KF CONSTRUCT
ActiveSummary
KF CONSTRUCT has been active since 2011 and the Belgian State Gazette contains no insolvency or warning signals. The 2024 annual accounts show equity of €165,839 and a net result of €17,913. Equity is growing by ~15.6% per year across the filed fiscal years. Its solvency ranks better than 40% of 3551 sector peers (fiscal year 2024). The computed 12-month bankruptcy probability is 1.5% (low).
Checked score
Score 2024
Axes · tick = 2023
Profitability73=
Solvency59▲+4
Growth78=
Track record100
Bankruptcy probability, 12 months
1.5%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €10,000 at 30 days acceptable
Liquidity ample (current ratio 1.68 against 1.25 in 2023; short-term debt: 22% and cash: 12.5% of total assets), but 66.4% 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 43
Relative position
BE, all sectors
reference
Specialised construction activities (NACE 43)
about 85% 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
neutral · Filed after the deadline
The financial year that closed on 31-12-2024 was due by 31-07-2025 and was filed on 18-09-2025, 49 days later. For context: 47% of the Belgian market files late and the whole 1-to-90-day band measures 2.0% abnormal legal state against a 1.66% average. We show this as a fact and do not score it.
NBB · 10 filingsDeviation from the deadline
2025
not confirmed
2024
49 d late
2023
86 d late
2022
84 d late
2021
117 d late
2020
31 d late
2019
31 d late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 6 accounts on average 66 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 (1)
History
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Financials · fiscal year 2024, full schema
In the rankings
#6 company by total assets in Incourt, Construction sector#10 company by equity in Incourt, Construction sector
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
€17,913▼ 3.1%
2023 · €18,493
Working capital
€74,103▲ 116%
2023 · €34,325
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 43, Specialised construction activities, each year against the same schema; no band under 30 filings. Dashed line: the median.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20202021202220232024
Operating result€14,642▲ 22.2%€46,947▲ 221%€41,710▼ 11.2%€35,217▼ 15.6%€34,448▼ 2.2%
Net result€11,045within the sector's middle half▲ 47.0%€32,170within the sector's middle half▲ 191%€32,956within the sector's middle half▲ 2.4%€18,493within the sector's middle half▼ 43.9%€17,913within the sector's middle half▼ 3.1%
Equity€82,306within the sector's middle half▲ 15.5%€114,476within the sector's middle half▲ 39.1%€147,432within the sector's middle half▲ 28.8%€147,926within the sector's middle half▲ 0.3%€165,839within the sector's middle half▲ 12.1%
Total assets€159,595within the sector's middle half▼ 16.8%€340,028within the sector's middle half▲ 113%€452,595within the sector's middle half▲ 33.1%€499,413within the sector's middle half▲ 10.3%€493,740within the sector's middle half▼ 1.1%
Debt€77,289▼ 35.9%€225,552▲ 192%€305,163▲ 35.3%€351,488▲ 15.2%€327,901▼ 6.7%
Working capital€53,990▼ 2.1%€57,300▲ 6.1%€30,407▼ 46.9%€34,325▲ 12.9%€74,103▲ 116%
Solvency51.6%within the sector's middle half▲ 14.4pp33.7%within the sector's middle half▼ 17.9pp32.6%within the sector's middle half▼ 1.1pp29.6%within the sector's middle half▼ 3.0pp33.6%within the sector's middle half▲ 4.0pp
Staff (FTE)1.3below the sector's middle half▲ 30.0%2.4below the sector's middle half▲ 84.6%3.7within the sector's middle half▲ 54.2%4within the sector's middle half▲ 8.1%3.4below the sector's middle half▼ 15.0%
above
within
below
the middle half (P25 to P75) of NACE 43, Specialised construction activities, each year against the same schema; no band under 30 filings.
Result per fiscal year
Operating resultNet result
The operating result has fallen three years in a row; 2024 is 2% below 2023.
Balance-sheet composition
2024 in colour, 2023 as the grey bar beneath
Assets €493,740
Fixed assets
€311,080 ▼ 5.5%
Current assets
€182,660 ▲ 7.2%
Equity and liabilities €493,740
Equity
€165,839 ▲ 12.1%
Debt
€327,901 ▼ 6.7%
Debt's share of the balance-sheet total falls from 70.4% to 66.4%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€114,792▲
2023 · €112,818
Cash flow
€98,257▲
2023 · €96,094
Current ratio
1.68▲
2023 · 1.25
Quick ratio
1.46▲
2023 · 1.07
Debt to equity
1.98▼
2023 · 2.38
ROE
10.8%▼
2023 · 12.5%
ROA
3.6%▼
2023 · 3.7%
Interest coverage
11.08▼
2023 · 13.14
Debt ≤ 1 year
€108,557▼
2023 · €136,014
Debt > 1 year
€212,304▲
2023 · €212,073
Income taxes
€6,221▼
2023 · €8,563
Staff costs
€171,337▼
2023 · €199,397
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 10,891 companies that looked in July 2024 the way this one looks now, 0.6% went bankrupt within 24 months and 95% are still going.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit under 5% of the balance sheet
0.6%
went bankrupt
4.0%
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: 1.5% 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 10,891 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 | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | €106,437 | €181,362 | €199,397 | €171,337 | ▼ 14.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €18,703 | €37,370 | €60,438 | €77,601 | €80,344 | ▲ 3.5% |
| Other operating charges640/8 | - | €3,273 | €2,253 | €2,268 | €1,841 | ▼ 18.8% |
| Gross operating margin9900 | €103,205 | €194,027 | €285,764 | €314,483 | €287,970 | ▼ 8.4% |
| Operating profit (loss)9901 | €14,642 | €46,947 | €41,710 | €35,217 | €34,448 | ▼ 2.2% |
| Financial income75/76B | - | €1 | - | €424 | €48 | ▼ 88.8% |
| Recurring financial income75 | €167 | €1 | - | €424 | €48 | ▼ 88.8% |
| Financial charges65/66B | - | €3,756 | €4,057 | €8,585 | €10,361 | ▲ 20.7% |
| Recurring financial charges65 | €1,563 | €3,756 | €4,057 | €8,585 | €10,361 | ▲ 20.7% |
| Profit (loss) for the period before taxes9903 | €13,246 | €43,192 | €37,653 | €27,056 | €24,134 | ▼ 10.8% |
| Income taxes67/77 | €2,201 | €11,022 | €4,697 | €8,563 | €6,221 | ▼ 27.4% |
| Profit (loss) for the period9904 | €11,045 | €32,170 | €32,956 | €18,493 | €17,913 | ▼ 3.1% |
| Profit (loss) for the period to be appropriated9905 | €11,045 | €32,170 | €32,956 | €18,493 | €17,913 | ▼ 3.1% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €159,595 | €340,028 | €452,595 | €499,413 | €493,740 | ▼ 1.1% |
| Fixed assets21/28 | €45,946 | €138,082 | €235,491 | €329,074 | €311,080 | ▼ 5.5% |
| Intangible fixed assets21 | - | €0 | €0 | €0 | €0 | - |
| Tangible fixed assets22/27 | €45,696 | €137,832 | €235,241 | €328,824 | €310,830 | ▼ 5.5% |
| Plant, machinery and equipment23 | - | €31,370 | €146,678 | €110,325 | €49,468 | ▼ 55.2% |
| Furniture and vehicles24 | - | €13,848 | €24,969 | €17,162 | €10,991 | ▼ 36.0% |
| Leasing and similar rights25 | - | €92,614 | €63,595 | €201,337 | €250,371 | ▲ 24.4% |
| Financial fixed assets28 | €250 | €250 | €250 | €250 | €250 | = |
| Current assets29/58 | €113,649 | €201,946 | €217,104 | €170,339 | €182,660 | ▲ 7.2% |
| Stocks and contracts in progress3 | €6,756 | €11,255 | €9,180 | €24,399 | €24,280 | ▼ 0.5% |
| Stocks30/36 | - | €11,255 | €9,180 | €24,399 | €24,280 | ▼ 0.5% |
| Amounts receivable within one year40/41 | €75,721 | €105,874 | €51,138 | €109,772 | €86,195 | ▼ 21.5% |
| Trade receivables40 | - | €77,245 | €24,898 | €73,759 | €66,324 | ▼ 10.1% |
| Other amounts receivable41 | - | €28,629 | €26,240 | €36,012 | €19,870 | ▼ 44.8% |
| Current investments50/53 | €21,660 | €74,884 | - | - | - | - |
| Cash at bank and in hand54/58 | - | - | €147,846 | €25,679 | €61,773 | ▲ 141% |
| Deferred charges and accrued income490/1 | - | €9,933 | €8,941 | €10,490 | €10,412 | ▼ 0.7% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €159,595 | €340,028 | €452,595 | €499,413 | €493,740 | ▼ 1.1% |
| Equity10/15 | €82,306 | €114,476 | €147,432 | €147,926 | €165,839 | ▲ 12.1% |
| Contributions10/11 | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Reserves13 | €1,860 | €1,860 | €31,860 | €50,260 | €50,260 | = |
| Non-distributable reserves130/1 | - | €1,860 | €1,860 | - | - | - |
| Reserves not available under the articles1311 | - | €1,860 | €1,860 | - | - | - |
| Distributable reserves133 | - | - | €30,000 | €50,260 | €50,260 | = |
| Profit (loss) carried forward14 | €74,246 | €106,416 | €109,372 | €91,466 | €109,379 | ▲ 19.6% |
| Amounts payable17/49 | €77,289 | €225,552 | €305,163 | €351,488 | €327,901 | ▼ 6.7% |
| Amounts payable after more than one year17 | €13,719 | €75,146 | €111,866 | €212,073 | €212,304 | ▲ 0.1% |
| Financial debts170/4 | - | €75,146 | €111,866 | €212,073 | €212,304 | ▲ 0.1% |
| Amounts payable within one year42/48 | €59,659 | €144,646 | €186,697 | €136,014 | €108,557 | ▼ 20.2% |
| Current portion of amounts payable after more than one year42 | - | €37,287 | €34,241 | €49,321 | €41,551 | ▼ 15.8% |
| Trade debts44 | €21,170 | €68,041 | €58,133 | €21,838 | €36,201 | ▲ 65.8% |
| Suppliers440/4 | - | €68,041 | €58,133 | €21,838 | €36,201 | ▲ 65.8% |
| Advances received on contracts in progress46 | - | €23,768 | €73,559 | €14,180 | €13,718 | ▼ 3.3% |
| Taxes, remuneration and social security45 | - | €12,550 | €20,765 | €14,974 | €16,127 | ▲ 7.7% |
| Taxes450/3 | - | €9,458 | €15,587 | €10,084 | €13,152 | ▲ 30.4% |
| Remuneration and social security454/9 | - | €3,092 | €5,178 | €4,890 | €2,975 | ▼ 39.2% |
| Other amounts payable47/48 | - | €3,000 | - | €35,701 | €961 | ▼ 97.3% |
| Accrued charges and deferred income492/3 | - | €5,760 | €6,600 | €3,400 | €7,040 | ▲ 107% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €11,045 | €32,170 | €32,956 | €18,493 | €17,913 | ▼ 3.1% |
| + Depreciation and write-downs630 | €18,703 | €37,370 | €60,438 | €77,601 | €80,344 | ▲ 3.5% |
| Operating cash flow (approximation) | €29,748 | €69,540 | €93,395 | €96,094 | €98,257 | ▲ 2.3% |
| Investment in fixed assets (approximation) | - | -€129,506 | -€157,847 | -€171,184 | -€62,350 | ▲ 63.6% |
| Change in cash | - | - | - | -€122,167 | €36,094 | ▲ 130% |
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
2025
18-09
NBB filing
Annual accounts filed
fiscal year 2024 · full schema · 49 days late
2024
31-12
Financial
Equity above €150,000Eq €165,839 ▲12.1%
7 profitable years in a row build equity to €165,839.
25-10
NBB filing
Annual accounts filed
fiscal year 2023 · full schema · 86 days late
2023
23-10
NBB filing
Annual accounts filed
fiscal year 2022 · full schema · 84 days late
2022
31-12
Financial
Highest result since 2018net €32,956 ▲2.4%
Net result €32,956, the highest in the series.
25-11
NBB filing
Annual accounts filed
fiscal year 2021 · full schema · 117 days late
2021
31-12
Financial
Equity above €100,000Eq €114,476 ▲39.1%
4 profitable years in a row build equity to €114,476.
31-08
NBB filing
Annual accounts filed
fiscal year 2020 · full schema · 31 days late
2020
31-08
NBB filing
Annual accounts filed
fiscal year 2019 · full schema · 31 days late
2019
31-12
Financial
Weakest financial yearnet €7,513 ▼43%
Net result drops to €7,513, the lowest in the series; recovery starts the following year.
28-08
NBB filing
Annual accounts filed
fiscal year 2018 · full schema · 28 days late
2018
30-09
NBB filing
Annual accounts filed
fiscal year 2017 · full schema · 61 days late
2017
27-09
NBB filing
Annual accounts filed
fiscal year 2016 · full schema · 58 days late
2016
28-09
NBB filing
Annual accounts filed
fiscal year 2015 · full schema · 59 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 2 acts read
About the unread acts
We know of 2 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
2 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, Incourt · 2 establishment units since 2011
Ground area
1,719 m²
Building footprint
152 m²
2 parcels, Wallonia. Linked by address, not a title deed.
8
companies at this address
See who is registered here
2 establishment units
Rue de Patruange 17, 1315 Incourt
since 20112.205.700.816
KF CONSTRUCT
since 20212.322.711.421
2 parcels
Wallonia
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 25093B0289/00S000 | Wallonia | 1,573 m² | 1 · 86 m² | - |
| 25043B0174/00K000 | Wallonia | 145 m² | 1 · 66 m² | - |
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.
Recognitions · licences · registrations
Recognised contractor
5 categoriesKF CONSTRUCT SRL#10323
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Of 8,464 companies in sector 43120 we hold annual accounts for 3,232. 2,640 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
Founded23-12-2011
Fiscal year end31-12
Activities, NACEBEL 2025
43120Site preparation
43990Other specialised construction activities
41001General construction of residential buildings
41002Construction of residential and non-residential buildings
41003General construction of other non-residential buildings
E-invoicing
Reachable via Peppol
Peppol ID
0208:0842105894
Registered
09-02-2026
Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.