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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Two loss years in a row NBB
Negative result in 2024 and 2025.
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Tight liquidity NBB
Cash and receivables cover 5 % of short-term debt in 2025; threshold 65 %.
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Busy address KBO
82 other companies have their registered office at the same address; threshold 10.
Financials
Financial year 2025
Commerce 123 from Watermaal-Bosvoorde, company number BE0885073332, closed financial year 2025 with a result of € -112,241 after tax. For that financial year Commerce 123 recorded revenue of € 719,475 and equity of € 3.7 million. Compared with financial year 2024, the result moved from € -11,508 to € -112,241. The company made a loss. The company holds a healthy buffer. Debts are under control. The most recent annual accounts were filed with the National Bank of Belgium on June 29, 2026.
€ 3.7 million
▼ 3% vs 2024
Assets minus debts, by the books. What is left if everything were sold and paid today.
€ -112,241
▼ 875 % more loss than in 2024
Profit after tax over the fiscal year.
€ 39,761
▼ 78% vs 2024
Cash and bank balances on the last day of the fiscal year.
Loss, nothing to pay out
Reserves fell to € -5 million.
Debts at end 2025
€ 4.4 million
▼ 8% vs 2024
€ 375,000 is repaid this year. At this pace the long-term loan is gone in ≈ 12 years.
€ 426,543
▲ 39% vs 2024
Supplier invoices still open on the last day of the fiscal year. Pays suppliers within 457 days on average.
€ 9,740
▲ 219% vs 2024
Corporate tax and VAT still to pay. No wage debt: nothing outstanding to staff or social security.
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| 2022 | 2023 | 2024 | 2025 | Change 2024 → 2025 | |
|---|---|---|---|---|---|
| Revenue | € 635,599 | € 694,584 | € 734,059 | € 719,475 | ▼ 2% |
| Profit after taxes | € -35,539 | € -20,064 | € -11,508 | € -112,241 | ▼ € 100,733 |
| Equity | € 3,844,258 | € 3,824,194 | € 3,812,686 | € 3,700,445 | ▼ 3% |
| Total debts | € 6,402,471 | € 6,157,929 | € 5,853,755 | € 7,527,732 | ▲ 29% |
| Cash | € 186,609 | € 216,341 | € 184,357 | € 39,761 | ▼ 78% |
| Land & buildings | € 9,745,704 | € 9,432,540 | € 9,186,725 | € 8,870,933 | ▼ 3% |
| Retained profit | € -4,885,742 | € -4,905,806 | € -4,917,314 | € -5,029,555 | ▼ € 112,241 |
| Bank debt | € 5,500,000 | € 5,125,000 | € 4,750,000 | € 4,375,000 | ▼ 8% |
| Balance sheet total | € 10,246,729 | € 9,982,123 | € 9,666,441 | € 11,228,177 | ▲ 16% |
Key figures of Commerce 123, 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 Commerce 123?
What happened at Commerce 123 in recent years, according to the Belgian Official Gazette, the CBE and the National Bank:
- Erlinde Eeman Management SRL stepped down as director. NBB
- ML Business partner SRL stepped down as director. NBB
- THALES Management s.r.l. stepped down as director. NBB
- Thibault RELECOM stepped down as director. NBB
- New annual accounts for financial year 2025: loss of € 112,241. Source: NBB ↗
- MHCT stepped down as director. NBB
- Erlinde Eeman Management SRL became a director. NBB
- ML Business partner SRL became a director. NBB
In short
From € 35,539 loss in 2022 to € 112,241 loss in 2025.
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De Lijn 8 June 2026 New annual account 2025
filed on 8 June 2026
What was left
€ 20 k ▼ 91%
Money in the bank
€ 178 k ▼ 98%
Open the dossier →
NMBS 8 June 2026 New annual account 2025 What was left ▼ 80%
bpost 18 May 2026 New annual account 2025 What was left from loss to profit
Management
The stake of UNIBRA REAL ESTATE, Unibra comes from that shareholder’s own annual accounts; small companies do not report their shareholders themselves.
Commerce 123The shares are held by UNIBRA REAL ESTATE (100%) and Unibra (0%).
Directors
According to the 2025 annual accounts
Director · represented by Erlinde Eeman
Also active at: Terrebois, Société Internationale d'Engineering, UNITER, TERRE A TERRE, ROYALE 67, UNIBRA REAL ESTATE, Unibra Development, African Craft Breweries +4 more
since 2025 · until 2027
Director · represented by Marc Limneos
Also active at: Terrebois, Société Internationale d'Engineering, UNITER, TERRE A TERRE, ROYALE 67, UNIBRA REAL ESTATE, Unibra Development, BIZIMMO +6 more
since 2025 · until 2027
Director · represented by Renaud BLAVIER
Also active at: Rive Droite, Terrebois, Société Internationale d'Engineering, Triomphe 174, UNITER, TERRE A TERRE, ROYALE 67, UNIBRA REAL ESTATE +8 more
since 2024 · until 2027
since 2024 · until 2026
Thibault RELECOM
Managing director
since 2024 · until 2027
Shareholders
100%
0%
Participations
No participations in other companies reported.
Establishments
Establishment units
Physical locations of this company
Vorstlaan 25 box 9
1170 Watermaal-Bosvoorde
Who else lives here?
A building full of entrepreneurs or one very busy letterbox? Another 82 companies are registered at this address.
All companies at this address →Unibra same network
€ 3.7 million revenue · 2025
Coopérative U.P.B.
SOCIÉTE DU GARNISTEAU
€ 51,409 gross margin · 2025
La Garantie Belge
LA MUTUELLE PATRONALE (A.A.M. CONTRE LES RISQUES DECOULANT DE LA LEGISLATION RELATIVE AU SALAIRE GARANTI)
+77 more
What is an establishment unit? An establishment unit is a geographically identifiable place where activities of the enterprise are carried out.
Details
- Company number
- 0885.073.332
- VAT number
- BE 0885.073.332
- Registered office
- Vorstlaan 25 bus 9, 1170 Watermaal-Bosvoorde
- Names & denominations
- Commerce 123
- Enterprise type
- Rechtspersoon
- Legal form
- Public limited company
- Legal situation
- Normale toestand
- Start date
- 17 November 2006
- Peppol
- Active · Active since 19 Dec 2025
- Activities · NACE
Overige zakelijke dienstverlening, neg