Losses
Every financial year from 2023 to 2025 closed with a loss. 2023 was the heaviest.
Every financial year from 2023 to 2025 closed with a loss. 2023 was the heaviest.
The accounts state no turnover.
Of this, €6.4m falls due within a year.
Green is investment, beige is depreciation.
The 2024 accounts came latest: 27 days after the end of the period.
The dashed line is the sector median: 0.2% across 26,626 companies (NACE 68, micro).
About 5 in 1,000 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 68, micro). It does better than 25% of them on solvency, 4% on liquidity, 22% on profitability and 95% 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 low class on 30-06-2025, 0.8% 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, 849 companies had the same profile as AEF Construct has now. Each dot stands for 3 companies, two years later.
Another 0.1% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of AEF Construct itself is lower: 0.5% within 12 months. It rests on far more data about AEF Construct than the profile alone.
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 849 companies, not a prediction for AEF 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 tight, with a current ratio of 1.08 (0.9 in 2024), below the usual 1.5. Short-term debt is 92.6% and cash 0.5% of total assets. 95.8% of the assets are financed with debt and provisions.
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 4 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.
| Company | ||||
|---|---|---|---|---|
| AEF Construct Kortenberg | €6.9m | €83,383 | 4.2% | 0.4 |
| BVI.EU Green Business Park Merksem Kontich | €11.1m | €58,580 | 4.0% | 0 |
| BVI.EU GBP Belgrade Wavre | €3.8m | €71,064 | 9.5% | 0 |
| AYA PROPERTIES Sint-Gillis (bij-Brussel) | €3.3m | €251,801 | 31.1% | 0.5 |
| BILT Bierbeek | €4.8m | €209,599 | 44.5% | 0 |
| LANTERNEAU Brussels | €3.6m | €406,244 | 0.3% | 0 |
| BVI.EU GREEN BUSINESS PARK KORTESSEM Kontich | €5.3m | €267,005 | 4.0% | 0 |
These companies have the same main activity as AEF Construct: development of non-residential building projects (NACE 68122). They are comparable in size and age: total assets between €3.3m and €11m, founded between 2014 and 2023.
AEF Construct files the abbreviated format. That format states no turnover. The gross margin rose from -€213,466 in 2021 to €83,383 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. The turnover shown is an estimate from the gross margin.
Turnover ≈ €220,000. Estimated: probably between €110,000 and €510,000.
Higher than 23% of 11,297 companies in 2025.
Higher than 47% of 10,849 companies in 2025.
Higher than 36% of 11,182 companies in 2025.
Net result: middle half · Equity: middle half · Balance sheet total: top quarter · Working capital: top quarter · Staff: middle half
Staff costs divided by the average number of full-time equivalents.
In 2025, 1 person joined and 1 left.
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| Balance sheet: assets | ||||||
20/58 |
6.9m | 3.5m | 1.2m | 609,728 | 1.9m | |
21/28 |
380 | 3,037 | 7,583 | 45,791 | 58,522 | |
22/27 |
380 | 3,037 | 7,583 | 45,791 | 58,522 | |
24 |
380 | 655 | 931 | 1,207 | - | |
25 |
- | 2,381 | 6,652 | 44,585 | 58,522 | |
29/58 |
6.9m | 3.5m | 1.1m | 563,937 | 1.8m | |
3 |
6.1m | 3.2m | 909,780 | 477,437 | 1.8m | |
30/36 |
6.1m | 3.2m | 909,780 | 477,437 | 1.8m | |
40/41 |
817,776 | 45,355 | 151,055 | 61,418 | 1,527 | |
40 |
288,504 | 29,539 | 142,740 | 22,356 | 94 | |
41 |
529,272 | 15,816 | 8,315 | 39,061 | 1,433 | |
54/58 |
33,690 | 251,750 | 77,779 | 20,294 | 2,311 | |
490/1 |
7,137 | 3,183 | 6,137 | 4,788 | 1,707 | |
| Balance sheet: equity and liabilities | ||||||
10/49 |
6.9m | 3.5m | 1.2m | 609,728 | 1.9m | |
10/15 |
294,381 | -409,484 | -259,447 | -76,202 | -300,220 | |
10/11 |
725,123 | 5,000 | 5,000 | 5,000 | 5,000 | |
14 |
-430,741 | -414,484 | -264,447 | -81,202 | -305,220 | |
17/49 |
6.6m | 3.9m | 1.4m | 685,929 | 2.2m | |
17 |
216,279 | 37,031 | 57,684 | 26,635 | 38,046 | |
170/4 |
216,279 | 37,031 | 57,684 | 26,635 | 38,046 | |
42/48 |
6.4m | 3.9m | 1.4m | 659,294 | 2.1m | |
42 |
20,752 | 20,654 | 20,577 | 11,411 | 11,219 | |
43 |
3.0m | 2.2m | 200,000 | 120,073 | 88 | |
430/8 |
3.0m | 2.2m | 200,000 | 120,073 | 88 | |
44 |
434,000 | 125,825 | 182,058 | 148,608 | 120,094 | |
440/4 |
434,000 | 125,825 | 182,058 | 148,608 | 120,094 | |
46 |
2.6m | 1.2m | 370,126 | 17,909 | 1.7m | |
45 |
117,796 | 2,144 | 25,438 | 4,070 | 29,760 | |
450/3 |
115,160 | 140 | 23,433 | 330 | 20,856 | |
454/9 |
2,636 | 2,004 | 2,004 | 3,740 | 8,904 | |
47/48 |
278,636 | 421,777 | 555,899 | 357,224 | 206,529 | |
| Income statement | ||||||
9900 |
83,383 | -27,249 | -96,983 | 559,926 | -213,466 | |
62 |
18,303 | - | 916 | 135,312 | 64,715 | |
630 |
2,657 | 4,547 | 4,547 | 14,109 | 8,073 | |
640/8 |
40,356 | 28,900 | 58,408 | 172,377 | 8,077 | |
9901 |
22,067 | -60,697 | -160,854 | 238,128 | -294,331 | |
75/76B |
7,305 | 16 | 38 | 331 | 8,598 | |
75 |
7,305 | 16 | 38 | 331 | 8,598 | |
65/66B |
45,629 | 89,216 | 22,060 | 14,112 | 19,232 | |
65 |
45,629 | 89,216 | 22,060 | 14,112 | 19,232 | |
9903 |
-16,257 | -149,897 | -182,875 | 224,348 | -304,965 | |
67/77 |
- | 140 | 371 | 330 | 254 | |
9904 |
-16,257 | -150,036 | -183,246 | 224,018 | -305,220 | |
9905 |
-16,257 | -150,036 | -183,246 | 224,018 | -305,220 | |
| Appropriation of the result | ||||||
9906 |
-430,741 | -414,484 | -264,447 | -81,202 | -305,220 | |
14P |
-414,484 | -264,447 | -81,202 | -305,220 | - | |
| Social balance sheet | ||||||
9087 |
0.4 | - | - | 1.3 | 0.5 | |
Hours worked1013 |
641 | - | - | 2,738 | 1,256 | |
| Document | ||||||
The notes to these accounts have 10 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 27-08-2026.
2025 annual accounts filed 27 days after the deadline. Filed on 27 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00433272.
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 27-08-2026 | 2026-00433272 | |
| 31-12-2024 | abbreviated format | 27-08-2025 | 2025-00409430 | |
| 31-12-2023 | abbreviated format | 31-07-2024 | 2024-00309073 | |
| 31-12-2022 | abbreviated format | 30-06-2023 | 2023-00177522 | |
| 31-12-2021 | micro format | 29-07-2022 | 2022-20243448 |
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| 24,724 | -56,150 | -156,307 | 252,237 | -286,258 | ||
| -13,600 | -145,490 | -178,699 | 238,127 | -297,147 | ||
| 6,747 | 0 | -33,661 | 1,378 | 65,414 | ||
| -218,060 | 173,972 | 57,484 | 17,983 | - | ||
| 510,281 | -375,490 | -209,346 | -95,357 | -320,695 | ||
| 4.2% | -11.6% | -22.5% | -12.5% | -16.2% | ||
| 1.08 | 0.90 | 0.85 | 0.86 | 0.85 | ||
| 0.13 | 0.08 | 0.17 | 0.13 | 0.00 | ||
| 22.57 | - | - | - | - | ||
| -5.5% | - | - | - | - | ||
| -0.2% | -4.3% | -15.9% | 36.7% | -16.5% | ||
| 0.54 | -0.63 | -7.09 | 17.87 | -14.88 |
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 | 31-12-2025 | 31-12-2022 | 31-12-2021 |
|---|---|---|---|
| Employees at the balance-sheet date | - | 1 | 1 |
| full-time | - | 1 | 1 |
| in full-time equivalents | - | 1 | 1 |
| 0.4 | 1.3 | 0.5 | |
| On a permanent contract | - | 1 | 1 |
| Joined | 1 | 2 | 1 |
| Left | 1 | 2 | 0 |
Source: social balance sheet in the 2021 to 2025 annual accounts
| Item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Tangible fixed assets | €6,747 | - | - | €1,378 | €65,414 |
| €2,657 | €4,547 | €4,547 | €14,109 | €8,073 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
The operating result for 2025 is a profit of €22,067, after a loss of €60,697 in 2024. It is the highest result since 2022.
Debt's share of the balance-sheet total is 95.8%.
1 other company of this director went bankrupt (2023).
Source: Belgian Official Gazette (bankruptcies, judicial dissolutions, board mandates), FPS Economy (strike-offs) and the KBO register. A bankruptcy, dissolution or strike-off says nothing about the director's part in it.
AEF Construct has no parent and no holdings in its annual accounts.
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.
All 14 environmental permit applications
Sources: Publications in the Belgian Official GazetteFilings with the National Bank
On 11 March 2020, AEF Construct was incorporated as a private limited company by four natural persons, with a starting capital of €5,000.12 In 2023 the registered office moved to Erps-Kwerps.3 In 2025 the capital was increased by €285,049.4 Today the board has 2 members.5 Total assets went from €1.9m in 2021 to €6.9m in 2025 and headcount from 0.5 to 0.4 full-time equivalents.6
| Establishment | Since | Unit number |
|---|---|---|
| Engerstraat 89 registered office 3071 Kortenberg | 11-03-2020 | 2.300.366.084 |
| 07-10-2026 | Under review | Het reliëf van de bodem aanmerkelijk wijzigen; Hoogstammige bomen vellen die geen deel uitmaken van een bos; Nieuwbouw of aanleggen project 2026007714 | Bekkevoort |
| 30-07-2026 | No decision taken | Bouwen of herbouwen; Slopen van niet vrijstaande gebouwen of constructies; Verwijderen van vrijstaande bijgebouwen, niet-overdekte lage constructies of andere beperkte handelingen submitted 28-06-2024 · project 2024048523 | RVVB |
| 29-04-2026 | Discontinued | Aanleg van nieuwe verkeersweg; Het reliëf van de bodem aanmerkelijk wijzigen; Ontbossen submitted 16-07-2025 · Subdivision · project 2025087035 | Genk |
| 26-03-2026 | Refused | Nieuwbouw of aanleggen submitted 14-02-2025 · project 2025017140 | Provincie Vlaams-Brabant |
| 24-02-2026 | Under review | Aanleg van nieuwe verkeersweg; Het reliëf van de bodem aanmerkelijk wijzigen; Ontbossen Subdivision · project 2026019619 | Provincie Limburg |
| 17-07-2025 | Refused | Bouwen of herbouwen; Hoogstammige bomen vellen die geen deel uitmaken van een bos; Nieuwbouw van bijgebouwen en niet overdekte lage constructie; Verwijderen van vrijstaande gebouwen submitted 11-07-2024 · project 2024057226 | Provincie Limburg |
| 10-09-2024 | Discontinued | Bouwen of herbouwen; Hoogstammige bomen vellen die geen deel uitmaken van een bos; Nieuwbouw van bijgebouwen, niet-overdekte lage constructies en andere handelingen; Slopen van niet vrijstaande gebouwen of constructies; Verwijderen van vrijstaande gebouwen submitted 28-06-2024 · project 2024084202 | Oud-Heverlee |
| 19-04-2024 | Under appeal | Nieuwbouw van bijgebouwen en niet overdekte lage constructie project 2024054875 | Provincie Vlaams-Brabant |
| 15-12-2023 | Discontinued | Bouwen of herbouwen; Slopen van niet vrijstaande gebouwen of constructies; Verwijderen van vrijstaande bijgebouwen, niet-overdekte lage constructies of andere beperkte handelingen submitted 05-12-2022 · project 2022124422 | Provincie Vlaams-Brabant |
| 17-02-2022 | Granted | Bouwen of herbouwen submitted 18-11-2021 · project 2021170654 | Haacht |
The 10 most recent of 14 applications.
Source: Omgevingsloket Vlaanderen.
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 0744.977.420
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