ACTIVE

UPGRADE ESTATE

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Financial year 2025 · closed on 31/03/2025
Net result
9,2 k €
-96.7% YoY
Revenue
26 M €
-53.2% YoY
Equity
6,8 M €
+0.1% YoY
Workforce
35,2 ETP
-11.1% YoY

What does UPGRADE ESTATE do?

UPGRADE ESTATE is a Public limited company incorporated in 2011. Its main activity is: Construction of buildings. Its registered office is in Gent. It employs on average 35,2 ETP workers (FTE).

Legal situation
● Normal situation
BCE/KBO no. / VAT
BE 0840.066.124
Incorporation
29/09/2011
Legal form
Public limited company
Registered office
Amelia Earhartlaan 2 box 201
9051 Gent · FlandreSee on map
Contributed capital
194 100,00 €
Latest accounts
31/03/2025
Average workforce
35,2 ETP
Activities (NACE)
41003Construction of buildings· main41101Development of building projects41203Construction of residential and non-residential buildings68121Buying and selling of own real estate
Joint committees (3)
  • 200
  • 2000
  • 20000
Signals
ProfitableGood liquidityHealthy social debtsHigh revenue
View the BCE/KBO Public Search record →
Health score
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✦ Verdict · Analyst summary
Financials

Trend over 11 financial years

20252024202320222019201820172016201520142013
Income statement
Revenue26 M €55,5 M €41,1 M €36,3 M €–––––––
EBITDA-403,5 k €-146,5 k €680,2 k €892,5 k €-2 M €-386,5 k €933 k €3,1 M €2,8 M €81,9 k €399,7 k €
Operating result111,7 k €452 k €770,7 k €647,9 k €-2,2 M €-572,4 k €750,8 k €3 M €2,8 M €80,6 k €399,7 k €
Net result9,2 k €273,8 k €493,9 k €390,9 k €137,5 k €239,3 k €277,2 k €2,9 M €2,7 M €53,5 k €260,9 k €
Balance sheet
Equity6,8 M €6,8 M €6,5 M €6 M €5,3 M €5,2 M €5 M €4,7 M €975,5 k €389,3 k €335,9 k €
Total assets25 M €26,5 M €35,2 M €26 M €12,2 M €12,8 M €22,7 M €16,9 M €6,5 M €4,6 M €4,4 M €
Cash336,9 k €149,3 k €71,2 k €147,9 k €104,1 k €165,5 k €5,2 M €620,8 k €403,9 k €209,4 k €3,2 M €
Debts16,6 M €17,4 M €25,6 M €16,5 M €6,8 M €7,6 M €17,7 M €12,2 M €5,5 M €4,2 M €4 M €
Other
Workforce35,2 ETP39,6 ETP43,6 ETP39,1 ETP22,1 ETP16,7 ETP17,5 ETP––––
Estimate

Indicative valuation

As an indication, this company is worth

between 5 M€ and 10 M€
See the valuation
Governance

Board of directors

Seen on filing of 31/03/2025 · 2 active · 18 ended

Active mandates

UPGRADE ESTATE GROUP

Managing director · since 31 octobre 2023 · until 29 juin 2026 · 0400.927.922

Represented by Nele Van Damme

Active
Koenraad Belsack

Managing director · since 29 juin 2020 · until 29 juin 2026

Active

Ended mandates

UPGRADE ESTATE GROUP

Managing director · since 29 juin 2020 · until 31 octobre 2023 · 0666.960.023

Represented by Nele Van Damme

Ended
UPGRADE ESTATE GROUP

Managing director · since 29 juin 2020 · until 29 juin 2026 · 0666.960.023

Represented by Nele Van Damme

Ended
UPGRADE ESTATE GROUP

Managing director · since 29 juin 2020 · until 29 juin 2026 · 0666.960.023

Represented by Nele Van Damme

Ended
Koenraad Belsack

Managing director · since 07 juin 2018 · until 06 juin 2024

Ended
At this address

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101● Active
0743.479.561
102● Active
0743.480.353
10 Upkot● Active
0423.791.614
85● Active
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93● Active
0711.912.197
94● Active
0724.877.238
97● Active
0737.858.214
98● Active
0737.863.657
99● Active
0743.475.207
Andreas BidCo● Active
1016.654.327
ARE P0108● Active
0793.510.676
ART UPKOT● Active
0891.055.460
BACKSTAGE²UPKOT● Active
0454.973.748
BAUDELO UPKOT● Active
0545.801.677
BIOTECH ENGINEERING● Active
0460.320.725
BRO Upkot● Active
0662.477.930
Buzz Upkot● Active
0729.978.151
Campus Upkot● Active
0680.956.727
Constelaris● Active
1019.186.027
Annual accounts

Full financial information

202520242023202220212019
Type of accountFull modelFull modelFull modelFull modelAbridged modelAbridged model
Start of the financial year01/04/202401/04/202301/04/202201/04/202101/07/201901/07/2018
Closing of the financial year31/03/202531/03/202431/03/202331/03/202231/03/202130/06/2019
Length of the financial year12 months12 months12 months12 months21 months12 months
Filing date08/10/202509/10/202411/09/202327/10/202214/10/202131/01/2020
General meeting12/09/202513/09/202408/09/202330/09/202210/09/202128/01/2020
Currency of the financial yearEUREUREUREUREUREUR
NBB quality labelSatisfying controlsSatisfying controlsSatisfying controlsSatisfying controlsSatisfying controlsSatisfying controls
Ratios

Financial ratios

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Filings

Annual accounts filings

13 filings with the NBB

ModelClosingGeneral meetingFiledLanguageDocument
Full model31/03/202512/09/202508/10/2025DutchPDF
Full model31/03/202413/09/202409/10/2024DutchPDF
Full model31/03/202308/09/202311/09/2023DutchPDF
Full model31/03/202230/09/202227/10/2022DutchPDF
Abridged model31/03/202110/09/202114/10/2021DutchPDF
Abridged model30/06/201928/01/202031/01/2020DutchPDF
Abridged model30/06/201824/01/201931/01/2019DutchPDF
Abridged model30/06/201701/12/201730/01/2018DutchPDF
Abridged model30/06/201602/12/201628/02/2017DutchPDF
Abridged model30/06/201523/12/201528/01/2016DutchPDF
Abridged modelCorrection30/06/201419/12/201426/02/2015DutchPDF
Abridged model30/06/201419/12/201412/01/2015DutchPDF
Abridged model30/06/201320/12/201310/02/2014DutchPDF
Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 5 M€ and 10 M€

The detail comes with the Business plan: low and high bounds, the valuation bridge for each financial year, transaction multiples by sector and size, group valuation and exports.

Discover the Business plan
Disclaimer

Indicative estimate based on public sector multiples and the filed annual accounts. It is neither a certified valuation nor financial or investment advice.

Governance

Board of directors

Seen on filing of 31/03/2025 · 2 active · 18 ended

Active mandates

UPGRADE ESTATE GROUP

Managing director · since 31 octobre 2023 · until 29 juin 2026 · 0400.927.922

Represented by Nele Van Damme

Active
Koenraad Belsack

Managing director · since 29 juin 2020 · until 29 juin 2026

Active

Ended mandates

UPGRADE ESTATE GROUP

Managing director · since 29 juin 2020 · until 31 octobre 2023 · 0666.960.023

Represented by Nele Van Damme

Ended
UPGRADE ESTATE GROUP

Managing director · since 29 juin 2020 · until 29 juin 2026 · 0666.960.023

Represented by Nele Van Damme

Ended
UPGRADE ESTATE GROUP

Managing director · since 29 juin 2020 · until 29 juin 2026 · 0666.960.023

Represented by Nele Van Damme

Ended
Koenraad Belsack

Managing director · since 07 juin 2018 · until 06 juin 2024

Ended
Shareholders

Ownership and network

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Belgian Official Gazette

Belgian Official Gazette publications

  • Mandates08/08/2025
    ONTSLAGEN - BENOEMINGEN
    PDF
  • Registered office25/04/2024
    MAATSCHAPPELIJKE ZETEL
    PDF
  • Mandates27/02/2024
    ONTSLAGEN - BENOEMINGEN
    PDF
  • Mandates25/07/2022
    ONTSLAGEN - BENOEMINGEN
    PDF
  • Mandates28/07/2020
    STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, …) - DIVERSEN - ONTSLAGEN - BENOEMINGEN - ALGEMENE VERGADERING - BOEKJAAR
    PDF
  • Mandates19/07/2018
    ONTSLAGEN - BENOEMINGEN
    PDF
  • Mandates28/11/2017
    ONTSLAGEN - BENOEMINGEN
    PDF
  • Restructuring25/10/2016
    BENAMING - KAPITAAL - AANDELEN - STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, …) - RUBRIEK HERSTRUCTURERING (FUSIE, SPLITSING, OVERDRACHT VERMOGEN, ENZ...)
    PDF

Source: Belgian Official Gazette

Competition

Similar companies

A company's peers, by sector and size, are included in the Business plan.

See the Business plan

Timeline

  1. 2025
    Annual accounts 20259,2 k €↓
  2. 2024
    Annual accounts 2024273,8 k €↓
  3. 2023
    Annual accounts 2023493,9 k €↑
  4. 2022
    Annual accounts 2022390,9 k €↑
  5. 2019
    Annual accounts 2019137,5 k €↓
  6. 2018
    Annual accounts 2018239,3 k €↓
  7. 2017
    Annual accounts 2017277,2 k €↓
  8. 2016
    Annual accounts 20162,9 M €↑
  9. 2015
    Annual accounts 20152,7 M €↑
  10. 2014
    Annual accounts 201453,5 k €↓
  11. 2013
    Annual accounts 2013260,9 k €
  12. 29/09/2011
    IncorporationPublic limited company