MAAJ CONSTRUCT
ActiveSummary
The computed 12-month bankruptcy probability of MAAJ CONSTRUCT is 2.3% (moderate). The 2024 annual accounts show equity of €64,594 and a net result of €82,174. Equity is growing by ~57.6% per year across the filed fiscal years. Its solvency ranks better than 14% of 7454 sector peers (fiscal year 2024). The company has been active since 2020 and the Belgian State Gazette contains no insolvency or warning signals.
Checked score
Score 2024
Axes · tick = 2023
Profitability91▲+1
Solvency39▼-15
Growth78=
Track record100
Bankruptcy probability, 12 months
2.3%
Moderate
0%0.5%1.5%4%10%≥ 25%
Credit up to €3,500 at 30 days acceptable
Liquidity short (current ratio 0.95 against 1.72 in 2023; short-term debt: 45.6% and cash: 29.1% of total assets), and 85.9% of the assets are financed with debt.
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Signals
Five signals. The signal on the left, the evidence on the right.
+raises risk○neutral
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 →
raises risk · Annual accounts: weaker financial profile
The latest annual accounts show a weaker profile in solvency, result or liquidity than companies that stay afloat.
NBB · annual accounts 2024Solvency, return and age of the figures
Solvency
14.1%
Return on assets
17.9%
Age of the figures
21 mo
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 14% of 7454 sector peers (2024).
NBB · sector comparisonPosition among 7454 sector peers
Solvency
better than 14%
← weakest
strongest →
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2024 was due by 31-07-2025 and was filed on 11-03-2025, 142 days ahead of the deadline.
NBB · 5 filingsDeviation from the deadline
2025
not confirmed
2024
142 d early
2023
50 d early
2022
56 d early
2021
20 d early
2020
31 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 47 days before 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, abbreviated schema
Equity
€64,594▼ 54.6%
2023 · €142,420
Total assets
€458,784▼ 7.7%
2023 · €496,800
Net result
€82,174▼ 1.7%
2023 · €83,622
Working capital
-€9,449
2023 · €87,553
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€65,533-€47,290▼ 27.8%€64,672▲ 36.8%€100,269▲ 55.0%€99,591▼ 0.7%
Net result€52,163above the sector's middle half-€40,788above the sector's middle half▼ 21.8%€49,847within the sector's middle half▲ 22.2%€83,622within the sector's middle half▲ 67.8%€82,174within the sector's middle half▼ 1.7%
Equity€18,163below the sector's middle half-€58,951within the sector's middle half▲ 225%€108,798below the sector's middle half▲ 84.6%€142,420within the sector's middle half▲ 30.9%€64,594below the sector's middle half▼ 54.6%
Total assets€282,143within the sector's middle half-€464,128above the sector's middle half▲ 64.5%€541,962within the sector's middle half▲ 16.8%€496,800within the sector's middle half▼ 8.3%€458,784within the sector's middle half▼ 7.7%
Debt€263,980-€405,177▲ 53.5%€433,163▲ 6.9%€354,380▼ 18.2%€394,191▲ 11.2%
Working capital€22,741-€6,411▼ 71.8%€54,262▲ 746%€87,553▲ 61.4%-€9,449
Solvency6.4%below the sector's middle half-12.7%below the sector's middle half▲ 6.3pp20.1%below the sector's middle half▲ 7.4pp28.7%within the sector's middle half▲ 8.6pp14.1%below the sector's middle half▼ 14.6pp
Staff (FTE)0.81.6below the sector's middle half▲ 100%1below the sector's middle half▼ 37.5%0.9below the sector's middle half▼ 10.0%
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.
Turnover and EBIT margin not published: the abbreviated or micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result falls in 2024; 2024 is 1% below 2023.
Balance-sheet composition
2024 in colour, 2023 as the grey bar beneath
Assets €458,784
Fixed assets
€259,057 ▼ 9.8%
Current assets
€199,728 ▼ 4.7%
Equity and liabilities €458,784
Equity
€64,594 ▼ 54.6%
Debt
€394,191 ▲ 11.2%
Debt's share of the balance-sheet total rises from 71.3% to 85.9%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€111,721▼
2023 · €119,340
Cash flow
€94,304▼
2023 · €102,693
Current ratio
0.95▼
2023 · 1.72
Debt to equity
6.10▲
2023 · 2.49
ROE
127.2%▲
2023 · 58.7%
ROA
17.9%▲
2023 · 16.8%
Interest coverage
27.70▲
2023 · 22.24
Debt ≤ 1 year
€209,177▲
2023 · €121,983
Debt > 1 year
€185,014▼
2023 · €232,397
Income taxes
€14,242▲
2023 · €11,779
Staff costs
€56,371▼
2023 · €57,922
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 6,703 companies that looked in July 2024 the way this one looks now, 1.7% went bankrupt within 24 months and 96% are still going.
- Micro
- 5 to 10 years old
- solvency 10 to 30%
- a profit of 5% of the balance sheet or more
1.7%
went bankrupt
2.2%
stopped otherwise
96%
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: 2.3% 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 6,703 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 |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | €10,002 | - |
| Remuneration, social security and pensions62 | - | €37,891 | €54,963 | €57,922 | €56,371 | ▼ 2.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €872 | €10,645 | €18,581 | €19,071 | €12,130 | ▼ 36.4% |
| Other operating charges640/8 | - | €616 | €1,846 | €3,238 | €2,893 | ▼ 10.7% |
| Non-recurring operating charges66A | - | €4,749 | - | - | - | - |
| Gross operating margin9900 | €66,781 | €101,190 | €140,062 | €180,500 | €170,985 | ▼ 5.3% |
| Operating profit (loss)9901 | €65,533 | €47,290 | €64,672 | €100,269 | €99,591 | ▼ 0.7% |
| Financial income75/76B | - | €305 | €0 | €498 | €858 | ▲ 72.3% |
| Recurring financial income75 | €2,687 | €305 | €0 | €498 | €858 | ▲ 72.3% |
| Financial charges65/66B | - | €4,421 | €5,075 | €5,366 | €4,033 | ▼ 24.8% |
| Recurring financial charges65 | €1,722 | €4,421 | €5,075 | €5,366 | €4,033 | ▼ 24.8% |
| Profit (loss) for the period before taxes9903 | €66,498 | €43,174 | €59,597 | €95,401 | €96,416 | ▲ 1.1% |
| Income taxes67/77 | €14,335 | €2,385 | €9,749 | €11,779 | €14,242 | ▲ 20.9% |
| Profit (loss) for the period9904 | €52,163 | €40,788 | €49,847 | €83,622 | €82,174 | ▼ 1.7% |
| Profit (loss) for the period to be appropriated9905 | €52,163 | €40,788 | €49,847 | €83,622 | €82,174 | ▼ 1.7% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €282,143 | €464,128 | €541,962 | €496,800 | €458,784 | ▼ 7.7% |
| Fixed assets21/28 | €115,365 | €319,115 | €304,116 | €287,264 | €259,057 | ▼ 9.8% |
| Tangible fixed assets22/27 | €115,365 | €319,115 | €304,116 | €287,264 | €259,057 | ▼ 9.8% |
| Land and buildings22 | - | €293,438 | €281,978 | €270,517 | €259,057 | ▼ 4.2% |
| Plant, machinery and equipment23 | - | €3,640 | €2,555 | €2,264 | - | - |
| Furniture and vehicles24 | - | €22,037 | €19,583 | €14,483 | - | - |
| Current assets29/58 | €166,778 | €145,013 | €237,846 | €209,536 | €199,728 | ▼ 4.7% |
| Stocks and contracts in progress3 | €4,350 | €6,675 | €7,343 | €2,242 | - | - |
| Stocks30/36 | - | €6,675 | €7,343 | €2,242 | - | - |
| Amounts receivable within one year40/41 | €95,501 | €108,315 | €37,854 | €49,272 | €60,148 | ▲ 22.1% |
| Trade receivables40 | - | €76,818 | €29,265 | €23,360 | €43,762 | ▲ 87.3% |
| Other amounts receivable41 | - | €31,497 | €8,589 | €25,912 | €16,386 | ▼ 36.8% |
| Cash at bank and in hand54/58 | €65,495 | €25,745 | €181,570 | €149,918 | €133,602 | ▼ 10.9% |
| Deferred charges and accrued income490/1 | - | €4,278 | €11,080 | €8,104 | €5,978 | ▼ 26.2% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €282,143 | €464,128 | €541,962 | €496,800 | €458,784 | ▼ 7.7% |
| Equity10/15 | €18,163 | €58,951 | €108,798 | €142,420 | €64,594 | ▼ 54.6% |
| Contributions10/11 | - | €11,000 | €11,000 | €11,000 | €11,000 | = |
| Reserves13 | €7,163 | €47,951 | €97,798 | €131,420 | €53,594 | ▼ 59.2% |
| Non-distributable reserves130/1 | - | €47,951 | - | - | - | - |
| Reserves not available under the articles1311 | - | €47,951 | - | - | - | - |
| Distributable reserves133 | - | - | €97,798 | €131,420 | €53,594 | ▼ 59.2% |
| Amounts payable17/49 | €263,980 | €405,177 | €433,163 | €354,380 | €394,191 | ▲ 11.2% |
| Amounts payable after more than one year17 | €119,944 | €266,575 | €249,579 | €232,397 | €185,014 | ▼ 20.4% |
| Financial debts170/4 | - | €266,575 | €249,579 | €232,397 | €185,014 | ▼ 20.4% |
| Amounts payable within one year42/48 | €144,036 | €138,602 | €183,584 | €121,983 | €209,177 | ▲ 71.5% |
| Current portion of amounts payable after more than one year42 | - | €16,806 | €20,345 | €35,182 | €17,383 | ▼ 50.6% |
| Trade debts44 | €67,634 | €104,116 | €154,659 | €19,992 | €30,293 | ▲ 51.5% |
| Suppliers440/4 | - | €104,116 | €154,659 | €19,992 | €30,293 | ▲ 51.5% |
| Advances received on contracts in progress46 | - | - | - | €4,085 | - | - |
| Taxes, remuneration and social security45 | - | €16,721 | €2,022 | €5,598 | - | - |
| Taxes450/3 | - | €16,721 | €2,022 | €3,138 | - | - |
| Remuneration and social security454/9 | - | - | - | €2,459 | - | - |
| Other amounts payable47/48 | - | €959 | €6,559 | €57,126 | €161,500 | ▲ 183% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €52,163 | €40,788 | €49,847 | €83,622 | €82,174 | ▼ 1.7% |
| + Depreciation and write-downs630 | €872 | €10,645 | €18,581 | €19,071 | €12,130 | ▼ 36.4% |
| Operating cash flow (approximation) | €53,035 | €51,433 | €68,429 | €102,693 | €94,304 | ▼ 8.2% |
| Investment in fixed assets (approximation) | - | -€214,395 | -€3,582 | -€2,220 | €16,077 | ▲ 824% |
| Change in cash | - | -€39,749 | €155,824 | -€31,652 | -€16,316 | ▲ 48.5% |
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
11-03
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema
2024
11-06
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema
2023
31-12
Financial
Highest result since 2020net €83,622 ▲67.8%
Operating result €100,269, net result €83,622, both a record.
05-06
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema
2022
31-12
Financial
Equity above €100,000Eq €108,798 ▲84.6%
3 profitable years in a row build equity to €108,798.
11-07
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
31-12
Financial
Weakest financial yearnet €40,788 ▼21.8%
Net result drops to €40,788, the lowest in the series; recovery starts the following year.
31-08
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 31 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 6 acts read
About the unread acts
We know of 6 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
6 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, Kampenhout · 1 establishment unit since 2020
Ground area
5,302 m²
Building footprint
172 m²
Volume, LiDAR
821 m³
Parcel 23008B0042/00C000, Flanders · tallest building 8.2 m, ±2 floors. Linked by address, not a title deed.
2
companies at this address
See who is registered here
1 establishment unit
All-In Projects
since 20202.298.484.977
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 23008B0042/00C000 | Flanders | 5,302 m² | 1 · 171 m² | 8.2 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.
Structure & network
Owners and holdings
2 ownersOwners 2
-
50%
-
50%
Holdings 0
No holding stated in the accounts, acts or LEI register we read.
According to the annual accounts of the other companies, the acts in the Belgian Gazette and the LEI register. The register of ultimate beneficial owners (UBO) is not public: who ultimately stands behind a natural person or a foreign parent is not stated here. A company that does not fill in these statements, or need not, is missing.
Connections & network
No current directors or connected companies found in the register.
Recognitions · licences · registrations
Dual-learning approval
2 live approvals · 1 endedSanitaire en verwarmingsinstallaties duaal (so)
Vakman installatietechnieken (vwo)
Show 1 ended approval
Sanitair installateur (so)
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Of 7,043 companies in sector 43221 we hold annual accounts for 3,475. 3,032 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
Founded17-01-2020
Fiscal year end31-12
Activities, NACEBEL 2025
43221Plumbing work
68121Development of residential building projects
33110Repair and maintenance of fabricated metal products
43222Installation of electric heating, air conditioning, cooling and ventilation
46836Wholesale trade
68122Development of non-residential building projects
Contact
E-mail
jeroenvanriet@me.comKampenhout
E-invoicing
Reachable via Peppol
Peppol ID
0208:0741699810
Also
9925:BE0741699810
Registered
29-12-2025
Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.