BALAES
ActiveSummary
BALAES has been active since 1981 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €1.6m and a net result of €300,716. Equity is growing by ~12.4% per year across the filed fiscal years. Its solvency ranks better than 27% of 301 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.3% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability69▼-8
Solvency49▼-11
Growth74▲+1
Track record100
Bankruptcy probability, 12 months
0.3%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €95,000 at 30 days acceptable
Liquidity tight (current ratio 1.2 against 1.45 in 2024; short-term debt: 49.9% and cash: 0.1% of total assets), and 75.7% of the assets are financed with debt.
Credit check for your own amount and term
Show the recommended maximum : and see how the verdict changes with amount, term and advance.
Signals
Six signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
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
24.3%
Return on assets
4.6%
Age of the figures
9 mo
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 42
Relative position
BE, all sectors
reference
Civil engineering (NACE 42)
about 27% more bankruptcies
← fewer bankruptcies
more bankruptcies →
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 02-07-2026, 29 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
29 d early
2024
43 d early
2023
168 d early
2022
33 d early
2021
40 d late
2020
32 d early
2019
26 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 34 days before the deadline; the sector median for financial year 2024 is 3 days before the deadline, and 40% 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. Usually files around 28 June (4 of the last 5 filed years within 73 days of that day).
Companies Code · seven monthsPosition in the running window
28-09-2026 today31-12-2026 close31-07-2027 deadline
History
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How much credit can you give this customer, and on what term?Credit check What should you check before you do business with this company?Supplier due diligence Is the workforce growing, and do people stay?Employer check Can you trust this company with building work?Contractor check Can you accept this company as a client under the anti-money-laundering law?AML client file Which of your other customers can you e-invoice via Peppol?Peppol check
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Financials · fiscal year 2025, full schema
In the rankings
#3 oldest company in Oreye, Construction sector#4 company by total assets in Oreye, Construction sector#4 company by equity in Oreye, Construction sector
Turnover
€9.0m▲ 14.0%
2024 · €7.9m
EBIT margin
5.4%▼ 2.4pp
2024 · 7.8%
Net result
€300,716▼ 32.5%
2024 · €445,577
Working capital
€636,223▼ 28.6%
2024 · €891,558
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 42, Civil engineering, each year against the same schema; no band under 30 filings. Dashed line: the median.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Turnover€3.9m▲ 19.5%€4.8m▲ 22.6%€7.6m▲ 58.6%€7.9m▲ 3.4%€9.0m▲ 14.0%
Operating result-€248,522▼ 15.5%€346,967€744,039▲ 114%€614,205▼ 17.4%€482,306▼ 21.5%
Net result-€261,100below the sector's middle half▼ 13.4%€288,233within the sector's middle half€569,687within the sector's middle half▲ 97.6%€445,577within the sector's middle half▼ 21.8%€300,716within the sector's middle half▼ 32.5%
EBIT margin-6.3%▲ 0.2pp7.2%▲ 13.6pp9.8%▲ 2.5pp7.8%▼ 2.0pp5.4%▼ 2.4pp
Equity€284,265below the sector's middle half▼ 47.9%€365,463below the sector's middle half▲ 28.6%€935,150within the sector's middle half▲ 156%€1.4mwithin the sector's middle half▲ 47.6%€1.6mwithin the sector's middle half▲ 14.5%
Total assets€2.2mwithin the sector's middle half▼ 0.5%€2.2mwithin the sector's middle half▲ 1.0%€3.4mwithin the sector's middle half▲ 54.4%€3.9mwithin the sector's middle half▲ 15.3%€6.5mwithin the sector's middle half▲ 66.6%
Debt€1.9m▲ 15.4%€1.8m▼ 4.7%€2.4m▲ 34.1%€2.5m▲ 3.3%€4.9m▲ 96.7%
Working capital-€43,247below the sector's middle half€243,285within the sector's middle half€559,180within the sector's middle half▲ 130%€891,558within the sector's middle half▲ 59.4%€636,223within the sector's middle half▼ 28.6%
Solvency13.1%below the sector's middle half▼ 11.9pp16.6%below the sector's middle half▲ 3.6pp27.5%within the sector's middle half▲ 10.9pp35.3%within the sector's middle half▲ 7.7pp24.3%within the sector's middle half▼ 11.0pp
Current ratio0.98below the sector's middle half▼ 0.191.15below the sector's middle half▲ 0.171.27within the sector's middle half▲ 0.121.45within the sector's middle half▲ 0.171.20within the sector's middle half▼ 0.25
Return on assets (ROA)-12.0%below the sector's middle half▼ 1.5pp13.1%above the sector's middle half▲ 25.1pp16.8%above the sector's middle half▲ 3.7pp11.4%above the sector's middle half▼ 5.4pp4.6%within the sector's middle half▼ 6.8pp
Staff (FTE)40.7within the sector's middle half▲ 11.8%35.8within the sector's middle half▼ 12.0%38within the sector's middle half▲ 6.1%38.8within the sector's middle half▲ 2.1%41.5within the sector's middle half▲ 7.0%
above
within
below
the middle half (P25 to P75) of NACE 42, Civil engineering, each year against the same schema; no band under 30 filings.
Result per fiscal year
Operating resultNet result
The operating result has fallen two years in a row; 2025 is 21% below 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €6.5m
Fixed assets
€2.6m ▲ 157%
Current assets
€3.9m ▲ 34.5%
Equity and liabilities €6.5m
Equity
€1.6m ▲ 14.5%
Provisions
€32,473 ▼ 15.4%
Debt
€4.9m ▲ 96.7%
Debt's share of the balance-sheet total rises from 63.7% to 75.2%. Equity and debt are higher.
Key figures and ratios
EBITDA
€834,243▼
2024 · €888,081
Cash flow
€652,653▼
2024 · €719,453
Quick ratio
1.17▼
2024 · 1.41
Debt to equity
3.10▲
2024 · 1.81
ROE
19.0%▼
2024 · 32.3%
Interest coverage
11.37▼
2024 · 13.05
Debt ≤ 1 year
€3.3m▲
2024 · €2.0m
Debt > 1 year
€1.7m▲
2024 · €495,083
Income taxes
€116,284▼
2024 · €160,437
Staff costs
€2.4m▲
2024 · €2.1m
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 4,678 companies that looked in July 2024 the way this one looks now, 0.9% went bankrupt within 24 months and 97% are still going.
- Small
- 20 years or older
- solvency 10 to 30%
- a profit under 5% of the balance sheet
0.9%
went bankrupt
1.9%
stopped otherwise
97%
still going
A further 0.4% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.3% 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 497,662 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% | 1.7% |
| 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 75% 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 4,678 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 |
|---|---|---|---|---|---|---|
| Turnover70 | €3.9m | €4.8m | €7.6m | €7.9m | €9.0m | ▲ 14.0% |
| Non-recurring operating income76A | €21,305 | €321,276 | €85,361 | €67,019 | €98,306 | ▲ 46.7% |
| Goods, raw materials, services and sundry goods60/61 | €2.0m | €3.2m | €5.0m | €5.1m | €6.1m | ▲ 20.8% |
| Remuneration, social security and pensions62 | €1.8m | €1.9m | €2.1m | €2.1m | €2.4m | ▲ 11.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €114,445 | €55,564 | €158,788 | €273,876 | €351,937 | ▲ 28.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | €184,367 | -€178,892 | - | - | €2,106 | - |
| Other operating charges640/8 | €35,020 | €50,212 | €47,533 | €29,619 | €23,582 | ▼ 20.4% |
| Non-recurring operating charges66A | €10,159 | €24,103 | €350 | €1,019 | €126 | ▼ 87.6% |
| Gross operating margin9900 | €1.9m | €2.2m | €3.0m | €3.1m | €3.3m | ▲ 6.3% |
| Operating profit (loss)9901 | -€248,522 | €346,967 | €744,039 | €614,205 | €482,306 | ▼ 21.5% |
| Financial income75/76B | €29 | €547 | €1,440 | €52,951 | €2,146 | ▼ 95.9% |
| Recurring financial income75 | €29 | €547 | €1,440 | €52,951 | €2,146 | ▼ 95.9% |
| Non-recurring financial income76B | €0 | - | - | - | - | - |
| Financial charges65/66B | €12,814 | €23,158 | €43,039 | €68,062 | €73,385 | ▲ 7.8% |
| Recurring financial charges65 | €12,814 | €23,158 | €43,039 | €68,062 | €73,385 | ▲ 7.8% |
| Non-recurring financial charges66B | €0 | - | - | - | - | - |
| Profit (loss) for the period before taxes9903 | -€261,307 | €324,355 | €702,440 | €599,094 | €411,067 | ▼ 31.4% |
| Transfer from deferred taxes780 | €1,896 | €186 | €8,145 | €16,295 | €17,434 | ▲ 7.0% |
| Transfer to deferred taxes680 | €125 | €32,500 | €20,250 | €9,375 | €11,500 | ▲ 22.7% |
| Income taxes67/77 | €1,563 | €3,809 | €120,647 | €160,437 | €116,284 | ▼ 27.5% |
| Profit (loss) for the period9904 | -€261,100 | €288,233 | €569,687 | €445,577 | €300,716 | ▼ 32.5% |
| Transfer from tax-exempt reserves789 | €5,687 | - | €24,518 | €48,886 | €52,301 | ▲ 7.0% |
| Transfer to tax-exempt reserves689 | €375 | €97,500 | €60,750 | €28,125 | €34,500 | ▲ 22.7% |
| Profit (loss) for the period to be appropriated9905 | -€255,787 | €190,733 | €533,456 | €466,338 | €318,517 | ▼ 31.7% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €2.2m | €2.2m | €3.4m | €3.9m | €6.5m | ▲ 66.6% |
| Fixed assets21/28 | €458,800 | €313,205 | €771,674 | €1.0m | €2.6m | ▲ 157% |
| Tangible fixed assets22/27 | €350,017 | €223,032 | €659,002 | €876,288 | €828,076 | ▼ 5.5% |
| Land and buildings22 | €209,583 | - | - | - | - | - |
| Plant, machinery and equipment23 | €88,267 | €79,715 | €153,962 | €122,045 | €284,208 | ▲ 133% |
| Furniture and vehicles24 | €26,779 | €18,104 | €36,149 | €25,057 | €12,623 | ▼ 49.6% |
| Leasing and similar rights25 | €25,387 | €125,212 | €468,891 | €729,185 | €531,245 | ▼ 27.1% |
| Financial fixed assets28 | €108,783 | €90,173 | €112,672 | €146,372 | €1.8m | ▲ 1,133% |
| Current assets29/58 | €1.7m | €1.9m | €2.6m | €2.9m | €3.9m | ▲ 34.5% |
| Stocks and contracts in progress3 | €195,572 | €66,502 | €88,864 | €66,971 | €70,458 | ▲ 5.2% |
| Stocks30/36 | - | €66,502 | €88,864 | €66,971 | €70,458 | ▲ 5.2% |
| Contracts in progress37 | €195,572 | - | - | - | - | - |
| Amounts receivable within one year40/41 | €1.3m | €1.6m | €2.4m | €2.8m | €3.8m | ▲ 35.7% |
| Trade receivables40 | €1.3m | €1.6m | €2.3m | €2.6m | €3.8m | ▲ 48.7% |
| Other amounts receivable41 | €34,970 | €364 | €50,269 | €250,411 | €8,735 | ▼ 96.5% |
| Current investments50/53 | €0 | - | - | - | - | - |
| Cash at bank and in hand54/58 | €210,961 | €214,000 | €128,473 | €15,434 | €7,496 | ▼ 51.4% |
| Deferred charges and accrued income490/1 | €22,249 | €54,601 | €16,382 | €5,403 | €5,470 | ▲ 1.2% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €2.2m | €2.2m | €3.4m | €3.9m | €6.5m | ▲ 66.6% |
| Equity10/15 | €284,265 | €365,463 | €935,150 | €1.4m | €1.6m | ▲ 14.5% |
| Contributions10/11 | €210,800 | €61,500 | €61,500 | €61,500 | €61,500 | = |
| Capital10 | €210,800 | €61,500 | €61,500 | €61,500 | €61,500 | = |
| Issued capital100 | €210,800 | €61,500 | €61,500 | €61,500 | €61,500 | = |
| Reserves13 | €211,329 | €150,668 | €187,325 | €166,564 | €148,763 | ▼ 10.7% |
| Non-distributable reserves130/1 | €21,080 | €5,725 | €6,150 | €6,150 | €6,150 | = |
| Legal reserve130 | €21,080 | €5,725 | €6,150 | €6,150 | €6,150 | = |
| Tax-exempt reserves132 | €10,526 | €100,388 | €136,620 | €115,859 | €98,058 | ▼ 15.4% |
| Distributable reserves133 | €179,723 | €44,555 | €44,555 | €44,555 | €44,555 | = |
| Profit (loss) carried forward14 | -€137,864 | €153,295 | €686,325 | €1.2m | €1.4m | ▲ 19.0% |
| Provisions and deferred taxes16 | €3,454 | €33,222 | €45,327 | €38,407 | €32,473 | ▼ 15.4% |
| Deferred taxes168 | €3,454 | €33,222 | €45,327 | €38,407 | €32,473 | ▼ 15.4% |
| Amounts payable17/49 | €1.9m | €1.8m | €2.4m | €2.5m | €4.9m | ▲ 96.7% |
| Amounts payable after more than one year17 | €127,555 | €152,862 | €350,377 | €495,083 | €1.7m | ▲ 234% |
| Financial debts170/4 | €127,555 | €152,862 | €350,377 | €495,083 | €1.7m | ▲ 234% |
| Amounts payable within one year42/48 | €1.8m | €1.6m | €2.1m | €2.0m | €3.3m | ▲ 62.6% |
| Current portion of amounts payable after more than one year42 | €73,809 | €76,149 | €184,760 | €269,997 | €477,263 | ▲ 76.8% |
| Financial debts43 | €302,178 | €284,616 | €195,000 | - | - | - |
| Credit institutions430/8 | €250,000 | €284,616 | €195,000 | - | - | - |
| Other loans439 | €52,178 | - | - | - | - | - |
| Trade debts44 | €830,289 | €868,399 | €1.5m | €1.3m | €1.5m | ▲ 23.2% |
| Suppliers440/4 | €830,289 | €868,399 | €1.5m | €1.3m | €1.5m | ▲ 23.2% |
| Advances received on contracts in progress46 | €124,729 | - | - | - | - | - |
| Taxes, remuneration and social security45 | €330,604 | €157,181 | €196,249 | €297,207 | €307,650 | ▲ 3.5% |
| Taxes450/3 | €149,195 | €105,619 | €139,407 | €167,286 | €154,673 | ▼ 7.5% |
| Remuneration and social security454/9 | €181,409 | €51,562 | €56,842 | €129,921 | €152,977 | ▲ 17.7% |
| Other amounts payable47/48 | €100,000 | €255,932 | - | €177,984 | €922,137 | ▲ 418% |
| Accrued charges and deferred income492/3 | €278 | €4,943 | - | - | - | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€261,100 | €288,233 | €569,687 | €445,577 | €300,716 | ▼ 32.5% |
| + Depreciation and write-downs630 | €114,445 | €55,564 | €158,788 | €273,876 | €351,937 | ▲ 28.5% |
| Operating cash flow (approximation) | -€146,654 | €343,797 | €728,475 | €719,453 | €652,653 | ▼ 9.3% |
| Investment in fixed assets (approximation) | - | €90,031 | -€617,257 | -€524,862 | -€2.0m | ▼ 274% |
| Change in cash | - | €3,039 | -€85,527 | -€113,039 | -€7,938 | ▲ 93.0% |
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
21-09
State Gazette act
General meeting · Director appointment
Permanent representative · Director in office
02-07
NBB filing
Annual accounts filed
fiscal year 2025 · full schema
2025
18-06
NBB filing
Annual accounts filed
fiscal year 2024 · full schema
2024
31-12
Financial
Equity above €1mEq €1.4m ▲47.6%
3 profitable years in a row build equity to €1.4m.
14-02
NBB filing
Annual accounts filed
fiscal year 2023 · full schema
2023
31-12
Financial
Highest result since 2018net €569,687 ▲97.6%
Operating result €744,039, net result €569,687, both a record.
31-12
Financial
Equity above €500,000Eq €935,150 ▲156%
2 profitable years in a row build equity to €935,150.
29-08
State Gazette act
General meeting · Director resignation
Permanent representative · Director appointment
28-06
NBB filing
Annual accounts filed
fiscal year 2022 · full schema
2022
31-12
Financial
Back to profitnet €288,233
Net result €288,233 after 2 loss-making years.
09-09
NBB filing
Annual accounts filed
fiscal year 2021 · full schema · 40 days late
2021
31-12
Financial
Weakest financial yearnet -€261,100
Net result drops to -€261,100, the lowest in the series; recovery starts the following year.
Show earlier events
29-06
NBB filing
Annual accounts filed
fiscal year 2020 · full schema
2020
26-08
NBB filing
Annual accounts filed
fiscal year 2019 · full schema · 26 days late
2019
06-06
NBB filing
Annual accounts filed
fiscal year 2018 · full schema
2018
06-07
State Gazette act
General meeting · Auditor reappointment
Director resignation · Director appointment
28-05
NBB filing
Annual accounts filed
fiscal year 2017 · full schema
2017
22-05
NBB filing
Annual accounts filed
fiscal year 2016 · full schema
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 13 acts read
About the unread acts
We know of 13 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
13 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, Oreye · 1 establishment unit since 1981
Cannot be placed on the map
This address could not be matched to a point in the Belgian address register (BOSA BEST). The address below comes straight from the Crossroads Bank.
Rue L. Maréchal 114360 Oreye1 establishment unit
Rue L. Maréchal 11, 4360 Oreye
since 19812.018.771.027
Structure & network
Part of the group
JOLY
12 companies
Group, risk and exposure
Owners and holdings
1 ownerChain of control
Highest known parent: JOLY. The sources do not say who stands above it.
Owners 1
- JOLY SAparentSourceaccounts JOLY SA 2025100%
Holdings 0
No holding stated in the accounts, acts or LEI register we read.
According to the annual accounts of the other companies, the acts in the Belgian Gazette and the LEI register. The register of ultimate beneficial owners (UBO) is not public: who ultimately stands behind a natural person or a foreign parent is not stated here. A company that does not fill in these statements, or need not, is missing.
Connections & network
1 connected companyThe connected companies are in the list below.
This company
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Shareholding
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Linked via shared directors
RECYLIEGE
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Recognitions · licences · registrations
Recognised contractor
20 categoriesG. BALAES SA00817
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Of 2,325 companies in sector 42110 we hold annual accounts for 1,096. 590 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
Founded01-01-1981
Fiscal year end31-12
Activities, NACEBEL 2025
42110Construction of roads and motorways
43320Joinery installation
43331Floor and wall tiling
43332Laying of wooden floor and wall coverings
43410Roofing work
43990Other specialised construction activities
Contact
E-mail
route@balaes.be
Phone
019 67 71 05
Fax
019 67 85 93
E-invoicing
Reachable via Peppol
Peppol ID
0208:0421455102
Registered
13-11-2025
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 28 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.