Equity
Cleo Construct has made a profit without a break since 2020.
Cleo Construct has made a profit without a break since 2020.
Of this, €4.5m falls due within a year.
The 2024 accounts came latest: 238 days after the end of the period.
The dashed line is the sector median: 0.2% across 26,625 companies (NACE 68, micro).
About 4 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
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, micro). It does better than 38% of them on solvency, 9% on liquidity, 28% on profitability and 59% on growth.
The bankruptcy probability was computed on 08-11-2026 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 30-06-2025.
Of the companies with a bankruptcy probability in the very low class on 30-06-2025, 0.1% 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).
In July 2024, 4,508 companies had the same profile as Cleo Construct has now. Each dot stands for 12 companies, two years later.
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of Cleo Construct itself: 0.4% within 12 months.
The method was tested on the 497,447 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 4,508 companies, not a prediction for Cleo 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.
Liquidity is tight, with a current ratio of 1.22 (1.28 in 2024), below the usual 1.5. Short-term debt is 81.8% and cash 2.1% of total assets. 81.8% of the assets are financed with debt and provisions.
Show the recommended maximum and see how the verdict changes with amount, term and advance.
The scores and ratios are Checked's own calculations, not a credit decision.
The company filed its last 7 accounts on average 33 days after 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.
Shares in 1 company, H. EN F. BRION
Board & ownership| Company | ||||
|---|---|---|---|---|
| Cleo Construct Vilvoorde | €5.5m | €268,252 | 18.2% | 1 |
| BELGIAN BUILDING PROJECTS Ternat | €9.1m | €462,700 | -12.1% | 1 |
| AVARONNE Kortrijk | €5.3m | €249,231 | 7.3% | 1.2 |
| DIADE Liège | €6.6m | €253,968 | 4.0% | 1 |
| Montreal Development Antwerp | €5.7m | €256,025 | 3.9% | 1.5 |
| Centrimo Construct Kortrijk | €7.9m | €421,402 | 9.4% | 1 |
| YOBO Ixelles | €5.6m | €259,569 | 3.9% | 0.8 |
These companies have the same main activity as Cleo Construct: development of residential building projects (NACE 68121). They are comparable in size and age: total assets between €5.3m and €9.1m, founded between 2012 and 2018.
Cleo Construct files the abbreviated format. That format states no turnover. The gross margin rose from €60,756 in 2016 to €268,252 in 2025.
In June 2022, the Official Gazette published the appointment of JKG CONSULT as managing director.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette.
Turnover and EBIT margin are not published. The abbreviated or micro format does not require them. The turnover shown is an estimate from the gross margin.
Turnover ≈ €480,000. Estimated: probably between €360,000 and €780,000.
Higher than 37% of 11,299 companies in 2025.
Higher than 53% of 10,851 companies in 2025.
Higher than 50% of 11,184 companies in 2025.
Net result: middle half · Equity: middle half · Balance sheet total: top quarter · Working capital: top quarter · Staff: middle half
Staff costs divided by the average number of full-time equivalents.
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Balance sheet: assets | |||||||||||
20/58 |
5.5m | 4.3m | 2.3m | 2.8m | 1.7m | 92,062 | 91,061 | 123,955 | 240,542 | 55,311 | |
21/28 |
14,190 | 12,524 | 12,856 | 147,434 | 16,678 | 1,692 | 1,300 | - | - | - | |
21 |
- | - | - | - | - | 650 | 1,300 | - | - | - | |
22/27 |
14,190 | 12,524 | 12,856 | 147,434 | 16,678 | 1,042 | - | - | - | - | |
24 |
14,190 | 12,524 | 12,856 | 147,434 | 16,678 | 1,042 | - | - | - | - | |
29/58 |
5.5m | 4.3m | 2.3m | 2.7m | 1.7m | 90,370 | 89,761 | 123,955 | 240,542 | 55,311 | |
3 |
4.3m | 2.6m | 221,630 | 1.2m | 1.4m | 25,181 | - | - | - | 18,033 | |
30/36 |
4.3m | 2.6m | 221,630 | 1.2m | 1.4m | 25,181 | - | - | - | 18,033 | |
40/41 |
1.1m | 1.5m | 2.0m | 170,622 | 47,832 | 61,890 | 88,542 | 106,165 | 239,713 | 37,259 | |
40 |
764,151 | 420,156 | 566,127 | 115,145 | 29,423 | 3,360 | 85,617 | 56,800 | 51,169 | - | |
41 |
287,499 | 1.1m | 1.4m | 55,477 | 18,408 | 58,530 | 2,925 | 49,365 | 188,544 | 37,259 | |
54/58 |
117,279 | 202,344 | 33,992 | 1.3m | 207,766 | 2,129 | 1,219 | 17,113 | 655 | 19 | |
490/1 |
7,186 | 5,829 | 11,203 | 2,640 | 6,341 | 1,169 | - | 677 | 174 | - | |
| Balance sheet: equity and liabilities | |||||||||||
10/49 |
5.5m | 4.3m | 2.3m | 2.8m | 1.7m | 92,062 | 91,061 | 123,955 | 240,542 | 55,311 | |
10/15 |
997,342 | 947,080 | 952,581 | 771,587 | 142,269 | 76,338 | 73,286 | 92,261 | 101,135 | 45,876 | |
10/11 |
45,000 | 45,000 | 45,000 | 45,000 | 45,000 | - | 45,000 | 45,000 | 45,000 | 45,000 | |
100 |
- | - | - | - | - | - | 45,000 | 45,000 | 45,000 | 45,000 | |
11 |
- | - | - | - | - | 45,000 | - | - | - | - | |
1100/10 |
- | - | - | - | - | 45,000 | - | - | - | - | |
13 |
952,342 | 902,080 | 907,581 | 726,587 | 97,269 | 31,338 | 28,286 | 47,261 | 56,135 | 876 | |
130/1 |
- | - | 3,639 | 3,639 | 3,639 | 3,639 | - | - | - | - | |
130 |
- | - | - | - | - | - | 3,639 | 3,639 | 3,639 | 876 | |
1311 |
- | - | 3,639 | 3,639 | 3,639 | - | - | - | - | - | |
1319 |
- | - | - | - | - | 3,639 | - | - | - | - | |
132 |
9,724 | 9,724 | 9,724 | 9,724 | - | - | - | - | - | - | |
133 |
942,618 | 892,356 | 894,217 | 713,224 | 93,630 | 27,699 | 24,647 | 43,622 | 52,496 | - | |
17/49 |
4.5m | 3.4m | 1.3m | 2.0m | 1.6m | 15,724 | 17,775 | 31,694 | 139,407 | 9,435 | |
42/48 |
4.5m | 3.4m | 1.3m | 2.0m | 1.6m | 15,453 | 17,008 | 31,631 | 139,345 | 9,435 | |
43 |
549,039 | 2.4m | 210,000 | 775,152 | 750,870 | - | - | - | - | - | |
430/8 |
549,039 | 2.4m | - | 705,152 | 750,870 | - | - | - | - | - | |
439 |
- | - | 210,000 | 70,000 | - | - | - | - | - | - | |
44 |
186,067 | 410,950 | 544,835 | 645,570 | 367,828 | 13,230 | 6,948 | 26,834 | 63,486 | 6,796 | |
440/4 |
186,067 | 410,950 | 544,835 | 645,570 | 367,828 | 13,230 | 6,948 | 26,834 | 63,486 | 6,796 | |
46 |
2.7m | - | - | - | 105,199 | - | - | - | - | - | |
45 |
196,566 | 42,543 | 311,906 | 251,491 | 46,124 | 2,223 | 3,986 | 4,798 | 75,859 | 2,639 | |
450/3 |
195,929 | 39,941 | 308,590 | 250,632 | 43,409 | 226 | 969 | 3,939 | 71,900 | 63 | |
454/9 |
637 | 2,601 | 3,316 | 859 | 2,715 | 1,997 | 3,016 | 858 | 3,959 | 2,575 | |
47/48 |
804,165 | 554,567 | 241,480 | 367,968 | 292,833 | - | 6,074 | - | - | - | |
492/3 |
1,200 | 1,946 | 2,393 | 8,295 | 3,515 | 271 | 767 | 63 | 63 | - | |
| Income statement | |||||||||||
9900 |
268,252 | 200,213 | 413,254 | 1.1m | 203,070 | 57,041 | 42,528 | 66,606 | 188,140 | 60,756 | |
62 |
61,230 | 59,489 | 62,847 | 52,043 | 57,531 | 51,551 | 56,300 | 74,977 | 98,503 | 59,036 | |
630 |
2,342 | 2,226 | 1,650 | 2,244 | 1,515 | 1,171 | 650 | - | 4,793 | - | |
640/8 |
10,917 | 12,294 | 38,081 | 49,870 | 20,472 | 717 | 4,037 | 579 | 644 | 778 | |
9901 |
193,763 | 126,204 | 310,676 | 956,044 | 123,552 | 3,602 | -18,459 | -8,949 | 84,200 | 942 | |
75/76B |
16,791 | 20,339 | 10,038 | 2,322 | 771 | 57 | 0 | 249 | 1,975 | 27 | |
75 |
16,791 | 20,339 | 10,038 | 2,322 | 771 | 57 | 0 | 249 | 1,975 | 27 | |
65/66B |
129,400 | 112,298 | 47,691 | 80,838 | 43,368 | 504 | 516 | 174 | 1,857 | 29 | |
65 |
129,400 | 112,298 | 47,691 | 80,838 | 43,368 | 504 | 516 | 174 | 1,857 | 29 | |
9903 |
81,155 | 34,245 | 273,023 | 877,528 | 80,955 | 3,155 | -18,975 | -8,874 | 84,318 | 940 | |
67/77 |
30,892 | 14,994 | 92,030 | 248,209 | 15,024 | 104 | - | - | 29,060 | 64 | |
9904 |
50,263 | 19,252 | 180,993 | 629,318 | 65,931 | 3,052 | -18,975 | -8,874 | 55,259 | 876 | |
9905 |
50,263 | 19,252 | 180,993 | 629,318 | 65,931 | 3,052 | -18,975 | -8,874 | 55,259 | 876 | |
| Appropriation of the result | |||||||||||
9906 |
50,263 | 19,252 | 180,993 | 629,318 | 65,931 | 3,052 | -18,975 | -8,874 | 55,259 | 876 | |
791/2 |
- | 24,752 | - | - | - | - | 18,975 | 8,874 | - | - | |
691/2 |
50,263 | 19,252 | 180,993 | 629,318 | 65,931 | 3,052 | - | - | 55,259 | 876 | |
6920 |
- | - | - | - | - | - | - | - | 2,763 | 876 | |
6921 |
50,263 | 19,252 | 180,993 | 629,318 | 65,931 | 3,052 | - | - | 52,496 | - | |
694/7 |
- | 24,752 | - | - | - | - | - | - | - | - | |
694 |
- | 24,752 | - | - | - | - | - | - | - | - | |
| Social balance sheet | |||||||||||
9087 |
1 | 1 | - | 1 | 1 | 1 | 1 | 1.5 | 2 | 2 | |
Hours worked1013 |
1,576 | 1,640 | - | 1,640 | 1,792 | 1,640 | 1,744 | 2,460 | 3,376 | 2,000 | |
| Document | |||||||||||
The notes to these accounts have 6 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the filed accounts (PDF).
Source: Annual accounts 2025 (PDF), filed on 29-01-2026.
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-06-2025 | abbreviated format | 29-01-2026 | 2026-00032248 | |
| 30-06-2024 | abbreviated format | 26-09-2025 | 2025-00506315 | |
| 30-06-2023 | abbreviated format | 30-01-2024 | 2024-00026834 | |
| 30-06-2022 | micro format | 29-01-2023 | 2023-00016022 | |
| 30-06-2021 | micro format | 31-01-2022 | 2022-03700218 | |
| 30-06-2020 | micro format | 29-01-2021 | 2021-04600259 | |
| 30-06-2019 | micro format | 31-01-2020 | 2020-04500299 | |
| 30-06-2018 | micro format | 31-01-2019 | 2019-04500122 | |
| 30-06-2017 | micro format | 12-02-2018 | 2018-04800205 | |
| 30-06-2016 | abbreviated format | 02-02-2017 | 2017-03600367 |
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 196,105 | 128,430 | 312,326 | 958,288 | 125,066 | 4,773 | -17,809 | - | 88,993 | - | ||
| 52,605 | 21,478 | 182,643 | 631,563 | 67,446 | 4,223 | -18,325 | - | 60,052 | - | ||
| 4,007 | 1,894 | 13,965 | 133,000 | 16,500 | 1,564 | 1,950 | - | 4,793 | - | ||
| -85,065 | 168,352 | -1.3m | 1.1m | 205,637 | 911 | -15,894 | 16,458 | 636 | - | ||
| 984,353 | 936,502 | 942,117 | 632,449 | 129,106 | 74,917 | 72,752 | 92,323 | 101,197 | 45,876 | ||
| 18.2% | 21.8% | 42.1% | 27.4% | 8.3% | 82.9% | 80.5% | 74.4% | 42.0% | 82.9% | ||
| 1.22 | 1.28 | 1.72 | 1.31 | 1.08 | 5.85 | 5.28 | 3.92 | 1.73 | 5.86 | ||
| 0.26 | 0.51 | 1.55 | 0.74 | 0.17 | 4.22 | 5.28 | 3.92 | 1.73 | 3.95 | ||
| 4.49 | 3.58 | 1.38 | 2.65 | 11.01 | 0.21 | 0.24 | 0.34 | 1.38 | 0.21 | ||
| 5.0% | 2.0% | 19.0% | 81.6% | 46.3% | 4.0% | -25.9% | -9.6% | 54.6% | 1.9% | ||
| 0.9% | 0.4% | 8.0% | 22.3% | 3.9% | 3.3% | -20.8% | -7.2% | 23.0% | 1.6% | ||
| 1.52 | 1.14 | 6.55 | 11.85 | - | - | - | - | - | - |
A Belgian filing has no cash-flow statement. Cash flow is therefore an approximation, derived from the income statement. Investment is the acquisitions in the notes and, without them, the balance-sheet move.
| Item | 30-06-2025 | 30-06-2024 | 30-06-2022 |
|---|---|---|---|
| Employees at the balance-sheet date | 1 | 1 | 1 |
| full-time | 1 | 1 | 1 |
| in full-time equivalents | 1 | 1 | 1 |
| 1 | 1 | 1 | |
| On a permanent contract | 1 | 1 | 1 |
Source: social balance sheet in the 2022 to 2025 annual accounts
| Item | 30-06-2025 | 30-06-2024 | 30-06-2023 | 30-06-2022 |
|---|---|---|---|---|
| Mortgages, amount registered | - | - | €27,500 | - |
| Carrying value of the mortgaged assets | - | - | €40,676 | - |
Source: notes to the 2022 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
| Item | 30-06-2025 | 30-06-2024 | 30-06-2023 | 30-06-2022 |
|---|---|---|---|---|
| Tangible fixed assets | €4,007 | €1,894 | €13,965 | €133,000 |
| €2,342 | €2,226 | €1,650 | €2,244 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
The operating result for 2025 is 54% higher than in 2024. It is a recovery after the fall in 2024.
Debt's share of the balance-sheet total rises from 78.2% to 81.8%. Equity and debt are higher.
The connected companies are in the list below.
Deadline for the 2026 accounts: 31-01-2027
Financial milestones sit on the financial year-end date, not the filing date.
All 20 environmental permit applications
Sources: Publications in the Belgian Official GazetteFilings with the National Bank
On 9 January 2015, Cleo Construct was incorporated.1 In 2019 the registered office moved to Vilvoorde.2 H. EN F. BRION was merged into the company in 2022.3 Total assets went from €2.8m in 2022 to €5.5m in 2025 and headcount from 1 to 1 full-time equivalents.4
| Establishment | Since | Unit number |
|---|---|---|
| Havendoklaan 7.3 registered office 1800 Vilvoorde | ||
| Havendoklaan 7 1800 Vilvoorde | 09-01-2015 | 2.238.972.410 |
| 05-10-2026 | Granted | Bouwen of herbouwen submitted 11-08-2026 · project 2026094217 | Vilvoorde |
| 05-10-2026 | Granted | Bouwen of herbouwen submitted 11-08-2026 · project 2026094049 | Vilvoorde |
| 05-04-2026 | Under appeal | Bouwen of herbouwen; Het reliëf van de bodem aanmerkelijk wijzigen; Slopen van niet vrijstaande gebouwen of constructies project 2026046097 | Provincie Vlaams-Brabant |
| 23-03-2026 | Refused | Bouwen of herbouwen; Het reliëf van de bodem aanmerkelijk wijzigen; Slopen van niet vrijstaande gebouwen of constructies submitted 14-10-2025 · project 2025099821 | Steenokkerzeel |
| 13-10-2025 | Granted | Nieuwbouw of aanleggen submitted 31-12-2024 · project 2024165471 | Lier |
| 03-02-2025 | Granted | Bouwen of herbouwen submitted 26-12-2024 · project 2024167041 | Vilvoorde |
| 03-02-2025 | Granted | Nieuwbouw van bijgebouwen en niet overdekte lage constructie submitted 26-12-2024 · project 2024167028 | Vilvoorde |
| 09-12-2024 | Refused | Nieuwbouw van bijgebouwen en niet overdekte lage constructie submitted 17-10-2024 · project 2024139478 | Vilvoorde |
| 09-12-2024 | Refused | Bouwen of herbouwen submitted 30-09-2024 · project 2024131616 | Vilvoorde |
| 25-11-2024 | Granted | Bouwen of herbouwen submitted 25-10-2024 · project 2024143090 | Vilvoorde |
The 10 most recent of 20 applications.
Source: Omgevingsloket Vlaanderen.
| Cadastral parcel | Area | Buildings | Height / floors |
|---|---|---|---|
| 23643E0213/00H000 | 5,088 m² | 1 · 2,294 m² | 8.1 m · 2 |
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 0568.694.172
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