BUL - CONSTRUCT
ActiveSummary
BUL - CONSTRUCT has been active since 2007 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €276,109 and a net result of €39,189. Equity is growing by ~14% per year across the filed fiscal years. Its solvency ranks better than 80% of 28184 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.7% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability82▼-7
Solvency100▲+1
Growth78=
Track record100
Bankruptcy probability, 12 months
0.7%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €22,000 at 30 days acceptable
Liquidity ample (current ratio 4.01 against 3.86 in 2024; short-term debt: 24.5% and cash: 20.4% of total assets), and 24.5% of the assets are financed with debt.
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Signals
Four 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 →
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
75.5%
Return on assets
10.7%
Age of the figures
15 mo
neutral · Latest accounts filed on time
The financial year that closed on 30-06-2025 was due by 31-01-2026 and was filed on 12-01-2026, 19 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
19 d early
2024
16 d early
2023
8 d early
2022
19 d early
2021
49 d early
2020
39 d early
2019
44 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 28 days before 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 (2)
neutral · The next deadline is still running
The next financial year closes on 30-06-2026 and is due by 31-01-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
30-06-2026 close27-09-2026 today31-01-2027 deadline
History
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Financials · fiscal year 2025, micro schema
Equity
€276,109▲ 6.2%
2024 · €259,973
Total assets
€365,739▲ 4.4%
2024 · €350,417
Net result
€39,189▼ 30.6%
2024 · €56,440
Working capital
€270,229▲ 4.6%
2024 · €258,394
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€44,064▲ 29.9%€66,035▲ 49.9%€56,054▼ 15.1%€82,497▲ 47.2%€55,817▼ 32.3%
Net result€33,978▲ 47.4%€50,353▲ 48.2%€41,747▼ 17.1%€56,440▲ 35.2%€39,189▼ 30.6%
Equity€164,433▲ 26.0%€211,786▲ 28.8%€203,532▼ 3.9%€259,973▲ 27.7%€276,109▲ 6.2%
Total assets€181,602▲ 13.4%€239,404▲ 31.8%€234,039▼ 2.2%€350,417▲ 49.7%€365,739▲ 4.4%
Debt€17,170▼ 42.1%€27,618▲ 60.9%€30,506▲ 10.5%€90,444▲ 196%€89,630▼ 0.9%
Working capital€163,570▲ 26.9%€209,419▲ 28.0%€201,620▼ 3.7%€258,394▲ 28.2%€270,229▲ 4.6%
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 falls in 2025; 2025 is 32% below 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €365,739
Fixed assets
€5,880 ▲ 273%
Current assets
€359,859 ▲ 3.2%
Equity and liabilities €365,739
Equity
€276,109 ▲ 6.2%
Debt
€89,630 ▼ 0.9%
Debt's share of the balance-sheet total falls from 25.8% to 24.5%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€56,699▼
2024 · €82,951
Cash flow
€40,072▼
2024 · €56,894
Current ratio
4.01▲
2024 · 3.86
Debt to equity
0.32▼
2024 · 0.35
ROE
14.2%▼
2024 · 21.7%
ROA
10.7%▼
2024 · 16.1%
Interest coverage
48.07▲
2024 · 32.92
Debt ≤ 1 year
€89,630▼
2024 · €90,444
Income taxes
€18,520▼
2024 · €26,616
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 34,672 companies that looked in July 2024 the way this one looks now, 0.6% went bankrupt within 24 months and 95% are still going.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
0.6%
went bankrupt
3.9%
stopped otherwise
95%
still going
A further 0.2% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.7% 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 34,672 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 |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | €2,000 | €7,450 | €0 | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €709 | €767 | €454 | €454 | €882 | ▲ 94.3% |
| Other operating charges640/8 | - | €4,482 | €4,451 | €5,945 | €4,964 | ▼ 16.5% |
| Non-recurring operating charges66A | - | - | - | - | €328 | - |
| Gross operating margin9900 | €49,303 | €71,283 | €60,959 | €88,896 | €61,992 | ▼ 30.3% |
| Operating profit (loss)9901 | €44,064 | €66,035 | €56,054 | €82,497 | €55,817 | ▼ 32.3% |
| Financial income75/76B | - | €3,663 | €3,921 | €3,079 | €3,072 | ▼ 0.2% |
| Recurring financial income75 | €3,185 | €3,663 | €3,921 | €3,079 | €3,072 | ▼ 0.2% |
| Financial charges65/66B | - | €1,474 | €1,346 | €2,520 | €1,180 | ▼ 53.2% |
| Recurring financial charges65 | €437 | €1,474 | €1,346 | €2,520 | €1,180 | ▼ 53.2% |
| Profit (loss) for the period before taxes9903 | €46,812 | €68,224 | €58,629 | €83,056 | €57,709 | ▼ 30.5% |
| Income taxes67/77 | €12,833 | €17,871 | €16,882 | €26,616 | €18,520 | ▼ 30.4% |
| Profit (loss) for the period9904 | €33,978 | €50,353 | €41,747 | €56,440 | €39,189 | ▼ 30.6% |
| Profit (loss) for the period to be appropriated9905 | €33,978 | €50,353 | €41,747 | €56,440 | €39,189 | ▼ 30.6% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €181,602 | €239,404 | €234,039 | €350,417 | €365,739 | ▲ 4.4% |
| Fixed assets21/28 | €863 | €2,367 | €1,913 | €1,578 | €5,880 | ▲ 273% |
| Tangible fixed assets22/27 | €709 | €2,213 | €1,759 | €1,305 | €5,606 | ▲ 330% |
| Plant, machinery and equipment23 | - | €2,213 | €1,759 | €1,305 | €851 | ▼ 34.8% |
| Furniture and vehicles24 | - | €0 | - | - | €4,756 | - |
| Financial fixed assets28 | €154 | €154 | €154 | €274 | €274 | = |
| Current assets29/58 | €180,740 | €237,037 | €232,126 | €348,838 | €359,859 | ▲ 3.2% |
| Stocks and contracts in progress3 | - | - | - | €180,291 | €0 | ▼ 100% |
| Stocks30/36 | - | - | - | €180,291 | €0 | ▼ 100% |
| Amounts receivable within one year40/41 | €24,957 | €30,460 | €141,862 | €126,864 | €274,850 | ▲ 117% |
| Trade receivables40 | - | €27,088 | €33,806 | €11,576 | €58,439 | ▲ 405% |
| Other amounts receivable41 | - | €3,372 | €108,056 | €115,287 | €216,411 | ▲ 87.7% |
| Current investments50/53 | €117,620 | €155,467 | €62,662 | €17,666 | €6,667 | ▼ 62.3% |
| Cash at bank and in hand54/58 | €35,597 | €42,685 | €24,702 | €22,097 | €74,512 | ▲ 237% |
| Deferred charges and accrued income490/1 | - | €8,425 | €2,899 | €1,920 | €3,830 | ▲ 99.5% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €181,602 | €239,404 | €234,039 | €350,417 | €365,739 | ▲ 4.4% |
| Equity10/15 | €164,433 | €211,786 | €203,532 | €259,973 | €276,109 | ▲ 6.2% |
| Contributions10/11 | - | €19,000 | €19,000 | €19,000 | €19,000 | = |
| Reserves13 | €145,433 | €192,786 | €184,532 | €240,973 | €257,109 | ▲ 6.7% |
| Non-distributable reserves130/1 | - | €1,900 | €1,900 | €0 | - | - |
| Reserves not available under the articles1311 | - | €1,900 | €1,900 | €0 | - | - |
| Distributable reserves133 | - | €190,886 | €182,632 | €240,973 | €257,109 | ▲ 6.7% |
| Profit (loss) carried forward14 | - | €0 | €0 | €0 | €0 | - |
| Amounts payable17/49 | €17,170 | €27,618 | €30,506 | €90,444 | €89,630 | ▼ 0.9% |
| Amounts payable within one year42/48 | €17,170 | €27,618 | €30,506 | €90,444 | €89,630 | ▼ 0.9% |
| Financial debts43 | - | €745 | €120 | €120 | €120 | = |
| Credit institutions430/8 | - | €745 | €120 | €120 | €120 | = |
| Trade debts44 | €10,229 | €23,383 | €22,617 | €83,690 | €37,941 | ▼ 54.7% |
| Suppliers440/4 | - | €23,383 | €22,617 | €83,690 | €37,941 | ▼ 54.7% |
| Taxes, remuneration and social security45 | - | €489 | €7,756 | €6,616 | €3,520 | ▼ 46.8% |
| Taxes450/3 | - | €371 | €7,253 | €6,616 | €3,520 | ▼ 46.8% |
| Remuneration and social security454/9 | - | €119 | €504 | €0 | - | - |
| Other amounts payable47/48 | - | €3,000 | €13 | €18 | €48,049 | ▲ 260,612% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €33,978 | €50,353 | €41,747 | €56,440 | €39,189 | ▼ 30.6% |
| + Depreciation and write-downs630 | €709 | €767 | €454 | €454 | €882 | ▲ 94.3% |
| Operating cash flow (approximation) | €34,687 | €51,120 | €42,201 | €56,894 | €40,072 | ▼ 29.6% |
| Investment in fixed assets (approximation) | - | -€2,271 | €0 | -€120 | -€5,184 | ▼ 4,220% |
| Change in cash | - | €7,088 | -€17,982 | -€2,605 | €52,415 | ▲ 2,112% |
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
12-01
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
15-01
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
30-06
Financial
Highest result since 2019net €56,440 ▲35.2%
Operating result €82,497, net result €56,440, both a record.
23-01
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
12-01
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
30-06
Financial
Equity above €200,000Eq €211,786 ▲28.8%
4 profitable years in a row build equity to €211,786.
2021
13-12
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
30-06
Financial
Equity above €150,000Eq €164,433 ▲26%
3 profitable years in a row build equity to €164,433.
2020
23-12
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
2019
18-12
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
30-01
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
2017
15-12
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema
2016
14-12
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 10 acts read
About the unread acts
We know of 10 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
10 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, Brasschaat · 1 establishment unit since 2007
Ground area
2,918 m²
Building footprint
1,477 m²
Volume, LiDAR
5,259 m³
Parcel 11323F0311/02S000, Flanders · tallest building 11.5 m, ±1 floor. Linked by address, not a title deed.
2
companies at this address
See who is registered here
1 establishment unit
BUL-CONSTRUCT
since 20072.165.591.910
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 11323F0311/02S000 | Flanders | 2,918 m² | 1 · 1,477 m² | 11.5 m · 1 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.
Recognitions · licences · registrations
Recognised contractor
15 categoriesBUL - CONSTRUCT BV30963
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Of 15,521 companies in sector 43990 we hold annual accounts for 7,420. 5,507 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
Founded08-10-2007
Fiscal year end30-06
Activities, NACEBEL 2025
43990Other specialised construction activities
41001General construction of residential buildings
43211General electrical installation work
43221Plumbing work
43310Plastering work
43320Joinery installation
43331Floor and wall tiling
E-invoicing
Reachable via Peppol
Peppol ID
0208:0892617358
Also
9925:BE0892617358
Registered
17-12-2025
Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.