Equity
Construct 34 paid out €178,389 in dividends. That is 240% of the 2025 profit.
Construct 34 paid out €178,389 in dividends. That is 240% of the 2025 profit.
The result fell in 2025 from €172,649 to €74,311.
The accounts state no turnover.
Debts rose by €107,178 in 2025. A dividend stands under other debts on the balance sheet date until it is paid.
Five of the last ten came late. The 2016 accounts came latest: 31 days after the end of the period.
More equity than 95% of companies in head offices and management consultancy. Sector median €78,216 · 39,396 companies.
The dashed line is the sector median: 0.1% across 48,570 companies (NACE 70, micro).
Fewer than 1 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 70, micro). It does better than 69% of them on solvency, 36% on liquidity, 41% on profitability and 28% on growth.
The bankruptcy probability was computed on 09-11-2026 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 31-12-2025.
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, 34,693 companies had the same profile as Construct 34 has now. Each dot stands for 87 companies, two years later.
That fits the bankruptcy probability of Construct 34 itself: < 0.1% 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 34,693 companies, not a prediction for Construct 34. 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 ample, with a current ratio of 2.83 (4.16 in 2024), above the usual 1.5. Short-term debt is 25.4% and cash 8.1% of total assets. 27.5% 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 18 days before the deadline. In the sector (NACE 70), the median for financial year 2024 was 9 days before the deadline, and 32% of those companies filed late.
These companies have the same main activity as Construct 34: business and other management consultancy (NACE 70200). They are comparable in size and age: total assets between €1.2m and €1.5m, founded between 2011 and 2014.
Construct 34 files the micro format. That format states no turnover. The gross margin rose from €95,511 in 2014 to €195,538 in 2025.
The balance sheet grew most from 2018 to 2020 through fixed assets.
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 ≈ €330,000. Estimated: probably between €280,000 and €400,000.
Higher than 68% of 39,364 companies in 2025.
Higher than 61% of 38,048 companies in 2025.
Higher than 33% of 38,520 companies in 2025.
Net result: top quarter · Equity: top quarter · Balance sheet total: top quarter · Working capital: top quarter
Staff costs divided by the average number of full-time equivalents.
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Balance sheet: assets | |||||||||||||
20/58 |
1.3m | 1.3m | 1.3m | 1.3m | 1.2m | 1.0m | 854,051 | 703,870 | 456,991 | 323,757 | 238,396 | 172,166 | |
21/28 |
363,691 | 440,984 | 401,450 | 405,575 | 371,805 | 393,334 | 426,355 | 278,153 | 30,077 | 32,086 | 32,952 | 30,263 | |
21 |
- | - | - | - | - | - | 1,800 | 4,425 | 1,650 | - | 120 | 1,561 | |
22/27 |
358,691 | 435,984 | 401,450 | 405,575 | 371,805 | 393,084 | 424,305 | 273,728 | 28,427 | 32,086 | 32,832 | 28,702 | |
22 |
234,692 | 266,055 | 294,600 | 325,783 | 356,966 | - | - | - | - | - | - | 2,322 | |
23 |
7,474 | 7,738 | - | 376 | 753 | 2,063 | 3,374 | 3,199 | 4,258 | 1,042 | 1,563 | 2,084 | |
24 |
116,525 | 162,191 | 106,850 | 79,157 | 13,570 | 4,894 | 7,575 | 13,142 | 22,622 | 29,238 | 29,206 | 24,296 | |
26 |
- | - | - | 258 | 516 | 386,126 | 413,357 | 257,387 | 1,547 | 1,805 | 2,063 | - | |
28 |
5,000 | 5,000 | - | - | - | 250 | 250 | - | - | - | - | - | |
29/58 |
927,210 | 848,305 | 899,383 | 931,127 | 827,693 | 631,745 | 427,696 | 425,717 | 426,914 | 291,672 | 205,444 | 141,903 | |
40/41 |
86,458 | 49,121 | 118,181 | 111,517 | 64,209 | 67,200 | 148,979 | 131,309 | 78,667 | 54,201 | 30,705 | 17,346 | |
40 |
65,602 | 49,008 | 110,318 | 111,517 | 62,415 | 56,324 | 129,651 | 74,823 | 69,142 | 53,201 | 29,705 | 16,346 | |
41 |
20,856 | 113 | 7,863 | - | 1,794 | 10,876 | 19,328 | 56,486 | 9,524 | 1,000 | 1,000 | 1,000 | |
50/53 |
703,463 | 687,722 | 504,624 | 201,962 | 173,660 | 32,326 | 27,493 | 27,315 | 29,900 | - | - | - | |
54/58 |
104,332 | 77,262 | 241,911 | 584,405 | 559,664 | 502,978 | 222,542 | 239,456 | 292,555 | 222,863 | 169,500 | 116,047 | |
490/1 |
32,957 | 34,200 | 34,666 | 33,243 | 30,160 | 29,241 | 28,682 | 27,636 | 25,792 | 14,608 | 5,239 | 8,510 | |
| Balance sheet: equity and liabilities | |||||||||||||
10/49 |
1.3m | 1.3m | 1.3m | 1.3m | 1.2m | 1.0m | 854,051 | 703,870 | 456,991 | 323,757 | 238,396 | 172,166 | |
10/15 |
935,570 | 1.0m | 1.1m | 960,942 | 897,682 | 783,389 | 630,000 | 510,058 | 412,606 | 271,456 | 187,506 | 127,296 | |
10/11 |
18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | |
100 |
- | - | - | - | - | - | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | |
13 |
916,970 | 1.0m | 1.1m | 942,342 | 879,082 | 764,789 | 611,400 | 491,458 | 394,006 | 252,856 | 168,906 | 108,696 | |
130/1 |
- | - | - | 1,860 | 1,860 | 1,860 | - | - | - | - | - | - | |
130 |
- | - | - | - | - | - | 1,860 | 1,860 | 1,860 | 1,860 | 1,860 | 1,860 | |
1311 |
- | - | - | 1,860 | 1,860 | 1,860 | - | - | - | - | - | - | |
133 |
916,970 | 1.0m | 1.1m | 940,482 | 877,222 | 762,929 | 609,540 | 489,598 | 392,146 | 250,996 | 167,046 | 106,836 | |
14 |
0 | 0 | - | - | - | - | - | - | - | - | - | - | |
17/49 |
355,332 | 248,154 | 188,935 | 375,759 | 301,816 | 241,690 | 224,052 | 193,811 | 44,384 | 52,301 | 50,890 | 44,870 | |
17 |
26,631 | 42,284 | 57,699 | 72,878 | 87,825 | 102,543 | 117,037 | 131,309 | - | - | - | - | |
170/4 |
26,631 | 42,284 | 57,699 | 72,878 | 87,825 | 102,543 | 117,037 | 131,309 | - | - | - | - | |
42/48 |
327,779 | 203,790 | 129,246 | 301,936 | 213,332 | 137,995 | 99,162 | 62,404 | 40,215 | 52,301 | 50,890 | 44,870 | |
42 |
15,654 | 15,414 | 15,179 | 14,947 | 14,719 | 14,494 | 14,272 | 14,054 | - | - | - | - | |
44 |
16,329 | 16,920 | 26,277 | 46,148 | 45,958 | 32,413 | 18,870 | 16,378 | 24,664 | 6,387 | 11,553 | 7,651 | |
440/4 |
16,329 | 16,920 | 26,277 | 46,148 | 45,958 | 32,413 | 18,870 | 16,378 | 24,664 | 6,387 | 11,553 | 7,651 | |
46 |
- | - | - | - | - | - | - | - | - | 1,041 | 242 | - | |
45 |
22,513 | 18,540 | 77,581 | 98,627 | 58,191 | 50,727 | 40,408 | 29,110 | 13,787 | 43,249 | 38,327 | 36,746 | |
450/3 |
20,509 | 16,807 | 58,913 | 71,507 | 36,797 | 31,315 | 22,511 | 14,302 | 3,659 | 37,236 | 38,327 | 36,746 | |
454/9 |
2,004 | 1,733 | 18,668 | 27,120 | 21,394 | 19,412 | 17,896 | 14,808 | 10,128 | 6,013 | - | - | |
47/48 |
273,284 | 152,916 | 10,210 | 142,213 | 94,465 | 40,361 | 25,612 | 2,862 | 1,764 | 1,625 | 768 | 473 | |
492/3 |
922 | 2,080 | 1,990 | 946 | 660 | 1,152 | 7,853 | 99 | 4,169 | - | - | - | |
| Income statement | |||||||||||||
76A |
0 | 12,992 | - | 9,740 | 4,134 | - | - | - | - | - | - | - | |
9900 |
195,538 | 273,976 | 461,622 | 614,120 | 520,779 | 482,057 | 390,024 | 313,017 | 327,045 | 218,842 | 141,066 | 95,511 | |
62 |
20,069 | 551 | 180,883 | 239,985 | 195,687 | 178,573 | 137,437 | 95,059 | 71,071 | 62,824 | 35,421 | - | |
630 |
79,057 | 68,394 | 56,747 | 53,173 | 35,709 | 40,720 | 44,474 | 88,185 | 16,394 | 15,472 | 15,132 | 13,156 | |
631/4 |
0 | 861 | 36,676 | - | -540 | 338 | - | -1,143 | - | 1,643 | - | - | |
640/8 |
4,876 | 5,753 | 4,944 | 5,132 | 3,843 | 3,636 | 3,521 | 4,177 | 1,920 | 1,252 | 1,077 | 889 | |
66A |
- | - | - | - | - | - | 12 | - | 665 | 336 | - | 37 | |
9901 |
91,535 | 198,417 | 182,373 | 315,830 | 286,080 | 258,790 | 204,580 | 126,738 | 236,994 | 137,315 | 89,436 | 81,466 | |
75/76B |
16,696 | 44,080 | 21,415 | 2,275 | 557 | 5,223 | 646 | 708 | 956 | 1,255 | 1,318 | 1,403 | |
75 |
16,696 | 44,080 | 10,511 | 2,275 | 557 | 5,223 | 646 | 708 | 956 | 1,255 | 1,318 | 1,403 | |
76B |
- | - | 10,904 | - | - | - | - | - | - | - | - | - | |
65/66B |
4,517 | 2,263 | -11,200 | 15,000 | 173 | 3,659 | 2,918 | 3,831 | 590 | 489 | 584 | 960 | |
65 |
4,517 | 2,263 | -11,200 | 15,000 | 173 | 3,659 | 2,918 | 1,246 | 590 | 489 | 584 | 960 | |
66B |
- | - | - | - | - | - | - | 2,585 | - | - | - | - | |
9903 |
103,714 | 240,234 | 214,988 | 303,105 | 286,463 | 260,354 | 202,308 | 123,615 | 237,360 | 138,081 | 90,170 | 81,872 | |
67/77 |
29,403 | 67,585 | 64,033 | 98,695 | 88,220 | 81,965 | 57,367 | 26,164 | 96,210 | 54,131 | 29,959 | 30,955 | |
9904 |
74,311 | 172,649 | 150,955 | 204,410 | 198,243 | 178,389 | 144,941 | 97,452 | 141,150 | 83,950 | 60,211 | 50,917 | |
9905 |
74,311 | 172,649 | 150,955 | 204,410 | 198,243 | 178,389 | 144,941 | 97,452 | 141,150 | 83,950 | 60,211 | 50,917 | |
| Appropriation of the result | |||||||||||||
9906 |
74,311 | 172,649 | 150,955 | 204,410 | 198,243 | 178,389 | 144,941 | 97,452 | 141,150 | 83,950 | 60,211 | 50,917 | |
791/2 |
178,389 | 242,393 | - | 141,150 | 83,950 | 25,000 | 25,000 | - | - | - | - | - | |
691/2 |
72,823 | 171,631 | 150,955 | 204,410 | 198,243 | 178,389 | 144,941 | 97,452 | 141,150 | 83,950 | 60,211 | 50,917 | |
6921 |
72,823 | 171,631 | 150,955 | 204,410 | 198,243 | 178,389 | 144,941 | 97,452 | 141,150 | 83,950 | 60,211 | 50,917 | |
694/7 |
179,877 | 243,411 | - | 141,150 | 83,950 | 25,000 | 25,000 | - | - | - | - | - | |
694 |
178,389 | 242,393 | - | - | - | - | - | - | - | - | - | - | |
695 |
- | - | - | 141,150 | 83,950 | 25,000 | 25,000 | - | - | - | - | - | |
696 |
1,488 | 1,017 | - | - | - | - | - | - | - | - | - | - | |
| Social balance sheet | |||||||||||||
9087 |
1 | 1 | 2.7 | 4.3 | 4 | 3.8 | 3 | 2 | 2 | 1.8 | 2 | - | |
Hours worked1013 |
411 | 413 | 4,621 | 6,969 | 6,544 | 6,572 | 4,824 | 3,505 | 3,472 | 3,204 | 1,992 | - | |
| Document | |||||||||||||
The accounts for financial year 2013 were filed as a document without figures as data, a scan for example.
The notes to these accounts have 18 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the accounts filed with the NBB.
Source: Annual accounts 2025 at the NBB, filed on 22-07-2026.
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 22-07-2026 | 2026-00316403 | |
| 31-12-2024 | micro format | 22-07-2025 | 2025-00291746 | |
| 31-12-2023 | abbreviated format | 14-08-2024 | 2024-00344591 | |
| 31-12-2022 | abbreviated format | 17-05-2023 | 2023-00088750 | |
| 31-12-2021 | micro format | 01-07-2022 | 2022-20117867 | |
| 31-12-2020 | micro format | 18-08-2021 | 2021-49400420 | |
| 31-12-2019 | micro format | 29-06-2020 | 2020-21500559 | |
| 31-12-2018 | micro format | 07-08-2019 | 2019-44000595 | |
| 31-12-2017 | micro format | 24-08-2018 | 2018-48800180 | |
| 31-12-2016 | abbreviated format | 31-08-2017 | 2017-56600462 | |
| 31-12-2015 | abbreviated format | 30-06-2016 | 2016-27200508 | |
| 31-12-2014 | abbreviated format | 03-07-2015 | 2015-27800174 | |
| 31-12-2013 | abbreviated format | 22-07-2014 | 2014-33400364 |
| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2023 | 1 | €315 | €315 |
| 2022 | 1 | €480 | €480 |
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 170,592 | 266,811 | 239,120 | 369,003 | 321,789 | 299,510 | 249,054 | 214,923 | 253,388 | 152,787 | 104,568 | 94,622 | ||
| 153,368 | 241,043 | 207,702 | 257,583 | 233,953 | 219,109 | 189,415 | 185,637 | 157,544 | 99,422 | 75,343 | 64,073 | ||
| 1,763 | 102,928 | 76,275 | 86,942 | 14,430 | 7,699 | 192,676 | 336,261 | 14,386 | 14,605 | 17,822 | 31,194 | ||
| 27,070 | -164,649 | -342,495 | 24,741 | 56,686 | 280,436 | -16,915 | -53,099 | 69,692 | 53,363 | 53,453 | - | ||
| 599,431 | 644,515 | 770,136 | 629,191 | 614,361 | 493,750 | 328,534 | 363,313 | 386,698 | 239,371 | 154,554 | 97,033 | ||
| 72.5% | 80.8% | 85.5% | 71.9% | 74.8% | 76.4% | 73.8% | 72.5% | 90.3% | 83.8% | 78.7% | 73.9% | ||
| 2.83 | 4.16 | 6.96 | 3.08 | 3.88 | 4.58 | 4.31 | 6.82 | 10.62 | 5.58 | 4.04 | 3.16 | ||
| 0.38 | 0.24 | 0.17 | 0.39 | 0.34 | 0.31 | 0.36 | 0.38 | 0.11 | 0.19 | 0.27 | 0.35 | ||
| 7.9% | 16.6% | 13.6% | 21.3% | 22.1% | 22.8% | 23.0% | 19.1% | 34.2% | 30.9% | 32.1% | 40.0% | ||
| 5.8% | 13.4% | 11.6% | 15.3% | 16.5% | 17.4% | 17.0% | 13.8% | 30.9% | 25.9% | 25.3% | 29.6% | ||
| 37.77 | over 100 | -21.35 | 24.60 | over 100 | - | - | - | - | - | - | - |
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 | 31-12-2025 | 31-12-2024 | 31-12-2023 | 31-12-2022 | 31-12-2021 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 1 | 1 | 1 | 5 | 5 |
| full-time | 0 | 0 | - | 4 | 4 |
| part-time | 1 | 1 | 1 | 1 | 1 |
| in full-time equivalents | 0.3 | 0.3 | 0.3 | 4.3 | 4.3 |
| 0.3 | 0.3 | 2.7 | 4.3 | 4 | |
| On a permanent contract | 1 | 1 | 1 | 5 | 5 |
| Joined | - | - | 0 | - | 2 |
| Left | - | - | 4 | - | 1 |
Source: social balance sheet in the 2021 to 2025 annual accounts
| Item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Mortgages, amount registered | €27,273 | €27,273 | - | - | - |
| €122,727 | €122,727 | - | - | - | |
| Carrying value of the mortgaged assets | €234,692 | €266,055 | - | - | - |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
| Item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Tangible fixed assets | €1,763 | €102,928 | €76,275 | €86,942 | €14,430 |
| €79,057 | €68,394 | €56,747 | €53,173 | €35,709 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Source: TED (Tenders Electronic Daily), Publications Office of the European Union. The values are as the buyer published them. For a framework agreement, the value is a ceiling.
The operating result for 2025 is 54% lower than in 2024 and the lowest since 2015.
Debt's share of the balance-sheet total rises from 19.2% to 27.5%. Equity is lower and debt is higher.
Construct 34 has no parent and no holdings in its annual accounts. COBBAUT Hugo Korneel is the only director.
| Thermo Electric Company
registered office since 06-01-2009 · founded in 2009 · negative equity (2025) |
1 FTE (2025) 0808.849.940 |
| COHERENTAS
registered office since 19-09-2023 · founded in 2023 |
total assets €157,201 (2025) 0805.984.381 |
The connected companies are in the list below.
Deadline for the 2026 accounts: 31-07-2027
Financial milestones sit on the financial year-end date, not the filing date.
Sources: Publications in the Belgian Official GazetteFilings with the National Bank
| Establishment | Since | Unit number |
|---|---|---|
| Lange Nieuwstraat 34 registered office 2260 Westerlo | ||
| Studiebureau Cobbaut Lange Nieuwstraat 34B, 2260 Westerlo | 20-08-2012 | 2.212.083.812 |
| 19-08-2019 | Granted | Nieuwe publiciteitsinrichting (met inbegrip van vernieuwen van een bestaande vergunning) submitted 24-05-2019 · project 2019069465 | Westerlo |
| 17-09-2018 | Granted | Verbouwen en/of uitbreiden met functiewijziging, maar zonder wijziging van het aantal woongelegenheden submitted 28-06-2018 · project 2018073331 | Westerlo |
Source: Omgevingsloket Vlaanderen.
| Cadastral parcel | Area | Buildings | Height / floors |
|---|---|---|---|
| 13039E0364/00X000 | 729 m² | 1 · 261 m² | 9.8 m · 2 |
If something looks wrong or is missing, please tell us.