GLF CONSTRUCT
ActiveSummary
The computed 12-month bankruptcy probability of GLF CONSTRUCT is 2.7% (moderate). The 2024 annual accounts show equity of €129,649 and a net result of €1,843. Equity is growing by ~10.3% per year across the filed fiscal years. Its solvency ranks better than 64% of 1290 sector peers (fiscal year 2024). The company has been active since 2022 and the Belgian State Gazette contains no insolvency or warning signals.
Checked score
Score 2024
Axes · tick = 2023
Profitability60▼-14
Solvency68▼-14
Growth68▼-17
Track record94
Bankruptcy probability, 12 months
2.7%
Moderate
0%0.5%1.5%4%10%≥ 25%
Credit up to €6,000 at 30 days only on tighter terms
Liquidity ample (current ratio 1.72 against 3.17 in 2023; short-term debt: 57.3% and cash: 5.6% of total assets), but 57.3% of the assets are financed with debt.
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Signals
Five signals. The signal on the left, the evidence on the right.
+raises risk
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 41
Relative position
BE, all sectors
reference
Construction of residential and non-residential buildings (NACE 41)
about 67% 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 2024Solvency, return and age of the figures
Solvency
42.7%
Return on assets
0.6%
Age of the figures
21 mo
raises risk · Filed more than 90 days late
The financial year that closed on 31-12-2024 was due by 31-07-2025 and was filed on 01-06-2026, 305 days past the deadline. Measured on financial year 2023: companies more than 90 days late are in an abnormal legal state today in 5.61% of cases, against 1.66% across all filers.
NBB · 3 filingsDeviation from the deadline
2025
not confirmed
2024
305 d late
2023
112 d late
2022
82 d late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 3 accounts on average 166 days after the deadline; the sector median for financial year 2024 is on the deadline day, and 46% of the sector filed late.
Checked, nothing found (1)
History
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Financials · fiscal year 2024, full schema
Turnover
€295,078▼ 7.7%
2023 · €319,754
EBIT margin
3.0%▼ 4.7pp
2023 · 7.7%
Net result
€1,843▼ 92.5%
2023 · €24,584
Working capital
€124,818▼ 15.0%
2023 · €146,884
Trend over the years
Click a name to add, emphasise or remove a line.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line202220232024
Turnover€90,000-€319,754▲ 255%€295,078▼ 7.7%
Operating result€3,242-€24,596▲ 659%€8,924▼ 63.7%
Net result€3,221-€24,584▲ 663%€1,843▼ 92.5%
EBIT margin3.6%-7.7%▲ 4.1pp3.0%▼ 4.7pp
Equity€103,221-€127,806▲ 23.8%€129,649▲ 1.4%
Total assets€310,762-€225,645▼ 27.4%€303,343▲ 34.4%
Debt€207,541-€97,839▼ 52.9%€173,694▲ 77.5%
Working capital€163,221-€146,884▼ 10.0%€124,818▼ 15.0%
Result per fiscal year
Operating resultNet result
The operating result falls in 2024; 2024 is 64% below 2023.
Balance-sheet composition
2024 in colour, 2023 as the grey bar beneath
Assets €303,343
Fixed assets
€4,830 ▼ 55.8%
Current assets
€298,513 ▲ 39.0%
Equity and liabilities €303,343
Equity
€129,649 ▲ 1.4%
Debt
€173,694 ▲ 77.5%
Debt's share of the balance-sheet total rises from 43.4% to 57.3%. Equity and debt are higher.
Key figures and ratios
EBITDA
€15,898▼
2023 · €28,927
Cash flow
€8,817▼
2023 · €28,915
Current ratio
1.72▼
2023 · 3.17
Quick ratio
1.60▼
2023 · 3.17
Debt to equity
1.34▲
2023 · 0.77
ROE
1.4%▼
2023 · 19.2%
ROA
0.6%▼
2023 · 10.9%
Interest coverage
64.98▼
2023 · 552.77
Debt ≤ 1 year
€173,694▲
2023 · €67,839
Income taxes
€6,836
Staff costs
€5,839▲
2023 · €1,268
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|
| Turnover70 | €90,000 | €319,754 | €295,078 | ▼ 7.7% |
| Goods, raw materials, services and sundry goods60/61 | €86,758 | €288,220 | €273,260 | ▼ 5.2% |
| Remuneration, social security and pensions62 | - | €1,268 | €5,839 | ▲ 360% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | - | €4,331 | €6,974 | ▲ 61.0% |
| Other operating charges640/8 | - | €1,339 | €81 | ▼ 93.9% |
| Gross operating margin9900 | €3,242 | €31,534 | €21,818 | ▼ 30.8% |
| Operating profit (loss)9901 | €3,242 | €24,596 | €8,924 | ▼ 63.7% |
| Financial income75/76B | - | €41 | €0 | ▼ 99.8% |
| Recurring financial income75 | - | €41 | €0 | ▼ 99.8% |
| Financial charges65/66B | €20 | €52 | €245 | ▲ 368% |
| Recurring financial charges65 | €20 | €52 | €245 | ▲ 368% |
| Profit (loss) for the period before taxes9903 | €3,221 | €24,584 | €8,679 | ▼ 64.7% |
| Income taxes67/77 | - | - | €6,836 | - |
| Profit (loss) for the period9904 | €3,221 | €24,584 | €1,843 | ▼ 92.5% |
| Profit (loss) for the period to be appropriated9905 | €3,221 | €24,584 | €1,843 | ▼ 92.5% |
| Line | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|
| Assets | ||||
| Total assets20/58 | €310,762 | €225,645 | €303,343 | ▲ 34.4% |
| Fixed assets21/28 | - | €10,922 | €4,830 | ▼ 55.8% |
| Tangible fixed assets22/27 | - | €10,922 | €3,948 | ▼ 63.9% |
| Plant, machinery and equipment23 | - | €1,840 | €1,405 | ▼ 23.6% |
| Furniture and vehicles24 | - | €9,082 | €2,543 | ▼ 72.0% |
| Financial fixed assets28 | - | - | €883 | - |
| Current assets29/58 | €310,762 | €214,723 | €298,513 | ▲ 39.0% |
| Stocks and contracts in progress3 | €45,350 | - | €20,000 | - |
| Stocks30/36 | €45,350 | - | €20,000 | - |
| Amounts receivable within one year40/41 | €180,791 | €197,154 | €261,605 | ▲ 32.7% |
| Trade receivables40 | €175,200 | €178,637 | €186,170 | ▲ 4.2% |
| Other amounts receivable41 | €5,591 | €18,517 | €75,436 | ▲ 307% |
| Cash at bank and in hand54/58 | €84,621 | €17,569 | €16,907 | ▼ 3.8% |
| Equity and liabilities | ||||
| Total equity and liabilities10/49 | €310,762 | €225,645 | €303,343 | ▲ 34.4% |
| Equity10/15 | €103,221 | €127,806 | €129,649 | ▲ 1.4% |
| Contributions10/11 | €100,000 | €100,000 | €100,000 | = |
| Capital10 | €100,000 | - | - | - |
| Issued capital100 | €100,000 | - | - | - |
| Reserves13 | €3,221 | €3,221 | €3,221 | = |
| Non-distributable reserves130/1 | €3,221 | - | - | - |
| Legal reserve130 | €3,221 | - | - | - |
| Distributable reserves133 | - | €3,221 | €3,221 | = |
| Profit (loss) carried forward14 | - | €24,584 | €26,427 | ▲ 7.5% |
| Amounts payable17/49 | €207,541 | €97,839 | €173,694 | ▲ 77.5% |
| Amounts payable within one year42/48 | €147,541 | €67,839 | €173,694 | ▲ 156% |
| Trade debts44 | €147,541 | €61,730 | €115,018 | ▲ 86.3% |
| Suppliers440/4 | €147,541 | €61,730 | €115,018 | ▲ 86.3% |
| Taxes, remuneration and social security45 | - | €6,109 | €58,676 | ▲ 860% |
| Taxes450/3 | - | €6,109 | €57,644 | ▲ 844% |
| Remuneration and social security454/9 | - | - | €1,032 | - |
| Accrued charges and deferred income492/3 | €60,000 | €30,000 | - | - |
| Line | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|
| Profit (loss) for the period9904 | €3,221 | €24,584 | €1,843 | ▼ 92.5% |
| + Depreciation and write-downs630 | - | €4,331 | €6,974 | ▲ 61.0% |
| Operating cash flow (approximation) | €3,221 | €28,915 | €8,817 | ▼ 69.5% |
| Investment in fixed assets (approximation) | - | - | -€883 | - |
| Change in cash | - | -€67,052 | -€662 | ▲ 99.0% |
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
2026
01-06
NBB filing
Annual accounts filed
fiscal year 2024 · full schema · 305 days late
2024
31-12
Financial
Weakest financial yearnet €1,843 ▼92.5%
Net result drops to €1,843, the lowest in the series.
20-11
NBB filing
Annual accounts filed
fiscal year 2023 · full schema · 112 days late
2023
31-12
Financial
Highest result since 2022net €24,584 ▲663%
Operating result €24,596, net result €24,584, both a record.
21-10
NBB filing
Annual accounts filed
fiscal year 2022 · full schema · 82 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 1 act read
About the unread acts
We know of 1 Belgian State Gazette act for this company. It has not been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
1 act for this company is 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, Thuin · 1 establishment unit since 2022
Ground area
186 m²
Parcel 56078C0330/00C000, Wallonia. Linked by address, not a title deed.
1 establishment unit
GLF CONSTRUCT
since 20222.338.224.788
1 parcel
Wallonia
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 56078C0330/00C000 | Wallonia | 186 m² | - | - |
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.
Similar companies · same sector, comparable size
B.V.B.A. ROBIN ROELANT
BE 0427.478.604
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BRAS CONSTRUCT
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Anderlecht · Eq €129,783
AANNEMINGSWERKEN VRANCKX
BE 0683.980.454
Haacht · Eq €129,501
Ro&Mat Construct
BE 0762.710.109
Brussel · Eq €129,500
HABICO
BE 0810.889.415
Maasmechelen · Eq €129,469
Of 29,787 companies in sector 41001 we hold annual accounts for 16,039. 12,855 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
Founded14-07-2022
Fiscal year end31-12
Activities, NACEBEL 2025
41001General construction of residential buildings
43211General electrical installation work
43222Installation of electric heating, air conditioning, cooling and ventilation
43230Insulation installation
Scores and ratios are computed by Checked and are not a credit decision.