Construct 34
ActiveSummary
Construct 34 has been active since 2012 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €935,570 and a net result of €74,311. Equity is growing by ~9.7% per year across the filed fiscal years. Its solvency ranks better than 67% of 31896 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.1% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability76▼-9
Solvency97▼-3
Growth52▼-26
Track record100
Bankruptcy probability, 12 months
0.1%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €75,000 at 30 days acceptable
Liquidity ample (current ratio 2.83 against 4.16 in 2024; short-term debt: 25.4% and cash: 8.1% of total assets), and 27.5% of the assets are financed with debt.
Credit check for your own amount and term
Open the credit simulator : see how the verdict changes with amount, term and advance.
Signals
Four signals. The signal on the left, the evidence on the right.
−lowers risk○neutral
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 70
Relative position
BE, all sectors
reference
Activities of head offices; management consultancy activities (NACE 70)
about 69% fewer 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
72.5%
Return on assets
5.8%
Age of the figures
9 mo
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
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 22-07-2026, 9 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
9 d early
2024
9 d early
2023
14 d late
2022
75 d early
2021
30 d early
2020
18 d late
2019
32 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 18 days before the deadline; the sector median for financial year 2024 is 9 days before the deadline, and 32% 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
Go further with this company
How much credit can you give this customer, and on what term?Credit simulator What should you check before you do business with this company?Supplier due diligence Can you accept this company as a client under the anti-money-laundering law?AML client file Which of your other customers can you e-invoice via Peppol?Peppol check What other support did companies like this one receive, and it did not?Subsidy mirror How does this company compare with its sector?Sector benchmark
Is this your company? See how customers and banks see it.
Investigating this company? Keep it with today's facts in a case file.
Financials · fiscal year 2025, micro schema
Equity
€935,570▼ 10.1%
2024 · €1.0m
Total assets
€1.3m▲ 0.1%
2024 · €1.3m
Net result
€74,311▼ 57.0%
2024 · €172,649
Working capital
€599,431▼ 7.0%
2024 · €644,515
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
Line20212022202320242025
Operating result€286,080▲ 10.5%€315,830▲ 10.4%€182,373▼ 42.3%€198,417▲ 8.8%€91,535▼ 53.9%
Net result€198,243▲ 11.1%€204,410▲ 3.1%€150,955▼ 26.2%€172,649▲ 14.4%€74,311▼ 57.0%
Equity€897,682▲ 14.6%€960,942▲ 7.0%€1.1m▲ 15.7%€1.0m▼ 6.4%€935,570▼ 10.1%
Total assets€1.2m▲ 17.0%€1.3m▲ 11.4%€1.3m▼ 2.7%€1.3m▼ 0.9%€1.3m▲ 0.1%
Debt€301,816▲ 24.9%€375,759▲ 24.5%€188,935▼ 49.7%€248,154▲ 31.3%€355,332▲ 43.2%
Working capital€614,361▲ 24.4%€629,191▲ 2.4%€770,136▲ 22.4%€644,515▼ 16.3%€599,431▼ 7.0%
Staff (FTE)4▲ 5.3%4.3▲ 7.5%2.7▼ 37.2%1▼ 63.0%1=
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 falls in 2025; 2025 is 54% below 2024 and is the lowest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €1.3m
Fixed assets
€363,691 ▼ 17.5%
Current assets
€927,210 ▲ 9.3%
Equity and liabilities €1.3m
Equity
€935,570 ▼ 10.1%
Debt
€355,332 ▲ 43.2%
Debt's share of the balance-sheet total rises from 19.2% to 27.5%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€170,592▼
2024 · €266,811
Cash flow
€153,368▼
2024 · €241,043
Current ratio
2.83▼
2024 · 4.16
Debt to equity
0.38▲
2024 · 0.24
ROE
7.9%▼
2024 · 16.6%
ROA
5.8%▼
2024 · 13.4%
Interest coverage
37.77▼
2024 · 117.88
Debt ≤ 1 year
€327,779▲
2024 · €203,790
Debt > 1 year
€26,631▼
2024 · €42,284
Income taxes
€29,403▼
2024 · €67,585
Staff costs
€20,069▲
2024 · €551
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 34,672 companies that looked in July 2024 the way this one looks now, 0.6% went bankrupt within 24 months and 95% are still going.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
0.6%
went bankrupt
3.9%
stopped otherwise
95%
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 0.1% 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 34,672 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 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | €4,134 | €9,740 | - | €12,992 | €0 | ▼ 100% |
| Remuneration, social security and pensions62 | €195,687 | €239,985 | €180,883 | €551 | €20,069 | ▲ 3,541% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €35,709 | €53,173 | €56,747 | €68,394 | €79,057 | ▲ 15.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | -€540 | - | €36,676 | €861 | €0 | ▼ 100% |
| Other operating charges640/8 | €3,843 | €5,132 | €4,944 | €5,753 | €4,876 | ▼ 15.2% |
| Gross operating margin9900 | €520,779 | €614,120 | €461,622 | €273,976 | €195,538 | ▼ 28.6% |
| Operating profit (loss)9901 | €286,080 | €315,830 | €182,373 | €198,417 | €91,535 | ▼ 53.9% |
| Financial income75/76B | €557 | €2,275 | €21,415 | €44,080 | €16,696 | ▼ 62.1% |
| Recurring financial income75 | €557 | €2,275 | €10,511 | €44,080 | €16,696 | ▼ 62.1% |
| Non-recurring financial income76B | - | - | €10,904 | - | - | - |
| Financial charges65/66B | €173 | €15,000 | -€11,200 | €2,263 | €4,517 | ▲ 99.6% |
| Recurring financial charges65 | €173 | €15,000 | -€11,200 | €2,263 | €4,517 | ▲ 99.6% |
| Profit (loss) for the period before taxes9903 | €286,463 | €303,105 | €214,988 | €240,234 | €103,714 | ▼ 56.8% |
| Income taxes67/77 | €88,220 | €98,695 | €64,033 | €67,585 | €29,403 | ▼ 56.5% |
| Profit (loss) for the period9904 | €198,243 | €204,410 | €150,955 | €172,649 | €74,311 | ▼ 57.0% |
| Profit (loss) for the period to be appropriated9905 | €198,243 | €204,410 | €150,955 | €172,649 | €74,311 | ▼ 57.0% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €1.2m | €1.3m | €1.3m | €1.3m | €1.3m | ▲ 0.1% |
| Fixed assets21/28 | €371,805 | €405,575 | €401,450 | €440,984 | €363,691 | ▼ 17.5% |
| Tangible fixed assets22/27 | €371,805 | €405,575 | €401,450 | €435,984 | €358,691 | ▼ 17.7% |
| Land and buildings22 | €356,966 | €325,783 | €294,600 | €266,055 | €234,692 | ▼ 11.8% |
| Plant, machinery and equipment23 | €753 | €376 | - | €7,738 | €7,474 | ▼ 3.4% |
| Furniture and vehicles24 | €13,570 | €79,157 | €106,850 | €162,191 | €116,525 | ▼ 28.2% |
| Other tangible fixed assets26 | €516 | €258 | - | - | - | - |
| Financial fixed assets28 | - | - | - | €5,000 | €5,000 | = |
| Current assets29/58 | €827,693 | €931,127 | €899,383 | €848,305 | €927,210 | ▲ 9.3% |
| Amounts receivable within one year40/41 | €64,209 | €111,517 | €118,181 | €49,121 | €86,458 | ▲ 76.0% |
| Trade receivables40 | €62,415 | €111,517 | €110,318 | €49,008 | €65,602 | ▲ 33.9% |
| Other amounts receivable41 | €1,794 | - | €7,863 | €113 | €20,856 | ▲ 18,388% |
| Current investments50/53 | €173,660 | €201,962 | €504,624 | €687,722 | €703,463 | ▲ 2.3% |
| Cash at bank and in hand54/58 | €559,664 | €584,405 | €241,911 | €77,262 | €104,332 | ▲ 35.0% |
| Deferred charges and accrued income490/1 | €30,160 | €33,243 | €34,666 | €34,200 | €32,957 | ▼ 3.6% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €1.2m | €1.3m | €1.3m | €1.3m | €1.3m | ▲ 0.1% |
| Equity10/15 | €897,682 | €960,942 | €1.1m | €1.0m | €935,570 | ▼ 10.1% |
| Contributions10/11 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €879,082 | €942,342 | €1.1m | €1.0m | €916,970 | ▼ 10.3% |
| Non-distributable reserves130/1 | €1,860 | €1,860 | - | - | - | - |
| Reserves not available under the articles1311 | €1,860 | €1,860 | - | - | - | - |
| Distributable reserves133 | €877,222 | €940,482 | €1.1m | €1.0m | €916,970 | ▼ 10.3% |
| Profit (loss) carried forward14 | - | - | - | €0 | €0 | - |
| Amounts payable17/49 | €301,816 | €375,759 | €188,935 | €248,154 | €355,332 | ▲ 43.2% |
| Amounts payable after more than one year17 | €87,825 | €72,878 | €57,699 | €42,284 | €26,631 | ▼ 37.0% |
| Financial debts170/4 | €87,825 | €72,878 | €57,699 | €42,284 | €26,631 | ▼ 37.0% |
| Amounts payable within one year42/48 | €213,332 | €301,936 | €129,246 | €203,790 | €327,779 | ▲ 60.8% |
| Current portion of amounts payable after more than one year42 | €14,719 | €14,947 | €15,179 | €15,414 | €15,654 | ▲ 1.6% |
| Trade debts44 | €45,958 | €46,148 | €26,277 | €16,920 | €16,329 | ▼ 3.5% |
| Suppliers440/4 | €45,958 | €46,148 | €26,277 | €16,920 | €16,329 | ▼ 3.5% |
| Taxes, remuneration and social security45 | €58,191 | €98,627 | €77,581 | €18,540 | €22,513 | ▲ 21.4% |
| Taxes450/3 | €36,797 | €71,507 | €58,913 | €16,807 | €20,509 | ▲ 22.0% |
| Remuneration and social security454/9 | €21,394 | €27,120 | €18,668 | €1,733 | €2,004 | ▲ 15.7% |
| Other amounts payable47/48 | €94,465 | €142,213 | €10,210 | €152,916 | €273,284 | ▲ 78.7% |
| Accrued charges and deferred income492/3 | €660 | €946 | €1,990 | €2,080 | €922 | ▼ 55.7% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €198,243 | €204,410 | €150,955 | €172,649 | €74,311 | ▼ 57.0% |
| + Depreciation and write-downs630 | €35,709 | €53,173 | €56,747 | €68,394 | €79,057 | ▲ 15.6% |
| Operating cash flow (approximation) | €233,953 | €257,583 | €207,702 | €241,043 | €153,368 | ▼ 36.4% |
| Investment in fixed assets (approximation) | - | -€86,942 | -€52,623 | -€107,928 | -€1,763 | ▲ 98.4% |
| Change in cash | - | €24,741 | -€342,495 | -€164,649 | €27,070 | ▲ 116% |
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
22-07
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
31-12
Financial
Weakest financial yearnet €74,311 ▼57%
Net result drops to €74,311, the lowest in the series.
22-07
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
14-08
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema · 14 days late
2023
31-12
Financial
Liquidity doublescurrent ratio 6.96
Current ratio from 3.08 to 6.96; short-term debt falls from €301,936 to €129,246.
31-12
Financial
Equity above €1mEq €1.1m ▲15.7%
6 profitable years in a row build equity to €1.1m.
17-05
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema
2022
31-12
Financial
Highest result since 2018net €204,410 ▲3.1%
Operating result €315,830, net result €204,410, both a record.
01-07
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
18-08
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 18 days late
2020
29-06
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
2019
07-08
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema · 7 days late
2018
24-08
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema · 24 days late
2017
31-08
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema · 31 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 3 acts read
About the unread acts
We know of 3 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
Have them read with priority
Sign in to place this company at the front of the reading queue.
Directors · office · real estate
Directors
3 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, Westerlo · 1 establishment unit since 2012
Ground area
729 m²
Building footprint
261 m²
Volume, LiDAR
1,674 m³
Parcel 13039E0364/00X000, Flanders · tallest building 9.8 m, ±2 floors. Linked by address, not a title deed.
3
companies at this address
See who is registered here
1 establishment unit
Studiebureau Cobbaut
since 20122.212.083.812
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 13039E0364/00X000 | Flanders | 729 m² | 1 · 261 m² | 9.8 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.
Public money · subsidies and aid
Flemish government
2022 to 2023 · 2 entries · 795 EUR awarded · 795 EUR paid| Year | Entries | awarded | paid |
|---|---|---|---|
| 2023 | 1 | 315 EUR | 315 EUR |
| 2022 | 1 | 480 EUR | 480 EUR |
Similar companies · same sector, comparable size
IMMALEF
BE 0472.578.951
Waregem · Eq €935,569
MIPICA
BE 0897.093.018
Malmedy · Eq €935,572
EMKA - B
BE 0449.243.226
Sint-Martens-Latem · Eq €935,374
SPEEDERO
BE 0681.651.563
Sprimont · Eq €935,150
CORPORATE XPERTISE
BE 0462.023.569
Antwerpen · Eq €936,114
Of 82,642 companies in sector 70200 we hold annual accounts for 52,590. 28,569 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
Founded20-08-2012
Fiscal year end31-12
Trade name NL
Studiebureau Cobbaut
Activities, NACEBEL 2025
70200Business and other management consultancy
71121Engineering and related technical consultancy, excluding land surveyors
E-invoicing
Reachable via Peppol
Peppol ID
0208:0848110887
Also
9925:BE0848110887
Registered
01-08-2024
Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.