BSEG CONSTRUCT
ActiveSummary
The annual accounts of BSEG CONSTRUCT for fiscal year 2025 show a net loss of 51% of the equity at the start of that year. The 2025 annual accounts show equity of €42,185 and a net result of -€44,018. Equity is growing by ~22.4% per year across the filed fiscal years. Its solvency ranks better than 14% of 678 sector peers (fiscal year 2025). The company has been active since 2017 and the Belgian State Gazette contains no insolvency or warning signals. The computed 12-month bankruptcy probability is 1.1% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability36▼-35
Solvency41▼-15
Growth59=
Track record100
Bankruptcy probability, 12 months
1.1%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €2,000 at 30 days only on tighter terms
Net loss of at least half of total assets or of the equity at the start of the financial year.
Liquidity short (current ratio 0.98 against 1.19 in 2024; short-term debt: 30.4% and cash: 8.7% of total assets), and 84.4% of the assets are financed with debt.
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Signals
Five signals. The signal on the left, the evidence on the right.
+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 25
Relative position
BE, all sectors
reference
Manufacture of fabricated metal products, except machinery and equipment (NACE 25)
about 50% 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
15.6%
Return on assets
-16.3%
Age of the figures
9 mo
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 14% of 678 sector peers (2025).
NBB · sector comparisonPosition among 678 sector peers
Solvency
better than 14%
← weakest
strongest →
neutral · Filed after the deadline
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 25-08-2026, 25 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 · 9 filingsDeviation from the deadline
2025
25 d late
2024
29 d late
2023
47 d early
2022
24 d late
2021
5 d early
2020
26 d late
2019
39 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 13 days after the deadline; the sector median for financial year 2024 is 7 days before the deadline, and 35% 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
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Financials · fiscal year 2025, full schema
Turnover
€189,939▲ 58.0%
2020 · €120,249
EBIT margin
26.0%▲ 27.1pp
2020 · -1.1%
Net result
-€44,018
2024 · €5,172
Working capital
-€1,797
2024 · €21,488
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
Turnover€189,939▲ 58.0%
Operating result€49,386-€19,659€46,303€13,147▼ 71.6%-€38,110
Net result€38,123-€20,184€35,440€5,172▼ 85.4%-€44,018
EBIT margin26.0%▲ 27.1pp
Equity€65,639▲ 139%€45,591▼ 30.5%€81,031▲ 77.7%€86,203▲ 6.4%€42,185▼ 51.1%
Total assets€128,418▲ 117%€316,080▲ 146%€244,041▼ 22.8%€278,265▲ 14.0%€270,396▼ 2.8%
Debt€62,779▲ 97.4%€270,489▲ 331%€163,010▼ 39.7%€192,062▲ 17.8%€228,211▲ 18.8%
Working capital€41,636▲ 989%-€170,713-€2,089▲ 98.8%€21,488-€1,797
Staff (FTE)15
Result per fiscal year
Operating resultNet result
The operating result turns negative in 2025: a loss of €38,110 after €13,147 in 2024, the lowest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €270,396
Fixed assets
€190,117 ▲ 33.8%
Current assets
€80,279 ▼ 41.1%
Equity and liabilities €270,396
Equity
€42,185 ▼ 51.1%
Debt
€228,211 ▲ 18.8%
Debt's share of the balance-sheet total rises from 69.0% to 84.4%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€27,129▼
2024 · €70,046
Cash flow
€21,222▼
2024 · €62,071
Current ratio
0.98▼
2024 · 1.19
Debt to equity
5.41▲
2024 · 2.23
ROE
-104.3%▼
2024 · 6.0%
ROA
-16.3%▼
2024 · 1.9%
Interest coverage
4.35▼
2024 · 15.52
Debt ≤ 1 year
€82,076▼
2024 · €114,724
Debt > 1 year
€146,135▲
2024 · €77,338
Staff costs
€190,450▲
2024 · €71,621
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 |
|---|---|---|---|---|---|---|
| Turnover70 | €189,939 | - | - | - | - | - |
| Goods, raw materials, services and sundry goods60/61 | €95,173 | - | - | - | - | - |
| Remuneration, social security and pensions62 | €34,446 | €9,189 | €220,791 | €71,621 | €190,450 | ▲ 166% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €14,758 | €26,561 | €62,393 | €56,899 | €65,239 | ▲ 14.7% |
| Other operating charges640/8 | €1,182 | €988 | €1,601 | €1,924 | €2,274 | ▲ 18.2% |
| Gross operating margin9900 | €99,772 | €17,079 | €331,087 | €143,592 | €219,854 | ▲ 53.1% |
| Operating profit (loss)9901 | €49,386 | -€19,659 | €46,303 | €13,147 | -€38,110 | ▼ 390% |
| Financial income75/76B | €6 | €203 | €37 | €33 | €438 | ▲ 1,235% |
| Recurring financial income75 | €6 | €12 | €37 | €9 | €3 | ▼ 66.7% |
| Non-recurring financial income76B | - | €192 | - | €24 | €435 | ▲ 1,712% |
| Financial charges65/66B | €506 | €728 | €5,310 | €6,451 | €6,346 | ▼ 1.6% |
| Recurring financial charges65 | €506 | €628 | €5,310 | €4,513 | €6,233 | ▲ 38.1% |
| Non-recurring financial charges66B | - | €100 | - | €1,938 | €113 | ▼ 94.2% |
| Profit (loss) for the period before taxes9903 | €48,885 | -€20,184 | €41,030 | €6,729 | -€44,018 | ▼ 754% |
| Income taxes67/77 | €10,762 | - | €5,590 | €1,557 | - | - |
| Profit (loss) for the period9904 | €38,123 | -€20,184 | €35,440 | €5,172 | -€44,018 | ▼ 951% |
| Profit (loss) for the period to be appropriated9905 | €38,123 | -€20,184 | €35,440 | €5,172 | -€44,018 | ▼ 951% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €128,418 | €316,080 | €244,041 | €278,265 | €270,396 | ▼ 2.8% |
| Formation expenses20 | €50 | - | - | - | - | - |
| Fixed assets21/28 | €44,770 | €228,857 | €181,854 | €142,053 | €190,117 | ▲ 33.8% |
| Intangible fixed assets21 | - | - | €1,839 | €956 | €73 | ▼ 92.4% |
| Tangible fixed assets22/27 | €44,610 | €228,697 | €179,854 | €140,937 | €189,884 | ▲ 34.7% |
| Land and buildings22 | €2,076 | €1,716 | €1,355 | €995 | €98,507 | ▲ 9,799% |
| Plant, machinery and equipment23 | €8,619 | €43,486 | €42,223 | €35,423 | €24,327 | ▼ 31.3% |
| Furniture and vehicles24 | €33,914 | €183,495 | €136,276 | €104,518 | €67,050 | ▼ 35.8% |
| Financial fixed assets28 | €160 | €160 | €160 | €160 | €160 | = |
| Current assets29/58 | €83,598 | €87,223 | €62,187 | €136,212 | €80,279 | ▼ 41.1% |
| Amounts receivable within one year40/41 | €27,628 | €71,632 | €34,363 | €26,807 | €26,861 | ▲ 0.2% |
| Trade receivables40 | €26,900 | €29,562 | €34,313 | €26,532 | €26,532 | = |
| Other amounts receivable41 | €728 | €42,071 | €50 | €275 | €330 | ▲ 19.9% |
| Cash at bank and in hand54/58 | €54,505 | €13,491 | €23,323 | €41,570 | €23,544 | ▼ 43.4% |
| Deferred charges and accrued income490/1 | €1,465 | €2,099 | €4,501 | €67,835 | €29,874 | ▼ 56.0% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €128,418 | €316,080 | €244,041 | €278,265 | €270,396 | ▼ 2.8% |
| Equity10/15 | €65,639 | €45,591 | €81,031 | €86,203 | €42,185 | ▼ 51.1% |
| Contributions10/11 | €6,200 | €6,200 | €8,060 | €8,060 | €8,060 | = |
| Capital10 | €6,200 | €6,200 | - | - | - | - |
| Issued capital100 | €18,600 | €18,600 | - | - | - | - |
| Uncalled capital101 | €12,400 | €12,400 | - | - | - | - |
| Outside capital11 | - | - | €8,060 | €8,060 | €8,060 | = |
| Other1109/19 | - | - | €8,060 | €8,060 | €8,060 | = |
| Reserves13 | €1,860 | €1,860 | - | - | - | - |
| Non-distributable reserves130/1 | €1,860 | €1,860 | - | - | - | - |
| Legal reserve130 | €1,860 | €1,860 | - | - | - | - |
| Profit (loss) carried forward14 | €57,579 | €37,531 | €72,971 | €78,143 | €34,125 | ▼ 56.3% |
| Amounts payable17/49 | €62,779 | €270,489 | €163,010 | €192,062 | €228,211 | ▲ 18.8% |
| Amounts payable after more than one year17 | €20,816 | €12,552 | €98,734 | €77,338 | €146,135 | ▲ 89.0% |
| Financial debts170/4 | €20,816 | €12,552 | €98,734 | €77,338 | €146,135 | ▲ 89.0% |
| Amounts payable within one year42/48 | €41,963 | €257,936 | €64,276 | €114,724 | €82,076 | ▼ 28.5% |
| Current portion of amounts payable after more than one year42 | €8,181 | €8,264 | €24,902 | €21,397 | €26,380 | ▲ 23.3% |
| Trade debts44 | €12,227 | €153,899 | €14,772 | €27,424 | €14,219 | ▼ 48.2% |
| Suppliers440/4 | €12,227 | €153,899 | €14,772 | €27,424 | €14,219 | ▼ 48.2% |
| Taxes, remuneration and social security45 | €11,130 | €13,884 | €18,752 | €16,211 | €11,135 | ▼ 31.3% |
| Taxes450/3 | €11,013 | €10,620 | €8,532 | €12,401 | €1,991 | ▼ 83.9% |
| Remuneration and social security454/9 | €117 | €3,264 | €10,220 | €3,810 | €9,144 | ▲ 140% |
| Other amounts payable47/48 | €10,423 | €81,890 | €5,850 | €49,692 | €30,342 | ▼ 38.9% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €38,123 | -€20,184 | €35,440 | €5,172 | -€44,018 | ▼ 951% |
| + Depreciation and write-downs630 | €14,758 | €26,561 | €62,393 | €56,899 | €65,239 | ▲ 14.7% |
| Operating cash flow (approximation) | €52,881 | €6,377 | €97,833 | €62,071 | €21,222 | ▼ 65.8% |
| Investment in fixed assets (approximation) | - | -€210,648 | -€15,390 | -€17,098 | -€113,303 | ▼ 563% |
| Change in cash | - | -€41,014 | €9,832 | €18,247 | -€18,026 | ▼ 199% |
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
25-08
NBB filing
Annual accounts filed
fiscal year 2025 · full schema · 25 days late
2025
31-12
Financial
Weakest financial yearnet -€44,018
Net result drops to -€44,018, the lowest in the series.
29-08
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 29 days late
2024
14-06
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
31-12
Financial
Back to profitnet €35,440
Net result €35,440 after one loss-making year.
24-08
NBB filing
Annual accounts filed
fiscal year 2022 · full schema · 24 days late
2022
26-07
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
31-12
Financial
Back to profitnet €38,123
Net result €38,123 after one loss-making year.
26-08
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 26 days late
2020
08-09
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 39 days late
2019
28-05
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
2018
13-06
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 4 acts read
About the unread acts
We know of 4 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
4 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, Andenne · 1 establishment unit since 2017
Ground area
849 m²
Building footprint
62 m²
Parcel 92411B0204/00D013, Wallonia. Linked by address, not a title deed.
2
companies at this address
See who is registered here
1 establishment unit
BSEG CONSTRUCT
since 20172.263.758.779
1 parcel
Wallonia
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 92411B0204/00D013 | Wallonia | 849 m² | 1 · 61 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.
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Of 3,984 companies in sector 25110 we hold annual accounts for 2,145. 1,372 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
Founded21-04-2017
Fiscal year end31-12
Activities, NACEBEL 2025
25110Manufacture of metal structures and parts of structures
41001General construction of residential buildings
43230Insulation installation
43910Bricklaying and masonry work
52210Service activities incidental to land transportation
81220Other building cleaning and industrial cleaning
81300Landscape service activities
Scores and ratios are computed by Checked and are not a credit decision.