AEF Construct
ActiveSummary
AEF Construct has been active since 2020 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €294,381 and a net result of -€16,257. The figures fluctuate too strongly year-on-year for a reliable trend projection. Its solvency ranks better than 22% of 9336 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.7% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability23▲+10
Solvency29▲+16
Growth78▲+20
Track record100
Bankruptcy probability, 12 months
0.7%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €12,000 at 30 days only on tighter terms
Liquidity tight (current ratio 1.08 against 0.9 in 2024; short-term debt: 92.6% and cash: 0.5% of total assets), and 95.8% of the assets are financed with debt.
Credit check for your own amount and term
Show the recommended maximum : and see how the verdict changes with amount, term and advance.
Signals
Five signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
raises risk · Limited track record
This company has not been active as long as an established one and statistically fails somewhat more often.
KBO · incorporation dateAge against the risk zone
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 68
Relative position
BE, all sectors
reference
Real estate activities (NACE 68)
about 43% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
4.2%
Return on assets
-0.2%
Age of the figures
9 mo
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 22% of 9336 sector peers (2025).
NBB · sector comparisonPosition among 9336 sector peers
Solvency
better than 22%
← weakest
strongest →
neutral · Filed after the deadline
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 27-08-2026, 27 days later. For context: 47% of the Belgian market files late and the whole 1-to-90-day band measures 2.0% abnormal legal state against a 1.66% average. We show this as a fact and do not score it.
NBB · 5 filingsDeviation from the deadline
2025
27 d late
2024
27 d late
2023
on the day
2022
31 d early
2021
2 d early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 5 accounts on average 4 days after the deadline; the sector median for financial year 2024 is 7 days before the deadline, and 36% of the sector filed late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
28-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, abbreviated schema
In the rankings
#3 company by total assets in Kortenberg, Real estate sector
Equity
€294,381
2024 · -€409,484
Total assets
€6.9m▲ 96.8%
2024 · €3.5m
Net result
-€16,257▲ 89.2%
2024 · -€150,036
Working capital
€510,281
2024 · -€375,490
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 68, Real estate activities, each year against the same schema; no band under 30 filings. Dashed line: the median.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result-€294,331-€238,128-€160,854-€60,697▲ 62.3%€22,067
Net result-€305,220below the sector's middle half-€224,018above the sector's middle half-€183,246below the sector's middle half-€150,036below the sector's middle half▲ 18.1%-€16,257within the sector's middle half▲ 89.2%
Equity-€300,220below the sector's middle half--€76,202below the sector's middle half▲ 74.6%-€259,447below the sector's middle half▼ 240%-€409,484below the sector's middle half▼ 57.8%€294,381within the sector's middle half
Total assets€1.9mabove the sector's middle half-€609,728below the sector's middle half▼ 67.1%€1.2mwithin the sector's middle half▲ 89.0%€3.5mwithin the sector's middle half▲ 206%€6.9mabove the sector's middle half▲ 96.8%
Debt€2.2m-€685,929▼ 68.2%€1.4m▲ 106%€3.9m▲ 179%€6.6m▲ 68.8%
Working capital-€320,695below the sector's middle half--€95,357within the sector's middle half▲ 70.3%-€209,346below the sector's middle half▼ 120%-€375,490below the sector's middle half▼ 79.4%€510,281above the sector's middle half
Solvency-16.2%below the sector's middle half--12.5%below the sector's middle half▲ 3.7pp-22.5%below the sector's middle half▼ 10.0pp-11.6%below the sector's middle half▲ 10.9pp4.2%below the sector's middle half▲ 15.9pp
Current ratio0.85within the sector's middle half-0.86within the sector's middle half▲ 0.010.85within the sector's middle half▼ 0.010.90within the sector's middle half▲ 0.061.08within the sector's middle half▲ 0.18
Return on assets (ROA)-16.5%below the sector's middle half-36.7%above the sector's middle half▲ 53.2pp-15.9%below the sector's middle half▼ 52.6pp-4.3%below the sector's middle half▲ 11.6pp-0.2%within the sector's middle half▲ 4.0pp
Staff (FTE)0.5-1.3within the sector's middle half▲ 160%0.4within the sector's middle half
above
within
below
the middle half (P25 to P75) of NACE 68, Real estate activities, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the abbreviated or micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result returns to profit in 2025: €22,067 after a loss of €60,697 in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €6.9m
Fixed assets
€380 ▼ 87.5%
Current assets
€6.9m ▲ 96.9%
Equity and liabilities €6.9m
Equity
€294,381
Debt
€6.6m
Debt finances 95.8% of the balance-sheet total.
Key figures and ratios
EBITDA
€24,724▲
2024 · -€56,150
Cash flow
-€13,600▲
2024 · -€145,490
Quick ratio
0.13▲
2024 · 0.08
Debt to equity
22.57▲
2024 · -9.61
ROE
-5.5%
Interest coverage
0.54▲
2024 · -0.63
Debt ≤ 1 year
€6.4m▲
2024 · €3.9m
Debt > 1 year
€216,279▲
2024 · €37,031
Staff costs
€18,303
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 849 companies that looked in July 2024 the way this one looks now, 3.9% went bankrupt within 24 months and 92% are still going.
- Micro
- 5 to 10 years old
- solvency under 10%
- a small loss
3.9%
went bankrupt
3.3%
stopped otherwise
92%
still going
A further 0.9% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a lower bankruptcy probability: 0.7% over twelve months. The score reads more about this company than the group's four characteristics; both figures are right about what they measure.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,662 companies of July 2024 its group's bankruptcy share. Expected: 1.5%; actually bankrupt within 24 months: 1.6%.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.4% |
| 3 | 0.5% | 0.5% |
| 4 | 0.6% | 0.7% |
| 5 | 0.8% | 0.9% |
| 6 | 1.2% | 1.3% |
| 7 | 1.5% | 1.7% |
| 8 | 1.7% | 1.7% |
| 9 | 2.7% | 2.8% |
| 10 | 5.3% | 5.7% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 75% 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 849 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.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | €64,715 | €135,312 | €916 | - | €18,303 | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €8,073 | €14,109 | €4,547 | €4,547 | €2,657 | ▼ 41.6% |
| Other operating charges640/8 | €8,077 | €172,377 | €58,408 | €28,900 | €40,356 | ▲ 39.6% |
| Gross operating margin9900 | -€213,466 | €559,926 | -€96,983 | -€27,249 | €83,383 | ▲ 406% |
| Operating profit (loss)9901 | -€294,331 | €238,128 | -€160,854 | -€60,697 | €22,067 | ▲ 136% |
| Financial income75/76B | €8,598 | €331 | €38 | €16 | €7,305 | ▲ 46,017% |
| Recurring financial income75 | €8,598 | €331 | €38 | €16 | €7,305 | ▲ 46,017% |
| Financial charges65/66B | €19,232 | €14,112 | €22,060 | €89,216 | €45,629 | ▼ 48.9% |
| Recurring financial charges65 | €19,232 | €14,112 | €22,060 | €89,216 | €45,629 | ▼ 48.9% |
| Profit (loss) for the period before taxes9903 | -€304,965 | €224,348 | -€182,875 | -€149,897 | -€16,257 | ▲ 89.2% |
| Income taxes67/77 | €254 | €330 | €371 | €140 | - | - |
| Profit (loss) for the period9904 | -€305,220 | €224,018 | -€183,246 | -€150,036 | -€16,257 | ▲ 89.2% |
| Profit (loss) for the period to be appropriated9905 | -€305,220 | €224,018 | -€183,246 | -€150,036 | -€16,257 | ▲ 89.2% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €1.9m | €609,728 | €1.2m | €3.5m | €6.9m | ▲ 96.8% |
| Fixed assets21/28 | €58,522 | €45,791 | €7,583 | €3,037 | €380 | ▼ 87.5% |
| Tangible fixed assets22/27 | €58,522 | €45,791 | €7,583 | €3,037 | €380 | ▼ 87.5% |
| Furniture and vehicles24 | - | €1,207 | €931 | €655 | €380 | ▼ 42.1% |
| Leasing and similar rights25 | €58,522 | €44,585 | €6,652 | €2,381 | - | - |
| Current assets29/58 | €1.8m | €563,937 | €1.1m | €3.5m | €6.9m | ▲ 96.9% |
| Stocks and contracts in progress3 | €1.8m | €477,437 | €909,780 | €3.2m | €6.1m | ▲ 88.7% |
| Stocks30/36 | €1.8m | €477,437 | €909,780 | €3.2m | €6.1m | ▲ 88.7% |
| Amounts receivable within one year40/41 | €1,527 | €61,418 | €151,055 | €45,355 | €817,776 | ▲ 1,703% |
| Trade receivables40 | €94 | €22,356 | €142,740 | €29,539 | €288,504 | ▲ 877% |
| Other amounts receivable41 | €1,433 | €39,061 | €8,315 | €15,816 | €529,272 | ▲ 3,246% |
| Cash at bank and in hand54/58 | €2,311 | €20,294 | €77,779 | €251,750 | €33,690 | ▼ 86.6% |
| Deferred charges and accrued income490/1 | €1,707 | €4,788 | €6,137 | €3,183 | €7,137 | ▲ 124% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €1.9m | €609,728 | €1.2m | €3.5m | €6.9m | ▲ 96.8% |
| Equity10/15 | -€300,220 | -€76,202 | -€259,447 | -€409,484 | €294,381 | ▲ 172% |
| Contributions10/11 | €5,000 | €5,000 | €5,000 | €5,000 | €725,123 | ▲ 14,402% |
| Profit (loss) carried forward14 | -€305,220 | -€81,202 | -€264,447 | -€414,484 | -€430,741 | ▼ 3.9% |
| Amounts payable17/49 | €2.2m | €685,929 | €1.4m | €3.9m | €6.6m | ▲ 68.8% |
| Amounts payable after more than one year17 | €38,046 | €26,635 | €57,684 | €37,031 | €216,279 | ▲ 484% |
| Financial debts170/4 | €38,046 | €26,635 | €57,684 | €37,031 | €216,279 | ▲ 484% |
| Amounts payable within one year42/48 | €2.1m | €659,294 | €1.4m | €3.9m | €6.4m | ▲ 64.9% |
| Current portion of amounts payable after more than one year42 | €11,219 | €11,411 | €20,577 | €20,654 | €20,752 | ▲ 0.5% |
| Financial debts43 | €88 | €120,073 | €200,000 | €2.2m | €3.0m | ▲ 39.0% |
| Credit institutions430/8 | €88 | €120,073 | €200,000 | €2.2m | €3.0m | ▲ 39.0% |
| Trade debts44 | €120,094 | €148,608 | €182,058 | €125,825 | €434,000 | ▲ 245% |
| Suppliers440/4 | €120,094 | €148,608 | €182,058 | €125,825 | €434,000 | ▲ 245% |
| Advances received on contracts in progress46 | €1.7m | €17,909 | €370,126 | €1.2m | €2.6m | ▲ 121% |
| Taxes, remuneration and social security45 | €29,760 | €4,070 | €25,438 | €2,144 | €117,796 | ▲ 5,395% |
| Taxes450/3 | €20,856 | €330 | €23,433 | €140 | €115,160 | ▲ 82,440% |
| Remuneration and social security454/9 | €8,904 | €3,740 | €2,004 | €2,004 | €2,636 | ▲ 31.5% |
| Other amounts payable47/48 | €206,529 | €357,224 | €555,899 | €421,777 | €278,636 | ▼ 33.9% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€305,220 | €224,018 | -€183,246 | -€150,036 | -€16,257 | ▲ 89.2% |
| + Depreciation and write-downs630 | €8,073 | €14,109 | €4,547 | €4,547 | €2,657 | ▼ 41.6% |
| Operating cash flow (approximation) | -€297,147 | €238,127 | -€178,699 | -€145,490 | -€13,600 | ▲ 90.7% |
| Investment in fixed assets (approximation) | - | -€1,378 | €33,661 | €0 | €0 | - |
| Change in cash | - | €17,983 | €57,484 | €173,972 | -€218,060 | ▼ 225% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
27-08
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema · 27 days late
2025
31-12
Financial
Equity above €200,000Eq €294,381
Equity rises from -€409,484 to €294,381.
27-08
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema · 27 days late
2024
31-07
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema
2023
30-06
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema
2022
31-12
Financial
Back to profitnet €224,018
Net result €224,018 after one loss-making year.
29-07
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 4 acts read
About the unread acts
We know of 4 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
4 acts for this company are in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Kortenberg · 1 establishment unit since 2020
Ground area
8,058 m²
Building footprint
193 m²
Volume, LiDAR
1,016 m³
Parcel 24025G0093/00Y000, Flanders · tallest building 18.0 m, ±2 floors. Linked by address, not a title deed.
1 establishment unit
AEF Construct
since 20202.300.366.084
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 24025G0093/00Y000 | Flanders | 8,058 m² | 1 · 193 m² | 18.0 m · 2 fl. |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
1 of these parcels carry protected heritage: expect extra rules on renovation or sale.
Structure & network
Owners and holdings
1 ownerOwners 1
-
40%
Holdings 0
No holding stated in the accounts, acts or LEI register we read.
According to the annual accounts of the other companies, the acts in the Belgian Gazette and the LEI register. The register of ultimate beneficial owners (UBO) is not public: who ultimately stands behind a natural person or a foreign parent is not stated here. A company that does not fill in these statements, or need not, is missing.
Connections & network
No current directors or connected companies found in the register.
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Of 1,294 companies in sector 68122 we hold annual accounts for 904. 597 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company
Founded11-03-2020
Fiscal year end31-12
Activities, NACEBEL 2025
68122Development of non-residential building projects
68121Development of residential building projects
Contact
E-mail
erik@aefconstruct.be
E-invoicing
Reachable via Peppol
Peppol ID
0208:0744977420
Registered
27-03-2026
Register as of 28 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.