Equity
HD CONSTRUCT has made a profit without a break since 2019.
A confirmed filing finding caps the score at 59.
The dashed line is the sector median: 1.5% across 13,458 companies (NACE 41, micro).
About 1 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 92% of them on solvency, 69% on liquidity, 76% on profitability and 69% 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 low class on 30-06-2025, 0.8% 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, 34,693 companies had the same profile as HD CONSTRUCT has now. Each dot stands for 87 companies, two years later.
The bankruptcy probability of HD CONSTRUCT itself is higher: 1.1% within 12 months. It rests on far more data about HD CONSTRUCT than the profile alone.
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 34,693 companies, not a prediction for HD 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 ample, with a current ratio of 23.33 (10.77 in 2024), above the usual 1.5. Short-term debt is 4.3% and cash 10.9% of total assets. 15.4% 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 83 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 | ||||
|---|---|---|---|---|
| HD CONSTRUCT Mechelen | €360,024 | €76,744 | 84.6% | - |
| PRORENBO Antwerp | €314,620 | €95,155 | 39.7% | - |
| RENO-MARK Antwerp | €253,587 | €62,146 | 72.5% | - |
| VIKABO Geel | €491,222 | €97,657 | 14.6% | - |
| SOLID BUILDING GEEL Geel | €199,022 | €74,369 | 59.9% | - |
| K2@WORK Sint-Truiden | €368,681 | €108,957 | 49.2% | - |
| L&B BOUWONDERNEMING Zutendaal | €241,784 | €61,942 | 44.0% | - |
These companies have the same main activity as HD CONSTRUCT: general construction of other non-residential buildings (NACE 41003). They are comparable in size and age: total assets between €199,000 and €491,000, founded between 2012 and 2017.
HD CONSTRUCT files the micro format. That format states no turnover. The gross margin rose from -€7,900 in 2015 to €76,744 in 2025.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette.
Higher than 91% of 9,456 companies in 2025.
Higher than 95% of 9,204 companies in 2025.
Higher than 72% of 9,276 companies in 2025.
Net result: top quarter · Equity: top quarter · Balance sheet total: top quarter · Working capital: top quarter
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Balance sheet: assets | ||||||||||||
20/58 |
360,024 | 318,205 | 459,059 | 584,981 | 1.0m | 610,362 | 877,400 | 1.1m | 508,140 | 551,992 | 153,095 | |
20 |
- | - | - | - | - | - | - | 204 | 409 | 613 | 817 | |
21/28 |
312 | 11,286 | 25,863 | 40,439 | 55,015 | 14,719 | 192,352 | 276,574 | 279,795 | 283,016 | 1,541 | |
22/27 |
- | 10,974 | 25,551 | 40,127 | 54,703 | 14,407 | 192,040 | 276,262 | 279,483 | 282,704 | 724 | |
22 |
- | - | 3,602 | 7,204 | 10,805 | 14,407 | 192,040 | 276,081 | 279,121 | 282,161 | - | |
23 |
- | - | - | - | - | - | - | 181 | 362 | 543 | 724 | |
24 |
- | 10,974 | 21,949 | 32,923 | 43,898 | - | - | - | - | - | - | |
28 |
312 | 312 | 312 | 312 | 312 | 312 | 312 | 312 | 312 | 312 | - | |
29/58 |
359,712 | 306,919 | 433,196 | 544,543 | 956,009 | 595,643 | 685,048 | 825,816 | 227,936 | 268,363 | 151,554 | |
29 |
- | - | 29,296 | - | 83,126 | 225,576 | 538,978 | 825,700 | 227,500 | - | - | |
291 |
- | - | 29,296 | - | 83,126 | 225,576 | 538,978 | 825,700 | 227,500 | - | - | |
3 |
92,100 | 140,625 | 332,250 | 528,000 | 870,000 | 309,000 | 107,787 | - | - | - | - | |
30/36 |
92,100 | 140,625 | - | 528,000 | 870,000 | 309,000 | - | - | - | - | - | |
37 |
- | - | 332,250 | - | - | - | 107,787 | - | - | - | - | |
40/41 |
228,255 | 52,861 | - | - | - | 60,086 | - | - | - | - | - | |
41 |
228,255 | 52,861 | - | - | - | 60,086 | - | - | - | - | - | |
54/58 |
39,358 | 111,834 | 67,931 | 12,960 | 237 | 981 | 37,967 | - | 320 | 264,986 | 151,554 | |
490/1 |
- | 1,599 | 3,719 | 3,582 | 2,646 | - | 316 | 116 | 116 | 3,377 | - | |
| Balance sheet: equity and liabilities | ||||||||||||
10/49 |
360,024 | 318,205 | 459,059 | 584,981 | 1.0m | 610,362 | 877,400 | 1.1m | 508,140 | 551,992 | 153,095 | |
10/15 |
304,603 | 239,422 | 188,280 | 139,135 | 96,429 | 83,062 | 48,356 | -86,727 | -67,419 | -58,259 | 10,315 | |
10/11 |
18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | |
10 |
- | - | 18,600 | - | 18,600 | - | - | - | - | - | - | |
100 |
- | - | 18,600 | - | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | |
13 |
141,860 | 141,860 | 141,860 | 96,860 | 56,860 | 56,860 | 26,860 | - | - | - | - | |
130/1 |
1,860 | - | 1,860 | 1,860 | 1,860 | 1,860 | - | - | - | - | - | |
130 |
- | - | 1,860 | - | 1,860 | 1,860 | 1,860 | - | - | - | - | |
1311 |
1,860 | - | - | - | - | - | - | - | - | - | - | |
1319 |
- | - | - | 1,860 | - | - | - | - | - | - | - | |
133 |
140,000 | 141,860 | 140,000 | 95,000 | 55,000 | 55,000 | 25,000 | - | - | - | - | |
14 |
144,143 | 78,962 | 27,820 | 23,675 | 20,969 | 7,602 | 2,896 | -105,327 | -86,019 | -76,859 | -8,285 | |
17/49 |
55,421 | 78,784 | 270,779 | 445,847 | 914,594 | 527,300 | 829,044 | 1.2m | 575,559 | 610,251 | 142,780 | |
17 |
40,000 | 50,289 | 147,101 | 399,662 | 875,560 | 488,158 | 815,010 | 1.2m | 575,000 | 595,000 | 140,000 | |
170/4 |
40,000 | 50,289 | 147,101 | 399,662 | 875,560 | 488,158 | 815,010 | 1.2m | 575,000 | 595,000 | 140,000 | |
42/48 |
15,421 | 28,495 | 64,021 | 46,184 | 39,034 | 39,142 | 14,034 | 4,416 | 559 | 15,251 | 2,569 | |
42 |
- | - | 10,256 | 10,256 | 10,256 | - | - | - | - | - | - | |
43 |
- | - | - | - | - | - | - | 3,903 | - | - | - | |
430/8 |
- | - | - | - | - | - | - | 3,903 | - | - | - | |
44 |
4,908 | - | 9,701 | 4,185 | - | - | - | - | - | 12,776 | 300 | |
440/4 |
4,908 | - | 9,701 | 4,185 | - | - | - | - | - | 12,776 | 300 | |
45 |
- | 17,982 | 33,551 | 20,159 | 17,225 | 26,367 | 13,733 | - | - | - | - | |
450/3 |
- | 17,982 | 33,551 | 20,159 | 17,225 | 26,367 | 13,733 | - | - | - | - | |
47/48 |
10,513 | 10,513 | 10,513 | 11,584 | 11,554 | 12,775 | 301 | 513 | 559 | 2,475 | 2,269 | |
492/3 |
- | - | 59,657 | - | - | - | - | - | - | - | 211 | |
| Income statement | ||||||||||||
70 |
- | 268,312 | 297,547 | 451,482 | 139,690 | 303,767 | 161,949 | - | - | - | 6,990 | |
9900 |
76,744 | 65,865 | 287,945 | 430,418 | 94,680 | 298,775 | 161,949 | -5,538 | -811 | -45,812 | -7,900 | |
60/61 |
- | 202,448 | 9,602 | 21,064 | 45,010 | 4,992 | - | 5,538 | 811 | 45,812 | 14,890 | |
630 |
10,974 | 14,576 | 14,576 | 14,576 | 14,576 | 141,642 | 84,426 | 3,426 | 3,426 | 3,426 | 385 | |
631/4 |
- | - | 195,750 | 342,000 | 54,000 | 107,787 | -107,787 | - | - | - | - | |
640/8 |
465 | 1,844 | 190 | 2,194 | 4,719 | 30 | - | - | 144 | 12,529 | - | |
9901 |
65,305 | 49,444 | 77,429 | 71,648 | 21,385 | 49,316 | 185,310 | -8,964 | -4,381 | -61,767 | -8,285 | |
75/76B |
160 | 1,863 | - | 0 | 2,272 | - | - | - | 208 | - | - | |
75 |
160 | 1,863 | - | - | - | - | - | - | 208 | - | - | |
76B |
- | - | - | 0 | 2,272 | - | - | - | - | - | - | |
65/66B |
283 | 166 | 10,100 | 13,374 | 5,700 | 1,977 | 36,494 | 10,344 | 4,987 | 6,807 | - | |
65 |
283 | 166 | 10,100 | 13,374 | 5,700 | 1,977 | 36,494 | 10,344 | 4,987 | 6,807 | - | |
9903 |
65,182 | 51,142 | 67,329 | 58,274 | 17,958 | 47,339 | 148,816 | -19,308 | -9,160 | -68,574 | -8,285 | |
67/77 |
- | - | 18,184 | 15,568 | 4,590 | 12,633 | 13,733 | - | - | - | - | |
9904 |
65,182 | 51,142 | 49,145 | 42,706 | 13,367 | 34,706 | 135,083 | -19,308 | -9,160 | -68,574 | -8,285 | |
9905 |
65,182 | 51,142 | 49,145 | 42,706 | 13,367 | 34,706 | 135,083 | -19,308 | -9,160 | -68,574 | -8,285 | |
| Appropriation of the result | ||||||||||||
9906 |
144,143 | 78,962 | 72,820 | 63,675 | 20,969 | 37,602 | 29,756 | -105,327 | -86,019 | -76,859 | -8,285 | |
14P |
78,962 | 27,820 | 23,675 | 20,969 | 7,602 | - | - | - | - | - | - | |
691/2 |
- | - | 45,000 | 40,000 | - | 30,000 | 26,860 | - | - | - | - | |
6920 |
- | - | - | - | - | - | 1,860 | - | - | - | - | |
6921 |
- | - | 45,000 | 40,000 | - | 30,000 | 25,000 | - | - | - | - | |
| Document | ||||||||||||
The notes to these accounts have 6 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 31-10-2026.
2025 annual accounts filed 92 days after the deadline. Filed on 31 October 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00601021.
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 31-10-2026 | 2026-00601021 | |
| 31-12-2024 | micro format | 31-01-2026 | 2026-00034681 | |
| 31-12-2023 | micro format | 23-09-2024 | 2024-00468674 | |
| 31-12-2022 | micro format | 05-09-2023 | 2023-00444163 | |
| 31-12-2021 | micro format | 31-01-2023 | 2023-00013983 | |
| 31-12-2020 | micro format | 27-09-2021 | 2021-68500184 | |
| 31-12-2019 | micro format | 07-07-2020 | 2020-27100022 | |
| 31-12-2018 | micro format | 30-08-2019 | 2019-59300237 | |
| 31-12-2017 | abbreviated format | 28-09-2018 | 2018-66100462 | |
| 31-12-2016 | abbreviated format | 31-08-2017 | 2017-54500287 | |
| 31-12-2015 | abbreviated format | 31-08-2016 | 2016-53600082 |
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 76,279 | 64,020 | 92,005 | 86,224 | 35,961 | 190,958 | 269,736 | -5,538 | -955 | -58,341 | -7,900 | ||
| 76,156 | 65,718 | 63,721 | 57,282 | 27,943 | 176,348 | 219,509 | -15,882 | -5,734 | -65,148 | -7,900 | ||
| 0 | 0 | 312 | 0 | 54,872 | 18,009 | 204 | 205 | 205 | 285,513 | 905 | ||
| -72,476 | 43,902 | 54,971 | 12,724 | -744 | -36,986 | - | - | -264,666 | 113,432 | - | ||
| 344,291 | 278,424 | 369,176 | 498,358 | 916,974 | 556,501 | 671,014 | 821,400 | 227,377 | 253,112 | 148,985 | ||
| - | 18.4% | 26.0% | 15.9% | 15.3% | 16.2% | - | - | - | - | - | ||
| 84.6% | 75.2% | 41.0% | 23.8% | 9.5% | 13.6% | 5.5% | -7.9% | -13.3% | -10.6% | 6.7% | ||
| 23.33 | 10.77 | 6.77 | 11.79 | 24.49 | 15.22 | 48.81 | - | - | 17.60 | 58.99 | ||
| 17.35 | 5.84 | 1.58 | 0.36 | 2.20 | 7.32 | 41.13 | - | - | 17.60 | 58.99 | ||
| 0.18 | 0.33 | 1.44 | 3.20 | 9.48 | 6.35 | 17.14 | - | - | - | 13.84 | ||
| 21.4% | 21.4% | 26.1% | 30.7% | 13.9% | 41.8% | 279.4% | - | - | - | -80.3% | ||
| 18.1% | 16.1% | 10.7% | 7.3% | 1.3% | 5.7% | 15.4% | -1.8% | -1.8% | -12.4% | -5.4% | ||
| over 100 | over 100 | 9.11 | 6.45 | 6.31 | - | - | - | - | - | - | ||
| - | 72 days | - | - | - | 72 days | - | - | - | - | - | ||
| - | - | 369 days | 73 days | - | - | - | - | - | 102 days | 7 days |
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 |
|---|---|---|---|---|---|
| Financial fixed assets | - | - | €312 | - | - |
| €10,974 | €14,576 | €14,576 | €14,576 | €14,576 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
The operating result for 2025 is 32% higher than in 2024. It is a recovery after the fall in 2024.
Debt's share of the balance-sheet total falls from 24.8% to 15.4%. Equity is higher and debt is lower.
HD CONSTRUCT has no parent and no holdings in its annual accounts. DORA Hikmet is the only director. HD CONSTRUCT shares no director with another company.
| HD INVEST
registered office since 21-03-2017 · founded in 2017 |
total assets €448,677 (2025) 0672.850.693 |
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 |
|---|---|---|
| Vijverstraat 3c registered office 2800 Mechelen 68121 Development of residential building projects | 01-04-2015 | 2.241.094.631 |
| 26-05-2026 | Granted | Bouwen of herbouwen; Nieuwbouw of aanleggen; Slopen of verwijderen; Verwijderen van vrijstaande gebouwen submitted 21-11-2025 · project 2025137927 | Scherpenheuvel-Zichem |
| 21-01-2022 | Granted | Bouwen of herbouwen submitted 10-11-2021 · project 2021172680 | Aarschot |
| 31-05-2021 | Granted | Bouwen of herbouwen; Verbouwen en/of uitbreiden van bijgebouwen en niet overdekte lage constructies submitted 09-02-2021 · project 2021020353 | Grimbergen |
Source: Omgevingsloket Vlaanderen.
| Cadastral parcel | Area | Buildings | Height / floors |
|---|---|---|---|
| 12404G0661/00D000 | 434 m² | 1 · 96 m² | - |
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 0600.995.568
If something looks wrong or is missing, please tell us.