Equity
€15.3m ▲ 8.4%
APK infra has made a profit in every financial year since 2007.
APK infra
Lifetime
19 annual accounts with figures on one time axis, 49 filings since 1977peak €164.9m (2025)
€164.9m▲ 9.3%
peak €2.2m (2022)
€1.2m▲ 8.1%
peak €15.3m (2025)
€15.3m▲ 8.4%
€42.8m▲ 8.7%
peak 539.6 FTE (2025)
539.6 FTE▲ 6.0%
Board12 names since 2019
2 directorsQuality Management and 1 other
Owners
Documentsfilings and deeds
29-06-202632 days before the deadline
2025financial year
Investments €5.9mCash from €3,393 to €4,864
Key points
from the 2025 annual accountsDebts
€42.8m 74% of the balance sheet
Financial debts 2%Suppliers 60%Taxes and wages 10%Other 27%
€1.0m of the debts are secured on the company's own assets. In 2021 that was €750,000.
Staff
578 employees on 31-12-2025
In 2025, 172 people joined and 124 left. On top of that, 88.8 agency workers worked there on average.
Payment terms
74 days to suppliers
APK infra pays its suppliers 23 days earlier than in 2024. Customers pay 1 day later.
Filings
49 annual accounts 54 filings since 1977
The last five annual accounts were filed 2 to 33 days before the end of the period.
At the same address
42 companies
Checked score
83
Excellent
Financially stronger than 43% of large companies in civil engineering (NACE 42)
Probability in this band: under 0.55%
Bankruptcy probability within 12 months
0.4% Very low
0%0.5%1.5%4%10%≥ 25%
The dashed line is the sector median: 0.3% across 34 companies (NACE 42, large).
About 4 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
Last 24 months
12-2024: 0.5%
01-2025: 0.5%● unchanged vs 12-2024
02-2025: 0.5%● unchanged vs 01-2025
03-2025: 0.5%● unchanged vs 02-2025
04-2025: 0.5%● unchanged vs 03-2025
05-2025: 0.5%● unchanged vs 04-2025
06-2025: 0.5%● unchanged vs 05-2025
07-2025: 0.7%▲ +0.2 percentage points vs 06-2025highest value
08-2025: 0.4%▼ -0.3 percentage points vs 07-2025
09-2025: 0.4%● unchanged vs 08-2025
10-2025: 0.4%● unchanged vs 09-2025
11-2025: 0.4%● unchanged vs 10-2025
12-2025: 0.4%● unchanged vs 11-2025
01-2026: 0.4%● unchanged vs 12-2025
02-2026: 0.4%● unchanged vs 01-2026lowest value
03-2026: 0.4%● unchanged vs 02-2026
04-2026: 0.4%● unchanged vs 03-2026
05-2026: 0.4%● unchanged vs 04-2026
06-2026: 0.4%● unchanged vs 05-2026
07-2026: 0.4%● unchanged vs 06-2026
08-2026: 0.4%● unchanged vs 07-2026
09-2026: 0.4%● unchanged vs 08-2026
10-2026: 0.4%● unchanged vs 09-2026
11-2026: 0.4%● unchanged vs 10-2026
Financial strengthWeak
Score breakdown
raises risk
Liquidity: current ratio 1.15, cash €4,864
Sector: Civil engineering (NACE 42)
lowers risk
Size: turnover €164.9m, 539.6 FTE, total assets €58.2m
Founded in 1976
Calculation
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 42, large). It does better than 50% of them on solvency, 12% on liquidity, 41% on profitability and 71% on growth.
The bankruptcy probability was computed on 07-11-2026 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 very low class on 30-06-2025, 0.1% 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).
Comparable companies, two years later
In July 2024, 168 companies had the same profile as APK infra has now. Each dot is one company, two years later.
98.2%
were still trading
0.6%
stopped another way
1.2%
went bankrupt
That fits the bankruptcy probability of APK infra itself: 0.4% within 12 months.
Test of the method
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 168 companies, not a prediction for APK infra. 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.
Credit verdict
Credit of up to €1,250,000 on 30-day terms is acceptable
Liquidity is tight, with a current ratio of 1.15 (1.19 in 2024), below the usual 1.5. Short-term debt is 71.1% and cash 0% of total assets. 73.7% of the assets are financed with debt and provisions.
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The scores and ratios are Checked's own calculations, not a credit decision.
Signals
Five signals.
lowers riskraises riskneutral
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 29-06-2026, 32 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
32 days early
2024
2 days early
2023
30 days early
2022
11 days early
2021
33 days early
2020
15 days early
2019
29 days early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
The company filed its last 7 accounts on average 22 days before the deadline. In the sector (NACE 42), the median for financial year 2024 was 2 days before the deadline, and 41% of those companies filed late.
Searched, nothing found (2)
neutral · Next filing not due yet
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today. The company usually files around 2 July (5 of the last 5 accounts filed within 30 days either side of that date).
Companies Code · seven monthsWhere today falls in the filing period
08-11-2026 today31-12-2026 year end31-07-2027 deadline
Board and ownership
- ALGEMENE PARTICIPATIE KERKHOFS 100%score 89equity €33.9m (2025) · annual accounts 2025
Recent changes
Permanent representatives: Steven CLAES, Maarten BROENS and Ward KERKHOFS
Board meeting of 25-09-2026 · Gazette deed
1 statutory auditor reappointed
Permanent representatives: Ingrid VOSCH, Jimmy DEPRÉ, Maarten Broens and Ward Kerkhofs · Moore Audit bv (statutory auditor) · General meeting of 26-06-2026 · Gazette deed
New establishment in Beringen
Lochtemanweg 15
1 director appointed, 1 resignation
Resignation: BURO MERTENS bv · Appointment: WERKHOFS bv · Permanent representatives: Koen MERTENS, Ward KERKHOFS and Maarten BROENS · General meeting of 01-07-2024 · Gazette deed
Comparable companies
same main activity, similar in size and age| Company | ||||
|---|---|---|---|---|
| APK infra Pelt | €164.9m | 1.7% | 26.3% | 539.6 |
| Colas Noord Heusden-Zolder | €157.9m | -0.2% | 5.8% | 472.1 |
| BESIX Infra Schelle | €148.4m | 5.3% | 25.5% | 322.8 |
| COLAS BELGIUM Brussels | €139.2m | -14.8% | 25.5% | 499 |
| Etablissements Maurice Wanty Binche | €197.0m | -0.4% | 36.5% | 773 |
| SOCOGETRA Marche-en-Famenne | €147.3m | 6.5% | 22.1% | 434.2 |
| VIABUILD Puurs-Sint-Amands | €161.5m | 1.3% | 29.7% | 378.4 |
Grey: the largest companies of the sector (civil engineering (NACE 42)), without their names. Blue: the sector peers from the table.
These companies have the same main activity as APK infra: construction of roads and motorways (NACE 42110). They are comparable in size and age: total assets between €67m and €133m, founded between 1937 and 1990.
Official details
Source: KBO- Status
- Active since 07-01-1976Normal situation
- Registered office
- 43 active companies are registered at this address2 started in the 12 months before. Source: KBO register, as of 8 November 2026.
- Activity
- Construction of roads and motorwaysNACE 42110and 1 other
- Joint committees
- 149.01Electricians: installation and distribution
- 200Auxiliary committee for white-collar workers
- 124Construction · annual accounts 2025
- Establishment units
- 2.011.775.2483900 Pelt, since 09-11-2000
- 2.142.824.7233630 Maasmechelen, since 01-01-2004and 7 others
- Financial year end
- 31 December
- Peppol
- Reachable
Annual accounts 2025
- €58.2m▲ 8.8%
- Employeeson 31-12-2025
- 578▲ 9.1%
- Filing
- Filed on 29-06-2026, 32 days before the end of the filing period
Insights on APK infra
APK infra has existed since 1976. Turnover grew from €23.9m in 2007 to €164.9m in 2025 and staff from 250.8 to 539.6 full-time equivalents.
Turnover has grown every year since 2020.
ALGEMENE PARTICIPATIE KERKHOFS holds all the shares.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette. Click a figure with a dotted line for the item and the filing.
Key facts about APK infra
- What is the company number of APK infra?
- The company number of APK infra is 0415.763.576. The VAT number is the same number with BE in front: BE 0415.763.576.
- Where is APK infra based?
- The registered office is at Haltstraat 50, 3900 Pelt.Company details
- What does APK infra do?
- According to the KBO register, the main activity is construction of roads and motorways (NACE 42110).
- What is the legal form of APK infra?
- APK infra is a public limited company (NV).
- When was APK infra founded?
- APK infra was founded on 07-01-1976.
- Is APK infra still active?
- Yes, APK infra is an active enterprise in the KBO register.
- How many employees does APK infra have?
- APK infra had an average of 539.6 full-time equivalents in financial year 2025, according to the filed annual accounts.Financials
- Which joint committee does APK infra fall under?
- In its 2025 annual accounts, APK infra states joint committees 149.01 (Electricians: installation and distribution), 200 (Auxiliary committee for white-collar workers) and 124 (Construction).
- What is the turnover of APK infra?
- The turnover of APK infra was €164.9m in financial year 2025, according to the filed annual accounts.
- Is APK infra profitable?
- In financial year 2025, APK infra made a profit of €1.2m.
- Where can I find the annual accounts of APK infra?
- APK infra filed 54 annual accounts with the National Bank of Belgium, the latest for financial year 2025.
- When are the next annual accounts of APK infra due?
- APK infra must file the annual accounts for financial year 2026 by 31-07-2027.Timeline
Next steps
Work out how much credit to give this customer and on what payment terms.Credit check Check what to know before you do business with this company.Supplier due diligence See whether the workforce is growing and whether people stay.Employer check Check whether you can trust this company with building work.Contractor check Check whether you can accept this company as a client under the anti-money-laundering law.AML client file Check which of your other customers you can e-invoice via Peppol.Peppol check
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