Construction Brands
ActiveSummary
The annual accounts of Construction Brands for fiscal year 2025 show a net loss of 69% of the equity at the start of that year. The 2025 annual accounts show equity of €220,195 and a net result of -€133,559. Equity is growing by ~26.7% per year across the filed fiscal years. Its solvency ranks better than 25% of 5071 sector peers (fiscal year 2025). The company has been active since 1949 and the Belgian State Gazette contains no insolvency or warning signals. The computed 12-month bankruptcy probability is 0.3% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability2▼-98
Solvency47▲+10
Growth54=
Track record100
Bankruptcy probability, 12 months
0.3%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €11,000 at 30 days only on tighter terms
Net loss of at least half of total assets or of the equity at the start of the financial year.
Liquidity ample (current ratio 5.33 against 1.14 in 2024; short-term debt: 8.9% and cash: 0.4% of total assets), but 77.7% of the assets are financed with debt.
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Show the recommended maximum : and see how the verdict changes with amount, term and advance.
Signals
Five signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
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
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 46
Relative position
BE, all sectors
reference
Wholesale trade (NACE 46)
about 21% more bankruptcies
← fewer bankruptcies
more bankruptcies →
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 25% of 5071 sector peers (2025).
NBB · sector comparisonPosition among 5071 sector peers
Solvency
better than 25%
← weakest
strongest →
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 20-07-2026, 11 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
11 d early
2024
11 d late
2023
30 d late
2022
27 d early
2021
25 d early
2020
16 d early
2019
10 d late
← 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 4 days before the deadline; the sector median for financial year 2024 is 3 days before the deadline, and 39% 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. Usually files around 20 July (4 of the last 5 filed years within 30 days of that day).
Companies Code · seven monthsPosition in the running window
30-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, full schema
Turnover
€9.5m▼ 8.0%
2018 · €10.3m
EBIT margin
-29.0%▼ 24.3pp
2018 · -4.7%
Net result
-€133,559
2024 · €954,896
Working capital
€378,834▲ 95.6%
2024 · €193,711
Trend over the years
In euros
In per cent
Ratio
In full-time equivalents (FTE)
In euros
No line ticked in this group.
In per cent
No line ticked in this group.
Ratio
No line ticked in this group.
In full-time equivalents (FTE)
No line ticked in this group.
Untick a line to hide it. Point at a year (or use the arrow keys on the chart) for the exact figures; the table below gives them all.Sector: the middle half (P25 to P75) of NACE 46, Wholesale trade, each year against the same schema; no band under 30 filings. Dashed line: the median. Available for Net result, Equity, Total assets, Working capital, Solvency, Current ratio, Return on assets (ROA), Staff (FTE).
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Turnover
Operating result€113,781€281,040▲ 147%€406,728▲ 44.7%€1.0m▲ 157%-€113,418
Net result€233,029above the sector's middle half▲ 21.9%€244,257above the sector's middle half▲ 4.8%€327,479above the sector's middle half▲ 34.1%€954,896above the sector's middle half▲ 192%-€133,559below the sector's middle half
EBIT margin
Equity-€1.3mbelow the sector's middle half▲ 14.9%-€1.1mbelow the sector's middle half▲ 18.3%-€761,186below the sector's middle half▲ 30.0%€193,711within the sector's middle half€220,195below the sector's middle half▲ 13.7%
Total assets€3.4mabove the sector's middle half▼ 9.2%€4.0mabove the sector's middle half▲ 15.8%€4.6mabove the sector's middle half▲ 15.7%€1.6mwithin the sector's middle half▼ 66.3%€987,006below the sector's middle half▼ 36.6%
Debt€4.8m▼ 10.0%€5.1m▲ 6.3%€5.4m▲ 5.9%€1.4m▼ 74.6%€766,810▼ 43.8%
Working capital-€1.4mbelow the sector's middle half▲ 10.2%-€1.2mbelow the sector's middle half▲ 19.1%-€818,718below the sector's middle half▲ 29.8%€193,711within the sector's middle half€378,834within the sector's middle half▲ 95.6%
Solvency-38.6%below the sector's middle half▲ 2.6pp-27.2%below the sector's middle half▲ 11.4pp-16.5%below the sector's middle half▲ 10.7pp12.4%below the sector's middle half▲ 28.9pp22.3%below the sector's middle half▲ 9.9pp
Current ratio0.70below the sector's middle half=0.77below the sector's middle half▲ 0.070.85below the sector's middle half▲ 0.081.14below the sector's middle half▲ 0.295.33above the sector's middle half▲ 4.19
Return on assets (ROA)6.8%within the sector's middle half▲ 1.7pp6.1%within the sector's middle half▼ 0.6pp7.1%within the sector's middle half▲ 1.0pp61.3%above the sector's middle half▲ 54.2pp-13.5%below the sector's middle half▼ 74.8pp
Staff (FTE)11.6above the sector's middle half▼ 22.1%12.1above the sector's middle half▲ 4.3%15.2above the sector's middle half▲ 25.6%0.1below the sector's middle half▼ 99.3%
above
within
below
the middle half (P25 to P75) of NACE 46, Wholesale trade, each year against the same schema; no band under 30 filings.
Result per fiscal year
Operating resultNet result
The operating result turns negative in 2025: a loss of €113,418 after €1.0m in 2024, the lowest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €987,006
Fixed assets
€520,777
Current assets
€466,229
Equity and liabilities €987,006
Equity
€220,195 ▲ 13.7%
Debt
€766,810 ▼ 43.8%
Debt's share of the balance-sheet total falls from 87.6% to 77.7%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
-€104,912
Cash flow
-€125,052
Debt to equity
3.48▼
2024 · 7.04
ROE
-60.7%▼
2024 · 493.0%
Interest coverage
-3.35
Debt ≤ 1 year
€87,395▼
2024 · €1.4m
Debt > 1 year
€534,172
Income taxes
€0
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 307 companies that looked in July 2024 the way this one looks now, 4.9% went bankrupt within 24 months and 89% are still going.
- Small
- 20 years or older
- solvency 10 to 30%
- a loss of 10% of the balance sheet or more
4.9%
went bankrupt
5.2%
stopped otherwise
89%
still going
A further 1.0% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a lower bankruptcy probability: 0.3% 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 497,340 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% | 1.8% |
| 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 307 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 | €69,687 | €12,746 | €43,109 | - | - | - |
| Remuneration, social security and pensions62 | €741,970 | €883,710 | €1.2m | -€46,858 | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €49,703 | €45,143 | €22,349 | - | €8,507 | - |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | €18,336 | €4,824 | - | €17,390 | €46,497 | ▲ 167% |
| Provisions for liabilities and charges: additions (uses and reversals)635/8 | -€47,180 | - | - | - | - | - |
| Other operating charges640/8 | €29,586 | €22,626 | €18,243 | €1,605 | €1,257 | ▼ 21.7% |
| Non-recurring operating charges66A | €1,470 | - | - | €42,532 | - | - |
| Gross operating margin9900 | €907,666 | €1.2m | €1.7m | €1.1m | -€57,157 | ▼ 105% |
| Operating profit (loss)9901 | €113,781 | €281,040 | €406,728 | €1.0m | -€113,418 | ▼ 111% |
| Financial income75/76B | €17,636 | €1,538 | €2,310 | €3,323 | €11,220 | ▲ 238% |
| Recurring financial income75 | €3,958 | €1,538 | €2,310 | €3,323 | €11,220 | ▲ 238% |
| Non-recurring financial income76B | €13,678 | - | - | - | - | - |
| Financial charges65/66B | -€102,037 | €37,473 | €80,203 | €95,280 | €31,361 | ▼ 67.1% |
| Recurring financial charges65 | -€102,037 | €37,473 | €80,203 | €95,280 | €31,361 | ▼ 67.1% |
| Profit (loss) for the period before taxes9903 | €233,454 | €245,105 | €328,835 | €954,896 | -€133,559 | ▼ 114% |
| Income taxes67/77 | €425 | €848 | €1,356 | - | €0 | - |
| Profit (loss) for the period9904 | €233,029 | €244,257 | €327,479 | €954,896 | -€133,559 | ▼ 114% |
| Profit (loss) for the period to be appropriated9905 | €233,029 | €244,257 | €327,479 | €954,896 | -€133,559 | ▼ 114% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €3.4m | €4.0m | €4.6m | €1.6m | €987,006 | ▼ 36.6% |
| Fixed assets21/28 | €117,913 | €81,115 | €57,532 | - | €520,777 | - |
| Intangible fixed assets21 | €19,646 | €13,316 | €9,765 | - | €110,589 | - |
| Tangible fixed assets22/27 | €98,267 | €67,799 | €47,767 | - | - | - |
| Land and buildings22 | €41,788 | €31,014 | €26,026 | - | - | - |
| Plant, machinery and equipment23 | €18,604 | €1,782 | €0 | - | - | - |
| Furniture and vehicles24 | €37,875 | €35,004 | €21,742 | - | - | - |
| Financial fixed assets28 | - | - | - | - | €410,188 | - |
| Current assets29/58 | €3.3m | €3.9m | €4.6m | €1.6m | €466,229 | ▼ 70.1% |
| Stocks and contracts in progress3 | €1.8m | €2.1m | €2.2m | - | - | - |
| Stocks30/36 | €1.8m | €2.1m | €2.2m | - | - | - |
| Amounts receivable within one year40/41 | €1.3m | €1.5m | €1.8m | €1.5m | €462,139 | ▼ 69.9% |
| Trade receivables40 | €1.1m | €1.5m | €1.7m | €344,842 | €451,518 | ▲ 30.9% |
| Other amounts receivable41 | €196,885 | €27,818 | €91,045 | €1.2m | €10,621 | ▼ 99.1% |
| Cash at bank and in hand54/58 | €203,579 | €284,744 | €576,143 | €22,032 | €4,090 | ▼ 81.4% |
| Deferred charges and accrued income490/1 | €25,459 | €7,380 | €532 | - | - | - |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €3.4m | €4.0m | €4.6m | €1.6m | €987,006 | ▼ 36.6% |
| Equity10/15 | -€1.3m | -€1.1m | -€761,186 | €193,711 | €220,195 | ▲ 13.7% |
| Contributions10/11 | €1.2m | €1.2m | €1.2m | €1.2m | €61,500 | ▼ 94.9% |
| Capital10 | €1.2m | €1.2m | €1.2m | €1.2m | €61,500 | ▼ 94.9% |
| Issued capital100 | €1.2m | €1.2m | €1.2m | €1.2m | €61,500 | ▼ 94.9% |
| Reserves13 | €293,496 | €293,496 | €292,254 | €292,254 | €158,695 | ▼ 45.7% |
| Non-distributable reserves130/1 | €3,099 | €3,099 | €3,099 | €3,099 | €3,099 | = |
| Legal reserve130 | €3,099 | €3,099 | €3,099 | €3,099 | €3,099 | = |
| Tax-exempt reserves132 | €1,242 | €1,242 | - | - | - | - |
| Distributable reserves133 | €289,156 | €289,156 | €289,156 | €289,156 | €155,597 | ▼ 46.2% |
| Profit (loss) carried forward14 | -€2.8m | -€2.6m | -€2.3m | -€1.3m | - | - |
| Amounts payable17/49 | €4.8m | €5.1m | €5.4m | €1.4m | €766,810 | ▼ 43.8% |
| Amounts payable after more than one year17 | €8,216 | €3,060 | - | - | €534,172 | - |
| Financial debts170/4 | €8,216 | €3,060 | - | - | - | - |
| Other amounts payable178/9 | - | - | - | - | €534,172 | - |
| Amounts payable within one year42/48 | €4.8m | €5.1m | €5.4m | €1.4m | €87,395 | ▼ 93.6% |
| Current portion of amounts payable after more than one year42 | €10,690 | €5,155 | €3,060 | - | - | - |
| Financial debts43 | €1.3m | €1.3m | €1.3m | €1.3m | €11,471 | ▼ 99.1% |
| Credit institutions430/8 | €1.3m | €1.3m | €1.3m | €1.3m | €11,471 | ▼ 99.1% |
| Trade debts44 | €3.0m | €3.4m | €3.5m | - | €75,924 | - |
| Suppliers440/4 | €3.0m | €3.4m | €3.5m | - | €75,924 | - |
| Advances received on contracts in progress46 | - | €63,620 | - | - | - | - |
| Taxes, remuneration and social security45 | €141,303 | €269,379 | €581,395 | €1,356 | - | - |
| Taxes450/3 | €66,616 | €177,239 | €438,512 | €1,356 | - | - |
| Remuneration and social security454/9 | €74,686 | €92,140 | €142,883 | - | - | - |
| Other amounts payable47/48 | €305,955 | €72,655 | - | €62,813 | - | - |
| Accrued charges and deferred income492/3 | - | - | - | - | €145,244 | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €233,029 | €244,257 | €327,479 | €954,896 | -€133,559 | ▼ 114% |
| + Depreciation and write-downs630 | €49,703 | €45,143 | €22,349 | - | €8,507 | - |
| Operating cash flow (approximation) | €282,733 | €289,400 | €349,828 | €954,896 | -€125,052 | ▼ 113% |
| Investment in fixed assets (approximation) | - | -€8,345 | €1,234 | - | - | - |
| Change in cash | - | €81,165 | €291,399 | -€554,111 | -€17,942 | ▲ 96.8% |
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
31-07
State Gazette act
Resignation: Havecon BV (director)Permanent representative: Kathleen Verhelst · Director discharge · Registered-office move5 facts ▸
State Gazette act
Resignation: Havecon BV (director)
Permanent representative: Kathleen Verhelst · Director discharge · Registered-office move5 facts ▸
- General meeting, 10-07-2026
- Director resignation, Havecon BV (director)
- Director discharge, Havecon BV
- Registered-office move, Stationsstraat 30,8460 Oudenburg
- Permanent representative, Kathleen Verhelst (permanent representative)
31-07
State Gazette act
Reappointment: Groep Verhelst NV (director)Permanent representative: Kathleen Verhelst3 facts ▸
State Gazette act
Reappointment: Groep Verhelst NV (director)
Permanent representative: Kathleen Verhelst3 facts ▸
- General meeting, 26-06-2026
- Director reappointment, Groep Verhelst NV (director)
- Permanent representative, Kathleen Verhelst (permanent representative)
20-07
NBB filing
Annual accounts filed
fiscal year 2025 · full schema
2025
31-12
Financial
Liquidity times 5current ratio 5.33
Current ratio from 1.14 to 5.33; short-term debt falls from €1.4m to €87,395.
31-12
Financial
Equity above €200,000Eq €220,195 ▲13.7%
Equity rises from €193,711 to €220,195.
11-08
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema · 11 days late
2024
31-12
Financial
Highest result since 2018net €954,896 ▲192%
Operating result €1.0m, net result €954,896, both a record.
31-12
Financial
Equity above €150,000Eq €193,711
5 profitable years in a row build equity to €193,711.
30-08
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema · 30 days late
2023
04-07
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema
2022
06-07
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema
2021
15-07
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema
Show earlier events
2020
31-12
Financial
Back to profitnet €191,090
Net result €191,090 after 2 loss-making years.
10-08
NBB filing
Annual accounts filed
fiscal year 2019 · full schema · 10 days late
2019
31-12
Financial
Weakest financial yearnet -€2.8m
Net result drops to -€2.8m, the lowest in the series; recovery starts the following year.
26-08
NBB filing
Annual accounts filed
fiscal year 2018 · full schema · 26 days late
2018
31-08
NBB filing
Annual accounts filed
fiscal year 2017 · full schema · 31 days late
2017
31-08
NBB filing
Annual accounts filed
fiscal year 2016 · full schema · 31 days late
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
2 of 20 acts read
About the unread acts
Of the 20 Belgian State Gazette acts we know for this company, 2 have been read. The other 18 have not been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
1 director, last change in 2026
Board 1
GROEP VERHELST
CurrentDirector · Public limited company · perm. rep.: Kathleen Verhelst
Permanent representatives 1
Kathleen Verhelst
CurrentPermanent representative · for GROEP VERHELST
Derived from published Gazette acts. The CBE keeps the official list of function holders; we do not read it, so the two can differ.
See the function holders in the CBE →
Not every act has been read: a resignation may be missing here
18 of this company's 20 Belgian State Gazette acts have not been read yet. Appointments and resignations recorded in them are missing above: a director who resigned there may therefore still show here as sitting. The acts are in the Timeline.
Location & real-estate footprint
Registered office, Oudenburg · 1 establishment unit since 1949
Ground area
18.1 ha
Building footprint
7,344 m²
Volume, LiDAR
33,458 m³
2 parcels, Flanders · tallest building 13.3 m, ±4 floors. Linked by address, not a title deed.
17
companies at this address
See who is registered here
1 establishment unit
Construction Brands
since 19492.004.333.764
2 parcels
Flanders
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 35014B0015/00H002 | Flanders | 15.1 ha | 1 · 845 m² | 13.0 m · 4 fl. |
| 31333I0907/00P000 | Flanders | 3.0 ha | 1 · 6,499 m² | 13.3 m · 1 fl. |
Linked by address, not proof of ownership
Good to know
2 of 2 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Mandate history
2 people since 2026, 1 in office
- Board
- began earlier
| Name | Functions and periods |
|---|---|
| GROEP VERHELST |
|
| HAVECON |
|
Structure & network
Part of the group
BOUW BEHEER
16 companies
Group, risk and exposure
Owners and holdings
1 ownerChain of control
- BOUW BEHEER
- GROEP VERHELST
- VERHELST BOUWMATERIALEN
- Construction Brands
Highest known parent: BOUW BEHEER. The sources do not say who stands above it.
Owners 1
-
100%
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
2 connected companiesThe connected companies are in the list below.
This company
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Director
Shareholding
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Linked via shared directors
VERHELST IMMO ANTWERPEN
Shared corporate director
→
VH-TRANS
Shared corporate director
→
Recognitions · licences · registrations
Dual-learning approval
1 endedWinkelbediende (so)
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Identification & contact
Identification
Legal formPublic limited company
Founded18-11-1949
Fiscal year end31-12
Activities, NACEBEL 2025
46831Wholesale of construction materials, general range
E-invoicing
Reachable via Peppol
Peppol ID
0208:0400837751
Also
9925:BE0400837751
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 30 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.