EXECON
ActiveSummary
EXECON has been active since 2005 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €7.4m and a net result of €26,741. Equity remains stable across the filed fiscal years (±1.1% per year). Its solvency ranks better than 72% of 1009 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.2% (very low).
Overview
- Staff
- 24.5 FTE
- Equity
- €7.4m
- Profit
- €26,741
- Parent
- VDS GROUP · 84.99%
Why 90- Sector Construction of residential and non-residential buildings (NACE 41)- Profit of €26,741 (FY 2025)+ Founded in 2005+ Equity €7.4m (54.7% of total assets)Show the evidence
Checked score
About 2 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
- Founded in 2005 lowers the probability for this profile
- Sector Construction of residential and non-residential buildings (NACE 41) raises the probability
- Equity €7.4m (54.7% of total assets) lowers the probability
- Profit of €26,741 (FY 2025) raises the probability
How it is calculated
The band comes from the bankruptcy probability on a scale of 0 to 100: every 10 points more double the odds of getting through the year without bankruptcy.
| 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% |
Place inside the band: half the bankruptcy probability, half how the company does against its sector peers (NACE 41, small). Better than this share of them on solvency 76%, liquidity 49%, profitability 11%, growth against the median 49%. That is performance, not lower risk; the band itself always comes from the probability.
Bankruptcy probability: model pd-v3.202610021621, computed on 05-10-2026. The model learns from Belgian bankruptcies and reads the registers, the annual accounts and the gazette.
Ceilings: negative or zero equity, a heavy loss, a special KBO legal situation and a missing filing 59 (two missing 44), an ongoing judicial reorganisation or an ending 24. Financial strength does not count in the score.
Credit check for your own amount and term
Show the recommended maximum : and see how the verdict changes with amount, term and advance.
Signals
This company filed its last 7 accounts on average 71 days before the deadline; the sector median for financial year 2024 is on the deadline day, and 46% of the sector filed late.
Checked, nothing found (2)
- Annual accounts filedfiscal year 2025 · full…
- Resignations: Dominique Smolders (vaste vertegenwoordiger van…Permanent representative: Dominique Smolders ·…
- Weakest financial yearnet €26,741 ▼96.4%
Financials · fiscal year 2025, full schema
2021 to 2025, 5 fiscal years 2018 to 2025, 8 fiscal years
The operating result turns negative in 2025: a loss of €134,021 after €760,368 in 2024, the lowest result in the available series.
What the company sold each fiscal year and what was left of it. A loss stands below the zero line.
What the company owns (total assets), how much of it is its own (equity) and how much it owes.
Short-term assets minus short-term debts. Above zero the company can pay its bills in the short term.
How much of each euro of turnover is left from operations (EBIT margin) and what the assets earn (return on assets).
The share of the company financed with its own means. The higher it is, the better it absorbs a shock.
Short-term assets per euro of short-term debt. Above 1 the short-term debts are covered.
Average staff in full-time equivalents (FTE).
Point at or tap a year, or use the arrow keys on the chart, for the exact figures; the table below gives them all.Sector: the middle half (P25 to P75) of NACE 41, Construction of residential and non-residential buildings, each year against the same schema; no band under 30 filings. Dashed line: the median. Available for Net result, Equity, Total assets, Working capital, Solvency, Current ratio, Return on assets (ROA), Staff (FTE).
Peer companies
Historical observationOf the 14,766 companies that looked in July 2024 the way this one looks now, 0.2% went bankrupt within 24 months and 96% are still going.
- Small
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
A further 0.1% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.2% over twelve months; the group does not contradict it.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,471 companies of July 2024 its group's bankruptcy share. Expected: 1.6%; actually bankrupt within 24 months: 1.7%.
| 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% | 1.0% |
| 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% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 74% of comparisons. The level follows the economy: in a year with more bankruptcies, the actual share is higher than the year before.
An observation about 14,766 comparable companies, not a prediction for this company. The sector does not count: the register keeps no sector for companies that stopped, so it would make the outcome look better than it was.
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Operating income70/76A | - | - | - | €19.6m | €24.3m | €24.0m | €27.2m | €28.2m | ▲ 3.6% |
| Turnover70 | €15.1m | €19.0m | €18.7m | €19.5m | €24.3m | €23.9m | €27.1m | €28.2m | ▲ 3.9% |
| Other operating income74 | - | - | - | €0.05m | €0.02m | €0.1m | €0.2m | €0.06m | ▼ 59.0% |
| Non-recurring operating income76A | - | - | - | €0.003m | €25 | - | - | - | - |
| Operating charges60/66A | - | - | - | €19.4m | €23.1m | €23.0m | €26.5m | €28.4m | ▲ 7.1% |
| Goods for resale, raw materials and consumables60 | - | - | - | €14.5m | €18.0m | €17.1m | €20.2m | €21.1m | ▲ 4.6% |
| Purchases600/8 | - | - | - | €14.6m | €18.2m | €16.8m | €20.2m | €21.1m | ▲ 4.6% |
| Change in stocks: decrease (increase)609 | - | - | - | -€0.1m | -€0.1m | €0.2m | - | - | - |
| Services and other goods61 | - | - | - | €3.3m | €3.6m | €4.1m | €4.2m | €4.9m | ▲ 17.6% |
| Remuneration, social security and pensions62 | - | - | - | €1.4m | €1.4m | €1.5m | €1.9m | €2.2m | ▲ 16.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.08m | €0.1m | €0.1m | €0.1m | €0.1m | €0.08m | €0.09m | €0.1m | ▲ 33.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | €0.02m | - | €0.2m | €0.2m | €0.04m | ▼ 75.3% |
| Other operating charges640/8 | - | - | - | €0.02m | €0.02m | €0.04m | €0.02m | €0.02m | ▲ 19.4% |
| Non-recurring operating charges66A | - | - | - | €0.001m | €250 | €0.001m | €0.008m | €0.002m | ▼ 75.0% |
| Operating profit (loss)9901 | €1.4m | €0.8m | €0.7m | €0.2m | €1.2m | €0.9m | €0.8m | -€0.1m | ▼ 118% |
| Financial income75/76B | - | - | - | €0.3m | €0.1m | €0.08m | €0.3m | €0.2m | ▼ 18.8% |
| Recurring financial income75 | €0.2m | €0.2m | €0.1m | €0.3m | €0.1m | €0.08m | €0.3m | €0.2m | ▼ 18.8% |
| Income from financial fixed assets750 | - | - | - | €0.01m | - | €475 | - | - | - |
| Income from current assets751 | - | - | - | €0.2m | €0.05m | €0.08m | €0.08m | €0.08m | ▲ 5.6% |
| Other financial income752/9 | - | - | - | €0.08m | €0.07m | - | €0.2m | €0.1m | ▼ 29.6% |
| Financial charges65/66B | - | - | - | €0.05m | €0.2m | -€0.02m | €0.04m | €0.02m | ▼ 31.1% |
| Recurring financial charges65 | €0.2m | -€0.1m | €0.1m | €0.05m | €0.2m | -€0.02m | €0.04m | €0.02m | ▼ 31.1% |
| Debt charges650 | €0 | €0.001m | €0.002m | €0.001m | €215 | €0.002m | €256 | €65 | ▼ 74.5% |
| Write-downs on current assets other than stocks, contracts in progress and trade receivables: additions (reversals)651 | - | - | - | €118 | €0.1m | -€0.08m | -€0.02m | -€0.009m | ▲ 56.3% |
| Other financial charges652/9 | - | - | - | €0.05m | €0.06m | €0.06m | €0.06m | €0.03m | ▼ 39.8% |
| Profit (loss) for the period before taxes9903 | €1.4m | €1.2m | €0.7m | €0.4m | €1.1m | €1.0m | €1.0m | €0.05m | ▼ 95.0% |
| Income taxes67/77 | €0.5m | €0.3m | €0.2m | €0.1m | €0.3m | €0.3m | €0.2m | €0.02m | ▼ 90.1% |
| Taxes670/3 | - | - | - | €0.1m | €0.3m | €0.3m | €0.2m | €0.02m | ▼ 90.1% |
| Tax adjustments and reversals of tax provisions77 | - | - | - | €356 | - | - | - | - | - |
| Profit (loss) for the period9904 | €0.9m | €0.9m | €0.5m | €0.3m | €0.8m | €0.8m | €0.8m | €0.03m | ▼ 96.4% |
| Profit (loss) for the period to be appropriated9905 | €0.9m | €0.9m | €0.5m | €0.3m | €0.8m | €0.8m | €0.8m | €0.03m | ▼ 96.4% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €10.7m | €10.5m | €11.0m | €11.9m | €12.7m | €13.5m | €11.9m | €13.5m | ▲ 13.2% |
| Fixed assets21/28 | €0.4m | €0.4m | €0.3m | €0.2m | €0.2m | €0.2m | €0.4m | €0.4m | ▲ 5.2% |
| Tangible fixed assets22/27 | €0.3m | €0.3m | €0.3m | €0.2m | €0.2m | €0.2m | €0.4m | €0.4m | ▲ 16.9% |
| Plant, machinery and equipment23 | - | - | - | €0.001m | €0.001m | €0.02m | €0.02m | €0.03m | ▲ 33.2% |
| Furniture and vehicles24 | - | - | - | €0.2m | €0.1m | €0.1m | €0.3m | €0.4m | ▲ 20.0% |
| Other tangible fixed assets26 | - | - | - | €0.007m | €0.04m | €0.05m | €0.04m | €0.04m | ▼ 15.2% |
| Financial fixed assets28 | €0.06m | €0.06m | €0.04m | €0.04m | €0.04m | €0.04m | €0.04m | €0.001m | ▼ 98.4% |
| Other financial fixed assets284/8 | - | - | - | €0.04m | €0.04m | €0.04m | €0.04m | €0.001m | ▼ 98.4% |
| Shares284 | - | - | - | €0.003m | €0.003m | €0.003m | €0.003m | €50 | ▼ 98.6% |
| Amounts receivable and cash guarantees285/8 | - | - | - | €0.03m | €0.04m | €0.04m | €0.04m | €0.001m | ▼ 98.4% |
| Current assets29/58 | €10.3m | €10.1m | €10.7m | €11.7m | €12.5m | €13.2m | €11.5m | €13.1m | ▲ 13.5% |
| Stocks and contracts in progress3 | - | - | - | €0.1m | €0.2m | - | - | - | - |
| Stocks30/36 | - | - | - | €0.1m | €0.2m | - | - | - | - |
| Raw materials and consumables30/31 | - | - | - | €0.1m | €0.2m | - | - | - | - |
| Amounts receivable within one year40/41 | €5.4m | €5.4m | €7.4m | €8.4m | €6.7m | €8.3m | €7.1m | €9.8m | ▲ 37.2% |
| Trade receivables40 | - | - | - | €7.8m | €6.2m | €8.0m | €6.5m | €8.9m | ▲ 37.7% |
| Other amounts receivable41 | - | - | - | €0.6m | €0.5m | €0.3m | €0.6m | €0.8m | ▲ 32.4% |
| Current investments50/53 | €2.0m | €1.5m | €1.7m | €1.9m | €1.8m | €3.1m | €2.2m | €1.8m | ▼ 15.5% |
| Other investments51/53 | - | - | - | €1.9m | €1.8m | €3.1m | €2.2m | €1.8m | ▼ 15.5% |
| Cash at bank and in hand54/58 | €2.8m | €3.0m | €1.6m | €1.2m | €3.7m | €1.7m | €2.1m | €1.4m | ▼ 34.6% |
| Deferred charges and accrued income490/1 | - | - | - | €0.1m | €0.04m | €0.1m | €0.1m | €0.09m | ▼ 22.5% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €10.7m | €10.5m | €11.0m | €11.9m | €12.7m | €13.5m | €11.9m | €13.5m | ▲ 13.2% |
| Equity10/15 | €6.6m | €7.0m | €7.0m | €7.3m | €7.3m | €7.3m | €7.4m | €7.4m | ▲ 0.4% |
| Contributions10/11 | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | = |
| Capital10 | - | - | - | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | = |
| Issued capital100 | - | - | - | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | = |
| Reserves13 | €6.2m | €6.6m | €6.7m | €6.9m | €6.9m | €6.9m | €7.0m | €7.0m | ▲ 0.4% |
| Non-distributable reserves130/1 | - | - | - | €0.04m | €0.04m | €0.04m | €0.04m | €0.04m | = |
| Legal reserve130 | - | - | - | €0.04m | €0.04m | €0.04m | €0.04m | €0.04m | = |
| Distributable reserves133 | - | - | - | €6.9m | €6.9m | €6.9m | €7.0m | €7.0m | ▲ 0.4% |
| Amounts payable17/49 | €4.1m | €3.5m | €4.0m | €4.6m | €5.4m | €6.2m | €4.6m | €6.1m | ▲ 33.8% |
| Amounts payable within one year42/48 | €4.1m | €3.5m | €4.0m | €4.6m | €5.4m | €6.2m | €4.6m | €6.1m | ▲ 34.6% |
| Trade debts44 | €3.1m | €2.7m | €3.3m | €4.5m | €4.1m | €5.2m | €3.6m | €5.8m | ▲ 60.6% |
| Suppliers440/4 | - | - | - | €4.5m | €4.1m | €5.2m | €3.6m | €5.8m | ▲ 60.6% |
| Advances received on contracts in progress46 | - | - | - | - | €0.3m | - | - | - | - |
| Taxes, remuneration and social security45 | - | - | - | €0.1m | €0.2m | €0.2m | €0.2m | €0.3m | ▲ 33.0% |
| Taxes450/3 | - | - | - | €0.02m | €0.05m | €0.02m | €0.04m | €0.04m | ▲ 4.9% |
| Remuneration and social security454/9 | - | - | - | €0.1m | €0.2m | €0.2m | €0.2m | €0.3m | ▲ 39.5% |
| Other amounts payable47/48 | - | - | - | €0.02m | €0.8m | €0.8m | €0.7m | €85 | ▼ 100.0% |
| Accrued charges and deferred income492/3 | - | - | - | €0.002m | €0.002m | €0.002m | €0.03m | €0.002m | ▼ 92.8% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €0.9m | €0.9m | €0.5m | €0.3m | €0.8m | €0.8m | €0.8m | €0.03m | ▼ 96.4% |
| + Depreciation and write-downs630 | €0.08m | €0.1m | €0.1m | €0.1m | €0.1m | €0.08m | €0.09m | €0.1m | ▲ 33.7% |
| Operating cash flow (approximation) | €1.0m | €1.0m | €0.6m | €0.4m | €0.9m | €0.9m | €0.8m | €0.1m | ▼ 83.1% |
| Investment in fixed assets (approximation) | - | -€0.09m | -€0.006m | -€0.04m | -€0.1m | -€0.1m | -€0.3m | -€0.1m | ▲ 46.4% |
| Change in cash | - | €0.2m | -€1.5m | -€0.3m | €2.5m | -€2.0m | €0.4m | -€0.7m | ▼ 292% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Similar companies · same sector, comparable size
Subsidies and aid
Flemish government
2022 to 2025 · 3 entries · €9,922 awarded · €9,922 paid| Year | Entries | awarded | paid |
|---|---|---|---|
| 2025 | 1 | -€100 | €0 |
| 2024 | 1 | €9,000 | €8,900 |
| 2022 | 1 | €1,022 | €1,022 |
Directors
Mandate history
- Board
- began earlier
| Name | Functions and periods |
|---|---|
| BV Dema Consulting |
|
| Dominique Smolders |
|
Owners and capital
Owners
2 ownersChain of control
- VDS GROUP
- EXECON
Highest known parent: VDS GROUP. The sources do not say who stands above it.
Owners 2
- VDS GROUPparent84.99%
-
15%
According to the annual accounts of the companies, the acts in the Belgian Gazette and the LEI register. Annual accounts state the shareholders that notified the company under article 7:225 of the Companies Code and the parent companies that consolidate it. The register of ultimate beneficial owners (UBO) is not public: who ultimately stands behind a natural person or a foreign parent is not stated here. A company that does not fill in these statements, or need not, is missing.
Group and network
Connections & network
No directors read yet: 1 of 17 Gazette acts processed.
History
Acts, filings and financial milestones
26-02
State Gazette act
Resignations: Dominique Smolders (vaste vertegenwoordiger van de bv dema consulting, niet statutaire bestuurder) and BV Dema Consulting (non-statutory director)Permanent representative: Dominique Smolders · Director discharge · Power of attorney7 facts ▸
- Director resignation, Dominique Smolders (vaste vertegenwoordiger van de bv dema consulting, niet statutaire bestuurder)
- Permanent representative, Dominique Smolders (permanent representative)
- Director resignation, BV Dema Consulting (non-statutory director)
- Director discharge, BV Dema Consulting (non-statutory director)
- Power of attorney, BV ABM ACCOUNTANTSASSOCIATIE
- Power of attorney
- General meeting, 14-01-2026
About the unread acts
Of the 17 Belgian State Gazette acts we know for this company, 1 has been read. The other 16 have not been read yet: what they contain is neither established nor disproved here.
Register details
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 5 October 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.
Recognitions · licences · registrations
Recognised contractor
4 categoriesLegal Entity Identifier
Sites & property
1 establishment unit
1 parcel
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 71037C2733/00K000 | Flanders | 4,960 m² | 1 · 1,570 m² | 14.7 m · 4 fl. |