ADEM CONSTRUCT
ActiveSummary
ADEM CONSTRUCT has been active since 2009 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €708,399 and a net result of €111,156. Equity is growing by about 8.8% per year across the filed financial years. Its solvency ranks better than 32% of 17,021 sector peers (NACE 68, financial year 2025). The computed 12-month bankruptcy probability is 0.4% (very low).
Overview
- Equity
- €708,399
- Profit
- €111,156
- Mergen GökhanDirector
- Mergen HakanDirector
- Mergen IbrahimDirector
Why 84raises riskLiquidity: current ratio 0.29, cash €121, halvedEquity €708,399 (9.2% of total assets)lowers riskSize: total assets €7.7mFounded in 2009Show the evidence
Checked score
About 4 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
How it is calculated
The band follows from the bankruptcy probability, on a scale where 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, small): better than 28% on solvency, 49% on liquidity, 60% on profitability and 80% on growth.
The bankruptcy probability was computed on 23-10-2026 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.
Some facts cap the score, however low the probability. Negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late hold it at Fair at most (59); two missing filings, at Weak (44). An ongoing judicial reorganisation or the company's end (bankruptcy, dissolution, liquidation) holds it at Critical at most (24).
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Signals
This company filed its last 7 accounts on average 6 days before the deadline; the sector median (NACE 68) for financial year 2024 is 7 days before the deadline, and 36% of those companies filed late.
Searched, nothing found (2)
- Annual accounts filedfinancial year 2025 · micro…
- Highest result from 2019 to 2025net €111,156 ▲0.4%
- Annual accounts filedfinancial year 2024 · micro…
Financials · financial year 2025, micro format
2025 annual accounts filed late (13 days) Filed on 13 February 2026, deadline 31 January 2026 (7 months after the close on 30 June 2025, Companies Code art. 3:10). Source: NBB, 2026-00038068.
2021 to 2025, 5 financial years 2019 to 2025, 7 financial years
After the dip in 2022 the operating result has climbed three years in a row; 2025 is 26% above 2024 and is the highest result in the available series.
What the company sold each financial year and what was left of it. A loss stands below the zero line.
What the company owns (total assets), how much of it is its own (equity) and how much it owes.
Short-term assets minus short-term debts. Above zero the company can pay its bills in the short term.
How much of each euro of turnover is left from operations (EBIT margin) and what the assets earn (return on assets).
The share of the company financed with its own means. The higher it is, the better it absorbs a shock.
Short-term assets per euro of short-term debt. Above 1 the short-term debts are covered.
Use the arrow keys on the chart for the figures per year.
Sector: the middle half of NACE 68, Real estate activities: a quarter of companies sit below it, a quarter above. Each year compared with accounts in the same format, and only where there are at least 30. Dashed line: the median. Available for Net result, Equity, Total assets, Working capital, Solvency, Current ratio, Return on assets (ROA).
Peer companies
Historical observationOf the 190 companies that looked in July 2024 the way this one looks now, 0.5% went bankrupt within 24 months and 97.9% are still going.
- Medium-sized
- 10 to 20 years old
- solvency under 10%
- a profit under 5% of the balance sheet
For this company itself Checked computes a bankruptcy probability of 0.4% 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 497,474 companies of July 2024 its group's bankruptcy share. Expected: 1.6%; actually bankrupt within 24 months: 1.7%.
| 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% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 74.5% 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 190 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.
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €12,167 | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €87,857 | €94,922 | €142,387 | €197,892 | €261,379 | €265,041 | €291,146 | ▲ 9.8% |
| Other operating charges640/8 | - | - | - | €30,164 | €31,376 | €33,020 | €44,829 | ▲ 35.8% |
| Gross operating margin9900 | €107,825 | €171,936 | €220,735 | €256,195 | €370,198 | €518,432 | €613,029 | ▲ 18.2% |
| Operating profit (loss)9901 | -€2,557 | €64,723 | €63,592 | €28,140 | €77,443 | €220,371 | €277,054 | ▲ 25.7% |
| Financial income75/76B | - | - | - | €1 | €0 | - | €1 | - |
| Recurring financial income75 | - | - | - | €1 | €0 | - | €1 | - |
| Financial charges65/66B | - | - | - | €6,629 | €41,394 | €71,265 | €115,649 | ▲ 62.3% |
| Recurring financial charges65 | €8,853 | €12,514 | €13,145 | €6,629 | €41,394 | €71,265 | €115,649 | ▲ 62.3% |
| Profit (loss) for the period before taxes9903 | -€11,410 | €52,209 | €50,448 | €21,511 | €36,049 | €149,106 | €161,406 | ▲ 8.2% |
| Transfer from deferred taxes780 | - | - | - | €4,960 | €3,638 | - | - | - |
| Income taxes67/77 | €8,023 | €22,685 | €22,449 | €20,651 | €18,337 | €38,403 | €50,250 | ▲ 30.8% |
| Profit (loss) for the period9904 | -€14,472 | €34,484 | €32,959 | €5,821 | €21,350 | €110,703 | €111,156 | ▲ 0.4% |
| Transfer from tax-exempt reserves789 | - | - | - | €9,633 | €7,065 | - | - | - |
| Profit (loss) for the period to be appropriated9905 | -€4,839 | €44,118 | €42,592 | €15,454 | €28,415 | €110,703 | €111,156 | ▲ 0.4% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €0.9m | €0.9m | €2.7m | €2.1m | €3.7m | €4.4m | €7.7m | ▲ 75.6% |
| Fixed assets21/28 | €0.8m | €0.7m | €2.4m | €2.0m | €3.6m | €4.1m | €7.5m | ▲ 80.3% |
| Tangible fixed assets22/27 | €0.8m | €0.7m | €2.4m | €2.0m | €3.6m | €4.1m | €7.5m | ▲ 80.3% |
| Land and buildings22 | - | - | - | €1.5m | €3.3m | €4.0m | €7.4m | ▲ 86.7% |
| Furniture and vehicles24 | - | - | - | €0.5m | €0.3m | €0.2m | €0.06m | ▼ 63.6% |
| Current assets29/58 | €0.07m | €0.1m | €0.3m | €0.1m | €0.03m | €0.3m | €0.3m | ▲ 2.4% |
| Amounts receivable within one year40/41 | €0.06m | €0.1m | €0.2m | €0.1m | €0.02m | €0.3m | €0.2m | ▼ 39.1% |
| Trade receivables40 | - | - | - | €0.1m | €0.02m | €0.3m | €0.1m | ▼ 44.4% |
| Other amounts receivable41 | - | - | - | €9 | €9 | €9 | €0.01m | ▲ 1,438× |
| Cash at bank and in hand54/58 | €0.009m | €0.009m | €0.1m | €0.02m | €0.01m | €0.01m | €121 | ▼ 99.2% |
| Deferred charges and accrued income490/1 | - | - | - | - | - | - | €0.1m | - |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €0.9m | €0.9m | €2.7m | €2.1m | €3.7m | €4.4m | €7.7m | ▲ 75.6% |
| Equity10/15 | €0.4m | €0.4m | €0.5m | €0.5m | €0.5m | €0.6m | €0.7m | ▲ 18.6% |
| Contributions10/11 | €0.006m | €0.006m | - | €0.006m | €0.006m | €0.006m | €0.006m | = |
| Reserves13 | €0.4m | €0.4m | €0.5m | €0.5m | €0.5m | €0.6m | €0.7m | ▲ 18.8% |
| Non-distributable reserves130/1 | - | - | - | €0.002m | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €0.002m | - | - | - | - |
| Tax-exempt reserves132 | - | - | - | €0.007m | - | - | - | - |
| Distributable reserves133 | - | - | - | €0.5m | €0.5m | €0.6m | €0.7m | ▲ 18.8% |
| Provisions and deferred taxes16 | €0.02m | €0.01m | €0.009m | €0.004m | - | - | - | - |
| Deferred taxes168 | - | - | - | €0.004m | - | - | - | - |
| Amounts payable17/49 | €0.5m | €0.4m | €2.2m | €1.6m | €3.2m | €3.8m | €7.0m | ▲ 84.5% |
| Amounts payable after more than one year17 | €0.3m | €0.2m | €1.4m | €1.2m | €2.6m | €3.2m | €6.1m | ▲ 88.3% |
| Financial debts170/4 | - | - | - | €1.2m | €2.6m | €3.2m | €6.1m | ▲ 88.3% |
| Amounts payable within one year42/48 | €0.2m | €0.2m | €0.8m | €0.5m | €0.6m | €0.6m | €0.9m | ▲ 63.0% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.3m | €0.4m | €0.5m | €0.8m | ▲ 74.3% |
| Financial debts43 | - | - | - | - | - | €0.02m | €0.01m | ▼ 30.5% |
| Credit institutions430/8 | - | - | - | - | - | €0.02m | €0.01m | ▼ 30.5% |
| Trade debts44 | €0.005m | €0.003m | €0.002m | €0.003m | €0.01m | €0.009m | €0.05m | ▲ 431% |
| Suppliers440/4 | - | - | - | €0.003m | €0.01m | €0.009m | €0.05m | ▲ 431% |
| Advances received on contracts in progress46 | - | - | - | €0.05m | €0.05m | - | - | - |
| Taxes, remuneration and social security45 | - | - | - | €0.04m | €0.03m | €0.03m | €0.02m | ▼ 52.9% |
| Taxes450/3 | - | - | - | €0.04m | €0.02m | €0.03m | €250 | ▼ 99.2% |
| Remuneration and social security454/9 | - | - | - | - | €0.01m | - | €0.02m | - |
| Other amounts payable47/48 | - | - | - | €0.09m | €0.06m | €0.03m | €0.03m | ▼ 24.8% |
| Accrued charges and deferred income492/3 | - | - | - | €0.004m | €0.004m | - | - | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€0.01m | €0.03m | €0.03m | €0.006m | €0.02m | €0.1m | €0.1m | ▲ 0.4% |
| + Depreciation and write-downs630 | €0.09m | €0.09m | €0.1m | €0.2m | €0.3m | €0.3m | €0.3m | ▲ 9.8% |
| Operating cash flow (approximation) | €0.07m | €0.1m | €0.2m | €0.2m | €0.3m | €0.4m | €0.4m | ▲ 7.1% |
| Investment in fixed assets (approximation) | - | -€0.04m | -€1.8m | €0.2m | -€1.9m | -€0.8m | -€3.6m | ▼ 369% |
| Change in cash | - | -€143 | €0.1m | -€0.1m | -€0.007m | €0.003m | -€0.01m | - |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Latest 10 of 16 filings with the National Bank
| Financial year | Type | Filed | Reference |
|---|---|---|---|
| 30-06-2025 | micro format | 13-02-2026 | 2026-00038068 |
| 30-06-2024 | micro format | 30-01-2025 | 2025-00015126 |
| 30-06-2023 | micro format | 08-01-2024 | 2024-00544444 |
| 30-06-2022 | micro format | 29-01-2023 | 2023-00007586 |
| 30-06-2021 | micro format | 03-02-2022 | 2022-04700558 |
| 30-06-2020 | micro format | 22-12-2020 | 2020-76600217 |
| 30-06-2019 | micro format | 10-02-2020 | 2020-04700518 |
| 30-06-2018 | micro format | 29-01-2019 | 2019-02900464 |
| 30-06-2017 | micro format | 26-01-2018 | 2018-02500512 |
| 30-06-2016 | abbreviated format | 07-02-2017 | 2017-04000397 |
Similar companies · same sector, comparable size
Public contracts: No European public contracts awarded found since October 2016. Contracts below the EU thresholds are not in TED.
Directors
Not every act has been read: a resignation may still be missing
Mandate history
- Board
- began earlier
| Name | Functions and periods |
|---|---|
| Mergen Gökhan |
|
| Mergen Hakan |
|
| Mergen Ibrahim |
|
Owners and capital
Capital and shareholders
- 23-01-2025 Converted to unavailable equity
Group and network
Connections & network
3 current directorsThe network starts from this company’s directors. Other companies they run appear here as nodes.
History
Acts, filings and financial milestones
23-01
Gazette deed
Resignations: Mergen Hakan, Mergen Gökhan and Mergen IbrahimReappointments: Mergen Hakan, Mergen Gökhan and Mergen Ibrahim · Capital · Registered office clause18 facts ▸
- Capital
- Other provision, “zaakvoerder van besloten vennootschap, bestuurder” (deed in Dutch)
- Director resignation, Mergen Hakan (director)
- Director resignation, Mergen Gökhan (director)
- Director resignation, Mergen Ibrahim (director)
- Director reappointment, Mergen Hakan (director (not named in the articles))
- Director reappointment, Mergen Gökhan (director (not named in the articles))
- Director reappointment, Mergen Ibrahim (director (not named in the articles))
- Other provision, “uitoefening van mandaat, kwijting ontslagnemende bestuurders” (deed in Dutch)
- Registered office clause, “Waterstraat 2,9160 Lokeren” (deed in Dutch)
- General meeting, 21-12-2023
- Other provision, “Wetboek van vennootschappen en verenigingen, aanpassing statuten aan WVV met behoud rechtsvorm” (deed in Dutch)
- +6 further facts in this act
About the unread acts
Of the 2 Belgian Official Gazette deeds we know for this company, 1 has been read. The other one has not been read yet: what they contain is neither established nor disproved here.
Register details
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 24 October 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.
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, with enterprise number 0809.467.968
Environmental permits
Source: Omgevingsloket Vlaanderen. Flanders only: Brussels and Wallonia do not publish the applicant.
Sites & property
1 establishment unit
1 parcel
| Cadastral parcel | Region | Area | Buildings | Height / floors |
|---|---|---|---|---|
| 46014A0200/00E000 | Flanders | 3,577 m² | 1 · 1,120 m² | 9.0 m · 2 |
How the parcels are linked
Articles of association
What the company does
- PurposeThe activities the company may carry out under its articles.
- “Het verlenen van adviezen van financiële, technische, commerciële of administratieve aard, in de ruimste zin, bijstand en diensten verlenen…” (deed in Dutch)
46 activities (deed in Dutch)
- Het verlenen van adviezen van financiële, technische, commerciële of administratieve aard, in de ruimste zin, bijstand en diensten verlenen, rechtstreeks of onrechtstreeks betrekking hebbende op het vlak van administratie en financiën, verkoop productie en algemeen bestuur;
- Het bevorderen van de oprichting van vennootschappen door inbreng, participatie of investering:
- Het waarnemen van alle bestuurs- en vereffeningsopdrachten, het uitoefenen van managementopdrachten en -functies;
- Het verlenen van zowel persoonlijke als zakelijke, roerende en onroerende waarborgen ten voordele van derden;
- Het verwerven door inschrijving of aankoop en het beheren van aandelen, obiligaties, kasbons of andere roerende waarden, van welke vorm ook, van Belgische of buitenlandse bestaande of nog op te richten vennootschappen;
- Onderneming voor grond- en waterbouwkundige werken;
- Het bouwen, herstellen en onderhouden van wegen, rioleringswerken, het leggen van ondergrondse kabels en leidingen, wegpersingen en dwarsboringen; Het leggen van opritten in klinkers, kasseien en andere gelijkaardige materialen
- Aannemer van metsel- en betonwerken, waterdicht maken van bouwwerken:
- Aannemer van slopingswerken;
- Het uitoefenen van het beroep van sanitair installateur, loodgieter, installateur van centrale verwarming en het plaatsen van electrotechnische installaties:
- Het kopen en verkopen, huren en verhuren van allerhande machines en infrastructuur noodzakelijk voor het uitoefenen van alle activiteiten van de vennootschap.
- Het kopen en verkopen van bouwmaterialen;
- Het uitvoeren van draineringswerken;
- Het mechanisch ondergronds trekken van leidingen voor telefonie-, electra- en gasdistributie door middel van telegestuurde apparatuur;
- Rioleringswerken en het uitvoeren van bestratingen;
- Algemene bouwonderneming
- Import- en export, groot- en kleinhandel in handelgoederen
- Tussenpersoon in de handel
- Het beheer van een onroerend vermogen, onroerend leasing en huurfinanciering van onroerende goederen aan derden, het verwerven door aankoop of anderszins, het verkopen, het ruilen, het bouwen, het verbouwen, het verbeteren, het uitrusten, het aanpassen, het verfraaien, het onderhouden, het verhuren, het huren, het verkavelen, het prospecteren en het uitbaten van onroerende goederen, het uitbaten van een bedrijfscentrum, alsmede alle handelingen die rechtstreeks of onrechtstreeks met dit voorwerp in verband staan en die van aard zijn de uitbreiding en de opbrengst van de onroerende goederen te bevorderen, alsmede
- Zich borg stellen voor het goede verloop van verbintenissen door derde personen aangegaan die het genot zouden hebben van deze onroerende goederen;
- Het waarnemen van alle bestuursopdrachten, het uitoefenen van opdrachten en functies die rechtstreeks of onrechtstreeks met het voorwerp verband houden, de vennootschap mag bestuursmandaten waarnemen in andere vennootschappen;
- Het uitvoeren van studies, het verlenen van adviezen zowel op technisch- als op organisatorisch gebied in het binnen- als buitenland;
- De uitwerking en de realisatie van projecten op het gebied van de electriciteit en electronica, mijnbouw, chemie, machine- en werktuigenbouw, industriële systeemontwikkeling, veiligheid, enz.
- De uitwerking van projecten op het gebied van de burgerlijke en utiliteitsbouw, de weg- en waterbouw en het verkeer;
- Onderneming voor het goederenvervoer over de weg en verhuisdiensten;
- Onderneming voor het vervoer van personen over de weg;
- Goederenvervoer langs de weg: vervoer van boomstammen, zwaar internationaal vervoer, veevervoer, vervoer met koelwagens, vervoer van bulkgoederen, inclusief vervoer in tankwagens, autovervoer;
- Verhuur van vrachtwagens met bestuurder;
- Onderneming voor het verhuren van autovoertuigen:
- Tussenpersoon in de handel;
- Vervoercommissionair;
- Vervaardiging van overige transportmiddelen;
- Vrachtbehandeling en opslag;
- Vervoersbemiddeling;
- Koerierdiensten;
- Recuperatie van recycleerbaar metaalafval;
- Recuperatie van recycleerbare ferro- en nonferrometalen door het mechanisch verbrijzelen en vervolgens sorteren en scheiden van metaalafval, zoals gebruikte auto's, wasmachines, fietsen enz.;
- Recuperatie van overig recycleerbaar afval;
- Ophalen, sorteren en verwerken van afvaistoffen in de meest ruime betekenis van het woord;
- Diverse Laswerken;
- Oppervlaktebehandeling en bekleding van metaal;
- Algemeen metaalbewerking;
- Smeden, persen, stampen en profielwassen van metaal;
- Groot- en kleinhandel in gereedschap, lasartikelen, lasapparatuur en allerhande werktuigen;
- Vervaardiging van metalen constructiewerken;
- Verhuur van gebouwen, terreinen, opslagruimtes en garageboxen;
- DurationHow long the company exists; usually unlimited, so until it is dissolved.
- Unlimited
- Name clauseThe name the company operates under according to its articles.
- ADEM CONSTRUCТ
- Registered office clauseThe region of the registered office; it decides among other things the language of official documents.
- “Vlaams Gewest, bestuursorgaan kan bij enkel besluit administratieve zetels,agentschappen,werkhuizen,stapelplaatsen en bijkantoren vestigen…” (deed in Dutch)
Who represents it, and how
- Who signsWho may bind the company towards others, for example by signing a contract.
- Each director alone
- Board ruleHow the board is made up, meets and takes decisions.
- “Met of zonder beperking van duur, één of meer bestuurders,natuurlijke personen of rechtspersonen,al dan niet aandeelhouder” (deed in Dutch)“Vaste of evenredige vergoeding, algemene kosten los van representatie-,reis-en verplaatsingskosten” (deed in Dutch)
Capital, shares and profit
- Share issue ruleHow and by whom new shares can be issued.
- “Ten minste vijftien dagen vanaf openstelling intekening, per e-mail of bij ontbreken e-mailadres per gewone post dezelfde dag” (deed in Dutch)
Oversight and winding up
- Dissolution ruleWhen and by whom the company can be dissolved.
- “Beslissing algemene vergadering beslissende in vormen vereist voor statutenwijziging, op elk moment” (deed in Dutch)
- Liquidation ruleHow assets are shared after dissolution: creditors first, then shareholders.
- “Één of meerdere vereffenaars aanduiden,bevoegdheden omlijnen en vergoeding bepalen, bestuurder(s) in functie als vereffenaar(s) krachtens…” (deed in Dutch)