Active BE 0873.223.593Private limited company

DENDER CONSTRUCT

Huivelde 72 ·9240 Zele, Belgium· 21 yrs active

Sector: Development of residential building projects (68121)

Conclusion Checked

DENDER CONSTRUCT has been active since 2005 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €105k and a net result of €4k. Equity is growing by ~4.7% per year across the filed fiscal years. Its solvency ranks better than 42% of 8862 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.3% (very low).

Based on the State Gazette, CBE and 4 annual accounts.

Key figures

Equity	€105k
Net result	€4k
Better than sector	42%
Active	21 yrs

Financial profile 5 of 5 axes measured · computed by Checked

49 / 100

Mixed profile: strong on stability, weaker on profitability.

All 5 axes are computed from data Checked has read.

Health 41

Profitability 19

Solvency 33

Growth 52

Stability 100

Bankruptcy probability (12 mo) Checked model v1 · free

0.3% Very low

0%0,5%1,5%4%10%≥25%

How do we compute this?

Risk Assessment rule-based

0 / 100

Low risk

Trust signals 2 signals

Long-established

Founded in 2005, 21 years in business.

No legal incidents

No bankruptcy, reorganisation or interim measure in the Belgisch Staatsblad, and the KBO register records a normal legal situation.

Administrative Flags0 events

No strikeouts found in the KBO publications we processed. That series starts in 2021 and has gaps, so this is not a confirmation that there is nothing.

Checked score FY 2025 · computed

41 / 100 Weak

050100

Computed from 5 of the 6 factors this model weighs. The rest cannot be derived from the filed figures, or need a prior year to compare against.

Indicative credit limit

€5k

estimate, not credit advice

Score history

61 2022

61 2023

61 2024

41 2025

purely financial, excl. current insolvency signals

Score components

Liquidity Current ratio 0.99 (< 1.0) -10

Leverage Debt/equity 3.34 (> 3.0) -10

Profitability ROE 4% +3

Interest coverage Interest coverage 7.7× (≥ 3×) +8

Profit trend Net profit down YoY -3

Equity growth Equity growing YoY +3

Computed by Checked from the NBB filing for FY 2025. Indicative, not credit advice.

Financial overview20 NBB filings

Annual accounts filed on 30-10-2025 with the NBB · fiscal year 2025 · abbreviated schema

Operating resultNet result

Trajectory (indicative)

Projection over 3 fiscal years from the filed annual accounts, not a forecast, the extended trend.

growing Gross margin: growth of ~13.8%/year over 4 fiscal years, indicative, assuming unchanged policy.

Solid line = filed figures · dashed = extended trend · area = indicative range.

How do we compute this?

The trend is a robust median of all pairwise slopes between fiscal years (Theil-Sen), so a single odd year cannot hijack the line. For strictly positive series we also fit a log variant (compound annual growth) and keep whichever describes the figures best.

The area around the projection is 1.8 × the median absolute deviation from the trend, widening each year ahead (×1 / ×1.6 / ×2.2), with a minimum of 8% of the last value. It is an indicative range, not a statistical confidence interval.

A series whose deviations exceed 35% of its level is too volatile: we then deliberately show no projection. Every projection assumes unchanged policy and is blind to non-public information (order book, contracts, funding rounds).

Sector comparison

Fiscal year 2025 · NACE 68, Real estate activities · compared within the same schema type (abbreviated schema)

Metric	This company	Sector median	Position in the sector
Solvency	23.0%	31.5%	better than 42% of 8862 sector peers
Net result	€4k	€11k	better than 44% of 8858 sector peers
Equity	€105k	€331k	better than 32% of 8866 sector peers
Gross operating margin	€184k	€93k	better than 65% of 8845 sector peers
Staff costs	€62k	€67k	higher than 48% of 1959 sector peers

EBITDA

€112k

-2.4% 22-25

Net profit

€4k

-6.9% 22-25

Cash flow

€95k

0.0% 22-25

Total assets

€458k

-19.4% 22-25

Equity

€105k

+3.9% 22-25

Working capital

€-2k

- 22-25

Employees (FTE)

1

+42.9% 22-25

Staff costs

€62k

-31.1% 22-25

Income taxes

€3k

-8.4% 22-25

Debt

€352k

-24.5% 22-25

Debt ≤ 1y

€166k

-14.4% 22-25

Debt > 1y

€121k

-24.5% 22-25

Current ratio

0.99

-16.4% 22-25

Quick ratio

0.99

-16.4% 22-25

Solvency

23.0%

+28.9% 22-25

Debt / equity

3.34

-27.3% 22-25

ROE

3.7%

-10.4% 22-25

ROA

0.9%

+15.6% 22-25

Interest coverage

7.69

+13.6% 22-25

Figures by fiscal year and ratios

Highlight YoY changes (±10%)

Fiscal year	2025	2024	2023	2022
Deposit	abbreviated schema	abbreviated schema	abbreviated schema	abbreviated schema
Revenue	-	-	-	-
EBITDA	€112k	€115k	€106k	€84k
Net profit	€4k	€4k	€7k	€9k
Cash flow	€95k	€95k	€89k	€67k
Staff costs	€62k	€90k	€56k	€47k
Income taxes	€3k	€3k	€3k	€3k
Dividends	-	-	-	-
Total assets	€458k	€568k	€610k	€536k
Equity	€105k	€102k	€97k	€90k
Debt	€352k	€467k	€513k	€446k
of which ≤ 1y	€166k	€194k	€180k	€176k
of which > 1y	€121k	€160k	€235k	€186k
Working capital	€-2k	€35k	€23k	€87k
Employees (FTE)	-	-	1.0	0.7

Ratios (computed)

	2025	2024	2023	2022
Current ratio	0.99	1.18	1.13	1.50
Quick ratio	0.99	1.18	1.13	1.50
Working capital ratio	-0.4%	6.2%	3.7%	16.3%
Solvency	23.0%	17.9%	16.0%	16.8%
Debt / equity	3.34	4.60	5.27	4.94
Long-term debt ratio	1.15	1.58	2.41	2.06
Interest coverage	7.69	6.77	7.32	6.02
Gross margin	-	-	-	-
Net margin	-	-	-	-
ROA	0.9%	0.7%	1.2%	1.6%
ROE	3.7%	4.1%	7.3%	9.6%
EBITDA margin	-	-	-	-
Days sales outstanding	-	-	-	-
Days payable outstanding	-	-	-	-
Inventory turnover	-	-	-	-
Days inventory (DSI)	-	-	-	-

Balance-sheet composition 2025

Assets

Fixed assets €294k · 64.2% Current assets €164k · 35.8%

Equity & liabilities

Equity €105k · 23.0% Debt €352k · 77.0%

Full annual accounts (24 line items)

Filed balance sheet and income statement, exactly as deposited with the NBB.

Line item	Code	2025	2024	2023	2022
Balance sheet, Assets
TOTAL ASSETS	20/58	€458k	€568k	€610k	€536k
Fixed assets	21/28	€294k	€339k	€407k	€273k
Tangible fixed assets	22/27	€292k	€337k	€405k	€271k
Financial fixed assets	28	€2k	€2k	€2k	€2k
Current assets	29/58	€164k	€229k	€203k	€263k
Amounts receivable within one year	40/41	€152k	€219k	€165k	€244k
Cash & bank	54/58	€6k	€2k	€34k	€14k
Balance sheet, Equity & liabilities
TOTAL EQUITY & LIABILITIES	10/49	€458k	€568k	€610k	€536k
Equity	10/15	€105k	€102k	€97k	€90k
Contributions / capital	10/11	€19k	€19k	€19k	€19k
Reserves	13	€2k	€2k	€2k	€2k
Accumulated profits (losses)	14	€85k	€81k	€76k	€69k
Amounts payable	17/49	€352k	€467k	€513k	€446k
Amounts payable after one year	17	€121k	€160k	€235k	€186k
Amounts payable within one year	42/48	€166k	€194k	€180k	€176k
Trade debts payable within one year	44	€235	€4k	€481	€180
Income statement
Gross operating margin	9900	€184k	€214k	€173k	€145k
Operating result	9901	€21k	€24k	€24k	€26k
Financial income	75	€182	€20	€37	€9
Financial charges	65	€15k	€17k	€15k	€14k
Result before taxes	9903	€7k	€7k	€10k	€12k
Income taxes	67/77	€3k	€3k	€3k	€3k
Net result for the period	9904	€4k	€4k	€7k	€9k
Result to be appropriated	9905	€4k	€4k	€7k	€9k

Directors & mandates 2 directors

Current directors & mandates

HERMANS Tim
Director
State Gazette act 23331379 (06-04-2023)

Current
06-04-2023 → present
2 events
- 06-04-2023 Resigned· Manager
- 06-04-2023 Appointed· Director
VAN WESEPOEL Tiny
Director
State Gazette act 23331379 (06-04-2023)

Current
06-04-2023 → present
2 events
- 06-04-2023 Resigned· Manager
- 06-04-2023 Appointed· Director

Legal Structure

NACE primary	Development of residential building projects(68121)
Legal form	Private limited company(610)
Incorporation	15-04-2005
Status	Active
Postal code	9240

Establishment units 1 location

DENDER CONSTRUCT

Huivelde 72, 9240 ZeleNACE 45220

since 20052.147.702.932

Real-estate footprint Source: CBE × cadastre

Flanders 1 (100%)

Parcel (capakey)	Region	Area	Buildings	Height / fl.
42028B1083/00T000	Flanders	2,202 m²	1 · 175 m²	11.0 m · 3 fl.

Methodology

via registered seat: 1

1 of 1 parcel with an exact address match; the rest are indicative.

Linked through address data, this is not proof of ownership.

Updates 11 events

All 13Financial 2Gazette 1Filings 10

Next filing, fiscal year 2026, expected by 31-10-2026

2025

30-10

NBB filing Annual accounts filed

fiscal year 2025 · abbreviated schema

31-03

Financial Weakest financial yearnet €4k ▼6.9%

Net result drops to €4k, the lowest in the series.

2024

30-10

NBB filing Annual accounts filed

fiscal year 2024 · abbreviated schema

31-03

Financial Equity above €100kEq €102k ▲4.3%

3 profitable years in a row build equity to €102k.

2023

30-10

NBB filing Annual accounts filed

fiscal year 2023 · abbreviated schema

06-04

State Gazette act Director changes

Laura JACOBS · correction

2022

03-11

NBB filing Annual accounts filed

fiscal year 2022 · abbreviated schema · 3 days late

2021

17-11

NBB filing Annual accounts filed

fiscal year 2021 · abbreviated schema · 17 days late

2020

23-11

NBB filing Annual accounts filed

fiscal year 2020 · abbreviated schema · 23 days late

2019

30-10

NBB filing Annual accounts filed

fiscal year 2019 · abbreviated schema

2018

30-10

NBB filing Annual accounts filed

fiscal year 2018 · abbreviated schema

2017

30-10

NBB filing Annual accounts filed

fiscal year 2017 · abbreviated schema

2016

21-09

NBB filing Annual accounts filed

fiscal year 2016 · abbreviated schema

Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.

Belgian State Gazette reading coverage 0 of 4 acts read

We know of 4 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.

Belgisch Staatsblad, acts 1 acts

All acts · 1 updated 3 years ago

2023

06-04-2023 2 directors appointed, 2 resigning Director changes·Laura JACOBScorrection

HERMANS Tim, Bestuurder
VAN WESEPOEL Tiny, Bestuurder
HERMANS Tim, Zaakvoerder
VAN WESEPOEL Tiny, Zaakvoerder

Notary: Laura JACOBS · Dendermonde

Original publication ↗

Technical details

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Credit advice verdict per customer and amount

Company registry (CBE) Crossroads Bank

Activities

General construction of residential buildings41001Development of residential building projects6812145220Other building finishing work43350Roofing work43410

Names & trade names

Legal nameNL

DENDER CONSTRUCT

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