Equity
ERDO GUL CONSTRUCT has made a profit without a break since 2016.
ERDO GUL CONSTRUCT has made a profit without a break since 2016.
Nine of the last ten came late. The 2018 accounts came latest: 121 days after the end of the period.
Higher solvency than 86% of companies in construction of buildings. Sector median 42.9% · 9,462 companies.
The dashed line is the sector median: 1.5% across 13,458 companies (NACE 41, micro).
About 4 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
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, micro). It does better than 92% of them on solvency, 82% on liquidity, 47% on profitability and 44% 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 very low class on 30-06-2025, 0.1% 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).
In July 2024, 10,904 companies had the same profile as ERDO GUL CONSTRUCT has now. Each dot stands for 28 companies, two years later.
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of ERDO GUL CONSTRUCT itself: 0.4% within 12 months.
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 10,904 companies, not a prediction for ERDO GUL CONSTRUCT. 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.
Liquidity is ample, with a current ratio of 3.88 (4.91 in 2024), above the usual 1.5. Short-term debt is 17.6% and cash 27.2% of total assets. 21.4% of the assets are financed with debt and provisions.
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.
The company filed its last 7 accounts on average 39 days after 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.
| Company | ||||
|---|---|---|---|---|
| ERDO GUL CONSTRUCT Ottignies-Louvain-la-Neuve | €153,927 | €35,801 | 78.6% | - |
| GLOBAL SOLUTION CONSTRUCT Braine-l'Alleud | €146,891 | €42,081 | 72.3% | - |
| BEPROD Chaumont-Gistoux | €135,391 | €33,702 | 68.7% | - |
| VIP CONSTRUCT Braine-l'Alleud | €145,932 | €29,809 | 23.9% | - |
| All-Co Tessenderlo-Ham | €160,967 | €35,550 | 89.6% | - |
| ERIK CONSTRUCT Auderghem | €156,460 | €37,866 | 38.9% | - |
| MASTER SERVICES Sint-Pieters-Leeuw | €153,767 | €42,198 | 25.0% | - |
These companies have the same main activity as ERDO GUL CONSTRUCT: general construction of residential buildings (NACE 41001). They are comparable in size and age: total assets between €135,000 and €161,000, founded between 2011 and 2014.
ERDO GUL CONSTRUCT files the micro format. That format states no turnover. The gross margin rose from €13,711 in 2013 to €35,801 in 2025.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette.
The turnover shown is an estimate from the gross margin.
Turnover ≈ €250,000. Estimated: probably between €140,000 and €450,000.
Higher than 87% of 9,462 companies in 2025.
Higher than 82% of 9,210 companies in 2025.
Higher than 38% of 9,282 companies in 2025.
Net result: middle half · Equity: top quarter · Balance sheet total: middle half · Working capital: middle half
Staff costs divided by the average number of full-time equivalents.
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Balance sheet: assets | ||||||||||||||
20/58 |
153,927 | 151,385 | 148,583 | 190,774 | 80,489 | 84,520 | 77,639 | 60,978 | 103,840 | 147,447 | 178,558 | 177,061 | 81,287 | |
21/28 |
48,431 | 67,658 | 79,653 | 39,416 | 22,083 | 30,845 | 41,087 | 120 | 120 | 4,398 | 8,648 | 16,421 | 24,194 | |
22/27 |
48,311 | 67,538 | 79,533 | 39,296 | 21,963 | 30,725 | 40,967 | - | - | 4,278 | 8,648 | 16,421 | 24,194 | |
23 |
1,446 | 702 | 950 | 1,198 | - | - | - | - | - | - | 470 | 3,179 | 5,888 | |
24 |
23,611 | 34,862 | 37,889 | 27,856 | 1,480 | - | - | - | - | 4,278 | 8,178 | 13,242 | 18,306 | |
25 |
23,253 | 31,973 | 40,693 | 10,242 | 20,483 | - | - | - | - | - | - | - | - | |
28 |
120 | 120 | 120 | 120 | 120 | 120 | 120 | 120 | 120 | 120 | - | - | - | |
29/58 |
105,496 | 83,727 | 68,930 | 151,359 | 58,406 | 53,675 | 36,553 | 60,858 | 103,720 | 143,049 | 169,910 | 160,640 | 57,093 | |
3 |
- | - | - | - | - | - | - | 35,463 | 50,296 | 130,048 | 149,570 | 149,570 | 25,000 | |
30/36 |
- | - | - | - | - | - | - | - | - | - | - | - | 25,000 | |
37 |
- | - | - | - | - | - | - | 35,463 | 50,296 | 130,048 | 149,570 | 149,570 | - | |
40/41 |
63,652 | 45,288 | 34,341 | 41,700 | 18,837 | 11,046 | 36 | 21,444 | 26,756 | 3,832 | 19,041 | 9,197 | 20,736 | |
40 |
5,916 | 125 | 2,206 | 11,550 | 6,539 | 7,079 | - | 20,647 | 26,444 | 3,832 | 15,462 | 7,477 | 19,710 | |
41 |
57,736 | 45,163 | 32,135 | 30,150 | 12,298 | 3,967 | 36 | 797 | 313 | - | 3,579 | 1,720 | 1,026 | |
54/58 |
41,844 | 38,439 | 34,589 | 109,659 | 39,570 | 42,629 | 36,517 | 3,951 | 25,956 | 7,862 | 216 | 976 | 10,722 | |
490/1 |
- | - | - | - | - | - | - | - | 712 | 1,308 | 1,083 | 898 | 635 | |
| Balance sheet: equity and liabilities | ||||||||||||||
10/49 |
153,927 | 151,385 | 148,583 | 190,774 | 80,489 | 84,520 | 77,639 | 60,978 | 103,840 | 147,447 | 178,558 | 177,061 | 81,287 | |
10/15 |
120,945 | 116,348 | 110,217 | 100,402 | 46,847 | 46,451 | 35,015 | 23,225 | 14,800 | 11,001 | 9,270 | 14,609 | 19,943 | |
10/11 |
18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | |
10 |
- | - | - | 18,600 | 18,600 | - | - | - | - | - | - | - | - | |
100 |
- | - | - | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | |
13 |
67 | 67 | 67 | 67 | 67 | 67 | 67 | 67 | 67 | 67 | 67 | 67 | 67 | |
130/1 |
67 | 67 | 67 | 67 | 67 | 67 | - | - | - | - | - | - | - | |
130 |
- | - | - | 67 | 67 | 67 | 67 | 67 | 67 | 67 | 67 | 67 | 67 | |
1311 |
67 | 67 | 67 | - | - | - | - | - | - | - | - | - | - | |
14 |
102,278 | 97,681 | 91,549 | 81,735 | 28,180 | 27,784 | 16,348 | 4,558 | -3,867 | -7,666 | -9,397 | -4,058 | 1,276 | |
17/49 |
32,981 | 35,037 | 38,366 | 90,372 | 33,642 | 38,069 | 42,624 | 37,753 | 89,039 | 136,446 | 169,287 | 162,452 | 61,343 | |
17 |
5,814 | 17,984 | 21,947 | - | 21,718 | 26,646 | 24,461 | - | - | - | 1,532 | 6,038 | 10,416 | |
170/4 |
5,814 | 17,984 | 21,947 | - | 5,819 | 15,140 | 24,461 | - | - | - | 1,532 | 6,038 | 10,416 | |
176 |
- | - | - | - | 15,899 | 11,506 | - | - | - | - | - | - | - | |
42/48 |
27,167 | 17,053 | 16,419 | 90,372 | 11,924 | 11,423 | 18,163 | 37,753 | 89,039 | 136,446 | 167,756 | 156,414 | 50,928 | |
42 |
7,766 | 7,398 | 8,066 | 3,037 | 9,251 | 9,286 | 9,321 | - | - | 1,532 | 4,507 | 4,377 | 4,252 | |
43 |
4,103 | 3,897 | - | - | - | - | - | - | - | - | 581 | - | - | |
430/8 |
4,103 | 3,897 | - | - | - | - | - | - | - | - | 581 | - | - | |
44 |
7,299 | 1,170 | - | 12,909 | 1,331 | 2,138 | 1,222 | 1,416 | 3,348 | 117 | 14,071 | 6,297 | 6,623 | |
440/4 |
7,299 | 1,170 | - | 12,909 | 1,331 | 2,138 | 1,222 | 1,416 | 3,348 | 117 | 14,071 | 6,297 | 6,623 | |
46 |
- | - | - | 74,426 | - | - | - | - | - | - | - | - | - | |
45 |
7,998 | 4,588 | 8,353 | - | - | - | 7,560 | 2,472 | 11,908 | 3,636 | 3,500 | 3,986 | 12,264 | |
450/3 |
7,998 | 2,380 | 4,084 | - | - | - | 7,560 | 2,472 | 11,908 | 3,636 | 3,500 | 2,436 | 11,224 | |
454/9 |
- | 2,208 | 4,269 | - | - | - | - | - | - | - | - | 1,550 | 1,040 | |
47/48 |
- | - | - | - | 1,343 | - | 60 | 33,865 | 73,784 | 131,161 | 145,097 | 141,754 | 27,790 | |
| Income statement | ||||||||||||||
70 |
- | - | - | - | - | - | - | - | - | - | - | 275,256 | 354,194 | |
76A |
- | - | - | - | - | - | - | - | - | - | 253 | - | - | |
9900 |
35,801 | 35,024 | 45,990 | 144,354 | 54,185 | 28,388 | 26,766 | 12,079 | 11,646 | 8,347 | 5,540 | 3,643 | 13,711 | |
60/61 |
- | - | - | - | - | - | - | - | - | - | - | 271,613 | 340,482 | |
62 |
-2,208 | 253 | 567 | 73,572 | 34,830 | - | - | - | - | - | - | - | - | |
630 |
20,442 | 18,945 | 20,744 | 13,084 | 10,612 | 10,242 | 10,242 | - | 4,278 | 4,370 | 7,773 | 7,773 | 6,478 | |
640/8 |
921 | 1,211 | 1,992 | 2,507 | 1,577 | 2,054 | 8,422 | 149 | 658 | 1,380 | 2,669 | 1,904 | 3,078 | |
66A |
1,625 | 3,693 | - | - | - | - | - | - | - | - | - | - | - | |
9901 |
15,020 | 10,921 | 22,687 | 55,190 | 7,167 | 16,092 | 8,103 | 11,930 | 6,710 | 2,598 | -4,902 | -6,034 | 4,155 | |
75/76B |
2,875 | 2,148 | 9,095 | 3,589 | 1 | 516 | 11,570 | 5 | - | 28 | - | 1,333 | 846 | |
75 |
2,875 | 2,148 | 1,427 | 3,589 | 1 | 516 | 11,570 | 5 | - | 28 | - | 1,333 | 846 | |
76B |
- | - | 7,668 | - | - | - | - | - | - | - | - | - | - | |
65/66B |
880 | 3,939 | 7,678 | 1,307 | 1,019 | 1,014 | 3,188 | 1,400 | 520 | 894 | 550 | 633 | 1,222 | |
65 |
880 | 3,939 | 7,678 | 1,307 | 1,019 | 1,014 | 3,188 | 1,400 | 520 | 894 | 550 | 633 | 1,222 | |
9903 |
17,015 | 9,131 | 24,104 | 57,473 | 6,149 | 15,594 | 16,485 | 10,535 | 6,190 | 1,731 | -5,199 | -5,334 | 3,779 | |
67/77 |
12,417 | 3,000 | 14,290 | 3,918 | 5,753 | 4,158 | 4,695 | 2,110 | 2,391 | - | 140 | - | 2,436 | |
9904 |
4,598 | 6,131 | 9,815 | 53,555 | 396 | 11,435 | 11,790 | 8,425 | 3,799 | 1,731 | -5,339 | -5,334 | 1,343 | |
9905 |
4,598 | 6,131 | 9,815 | 53,555 | 396 | 11,435 | 11,790 | 8,425 | 3,799 | 1,731 | -5,339 | -5,334 | 1,343 | |
| Appropriation of the result | ||||||||||||||
9906 |
102,278 | 97,681 | 91,549 | 81,735 | 28,180 | 27,784 | 16,348 | 4,558 | -3,867 | -7,666 | -9,397 | -4,058 | 1,343 | |
14P |
97,681 | 91,549 | 81,735 | 28,180 | 27,784 | - | - | - | - | - | - | - | - | |
691/2 |
- | - | - | - | - | - | - | - | - | - | - | - | 67 | |
6920 |
- | - | - | - | - | - | - | - | - | - | - | - | 67 | |
| Social balance sheet | ||||||||||||||
9087 |
- | - | - | - | 0.8 | - | - | - | - | - | - | - | - | |
Hours worked1013 |
- | - | - | - | 1,223 | - | - | - | - | - | - | - | - | |
| Document | ||||||||||||||
The notes to these accounts have 7 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the accounts filed with the NBB.
Source: Annual accounts 2025 at the NBB, filed on 28-08-2026.
2025 annual accounts filed 28 days after the deadline. Filed on 28 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00441318.
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 28-08-2026 | 2026-00441318 | |
| 31-12-2024 | micro format | 29-07-2025 | 2025-00340771 | |
| 31-12-2023 | micro format | 29-08-2024 | 2024-00410707 | |
| 31-12-2022 | micro format | 29-09-2023 | 2023-00460469 | |
| 31-12-2021 | micro format | 31-08-2022 | 2022-20371190 | |
| 31-12-2020 | micro format | 31-08-2021 | 2021-58700478 | |
| 31-12-2019 | micro format | 02-11-2020 | 2020-69800047 | |
| 31-12-2018 | full format | 29-11-2019 | 2019-74800046 | |
| 31-12-2017 | full format | 30-08-2018 | 2018-55500266 | |
| 31-12-2016 | full format | 29-09-2017 | 2017-65500323 | |
| 31-12-2015 | full format | 08-12-2016 | 2016-69500020 | |
| 31-12-2014 | full format | 21-08-2015 | 2015-45200438 | |
| 31-12-2013 | full format | 26-09-2014 | 2014-59900058 |
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 35,461 | 29,866 | 43,431 | 68,275 | 17,779 | 26,334 | 18,344 | - | 10,988 | 6,967 | 2,871 | 1,739 | 10,633 | ||
| 25,040 | 25,076 | 30,559 | 66,639 | 11,008 | 21,677 | 22,032 | - | 8,077 | 6,101 | 2,434 | 2,439 | 7,821 | ||
| 1,215 | 6,950 | 60,982 | 30,417 | 1,849 | 0 | 51,208 | - | 0 | 120 | 0 | 0 | 30,672 | ||
| 3,406 | 3,850 | -75,070 | 70,089 | -3,060 | 6,113 | 32,566 | -22,004 | 18,093 | 7,646 | -760 | -9,746 | - | ||
| 78,329 | 66,674 | 52,511 | 60,987 | 46,482 | 42,252 | 18,390 | 23,105 | 14,680 | 6,603 | 2,154 | 4,227 | 6,165 | ||
| - | - | - | - | - | - | - | - | - | - | - | -2.2% | 1.2% | ||
| 78.6% | 76.9% | 74.2% | 52.6% | 58.2% | 55.0% | 45.1% | 38.1% | 14.3% | 7.5% | 5.2% | 8.3% | 24.5% | ||
| 3.88 | 4.91 | 4.20 | 1.67 | 4.90 | 4.70 | 2.01 | 1.61 | 1.16 | 1.05 | 1.01 | 1.03 | 1.12 | ||
| 3.88 | 4.91 | 4.20 | 1.67 | 4.90 | 4.70 | 2.01 | 0.67 | 0.60 | 0.10 | 0.12 | 0.07 | 0.63 | ||
| 0.27 | 0.30 | 0.35 | 0.90 | 0.72 | 0.82 | 1.22 | 1.63 | 6.02 | 12.40 | 18.26 | 11.12 | 3.08 | ||
| 3.8% | 5.3% | 8.9% | 53.3% | 0.8% | 24.6% | 33.7% | 36.3% | 25.7% | 15.7% | -57.6% | -36.5% | 6.7% | ||
| 3.0% | 4.1% | 6.6% | 28.1% | 0.5% | 13.5% | 15.2% | 13.8% | 3.7% | 1.2% | -3.0% | -3.0% | 1.7% | ||
| 40.31 | 7.58 | 5.66 | 52.26 | 17.45 | - | - | - | - | - | - | - | - | ||
| - | - | - | - | - | - | - | - | - | - | - | 10 days | 20 days | ||
| - | - | - | - | - | - | - | - | - | - | - | 8 days | 7 days |
EBIT margin: not included in this filing.
A Belgian filing has no cash-flow statement. Cash flow is therefore an approximation, derived from the income statement. Investment is the acquisitions in the notes and, without them, the balance-sheet move.
| Item | 31-12-2021 |
|---|---|
| Employees at the balance-sheet date | 1 |
| full-time | 1 |
| in full-time equivalents | 1 |
| 0.8 | |
| On a permanent contract | 1 |
| Joined | 1 |
| Left | 0 |
Source: social balance sheet in the 2021 annual accounts
| Item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Tangible fixed assets | €1,215 | €6,950 | €60,982 | €30,417 | €1,849 |
| €20,442 | €18,945 | €20,744 | €13,084 | €10,612 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
The operating result for 2025 is 38% higher than in 2024. It is a recovery after the fall in 2024.
Debt's share of the balance-sheet total falls from 23.1% to 21.4%. Equity is higher and debt is lower.
ERDO GUL CONSTRUCT has no parent and no holdings in its annual accounts. ERDO GUL CONSTRUCT shares no director with another company.
| INVESTRA
registered office since 10-10-2019 · founded in 2019 |
total assets €148,559 (2025) 0735.944.740 |
| Rubirigi, Martine (sole trader)
establishment since 25-05-2023 |
founded in 2023 0801.988.674 |
| Michaux, Emeline (sole trader)
establishment since 01-10-2017 |
founded in 2017 0681.919.304 |
Deadline for the 2026 accounts: 31-07-2027
Financial milestones sit on the financial year-end date, not the filing date.
Sources: Publications in the Belgian Official GazetteFilings with the National Bank
| Establishment | Since | Unit number |
|---|---|---|
| Rue Maurice Grevisse 1 registered office 1348 Ottignies-Louvain-la-Neuve | ||
| Venelle Grand Bon Dieu du Tour 28 1300 Wavre 4100101 General construction of residential buildings | 20-02-2013 | 2.216.689.728 |
| Cadastral parcel | Area | Buildings | Height / floors |
|---|---|---|---|
| 25386B0086/00W002 | 2,427 m² | 1 · 118 m² | 13.2 m · 3 |
| 25772H0048/00X000 | 1,133 m² | 1 · 131 m² | 9.8 m · 3 |
Check the withholding obligation If you pay this company for building or cleaning work, check before every payment whether you must withhold part of the invoice. Use the enterprise number 0509.987.990
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