CONDES
ActiveSummary
CONDES has been active since 1994 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €1.1m and a net result of €201,894. Equity is growing by ~12.9% per year across the filed fiscal years. Its solvency ranks better than 93% of 7900 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.4% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability89▼-10
Solvency100=
Growth78=
Track record100
Bankruptcy probability, 12 months
0.4%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €95,000 at 30 days acceptable
Liquidity ample (current ratio 7.02 against 4.47 in 2024; short-term debt: 12.7% and cash: 29.9% of total assets), and 12.7% of the assets are financed with debt.
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Signals
Five signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 43
Relative position
BE, all sectors
reference
Specialised construction activities (NACE 43)
about 85% more bankruptcies
← fewer bankruptcies
more bankruptcies →
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
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
87.3%
Return on assets
16.1%
Age of the figures
9 mo
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 26-05-2026, 66 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
66 d early
2024
65 d early
2023
49 d early
2023
62 d early
2022
59 d early
2021
69 d early
2020
64 d early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 7 accounts on average 62 days before the deadline; the sector median for financial year 2024 is 1 day before the deadline, and 42% of the sector filed late.
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
27-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, abbreviated schema
In the rankings
#7 company by equity in Tienen, Construction sector#7 oldest company in Tienen, Construction sector
Equity
€1.1m▲ 16.7%
2024 · €936,886
Total assets
€1.3m▲ 6.7%
2024 · €1.2m
Net result
€201,894▼ 27.9%
2024 · €279,836
Working capital
€958,564▲ 16.7%
2024 · €821,335
Trend over the years
Click a name to add, emphasise or remove a line.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20222023202320242025
Operating result€96,397▼ 37.7%€192,378▲ 99.6%€263,430-€360,505▲ 36.9%€255,935▼ 29.0%
Net result€70,877▼ 33.2%€145,465▲ 105%€201,337-€279,836▲ 39.0%€201,894▼ 27.9%
Equity€754,101▲ 10.4%€899,566▲ 19.3%€764,652-€936,886▲ 22.5%€1.1m▲ 16.7%
Total assets€807,791▲ 7.1%€1.0m▲ 23.8%€1.2m-€1.2m▲ 1.8%€1.3m▲ 6.7%
Debt€53,690▼ 24.5%€100,629▲ 87.4%€388,329-€236,661▼ 39.1%€159,230▼ 32.7%
Working capital€648,928▲ 14.1%€793,225▲ 22.2%€653,707-€821,335▲ 25.6%€958,564▲ 16.7%
Staff (FTE)5=5=5-5=5=
Turnover and EBIT margin not published: the abbreviated schema does not require them.
Result per fiscal year
Operating resultNet result
Multiple fiscal year ends fall in the same calendar year; an annual trend is not displayed.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €1.3m
Fixed assets
€134,542 ▲ 16.4%
Current assets
€1.1m ▲ 5.7%
Equity and liabilities €1.3m
Equity
€1.1m ▲ 16.7%
Debt
€159,230 ▼ 32.7%
Debt's share of the balance-sheet total falls from 20.2% to 12.7%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€284,061▼
2024 · €384,512
Cash flow
€230,019▼
2024 · €303,843
Current ratio
7.02▲
2024 · 4.47
Quick ratio
5.67▲
2024 · 4.45
Debt to equity
0.15▼
2024 · 0.25
ROE
18.5%▼
2024 · 29.9%
ROA
16.1%▼
2024 · 23.8%
Interest coverage
440.32▼
2024 · 640.85
Debt ≤ 1 year
€159,230▼
2024 · €236,661
Income taxes
€67,525▼
2024 · €96,404
Staff costs
€345,309▼
2024 · €351,012
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 31,324 companies that looked in July 2024 the way this one looks now, 0.4% went bankrupt within 24 months and 93% are still going.
- Micro
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
0.4%
went bankrupt
5.9%
stopped otherwise
93%
still going
A further 0.2% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.4% over twelve months; the group does not contradict it.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,058 companies of July 2024 its group's bankruptcy share. Expected: 1.5%; actually bankrupt within 24 months: 1.6%.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.4% |
| 3 | 0.5% | 0.5% |
| 4 | 0.6% | 0.7% |
| 5 | 0.8% | 0.9% |
| 6 | 1.2% | 1.3% |
| 7 | 1.5% | 1.6% |
| 8 | 1.7% | 1.7% |
| 9 | 2.7% | 2.8% |
| 10 | 5.3% | 5.7% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 74% of comparisons. The level follows the economy: in a year with more bankruptcies, the actual share is higher than the year before.
An observation about 31,324 comparable companies, not a prediction for this company. The sector does not count: the register keeps no sector for companies that stopped, so it would make the outcome look better than it was.
Annual accounts
| Line | 2022 | 2023 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | €307,345 | €332,502 | €247,118 | €351,012 | €345,309 | ▼ 1.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €24,184 | €29,881 | €17,025 | €24,007 | €28,126 | ▲ 17.2% |
| Other operating charges640/8 | €4,885 | €4,950 | €5,038 | €5,535 | €5,749 | ▲ 3.9% |
| Gross operating margin9900 | €432,810 | €559,712 | €532,611 | €741,059 | €635,120 | ▼ 14.3% |
| Operating profit (loss)9901 | €96,397 | €192,378 | €263,430 | €360,505 | €255,935 | ▼ 29.0% |
| Financial income75/76B | €115 | €342 | €6,589 | €16,335 | €14,129 | ▼ 13.5% |
| Recurring financial income75 | €115 | €342 | €6,589 | €16,335 | €14,129 | ▼ 13.5% |
| Financial charges65/66B | €1,331 | €656 | €509 | €600 | €645 | ▲ 7.5% |
| Recurring financial charges65 | €1,331 | €656 | €509 | €600 | €645 | ▲ 7.5% |
| Profit (loss) for the period before taxes9903 | €95,181 | €192,065 | €269,510 | €376,240 | €269,419 | ▼ 28.4% |
| Income taxes67/77 | €24,304 | €46,600 | €68,173 | €96,404 | €67,525 | ▼ 30.0% |
| Profit (loss) for the period9904 | €70,877 | €145,465 | €201,337 | €279,836 | €201,894 | ▼ 27.9% |
| Profit (loss) for the period to be appropriated9905 | €70,877 | €145,465 | €201,337 | €279,836 | €201,894 | ▼ 27.9% |
| Line | 2022 | 2023 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €807,791 | €1.0m | €1.2m | €1.2m | €1.3m | ▲ 6.7% |
| Fixed assets21/28 | €105,173 | €106,342 | €110,945 | €115,552 | €134,542 | ▲ 16.4% |
| Tangible fixed assets22/27 | €105,173 | €106,342 | €110,945 | €115,552 | €134,542 | ▲ 16.4% |
| Land and buildings22 | €75,176 | €65,490 | €78,219 | €94,519 | €81,031 | ▼ 14.3% |
| Plant, machinery and equipment23 | €13,538 | €3,604 | €2,629 | €1,329 | €29 | ▼ 97.8% |
| Furniture and vehicles24 | €16,460 | €37,249 | €30,098 | €19,704 | €53,483 | ▲ 171% |
| Current assets29/58 | €702,617 | €893,854 | €1.0m | €1.1m | €1.1m | ▲ 5.7% |
| Stocks and contracts in progress3 | €43,080 | €66,291 | €44,763 | €5,172 | €214,536 | ▲ 4,048% |
| Stocks30/36 | - | - | - | €5,172 | - | - |
| Contracts in progress37 | €43,080 | €66,291 | €44,763 | - | €214,536 | - |
| Amounts receivable within one year40/41 | €122,680 | €188,123 | €426,806 | €604,123 | €528,264 | ▼ 12.6% |
| Trade receivables40 | €47,773 | €129,013 | €41,098 | €235,925 | €161,267 | ▼ 31.6% |
| Other amounts receivable41 | €74,907 | €59,109 | €385,708 | €368,198 | €366,998 | ▼ 0.3% |
| Cash at bank and in hand54/58 | €514,781 | €631,351 | €565,007 | €448,317 | €374,207 | ▼ 16.5% |
| Deferred charges and accrued income490/1 | €22,077 | €8,089 | €5,459 | €384 | €786 | ▲ 105% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €807,791 | €1.0m | €1.2m | €1.2m | €1.3m | ▲ 6.7% |
| Equity10/15 | €754,101 | €899,566 | €764,652 | €936,886 | €1.1m | ▲ 16.7% |
| Contributions10/11 | €62,000 | €62,000 | €62,000 | €62,000 | €62,000 | = |
| Capital10 | €62,000 | €62,000 | €62,000 | €62,000 | €62,000 | = |
| Issued capital100 | €62,000 | €62,000 | €62,000 | €62,000 | €62,000 | = |
| Reserves13 | €692,101 | €837,566 | €702,652 | €874,886 | €1.0m | ▲ 17.9% |
| Non-distributable reserves130/1 | €24,024 | €24,024 | €24,024 | €24,024 | €24,024 | = |
| Legal reserve130 | €24,024 | €24,024 | €24,024 | €24,024 | €24,024 | = |
| Distributable reserves133 | €668,077 | €813,542 | €678,628 | €850,862 | €1.0m | ▲ 18.4% |
| Amounts payable17/49 | €53,690 | €100,629 | €388,329 | €236,661 | €159,230 | ▼ 32.7% |
| Amounts payable within one year42/48 | €53,690 | €100,629 | €388,329 | €236,661 | €159,230 | ▼ 32.7% |
| Current portion of amounts payable after more than one year42 | €1,309 | - | - | - | - | - |
| Trade debts44 | €44,435 | €83,372 | €17,629 | €38,570 | €51,608 | ▲ 33.8% |
| Suppliers440/4 | €44,435 | €83,372 | €17,629 | €38,570 | €51,608 | ▲ 33.8% |
| Taxes, remuneration and social security45 | €7,411 | €16,723 | €34,449 | €90,489 | €61,948 | ▼ 31.5% |
| Taxes450/3 | €19 | €6,600 | €27,958 | €90,489 | €56,307 | ▼ 37.8% |
| Remuneration and social security454/9 | €7,392 | €10,123 | €6,491 | - | €5,642 | - |
| Other amounts payable47/48 | €534 | €534 | €336,251 | €107,602 | €45,674 | ▼ 57.6% |
| Line | 2022 | 2023 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €70,877 | €145,465 | €201,337 | €279,836 | €201,894 | ▼ 27.9% |
| + Depreciation and write-downs630 | €24,184 | €29,881 | €17,025 | €24,007 | €28,126 | ▲ 17.2% |
| Operating cash flow (approximation) | €95,061 | €175,346 | €218,362 | €303,843 | €230,019 | ▼ 24.3% |
| Investment in fixed assets (approximation) | - | -€31,050 | - | -€28,614 | -€47,116 | ▼ 64.7% |
| Change in cash | - | €116,570 | - | -€116,690 | -€74,110 | ▲ 36.5% |
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
26-05
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema
2025
31-12
Financial
Equity above €1mEq €1.1m ▲16.7%
8 profitable years in a row build equity to €1.1m.
27-05
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema
2024
31-12
Financial
Highest result since 2019net €279,836 ▲39%
Operating result €360,505, net result €279,836, both a record.
12-06
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema
2023
30-08
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema
2022
02-09
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema
2021
23-08
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema
2020
28-08
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema
31-03
Financial
Weakest financial yearnet €45,674 ▼57.6%
Net result drops to €45,674, the lowest in the series; recovery starts the following year.
2019
06-09
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema
2018
12-09
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema
2017
11-09
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 8 acts read
About the unread acts
We know of 8 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
8 acts for this company are in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Tienen · 1 establishment unit since 1994
Ground area
1,586 m²
Building footprint
1,126 m²
Volume, LiDAR
5,412 m³
Parcel 24592D0116/00C002, Flanders · tallest building 5.3 m, ±2 floors. Linked by address, not a title deed.
2
companies at this address
See who is registered here
1 establishment unit
Wulmersumsesteenweg 151, 3300 Tienen
since 19942.066.633.302
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 24592D0116/00C002 | Flanders | 1,586 m² | 1 · 1,126 m² | 5.3 m · 2 fl. |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Structure & network
Owners and holdings
1 ownerOwners 1
-
50%
Holdings 0
No holding stated in the accounts, acts or LEI register we read.
According to the annual accounts of the other companies, the acts in the Belgian Gazette and the LEI register. The register of ultimate beneficial owners (UBO) is not public: who ultimately stands behind a natural person or a foreign parent is not stated here. A company that does not fill in these statements, or need not, is missing.
Connections & network
No current directors or connected companies found in the register.
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Of 20,025 companies in sector 43320 we hold annual accounts for 9,134. 4,169 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPublic limited company
Founded15-04-1994
Fiscal year end31-12
Activities, NACEBEL 2025
43320Joinery installation
E-invoicing
Reachable via Peppol
Peppol ID
0208:0452475801
Registered
21-01-2025
Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.