Summary
Conclusion
the dossier summarised in one paragraphThe computed 12-month bankruptcy probability of HIGHLINE BRUSSELS SA is 0.6% (low). The 2025 annual accounts show equity of €407k and a net result of €-449k. Equity is shrinking by ~37.8% per year and would, assuming unchanged policy, indicatively turn negative around fiscal year 2027. Its solvency ranks better than 22% of 207 sector peers (fiscal year 2025). The company has been active since 2022 and the Belgian State Gazette contains no insolvency or warning signals.
Based on the State Gazette, CBE and 4 annual accounts.
Bankruptcy probability (12 mo)
Checked model v1 · free for everyone0.6%
Low
0%0,5%1,5%4%10%≥25%
Young company
+Lower-failure-rate sector
−Lower-risk legal form
−
Statistical estimate based on public sources, not credit advice nor a finding of fact. How do we compute this?
Signals
2 signals · with evidencePersistent losses
Two consecutive loss-making years (2024 and 2025); equity fell accordingly. May indicate structural pressure on profitability.
View the result trend Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 22% of 207 sector peers (2025).
View the sector comparison Signals are derived from the filed annual accounts and the sector comparison. No composite score: each signal is separately verifiable at the source.
Filing behaviour
From the deposit records, complete market-wideLatest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 10-04-2026, 112 days ahead of the deadline. This speaks to administrative punctuality and says nothing about the financial position.
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.
How we compute the deadline
The year end is derived from 4 filed financial years, each closing on 31-12. The statutory deadline is seven months after the close of the financial year (art. 3:10 par. 1 CAC, art. 3:47 par. 7 for ASBL and foundations). Applied to the financial year that closed on 31-12-2025, that is 31-07-2026.
Deadline per financial year
| Year closed | Due by | Filed | Variance | Reference |
|---|---|---|---|---|
| 31-12-2025 | 31-07-2026 | 10-04-2026 | 112 d early | 2026-00080460 |
| 31-12-2024 | 31-07-2025 | 11-04-2025 | 111 d early | 2025-00072904 |
| 31-12-2023 | 31-07-2024 | 12-04-2024 | 110 d early | 2024-00063570 |
| 31-12-2022 | 31-07-2023 | 12-04-2023 | 110 d early | 2023-00061406 |
Source: the National Bank's deposit records. Those records are complete, including for years whose figures we have not read yet. Filing late covers nearly half the market and is therefore not scored; only not filing, being more than 90 days late and breaking a punctual record carry weight.
Trust signals
2 signalsMore than 3 years active
Founded in 2022, past the statistically most fragile first 3 years.
No legal incidents
No bankruptcy, reorganisation or interim measure in the Belgisch Staatsblad, and the KBO register records a normal legal situation.
Administrative Flags
No strikeouts found in the KBO publications we processed. That series starts in 2021 and has gaps, so this is not a confirmation that there is nothing.
Financials
TurnoverNot published (abbreviated filing)
EBIT marginNot published (abbreviated filing)
Net result€-449k-3.2%
Working capital€408k-52.4%
Annual accounts & ratios
Source: NBB · 2025Annual accounts filed on 10-04-2026 with the NBB · fiscal year 2025 · volledig
Trajectory (indicative)
Projection over 3 fiscal years from the filed annual accounts, not a forecast, the extended trend.
declining
At this pace, equity would indicatively turn negative around fiscal year 2027, assuming unchanged policy.
Solid line = filed figures · dashed = extended trend · area = indicative range.
How do we compute this?
The trend is a robust median of all pairwise slopes between fiscal years (Theil-Sen), so a single odd year cannot hijack the line. For strictly positive series we also fit a log variant (compound annual growth) and keep whichever describes the figures best.
The area around the projection is 1.8 × the median absolute deviation from the trend, widening each year ahead (×1 / ×1.6 / ×2.2), with a minimum of 8% of the last value. It is an indicative range, not a statistical confidence interval.
A series whose deviations exceed 35% of its level is too volatile: we then deliberately show no projection. Every projection assumes unchanged policy and is blind to non-public information (order book, contracts, funding rounds).
Sector comparison
Fiscal year 2025 · NACE 68, Real estate activities · compared within the same schema type (full schema)
| Metric | This company | Sector median | Position in the sector |
|---|---|---|---|
| Solvency | 2.1% | 31.0% | |
| Net result | €-449k | €7k | |
| Equity | €407k | €503k | |
| Total assets | €19.06M | €2.41M |
Median and position computed from NBB annual accounts filed by sector peers; own figures from the latest filed accounts.
Sector position over time
Percentile per fiscal year versus peers that filed figures, computed year by year (a year without enough peers is absent).
P22
Weakening position over 2022-2025
· n=207-779
P7
Weakening position over 2022-2025
· n=206-777
P47
Weakening position over 2022-2025
· n=207-779
P80
Stable position over 2022-2025
· n=207-779
Describes the position versus peers, not a forecast.
€-449k
-3.2%
22-25
€19.06M
+5.9%
22-25
€407k
-52.4%
22-25
€408k
-52.4%
22-25
€-7k
-
22-25
€18.65M
+8.9%
22-25
€18.65M
+8.9%
22-25
€0
-100.0%
22-25
Show 6 other metrics
1.02
-2.7%
22-25
0.00
+89.8%
22-25
2.1%
-55.1%
22-25
45.82
+128.8%
22-25
-110.2%
-117.0%
22-25
-2.4%
+2.6%
22-25
Figures by fiscal year
| Fiscal year | 2025 |
|---|---|
| Deposit | volledig |
| Revenue | - |
| EBITDA | - |
| Net profit | €-449k |
| Cash flow | - |
| Staff costs | - |
| Income taxes | - |
| Dividends | - |
| Total assets | €19.06M |
| Equity | €407k |
| Debt | €18.65M |
| of which ≤ 1y | €18.65M |
| of which > 1y | - |
| Working capital | €408k |
| Employees (FTE) | - |
Ratios (computed)
| 2025 | |
|---|---|
| Current ratio | 1.02 |
| Quick ratio | 0.00 |
| Working capital ratio | 2.1% |
| Solvency | 2.1% |
| Debt / equity | 45.82 |
| Long-term debt ratio | - |
| Interest coverage | - |
| Gross margin | - |
| Net margin | - |
| ROA | -2.4% |
| ROE | -110.2% |
| EBITDA margin | - |
| Days sales outstanding | - |
| Days payable outstanding | - |
| Inventory turnover | 0.00 |
| Days inventory (DSI) | - |
Balance-sheet composition 2025
Full annual accounts (18 line items)
Filed balance sheet and income statement, exactly as deposited with the NBB.
| Line item | Code | 2025 |
|---|---|---|
| Balance sheet, Assets | ||
| TOTAL ASSETS | 20/58 | €19.06M |
| Current assets | 29/58 | €19.06M |
| Stocks & contracts in progress | 3 | €19.00M |
| Amounts receivable within one year | 40/41 | €10k |
| Cash & bank | 54/58 | €7k |
| Balance sheet, Equity & liabilities | ||
| TOTAL EQUITY & LIABILITIES | 10/49 | €19.06M |
| Equity | 10/15 | €407k |
| Contributions / capital | 10/11 | €1.00M |
| Reserves | 13 | €27k |
| Accumulated profits (losses) | 14 | €-620k |
| Amounts payable | 17/49 | €18.65M |
| Amounts payable within one year | 42/48 | €18.65M |
| Trade debts payable within one year | 44 | €57k |
| Income statement | ||
| Operating result | 9901 | €277k |
| Financial charges | 65 | €726k |
| Result before taxes | 9903 | €-449k |
| Net result for the period | 9904 | €-449k |
| Result to be appropriated | 9905 | €-449k |
This table shows the latest fiscal year. 3 prior years, with figures and ratios, belong to a paid plan.
See plans →
Ratios computed by Checked.
Health barometer
FY 2025 · computed27
/ 100
Weak
Computed from 4 of the 6 factors this model weighs. The rest cannot be derived from the filed figures, or need a prior year to compare against.
The full score breakdown, per-year score history and the indicative credit limit are in Kantoor S.
See plans →Computed by Checked from the NBB filing for FY 2025. Indicative, not credit advice.
Directors
Directors & mandates
11 directors8 of this company's 8 Belgian State Gazette acts have not been read yet. Appointments and resignations recorded in them are missing below: a director who resigned there may therefore still show here as sitting. See the acts under Publications.
Current directors & mandates
-
Suzy DENYSDirectorState Gazette act 25091057 (22-07-2025)Current22-07-2025 → present
-
Alexander HODACDirectorState Gazette act 25015978 (30-01-2025)Current30-01-2025 → present
-
Current18-06-2024 → present
-
Caroline VANDERSTRAETENDirectorState Gazette act 24099795 (03-07-2024)Current18-06-2024 → present
Former directors (7)
-
Sheelam CHADHADirectorState Gazette act 25048639 (14-04-2025)Former- → 31-01-2025
-
Patrick BECKERSDirectorState Gazette act 25015978 (30-01-2025)Former- → 30-01-2025
-
Vincent DE VOSDirectorState Gazette act 24078864 (23-05-2024)Former23-05-2024 → 30-01-2025
2 events
- 30-01-2025 Resigned· Director
- 23-05-2024 Appointed· Director
-
William LERINCKXDirectorState Gazette act 25015978 (30-01-2025)Former- → 31-10-2024
-
Stéphan SONNEVILLEDirectorState Gazette act 24099795 (03-07-2024)Former- → 18-06-2024
2 events
- 18-06-2024 Resigned· Director
- 18-06-2024 Resigned· Managing director
2 further former directors in the mandate history. Available in Kantoor S.
See plans →
Full appointment history from the Belgian State Gazette. Permanent representatives are shown for corporate directors.This list is read straight from this company's published acts, not from the officer register.
Insolvency mandates
No insolvency mandates (liquidators, administrators) on record for this company.
Legal Structure
| NACE primary | Ontwikkeling van niet-residentiële bouwprojecten(68122) |
| Legal form | Public limited company(014) |
| Incorporation | 02-06-2022 |
| Status | Active |
| Postal code | 1310 |
Structure & network
Locations & real estate
Registered office
on the map · from the address registerEstablishment units
1 locationHIGHLINE BRUSSELS
since 20222.331.737.963
Physical sites registered in the Crossroads Bank for Enterprises (CBE).
Parcels1
Ground area10.1 ha
Buildings1
Building footprint113 m²
Volume (LiDAR)983 m³
Tallest building14.1 m · ±3 fl.
Real-estate footprint
Source: CBE × cadastre · address linkingParcels linked to this company through its CBE addresses (seat, establishment units, branches), cross-referenced with the cadastral parcel plan. This shows where the company operates, not a deeds register.
Wallonia
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 25050C0039/00K000 | Wallonia | 10.1 ha | 1 · 113 m² | 14.1 m · 3 fl. |
Methodology
via registered seat: 1
1 of 1 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Publications
Lifecycle & Insolvency Signals
No insolvency signals in the Belgian State Gazette
Belgisch Staatsblad · acts
6 acts All acts · 6
updated 1 year ago
2025
22-07-2025 Suzy DENYS appointed as director
- Suzy DENYS, Bestuurder
14-04-2025 1 director appointed, 2 resigning
- Vera FRANCEUS, Dagelijks bestuur
- Sheelam CHADHA, Bestuurder
- Stéphan SONNEVILLE, Gedelegeerd bestuurder
30-01-2025 1 director appointed, 3 resigning
- Alexander HODAC, Bestuurder
- William LERINCKX, Bestuurder
- Vincent DE VOS, Bestuurder
- Patrick BECKERS, Bestuurder
2024
03-07-2024 3 directors appointed, 2 resigning
- Caroline VANDERSTRAETEN, Bestuurder
- ATENOR SA, Bestuurder
- Vera FRANCEUS, Dagelijks bestuur
- Stéphan SONNEVILLE, Bestuurder
- Stéphan SONNEVILLE, Dagelijks bestuur
12-06-2024 2 directors appointed, 1 resigning
- Christophe PELZER, Commissaris
- Vera FRANCEUS, Gedelegeerd bestuurder
- Carlo-Sébastien D'ADDARIO, Commissaris
23-05-2024 2 directors appointed, 2 resigning
- Vincent DE VOS, Bestuurder
- Vera FRANCEUS
- Laurent JACQUEMART, Bestuurder
- Eric BLOYAERT, Bestuurder
Analysis
Financial profile
5 of 5 axes measured33
/ 100
Fragile profile, watch profitability in particular.
All 5 axes are computed from data Checked has read.
Health
27
Profitability
0
Solvency
13
Growth
32
Stability
94
Credit advice
verdict per customer and amountSimilar
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We hold annual accounts for 254 of the 1,261 companies in this sector. 152 of them are within a factor 10 of this company's equity.
Company registry
Company registry (CBE)
Crossroads BankActivities
Ontwikkeling van niet-residentiële bouwprojecten41102Ontwikkeling van niet-residentiële bouwprojecten68122Ontwikkeling van residentiële bouwprojecten41101Ontwikkeling van residentiële bouwprojecten68121
Primary activity highlighted.
Names & trade names
| Legal nameFR | HIGHLINE BRUSSELS SA |
Registered office
Avenue Reine Astrid 92
1310 La Hulpe, Belgium
Official data from the Crossroads Bank for Enterprises (CBE). Available for every registered company.