Equity
-€23,296
Debts exceed assets in financial year 2025.
48 Construct
Overview
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.
Credit check for an amount and term of your choice
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.
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
Annual accounts 2025
- -€14,363
- €22,691▲ 14×
- -€23,296▼ 3,750%
- €80,787▼ 38.0%
- Filing
- Filed on 19-08-2026
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.
Financials
Annual accounts 2025
micro format, filed on 19-08-2026, 19 days late-€14,363
▼ €21,025
-€16,499
▼ €16,461
-€22,691
▼ €21,086
-€26,834
▼ €13,612
-28.8%
▼ 28.4 percentage points
0.74
▼ 0.15
Turnover and EBIT margin are not published. The micro format does not require them.
Balance sheet
balance sheet total €80,787 on 31-12-2025What the company ownsHow it is paid for
in euro
in euro
Position in the sector
-28.8%
Higher than 9% of 17,190 companies in 2025.
0.74
Higher than 36% of 16,487 companies in 2025.
-28.1%
Lower than 95% of 16,866 companies in 2025.
48 Construct
Middle half of the sector
80% of the sector
Micro accounts in real estate (NACE 68)
Net result: bottom quarter · Equity: bottom quarter · Balance sheet total: bottom quarter · Working capital: middle half
Filed annual accounts
as filed with the National Bank, click a year to choose it| Line | Trend | 2025 | 2024 |
|---|---|---|---|
| Balance sheet: assets | |||
20/58 |
80,787 | 130,217 | |
21/28 |
3,538 | 17,023 | |
22/27 |
3,538 | 16,006 | |
23 |
3,538 | 4,481 | |
24 |
0 | 11,525 | |
28 |
0 | 1,016 | |
29/58 |
77,249 | 113,194 | |
3 |
15,000 | 15,000 | |
30/36 |
15,000 | 15,000 | |
40/41 |
61,578 | 96,666 | |
40 |
60,571 | 90,617 | |
41 |
1,007 | 6,049 | |
54/58 |
173 | 1,528 | |
490/1 |
498 | - | |
| Balance sheet: equity and liabilities | |||
10/49 |
80,787 | 130,217 | |
10/15 |
-23,296 | -605 | |
10/11 |
1,000 | 1,000 | |
14 |
-24,296 | -1,605 | |
17/49 |
104,082 | 130,822 | |
17 |
0 | 3,808 | |
170/4 |
0 | 3,808 | |
42/48 |
104,082 | 126,416 | |
42 |
4,274 | 5,461 | |
44 |
18,756 | 46,064 | |
440/4 |
18,756 | 46,064 | |
46 |
0 | 8,110 | |
47/48 |
81,052 | 66,781 | |
492/3 |
0 | 598 | |
| Income statement | |||
9900 |
-14,363 | 6,662 | |
630 |
943 | 4,818 | |
640/8 |
176 | 1,788 | |
66A |
1,016 | 94 | |
9901 |
-16,499 | -38 | |
75/76B |
26 | 7 | |
75 |
26 | 7 | |
65/66B |
6,217 | 1,574 | |
65 |
692 | 1,574 | |
66B |
5,525 | - | |
9903 |
-22,691 | -1,605 | |
9904 |
-22,691 | -1,605 | |
9905 |
-22,691 | -1,605 | |
| Appropriation of the result | |||
9906 |
-24,296 | -1,605 | |
14P |
-1,605 | - | |
| Document | |||
The notes to these accounts have 17 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 19-08-2026.
Filings
each dot is a set of accounts, on the day it reached the National Bank2025 annual accounts filed 19 days after the deadline. Filed on 19 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00406210.
Key figures and ratios
per financial year, computed from the annual accounts| Line | Trend | 2025 | 2024 |
|---|---|---|---|
| -15,556 | 4,780 | ||
| -21,747 | 3,213 | ||
| 0 | 21,841 | ||
| -1,355 | - | ||
| -26,834 | -13,222 | ||
| -28.8% | -0.5% | ||
| 0.74 | 0.90 | ||
| 0.60 | 0.78 | ||
| -28.1% | -1.2% | ||
| -22.48 | 3.04 |
Debt to equity is not shown because equity is negative. Debt divided by negative equity means nothing.
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.
Investments
fixed assets acquired| Item | 2025 | 2024 |
|---|---|---|
| Tangible fixed assets | - | €20,824 |
| Financial fixed assets | €0 | €1,016 |
| €943 | €4,818 |
Source: notes to the 2024 to 2025 annual accounts (statement of fixed assets)
Insights on 48 Construct
The operating result for 2025 is a loss of €16,499, larger than the loss of €38 in 2024.
Equity is negative. Debt (€104,082) exceeds the balance-sheet total (€80,787).
Board & ownership
Board
2 directors, since incorporationDirector
since 30-06-2023
term without a fixed end
also on the board of 2 other companies
listed in the 2025 annual accounts, filed on 19-08-2026
Van Hoorebeeck Stefan
Director
since 30-06-2023
listed in the 2025 annual accounts, filed on 19-08-2026
- Signing authorityThe articles say who may bind the company, for example by signing a contract.
- “7. Bepalingen inzake de externe vertegenwoordiging: De vennootschap is verbonden door de handelingen van het bestuursorgaan en van de…”deed of 04-07-2023
Mandates through the years
2 names, the dashed line is todayVan Hoorebeeck Maxim Josepha K.
Director
Director
Van Hoorebeeck Stefan
Director
Director
Board
Mandates as a list
- Van Hoorebeeck Maxim Josepha K.
- Director, from 30-06-2023 to date
- Van Hoorebeeck Stefan
- Director, from 30-06-2023 to date
Control
Founders
VAN HOOREBEECK Maxim Josepha Karel, KORTA-VAN HOOREBEECK Stefan
This company
48 Construct
Equity -€23,296
Loss €22,691 in 2025
Capital
- Contribution
- €1,000
- Source
- deed of 04-07-2023
Articles of association
deed of 04-07-2023 (in Dutch)- Annual meetingThe shareholders approve the annual accounts, among other things, at the annual meeting.
- Third Friday of June at 18:00
Founders
At incorporation
deed of 04-07-2023 ↗
- VAN HOOREBEECK Maxim Josepha Karel founder
- KORTA-VAN HOOREBEECK Stefan founder
Network & group
No group
48 Construct has no parent and no holdings in its annual accounts.
At the same address
Hyacintenlaan 7, 2970 Schilde · 2 other companies| MARITIME ALLROUND CONSULTANCY & SERVICES
registered office since 16-10-2019 · founded in 2019 |
total assets €2.0m (2025) 0736.474.676 |
| Melones
registered office since 26-02-2026 |
founded in 2026 1034.873.501 |
Earlier ties
| Intreso Group via Van Hoorebeeck Maxim Josepha K., no longer at Intreso Group · Director · deed of 03-06-2020 founded in 2019 · negative equity (2025) |
turnover €80,021 (2025) |
| DESCROES via Van Hoorebeeck Maxim Josepha K., no longer at DESCROES · Director · deed of 27-11-2017 founded in 1996 |
26 FTE (2025) |
| VAN HOOREBEECK CONSULTANCY via Van Hoorebeeck Maxim Josepha K., no longer at VAN HOOREBEECK CONSULTANCY · Director No longer active |
total assets €15.9m (2019) |
| 48 INVEST via Van Hoorebeeck Maxim Josepha K., no longer at 48 INVEST · Director · deed of 30-09-2021 No longer active |
total assets €3,962 (2025) |
Connections & network
2 connected companiesThis company
Company
Director
Shareholding
+N: links not shown yet
Click a node to look further, drag to arrange, zoom with the mouse wheel.
Linked via shared directors
MARITIME ALLROUND CONSULTANCY & SERVICES
via Van Hoorebeeck Maxim Josepha K. · Permanent representative · deed of 18-07-2023
Founded in 2019 · total assets €2.0m (2025)
→
FUMIPORT
via Van Hoorebeeck Maxim Josepha K. · Director · deed of 19-12-2024
Founded in 2024 · total assets €1.0m (2025)
→
Timeline
Timeline
5 events since 2023Filings
Establishments
2023202420252026
Deadline for the 2026 accounts: 31-07-2027
2026
Annual accounts 2025 filed NBBmicro format · 19 days late
2025
Registered in the Peppol Directory Reachable for e-invoices through 0208:0803413980
Annual accounts 2024 filed PDFmicro format · 71 days late
2023
IncorporationFounding capital of €1,000 · Founders: VAN HOOREBEECK Maxim Josepha Karel and KORTA-VAN HOOREBEECK Stefan · Appointment: VAN HOOREBEECK Maxim Josepha Karel (director) · published on 04-07-20234 points ▸
- Founder, VAN HOOREBEECK Maxim Josepha Karel
- Founder, KORTA-VAN HOOREBEECK Stefan
- Founding capital, €1,000
- Director appointment, VAN HOOREBEECK Maxim Josepha Karel
- The deed holds 1 more point.
First establishment Hyacintenlaan 7, Schilde
Sources: Publications in the Belgian Official GazetteFilings with the National Bank
History
Company details
Identity
- Enterprise number
- 0803.413.980
- VAT number
- BE 0803.413.980
- Peppol ID
- 0208:0803413980
- Legal form
- Private limited company
- Status
- Active, normal situation
- Founded
- 30-06-2023
- Financial year
- ends on 31 December
- Annual meetingThe shareholders approve the annual accounts, among other things, at the annual meeting.
- Third Friday of June at 18:00deed of 04-07-2023 (in Dutch)
- Peppol
- Reachable since 19-11-2025Follow this company and you will hear the next morning if it leaves the Peppol register.
- Name
- 48 Construct in Dutch
- Entity type
- Legal entity
- Name clauseThe company operates under this name according to its articles.
- 48 Constructdeed of 04-07-2023 (in Dutch)
- Registered office clauseThe articles name the region of the registered office. The language of official documents depends on that region, among other things.
- “Hyacintenlaan 7, 2970 Schilde”deed of 04-07-2023 (in Dutch)
Activities
NACEBEL 202568121
Development of residential building projects main activity
Codes under NACEBEL 2008
41101
Real estate development main activity
- PurposeThe purpose describes the activities the company may carry out under its articles.
- “Ontwikkeling van residentiële bouwprojecten (nieuwbouw of renovatie van individuele woningen en appartementsgebouwen); Ontwikkeling van…”deed of 04-07-2023 (in Dutch)
6 activities
- Ontwikkeling van residentiële bouwprojecten (nieuwbouw of renovatie van individuele woningen en appartementsgebouwen).
- Ontwikkeling van niet-residentiële bouwprojecten (zoals onder meer kantoorbouw, aanleg of renovatie van stadswijken, bouw of aanleg van commerciële/industriële centra en hotels).
- Gespecialiseerde bouwwerkzaamheden (zoals onder meer metselwerken, dak- en timmerwerken, vloerwerken, loodgieterswerk, elektrotechnische installatiewerken en schrijnwerk).
- Exploitatie van en handel in onroerend goed.
- Landschapsverzorging (groenonderhoud) en het aanleggen van terrassen en opritten.
- Geven van opleidingen.
Registered office and establishments
1 establishment| Establishment | Since | Unit number |
|---|---|---|
| Hyacintenlaan 7 registered office 2970 Schilde | 30-06-2023 | 2.347.521.744 |
Buildings and parcels at the address
- Ground area
- 6,585 m²
- Buildings
- 619 m²
- Volume, LiDAR
- 3,552 m³
- Tallest building
- 12.4 m
Buildings to scale, each on its own parcel
Parcels
| Cadastral parcel | Area | Buildings | Height / floors |
|---|---|---|---|
| 11041C0241/00M002 | 6,585 m² | 1 · 618 m² | 12.4 m · 2 |
Invoicing and payment
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 0803.413.980