Equity
APSTRUCT has made a profit without a break since 2023.
APSTRUCT has made a profit without a break since 2023.
Nine of the last ten came late. The 2018 accounts came latest: 188 days after the end of the period.
About 3 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 (no NACE code, micro). It does better than 38% of them on solvency, 65% on liquidity, 34% on profitability and 67% 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 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).
In July 2024, 10,904 companies had the same profile as APSTRUCT has now. Each dot stands for 28 companies, two years later.
That fits the bankruptcy probability of APSTRUCT itself: 0.3% within 12 months.
The method was tested on the 497,446 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 10,904 companies, not a prediction for APSTRUCT. 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 ample, with a current ratio of 1.67 (1.71 in 2024), above the usual 1.5. Short-term debt is 59.8% and cash 100% of total assets. However, 60.1% 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 7 accounts on average 62 days after the deadline. The Belgian median for financial year 2024 was 4 days before the deadline, and 38% of all filings were late.
APSTRUCT files the micro format. That format states no turnover. The gross margin rose from -€6,848 in 2015 to -€3,453 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.
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Balance sheet: assets | ||||||||||||
Total assets20/58 |
151,443 | 152,637 | 215,850 | 186,655 | 192,306 | 267,532 | 273,309 | 550,840 | 578,383 | 228,568 | 28,687 | |
Formation expenses20 |
- | - | - | - | - | - | 0 | 228 | 457 | 685 | 913 | |
Fixed assets21/28 |
- | - | - | - | - | - | - | - | 163 | 326 | 1,402 | |
Tangible fixed assets22/27 |
- | - | - | - | - | - | - | - | 163 | 326 | 489 | |
Furniture and vehicles24 |
- | - | - | - | - | - | - | - | 163 | 326 | 489 | |
Current assets29/58 |
151,443 | 152,637 | 215,850 | 186,655 | 192,306 | 267,532 | 273,309 | 550,612 | 577,763 | 227,557 | 27,285 | |
Stocks and contracts in progress3 |
- | - | 0 | 178,588 | 178,588 | 238,117 | 238,117 | 232,753 | 547,298 | 200,229 | 21,000 | |
Stocks30/36 |
- | - | 0 | 178,588 | 178,588 | 238,117 | 238,117 | 232,753 | 547,298 | 200,229 | 21,000 | |
Amounts receivable within one year40/41 |
0 | 150,000 | 150,000 | 1,416 | - | 0 | 13,867 | 162,610 | - | 1,436 | 662 | |
Trade receivables40 |
- | - | - | - | - | - | 0 | 147,610 | - | - | - | |
Other amounts receivable41 |
0 | 150,000 | 150,000 | 1,416 | - | 0 | 13,867 | 15,000 | - | 1,436 | 662 | |
Cash at bank and in hand54/58 |
151,443 | 2,637 | 65,850 | 6,650 | 13,718 | 29,415 | 21,325 | 155,248 | 30,465 | 25,892 | 5,622 | |
| Balance sheet: equity and liabilities | ||||||||||||
Total equity and liabilities10/49 |
151,443 | 152,637 | 215,850 | 186,655 | 192,306 | 267,532 | 273,309 | 550,840 | 578,383 | 228,568 | 28,687 | |
Equity10/15 |
60,480 | 55,295 | 46,868 | 26,502 | 35,769 | 19,751 | 25,341 | -22,247 | -13,048 | -9,750 | 11,276 | |
Contributions10/11 |
18,550 | 18,550 | 18,550 | 18,550 | 18,550 | 18,550 | 18,550 | 18,550 | 18,550 | 18,550 | 18,550 | |
Issued capital100 |
- | - | - | - | - | - | 18,550 | 18,550 | 18,550 | 18,550 | 18,550 | |
Reserves13 |
41,930 | 36,745 | 28,318 | 17,219 | 17,219 | 1,201 | 6,791 | - | - | - | - | |
Non-distributable reserves130/1 |
- | - | - | 340 | 340 | 340 | - | - | - | - | - | |
Legal reserve130 |
- | - | - | - | - | - | 340 | - | - | - | - | |
Reserves not available under the articles1311 |
- | - | - | 340 | 340 | 340 | - | - | - | - | - | |
Distributable reserves133 |
41,930 | 36,745 | 28,318 | 16,879 | 16,879 | 862 | 6,452 | - | - | - | - | |
Profit (loss) carried forward14 |
- | - | 0 | -9,267 | - | - | 0 | -40,797 | -31,598 | -28,300 | -7,274 | |
Amounts payable17/49 |
90,962 | 97,342 | 168,982 | 160,153 | 156,537 | 247,781 | 247,968 | 573,087 | 591,431 | 238,318 | 17,411 | |
Amounts payable within one year42/48 |
90,575 | 89,455 | 160,115 | 160,153 | 156,537 | 247,781 | 247,968 | 573,087 | 588,905 | 238,318 | 17,411 | |
Financial debts43 |
- | 0 | 75,000 | 75,000 | 75,000 | 150,000 | 150,000 | 225,000 | 467,674 | 86,760 | - | |
Credit institutions430/8 |
- | 0 | 75,000 | 75,000 | 75,000 | 150,000 | 150,000 | 225,000 | 467,674 | 86,760 | - | |
Trade debts44 |
2,858 | 311 | 3,240 | 1,773 | 5,429 | 14,477 | 12,813 | 53,687 | 1,989 | 34,558 | 411 | |
Suppliers440/4 |
2,858 | 311 | 3,240 | 1,773 | 5,429 | 14,477 | 12,813 | 53,687 | 1,989 | 34,558 | 411 | |
Taxes, remuneration and social security45 |
6,935 | 8,362 | 4,043 | 5,999 | 4,311 | 1,508 | 3,358 | 153,826 | 1,988 | - | - | |
Taxes450/3 |
6,935 | 8,362 | 4,043 | 5,999 | 4,311 | 1,508 | 3,358 | 153,826 | 1,988 | - | - | |
Other amounts payable47/48 |
80,782 | 80,782 | 77,832 | 77,381 | 71,796 | 81,796 | 81,796 | 140,575 | 117,253 | 117,000 | 17,000 | |
Accrued charges and deferred income492/3 |
387 | 7,887 | 8,867 | - | - | - | - | - | 2,527 | - | - | |
| Income statement | ||||||||||||
Non-recurring operating income76A |
- | - | 0 | 2,694 | - | - | - | - | - | - | - | |
Gross operating margin9900 |
-3,453 | 1,153 | 24,622 | -5,641 | 24,280 | -2,326 | 52,446 | -2,614 | -2,729 | -22,213 | -6,848 | |
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 |
- | - | - | - | - | 0 | 228 | 391 | 391 | 391 | 391 | |
Other operating charges640/8 |
585 | 569 | 4,178 | 833 | 479 | 799 | 626 | 96 | 94 | 92 | 30 | |
Operating profit (loss)9901 |
-4,038 | 583 | 20,445 | -6,473 | 23,801 | -3,125 | 51,592 | -3,101 | -3,215 | -22,697 | -7,269 | |
Financial income75/76B |
13,031 | 15,000 | 7,566 | 0 | 0 | 27 | 2,751 | 2,602 | 6,719 | 2,798 | - | |
Recurring financial income75 |
13,031 | 15,000 | 7,566 | 0 | 0 | 27 | 2,751 | 2,602 | 6,719 | 2,798 | - | |
Financial charges65/66B |
1,191 | 2,838 | 3,602 | 7,046 | 1,773 | 2,492 | 3,396 | 8,700 | 6,803 | 1,128 | 5 | |
Recurring financial charges65 |
1,191 | 2,838 | 3,602 | 7,046 | 1,773 | 2,492 | 3,396 | 8,700 | 6,803 | 1,128 | 5 | |
Profit (loss) for the period before taxes9903 |
7,802 | 12,746 | 24,409 | -13,519 | 22,028 | -5,590 | 50,947 | -9,199 | -3,299 | -21,026 | -7,274 | |
Income taxes67/77 |
2,616 | 4,319 | 4,043 | -4,252 | 6,010 | 0 | 3,358 | - | - | - | - | |
Profit (loss) for the period9904 |
5,185 | 8,427 | 20,366 | -9,267 | 16,018 | -5,590 | 47,589 | -9,199 | -3,299 | -21,026 | -7,274 | |
Profit (loss) for the period to be appropriated9905 |
5,185 | 8,427 | 20,366 | -9,267 | 16,018 | -5,590 | 47,589 | -9,199 | -3,299 | -21,026 | -7,274 | |
| Appropriation of the result | ||||||||||||
Profit (loss) to be appropriated9906 |
5,185 | 8,427 | 11,098 | -9,267 | 16,018 | -5,590 | 6,791 | -40,797 | -31,598 | -28,300 | -7,274 | |
Profit (loss) brought forward from the previous period14P |
- | 0 | -9,267 | - | - | - | - | - | - | - | - | |
Transfer from equity791/2 |
- | - | - | - | 0 | 5,590 | - | - | - | - | - | |
Transfer to equity691/2 |
5,185 | 8,427 | 11,098 | 0 | 16,018 | 0 | 6,791 | - | - | - | - | |
To the legal reserve6920 |
- | - | - | - | - | 0 | 340 | - | - | - | - | |
To other reserves6921 |
5,185 | 8,427 | 11,098 | 0 | 16,018 | 0 | 6,452 | - | - | - | - | |
| Document | ||||||||||||
The notes to these accounts have 3 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 28-09-2026.
2025 annual accounts filed 59 days after the deadline. Filed on 28 September 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00527985.
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 28-09-2026 | 2026-00527985 | |
| 31-12-2024 | micro format | 31-08-2025 | 2025-00471354 | |
| 31-12-2023 | micro format | 29-08-2024 | 2024-00443253 | |
| 31-12-2022 | micro format | 25-08-2023 | 2023-00364827 | |
| 31-12-2021 | micro format | 27-01-2023 | 2023-00016997 | |
| 31-12-2020 | abbreviated format | 05-11-2021 | 2021-77200139 | |
| 31-12-2019 | micro format | 12-08-2020 | 2020-40800295 | |
| 31-12-2018 | micro format | 04-02-2020 | 2020-04400469 | |
| 31-12-2017 | micro format | 27-08-2018 | 2018-51200583 | |
| 31-12-2016 | micro format | 13-07-2017 | 2017-31200197 | |
| 31-12-2015 | abbreviated format | 31-08-2016 | 2016-56400299 |
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | - | - | - | - | - | -3,125 | 51,820 | -2,710 | -2,823 | -22,305 | -6,878 | |
| Cash flow | - | - | - | - | - | -5,590 | 47,817 | -8,808 | -2,907 | -20,635 | -6,883 | |
| Investment in fixed assets (approximation) | - | - | - | - | - | 0 | 0 | 457 | 228 | -685 | 652 | |
| Change in cash | 148,806 | -63,213 | 59,200 | -7,068 | -15,697 | 8,090 | -133,924 | 124,783 | 4,572 | 20,270 | - | |
| Working capital | 60,868 | 63,182 | 55,735 | 26,502 | 35,769 | 19,751 | 25,341 | -22,476 | -11,142 | -10,761 | 9,874 | |
| Solvency | 39.9% | 36.2% | 21.7% | 14.2% | 18.6% | 7.4% | 9.3% | -4.0% | -2.3% | -4.3% | 39.3% | |
| Current ratio | 1.67 | 1.71 | 1.35 | 1.17 | 1.23 | 1.08 | 1.10 | 0.96 | 0.98 | 0.95 | 1.57 | |
| Quick ratio | 1.67 | 1.71 | 1.35 | 0.05 | 0.09 | 0.12 | 0.14 | 0.55 | 0.05 | 0.11 | 0.36 | |
| Debt to equity | 1.50 | 1.76 | 3.61 | 6.04 | 4.38 | 12.55 | 9.79 | - | - | - | 1.54 | |
| ROE | 8.6% | 15.2% | 43.5% | -35.0% | 44.8% | -28.3% | 187.8% | - | - | - | -64.5% | |
| ROA | 3.4% | 5.5% | 9.4% | -5.0% | 8.3% | -2.1% | 17.4% | -1.7% | -0.6% | -9.2% | -25.4% |
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.
The operating result for 2025 is a loss of €4,038, after a profit of €583 in 2024. It is the lowest result since 2022.
Debt's share of the balance-sheet total falls from 63.8% to 60.1%. Equity is higher and debt is lower.
APSTRUCT has no parent and no holdings in its annual accounts. APSTRUCT shares no director with another company.
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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 |
|---|---|---|
| Berkensingel 24 registered office 2490 Balen 46130 Agents in the wholesale of timber and building materials | 20-01-2015 | 2.238.902.134 |
| Cadastral parcel | Area | Buildings | Height / floors |
|---|---|---|---|
| 13003A0070/00N003 | 4,522 m² | 1 · 397 m² | 12.9 m · 2 |
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