ETH CONCEPT
ActiveSummary
The computed 12-month bankruptcy probability of ETH CONCEPT is 4.7% (elevated). The 2025 annual accounts show negative equity (-€16,155) and a net result of -€126,841. Equity fluctuates too strongly from year to year to read a trend from it. Its solvency ranks better than 8% of 34,946 sector peers (NACE 43, financial year 2025). The company has been active since 2022 and the Belgian Official Gazette contains no insolvency or warning signals.
Overview
Overview
Official details
Source: KBO- Status
- Active since 29-04-2022 Normal situation
- Activity
- Roofing work NACE 43410and 3 others
- Joint committee
- 124 Paritair Comité voor het bouwbedrijf · annual accounts 2024
- Establishment unit
- 2.347.703.965 1390 Grez-Doiceau, since 29-04-2022
- Financial year end
- 31 December
- Peppol
- Reachable since 02-03-2026
Financial position
- Bankruptcy probabilitywithin 12 months
- 4.7%
- Gross margin
- -€24,109
- Loss
- €126,841
- Equity
- -€16,155
- Total assets
- €198,713
- ▲ 4.6%
- Employees on 31-12-2025
- 2
- ▲ 100%
- Negative equity on 31-12-2025
- 2025 accounts filed 28 days after the deadline
Score breakdownraises riskLast filed accounts filed 28 days late; 2 of the last 3 accounts lateLoss of €126,841 (financial year 2025)Sector: Specialised construction activities (NACE 43)lowers riskSize: total assets €198,713Show the evidence
Checked score
About 5 in 100 comparable companies go bankrupt within 12 months (an estimate).
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 43, micro). It does better than 7% of them on solvency, 3% on liquidity, 4% on profitability and 3% on growth.
The bankruptcy probability was computed on 01-11-2026 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.
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).
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The scores and ratios are Checked's own calculations, not a credit decision.
Signals
The company filed its last 4 accounts on average 91 days after the deadline. In the sector (NACE 43), the median for financial year 2024 was 1 day before the deadline, and 43% of those companies filed late.
Searched, nothing found (2)
Financials
Financials · financial year 2025, micro format
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, 2026-00500927.
Annual accounts 2025 filed on 28-08-2026 at the NBB all 4 filings
2022 to 2025, 4 financial years
The operating result for 2025 is a loss of €125,838, after a profit of €90,830 in 2024. It is the lowest result since 2022.
Turnover is what the company sold, the result is what was left of it. A loss stands below the zero line.
Assets, equity and debt per financial year.
Above zero, the company can pay its short-term debts with what it holds in the short term.
The EBIT margin is the share of each euro of turnover left from operations. The return on assets is what the assets earn.
The higher the solvency, the better the company absorbs a setback.
A ratio above 1 means the short-term assets cover the short-term debts.
Average staff per financial year, in full-time equivalents (FTE).
Use the arrow keys on the chart for the figures per year.
The sector band is the middle half of the companies in Specialised construction activities (NACE 43). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30. The dashed line is the median. There is a sector band for net result, equity, total assets, working capital, solvency, current ratio and return on assets (ROA).
Staff
| Item | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|
| Employees at the balance-sheet date | 1 | 1 | 2 |
| full-time | 1 | 1 | 2 |
| part-time | 0 | 0 | - |
| in full-time equivalents | 1 | 1 | 2 |
| Average over the year, in full-time equivalents | 1.3 | 1 | 1.5 |
| On a permanent contract | 1 | 1 | 2 |
| Joined | 3 | 1 | 4 |
| Left | 0 | 1 | 3 |
Source: social balance sheet in the 2023 to 2025 annual accounts
Investments
| Item | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Tangible fixed assets | €43,828 | €11,676 | €53,640 | €1,264 |
| Depreciation and write-downs of the year | €3,357 | €12,527 | €20,546 | €24,421 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Comparable companies
These companies have the same main activity as ETH CONCEPT: roofing work (NACE 43410). They are comparable in size and age: total assets between €148,000 and €283,000, founded between 2020 and 2023.
| Company | Founded | Total assets | Equity | Gross margin | Net result | Financial year |
|---|---|---|---|---|---|---|
| ETH CONCEPT Grez-Doiceau | 2022 | €198,713 | -€16,155 | -€24,109 | -€126,841 | 2025 |
| Dakwerken Stetor Grobbendonk | 2021 | €182,830 | €30,621 | -€49,784 | -€62,930 | 2025 |
| TOITURES NICOLAS MONCOMBLE Chimay | 2022 | €173,564 | €29,440 | -€135 | -€20,011 | 2025 |
| RENO-DAK Gent | 2023 | €179,635 | €131,194 | -€5,691 | -€13,442 | 2025 |
| Dakwerken Devlin Lierde | 2023 | €148,330 | €60,171 | -€9,562 | -€19,110 | 2025 |
| LEDDA ET FILS Herstal | 2020 | €162,000 | €31,935 | -€3,186 | -€5,640 | 2025 |
| DUPONT TOITURE.B Kortrijk | 2022 | €282,808 | €138,830 | -€22,698 | -€37,753 | 2025 |
They were chosen from the 4,255 other active companies with that main activity and annual accounts from the past two years. All companies with this main activity
Companies with the same profile, two years later
Historical observationIn July 2024, 7,639 companies had the same profile as ETH CONCEPT has now. Two years later, 8.8% had gone bankrupt and 84.9% were still going.
- Micro
- 2 to 5 years old
- negative equity
- a loss of 10% of the balance sheet or more
Another 0.7% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of ETH CONCEPT itself: 4.7% within 12 months.
Test of the method
The method was tested on the 497,445 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 7,639 companies, not a prediction for ETH CONCEPT. 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.
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | €21,791 | €42,792 | €44,197 | €67,333 | ▲ 52.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €3,357 | €12,527 | €20,546 | €24,421 | ▲ 18.9% |
| Other operating charges640/8 | €1,616 | €2,619 | €1,807 | €9,975 | ▲ 452% |
| Non-recurring operating charges66A | - | - | €229 | - | - |
| Gross operating margin9900 | €71,720 | €58,059 | €157,610 | -€24,109 | - |
| Operating profit (loss)9901 | €44,956 | €121 | €90,830 | -€125,838 | - |
| Financial income75/76B | €206 | €370 | €366 | - | - |
| Recurring financial income75 | €206 | €370 | €366 | - | - |
| Financial charges65/66B | €3 | €404 | €906 | €780 | ▼ 13.9% |
| Recurring financial charges65 | €3 | €404 | €906 | €780 | ▼ 13.9% |
| Profit (loss) for the period before taxes9903 | €45,160 | €87 | €90,291 | -€126,618 | - |
| Income taxes67/77 | €8,454 | €786 | €19,111 | €223 | ▼ 98.8% |
| Profit (loss) for the period9904 | €36,706 | -€699 | €71,179 | -€126,841 | - |
| Profit (loss) for the period to be appropriated9905 | €36,706 | -€699 | €71,179 | -€126,841 | - |
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Assets | |||||
| Total assets20/58 | €112,356 | €67,626 | €190,023 | €198,713 | ▲ 4.6% |
| Fixed assets21/28 | €40,471 | €39,619 | €72,712 | €50,185 | ▼ 31.0% |
| Tangible fixed assets22/27 | €40,471 | €39,619 | €72,712 | €50,185 | ▼ 31.0% |
| Plant, machinery and equipment23 | €10,713 | €12,971 | €10,477 | €5,173 | ▼ 50.6% |
| Furniture and vehicles24 | €29,758 | €26,648 | €62,235 | €45,012 | ▼ 27.7% |
| Current assets29/58 | €71,885 | €28,007 | €117,311 | €148,528 | ▲ 26.6% |
| Amounts receivable within one year40/41 | €56,281 | €20,730 | €116,865 | €141,196 | ▲ 20.8% |
| Trade receivables40 | €48,518 | €630 | €115,628 | €116,232 | ▲ 0.5% |
| Other amounts receivable41 | €7,762 | €20,100 | €1,237 | €24,964 | ▲ 20× |
| Cash at bank and in hand54/58 | €15,265 | €6,938 | €33 | €4,579 | ▲ 137× |
| Deferred charges and accrued income490/1 | €339 | €339 | €413 | €2,753 | ▲ 567% |
| Equity and liabilities | |||||
| Total equity and liabilities10/49 | €112,356 | €67,626 | €190,023 | €198,713 | ▲ 4.6% |
| Equity10/15 | €40,206 | €39,507 | €110,686 | -€16,155 | - |
| Contributions10/11 | €3,500 | €3,500 | €3,500 | €3,500 | = |
| Profit (loss) carried forward14 | €36,706 | €36,007 | €107,186 | -€19,655 | - |
| Amounts payable17/49 | €72,150 | €28,119 | €79,337 | €214,868 | ▲ 171% |
| Amounts payable within one year42/48 | €72,150 | €28,119 | €79,337 | €213,488 | ▲ 169% |
| Trade debts44 | €57,058 | €12,768 | €50,505 | €169,810 | ▲ 236% |
| Suppliers440/4 | €57,058 | €12,768 | €50,505 | €169,810 | ▲ 236% |
| Taxes, remuneration and social security45 | €15,092 | €15,351 | €23,498 | €20,873 | ▼ 11.2% |
| Taxes450/3 | €11,281 | €9,240 | €19,898 | €19,951 | ▲ 0.3% |
| Remuneration and social security454/9 | €3,811 | €6,111 | €3,600 | €922 | ▼ 74.4% |
| Other amounts payable47/48 | - | - | €5,334 | €22,805 | ▲ 328% |
| Accrued charges and deferred income492/3 | - | - | - | €1,380 | - |
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €36,706 | -€699 | €71,179 | -€126,841 | - |
| + Depreciation and write-downs630 | €3,357 | €12,527 | €20,546 | €24,421 | ▲ 18.9% |
| Operating cash flow (approximation) | €40,063 | €11,828 | €91,726 | -€102,420 | - |
| Investment in fixed assets (approximation) | - | -€11,676 | -€53,640 | -€1,894 | ▲ 96.5% |
| Change in cash | - | -€8,327 | -€6,904 | €4,546 | - |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Board & ownership
Directors
Owners and capital
Owners
Network & group
ETH CONCEPT shares no director with another company.
Connections & network
1 current directorThe network starts from the directors of ETH CONCEPT. Every other company they run is a node.
Timeline
Acts, filings and financial milestones
03-05
Gazette deed
IncorporationAppointment: HASNAOUI Ramzi (director) · Share issue · Registered office clause10 points ▸
- Share issue, “répartition des bénéfices et des produits de la liquidation, en rémunération des apports” (deed in French)
- Registered office clause, “1390 Grez-Doiceau,Chaussée de Wavre 431, dépôt au greffe expédition acte constitutif” (deed in French)
- Board rule, 1, “dépôt au greffe expédition acte constitutif” (deed in French)
- Director appointment, HASNAOUI Ramzi (director (not named in the articles))
- Pre-incorporation commitments, “takeover, engagements obligations activités au nom pour compte société en formation” (deed in French)
- Incorporation, “ETH CONCEPT” (deed in French)
- Founder, HASNAOUI Ramzi
- Other provision, “mention comme épouse du comparant” (deed in French)
- Founding capital, €3,500
- Bank account, “compte spécial ouvert au nom de la société en formation pour dépôt du versement”, .. (deed in French)
Sources:Publications in the Belgian Official GazetteFilings with the National Bank
History
Company details
Register details
Identity
KBO recordRegistered office and establishments
Activities
NACEBEL 2025Codes under NACEBEL 2008
18 activities
- L’entreprise générale de couvertures non-métalliques et métalliques de constructions
- L’entreprise de recouvrement de corniches,l’entreprise de ramonage de cheminées,l’entreprise de nettoyage et de démoussage de toits et corniches
- Tous travaux de couverture en tous matériaux ainsi que tous travaux d’étanchéification des toits et des toitures-terrasses,le montage de charpente
- L’entreprise de zinguerie et d’isolation thermique et acoustique de constructions
- L’entreprise de recouvrement de pignons et façades,les travaux d’étanchéité et de revêtement de constructions par asphaltage et bitumage
- L’entreprise de menuiserie-charpenterie et menuiserie métallique,l’entreprise de placement de panneaux photovoltaïques et solaires
- L’entreprise d’installation d’échafaudages,de nettoyage et rejointoyage de façades,l’entreprise de placement de cloisons et faux-plafonds
- L’entreprise de construction gros-œuvre,transformation,rénovation,démolition,sablage,déjointoyage et réjointoyage,de carrelage et de revêtement de murs et de sols,de plafonnage
- L’entreprise générale d’électricité en bâtiment industrielle et domotique
- L’entreprise générale de construction en bâtiment,la coordination des travaux effectués par sous-traitants,de carrelages,de peintures,de maçonneries et de béton,de menuiseries et charpentes,de plafonnage et de cimentage,de chauffage,d’électricité
- Placement de cloisons et de faux-plafonds,pose de plâtre,de chape et de gyproc,placement de ferronneries,installation de ventilation et d’aération,de chauffage à air chaud et conditionnement d’air,placement d’adoucisseurs d’eau,installation de cheminées ornementales,pose de parquets,peinture industrielle (sur charpentes métalliques),lavage de vitres,nettoyage de bâtiments,installation de cuisines équipées
- Tous travaux de plomberie et installation de chauffage et de conditionnement d’air,l’installation dans des bâtiments et autres constructions de plomberie,appareils sanitaires,conduites et raccordements de gaz ou d’eau,installation d’extinction automatique d’incendie,l’installation de chauffage de ventilation et de conditionnement d’air,l’installation dans des ou d’autres projets de constructions de systèmes de chauffage à l’électricité au gaz et au mazout,chaudière,matériels et de conduites de ventilation et de climatisation
- L’étude,la fabrication,la vente en gros et au détail,l’importation,l’exportation,l’installation,le montage,l’entretien,la réparation de tout matériel relatif au chauffage sous toutes ses formes (électricité,gaz,mazout,bois,pellet,pompe à chaleur),la climatisation,la ventilation,à la plomberie,aux sanitaires et à la cogénération
- Toutes opérations se rapportant directement ou indirectement à l'entretien,la rénovation,les travaux de réparations,d'embellissement,de renouvellement et de modernisation,et la maintenance de tous les types d'ouvrages d'art,de biens immeubles,et plus généralement toutes opérations se rapportant directement ou indirectement aux secteurs des travaux publics et privés et du bâtiment
- L’entreprise d’aménagement de plaines de jeux et de sport,de parcs et de jardins
- Le commerce,l’achat,la vente,la fabrication,l’importation,l’exportation de tous types de matériaux
- La prestation de conseils et d'assistance tant au point de vue technique qu'administratif et commercial à toutes sociétés et entreprises,pour tout ce qui concerne les points précités
- L’acquisition,la vente,la gestion de tout fonds de commerce ou enseigne
Invoicing and payment
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 0785.566.673
Financial year and general meeting
Accounts at the NBBSites & property
Buildings and parcels at the address
| Cadastral parcel | Region | Area | Buildings | Height / floors |
|---|---|---|---|---|
| 25037E0455/02M000 | Wallonia | 699 m² | 1 · 62 m² | - |