KARMA CONSTRUCT
ActiveSummary
KARMA CONSTRUCT has been active since 2011 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €337,287 and a net result of €32,746. Equity is growing by ~21.3% per year across the filed fiscal years. Its solvency ranks better than 54% of 4564 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.9% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability74▼-5
Solvency70▲+3
Growth52=
Track record100
Bankruptcy probability, 12 months
0.9%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €22,000 at 30 days acceptable
Liquidity ample (current ratio 1.73 against 1.68 in 2024; short-term debt: 54.1% and cash: 25.8% of total assets), but 55.4% of the assets are financed with debt.
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Signals
Five 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 81
Relative position
BE, all sectors
reference
Services to buildings and landscape activities (NACE 81)
about 79% 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
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
44.6%
Return on assets
4.3%
Age of the figures
18 mo
neutral · Latest accounts filed on time
The financial year that closed on 31-03-2025 was due by 31-10-2025 and was filed on 31-10-2025, 0 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
on the day
2024
13 d late
2023
15 d late
2022
3 d early
2021
19 d late
2020
186 d late
2019
32 d late
← 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 37 days after the deadline; the sector median for financial year 2024 is 1 day before the deadline, and 43% 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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How much credit can you give this customer, and on what term?Credit simulator What should you check before you do business with this company?Supplier due diligence Can you trust this company with building work?Contractor check Can you accept this company as a client under the anti-money-laundering law?AML client file Which of your other customers can you e-invoice via Peppol?Peppol check How does this company compare with its sector?Sector benchmark
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Financials · fiscal year 2025, micro schema
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
€32,746▼ 45.1%
2024 · €59,649
Working capital
€300,096▲ 8.2%
2024 · €277,285
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€69,729▲ 112%€87,891▲ 26.0%€69,756▼ 20.6%€91,054▲ 30.5%€65,836▼ 27.7%
Net result€23,793€39,798▲ 67.3%€52,705▲ 32.4%€59,649▲ 13.2%€32,746▼ 45.1%
Equity€152,389▲ 18.5%€192,187▲ 26.1%€244,892▲ 27.4%€304,541▲ 24.4%€337,287▲ 10.8%
Total assets€572,279▼ 13.5%€585,446▲ 2.3%€477,453▼ 18.4%€721,151▲ 51.0%€755,695▲ 4.8%
Debt€419,890▼ 21.2%€393,259▼ 6.3%€232,561▼ 40.9%€416,610▲ 79.1%€418,408▲ 0.4%
Working capital€137,546▲ 24.8%€122,341▼ 11.1%€187,629▲ 53.4%€277,285▲ 47.8%€300,096▲ 8.2%
Staff (FTE)1=1=1=1=
Result per fiscal year
Operating resultNet result
The operating result falls in 2025; 2025 is 28% below 2024 and is the lowest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €755,695
Fixed assets
€46,999 ▲ 22.3%
Current assets
€708,696 ▲ 3.8%
Equity and liabilities €755,695
Equity
€337,287 ▲ 10.8%
Debt
€418,408 ▲ 0.4%
Debt's share of the balance-sheet total falls from 57.8% to 55.4%. Equity and debt are higher.
Key figures and ratios
EBITDA
€87,871▼
2024 · €113,528
Cash flow
€54,781▼
2024 · €82,123
Current ratio
1.73▲
2024 · 1.68
Quick ratio
1.53▲
2024 · 1.48
Debt to equity
1.24▼
2024 · 1.37
ROE
9.7%▼
2024 · 19.6%
ROA
4.3%▼
2024 · 8.3%
Interest coverage
10.56▼
2024 · 17.46
Debt ≤ 1 year
€408,600▲
2024 · €405,424
Debt > 1 year
€9,808▼
2024 · €11,186
Income taxes
€24,785▼
2024 · €25,190
Staff costs
€28,263▼
2024 · €79,274
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 6,040 companies that looked in July 2024 the way this one looks now, 0.3% went bankrupt within 24 months and 96% are still going.
- Small
- 10 to 20 years old
- solvency 30% or more
- a profit under 5% of the balance sheet
0.3%
went bankrupt
3.6%
stopped otherwise
96%
still going
A further 0.1% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a higher bankruptcy probability: 0.9% 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 6,040 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 |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | €60,000 | €62,986 | €0 | - | - |
| Remuneration, social security and pensions62 | - | €77,350 | €79,215 | €79,274 | €28,263 | ▼ 64.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €13,826 | €12,067 | €23,918 | €22,474 | €22,035 | ▼ 2.0% |
| Other operating charges640/8 | - | €4,468 | €6,983 | €2,135 | €8,606 | ▲ 303% |
| Non-recurring operating charges66A | - | €50,000 | -€2,000 | - | - | - |
| Gross operating margin9900 | €159,768 | €231,775 | €177,872 | €194,936 | €124,740 | ▼ 36.0% |
| Operating profit (loss)9901 | €69,729 | €87,891 | €69,756 | €91,054 | €65,836 | ▼ 27.7% |
| Financial income75/76B | - | €1,313 | €385 | €287 | €13 | ▼ 95.4% |
| Recurring financial income75 | €171 | €1,313 | €385 | €287 | €13 | ▼ 95.4% |
| Financial charges65/66B | - | €26,773 | -€4,796 | €6,502 | €8,318 | ▲ 27.9% |
| Recurring financial charges65 | €66,247 | €26,773 | -€4,796 | €6,502 | €8,318 | ▲ 27.9% |
| Profit (loss) for the period before taxes9903 | €27,414 | €62,431 | €74,938 | €84,839 | €57,532 | ▼ 32.2% |
| Income taxes67/77 | €3,621 | €22,633 | €22,233 | €25,190 | €24,785 | ▼ 1.6% |
| Profit (loss) for the period9904 | €23,793 | €39,798 | €52,705 | €59,649 | €32,746 | ▼ 45.1% |
| Profit (loss) for the period to be appropriated9905 | €23,793 | €39,798 | €52,705 | €59,649 | €32,746 | ▼ 45.1% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €572,279 | €585,446 | €477,453 | €721,151 | €755,695 | ▲ 4.8% |
| Fixed assets21/28 | €14,844 | €69,846 | €57,263 | €38,441 | €46,999 | ▲ 22.3% |
| Tangible fixed assets22/27 | €9,008 | €65,374 | €52,791 | €33,969 | €42,527 | ▲ 25.2% |
| Plant, machinery and equipment23 | - | €1,203 | €5,008 | €6,040 | €4,402 | ▼ 27.1% |
| Furniture and vehicles24 | - | €64,171 | €47,783 | €27,930 | €38,125 | ▲ 36.5% |
| Financial fixed assets28 | €5,836 | €4,472 | €4,472 | €4,472 | €4,472 | = |
| Current assets29/58 | €557,436 | €515,600 | €420,191 | €682,710 | €708,696 | ▲ 3.8% |
| Stocks and contracts in progress3 | €50,000 | €89,967 | €89,967 | €83,967 | €83,967 | = |
| Stocks30/36 | - | €89,967 | €89,967 | €83,967 | €83,967 | = |
| Amounts receivable within one year40/41 | €483,073 | €216,229 | €189,514 | €317,872 | €398,840 | ▲ 25.5% |
| Trade receivables40 | - | €195,850 | €162,787 | €306,298 | €348,113 | ▲ 13.7% |
| Other amounts receivable41 | - | €20,379 | €26,727 | €11,574 | €50,727 | ▲ 338% |
| Current investments50/53 | - | - | - | €30,000 | €75 | ▼ 99.7% |
| Cash at bank and in hand54/58 | €5,565 | €126,135 | €96,903 | €212,495 | €195,011 | ▼ 8.2% |
| Deferred charges and accrued income490/1 | - | €83,269 | €43,807 | €38,376 | €30,802 | ▼ 19.7% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €572,279 | €585,446 | €477,453 | €721,151 | €755,695 | ▲ 4.8% |
| Equity10/15 | €152,389 | €192,187 | €244,892 | €304,541 | €337,287 | ▲ 10.8% |
| Contributions10/11 | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Capital10 | - | €6,200 | €6,200 | - | - | - |
| Issued capital100 | - | €18,600 | €18,600 | - | - | - |
| Uncalled capital101 | - | €12,400 | €12,400 | - | - | - |
| Reserves13 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Non-distributable reserves130/1 | - | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Legal reserve130 | - | €1,860 | €1,860 | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | = |
| Profit (loss) carried forward14 | €144,329 | €184,127 | €236,832 | €296,481 | €329,227 | ▲ 11.0% |
| Amounts payable17/49 | €419,890 | €393,259 | €232,561 | €416,610 | €418,408 | ▲ 0.4% |
| Amounts payable after more than one year17 | - | - | - | €11,186 | €9,808 | ▼ 12.3% |
| Financial debts170/4 | - | - | - | €11,186 | €9,808 | ▼ 12.3% |
| Amounts payable within one year42/48 | €419,890 | €393,259 | €232,561 | €405,424 | €408,600 | ▲ 0.8% |
| Current portion of amounts payable after more than one year42 | - | €2,636 | - | €6,990 | €12,344 | ▲ 76.6% |
| Financial debts43 | - | €25,000 | - | - | - | - |
| Credit institutions430/8 | - | €25,000 | - | - | - | - |
| Trade debts44 | €376,525 | €338,982 | €178,164 | €287,787 | €352,938 | ▲ 22.6% |
| Suppliers440/4 | - | €338,982 | €178,164 | €287,787 | €352,938 | ▲ 22.6% |
| Taxes, remuneration and social security45 | - | €15,937 | €22,124 | €79,488 | €35,065 | ▼ 55.9% |
| Taxes450/3 | - | €10,238 | €17,471 | €71,216 | €33,296 | ▼ 53.2% |
| Remuneration and social security454/9 | - | €5,699 | €4,653 | €8,272 | €1,769 | ▼ 78.6% |
| Other amounts payable47/48 | - | €10,704 | €32,273 | €31,159 | €8,254 | ▼ 73.5% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €23,793 | €39,798 | €52,705 | €59,649 | €32,746 | ▼ 45.1% |
| + Depreciation and write-downs630 | €13,826 | €12,067 | €23,918 | €22,474 | €22,035 | ▼ 2.0% |
| Operating cash flow (approximation) | €37,619 | €51,864 | €76,623 | €82,123 | €54,781 | ▼ 33.3% |
| Investment in fixed assets (approximation) | - | -€67,069 | -€11,335 | -€3,653 | -€30,593 | ▼ 738% |
| Change in cash | - | €120,570 | -€29,233 | €115,592 | -€17,483 | ▼ 115% |
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
2025
31-10
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2024
13-11
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 13 days late
2023
15-11
NBB filing
Annual accounts filed
fiscal year 2023 · full schema · 15 days late
31-03
Financial
Equity above €200,000Eq €244,892 ▲27.4%
3 profitable years in a row build equity to €244,892.
2022
28-10
NBB filing
Annual accounts filed
fiscal year 2022 · full schema
2021
19-11
NBB filing
Annual accounts filed
fiscal year 2021 · full schema · 19 days late
05-05
NBB filing
Annual accounts filed
fiscal year 2020 · full schema · 186 days late
31-03
Financial
Back to profitnet €23,793
Net result €23,793 after one loss-making year.
31-03
Financial
Equity above €150,000Eq €152,389 ▲18.5%
Equity rises from €128,596 to €152,389.
2020
31-03
Financial
Weakest financial yearnet -€28,404
Net result drops to -€28,404, the lowest in the series; recovery starts the following year.
2019
02-12
NBB filing
Annual accounts filed
fiscal year 2019 · full schema · 32 days late
2018
17-11
NBB filing
Annual accounts filed
fiscal year 2018 · full schema · 17 days late
2017
28-11
NBB filing
Annual accounts filed
fiscal year 2017 · full schema · 28 days late
2016
31-10
NBB filing
Annual accounts filed
fiscal year 2016 · full schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 9 acts read
About the unread acts
We know of 9 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
9 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, Tubize · 1 establishment unit since 2011
Ground area
1,109 m²
Building footprint
411 m²
Volume, LiDAR
2,828 m³
Parcel 25105B0357/00S003, Wallonia · tallest building 7.8 m, ±2 floors. Linked by address, not a title deed.
7
companies at this address
See who is registered here
1 establishment unit
KARMA CONSTRUCT
since 20112.200.614.056
1 parcel
Wallonia
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 25105B0357/00S003 | Wallonia | 1,109 m² | 1 · 411 m² | 7.8 m · 2 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.
Recognitions · licences · registrations
Recognised contractor
11 categoriesKARMA CONSTRUCT SRL36948
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DL-NET
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SECONET
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ERPA
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Of 6,996 companies in sector 81220 we hold annual accounts for 2,414. 1,584 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
Founded08-07-2011
Fiscal year end31-03
Activities, NACEBEL 2025
41001General construction of residential buildings
81220Other building cleaning and industrial cleaning
43110Demolition
43310Plastering work
43422Screed work
43910Bricklaying and masonry work
Contact
E-mail
info@karmaconstruct.beTubize
E-invoicing
Reachable via Peppol
Peppol ID
0208:0837794641
Also
9925:BE0837794641
Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.