10.96M | €10.96M | €10.96M | = |
| Issued capital100 | - | €10.96M | €10.96M | €10.96M | €10.96M | = |
| Profit (loss) carried forward14 | €-8.94M | €-7.16M | €-8.74M | €-10.80M | €-13.88M | ▼ 28.5% |
| Amounts payable17/49 | €16.68M | €14.29M | €13.66M | €13.15M | €15.81M | ▲ 20.2% |
| Amounts payable after more than one year17 | €13.68M | €10.50M | €819k | €10.53M | €6.25M | ▼ 40.6% |
| Financial debts170/4 | - | €10.50M | €819k | €10.53M | €6.25M | ▼ 40.6% |
| Subordinated loans170 | - | - | - | €819k | €819k | = |
| Credit institutions173 | - | €10.50M | - | €7.00M | - | - |
| Other loans174 | - | - | €819k | €2.71M | €5.43M | ▲ 100% |
| Amounts payable within one year42/48 | €2.24M | €2.87M | €12.19M | €2.50M | €9.56M | ▲ 283% |
| Current portion of amounts payable after more than one year42 | - | €2.00M | €10.50M | €1.00M | €8.00M | ▲ 700% |
| Financial debts43 | - | - | - | €1k | - | - |
| Credit institutions430/8 | - | - | - | €1k | - | - |
| Trade debts44 | €400k | €406k | €845k | €1.49M | €1.56M | ▲ 4.5% |
| Suppliers440/4 | - | €406k | €845k | €1.49M | €1.56M | ▲ 4.5% |
| Taxes, remuneration and social security45 | - | €465k | €843k | - | - | - |
| Taxes450/3 | - | €465k | €843k | - | - | - |
| Accrued charges and deferred income492/3 | - | €923k | €656k | €126k | - | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €-1.71M | €1.78M | €-1.58M | €-2.06M | €-3.08M | ▼ 49.4% |
| + Depreciation and write-downs630 | €602k | €5.88M | €997k | €1,000k | €997k | ▼ 0.3% |
| Operating cash flow (approximation) | €-1.11M | €7.66M | €-587k | €-1.06M | €-2.08M | ▼ 96.1% |
| Investment in fixed assets (approximation) | - | €-6.25M | €631k | €952k | €1.42M | ▲ 49.3% |
| Change in cash | - | €-879k | €-586k | - | - | - |
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
24-09
State Gazette act
Resignation: ZOU2 SRL (director)Appointment: RED CONSULT SRL (director) · Director discharge · Power of attorney6 facts ▸
State Gazette act
Resignation: ZOU2 SRL (director)
Appointment: RED CONSULT SRL (director) · Director discharge · Power of attorney6 facts ▸
- Director resignation, ZOU2 SRL (director)
- Director discharge, ZOU2 SRL
- Director appointment, RED CONSULT SRL (director)
- Power of attorney, Kathleen Verbiest
- Power of attorney, Berengere Garde
- Power of attorney, Sami Aboulkassimi
28-07
NBB filing
Annual accounts filed
fiscal year 2025 · full schema
2025
28-07
NBB filing
Annual accounts filed
fiscal year 2024 · full schema
2024
29-08
NBB filing
Annual accounts filed
fiscal year 2023 · full schema · 29 days late
2023
29-06
NBB filing
Annual accounts filed
fiscal year 2022 · full schema
2022
31-12
Financial
Back to profitnet €1.78M
Net result €1.78M after 2 loss-making years.
09-03
NBB filing
Annual accounts filed
fiscal year 2021 · full schema
2021
31-12
Financial
Equity above €2MEq €2.02M
Equity rises from €-4.77M to €2.02M.
17-06
NBB filing
Annual accounts filed
fiscal year 2020 · full schema
2020
31-12
Financial
Weakest financial yearnet €-3.83M
Net result drops to €-3.83M, the lowest in the series; recovery starts the following year.
04-08
NBB filing
Annual accounts filed
fiscal year 2019 · full schema · 4 days late
2019
31-12
Financial
Liquidity doublescurrent ratio 13.23
Current ratio from 6.57 to 13.23; short-term debt falls from €306k to €215k.
Show earlier events
21-06
NBB filing
Annual accounts filed
fiscal year 2018 · full schema
2018
22-06
NBB filing
Annual accounts filed
fiscal year 2017 · full schema
2017
13-06
NBB filing
Annual accounts filed
fiscal year 2016 · full schema
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
1 of 24 acts read
About the unread acts
Of the 24 Belgian State Gazette acts we know for this company, 1 has been read. The other 23 have not been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
1 director, last change in 2026
RED Consult
CurrentDirector · since 24-09-2026 · Private limited company · perm. rep.: LEFEBVRE Pierre-Damien
24-09-2026
RED Consult: Appointed as Director
04-04-2025
ZOU2: Resigned as Director
Not every act has been read: a resignation may be missing here
23 of this company's 24 Belgian State Gazette acts have not been read yet. Appointments and resignations recorded in them are missing above: a director who resigned there may therefore still show here as sitting. The acts are in the Timeline.
Location & real-estate footprint
Registered office, Brussel · 1 establishment unit since 2009
Ground area
2,791 m²
Building footprint
1,235 m²
Volume, LiDAR
89,309 m³
Parcel 21822R0227/00V003, Brussels · tallest building 106.8 m, ±30 floors. Linked by address, not a title deed.
268
companies at this address
See who is registered here
1 establishment unit
BGV III BELGIUM
since 20092.179.459.841
1 parcel
Brussels
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 21822R0227/00V003 | Brussels | 2,791 m² | 1 · 1,235 m² | 106.8 m · 30 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
Connections & network
12 connected companiesThis company
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Director
Shareholding
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Recognitions · licences · registrations
Legal Entity Identifier
529900CDYR4V4ZY44I81
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Identification & contact
Identification
Legal formPublic limited company
Founded06-07-2009
Fiscal year end31-12
Activities, NACEBEL 2025
68201Renting and operating of own or leased residential real estate, excluding social housing
Scores and ratios are computed by Checked and are not a credit decision.