Equity
Equity fell by 72% in 2 years.
Equity fell by 72% in 2 years.
The 2024 and 2025 financial years closed with a loss. 2024 was the heaviest.
Green is investment, beige is depreciation.
In 2025, nobody joined and 4 people left.
The 2020 accounts came latest: 45 days after the end of the period.
Lower net result than 95% of companies in construction of buildings. Sector median €19,022 · 2,812 companies.
The dashed line is the sector median: 1.5% across 13,460 companies (NACE 41, micro).
About 6 in 100 comparable companies go bankrupt within 12 months (an estimate).
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 39% of them on solvency, 12% on liquidity, 5% on profitability and 9% on growth.
The bankruptcy probability was computed on 10-11-2026 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.
The probability rests on the annual accounts with balance sheet date 31-12-2025.
Of the companies with a bankruptcy probability in the elevated class on 30-06-2025, 6.3% went bankrupt within twelve months.
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).
In July 2024, 3,591 companies had the same profile as GO Construct has now. Each dot stands for 9 companies, two years later.
Another 0.3% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of GO Construct itself is higher: 5.7% within 12 months. It rests on far more data about GO Construct than the profile alone.
The method was tested on the 497,448 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 3,591 companies, not a prediction for GO 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.
Net loss of at least half of total assets or of the equity at the start of the financial year.
Liquidity is insufficient, with a current ratio of 0.46 (0.59 in 2024), below 1. Short-term debt is 68.1% and cash 0% of total assets. 68.1% of the assets are financed with debt and provisions.
Show the recommended maximum and see how the verdict changes with amount, term and advance.
The scores and ratios are Checked's own calculations, not a credit decision.
The company filed its last 7 accounts on average 11 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.
| Company | ||||
|---|---|---|---|---|
| GO Construct Zutendaal | €310,487 | €103,080 | 31.9% | 4.1 |
| Paintcrew Herent | €291,756 | €146,809 | 9.3% | 3.7 |
| BATI CM CONSTRUCTIONS La Louvière | €265,754 | €123,970 | -8.6% | 3 |
| Clean Factory Brussels | €213,800 | €161,646 | 39.2% | 4 |
| S-Building Heusden-Zolder | €387,898 | €158,191 | 51.2% | 2.6 |
| JACOBS i3 Oudsbergen | €575,594 | €174,775 | 24.5% | 5 |
| SOLID ALGEMENE AANNEMINGEN Riemst | €488,769 | €103,341 | -2.0% | 2 |
These companies have the same main activity as GO Construct: general construction of residential buildings (NACE 41001). They are comparable in size and age: total assets between €214,000 and €576,000, founded between 2016 and 2020.
GO Construct files the abbreviated format. That format states no turnover. The gross margin rose from €85,985 in 2019 to €103,080 in 2025.
The balance sheet grew most from 2020 to 2022 through fixed assets.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette.
Turnover and EBIT margin are not published. The abbreviated or micro format does not require them. The turnover shown is an estimate from the gross margin.
Turnover ≈ €360,000. Estimated: probably between €250,000 and €570,000.
Higher than 42% of 2,818 companies in 2025.
Higher than 7% of 2,746 companies in 2025.
Lower than 95% of 2,782 companies in 2025.
Net result: bottom quarter · Equity: middle half · Balance sheet total: middle half · Working capital: bottom quarter · Staff: middle half
Staff costs divided by the average number of full-time equivalents.
In 2025, nobody joined and 4 people left.
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Balance sheet: assets | ||||||||
20/58 |
310,487 | 1.1m | 1.2m | 1.1m | 610,957 | 397,782 | 184,574 | |
21/28 |
212,988 | 749,601 | 801,693 | 593,454 | 174,140 | 116,133 | 75,451 | |
22/27 |
212,488 | 749,101 | 801,193 | 592,954 | 173,640 | 116,133 | 75,451 | |
22 |
193,863 | 609,634 | 627,852 | 424,546 | - | - | - | |
23 |
9,416 | 115,772 | 144,290 | 135,129 | 116,988 | 92,169 | 56,713 | |
24 |
9,210 | 23,695 | 29,050 | 33,279 | 56,652 | 23,964 | 18,738 | |
28 |
500 | 500 | 500 | 500 | 500 | - | - | |
29/58 |
97,499 | 302,079 | 376,793 | 470,005 | 436,817 | 281,649 | 109,123 | |
3 |
- | - | 20,300 | 13,000 | 7,500 | 5,000 | 3,500 | |
30/36 |
- | - | 20,300 | 13,000 | 7,500 | 5,000 | 3,500 | |
40/41 |
97,499 | 298,213 | 250,023 | 360,015 | 379,067 | 236,086 | 96,181 | |
40 |
96,878 | 259,556 | 197,054 | 339,780 | 359,823 | 199,222 | 94,830 | |
41 |
621 | 38,658 | 52,969 | 20,235 | 19,244 | 36,864 | 1,351 | |
54/58 |
0 | 614 | 101,535 | 92,397 | 46,596 | 38,731 | 5,730 | |
490/1 |
- | 3,252 | 4,935 | 4,593 | 3,653 | 1,831 | 3,712 | |
| Balance sheet: equity and liabilities | ||||||||
10/49 |
310,487 | 1.1m | 1.2m | 1.1m | 610,957 | 397,782 | 184,574 | |
10/15 |
98,948 | 230,791 | 355,279 | 312,437 | 253,200 | 142,409 | 55,060 | |
10/11 |
18,600 | 18,600 | 6,200 | 6,200 | 6,200 | 6,200 | 6,200 | |
100 |
- | - | - | - | - | - | 18,000 | |
101 |
- | - | - | - | - | - | 11,800 | |
13 |
212,191 | 212,191 | 349,079 | 306,237 | 247,000 | 136,209 | - | |
133 |
212,191 | 212,191 | 349,079 | 306,237 | 247,000 | 136,209 | - | |
14 |
-131,843 | 0 | - | - | - | - | 48,860 | |
17/49 |
211,540 | 820,890 | 823,207 | 751,021 | 357,756 | 255,373 | 129,514 | |
17 |
- | 291,347 | 310,130 | 350,206 | 47,176 | 23,192 | 33,309 | |
170/4 |
- | 291,347 | 310,130 | 350,206 | 47,176 | 23,192 | 33,309 | |
42/48 |
211,540 | 508,701 | 513,077 | 400,816 | 310,581 | 232,181 | 96,205 | |
42 |
- | 20,449 | 25,672 | 38,220 | 23,892 | 10,117 | 9,865 | |
43 |
72,569 | 189,031 | 150,000 | - | - | - | - | |
430/8 |
72,569 | 189,031 | 150,000 | - | - | - | - | |
44 |
75,707 | 293,570 | 321,683 | 327,118 | 258,886 | 213,117 | 72,294 | |
440/4 |
75,707 | 293,570 | 321,683 | 327,118 | 258,886 | 213,117 | 72,294 | |
45 |
- | - | 8,047 | 28,064 | 22,319 | 3,205 | 7,294 | |
450/3 |
- | - | - | 22,319 | 22,319 | 3,205 | 7,294 | |
454/9 |
- | - | 8,047 | 5,745 | - | - | - | |
47/48 |
63,264 | 5,651 | 7,675 | 7,414 | 5,484 | 5,742 | 6,753 | |
492/3 |
- | 20,842 | - | - | - | - | - | |
| Income statement | ||||||||
76A |
89,899 | 15,599 | 5,346 | - | - | - | - | |
9900 |
103,080 | 201,717 | 306,058 | 283,610 | 196,887 | 131,627 | 85,985 | |
62 |
142,095 | 222,979 | 146,801 | 83,607 | - | - | - | |
630 |
17,855 | 74,748 | 78,700 | 64,621 | 48,095 | 25,880 | 23,321 | |
640/8 |
6,418 | 6,142 | 7,304 | 59,839 | 3,244 | 806 | 623 | |
66A |
49,806 | 8,036 | - | - | - | - | - | |
9901 |
-113,094 | -110,188 | 73,254 | 75,542 | 145,548 | 104,942 | 62,042 | |
75/76B |
4,871 | 442 | 39 | 1,480 | 763 | 1,767 | 54 | |
75 |
4,871 | 442 | 39 | 1,480 | 763 | 1,767 | 54 | |
65/66B |
23,620 | 27,142 | 19,655 | 3,101 | 3,200 | 1,220 | 2,031 | |
65 |
23,620 | 27,142 | 19,655 | 3,101 | 2,843 | 1,220 | 2,031 | |
66B |
- | - | - | - | 357 | - | - | |
9903 |
-131,843 | -136,888 | 53,638 | 73,921 | 143,110 | 105,489 | 60,065 | |
67/77 |
- | - | 10,797 | 14,684 | 32,319 | 18,140 | 11,205 | |
9904 |
-131,843 | -136,888 | 42,841 | 59,237 | 110,791 | 87,349 | 48,860 | |
9905 |
-131,843 | -136,888 | 42,841 | 59,237 | 110,791 | 87,349 | 48,860 | |
| Appropriation of the result | ||||||||
9906 |
-131,843 | -136,888 | 42,841 | 59,237 | 110,791 | 136,209 | 48,860 | |
791/2 |
- | 136,888 | - | - | - | - | - | |
691/2 |
- | - | 42,841 | 59,237 | 110,791 | 136,209 | - | |
6920 |
- | - | 42,841 | 59,237 | - | - | - | |
6921 |
- | - | - | - | 110,791 | 136,209 | - | |
| Social balance sheet | ||||||||
9087 |
4.1 | 4.9 | 3.3 | 1.8 | - | - | - | |
Hours worked1013 |
3,455 | 6,260 | 4,358 | 2,648 | - | - | - | |
| Document | ||||||||
The notes to these accounts have 10 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the accounts filed with the NBB.
Source: Annual accounts 2025 at the NBB, filed on 28-06-2026.
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 28-06-2026 | 2026-00208821 | |
| 31-12-2024 | abbreviated format | 28-08-2025 | 2025-00421285 | |
| 31-12-2023 | abbreviated format | 27-08-2024 | 2024-00375237 | |
| 31-12-2022 | abbreviated format | 20-07-2023 | 2023-00259384 | |
| 31-12-2021 | abbreviated format | 30-08-2022 | 2022-20421747 | |
| 31-12-2020 | abbreviated format | 14-09-2021 | 2021-67200393 | |
| 31-12-2019 | micro format | 24-07-2020 | 2020-33600233 |
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| -95,239 | -35,440 | 151,954 | 140,163 | 193,643 | 130,821 | 85,362 | ||
| -113,988 | -62,140 | 121,541 | 123,858 | 158,886 | 113,229 | 72,180 | ||
| 61,830 | 34,915 | 310,932 | 483,935 | 106,102 | 66,562 | 98,771 | ||
| -614 | -100,921 | 9,138 | 45,801 | 7,865 | 33,002 | - | ||
| -114,041 | -206,622 | -136,284 | 69,189 | 126,236 | 49,468 | 12,918 | ||
| 31.9% | 21.9% | 30.1% | 29.4% | 41.4% | 35.8% | 29.8% | ||
| 0.46 | 0.59 | 0.73 | 1.17 | 1.41 | 1.21 | 1.13 | ||
| 0.46 | 0.59 | 0.69 | 1.14 | 1.38 | 1.19 | 1.10 | ||
| 2.14 | 3.56 | 2.32 | 2.40 | 1.41 | 1.79 | 2.35 | ||
| -133.2% | -59.3% | 12.1% | 19.0% | 43.8% | 61.3% | 88.7% | ||
| -42.5% | -13.0% | 3.6% | 5.6% | 18.1% | 22.0% | 26.5% | ||
| -4.03 | -1.31 | 7.73 | 45.20 | 68.10 | - | - |
A Belgian filing has no cash-flow statement. Cash flow is therefore an approximation, derived from the income statement. Investment is the acquisitions in the notes and, without them, the balance-sheet move.
| Item | 31-12-2025 | 31-12-2024 | 31-12-2023 | 31-12-2022 |
|---|---|---|---|---|
| Employees at the balance-sheet date | 1 | 5 | 3 | 3 |
| full-time | - | 4 | 3 | 3 |
| part-time | 1 | 1 | - | - |
| in full-time equivalents | 0.8 | 4.8 | 3 | 3 |
| 4.1 | 4.9 | 3.3 | 1.8 | |
| On a permanent contract | 1 | 5 | 3 | 3 |
| Joined | 0 | 3 | 1 | 3 |
| Left | 4 | 1 | 1 | 0 |
Source: social balance sheet in the 2022 to 2025 annual accounts
| Item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Tangible fixed assets | €61,830 | €34,915 | €310,932 | €483,935 | €105,602 |
| Financial fixed assets | - | - | - | - | €500 |
| €17,855 | €74,748 | €78,700 | €64,621 | €48,095 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
The operating result for 2025 is a loss of €113,094, larger than the loss of €110,188 in 2024. It is the lowest result since 2019.
Debt's share of the balance-sheet total falls from 78.1% to 68.1%. Equity and debt are lower.
GO Construct has no parent and no holdings in its annual accounts.
The connected companies are in the list below.
Deadline for the 2026 accounts: 31-07-2027
Financial milestones sit on the financial year-end date, not the filing date.
Sources: Publications in the Belgian Official GazetteFilings with the National Bank
On 19 December 2018, GO Construct was incorporated by two natural persons, with a starting capital of €18,600.12 The registered office moved to Lanaken in 2022 and to Zutendaal in 2025.34 Today the board has 2 members.4 Total assets went from €184,574 in 2019 to €310,487 in 2025 and headcount from 1.8 full-time equivalents in 2022 to 4.1 in 2025.5
| Establishment | Since | Unit number |
|---|---|---|
| Kantoorstraat 3 registered office 3690 Zutendaal 4100106 General construction of residential buildings | 20-03-2023 | 2.342.518.623 |
| 26-08-2024 | Granted | Verbouwen en/of uitbreiden met functiewijziging en met wijziging van aantal woongelegenheden submitted 21-04-2024 · project 2024058459 | Zutendaal |
Source: Omgevingsloket Vlaanderen.
| Cadastral parcel | Area | Buildings | Height / floors |
|---|---|---|---|
| 71067A0525/00K000 | 537 m² | 1 · 244 m² | 8.4 m · 2 |
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 0716.632.931
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