CONSTRUCT ZGAJEWSKI PROJECT
ActiveSummary
CONSTRUCT ZGAJEWSKI PROJECT has been active since 2016 and the Belgian State Gazette contains no insolvency or warning signals. The 2024 annual accounts show equity of €96,325 and a net result of €7,961. Equity is growing by ~19% per year across the filed fiscal years. Its solvency ranks better than 61% of 9973 sector peers (fiscal year 2024). The computed 12-month bankruptcy probability is 1.1% (low).
Checked score
Score 2024
Axes · tick = 2023
Profitability74▼-8
Solvency77▼-7
Growth52=
Track record100
Bankruptcy probability, 12 months
1.1%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €6,000 at 30 days acceptable
Liquidity ample (current ratio 2.09 against 2.39 in 2023; short-term debt: 42% and cash: 28.7% of total assets), and 47.9% of the assets are financed with debt.
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Signals
Four signals. The signal on the left, the evidence on the right.
+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 41
Relative position
BE, all sectors
reference
Construction of residential and non-residential buildings (NACE 41)
about 67% more bankruptcies
← fewer bankruptcies
more bankruptcies →
raises risk · Annual accounts: weaker financial profile
The latest annual accounts show a weaker profile in solvency, result or liquidity than companies that stay afloat.
NBB · annual accounts 2024Solvency, return and age of the figures
Solvency
52.1%
Return on assets
4.3%
Age of the figures
21 mo
neutral · Filed after the deadline
The financial year that closed on 31-12-2024 was due by 31-07-2025 and was filed on 16-09-2025, 47 days later. For context: 47% of the Belgian market files late and the whole 1-to-90-day band measures 2.0% abnormal legal state against a 1.66% average. We show this as a fact and do not score it.
NBB · 8 filingsDeviation from the deadline
2025
not confirmed
2024
47 d late
2023
65 d late
2022
64 d late
2021
386 d late
2020
86 d late
2019
39 d early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 6 accounts on average 102 days after the deadline; the sector median for financial year 2024 is on the deadline day, and 46% of the sector filed late.
Checked, nothing found (1)
History
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Financials · fiscal year 2024, micro schema
Equity
€96,325▲ 9.0%
2023 · €88,364
Total assets
€184,785▲ 23.7%
2023 · €149,354
Net result
€7,961▼ 51.2%
2023 · €16,298
Working capital
€84,468▼ 0.2%
2023 · €84,635
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 41, Construction of residential and non-residential buildings, each year against the same schema; no band under 30 filings. Dashed line: the median.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20202021202220232024
Operating result€27,624▲ 51.1%€8,584▼ 68.9%€25,355▲ 195%€22,060▼ 13.0%€12,340▼ 44.1%
Net result€24,067above the sector's middle half▲ 63.3%€6,584within the sector's middle half▼ 72.6%€15,109within the sector's middle half▲ 129%€16,298within the sector's middle half▲ 7.9%€7,961within the sector's middle half▼ 51.2%
Equity€55,373within the sector's middle half▲ 34.1%€61,957within the sector's middle half▲ 11.9%€77,066within the sector's middle half▲ 24.4%€88,364within the sector's middle half▲ 14.7%€96,325within the sector's middle half▲ 9.0%
Total assets€419,650above the sector's middle half▲ 15.8%€436,939above the sector's middle half▲ 4.1%€168,861within the sector's middle half▼ 61.4%€149,354within the sector's middle half▼ 11.6%€184,785within the sector's middle half▲ 23.7%
Debt€364,277▲ 13.4%€374,982▲ 2.9%€91,795▼ 75.5%€60,990▼ 33.6%€88,460▲ 45.0%
Working capital€52,035within the sector's middle half▲ 41.0%€85,730above the sector's middle half▲ 64.8%€72,909within the sector's middle half▼ 15.0%€84,635above the sector's middle half▲ 16.1%€84,468above the sector's middle half▼ 0.2%
Solvency13.2%below the sector's middle half▲ 1.8pp14.2%below the sector's middle half▲ 1.0pp45.6%within the sector's middle half▲ 31.5pp59.2%within the sector's middle half▲ 13.5pp52.1%within the sector's middle half▼ 7.0pp
Current ratio1.14within the sector's middle half▲ 0.031.25within the sector's middle half▲ 0.101.79within the sector's middle half▲ 0.552.39within the sector's middle half▲ 0.592.09within the sector's middle half▼ 0.30
Return on assets (ROA)5.7%within the sector's middle half▲ 1.7pp1.5%within the sector's middle half▼ 4.2pp8.9%within the sector's middle half▲ 7.4pp10.9%within the sector's middle half▲ 2.0pp4.3%within the sector's middle half▼ 6.6pp
Staff (FTE)1.21.3▲ 8.3%1.5▲ 15.4%1.9▲ 26.7%
above
within
below
the middle half (P25 to P75) of NACE 41, Construction of residential and non-residential buildings, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result has fallen two years in a row; 2024 is 44% below 2023.
Balance-sheet composition
2024 in colour, 2023 as the grey bar beneath
Assets €184,785
Fixed assets
€22,734 ▲ 510%
Current assets
€162,052 ▲ 11.3%
Equity and liabilities €184,785
Equity
€96,325 ▲ 9.0%
Debt
€88,460 ▲ 45.0%
Debt's share of the balance-sheet total rises from 40.8% to 47.9%. Equity and debt are higher.
Key figures and ratios
EBITDA
€15,751▼
2023 · €23,239
Cash flow
€11,372▼
2023 · €17,476
Debt to equity
0.92▲
2023 · 0.69
ROE
8.3%▼
2023 · 18.4%
Interest coverage
20.12▼
2023 · 80.72
Debt ≤ 1 year
€77,583▲
2023 · €60,990
Debt > 1 year
€10,877
Income taxes
€3,791▼
2023 · €5,672
Staff costs
€64,531▲
2023 · €54,352
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 10,905 companies that looked in July 2024 the way this one looks now, 0.8% went bankrupt within 24 months and 95% are still going.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit under 5% of the balance sheet
0.8%
went bankrupt
4.0%
stopped otherwise
95%
still going
For this company itself Checked computes a higher bankruptcy probability: 1.1% over twelve months. The score reads more about this company than the group's four characteristics; both figures are right about what they measure.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,338 companies of July 2024 its group's bankruptcy share. Expected: 1.6%; actually bankrupt within 24 months: 1.7%.
| 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% | 1.0% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.9% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
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 10,905 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 | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | €31,118 | €49,956 | €54,352 | €64,531 | ▲ 18.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €1,575 | €1,686 | €2,163 | €1,178 | €3,410 | ▲ 189% |
| Other operating charges640/8 | - | €881 | €2,509 | €11,183 | €3,625 | ▼ 67.6% |
| Gross operating margin9900 | €33,351 | €42,269 | €79,982 | €88,774 | €83,908 | ▼ 5.5% |
| Operating profit (loss)9901 | €27,624 | €8,584 | €25,355 | €22,060 | €12,340 | ▼ 44.1% |
| Financial income75/76B | - | €2 | €0 | €198 | €195 | ▼ 1.5% |
| Recurring financial income75 | €14 | €2 | €0 | €198 | €195 | ▼ 1.5% |
| Financial charges65/66B | - | €187 | €5,550 | €288 | €783 | ▲ 172% |
| Recurring financial charges65 | €426 | €187 | €5,550 | €288 | €783 | ▲ 172% |
| Profit (loss) for the period before taxes9903 | €27,213 | €8,399 | €19,805 | €21,970 | €11,753 | ▼ 46.5% |
| Income taxes67/77 | €3,145 | €1,815 | €4,696 | €5,672 | €3,791 | ▼ 33.2% |
| Profit (loss) for the period9904 | €24,067 | €6,584 | €15,109 | €16,298 | €7,961 | ▼ 51.2% |
| Profit (loss) for the period to be appropriated9905 | €24,067 | €6,584 | €15,109 | €16,298 | €7,961 | ▼ 51.2% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €419,650 | €436,939 | €168,861 | €149,354 | €184,785 | ▲ 23.7% |
| Fixed assets21/28 | €3,338 | €3,298 | €4,157 | €3,729 | €22,734 | ▲ 510% |
| Tangible fixed assets22/27 | €3,150 | €3,110 | €3,969 | €3,541 | €22,546 | ▲ 537% |
| Plant, machinery and equipment23 | - | €2,485 | €2,776 | €2,044 | €1,737 | ▼ 15.0% |
| Furniture and vehicles24 | - | €625 | €1,193 | €1,497 | €20,808 | ▲ 1,290% |
| Financial fixed assets28 | €188 | €188 | €188 | €188 | €188 | = |
| Current assets29/58 | €416,312 | €433,642 | €164,704 | €145,625 | €162,052 | ▲ 11.3% |
| Stocks and contracts in progress3 | €233,480 | €197,937 | €5,025 | €525 | - | - |
| Stocks30/36 | - | €197,937 | €5,025 | €525 | - | - |
| Amounts receivable within one year40/41 | €125,046 | €161,309 | €111,262 | €102,396 | €108,395 | ▲ 5.9% |
| Trade receivables40 | - | €159,654 | €111,262 | €101,680 | €106,414 | ▲ 4.7% |
| Other amounts receivable41 | - | €1,655 | - | €715 | €1,981 | ▲ 177% |
| Cash at bank and in hand54/58 | €57,785 | €74,395 | €48,417 | €42,704 | €52,988 | ▲ 24.1% |
| Deferred charges and accrued income490/1 | - | - | - | - | €669 | - |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €419,650 | €436,939 | €168,861 | €149,354 | €184,785 | ▲ 23.7% |
| Equity10/15 | €55,373 | €61,957 | €77,066 | €88,364 | €96,325 | ▲ 9.0% |
| Contributions10/11 | €18,600 | €18,600 | €18,600 | €20,460 | €20,460 | = |
| Capital10 | - | €18,600 | €18,600 | €20,460 | €20,460 | = |
| Issued capital100 | - | €18,600 | €18,600 | €20,460 | €20,460 | = |
| Reserves13 | €1,860 | €1,860 | €1,860 | - | - | - |
| Non-distributable reserves130/1 | - | €1,860 | €1,860 | - | - | - |
| Legal reserve130 | - | €1,860 | €1,860 | - | - | - |
| Profit (loss) carried forward14 | €34,913 | €41,497 | €56,606 | €67,904 | €75,865 | ▲ 11.7% |
| Amounts payable17/49 | €364,277 | €374,982 | €91,795 | €60,990 | €88,460 | ▲ 45.0% |
| Amounts payable after more than one year17 | - | - | - | - | €10,877 | - |
| Financial debts170/4 | - | - | - | - | €10,877 | - |
| Amounts payable within one year42/48 | €364,277 | €347,912 | €91,795 | €60,990 | €77,583 | ▲ 27.2% |
| Current portion of amounts payable after more than one year42 | - | - | - | - | €9,679 | - |
| Trade debts44 | €70,435 | €98,122 | €63,950 | €26,690 | €40,932 | ▲ 53.4% |
| Suppliers440/4 | - | €98,122 | €63,950 | €26,690 | €40,932 | ▲ 53.4% |
| Advances received on contracts in progress46 | - | - | - | €3,180 | - | - |
| Taxes, remuneration and social security45 | - | €12,160 | €17,528 | €15,954 | €26,972 | ▲ 69.1% |
| Taxes450/3 | - | €5,778 | €9,118 | €10,417 | €9,616 | ▼ 7.7% |
| Remuneration and social security454/9 | - | €6,382 | €8,410 | €5,536 | €17,356 | ▲ 213% |
| Other amounts payable47/48 | - | €237,630 | €10,317 | €15,166 | - | - |
| Accrued charges and deferred income492/3 | - | €27,070 | - | - | - | - |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €24,067 | €6,584 | €15,109 | €16,298 | €7,961 | ▼ 51.2% |
| + Depreciation and write-downs630 | €1,575 | €1,686 | €2,163 | €1,178 | €3,410 | ▲ 189% |
| Operating cash flow (approximation) | €25,642 | €8,270 | €17,271 | €17,476 | €11,372 | ▼ 34.9% |
| Investment in fixed assets (approximation) | - | -€1,645 | -€3,022 | -€750 | -€22,415 | ▼ 2,889% |
| Change in cash | - | €16,611 | -€25,978 | -€5,713 | €10,284 | ▲ 280% |
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
2025
16-09
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 47 days late
2024
04-10
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 65 days late
2023
03-10
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 64 days late
21-08
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 386 days late
2021
31-12
Financial
Weakest financial yearnet €6,584 ▼72.6%
Net result drops to €6,584, the lowest in the series; recovery starts the following year.
25-10
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 86 days late
2020
22-06
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
2019
23-10
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema · 84 days late
2018
28-09
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema · 59 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 1 act read
About the unread acts
We know of 1 Belgian State Gazette act for this company. It has not been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
1 act for this company is 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, Binche · 1 establishment unit since 2016
Ground area
70 m²
Building footprint
57 m²
Volume, LiDAR
723 m³
Parcel 56011B0814/00K000, Wallonia · tallest building 15.5 m, ±4 floors. Linked by address, not a title deed.
1 establishment unit
Construct Zgajewski Project
since 20162.255.854.467
1 parcel
Wallonia
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 56011B0814/00K000 | Wallonia | 70 m² | 1 · 57 m² | 15.5 m · 4 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.
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Of 333 companies in sector 41002 we hold annual accounts for 133. 86 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
Founded25-08-2016
Fiscal year end31-12
Activities, NACEBEL 2025
41002Construction of residential and non-residential buildings
43910Bricklaying and masonry work
43110Demolition
43120Site preparation
43230Insulation installation
81300Landscape service activities
Contact
E-mail
mathieu.zgajewski@hotmail.comBinche
Phone
0495/92 69 98Binche
E-invoicing
Reachable via Peppol
Peppol ID
0208:0661710739
Also
9925:BE0661710739
Registered
22-01-2026
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 29 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.