HG CONSTRUCT
ActiveSummary
HG CONSTRUCT has been active since 2013 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €90,410 and a net result of -€3,358. Equity is growing by ~11.1% per year across the filed fiscal years. Its solvency ranks better than 95% of 7900 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 1.0% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability15▼-65
Solvency100=
Growth52▼-26
Track record100
Bankruptcy probability, 12 months
1.0%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €5,000 at 30 days acceptable
Liquidity ample (current ratio 9.4 against 11.22 in 2024; short-term debt: 10.3% and cash: 16.1% of total assets), and 10.3% of the assets are financed with debt.
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Signals
Three 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 →
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
neutral · Filed after the deadline
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 31-08-2026, 31 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
31 d late
2024
48 d late
2023
56 d late
2022
31 d late
2021
61 d late
2020
60 d late
2019
1 d early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 7 accounts on average 41 days after the deadline; the sector median for financial year 2024 is 1 day before the deadline, and 42% of the sector filed late.
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
27-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, abbreviated schema
Equity
€90,410▼ 3.6%
2024 · €93,769
Total assets
€100,768▼ 1.6%
2024 · €102,395
Net result
-€3,358
2024 · €9,537
Working capital
€87,009▼ 1.3%
2024 · €88,178
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
Line20212022202320242025
Operating result€12,064▼ 29.7%€23,182▲ 92.2%€1,063▼ 95.4%€14,244▲ 1,240%-€1,792
Net result€7,761▼ 27.2%€14,206▲ 83.0%€132▼ 99.1%€9,537▲ 7,141%-€3,358
Equity€61,294▲ 14.5%€75,500▲ 23.2%€75,632▲ 0.2%€93,769▲ 24.0%€90,410▼ 3.6%
Total assets€80,553▼ 7.5%€102,186▲ 26.9%€88,413▼ 13.5%€102,395▲ 15.8%€100,768▼ 1.6%
Debt€19,259▼ 42.6%€26,686▲ 38.6%€12,781▼ 52.1%€8,626▼ 32.5%€10,357▲ 20.1%
Working capital€38,701▲ 86.0%€62,889▲ 62.5%€71,045▲ 13.0%€88,178▲ 24.1%€87,009▼ 1.3%
Turnover and EBIT margin not published: the abbreviated or micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result turns negative in 2025: a loss of €1,792 after €14,244 in 2024, the lowest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €100,768
Fixed assets
€3,401 ▼ 39.2%
Current assets
€97,367 ▲ 0.6%
Equity and liabilities €100,768
Equity
€90,410 ▼ 3.6%
Debt
€10,357 ▲ 20.1%
Debt's share of the balance-sheet total rises from 8.4% to 10.3%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€252▼
2024 · €17,779
Cash flow
-€1,314▼
2024 · €13,072
Current ratio
9.40▼
2024 · 11.22
Quick ratio
9.00▼
2024 · 10.95
Debt to equity
0.11▲
2024 · 0.09
ROE
-3.7%▼
2024 · 10.2%
ROA
-3.3%▼
2024 · 9.3%
Interest coverage
0.10▼
2024 · 9.79
Debt ≤ 1 year
€10,357▲
2024 · €8,626
Income taxes
€757▼
2024 · €4,875
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 6,916 companies that looked in July 2024 the way this one looks now, 1.1% went bankrupt within 24 months and 91% are still going.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a small loss
1.1%
went bankrupt
7.8%
stopped otherwise
91%
still going
A further 0.4% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 1.0% over twelve months; the group does not contradict it.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,058 companies of July 2024 its group's bankruptcy share. Expected: 1.5%; actually bankrupt within 24 months: 1.6%.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.4% |
| 3 | 0.5% | 0.5% |
| 4 | 0.6% | 0.7% |
| 5 | 0.8% | 0.9% |
| 6 | 1.2% | 1.3% |
| 7 | 1.5% | 1.6% |
| 8 | 1.7% | 1.7% |
| 9 | 2.7% | 2.8% |
| 10 | 5.3% | 5.7% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 74% of comparisons. The level follows the economy: in a year with more bankruptcies, the actual share is higher than the year before.
An observation about 6,916 comparable companies, not a prediction for this company. The sector does not count: the register keeps no sector for companies that stopped, so it would make the outcome look better than it was.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €13,710 | €15,274 | €10,009 | €3,535 | €2,044 | ▼ 42.2% |
| Other operating charges640/8 | €1,721 | €1,617 | €638 | €424 | €1,393 | ▲ 229% |
| Gross operating margin9900 | €27,495 | €40,073 | €11,710 | €18,202 | €1,644 | ▼ 91.0% |
| Operating profit (loss)9901 | €12,064 | €23,182 | €1,063 | €14,244 | -€1,792 | ▼ 113% |
| Financial income75/76B | €937 | €1,004 | €1,473 | €1,984 | €1,710 | ▼ 13.8% |
| Recurring financial income75 | €937 | €1,004 | €1,473 | €1,984 | €1,710 | ▼ 13.8% |
| Financial charges65/66B | €860 | €2,886 | €682 | €1,816 | €2,519 | ▲ 38.7% |
| Recurring financial charges65 | €860 | €2,886 | €682 | €1,816 | €2,519 | ▲ 38.7% |
| Profit (loss) for the period before taxes9903 | €12,141 | €21,301 | €1,854 | €14,412 | -€2,601 | ▼ 118% |
| Income taxes67/77 | €4,380 | €7,095 | €1,722 | €4,875 | €757 | ▼ 84.5% |
| Profit (loss) for the period9904 | €7,761 | €14,206 | €132 | €9,537 | -€3,358 | ▼ 135% |
| Profit (loss) for the period to be appropriated9905 | €7,761 | €14,206 | €132 | €9,537 | -€3,358 | ▼ 135% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €80,553 | €102,186 | €88,413 | €102,395 | €100,768 | ▼ 1.6% |
| Fixed assets21/28 | €22,593 | €13,170 | €4,587 | €5,591 | €3,401 | ▼ 39.2% |
| Intangible fixed assets21 | €18,000 | €6,000 | - | - | - | - |
| Tangible fixed assets22/27 | €4,203 | €6,780 | €4,197 | €5,106 | €2,916 | ▼ 42.9% |
| Plant, machinery and equipment23 | €3,021 | €5,551 | €3,362 | €1,195 | €1,261 | ▲ 5.5% |
| Furniture and vehicles24 | €1,182 | €1,229 | €835 | €3,911 | €1,655 | ▼ 57.7% |
| Financial fixed assets28 | €390 | €390 | €390 | €485 | €485 | = |
| Current assets29/58 | €57,960 | €89,016 | €83,826 | €96,804 | €97,367 | ▲ 0.6% |
| Amounts receivable after more than one year29 | €30,000 | €43,000 | €43,000 | €56,000 | €68,000 | ▲ 21.4% |
| Other amounts receivable291 | €30,000 | €43,000 | €43,000 | €56,000 | €68,000 | ▲ 21.4% |
| Stocks and contracts in progress3 | €1,700 | €2,875 | €4,725 | €2,350 | €4,100 | ▲ 74.5% |
| Stocks30/36 | €1,700 | €2,875 | €4,725 | €2,350 | €4,100 | ▲ 74.5% |
| Amounts receivable within one year40/41 | €5,715 | €20,515 | €27,644 | €20,374 | €8,211 | ▼ 59.7% |
| Trade receivables40 | €737 | €10,037 | €12,841 | €1,391 | €1,121 | ▼ 19.4% |
| Other amounts receivable41 | €4,978 | €10,478 | €14,803 | €18,983 | €7,090 | ▼ 62.7% |
| Cash at bank and in hand54/58 | €19,307 | €20,474 | €7,697 | €17,152 | €16,200 | ▼ 5.5% |
| Deferred charges and accrued income490/1 | €1,238 | €2,152 | €760 | €928 | €856 | ▼ 7.8% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €80,553 | €102,186 | €88,413 | €102,395 | €100,768 | ▼ 1.6% |
| Equity10/15 | €61,294 | €75,500 | €75,632 | €93,769 | €90,410 | ▼ 3.6% |
| Contributions10/11 | €10,000 | €10,000 | €10,000 | €18,600 | €18,600 | = |
| Capital10 | €10,000 | €10,000 | €10,000 | €18,600 | €18,600 | = |
| Issued capital100 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Uncalled capital101 | €8,600 | €8,600 | €8,600 | - | - | - |
| Reserves13 | €18,860 | €32,360 | €32,360 | €41,860 | €41,860 | = |
| Non-distributable reserves130/1 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Legal reserve130 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Distributable reserves133 | €17,000 | €30,500 | €30,500 | €40,000 | €40,000 | = |
| Profit (loss) carried forward14 | €32,434 | €33,140 | €33,272 | €33,309 | €29,950 | ▼ 10.1% |
| Amounts payable17/49 | €19,259 | €26,686 | €12,781 | €8,626 | €10,357 | ▲ 20.1% |
| Amounts payable after more than one year17 | - | €559 | - | - | - | - |
| Financial debts170/4 | - | €559 | - | - | - | - |
| Amounts payable within one year42/48 | €19,259 | €26,127 | €12,781 | €8,626 | €10,357 | ▲ 20.1% |
| Current portion of amounts payable after more than one year42 | €1,667 | €10,953 | €2,225 | €1,667 | €1,667 | = |
| Trade debts44 | €5,892 | €10,774 | €6,556 | €2,959 | €4,356 | ▲ 47.2% |
| Suppliers440/4 | €5,892 | €10,774 | €6,556 | €2,959 | €4,356 | ▲ 47.2% |
| Taxes, remuneration and social security45 | €1,700 | - | - | - | - | - |
| Taxes450/3 | €1,700 | - | - | - | - | - |
| Other amounts payable47/48 | €10,000 | €4,400 | €4,000 | €4,000 | €4,334 | ▲ 8.4% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €7,761 | €14,206 | €132 | €9,537 | -€3,358 | ▼ 135% |
| + Depreciation and write-downs630 | €13,710 | €15,274 | €10,009 | €3,535 | €2,044 | ▼ 42.2% |
| Operating cash flow (approximation) | €21,471 | €29,480 | €10,141 | €13,072 | -€1,314 | ▼ 110% |
| Investment in fixed assets (approximation) | - | -€5,851 | -€1,426 | -€4,539 | €146 | ▲ 103% |
| Change in cash | - | €1,167 | -€12,777 | €9,455 | -€952 | ▼ 110% |
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
31-08
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema · 31 days late
2025
31-12
Financial
Weakest financial yearnet -€3,358
Net result drops to -€3,358, the lowest in the series.
17-09
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 48 days late
2024
25-09
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 56 days late
2023
31-08
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 31 days late
2022
30-09
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 61 days late
2021
29-09
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 60 days late
2020
30-07
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
2019
31-12
Financial
Highest result since 2018net €19,122 ▲8,356%
Operating result €25,851, net result €19,122, both a record.
29-08
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema · 29 days late
2018
30-08
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema · 30 days late
2017
24-07
NBB filing
Annual accounts filed
fiscal year 2016 · micro schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 2 acts read
About the unread acts
We know of 2 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
2 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, Landen · 1 establishment unit since 2013
Ground area
1,206 m²
Building footprint
121 m²
Volume, LiDAR
650 m³
Parcel 24059B0596/00Z000, Flanders · tallest building 9.9 m, ±1 floor. Linked by address, not a title deed.
3
companies at this address
See who is registered here
1 establishment unit
HG CONTRUCT
since 20132.223.720.941
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 24059B0596/00Z000 | Flanders | 1,206 m² | 1 · 121 m² | 9.9 m · 1 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 15,521 companies in sector 43990 we hold annual accounts for 7,420. 6,241 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
Founded12-07-2013
Fiscal year end31-12
Activities, NACEBEL 2025
43990Other specialised construction activities
43310Plastering work
43422Screed work
E-invoicing
Reachable via Peppol
Peppol ID
0208:0536698921
Also
9925:BE0536698921
Registered
05-01-2026
Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.