BORGHANS
ActiveSummary
BORGHANS has been active since 2012 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show negative equity (-€82,162) and a net result of -€24,138. Equity is shrinking by ~19.7% per year across the filed fiscal years. Its solvency ranks better than 5% of 7524 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 1.3% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability0▼-72
Solvency0=
Growth32▼-26
Track record100
Bankruptcy probability, 12 months
1.3%
Low
0%0.5%1.5%4%10%≥ 25%
No credit on open account
Liquidity short (current ratio 0.98 against 1.18 in 2024; short-term debt: 53.3% and cash: 13.4% of total assets), and equity is negative.
Credit check for your own amount and term
Open the credit simulator : see how the verdict changes with amount, term and advance.
Signals
Five 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 →
raises risk · Annual accounts: weaker financial profile
The latest annual accounts show a weaker profile in solvency, result or liquidity than companies that stay afloat.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
-63.1%
Return on assets
-18.5%
Age of the figures
9 mo
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
raises risk · Negative equity
The 2025 annual accounts show negative equity and a net loss.
NBB · annual accounts 2025Equity per financial year
1819202122232425
2018 to 2025 · latest year -€82,162
neutral · Filed after the deadline
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 31-08-2026, 31 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
31 d late
2024
29 d late
2023
61 d late
2022
70 d late
2021
30 d late
2020
18 d late
2019
131 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 53 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
26-09-2026 today31-12-2026 close31-07-2027 deadline
History
Go further with this company
How much credit can you give this customer, and on what term?Credit simulator What should you check before you do business with this company?Supplier due diligence 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 What other support did companies like this one receive, and it did not?Subsidy mirror How does this company compare with its sector?Sector benchmark
Is this your company? See how customers and banks see it.
Investigating this company? Keep it with today's facts in a case file.
Financials · fiscal year 2025, micro schema
Equity
-€82,162▼ 41.6%
2024 · -€58,024
Total assets
€130,214▼ 28.5%
2024 · €182,057
Net result
-€24,138
2024 · €5,390
Working capital
-€1,442
2024 · €15,325
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-€59,914▼ 141%€16,892€5,591▼ 66.9%€7,307▲ 30.7%-€23,367
Net result-€62,411▼ 163%€15,167€4,454▼ 70.6%€5,390▲ 21.0%-€24,138
Equity-€83,035▼ 303%-€67,868▲ 18.3%-€63,414▲ 6.6%-€58,024▲ 8.5%-€82,162▼ 41.6%
Total assets€224,954▲ 17.0%€93,647▼ 58.4%€122,340▲ 30.6%€182,057▲ 48.8%€130,214▼ 28.5%
Debt€307,989▲ 44.7%€161,515▼ 47.6%€185,754▲ 15.0%€240,080▲ 29.2%€212,376▼ 11.5%
Working capital-€19,131▲ 73.4%-€1,323▲ 93.1%€11,513€15,325▲ 33.1%-€1,442
Staff (FTE)
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result turns negative in 2025: a loss of €23,367 after €7,307 in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €130,214
Fixed assets
€62,246 ▼ 24.5%
Current assets
€67,968 ▼ 31.8%
Key figures and ratios
EBITDA
-€3,208▼
2024 · €26,620
Cash flow
-€3,979▼
2024 · €24,703
Solvency
-63.1%▼
2024 · -31.9%
Current ratio
0.98▼
2024 · 1.18
Quick ratio
0.62▼
2024 · 0.89
Debt to equity
-2.58▲
2024 · -4.14
ROA
-18.5%▼
2024 · 3.0%
Interest coverage
-3.45▼
2024 · 13.73
Debt ≤ 1 year
€69,409▼
2024 · €84,327
Debt > 1 year
€142,966▼
2024 · €155,754
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €27,207 | €16,704 | €13,126 | €19,313 | €20,159 | ▲ 4.4% |
| Other operating charges640/8 | €662 | €741 | €386 | €519 | €241 | ▼ 53.5% |
| Gross operating margin9900 | -€32,045 | €34,337 | €19,103 | €27,139 | -€2,966 | ▼ 111% |
| Operating profit (loss)9901 | -€59,914 | €16,892 | €5,591 | €7,307 | -€23,367 | ▼ 420% |
| Financial income75/76B | €76 | €400 | €318 | €22 | €157 | ▲ 605% |
| Recurring financial income75 | €76 | €400 | €318 | €22 | €157 | ▲ 605% |
| Financial charges65/66B | €1,576 | €2,125 | €994 | €1,939 | €929 | ▼ 52.1% |
| Recurring financial charges65 | €1,576 | €2,125 | €994 | €1,939 | €929 | ▼ 52.1% |
| Profit (loss) for the period before taxes9903 | -€61,414 | €15,167 | €4,915 | €5,390 | -€24,138 | ▼ 548% |
| Income taxes67/77 | €997 | - | €461 | - | - | - |
| Profit (loss) for the period9904 | -€62,411 | €15,167 | €4,454 | €5,390 | -€24,138 | ▼ 548% |
| Profit (loss) for the period to be appropriated9905 | -€62,411 | €15,167 | €4,454 | €5,390 | -€24,138 | ▼ 548% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €224,954 | €93,647 | €122,340 | €182,057 | €130,214 | ▼ 28.5% |
| Fixed assets21/28 | €16,096 | €8,455 | €60,609 | €82,405 | €62,246 | ▼ 24.5% |
| Tangible fixed assets22/27 | €16,096 | €8,455 | €60,609 | €82,405 | €62,246 | ▼ 24.5% |
| Land and buildings22 | - | - | €1,652 | €20,682 | €18,258 | ▼ 11.7% |
| Plant, machinery and equipment23 | €15,346 | €5,861 | €57,193 | €49,699 | €34,837 | ▼ 29.9% |
| Furniture and vehicles24 | €750 | €2,594 | €1,764 | €12,025 | €9,152 | ▼ 23.9% |
| Current assets29/58 | €208,858 | €85,192 | €61,731 | €99,651 | €67,968 | ▼ 31.8% |
| Stocks and contracts in progress3 | €129,502 | - | - | €25,000 | €25,136 | ▲ 0.5% |
| Stocks30/36 | €129,502 | - | - | €25,000 | €25,136 | ▲ 0.5% |
| Amounts receivable within one year40/41 | €49,367 | €48,623 | €25,611 | €11,484 | €19,973 | ▲ 73.9% |
| Trade receivables40 | €39,277 | €48,623 | €25,611 | €11,484 | €19,973 | ▲ 73.9% |
| Other amounts receivable41 | €10,090 | - | - | - | - | - |
| Cash at bank and in hand54/58 | €29,989 | €34,097 | €32,595 | €63,167 | €17,426 | ▼ 72.4% |
| Deferred charges and accrued income490/1 | - | €2,472 | €3,525 | - | €5,433 | - |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €224,954 | €93,647 | €122,340 | €182,057 | €130,214 | ▼ 28.5% |
| Equity10/15 | -€83,035 | -€67,868 | -€63,414 | -€58,024 | -€82,162 | ▼ 41.6% |
| Contributions10/11 | €30,550 | €30,550 | €30,550 | €30,550 | €30,550 | = |
| Capital10 | €30,550 | €30,550 | - | - | - | - |
| Issued capital100 | €30,550 | €30,550 | - | - | - | - |
| Reserves13 | €179 | €179 | €179 | €179 | €179 | = |
| Non-distributable reserves130/1 | €179 | €179 | €179 | €179 | €179 | = |
| Reserves not available under the articles1311 | €179 | €179 | €179 | €179 | €179 | = |
| Profit (loss) carried forward14 | -€113,764 | -€98,597 | -€94,143 | -€88,753 | -€112,891 | ▼ 27.2% |
| Amounts payable17/49 | €307,989 | €161,515 | €185,754 | €240,080 | €212,376 | ▼ 11.5% |
| Amounts payable after more than one year17 | €80,000 | €75,000 | €135,536 | €155,754 | €142,966 | ▼ 8.2% |
| Financial debts170/4 | €80,000 | €75,000 | €135,536 | €155,754 | €142,966 | ▼ 8.2% |
| Amounts payable within one year42/48 | €227,989 | €86,515 | €50,218 | €84,327 | €69,409 | ▼ 17.7% |
| Current portion of amounts payable after more than one year42 | - | - | - | - | €1,758 | - |
| Trade debts44 | - | €29,277 | - | €3,498 | - | - |
| Suppliers440/4 | - | €29,277 | - | €3,498 | - | - |
| Taxes, remuneration and social security45 | €1,568 | €2,086 | €2,032 | €1,045 | €2,910 | ▲ 179% |
| Taxes450/3 | €1,568 | €2,086 | €2,032 | €1,045 | €2,910 | ▲ 179% |
| Other amounts payable47/48 | €226,421 | €55,152 | €48,186 | €79,784 | €64,741 | ▼ 18.9% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€62,411 | €15,167 | €4,454 | €5,390 | -€24,138 | ▼ 548% |
| + Depreciation and write-downs630 | €27,207 | €16,704 | €13,126 | €19,313 | €20,159 | ▲ 4.4% |
| Operating cash flow (approximation) | -€35,204 | €31,871 | €17,580 | €24,703 | -€3,979 | ▼ 116% |
| Investment in fixed assets (approximation) | - | -€9,063 | -€65,280 | -€41,109 | €0 | ▲ 100% |
| Change in cash | - | €4,108 | -€1,502 | €30,572 | -€45,741 | ▼ 250% |
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
31-08
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema · 31 days late
2025
29-08
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 29 days late
2024
30-09
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 61 days late
2023
09-10
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 70 days late
2022
31-12
Financial
Back to profitnet €15,167
Net result €15,167 after 2 loss-making years.
30-08
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 30 days late
2021
31-12
Financial
Weakest financial yearnet -€62,411
Net result drops to -€62,411, the lowest in the series; recovery starts the following year.
18-08
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 18 days late
2020
09-12
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 131 days late
2019
31-12
Financial
Back to profitnet €3,477
Net result €3,477 after one loss-making year.
05-11
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema · 97 days late
2018
09-08
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema · 9 days late
2017
26-07
NBB filing
Annual accounts filed
fiscal year 2016 · micro schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 5 acts read
About the unread acts
We know of 5 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
Have them read with priority
Sign in to place this company at the front of the reading queue.
Directors · office · real estate
Directors
5 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, Huldenberg · 1 establishment unit since 2018
Ground area
1,979 m²
Building footprint
104 m²
Parcel 24064B0009/00L005, Flanders. Linked by address, not a title deed.
1 establishment unit
St.-Jansbergsteenweg(LOO) 58, 3040 Huldenberg
since 20182.273.286.753
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 24064B0009/00L005 | Flanders | 1,979 m² | 1 · 104 m² | - |
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.
Public money · subsidies and aid
Flemish government
2024 · 1 entry · 404 EUR awarded · 404 EUR paid| Year | Entries | awarded | paid |
|---|---|---|---|
| 2024 | 1 | 404 EUR | 404 EUR |
Similar companies · same sector, comparable size
ROUSSEL CONSTRUCT
BE 0470.057.050
Grez-Doiceau · Eq €3,099
BOUWWERKEN HLB
BE 0805.457.415
Hamme (Vl.) · Eq €3,078
PROFESSIONNELS EN RENOVATION IMMOBILIERE, SERVICES DE MEDIATION ET D’EXPERTISE
BE 0648.862.593
Charleroi · Eq €3,075
Heyns Expertise
BE 1018.547.213
Sint-Niklaas · Eq €3,073
EL ROI SOLUTION
BE 1014.851.117
Brussel · Eq €3,072
Of 29,787 companies in sector 41001 we hold annual accounts for 16,037. 4,688 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company
Founded07-05-2012
Fiscal year end31-12
Activities, NACEBEL 2025
41001General construction of residential buildings
43910Bricklaying and masonry work
93126Sports, amusement and recreation activities
93129Activities of other sports clubs
Contact
E-mail
gery@borghansbv.beHuldenberg
Scores and ratios are computed by Checked and are not a credit decision.