HK CONSTRUCT
ActiveSummary
The computed 12-month bankruptcy probability of HK CONSTRUCT is 4.3% (elevated). The 2025 annual accounts show equity of €32,563 and a net result of €29,916. Equity is growing by about 578% per year across the filed financial years. Its solvency ranks better than 70% of 9,348 sector peers (NACE 41, financial year 2025). The company has been active since 2022 and the Belgian Official Gazette contains no insolvency or warning signals.
Overview
- Equity
- €32,563
- Profit
- €29,916
Why 50raises riskSize: total assets €52,437Founded in 2022Sector: Construction of residential and non-residential buildings (NACE 41)Last filed accounts filed 68 days late; 3 of the last 3 lateShow the evidence
Checked score
About 4 in 100 comparable companies go bankrupt within 12 months (an estimate).
How it is calculated
The band follows from the bankruptcy probability, on a scale where 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): better than 71% on solvency, 31% on liquidity, 91% on profitability and 99% on growth.
The bankruptcy probability was computed on 28-10-2026 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.
Some facts cap the score, however low the probability. Negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late hold it at Fair at most (59); two missing filings, at Weak (44). An ongoing judicial reorganisation or the company's end (bankruptcy, dissolution, liquidation) holds it at Critical at most (24).
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Signals
This company filed its last 3 accounts on average 181 days after the deadline; the sector median (NACE 41) for financial year 2024 is on the deadline day, and 46% of those companies filed late.
Searched, nothing found (2)
- Annual accounts filedfinancial year 2025 · micro…
- Annual accounts filedfinancial year 2024 · micro…
- Highest result from 2023 to 2025net €29,916 ▲4,320%
Financials · financial year 2025, micro format
2025 annual accounts filed late (68 days) Filed on 7 October 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00559369.
2023 to 2025, 3 financial years
The operating result has risen two years in a row; 2025 is 62 times 2024 and is the highest result in the available series.
What the company sold each financial year and what was left of it. A loss stands below the zero line.
What the company owns (total assets), how much of it is its own (equity) and how much it owes.
Short-term assets minus short-term debts. Above zero the company can pay its bills in the short term.
How much of each euro of turnover is left from operations (EBIT margin) and what the assets earn (return on assets).
The share of the company financed with its own means. The higher it is, the better it absorbs a shock.
Short-term assets per euro of short-term debt. Above 1 the short-term debts are covered.
Use the arrow keys on the chart for the figures per year.
Sector: the middle half of NACE 41, Construction of residential and non-residential buildings: a quarter of companies sit below it, a quarter above. Each year compared with accounts in the same format, and only where there are at least 30. Dashed line: the median. Available for Net result, Equity, Total assets, Working capital, Solvency, Current ratio, Return on assets (ROA).
Peer companies
Historical observationOf the 39,278 companies that looked in July 2024 the way this one looks now, 1.8% went bankrupt within 24 months and 95.9% are still going.
- Micro
- 2 to 5 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
For this company itself Checked computes a higher bankruptcy probability: 4.3% over twelve months. The score reads more about this company than the group's four characteristics; both figures are right about what they measure.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,445 companies of July 2024 its group's bankruptcy share. Expected: 1.6%; actually bankrupt within 24 months: 1.7%.
| 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% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 74.5% 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 39,278 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.
| Line | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €2,629 | €2,100 | €2,100 | = |
| Other operating charges640/8 | €25 | €1,224 | €141 | ▼ 88.5% |
| Gross operating margin9900 | €1,639 | €3,969 | €42,188 | ▲ 963% |
| Operating profit (loss)9901 | -€1,015 | €645 | €39,947 | ▲ 62× |
| Financial income75/76B | - | €193 | €1,315 | ▲ 581% |
| Recurring financial income75 | - | €193 | €1,315 | ▲ 581% |
| Financial charges65/66B | €15 | €162 | €3,768 | ▲ 23× |
| Recurring financial charges65 | €15 | €162 | €790 | ▲ 389% |
| Non-recurring financial charges66B | - | - | €2,978 | - |
| Profit (loss) for the period before taxes9903 | -€1,030 | €677 | €37,494 | ▲ 55× |
| Income taxes67/77 | - | - | €7,578 | - |
| Profit (loss) for the period9904 | -€1,030 | €677 | €29,916 | ▲ 44× |
| Profit (loss) for the period to be appropriated9905 | -€1,030 | €677 | €29,916 | ▲ 44× |
| Line | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|
| Assets | ||||
| Total assets20/58 | €8,807 | €11,983 | €52,437 | ▲ 338% |
| Fixed assets21/28 | €7,871 | €5,771 | €3,671 | ▼ 36.4% |
| Tangible fixed assets22/27 | €7,871 | €5,771 | €3,671 | ▼ 36.4% |
| Plant, machinery and equipment23 | €7,871 | €5,771 | €3,671 | ▼ 36.4% |
| Current assets29/58 | €936 | €6,213 | €48,766 | ▲ 685% |
| Amounts receivable within one year40/41 | €263 | €5,515 | €46,218 | ▲ 738% |
| Trade receivables40 | €0 | - | €4,382 | - |
| Other amounts receivable41 | €263 | €5,515 | €41,836 | ▲ 659% |
| Cash at bank and in hand54/58 | €1 | €25 | €1,238 | ▲ 49× |
| Deferred charges and accrued income490/1 | €672 | €672 | €1,310 | ▲ 94.9% |
| Equity and liabilities | ||||
| Total equity and liabilities10/49 | €8,807 | €11,983 | €52,437 | ▲ 338% |
| Equity10/15 | €1,970 | €2,647 | €32,563 | ▲ 12× |
| Contributions10/11 | €3,000 | €3,000 | €3,000 | = |
| Profit (loss) carried forward14 | -€1,030 | -€353 | €29,563 | - |
| Amounts payable17/49 | €6,837 | €9,336 | €19,874 | ▲ 113% |
| Amounts payable within one year42/48 | €6,837 | €9,336 | €19,874 | ▲ 113% |
| Trade debts44 | €4,026 | €5,316 | €8,276 | ▲ 55.7% |
| Suppliers440/4 | €4,026 | €5,316 | €8,276 | ▲ 55.7% |
| Advances received on contracts in progress46 | - | €3,340 | €3,340 | = |
| Taxes, remuneration and social security45 | - | €680 | €8,258 | ▲ 12× |
| Taxes450/3 | - | €680 | €8,258 | ▲ 12× |
| Other amounts payable47/48 | €2,810 | - | - | - |
| Line | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|
| Profit (loss) for the period9904 | -€1,030 | €677 | €29,916 | ▲ 44× |
| + Depreciation and write-downs630 | €2,629 | €2,100 | €2,100 | = |
| Operating cash flow (approximation) | €1,599 | €2,777 | €32,016 | ▲ 12× |
| Investment in fixed assets (approximation) | - | €0 | €0 | - |
| Change in cash | - | €24 | €1,213 | ▲ 51× |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Filings with the National Bank (3)
| Financial year | Type | Filed | Reference |
|---|---|---|---|
| 31-12-2025 | micro format | 07-10-2026 | 2026-00559369 |
| 31-12-2024 | micro format | 07-10-2026 | 2026-00559368 |
| 31-12-2023 | micro format | 10-09-2024 | 2024-00462932 |
Similar companies · same sector, comparable size
Public contracts: No European public contracts awarded found since October 2016. Contracts below the EU thresholds are not in TED.
Directors
Mandate history
- Board
| Name | Functions and periods |
|---|---|
| KARSIKAYA Halil |
|
Owners and capital
Owners
No owners or capital events in the accounts and acts we read.
Group and network
Connections & network
1 current directorThe network starts from this company’s directors. Other companies they run appear here as nodes.
History
Acts, filings and financial milestones
04-10
Gazette deed
IncorporationAppointment: KARSIKAYA Halil (director) · Founder · Founding capital14 facts ▸
- Incorporation, “HK CONSTRUCT” (deed in Dutch)
- Founder, KARSIKAYA Halil
- Founding capital, €3,000
- Other provision, 15-09-2022
- Declaration, “aansprakelijkheid oprichter bij faillissement binnen drie jaar na oprichting bij kennelijk ontoereikend aanvangsvermogen” (deed in Dutch)
- Bank account, “vennootschap in oprichting, BE14 7370 6515 8983” (deed in Dutch)
- Capital
- Registered office clause, “9000 GENT, PHOENIXSTRAAT 59/A” (deed in Dutch)
- Board rule, 1
- Director appointment, KARSIKAYA Halil (director)
- Pre-incorporation commitments, “takeover, alle verbintenissen en verplichtingen en alle activiteiten in naam en voor rekening van de vennootschap in oprichting” (deed in Dutch)
- Power of attorney, B&F Consult CVBA
- +2 further facts in this act
Register details
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 29 October 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.
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, with enterprise number 0791.693.808
Environmental permits: No permit applications found in Flanders. Brussels and Wallonia do not publish the applicant.
Sites & property
1 establishment unit
1 parcel
| Cadastral parcel | Region | Area | Buildings | Height / floors |
|---|---|---|---|---|
| 44806F0170/00N000 | Flanders | 381 m² | 1 · 284 m² | 14.1 m · 3 |
How the parcels are linked
Articles of association
What the company does
- PurposeThe activities the company may carry out under its articles.
- “Algemene bouwonderneming in de ruimste zin; Onderneming voor het uitvoeren van voegwerken,metselwerken,renovatiewerken van gebouwen en…” (deed in Dutch)
12 activities (deed in Dutch)
- Algemene bouwonderneming in de ruimste zin.
- Onderneming voor het uitvoeren van voegwerken,metselwerken,renovatiewerken van gebouwen en monumenten evenals het waterdicht maken van gebouwen met inbegrip van dakbedekking,
- Plafoneer- en cementeer-,en andere pleisterwerken,
- Plaatsen van chapes,leggen van parketvloer en het plaatsen van alle wand-,vloeren plafondbekleding ongeacht het materiaal. Plaatsen van tussenwanden of gipsplaten,plafonds,spiegels in allerlei materiaal met in begrip van glas.
- Onderneming voor het uitvoeren van dakwerken in de ruimste betekenis van het woord zowel voor industriële,particuliere en alle andere gebouwen
- Schrijnwerken
- Sanitaire installaties – centrale verwarming
- Gevelreiniging in de ruimste betekenis inclusief zandstralen,…
- Overige bouwinstallatie,n.e.g.
- Bouwrijp maken van terreinen,
- Isolatiewerkzaamheden
- Overige reiniging van gebouwen; industriële reiniging,
- DurationHow long the company exists; usually unlimited, so until it is dissolved.
- Unlimited
- Name clauseThe name the company operates under according to its articles.
- HK CONSTRUCT
- Registered office clauseThe region of the registered office; it decides among other things the language of official documents.
- One provision in the deed
Who represents it, and how
- Who signsWho may bind the company towards others, for example by signing a contract.
- “TITEL IV. BESTUUR - CONTROLE Artikel 10. Bestuursorgaan De vennootschap wordt bestuurd door één of meer bestuurders, natuurlijke personen of…”
- Board ruleHow the board is made up, meets and takes decisions.
- “1, algemene vergadering” (deed in Dutch)
Meetings and financial year
- Annual meetingWhen the shareholders meet each year, among other things to approve the annual accounts.
- Second Friday of June at 18:00
Oversight and winding up
- Statutory auditorA statutory auditor is a registered auditor who checks the accounts; small companies need not have one. According to the deed, the legal criteria do not require one here.
- No statutory auditor