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SW+

Active
Private limited companyfounded 1923103 years activeDamastweversstraat(Kor) 3, 8500 Kortrijk, BelgiumKBO/BCE: BE 0405.342.610
Summary

SW+ has been active since 1923 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €67.0m and a net result of €3.6m. Equity is growing by ~9.5% per year across the filed fiscal years. Its solvency ranks better than 29% of 5,669 sector peers (NACE 68, fiscal year 2025). The computed 12-month bankruptcy probability is 0.4% (very low).

Overview

Activity
Real estate activities
NACE 68202
#1 company by staff growth in West Flanders, Real estate sector3 sites
Size
€24.2mturnover 2025
Staff
56.5 FTE
Equity
€67.0m
Profit
€3.6m
Net result +852%: branch transferred
Financial health
84 Excellent Checked score 2025
Bankruptcy probability, 12 months
0.4%
Structure
Board
24 members
Auditor: CALLENS VANDELANOTTEAccounts 63 days early
Why 84- Liquidity: current ratio 0.86, cash €6.6m- Equity €67.0m (16.7% of total assets)- Founded in 1923+ Size: turnover €24.2m, 56.5 FTE, total assets €401.7mShow the evidence

Checked score

Score 2025
84 / 100
Excellent
Probability in this band: under 0.55%
Financially better than 60% of its sector peers (NACE 68, medium-sized)
Financial strength · tick = 2024
Average
Solvency 42+1
equity 16.7% of total assets
Liquidity 52=
short-term debt 4.7% · cash 1.7%
Profitability 56+2
return on assets 0.9%
Bankruptcy probability, 12 months
0.4% Very low
0%0.5%1.5%4%10%≥ 25%

About 4 in 1,000 comparable companies go bankrupt within 12 months (an estimate).

Sector median 0.1% (1,718 companies)
Last 24 months 11-2024: 0.8% 12-2024: 0.8%● unchanged vs 11-2024 01-2025: 0.8%● unchanged vs 12-2024 02-2025: 0.7%▼ -0.1 percentage points vs 01-2025 03-2025: 0.8%▲ +0.1 percentage points vs 02-2025 04-2025: 0.8%● unchanged vs 03-2025 05-2025: 0.8%● unchanged vs 04-2025 06-2025: 0.8%● unchanged vs 05-2025 07-2025: 0.8%● unchanged vs 06-2025 08-2025: 0.8%● unchanged vs 07-2025 09-2025: 0.8%● unchanged vs 08-2025 10-2025: 0.8%● unchanged vs 09-2025 11-2025: 0.8%● unchanged vs 10-2025 12-2025: 0.8%● unchanged vs 11-2025 01-2026: 0.8%● unchanged vs 12-2025 02-2026: 0.8%● unchanged vs 01-2026 03-2026: 0.8%● unchanged vs 02-2026 04-2026: 0.8%● unchanged vs 03-2026 05-2026: 0.8%● unchanged vs 04-2026highest value 06-2026: 0.5%▼ -0.3 percentage points vs 05-2026 07-2026: 0.4%▼ -0.1 percentage points vs 06-2026lowest value 08-2026: 0.4%● unchanged vs 07-2026lowest value 09-2026: 0.4%● unchanged vs 08-2026lowest value 10-2026: 0.4%● unchanged vs 09-2026lowest value
Credit up to €2,400,000 at 30 days acceptable
Liquidity short (current ratio 0.86 against 1.08 in 2024; short-term debt: 4.7% and cash: 1.7% of total assets), and 83.3% of the assets are financed with debt.
How it is calculated

The band follows from the bankruptcy probability, on a scale where 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, medium-sized): better than 37% on solvency, 73% on liquidity, 65% on profitability and 65% on growth.

The bankruptcy probability was computed on 06-10-2026 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. Negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late hold it at Fair at most (59); two missing filings, at Weak (44). An ongoing judicial reorganisation or the company's end (bankruptcy, dissolution, liquidation) holds it at Critical at most (24).

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Signals

Five signals.
−lowers risk+raises risk○neutral
raises risk · Liquidity: current ratio 0.86, cash €6.6m
NBB · annual accounts
raises risk · Equity €67.0m (16.7% of total assets)
NBB · annual accounts
lowers risk · Size: turnover €24.2m, 56.5 FTE, total assets €401.7m
The company's size counts in the probability; how much depends on the rest of its profile.
NBB · annual accounts
raises risk · Founded in 1923
How long the company has existed counts in the probability; how much depends on the rest of its profile.
KBO
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 29-05-2026, 63 days ahead of the deadline.
NBB · 10 filings
Deviation from the deadline
2025
63 days early
2024
59 days early
2023
9 days early
2022
33 days early
2021
41 days early
2020
39 days early
2019
17 days early
← 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 37 days before 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 20 June (4 of the last 5 filed years within 30 days of that day).
Companies Code · seven months
Position in the running window
07-10-2026 today31-12-2026 close31-07-2027 deadline
neutral · No strike-offs in the KBO publications
Checked from 2021 on.
KBO publications · our coverage
  1. Reappointment: NV CALLENS VANDELANOTTE (statutory auditor)Permanent representative: Frank Vandelanotte
  2. Annual accounts filedfiscal year 2025 · full…
  3. Statutes amendmentState Gazette act

Key points

  • Result rose in 2025branch transferred to WM Elan ▲ 852% View
  • Positive: Company by staff growth in West Flanders, Real…in the Checked rankings #1 View
  • Directors leftlatest change 25-02-2026 · 24 in office 10 left View
  • Flemish supportawarded 2022 - 2025 €30.7m View
  • 2 restructurings since 2023latest: branch transferred to WM Elan 2 View
  • Positive: Always filed on timeaccounts within the deadline every year 8 years View
  • Active since 1923founded 17-05-1923 103 years View
  • Positive: 3 years of growth in a rowturnover 2025: €24.2m 3 years View

By topic

Financials

Fiscal year
2025
Turnover
€24.2m
Profit
€3.6m
Solvency
16.7%
Turnover▲ 5.6%
Net result
20182025
Go to Financials

Timeline

Events
51
Since
2009
Next accounts
by 31-07-2027
  1. 25-02-2026Resignations: Maxim Veys, Mohamed Ahouna and 8…
  2. 31-12-2025Highest result since 2018
  3. 01-10-2025Capital & shares
Go to Timeline

Company details

Sites
3
Legal form
Private limited company
Activity
Real estate activitiesNACE 68202
Founded
17-05-1923
Year ends
31-12
Peppol
Reachable for e-invoices
Go to Company details

Articles of association

Provisions read
1
Purpose
De vennootschap heeft als hoofdzakelijk doel in het algemeen belang bij te dragen aan het…
Go to Articles of association

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