CANAL CONSTRUCT
ActiveSummary
CANAL CONSTRUCT has been active since 2000 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €128,759 and a net result of -€73,813. Equity has been growing by about 44% per year since 2018. Its solvency ranks better than 22% of 11,259 sector peers (NACE 68, financial year 2025). The computed 12-month bankruptcy probability is 0.1% (very low).
Overview
Overview
Official details
Source: KBO- Status
- Active since 29-03-2000 Normal situation
- Registered office
- 10 active companies are registered at this address Source: KBO register, as of 2 November 2026.
- Activity
- Development of residential building projects NACE 68121
- Establishment unit
- 2.115.906.431 9000 Gent, since 24-08-2000
- Financial year end
- 31 December
- Peppol
- Reachable since 12-01-2026
Board and ownership
- Debinco NVDirector · since 20-12-2016
- Vanden Bruyn BVDirector · since 20-12-2016
- CANAL PROPERTIES50%· score 932025 annual accounts of CANAL PROPERTIES
- TARGET INVEST50%· score 5230-06-2025 annual accounts of TARGET INVEST
Financial position
- Bankruptcy probabilitywithin 12 months
- 0.1%
- Gross margin
- -€8,270
- Loss
- €73,813
- Equity
- €128,759
- ▼ 36.4%
- Total assets
- €3.8m
- ▲ 32.0%
Score breakdownraises riskEquity €128,759 (3.4% of total assets)Liquidity: current ratio 1.04, cash €26,799lowers riskSize: total assets €3.8mFigures for financial year 2025 (filed on 29-05-2026)Show the evidence
Checked score
About 1 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 (NACE 68, small). It does better than 21% of them on solvency, 4% on liquidity, 9% on profitability and 11% on growth.
The bankruptcy probability was computed on 01-11-2026 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.
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 52 days before the deadline. In the sector (NACE 68), the median for financial year 2024 was 7 days before the deadline, and 36% of those companies filed late.
Searched, nothing found (2)
Financials
Financials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 29-05-2026 PDF all 25 filings
2021 to 2025, 5 financial years 2018 to 2025, 8 financial years
The operating result for 2025 is a loss of €8,660, after a profit of €221,752 in 2024. It is the lowest result since 2021.
Turnover is what the company sold, the result is what was left of it. A loss stands below the zero line.
Assets, equity and debt per financial year.
Above zero, the company can pay its short-term debts with what it holds in the short term.
The EBIT margin is the share of each euro of turnover left from operations. The return on assets is what the assets earn.
The higher the solvency, the better the company absorbs a setback.
A ratio above 1 means the short-term assets cover the short-term debts.
Use the arrow keys on the chart for the figures per year.
The sector band is the middle half of the companies in Real estate activities (NACE 68). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30. The dashed line is the median. There is a sector band for net result, equity, total assets, working capital, solvency, current ratio and return on assets (ROA).
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | - | - | €426 | €671 | €671 | €671 | €671 | €246 | ▼ 63.4% |
| Other operating charges640/8 | - | - | - | €120 | €549 | €132 | €141 | €144 | ▲ 2.6% |
| Gross operating margin9900 | -€4,198 | -€8,740 | €52,044 | -€6,682 | €3,608 | €206,442 | €222,564 | -€8,270 | - |
| Operating profit (loss)9901 | -€4,328 | -€8,873 | €51,499 | -€7,474 | €2,388 | €205,639 | €221,752 | -€8,660 | - |
| Financial income75/76B | - | - | - | €4,961 | €0 | - | €848 | €31,385 | ▲ 37× |
| Recurring financial income75 | €3,225 | €4,644 | €4,867 | €4,961 | €0 | - | €848 | €31,385 | ▲ 37× |
| Financial charges65/66B | - | - | - | €6,147 | €5,979 | €53,215 | €51,398 | €95,657 | ▲ 86.1% |
| Recurring financial charges65 | €5,084 | €4,969 | €5,198 | €6,147 | €5,979 | €53,215 | €51,398 | €95,657 | ▲ 86.1% |
| Profit (loss) for the period before taxes9903 | -€6,187 | -€9,198 | €51,168 | -€8,660 | -€3,592 | €152,424 | €171,202 | -€72,932 | - |
| Income taxes67/77 | - | - | - | - | - | €25,580 | €46,653 | €881 | ▼ 98.1% |
| Profit (loss) for the period9904 | -€6,187 | -€9,198 | €51,168 | -€8,660 | -€3,592 | €126,844 | €124,550 | -€73,813 | - |
| Profit (loss) for the period to be appropriated9905 | -€6,187 | -€9,198 | €51,168 | -€8,660 | -€3,592 | €126,844 | €124,550 | -€73,813 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €3.1m | €5.0m | €4.3m | €4.0m | €3.1m | €2.7m | €2.9m | €3.8m | ▲ 32.0% |
| Fixed assets21/28 | - | - | €0.003m | €0.002m | €0.002m | €0.001m | €246 | €0 | ▼ 100% |
| Tangible fixed assets22/27 | - | - | €0.003m | €0.002m | €0.002m | €0.001m | €246 | €0 | ▼ 100% |
| Furniture and vehicles24 | - | - | - | €0.002m | €0.002m | €0.001m | €246 | €0 | ▼ 100% |
| Current assets29/58 | €3.1m | €5.0m | €4.3m | €4.0m | €3.1m | €2.7m | €2.9m | €3.8m | ▲ 32.0% |
| Stocks and contracts in progress3 | €2.6m | €4.3m | €2.8m | €3.5m | €2.2m | €2.4m | €2.6m | €2.6m | ▲ 0.4% |
| Stocks30/36 | - | - | - | €3.5m | €2.2m | €2.4m | €2.6m | €2.3m | ▼ 11.8% |
| Contracts in progress37 | - | - | - | - | - | - | €0.001m | €0.3m | ▲ 397× |
| Amounts receivable within one year40/41 | €0.4m | €0.3m | €0.4m | €0.04m | €0.7m | €0.3m | €0.3m | €0.5m | ▲ 75.2% |
| Trade receivables40 | - | - | - | €0 | €0.5m | €0.2m | €0.2m | €0.5m | ▲ 97.2% |
| Other amounts receivable41 | - | - | - | €0.04m | €0.2m | €0.08m | €0.06m | €0.05m | ▼ 13.9% |
| Current investments50/53 | - | - | - | - | - | - | - | €0.7m | - |
| Cash at bank and in hand54/58 | €0.07m | €0.4m | €1.1m | €0.4m | €0.1m | €0.003m | €0.003m | €0.03m | ▲ 902% |
| Deferred charges and accrued income490/1 | - | - | - | €150 | €206 | €206 | €206 | €390 | ▲ 89.5% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €3.1m | €5.0m | €4.3m | €4.0m | €3.1m | €2.7m | €2.9m | €3.8m | ▲ 32.0% |
| Equity10/15 | -€0.08m | -€0.09m | -€0.04m | -€0.05m | -€0.05m | €0.08m | €0.2m | €0.1m | ▼ 36.4% |
| Contributions10/11 | €0.02m | €0.02m | - | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Profit (loss) carried forward14 | -€0.1m | -€0.1m | -€0.06m | -€0.06m | -€0.07m | €0.06m | €0.2m | €0.1m | ▼ 40.1% |
| Amounts payable17/49 | €3.2m | €5.1m | €4.4m | €4.0m | €3.1m | €2.7m | €2.7m | €3.7m | ▲ 37.2% |
| Amounts payable within one year42/48 | €3.2m | €5.1m | €4.4m | €4.0m | €3.1m | €2.7m | €2.7m | €3.7m | ▲ 37.2% |
| Trade debts44 | €0.1m | €0.04m | €0.02m | €0.2m | €0.3m | €0.04m | €0.002m | €0.2m | ▲ 116× |
| Suppliers440/4 | - | - | - | €0.2m | €0.3m | €0.04m | €0.002m | €0.2m | ▲ 116× |
| Advances received on contracts in progress46 | - | - | - | €1.3m | €0 | - | - | €0.8m | - |
| Taxes, remuneration and social security45 | - | - | - | €0 | - | €0.03m | €0.07m | €0.08m | ▲ 12.5% |
| Taxes450/3 | - | - | - | €0 | - | €0.03m | €0.07m | €0.08m | ▲ 12.5% |
| Other amounts payable47/48 | - | - | - | €2.6m | €2.8m | €2.6m | €2.6m | €2.6m | ▲ 0.6% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€6,187 | -€9,198 | €51,168 | -€8,660 | -€3,592 | €126,844 | €124,550 | -€73,813 | - |
| + Depreciation and write-downs630 | - | - | €426 | €671 | €671 | €671 | €671 | €246 | ▼ 63.4% |
| Operating cash flow (approximation) | -€6,187 | -€9,198 | €51,593 | -€7,988 | -€2,920 | €127,515 | €125,221 | -€73,567 | - |
| Investment in fixed assets (approximation) | - | - | - | €0 | €0 | €0 | €0 | €0 | - |
| Change in cash | - | €344,030 | €715,961 | -€704,159 | -€314,976 | -€109,844 | €72 | €24,124 | ▲ 335× |
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, 1,104 companies had the same profile as CANAL CONSTRUCT has now. Two years later, 1.8% had gone bankrupt and 94.3% were still going.
- Small
- 20 years or older
- solvency under 10%
- a small loss
Another 0.4% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of CANAL CONSTRUCT itself is lower: 0.1% within 12 months. It rests on far more data about CANAL CONSTRUCT than the profile alone.
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 1,104 companies, not a prediction for CANAL 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 25 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 29-05-2026 | 2026-00126116 | |
| 31-12-2024 | abbreviated format | 10-06-2025 | 2025-00129358 | |
| 31-12-2023 | abbreviated format | 06-06-2024 | 2024-00113750 | |
| 31-12-2022 | abbreviated format | 14-06-2023 | 2023-00125490 | |
| 31-12-2021 | micro format | 17-06-2022 | 2022-20070362 | |
| 31-12-2020 | abbreviated format | 18-06-2021 | 2021-21400536 | |
| 31-12-2019 | abbreviated format | 29-05-2020 | 2020-13600504 | |
| 31-12-2018 | abbreviated format | 29-05-2019 | 2019-15000100 | |
| 31-12-2017 | abbreviated format | 31-05-2018 | 2018-15100483 | |
| 30-06-2016 | abbreviated format | 25-11-2016 | 2016-68500540 |
Board & ownership
Directors
Owners and capital
Shareholders
2 ownersOwners 2
- Equity €16.7m Profit of €3.0m in 2025 (profit of €472,691 in 2024) Checked score 9350%
- Equity -€214,889 Loss of €7,954 in 2025 (loss of €7,759 in 2024) Checked score 5250%
Capital transactions
- 31-08-2022 Converted to unavailable equity · €18,592.01
Mandate history
- Board
| Name | Functions and periods |
|---|---|
| Debinco NV |
|
| Vanden Bruyn BV |
|
Articles of association
- Board ruleThese rules set how the board is made up, meets and takes decisions.
- “Niet-statutaire bestuurders herroepbaar ad nutum bij besluit algemene vergadering zonder recht op vergoeding, algemene vergadering die…”
Articles of association, deed of 31-08-2022 (in Dutch)
Network & group
Companies at the same address
9 other companies- GEDEVCO Registered office · since 2006 0881304188
- TAFT Registered office · since 2005 0874651275
- IMMOTRION Registered office · since 2003 0437663109
- KORENLEI Registered office · since 2002 0478550983
- EVERSITE Registered office · since 2000 0467192184
- TARGET INVEST Registered office · since 1999 0465693139
- DE VOORKANT Registered office · since 1993 0451015257
- CANAL PROPERTIES Registered office · since 1991 0444627313
- VANDEN BRUYN Registered office · since 1989 0438392488
Connections & network
2 current directorsThe network starts from the directors of CANAL CONSTRUCT. Every other company they run is a node.
Timeline
Acts, filings and financial milestones
31-08
Gazette deed
Amendment of the articles · Legal-form change · Resignations & appointmentsCapital conversion · Reserve release · Kind of shares7 points ▸
- General meeting, 11-08-2022
- Capital conversion, “statutair onbeschikbare eigen vermogensrekening” (deed in Dutch)
- Reserve release, “beschikbare eigen vermogensrekening” (deed in Dutch)
- Other provision, “invoering mogelijkheid dagelijks bestuur, mogelijkheid tot installeren van dagelijks bestuur invoeren” (deed in Dutch)
- Other provision, “elektronische algemene vergadering, mogelijkheid van elektronische algemene vergadering toevoegen in statuten” (deed in Dutch)
- Amendment of the articles
- Kind of shares, “inbrengen”, 750 (deed in Dutch)
Show earlier events
Sources:Publications in the Belgian Official GazetteFilings with the National Bank
History
Company details
Register details
Identity
KBO recordRegistered office and establishments
Activities
NACEBEL 2025Codes under NACEBEL 2008
9 activities
- Onderneming in onroerende goederen,meer bepaald alle zakelijke of persoonlijke rechten in verband met deze goederen verlenen of aanvaarden,de projectontwikkeling,het verwerven,vervreemden,ruilen,bouwen,verbouwen,herbouwen,afbreken,veranderen,uitbaten,beheren,huren,verhuren,huurfinanciering,leasing,renoveren,herbestemmen,verkavelen en productief maken van,infrastructuurwerken,alsook het beleggen in,alle types onroerende goederen,hierna opgesomd maar niet beperkt tot:gronden,woningen,villa’s,hoeves,appartementen,lofts,studentenkamers,logistieke panden,industriële panden,semi-industriële panden,stadswinkels,baanwinkels,alle soorten retailpanden,horeca-en vrijetijdpanden,cafés,restaurants,luxevastgoed,kantoren,chalets,winkelcentra,parkings,garages,infrastructuur,enzovoort,alsook alle aanverwante goederen
- De studie,het ontwerpen,ontwikkelen,promoten en begeleiden van vastgoedprojecten allerhande
- Het uitbaten van een algemene bouwonderneming beperkt tot de coördinatie van voormelde projecten
- Het optreden als aannemer in vastgoed projecten allerhande
- Het coördineren van werkzaamheden in de breedste zin van het woord
- Het nemen of toestaan van optierechten tot koop of verkoop van vastgoed
- Alle activiteiten als makelaar,bemiddelaar,agent of commissionair,als hoofdaannemer dan wel als onderaannemer
- Het verstrekken of toestaan van leningen en kredietopeningen,onder om het even welke vorm,al dan niet met hypotheek gewaarborgd,het financieren van vastgoedprojecten,het verstrekken van middelen en diensten aan ondernemingen,particulieren,organisaties en alle mogelijke instanties en in dit kader zich ook borg stellen,onder meer door haar goederen in hypotheek of in pand te geven,of aval verlenen in de meest ruime zin en het verrichten van alle handels-en financiële operaties,behalve die welke wettelijk voorbehouden zijn aan financiële instellingen
- Het kopen en verkopen van aandelen in diverse vennootschappen
Invoicing and payment
Check the withholding obligation If you pay this company for building or cleaning work, check before every payment whether you must withhold part of the invoice. Use the enterprise number 0471.546.494
Financial year and general meeting
Accounts at the NBBEnvironmental permits
Source: Omgevingsloket Vlaanderen.
Sites & property
Buildings and parcels at the address
| Cadastral parcel | Region | Area | Buildings | Height / floors |
|---|---|---|---|---|
| 44809I0157/00M000 | Flanders | 9,646 m² | 1 · 297 m² | 2.5 m |