Turnover
≈ €170,000 estimated
The abbreviated format states no turnover.
ASSET CONSTRUCT
Overview
Lifetime
1 annual account with figuresGross marginpeak €34,265 (2025)
€34,265
Resultpeak €14,383 (2025)
€14,383
Equitypeak €24,383 (2025)
€24,383
Debts
€165,395
Board1 name since 2024
1 directorMUSSCHE Frédéric
Documentsfilings and deeds
28-08-202628 days late
2025abbreviated format
First year with figures
Key points
from the 2025 annual accountsDebts
€165,395 87% of the balance sheet
Suppliers 89%Taxes and wages 11%
At the same address
13 companies
2025 accounts filed 28 days after the deadline
Checked score
52
Fair
Financially stronger than 36% of micro companies in construction of buildings (NACE 41)
Probability in this band: 1.5% to 4.2%
Bankruptcy probability within 12 months
2.3% Moderate
0%0.5%1.5%4%10%≥ 25%
The dashed line is the sector median: 1.5% across 13,462 companies (NACE 41, micro).
About 2 in 100 comparable companies go bankrupt within 12 months (an estimate).
Last 24 months
08-2025: 3.6%
09-2025: 3.7%▲ +0.1 percentage points vs 08-2025
10-2025: 4.1%▲ +0.4 percentage points vs 09-2025
11-2025: 4.2%▲ +0.1 percentage points vs 10-2025
12-2025: 4.6%▲ +0.4 percentage points vs 11-2025
01-2026: 4.6%● unchanged vs 12-2025
02-2026: 5.0%▲ +0.4 percentage points vs 01-2026
03-2026: 5.0%● unchanged vs 02-2026
04-2026: 4.8%▼ -0.2 percentage points vs 03-2026
05-2026: 4.8%● unchanged vs 04-2026
06-2026: 5.3%▲ +0.5 percentage points vs 05-2026
07-2026: 5.3%● unchanged vs 06-2026
08-2026: 5.3%● unchanged vs 07-2026highest value
09-2026: 2.3%▼ -3.0 percentage points vs 08-2026lowest value
10-2026: 2.3%● unchanged vs 09-2026lowest value
11-2026: 2.3%● unchanged vs 10-2026lowest value
Financial strengthAverage
Score breakdown
raises risk
Founded in 2024
Sector: Construction of residential and non-residential buildings (NACE 41)
Size: total assets €189,777
lowers risk
Liquidity: current ratio 1.14, cash €48,012
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 41, micro). It does better than 20% of them on solvency, 29% on liquidity and 58% on profitability.
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 moderate class on 30-06-2025, 2.4% 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, 7,976 companies had the same profile as ASSET CONSTRUCT has now. Each dot stands for 20 companies, two years later.
94.4%
were still trading
1.8%
stopped another way
3.6%
went bankrupt
Another 0.3% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of ASSET CONSTRUCT itself: 2.3% 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 7,976 companies, not a prediction for ASSET 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.
Credit verdict
Credit of up to €1,000 on 30-day terms is acceptable
Liquidity is tight, with a current ratio of 1.14, below the usual 1.5. Short-term debt is 87.2% and cash 25.3% of total assets. 87.2% of the assets are financed with debt and provisions.
Credit check for an amount and term of your choice
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.
Signals
Six signals.
lowers riskraises risk
raises risk · Weak solvency compared with the sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 21% of 2805 sector peers (2025).
NBB · sector comparisonPosition among 2805 sector peers
Solvency
better than 21%
← weakest
strongest →
raises risk · 2025 accounts filed 28 days late
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 28-08-2026, 28 days later. Nearly half (47%) of Belgian companies file late; of those that file 1 to 90 days late, 2.0% are now bankrupt, dissolved or in another special legal status, against 1.66% of all filers. A delay like this does not count in the score.
NBB · 1 filingDeviation from the deadline
2025
28 days late
← before the deadline
after the deadline →
Searched, nothing found (1)
Board and ownership
- Asset & Investment Management Real Estate 150 sharesdeed of 04-07-2024
Recent changes
Registered in the Peppol Directory
Reachable for e-invoices through 0208:1011065642
Incorporation
Founding capital of €10,000, 150 shares · Founder: Asset & Investment Management Real Estate · Appointment: MUSSCHE Frédéric (director) · published on 04-07-2024 · Gazette deed
First establishment
Leuvensesteenweg 392, Zaventem
Comparable companies
same main activity, similar in size and age| Company | Total assets | Gross margin | Solvency | Staff |
|---|---|---|---|---|
| ASSET CONSTRUCT Zaventem | €189,777 | €34,265 | 12.8% | - |
| BEST CHAPE Brussels | €202,785 | €39,288 | 16.5% | - |
| AR TECH GROUP Kraainem | €101,824 | €16,417 | 27.0% | - |
| De Bie Joran Malle | €143,498 | €60,743 | 19.9% | - |
| TIMISCO Ghent | €174,184 | €16,362 | 6.4% | - |
| ERB PROJECT Ham-sur-Heure-Nalinnes | €86,209 | €59,480 | 67.7% | - |
| EVD MASTER Dendermonde | €62,766 | €37,771 | 50.7% | - |
These companies have the same main activity as ASSET CONSTRUCT: general construction of office buildings (NACE 41002). They are comparable in size and age: total assets between €62,800 and €203,000, founded between 2023 and 2024.
Official details
Source: KBO- Status
- Active since 02-07-2024Normal situation
- Registered office
- 14 active companies are registered at this address1 started in the 12 months before. Source: KBO register, as of 6 November 2026.
- Activity
- General construction of office buildingsNACE 41002and 2 others
- Establishment unit
- 2.377.337.9601932 Zaventem, since 02-07-2024
- Financial year end
- 31 December
- Peppol
- Reachable since 29-12-2025
Annual accounts 2025
- Gross margin
- €34,265
- Profit
- €14,383
- Equity
- €24,383
- Total assets
- €189,777
- Filing
- Filed on 28-08-2026
Insights on ASSET CONSTRUCT
The computed 12-month bankruptcy probability of ASSET CONSTRUCT is 2.3% (moderate). The 2025 annual accounts show equity of €24,383 and a net result of €14,383.
Its solvency ranks better than 21% of 2,805 sector peers (NACE 41, financial year 2025). The company has been active since 2024 and the Belgian Official Gazette contains no insolvency or warning signals.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette.
Financials
Annual accounts 2025
abbreviated format, filed on 28-08-2026, 28 days lateGross margin
€34,265
Operating result
€21,757
Profit
€14,383
Working capital
€23,191
Solvency
12.8%
Current ratio
1.14
Turnover and EBIT margin are not published. The abbreviated format does not require them. The turnover shown is an estimate from the gross margin.
Turnover ≈ €170,000. Estimated: probably between €110,000 and €420,000.
Balance sheet
balance sheet total €189,777 on 31-12-2025What the company ownsHow it is paid for
Position in the sector
Solvency12.8%
Higher than 21% of 2,805 companies in 2025.
Current ratio1.14
Higher than 29% of 2,734 companies in 2025.
Return on assets7.6%
Higher than 64% of 2,770 companies in 2025.
ASSET CONSTRUCT
Middle half of the sector
80% of the sector
Abbreviated accounts in construction of buildings (NACE 41)
Net result: middle half · Equity: bottom quarter · Balance sheet total: middle half · Working capital: middle half
Filed annual accounts
as filed with the National Bank, click a year to choose it| Line | Trend | 2025 |
|---|---|---|
| Balance sheet: assets | ||
Total assets20/58 |
189,777 | |
Fixed assets21/28 |
1,191 | |
Tangible fixed assets22/27 |
491 | |
Furniture and vehicles24 |
491 | |
Financial fixed assets28 |
700 | |
Current assets29/58 |
188,586 | |
Amounts receivable within one year40/41 |
137,369 | |
Trade receivables40 |
137,369 | |
Cash at bank and in hand54/58 |
48,012 | |
Deferred charges and accrued income490/1 |
3,205 | |
| Balance sheet: equity and liabilities | ||
Total equity and liabilities10/49 |
189,777 | |
Equity10/15 |
24,383 | |
Contributions10/11 |
10,000 | |
Profit (loss) carried forward14 |
14,383 | |
Amounts payable17/49 |
165,395 | |
Amounts payable within one year42/48 |
165,395 | |
Trade debts44 |
147,146 | |
Suppliers440/4 |
141,015 | |
Bills of exchange payable441 |
6,131 | |
Taxes, remuneration and social security45 |
18,249 | |
Taxes450/3 |
16,295 | |
Remuneration and social security454/9 |
1,954 | |
| Income statement | ||
Gross operating margin9900 |
34,265 | |
Remuneration, social security and pensions62 |
11,344 | |
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 |
145 | |
Other operating charges640/8 |
1,019 | |
Operating profit (loss)9901 |
21,757 | |
Financial income75/76B |
19 | |
Recurring financial income75 |
19 | |
Financial charges65/66B |
1,138 | |
Recurring financial charges65 |
1,138 | |
Profit (loss) for the period before taxes9903 |
20,638 | |
Income taxes67/77 |
6,255 | |
Profit (loss) for the period9904 |
14,383 | |
Profit (loss) for the period to be appropriated9905 |
14,383 | |
| Appropriation of the result | ||
Profit (loss) to be appropriated9906 |
14,383 | |
| Document | ||
The notes to these accounts have 7 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 28-08-2026.
Filings
each dot is a set of accounts, on the day it reached the National Bank2025 annual accounts filed 28 days after the deadline. Filed on 28 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00445257.
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 28-08-2026 | 2026-00445257 |
Key figures and ratios
per financial year, computed from the annual accounts| Line | Trend | 2025 |
|---|---|---|
| EBITDA | 21,902 | |
| Cash flow | 14,527 | |
| Investment in fixed assets | 1,336 | |
| Working capital | 23,191 | |
| Solvency | 12.8% | |
| Current ratio | 1.14 | |
| Debt to equity | 6.78 | |
| ROE | 59.0% | |
| ROA | 7.6% | |
| Interest coverage | 19.24 |
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.
Investments
fixed assets acquired| Item | 2025 |
|---|---|
| Tangible fixed assets | €636 |
| Financial fixed assets | €700 |
| Depreciation and write-downs of the year | €145 |
Source: notes to the 2025 annual accounts (statement of fixed assets)
Insights on ASSET CONSTRUCT
Debt's share of the balance-sheet total is 87.2%.
Board & ownership
Board
1 director, since incorporationDirector (not named in the articles)
since 02-07-2024
term without a fixed end
listed in the 2025 annual accounts, filed on 28-08-2026
Mandates through the years
1 name, the dashed line is todayMUSSCHE Frédéric
Director (not named in the articles)
Director (not named in the articles)
Board
Mandates as a list
- MUSSCHE Frédéric
- Director (not named in the articles), from 02-07-2024 to date
Control
Founder
Asset & Investment Management Real Estate
This company
ASSET CONSTRUCT
Equity €24,383
Profit €14,383 in 2025
Capital
- Contribution
- €10,000
- Shares
- 150
- Contribution per share
- €66.67
- Equity per share
- €163 in 2025
- Source
- deed of 04-07-2024
Articles of association
deed of 04-07-2024 (in Dutch)- DurationMost companies exist for an unlimited period, until they are dissolved.
- Unlimited
- Board ruleThese rules set how the board is made up, meets and takes decisions.
- At least 1 director
- Annual meetingThe shareholders approve the annual accounts, among other things, at the annual meeting.
- Fourth Wednesday of June at 18:00
Shareholders
At incorporation
deed of 04-07-2024 ↗
- Asset & Investment Management Real Estate (BE 0679.845.977) 150 shares (100%) · €10,000
Network & group
No group
ASSET CONSTRUCT has no parent and no holdings in its annual accounts. MUSSCHE Frédéric is the only director. ASSET CONSTRUCT shares no director with another company.
At the same address
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total assets €22.0m (2025) 0716.909.380 |
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registered office since 18-05-1999 · founded in 1998 |
turnover €10.0m (2025) 0464.642.569 |
| AEXIS GROUP
establishment since 22-12-2015 · founded in 2015 |
total assets €9.2m (2025) 0644.747.419 |
| AEXIS BELGIUM
registered office since 23-08-1993 · founded in 1993 |
7.4 FTE (2025) 0450.599.543 |
| BANMAH GROUP
establishment since 15-07-2021 · founded in 2021 |
total assets €623,444 (2024) 0771.435.852 |
| FLATLINE
registered office since 01-01-2020 · founded in 2013 |
total assets €475,004 (2026) 0502.893.431 |
| FULLCONTROL LOGISTICS
establishment since 23-10-2009 · founded in 2009 |
total assets €230,745 (2025) 0820.086.005 |
| MY LOCAL DESK
registered office since 17-10-2011 · founded in 2011 · negative equity (2025) |
total assets €70,314 (2025) 0840.604.869 |
| INTERIM EXECUTIVES
registered office since 13-09-2001 · founded in 2001 |
turnover €21,215 (2025) 0475.640.686 |
| All in construction
registered office since 03-04-2026 |
founded in 2026 1036.494.785 |
Timeline
Timeline
4 events since 2024Filings
Establishments
202420252026
2026
Annual accounts 2025 filed NBBabbreviated format · 28 days late
2025
Registered in the Peppol Directory Reachable for e-invoices through 0208:1011065642
2024
IncorporationFounding capital of €10,000, 150 shares · Founder: Asset & Investment Management Real Estate · Appointment: MUSSCHE Frédéric (director) · published on 04-07-20247 points ▸
- Founder, Asset & Investment Management Real Estate
- Founding capital, €10,000, 150 shares
- Asset & Investment Management Real Estate holds all the shares
- 150 shares
- Registered office clause, Leuvensesteenweg 392, 1932 Zaventem (Sint-Stevens-Woluwe)
- Board rule, 1
- Director appointment, MUSSCHE Frédéric (director (not named in the articles))
- The deed holds 4 more points.
First establishment Leuvensesteenweg 392, Zaventem
Sources: Publications in the Belgian Official GazetteFilings with the National Bank
Company details
Identity
- Enterprise number
- 1011.065.642
- VAT number
- BE 1011.065.642
- Peppol ID
- 0208:1011065642
- Legal form
- Private limited company
- Status
- Active, normal situation
- Founded
- 02-07-2024
- Financial year
- ends on 31 December
- Annual meetingThe shareholders approve the annual accounts, among other things, at the annual meeting.
- Fourth Wednesday of June at 18:00deed of 04-07-2024 (in Dutch)
- Peppol
- Reachable since 29-12-2025Follow this company and you will hear the next morning if it leaves the Peppol register.
- Name
- ASSET CONSTRUCT in Dutch
- Entity type
- Legal entity
- DurationMost companies exist for an unlimited period, until they are dissolved.
- Unlimiteddeed of 04-07-2024 (in Dutch)
- Registered office clauseThe articles name the region of the registered office. The language of official documents depends on that region, among other things.
- “Vlaams Gewest”deed of 04-07-2024 (in Dutch)
Activities
NACEBEL 2025VAT activities
41002
General construction of office buildings main activity
43990
Other specialised construction activities
Social security (RSZ) activities
41003
General construction of other non-residential buildings main activity
Codes under NACEBEL 2008
41202
Construction of residential and non-residential buildings main activity
43999
Specialised construction activities
- PurposeThe purpose describes the activities the company may carry out under its articles.
- “Bouwsector; Vastgoedpromotie; Bouw, verbouwing, voltooiing, inrichting, reparatie, onderhoud, reiniging, betonbewerking, behandeling en…”deed of 04-07-2024 (in Dutch)
18 activities
- Bouwsector
- Vastgoedpromotie
- Bouw, verbouwing, voltooiing, inrichting, reparatie, onderhoud, reiniging, betonbewerking, behandeling en sloop van gebouwen,
- Alle operaties met betrekking tot stabiliteitsstudies, HVAC, sanitair, elektriciteit en akoestiek,
- Elektrische installaties (installatie en aansluiting van hoog- en laagspanningsverdeelborden, noodgeneratoren, enz.), evenals buitenverlichting,
- Elektrische installaties, inbraak- en brandbeveiliging,
- Sanitaire installaties, loodgieterij, dakbedekking en andere soortgelijke technische installaties,
- Fabricage, levering, bevestiging en installatie van kozijnen, luiken, jaloezieën, afzuigkappen, ventilatoren, houten, aluminium, PVC en andere materialen, zonder beperking van deze lijst,
- Fabricage, inkoop, groothandel- of detailhandelsverkoop en algemene commercialisering van materialen die nodig zijn voor de bouw of renovatie van gebouwen,
- Activiteit als tussenpersoon bij dergelijke operaties,
- Installatie van steigers, voegen en gevelreiniging,
- Alle activiteiten met betrekking tot hanteren en verhuizen,
- Activiteiten met betrekking tot vastgoedontwikkelaars, namelijk de aankoop, bouw, verhuur, verkoop van gebouwen of onbebouwde percelen,
- Beheer en administratie van alle particuliere, commerciële, industriële of openbare constructies,
- Mobiele, onroerende en financiële operaties die direct of indirect verband houden met het maatschappelijk doel of die de uitvoering ervan vergemakkelijken.
- Activiteiten met betrekking tot vastgoedontwikkelaars, namelijk de aankoop, bouw, verhuur, verkoop van gebouwen of onbebouwde percelen,
- Beheer en administratie van alle particuliere, commerciële, industriële of openbare constructies,
- Alle mobiele, onroerende en financiële operaties die direct of indirect verband houden met het maatschappelijk doel of die de uitvoering ervan vergemakkelijken.
Registered office and establishments
1 establishment| Establishment | Since | Unit number |
|---|---|---|
| Leuvensesteenweg 392 registered office 1932 Zaventem | 02-07-2024 | 2.377.337.960 |
Buildings and parcels at the address
- Ground area
- 3,446 m²
- Buildings
- 1,211 m²
- Volume, LiDAR
- 6,971 m³
- Tallest building
- 7.3 m
Buildings to scale, each on its own parcel
Parcels
| Cadastral parcel | Area | Buildings | Height / floors |
|---|---|---|---|
| 23078A0347/00A000 | 3,446 m² | 1 · 1,211 m² | 7.3 m · 2 |
Invoicing and payment
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 1011.065.642