DEMOCO
ActiveSummary
DEMOCO has been active since 1990 and the Belgian State Gazette contains no insolvency or warning signals. The 2024 annual accounts show equity of €12.9m and a net result of €3.2m. Equity is shrinking by ~15.3% per year across the filed fiscal years. Its solvency ranks better than 31% of 1290 sector peers (fiscal year 2024). The computed 12-month bankruptcy probability is 0.8% (low).
Checked score
Score 2024
Axes · tick = 2023
Profitability60▲+47
Solvency43▲+6
Growth32▼-1
Track record100
Bankruptcy probability, 12 months
0.8%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €600,000 at 30 days acceptable
Liquidity tight (current ratio 1.15 against 1.08 in 2023; short-term debt: 79.2% and cash: 1.4% of total assets), and 81.8% of the assets are financed with debt.
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Signals
Six 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 41
Relative position
BE, all sectors
reference
Construction of residential and non-residential buildings (NACE 41)
about 67% 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 · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2024Solvency, return and age of the figures
Solvency
18.2%
Return on assets
4.5%
Age of the figures
21 mo
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2024 was due by 31-07-2025 and was filed on 04-06-2025, 57 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
not confirmed
2024
57 d early
2023
20 d early
2022
3 d late
2021
23 d early
2020
36 d early
2019
35 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 28 days before 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
Go further with this company
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Financials · fiscal year 2024, full schema
In the rankings
#1 employer in Hasselt, Construction sector#1 company by total assets in Hasselt, Construction sector#5 company by equity in Hasselt, Construction sector
Turnover
€219.0m▼ 2.6%
2023 · €224.9m
EBIT margin
1.9%▲ 3.3pp
2023 · -1.4%
Net result
€3.2m
2023 · -€5.4m
Working capital
€8.5m▲ 53.8%
2023 · €5.5m
Trend over the years
Click a name to add, emphasise or remove a line.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20202021202220232024
Turnover€223.3m▲ 18.3%€245.8m▲ 10.0%€210.9m▼ 14.2%€224.9m▲ 6.6%€219.0m▼ 2.6%
Operating result€304,130▼ 86.7%€578,467▲ 90.2%-€12.7m-€3.2m▲ 74.8%€4.1m
Net result€19,313▼ 98.9%€114,743▲ 494%-€12.9m-€5.4m▲ 57.8%€3.2m
EBIT margin0.1%▼ 1.1pp0.2%▲ 0.1pp-6.0%▼ 6.3pp-1.4%▲ 4.6pp1.9%▲ 3.3pp
Equity€27.9m▼ 5.7%€28.0m▲ 0.4%€15.1m▼ 46.0%€9.7m▼ 36.0%€12.9m▲ 33.0%
Total assets€87.1m▲ 21.4%€89.6m▲ 3.0%€67.7m▼ 24.5%€81.3m▲ 20.1%€70.8m▼ 13.0%
Debt€58.1m▲ 39.0%€61.6m▲ 5.9%€47.8m▼ 22.3%€71.5m▲ 49.4%€56.9m▼ 20.4%
Working capital€22.8m▼ 6.7%€19.7m▼ 13.7%€13.6m▼ 31.0%€5.5m▼ 59.3%€8.5m▲ 53.8%
Staff (FTE)300▲ 0.4%307▲ 2.3%298.8▼ 2.7%291.5▼ 2.4%268.6▼ 7.9%
Why a figure moved sharply
- 2023 Net result +58% on 2022. Cause not known from the registers.
- 2020 Net result -99% on 2019. Cause not known from the registers.
Result per fiscal year
Operating resultNet result
The operating result returns to profit in 2024: €4.1m after a loss of €3.2m in 2023, the highest result in the available series.
Balance-sheet composition
2024 in colour, 2023 as the grey bar beneath
Assets €70.8m
Fixed assets
€6.2m ▲ 29.3%
Current assets
€64.5m ▼ 15.6%
Equity and liabilities €70.8m
Equity
€12.9m ▲ 33.0%
Provisions
€1.0m ▲ 557%
Debt
€56.9m ▼ 20.4%
Debt's share of the balance-sheet total falls from 87.9% to 80.4%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€5.6m▲
2023 · -€1.4m
Cash flow
€4.7m▲
2023 · -€3.6m
Current ratio
1.15▲
2023 · 1.08
Quick ratio
1.04▲
2023 · 0.96
Debt to equity
4.42▼
2023 · 7.39
ROE
24.8%▲
2023 · -56.2%
ROA
4.5%▲
2023 · -6.7%
Interest coverage
13.62▲
2023 · -5.49
Debt ≤ 1 year
€56.0m▼
2023 · €71.0m
Income taxes
€677,529▲
2023 · €41,438
Staff costs
€22.5m▼
2023 · €23.1m
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 171 companies that looked in July 2024 the way this one looks now, 1.8% went bankrupt within 24 months and 98% are still going.
- Large
- 20 years or older
- solvency 10 to 30%
- a profit under 5% of the balance sheet
1.8%
went bankrupt
0.6%
stopped otherwise
98%
still going
For this company itself Checked computes a bankruptcy probability of 0.8% 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 171 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 |
|---|---|---|---|---|---|---|
| Operating income70/76A | - | €251.5m | €211.2m | €230.1m | €220.4m | ▼ 4.2% |
| Turnover70 | €223.3m | €245.8m | €210.9m | €224.9m | €219.0m | ▼ 2.6% |
| Change in stocks of work in progress, finished goods and contracts in progress71 | - | €3.6m | -€1.3m | €1.6m | -€2.1m | ▼ 228% |
| Other operating income74 | - | €1.9m | €1.5m | €3.2m | €3.1m | ▼ 4.4% |
| Non-recurring operating income76A | - | €207,164 | €172,433 | €414,015 | €333,179 | ▼ 19.5% |
| Operating charges60/66A | - | €250.9m | €224.0m | €233.3m | €216.3m | ▼ 7.3% |
| Goods for resale, raw materials and consumables60 | - | €202.2m | €174.1m | €196.8m | €171.7m | ▼ 12.7% |
| Purchases600/8 | - | €202.7m | €174.2m | €196.9m | €171.7m | ▼ 12.8% |
| Change in stocks: decrease (increase)609 | - | -€566,778 | -€97,817 | -€55,358 | €45,029 | ▲ 181% |
| Services and other goods61 | - | €26.4m | €22.1m | €14.9m | €19.2m | ▲ 28.8% |
| Remuneration, social security and pensions62 | - | €21.1m | €20.6m | €23.1m | €22.5m | ▼ 2.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €1.5m | €1.5m | €1.8m | €1.8m | €1.5m | ▼ 17.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | €800,878 | - | - |
| Provisions for liabilities and charges: additions (uses and reversals)635/8 | - | -€952,304 | €4.6m | -€4.6m | €869,272 | ▲ 119% |
| Other operating charges640/8 | - | €770,820 | €654,462 | €424,124 | €416,543 | ▼ 1.8% |
| Non-recurring operating charges66A | - | €6,189 | - | €532 | €595 | ▲ 11.8% |
| Operating profit (loss)9901 | €304,130 | €578,467 | -€12.7m | -€3.2m | €4.1m | ▲ 228% |
| Financial income75/76B | - | €175,581 | €1.5m | €388,650 | €558,851 | ▲ 43.8% |
| Recurring financial income75 | €452,977 | €175,581 | €291,243 | €388,131 | €558,851 | ▲ 44.0% |
| Income from financial fixed assets750 | - | - | €8,031 | €35,953 | €183,206 | ▲ 410% |
| Income from current assets751 | - | €128,052 | €201,585 | €253,877 | €232,839 | ▼ 8.3% |
| Other financial income752/9 | - | €47,529 | €81,627 | €98,301 | €142,806 | ▲ 45.3% |
| Non-recurring financial income76B | - | - | €1.2m | €519 | - | - |
| Financial charges65/66B | - | €338,848 | €1.8m | €2.6m | €797,784 | ▼ 69.0% |
| Recurring financial charges65 | €394,309 | €338,848 | €656,430 | €642,498 | €797,784 | ▲ 24.2% |
| Debt charges650 | €107,025 | €16,385 | €36,677 | €256,128 | €410,111 | ▲ 60.1% |
| Other financial charges652/9 | - | €322,463 | €619,753 | €386,370 | €387,672 | ▲ 0.3% |
| Non-recurring financial charges66B | - | - | €1.1m | €1.9m | - | - |
| Profit (loss) for the period before taxes9903 | €362,799 | €415,200 | -€12.9m | -€5.4m | €3.9m | ▲ 172% |
| Income taxes67/77 | €343,486 | €300,457 | -€69,643 | €41,438 | €677,529 | ▲ 1,535% |
| Taxes670/3 | - | €300,457 | €41,868 | €43,772 | €677,589 | ▲ 1,448% |
| Tax adjustments and reversals of tax provisions77 | - | - | €111,512 | €2,333 | €60 | ▼ 97.4% |
| Profit (loss) for the period9904 | €19,313 | €114,743 | -€12.9m | -€5.4m | €3.2m | ▲ 159% |
| Profit (loss) for the period to be appropriated9905 | €19,313 | €114,743 | -€12.9m | -€5.4m | €3.2m | ▲ 159% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €87.1m | €89.6m | €67.7m | €81.3m | €70.8m | ▼ 13.0% |
| Formation expenses20 | - | - | - | €0 | €0 | - |
| Fixed assets21/28 | €6.2m | €8.5m | €6.9m | €4.8m | €6.2m | ▲ 29.3% |
| Intangible fixed assets21 | - | - | - | €63,556 | €60,962 | ▼ 4.1% |
| Tangible fixed assets22/27 | €3.7m | €4.4m | €4.0m | €3.0m | €2.2m | ▼ 24.5% |
| Land and buildings22 | - | €508,447 | €782,543 | €718,400 | €654,250 | ▼ 8.9% |
| Plant, machinery and equipment23 | - | €2.8m | €2.3m | €1.7m | €1.3m | ▼ 24.0% |
| Furniture and vehicles24 | - | €933,764 | €797,216 | €479,645 | €275,004 | ▼ 42.7% |
| Assets under construction and advance payments27 | - | €74,478 | €95,335 | €43,776 | - | - |
| Financial fixed assets28 | €2.4m | €4.2m | €2.9m | €1.8m | €3.9m | ▲ 120% |
| Affiliated companies280/1 | - | €3.1m | €1.9m | €768,876 | €768,876 | = |
| Participating interests280 | - | €519,535 | €448,385 | €448,385 | €448,385 | = |
| Amounts receivable281 | - | €2.5m | €1.4m | €320,491 | €320,491 | = |
| Other financial fixed assets284/8 | - | €1.1m | €1.0m | €1.0m | €3.2m | ▲ 212% |
| Shares284 | - | €154,700 | €130,480 | €130,480 | €130,480 | = |
| Amounts receivable and cash guarantees285/8 | - | €949,224 | €878,347 | €879,347 | €3.0m | ▲ 244% |
| Current assets29/58 | €80.9m | €81.1m | €60.8m | €76.5m | €64.5m | ▼ 15.6% |
| Amounts receivable after more than one year29 | - | €775,534 | - | €109,027 | €109,027 | = |
| Trade receivables290 | - | €775,534 | - | - | - | - |
| Other amounts receivable291 | - | - | - | €109,027 | €109,027 | = |
| Stocks and contracts in progress3 | €436,109 | €8.5m | €7.2m | €8.4m | €6.3m | ▼ 25.2% |
| Stocks30/36 | - | €1.0m | €1.1m | €650,847 | €605,818 | ▼ 6.9% |
| Raw materials and consumables30/31 | - | €546,988 | €552,089 | €607,447 | €562,418 | ▼ 7.4% |
| Property held for sale35 | - | €455,900 | €548,616 | €43,400 | €43,400 | = |
| Contracts in progress37 | - | €7.5m | €6.1m | €7.8m | €5.7m | ▼ 26.7% |
| Amounts receivable within one year40/41 | €56.1m | €58.7m | €49.0m | €66.1m | €56.2m | ▼ 15.0% |
| Trade receivables40 | - | €46.7m | €39.4m | €54.7m | €41.8m | ▼ 23.7% |
| Other amounts receivable41 | - | €12.0m | €9.6m | €11.4m | €14.4m | ▲ 26.8% |
| Current investments50/53 | - | - | - | €575,000 | €587,848 | ▲ 2.2% |
| Other investments51/53 | - | - | - | €575,000 | €587,848 | ▲ 2.2% |
| Cash at bank and in hand54/58 | €19.2m | €13.0m | €4.2m | €947,079 | €1.0m | ▲ 7.3% |
| Deferred charges and accrued income490/1 | - | €193,121 | €346,610 | €348,425 | €370,061 | ▲ 6.2% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €87.1m | €89.6m | €67.7m | €81.3m | €70.8m | ▼ 13.0% |
| Equity10/15 | €27.9m | €28.0m | €15.1m | €9.7m | €12.9m | ▲ 33.0% |
| Contributions10/11 | €5.0m | €5.0m | €5.0m | €5.0m | €5.0m | = |
| Capital10 | - | €5.0m | €5.0m | €5.0m | €5.0m | = |
| Issued capital100 | - | €5.0m | €5.0m | €5.0m | €5.0m | = |
| Reserves13 | €2.3m | €2.3m | €2.3m | €2.3m | €2.3m | = |
| Non-distributable reserves130/1 | - | €523,748 | €523,748 | €523,748 | €523,748 | = |
| Legal reserve130 | - | €500,000 | €500,000 | €500,000 | €500,000 | = |
| Reserves not available under the articles1311 | - | €23,748 | €23,748 | €23,748 | €23,748 | = |
| Tax-exempt reserves132 | - | €732,204 | €732,204 | €732,204 | €732,204 | = |
| Distributable reserves133 | - | €1.1m | €1.1m | €1.1m | €1.1m | = |
| Profit (loss) carried forward14 | €20.5m | €20.6m | €7.8m | €2.3m | €5.5m | ▲ 137% |
| Provisions and deferred taxes16 | €1.1m | €100,000 | €4.7m | €156,161 | €1.0m | ▲ 557% |
| Provisions for liabilities and charges160/5 | - | €100,000 | €4.7m | €156,161 | €1.0m | ▲ 557% |
| Other liabilities and charges164/5 | - | €100,000 | €4.7m | €156,161 | €1.0m | ▲ 557% |
| Amounts payable17/49 | €58.1m | €61.6m | €47.8m | €71.5m | €56.9m | ▼ 20.4% |
| Amounts payable after more than one year17 | - | - | €575,575 | - | - | - |
| Other amounts payable178/9 | - | - | €575,575 | - | - | - |
| Amounts payable within one year42/48 | €58.1m | €61.4m | €47.2m | €71.0m | €56.0m | ▼ 21.0% |
| Trade debts44 | €34.1m | €36.6m | €29.6m | €45.7m | €41.4m | ▼ 9.4% |
| Suppliers440/4 | - | €36.6m | €29.6m | €45.7m | €41.4m | ▼ 9.4% |
| Advances received on contracts in progress46 | - | €16.2m | €12.8m | €17.4m | €5.4m | ▼ 69.1% |
| Taxes, remuneration and social security45 | - | €3.4m | €2.8m | €3.3m | €4.3m | ▲ 33.4% |
| Taxes450/3 | - | €658,071 | €514,302 | €556,606 | €1.5m | ▲ 165% |
| Remuneration and social security454/9 | - | €2.8m | €2.3m | €2.7m | €2.9m | ▲ 6.3% |
| Other amounts payable47/48 | - | €5.2m | €2.0m | €4.6m | €4.9m | ▲ 7.0% |
| Accrued charges and deferred income492/3 | - | €118,038 | €27,717 | €522,648 | €852,924 | ▲ 63.2% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €19,313 | €114,743 | -€12.9m | -€5.4m | €3.2m | ▲ 159% |
| + Depreciation and write-downs630 | €1.5m | €1.5m | €1.8m | €1.8m | €1.5m | ▼ 17.7% |
| Operating cash flow (approximation) | €1.5m | €1.6m | -€11.1m | -€3.6m | €4.7m | ▲ 228% |
| Investment in fixed assets (approximation) | - | -€3.8m | -€164,912 | €259,663 | -€2.9m | ▼ 1,214% |
| Change in cash | - | -€6.3m | -€8.7m | -€3.3m | €69,342 | ▲ 102% |
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
2026
27-08
State Gazette act
Reappointment: Democo Group NV (director)Permanent representatives: Philip Demot, Sarah Houben and 3 others12 facts ▸
State Gazette act
Reappointment: Democo Group NV (director)
Permanent representatives: Philip Demot, Sarah Houben and 3 others12 facts ▸
- General meeting, 12-06-2026
- Director reappointment, Democo Group NV (director)
- Permanent representative, Philip Demot (permanent representative)
- Board composition, Democo Group NV (lid raad van bestuur)
- Board composition, Sarkri NV (lid raad van bestuur)
- Board composition, TDevelopment BV (lid raad van bestuur)
- Board composition, Rafine BV (lid raad van bestuur)
- Board composition, ArNaSa BV (lid raad van bestuur)
- Permanent representative, Sarah Houben (permanent representative)
- Permanent representative, Thibaud Demot (permanent representative)
- Permanent representative, Raf Houben (permanent representative)
- Permanent representative, Jochen Willen (permanent representative)
04-03
State Gazette act
Resignation: MaLiBe BV (director)Permanent representatives: Philip Demot, Sarah Houben and 3 others12 facts ▸
State Gazette act
Resignation: MaLiBe BV (director)
Permanent representatives: Philip Demot, Sarah Houben and 3 others12 facts ▸
- General meeting, 17-12-2025
- Director resignation, MaLiBe BV (director)
- Board composition, Democo Group NV (director)
- Permanent representative, Philip Demot
- Board composition, Sarkri BV (director)
- Permanent representative, Sarah Houben
- Board composition, TDevelopment BV (director)
- Permanent representative, Thibaud Demot
- Board composition, Rafine BV (director)
- Permanent representative, Raf Houben
- Board composition, ArNaSa BV (director)
- Permanent representative, Jochen Willen
2025
17-10
State Gazette act
Appointment: BDO Bedrijfsrevisoren (statutory auditor)Mandate compensation · Shareholder5 facts ▸
State Gazette act
Appointment: BDO Bedrijfsrevisoren (statutory auditor)
Mandate compensation · Shareholder5 facts ▸
- General meeting, 24-06-2025
- Auditor appointment, BDO Bedrijfsrevisoren (statutory auditor)
- Mandate compensation, BDO Bedrijfsrevisoren
- Shareholder, TDevelopment BV
- Shareholder, MaLiBe BV
04-06
NBB filing
Annual accounts filed
fiscal year 2024 · full schema
14-03
State Gazette act
Appointment: ArNaSa BV (director)Permanent representatives: Jochen Willen, Philip Demot and 4 others · Power of attorney31 facts ▸
State Gazette act
Appointment: ArNaSa BV (director)
Permanent representatives: Jochen Willen, Philip Demot and 4 others · Power of attorney31 facts ▸
- General meeting, 11-02-2025
- Director appointment, ArNaSa BV (director)
- Permanent representative, Jochen Willen
- Board composition, Democo Group NV (director)
- Permanent representative, Philip Demot
- Board composition, Sarkri BV (director)
- Permanent representative, Sarah Houben
- Board composition, MaLiBe BV (director)
- Permanent representative, Johan Van Den Broeck
- Board composition, TDevelopment BV (director)
- Permanent representative, Thibaud Demot
- Board composition, Rafine BV (director)
- +19 further facts in this act
2024
31-12
Financial
Back to profitnet €3.2m
Net result €3.2m after 2 loss-making years.
31-12
Financial
Equity above €10mEq €12.9m ▲33%
Equity rises from €9.7m to €12.9m.
09-09
State Gazette act
Resignation: Tiga-R NV (director)Permanent representatives: Rudy Houben, Raf Houben and 4 others · Appointment: Rafine BV (director)15 facts ▸
State Gazette act
Resignation: Tiga-R NV (director)
Permanent representatives: Rudy Houben, Raf Houben and 4 others · Appointment: Rafine BV (director)15 facts ▸
- General meeting, 10-07-2024
- Director resignation, Tiga-R NV (director)
- Permanent representative, Rudy Houben
- Director appointment, Rafine BV (director)
- Permanent representative, Raf Houben
- Board composition, Democo Group NV (director)
- Permanent representative, Philip Demot
- Board composition, Sarkri BV (director)
- Permanent representative, Sarah Houben
- Board composition, MaLiBe BV (director)
- Permanent representative, Johan Van Den Broeck
- Board composition, TDevelopment BV (director)
- +3 further facts in this act
11-07
NBB filing
Annual accounts filed
fiscal year 2023 · full schema
26-06
State Gazette act
Resignation: FBConstruct BV (director)Permanent representatives: Philip Demot, Rudy Houben and 4 others · Director discharge15 facts ▸
State Gazette act
Resignation: FBConstruct BV (director)
Permanent representatives: Philip Demot, Rudy Houben and 4 others · Director discharge15 facts ▸
- General meeting, 05-03-2024
- Director resignation, FBConstruct BV (director)
- Board composition, Democo Group NV (director)
- Permanent representative, Philip Demot
- Board composition, Tiga-R NV (director)
- Permanent representative, Rudy Houben
- Board composition, Sarkri BV (director)
- Permanent representative, Sarah Houben
- Board composition, MaLiBe BV (director)
- Permanent representative, Johan Van Den Broeck
- Board composition, TDevelopment BV (director)
- Permanent representative, Thibaud Demot
- +3 further facts in this act
13-03
State Gazette act
Statutes amendmentCapital · Power of attorney5 facts ▸
State Gazette act
Statutes amendment
Capital · Power of attorney5 facts ▸
- General meeting, 27/12/2023
- Statutes amendment
- Statutes amendment
- Capital, €5.000.000
- Power of attorney, BAPTIST Annelies
2023
23-11
State Gazette act
Permanent representatives: Sarah Houben, Rudy Houben and Johan Van den BroeckPermanent representative cessation5 facts ▸
State Gazette act
Permanent representatives: Sarah Houben, Rudy Houben and Johan Van den Broeck
Permanent representative cessation5 facts ▸
- General meeting, 03-08-2023
- Permanent representative, Sarah Houben
- Permanent representative cessation, 04-08-2023
- Permanent representative, Rudy Houben
- Permanent representative, Johan Van den Broeck
Show earlier events
03-08
NBB filing
Annual accounts filed
fiscal year 2022 · full schema · 3 days late
12-07
State Gazette act
Permanent representatives: Bijnens Frederik and Demot PhilipShare transfer · Sole shareholder4 facts ▸
State Gazette act
Permanent representatives: Bijnens Frederik and Demot Philip
Share transfer · Sole shareholder4 facts ▸
- Share transfer, previous shareholder of DEMOCO, not named → DEMOCO GROUP
- Permanent representative, Bijnens Frederik
- Permanent representative, Demot Philip
- Sole shareholder, enige aandeelhouder
10-03
State Gazette act
Resignations & appointmentsPower of attorney2 facts ▸
State Gazette act
Resignations & appointments
Power of attorney2 facts ▸
- Board meeting, 13-02-2023
- Power of attorney
2022
31-12
Financial
Weakest financial yearnet -€12.9m
Net result drops to -€12.9m, the lowest in the series; recovery starts the following year.
12-09
State Gazette act
Reappointments: FB Construct BV (director) and BDO Bedrijfsrevisoren BV (statutory auditor)Permanent representatives: Frederik Bijnens, Philip Demot and 4 others · Appointment: FB Construct BV (managing director)17 facts ▸
State Gazette act
Reappointments: FB Construct BV (director) and BDO Bedrijfsrevisoren BV (statutory auditor)
Permanent representatives: Frederik Bijnens, Philip Demot and 4 others · Appointment: FB Construct BV (managing director)17 facts ▸
- General meeting, 22-06-2022
- Director reappointment, FB Construct BV (director)
- Permanent representative, Frederik Bijnens
- Auditor reappointment, BDO Bedrijfsrevisoren BV
- Board meeting, 22-06-2022
- Director appointment, FB Construct BV (managing director)
- Board composition, FB Construct BV (managing director)
- Board composition, Democo Group NV (director)
- Board composition, Tiga-R NV (director)
- Board composition, Sarkri NV (director)
- Board composition, TDevelopment NV (director)
- Board composition, MaLiBe BV (director)
- +5 further facts in this act
08-07
NBB filing
Annual accounts filed
fiscal year 2021 · full schema
12-04
State Gazette act
Resignations: Rudy Houben, Ronny Houben and Thibaud DemotAppointments: Tiga-R NV, Sarkri NV and 2 others · Permanent representatives: Rudy Houben, Ronny Houben and 4 others20 facts ▸
State Gazette act
Resignations: Rudy Houben, Ronny Houben and Thibaud Demot
Appointments: Tiga-R NV, Sarkri NV and 2 others · Permanent representatives: Rudy Houben, Ronny Houben and 4 others20 facts ▸
- General meeting, 21-02-2022
- Director resignation, Rudy Houben (director)
- Director resignation, Ronny Houben (director)
- Director resignation, Thibaud Demot (director)
- Director appointment, Tiga-R NV (director)
- Permanent representative, Rudy Houben
- Director appointment, Sarkri NV (director)
- Permanent representative, Ronny Houben
- Director appointment, TDevelopment BV (director)
- Permanent representative, Thibaud Demot
- Director appointment, MaLiBe BV (director)
- Permanent representative, Johannes Van Den Broeck
- +8 further facts in this act
2021
14-07
State Gazette act
Appointments: FBConstruct BV (managing director) and Thibaud Demot (director)Permanent representatives: Frederik Bijnens and Philip Demot · Resignations: Rudy Houben, Democo Group NV and 2 others15 facts ▸
State Gazette act
Appointments: FBConstruct BV (managing director) and Thibaud Demot (director)
Permanent representatives: Frederik Bijnens and Philip Demot · Resignations: Rudy Houben, Democo Group NV and 2 others15 facts ▸
- Board meeting, 26-04-2021
- Director appointment, FBConstruct BV (managing director)
- Permanent representative, Frederik Bijnens
- Director resignation, Rudy Houben (managing director)
- Director resignation, Democo Group NV (managing director)
- Permanent representative, Philip Demot
- General meeting, 26-05-2021
- Director resignation, Michel Demot (director)
- Director resignation, Danielle Demot (director)
- Director appointment, Thibaud Demot (director)
- Board composition, FBConstruct BV (managing director)
- Board composition, Democo Group NV (director)
- +3 further facts in this act
25-06
NBB filing
Annual accounts filed
fiscal year 2020 · full schema
2020
08-07
State Gazette act
Reappointments: Rudy Houben, Democo Group nv and Daniëlle DemotPermanent representative: Philip Demot · Ratification10 facts ▸
State Gazette act
Reappointments: Rudy Houben, Democo Group nv and Daniëlle Demot
Permanent representative: Philip Demot · Ratification10 facts ▸
- Board meeting, 27-04-2020
- Director reappointment, Rudy Houben (managing director)
- Director reappointment, Democo Group nv (managing director)
- Permanent representative, Philip Demot
- General meeting, 27-05-2020
- Director reappointment, Rudy Houben (director)
- Director reappointment, Daniëlle Demot (director)
- Director reappointment, Democo Group nv (director)
- Ratification, ratification of all legal acts performed as gedelegeerd bestuurder up to the present
- Ratification, ratification of all legal acts performed as gedelegeerd bestuurder up to the present
26-06
NBB filing
Annual accounts filed
fiscal year 2019 · full schema
10-01
State Gazette act
Resignation: Philip Demot (director)Permanent representative: Philip Demot · Power of attorney5 facts ▸
State Gazette act
Resignation: Philip Demot (director)
Permanent representative: Philip Demot · Power of attorney5 facts ▸
- General meeting, 16-12-2019
- Director resignation, Philip Demot (director)
- Permanent representative, Philip Demot
- Power of attorney, Eubelius CVBA
- Power of attorney, Eubelius CVBA
2019
05-12
State Gazette act
Reappointment: BDO Bedrijfsrevisoren CVBA (statutory auditor)Permanent representative: Philip Demot3 facts ▸
State Gazette act
Reappointment: BDO Bedrijfsrevisoren CVBA (statutory auditor)
Permanent representative: Philip Demot3 facts ▸
- General meeting, 24-10-2019
- Auditor reappointment, BDO Bedrijfsrevisoren CVBA
- Permanent representative, Philip Demot
26-06
NBB filing
Annual accounts filed
fiscal year 2018 · full schema
2018
04-10
State Gazette act
Reappointments: Demot Michel (director) and Houben Ronny (director)Appointments: Rudy Houben (gedelegeerd bestuurder) and Democo Group nv (gedelegeerd bestuurder) · Permanent representative: Philip Demot6 facts ▸
State Gazette act
Reappointments: Demot Michel (director) and Houben Ronny (director)
Appointments: Rudy Houben (gedelegeerd bestuurder) and Democo Group nv (gedelegeerd bestuurder) · Permanent representative: Philip Demot6 facts ▸
- General meeting, 30-05-2018
- Director reappointment, Demot Michel (director)
- Director reappointment, Houben Ronny (director)
- Director appointment, Rudy Houben (gedelegeerd bestuurder)
- Director appointment, Democo Group nv (gedelegeerd bestuurder)
- Permanent representative, Philip Demot
27-06
NBB filing
Annual accounts filed
fiscal year 2017 · full schema
13-02
State Gazette act
Resignation: KPMG Bedrijfsrevisoren (statutory auditor)Appointment: BDO Bedrijfsrevisoren (statutory auditor) · Permanent representative: Michel Demot · Director discharge5 facts ▸
State Gazette act
Resignation: KPMG Bedrijfsrevisoren (statutory auditor)
Appointment: BDO Bedrijfsrevisoren (statutory auditor) · Permanent representative: Michel Demot · Director discharge5 facts ▸
- General meeting, 28-04-2017
- Director resignation, KPMG Bedrijfsrevisoren (statutory auditor)
- Director discharge, KPMG Bedrijfsrevisoren
- Director appointment, BDO Bedrijfsrevisoren (statutory auditor)
- Permanent representative, Michel Demot
2017
26-06
NBB filing
Annual accounts filed
fiscal year 2016 · full schema
2016
21-10
State Gazette act
Appointment: FBCONSTRUCT BVBA (director)Permanent representative: Frederik Bijnens3 facts ▸
State Gazette act
Appointment: FBCONSTRUCT BVBA (director)
Permanent representative: Frederik Bijnens3 facts ▸
- General meeting, 25-05-2016
- Director appointment, FBCONSTRUCT BVBA (director)
- Permanent representative, Frederik Bijnens
09-08
State Gazette act
Reappointment: FB Construct bvba (director)Permanent representative: Frederik Bijnens3 facts ▸
State Gazette act
Reappointment: FB Construct bvba (director)
Permanent representative: Frederik Bijnens3 facts ▸
- Board meeting, 22/04/2016
- Director reappointment, FB Construct bvba (director)
- Permanent representative, Frederik Bijnens
10-06
NBB filing
Annual accounts filed
fiscal year 2015 · full schema
2015
18-11
State Gazette act
Reappointments: NV Democo Group (gedelegeerd bestuurder) and Rudy Houben (gedelegeerd bestuurder)Permanent representative: Philip Demot4 facts ▸
State Gazette act
Reappointments: NV Democo Group (gedelegeerd bestuurder) and Rudy Houben (gedelegeerd bestuurder)
Permanent representative: Philip Demot4 facts ▸
- Board meeting, 27-05-2015
- Director reappointment, NV Democo Group (gedelegeerd bestuurder)
- Permanent representative, Philip Demot
- Director reappointment, Rudy Houben (gedelegeerd bestuurder)
25-09
State Gazette act
Appointment: NV Democo Group (gedelegeerd bestuurder)Permanent representative: Philip Demot3 facts ▸
State Gazette act
Appointment: NV Democo Group (gedelegeerd bestuurder)
Permanent representative: Philip Demot3 facts ▸
- General meeting, 27-05-2015
- Director appointment, NV Democo Group (gedelegeerd bestuurder)
- Permanent representative, Philip Demot
2014
28-07
State Gazette act
Appointment: KPMG & Partners (statutory auditor)Permanent representative: Wim Heyndrickx · Reappointments: Danielle Demot, Philip Demot and Rudy Houben6 facts ▸
State Gazette act
Appointment: KPMG & Partners (statutory auditor)
Permanent representative: Wim Heyndrickx · Reappointments: Danielle Demot, Philip Demot and Rudy Houben6 facts ▸
- General meeting, 28-05-2014
- Auditor appointment, KPMG & Partners (statutory auditor)
- Permanent representative, Wim Heyndrickx
- Director reappointment, Danielle Demot (director)
- Director reappointment, Philip Demot (director)
- Director reappointment, Rudy Houben (managing director)
14-04
State Gazette act
Permanent representative: Frederik Bijnens2 facts ▸
State Gazette act
Permanent representative: Frederik Bijnens
2 facts ▸
- Board meeting, 22-05-2013
- Permanent representative, Frederik Bijnens
2013
02-08
State Gazette act
Appointment: FBConstruct bvba (director)Permanent representative: Frederik Bijnens3 facts ▸
State Gazette act
Appointment: FBConstruct bvba (director)
Permanent representative: Frederik Bijnens3 facts ▸
- General meeting, 29-05-2013
- Director appointment, FBConstruct bvba (director)
- Permanent representative, Frederik Bijnens
2012
03-08
State Gazette act
Appointments: Michel Demot (director) and Ronny Houben (director)3 facts ▸
State Gazette act
Appointments: Michel Demot (director) and Ronny Houben (director)
3 facts ▸
- General meeting, 30-05-2012
- Director appointment, Michel Demot (director)
- Director appointment, Ronny Houben (director)
2011
02-08
State Gazette act
Appointment: KPMG & Partners (statutory auditor)Permanent representative: Wim Heyndrickx3 facts ▸
State Gazette act
Appointment: KPMG & Partners (statutory auditor)
Permanent representative: Wim Heyndrickx3 facts ▸
- General meeting, 25-05-2011
- Auditor appointment, KPMG & Partners
- Permanent representative, Wim Heyndrickx
2010
30-11
State Gazette act
Reappointment: DEMOCO GROUP (gedelegeerd bestuurder)Permanent representative: Philip Demot3 facts ▸
State Gazette act
Reappointment: DEMOCO GROUP (gedelegeerd bestuurder)
Permanent representative: Philip Demot3 facts ▸
- General meeting, 27-05-2009
- Director reappointment, DEMOCO GROUP (gedelegeerd bestuurder)
- Permanent representative, Philip Demot
28-06
State Gazette act
MiscellaneousGeneral meeting1 fact ▸
State Gazette act
Miscellaneous
General meeting1 fact ▸
- General meeting, 10-06-2010
2009
12-10
State Gazette act
Reappointment: DEMOCO GROUP (gedelegeerd bestuurder)Permanent representatives: Philip Demot and RU. HOUBEN4 facts ▸
State Gazette act
Reappointment: DEMOCO GROUP (gedelegeerd bestuurder)
Permanent representatives: Philip Demot and RU. HOUBEN4 facts ▸
- General meeting, 27-05-2009
- Director reappointment, DEMOCO GROUP (gedelegeerd bestuurder)
- Permanent representative, Philip Demot
- Permanent representative, RU. HOUBEN
2007
26-11
State Gazette act
Appointment: Salustro, Triest, Vleck (statutory auditor)Permanent representative: Wim Heyndrickx3 facts ▸
State Gazette act
Appointment: Salustro, Triest, Vleck (statutory auditor)
Permanent representative: Wim Heyndrickx3 facts ▸
- General meeting, 25-05-2005
- Auditor appointment, Salustro, Triest, Vleck (statutory auditor)
- Permanent representative, Wim Heyndrickx
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
31 of 31 acts read
Directors · office · real estate
Directors
7 directors, 1 in day-to-day management, no change since 2026
Board 7
FBConstruct
CurrentDirector · since 25-05-2016 · Private limited company · perm. rep.: Frederik Bijnens
DEMOCO GROUP
CurrentDirector · since 27-05-2020 · Public limited company · perm. rep.: Philip Demot
TIGA-R
CurrentDirector · since 21-02-2022 · Public limited company · perm. rep.: Rudy Houben
Rafine
CurrentDirector · since 10-07-2024 · Private limited company · perm. rep.: Raf Houben
ArNaSa
CurrentDirector · since 11-02-2025 · Private limited company · perm. rep.: Jochen Willen
Sarkri NV
CurrentDirector · since 12-04-2022 · Legal entity · from a recent act
TDevelopment BV
CurrentDirector · since 12-04-2022 · Legal entity · from a recent act
2 not recently confirmed
Still in office according to the acts, but no act of the last six years confirms the mandate. It has often ended since, in an act we have not read.
FBConstruct bvba
Not recently confirmedDirector · since 29-05-2013 · Legal entity · perm. rep.: Frederik Bijnens
FB Construct bvba
Not recently confirmedDirector · since 22-04-2016 · Legal entity · perm. rep.: Frederik Bijnens
Day-to-day management 1
FBConstruct
CurrentManaging director · since 26-04-2021 · Private limited company · perm. rep.: Frederik Bijnens
2 not recently confirmed
Still in office according to the acts, but no act of the last six years confirms the mandate. It has often ended since, in an act we have not read.
DEMOCO GROUP
Not recently confirmedGedelegeerd bestuurder · since 27-05-2009 · Legal entity · perm. rep.: Philip Demot
Democo Group NV
Not recently confirmedGedelegeerd bestuurder · since 27-05-2015 · Legal entity · perm. rep.: Philip Demot
Permanent representatives 5
Frederik Bijnens
CurrentPermanent representative · since 25-05-2016 · for FBConstruct
Philip Demot
CurrentPermanent representative · since 27-05-2020 · for DEMOCO GROUP
Rudy Houben
CurrentPermanent representative · since 21-02-2022 · for TIGA-R
Raf Houben
CurrentPermanent representative · since 10-07-2024 · for Rafine
Jochen Willen
CurrentPermanent representative · since 11-02-2025 · for ArNaSa
Statutory auditor 1
BDO BEDRIJFSREVISOREN-BDO REVISEURS D'ENTREPRISES
CurrentStatutory auditor · since 28-04-2017
"From a recent act": read from a Gazette act not yet processed into our list of directors.
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 →
Location & real-estate footprint
Registered office, Hasselt · 4 establishment units since 1990
Ground area
1.5 ha
Building footprint
8,611 m²
Volume, LiDAR
62,884 m³
4 parcels, Brussels, Flanders · tallest building 34.9 m, ±7 floors. Linked by address, not a title deed.
46
companies at this address
See who is registered here
4 establishment units
DEMOCO NV
since 19902.014.165.606
DEMOCO NV
since 20102.214.229.391
DEMOCO NV
since 20122.214.228.797
DEMOCO NV
since 20182.281.820.377
4 parcels
Flanders
3
(75%)
Brussels
1
(25%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 11811L3986/00A000 | Flanders | 5,681 m² | 1 · 4,504 m² | 34.9 m · 2 fl. |
| 44062B0041/00P003 | Flanders | 5,489 m² | 1 · 3,031 m² | 9.5 m · 2 fl. |
| 71327G0668/00T000 | Flanders | 2,234 m² | 1 · 622 m² | 19.5 m · 5 fl. |
| 21304B0083/00V002 | Brussels | 1,973 m² | 1 · 454 m² | 25.7 m · 7 fl. |
Linked by address, not proof of ownership
Good to know
4 of 4 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
1 of these parcels carry protected heritage: expect extra rules on renovation or sale.
Mandate history
24 people since 2005, 12 in office
- Board
- Day-to-day management
- Statutory auditor
- not recently confirmed
- began earlier
| Name | Functions and periods |
|---|---|
| FBConstruct |
|
| DEMOCO GROUP |
|
| TIGA-R |
|
| Sarkri NVfrom an act |
|
| TDevelopment BVfrom an act |
|
| Rafine |
|
| ArNaSa |
|
| BDO BEDRIJFSREVISOREN-BDO REVISEURS D'ENTREPRISES |
|
| FBConstruct bvba |
|
| FB Construct bvba |
|
| DEMOCO GROUP |
|
| Democo Group NV |
|
| MaLiBe BV |
|
| Tiga-R NV |
|
| FBConstruct BV |
|
| Ronny Houben |
|
| Rudy Houben |
|
| Thibaud Demot |
|
| Danielle Demot |
|
| Michel Demot |
|
| Philip DEMOT |
|
| KPMG Réviseurs d'Entreprises |
|
| KPMG & Partners |
|
| Salustro Triest Vleck |
|
Articles of association
Purpose
De algemene aanneming, de uitvoering en de studie van alle openbare, industriële en private werken... [volledig voorwerp zoals vermeld in de statuten]
Structure & network
Owners and holdings
1 owner · 3 holdingsChain of control
- CYGA
- DEMOCO GROUP
- DEMOCO
Highest known parent: CYGA. The sources do not say who stands above it.
Owners 1
-
100%
Holdings 3
-
100%
-
50%
-
50%
Stated earlier (1)
An older source named these holdings; newer accounts no longer list them.
-
33.33%
According to the 2024 annual accounts of DEMOCO 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
14 connected companiesThis company
Company
Director
Shareholding
+N: links not shown yet
Click a node to look further, drag to arrange, scroll to zoom.
Linked via shared directors
BEM - Flemish Construction and Investment Company
Shared director
→
CIRIL
Shared director
→
CYGA
Shared director
→
DEHOLI
Shared director
→
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VKW LIMBURG
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AQUAFIN
Shared corporate director
→
ECG Nutrition and Supplements
Shared corporate director
→
FONDS D'ASSAINISSEMENT DES SOLS DES STATIONS - SERVICE - BODEMSANERINGSFONDS VOOR BENZINESTATIONS
Shared corporate director
→
Lalemant
Shared corporate director
→
MELEXIS
Shared corporate director
→
NORRIQ Belgium
Shared corporate director
→
Capital and shareholders
Shareholders according to the acts
Share transfer
act of 12-07-2023 ↗
- to DEMOCO GROUP (BE 0479.223.847)
The Belgian State Gazette names shareholders only when an act mentions them; the share register itself is not published.
Capital over the years
- 13-03-2024 Capital stated in the act · 5,000,000 EUR · 61,260 shares
Public money · subsidies and aid
Flemish government
2022 to 2025 · 8 entries · 111,569 EUR awarded · 111,569 EUR paid| Year | Entries | awarded | paid |
|---|---|---|---|
| 2025 | 2 | 20,966 EUR | 20,966 EUR |
| 2024 | 2 | 29,403 EUR | 29,403 EUR |
| 2023 | 2 | 34,974 EUR | 34,974 EUR |
| 2022 | 2 | 26,226 EUR | 26,226 EUR |
Recognitions · licences · registrations
Recognised contractor
17 categoriesDEMOCO NV15392
Dual-learning approval
2 endedElektrotechnicus (vwo)
Elektrotechnicus duaal (so)
Legal Entity Identifier
254900S94F07IE342O78
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Of 29,787 companies in sector 41001 we hold annual accounts for 16,042. 815 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPublic limited company
Founded07-06-1990
Fiscal year end31-12
Activities, NACEBEL 2025
41001General construction of residential buildings
41003General construction of other non-residential buildings
E-invoicing
Reachable via Peppol
Peppol ID
0208:0440712867
Also
9925:BE0440712867
Registered
08-07-2025
Register as of 26 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.