GW-CONSTRUCT
ActiveSummary
The computed 12-month bankruptcy probability of GW-CONSTRUCT is 2.0% (moderate). The 2025 annual accounts show negative equity (€-2k) and a net result of €13k. Equity is shrinking by ~26.7% per year across the filed fiscal years. Its solvency ranks better than 8% of 27965 sector peers (fiscal year 2025). The company has been active since 2012 and the Belgian State Gazette contains no insolvency or warning signals.
Checked score
Score 2025
Axes · tick = 2024
Profitability96▲+96
Solvency16▲+16
Growth32=
Track record100
Bankruptcy probability, 12 months
2.0%
Moderate
0%0.5%1.5%4%10%≥ 25%
No credit on open account
Liquidity short (current ratio 0.88 against 0.52 in 2024; short-term debt: 108.6% and cash: 41.4% of total assets), and equity is negative.
Credit check for your own amount and term
Signals
Six signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
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
-8.6%
Return on assets
58.6%
Age of the figures
9 mo
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 8% of 27965 sector peers (2025).
NBB · sector comparisonPosition among 27965 sector peers
Solvency
better than 8%
← weakest
strongest →
neutral · Filed after the deadline
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 25-08-2026, 25 days later. For context: 47% of the Belgian market files late and the whole 1-to-90-day band measures 2.0% abnormal legal state against a 1.66% average. We show this as a fact and do not score it.
NBB · 10 filingsDeviation from the deadline
2025
25 d late
2024
61 d late
2023
30 d late
2022
31 d late
2021
24 d late
2020
25 d late
2019
19 d late
← before the deadline
after the deadline →
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.
Companies Code · seven monthsPosition in the running window
25-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, micro schema
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
€13k
2024 · €-81k
2018: €19khighest in 8 years
2019: €717▼ -96.3% vs 2018
2020: €2k▲ +124% vs 2019
2021: €-42k▼ -2721% vs 2020
2022: €689▲ +102% vs 2021
2023: €-59k▼ -8609% vs 2022
2024: €-81k▼ -37.8% vs 2023lowest in 8 years
2025: €13k▲ +117% vs 2024
2018 → 2025
Working capital
€-3k▲ 84.2%
2024 · €-19k
2018: €72k
2019: €84k▲ +16.7% vs 2018
2020: €92k▲ +10.1% vs 2019highest in 8 years
2021: €64k▼ -30.1% vs 2020
2022: €73k▲ +14.2% vs 2021
2023: €48k▼ -35.0% vs 2022
2024: €-19k▼ -139% vs 2023lowest in 8 years
2025: €-3k▲ +84.2% vs 2024
2018 → 2025
Trend over the years
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€74k-€75k▲ 0.9%€53k▼ 28.4%€-15k€-2k▲ 87.2%
2021: €74k
2022: €75k▲ +0.9% vs 2021highest in 5 years
2023: €53k▼ -28.4% vs 2022
2024: €-15k▼ -129% vs 2023lowest in 5 years
2025: €-2k▲ +87.2% vs 2024
Operating result€-40k-€2k€-58k€-80k▼ 38.6%€16k
2021: €-40k
2022: €2k▲ +105% vs 2021
2023: €-58k▼ -2967% vs 2022
2024: €-80k▼ -38.6% vs 2023lowest in 5 years
2025: €16k▲ +120% vs 2024highest in 5 years
Net result€-42k-€689€-59k€-81k▼ 37.8%€13k
2021: €-42k
2022: €689▲ +102% vs 2021
2023: €-59k▼ -8609% vs 2022
2024: €-81k▼ -37.8% vs 2023lowest in 5 years
2025: €13k▲ +117% vs 2024highest in 5 years
Result per fiscal year
Operating resultNet result
The operating result returns to profit in 2025: €16k after a loss of €80k in 2024, the highest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €23k
Fixed assets
€992 ▼ 70.4%
Current assets
€22k ▲ 8.4%
Key figures and ratios
EBITDA
€19k▲
2024 · €-78k
Cash flow
€16k▲
2024 · €-78k
Solvency
-8.6%▲
2024 · -65.3%
Current ratio
0.88▲
2024 · 0.52
Debt to equity
-12.60▼
2024 · -2.53
ROA
58.6%▲
2024 · -342.7%
Interest coverage
5.51▲
2024 · -138.09
Debt
€25k▼
2024 · €39k
Debt ≤ 1 year
€25k▼
2024 · €39k
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Filed annual accounts As filed with the NBB · 2025 against 2024 · 40 lines
Balance sheet
Code20242025
Assets
Total assets20/58€24k€23k▼
Fixed assets21/28€3k€992▼
Intangible fixed assets21€0€0=
Tangible fixed assets22/27€3k€992▼
Plant, machinery and equipment23€0€0=
Furniture and vehicles24€3k€992▼
Current assets29/58€20k€22k▲
Amounts receivable within one year40/41€11k€12k▲
Trade receivables40€11k€12k▲
Other amounts receivable41€0€0=
Cash at bank and in hand54/58€10k€9k▼
Deferred charges and accrued income490/1€0-
Equity and liabilities
Total equity and liabilities10/49€24k€23k▼
Equity10/15€-15k€-2k▲
Contributions10/11€100k€100k=
Reserves13€10k€10k=
Non-distributable reserves130/1€10k€10k=
Reserves not available under the articles1311€10k€10k=
Profit (loss) carried forward14€-125k€-112k▲
Amounts payable17/49€39k€25k▼
Amounts payable within one year42/48€39k€25k▼
Trade debts44€8k€11k▲
Suppliers440/4€8k€11k▲
Taxes, remuneration and social security45€11k€532▼
Taxes450/3€11k€532▼
Other amounts payable47/48€21k€13k▼
Income statement
Code20242025
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€2k€2k=
Other operating charges640/8€530€572▲
Gross operating margin9900€-78k€19k▲
Operating profit (loss)9901€-80k€16k▲
Financial income75/76B€214€381▲
Recurring financial income75€214€381▲
Financial charges65/66B€566€3k▲
Recurring financial charges65€566€3k▲
Profit (loss) for the period before taxes9903€-81k€13k▲
Profit (loss) for the period9904€-81k€13k▲
Profit (loss) for the period to be appropriated9905€-81k€13k▲
Appropriation of the result
Profit (loss) to be appropriated9906€-137k€-112k▲
Profit (loss) brought forward from the previous period14P€-57k€-125k▼
Shareholders' contribution to the loss794€12k-
The notes to these accounts (11 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Accounts by statement
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €24k | €8k | €3k | €2k | €2k | = |
| Other operating charges640/8 | €787 | €319 | €564 | €530 | €572 | ▲ 8.1% |
| Gross operating margin9900 | €-15k | €11k | €-55k | €-78k | €19k | ▲ 125% |
| Operating profit (loss)9901 | €-40k | €2k | €-58k | €-80k | €16k | ▲ 120% |
| Financial income75/76B | €0 | €7 | - | €214 | €381 | ▲ 78.1% |
| Recurring financial income75 | €0 | €7 | - | €214 | €381 | ▲ 78.1% |
| Financial charges65/66B | €956 | €790 | €598 | €566 | €3k | ▲ 504% |
| Recurring financial charges65 | €956 | €790 | €598 | €566 | €3k | ▲ 504% |
| Profit (loss) for the period before taxes9903 | €-41k | €1k | €-59k | €-81k | €13k | ▲ 117% |
| Income taxes67/77 | €760 | €552 | - | - | - | - |
| Profit (loss) for the period9904 | €-42k | €689 | €-59k | €-81k | €13k | ▲ 117% |
| Profit (loss) for the period to be appropriated9905 | €-42k | €689 | €-59k | €-81k | €13k | ▲ 117% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €139k | €151k | €107k | €24k | €23k | ▼ 2.8% |
| Fixed assets21/28 | €10k | €1k | €6k | €3k | €992 | ▼ 70.4% |
| Intangible fixed assets21 | €5k | €0 | €0 | €0 | €0 | - |
| Tangible fixed assets22/27 | €5k | €1k | €6k | €3k | €992 | ▼ 70.4% |
| Plant, machinery and equipment23 | €3k | €445 | €0 | €0 | €0 | - |
| Furniture and vehicles24 | €2k | €760 | €6k | €3k | €992 | ▼ 70.4% |
| Current assets29/58 | €129k | €150k | €102k | €20k | €22k | ▲ 8.4% |
| Amounts receivable within one year40/41 | €92k | €94k | €76k | €11k | €12k | ▲ 17.6% |
| Trade receivables40 | €92k | €94k | €76k | €11k | €12k | ▲ 17.6% |
| Other amounts receivable41 | €0 | €0 | €0 | €0 | €0 | - |
| Cash at bank and in hand54/58 | €15k | €54k | €23k | €10k | €9k | ▼ 1.6% |
| Deferred charges and accrued income490/1 | €22k | €2k | €2k | €0 | - | - |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €139k | €151k | €107k | €24k | €23k | ▼ 2.8% |
| Equity10/15 | €74k | €75k | €53k | €-15k | €-2k | ▲ 87.2% |
| Contributions10/11 | €100k | €100k | €100k | €100k | €100k | = |
| Outside capital11 | €100k | - | - | - | - | - |
| Other1109/19 | €100k | - | - | - | - | - |
| Reserves13 | €10k | €10k | €10k | €10k | €10k | = |
| Non-distributable reserves130/1 | €10k | €10k | €10k | €10k | €10k | = |
| Reserves not available under the articles1311 | €10k | €10k | €10k | €10k | €10k | = |
| Profit (loss) carried forward14 | €-36k | €-35k | €-57k | €-125k | €-112k | ▲ 10.7% |
| Amounts payable17/49 | €65k | €76k | €54k | €39k | €25k | ▼ 36.1% |
| Amounts payable after more than one year17 | €0 | - | - | - | - | - |
| Financial debts170/4 | €0 | - | - | - | - | - |
| Amounts payable within one year42/48 | €65k | €76k | €54k | €39k | €25k | ▼ 36.1% |
| Current portion of amounts payable after more than one year42 | €6k | €0 | - | - | - | - |
| Trade debts44 | €13k | €13k | €14k | €8k | €11k | ▲ 44.4% |
| Suppliers440/4 | €13k | €13k | €14k | €8k | €11k | ▲ 44.4% |
| Taxes, remuneration and social security45 | €4k | €6k | €6k | €11k | €532 | ▼ 95.0% |
| Taxes450/3 | €4k | €6k | €6k | €11k | €532 | ▼ 95.0% |
| Other amounts payable47/48 | €42k | €58k | €34k | €21k | €13k | ▼ 35.2% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €-42k | €689 | €-59k | €-81k | €13k | ▲ 117% |
| + Depreciation and write-downs630 | €24k | €8k | €3k | €2k | €2k | = |
| Operating cash flow (approximation) | €-18k | €9k | €-56k | €-78k | €16k | ▲ 120% |
| Investment in fixed assets (approximation) | - | €0 | €-7k | €0 | €0 | - |
| Change in cash | - | €39k | €-31k | €-14k | €-155 | ▲ 98.9% |
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
25-08
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema · 25 days late
2025
31-12
Financial
Back to profitnet €13k
Net result €13k after 2 loss-making years.
30-09
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 61 days late
2024
31-12
Financial
Weakest financial yearnet €-81k
Net result drops to €-81k, the lowest in the series; recovery starts the following year.
30-08
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 30 days late
2023
31-08
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 31 days late
2022
31-12
Financial
Back to profitnet €689
Net result €689 after one loss-making year.
24-08
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 24 days late
2021
25-08
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 25 days late
2020
19-08
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 19 days late
2019
30-08
NBB filing
Annual accounts filed
fiscal year 2018 · full schema · 30 days late
2018
31-08
NBB filing
Annual accounts filed
fiscal year 2017 · full schema · 31 days late
2017
18-08
NBB filing
Annual accounts filed
fiscal year 2016 · full schema · 18 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 3 acts read
About the unread acts
We know of 3 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
3 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, Ukkel · 1 establishment unit since 2012
Ground area
160 m²
Building footprint
118 m²
Volume, LiDAR
1,221 m³
Parcel 21016B0196/00H002, Brussels · tallest building 13.3 m, ±4 floors. Linked by address, not a title deed.
2
companies at this address
See who is registered here
1 establishment unit
Coghenlaan 129, 1180 Ukkel
since 20122.211.948.705
1 parcel
Brussels
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 21016B0196/00H002 | Brussels | 160 m² | 1 · 118 m² | 13.3 m · 4 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 15,529 companies in sector 43990 we hold annual accounts for 7,420. 6,134 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
Founded03-07-2012
Fiscal year end31-12
Activities, NACEBEL 2025
43990Other specialised construction activities
Scores and ratios are computed by Checked and are not a credit decision.