Kama Construct
ActiveFrom the official registers: KBO 5 annual accounts at the National Bank publications in the Belgian Official Gazette
Summary
Kama Construct has been active since 2020 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €46,623 and a net result of €150,033. Equity has been shrinking by about 18% per year since 2021. Its solvency ranks better than 15% of 9,883 sector peers (NACE 43, financial year 2025). The computed 12-month bankruptcy probability is 0.6% (low).
Overview
Overview
Official details
KBO- Status
- Active since 02-12-2020 Normal situation
- Activity
- Site preparation NACE 43120and 5 others
- Establishment unit
- 2.310.580.877 9300 Aalst, since 02-12-2020
- Financial year end
- 31 December
- Peppol
- Reachable since 09-12-2025
Board and ownership
- Emlo Invest BVDirector · since 30-11-2020
- Volar AlexeiDirector · since 30-11-2020
- De Bondt MathiasDirector
- Semeniuc MihaiDirector
- Skrypa VasylDirector
Financial position
- Bankruptcy probabilitywithin 12 months
- 0.6%
- Gross margin
- €163,302
- ▼ 19.2%
- Turnover
- ≈ €550,000
- estimated
- Profit
- €150,033
- ▼ 17.6%
- Equity
- €46,623
- ▲ 0.1%
- Total assets
- €332,967
- ▼ 37.1%
Score breakdownraises riskEquity €46,623 (14.0% of total assets)Founded in 2020lowers riskLiquidity: current ratio 1.19, cash €171,220Size: total assets €332,967Show the evidence
Checked score
About 6 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
Calculation
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 43, micro). It does better than 17% of them on solvency, 51% on liquidity, 92% on profitability and 35% on growth.
The bankruptcy probability was computed on 31-10-2026 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. 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).
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The scores and ratios are Checked's own calculations, not a credit decision.
Signals
The company filed its last 5 accounts on average 46 days before the deadline. In the sector (NACE 43), the median for financial year 2024 was 1 day before the deadline, and 43% of those companies filed late.
Searched, nothing found (2)
Financials
Financials · financial year 2025, abbreviated format
2025 annual accounts filed 4 days after the deadline Filed on 4 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00379594.
Annual accounts 2025 filed on 04-08-2026 at the NBB all 5 filings
2021 to 2025, 5 financial years
The operating result for 2025 is 22% lower than in 2024.
Turnover is what the company sold, the result is what was left of it. A loss stands below the zero line.
Assets, equity and debt per financial year.
Above zero, the company can pay its short-term debts with what it holds in the short term.
The EBIT margin is the share of each euro of turnover left from operations. The return on assets is what the assets earn.
The higher the solvency, the better the company absorbs a setback.
A ratio above 1 means the short-term assets cover the short-term debts.
Use the arrow keys on the chart for the figures per year.
The sector band is the middle half of the companies in Specialised construction activities (NACE 43). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30. The dashed line is the median. There is a sector band for net result, equity, total assets, working capital, solvency, current ratio and return on assets (ROA).
Comparable companies
These companies have the same main activity as Kama Construct: site preparation (NACE 43120). They are comparable in size and age: total assets between €306,000 and €404,000, founded in 2020.
| Company | Founded | Total assets | Equity | Gross margin | Net result | Financial year |
|---|---|---|---|---|---|---|
| Kama Construct Aalst | 2020 | €332,967 | €46,623 | €163,302 | €150,033 | 2025 |
| De Jong Group Hamme (Vl.) | 2020 | €375,245 | €172,764 | €172,116 | €72,393 | 2024 |
| TRK Infra Zele | 2020 | €403,750 | €148,857 | €175,536 | €21,636 | 2024 |
| Grobat Brecht | 2020 | €366,928 | €79,675 | €159,818 | €33,676 | 2025 |
| RDU Lobbes | 2020 | €324,477 | €50,136 | €182,031 | €43,976 | 2025 |
| GL TRAVAUX Sainte-Ode | 2020 | €361,714 | €28,757 | €160,177 | €3,362 | 2025 |
| VVE Gembloux | 2020 | €305,595 | €177,006 | €176,918 | €44,480 | 2025 |
They were chosen from the 3,177 other active companies with that main activity and annual accounts from the past two years. All companies with this main activity
Companies with the same profile, two years later
Historical observationIn July 2024, 6,713 companies had the same profile as Kama Construct has now. Two years later, 1.8% had gone bankrupt and 95.8% were still going.
- Micro
- 5 to 10 years old
- solvency 10 to 30%
- a profit of 5% of the balance sheet or more
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of Kama Construct itself: 0.6% within 12 months.
Test of the method
The method was tested on the 497,445 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 6,713 companies, not a prediction for Kama 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.
Subsidies and aid
Flemish government
2025 · 1 entry · €336 awarded · €336 paid| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €1,108 | €10,236 | €10,236 | €10,236 | €10,374 | ▲ 1.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | €2,774 | - |
| Other operating charges640/8 | €598 | €1,116 | €892 | €1,377 | €889 | ▼ 35.5% |
| Gross operating margin9900 | €140,264 | €149,869 | €20,222 | €202,208 | €163,302 | ▼ 19.2% |
| Operating profit (loss)9901 | €138,557 | €138,517 | €9,094 | €190,595 | €149,266 | ▼ 21.7% |
| Financial income75/76B | €51 | €100 | €11 | €1,230 | €1,817 | ▲ 47.8% |
| Recurring financial income75 | €51 | €100 | €11 | €1,230 | €1,817 | ▲ 47.8% |
| Financial charges65/66B | €51 | €774 | €663 | €1,821 | €550 | ▼ 69.8% |
| Recurring financial charges65 | €51 | €774 | €663 | €1,821 | €550 | ▼ 69.8% |
| Profit (loss) for the period before taxes9903 | €138,558 | €137,843 | €8,441 | €190,004 | €150,533 | ▼ 20.8% |
| Income taxes67/77 | €20,726 | €22,521 | €3,084 | €7,977 | €500 | ▼ 93.7% |
| Profit (loss) for the period9904 | €117,832 | €115,322 | €5,357 | €182,027 | €150,033 | ▼ 17.6% |
| Profit (loss) for the period to be appropriated9905 | €117,832 | €115,322 | €5,357 | €182,027 | €150,033 | ▼ 17.6% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €215,809 | €374,495 | €301,913 | €529,250 | €332,967 | ▼ 37.1% |
| Fixed assets21/28 | €41,502 | €31,266 | €21,030 | €10,794 | €7,585 | ▼ 29.7% |
| Tangible fixed assets22/27 | €41,502 | €31,266 | €21,030 | €10,794 | €7,585 | ▼ 29.7% |
| Plant, machinery and equipment23 | €4,178 | €3,196 | €2,214 | €1,232 | €250 | ▼ 79.7% |
| Furniture and vehicles24 | €37,324 | €28,070 | €18,816 | €9,562 | €7,336 | ▼ 23.3% |
| Current assets29/58 | €174,307 | €343,229 | €280,883 | €518,457 | €325,382 | ▼ 37.2% |
| Amounts receivable within one year40/41 | €40,119 | €126,116 | €114,437 | €220,904 | €147,483 | ▼ 33.2% |
| Trade receivables40 | €9,898 | €110,434 | €105,651 | €182,759 | €116,353 | ▼ 36.3% |
| Other amounts receivable41 | €30,221 | €15,682 | €8,786 | €38,145 | €31,130 | ▼ 18.4% |
| Cash at bank and in hand54/58 | €134,188 | €213,716 | €164,704 | €297,140 | €171,220 | ▼ 42.4% |
| Deferred charges and accrued income490/1 | - | €3,397 | €1,743 | €413 | €6,679 | ▲ 16× |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €215,809 | €374,495 | €301,913 | €529,250 | €332,967 | ▼ 37.1% |
| Equity10/15 | €92,932 | €158,253 | €163,611 | €46,590 | €46,623 | ▲ 0.1% |
| Contributions10/11 | €100 | €100 | €100 | €100 | €100 | = |
| Reserves13 | €92,832 | €158,153 | €163,511 | €46,490 | €46,523 | ▲ 0.1% |
| Distributable reserves133 | €92,832 | €158,153 | €163,511 | €46,490 | €46,523 | ▲ 0.1% |
| Profit (loss) carried forward14 | €0 | €0 | €0 | €0 | €0 | - |
| Amounts payable17/49 | €122,877 | €216,242 | €138,302 | €482,660 | €286,344 | ▼ 40.7% |
| Amounts payable after more than one year17 | €29,516 | €22,970 | €15,672 | €8,230 | €639 | ▼ 92.2% |
| Financial debts170/4 | €29,516 | €22,970 | €15,672 | €8,230 | €639 | ▼ 92.2% |
| Amounts payable within one year42/48 | €93,361 | €192,632 | €121,990 | €474,431 | €273,376 | ▼ 42.4% |
| Current portion of amounts payable after more than one year42 | €7,044 | €7,155 | €7,297 | €7,443 | €7,591 | ▲ 2.0% |
| Trade debts44 | €33,633 | €77,532 | €59,935 | €153,320 | €105,283 | ▼ 31.3% |
| Suppliers440/4 | €33,633 | €77,532 | €59,935 | €153,320 | €105,283 | ▼ 31.3% |
| Taxes, remuneration and social security45 | €27,684 | €57,945 | €54,758 | €14,621 | €10,502 | ▼ 28.2% |
| Taxes450/3 | €27,684 | €54,069 | €54,758 | €10,901 | €10,502 | ▼ 3.7% |
| Remuneration and social security454/9 | - | €3,876 | €0 | €3,720 | €0 | ▼ 100% |
| Other amounts payable47/48 | €25,000 | €50,000 | €0 | €299,048 | €150,000 | ▼ 49.8% |
| Accrued charges and deferred income492/3 | - | €640 | €640 | €0 | €12,329 | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €117,832 | €115,322 | €5,357 | €182,027 | €150,033 | ▼ 17.6% |
| + Depreciation and write-downs630 | €1,108 | €10,236 | €10,236 | €10,236 | €10,374 | ▲ 1.3% |
| Operating cash flow (approximation) | €118,940 | €125,558 | €15,594 | €192,263 | €160,407 | ▼ 16.6% |
| Investment in fixed assets (approximation) | - | €0 | €0 | €0 | -€7,165 | - |
| Change in cash | - | €79,528 | -€49,011 | €132,436 | -€125,920 | - |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Filings with the National Bank (5)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 04-08-2026 | 2026-00379594 | NBB |
| 31-12-2024 | abbreviated format | 14-07-2025 | 2025-00266002 | |
| 31-12-2023 | abbreviated format | 05-06-2024 | 2024-00110837 | |
| 31-12-2022 | abbreviated format | 04-04-2023 | 2023-00053229 | |
| 31-12-2021 | micro format | 16-06-2022 | 2022-20067690 |
Board & ownership
Directors
Owners and capital
Shareholders
1 ownerOwners 1
-
42.5%
Mandate history
- Board
- began earlier
| Name | Functions and periods |
|---|---|
| Emlo Invest BV |
|
| Volar Alexei |
|
| De Bondt Mathias |
|
| Semeniuc Mihai |
|
| Skrypa Vasyl |
|
| O&M Construct |
|
| Marcin Skutnik |
|
Articles of association
- Transfer restrictionThis rule says whether shareholders may sell their shares freely or need approval first.
- “Strengere bepalingen opgenomen in een aandeelhoudersovereenkomst, vrije overdracht van het geheel of een deel van de aandelen”
Articles of association, deed of 07-09-2026 (in Dutch)
Network & group
Connections & network
5 current directorsThe board mandates are listed under Board mandates elsewhere. The network lets you explore the same ties.
Timeline
Acts, filings and financial milestones
07-09
Gazette deed
Amendment of the articles · MiscellaneousPower of attorney4 points ▸
- General meeting, 31-08-2026
- Amendment of the articles, 9
- Power of attorney, Frederic CAUDRON
- Power of attorney
24-10
Gazette deed
Resignation: O&M Construct (director)Permanent representative: Marcin Skutnik3 points ▸
- General meeting, 30-04-2024
- Director resignation, O&M Construct (director)
- Permanent representative, Marcin Skutnik
02-08
Gazette deed
Resignation: Marcin Skutnik (director)Appointment: O&M Construct CommV (director) · Permanent representatives: Marcin Skutnik and Thysebaerdt Karel5 points ▸
- General meeting, 14-06-2022
- Director resignation, Marcin Skutnik (director)
- Director appointment, O&M Construct CommV (director)
- Permanent representative, Marcin Skutnik
- Permanent representative, Thysebaerdt Karel
Sources:Publications in the Belgian Official GazetteFilings with the National Bank
History
Company details
Register details
Identity
KBO recordRegistered office and establishments
Activities
NACEBEL 2025Invoicing and payment
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 0758.992.831
Financial year and general meeting
Accounts at the NBBSites & property
1 establishment unit
Buildings and parcels at the address
1 parcel
| Cadastral parcel | Region | Area | Buildings | Height / floors |
|---|---|---|---|---|
| 41002B0461/00B003 | Flanders | 936 m² | 1 · 227 m² | 16.1 m · 3 |