Ince Construct
ActiveSummary
The computed 12-month bankruptcy probability of Ince Construct is 2.0% (moderate). The 2025 annual accounts show equity of €200,136 and a net result of €26,375. Equity is growing by ~23% per year across the filed fiscal years. Its solvency ranks better than 60% of 28051 sector peers (fiscal year 2025). The company has been active since 2019 and the Belgian State Gazette contains no insolvency or warning signals.
Checked score
Score 2025
Axes · tick = 2024
Profitability78▼-22
Solvency81▼-19
Growth52=
Track record100
Bankruptcy probability, 12 months
2.0%
Moderate
0%0.5%1.5%4%10%≥ 25%
Credit up to €11,000 at 30 days only on tighter terms
Liquidity ample (current ratio 2.06 against 4.58 in 2024; short-term debt: 43.9% and cash: 15.9% of total assets), and 43.9% of the assets are financed with debt.
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Signals
Four signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk
raises risk · Limited track record
This company has not been active as long as an established one and statistically fails somewhat more often.
KBO · incorporation dateAge against the risk zone
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 · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
56.1%
Return on assets
7.4%
Age of the figures
18 mo
raises risk · Filed more than 90 days late
The financial year that closed on 31-03-2025 was due by 31-10-2025 and was filed on 30-01-2026, 91 days past the deadline. Measured on financial year 2023: companies more than 90 days late are in an abnormal legal state today in 5.61% of cases, against 1.66% across all filers.
NBB · 5 filingsDeviation from the deadline
2025
91 d late
2024
410 d late
2023
on the day
2022
2 d late
2021
25 d late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 5 accounts on average 106 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 31-03-2026 and is due by 31-10-2026. Nothing is late today.
Companies Code · seven monthsPosition in the running window
31-03-2026 close27-09-2026 today31-10-2026 deadline
History
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Financials · fiscal year 2025, micro schema
Equity
€200,136▲ 15.2%
2024 · €173,761
Total assets
€356,981▲ 68.0%
2024 · €212,503
Net result
€26,375▼ 60.3%
2024 · €66,359
Working capital
€165,510▲ 19.4%
2024 · €138,562
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€116,725-€29,727▼ 74.5%-€6,426€92,172€48,435▼ 47.5%
Net result€84,319-€20,829▼ 75.3%-€7,746€66,359€26,375▼ 60.3%
Equity€94,319-€115,148▲ 22.1%€107,402▼ 6.7%€173,761▲ 61.8%€200,136▲ 15.2%
Total assets€158,127-€139,309▼ 11.9%€137,269▼ 1.5%€212,503▲ 54.8%€356,981▲ 68.0%
Debt€63,808-€24,161▼ 62.1%€29,867▲ 23.6%€38,742▲ 29.7%€156,844▲ 305%
Working capital€80,291-€92,488▲ 15.2%€90,624▼ 2.0%€138,562▲ 52.9%€165,510▲ 19.4%
Turnover and EBIT margin not published: the abbreviated or micro schema does not require them.
Why a figure moved sharply
- 2025 Total assets +68% on 2024. Cause not known from the registers.
Result per fiscal year
Operating resultNet result
The operating result falls in 2025; 2025 is 47% below 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €356,981
Fixed assets
€34,627 ▼ 1.6%
Current assets
€322,354 ▲ 81.8%
Equity and liabilities €356,981
Equity
€200,136 ▲ 15.2%
Debt
€156,844 ▲ 305%
Debt's share of the balance-sheet total rises from 18.2% to 43.9%. Equity and debt are higher.
Key figures and ratios
EBITDA
€61,388▼
2024 · €103,006
Cash flow
€39,328▼
2024 · €77,193
Current ratio
2.06▼
2024 · 4.58
Debt to equity
0.78▲
2024 · 0.22
ROE
13.2%▼
2024 · 38.2%
ROA
7.4%▼
2024 · 31.2%
Interest coverage
80.33▲
2024 · 40.43
Debt ≤ 1 year
€156,844▲
2024 · €38,742
Income taxes
€21,721▼
2024 · €23,266
Staff costs
€42,462▲
2024 · €21,209
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 26,964 companies that looked in July 2024 the way this one looks now, 1.5% went bankrupt within 24 months and 95% are still going.
- Micro
- 5 to 10 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
1.5%
went bankrupt
3.4%
stopped otherwise
95%
still going
A further 0.3% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a higher bankruptcy probability: 2.0% 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 497,058 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 26,964 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 |
|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €21,209 | €42,462 | ▲ 100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €6,311 | €10,026 | €11,392 | €10,834 | €12,952 | ▲ 19.6% |
| Other operating charges640/8 | - | €971 | €3,131 | €459 | €3,053 | ▲ 565% |
| Gross operating margin9900 | €124,522 | €40,724 | €8,097 | €124,674 | €106,902 | ▼ 14.3% |
| Operating profit (loss)9901 | €116,725 | €29,727 | -€6,426 | €92,172 | €48,435 | ▼ 47.5% |
| Financial income75/76B | - | €3 | €0 | - | €425 | - |
| Recurring financial income75 | - | €3 | €0 | - | €425 | - |
| Financial charges65/66B | - | €560 | €1,220 | €2,548 | €764 | ▼ 70.0% |
| Recurring financial charges65 | €1,499 | €560 | €1,220 | €2,548 | €764 | ▼ 70.0% |
| Profit (loss) for the period before taxes9903 | €115,226 | €29,170 | -€7,646 | €89,625 | €48,096 | ▼ 46.3% |
| Income taxes67/77 | €30,907 | €8,341 | €100 | €23,266 | €21,721 | ▼ 6.6% |
| Profit (loss) for the period9904 | €84,319 | €20,829 | -€7,746 | €66,359 | €26,375 | ▼ 60.3% |
| Profit (loss) for the period to be appropriated9905 | €84,319 | €20,829 | -€7,746 | €66,359 | €26,375 | ▼ 60.3% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €158,127 | €139,309 | €137,269 | €212,503 | €356,981 | ▲ 68.0% |
| Fixed assets21/28 | €29,565 | €33,888 | €23,579 | €35,199 | €34,627 | ▼ 1.6% |
| Tangible fixed assets22/27 | €29,465 | €33,788 | €23,579 | €28,149 | €34,627 | ▲ 23.0% |
| Land and buildings22 | - | - | - | €11,485 | €10,528 | ▼ 8.3% |
| Plant, machinery and equipment23 | - | €14,322 | €10,979 | €9,752 | €5,943 | ▼ 39.1% |
| Furniture and vehicles24 | - | €4,347 | €2,520 | €1,873 | €18,155 | ▲ 869% |
| Leasing and similar rights25 | - | €15,119 | €10,080 | €5,040 | - | - |
| Financial fixed assets28 | €100 | €100 | - | €7,050 | - | - |
| Current assets29/58 | €128,562 | €105,421 | €113,690 | €177,304 | €322,354 | ▲ 81.8% |
| Amounts receivable within one year40/41 | €53,285 | €89,584 | €102,403 | €140,411 | €264,154 | ▲ 88.1% |
| Trade receivables40 | - | €69,653 | €87,700 | €123,740 | €200,582 | ▲ 62.1% |
| Other amounts receivable41 | - | €19,931 | €14,703 | €16,672 | €63,571 | ▲ 281% |
| Cash at bank and in hand54/58 | €74,887 | €15,750 | €10,366 | €36,892 | €56,817 | ▲ 54.0% |
| Deferred charges and accrued income490/1 | - | €87 | €922 | - | €1,384 | - |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €158,127 | €139,309 | €137,269 | €212,503 | €356,981 | ▲ 68.0% |
| Equity10/15 | €94,319 | €115,148 | €107,402 | €173,761 | €200,136 | ▲ 15.2% |
| Contributions10/11 | €10,000 | €10,000 | €10,000 | €10,000 | €10,000 | = |
| Capital10 | - | €10,000 | - | - | - | - |
| Issued capital100 | - | €10,000 | - | - | - | - |
| Outside capital11 | - | - | €10,000 | - | - | - |
| Other1109/19 | - | - | €10,000 | - | - | - |
| Reserves13 | €84,319 | €105,148 | €105,148 | €105,148 | €131,148 | ▲ 24.7% |
| Non-distributable reserves130/1 | - | €1,000 | €1,000 | - | - | - |
| Legal reserve130 | - | €1,000 | €1,000 | - | - | - |
| Distributable reserves133 | - | €104,148 | €104,148 | €105,148 | €131,148 | ▲ 24.7% |
| Profit (loss) carried forward14 | - | - | -€7,746 | €58,613 | €58,989 | ▲ 0.6% |
| Amounts payable17/49 | €63,808 | €24,161 | €29,867 | €38,742 | €156,844 | ▲ 305% |
| Amounts payable after more than one year17 | €15,537 | €11,228 | €6,800 | - | - | - |
| Financial debts170/4 | - | €11,228 | €6,800 | - | - | - |
| Amounts payable within one year42/48 | €48,271 | €12,933 | €23,067 | €38,742 | €156,844 | ▲ 305% |
| Current portion of amounts payable after more than one year42 | - | €5,880 | €4,428 | €6,083 | €6,083 | = |
| Trade debts44 | €8,557 | €4,661 | €6,872 | €10,446 | €105,594 | ▲ 911% |
| Suppliers440/4 | - | €4,661 | €6,872 | €10,446 | €105,594 | ▲ 911% |
| Taxes, remuneration and social security45 | - | €2,083 | €5,000 | €22,213 | €45,168 | ▲ 103% |
| Taxes450/3 | - | €2,083 | - | €19,082 | €44,178 | ▲ 132% |
| Remuneration and social security454/9 | - | - | €5,000 | €3,131 | €990 | ▼ 68.4% |
| Other amounts payable47/48 | - | €309 | €6,767 | - | - | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €84,319 | €20,829 | -€7,746 | €66,359 | €26,375 | ▼ 60.3% |
| + Depreciation and write-downs630 | €6,311 | €10,026 | €11,392 | €10,834 | €12,952 | ▲ 19.6% |
| Operating cash flow (approximation) | €90,630 | €30,855 | €3,646 | €77,193 | €39,328 | ▼ 49.1% |
| Investment in fixed assets (approximation) | - | -€14,349 | -€1,083 | -€22,454 | -€12,379 | ▲ 44.9% |
| Change in cash | - | -€59,137 | -€5,384 | €26,526 | €19,924 | ▼ 24.9% |
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
30-01
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema · 91 days late
2025
15-12
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 410 days late
31-03
Financial
Equity above €200,000Eq €200,136 ▲15.2%
2 profitable years in a row build equity to €200,136.
2024
31-03
Financial
Back to profitnet €66,359
Net result €66,359 after one loss-making year.
31-03
Financial
Equity above €150,000Eq €173,761 ▲61.8%
Equity rises from €107,402 to €173,761.
2023
31-10
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
31-03
Financial
Weakest financial yearnet -€7,746
Net result drops to -€7,746, the lowest in the series; recovery starts the following year.
2022
02-11
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema · 2 days late
31-03
Financial
Liquidity triplescurrent ratio 8.15
Current ratio from 2.66 to 8.15; short-term debt falls from €48,271 to €12,933.
31-03
Financial
Equity above €100,000Eq €115,148 ▲22.1%
2 profitable years in a row build equity to €115,148.
2021
25-11
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema · 25 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 4 acts read
About the unread acts
We know of 4 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
4 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, Hamme (Vl.) · 1 establishment unit since 2019
Ground area
4,902 m²
Building footprint
319 m²
Volume, LiDAR
2,142 m³
2 parcels, Flanders · tallest building 10.5 m, ±3 floors. Linked by address, not a title deed.
2
companies at this address
See who is registered here
1 establishment unit
Ince Construct
since 20192.289.947.591
2 parcels
Flanders
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 42452D0316/00E000 | Flanders | 4,390 m² | 1 · 223 m² | 9.5 m · 2 fl. |
| 42452B0570/00F000 | Flanders | 512 m² | 1 · 96 m² | 10.5 m · 3 fl. |
Linked by address, not proof of ownership
Good to know
2 of 2 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
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Of 8,464 companies in sector 43120 we hold annual accounts for 3,232. 2,599 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
Founded05-06-2019
Fiscal year end31-03
Trade name NL
Sublimes Cosmetics
Activities, NACEBEL 2025
43120Site preparation
42110Construction of roads and motorways
42120Civil engineering
E-invoicing
Reachable via Peppol
Peppol ID
0208:0727798225
Also
9925:BE0727798225
Registered
15-10-2025
Register as of 26 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.