Equity
€15.6m from €29.5m in 2019
Equity fell by 47% in 6 years.
DEMOCO
Lifetime
20 annual accounts with figures on one time axis, 36 filings since 1990peak €245.8m (2021)
€188.3m▼ 14.0%
lowest -€12.9m (2022)
€2.7m▼ 14.8%
peak €29.5m (2019)
€15.6m▲ 21.1%
€48.7m▼ 14.3%
peak 339.6 FTE (2016)
241.8 FTE▼ 10.0%
Board18 names since 2005all names
5 directorsDEMOCO GROUP and 4 others
Owners5 names in the annual accounts
100%DEMOCO GROUP
Documentsfilings and deeds
22-06-202639 days before the deadline
2025financial year
Turnover from €219.0m to €188.3mStaff from 268.6 FTE to 241.8 FTEAppointment: BDO Bedrijfsrevisoren (statutory auditor) 17-101 director appointed 14-03Equity from €12.9m to €15.6mCash from €1.0m to €2.4m
Key points
from the 2025 annual accountsDebts
€48.7m 72% of the balance sheet
Suppliers 80%Taxes and wages 6%Other 14%
Of this, €47.2m falls due within a year.
Staff
241.8 FTE from 339.6 in 2016
Between 2016 and 2025, 29% of the full-time equivalents disappeared.
At the same address
44 companies
Board
1 joined · 1 left
Board changed. Latest change 12-06-2026 · 5 in office.
Position in the sector
€2.7m
Higher net result than 93% of companies in construction of buildings. Sector median €32,512 · 1,039 companies.
Checked score
69
Healthy
Financially stronger than 43% of medium-sized companies in construction of buildings (NACE 41)
Probability in this band: 0.55% to 1.5%
Bankruptcy probability within 12 months
0.7% Low
0%0.5%1.5%4%10%≥ 25%
The dashed line is the sector median: 0.3% across 209 companies (NACE 41, medium-sized).
About 7 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
Last 24 months
12-2024: 1.6%
01-2025: 1.6%● unchanged vs 12-2024
02-2025: 1.6%● unchanged vs 01-2025
03-2025: 1.6%● unchanged vs 02-2025
04-2025: 1.6%● unchanged vs 03-2025
05-2025: 1.6%● unchanged vs 04-2025
06-2025: 1.6%● unchanged vs 05-2025
07-2025: 0.9%▼ -0.7 percentage points vs 06-2025
08-2025: 0.9%● unchanged vs 07-2025
09-2025: 0.9%● unchanged vs 08-2025
10-2025: 0.9%● unchanged vs 09-2025
11-2025: 0.9%● unchanged vs 10-2025
12-2025: 0.9%● unchanged vs 11-2025
01-2026: 0.9%● unchanged vs 12-2025
02-2026: 0.9%● unchanged vs 01-2026
03-2026: 0.9%● unchanged vs 02-2026
04-2026: 0.9%● unchanged vs 03-2026
05-2026: 0.9%● unchanged vs 04-2026
06-2026: 0.9%● unchanged vs 05-2026
07-2026: 0.9%● unchanged vs 06-2026
08-2026: 1.4%▲ +0.5 percentage points vs 07-2026
09-2026: 1.7%▲ +0.3 percentage points vs 08-2026highest value
10-2026: 0.7%▼ -1.0 percentage point vs 09-2026lowest value
11-2026: 0.7%● unchanged vs 10-2026lowest value
Financial strengthAverage
Score breakdown
raises risk
Liquidity: current ratio 1.34, cash €2.4m
Equity €15.6m (23.2% of total assets)
Sector: Construction of residential and non-residential buildings (NACE 41)
lowers risk
Legal form: public limited company
Calculation
The band follows from the bankruptcy probability. 10 more points roughly halve it.
| 75-100 | Excellent | under 0.55% |
| 60-74 | Healthy | 0.55% to 1.5% |
| 45-59 | Fair | 1.5% to 4.2% |
| 25-44 | Weak | 4.2% to 15.0% |
| 0-24 | Critical | over 15.0% |
Where the company stands within its band depends half on the bankruptcy probability and half on how it does against its sector peers (NACE 41, medium-sized). It does better than 47% of them on solvency, 19% on liquidity, 55% on profitability and 52% on growth.
The bankruptcy probability was computed on 09-11-2026 by the bankruptcy model of 2 October 2026, which learns from Belgian bankruptcies and reads the registers, the annual accounts and the Belgian Official Gazette.
The probability rests on the annual accounts with balance sheet date 31-12-2025.
Of the companies with a bankruptcy probability in the low class on 30-06-2025, 0.8% went bankrupt within twelve months.
Some facts cap the score, however low the probability. With negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late, the score is Fair at most (59). With two missing filings, it is Weak at most (44). During a judicial reorganisation or at the company's end (bankruptcy, dissolution, liquidation), it is Critical at most (24).
Comparable companies, two years later
In July 2024, 733 companies had the same profile as DEMOCO has now. Each dot stands for 2 companies, two years later.
97.4%
were still trading
1.4%
stopped another way
1.0%
went bankrupt
Another 0.3% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of DEMOCO itself: 0.7% within 12 months.
Test of the method
The method was tested on the 497,447 companies of July 2024. Each company was given the bankruptcy share of the same profile a year earlier, in July 2023. The expectation was that 1.6% would go bankrupt within 24 months. In fact 1.7% went bankrupt.
| 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% | 0.9% |
| 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% |
A company that went bankrupt had a higher expected share than one that kept going in 74.5% of comparisons. The level depends on the economy. In a year with more bankruptcies than the year before, the actual share is higher than the expected one.
This is an observation about 733 companies, not a prediction for DEMOCO. The sector does not count, because the KBO no longer lists a sector for a company that has stopped. By sector, mostly the survivors would count, which would paint too rosy a picture.
Credit verdict
Credit of up to €1,050,000 on 30-day terms is acceptable
Liquidity is tight, with a current ratio of 1.34 (1.15 in 2024), below the usual 1.5. Short-term debt is 70.1% and cash 3.6% of total assets. 76.8% of the assets are financed with debt and provisions.
Credit check for an amount and term of your choice
Show the recommended maximum and see how the verdict changes with amount, term and advance.
The scores and ratios are Checked's own calculations, not a credit decision.
Signals
Six signals.
lowers riskraises riskneutral
lowers risk · Growing equity
Reported equity is higher than in 2023 and did not fall compared with 2024. These amounts do not establish the cause of the change.
NBB · annual accounts 2025Equity per financial year
1819202122232425
2018 to 2025 · latest year €15.6m
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 22-06-2026, 39 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
39 days early
2024
57 days early
2023
20 days early
2022
3 days late
2021
23 days early
2020
36 days early
2019
35 days early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
The company filed its last 7 accounts on average 30 days before the deadline. In the sector (NACE 41), the median for financial year 2024 was on the deadline day, and 46% of those companies filed late.
Searched, nothing found (2)
neutral · Next filing not due yet
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today. The company usually files around 8 July (4 of the last 5 accounts filed within 30 days either side of that date).
Companies Code · seven monthsWhere today falls in the filing period
09-11-2026 today31-12-2026 year end31-07-2027 deadline
Board and ownership
- DEMOCO GROUP 100%equity €22.4m (2025) · annual accounts 2025
- DEMOCO GROUP NV consolidatesannual accounts 2025
Shares in 3 companies, including DPCO SA and ANICIUS
Board & ownershipRecent changes
1 director reappointed
Democo Group NV · Permanent representatives: Philip Demot, Sarah Houben, Thibaud Demot, Raf Houben and Jochen Willen · General meeting of 12-06-2026 · Gazette deed
Resignation: MaLiBe BV (director)
General meeting of 17-12-2025 · Gazette deed
Environmental permit granted
Hoogstammige bomen vellen die geen deel uitmaken van een bos · Lanaken
Appointment: BDO Bedrijfsrevisoren (statutory auditor)
General meeting of 24-06-2025 · Gazette deed
Comparable companies
same main activity, similar in size and age| Company | ||||
|---|---|---|---|---|
| DEMOCO Hasselt | €188.3m | 1.0% | 23.2% | 241.8 |
| TRADECO BELGIUM Mouscron | €119.2m | 9.1% | 44.2% | 162.1 |
| VALENS Auderghem | €95.9m | -3.1% | 15.1% | 186.9 |
| DURABRIK BOUWBEDRIJVEN Ghent | €113.7m | 5.2% | 48.8% | 161.3 |
| ALGEMENE ONDERNEMINGEN ROBERT WYCKAERT Ghent | €118.7m | 4.9% | 33.6% | 150.6 |
| ALHEEMBOUW Staden | €278.7m | 4.5% | 19.9% | 183.8 |
| LOUIS DE WAELE CONSTRUCTION Watermael-Boitsfort | €128.5m | 1.2% | 20.0% | 217 |
Grey: the largest companies of the sector (construction of buildings (NACE 41)), without their names. Blue: the sector peers from the table.
These companies have the same main activity as DEMOCO: general construction of residential buildings (NACE 41001). They are comparable in size and age: total assets between €49m and €121m, founded between 1968 and 1994.
Official details
Source: KBO- Status
- Active since 07-06-1990Normal situation
- Registered office
- 45 active companies are registered at this address2 started in the 12 months before. Source: KBO register, as of 9 November 2026.
- Activity
- General construction of residential buildingsNACE 41001and 1 other
- Joint committees
- 124Construction
- 200Auxiliary committee for white-collar workers · annual accounts 2025
- Establishment units
- 2.014.165.6063500 Hasselt, since 22-06-1990
- 2.214.229.3911070 Anderlecht, since 01-01-2010and 2 others
- Financial year end
- 31 December
- Peppol
- Reachable since 08-07-2025
Annual accounts 2025
- €67.2m▼ 5.0%
- Employeeson 31-12-2025
- 243▼ 9.7%
- Filing
- Filed on 22-06-2026, 39 days before the end of the filing period
Insights on DEMOCO
DEMOCO has existed since 1990. Turnover grew from €44.7m in 2006 to €188.3m in 2025.
DEMOCO GROUP holds all the shares. In April 2022, three directors stepped down.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette. Click a figure with a dotted line for the item and the filing.
Key facts about DEMOCO
- What is the company number of DEMOCO?
- The company number of DEMOCO is 0440.712.867. The VAT number is the same number with BE in front: BE 0440.712.867.
- Where is DEMOCO based?
- The registered office is at Herkenrodesingel 4B, 3500 Hasselt.Company details
- What does DEMOCO do?
- According to the KBO register, the main activity is general construction of residential buildings (NACE 41001).
- What is the legal form of DEMOCO?
- DEMOCO is a public limited company (NV).
- When was DEMOCO founded?
- DEMOCO was founded on 07-06-1990.
- Is DEMOCO still active?
- Yes, DEMOCO is an active enterprise in the KBO register.
- How many employees does DEMOCO have?
- DEMOCO had an average of 241.8 full-time equivalents in financial year 2025, according to the filed annual accounts.Financials
- Which joint committee does DEMOCO fall under?
- In its 2025 annual accounts, DEMOCO states joint committees 124 (Construction) and 200 (Auxiliary committee for white-collar workers).
- What is the turnover of DEMOCO?
- The turnover of DEMOCO was €188.3m in financial year 2025, according to the filed annual accounts.
- Is DEMOCO profitable?
- In financial year 2025, DEMOCO made a profit of €2.7m.
- Where can I find the annual accounts of DEMOCO?
- DEMOCO filed 46 annual accounts with the National Bank of Belgium, the latest for financial year 2025.
- When are the next annual accounts of DEMOCO due?
- DEMOCO must file the annual accounts for financial year 2026 by 31-07-2027.Timeline
Next steps
Work out how much credit to give this customer and on what payment terms.Credit check Check what to know before you do business with this company.Supplier due diligence See whether the workforce is growing and whether people stay.Employer check Check whether you can trust this company with building work.Contractor check Check whether you can accept this company as a client under the anti-money-laundering law.AML client file Check which of your other customers you can e-invoice via Peppol.Peppol check
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