David Beulens
ActiveSummary
David Beulens has been active since 2009 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €240,957 and a net result of -€52,168. Equity is growing by ~4.8% per year across the filed fiscal years. Its solvency ranks better than 21% of 406 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.7% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability14▼-70
Solvency44=
Growth52▼-26
Track record100
Bankruptcy probability, 12 months
0.7%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €10,000 at 30 days acceptable
Liquidity tight (current ratio 1.22 against 1.27 in 2024; short-term debt: 51.4% and cash: 1% of total assets), and 81.1% of the assets are financed with debt.
Credit check for your own amount and term
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
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 42
Relative position
BE, all sectors
reference
Civil engineering (NACE 42)
about 27% 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
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 2025Solvency, return and age of the figures
Solvency
18.9%
Return on assets
-4.1%
Age of the figures
18 mo
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 21% of 406 sector peers (2025).
NBB · sector comparisonPosition among 406 sector peers
Solvency
better than 21%
← weakest
strongest →
neutral · Latest accounts filed on time
The financial year that closed on 31-03-2025 was due by 31-10-2025 and was filed on 29-10-2025, 2 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
2 d early
2024
1 d early
2023
20 d early
2022
18 d early
2021
3 d early
2020
10 d early
2019
16 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 10 days before the deadline; the sector median for financial year 2024 is 3 days before the deadline, and 40% of the sector filed late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-03-2026 and is due by 31-10-2026. Nothing is late today. Usually files around 28 October (5 of the last 5 filed years within 30 days of that day).
Companies Code · seven monthsPosition in the running window
31-03-2026 close28-09-2026 today31-10-2026 deadline
History
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Financials · fiscal year 2025, abbreviated schema
Equity
€240,957▼ 17.8%
2024 · €293,125
Total assets
€1.3m▼ 15.2%
2024 · €1.5m
Net result
-€52,168
2024 · €179,411
Working capital
€146,728▼ 31.0%
2024 · €212,786
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 42, Civil engineering, 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
Line20212022202320242025
Operating result-€16,336-€120,172▼ 636%€25,641€166,190▲ 548%-€57,798
Net result-€18,915below the sector's middle half-€125,938below the sector's middle half▼ 566%€15,238within the sector's middle half€179,411within the sector's middle half▲ 1,077%-€52,168below the sector's middle half
Equity€224,414above the sector's middle half▼ 7.8%€98,476within the sector's middle half▼ 56.1%€113,714below the sector's middle half▲ 15.5%€293,125within the sector's middle half▲ 158%€240,957within the sector's middle half▼ 17.8%
Total assets€686,566above the sector's middle half▲ 72.7%€841,060above the sector's middle half▲ 22.5%€1.4mwithin the sector's middle half▲ 72.2%€1.5mwithin the sector's middle half▲ 4.0%€1.3mwithin the sector's middle half▼ 15.2%
Debt€462,153▲ 199%€742,585▲ 60.7%€1.3m▲ 79.7%€1.2m▼ 9.2%€1.0m▼ 14.5%
Working capital€182,829above the sector's middle half▼ 5.6%-€19,964below the sector's middle half-€78,742below the sector's middle half▼ 294%€212,786within the sector's middle half€146,728within the sector's middle half▼ 31.0%
Solvency32.7%within the sector's middle half▼ 28.5pp11.7%below the sector's middle half▼ 21.0pp7.9%below the sector's middle half▼ 3.9pp19.5%below the sector's middle half▲ 11.6pp18.9%below the sector's middle half▼ 0.6pp
Current ratio1.72within the sector's middle half▼ 2.690.97below the sector's middle half▼ 0.760.91below the sector's middle half▼ 0.061.27within the sector's middle half▲ 0.361.22within the sector's middle half▼ 0.04
Return on assets (ROA)-2.8%below the sector's middle half▼ 18.5pp-15.0%below the sector's middle half▼ 12.2pp1.1%below the sector's middle half▲ 16.0pp11.9%within the sector's middle half▲ 10.9pp-4.1%below the sector's middle half▼ 16.0pp
Staff (FTE)1.4▲ 16.7%2.9▲ 107%3.4within the sector's middle half▲ 17.2%2.3within the sector's middle half▼ 32.4%0.5below the sector's middle half▼ 78.3%
above
within
below
the middle half (P25 to P75) of NACE 42, Civil engineering, each year against the same schema; no band under 30 filings.
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 turns negative in 2025: a loss of €57,798 after €166,190 in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €1.3m
Fixed assets
€474,141 ▼ 4.9%
Current assets
€802,816 ▼ 20.3%
Equity and liabilities €1.3m
Equity
€240,957 ▼ 17.8%
Debt
€1.0m ▼ 14.5%
Debt's share of the balance-sheet total rises from 80.5% to 81.1%. Equity and debt are lower.
Key figures and ratios
EBITDA
-€30,814▼
2024 · €192,685
Cash flow
-€25,183▼
2024 · €205,906
Debt to equity
4.30▲
2024 · 4.14
ROE
-21.7%▼
2024 · 61.2%
Interest coverage
-1.85▼
2024 · 17.30
Debt ≤ 1 year
€656,088▼
2024 · €794,238
Debt > 1 year
€379,911▼
2024 · €417,550
Income taxes
€884▼
2024 · €55,835
Staff costs
€28,723▼
2024 · €132,925
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 2,166 companies that looked in July 2024 the way this one looks now, 2.2% went bankrupt within 24 months and 94% are still going.
- Micro
- 10 to 20 years old
- solvency 10 to 30%
- a small loss
2.2%
went bankrupt
3.0%
stopped otherwise
94%
still going
A further 0.9% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.7% 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 497,662 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% | 1.7% |
| 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 75% 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 2,166 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 | - | - | - | €412,790 | - | - |
| Remuneration, social security and pensions62 | - | €119,219 | €161,005 | €132,925 | €28,723 | ▼ 78.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €38,816 | €48,793 | €75,325 | €26,495 | €26,985 | ▲ 1.8% |
| Other operating charges640/8 | - | €7,066 | €9,933 | €4,607 | €7,573 | ▲ 64.4% |
| Non-recurring operating charges66A | - | - | €77,549 | - | - | - |
| Gross operating margin9900 | €72,889 | €54,907 | €349,453 | €330,217 | €5,483 | ▼ 98.3% |
| Operating profit (loss)9901 | -€16,336 | -€120,172 | €25,641 | €166,190 | -€57,798 | ▼ 135% |
| Financial income75/76B | - | €985 | €1,925 | €80,196 | €23,173 | ▼ 71.1% |
| Recurring financial income75 | €3,959 | €985 | €1,925 | €11,565 | €23,173 | ▲ 100% |
| Non-recurring financial income76B | - | - | - | €68,631 | - | - |
| Financial charges65/66B | - | €6,315 | €12,094 | €11,140 | €16,658 | ▲ 49.5% |
| Recurring financial charges65 | €6,250 | €6,315 | €12,094 | €11,140 | €16,658 | ▲ 49.5% |
| Profit (loss) for the period before taxes9903 | -€18,627 | -€125,502 | €15,472 | €235,246 | -€51,283 | ▼ 122% |
| Income taxes67/77 | €288 | €436 | €234 | €55,835 | €884 | ▼ 98.4% |
| Profit (loss) for the period9904 | -€18,915 | -€125,938 | €15,238 | €179,411 | -€52,168 | ▼ 129% |
| Transfer from tax-exempt reserves789 | - | - | - | - | €75,000 | - |
| Profit (loss) for the period to be appropriated9905 | -€18,915 | -€125,938 | €15,238 | €179,411 | €22,832 | ▼ 87.3% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €686,566 | €841,060 | €1.4m | €1.5m | €1.3m | ▼ 15.2% |
| Fixed assets21/28 | €251,522 | €250,935 | €696,036 | €498,314 | €474,141 | ▼ 4.9% |
| Tangible fixed assets22/27 | €241,422 | €240,885 | €685,986 | €483,264 | €459,091 | ▼ 5.0% |
| Land and buildings22 | - | €64,750 | €492,396 | €474,899 | €450,270 | ▼ 5.2% |
| Plant, machinery and equipment23 | - | €87,856 | €122,350 | €6,306 | €4,566 | ▼ 27.6% |
| Furniture and vehicles24 | - | €88,279 | €71,240 | €2,060 | €4,254 | ▲ 107% |
| Financial fixed assets28 | €10,100 | €10,050 | €10,050 | €15,050 | €15,050 | = |
| Current assets29/58 | €435,045 | €590,125 | €752,029 | €1.0m | €802,816 | ▼ 20.3% |
| Amounts receivable after more than one year29 | - | - | - | €445,073 | €445,073 | = |
| Other amounts receivable291 | - | - | - | €445,073 | €445,073 | = |
| Stocks and contracts in progress3 | €100,442 | €118,112 | €141,900 | - | - | - |
| Stocks30/36 | - | €118,112 | €141,900 | - | - | - |
| Amounts receivable within one year40/41 | €222,378 | €355,539 | €468,744 | €487,658 | €325,645 | ▼ 33.2% |
| Trade receivables40 | - | €278,787 | €410,219 | €430,733 | €173,353 | ▼ 59.8% |
| Other amounts receivable41 | - | €76,752 | €58,525 | €56,925 | €152,291 | ▲ 168% |
| Current investments50/53 | €53,181 | €54,247 | €53,683 | €54,198 | €10,095 | ▼ 81.4% |
| Cash at bank and in hand54/58 | €55,885 | €61,628 | €86,929 | €8,716 | €12,332 | ▲ 41.5% |
| Deferred charges and accrued income490/1 | - | €599 | €773 | €11,378 | €9,671 | ▼ 15.0% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €686,566 | €841,060 | €1.4m | €1.5m | €1.3m | ▼ 15.2% |
| Equity10/15 | €224,414 | €98,476 | €113,714 | €293,125 | €240,957 | ▼ 17.8% |
| Contributions10/11 | - | €12,400 | €12,400 | €12,400 | €12,400 | = |
| Reserves13 | €229,860 | €229,860 | €229,860 | €280,725 | €228,557 | ▼ 18.6% |
| Non-distributable reserves130/1 | - | €1,860 | €1,860 | €1,860 | - | - |
| Other1319 | - | €1,860 | €1,860 | €1,860 | - | - |
| Tax-exempt reserves132 | - | €75,000 | €75,000 | €75,000 | - | - |
| Distributable reserves133 | - | €153,000 | €153,000 | €203,865 | €228,557 | ▲ 12.1% |
| Profit (loss) carried forward14 | -€17,846 | -€143,784 | -€128,546 | - | - | - |
| Amounts payable17/49 | €462,153 | €742,585 | €1.3m | €1.2m | €1.0m | ▼ 14.5% |
| Amounts payable after more than one year17 | €209,937 | €132,495 | €503,580 | €417,550 | €379,911 | ▼ 9.0% |
| Financial debts170/4 | - | €132,495 | €109,580 | €45,550 | €31,911 | ▼ 29.9% |
| Trade debts175 | - | - | €394,000 | €372,000 | €348,000 | ▼ 6.5% |
| Amounts payable within one year42/48 | €252,215 | €610,090 | €830,772 | €794,238 | €656,088 | ▼ 17.4% |
| Current portion of amounts payable after more than one year42 | - | €77,422 | €93,724 | €37,084 | €37,639 | ▲ 1.5% |
| Financial debts43 | - | €34,901 | €69,901 | €90,000 | - | - |
| Credit institutions430/8 | - | €34,901 | €69,901 | €90,000 | - | - |
| Trade debts44 | €79,196 | €354,368 | €403,647 | €57,226 | €10,372 | ▼ 81.9% |
| Suppliers440/4 | - | €354,368 | €403,647 | €57,226 | €10,372 | ▼ 81.9% |
| Taxes, remuneration and social security45 | - | €13,821 | €16,016 | €83,967 | €10,923 | ▼ 87.0% |
| Taxes450/3 | - | €2,718 | €2,801 | €59,952 | €6,148 | ▼ 89.7% |
| Remuneration and social security454/9 | - | €11,103 | €13,214 | €24,015 | €4,775 | ▼ 80.1% |
| Other amounts payable47/48 | - | €129,578 | €247,484 | €525,961 | €597,154 | ▲ 13.5% |
| Accrued charges and deferred income492/3 | - | - | - | €425 | - | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€18,915 | -€125,938 | €15,238 | €179,411 | -€52,168 | ▼ 129% |
| + Depreciation and write-downs630 | €38,816 | €48,793 | €75,325 | €26,495 | €26,985 | ▲ 1.8% |
| Operating cash flow (approximation) | €19,900 | -€77,145 | €90,563 | €205,906 | -€25,183 | ▼ 112% |
| Investment in fixed assets (approximation) | - | -€48,207 | -€520,426 | €171,227 | -€2,811 | ▼ 102% |
| Change in cash | - | €5,743 | €25,301 | -€78,213 | €3,616 | ▲ 105% |
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
2025
29-10
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema
2024
30-10
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema
31-03
Financial
Highest result since 2019net €179,411 ▲1,077%
Operating result €166,190, net result €179,411, both a record.
31-03
Financial
Equity above €200,000Eq €293,125 ▲158%
2 profitable years in a row build equity to €293,125.
2023
11-10
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema
31-03
Financial
Back to profitnet €15,238
Net result €15,238 after 2 loss-making years.
31-03
Financial
Equity above €100,000Eq €113,714 ▲15.5%
Equity rises from €98,476 to €113,714.
2022
13-10
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
31-03
Financial
Weakest financial yearnet -€125,938
Net result drops to -€125,938, the lowest in the series; recovery starts the following year.
2021
28-10
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2020
21-10
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
31-03
Financial
Equity above €200,000Eq €243,329 ▲34.5%
2 profitable years in a row build equity to €243,329.
Show earlier events
2019
15-10
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
2018
18-10
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
2017
25-10
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema
2016
18-10
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema
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.
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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, Aalst · 1 establishment unit since 2009
Ground area
2,362 m²
Building footprint
333 m²
Volume, LiDAR
1,234 m³
Parcel 41039C0137/00C000, Flanders · tallest building 12.7 m, ±1 floor. Linked by address, not a title deed.
2
companies at this address
See who is registered here
1 establishment unit
David Beulens
since 20092.176.725.431
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 41039C0137/00C000 | Flanders | 2,362 m² | 1 · 333 m² | 12.7 m · 1 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.
Structure & network
Owners and holdings
1 holdingOwners 0
The accounts to 31-03-2025 list no shareholders, and no other source names one.
Holdings 1
-
16.72%
According to the annual accounts to 31-03-2025 of David Beulens and those 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
No current directors or connected companies found in the register.
Public money · subsidies and aid
Flemish government
2022 to 2023 · 3 entries · 2,012 EUR awarded · 2,012 EUR paid| Year | Entries | awarded | paid |
|---|---|---|---|
| 2023 | 2 | 1,814 EUR | 1,814 EUR |
| 2022 | 1 | 198 EUR | 198 EUR |
Recognitions · licences · registrations
Dual-learning approval
5 endedDakdekker leien en pannen (so)
Elektrische installaties duaal (so)
Elektrotechnisch installateur (vwo)
Installateur elektrotechnische basiscomponenten duaal (so)
Residentieel elektrotechnisch installateur (so)
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Of 337 companies in sector 42219 we hold annual accounts for 149. 105 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
Founded12-03-2009
Fiscal year end31-03
Activities, NACEBEL 2025
42219Civil engineering
43211General electrical installation work
43130Specialised construction activities
43221Plumbing work
43410Roofing work
43421Specialised construction activities
46140Agents in the wholesale of industrial machinery, ships and aircraft
46180Agents specialised in the wholesale of other particular products
46645Wholesale trade
46842Wholesale trade
82990Other business support services
E-invoicing
Reachable via Peppol
Peppol ID
0208:0810366704
Also
9925:BE0810366704
Registered
08-01-2026
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 28 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.