CREA PROJECTS
ActiveSummary
CREA PROJECTS has been active since 2009 and the Belgian State Gazette contains no insolvency or warning signals. The 2024 annual accounts show equity of €151,317 and a net result of €91,917. The figures fluctuate too strongly year-on-year for a reliable trend projection. Its solvency ranks better than 25% of 36380 sector peers (fiscal year 2024). The computed 12-month bankruptcy probability is 0.9% (low).
Checked score
Score 2024
Axes · tick = 2023
Profitability87▲+7
Solvency49▲+7
Growth78=
Track record100
Bankruptcy probability, 12 months
0.9%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €9,000 at 30 days acceptable
Liquidity tight (current ratio 1.3 against 1.27 in 2023; short-term debt: 46.9% and cash: 15.9% of total assets), and 76.2% of the assets are financed with debt.
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Signals
Four 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 · Growing equity
Reported equity is higher than in 2022 and did not fall compared with 2023. These amounts do not establish the cause of the change.
NBB · annual accounts 2024Equity per financial year
18192021222324
2018 to 2024 · latest year €151,317
neutral · Filed after the deadline
The financial year that closed on 31-12-2024 was due by 31-07-2025 and was filed on 18-09-2025, 49 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 · 10 filingsDeviation from the deadline
2025
not confirmed
2024
49 d late
2023
20 d early
2022
7 d late
2021
59 d late
2020
19 d early
2019
22 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 9 days after 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 (1)
History
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Financials · fiscal year 2024, micro schema
Equity
€151,317▲ 75.1%
2023 · €86,400
Total assets
€634,796▲ 23.8%
2023 · €512,878
Net result
€91,917▲ 100%
2023 · €45,846
Working capital
€90,434▲ 81.4%
2023 · €49,850
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 43, Specialised construction activities, 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€28,157▼ 67.0%€18,918▼ 32.8%€36,162▲ 91.1%€70,470▲ 94.9%€137,616▲ 95.3%
Net result€12,504within the sector's middle half▼ 81.8%€3,565within the sector's middle half▼ 71.5%€21,386within the sector's middle half▲ 500%€45,846above the sector's middle half▲ 114%€91,917above the sector's middle half▲ 100%
Equity€15,603below the sector's middle half▲ 403%€19,167below the sector's middle half▲ 22.8%€40,554within the sector's middle half▲ 112%€86,400within the sector's middle half▲ 113%€151,317above the sector's middle half▲ 75.1%
Total assets€434,604above the sector's middle half▲ 12.5%€449,674above the sector's middle half▲ 3.5%€416,030above the sector's middle half▼ 7.5%€512,878above the sector's middle half▲ 23.3%€634,796above the sector's middle half▲ 23.8%
Debt€419,002▲ 9.3%€430,507▲ 2.7%€375,477▼ 12.8%€426,478▲ 13.6%€483,478▲ 13.4%
Working capital€14,092▼ 66.3%-€23,649-€4,217▲ 82.2%€49,850€90,434▲ 81.4%
Solvency3.6%below the sector's middle half▲ 2.8pp4.3%below the sector's middle half▲ 0.7pp9.7%below the sector's middle half▲ 5.5pp16.8%below the sector's middle half▲ 7.1pp23.8%within the sector's middle half▲ 7.0pp
above
within
below
the middle half (P25 to P75) of NACE 43, Specialised construction activities, 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
After the dip in 2021 the operating result has climbed three years in a row; 2024 is 95% above 2023 and is the highest result in the available series.
Balance-sheet composition
2024 in colour, 2023 as the grey bar beneath
Assets €634,796
Fixed assets
€246,505 ▼ 12.0%
Current assets
€388,291 ▲ 66.8%
Equity and liabilities €634,796
Equity
€151,317 ▲ 75.1%
Debt
€483,478 ▲ 13.4%
Debt's share of the balance-sheet total falls from 83.2% to 76.2%. Equity and debt are higher.
Key figures and ratios
EBITDA
€203,200▲
2023 · €135,167
Cash flow
€157,501▲
2023 · €110,544
Current ratio
1.30▲
2023 · 1.27
Quick ratio
0.67▲
2023 · 0.22
Debt to equity
3.20▼
2023 · 4.94
ROE
60.7%▲
2023 · 53.1%
ROA
14.5%▲
2023 · 8.9%
Interest coverage
9.61▲
2023 · 9.34
Debt ≤ 1 year
€297,857▲
2023 · €182,933
Debt > 1 year
€185,621▼
2023 · €243,545
Income taxes
€27,703▲
2023 · €10,152
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 2,602 companies that looked in July 2024 the way this one looks now, 1.0% went bankrupt within 24 months and 97% are still going.
- Small
- 10 to 20 years old
- solvency 10 to 30%
- a profit of 5% of the balance sheet or more
1.0%
went bankrupt
2.0%
stopped otherwise
97%
still going
A further 0.3% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.9% 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 2,602 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 |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | €0 | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €30,837 | €51,588 | €63,242 | €64,698 | €65,584 | ▲ 1.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | €0 | - | - | - | - |
| Other operating charges640/8 | - | €2,482 | €3,668 | €3,321 | €4,361 | ▲ 31.3% |
| Gross operating margin9900 | €69,657 | €72,988 | €103,072 | €138,489 | €207,561 | ▲ 49.9% |
| Operating profit (loss)9901 | €28,157 | €18,918 | €36,162 | €70,470 | €137,616 | ▲ 95.3% |
| Financial income75/76B | - | €56 | €0 | €0 | €3,146 | - |
| Recurring financial income75 | €0 | €56 | €0 | €0 | €3,146 | - |
| Financial charges65/66B | - | €15,095 | €14,434 | €14,471 | €21,141 | ▲ 46.1% |
| Recurring financial charges65 | €15,296 | €15,095 | €14,434 | €14,471 | €21,141 | ▲ 46.1% |
| Profit (loss) for the period before taxes9903 | €12,861 | €3,880 | €21,728 | €55,998 | €119,621 | ▲ 114% |
| Income taxes67/77 | €358 | €315 | €342 | €10,152 | €27,703 | ▲ 173% |
| Profit (loss) for the period9904 | €12,504 | €3,565 | €21,386 | €45,846 | €91,917 | ▲ 100% |
| Profit (loss) for the period to be appropriated9905 | €12,504 | €3,565 | €21,386 | €45,846 | €91,917 | ▲ 100% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €434,604 | €449,674 | €416,030 | €512,878 | €634,796 | ▲ 23.8% |
| Fixed assets21/28 | €362,961 | €393,229 | €344,792 | €280,094 | €246,505 | ▼ 12.0% |
| Intangible fixed assets21 | - | €7,147 | €5,687 | €4,227 | €2,768 | ▼ 34.5% |
| Tangible fixed assets22/27 | €362,961 | €386,082 | €339,105 | €275,867 | €243,737 | ▼ 11.6% |
| Land and buildings22 | - | €229,834 | €204,543 | €179,254 | €153,965 | ▼ 14.1% |
| Plant, machinery and equipment23 | - | €32,833 | €24,470 | €17,255 | €21,621 | ▲ 25.3% |
| Furniture and vehicles24 | - | €6,165 | €18,751 | €13,927 | €28,629 | ▲ 106% |
| Leasing and similar rights25 | - | €104,576 | €80,001 | €55,426 | €30,850 | ▼ 44.3% |
| Other tangible fixed assets26 | - | €12,674 | €11,340 | €10,005 | €8,671 | ▼ 13.3% |
| Current assets29/58 | €71,644 | €56,445 | €71,238 | €232,783 | €388,291 | ▲ 66.8% |
| Stocks and contracts in progress3 | €10,933 | €25,560 | €25,348 | €192,124 | €188,116 | ▼ 2.1% |
| Stocks30/36 | - | €25,560 | €25,348 | €192,124 | €188,116 | ▼ 2.1% |
| Amounts receivable within one year40/41 | €5,708 | €24,238 | €22,707 | €19,709 | €97,357 | ▲ 394% |
| Trade receivables40 | - | €18,934 | €20,769 | €16,933 | €13,970 | ▼ 17.5% |
| Other amounts receivable41 | - | €5,304 | €1,939 | €2,776 | €83,387 | ▲ 2,904% |
| Cash at bank and in hand54/58 | €53,971 | €5,582 | €22,407 | €19,303 | €100,630 | ▲ 421% |
| Deferred charges and accrued income490/1 | - | €1,065 | €776 | €1,649 | €2,189 | ▲ 32.8% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €434,604 | €449,674 | €416,030 | €512,878 | €634,796 | ▲ 23.8% |
| Equity10/15 | €15,603 | €19,167 | €40,554 | €86,400 | €151,317 | ▲ 75.1% |
| Contributions10/11 | - | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Revaluation surpluses12 | - | €18,771 | €17,598 | €16,425 | €15,251 | ▼ 7.1% |
| Reserves13 | €6,551 | €7,726 | €8,899 | €10,072 | €76,163 | ▲ 656% |
| Non-distributable reserves130/1 | - | €1,860 | €1,860 | €0 | - | - |
| Reserves not available under the articles1311 | - | €1,860 | €1,860 | €0 | - | - |
| Distributable reserves133 | - | €5,866 | €7,039 | €10,072 | €76,163 | ▲ 656% |
| Profit (loss) carried forward14 | -€29,494 | -€25,929 | -€4,543 | €41,303 | €41,303 | = |
| Amounts payable17/49 | €419,002 | €430,507 | €375,477 | €426,478 | €483,478 | ▲ 13.4% |
| Amounts payable after more than one year17 | €361,450 | €349,288 | €300,021 | €243,545 | €185,621 | ▼ 23.8% |
| Financial debts170/4 | - | €349,288 | €300,021 | €243,545 | €185,621 | ▼ 23.8% |
| Amounts payable within one year42/48 | €57,552 | €80,094 | €75,456 | €182,933 | €297,857 | ▲ 62.8% |
| Current portion of amounts payable after more than one year42 | - | €50,843 | €55,303 | €56,702 | €57,923 | ▲ 2.2% |
| Financial debts43 | - | €36 | €0 | €93,467 | €147,876 | ▲ 58.2% |
| Credit institutions430/8 | - | €36 | €0 | €93,467 | €147,876 | ▲ 58.2% |
| Trade debts44 | €5,213 | €21,299 | €15,232 | €8,466 | €22,856 | ▲ 170% |
| Suppliers440/4 | - | €21,299 | €15,232 | €8,466 | €22,856 | ▲ 170% |
| Taxes, remuneration and social security45 | - | €315 | €402 | €20,712 | €41,558 | ▲ 101% |
| Taxes450/3 | - | €315 | €402 | €20,712 | €41,558 | ▲ 101% |
| Other amounts payable47/48 | - | €7,601 | €4,518 | €3,587 | €27,644 | ▲ 671% |
| Accrued charges and deferred income492/3 | - | €1,125 | €0 | - | - | - |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €12,504 | €3,565 | €21,386 | €45,846 | €91,917 | ▲ 100% |
| + Depreciation and write-downs630 | €30,837 | €51,588 | €63,242 | €64,698 | €65,584 | ▲ 1.4% |
| Operating cash flow (approximation) | €43,341 | €55,152 | €84,628 | €110,544 | €157,501 | ▲ 42.5% |
| Investment in fixed assets (approximation) | - | -€81,856 | -€14,805 | €0 | -€31,995 | - |
| Change in cash | - | -€48,389 | €16,825 | -€3,104 | €81,327 | ▲ 2,720% |
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
18-09
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 49 days late
2024
31-12
Financial
Highest result since 2018net €91,917 ▲100%
Operating result €137,616, net result €91,917, both a record.
31-12
Financial
Equity above €150,000Eq €151,317 ▲75.1%
7 profitable years in a row build equity to €151,317.
11-07
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
07-08
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 7 days late
2022
28-09
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 59 days late
2021
31-12
Financial
Weakest financial yearnet €3,565 ▼71.5%
Net result drops to €3,565, the lowest in the series; recovery starts the following year.
12-07
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
2020
09-07
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
2019
31-12
Financial
Liquidity doublescurrent ratio 1.74
Current ratio from 0.70 to 1.74; short-term debt falls from €67,533 to €56,438.
30-08
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema · 30 days late
2018
24-07
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema
2017
18-09
NBB filing
Annual accounts filed
fiscal year 2016 · micro schema · 49 days late
2016
31-08
NBB filing
Annual accounts filed
fiscal year 2015 · abbreviated schema · 31 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 2 acts read
About the unread acts
We know of 2 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
2 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, Maarkedal · 1 establishment unit since 2009
Ground area
1,799 m²
Building footprint
1,035 m²
Volume, LiDAR
5,558 m³
Parcel 45011A0560/00D000, Flanders · tallest building 15.4 m, ±2 floors. Linked by address, not a title deed.
1 establishment unit
Crea Projects
since 20092.183.613.718
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 45011A0560/00D000 | Flanders | 1,799 m² | 1 · 1,035 m² | 15.4 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.
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Of 20,025 companies in sector 43320 we hold annual accounts for 9,134. 7,623 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
Founded08-12-2009
Fiscal year end31-12
Activities, NACEBEL 2025
43320Joinery installation
43410Roofing work
E-invoicing
Reachable via Peppol
Peppol ID
0208:0821236246
Also
9925:BE0821236246
Registered
03-02-2026
Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.