CINQ FRERES CONSTRUCT
ActiveSummary
The computed 12-month bankruptcy probability of CINQ FRERES CONSTRUCT is 1.9% (moderate). The 2025 annual accounts show equity of €72k and a net result of €12k. Equity is growing by ~43.3% per year across the filed fiscal years. Its solvency ranks better than 60% of 1208 sector peers (fiscal year 2025). The company has been active since 2019 and the Belgian State Gazette contains no insolvency or warning signals.
Checked score
Score 2025
Axes · tick = 2024
Profitability79=
Solvency75▲+16
Growth78=
Track record100
Bankruptcy probability, 12 months
1.9%
Moderate
0%0.5%1.5%4%10%≥ 25%
Credit up to €4k at 30 days acceptable
Liquidity ample (current ratio 1.86 against 1.38 in 2024; short-term debt: 50.1% and cash: 0.1% of total assets), but 50.1% of the assets are financed with debt.
Credit check for your own amount and term
Signals
Five signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
raises risk · Limited track record
This company has not been active as long as an established one and statistically fails somewhat more often.
KBO · incorporation dateAge against the risk zone
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 81
Relative position
BE, all sectors
reference
Services to buildings and landscape activities (NACE 81)
about 79% more bankruptcies
← fewer bankruptcies
more bankruptcies →
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
49.9%
Return on assets
8.4%
Age of the figures
9 mo
neutral · Filed after the deadline
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 10-08-2026, 10 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 · 7 filingsDeviation from the deadline
2025
10 d late
2024
46 d late
2023
55 d late
2022
29 d late
2021
11 d late
2020
68 d late
2019
105 d late
← before the deadline
after the deadline →
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
25-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, abbreviated schema
Equity
€72k▲ 20.3%
2024 · €60k
2019: €20k
2020: €-15k▼ -175% vs 2019lowest in 7 years
2021: €28k▲ +287% vs 2020
2022: €19k▼ -32.1% vs 2021
2023: €46k▲ +139% vs 2022
2024: €60k▲ +31.3% vs 2023
2025: €72k▲ +20.3% vs 2024highest in 7 years
2019 → 2025
Total assets
€145k▼ 18.7%
2024 · €178k
2019: €87k
2020: €38k▼ -56.8% vs 2019lowest in 7 years
2021: €97k▲ +158% vs 2020
2022: €195k▲ +101% vs 2021highest in 7 years
2023: €120k▼ -38.7% vs 2022
2024: €178k▲ +48.9% vs 2023
2025: €145k▼ -18.7% vs 2024
2019 → 2025
Net result
€12k▼ 14.7%
2024 · €14k
2019: €2k
2020: €-35k▼ -2293% vs 2019lowest in 7 years
2021: €43k▲ +223% vs 2020highest in 7 years
2022: €-9k▼ -121% vs 2021
2023: €27k▲ +394% vs 2022
2024: €14k▼ -46.3% vs 2023
2025: €12k▼ -14.7% vs 2024
2019 → 2025
Working capital
€62k▲ 38.8%
2024 · €45k
2019: €-412
2020: €-38k▼ -9117% vs 2019lowest in 7 years
2021: €15k▲ +141% vs 2020
2022: €15k▼ -5.4% vs 2021
2023: €34k▲ +134% vs 2022
2024: €45k▲ +30.5% vs 2023
2025: €62k▲ +38.8% vs 2024highest in 7 years
2019 → 2025
Trend over the years
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€28k-€19k▼ 32.1%€46k▲ 139%€60k▲ 31.3%€72k▲ 20.3%
2021: €28k
2022: €19k▼ -32.1% vs 2021lowest in 5 years
2023: €46k▲ +139% vs 2022
2024: €60k▲ +31.3% vs 2023
2025: €72k▲ +20.3% vs 2024highest in 5 years
Operating result€50k-€-5k€36k€19k▼ 45.8%€17k▼ 9.9%
2021: €50khighest in 5 years
2022: €-5k▼ -110% vs 2021lowest in 5 years
2023: €36k▲ +811% vs 2022
2024: €19k▼ -45.8% vs 2023
2025: €17k▼ -9.9% vs 2024
Net result€43k-€-9k€27k€14k▼ 46.3%€12k▼ 14.7%
2021: €43khighest in 5 years
2022: €-9k▼ -121% vs 2021lowest in 5 years
2023: €27k▲ +394% vs 2022
2024: €14k▼ -46.3% vs 2023
2025: €12k▼ -14.7% vs 2024
Turnover and EBIT margin not published: the abbreviated or micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result has fallen two years in a row; 2025 is 10% below 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €145k
Fixed assets
€10k ▼ 33.4%
Current assets
€135k ▼ 17.3%
Equity and liabilities €145k
Equity
€72k ▲ 20.3%
Debt
€73k ▼ 38.5%
Debt's share of the balance-sheet total falls from 66.2% to 50.1%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€24k▼
2024 · €25k
Cash flow
€19k▼
2024 · €20k
Current ratio
1.86▲
2024 · 1.38
Quick ratio
0.37▼
2024 · 0.74
Debt to equity
1.00▼
2024 · 1.96
ROE
16.9%▼
2024 · 23.8%
ROA
8.4%▲
2024 · 8.0%
Interest coverage
48.09▲
2024 · 40.59
Debt ≤ 1 year
€73k▼
2024 · €118k
Income taxes
€5k▲
2024 · €4k
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Filed annual accounts As filed with the NBB · 2025 against 2024 · 43 lines
Balance sheet
Code20242025
Assets
Total assets20/58€178k€145k▼
Fixed assets21/28€15k€10k▼
Intangible fixed assets21€417€67▼
Tangible fixed assets22/27€14k€9k▼
Plant, machinery and equipment23€4k€3k▼
Furniture and vehicles24€10k€6k▼
Financial fixed assets28€1k€1k=
Current assets29/58€163k€135k▼
Stocks and contracts in progress3€75k€108k▲
Stocks30/36-€13k
Contracts in progress37€75k€96k▲
Amounts receivable within one year40/41€86k€24k▼
Trade receivables40€75k€18k▼
Other amounts receivable41€11k€6k▼
Cash at bank and in hand54/58€85€174▲
Deferred charges and accrued income490/1€2k€2k▲
Equity and liabilities
Total equity and liabilities10/49€178k€145k▼
Equity10/15€60k€72k▲
Contributions10/11€19k€19k=
Profit (loss) carried forward14€42k€54k▲
Amounts payable17/49€118k€73k▼
Amounts payable within one year42/48€118k€73k▼
Trade debts44€87k€41k▼
Suppliers440/4€87k€41k▼
Taxes, remuneration and social security45€27k€10k▼
Taxes450/3€24k€10k▼
Remuneration and social security454/9€3k-
Other amounts payable47/48€5k€21k▲
Income statement
Code20242025
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€6k€6k▲
Other operating charges640/8€804€2k▲
Non-recurring operating charges66A€126€823▲
Gross operating margin9900€26k€26k▲
Operating profit (loss)9901€19k€17k▼
Financial income75/76B€45€3▼
Recurring financial income75€45€3▼
Financial charges65/66B€619€495▼
Recurring financial charges65€619€495▼
Profit (loss) for the period before taxes9903€19k€17k▼
Income taxes67/77€4k€5k▲
Profit (loss) for the period9904€14k€12k▼
Profit (loss) for the period to be appropriated9905€14k€12k▼
Appropriation of the result
Profit (loss) to be appropriated9906€42k€54k▲
Profit (loss) brought forward from the previous period14P€27k€42k▲
The notes to these accounts (10 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Accounts by statement
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €8k | €3k | €6k | €6k | €6k | ▲ 10.4% |
| Other operating charges640/8 | €2k | €9k | €338 | €804 | €2k | ▲ 96.9% |
| Non-recurring operating charges66A | €12k | €12k | €4k | €126 | €823 | ▲ 552% |
| Gross operating margin9900 | €71k | €19k | €46k | €26k | €26k | ▲ 0.6% |
| Operating profit (loss)9901 | €50k | €-5k | €36k | €19k | €17k | ▼ 9.9% |
| Financial income75/76B | €389 | - | - | €45 | €3 | ▼ 93.6% |
| Recurring financial income75 | €389 | - | - | €45 | €3 | ▼ 93.6% |
| Financial charges65/66B | €2k | €4k | €961 | €619 | €495 | ▼ 20.0% |
| Recurring financial charges65 | €2k | €4k | €961 | €619 | €495 | ▼ 20.0% |
| Profit (loss) for the period before taxes9903 | €48k | €-9k | €35k | €19k | €17k | ▼ 9.7% |
| Income taxes67/77 | €5k | - | €8k | €4k | €5k | ▲ 6.4% |
| Profit (loss) for the period9904 | €43k | €-9k | €27k | €14k | €12k | ▼ 14.7% |
| Profit (loss) for the period to be appropriated9905 | €43k | €-9k | €27k | €14k | €12k | ▼ 14.7% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €97k | €195k | €120k | €178k | €145k | ▼ 18.7% |
| Fixed assets21/28 | €13k | €5k | €12k | €15k | €10k | ▼ 33.4% |
| Intangible fixed assets21 | - | - | - | €417 | €67 | ▼ 83.9% |
| Tangible fixed assets22/27 | €13k | €5k | €10k | €14k | €9k | ▼ 35.3% |
| Plant, machinery and equipment23 | €4k | €3k | €6k | €4k | €3k | ▼ 36.1% |
| Furniture and vehicles24 | €8k | €1k | €4k | €10k | €6k | ▼ 35.0% |
| Financial fixed assets28 | - | - | €1k | €1k | €1k | = |
| Current assets29/58 | €84k | €191k | €108k | €163k | €135k | ▼ 17.3% |
| Stocks and contracts in progress3 | - | - | - | €75k | €108k | ▲ 44.2% |
| Stocks30/36 | - | - | - | - | €13k | - |
| Contracts in progress37 | - | - | - | €75k | €96k | ▲ 27.4% |
| Amounts receivable within one year40/41 | €77k | €186k | €107k | €86k | €24k | ▼ 72.2% |
| Trade receivables40 | €57k | €124k | €24k | €75k | €18k | ▼ 76.2% |
| Other amounts receivable41 | €20k | €63k | €83k | €11k | €6k | ▼ 44.4% |
| Cash at bank and in hand54/58 | €3k | €2k | €5 | €85 | €174 | ▲ 104% |
| Deferred charges and accrued income490/1 | €4k | €3k | €1k | €2k | €2k | ▲ 58.4% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €97k | €195k | €120k | €178k | €145k | ▼ 18.7% |
| Equity10/15 | €28k | €19k | €46k | €60k | €72k | ▲ 20.3% |
| Contributions10/11 | €19k | €19k | €19k | €19k | €19k | = |
| Profit (loss) carried forward14 | €10k | €548 | €27k | €42k | €54k | ▲ 29.4% |
| Amounts payable17/49 | €69k | €176k | €74k | €118k | €73k | ▼ 38.5% |
| Amounts payable within one year42/48 | €69k | €176k | €74k | €118k | €73k | ▼ 38.5% |
| Trade debts44 | €54k | €159k | €53k | €87k | €41k | ▼ 52.4% |
| Suppliers440/4 | €53k | €137k | €53k | €87k | €41k | ▼ 52.4% |
| Bills of exchange payable441 | €1k | €22k | - | - | - | - |
| Taxes, remuneration and social security45 | €15k | €17k | €21k | €27k | €10k | ▼ 62.4% |
| Taxes450/3 | €15k | €17k | €21k | €24k | €10k | ▼ 57.7% |
| Remuneration and social security454/9 | - | - | - | €3k | - | - |
| Other amounts payable47/48 | - | - | - | €5k | €21k | ▲ 357% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €43k | €-9k | €27k | €14k | €12k | ▼ 14.7% |
| + Depreciation and write-downs630 | €8k | €3k | €6k | €6k | €6k | ▲ 10.4% |
| Operating cash flow (approximation) | €51k | €-6k | €32k | €20k | €19k | ▼ 7.6% |
| Investment in fixed assets (approximation) | - | €5k | €-13k | €-10k | €-1k | ▲ 87.6% |
| Change in cash | - | €-1k | €-2k | €80 | €89 | ▲ 11.4% |
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
14-08
State Gazette act
Resignation: ARIFI Arjetë (manager)Appointment: ARIFI Arjetë (director) · Purpose change · Legal-form conversion10 facts ▸
State Gazette act
Resignation: ARIFI Arjetë (manager)
Appointment: ARIFI Arjetë (director) · Purpose change · Legal-form conversion10 facts ▸
- General meeting, 12 août 2026
- Purpose change, Extension de l'objet aux activités liées à la toiture, menuiserie, charpente, etc.
- Legal-form conversion, De Société privée à responsabilité limitée (S.P.R.L.) à Société à responsabilité limitée (S.R.L.)
- Statutes amendment
- Capital, €18.600
- Statutes amendment
- Director resignation, ARIFI Arjetë (manager)
- Director discharge, ARIFI Arjetë
- Director appointment, ARIFI Arjetë (director)
- Mandate compensation, ARIFI Arjetë
10-08
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema · 10 days late
2025
15-09
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 46 days late
2024
24-09
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 55 days late
2023
31-12
Financial
Back to profitnet €27k
Net result €27k after one loss-making year.
29-08
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 29 days late
2022
11-08
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 11 days late
2021
31-12
Financial
Back to profitnet €43k
Net result €43k after one loss-making year.
31-12
Financial
Liquidity quadruplescurrent ratio 1.22
Current ratio from 0.28 to 1.22.
07-10
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 68 days late
2020
31-12
Financial
Weakest financial yearnet €-35k
Net result drops to €-35k, the lowest in the series; recovery starts the following year.
13-11
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 105 days late
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
1 of 5 acts read
About the unread acts
Of the 5 Belgian State Gazette acts we know for this company, 1 has been read. The other 4 have not been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
1 director, last change in 2026
ARIFI Arjetë
CurrentDirector · since 12-08-2026
12-08-2026
Resigned as Manager
12-08-2026
Appointed as Director
Not every act has been read: a resignation may be missing here
4 of this company's 5 Belgian State Gazette acts have not been read yet. Appointments and resignations recorded in them are missing above: a director who resigned there may therefore still show here as sitting. The acts are in the Timeline.
Location & real-estate footprint
Registered office, Namur · 1 establishment unit since 2019
Ground area
387 m²
Building footprint
138 m²
Volume, LiDAR
1,616 m³
2 parcels, Wallonia · tallest building 19.2 m, ±5 floors. Linked by address, not a title deed.
1 establishment unit
CINQ FRERES CONSTRUCT
since 20192.287.703.428
2 parcels
Wallonia
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 92032A0013/00R002 | Wallonia | 268 m² | 1 · 55 m² | 8.0 m · 2 fl. |
| 92094C0259/00X000 | Wallonia | 119 m² | 1 · 83 m² | 19.2 m · 5 fl. |
Linked by address, not proof of ownership
Good to know
2 of 2 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Structure & network
Capital and shareholders
Capital over the years
- 14-08-2026 Capital stated in the act · 18,600 EUR · 186 shares
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Of 7,006 companies in sector 81220 we hold annual accounts for 2,414. 2,024 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
Founded28-02-2019
Fiscal year end31-12
Activities, NACEBEL 2025
43910Bricklaying and masonry work
81220Other building cleaning and industrial cleaning
43990Other specialised construction activities
Scores and ratios are computed by Checked and are not a credit decision.