Equity
Debts exceed assets in financial year 2025.
Debts exceed assets in financial year 2025.
Every financial year from 2023 to 2025 closed with a loss. 2025 was the heaviest.
Of this, €286,207 falls due within a year.
Short-term debts fell from €719,131 to €286,207.
Latest accounts filed late: after the legal deadline.
Lower solvency than 95% of companies in specialised construction. Sector median 44.0% · 9,973 companies.
The dashed line is the sector median: 0.7% across 47,693 companies (NACE 43, micro).
About 8 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 43, micro). It does better than 3% of them on solvency, 1% on liquidity, 4% on profitability and 0% 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 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, 6,008 companies had the same profile as AD HOC CONSTRUCT has now. Each dot stands for 16 companies, two years later.
Another 0.8% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of AD HOC CONSTRUCT itself: 8.1% within 12 months.
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 6,008 companies, not a prediction for AD HOC 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 insufficient, with a current ratio of 0.39 (1.02 in 2024), below 1. Short-term debt is 239.9% and cash 0.1% of total assets. Equity is negative.
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 77 days after the deadline. In the sector (NACE 43), the median for financial year 2024 was 1 day before the deadline, and 43% of those companies filed late.
| Company | ||||
|---|---|---|---|---|
| AD HOC CONSTRUCT Linkebeek | €119,278 | -€186,041 | -141.1% | - |
| FUTURENOVIA Kraainem | €136,520 | -€2,392 | 28.1% | - |
| UKA CONSTRUCT Berchem-Sainte-Agathe | €111,854 | -€22,598 | 39.3% | - |
| MILLIAU CONSTRUCT Sint-Niklaas | €134,080 | -€2,356 | 9.3% | - |
| MOON IMMO Schaerbeek | €123,394 | -€599,324 | -446.3% | - |
| CEDAK Antwerp | €107,095 | -€3,049 | 4.7% | - |
| ZANDECO CONSTRUCT Molenbeek-Saint-Jean | €132,734 | -€44,224 | 71.4% | - |
These companies have the same main activity as AD HOC CONSTRUCT: other specialised construction activities (NACE 43990). They are comparable in size and age: total assets between €107,000 and €137,000, founded between 2019 and 2021.
AD HOC CONSTRUCT files the abbreviated format. That format states no turnover. The gross margin fell from €56,635 in 2021 to -€186,041 in 2025.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette.
Turnover and EBIT margin are not published. The abbreviated or micro format does not require them.
Lower than 95% of 9,973 companies in 2025.
Lower than 95% of 9,836 companies in 2025.
Lower than 95% of 9,905 companies in 2025.
Net result: bottom quarter · Equity: bottom quarter · Balance sheet total: bottom quarter · Working capital: bottom quarter
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| Balance sheet: assets | ||||||
20/58 |
119,278 | 742,845 | 559,960 | 431,887 | 408,267 | |
21/28 |
7,799 | 10,941 | 13,702 | 13,971 | 2,806 | |
22/27 |
7,799 | 10,941 | 13,702 | 13,971 | 2,806 | |
23 |
3,414 | 3,400 | 2,946 | - | - | |
24 |
4,385 | 7,540 | 10,756 | 13,971 | 2,806 | |
29/58 |
111,479 | 731,905 | 546,258 | 417,916 | 405,461 | |
3 |
- | - | 201,355 | 168,479 | 152,890 | |
30/36 |
- | - | 201,355 | 168,479 | 152,890 | |
40/41 |
109,977 | 696,123 | 341,377 | 207,231 | 226,124 | |
40 |
50,070 | 593,345 | 302,627 | 167,610 | 187,017 | |
41 |
59,907 | 102,779 | 38,749 | 39,621 | 39,107 | |
54/58 |
67 | 33,077 | 1,495 | 41,502 | 25,745 | |
490/1 |
1,435 | 2,704 | 2,031 | 704 | 702 | |
| Balance sheet: equity and liabilities | ||||||
10/49 |
119,278 | 742,845 | 559,960 | 431,887 | 408,267 | |
10/15 |
-168,244 | 22,843 | 30,359 | 90,928 | 45,941 | |
10/11 |
7,000 | 7,000 | 7,000 | 7,000 | 7,000 | |
10 |
7,000 | 7,000 | 7,000 | 7,000 | 7,000 | |
100 |
7,000 | 7,000 | 7,000 | 7,000 | 7,000 | |
14 |
-175,244 | 15,843 | 23,359 | 83,928 | 38,941 | |
17/49 |
287,523 | 720,003 | 529,601 | 340,959 | 362,326 | |
17 |
- | - | 2,629 | 5,330 | - | |
170/4 |
- | - | 2,629 | 5,330 | - | |
42/48 |
286,207 | 719,131 | 526,263 | 284,230 | 332,962 | |
42 |
- | 2,629 | 2,701 | 2,539 | - | |
43 |
- | - | 135,000 | 135,000 | 135,000 | |
430/8 |
- | - | 135,000 | 135,000 | 135,000 | |
44 |
158,386 | 468,526 | 267,782 | 60,637 | 137,159 | |
440/4 |
158,386 | 468,526 | 267,782 | 60,637 | 137,159 | |
46 |
4,126 | - | - | - | 37,723 | |
45 |
- | - | 17,246 | 30,767 | 13,521 | |
450/3 |
- | - | 17,246 | 30,767 | 13,521 | |
47/48 |
123,695 | 247,977 | 103,534 | 55,286 | 9,560 | |
492/3 |
1,316 | 871 | 709 | 51,399 | 29,363 | |
| Income statement | ||||||
9900 |
-186,041 | 11,202 | -50,465 | 64,357 | 56,635 | |
630 |
3,631 | 4,084 | 3,708 | 1,329 | 1,916 | |
640/8 |
584 | 568 | 1,093 | 501 | 791 | |
9901 |
-190,256 | 6,550 | -55,265 | 62,527 | 53,928 | |
75/76B |
1,742 | 1,641 | 54 | 897 | 48 | |
75 |
24 | 5 | 54 | 897 | 48 | |
76B |
1,718 | 1,636 | - | - | - | |
65/66B |
2,399 | 16,867 | 4,435 | 1,190 | 1,514 | |
65 |
2,049 | 16,435 | 4,235 | 790 | 1,056 | |
66B |
350 | 432 | 200 | 400 | 458 | |
9903 |
-190,913 | -8,676 | -59,647 | 62,234 | 52,462 | |
67/77 |
174 | -1,160 | 923 | 17,246 | 13,521 | |
9904 |
-191,087 | -7,516 | -60,569 | 44,987 | 38,941 | |
9905 |
-191,087 | -7,516 | -60,569 | 44,987 | 38,941 | |
| Appropriation of the result | ||||||
9906 |
-175,244 | 15,843 | 23,359 | 83,928 | 38,941 | |
14P |
15,843 | 23,359 | 83,928 | 38,941 | - | |
| Document | ||||||
The notes to these accounts have 6 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 28-10-2026.
2025 annual accounts filed 89 days after the deadline. Filed on 28 October 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00601401.
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 28-10-2026 | 2026-00601401 | |
| 31-12-2024 | micro format | 13-10-2025 | 2025-00541334 | |
| 31-12-2023 | micro format | 08-10-2024 | 2024-00505584 | |
| 31-12-2022 | micro format | 13-10-2023 | 2023-00484688 | |
| 31-12-2021 | micro format | 18-10-2022 | 2022-20469752 |
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| -186,625 | 10,634 | -51,557 | 63,856 | 55,843 | ||
| -187,456 | -3,432 | -56,862 | 46,317 | 40,857 | ||
| 1,145 | 1,323 | 3,438 | 12,495 | 4,721 | ||
| -33,010 | 31,582 | -40,007 | 15,757 | - | ||
| -174,728 | 12,774 | 19,995 | 133,686 | 72,499 | ||
| -141.1% | 3.1% | 5.4% | 21.1% | 11.3% | ||
| 0.39 | 1.02 | 1.04 | 1.47 | 1.22 | ||
| 0.39 | 1.02 | 0.66 | 0.88 | 0.76 | ||
| - | 31.52 | 17.44 | 3.75 | 7.89 | ||
| - | -32.9% | -199.5% | 49.5% | 84.8% | ||
| -160.2% | -1.0% | -10.8% | 10.4% | 9.5% | ||
| -91.09 | 0.65 | -12.17 | 80.85 | 52.89 |
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.
| Item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Tangible fixed assets | €1,145 | €1,323 | €3,438 | €12,495 | €4,721 |
| €3,631 | €4,084 | €3,708 | €1,329 | €1,916 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
The operating result for 2025 is a loss of €190,256, after a profit of €6,550 in 2024. It is the lowest result since 2021.
Equity is negative. Debt (€287,523) exceeds the balance-sheet total (€119,278).
AD HOC CONSTRUCT has no parent and no holdings in its annual accounts.
| GAMES INDOOR DEVELOPMENT
registered office since 17-11-2000 · founded in 2000 |
total assets €642,003 (2025) 0470.877.887 |
| Kids Fantasy Land
establishment since 01-01-2015 · founded in 2014 |
total assets €207,053 (2025) 0563.579.601 |
The connected companies are in the list below.
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
| Establishment | Since | Unit number |
|---|---|---|
| Alsembergsesteenweg 51 registered office 1630 Linkebeek | 01-10-2020 | 2.307.490.636 |
| Cadastral parcel | Area | Buildings | Height / floors |
|---|---|---|---|
| 22003A0085/00S003 | 4,158 m² | 1 · 2,149 m² | 5.8 m · 2 |
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 0748.611.653
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