FIRMA VERHELLEN
ActiveThe file of FIRMA VERHELLEN contains 2 judicial reorganisation notices, as published in the Belgian State Gazette.
Summary
The computed 12-month bankruptcy probability is ≥ 25% (high). The 2025 annual accounts show negative equity (-€63,377) and a net result of €89,279. The figures fluctuate too strongly year-on-year for a reliable trend projection. Its solvency ranks better than 5% of 28254 sector peers (fiscal year 2025).
Checked score
Score 2025
Axes · tick = 2024
Profitability100=
Solvency0=
Growth58=
Track record60
Bankruptcy probability, 12 months
≥ 25%
High
0%0.5%1.5%4%10%≥ 25%
No credit on open account
Liquidity short (current ratio 0.53 against 0.39 in 2024; short-term debt: 180.7% and cash: 3.6% of total assets), and equity is negative.
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Signals
Six signals. The signal on the left, the evidence on the right.
+raises risk○neutral
raises risk · Limited track record
This company has not been active as long as an established one and statistically fails somewhat more often.
KBO · incorporation dateAge against the risk zone
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 43
Relative position
BE, all sectors
reference
Specialised construction activities (NACE 43)
about 85% more bankruptcies
← fewer bankruptcies
more bankruptcies →
raises risk · Annual accounts: weaker financial profile
The latest annual accounts show a weaker profile in solvency, result or liquidity than companies that stay afloat.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
-98.7%
Return on assets
139.1%
Age of the figures
9 mo
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 5% of 28254 sector peers (2025).
NBB · sector comparisonPosition among 28254 sector peers
Solvency
better than 5%
← weakest
strongest →
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 06-07-2026, 25 days ahead of the deadline.
NBB · 6 filingsDeviation from the deadline
2025
25 d early
2024
4 d late
2023
8 d early
2022
59 d late
2021
3 d early
2020
61 d late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 6 accounts on average 15 days after the deadline; the sector median for financial year 2024 is 1 day before the deadline, and 42% of the sector filed late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today. Usually files around 28 July (4 of the last 5 filed years within 30 days of that day).
Companies Code · seven monthsPosition in the running window
28-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, micro schema
Equity
-€63,377▲ 58.5%
2024 · -€152,656
Total assets
€64,193▼ 42.1%
2024 · €110,800
Net result
€89,279▼ 9.8%
2024 · €98,930
Working capital
-€54,480▲ 64.7%
2024 · -€154,470
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 43, Specialised construction activities, each year against the same schema; no band under 30 filings. Dashed line: the median.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result-€149,393-€21,582▲ 85.6%-€34,394▼ 59.4%€101,613€96,629▼ 4.9%
Net result-€184,997below the sector's middle half-€27,603below the sector's middle half▲ 85.1%-€40,087below the sector's middle half▼ 45.2%€98,930above the sector's middle half€89,279above the sector's middle half▼ 9.8%
Equity-€183,896below the sector's middle half-€211,499below the sector's middle half▼ 15.0%-€251,586below the sector's middle half▼ 19.0%-€152,656below the sector's middle half▲ 39.3%-€63,377below the sector's middle half▲ 58.5%
Total assets€449,653above the sector's middle half▼ 16.1%€218,594below the sector's middle half▼ 51.4%€112,942below the sector's middle half▼ 48.3%€110,800within the sector's middle half▼ 1.9%€64,193below the sector's middle half▼ 42.1%
Debt€633,549▲ 18.5%€430,093▼ 32.1%€364,528▼ 15.2%€263,456▼ 27.7%€127,570▼ 51.6%
Working capital-€305,398below the sector's middle half▼ 116%-€281,181below the sector's middle half▲ 7.9%-€256,652below the sector's middle half▲ 8.7%-€154,470below the sector's middle half▲ 39.8%-€54,480below the sector's middle half▲ 64.7%
Solvency-40.9%below the sector's middle half▼ 41.1pp-96.8%below the sector's middle half▼ 55.9pp-222.8%below the sector's middle half▼ 126.0pp-137.8%below the sector's middle half▲ 85.0pp-98.7%below the sector's middle half▲ 39.0pp
Current ratio0.49below the sector's middle half▼ 0.190.33below the sector's middle half▼ 0.150.24below the sector's middle half▼ 0.090.39below the sector's middle half▲ 0.150.53below the sector's middle half▲ 0.14
Return on assets (ROA)-41.1%below the sector's middle half▼ 41.2pp-12.6%below the sector's middle half▲ 28.5pp-35.5%below the sector's middle half▼ 22.9pp89.3%above the sector's middle half▲ 124.8pp139.1%above the sector's middle half▲ 49.8pp
Staff (FTE)5.8▲ 48.7%0.8below the sector's middle half▼ 86.2%0below the sector's middle half▼ 100%
above
within
below
the middle half (P25 to P75) of NACE 43, Specialised construction activities, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the abbreviated or micro schema does not require them.
Why a figure moved sharply
- 2022 Net result +85%, Staff (FTE) -86% on 2021. The accounts now follow the abbreviated schema, last year the micro schema.
Result per fiscal year
Operating resultNet result
The operating result falls in 2025; 2025 is 5% below 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €64,193
Fixed assets
€2,685 ▼ 76.1%
Current assets
€61,507 ▼ 38.2%
Key figures and ratios
EBITDA
€104,371▼
2024 · €116,243
Cash flow
€97,021▼
2024 · €113,560
Quick ratio
0.45▲
2024 · 0.33
Debt to equity
-2.01▼
2024 · -1.73
Interest coverage
13.86▼
2024 · 42.97
Debt ≤ 1 year
€115,987▼
2024 · €254,054
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 2,178 companies that looked in July 2024 the way this one looks now, 4.3% went bankrupt within 24 months and 89% are still going.
- Micro
- 5 to 10 years old
- negative equity
- a profit of 5% of the balance sheet or more
4.3%
went bankrupt
5.6%
stopped otherwise
89%
still going
A further 1.5% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a higher bankruptcy probability: ≥ 25% over twelve months. The score reads more about this company than the group's four characteristics; both figures are right about what they measure.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,662 companies of July 2024 its group's bankruptcy share. Expected: 1.5%; actually bankrupt within 24 months: 1.6%.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.4% |
| 3 | 0.5% | 0.5% |
| 4 | 0.6% | 0.7% |
| 5 | 0.8% | 0.9% |
| 6 | 1.2% | 1.3% |
| 7 | 1.5% | 1.7% |
| 8 | 1.7% | 1.7% |
| 9 | 2.7% | 2.8% |
| 10 | 5.3% | 5.7% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 75% 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 2,178 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.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | €34,513 | €21,773 | €7,534 | €68,113 | €67,684 | ▼ 0.6% |
| Remuneration, social security and pensions62 | €205,560 | €34,966 | €554 | €0 | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €48,896 | €24,136 | €18,019 | €14,630 | €7,742 | ▼ 47.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | €776 | €0 | -€776 | €0 | - | - |
| Other operating charges640/8 | €13,529 | €11,399 | €5,349 | €1,632 | €1,122 | ▼ 31.2% |
| Non-recurring operating charges66A | - | - | €14,120 | €1,076 | €1,922 | ▲ 78.6% |
| Gross operating margin9900 | €119,368 | €48,919 | €2,872 | €118,952 | €107,415 | ▼ 9.7% |
| Operating profit (loss)9901 | -€149,393 | -€21,582 | -€34,394 | €101,613 | €96,629 | ▼ 4.9% |
| Financial income75/76B | €113 | €758 | €633 | €22 | €181 | ▲ 716% |
| Recurring financial income75 | €113 | €758 | €633 | €22 | €181 | ▲ 716% |
| Financial charges65/66B | €35,717 | €6,779 | €6,326 | €2,705 | €7,531 | ▲ 178% |
| Recurring financial charges65 | €34,909 | €6,779 | €6,326 | €2,705 | €7,531 | ▲ 178% |
| Non-recurring financial charges66B | €808 | €0 | - | - | - | - |
| Profit (loss) for the period before taxes9903 | -€184,997 | -€27,603 | -€40,087 | €98,930 | €89,279 | ▼ 9.8% |
| Profit (loss) for the period9904 | -€184,997 | -€27,603 | -€40,087 | €98,930 | €89,279 | ▼ 9.8% |
| Transfer to tax-exempt reserves689 | - | - | - | €55,851 | €62,185 | ▲ 11.3% |
| Profit (loss) for the period to be appropriated9905 | -€184,997 | -€27,603 | -€40,087 | €43,079 | €27,094 | ▼ 37.1% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €449,653 | €218,594 | €112,942 | €110,800 | €64,193 | ▼ 42.1% |
| Fixed assets21/28 | €157,887 | €77,556 | €31,740 | €11,216 | €2,685 | ▼ 76.1% |
| Intangible fixed assets21 | €699 | €499 | €299 | €99 | €0 | ▼ 100% |
| Tangible fixed assets22/27 | €156,472 | €76,341 | €31,441 | €11,117 | €2,685 | ▼ 75.8% |
| Plant, machinery and equipment23 | €26,287 | €17,452 | €10,993 | €3,561 | €2,685 | ▼ 24.6% |
| Furniture and vehicles24 | €30,180 | €21,540 | €10,691 | €1,998 | €0 | ▼ 100% |
| Leasing and similar rights25 | €100,005 | €37,349 | €9,758 | €5,558 | €0 | ▼ 100% |
| Financial fixed assets28 | €716 | €716 | €0 | - | - | - |
| Current assets29/58 | €291,766 | €141,038 | €81,202 | €99,584 | €61,507 | ▼ 38.2% |
| Stocks and contracts in progress3 | €24,946 | €4,012 | €4,012 | €14,845 | €9,507 | ▼ 36.0% |
| Stocks30/36 | €4,165 | €4,012 | €4,012 | €14,845 | €9,507 | ▼ 36.0% |
| Contracts in progress37 | €20,781 | €0 | - | - | - | - |
| Amounts receivable within one year40/41 | €259,419 | €133,794 | €74,461 | €83,350 | €49,447 | ▼ 40.7% |
| Trade receivables40 | €199,243 | €53,169 | €42,534 | €79,569 | €39,562 | ▼ 50.3% |
| Other amounts receivable41 | €60,176 | €80,625 | €31,926 | €3,780 | €9,885 | ▲ 161% |
| Cash at bank and in hand54/58 | €6,760 | €2,650 | €2,719 | €1,249 | €2,297 | ▲ 83.8% |
| Deferred charges and accrued income490/1 | €641 | €582 | €10 | €139 | €256 | ▲ 83.8% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €449,653 | €218,594 | €112,942 | €110,800 | €64,193 | ▼ 42.1% |
| Equity10/15 | -€183,896 | -€211,499 | -€251,586 | -€152,656 | -€63,377 | ▲ 58.5% |
| Contributions10/11 | €1,000 | €1,000 | €1,000 | €1,000 | €1,000 | = |
| Reserves13 | - | - | - | €55,851 | €118,036 | ▲ 111% |
| Tax-exempt reserves132 | - | - | - | €55,851 | €118,036 | ▲ 111% |
| Profit (loss) carried forward14 | -€184,896 | -€212,499 | -€252,586 | -€209,507 | -€182,413 | ▲ 12.9% |
| Amounts payable17/49 | €633,549 | €430,093 | €364,528 | €263,456 | €127,570 | ▼ 51.6% |
| Amounts payable after more than one year17 | €36,385 | €7,874 | €21,972 | €0 | - | - |
| Financial debts170/4 | €36,385 | €7,874 | €21,972 | €0 | - | - |
| Amounts payable within one year42/48 | €597,165 | €422,219 | €337,853 | €254,054 | €115,987 | ▼ 54.3% |
| Current portion of amounts payable after more than one year42 | €51,538 | €16,820 | €36,740 | €24,472 | €8,409 | ▼ 65.6% |
| Financial debts43 | €77,448 | €75,000 | €0 | €584 | €195 | ▼ 66.6% |
| Credit institutions430/8 | €77,448 | €75,000 | €0 | - | - | - |
| Other loans439 | - | - | - | €584 | €195 | ▼ 66.6% |
| Trade debts44 | €317,500 | €280,377 | €277,880 | €213,028 | €106,707 | ▼ 49.9% |
| Suppliers440/4 | €317,500 | €280,377 | €277,880 | €213,028 | €106,707 | ▼ 49.9% |
| Advances received on contracts in progress46 | - | €2,500 | €0 | - | - | - |
| Taxes, remuneration and social security45 | €39,542 | €10,018 | €5,775 | €3,698 | €676 | ▼ 81.7% |
| Taxes450/3 | €291 | €10,018 | €5,775 | €3,698 | €676 | ▼ 81.7% |
| Remuneration and social security454/9 | €39,251 | €0 | - | - | - | - |
| Other amounts payable47/48 | €111,137 | €37,504 | €17,458 | €12,271 | €0 | ▼ 100% |
| Accrued charges and deferred income492/3 | - | - | €4,702 | €9,402 | €11,583 | ▲ 23.2% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€184,997 | -€27,603 | -€40,087 | €98,930 | €89,279 | ▼ 9.8% |
| + Depreciation and write-downs630 | €48,896 | €24,136 | €18,019 | €14,630 | €7,742 | ▼ 47.1% |
| Operating cash flow (approximation) | -€136,101 | -€3,467 | -€22,068 | €113,560 | €97,021 | ▼ 14.6% |
| Investment in fixed assets (approximation) | - | €56,195 | €27,797 | €5,894 | €789 | ▼ 86.6% |
| Change in cash | - | -€4,110 | €68 | -€1,469 | €1,048 | ▲ 171% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
06-07
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
04-08
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 4 days late
2024
31-12
Financial
Back to profitnet €98,930
Net result €98,930 after 3 loss-making years.
23-07
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema
2023
28-09
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema · 59 days late
2022
28-07
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
05-05
Judicial reorganisation
Plan homologation
Ondernemingsrechtbank Gent · event 28-04-2022
21-02
Judicial reorganisation
Opening
Ondernemingsrechtbank Gent · collective agreement · event 10-02-2022
2021
31-12
Financial
Weakest financial yearnet -€184,997
Net result drops to -€184,997, the lowest in the series; recovery starts the following year.
30-09
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema · 61 days late
SignalFinancial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 4 acts read
About the unread acts
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.
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Directors · office · real estate
Directors
4 acts for this company are in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Ronse · 1 establishment unit since 2020
Ground area
3,509 m²
Building footprint
725 m²
Volume, LiDAR
4,465 m³
Parcel 45422D1012/00D000, Flanders · tallest building 7.8 m, ±2 floors. Linked by address, not a title deed.
4
companies at this address
See who is registered here
1 establishment unit
FIRMA VERHELLEN
since 20202.299.149.626
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 45422D1012/00D000 | Flanders | 3,509 m² | 1 · 725 m² | 7.8 m · 2 fl. |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
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Of 8,464 companies in sector 43120 we hold annual accounts for 3,233. 259 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company
Founded03-02-2020
Fiscal year end31-12
Activities, NACEBEL 2025
43120Site preparation
23610Manufacture of other non-metallic mineral products
43990Other specialised construction activities
Contact
E-mail
administratie@firma-verhellen.be
E-invoicing
Reachable via Peppol
Peppol ID
0208:0742811647
Also
9925:BE0742811647
Registered
31-10-2023
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 28 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.