Equity
Debts exceed assets in financial year 2025.
Debts exceed assets in financial year 2025.
Every financial year from 2020 to 2025 closed with a loss. 2025 was the heaviest.
Of this, €838,290 falls due within a year.
The last five annual accounts were filed 2 to 35 days before the end of the period.
Lower solvency than 95% of companies in construction of buildings. Sector median 42.9% · 9,431 companies.
The dashed line is the sector median: 1.5% across 13,462 companies (NACE 41, micro).
About 4 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 41, micro). It does better than 3% of them on solvency, 39% on liquidity, 5% on profitability and 13% on growth.
The bankruptcy probability was computed on 05-11-2026 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).
In July 2024, 562 companies had the same profile as Aneconstruct has now. Each dot stands for 2 companies, two years later.
Another 1.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of Aneconstruct itself: 3.9% 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 562 companies, not a prediction for Aneconstruct. 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 0.58 (0.85 in 2024), below 1. Short-term debt is 168.7% and cash 33.6% 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 6 accounts on average 25 days before the deadline. In the sector (NACE 41), the median for financial year 2024 was on the deadline day, and 46% of those companies filed late.
| Company | Total assets | Gross margin | Solvency | Staff |
|---|---|---|---|---|
| Aneconstruct Antwerp | €496,858 | -€25,161 | -114.2% | - |
| VOGELZANG STUDENT HOUSING Antwerp | €441,863 | -€128,886 | -527.3% | - |
| FFAB Zandhoven | €553,286 | -€18,191 | 8.9% | 0 |
| ERIBOUW Mechelen | €475,350 | -€4,388 | -2.4% | - |
| ATOOM WONINGEN Heist-op-den-Berg | €390,711 | -€3,984 | 0.5% | - |
| Hônkers Lievegem | €499,919 | -€25,292 | -5.8% | - |
| D-CONSTRUCTION Zaventem | €485,921 | -€58,869 | -20.1% | - |
These companies have the same main activity as Aneconstruct: general construction of residential buildings (NACE 41001). They are comparable in size and age: total assets between €391,000 and €553,000, founded between 2019 and 2021.
Aneconstruct files the micro format. That format states no turnover. The gross margin fell from -€2,446 in 2020 to -€25,161 in 2025.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette.
Turnover and EBIT margin are not published. The micro format does not require them.
Lower than 95% of 9,431 companies in 2025.
Higher than 9% of 9,179 companies in 2025.
Higher than 6% of 9,251 companies in 2025.
Net result: bottom quarter · Equity: bottom quarter · Balance sheet total: top quarter · Working capital: bottom quarter
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Balance sheet: assets | |||||||
Total assets20/58 |
496,858 | 1.4m | 950,496 | 604,548 | 356,665 | 219,462 | |
Fixed assets21/28 |
7,289 | 51,001 | 96,436 | 134,905 | 172,840 | 143,763 | |
Tangible fixed assets22/27 |
7,289 | 51,001 | 96,436 | 134,905 | 172,840 | 143,763 | |
Other tangible fixed assets26 |
7,289 | 51,001 | 96,436 | 134,905 | 172,840 | 143,763 | |
Current assets29/58 |
489,569 | 1.3m | 854,060 | 469,642 | 183,825 | 75,699 | |
Stocks and contracts in progress3 |
309,767 | 1.3m | 59,297 | 427,808 | 129,304 | 7,623 | |
Stocks30/36 |
309,767 | 1.3m | 59,297 | 427,808 | 129,304 | 7,623 | |
Amounts receivable within one year40/41 |
12,500 | 13,368 | 790,621 | 28,320 | 6,903 | 1,972 | |
Trade receivables40 |
- | 192 | 620,000 | - | - | - | |
Other amounts receivable41 |
12,500 | 13,176 | 170,621 | 28,320 | 6,903 | 1,972 | |
Cash at bank and in hand54/58 |
167,063 | - | 4,142 | 13,513 | 47,618 | 66,104 | |
Deferred charges and accrued income490/1 |
238 | 1,920 | - | - | - | - | |
| Balance sheet: equity and liabilities | |||||||
Total equity and liabilities10/49 |
496,858 | 1.4m | 950,496 | 604,548 | 356,665 | 219,462 | |
Equity10/15 |
-567,642 | -411,179 | -313,028 | -220,327 | -67,933 | 334 | |
Contributions10/11 |
5,000 | 5,000 | 5,000 | 5,000 | 5,000 | 5,000 | |
Profit (loss) carried forward14 |
-572,642 | -416,179 | -318,028 | -225,327 | -72,933 | -4,666 | |
Amounts payable17/49 |
1.1m | 1.8m | 1.3m | 824,874 | 424,598 | 219,128 | |
Amounts payable after more than one year17 |
200,000 | 200,000 | 200,000 | 200,000 | 200,000 | 150,000 | |
Financial debts170/4 |
200,000 | 200,000 | 200,000 | 200,000 | 200,000 | 150,000 | |
Amounts payable within one year42/48 |
838,290 | 1.6m | 1.0m | 598,083 | 216,550 | 68,804 | |
Current portion of amounts payable after more than one year42 |
225,800 | 1.5m | 675,850 | 568,464 | 216,550 | - | |
Financial debts43 |
105,200 | 2,158 | - | - | - | 10,000 | |
Credit institutions430/8 |
105,200 | 2,158 | - | - | - | - | |
Other loans439 |
- | - | - | - | - | 10,000 | |
Trade debts44 |
23,010 | 67,981 | 58,038 | 10,359 | - | 58,804 | |
Suppliers440/4 |
23,010 | 67,981 | 58,038 | 10,359 | - | 58,804 | |
Taxes, remuneration and social security45 |
202,356 | - | - | - | - | - | |
Taxes450/3 |
202,356 | - | - | - | - | - | |
Other amounts payable47/48 |
281,924 | 26,760 | 284,260 | 19,260 | - | - | |
Accrued charges and deferred income492/3 |
26,210 | 23,820 | 45,376 | 26,791 | 8,048 | 324 | |
| Income statement | |||||||
Gross operating margin9900 |
-25,161 | -69,074 | -9,107 | -86,630 | -19,170 | -2,446 | |
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 |
43,712 | 45,435 | 46,220 | 43,885 | 38,911 | 1,723 | |
Other operating charges640/8 |
1,282 | 569 | 557 | 304 | 156 | 280 | |
Operating profit (loss)9901 |
-70,155 | -115,079 | -55,884 | -130,819 | -58,237 | -4,449 | |
Financial income75/76B |
288 | 0 | 39 | - | - | 230 | |
Recurring financial income75 |
288 | 0 | 39 | - | - | 230 | |
Financial charges65/66B |
86,597 | -16,927 | 36,856 | 21,575 | 10,030 | 447 | |
Recurring financial charges65 |
86,597 | -16,927 | 36,856 | 21,575 | 10,030 | 447 | |
Profit (loss) for the period before taxes9903 |
-156,464 | -98,151 | -92,701 | -152,394 | -68,267 | -4,666 | |
Profit (loss) for the period9904 |
-156,464 | -98,151 | -92,701 | -152,394 | -68,267 | -4,666 | |
Profit (loss) for the period to be appropriated9905 |
-156,464 | -98,151 | -92,701 | -152,394 | -68,267 | -4,666 | |
| Appropriation of the result | |||||||
Profit (loss) to be appropriated9906 |
-572,642 | -416,179 | -318,028 | -225,327 | -72,933 | -4,666 | |
Profit (loss) brought forward from the previous period14P |
-416,179 | -318,028 | -225,327 | -72,933 | -4,666 | - | |
| Document | |||||||
The notes to these accounts have 5 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 10-07-2026.
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 10-07-2026 | 2026-00314105 | |
| 31-12-2024 | micro format | 10-07-2025 | 2025-00265688 | |
| 31-12-2023 | micro format | 29-07-2024 | 2024-00307962 | |
| 31-12-2022 | micro format | 26-06-2023 | 2023-00165775 | |
| 31-12-2021 | micro format | 27-06-2022 | 2022-20148001 | |
| 31-12-2020 | micro format | 25-06-2021 | 2021-25200533 |
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| EBITDA | -26,443 | -69,644 | -9,664 | -86,934 | -19,326 | -2,726 | |
| Cash flow | -112,751 | -52,716 | -46,481 | -108,509 | -29,356 | -2,943 | |
| Investment in fixed assets (approximation) | 0 | 0 | 7,751 | 5,950 | 67,988 | 145,486 | |
| Change in cash | - | - | -9,372 | -34,105 | -18,486 | - | |
| Working capital | -348,721 | -238,360 | -164,088 | -128,441 | -32,725 | 6,895 | |
| Solvency | -114.2% | -30.1% | -32.9% | -36.4% | -19.0% | 0.2% | |
| Current ratio | 0.58 | 0.85 | 0.84 | 0.79 | 0.85 | 1.10 | |
| Quick ratio | 0.21 | 0.01 | 0.78 | 0.07 | 0.25 | 0.99 | |
| ROA | -31.5% | -7.2% | -9.8% | -25.2% | -19.1% | -2.1% | |
| Interest coverage | -0.31 | 4.11 | -0.26 | -4.03 | -1.93 | - |
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 | - | - | €7,751 | €5,950 | €67,988 |
| Depreciation and write-downs of the year | €43,712 | €45,435 | €46,220 | €43,885 | €38,911 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
The operating result for 2025 is a loss of €70,155, smaller than the loss of €115,079 in 2024.
Equity is negative. Debt (€1.1m) exceeds the balance-sheet total (€496,858).
Source: lists of holdings in the owners' accounts
Aneconstruct has no parent and no holdings in its annual accounts.
| XTEND
registered office since 02-01-2006 · founded in 2006 |
total assets €14.1m (2025) 0878.294.814 |
| STEELDUXX
registered office since 27-12-1983 · founded in 1983 |
18 FTE (2025) 0425.069.935 |
| Rekupp
registered office since 26-09-1989 · founded in 1989 |
7 FTE (2025) 0438.171.467 |
| BELAGE
registered office since 09-06-2016 · founded in 2016 |
total assets €6.1m (2025) 0656.530.642 |
| Transtel-Sabima
registered office since 01-06-1973 · founded in 1973 |
total assets €3.6m (2025) 0413.162.293 |
| Uitgeverij Zwijsen België
registered office since 18-01-1994 · founded in 1993 |
22 FTE (2025) 0451.552.717 |
| TIMMERMANS & VAN HISSENHOVEN
registered office since 27-03-2024 · founded in 2024 · negative equity (2025) |
7 FTE (2025) 1007.675.689 |
| SEABREAK
registered office since 06-02-2006 · founded in 2006 |
total assets €1.9m (2025) 0879.163.656 |
| Anefinance
registered office since 29-11-2019 · founded in 2019 |
total assets €1.9m (2025) 0738.584.031 |
| NANAMI SHIPPING
registered office since 04-10-2021 · founded in 2021 |
total assets €1.4m (2025) 0775.263.194 |
The network starts from the directors of Aneconstruct. Every other company they run is a node.
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 |
|---|---|---|
| Duboisstraat 50 registered office 2060 Antwerp | 15-06-2020 | 2.304.119.588 |
| 01-02-2021 | Granted | Bouwen of herbouwen; Verwijderen van vrijstaande bijgebouwen, niet-overdekte lage constructies of andere beperkte handelingen; Verwijderen van vrijstaande gebouwen submitted 17-11-2020 · project 2020153693 | Schilde |
Source: Omgevingsloket Vlaanderen.
| Cadastral parcel | Area | Buildings | Height / floors |
|---|---|---|---|
| 11807G1304/00X003 | 2,284 m² | 1 · 2,284 m² | 20.7 m · 6 |
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 0748.549.889
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