Equity
L22 CONSTRUCT has made a profit in every financial year since 2020.
L22 CONSTRUCT has made a profit in every financial year since 2020.
The micro format states no turnover.
Debts rose by €129,811 in 2025.
Green is investment, beige is depreciation.
The 2024 accounts came latest: 76 days after the end of the period.
The dashed line is the sector median: 0.7% across 47,693 companies (NACE 43, micro).
About 1 in 10 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 43, micro). It does better than 24% of them on solvency, 20% on liquidity, 56% on profitability and 84% on growth.
The bankruptcy probability was computed on 09-11-2026 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 high class on 30-06-2025, 14.6% 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, 6,713 companies had the same profile as L22 CONSTRUCT has now. Each dot stands for 17 companies, two years later.
Another 0.2% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of L22 CONSTRUCT itself is higher: 10.0% within 12 months. It rests on far more data about L22 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 6,713 companies, not a prediction for L22 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 tight, with a current ratio of 1.37 (1.36 in 2024), below the usual 1.5. Short-term debt is 64.2% of total assets. 77.7% of the assets are financed with debt and provisions.
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 6 accounts on average 43 days after 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.
| Company | ||||
|---|---|---|---|---|
| L22 CONSTRUCT Waterloo | €352,247 | €66,043 | 22.3% | - |
| AMD BUILD Vilvoorde | €341,982 | €68,925 | 72.3% | 1 |
| KenS Services Tremelo | €347,632 | €64,491 | 87.0% | - |
| MAV CONSTRUCT Wemmel | €346,086 | €60,759 | 13.9% | - |
| AGORA CONCEPT Mons | €358,498 | €60,042 | 41.0% | - |
| DCF SUPPORT Brakel | €407,414 | €70,707 | 68.5% | - |
| ELVIT GROUP Molenbeek-Saint-Jean | €325,811 | €79,253 | 57.0% | - |
These companies have the same main activity as L22 CONSTRUCT: other specialised construction activities (NACE 43990). They are comparable in size and age: total assets between €326,000 and €407,000, founded between 2019 and 2021.
L22 CONSTRUCT files the micro format. That format states no turnover. The gross margin rose from €21,400 in 2020 to €66,043 in 2025.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Turnover ≈ €330,000. Estimated: probably between €250,000 and €690,000.
Higher than 24% of 35,136 companies in 2025.
Higher than 36% of 34,510 companies in 2025.
Higher than 52% of 34,711 companies in 2025.
Net result: middle half · Equity: middle half · Balance sheet total: top quarter · Working capital: middle half
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Balance sheet: assets | |||||||
20/58 |
352,247 | 195,179 | 133,015 | 233,200 | 134,207 | 41,180 | |
21/28 |
43,301 | 32,047 | 9,985 | 11,667 | 226 | 353 | |
22/27 |
39,383 | 31,297 | 9,935 | 11,617 | 176 | 353 | |
23 |
1,569 | 2,144 | 2,504 | 1,706 | 176 | 353 | |
24 |
37,814 | 29,153 | 7,431 | 9,911 | - | - | |
28 |
3,918 | 750 | 50 | 50 | 50 | - | |
29/58 |
308,946 | 163,132 | 123,030 | 221,533 | 133,980 | 40,827 | |
40/41 |
304,128 | 129,300 | 98,406 | 210,013 | 124,865 | 36,030 | |
40 |
292,988 | 112,810 | 86,078 | 202,853 | 124,442 | 34,024 | |
41 |
11,140 | 16,490 | 12,328 | 7,160 | 424 | 2,006 | |
54/58 |
- | - | - | - | 7,754 | 4,797 | |
490/1 |
4,818 | 33,832 | 24,623 | 11,520 | 1,361 | - | |
| Balance sheet: equity and liabilities | |||||||
10/49 |
352,247 | 195,179 | 133,015 | 233,200 | 134,207 | 41,180 | |
10/15 |
78,712 | 51,455 | 51,284 | 40,812 | 38,560 | 18,435 | |
10/11 |
4,000 | 4,000 | 4,000 | 4,000 | 4,000 | 4,000 | |
14 |
74,712 | 47,455 | 47,284 | 36,812 | 34,560 | 14,435 | |
17/49 |
273,535 | 143,725 | 81,731 | 192,388 | 95,647 | 22,745 | |
17 |
23,872 | 23,872 | - | - | - | - | |
170/4 |
23,872 | 23,872 | - | - | - | - | |
42/48 |
226,126 | 119,853 | 81,731 | 192,388 | 95,457 | 22,745 | |
42 |
- | 9,071 | 3,541 | 3,522 | - | - | |
43 |
18,619 | 9,746 | 9,919 | 2,250 | - | - | |
430/8 |
18,619 | 9,746 | 9,919 | 2,250 | - | - | |
44 |
167,879 | 72,964 | 50,863 | 173,176 | 68,296 | 16,648 | |
440/4 |
167,879 | 72,964 | 50,863 | 173,176 | 68,296 | 16,648 | |
45 |
32,198 | 19,811 | 13,711 | 7,021 | 21,193 | 4,633 | |
450/3 |
23,848 | 7,311 | 4,461 | 7,021 | 11,893 | 4,633 | |
454/9 |
8,350 | 12,500 | 9,250 | - | 9,300 | - | |
47/48 |
7,430 | 8,262 | 3,697 | 6,420 | 5,968 | 1,464 | |
492/3 |
23,538 | - | - | - | 190 | - | |
| Income statement | |||||||
9900 |
66,043 | 19,206 | 20,564 | 9,728 | 32,247 | 21,400 | |
630 |
8,691 | 2,051 | 3,223 | 419 | 176 | 176 | |
640/8 |
11,484 | 12,751 | 1,876 | 4,386 | 4,113 | 1,059 | |
9901 |
45,867 | 4,404 | 15,465 | 4,923 | 27,958 | 20,165 | |
75/76B |
0 | 1 | - | 0 | 0 | 0 | |
75 |
0 | 1 | - | 0 | 0 | 0 | |
65/66B |
1,906 | 1,483 | 810 | 370 | 1,224 | 1,097 | |
65 |
1,906 | 1,483 | 810 | 370 | 1,224 | 1,097 | |
9903 |
43,961 | 2,922 | 14,655 | 4,553 | 26,735 | 19,068 | |
67/77 |
16,703 | 2,751 | 4,183 | 2,301 | 6,610 | 4,633 | |
9904 |
27,257 | 170 | 10,473 | 2,252 | 20,125 | 14,435 | |
9905 |
27,257 | 170 | 10,473 | 2,252 | 20,125 | 14,435 | |
| Appropriation of the result | |||||||
9906 |
74,712 | 47,455 | 47,284 | 36,812 | 34,560 | 14,435 | |
14P |
47,455 | 47,284 | 36,812 | 34,560 | 14,435 | - | |
| Document | |||||||
The notes to these accounts have 8 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 02-07-2026.
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 02-07-2026 | 2026-00241699 | |
| 31-12-2024 | micro format | 15-10-2025 | 2025-00542995 | |
| 31-12-2023 | micro format | 13-09-2024 | 2024-00461622 | |
| 31-12-2022 | micro format | 27-09-2023 | 2023-00455522 | |
| 31-12-2021 | micro format | 06-10-2022 | 2022-20455514 | |
| 31-12-2020 | micro format | 09-09-2021 | 2021-66800338 |
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| 54,558 | 6,455 | 18,688 | 5,342 | 28,134 | 20,341 | ||
| 35,949 | 2,221 | 13,695 | 2,671 | 20,302 | 14,611 | ||
| 19,945 | 31,544 | 1,541 | 11,859 | 50 | 529 | ||
| - | - | - | - | 2,957 | - | ||
| 82,820 | 43,279 | 41,299 | 29,145 | 38,523 | 18,082 | ||
| 22.3% | 26.4% | 38.6% | 17.5% | 28.7% | 44.8% | ||
| 1.37 | 1.36 | 1.51 | 1.15 | 1.40 | 1.79 | ||
| 3.48 | 2.79 | 1.59 | 4.71 | 2.48 | 1.23 | ||
| 34.6% | 0.3% | 20.4% | 5.5% | 52.2% | 78.3% | ||
| 7.7% | 0.1% | 7.9% | 1.0% | 15.0% | 35.1% | ||
| 28.62 | 4.35 | 23.07 | 14.42 | 23.00 | - |
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 | €16,777 | €30,844 | €1,541 | €11,859 | - |
| Financial fixed assets | €3,168 | €700 | - | - | €50 |
| €8,691 | €2,051 | €3,223 | €419 | €176 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
The operating result for 2025 is over 10 times that of 2024 and the highest since 2020. It is a recovery after the fall in 2024.
Debt's share of the balance-sheet total rises from 73.6% to 77.7%. Equity and debt are higher.
L22 CONSTRUCT has no parent and no holdings in its annual accounts. SOUSA LOPES Genes is the only director. L22 CONSTRUCT shares no director with another company.
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
On 29 May 2020, L22 CONSTRUCT was incorporated as a private limited company by one natural person, with a starting capital of €4,000.12 In 2026 the registered office moved to Waterloo.3 SOUSA LOPES Genes is director of the company, appointed by deed of 03-06-2020.2 Total assets went from €41,180 in 2020 to €352,247 in 2025.4
| Establishment | Since | Unit number |
|---|---|---|
| Boulevard Rolin (Henri) 3b registered office 1410 Waterloo | ||
| L22 CONSTRUCT SRL Boulevard Rolin (Henri) 3, 1410 Waterloo 16110 Sawmilling and planing of wood | 29-05-2020 | 2.303.047.244 |
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 0747.759.142
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