Equity
Debts exceed assets in financial year 2025.
Debts exceed assets in financial year 2025.
From profit to loss in 2025, after a profit of €72,084 in 2024.
Of this, €36,082 falls due within a year.
Short-term debts fell from €40,888 to €36,082.
Lower solvency than 95% of companies in real estate. Sector median 30.7% · 11,299 companies.
Negative equity caps the score at 59.
The dashed line is the sector median: 0.2% across 26,625 companies (NACE 68, 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 68, micro). It does better than 5% of them on solvency, 7% on liquidity, 4% on profitability and 3% on growth.
The bankruptcy probability was computed on 08-11-2026 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, 6,008 companies had the same profile as IDEX CONSTRUCT has now. Each dot stands for 16 companies, two years later.
Another 0.8% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of IDEX CONSTRUCT itself is lower: 1.5% within 12 months. It rests on far more data about IDEX 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 6,008 companies, not a prediction for IDEX 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 0.13 (1.24 in 2024), below 1. Short-term debt is 117.3% and cash 2.8% 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 7 accounts on average 21 days after 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 | ||||
|---|---|---|---|---|
| IDEX CONSTRUCT Antwerp | €30,765 | -€26,054 | -75.9% | - |
| Delvaux-Vangrimde Linter | €32,572 | -€3,273 | -91.2% | - |
| Mariaburght Vastgoed Antwerp | €23,644 | -€3,451 | -265.3% | - |
| RESIDENTIAL PROPERTY DEVELOPMENT Antwerp | €31,005 | -€5,419 | 84.3% | - |
| Steengoed Bouwrealisaties Schilde | €56,189 | €442 | 6.8% | - |
| EIFFAGE CONCESSIONS BENELUX Auderghem | €47,052 | -€9,095 | 94.5% | - |
| BOEL LIVING Ghent | €43,764 | €1,000 | -195.8% | - |
These companies have the same main activity as IDEX CONSTRUCT: development of non-residential building projects (NACE 68122). They are comparable in size and age: total assets between €23,600 and €56,200, founded between 2016 and 2019.
IDEX CONSTRUCT files the abbreviated format. That format states no turnover. The gross margin fell from -€7,283 in 2019 to -€26,054 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.
Lower than 95% of 11,299 companies in 2025.
Higher than 13% of 10,851 companies in 2025.
Lower than 95% of 11,184 companies in 2025.
Net result: bottom quarter · Equity: bottom quarter · Balance sheet total: bottom quarter · Working capital: middle half
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Balance sheet: assets | ||||||||
20/58 |
30,765 | 87,040 | 255,199 | 215,431 | 220,313 | 246,562 | 247,205 | |
20 |
- | - | 0 | 254 | 532 | 809 | 1,087 | |
21/28 |
25,917 | 36,454 | 47,112 | 1,942 | 1,797 | 1,517 | 2,037 | |
22/27 |
25,917 | 36,454 | 47,112 | 1,942 | 1,797 | 1,517 | 2,037 | |
23 |
- | - | 0 | 303 | 536 | - | - | |
24 |
25,917 | 36,454 | 47,112 | 1,639 | 1,261 | 1,517 | 2,037 | |
29/58 |
4,848 | 50,585 | 208,087 | 213,235 | 217,984 | 244,236 | 244,082 | |
29 |
- | - | - | - | - | - | 680 | |
291 |
- | - | - | - | - | - | 680 | |
3 |
- | 0 | 202,987 | 202,987 | 202,987 | 202,987 | 187,987 | |
30/36 |
- | 0 | 202,987 | 202,987 | 202,987 | 202,987 | 187,987 | |
40/41 |
1,554 | 46,587 | 1,974 | 944 | 8,762 | 5,899 | - | |
41 |
1,554 | 46,587 | 1,974 | 944 | 8,762 | 5,899 | - | |
54/58 |
848 | 1,681 | 908 | 9,305 | 6,236 | 35,350 | 55,414 | |
490/1 |
2,446 | 2,318 | 2,218 | - | - | - | - | |
| Balance sheet: equity and liabilities | ||||||||
10/49 |
30,765 | 87,040 | 255,199 | 215,431 | 220,313 | 246,562 | 247,205 | |
10/15 |
-23,361 | 17,471 | -54,613 | -32,248 | -18,337 | -4,701 | 10,112 | |
10/11 |
20,000 | 20,000 | 20,000 | 20,000 | 20,000 | 20,000 | 20,000 | |
100 |
- | - | - | - | - | - | 100,000 | |
101 |
- | - | - | - | - | - | 80,000 | |
14 |
-43,361 | -2,529 | -74,613 | -52,248 | -38,337 | -24,701 | -9,888 | |
17/49 |
54,126 | 69,569 | 309,812 | 247,679 | 238,650 | 251,263 | 237,094 | |
17 |
18,044 | 28,681 | 286,241 | 240,633 | 233,633 | 233,084 | 233,084 | |
170/4 |
18,044 | 28,681 | 286,241 | 240,633 | 233,633 | 233,084 | 233,084 | |
42/48 |
36,082 | 40,888 | 17,808 | 2,613 | 2,686 | 17,013 | 3,086 | |
42 |
10,637 | 10,085 | 9,555 | - | - | - | - | |
44 |
17,818 | 24,981 | 5,195 | - | 72 | 14,400 | 2,768 | |
440/4 |
17,818 | 24,981 | 5,195 | - | 72 | 14,400 | 2,768 | |
45 |
3,816 | 3,179 | 222 | - | - | - | 317 | |
450/3 |
3,816 | 3,179 | 222 | - | - | - | 317 | |
47/48 |
3,811 | 2,643 | 2,836 | 2,613 | 2,613 | 2,613 | - | |
492/3 |
- | 0 | 5,763 | 4,433 | 2,331 | 1,165 | 924 | |
| Income statement | ||||||||
9900 |
-26,054 | 90,523 | -9,460 | -10,113 | -10,967 | -13,297 | -7,283 | |
630 |
10,537 | 10,657 | 7,234 | 1,207 | 1,018 | 798 | 864 | |
640/8 |
1,352 | 1,230 | 2,749 | 450 | 449 | 448 | 793 | |
9901 |
-37,943 | 78,635 | -19,444 | -11,770 | -12,434 | -14,542 | -8,940 | |
75/76B |
0 | 10 | - | - | - | 1 | - | |
75 |
0 | 10 | - | - | - | 1 | - | |
65/66B |
2,252 | 3,382 | 2,700 | 2,141 | 1,202 | 272 | 948 | |
65 |
2,252 | 3,382 | 2,700 | 2,141 | 1,202 | 272 | 948 | |
9903 |
-40,195 | 75,264 | -22,144 | -13,911 | -13,636 | -14,813 | -9,888 | |
67/77 |
637 | 3,179 | 222 | - | - | - | - | |
9904 |
-40,832 | 72,084 | -22,365 | -13,911 | -13,636 | -14,813 | -9,888 | |
9905 |
-40,832 | 72,084 | -22,365 | -13,911 | -13,636 | -14,813 | -9,888 | |
| Appropriation of the result | ||||||||
9906 |
-43,361 | -2,529 | -74,613 | -52,248 | -38,337 | -24,701 | -9,888 | |
14P |
-2,529 | -74,613 | -52,248 | -38,337 | -24,701 | - | - | |
| Document | ||||||||
The notes to these accounts have 9 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 28-08-2026.
2025 annual accounts filed 28 days after the deadline. Filed on 28 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00476842.
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 28-08-2026 | 2026-00476842 | |
| 31-12-2024 | abbreviated format | 29-08-2025 | 2025-00450949 | |
| 31-12-2023 | abbreviated format | 19-09-2024 | 2024-00468641 | |
| 31-12-2022 | abbreviated format | 21-09-2023 | 2023-00454502 | |
| 31-12-2021 | abbreviated format | 12-08-2022 | 2022-20290572 | |
| 31-12-2020 | abbreviated format | 20-07-2021 | 2021-38600416 | |
| 31-12-2019 | abbreviated format | 17-07-2020 | 2020-33300156 |
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| -27,406 | 89,292 | -12,209 | -10,563 | -11,416 | -13,744 | -8,076 | ||
| -30,295 | 82,742 | -15,131 | -12,704 | -12,618 | -14,015 | -9,024 | ||
| 0 | 0 | 52,404 | 1,352 | 1,020 | 277 | 2,600 | ||
| -833 | 773 | -8,397 | 3,069 | -29,114 | -20,064 | - | ||
| -31,234 | 9,697 | 190,279 | 210,622 | 215,298 | 227,222 | 240,996 | ||
| -75.9% | 20.1% | -21.4% | -15.0% | -8.3% | -1.9% | 4.1% | ||
| 0.13 | 1.24 | 11.69 | 81.59 | 81.16 | 14.36 | 79.10 | ||
| 0.13 | 1.24 | 0.29 | 3.92 | 5.58 | 2.42 | 18.18 | ||
| - | 3.98 | - | - | - | - | 23.45 | ||
| - | 412.6% | - | - | - | - | -97.8% | ||
| -132.7% | 82.8% | -8.8% | -6.5% | -6.2% | -6.0% | -4.0% | ||
| -12.17 | 26.41 | -4.52 | -4.93 | -9.50 | - | - |
Debt to equity is not shown because equity is negative. Debt divided by negative equity means nothing.
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 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | - | €52,404 | €1,352 | €1,020 |
| €10,537 | €10,657 | €7,234 | €1,207 | €1,018 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
The operating result for 2025 is a loss of €37,943, after a profit of €78,635 in 2024. It is the lowest result since 2019.
Equity is negative. Debt (€54,126) exceeds the balance-sheet total (€30,765).
IDEX CONSTRUCT has no parent and no holdings in its annual accounts. Pluczenik Chaim is the only director. IDEX CONSTRUCT shares no director with another company.
| P. REALTY
registered office since 01-09-2008 · founded in 2008 |
1 FTE (2025) 0899.598.685 |
| ELITE HOLDING
registered office since 23-12-2021 · founded in 2021 · negative equity (2025) |
total assets €4.0m (2025) 0779.279.687 |
| Citystate
registered office since 07-12-2010 · founded in 2010 |
total assets €2.9m (2025) 0831.689.282 |
| EUROSTATE CONSTRUCT
registered office since 27-01-2022 · founded in 2022 · negative equity (2025) · accounts filed late |
total assets €2.4m (2025) 0780.979.860 |
| B & H INTERNATIONAL
registered office since 01-05-2008 · founded in 2008 |
1 FTE (2025) 0896.562.981 |
| IDEX INTERNATIONAL
establishment since 14-07-2011 · founded in 2011 |
0.4 FTE (2025) 0836.877.495 |
| EUROHAUS
registered office since 25-06-2019 · founded in 2019 |
total assets €2.2m (2025) 0728.844.637 |
| Moens Management
registered office since 21-12-2016 · founded in 2016 |
total assets €1.6m (2025) 0667.944.572 |
| RESIDENTIE G. LEMAN
registered office since 16-11-2022 · founded in 2022 · negative equity (2025) |
total assets €986,068 (2025) 0793.650.931 |
| RESIDENTIE HENRIETTALEI
registered office since 06-07-2010 · founded in 2010 · negative equity (2025) |
total assets €437,947 (2025) 0827.575.987 |
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 |
|---|---|---|
| Maria-Henriëttalei 8 registered office 2018 Antwerp | 20-12-2018 | 2.284.169.757 |
| Cadastral parcel | Area | Buildings | Height / floors |
|---|---|---|---|
| 11810K2740/00F003 | 729 m² | 1 · 369 m² | 29.6 m · 9 |
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 0716.679.352
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