BSF CONSTRUCTION
ActiveSummary
BSF CONSTRUCTION has been active since 2014 and the Belgian State Gazette contains no insolvency or warning signals. The 2024 annual accounts show equity of €88,888 and a net result of €13,874. Equity is growing by ~36% per year across the filed fiscal years. Its solvency ranks better than 27% of 36380 sector peers (fiscal year 2024). The computed 12-month bankruptcy probability is 1.2% (low).
Checked score
Score 2024
Axes · tick = 2023
Profitability71▼-1
Solvency50▲+5
Growth78=
Track record100
Bankruptcy probability, 12 months
1.2%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €5,000 at 30 days acceptable
Liquidity ample (current ratio 3.42 against 2.03 in 2023; short-term debt: 10% and cash: 0% of total assets), but 74.8% of the assets are financed with debt.
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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 43
Relative position
BE, all sectors
reference
Specialised construction activities (NACE 43)
about 85% 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 2024Solvency, return and age of the figures
Solvency
25.2%
Return on assets
3.9%
Age of the figures
21 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
neutral · Filed after the deadline
The financial year that closed on 31-12-2024 was due by 31-07-2025 and was filed on 30-09-2025, 61 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
2024
61 d late
2023
29 d late
2022
150 d late
2021
24 d late
2020
22 d late
2019
10 d early
2018
10 d early
← 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 38 days after the deadline; the sector median for financial year 2024 is 1 day before the deadline, and 42% of the sector filed late.
Checked, nothing found (1)
History
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Financials · fiscal year 2024, micro schema
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
€13,874▲ 84.4%
2023 · €7,523
Working capital
€85,134▲ 115%
2023 · €39,555
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
Line20202021202220232024
Operating result€23,595€42,921▲ 81.9%€26,252▼ 38.8%€39,827▲ 51.7%€21,843▼ 45.2%
Net result€22,284€35,716▲ 60.3%€9,313▼ 73.9%€7,523▼ 19.2%€13,874▲ 84.4%
Equity€12,605€48,320▲ 283%€57,633▲ 19.3%€65,156▲ 13.1%€88,888▲ 36.4%
Total assets€319,574▲ 0.1%€368,921▲ 15.4%€305,820▼ 17.1%€327,557▲ 7.1%€352,129▲ 7.5%
Debt€306,970▼ 6.7%€320,600▲ 4.4%€248,187▼ 22.6%€262,400▲ 5.7%€263,241▲ 0.3%
Working capital€16,058▲ 174%€47,010▲ 193%€49,292▲ 4.9%€39,555▼ 19.8%€85,134▲ 115%
Result per fiscal year
Operating resultNet result
The operating result falls in 2024; 2024 is 45% below 2023 and is the lowest result in the available series.
Balance-sheet composition
2024 in colour, 2023 as the grey bar beneath
Assets €352,129
Fixed assets
€231,778 ▼ 7.1%
Current assets
€120,351 ▲ 54.1%
Equity and liabilities €352,129
Equity
€88,888 ▲ 36.4%
Debt
€263,241 ▲ 0.3%
Debt's share of the balance-sheet total falls from 80.1% to 74.8%. Equity and debt are higher.
Key figures and ratios
EBITDA
€37,556▼
2023 · €52,378
Cash flow
€29,587▲
2023 · €20,074
Current ratio
3.42▲
2023 · 2.03
Debt to equity
2.96▼
2023 · 4.03
ROE
15.6%▲
2023 · 11.5%
ROA
3.9%▲
2023 · 2.3%
Interest coverage
5.66▼
2023 · 6.21
Debt ≤ 1 year
€35,216▼
2023 · €38,534
Debt > 1 year
€195,524▼
2023 · €223,866
Income taxes
€5,992▲
2023 · €3,439
Staff costs
€30,455▼
2023 · €55,702
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 4,500 companies that looked in July 2024 the way this one looks now, 1.2% went bankrupt within 24 months and 97% are still going.
- Micro
- 10 to 20 years old
- solvency 10 to 30%
- a profit under 5% of the balance sheet
1.2%
went bankrupt
1.6%
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 1.2% 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 497,058 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% | 1.6% |
| 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 74% 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 4,500 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 | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | €5,492 | €55,702 | €30,455 | ▼ 45.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €8,015 | €7,048 | €10,137 | €12,551 | €15,713 | ▲ 25.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | -€20,710 | - | - | - |
| Other operating charges640/8 | - | - | - | €10,582 | €4,463 | ▼ 57.8% |
| Gross operating margin9900 | €55,452 | €57,189 | €21,170 | €118,662 | €72,474 | ▼ 38.9% |
| Operating profit (loss)9901 | €23,595 | €42,921 | €26,252 | €39,827 | €21,843 | ▼ 45.2% |
| Financial income75/76B | - | - | €0 | €2,452 | €4,663 | ▲ 90.2% |
| Recurring financial income75 | €458 | €2,134 | €0 | €2,452 | €4,663 | ▲ 90.2% |
| Financial charges65/66B | - | - | €6,763 | €31,317 | €6,640 | ▼ 78.8% |
| Recurring financial charges65 | €5,874 | €5,269 | €6,763 | €8,428 | €6,640 | ▼ 21.2% |
| Non-recurring financial charges66B | - | - | - | €22,889 | - | - |
| Profit (loss) for the period before taxes9903 | €18,179 | €39,786 | €19,489 | €10,962 | €19,866 | ▲ 81.2% |
| Income taxes67/77 | -€4,105 | €4,070 | €10,176 | €3,439 | €5,992 | ▲ 74.2% |
| Profit (loss) for the period9904 | €22,284 | €35,716 | €9,313 | €7,523 | €13,874 | ▲ 84.4% |
| Profit (loss) for the period to be appropriated9905 | €32,034 | €35,716 | €9,313 | €7,523 | €13,874 | ▲ 84.4% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €319,574 | €368,921 | €305,820 | €327,557 | €352,129 | ▲ 7.5% |
| Fixed assets21/28 | €233,902 | €227,004 | €233,617 | €249,468 | €231,778 | ▼ 7.1% |
| Tangible fixed assets22/27 | €233,902 | €227,004 | €233,617 | €249,468 | €231,778 | ▼ 7.1% |
| Land and buildings22 | - | - | €217,775 | €211,108 | €201,107 | ▼ 4.7% |
| Plant, machinery and equipment23 | - | - | €2,095 | €3,063 | €7,605 | ▲ 148% |
| Furniture and vehicles24 | - | - | €13,747 | €35,297 | €23,067 | ▼ 34.6% |
| Current assets29/58 | €85,672 | €141,916 | €72,203 | €78,089 | €120,351 | ▲ 54.1% |
| Amounts receivable within one year40/41 | €77,529 | €127,867 | €71,990 | €65,364 | €119,135 | ▲ 82.3% |
| Trade receivables40 | - | - | €51,137 | €7,780 | €9,471 | ▲ 21.7% |
| Other amounts receivable41 | - | - | €20,853 | €57,585 | €109,664 | ▲ 90.4% |
| Cash at bank and in hand54/58 | €8,143 | €13,786 | €213 | €12,725 | €124 | ▼ 99.0% |
| Deferred charges and accrued income490/1 | - | - | - | - | €1,092 | - |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €319,574 | €368,921 | €305,820 | €327,557 | €352,129 | ▲ 7.5% |
| Equity10/15 | €12,605 | €48,320 | €57,633 | €65,156 | €88,888 | ▲ 36.4% |
| Contributions10/11 | - | - | €6,200 | €6,200 | €8,060 | ▲ 30.0% |
| Reserves13 | €6,405 | €42,120 | €42,120 | €42,120 | €40,260 | ▼ 4.4% |
| Non-distributable reserves130/1 | - | - | €1,860 | €1,860 | - | - |
| Reserves not available under the articles1311 | - | - | €1,860 | €1,860 | - | - |
| Distributable reserves133 | - | - | €40,260 | €40,260 | €40,260 | = |
| Profit (loss) carried forward14 | €0 | - | €9,313 | €16,836 | €40,568 | ▲ 141% |
| Amounts payable17/49 | €306,970 | €320,600 | €248,187 | €262,400 | €263,241 | ▲ 0.3% |
| Amounts payable after more than one year17 | €237,356 | €225,694 | €225,276 | €223,866 | €195,524 | ▼ 12.7% |
| Financial debts170/4 | - | - | €225,276 | €223,866 | €195,524 | ▼ 12.7% |
| Amounts payable within one year42/48 | €69,614 | €94,907 | €22,910 | €38,534 | €35,216 | ▼ 8.6% |
| Current portion of amounts payable after more than one year42 | - | - | €14,411 | €23,150 | €23,617 | ▲ 2.0% |
| Trade debts44 | €53,051 | €76,511 | €7,360 | €9,415 | €937 | ▼ 90.0% |
| Suppliers440/4 | - | - | €7,360 | €9,415 | €937 | ▼ 90.0% |
| Advances received on contracts in progress46 | - | - | - | €1,000 | €1,000 | = |
| Taxes, remuneration and social security45 | - | - | €1,139 | €4,970 | €9,663 | ▲ 94.4% |
| Taxes450/3 | - | - | - | - | €3,178 | - |
| Remuneration and social security454/9 | - | - | €1,139 | €4,970 | €6,485 | ▲ 30.5% |
| Accrued charges and deferred income492/3 | - | - | - | - | €32,500 | - |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €22,284 | €35,716 | €9,313 | €7,523 | €13,874 | ▲ 84.4% |
| + Depreciation and write-downs630 | €8,015 | €7,048 | €10,137 | €12,551 | €15,713 | ▲ 25.2% |
| Operating cash flow (approximation) | €30,299 | €42,764 | €19,450 | €20,074 | €29,587 | ▲ 47.4% |
| Investment in fixed assets (approximation) | - | -€150 | -€16,750 | -€28,401 | €1,977 | ▲ 107% |
| Change in cash | - | €5,643 | -€13,573 | €12,512 | -€12,601 | ▼ 201% |
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
2025
30-09
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 61 days late
2024
29-02
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 29 days late
2023
30-06
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 150 days late
2022
30-06
Financial
Liquidity doublescurrent ratio 3.15
Current ratio from 1.50 to 3.15; short-term debt falls from €94,907 to €22,910.
24-02
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 24 days late
2021
30-06
Financial
Highest result since 2019net €35,716 ▲60.3%
Operating result €42,921, net result €35,716, both a record.
22-02
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 22 days late
2020
30-06
Financial
Back to profitnet €22,284
Net result €22,284 after one loss-making year.
21-01
NBB filing
Annual accounts filed
fiscal year 2019 · full schema
2019
21-01
NBB filing
Annual accounts filed
fiscal year 2018 · full schema
2018
24-01
NBB filing
Annual accounts filed
fiscal year 2017 · full schema
2017
25-01
NBB filing
Annual accounts filed
fiscal year 2016 · full schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 3 acts read
About the unread acts
We know of 3 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
3 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, Tournai · 1 establishment unit since 2014
Ground area
2,401 m²
Building footprint
159 m²
Volume, LiDAR
758 m³
Parcel 57068A0131/00K000, Wallonia · tallest building 6.5 m, ±2 floors. Linked by address, not a title deed.
1 establishment unit
BSF Construction
since 20142.238.953.307
1 parcel
Wallonia
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 57068A0131/00K000 | Wallonia | 2,401 m² | 1 · 159 m² | 6.5 m · 2 fl. |
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 4,020 companies in sector 43310 we hold annual accounts for 1,747. 1,524 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
Founded15-10-2014
Fiscal year end31-12
Activities, NACEBEL 2025
41001General construction of residential buildings
43310Plastering work
43230Insulation installation
43331Floor and wall tiling
43421Specialised construction activities
43422Screed work
43910Bricklaying and masonry work
43990Other specialised construction activities
E-invoicing
Reachable via Peppol
Peppol ID
0208:0564742908
Registered
06-01-2026
Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.