Equity
Equity fell by 54% in 2 years.
Equity fell by 54% in 2 years.
Back in profit in 2025, after a loss of €137,473 in 2024.
€2,100 of the debts are secured on the company's own assets.
Pledge on the business, new in 2025. 2.6 times equity · not in the 2024 accounts.
The 2024 accounts came latest: 75 days after the end of the period.
The dashed line is the sector median: 1.5% across 13,458 companies (NACE 41, micro).
About 5 in 100 comparable companies go bankrupt within 12 months (an estimate).
The band follows from the bankruptcy probability. 10 more points roughly halve it.
| 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% |
Where the company stands within its band depends half on the bankruptcy probability and half on how it does against its sector peers (NACE 41, micro). It does better than 16% of them on solvency, 3% on liquidity, 37% on profitability and 74% on growth.
The bankruptcy probability was computed on 08-11-2026 by the bankruptcy model of 2 October 2026, which learns from Belgian bankruptcies and reads the registers, the annual accounts and the Belgian Official Gazette.
The probability rests on the annual accounts with balance sheet date 31-12-2025.
Of the companies with a bankruptcy probability in the elevated class on 30-06-2025, 6.3% went bankrupt within twelve months.
Some facts cap the score, however low the probability. With negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late, the score is Fair at most (59). With two missing filings, it is Weak at most (44). During a judicial reorganisation or at the company's end (bankruptcy, dissolution, liquidation), it is Critical at most (24).
In July 2024, 1,603 companies had the same profile as 22 Construct has now. Each dot stands for 5 companies, two years later.
Another 0.4% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of 22 Construct itself is higher: 5.2% within 12 months. It rests on far more data about 22 Construct than the profile alone.
The method was tested on the 497,447 companies of July 2024. Each company was given the bankruptcy share of the same profile a year earlier, in July 2023. The expectation was that 1.6% would go bankrupt within 24 months. In fact 1.7% went bankrupt.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.5% |
| 3 | 0.5% | 0.6% |
| 4 | 0.7% | 0.8% |
| 5 | 0.9% | 0.9% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.8% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
A company that went bankrupt had a higher expected share than one that kept going in 74.5% of comparisons. The level depends on the economy. In a year with more bankruptcies than the year before, the actual share is higher than the expected one.
This is an observation about 1,603 companies, not a prediction for 22 Construct. The sector does not count, because the KBO no longer lists a sector for a company that has stopped. By sector, mostly the survivors would count, which would paint too rosy a picture.
Liquidity is tight, with a current ratio of 1.04 (0.99 in 2024), below the usual 1.5. Short-term debt is 89.5% and cash 0.5% of total assets. 93.2% of the assets are financed with debt and provisions.
Show the recommended maximum and see how the verdict changes with amount, term and advance.
The scores and ratios are Checked's own calculations, not a credit decision.
The company filed its last 5 accounts on average 35 days after the deadline. In the sector (NACE 41), the median for financial year 2024 was on the deadline day, and 46% of those companies filed late.
| Company | ||||
|---|---|---|---|---|
| 22 Construct Antwerp | €1.4m | €100,218 | 6.8% | 0 |
| PERSE Kruisem | €1.0m | €127,541 | 12.2% | 0 |
| ERNST CONSTRUCTION Aubel | €1.2m | €145,414 | 25.5% | 0 |
| NAVITAS PROJECTS Beveren-Kruibeke-Zwijndrecht | €1.1m | €179,571 | 76.4% | 0 |
| Russell Woods Brasschaat | €0.8m | €110,644 | 19.5% | 0 |
| KUVI CONSTRUCT Willebroek | €1.1m | €165,355 | 8.2% | 0 |
| Total Electro Antwerp | €0.9m | €185,247 | 35.2% | 0 |
These companies have the same main activity as 22 Construct: general construction of residential buildings (NACE 41001). They are comparable in size and age: total assets between €789,000 and €1.2m, founded between 2017 and 2022.
22 Construct files the abbreviated format. That format states no turnover. The gross margin rose from €6,180 in 2021 to €100,218 in 2025.
Stélina Invest holds all the shares. In October 2025, three directors stepped down.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette.
Turnover and EBIT margin are not published. The abbreviated format does not require them. The turnover shown is an estimate from the gross margin.
Turnover ≈ €350,000. Estimated: probably between €240,000 and €550,000.
Higher than 16% of 2,816 companies in 2025.
Higher than 24% of 2,745 companies in 2025.
Higher than 39% of 2,781 companies in 2025.
Net result: middle half · Equity: middle half · Balance sheet total: middle half · Working capital: middle half · Staff: bottom quarter
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| Balance sheet: assets | ||||||
20/58 |
1.4m | 7.6m | 2.9m | 450,163 | 421,655 | |
21/28 |
92,578 | 116,364 | 2,904 | 4,596 | 1,656 | |
21 |
91,545 | 114,431 | - | - | - | |
22/27 |
1,033 | 1,933 | 2,904 | 4,596 | 1,656 | |
23 |
1,033 | 1,933 | 2,833 | 3,733 | - | |
24 |
- | 0 | 70 | 863 | 1,656 | |
29/58 |
1.3m | 7.5m | 2.9m | 445,567 | 419,999 | |
3 |
0 | 3.4m | 1.9m | 110,031 | 92,544 | |
37 |
0 | 3.4m | 1.9m | 110,031 | 92,544 | |
40/41 |
1.3m | 4.1m | 654,602 | 304,806 | 204,518 | |
40 |
1.2m | 3.8m | 609,259 | 304,806 | 200,272 | |
41 |
144,506 | 236,043 | 45,343 | 0 | 4,246 | |
54/58 |
7,782 | 34,859 | 228,508 | 18,654 | 118,816 | |
490/1 |
6,136 | 9,869 | 100,011 | 12,077 | 4,122 | |
| Balance sheet: equity and liabilities | ||||||
10/49 |
1.4m | 7.6m | 2.9m | 450,163 | 421,655 | |
10/15 |
95,903 | 70,951 | 208,424 | -1,345 | -36,572 | |
13 |
95,903 | - | - | - | - | |
133 |
95,903 | - | - | - | - | |
14 |
0 | 70,951 | 208,424 | -1,345 | -36,572 | |
17/49 |
1.3m | 7.6m | 2.7m | 451,508 | 458,226 | |
42/48 |
1.3m | 7.6m | 2.7m | 451,508 | 458,226 | |
43 |
2,100 | 46,500 | - | - | - | |
430/8 |
2,100 | 46,500 | - | - | - | |
44 |
766,521 | 3.9m | 1.5m | 242,429 | 111,300 | |
440/4 |
766,521 | 3.9m | 1.5m | 242,429 | 111,300 | |
46 |
0 | 3.6m | 1.0m | 100,000 | - | |
45 |
14,664 | 59,348 | 97,695 | 36,939 | 11,845 | |
450/3 |
14,664 | 59,348 | 97,695 | 36,939 | 11,845 | |
47/48 |
484,437 | 0 | 10,924 | 72,141 | 335,081 | |
492/3 |
52,526 | 0 | 8,720 | - | - | |
| Income statement | ||||||
76A |
33,092 | 0 | 739 | - | - | |
9900 |
100,218 | -122,796 | 285,685 | 63,224 | 6,180 | |
62 |
- | - | 0 | 12,756 | 21,594 | |
630 |
23,786 | 970 | 1,693 | 1,560 | 1,483 | |
640/8 |
19,069 | 9,611 | 2,879 | 7,136 | 5,267 | |
66A |
30,200 | - | - | 0 | 2,662 | |
9901 |
27,164 | -133,378 | 281,113 | 41,773 | -24,827 | |
75/76B |
7,160 | 3,701 | 4,169 | 0 | 69 | |
75 |
7,160 | 3,701 | 4,169 | 0 | 69 | |
65/66B |
9,371 | 7,796 | 4,584 | 798 | 11,814 | |
65 |
9,371 | 7,796 | 4,584 | 798 | 11,814 | |
9903 |
24,953 | -137,473 | 280,697 | 40,975 | -36,572 | |
67/77 |
- | 0 | 70,928 | 5,749 | - | |
9904 |
24,953 | -137,473 | 209,769 | 35,227 | -36,572 | |
9905 |
24,953 | -137,473 | 209,769 | 35,227 | -36,572 | |
| Appropriation of the result | ||||||
9906 |
95,903 | 70,951 | 208,424 | -1,345 | -36,572 | |
14P |
70,951 | 208,424 | -1,345 | -36,572 | - | |
691/2 |
95,903 | - | - | - | - | |
6921 |
95,903 | - | - | - | - | |
| Social balance sheet | ||||||
9087 |
0 | 0 | 0 | 0 | - | |
| Document | ||||||
The notes to these accounts have 14 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the accounts filed with the NBB.
Source: Annual accounts 2025 at the NBB, filed on 15-09-2026.
2025 annual accounts filed 46 days after the deadline. Filed on 15 September 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00513009.
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 15-09-2026 | 2026-00513009 | |
| 31-12-2024 | abbreviated format | 14-10-2025 | 2025-00541721 | |
| 31-12-2023 | abbreviated format | 06-08-2024 | 2024-00331298 | |
| 31-12-2022 | abbreviated format | 08-08-2023 | 2023-00319781 | |
| 31-12-2021 | abbreviated format | 08-09-2022 | 2022-20423153 |
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| 50,950 | -132,408 | 282,805 | 43,332 | -23,344 | ||
| 48,739 | -136,503 | 211,462 | 36,786 | -35,089 | ||
| 0 | 114,431 | 0 | 4,500 | 5,040 | ||
| -27,078 | -193,649 | 209,854 | -100,162 | - | ||
| 55,851 | -45,414 | 214,241 | -5,941 | -38,227 | ||
| 6.8% | 0.9% | 7.2% | -0.3% | -8.7% | ||
| 1.04 | 0.99 | 1.08 | 0.99 | 0.92 | ||
| 1.04 | 0.54 | 0.37 | 0.74 | 0.71 | ||
| 13.77 | - | 12.83 | - | - | ||
| 26.0% | -193.8% | 100.6% | - | - | ||
| 1.8% | -1.8% | 7.3% | 7.8% | -8.7% | ||
| 5.44 | -16.98 | 61.70 | 54.33 | -1.98 |
A Belgian filing has no cash-flow statement. Cash flow is therefore an approximation, derived from the income statement. Investment is the acquisitions in the notes and, without them, the balance-sheet move.
| Item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Debts secured on the company's own assets | €2,100 | - | - | - | - |
| €250,000 | - | - | - | - |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
| Item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | - | - | €4,500 | €5,040 |
| Intangible fixed assets | - | €114,431 | - | - | €0 |
| €23,786 | €970 | €1,693 | €1,560 | €1,483 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
The operating result for 2025 is a profit of €27,164, after a loss of €133,378 in 2024.
Debt's share of the balance-sheet total falls from 99.1% to 93.2%. Equity is higher and debt is lower.
Further up the chainCALMERON HOLDING 62.44%
Source: lists of holdings in the owners' accounts
Source: list of holdings in the 2025 accounts of Stélina Invest. Every holding stands with its own latest accounts.
Part of the group CALMERON HOLDING Group, risk and exposure| DPG Media Group
registered office since 13-06-1994 · founded in 1990 · group EPIFIN |
total assets €1.31bn (2025) 0440.653.281 |
| DPG Media
registered office since 16-09-2019 · founded in 1987 · group EPIFIN |
1,156 FTE (2025) 0432.306.234 |
| EPIFIN
registered office since 27-01-2004 · founded in 2004 |
total assets €384.3m (2025) 0863.578.132 |
| BELGOCATERING
establishment since 01-05-2024 · founded in 1997 |
186 FTE (2025) 0461.784.435 |
| Stélina Invest
registered office since 12-12-2019 · founded in 2019 · group CALMERON HOLDING |
total assets €19.8m (2025) 0739.524.931 |
| 22 Invest
registered office since 15-01-2020 · founded in 2020 · group CALMERON HOLDING |
total assets €13.8m (2025) 0741.573.908 |
| YUST Group
registered office since 20-12-2018 · founded in 2018 |
5.2 FTE (2025) 0716.704.789 |
| Real Estate Development Trust
registered office since 24-12-2018 · founded in 2018 |
total assets €6.0m (2025) 0716.820.201 |
| Gesu
registered office since 23-05-2019 · founded in 2019 |
total assets €5.1m (2025) 0727.415.767 |
| TheShalterRealEstate
registered office since 21-12-2021 · founded in 2021 · group CALMERON HOLDING |
total assets €4.0m (2025) 0778.925.044 |
| GANDS Group via Lien Van Mechelen, no longer at GANDS Group · Director · deed of 25-07-2019 founded in 2016 · group TRIPLE LIVING HOLDING |
total assets €17.7m (2025) |
| GANDS VASTGOED via Lien Van Mechelen, no longer at GANDS VASTGOED · Director · deed of 25-07-2019 founded in 2008 · group TRIPLE LIVING HOLDING |
total assets €3.6m (2025) |
| FastFine Belgium via Stephane Verbeeck, no longer at FastFine Belgium · Director · deed of 22-02-2021 founded in 2021 · group CALMERON HOLDING |
0.8 FTE (2025) |
| LAM Vastgoed via Lien Van Mechelen, no longer at LAM Vastgoed · Director · deed of 20-08-2020 founded in 2009 |
total assets €1.6m (2025) |
| UNION PROFESSIONNELLE DU SECTEUR IMMOBILIER UPSI via Stephane Verbeeck, no longer at UNION PROFESSIONNELLE DU SECTEUR IMMOBILIER UPSI · Director · deed of 17-04-2019 |
founded in 1956 |
Deadline for the 2026 accounts: 31-07-2027
Financial milestones sit on the financial year-end date, not the filing date.
Sources: Publications in the Belgian Official GazetteFilings with the National Bank
On 1 December 2020, 22 Construct was incorporated as a private limited company by STÉLINA INVEST, CDC Design and MAXS, with a starting capital of €50,000.12 In 2025 the registered office moved to Antwerp.3 Of the 3 current board members, Contrarian BV has served longest, since 2025.4 Total assets went from €421,655 in 2021 to €1.4m in 2025.5
| Establishment | Since | Unit number |
|---|---|---|
| Mediaplein 1 registered office 2018 Antwerp | 01-12-2020 | 2.311.520.688 |
| 12-10-2026 | Under review | Verbouwen en/of uitbreiden zonder functiewijziging en met wijzigen van aantal woongelegenheden project 2026119905 | Antwerpen |
| 09-10-2026 | Discontinued | Verbouwen en/of uitbreiden zonder functiewijziging en met wijzigen van aantal woongelegenheden submitted 07-08-2026 · project 2026056531 | Antwerpen |
| 13-03-2026 | Discontinued | Verbouwen en/of uitbreiden zonder functiewijziging en zonder wijziging van aantal woongelegenheden submitted 06-01-2026 · project 2025125368 | Antwerpen |
| 07-10-2025 | Discontinued | Verbouwen en/of uitbreiden zonder functiewijziging en zonder wijziging van aantal woongelegenheden submitted 19-09-2025 · project 2025055202 | Antwerpen |
| 17-10-2024 | Discontinued | Functiewijziging submitted 23-09-2024 · project 2024127415 | Antwerpen |
| 09-08-2024 | Granted | Verbouwen en/of uitbreiden met functiewijziging en met wijziging van aantal woongelegenheden submitted 04-12-2023 · project 2023154104 | Antwerpen |
| 24-04-2023 | Granted | Verbouwen en/of uitbreiden met functiewijziging, maar zonder wijziging van het aantal woongelegenheden submitted 07-02-2023 · project 2023015919 | Mortsel |
Source: Omgevingsloket Vlaanderen.
| Cadastral parcel | Area | Buildings | Height / floors |
|---|---|---|---|
| 11808H1130/00L008 | 1,898 m² | 1 · 1,898 m² | 16.8 m · 3 |
Check the withholding obligation If you pay this company for building or cleaning work, check before every payment whether you must withhold part of the invoice. Use the enterprise number 0758.922.456
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