BORGES CONSTRUCT
ActiveFrom the official registers: KBO 7 annual accounts at the National Bank publications in the Belgian Official Gazette
Summary
BORGES CONSTRUCT has been active since 2019 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €92,331 and a net result of €12,302. Equity has been growing by about 28% per year since 2019. Its solvency ranks better than 83% of 34,902 sector peers (NACE 43, financial year 2025). The computed 12-month bankruptcy probability is 0.5% (low).
Overview
Overview
Official details
KBO- Status
- Active since 08-02-2019 Normal situation
- Registered office
- 227 active companies are registered at this address 22 started in the 12 months before. Source: KBO register, as of 1 November 2026.
- Activity
- Insulation installation NACE 43230and 2 others
- Establishment unit
- 2.285.241.509 1190 Vorst, since 08-02-2019
- Financial year end
- 31 December
- Peppol
- Reachable since 14-12-2025
Board and ownership
- BORGES dE ARAUJO Manuel CaetanoDirector
- BORGES DE ARAUJO Pedro MiguelDirector
- BORGES ARAUJO José LuisManager
Financial position
- Bankruptcy probabilitywithin 12 months
- 0.5%
- Gross margin
- €30,724
- ▲ 37.5%
- Turnover
- ≈ €170,000
- estimated
- Profit
- €12,302
- ▲ 11.1%
- Equity
- €92,331
- ▲ 15.4%
- Total assets
- €119,173
- ▲ 20.6%
Score breakdownraises riskLast filed accounts filed 60 days late; 2 of the last 3 accounts lateSize: total assets €119,173lowers riskLiquidity: current ratio 4.94, cash €57,121Equity €92,331 (77.5% of total assets)Show the evidence
Checked score
About 5 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
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 43, micro). It does better than 90% of them on solvency, 92% on liquidity, 63% on profitability and 62% on growth.
The bankruptcy probability was computed on 31-10-2026 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.
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).
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The scores and ratios are Checked's own calculations, not a credit decision.
Signals
The company filed its last 7 accounts on average 19 days after the deadline. In the sector (NACE 43), the median for financial year 2024 was 1 day before the deadline, and 43% of those companies filed late.
Searched, nothing found (2)
Financials
Financials · financial year 2025, micro format
2025 annual accounts filed 60 days after the deadline Filed on 29 September 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00533589.
Annual accounts 2025 filed on 29-09-2026 at the NBB all 7 filings
2021 to 2025, 5 financial years 2019 to 2025, 7 financial years
The operating result for 2025 is 36% higher than in 2024. It is a recovery after the fall in 2024.
Turnover is what the company sold, the result is what was left of it. A loss stands below the zero line.
Assets, equity and debt per financial year.
Above zero, the company can pay its short-term debts with what it holds in the short term.
The EBIT margin is the share of each euro of turnover left from operations. The return on assets is what the assets earn.
The higher the solvency, the better the company absorbs a setback.
A ratio above 1 means the short-term assets cover the short-term debts.
Use the arrow keys on the chart for the figures per year.
The sector band is the middle half of the companies in Specialised construction activities (NACE 43). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30. The dashed line is the median. There is a sector band for net result, equity, total assets, working capital, solvency, current ratio and return on assets (ROA).
Comparable companies
These companies have the same main activity as BORGES CONSTRUCT: insulation installation (NACE 43230). They are comparable in size and age: total assets between €88,200 and €151,000, founded between 2017 and 2021.
| Company | Founded | Total assets | Equity | Gross margin | Net result | Financial year |
|---|---|---|---|---|---|---|
| BORGES CONSTRUCT Vorst | 2019 | €119,173 | €92,331 | €30,724 | €12,302 | 2025 |
| Valcke Technics Oudenaarde | 2018 | €126,632 | €1,550 | €34,786 | €18,404 | 2025 |
| IDC RENOV Ganshoren | 2019 | €151,024 | €81,955 | €27,308 | €16,658 | 2025 |
| REMI CONSTRUCT Brussel | 2020 | €116,766 | €79,288 | €26,036 | €14,927 | 2025 |
| KM RENOVATION Koekelberg | 2017 | €88,222 | €79,690 | €39,158 | €12,710 | 2025 |
| DANNY-DECO RENOV Brussel | 2021 | €103,251 | €40,338 | €27,270 | €12,149 | 2025 |
| Reno Ringo Mouscron | 2018 | €110,189 | €67,707 | €23,749 | -€110 | 2025 |
They were chosen from the 1,186 other active companies with that main activity and annual accounts from the past two years. All companies with this main activity
Companies with the same profile, two years later
Historical observationIn July 2024, 26,972 companies had the same profile as BORGES CONSTRUCT has now. Two years later, 1.6% had gone bankrupt and 94.9% were still going.
- Micro
- 5 to 10 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of BORGES CONSTRUCT itself: 0.5% within 12 months.
Test of the method
The method was tested on the 497,445 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 26,972 companies, not a prediction for BORGES 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.
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Turnover70 | - | - | €279,442 | €251,392 | - | - | - | - |
| Goods, raw materials, services and sundry goods60/61 | - | - | €253,799 | €256,624 | €422,414 | €545,295 | €587,435 | ▲ 7.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €2,995 | €5,202 | €7,361 | €3,494 | €3,680 | €6,486 | €8,291 | ▲ 27.8% |
| Other operating charges640/8 | - | - | €1,278 | €2,972 | €727 | €561 | €1,684 | ▲ 200% |
| Non-recurring operating charges66A | - | - | - | €2,056 | - | - | - | - |
| Gross operating margin9900 | €20,507 | €27,009 | €29,958 | -€3,007 | €50,198 | €22,344 | €30,724 | ▲ 37.5% |
| Operating profit (loss)9901 | €16,417 | €19,569 | €21,319 | -€11,529 | €45,792 | €15,298 | €20,749 | ▲ 35.6% |
| Financial income75/76B | - | - | €1 | €5 | €1 | €4 | €25 | ▲ 478% |
| Recurring financial income75 | €1 | - | €1 | €5 | €1 | €4 | €25 | ▲ 478% |
| Financial charges65/66B | - | - | €3,371 | €236 | €1,558 | €566 | €4,362 | ▲ 671% |
| Recurring financial charges65 | €18 | €282 | €3,371 | €236 | €1,558 | €566 | €4,362 | ▲ 671% |
| Profit (loss) for the period before taxes9903 | €16,400 | €19,286 | €17,949 | -€11,760 | €44,235 | €14,737 | €16,413 | ▲ 11.4% |
| Income taxes67/77 | €3,500 | €4,398 | €3,646 | €18 | €7,587 | €3,669 | €4,111 | ▲ 12.1% |
| Profit (loss) for the period9904 | €12,900 | €14,889 | €14,303 | -€11,778 | €36,648 | €11,068 | €12,302 | ▲ 11.1% |
| Profit (loss) for the period to be appropriated9905 | €12,900 | €14,889 | €14,303 | -€11,778 | €36,648 | €11,068 | €12,302 | ▲ 11.1% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €32,403 | €44,383 | €79,793 | €44,287 | €84,039 | €98,853 | €119,173 | ▲ 20.6% |
| Fixed assets21/28 | €6,505 | €13,103 | €8,412 | €3,959 | €5,202 | €13,079 | €16,245 | ▲ 24.2% |
| Intangible fixed assets21 | €912 | €684 | €456 | €228 | €0 | - | - | - |
| Tangible fixed assets22/27 | €5,533 | €12,359 | €7,956 | €3,731 | €5,202 | €13,079 | €16,245 | ▲ 24.2% |
| Plant, machinery and equipment23 | - | - | €2,347 | €2,804 | €5,202 | €5,085 | €1,798 | ▼ 64.6% |
| Furniture and vehicles24 | - | - | €5,609 | €927 | - | €7,995 | €6,064 | ▼ 24.2% |
| Leasing and similar rights25 | - | - | - | - | - | - | €8,383 | - |
| Financial fixed assets28 | €60 | €60 | €0 | - | - | - | - | - |
| Current assets29/58 | €25,898 | €31,281 | €71,381 | €40,328 | €78,837 | €85,774 | €102,929 | ▲ 20.0% |
| Amounts receivable within one year40/41 | €16,997 | €29,522 | €58,113 | €29,662 | €54,730 | €54,277 | €44,660 | ▼ 17.7% |
| Trade receivables40 | - | - | €55,531 | €27,578 | €52,416 | €44,087 | €37,459 | ▼ 15.0% |
| Other amounts receivable41 | - | - | €2,582 | €2,084 | €2,314 | €10,190 | €7,201 | ▼ 29.3% |
| Cash at bank and in hand54/58 | €8,636 | €1,282 | €13,144 | €10,132 | €23,461 | €30,943 | €57,121 | ▲ 84.6% |
| Deferred charges and accrued income490/1 | - | - | €124 | €534 | €646 | €553 | €1,148 | ▲ 107% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €32,403 | €44,383 | €79,793 | €44,287 | €84,039 | €98,853 | €119,173 | ▲ 20.6% |
| Equity10/15 | €14,900 | €29,789 | €44,091 | €32,313 | €68,961 | €80,029 | €92,331 | ▲ 15.4% |
| Contributions10/11 | €2,000 | €2,000 | €2,000 | €2,000 | €2,000 | €2,000 | €2,000 | = |
| Capital10 | - | - | €2,000 | - | - | - | - | - |
| Issued capital100 | - | - | €2,000 | - | - | - | - | - |
| Reserves13 | €3,300 | €7,300 | €7,300 | €7,300 | €7,300 | €7,300 | €7,300 | = |
| Non-distributable reserves130/1 | - | - | €7,300 | €7,300 | €7,300 | €7,300 | €7,300 | = |
| Legal reserve130 | - | - | €7,300 | - | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €7,300 | €7,300 | €7,300 | €7,300 | = |
| Profit (loss) carried forward14 | €9,600 | €20,489 | €34,791 | €23,013 | €59,661 | €70,729 | €83,031 | ▲ 17.4% |
| Amounts payable17/49 | €17,503 | €14,595 | €35,702 | €11,973 | €15,078 | €18,824 | €26,843 | ▲ 42.6% |
| Amounts payable after more than one year17 | - | - | - | - | - | - | €6,019 | - |
| Financial debts170/4 | - | - | - | - | - | - | €6,019 | - |
| Amounts payable within one year42/48 | €17,503 | €14,595 | €35,702 | €11,973 | €15,078 | €18,824 | €20,824 | ▲ 10.6% |
| Current portion of amounts payable after more than one year42 | - | - | - | - | - | - | €1,039 | - |
| Trade debts44 | €10,677 | €8,413 | €9,141 | €1,358 | €7,491 | €6,691 | - | - |
| Suppliers440/4 | - | - | €9,141 | €1,358 | €7,491 | €6,691 | - | - |
| Taxes, remuneration and social security45 | - | - | €8,046 | €3,370 | €7,587 | €11,256 | €7,268 | ▼ 35.4% |
| Taxes450/3 | - | - | €8,046 | €3,370 | €7,587 | €11,256 | €7,268 | ▼ 35.4% |
| Other amounts payable47/48 | - | - | €18,515 | €7,246 | - | €877 | €12,517 | ▲ 14× |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €12,900 | €14,889 | €14,303 | -€11,778 | €36,648 | €11,068 | €12,302 | ▲ 11.1% |
| + Depreciation and write-downs630 | €2,995 | €5,202 | €7,361 | €3,494 | €3,680 | €6,486 | €8,291 | ▲ 27.8% |
| Operating cash flow (approximation) | €15,894 | €20,090 | €21,664 | -€8,284 | €40,328 | €17,553 | €20,593 | ▲ 17.3% |
| Investment in fixed assets (approximation) | - | -€11,799 | -€2,670 | €960 | -€4,923 | -€14,362 | -€11,457 | ▲ 20.2% |
| Change in cash | - | -€7,354 | €11,863 | -€3,013 | €13,329 | €7,482 | €26,177 | ▲ 250% |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Filings with the National Bank (7)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 29-09-2026 | 2026-00533589 | NBB |
| 31-12-2024 | micro format | 25-07-2025 | 2025-00307351 | |
| 31-12-2023 | micro format | 18-09-2024 | 2024-00464158 | |
| 31-12-2022 | micro format | 07-08-2023 | 2023-00315834 | |
| 31-12-2021 | full format | 18-07-2022 | 2022-20194689 | |
| 31-12-2020 | micro format | 27-09-2021 | 2021-68600382 | |
| 31-12-2019 | micro format | 06-07-2020 | 2020-26800419 |
Board & ownership
Directors
Owners and capital
Shareholders
- BORGES DE ARAUJO Manuel Caetano 64 shares
- BORGES DE ARAUJO Pedro Miguel 64 shares
- BORGES ARAUJO José Luis 62 shares
- AFONSO MONTEIRO Tiago José 2 shares
- FERREIRA ARAUJO Alexandre 2 shares
- DIAS CASTRO Albino Cristiano 2 shares
- DIAS MOREIRA Paulo Jorge 2 shares
- DIAS MOREIRA Albertino 2 shares
- BORGES DE ARAUJO Pedro Miguel to BORGES ARAUJO José Luis 31 shares
- BORGES DE ARAUJO Manuel Caetano to BORGES ARAUJO José Luis 31 shares
- BORGES dE ARAUJO Manuel Caetano 95 shares
- DIAS MOREIRA Albertino 2 shares
- DIAS MOREIRA Paulo Jorge 2 shares
- DIAS CASTRO Albino Cristiano 2 shares
- AFONSO MONTEIRO Tiago José 2 shares
- BORGES DE ARAUJO Pedro Miguel 95 shares
- FERREIRA dE ARAUJO Alexandre 2 shares
Capital transactions
- 20-12-2023 Converted to unavailable equity
Mandate history
- Board
- began earlier
| Name | Functions and periods |
|---|---|
| BORGES dE ARAUJO Manuel Caetano |
|
| BORGES DE ARAUJO Pedro Miguel |
|
| BORGES ARAUJO José Luis |
|
| Monteiro Carlos Alberto |
|
Articles of association
Board and representation
- Board ruleThese rules set how the board is made up, meets and takes decisions.
- “Un ou plusieurs administrateurs, personnes physiques ou morales,actionnaires ou non”
Capital, shares and profit
- Share issue ruleThe articles set how and by whom new shares are issued.
- “Apport en numéraire avec droit de préférence, courrier électronique,ou courrier ordinaire même jour si pas d’adresse électronique”
Audit, dissolution and liquidation
- Dissolution ruleThe articles set when and by whom the company can be dissolved.
- “Modifications statuts, assemblee generale”
Articles of association, deed of 20-12-2023 (in French)
Network & group
BORGES CONSTRUCT shares no director with another company.
Connections & network
3 current directorsThe network starts from the directors of BORGES CONSTRUCT. Every other company they run is a node.
Timeline
Acts, filings and financial milestones
03-05
Gazette deed
Appointment: BORGES ARAUJO José Luis (manager)Share transfer · Shareholding12 points ▸
- General meeting, 01-04-2024
- Director appointment, BORGES ARAUJO José Luis (manager)
- Share transfer, BORGES DE ARAUJO Pedro Miguel → BORGES ARAUJO José Luis
- Share transfer, BORGES DE ARAUJO Manuel Caetano → BORGES ARAUJO José Luis
- BORGES DE ARAUJO Manuel Caetano holds 64 shares
- BORGES DE ARAUJO Pedro Miguel holds 64 shares
- BORGES ARAUJO José Luis holds 62 shares
- AFONSO MONTEIRO Tiago José holds 2 shares
- FERREIRA ARAUJO Alexandre holds 2 shares
- DIAS CASTRO Albino Cristiano holds 2 shares
- DIAS MOREIRA Paulo Jorge holds 2 shares
- DIAS MOREIRA Albertino holds 2 shares
20-12
Gazette deed
Legal-form change · Resignations & appointmentsResignations: BORGES dE ARAUJO Manuel Caetano (manager) and BORGES DE ARAUJO Pedro Miguel (manager) · Appointments: BORGES dE ARAUJO Manuel Caetano (administrateur non statutaire) and BORGES DE ARAUJO Pedro Miguel (administrateur non statutaire) · Incorporation26 points ▸
- General meeting, 14-12-2023
- Incorporation, 06-02-2019
- Other provision, “adapter statuts aux dispositions du Code des sociétés et des associations, adaptation du capital au Code des sociétés et des associations” (deed in French)
- BORGES dE ARAUJO Manuel Caetano holds 95 shares
- DIAS MOREIRA Albertino holds 2 shares
- DIAS MOREIRA Paulo Jorge holds 2 shares
- DIAS CASTRO Albino Cristiano holds 2 shares
- AFONSO MONTEIRO Tiago José holds 2 shares
- BORGES DE ARAUJO Pedro Miguel holds 95 shares
- FERREIRA dE ARAUJO Alexandre holds 2 shares
- Other provision, “représenter les sept associés à l’assemblée, représentation à l’assemblée” (deed in French)
- Other provision, “validité de l’assemblée, exposé reconnu exact,assemblée valablement composée et apte à délibérer,unanimité” (deed in French)
- The act holds 14 more points.
09-10
Gazette deed
Resignation: Monteiro Carlos Alberto (manager)Director discharge · Registered-office move4 points ▸
- General meeting, 01-09-2023
- Director resignation, Monteiro Carlos Alberto (manager)
- Director discharge, Monteiro Carlos Alberto
- Registered-office move, Rue des Anciens Etangs 40 à 1190 Forest
Sources:Publications in the Belgian Official GazetteFilings with the National Bank
History
Company details
Register details
Identity
KBO recordRegistered office and establishments
Activities
NACEBEL 2025Invoicing 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 0719.991.408
Financial year and general meeting
Accounts at the NBBSites & property
1 establishment unit
Buildings and parcels at the address
1 parcel
| Cadastral parcel | Region | Area | Buildings | Height / floors |
|---|---|---|---|---|
| 21382C0028/00G003 | Brussels | 1,894 m² | 1 · 682 m² | 8.8 m · 3 |