ETHICAL CONSTRUCT
ActiveSummary
The computed 12-month bankruptcy probability of ETHICAL CONSTRUCT is 6.5% (elevated). The 2024 annual accounts show equity of €5,611 and a net result of €2,229. Equity has been growing by about 38% per year since 2022. Its solvency ranks better than 17% of 9,837 sector peers (NACE 41, financial year 2024). The company has been active since 2021 and the Belgian Official Gazette contains no insolvency or warning signals.
Overview
Overview
Official details
Source: KBO- Status
- Active since 14-12-2021 Normal situation
- Activity
- General construction of residential buildings NACE 41001
- Establishment unit
- 2.327.917.549 7100 La Louvière, since 14-12-2021
- Financial year end
- 31 December
- Peppol
- Reachable since 29-12-2025
Financial position
- Bankruptcy probabilitywithin 12 months
- 6.5%
- Gross margin
- €160,184
- ▲ 827%
- Turnover
- ≈ €530,000
- estimated
- Profit
- €2,229
- ▲ 557%
- Equity
- €5,611
- ▲ 65.9%
- Total assets
- €63,192
- ▼ 15.6%
- Staff
- ≈ 2.8 FTE
- estimated
- 2025 accounts not filed, 95 days past the deadline
Score breakdownraises risk1 financial year not filed after the legal deadline; last filed accounts filed 76 days late; 3 of the last 3 accounts lateFounded in 2021Sector: Construction of residential and non-residential buildings (NACE 41)Figures for financial year 2024 (filed on 17-10-2025)Show the evidence
Checked score
About 7 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 41, micro). It does better than 17% of them on solvency, 9% on liquidity, 27% on profitability and 83% on growth.
The bankruptcy probability was computed on 02-11-2026 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 3 accounts on average 96 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.
Searched, nothing found (1)
Financials
Financials · financial year 2024, micro format
2025 annual accounts not yet filed, deadline passed on 31 July 2026 The financial year closed on 31 December 2025. The accounts are due at the latest 7 months after the close (Companies Code art. 3:10). Source: NBB filings, as of 3 November 2026.
Annual accounts 2024 filed on 15-10-2025 PDF all 3 filings
Every figure per financial year
The operating result for 2024 is 160% higher than in 2023 and the highest since 2022. It is a recovery after the fall in 2023.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Investments
| Item | 2022 | 2023 | 2024 |
|---|---|---|---|
| Intangible fixed assets | €896 | - | - |
| Depreciation and write-downs of the year | €896 | - | - |
Source: notes to the 2022 to 2024 annual accounts (statement of fixed assets)
| Line | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | €14,466 | €156,377 | ▲ 981% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €896 | - | - | - |
| Other operating charges640/8 | €909 | €1,705 | €910 | ▼ 46.6% |
| Gross operating margin9900 | €3,105 | €17,287 | €160,184 | ▲ 827% |
| Operating profit (loss)9901 | €1,300 | €1,116 | €2,897 | ▲ 160% |
| Financial income75/76B | €3 | - | - | - |
| Recurring financial income75 | €3 | - | - | - |
| Financial charges65/66B | - | €664 | €46 | ▼ 93.0% |
| Recurring financial charges65 | - | €664 | €46 | ▼ 93.0% |
| Profit (loss) for the period before taxes9903 | €1,302 | €452 | €2,851 | ▲ 531% |
| Income taxes67/77 | €260 | €113 | €621 | ▲ 452% |
| Profit (loss) for the period9904 | €1,042 | €339 | €2,229 | ▲ 557% |
| Profit (loss) for the period to be appropriated9905 | €1,042 | €339 | €2,229 | ▲ 557% |
| Line | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|
| Assets | ||||
| Total assets20/58 | €33,404 | €74,913 | €63,192 | ▼ 15.6% |
| Current assets29/58 | €33,404 | €74,913 | €63,192 | ▼ 15.6% |
| Amounts receivable within one year40/41 | €22,436 | €60,875 | €58,106 | ▼ 4.5% |
| Trade receivables40 | €22,436 | €60,875 | €57,122 | ▼ 6.2% |
| Other amounts receivable41 | - | - | €984 | - |
| Cash at bank and in hand54/58 | €10,968 | €14,038 | €5,086 | ▼ 63.8% |
| Equity and liabilities | ||||
| Total equity and liabilities10/49 | €33,404 | €74,913 | €63,192 | ▼ 15.6% |
| Equity10/15 | €3,042 | €3,381 | €5,611 | ▲ 65.9% |
| Contributions10/11 | €2,000 | €2,000 | €2,000 | = |
| Profit (loss) carried forward14 | €1,042 | €1,381 | €3,611 | ▲ 161% |
| Amounts payable17/49 | €30,362 | €71,532 | €57,582 | ▼ 19.5% |
| Amounts payable within one year42/48 | €30,362 | €66,940 | €57,582 | ▼ 14.0% |
| Trade debts44 | €23,728 | €49,764 | €9,405 | ▼ 81.1% |
| Suppliers440/4 | €23,728 | €49,764 | €9,405 | ▼ 81.1% |
| Taxes, remuneration and social security45 | €6,077 | €16,200 | €24,015 | ▲ 48.2% |
| Taxes450/3 | €6,077 | €14,032 | €17,006 | ▲ 21.2% |
| Remuneration and social security454/9 | - | €2,168 | €7,009 | ▲ 223% |
| Other amounts payable47/48 | €557 | €977 | €24,161 | ▲ 25× |
| Accrued charges and deferred income492/3 | - | €4,591 | - | - |
| Line | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|
| Profit (loss) for the period9904 | €1,042 | €339 | €2,229 | ▲ 557% |
| + Depreciation and write-downs630 | €896 | - | - | - |
| Operating cash flow (approximation) | €1,938 | €339 | €2,229 | ▲ 557% |
| Change in cash | - | €3,070 | -€8,952 | - |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Historical observation
In July 2024, 2,135 companies had the same profile as ETHICAL CONSTRUCT has now. Two years later, 92.0% were still going and 5.2% had gone bankrupt.
- Micro
- 2 to 5 years old
- solvency under 10%
- a profit under 5% of the balance sheet
Another 0.4% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of ETHICAL CONSTRUCT itself: 6.5% within 12 months.
Test of the method
The method was tested on the 497,446 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 2,135 companies, not a prediction for ETHICAL 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.
Board & ownership
Directors
Owners and capital
Shareholders
- VAN DER LINDEN Kelian 24 shares
- VAN DER LINDEN Kelian to RENERO-ROSADO Sonia 12 shares
- VAN DER LINDEN Kelian to VAN DER LINDEN Sevan 12 shares
Mandate history
- Board
| Name | Functions and periods |
|---|---|
| VAN DER LINDEN Kelian |
|
Network & group
Connections & network
See the function holders in the KBO register.
Timeline
Acts, filings and financial milestones
13-11
Gazette deed
Resignation: VAN DER LINDEN Kelian (administrateur à la direction technique)Shareholding · Share transfer · Director discharge7 points ▸
- General meeting, 28-11-2022
- Other provision, “meeting attendance”, 28-11-2022 (deed in French), mentioned 3 times in the deed
- VAN DER LINDEN Kelian holds 24 shares
- Share transfer, VAN DER LINDEN Kelian → RENERO-ROSADO Sonia
- Share transfer, VAN DER LINDEN Kelian → VAN DER LINDEN Sevan
- Director resignation, VAN DER LINDEN Kelian (administrateur à la direction technique)
- Director discharge, VAN DER LINDEN Kelian (administrateur à la direction technique)
07-02
Gazette deed
Appointment: VAN DER LINDEN Kelian (director)3 points ▸
- General meeting, 01-01-2022
- Other provision, “meeting attendance”, 01-01-2022 (deed in French), mentioned 3 times in the deed
- Director appointment, VAN DER LINDEN Kelian (director)
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
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 0778.593.264
Financial year and general meeting
Accounts at the NBBSites & property
Buildings and parcels at the address
| Cadastral parcel | Region | Area | Buildings | Height / floors |
|---|---|---|---|---|
| 56033A0504/00M000 | Wallonia | 1,151 m² | - | - |