Equity
Debts exceed assets in financial year 2025.
Debts exceed assets in financial year 2025.
Every financial year from 2021 to 2025 closed with a loss. 2025 was the heaviest.
The abbreviated format states no turnover.
Less equity than 83% of companies in real estate. Sector median €300,201 · 11,304 companies.
Negative equity caps the score at 59.
The dashed line is the sector median: 0.1% across 1,720 companies (NACE 68, medium-sized).
About 2 in 1,000 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 68, medium-sized). It does better than 14% of them on solvency, 13% on liquidity, 38% on profitability and 4% on growth.
The bankruptcy probability was computed on 09-11-2026 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 very low class on 30-06-2025, 0.1% 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, 111 companies had the same profile as GV CONSTRUCT has now. Each dot is one company, two years later.
Another 0.9% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of GV CONSTRUCT itself: 0.2% within 12 months.
The method was tested on the 497,447 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 111 companies, not a prediction for GV 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.
Liquidity is insufficient, with a current ratio of 1.0 (1.01 in 2024), below 1. Short-term debt is 100% and cash 14% of total assets. Equity is negative.
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 5 accounts on average 13 days before the deadline. In the sector (NACE 68), the median for financial year 2024 was 7 days before the deadline, and 36% of those companies filed late.
| Company | ||||
|---|---|---|---|---|
| GV CONSTRUCT Hasselt | €17.0m | €288 | 0.0% | - |
| Motown Parc Construct Brussels | €14.9m | -€11,680 | -10.4% | - |
| LGV VAZ Herent | €14.0m | €998 | 0.1% | - |
| GEGROND Ghent | €13.2m | -€25,925 | 27.3% | 0 |
| COLONEL STONE Brussels | €22.9m | -€3,910 | -0.1% | 0 |
| VMS HOLDING Hasselt | €9.9m | -€1,308 | 3.2% | - |
| VDD WR Bruges | €21.3m | -€5,415 | 0.0% | 0 |
These companies have the same main activity as GV CONSTRUCT: development of residential building projects (NACE 68121). They are comparable in size and age: total assets between €9.9m and €23m, founded between 2019 and 2020.
GV CONSTRUCT files the abbreviated format. That format states no turnover. The gross margin fell from €9,632 in 2021 to €288 in 2025.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette.
Turnover and EBIT margin are not published. The abbreviated format does not require them. The turnover shown is an estimate from the gross margin.
Turnover ≈ €1,200. Estimated: probably between €590 and €3,800.
Amounts without an identifiable currency are taken as euros.
Higher than 17% of 11,299 companies in 2025.
Higher than 44% of 10,851 companies in 2025.
Higher than 38% of 11,184 companies in 2025.
Net result: middle half · Equity: bottom quarter · Balance sheet total: top quarter · Working capital: middle half
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| Balance sheet: assets | ||||||
20/58 |
17.0m | 5.4m | 3.6m | 2.6m | 1.8m | |
29/58 |
17.0m | 5.4m | 3.6m | 2.6m | 1.8m | |
3 |
14.4m | 5.0m | 2.7m | 2.2m | 1.7m | |
30/36 |
14.4m | 5.0m | 2.7m | 2.2m | 1.7m | |
40/41 |
192,652 | 123,482 | 886,077 | 223,224 | 125,737 | |
40 |
192,652 | 12,291 | 803,177 | - | - | |
41 |
- | 111,192 | 82,900 | 223,224 | 125,737 | |
54/58 |
2.4m | 204,973 | 17,860 | 114,062 | 659 | |
490/1 |
11,003 | 9,870 | - | - | - | |
| Balance sheet: equity and liabilities | ||||||
10/49 |
17.0m | 5.4m | 3.6m | 2.6m | 1.8m | |
10/15 |
-4,623 | 10,625 | 15,209 | 16,753 | 17,567 | |
10/11 |
20,000 | 20,000 | 20,000 | 20,000 | 20,000 | |
14 |
-24,623 | -9,375 | -4,791 | -3,247 | -2,433 | |
17/49 |
17.0m | 5.4m | 3.6m | 2.6m | 1.8m | |
42/48 |
17.0m | 5.3m | 3.6m | 2.6m | 1.8m | |
43 |
- | - | 2.0m | 1.3m | 1.2m | |
430/8 |
- | - | 2.0m | 1.3m | 1.2m | |
44 |
2.0m | 211,626 | 91,675 | 224,601 | - | |
440/4 |
2.0m | 211,626 | 91,675 | 224,601 | - | |
46 |
4.6m | 316,322 | - | - | - | |
45 |
17,882 | - | - | - | - | |
450/3 |
17,882 | - | - | - | - | |
47/48 |
10.3m | 4.8m | 1.5m | 1.1m | 631,688 | |
492/3 |
- | 51,384 | - | - | - | |
| Income statement | ||||||
9900 |
288 | 160,227 | 701,283 | 663 | 9,632 | |
630 |
- | - | - | - | 1,184 | |
640/8 |
16,440 | 164,644 | 702,827 | 1,425 | 10,710 | |
9901 |
-16,152 | -4,417 | -1,544 | -763 | -2,262 | |
75/76B |
10 | 119 | - | - | - | |
75 |
10 | 119 | - | - | - | |
65/66B |
-894 | 285 | - | 52 | 170 | |
65 |
-894 | 285 | - | 52 | 170 | |
9903 |
-15,248 | -4,584 | -1,544 | -815 | -2,433 | |
9904 |
-15,248 | -4,584 | -1,544 | -815 | -2,433 | |
9905 |
-15,248 | -4,584 | -1,544 | -815 | -2,433 | |
| Appropriation of the result | ||||||
9906 |
-24,623 | -9,375 | -4,791 | -3,247 | -2,433 | |
14P |
-9,375 | -4,791 | -3,247 | -2,433 | - | |
| Document | ||||||
The notes to these accounts have 4 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 15-07-2026.
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 15-07-2026 | 2026-00299534 | |
| 31-12-2024 | abbreviated format | 04-08-2025 | 2025-00358596 | |
| 31-12-2023 | abbreviated format | 12-07-2024 | 2024-00273056 | |
| 31-12-2022 | abbreviated format | 13-07-2023 | 2023-00236590 | |
| 31-12-2021 | abbreviated format | 14-07-2022 | 2022-20190215 |
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| - | - | - | - | -1,078 | ||
| - | - | - | - | -1,248 | ||
| - | - | - | - | 1,184 | ||
| 2.2m | 187,113 | -96,202 | 113,403 | - | ||
| -4,623 | 62,010 | 15,209 | 16,753 | 17,567 | ||
| 0.0% | 0.2% | 0.4% | 0.6% | 1.0% | ||
| 1.00 | 1.01 | 1.00 | 1.01 | 1.01 | ||
| 0.15 | 0.06 | 0.25 | 0.13 | 0.07 | ||
| - | -43.1% | -10.1% | -4.9% | -13.8% | ||
| -0.1% | -0.1% | 0.0% | 0.0% | -0.1% | ||
| - | - | - | - | -6.33 |
A ratio outside any meaningful range has been withheld (balance sheet total €17.0m, equity -€4,623).
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 | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Debts secured on the company's own assets | - | €2.0m | €2.0m | - | - |
| Debts guaranteed by Belgian public bodies | - | - | - | €1.3m | €1.2m |
| Mortgages, amount registered | €100,000 | €100,000 | €100,000 | €100,000 | - |
| €7.8m | €7.8m | €7.8m | €6.7m | - | |
| Carrying value of the mortgaged assets | €14.4m | €2.7m | €2.7m | €2.2m | - |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
| Item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Intangible fixed assets | - | - | - | - | €1,184 |
| - | - | - | - | €1,184 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
The operating result for 2025 is a loss of €16,152, larger than the loss of €4,417 in 2024. It is the lowest result since 2021.
Equity is negative. Debt (€17.0m) exceeds the balance-sheet total (€17.0m).
Source: lists of holdings in the owners' accounts
GV CONSTRUCT has no parent and no holdings in its annual accounts.
| LAPIS
registered office since 27-10-2020 · founded in 2020 |
total assets €33.7m (2025) 0757.532.485 |
| VASO Constructions
registered office since 28-06-2011 · founded in 2011 |
total assets €16.6m (2025) 0837.349.728 |
| GV GROND
registered office since 15-03-2018 · founded in 2018 |
total assets €16.1m (2025) 0692.594.549 |
| VMS HOLDING
registered office since 03-09-2020 · founded in 2020 |
total assets €9.9m (2025) 0753.655.356 |
| GUV Construct
registered office since 20-08-2020 · founded in 2020 |
total assets €8.7m (2025) 0752.770.082 |
| SOMAVA
registered office since 13-08-2021 · founded in 2021 |
total assets €7.5m (2025) 0772.546.305 |
| VGV INVEST
registered office since 25-09-2018 · founded in 2018 · negative equity (2025) · group GUNO INVEST |
total assets €7.4m (2025) 0704.989.367 |
| ED SOMERS INVEST
registered office since 24-08-2006 · founded in 2006 · group ED SOMERS VASTGOED |
total assets €6.9m (2025) 0880.297.467 |
| SCHUTTERSHOF Budgethuur
registered office since 05-02-2024 · founded in 2024 |
total assets €6.7m (2025) 1005.605.829 |
| VAMOS VASTGOED
registered office since 15-06-2006 · founded in 2006 |
4.2 FTE (2025) 0880.923.316 |
| PACIFICATION CONSTRUCTION via JEMI CONSULT, no longer at PACIFICATION CONSTRUCTION · Director (not named in the articles) · deed of 21-11-2023 founded in 2014 · group URBICOON |
turnover €2.5m (2025) |
| STED INVEST RETAIL FUND via ED SOMERS INVEST (no longer at STED INVEST RETAIL FUND) and VGV INVEST (no longer at STED INVEST RETAIL FUND) · Managing director · deed of 13-08-2019 founded in 2019 |
total assets €4.9m (2025) |
| Asl Jet Handling via JEMI CONSULT, no longer at Asl Jet Handling · Class B director · deed of 16-04-2020 founded in 2020 · group ASL GROUP |
14 FTE (2025) |
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
| Establishment | Since | Unit number |
|---|---|---|
| Kolonel Dusartplein 20 registered office 3500 Hasselt | 08-05-2020 | 2.303.004.880 |
| 29-05-2024 | Discontinued | Bouwen of herbouwen; Hoogstammige bomen vellen die geen deel uitmaken van een bos; Nieuwbouw of aanleggen; Slopen of verwijderen; Slopen van niet vrijstaande gebouwen of constructies; Verwijderen van vrijstaande bijgebouwen, niet-overdekte lage constructies of andere beperkte handelingen submitted 22-12-2023 · project 2023119830 | Provincie Limburg |
Source: Omgevingsloket Vlaanderen.
| Cadastral parcel | Area | Buildings | Height / floors |
|---|---|---|---|
| 71022H0530/00R003 | 789 m² | 1 · 257 m² | 17.6 m · 5 |
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 0746.783.994
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