AS Construct Immo
ActiveSummary
AS Construct Immo has been active since 2005 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €599,834 and a net result of €50,636. Equity is growing by ~6.1% per year across the filed fiscal years. Its solvency ranks better than 60% of 2213 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.5% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability74▼-5
Solvency73=
Growth78=
Track record100
Bankruptcy probability, 12 months
0.5%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €40,000 at 30 days acceptable
Liquidity ample (current ratio 2.66 against 2.71 in 2024; short-term debt: 30.2% and cash: 0.2% of total assets), but 52.1% of the assets are financed with debt.
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Signals
Six signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 41
Relative position
BE, all sectors
reference
Construction of residential and non-residential buildings (NACE 41)
about 67% more bankruptcies
← fewer bankruptcies
more bankruptcies →
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
47.9%
Return on assets
4%
Age of the figures
9 mo
neutral · Filed after the deadline
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 24-09-2026, 55 days later. For context: 47% of the Belgian market files late and the whole 1-to-90-day band measures 2.0% abnormal legal state against a 1.66% average. We show this as a fact and do not score it.
NBB · 10 filingsDeviation from the deadline
2025
55 d late
2024
77 d late
2023
52 d late
2022
78 d late
2021
142 d late
2021
28 d late
2020
59 d late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 7 accounts on average 70 days after the deadline; the sector median for financial year 2024 is on the deadline day, and 46% of the sector filed late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
27-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, abbreviated schema
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
€50,636▼ 48.3%
2024 · €97,916
Working capital
€627,790▲ 13.9%
2024 · €551,292
Trend over the years
Click a name to add, emphasise or remove a line.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result€3,759-€65,419▲ 1,640%€72,858▲ 11.4%€171,687▲ 136%€88,778▼ 48.3%
Net result€2,617-€39,576▲ 1,412%€28,138▼ 28.9%€97,916▲ 248%€50,636▼ 48.3%
Equity€456,876-€485,667▲ 6.3%€508,426▲ 4.7%€549,199▲ 8.0%€599,834▲ 9.2%
Total assets€1.2m-€1.1m▼ 9.1%€1.1m=€1.1m▲ 7.0%€1.3m▲ 9.5%
Debt€515,086-€379,097▼ 26.4%€356,699▼ 5.9%€390,377▲ 9.4%€448,079▲ 14.8%
Working capital€419,631-€457,773▲ 9.1%€520,415▲ 13.7%€551,292▲ 5.9%€627,790▲ 13.9%
Staff (FTE)0.5-10.2▲ 1,940%7.9▼ 22.5%5.3▼ 32.9%4▼ 24.5%
Result per fiscal year
Operating resultNet result
The operating result falls in 2025; 2025 is 48% below 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €1.3m
Fixed assets
€245,615 ▼ 9.2%
Current assets
€1.0m ▲ 15.2%
Equity and liabilities €1.3m
Equity
€599,834 ▲ 9.2%
Provisions
€204,000 =
Debt
€448,079 ▲ 14.8%
Debt's share of the balance-sheet total rises from 34.1% to 35.8%. Equity and debt are higher.
Key figures and ratios
EBITDA
€157,951▼
2024 · €242,865
Cash flow
€119,808▼
2024 · €169,094
Current ratio
2.66▼
2024 · 2.71
Debt to equity
0.75▲
2024 · 0.71
ROE
8.4%▼
2024 · 17.8%
ROA
4.0%▼
2024 · 8.6%
Interest coverage
16.78▼
2024 · 18.47
Debt ≤ 1 year
€378,509▲
2024 · €321,873
Debt > 1 year
€69,570▲
2024 · €68,504
Income taxes
€27,637▼
2024 · €53,712
Staff costs
€34,297▼
2024 · €35,082
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 16,986 companies that looked in July 2024 the way this one looks now, 0.5% went bankrupt within 24 months and 94% are still going.
- Micro
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
0.5%
went bankrupt
4.9%
stopped otherwise
94%
still going
A further 0.3% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.5% over twelve months; the group does not contradict it.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,058 companies of July 2024 its group's bankruptcy share. Expected: 1.5%; actually bankrupt within 24 months: 1.6%.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.4% |
| 3 | 0.5% | 0.5% |
| 4 | 0.6% | 0.7% |
| 5 | 0.8% | 0.9% |
| 6 | 1.2% | 1.3% |
| 7 | 1.5% | 1.6% |
| 8 | 1.7% | 1.7% |
| 9 | 2.7% | 2.8% |
| 10 | 5.3% | 5.7% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 74% of comparisons. The level follows the economy: in a year with more bankruptcies, the actual share is higher than the year before.
An observation about 16,986 comparable companies, not a prediction for this company. The sector does not count: the register keeps no sector for companies that stopped, so it would make the outcome look better than it was.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | €13,057 | €37,076 | €55,721 | €35,082 | €34,297 | ▼ 2.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €18,529 | €98,183 | €56,173 | €71,178 | €69,172 | ▼ 2.8% |
| Other operating charges640/8 | €10,934 | €14,671 | €19,212 | €15,502 | €16,767 | ▲ 8.2% |
| Non-recurring operating charges66A | €328 | €14,523 | €53,152 | €345 | - | - |
| Gross operating margin9900 | €46,608 | €229,871 | €257,117 | €293,794 | €209,015 | ▼ 28.9% |
| Operating profit (loss)9901 | €3,759 | €65,419 | €72,858 | €171,687 | €88,778 | ▼ 48.3% |
| Financial income75/76B | €7,836 | €13,438 | €9,152 | €607 | €1 | ▼ 99.9% |
| Recurring financial income75 | €7,836 | €13,438 | €9,152 | €607 | €1 | ▼ 99.9% |
| Financial charges65/66B | €4,196 | €11,558 | €25,509 | €20,666 | €10,506 | ▼ 49.2% |
| Recurring financial charges65 | €4,196 | €11,558 | €8,767 | €13,148 | €9,416 | ▼ 28.4% |
| Non-recurring financial charges66B | - | - | €16,743 | €7,519 | €1,091 | ▼ 85.5% |
| Profit (loss) for the period before taxes9903 | €7,399 | €67,299 | €56,501 | €151,628 | €78,273 | ▼ 48.4% |
| Income taxes67/77 | €4,782 | €27,722 | €28,363 | €53,712 | €27,637 | ▼ 48.5% |
| Profit (loss) for the period9904 | €2,617 | €39,576 | €28,138 | €97,916 | €50,636 | ▼ 48.3% |
| Profit (loss) for the period to be appropriated9905 | €2,617 | €39,576 | €28,138 | €97,916 | €50,636 | ▼ 48.3% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €1.2m | €1.1m | €1.1m | €1.1m | €1.3m | ▲ 9.5% |
| Fixed assets21/28 | €241,245 | €231,894 | €195,211 | €270,411 | €245,615 | ▼ 9.2% |
| Tangible fixed assets22/27 | €241,245 | €231,894 | €195,211 | €269,831 | €245,035 | ▼ 9.2% |
| Land and buildings22 | €230,625 | €198,750 | €166,875 | €135,000 | €112,500 | ▼ 16.7% |
| Plant, machinery and equipment23 | €8,187 | €6,377 | €8,421 | €32,718 | €30,954 | ▼ 5.4% |
| Furniture and vehicles24 | €2,433 | €26,767 | €19,915 | €11,820 | €5,463 | ▼ 53.8% |
| Leasing and similar rights25 | - | - | - | €90,293 | €96,118 | ▲ 6.5% |
| Financial fixed assets28 | - | - | - | €580 | €580 | = |
| Current assets29/58 | €934,717 | €836,870 | €873,914 | €873,164 | €1.0m | ▲ 15.2% |
| Stocks and contracts in progress3 | €83,712 | €2,620 | €3,210 | - | - | - |
| Stocks30/36 | €83,712 | €2,620 | €3,210 | - | - | - |
| Amounts receivable within one year40/41 | €836,169 | €785,194 | €770,750 | €814,149 | €986,513 | ▲ 21.2% |
| Trade receivables40 | €442,607 | €474,272 | €360,709 | €343,493 | €495,967 | ▲ 44.4% |
| Other amounts receivable41 | €393,563 | €310,922 | €410,041 | €470,656 | €490,546 | ▲ 4.2% |
| Cash at bank and in hand54/58 | €13,957 | €46,008 | €90,500 | €48,943 | €2,889 | ▼ 94.1% |
| Deferred charges and accrued income490/1 | €878 | €3,048 | €9,454 | €10,072 | €16,897 | ▲ 67.8% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €1.2m | €1.1m | €1.1m | €1.1m | €1.3m | ▲ 9.5% |
| Equity10/15 | €456,876 | €485,667 | €508,426 | €549,199 | €599,834 | ▲ 9.2% |
| Contributions10/11 | €150,000 | €150,000 | €150,000 | €150,000 | €150,000 | = |
| Capital10 | €150,000 | €150,000 | €150,000 | €150,000 | €150,000 | = |
| Issued capital100 | €150,000 | €150,000 | €150,000 | €150,000 | €150,000 | = |
| Reserves13 | €177,410 | €216,986 | €245,124 | €150,000 | €190,000 | ▲ 26.7% |
| Non-distributable reserves130/1 | €15,000 | €15,000 | €15,000 | €15,000 | €15,000 | = |
| Legal reserve130 | €15,000 | €15,000 | €15,000 | €15,000 | €15,000 | = |
| Distributable reserves133 | €162,410 | €201,986 | €230,124 | €135,000 | €175,000 | ▲ 29.6% |
| Profit (loss) carried forward14 | €113,302 | €113,302 | €113,302 | €249,199 | €259,834 | ▲ 4.3% |
| Investment grants15 | €16,165 | €5,380 | - | - | - | - |
| Provisions and deferred taxes16 | €204,000 | €204,000 | €204,000 | €204,000 | €204,000 | = |
| Provisions for liabilities and charges160/5 | €204,000 | €204,000 | €204,000 | €204,000 | €204,000 | = |
| Pensions and similar obligations160 | €204,000 | €204,000 | €204,000 | €204,000 | €204,000 | = |
| Amounts payable17/49 | €515,086 | €379,097 | €356,699 | €390,377 | €448,079 | ▲ 14.8% |
| Amounts payable after more than one year17 | - | - | - | €68,504 | €69,570 | ▲ 1.6% |
| Financial debts170/4 | - | - | - | €68,504 | €69,570 | ▲ 1.6% |
| Amounts payable within one year42/48 | €515,086 | €379,097 | €353,499 | €321,873 | €378,509 | ▲ 17.6% |
| Current portion of amounts payable after more than one year42 | - | - | - | €42,737 | €69,538 | ▲ 62.7% |
| Trade debts44 | €405,782 | €254,405 | €237,995 | €103,346 | €270,665 | ▲ 162% |
| Suppliers440/4 | €405,782 | €254,405 | €237,995 | €103,346 | €270,665 | ▲ 162% |
| Taxes, remuneration and social security45 | €29,221 | €36,577 | €74,712 | €77,855 | €38,307 | ▼ 50.8% |
| Taxes450/3 | €27,387 | €35,610 | €69,159 | €74,127 | €34,544 | ▼ 53.4% |
| Remuneration and social security454/9 | €1,833 | €967 | €5,554 | €3,728 | €3,762 | ▲ 0.9% |
| Other amounts payable47/48 | €80,083 | €88,114 | €40,791 | €97,934 | - | - |
| Accrued charges and deferred income492/3 | - | - | €3,200 | - | - | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €2,617 | €39,576 | €28,138 | €97,916 | €50,636 | ▼ 48.3% |
| + Depreciation and write-downs630 | €18,529 | €98,183 | €56,173 | €71,178 | €69,172 | ▼ 2.8% |
| Operating cash flow (approximation) | €21,146 | €137,759 | €84,311 | €169,094 | €119,808 | ▼ 29.1% |
| Investment in fixed assets (approximation) | - | -€88,832 | -€19,490 | -€146,378 | -€44,376 | ▲ 69.7% |
| Change in cash | - | €32,051 | €44,491 | -€41,557 | -€46,054 | ▼ 10.8% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
24-09
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema · 55 days late
2025
16-10
NBB filing
Annual accounts filed
fiscal year 2024 · full schema · 77 days late
2024
31-12
Financial
Highest result since 2019net €97,916 ▲248%
Operating result €171,687, net result €97,916, both a record.
21-09
NBB filing
Annual accounts filed
fiscal year 2023 · full schema · 52 days late
2023
31-12
Financial
Equity above €500,000Eq €508,426 ▲4.7%
6 profitable years in a row build equity to €508,426.
17-10
NBB filing
Annual accounts filed
fiscal year 2022 · full schema · 78 days late
2022
20-12
NBB filing
Annual accounts filed
fiscal year 2021 · full schema · 142 days late
28-02
NBB filing
Annual accounts filed
fiscal year 2021 · full schema · 28 days late
2021
31-12
Financial
Weakest financial yearnet €2,617 ▼90.8%
Net result drops to €2,617, the lowest in the series; recovery starts the following year.
31-03
NBB filing
Annual accounts filed
fiscal year 2020 · full schema · 59 days late
2020
09-06
NBB filing
Annual accounts filed
fiscal year 2019 · full schema · 130 days late
2019
20-05
NBB filing
Annual accounts filed
fiscal year 2018 · full schema · 109 days late
2018
03-09
NBB filing
Annual accounts filed
fiscal year 2017 · full schema · 215 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 4 acts read
About the unread acts
We know of 4 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
4 acts for this company are in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Fleurus · 1 establishment unit since 2006
Ground area
1,684 m²
Building footprint
178 m²
Volume, LiDAR
1,368 m³
Parcel 52071B0170/00E000, Wallonia · tallest building 10.9 m, ±3 floors. Linked by address, not a title deed.
1 establishment unit
AS PLAFONNAGE SPRL
since 20062.150.490.790
1 parcel
Wallonia
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 52071B0170/00E000 | Wallonia | 1,684 m² | 1 · 178 m² | 10.9 m · 3 fl. |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Recognitions · licences · registrations
Recognised contractor
11 categoriesAS Construct Immo SA39506
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BRUSSELMANS JAN
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RV bouwTEC
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Balen · Eq €601,276
Of 29,787 companies in sector 41001 we hold annual accounts for 16,042. 8,501 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPublic limited company
Founded12-12-2005
Fiscal year end31-12
Activities, NACEBEL 2025
41001General construction of residential buildings
41003General construction of other non-residential buildings
E-invoicing
Reachable via Peppol
Peppol ID
0208:0877853067
Also
9925:BE0877853067
Registered
10-12-2025
Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.