22 Construct
ActiveSummary
The computed 12-month bankruptcy probability of 22 Construct is 1.7% (moderate). The 2025 annual accounts show equity of €95,903 and a net result of €24,953. Equity is growing by ~48.2% per year across the filed fiscal years. Its solvency ranks better than 16% of 2202 sector peers (fiscal year 2025). The company has been active since 2020 and the Belgian State Gazette contains no insolvency or warning signals.
Checked score
Score 2025
Axes · tick = 2024
Profitability66▲+49
Solvency32▲+6
Growth78▲+26
Track record94
Bankruptcy probability, 12 months
1.7%
Moderate
0%0.5%1.5%4%10%≥ 25%
Credit up to €4,000 at 30 days only on tighter terms
Liquidity tight (current ratio 1.04 against 0.99 in 2024; short-term debt: 89.5% and cash: 0.5% of total assets), and 93.2% of the assets are financed with debt.
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Signals
Five signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
raises risk · Limited track record
This company has not been active as long as an established one and statistically fails somewhat more often.
KBO · incorporation dateAge against the risk zone
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 41
Relative position
BE, all sectors
reference
Construction of residential and non-residential buildings (NACE 41)
about 67% more bankruptcies
← fewer bankruptcies
more bankruptcies →
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
6.8%
Return on assets
1.8%
Age of the figures
9 mo
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 16% of 2202 sector peers (2025).
NBB · sector comparisonPosition among 2202 sector peers
Solvency
better than 16%
← weakest
strongest →
neutral · Filed after the deadline
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 15-09-2026, 46 days later. For context: 47% of the Belgian market files late and the whole 1-to-90-day band measures 2.0% abnormal legal state against a 1.66% average. We show this as a fact and do not score it.
NBB · 5 filingsDeviation from the deadline
2025
46 d late
2024
75 d late
2023
6 d late
2022
8 d late
2021
39 d late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 5 accounts on average 35 days after the deadline; the sector median for financial year 2024 is on the deadline day, and 46% 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.
Companies Code · seven monthsPosition in the running window
27-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, abbreviated schema
Equity
€95,903▲ 35.2%
2024 · €70,951
Total assets
€1.4m▼ 81.5%
2024 · €7.6m
Net result
€24,953
2024 · -€137,473
Working capital
€55,851
2024 · -€45,414
Trend over the years
Click a name to add, emphasise or remove a line.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result-€24,827-€41,773€281,113▲ 573%-€133,378€27,164
Net result-€36,572-€35,227€209,769▲ 495%-€137,473€24,953
Equity-€36,572--€1,345▲ 96.3%€208,424€70,951▼ 66.0%€95,903▲ 35.2%
Total assets€421,655-€450,163▲ 6.8%€2.9m▲ 540%€7.6m▲ 165%€1.4m▼ 81.5%
Debt€458,226-€451,508▼ 1.5%€2.7m▲ 492%€7.6m▲ 183%€1.3m▼ 82.6%
Working capital-€38,227--€5,941▲ 84.5%€214,241-€45,414€55,851
Staff (FTE)0000
Turnover and EBIT margin not published: the abbreviated schema does not require them.
Why a figure moved sharply
- 2025 Total assets -81% on 2024. Cause not known from the registers.
- 2024 Equity -66%, Total assets +165% on 2023. Cause not known from the registers.
- 2023 Net result +495%, Total assets +540% on 2022. Cause not known from the registers.
Result per fiscal year
Operating resultNet result
The operating result returns to profit in 2025: €27,164 after a loss of €133,378 in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €1.4m
Fixed assets
€92,578 ▼ 20.4%
Current assets
€1.3m ▼ 82.4%
Equity and liabilities €1.4m
Equity
€95,903 ▲ 35.2%
Debt
€1.3m ▼ 82.6%
Debt's share of the balance-sheet total falls from 99.1% to 93.2%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€50,950▲
2024 · -€132,408
Cash flow
€48,739▲
2024 · -€136,503
Current ratio
1.04▲
2024 · 0.99
Debt to equity
13.77
ROE
26.0%▲
2024 · -193.8%
ROA
1.8%▲
2024 · -1.8%
Interest coverage
5.44▲
2024 · -16.98
Debt ≤ 1 year
€1.3m▼
2024 · €7.6m
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 1,600 companies that looked in July 2024 the way this one looks now, 1.6% went bankrupt within 24 months and 96% are still going.
- Small
- 5 to 10 years old
- solvency under 10%
- a profit under 5% of the balance sheet
1.6%
went bankrupt
1.7%
stopped otherwise
96%
still going
A further 0.7% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 1.7% over twelve months; the group does not contradict it.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,058 companies of July 2024 its group's bankruptcy share. Expected: 1.5%; actually bankrupt within 24 months: 1.6%.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.4% |
| 3 | 0.5% | 0.5% |
| 4 | 0.6% | 0.7% |
| 5 | 0.8% | 0.9% |
| 6 | 1.2% | 1.3% |
| 7 | 1.5% | 1.6% |
| 8 | 1.7% | 1.7% |
| 9 | 2.7% | 2.8% |
| 10 | 5.3% | 5.7% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 74% of comparisons. The level follows the economy: in a year with more bankruptcies, the actual share is higher than the year before.
An observation about 1,600 comparable companies, not a prediction for this company. The sector does not count: the register keeps no sector for companies that stopped, so it would make the outcome look better than it was.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | €739 | €0 | €33,092 | - |
| Remuneration, social security and pensions62 | €21,594 | €12,756 | €0 | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €1,483 | €1,560 | €1,693 | €970 | €23,786 | ▲ 2,351% |
| Other operating charges640/8 | €5,267 | €7,136 | €2,879 | €9,611 | €19,069 | ▲ 98.4% |
| Non-recurring operating charges66A | €2,662 | €0 | - | - | €30,200 | - |
| Gross operating margin9900 | €6,180 | €63,224 | €285,685 | -€122,796 | €100,218 | ▲ 182% |
| Operating profit (loss)9901 | -€24,827 | €41,773 | €281,113 | -€133,378 | €27,164 | ▲ 120% |
| Financial income75/76B | €69 | €0 | €4,169 | €3,701 | €7,160 | ▲ 93.4% |
| Recurring financial income75 | €69 | €0 | €4,169 | €3,701 | €7,160 | ▲ 93.4% |
| Financial charges65/66B | €11,814 | €798 | €4,584 | €7,796 | €9,371 | ▲ 20.2% |
| Recurring financial charges65 | €11,814 | €798 | €4,584 | €7,796 | €9,371 | ▲ 20.2% |
| Profit (loss) for the period before taxes9903 | -€36,572 | €40,975 | €280,697 | -€137,473 | €24,953 | ▲ 118% |
| Income taxes67/77 | - | €5,749 | €70,928 | €0 | - | - |
| Profit (loss) for the period9904 | -€36,572 | €35,227 | €209,769 | -€137,473 | €24,953 | ▲ 118% |
| Profit (loss) for the period to be appropriated9905 | -€36,572 | €35,227 | €209,769 | -€137,473 | €24,953 | ▲ 118% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €421,655 | €450,163 | €2.9m | €7.6m | €1.4m | ▼ 81.5% |
| Fixed assets21/28 | €1,656 | €4,596 | €2,904 | €116,364 | €92,578 | ▼ 20.4% |
| Intangible fixed assets21 | - | - | - | €114,431 | €91,545 | ▼ 20.0% |
| Tangible fixed assets22/27 | €1,656 | €4,596 | €2,904 | €1,933 | €1,033 | ▼ 46.6% |
| Plant, machinery and equipment23 | - | €3,733 | €2,833 | €1,933 | €1,033 | ▼ 46.6% |
| Furniture and vehicles24 | €1,656 | €863 | €70 | €0 | - | - |
| Current assets29/58 | €419,999 | €445,567 | €2.9m | €7.5m | €1.3m | ▼ 82.4% |
| Stocks and contracts in progress3 | €92,544 | €110,031 | €1.9m | €3.4m | €0 | ▼ 100% |
| Contracts in progress37 | €92,544 | €110,031 | €1.9m | €3.4m | €0 | ▼ 100% |
| Amounts receivable within one year40/41 | €204,518 | €304,806 | €654,602 | €4.1m | €1.3m | ▼ 67.9% |
| Trade receivables40 | €200,272 | €304,806 | €609,259 | €3.8m | €1.2m | ▼ 69.7% |
| Other amounts receivable41 | €4,246 | €0 | €45,343 | €236,043 | €144,506 | ▼ 38.8% |
| Cash at bank and in hand54/58 | €118,816 | €18,654 | €228,508 | €34,859 | €7,782 | ▼ 77.7% |
| Deferred charges and accrued income490/1 | €4,122 | €12,077 | €100,011 | €9,869 | €6,136 | ▼ 37.8% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €421,655 | €450,163 | €2.9m | €7.6m | €1.4m | ▼ 81.5% |
| Equity10/15 | -€36,572 | -€1,345 | €208,424 | €70,951 | €95,903 | ▲ 35.2% |
| Reserves13 | - | - | - | - | €95,903 | - |
| Distributable reserves133 | - | - | - | - | €95,903 | - |
| Profit (loss) carried forward14 | -€36,572 | -€1,345 | €208,424 | €70,951 | €0 | ▼ 100% |
| Amounts payable17/49 | €458,226 | €451,508 | €2.7m | €7.6m | €1.3m | ▼ 82.6% |
| Amounts payable within one year42/48 | €458,226 | €451,508 | €2.7m | €7.6m | €1.3m | ▼ 83.3% |
| Financial debts43 | - | - | - | €46,500 | €2,100 | ▼ 95.5% |
| Credit institutions430/8 | - | - | - | €46,500 | €2,100 | ▼ 95.5% |
| Trade debts44 | €111,300 | €242,429 | €1.5m | €3.9m | €766,521 | ▼ 80.2% |
| Suppliers440/4 | €111,300 | €242,429 | €1.5m | €3.9m | €766,521 | ▼ 80.2% |
| Advances received on contracts in progress46 | - | €100,000 | €1.0m | €3.6m | €0 | ▼ 100% |
| Taxes, remuneration and social security45 | €11,845 | €36,939 | €97,695 | €59,348 | €14,664 | ▼ 75.3% |
| Taxes450/3 | €11,845 | €36,939 | €97,695 | €59,348 | €14,664 | ▼ 75.3% |
| Other amounts payable47/48 | €335,081 | €72,141 | €10,924 | €0 | €484,437 | - |
| Accrued charges and deferred income492/3 | - | - | €8,720 | €0 | €52,526 | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€36,572 | €35,227 | €209,769 | -€137,473 | €24,953 | ▲ 118% |
| + Depreciation and write-downs630 | €1,483 | €1,560 | €1,693 | €970 | €23,786 | ▲ 2,351% |
| Operating cash flow (approximation) | -€35,089 | €36,786 | €211,462 | -€136,503 | €48,739 | ▲ 136% |
| Investment in fixed assets (approximation) | - | -€4,500 | €0 | -€114,431 | €0 | ▲ 100% |
| Change in cash | - | -€100,162 | €209,854 | -€193,649 | -€27,078 | ▲ 86.0% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
17-09
State Gazette act
Resignation: Contrarian BV (director)Reappointment: Contrarian BV (director)6 facts ▸
State Gazette act
Resignation: Contrarian BV (director)
Reappointment: Contrarian BV (director)6 facts ▸
- General meeting, 30-06-2026
- Director resignation, Contrarian BV (director)
- Director reappointment, Contrarian BV (director)
- Board composition, Stélina Invest NV (director)
- Board composition, Vercam Trade BV (director)
- Board composition, Contrarian BV (director)
15-09
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema · 46 days late
2025
31-12
Financial
Back to profitnet €24,953
Net result €24,953 after one loss-making year.
14-10
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema · 75 days late
2024
31-12
Financial
Weakest financial yearnet -€137,473
Net result drops to -€137,473, the lowest in the series; recovery starts the following year.
06-08
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema · 6 days late
2023
31-12
Financial
Highest result since 2021net €209,769 ▲495%
Operating result €281,113, net result €209,769, both a record.
31-12
Financial
Equity above €200,000Eq €208,424
2 profitable years in a row build equity to €208,424.
08-08
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema · 8 days late
2022
31-12
Financial
Back to profitnet €35,227
Net result €35,227 after one loss-making year.
08-09
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema · 39 days late
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
1 of 5 acts read
About the unread acts
Of the 5 Belgian State Gazette acts we know for this company, 1 has been read. The other 4 have not been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
1 director, last change in 2025
Board 1
Contrarian BV
CurrentDirector · since 10-10-2025 · Legal entity · perm. rep.: Björn Dillien
Permanent representatives 1
Björn Dillien
CurrentPermanent representative · since 10-10-2025 · for Contrarian BV
Derived from published Gazette acts. The CBE keeps the official list of function holders; we do not read it, so the two can differ.
See the function holders in the CBE →
Not every act has been read: a resignation may be missing here
4 of this company's 5 Belgian State Gazette acts have not been read yet. Appointments and resignations recorded in them are missing above: a director who resigned there may therefore still show here as sitting. The acts are in the Timeline.
Location & real-estate footprint
Registered office, Antwerpen · 1 establishment unit since 2020
Ground area
1,898 m²
Building footprint
1,898 m²
Volume, LiDAR
15,087 m³
Parcel 11808H1130/00L008, Flanders · tallest building 16.8 m, ±3 floors. Linked by address, not a title deed.
46
companies at this address
See who is registered here
1 establishment unit
22 Construct
since 20202.311.520.688
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 11808H1130/00L008 | Flanders | 1,898 m² | 1 · 1,898 m² | 16.8 m · 3 fl. |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Mandate history
1 person since 2025, 1 in office
- Board
- began earlier
| Name | Functions and periods |
|---|---|
| Contrarian BV |
|
Structure & network
Owners and holdings
3 ownersChain of control
- CALMERON HOLDING
- Stélina Invest
- 22 Construct
Highest known parent: CALMERON HOLDING. The sources do not say who stands above it.
Owners 3
- Stélina Investparent100%
-
30%
- Sourceaccounts MAXS 30-06-202510%
Holdings 0
No holding stated in the accounts, acts or LEI register we read.
According to the annual accounts of the other companies, the acts in the Belgian Gazette and the LEI register. The register of ultimate beneficial owners (UBO) is not public: who ultimately stands behind a natural person or a foreign parent is not stated here. A company that does not fill in these statements, or need not, is missing.
Connections & network
1 current directorThe network starts from this company’s directors. Other companies they run appear here as nodes.
This company
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Shareholding
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Of 29,787 companies in sector 41001 we hold annual accounts for 16,042. 13,155 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company
Founded01-12-2020
Fiscal year end31-12
Activities, NACEBEL 2025
41001General construction of residential buildings
68121Development of residential building projects
68110Buying and selling of own real estate
Contact
E-mail
annick@22invest.com
E-invoicing
Reachable via Peppol
Peppol ID
0208:0758922456
Also
9925:BE0758922456
Registered
15-12-2025
Register as of 26 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.