Equity
-€23,296
Debts exceed assets in financial year 2025.
48 Construct
Lifetime
2 annual accounts with figures on one time axispeak €6,662 (2024)
-€14,363▼ €21,025
lowest -€22,691 (2025)
-€22,691▼ €21,086
peak -€605 (2024)
-€23,296▼ €22,691
€104,082▼ 20.4%
Board2 names since 2023
2 directorsVan Hoorebeeck Maxim Josepha K. and 1 other
Documentsfilings and deeds
19-08-202619 days late
2025micro format
Gross margin from €6,662 to -€14,363Loss of €22,691Equity from -€605 to -€23,296Debts from €130,822 to €104,082Cash from €1,528 to €173
Key points
from the 2025 annual accountsLosses
-€24,296 in two years
The 2024 and 2025 financial years closed with a loss. 2025 was the heaviest.
Debts
€104,082 129% of the balance sheet
2025 accounts filed 19 days after the deadlineTurnover not published (micro format)
Checked score
51
Fair
Financially stronger than 3% of micro companies in real estate (NACE 68)
Probability in this band: 1.5% to 4.2%
Bankruptcy probability within 12 months
2.0% Moderate
0%0.5%1.5%4%10%≥ 25%
The dashed line is the sector median: 0.2% across 26,626 companies (NACE 68, micro).
About 2 in 100 comparable companies go bankrupt within 12 months (an estimate).
Last 24 months
12-2024: 0.9%lowest value
01-2025: 0.9%● unchanged vs 12-2024lowest value
02-2025: 1.0%▲ +0.1 percentage points vs 01-2025
03-2025: 1.0%● unchanged vs 02-2025
04-2025: 0.9%▼ -0.1 percentage points vs 03-2025
05-2025: 0.9%● unchanged vs 04-2025
06-2025: 1.1%▲ +0.2 percentage points vs 05-2025
07-2025: 1.1%● unchanged vs 06-2025
08-2025: 1.1%● unchanged vs 07-2025
09-2025: 1.1%● unchanged vs 08-2025
10-2025: 1.1%● unchanged vs 09-2025
11-2025: 1.7%▲ +0.6 percentage points vs 10-2025
12-2025: 1.7%● unchanged vs 11-2025
01-2026: 1.6%▼ -0.1 percentage points vs 12-2025
02-2026: 1.6%● unchanged vs 01-2026
03-2026: 1.6%● unchanged vs 02-2026
04-2026: 1.6%● unchanged vs 03-2026
05-2026: 1.6%● unchanged vs 04-2026
06-2026: 1.6%● unchanged vs 05-2026
07-2026: 1.6%● unchanged vs 06-2026
08-2026: 2.2%▲ +0.6 percentage points vs 07-2026highest value
09-2026: 2.0%▼ -0.2 percentage points vs 08-2026
10-2026: 2.0%● unchanged vs 09-2026
11-2026: 2.0%● unchanged vs 10-2026
Financial strengthWeak
Score breakdown
raises risk
Liquidity: current ratio 0.74, cash €173, halved
Negative equity -€23,296
lowers risk
Sector: Real estate activities (NACE 68)
Size: total assets €80,787
Calculation
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 68, micro). It does better than 5% of them on solvency, 3% on liquidity, 4% on profitability and 1% on growth.
The bankruptcy probability was computed on 09-11-2026 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 moderate class on 30-06-2025, 2.4% 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).
Comparable companies, two years later
In July 2024, 7,639 companies had the same profile as 48 Construct has now. Each dot stands for 20 companies, two years later.
84.8%
were still trading
5.6%
stopped another way
8.8%
went bankrupt
Another 0.8% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of 48 Construct itself: 2.0% within 12 months.
Test of the method
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 7,639 companies, not a prediction for 48 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.
Credit verdict
No credit on open account
Liquidity is insufficient, with a current ratio of 0.74 (0.9 in 2024), below 1. Short-term debt is 128.8% and cash 0.2% of total assets. Equity is negative.
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The scores and ratios are Checked's own calculations, not a credit decision.
Signals
Six signals.
lowers riskraises risk
raises risk · Negative equity
The 2025 annual accounts show negative equity and a net loss.
NBB · annual accounts 2025Equity per financial year
2425
2024 to 2025 · latest year -€23,296
raises risk · 2025 accounts filed 19 days late
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 19-08-2026, 19 days later. Nearly half (47%) of Belgian companies file late; of those that file 1 to 90 days late, 2.0% are now bankrupt, dissolved or in another special legal status, against 1.66% of all filers. A delay like this does not count in the score.
NBB · 2 filingsDeviation from the deadline
2025
19 days late
2024
71 days late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
The company filed its last 2 accounts on average 45 days after the deadline. In the sector (NACE 68), the median for financial year 2024 was 7 days before the deadline, and 36% of those companies filed late.
Searched, nothing found (2)
neutral · Next filing not due yet
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today.
Companies Code · seven monthsWhere today falls in the filing period
10-11-2026 today31-12-2026 year end31-07-2027 deadline
Board and ownership
VH
Van Hoorebeeck Stefan
Director, since 30-06-2023
- VAN HOOREBEECK Maxim Josepha Karel founderdeed of 04-07-2023
- KORTA-VAN HOOREBEECK Stefan founderdeed of 04-07-2023
Recent changes
Registered in the Peppol Directory
Reachable for e-invoices through 0208:0803413980
Incorporation
Founding capital of €1,000 · Founders: VAN HOOREBEECK Maxim Josepha Karel and KORTA-VAN HOOREBEECK Stefan · Appointment: VAN HOOREBEECK Maxim Josepha Karel (director) · published on 04-07-2023 · Gazette deed
First establishment
Hyacintenlaan 7, Schilde
Comparable companies
same main activity, similar in size and age| Company | ||||
|---|---|---|---|---|
| 48 Construct Schilde | €80,787 | -€14,363 | -28.8% | - |
| Steen 1 Mechelen | €89,437 | -€545 | 73.8% | - |
| ISHI Lokeren | €92,824 | -€1,906 | 100.0% | - |
| SN PROJECTS Beringen | €76,955 | -€29,438 | -31.7% | - |
| APK Invest Boortmeerbeek | €96,257 | -€8,681 | 94.7% | - |
| DOMUS PROMOTION Manage | €70,000 | -€18,828 | 100.0% | - |
| MKZ Geel | €63,678 | €1,534 | 19.2% | - |
These companies have the same main activity as 48 Construct: development of residential building projects (NACE 68121). They are comparable in size and age: total assets between €63,700 and €96,300, founded in 2023.
Official details
Source: KBO- Status
- Active since 30-06-2023Normal situation
- Activity
- Development of residential building projectsNACE 68121
- Establishment unit
- 2.347.521.7442970 Schilde, since 30-06-2023
- Financial year end
- 31 December
- Peppol
- Reachable since 19-11-2025
Insights on 48 Construct
The computed 12-month bankruptcy probability of 48 Construct is 2.0% (moderate). The 2025 annual accounts show negative equity (-€23,296) and a net result of -€22,691.
Its solvency ranks better than 9% of 17,190 sector peers (NACE 68, financial year 2025). The company has been active since 2023 and the Belgian Official Gazette contains no insolvency or warning signals.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette. Click a figure with a dotted line for the item and the filing.
Key facts about 48 Construct
- What is the company number of 48 Construct?
- The company number of 48 Construct is 0803.413.980. The VAT number is the same number with BE in front: BE 0803.413.980.
- Where is 48 Construct based?
- The registered office is at Hyacintenlaan 7, 2970 Schilde.Company details
- What does 48 Construct do?
- According to the KBO register, the main activity is development of residential building projects (NACE 68121).
- What is the legal form of 48 Construct?
- 48 Construct is a private limited company (BV).
- When was 48 Construct founded?
- 48 Construct was founded on 30-06-2023.
- Is 48 Construct still active?
- Yes, 48 Construct is an active enterprise in the KBO register.
- What is the turnover of 48 Construct?
- The annual accounts for financial year 2025 state no turnover. The micro format does not require it.Financials
- Is 48 Construct profitable?
- In financial year 2025, 48 Construct made a loss of €22,691.
- Where can I find the annual accounts of 48 Construct?
- 48 Construct filed 2 annual accounts with the National Bank of Belgium, the latest for financial year 2025.
- When are the next annual accounts of 48 Construct due?
- 48 Construct must file the annual accounts for financial year 2026 by 31-07-2027.Timeline
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