Financials
- Fiscal year
- 2025
- Turnover
- €38.6m
- Loss
- -€12.4m
- Solvency
- 24.5%
Turnover▲ 127%
Net result
20182025
GHELAMCO INVEST
ActiveSummary
GHELAMCO INVEST has been active since 1987 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €91.2m and a net result of -€12.4m. Equity is shrinking by ~8.5% per year across the filed fiscal years. Its solvency ranks better than 37% of 5669 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.1% (very low).
Overview
Activity
Development of residential building projects
NACE 68121Real estate development NACE 41101
#1 company by total assets in Ypres, Real estate sector1 site
Size
€38.6mturnover 2025
- Equity
- €91.2m
- Loss
- -€12.4m
Structure
- Parent
- GHELAMCO GROUP · 86.17%
- Board
- 11 members
- Holdings
- 48
Auditor: KPMG BedrijfsrevisorenAccounts filed 18 d late
Why 93- Liquidity: current ratio 1.65, cash €2.7m, halved- Loss of €12.4m, the second in a row (FY 2025)+ Size: turnover €38.6m, total assets €373.0m+ Founded in 1987Show the evidence
Checked score
Score 2025
93
/ 100
Excellent
Probability in this band: under 0.55%
Better than 43% of its sector peers (NACE 68, large)
Performance against the sector, not lower risk
Financial strength · tick = 2024
Weak
Solvency
49+3
equity 24.5% of total assets
Liquidity
42+2
short-term debt 24.9% · cash 0.7%
Profitability
42+42
return on assets -3.3%
Bankruptcy probability, 12 months
0.1%
Very low
0%0.5%1.5%4%10%≥ 25%
Fewer than 1 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
Last 24 months
11-2024: 0.1%
12-2024: 0.1%● 0.0% vs 11-2024
01-2025: 0.1%● 0.0% vs 12-2024
02-2025: 0.1%▼ -3.6% vs 01-2025
03-2025: 0.1%▲ +1.5% vs 02-2025
04-2025: 0.1%▲ +6.7% vs 03-2025
05-2025: 0.1%▲ +3.5% vs 04-2025
06-2025: 0.2%▲ +3.4% vs 05-2025
07-2025: 0.2%▲ +35.1% vs 06-2025
08-2025: 0.3%▲ +34.1% vs 07-2025
09-2025: 0.3%● 0.0% vs 08-2025
10-2025: 0.3%● 0.0% vs 09-2025
11-2025: 0.3%● 0.0% vs 10-2025
12-2025: 0.3%● 0.0% vs 11-2025
01-2026: 0.3%● 0.0% vs 12-2025
02-2026: 0.3%▼ -3.6% vs 01-2026
03-2026: 0.3%▲ +1.5% vs 02-2026
04-2026: 0.3%▲ +6.2% vs 03-2026
05-2026: 0.3%▲ +1.0% vs 04-2026
06-2026: 0.3%▲ +6.5% vs 05-2026
07-2026: 0.3%▲ +7.4% vs 06-2026
08-2026: 0.6%▲ +66.3% vs 07-2026highest value
09-2026: 0.1%▼ -83.1% vs 08-2026lowest value
10-2026: 0.1%● 0.0% vs 09-2026lowest value
- Size: turnover €38.6m, total assets €373.0m lowers the probability for this profile
- Liquidity: current ratio 1.65, cash €2.7m, halved raises the probability
- Founded in 1987 lowers the probability for this profile
- Loss of €12.4m, the second in a row (FY 2025) raises the probability
Credit up to €3,850,000 at 30 days acceptable
Liquidity ample (current ratio 1.65 against 1.29 in 2024; short-term debt: 24.9% and cash: 0.7% of total assets), but 75.5% of the assets are financed with debt.
How it is calculated
The band comes from the bankruptcy probability on a scale of 0 to 100: every 10 points more double the odds of getting through the year without bankruptcy.
| 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% |
Place inside the band: half the bankruptcy probability, half how the company does against its sector peers (NACE 68, large). Better than this share of them on solvency 43%, liquidity 27%, profitability 45%, growth against the median 56%. That is performance, not lower risk; the band itself always comes from the probability.
Bankruptcy probability: model pd-v3.202610021621, computed on 06-10-2026. The model learns from Belgian bankruptcies and reads the registers, the annual accounts and the gazette.
Ceilings: negative or zero equity, a heavy loss, a special KBO legal situation and a missing filing 59 (two missing 44), an ongoing judicial reorganisation or an ending 24. Financial strength does not count in the score.
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Signals
Six signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
raises risk · Persistent losses
Two consecutive loss-making years (2024 and 2025); equity is also lower. May indicate structural pressure on profitability.
NBB · annual accounts 2025Net result per financial year
1819202122232425
2018 to 2025 · latest year -€12.4m
neutral · A punctual record breaks
This company filed 9 consecutive financial years on time. The year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 18-08-2026, 18 days late. Weigh it accordingly: a break into the 1-to-90-day band measures 1.41% abnormal legal state, below the 1.66% market average. It is a change in behaviour, not evidence of elevated risk.
NBB · 10 filingsDeviation from the deadline
2025
18 d late
2024
17 d early
2023
on the day
2022
12 d early
2021
25 d early
2020
19 d early
2019
22 d 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 11 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 19 July (5 of the last 5 filed years within 30 days of that day).
Companies Code · seven monthsPosition in the running window
07-10-2026 today31-12-2026 close31-07-2027 deadline
- Permanent representative: Karel De BoeckReappointment: WAC BV (director) ·…
- Annual accounts filedfiscal year 2025 · full…
- Permanent representative: Tim VermeirenPower of attorney
Key points
- Risk: 4 loss-making years in a rowloss fiscal year 2025 -€12.4m View
- Positive: Turnover rose in 2025from €17.0m to €38.6m ▲ 127% View
- Caution: Among the weakest 5% on net resultsector median €21,361 · 5,675 companies -€12.4m View
- Controlled by GHELAMCO GROUPultimately: International Real Estate Services… 86.17% View
By topic
Board & ownership
- Board
- 11 members
- Parent
- GHELAMCO GROUP · 86.17%
- Auditor
- KPMG Bedrijfsrevisoren
Go to Board & ownership
Network & group
- Group
- International Real Estate Services…
- Subsidiaries
- 47
- Holdings
- 48
- Connected companies
- 20
48 holdings
Timeline
- Events
- 49
- Since
- 2006
- Next accounts
- by 31-07-2027
- 31-08-2026Permanent representative: Karel De Boeck
- 18-08-2026Annual accounts filed
- 09-06-2026Permanent representative: Tim Vermeiren
Company details
- Sites
- 1
- Legal form
- Public limited company
- Activity
- Development of residential building projectsNACE 68121
- Founded
- 24-06-1987
- Year ends
- 31-12
- Peppol
- Reachable for e-invoices
Articles of association
- Provisions read
- 2
- Purpose
- De vennootschap heeft tot voorwerp, zowel in België al in het buitenland, hetzij voor…
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