Liquidity
22.75 was 10.16 in 2024
Short-term debts fell from €5,174 to €1,951.
CNL-Construct
Lifetime
7 annual accounts with figures on one time axispeak €839,787 (2023)
€274,090▲ 11.2%
lowest -€7,863 (2025)
-€7,863▼ €11,721
peak €53,046 (2024)
€45,183▼ 14.8%
€1,951▼ 62.3%
Board2 names since 2018
1 directorBADICEANU Nicolae
Documentsfilings and deeds
12-01-202619 days before the deadline
2025micro format
Gross margin from €10,811 to -€2,035Loss of €7,863Equity from €53,046 to €45,183Debts from €5,174 to €1,951
Key points
from the 2025 annual accountsFilings
7 annual accounts since 2019
The last five annual accounts were filed 13 to 23 days before the end of the period.
Position in the sector
-€7,863
Lower net result than 86% of companies in specialised construction. Sector median €10,184 · 35,124 companies.
Checked score
69
Healthy
Financially stronger than 58% of micro companies in specialised construction (NACE 43)
Probability in this band: 0.55% to 1.5%
Bankruptcy probability within 12 months
0.7% Low
0%0.5%1.5%4%10%≥ 25%
The dashed line is the sector median: 0.7% across 47,696 companies (NACE 43, micro).
About 7 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
Last 24 months
12-2024: 0.3%lowest value
01-2025: 0.3%● unchanged vs 12-2024
02-2025: 0.4%▲ +0.1 percentage points vs 01-2025
03-2025: 0.4%● unchanged vs 02-2025
04-2025: 0.4%● unchanged vs 03-2025
05-2025: 0.4%● unchanged vs 04-2025
06-2025: 0.4%● unchanged vs 05-2025
07-2025: 0.4%● unchanged vs 06-2025
08-2025: 0.4%● unchanged vs 07-2025
09-2025: 0.5%▲ +0.1 percentage points vs 08-2025
10-2025: 0.5%● unchanged vs 09-2025
11-2025: 0.5%● unchanged vs 10-2025
12-2025: 0.5%● unchanged vs 11-2025
01-2026: 0.6%▲ +0.1 percentage points vs 12-2025
02-2026: 0.6%● unchanged vs 01-2026
03-2026: 0.6%● unchanged vs 02-2026
04-2026: 0.6%● unchanged vs 03-2026
05-2026: 0.6%● unchanged vs 04-2026
06-2026: 0.6%● unchanged vs 05-2026
07-2026: 0.6%● unchanged vs 06-2026
08-2026: 0.6%● unchanged vs 07-2026
09-2026: 0.7%▲ +0.1 percentage points vs 08-2026
10-2026: 0.7%● unchanged vs 09-2026highest value
11-2026: 0.7%● unchanged vs 10-2026
Financial strengthStrong
Score breakdown
raises risk
Size: turnover €274,090, total assets €47,133
Loss of €7,863 (financial year 2025)
lowers risk
Liquidity: current ratio 22.75, cash €16,535
Equity €45,183 (95.9% of total assets)
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 43, micro). It does better than 90% of them on solvency, 91% on liquidity, 10% on profitability and 42% on growth.
The bankruptcy probability was computed on 10-11-2026 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 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).
Comparable companies, two years later
In July 2024, 3,591 companies had the same profile as CNL-Construct has now. Each dot stands for 9 companies, two years later.
87.4%
were still trading
9.4%
stopped another way
3.0%
went bankrupt
Another 0.3% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of CNL-Construct itself: 0.7% within 12 months.
Test of the method
The method was tested on the 497,448 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 3,591 companies, not a prediction for CNL-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.
Credit verdict
Credit of up to €3,000 on 30-day terms is acceptable
Liquidity is ample, with a current ratio of 22.75 (10.16 in 2024), above the usual 1.5. Short-term debt is 4.1% and cash 35.1% of total assets. 4.1% of the assets are financed with debt and provisions.
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The scores and ratios are Checked's own calculations, not a credit decision.
Signals
Five signals.
lowers riskraises riskneutral
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 · 7 filingsDeviation from the deadline
2025
19 days early
2024
21 days early
2023
22 days early
2022
13 days early
2021
23 days early
2020
20 days early
2019
14 days early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
The company filed its last 7 accounts on average 19 days before the deadline. In the sector (NACE 43), the median for financial year 2024 was 1 day before the deadline, and 43% of those companies filed late.
Searched, nothing found (2)
neutral · Next filing not due yet
The financial year that closed on 30-06-2026 is due by 31-01-2027. Nothing is late today. The company usually files around 10 January (5 of the last 5 accounts filed within 30 days either side of that date).
Companies Code · seven monthsWhere today falls in the filing period
30-06-2026 year end11-11-2026 today31-01-2027 deadline
Recent changes
Appointment: BADICEANU Nicolae (director)
General meeting of 05-05-2023 · Gazette deed
Transfer of 25 shares from MERTILOS Gheorghe to BADICEANU Nicolae
Resignation: MERTILOS Gheorghe (technical director) · BADICEANU Nicolae holds 100 shares · General meeting of 26-03-2021 · Gazette deed
First establishment
Jules Besmestraat 165, Koekelberg
Incorporation
Founders: BADICEANU Nicolae and MERTILOS Gheorghe · Founding capital of €18,600, 186 shares, €6,200 paid up · Appointment: BADICEANU Nicolae (manager) · published on 30-01-2018 · Gazette deed
Comparable companies
same main activity, similar in size and age| Company | ||||
|---|---|---|---|---|
| CNL-Construct Koekelberg | €274,090 | -2.1% | 95.9% | - |
| NT Build Brussels | - | - | 50.0% | - |
| AMRO CONSTRUCT Halle | €61,454 | -16.0% | 75.4% | - |
| MINAS CONSTRUCT Haaltert | - | - | 20.9% | - |
| SAK Projekt Antwerp | - | - | 43.3% | - |
| COLOR 7 Waterloo | - | - | 66.6% | - |
| S & P Renovatiewerken Antwerp | €183,911 | -6.9% | 32.0% | - |
Grey: the largest companies of the sector (specialised construction (NACE 43)), without their names. Blue: the sector peers from the table.
These companies have the same main activity as CNL-Construct: other building finishing work (NACE 43350). They are comparable in size and age: total assets between €42,500 and €58,000, founded between 2016 and 2018.
Official details
Source: KBO- Status
- Active since 26-01-2018Normal situation
- Registered office
- 11 active companies are registered at this address1 started in the 12 months before. Source: KBO register, as of 10 November 2026.
- Activity
- Other building finishing workNACE 43350and 3 others
- Establishment unit
- 2.272.807.6911081 Koekelberg, since 12-02-2018
- Financial year end
- 30 June
- Peppol
- Reachable
Annual accounts to 30-06-2025
- €47,133▼ 19.0%
- Filing
- Filed on 12-01-2026, 19 days before the end of the filing period
Insights on CNL-Construct
CNL-Construct has existed since 2018. Turnover fell from €839,787 in 2023 to €246,588 in 2024.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette. Click a figure with a dotted line for the item and the filing.
Key facts about CNL-Construct
- What is the company number of CNL-Construct?
- The company number of CNL-Construct is 0688.935.669. The VAT number is the same number with BE in front: BE 0688.935.669.
- Where is CNL-Construct based?
- The registered office is at Jules Besmestraat 165, 1081 Koekelberg.Company details
- What does CNL-Construct do?
- According to the KBO register, the main activity is other building finishing work (NACE 43350).
- What is the legal form of CNL-Construct?
- CNL-Construct is a private limited company (BV).
- When was CNL-Construct founded?
- CNL-Construct was founded on 26-01-2018.
- Is CNL-Construct still active?
- Yes, CNL-Construct is an active enterprise in the KBO register.
- What is the turnover of CNL-Construct?
- The turnover of CNL-Construct was €274,090 in financial year 2025, according to the filed annual accounts.Financials
- Is CNL-Construct profitable?
- In financial year 2025, CNL-Construct made a loss of €7,863.
- Where can I find the annual accounts of CNL-Construct?
- CNL-Construct filed 7 annual accounts with the National Bank of Belgium, the latest for financial year 2025.
- When are the next annual accounts of CNL-Construct due?
- CNL-Construct must file the annual accounts for financial year 2026 by 31-01-2027.Timeline
Next steps
Work out how much credit to give this customer and on what payment terms.Credit check Check what to know before you do business with this company.Supplier due diligence Check whether you can trust this company with building work.Contractor check Check whether you can accept this company as a client under the anti-money-laundering law.AML client file Check which of your other customers you can e-invoice via Peppol.Peppol check Compare this company with its sector.Sector benchmark
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