Equity
Debts exceed assets in financial year 2025.
Debts exceed assets in financial year 2025.
The 2024 and 2025 financial years closed with a loss. 2025 was the heaviest.
The micro format states no turnover.
Of this, €91,764 falls due within a year.
The 2022 accounts came latest: 28 days after the end of the period.
Less equity than 89% of companies in construction of buildings. Sector median €45,544 · 9,459 companies.
The dashed line is the sector median: 1.5% across 13,458 companies (NACE 41, micro).
About 3 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 11% of them on solvency, 11% on liquidity, 18% on profitability and 4% 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 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).
In July 2024, 6,008 companies had the same profile as AZ PLAN has now. Each dot stands for 16 companies, two years later.
Another 0.8% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of AZ PLAN itself: 2.9% within 12 months.
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 6,008 companies, not a prediction for AZ PLAN. 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 0.73 (0.85 in 2024), below 1. Short-term debt is 82.1% and cash 6.5% 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 6 accounts on average 7 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 | ||||
|---|---|---|---|---|
| AZ PLAN Liège | €111,839 | €26,662 | -2.1% | - |
| BERNARD Père & Fils Hannut | €105,570 | €28,217 | 43.8% | - |
| VAVURE Visé | €119,722 | €28,087 | 89.6% | - |
| JMP BETON Soumagne | €104,258 | €25,389 | 68.2% | - |
| LEJEUNE CONSTRUCT Verviers | €130,117 | €25,846 | -69.9% | - |
| ANGEL CONSTRUCT Berchem-Sainte-Agathe | €110,625 | €27,062 | 73.5% | - |
| Bouw en Reno Bormans Boom | €107,691 | €26,391 | 86.9% | - |
These companies have the same main activity as AZ PLAN: general construction of residential buildings (NACE 41001). They are comparable in size and age: total assets between €104,000 and €130,000, founded between 2019 and 2021.
AZ PLAN files the micro format. That format states no turnover. The gross margin rose from -€2,401 in 2020 to €26,662 in 2025.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette.
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 ≈ €180,000. Estimated: probably between €100,000 and €340,000.
Higher than 11% of 9,456 companies in 2025.
Higher than 13% of 9,204 companies in 2025.
Higher than 12% of 9,276 companies in 2025.
Net result: bottom quarter · Equity: bottom quarter · Balance sheet total: middle half · Working capital: bottom quarter
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Balance sheet: assets | |||||||
20/58 |
111,839 | 111,988 | 100,248 | 45,977 | 15,764 | 2,599 | |
21/28 |
44,435 | 51,272 | 61,341 | 9,014 | 12,266 | - | |
22/27 |
39,435 | 46,272 | 61,341 | 9,014 | 12,266 | - | |
24 |
38,514 | 43,179 | 56,076 | 1,577 | 2,658 | - | |
25 |
921 | 3,093 | 5,264 | 7,436 | 9,608 | - | |
28 |
5,000 | 5,000 | - | - | - | - | |
29/58 |
67,404 | 60,716 | 38,908 | 36,963 | 3,498 | 2,599 | |
3 |
60,111 | 42,460 | 14,016 | 9,582 | - | - | |
30/36 |
60,111 | 42,460 | 14,016 | 9,582 | - | - | |
40/41 |
- | 718 | 6,359 | 6,459 | 1,860 | 409 | |
40 |
- | - | 5,655 | 1,742 | - | 39 | |
41 |
- | 718 | 704 | 4,717 | 1,860 | 371 | |
54/58 |
7,293 | 17,539 | 15,064 | 20,922 | 1,639 | 2,190 | |
490/1 |
- | - | 3,469 | - | - | - | |
| Balance sheet: equity and liabilities | |||||||
10/49 |
111,839 | 111,988 | 100,248 | 45,977 | 15,764 | 2,599 | |
10/15 |
-2,345 | 9,858 | 16,027 | 13,600 | 7,064 | 2,599 | |
10/11 |
5,000 | 5,000 | 5,000 | 5,000 | 5,000 | 5,000 | |
14 |
-7,345 | 4,858 | 11,027 | 8,600 | 2,064 | -2,401 | |
17/49 |
114,184 | 102,130 | 84,221 | 32,377 | 8,700 | - | |
17 |
22,420 | 30,551 | 38,152 | - | - | - | |
170/4 |
22,420 | 30,551 | 38,152 | - | - | - | |
42/48 |
91,764 | 71,579 | 46,069 | 32,377 | 8,700 | - | |
42 |
8,131 | 4,685 | 7,105 | - | - | - | |
44 |
36,699 | 30,907 | 21,411 | 20,746 | 5,137 | - | |
440/4 |
36,699 | 30,907 | 21,411 | 20,746 | 5,137 | - | |
45 |
19,293 | 14,183 | 13,806 | 7,495 | 1,678 | - | |
450/3 |
9,616 | 4,950 | 2,730 | 5,806 | 1,678 | - | |
454/9 |
9,677 | 9,234 | 11,076 | 1,689 | - | - | |
47/48 |
27,641 | 21,803 | 3,747 | 4,136 | 1,885 | - | |
| Income statement | |||||||
76A |
- | 168 | - | - | - | - | |
9900 |
26,662 | 47,386 | 24,469 | -197 | 8,182 | -2,401 | |
60/61 |
- | - | - | - | - | 3,481 | |
62 |
10,807 | 33,950 | 23,810 | 4,041 | - | - | |
630 |
18,407 | 15,069 | 9,673 | 3,252 | 1,835 | - | |
640/8 |
4,485 | 4,720 | 7,270 | - | 183 | - | |
9901 |
-7,037 | -6,352 | -16,283 | -7,490 | 6,164 | -2,401 | |
75/76B |
279 | 5,171 | 21,357 | 15,801 | - | - | |
75 |
279 | 5,171 | 21,357 | 15,801 | - | - | |
65/66B |
4,557 | 1,243 | 3,242 | 141 | 22 | - | |
65 |
4,557 | 1,243 | 3,242 | 141 | 22 | - | |
9903 |
-11,315 | -2,424 | 1,832 | 8,170 | 6,142 | -2,401 | |
67/77 |
888 | 3,745 | -595 | 1,634 | 1,678 | - | |
9904 |
-12,203 | -6,169 | 2,427 | 6,536 | 4,465 | -2,401 | |
9905 |
-12,203 | -6,169 | 2,427 | 6,536 | 4,465 | -2,401 | |
| Appropriation of the result | |||||||
9906 |
-7,345 | 4,858 | 11,027 | 8,600 | 2,064 | -2,401 | |
14P |
4,858 | 11,027 | 8,600 | 2,064 | -2,401 | - | |
| Document | |||||||
The notes to these accounts have 11 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 14-07-2026.
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 14-07-2026 | 2026-00294956 | |
| 31-12-2024 | micro format | 25-08-2025 | 2025-00403873 | |
| 31-12-2023 | micro format | 26-06-2024 | 2024-00197083 | |
| 31-12-2022 | micro format | 28-08-2023 | 2023-00360914 | |
| 31-12-2021 | micro format | 19-08-2022 | 2022-20320037 | |
| 31-12-2020 | micro format | 20-08-2021 | 2021-51400093 |
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| 11,370 | 8,716 | -6,610 | -4,238 | 7,999 | - | ||
| 6,204 | 8,900 | 12,100 | 9,788 | 6,299 | - | ||
| 11,570 | 5,000 | 62,000 | 0 | 14,101 | - | ||
| -10,245 | 2,475 | -5,859 | 19,284 | -552 | - | ||
| -24,360 | -10,863 | -7,162 | 4,586 | -5,202 | - | ||
| -2.1% | 8.8% | 16.0% | 29.6% | 44.8% | - | ||
| 0.73 | 0.85 | 0.84 | 1.14 | 0.40 | - | ||
| 0.08 | 0.26 | 0.54 | 0.85 | 0.40 | - | ||
| - | 10.36 | 5.25 | 2.38 | 1.23 | - | ||
| - | -62.6% | 15.1% | 48.1% | 63.2% | - | ||
| -10.9% | -5.5% | 2.4% | 14.2% | 28.3% | - | ||
| 2.49 | 7.01 | -2.04 | -30.00 | over 100 | - |
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 | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Tangible fixed assets | €11,570 | - | €62,000 | - | €14,101 |
| Financial fixed assets | - | €5,000 | - | - | - |
| €18,407 | €15,069 | €9,673 | €3,252 | €1,835 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
The operating result for 2025 is a loss of €7,037, larger than the loss of €6,352 in 2024.
Equity is negative. Debt (€114,184) exceeds the balance-sheet total (€111,839).
AZ PLAN has no parent and no holdings in its annual accounts. FILIZOGLU Aret is the only director. AZ PLAN shares no director with another company.
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
AZ PLAN was incorporated on 19 February 2020 as a private limited company by two natural persons, with a starting capital of €5,000.12 The registered office was moved to Liège in 2022.3 FILIZOGLU Aret is director of the company, appointed by deed of 15-12-2022.3 Total assets rose from €2,599 in 2020 to €111,839 in 2025.4
| Establishment | Since | Unit number |
|---|---|---|
| Rue Saint-Léonard 203 registered office 4000 Liège 4614005 Agents in the wholesale of industrial machinery, ships and aircraft | 19-02-2020 | 2.312.156.831 |
| Cadastral parcel | Area | Buildings | Height / floors |
|---|---|---|---|
| 62810B0447/00E002 | 177 m² | 1 · 53 m² | 13.1 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 0743.840.243
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