Warning lights
Signals from the annual accounts, the CBE and the Official Gazette, each with its threshold and source. No score, no verdict.
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Negative equity NBB
More debt than assets in 4 of the last 4 fiscal years.
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Two loss years in a row NBB
Negative result in 2024 and 2025.
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Tight liquidity NBB
Cash and receivables cover 9 % of short-term debt in 2025; threshold 65 %.
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Not on Peppol Peppol
Not registered in the Peppol network, mandatory for VAT-liable companies since 1 January 2026.
Financials
Financial year 2025
109 ROYAL from Elsene, company number BE0443113222, closed financial year 2025 with a result of € -129,706 after tax. For that financial year 109 ROYAL recorded a gross margin of € 295,132 and equity of € -2.2 million. Compared with financial year 2024, the result moved from € -398,230 to € -129,706. The company made a loss. More debts than assets. High debts against a small own buffer. The most recent annual accounts were filed with the National Bank of Belgium on April 7, 2026.
€ -2.2 million
▼ € 129,706 vs 2024
Assets minus debts, by the books. What is left if everything were sold and paid today.
€ -129,706
▲ 67 % less loss than in 2024
Profit after tax over the fiscal year.
€ 21,465
▼ 61% vs 2024
Cash and bank balances on the last day of the fiscal year.
Loss, nothing to pay out
Reserves fell to € -3 million.
People and assets in 2025
€ 1,262
▼ 49% vs 2024
Book value of vehicles, furniture and equipment.
Debts at end 2025
€ 3.5 million
▼ 21% vs 2024
€ 30,767 is repaid this year. At this pace the long-term loan is gone in ≈ 6 years.
| 2022 | 2023 | 2024 | 2025 | Change 2024 → 2025 | |
|---|---|---|---|---|---|
| Gross margin | € -69,540 | € -95,703 | € 157,142 | € 295,132 | ▲ 88% |
| Profit after taxes | € -673,983 | € -752,496 | € -398,230 | € -129,706 | ▲ € 268,524 |
| Equity | € -884,249 | € -1,636,745 | € -2,034,975 | € -2,164,681 | ▼ € 129,706 |
| Total debts | € 5,930,222 | € 8,500,084 | € 8,284,779 | € 8,709,076 | ▲ 5% |
| Cash | € 62,656 | € 54,091 | € 54,393 | € 21,465 | ▼ 61% |
| Land & buildings | € 4,774,618 | € 5,768,158 | € 4,352,731 | € 4,214,363 | ▼ 3% |
| Retained profit | € -1,671,249 | € -2,423,745 | € -2,821,975 | € -2,951,681 | ▼ € 129,706 |
| Bank debt | € 4,740,601 | € 6,090,415 | € 4,393,783 | € 3,455,451 | ▼ 21% |
| Balance sheet total | € 5,045,972 | € 6,863,339 | € 6,249,804 | € 6,544,395 | ▲ 5% |
Key figures of 109 ROYAL, fiscal years 2022 to 2025, from the annual accounts filed with the National Bank of Belgium.Next annual account (fiscal year 2026) expected before 31 July 2027.
What happened to 109 ROYAL?
What happened at 109 ROYAL in recent years, according to the Belgian Official Gazette, the CBE and the National Bank:
- New annual accounts for financial year 2025: loss of € 129,706. Source: NBB ↗
- New establishment in Oudergem. KBO
- Start of the company according to the CBE. KBO
In short
From € 673,983 loss in 2022 to € 129,706 loss in 2025.
Management
Behind 109 ROYAL are MIDCAP SRL and BERENGER DROUIN. It owns 55% of HG INVESTMENT GROUP itself.
Directors
According to the 2025 annual accounts
Director · represented by Michael DESPIEGELAERE
Also active at: CROWN BUILDING, HG Investment Group, EUROPEAN CROWN REAL ESTATE
BERENGER DROUIN
Managing director
Also active at: Olivier Leroux Consulting, MARIUS 1948, ALFAIA, GESTEA, EUROPEAN CROWN REAL ESTATE
Establishments
Establishment units
Physical locations of this company
Lesbroussartstraat 45/RC
1050 Elsene
Herrmann-Debrouxlaan 40
1160 Oudergem
Active since 5 December 2002
What is an establishment unit? An establishment unit is a geographically identifiable place where activities of the enterprise are carried out.
Details
- Company number
- 0443.113.222
- VAT number
- BE 0443.113.222
- Registered office
- Lesbroussartstraat 45/RC, 1050 Elsene
- Names & denominations
- 109 ROYAL
- Enterprise type
- Rechtspersoon
- Legal form
- Public limited company
- Legal situation
- Normale toestand
- Start date
- 25 January 1991
- Peppol
- Not registered