Equity
Debts exceed assets in financial year 2024.
Debts exceed assets in financial year 2024.
The 2023 and 2024 financial years closed with a loss. 2023 was the heaviest.
The micro format states no turnover.
Of this, €126,794 falls due within a year.
Green is investment, beige is depreciation.
Less equity than 93% of companies in construction of buildings. Sector median €45,395 · 9,844 companies.
The dashed line is the sector median: 1.5% across 13,458 companies (NACE 41, micro).
About 7 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 7% of them on solvency, 5% on liquidity, 12% on profitability and 7% 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 31-12-2024.
Of the companies with a bankruptcy probability in the elevated class on 30-06-2025, 6.3% 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, 1,555 companies had the same profile as ARGO Construct has now. Each dot stands for 4 companies, two years later.
Another 0.2% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of ARGO Construct itself is higher: 6.8% within 12 months. It rests on far more data about ARGO 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 1,555 companies, not a prediction for ARGO 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 0.47 (0.76 in 2023), below 1. Short-term debt is 112.1% and cash 2.6% 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 2 accounts on average 45 days after 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 | ||||
|---|---|---|---|---|
| ARGO Construct Mortsel | - | - | -20.6% | - |
| FCS CONSTRUCTION & CHÂSSIS Neupré | - | - | 2.8% | - |
| ELISAV Lennik | €302,728 | -2.0% | 83.7% | - |
| KOS GROUP Zaventem | €132,154 | 0.4% | 30.8% | - |
| CHRISTOPHE ROBERT Philippeville | - | - | 34.9% | - |
| Vanderbeken Thomas Kortrijk | - | - | 21.5% | - |
| EnR ConcepT Theux | - | - | 14.7% | - |
These companies have the same main activity as ARGO Construct: general construction of residential buildings (NACE 41001). They are comparable in size and age: total assets between €81,800 and €135,000, founded between 2022 and 2023.
The computed 12-month bankruptcy probability of ARGO Construct is 6.8% (elevated). The 2024 annual accounts show negative equity (-€23,277) and a net result of -€10,396.
Its solvency ranks better than 8% of 9,833 sector peers (NACE 41, financial year 2024). The company has been active since 2023 and the Belgian Official Gazette contains no insolvency or warning signals.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette.
2025 annual accounts not yet filed, deadline passed on 31 July 2026 The financial year closed on 31 December 2025. The accounts are due at the latest 7 months after the close (Companies Code art. 3:10). Source: NBB filings, as of 9 November 2026.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Turnover ≈ €25,000. Estimated: probably between €13,000 and €45,000.
Higher than 8% of 9,833 companies in 2024.
Higher than 7% of 9,553 companies in 2024.
Higher than 14% of 9,646 companies in 2024.
Net result: bottom quarter · Equity: bottom quarter · Balance sheet total: middle half · Working capital: bottom quarter
| Line | Trend | 2024 | 2023 |
|---|---|---|---|
| Balance sheet: assets | |||
20/58 |
113,109 | 156,043 | |
21/28 |
54,069 | 33,542 | |
22/27 |
54,069 | 33,542 | |
23 |
5,822 | - | |
24 |
48,246 | 33,542 | |
29/58 |
59,040 | 122,501 | |
40/41 |
53,447 | 120,967 | |
40 |
10,940 | 84,967 | |
41 |
42,507 | 36,000 | |
54/58 |
2,977 | 1,534 | |
490/1 |
2,616 | - | |
| Balance sheet: equity and liabilities | |||
10/49 |
113,109 | 156,043 | |
10/15 |
-23,277 | -12,881 | |
10/11 |
5,000 | 5,000 | |
14 |
-28,277 | -17,881 | |
17/49 |
136,385 | 168,924 | |
17 |
9,591 | 8,220 | |
170/4 |
9,591 | 8,220 | |
42/48 |
126,794 | 160,704 | |
42 |
12,306 | 5,990 | |
44 |
19,331 | 89,505 | |
440/4 |
19,331 | 89,505 | |
45 |
- | 3,569 | |
450/3 |
- | 3,569 | |
47/48 |
95,157 | 61,641 | |
| Income statement | |||
9900 |
2,058 | -13,773 | |
630 |
4,184 | 2,948 | |
640/8 |
10,170 | 531 | |
9901 |
-12,295 | -17,251 | |
75/76B |
3,365 | 2 | |
75 |
3,365 | 2 | |
65/66B |
1,465 | 631 | |
65 |
1,465 | 631 | |
9903 |
-10,396 | -17,881 | |
9904 |
-10,396 | -17,881 | |
9905 |
-10,396 | -17,881 | |
| Appropriation of the result | |||
9906 |
-28,277 | -17,881 | |
14P |
-17,881 | - | |
| Document | |||
The notes to these accounts have 8 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the filed accounts (PDF).
Source: Annual accounts 2024 (PDF), filed on 30-09-2025.
| Line | Trend | 2024 | 2023 |
|---|---|---|---|
| -8,111 | -14,304 | ||
| -6,212 | -14,933 | ||
| 43,044 | 36,490 | ||
| 1,443 | - | ||
| -67,754 | -38,203 | ||
| -20.6% | -8.3% | ||
| 0.47 | 0.76 | ||
| -9.2% | -11.5% | ||
| -5.54 | -22.66 |
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 | 2024 | 2023 |
|---|---|---|
| Tangible fixed assets | €43,044 | €36,490 |
| €4,184 | €2,948 |
Source: notes to the 2023 to 2024 annual accounts (statement of fixed assets)
The operating result for 2024 is a loss of €12,295, smaller than the loss of €17,251 in 2023.
Equity is negative. Debt (€136,385) exceeds the balance-sheet total (€113,109).
ARGO Construct has no parent and no holdings in its annual accounts. GOEMINNE Wim Adrien is the only director.
| MAGIMAX via ARTS Giljom Stefan Guido Yvonne, at ARGO Construct until 2025 · Director (not named in the articles) · deed of 23-10-2019 Open bankruptcy · founded in 2019 |
total assets €597,466 (2024) |
| ARTMAR via ARTS Giljom Stefan Guido Yvonne, at ARGO Construct until 2025 · Director (not named in the articles) · deed of 30-09-2022 founded in 2022 · accounts filed late |
total assets €44,797 (2024) |
The network starts from the earlier ties.
Sources: Publications in the Belgian Official GazetteFilings with the National Bank
ARGO Construct was incorporated on 16 March 2023 as a private limited company by two natural persons, with a starting capital of €5,000.12 GOEMINNE Wim Adrien is director of the company, appointed by deed of 20-03-2023.2 The company has filed 2 sets of annual accounts, the latest for financial year 2024.3
| Establishment | Since | Unit number |
|---|---|---|
| Guido Gezellelaan 1 registered office 2640 Mortsel | 16-03-2023 | 2.342.957.497 |
| 25-08-2026 | Under review | Gevel-, dak-, instandhoudings- en renovatiewerken binnen een gebouw, zonder volume- of oppervlaktewijziging; Verbouwen en/of uitbreiden zonder functiewijziging en zonder wijziging van aantal woongelegenheden project 2025150343 | Antwerpen |
Source: Omgevingsloket Vlaanderen.
| Cadastral parcel | Area | Buildings | Height / floors |
|---|---|---|---|
| 11029A0136/00Z002 | 190 m² | 1 · 148 m² | 13.6 m · 3 |
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 0799.621.676
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