BULAI CONSTRUCT
ActiveSummary
BULAI CONSTRUCT has been active since 2009 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €151,770 and a net result of €19,687. Equity has been growing by about 20% per year since 2018. The computed 12-month bankruptcy probability is 0.9% (low).
Overview
Overview
Official details
Source: KBO- Status
- Active since 28-05-2009 Normal situation
- Activity
- “L'administration et la gestion, dans la plus large acception des termes, de son patrimoine…” (deed in French)From the articles, 6 activitiesNo NACE code in the KBO yet
- Financial year end
- 31 December
- Peppol
- Reachable since 11-12-2025
Financial position
- Bankruptcy probabilitywithin 12 months
- 0.9%
- Gross margin
- €63,163
- ▲ 12.1%
- Turnover
- ≈ €190,000
- estimated
- Profit
- €19,687
- ▲ 32.5%
- Equity
- €151,770
- ▲ 14.9%
- Total assets
- €648,257
- ▼ 2.9%
- 2025 accounts filed 55 days after the deadline
Score breakdownraises riskLast filed accounts filed 55 days late; 3 of the last 3 accounts lateLiquidity: current ratio 0.04, cash €3,034No registered site in the KBOlowers riskSize: total assets €648,257Show the evidence
Checked score
About 9 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 (no NACE code, micro). It does better than 30% of them on solvency, 29% on liquidity, 53% on profitability and 72% on growth.
The bankruptcy probability was computed on 04-11-2026 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.
The probability rests on the annual accounts with balance sheet date 31-12-2025.
Of the companies with a bankruptcy probability in the low class on 30-06-2025, 0.8% went bankrupt within twelve months.
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 53 days after the deadline. The Belgian median for financial year 2024 was 4 days before the deadline, and 38% of all filings were late.
Searched, nothing found (2)
Financials
Financials · financial year 2025, micro format
2025 annual accounts filed 55 days after the deadline Filed on 24 September 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00522214.
Annual accounts 2025 filed on 24-09-2026 at the NBB all 15 filings
Every figure per financial year
The operating result for 2025 is 26% higher than in 2024 and the highest since 2019. It is the second rise in a row, after the fall in 2023.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Mortgages, amount registered | €600,000 | €600,000 | €600,000 | - | - |
| Carrying value of the mortgaged assets | €721,867 | €702,484 | €683,082 | - | - |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €20,532 | €20,532 | €20,532 | €19,383 | €19,383 | €20,719 | €19,402 | €19,402 | = |
| Other operating charges640/8 | - | - | - | €9,646 | €9,339 | €11,599 | €12,058 | €12,437 | ▲ 3.1% |
| Gross operating margin9900 | €46,495 | €62,999 | €53,797 | €53,727 | €51,159 | €52,363 | €56,369 | €63,163 | ▲ 12.1% |
| Operating profit (loss)9901 | €17,164 | €33,506 | €24,186 | €24,699 | €22,437 | €20,045 | €24,908 | €31,324 | ▲ 25.8% |
| Financial charges65/66B | - | - | - | €4,407 | €3,756 | €3,101 | €2,429 | €1,879 | ▼ 22.6% |
| Recurring financial charges65 | €6,343 | €5,721 | €5,065 | €4,407 | €3,756 | €3,101 | €2,429 | €1,879 | ▼ 22.6% |
| Profit (loss) for the period before taxes9903 | €10,821 | €27,785 | €19,121 | €20,292 | €18,681 | €16,944 | €22,480 | €29,445 | ▲ 31.0% |
| Income taxes67/77 | €3,167 | €8,740 | €5,103 | €5,415 | €4,972 | €4,522 | €7,626 | €9,758 | ▲ 28.0% |
| Profit (loss) for the period9904 | €7,654 | €19,045 | €14,018 | €14,876 | €13,708 | €12,422 | €14,854 | €19,687 | ▲ 32.5% |
| Profit (loss) for the period to be appropriated9905 | €7,654 | €19,045 | €14,018 | €14,876 | €13,708 | €12,422 | €14,854 | €19,687 | ▲ 32.5% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €786,635 | €765,816 | €745,246 | €724,372 | €705,685 | €687,089 | €667,464 | €648,257 | ▼ 2.9% |
| Fixed assets21/28 | €782,314 | €761,782 | €741,249 | €721,867 | €702,484 | €683,082 | €663,679 | €644,277 | ▼ 2.9% |
| Tangible fixed assets22/27 | €782,314 | €761,782 | €741,249 | €721,867 | €702,484 | €683,082 | €663,679 | €644,277 | ▼ 2.9% |
| Land and buildings22 | - | - | - | €721,867 | €702,484 | €683,082 | €663,679 | €644,277 | ▼ 2.9% |
| Current assets29/58 | €4,321 | €4,034 | €3,996 | €2,505 | €3,201 | €4,007 | €3,785 | €3,980 | ▲ 5.2% |
| Amounts receivable within one year40/41 | - | €600 | - | - | - | - | - | - | - |
| Cash at bank and in hand54/58 | €3,698 | €2,777 | €3,317 | €2,505 | €3,201 | €3,142 | €2,890 | €3,034 | ▲ 5.0% |
| Deferred charges and accrued income490/1 | - | - | - | - | - | €865 | €895 | €946 | ▲ 5.8% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €786,635 | €765,816 | €745,246 | €724,372 | €705,685 | €687,089 | €667,464 | €648,257 | ▼ 2.9% |
| Equity10/15 | €43,160 | €62,205 | €76,223 | €91,099 | €104,807 | €117,229 | €132,083 | €151,770 | ▲ 14.9% |
| Contributions10/11 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Capital10 | - | - | - | €18,600 | €18,600 | - | - | - | - |
| Issued capital100 | - | - | - | €18,600 | €18,600 | - | - | - | - |
| Reserves13 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €16,860 | €35,860 | ▲ 113% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | - | - | - | - |
| Legal reserve130 | - | - | - | €1,860 | €1,860 | - | - | - | - |
| Distributable reserves133 | - | - | - | - | - | €1,860 | €16,860 | €35,860 | ▲ 113% |
| Profit (loss) carried forward14 | €22,700 | €41,745 | €55,763 | €70,639 | €84,347 | €96,769 | €96,623 | €97,310 | ▲ 0.7% |
| Amounts payable17/49 | €743,475 | €703,611 | €669,023 | €633,273 | €600,878 | €569,860 | €535,381 | €496,487 | ▼ 7.3% |
| Amounts payable after more than one year17 | €675,799 | €635,307 | €594,170 | €552,379 | €509,922 | €466,789 | €434,470 | €389,953 | ▼ 10.2% |
| Financial debts170/4 | - | - | - | €207,779 | €165,322 | €122,189 | €78,370 | €33,853 | ▼ 56.8% |
| Other amounts payable178/9 | - | - | - | €344,600 | €344,600 | €344,600 | €356,100 | €356,100 | = |
| Amounts payable within one year42/48 | €67,677 | €68,304 | €74,853 | €80,894 | €90,956 | €103,070 | €100,911 | €106,534 | ▲ 5.6% |
| Current portion of amounts payable after more than one year42 | - | - | - | €41,791 | €46,243 | €43,133 | €43,819 | €44,517 | ▲ 1.6% |
| Trade debts44 | €5,397 | €1,199 | - | - | €210 | - | - | €99 | - |
| Suppliers440/4 | - | - | - | - | €210 | - | - | €99 | - |
| Taxes, remuneration and social security45 | - | - | - | €10,518 | €10,388 | €14,910 | €12,148 | €17,384 | ▲ 43.1% |
| Taxes450/3 | - | - | - | €10,518 | €10,388 | €14,910 | €12,148 | €17,384 | ▲ 43.1% |
| Other amounts payable47/48 | - | - | - | €28,584 | €34,115 | €45,028 | €44,944 | €44,534 | ▼ 0.9% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €7,654 | €19,045 | €14,018 | €14,876 | €13,708 | €12,422 | €14,854 | €19,687 | ▲ 32.5% |
| + Depreciation and write-downs630 | €20,532 | €20,532 | €20,532 | €19,383 | €19,383 | €20,719 | €19,402 | €19,402 | = |
| Operating cash flow (approximation) | €28,187 | €39,577 | €34,551 | €34,259 | €33,091 | €33,141 | €34,256 | €39,089 | ▲ 14.1% |
| Investment in fixed assets (approximation) | - | €0 | €0 | €0 | €0 | -€1,317 | €0 | €0 | - |
| Change in cash | - | -€922 | €540 | -€811 | €696 | -€59 | -€252 | €144 | - |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Historical observation
In July 2024, 4,107 companies had the same profile as BULAI CONSTRUCT has now. Two years later, 98.0% were still going and 1.0% had gone bankrupt.
- Small
- 10 to 20 years old
- solvency 10 to 30%
- a profit under 5% of the balance sheet
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of BULAI CONSTRUCT itself: 0.9% within 12 months.
Test of the method
The method was tested on the 497,446 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 4,107 companies, not a prediction for BULAI 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.
Latest 10 of 15 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 24-09-2026 | 2026-00522214 | |
| 31-12-2024 | micro format | 29-09-2025 | 2025-00510419 | |
| 31-12-2023 | micro format | 25-09-2024 | 2024-00471152 | |
| 31-12-2022 | micro format | 30-08-2023 | 2023-00377296 | |
| 31-12-2021 | micro format | 28-09-2022 | 2022-20438115 | |
| 31-12-2020 | micro format | 24-08-2021 | 2021-51800318 | |
| 31-12-2019 | micro format | 29-10-2020 | 2020-64300104 | |
| 31-12-2018 | micro format | 20-08-2019 | 2019-47400344 | |
| 31-12-2017 | micro format | 27-08-2018 | 2018-49500366 | |
| 31-12-2016 | micro format | 23-08-2017 | 2017-45700492 |
Board & ownership
Directors
Owners and capital
Capital transactions
- 07-02-2024 Converted to unavailable equity · €20,460
Articles of association
- Board ruleThese rules set how the board is made up, meets and takes decisions.
- At least 1 director
- Transfer restrictionThis rule says whether shareholders may sell their shares freely or need approval first.
- “Moitié cédant moitié acquéreurs proportionnellement aux actions acquises, nullité”
Articles of association, deed of 07-02-2024 (in French)
Network & group
BULAI CONSTRUCT shares no director with another company.
Companies at the same address
3 other companiesConnections & network
1 current directorThe network starts from the directors of BULAI CONSTRUCT. Every other company they run is a node.
Timeline
Acts, filings and financial milestones
07-02
Gazette deed
Reappointment: Croitor Gheorghe (director)5 points ▸
- General meeting, 15-12-2023
- 186 shares
- Director reappointment, Croitor Gheorghe
- Registered office clause, 1070 Anderlecht Rue Frans Hals 78
- Power of attorney, Tijl DE TROYER
- The act holds 5 more points.
Sources:Publications in the Belgian Official GazetteFilings with the National Bank
History
Company details
Register details
Identity
KBO recordRegistered office and establishments
Activities
6 activities
- L'administration et la gestion, dans la plus large acception des termes, de son patrimoine mobilier et immobilier, et plus précisément la mise en location, l'entretien et l'exploitation. Dans le cadre de cette gestion, la société peut notamment acquérir, aliéner, accepter ou consentir tous droits réels, prendre et donner à bail tous biens meubles et immeubles, faire pour son compte toutes opérations d'achat, de vente, de promotion, d'échange, d'exploitation, de gestion, de mise en valeur, de lotissement de tous immeubles ou parties divises ou indivises d'immeubles généralement quelconques, ainsi que contracter ou consentir tous emprunts hypothécaires ou non ainsi que toutes affectations ou tous mandats hypothécaires pour son propre compte ou pour le compte d'autrui;
- La réalisation de toutes opérations relatives à l'activité de marchand de biens, d'administrateur de biens, la prise et la remise de fonds de commerce;
- Tous travaux de rénovation du bâtiment;
- L'achat et la vente de matériel de construction;
- L'achat, la vente, l'échange, la gestion, la valorisation de toutes valeurs mobilières, actions parts sociales, obligations, fonds d'état et de tous biens et droits mobiliers; la prise et la détention de participations, sous quelques forme que ce soit, dans toutes sociétés et entreprises industrielles, commerciales, financières, agricoles et immobilières existantes ou à créer; la stimulation, le planning et la coordination du développement des sociétés dans lesquelles elle détient une participation; la participation à leur gestion, administration et surveillance ainsi que l'assistance technique, administrative et financière auxdites sociétés et entreprises; dans le cadre de sa gestion de trésorerie, soit directement, soit par l'entremise d'établissements en Belgique ou à l'étranger, la réalisation d'opérations de commerce et de devises et l'entremise dans l'émission et le placement d'actions, de parts sociales, d'obligations et tous autres titres; toutes opérations de mandat, d'agence ou de commission relatives aux opérations décrites ci-dessus;
- Toutes opérations de management, de conseil, d'organisation, de coordination, de supervision et de gestion en faveur de particuliers, de sociétés ou d'entreprises;
Invoicing and payment
Financial year and general meeting
Accounts at the NBBSites & property
Buildings and parcels at the address
| Cadastral parcel | Region | Area | Buildings | Height / floors |
|---|---|---|---|---|
| 21308H0678/00F007 | Brussels | 292 m² | 1 · 103 m² | 12.7 m · 4 |