Equity
Debts exceed assets in financial year 2025.
Debts exceed assets in financial year 2025.
The accounts state no turnover.
Of this, €346,577 falls due within a year.
Three of the last ten came late. The 2025 accounts came latest: 39 days after the end of the period.
Lower solvency than 95% of companies in specialised construction. Sector median 44.0% · 9,967 companies.
The dashed line is the sector median: 0.7% across 47,693 companies (NACE 43, micro).
About 1 in 6 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 43, micro). It does better than 3% of them on solvency, 1% on liquidity, 33% on profitability and 77% on growth.
The bankruptcy probability was computed on 08-11-2026 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 high class on 30-06-2025, 14.6% 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, 3,794 companies had the same profile as APM Construct has now. Each dot stands for 10 companies, two years later.
Another 0.6% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of APM Construct itself is higher: 18.0% within 12 months. It rests on far more data about APM 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 3,794 companies, not a prediction for APM 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 insufficient, with a current ratio of 0.9 (0.75 in 2024), below 1. Short-term debt is 106.2% 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 7 accounts on average 19 days before the deadline. In the sector (NACE 43), the median for financial year 2024 was 1 day before the deadline, and 43% of those companies filed late.
| Company | ||||
|---|---|---|---|---|
| APM Construct Antwerp | €326,451 | €303,762 | -42.9% | 4 |
| HERISONS Essen | €564,764 | €350,148 | 32.9% | 4.4 |
| HYDROCKX ENTREPRISE S.A. Courcelles | €353,004 | €531,609 | 46.4% | 5.4 |
| ISOLATIEWERKEN DECOCK Anzegem | €643,937 | €315,636 | 56.5% | 3.5 |
| S.I.R. Wijnegem | €526,241 | €308,892 | 75.3% | 4.1 |
| PUBRO X Herentals | €543,448 | €156,242 | 15.6% | 2.7 |
| HEMTITEC Geraardsbergen | €390,260 | €178,711 | 74.0% | 2.1 |
These companies have the same main activity as APM Construct: insulation installation (NACE 43230). They are comparable in size and age: total assets between €353,000 and €644,000, founded between 1992 and 2012.
APM Construct files the abbreviated format. That format states no turnover. The gross margin rose from €71,464 in 2006 to €303,762 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 ≈ €780,000. Estimated: probably between €660,000 and €990,000.
Lower than 95% of 9,967 companies in 2025.
Higher than 15% of 9,830 companies in 2025.
Higher than 87% of 9,899 companies in 2025.
Net result: middle half · Equity: bottom quarter · Balance sheet total: middle half · Working capital: bottom quarter · Staff: middle half
Staff costs divided by the average number of full-time equivalents.
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 | 2006 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Balance sheet: assets | |||||||||||||||||||||
20/58 |
326,451 | 308,483 | 274,798 | 426,765 | 541,717 | 498,434 | 367,198 | 338,440 | 246,740 | 336,110 | 281,241 | 298,988 | 240,189 | 203,853 | 233,037 | 186,741 | 217,106 | 174,841 | 208,472 | 173,867 | |
21/28 |
15,072 | 20,860 | 31,465 | 20,751 | 27,673 | 7,249 | 4,897 | 6,474 | 9,480 | 3,591 | 289 | 667 | 1,931 | 3,625 | 6,763 | 13,844 | 26,014 | 57,475 | 75,615 | 59,700 | |
22/27 |
13,887 | 19,675 | 30,280 | 19,566 | 26,489 | 6,064 | 3,712 | 5,289 | 9,480 | 3,591 | 289 | 667 | 1,931 | 3,625 | 6,763 | 13,844 | 26,014 | 57,475 | 75,615 | 59,700 | |
23 |
- | 462 | 1,923 | 3,386 | 4,849 | 3,929 | - | - | - | - | - | - | 100 | 448 | 1,755 | 3,061 | 4,765 | 6,512 | 4,849 | 2,473 | |
24 |
13,887 | 19,213 | 28,357 | 16,180 | 21,640 | 2,136 | 3,712 | 5,289 | 9,480 | 3,591 | 289 | 667 | 1,831 | 3,177 | 5,008 | 10,782 | 21,249 | 50,964 | 70,766 | 57,226 | |
28 |
1,185 | 1,185 | 1,185 | 1,185 | 1,185 | 1,185 | 1,185 | 1,185 | - | - | - | - | - | - | - | - | - | - | - | - | |
29/58 |
311,379 | 287,623 | 243,334 | 406,014 | 514,044 | 491,185 | 362,301 | 331,966 | 237,260 | 332,519 | 280,952 | 298,320 | 238,257 | 200,228 | 226,274 | 172,897 | 191,092 | 117,366 | 132,857 | 114,168 | |
29 |
50,548 | 50,548 | 53,794 | 55,367 | 63,813 | 63,728 | 43,392 | 23,393 | - | - | - | - | - | - | - | - | - | - | - | - | |
290 |
50,548 | 50,548 | 53,794 | 55,367 | 63,813 | 63,728 | 43,392 | 23,393 | - | - | - | - | - | - | - | - | - | - | - | - | |
3 |
- | - | 26,350 | 149,950 | 144,400 | 123,750 | 24,000 | 12,500 | 6,000 | - | - | - | - | - | - | 7,344 | - | 16,445 | - | - | |
30/36 |
- | - | 26,350 | 69,950 | 64,400 | 43,750 | 24,000 | 12,500 | - | - | - | - | - | - | - | - | - | - | - | - | |
37 |
- | - | - | 80,000 | 80,000 | 80,000 | - | - | 6,000 | - | - | - | - | - | - | 7,344 | - | 16,445 | - | - | |
40/41 |
260,832 | 237,075 | 163,190 | 144,353 | 227,809 | 252,257 | 279,970 | 193,075 | 172,341 | 257,892 | 215,818 | 243,221 | 183,305 | 198,896 | 177,726 | 156,130 | 140,160 | 74,762 | 110,140 | 87,743 | |
40 |
123,680 | 172,931 | 99,120 | 74,558 | 162,764 | 161,114 | 216,863 | 142,020 | 141,794 | 242,169 | 156,048 | 225,344 | 174,465 | 152,403 | 116,553 | 108,276 | 116,290 | 51,010 | 103,584 | 58,964 | |
41 |
137,152 | 64,144 | 64,070 | 69,795 | 65,045 | 91,143 | 63,107 | 51,055 | 30,548 | 15,723 | 59,771 | 17,878 | 8,840 | 46,493 | 61,173 | 47,854 | 23,871 | 23,751 | 6,556 | 28,779 | |
54/58 |
- | - | - | 56,345 | 78,021 | 51,450 | 14,939 | 102,999 | 58,918 | 74,627 | 65,134 | 55,099 | 54,952 | 1,332 | 48,548 | 9,424 | 50,932 | 26,159 | 21,949 | 26,425 | |
490/1 |
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 769 | - | |
| Balance sheet: equity and liabilities | |||||||||||||||||||||
10/49 |
326,451 | 308,483 | 274,798 | 426,765 | 541,717 | 498,434 | 367,198 | 338,440 | 246,740 | 336,110 | 281,241 | 298,988 | 240,189 | 203,853 | 233,037 | 186,741 | 217,106 | 174,841 | 208,472 | 173,867 | |
10/15 |
-139,886 | -209,109 | -325,902 | -30,580 | 101,940 | 95,220 | 69,181 | 55,537 | 47,240 | 47,233 | 39,526 | 36,840 | 26,933 | 25,852 | 18,408 | 16,076 | 16,922 | 18,584 | 18,455 | 21,187 | |
10/11 |
14,255 | 14,255 | 14,255 | 14,255 | 14,255 | 14,255 | 12,400 | 12,400 | 12,400 | 12,400 | 12,400 | 12,300 | 12,300 | 12,300 | 12,300 | 12,300 | 12,300 | 12,300 | 12,300 | 15,300 | |
100 |
- | - | - | - | - | - | 18,550 | 18,550 | 18,550 | 18,550 | 18,550 | 18,550 | 18,550 | 18,550 | 18,550 | 18,550 | 18,550 | 18,550 | 18,550 | 18,550 | |
101 |
- | - | - | - | - | - | 6,150 | 6,150 | 6,150 | 6,150 | 6,150 | 6,250 | 6,250 | 6,250 | 6,250 | 6,250 | 6,250 | 6,250 | 6,250 | 3,250 | |
13 |
96,527 | 96,527 | - | - | 87,685 | 80,965 | 56,781 | 43,137 | 34,840 | 34,833 | 26,855 | 24,355 | 14,355 | 1,855 | 1,855 | 1,855 | 1,855 | 1,855 | 1,855 | 1,855 | |
130 |
- | - | - | - | - | - | 1,855 | 1,855 | 1,855 | 1,855 | 1,855 | 1,855 | 1,855 | 1,855 | 1,855 | 1,855 | 1,855 | 1,855 | 1,855 | 1,855 | |
132 |
96,527 | 96,527 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
133 |
- | - | - | - | 87,685 | 80,965 | 54,926 | 41,282 | 32,985 | 32,978 | 25,000 | 22,500 | 12,500 | - | - | - | - | - | - | - | |
14 |
-250,668 | -319,891 | -340,157 | -44,835 | - | - | - | - | - | - | 271 | 185 | 278 | 11,697 | 4,253 | 1,921 | 2,767 | 4,429 | 4,300 | 4,032 | |
17/49 |
466,337 | 517,591 | 600,701 | 457,345 | 439,777 | 403,214 | 298,017 | 282,903 | 199,501 | 288,877 | 241,714 | 262,147 | 213,256 | 178,001 | 214,629 | 170,665 | 200,185 | 156,257 | 190,017 | 152,680 | |
17 |
119,761 | 134,761 | 195,142 | 97,355 | 152,952 | 53,640 | 66,011 | - | 979 | - | - | - | - | 2,022 | 2,022 | 6,814 | 21,716 | 36,316 | 42,569 | 43,014 | |
170/4 |
119,761 | 134,761 | 195,142 | 97,355 | 152,952 | 53,640 | 66,011 | - | 979 | - | - | - | - | 2,022 | 2,022 | 6,814 | 21,716 | 36,316 | 42,569 | 43,014 | |
42/48 |
346,577 | 382,830 | 405,559 | 359,990 | 286,825 | 349,574 | 232,006 | 282,903 | 198,521 | 288,877 | 241,714 | 262,147 | 213,256 | 175,980 | 212,607 | 163,851 | 178,469 | 119,941 | 147,448 | 107,007 | |
42 |
- | - | 25,603 | 239,431 | 100,464 | 74,139 | 25,689 | 979 | 2,887 | - | - | - | - | - | 4,792 | 14,532 | 14,600 | 17,730 | 18,384 | 11,927 | |
43 |
146,675 | 90,521 | 94,807 | 97,664 | 100,000 | 100,000 | 100,000 | 175,000 | 100,000 | 100,000 | 100,000 | 125,000 | 42,000 | 42,000 | 42,000 | 30,000 | 30,000 | - | - | - | |
430/8 |
86,502 | 90,521 | 94,807 | 97,664 | 100,000 | 100,000 | 100,000 | 175,000 | 100,000 | 100,000 | 100,000 | 125,000 | 42,000 | 42,000 | 42,000 | 30,000 | 30,000 | - | - | - | |
439 |
60,173 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
44 |
140,170 | 166,757 | 169,678 | - | 66,438 | 145,662 | 82,234 | 77,582 | 68,943 | 169,789 | 111,955 | 118,216 | 114,491 | 30,643 | 95,241 | 75,062 | 81,833 | 94,688 | 73,282 | 56,126 | |
440/4 |
140,170 | 166,757 | 169,678 | - | 66,438 | 145,662 | 82,234 | 77,582 | 68,943 | 169,789 | 111,955 | 118,216 | 114,491 | 30,643 | 95,241 | 75,062 | 81,833 | 94,688 | 73,282 | 56,126 | |
45 |
59,732 | 27,261 | 22,477 | 16,006 | 19,923 | 29,773 | 24,084 | 29,342 | 26,051 | 19,088 | 19,759 | 18,931 | 21,765 | 18,337 | 10,574 | 13,257 | 10,536 | 7,523 | 7,925 | 4,663 | |
450/3 |
29,981 | - | 3,141 | - | 2,835 | 10,386 | 8,493 | 12,880 | 10,713 | 5,997 | 8,863 | 8,019 | 6,998 | 5,394 | 3,633 | 4,856 | 1,939 | 1,089 | 2,407 | 4,663 | |
454/9 |
29,752 | 27,261 | 19,336 | 16,006 | 17,088 | 19,387 | 15,591 | 16,462 | 15,338 | 13,091 | 10,897 | 10,912 | 14,767 | 12,943 | 6,941 | 8,401 | 8,597 | 6,434 | 5,517 | - | |
47/48 |
- | 98,291 | 92,994 | 6,889 | - | - | - | - | 640 | - | 10,000 | - | 35,000 | 85,000 | 60,000 | 31,000 | 41,500 | - | 47,857 | 34,291 | |
492/3 |
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 2,660 | |
| Income statement | |||||||||||||||||||||
76A |
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 1,729 | - | |
9900 |
303,762 | 233,214 | -85,731 | 93,784 | 152,470 | 140,403 | 105,964 | 118,816 | 84,954 | 82,607 | 90,408 | 86,853 | 120,052 | 210,584 | 194,724 | 258,897 | 302,458 | 299,306 | 246,692 | 71,464 | |
62 |
176,141 | 165,728 | 164,988 | 145,708 | 126,325 | 91,342 | 70,283 | 61,324 | 59,626 | 58,978 | 59,326 | 62,487 | 76,136 | 92,138 | 114,598 | 204,340 | 222,296 | 249,260 | 150,070 | - | |
630 |
8,981 | 12,225 | 12,086 | 7,884 | 3,533 | 1,982 | 1,577 | 1,297 | 5,923 | 3,880 | 378 | 1,264 | 1,694 | 5,824 | 7,528 | 14,530 | 19,705 | 29,563 | 35,210 | 26,304 | |
631/4 |
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 32 | 1,102 | - | |
640/8 |
2,608 | 3,696 | 2,990 | 10,986 | 5,563 | 3,213 | 3,449 | 8,880 | 6,323 | 1,838 | 6,207 | 2,783 | 1,886 | 3,115 | 3,630 | 3,869 | 13,834 | 10,623 | 4,906 | 6,239 | |
9901 |
116,032 | 51,564 | -265,795 | -70,793 | 17,049 | 43,866 | 30,656 | 47,316 | 13,082 | 17,912 | 24,497 | 20,320 | 40,337 | 109,507 | 68,967 | 36,157 | 46,623 | 9,827 | 55,403 | 38,922 | |
75/76B |
374 | 98,050 | 175 | 2,308 | 40 | 6,682 | 163 | 1,062 | - | 2,176 | 96 | 4 | 2 | 77 | 12 | 12 | 51 | 82 | 124 | 65 | |
75 |
374 | 98,050 | 175 | 2,308 | 40 | 6,682 | 163 | 1,062 | - | 2,176 | 96 | 4 | 2 | 77 | 12 | 12 | 51 | 82 | 124 | 65 | |
65/66B |
47,184 | 16,722 | 34,838 | 63,774 | 13,177 | 15,955 | 11,359 | 33,348 | 7,719 | 6,384 | 9,540 | 4,001 | 2,634 | 11,744 | 3,014 | 3,317 | 4,678 | 3,901 | 7,051 | 1,427 | |
65 |
47,184 | 16,722 | 34,838 | 63,774 | 13,177 | 15,955 | 11,359 | 33,348 | 7,719 | 6,384 | 9,540 | 4,001 | 2,634 | 11,744 | 3,014 | 3,317 | 4,678 | 3,901 | 7,051 | 1,427 | |
9903 |
69,222 | 132,892 | -300,458 | -132,259 | 3,912 | 34,594 | 19,460 | 15,030 | 5,363 | 13,704 | 15,053 | 16,323 | 37,705 | 97,840 | 65,965 | 32,852 | 41,996 | 6,009 | 50,205 | 37,560 | |
67/77 |
- | 16,098 | -5,135 | 261 | -2,808 | 8,554 | 5,816 | 6,732 | 4,716 | 5,997 | 2,467 | 6,415 | 1,623 | 5,397 | 3,633 | 2,698 | 2,158 | 5,880 | 4,936 | 4,673 | |
9904 |
69,222 | 116,794 | -295,323 | -132,520 | 6,720 | 26,039 | 13,644 | 8,297 | 647 | 7,707 | 12,586 | 9,907 | 36,081 | 92,444 | 62,332 | 30,154 | 39,838 | 128 | 45,268 | 32,887 | |
689 |
- | 96,527 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
9905 |
69,222 | 20,267 | -295,323 | -132,520 | 6,720 | 26,039 | 13,644 | 8,297 | 647 | 7,707 | 12,586 | 9,907 | 36,081 | 92,444 | 62,332 | 30,154 | 39,838 | 128 | 45,268 | 32,887 | |
| Appropriation of the result | |||||||||||||||||||||
9906 |
-250,668 | -319,891 | -340,157 | -132,520 | 6,720 | 26,039 | 13,644 | 8,297 | 647 | 7,978 | 12,771 | 10,185 | 47,778 | 96,697 | 64,253 | 32,921 | 44,267 | 4,429 | 49,300 | 32,887 | |
14P |
-319,891 | -340,157 | -44,835 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
791/2 |
- | - | - | 87,685 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
691/2 |
- | - | - | - | 6,720 | 26,039 | 13,644 | 8,297 | 7 | 7,978 | 2,500 | 10,000 | 12,500 | - | - | - | - | - | - | 1,855 | |
6920 |
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 1,855 | |
6921 |
- | - | - | - | 6,720 | 26,039 | 13,644 | 8,297 | 7 | 7,978 | 2,500 | 10,000 | 12,500 | - | - | - | - | - | - | - | |
694/7 |
- | - | - | - | - | - | - | - | 640 | - | 10,000 | - | 35,000 | 85,000 | 60,000 | 31,000 | 41,500 | - | 45,000 | 27,000 | |
694 |
- | - | - | - | - | - | - | - | 640 | - | - | - | - | - | - | - | - | - | - | - | |
695 |
- | - | - | - | - | - | - | - | - | - | 10,000 | - | 35,000 | 85,000 | 60,000 | 31,000 | 41,500 | - | 45,000 | 27,000 | |
| Social balance sheet | |||||||||||||||||||||
9087 |
4 | 3.9 | 3 | 2.6 | 2.4 | 2.1 | 1.3 | 1 | 1 | 1 | 1 | 1.1 | 1.5 | 1.7 | 2.1 | 4 | 4.8 | 5.3 | 4.1 | - | |
Hours worked1013 |
4,968 | 5,272 | 4,600 | 4,413 | 4,178 | 3,225 | 2,303 | 1,776 | 1,768 | 1,808 | 1,784 | 1,960 | 2,668 | 3,188 | 3,624 | 7,112 | 7,764 | 9,320 | 5,606 | - | |
| Document | |||||||||||||||||||||
The notes to these accounts have 9 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 08-09-2026.
2025 annual accounts filed 39 days after the deadline. Filed on 8 September 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00508568.
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 08-09-2026 | 2026-00508568 | |
| 31-12-2024 | abbreviated format | 18-07-2025 | 2025-00286612 | |
| 31-12-2023 | abbreviated format | 23-07-2024 | 2024-00274507 | |
| 31-12-2022 | abbreviated format | 14-07-2023 | 2023-00237025 | |
| 31-12-2021 | abbreviated format | 29-08-2022 | 2022-20421906 | |
| 31-12-2020 | abbreviated format | 21-06-2021 | 2021-21900082 | |
| 31-12-2019 | abbreviated format | 31-03-2020 | 2020-08100169 | |
| 31-12-2018 | micro format | 17-06-2019 | 2019-18500491 | |
| 31-12-2017 | abbreviated format | 22-06-2018 | 2018-21500134 | |
| 31-12-2016 | abbreviated format | 31-08-2017 | 2017-52400533 | |
| 31-12-2015 | abbreviated format | 01-06-2016 | 2016-14100385 | |
| 31-12-2014 | abbreviated format | 31-08-2015 | 2015-54300333 | |
| 31-12-2013 | abbreviated format | 22-07-2014 | 2014-32000514 | |
| 31-12-2012 | abbreviated format | 30-08-2013 | 2013-53900288 | |
| 31-12-2011 | abbreviated format | 23-08-2012 | 2012-43200066 | |
| 31-12-2010 | abbreviated format | 28-07-2011 | 2011-35200090 | |
| 31-12-2009 | abbreviated format | 31-08-2010 | 2010-49600141 | |
| 31-12-2008 | abbreviated format | 28-08-2009 | 2009-70300016 | |
| 31-12-2007 | abbreviated format | 29-08-2008 | 2008-70800284 | |
| 31-12-2006 | abbreviated format | 16-07-2007 | 2007-39900014 |
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 | 2006 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 125,013 | 63,789 | -253,709 | -62,909 | 20,583 | 45,848 | 32,233 | 48,613 | 19,005 | 21,792 | 24,875 | 21,584 | 42,031 | 115,331 | 76,495 | 50,687 | 66,328 | 39,390 | 90,613 | 65,225 | ||
| 78,203 | 129,019 | -283,237 | -124,636 | 10,254 | 28,021 | 15,221 | 9,594 | 6,569 | 11,587 | 12,965 | 11,171 | 37,775 | 98,268 | 69,860 | 44,684 | 59,542 | 29,692 | 80,479 | 59,191 | ||
| 3,193 | 2,581 | 22,800 | 961 | 25,253 | 4,333 | 0 | 2,585 | 11,812 | 7,183 | 0 | 0 | 0 | 2,686 | 447 | 2,360 | 2,147 | 20,652 | 51,126 | 86,003 | ||
| - | - | - | -21,677 | 26,571 | 36,511 | -88,060 | 44,080 | -15,709 | 9,493 | 10,035 | 147 | 53,620 | -47,215 | 39,124 | -41,508 | 24,773 | 4,211 | -4,477 | - | ||
| -35,198 | -95,207 | -162,225 | 46,025 | 227,219 | 141,611 | 130,295 | 49,063 | 38,738 | 43,642 | 39,238 | 36,173 | 25,001 | 24,249 | 13,667 | 9,046 | 12,624 | -2,575 | -14,590 | 7,161 | ||
| -42.9% | -67.8% | -118.6% | -7.2% | 18.8% | 19.1% | 18.8% | 16.4% | 19.1% | 14.1% | 14.1% | 12.3% | 11.2% | 12.7% | 7.9% | 8.6% | 7.8% | 10.6% | 8.9% | 12.2% | ||
| 0.90 | 0.75 | 0.60 | 1.13 | 1.79 | 1.41 | 1.56 | 1.17 | 1.20 | 1.15 | 1.16 | 1.14 | 1.12 | 1.14 | 1.06 | 1.06 | 1.07 | 0.98 | 0.90 | 1.07 | ||
| 0.90 | 0.75 | 0.54 | 0.71 | 1.29 | 1.05 | 1.46 | 1.13 | 1.16 | 1.15 | 1.16 | 1.14 | 1.12 | 1.14 | 1.06 | 1.01 | 1.07 | 0.84 | 0.90 | 1.07 | ||
| - | - | - | - | 4.31 | 4.23 | 4.31 | 5.09 | 4.22 | 6.12 | 6.12 | 7.12 | 7.92 | 6.89 | 11.66 | 10.62 | 11.83 | 8.41 | 10.30 | 7.21 | ||
| - | - | - | - | 6.6% | 27.3% | 19.7% | 14.9% | 1.4% | 16.3% | 31.8% | 26.9% | 134.0% | 357.6% | 338.6% | 187.6% | 235.4% | 0.7% | 245.3% | 155.2% | ||
| 21.2% | 37.9% | -107.5% | -31.1% | 1.2% | 5.2% | 3.7% | 2.5% | 0.3% | 2.3% | 4.5% | 3.3% | 15.0% | 45.3% | 26.7% | 16.1% | 18.3% | 0.1% | 21.7% | 18.9% | ||
| 2.65 | 3.81 | -7.28 | -0.99 | 1.56 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
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 | 31-12-2025 | 31-12-2024 | 31-12-2023 | 31-12-2022 | 31-12-2021 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 4 | 4 | 3 | 3 | 3 |
| full-time | 4 | 4 | 3 | 3 | 2 |
| part-time | - | - | - | - | 1 |
| in full-time equivalents | 4 | 4 | 3 | 3 | 2.4 |
| 4 | 3.9 | 3 | 2.6 | 2.4 | |
| On a permanent contract | 4 | 4 | 3 | 3 | 3 |
| Joined | - | 1 | - | - | - |
| Left | - | 0 | - | - | - |
Source: social balance sheet in the 2021 to 2025 annual accounts
| Item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Tangible fixed assets | €3,193 | €2,581 | €22,800 | €961 | €25,253 |
| €8,981 | €12,225 | €12,086 | €7,884 | €3,533 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
The operating result for 2025 is 125% higher than in 2024 and the highest since 2006. It is the second rise in a row, after the fall in 2023.
Equity is negative. Debt (€466,337) exceeds the balance-sheet total (€326,451).
APM Construct has no parent and no holdings in its annual accounts. COEN PHILIP is the only director. APM Construct shares no director with another company.
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| BAO HOUSE
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total assets €90,075 (2025) 0787.391.362 |
| Kabinet
registered office since 27-08-2019 |
founded in 2019 0732.930.515 |
| Van den Meutter, Julie (sole trader)
establishment since 01-05-2016 |
founded in 2016 0652.879.086 |
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 |
|---|---|---|
| Luchthavenlei 7B registered office 2100 Antwerp | 03-11-2005 | 2.149.768.141 |
| Cadastral parcel | Area | Buildings | Height / floors |
|---|---|---|---|
| 11346B0784/00G002 | 1.5 ha | 1 · 6,646 m² | 8.8 m · 2 |
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 0876.579.793
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