MAENHOUT CONSTRUCT
ActiveSummary
MAENHOUT CONSTRUCT has been active since 2009 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €75,631 and a net result of €20,788. Equity is growing by ~2.9% per year across the filed fiscal years. Its solvency ranks better than 37% of 28051 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 1.1% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability64▼-1
Solvency60▲+8
Growth78=
Track record100
Bankruptcy probability, 12 months
1.1%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €4,500 at 30 days acceptable
Liquidity short (current ratio 0.81 against 0.68 in 2024; short-term debt: 19.1% and cash: 3.5% of total assets), and 64.8% 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
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
35.2%
Return on assets
9.7%
Age of the figures
9 mo
neutral · A punctual record breaks
This company filed 4 consecutive financial years on time. The year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 17-09-2026, 48 days late. Weigh it accordingly: a break into the 1-to-90-day band measures 1.41% abnormal legal state, below the 1.66% market average. It is a change in behaviour, not evidence of elevated risk.
NBB · 10 filingsDeviation from the deadline
2025
48 d late
2024
20 d early
2023
26 d early
2022
5 d early
2021
2 d early
2020
17 d late
2019
17 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 4 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 (2)
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
26-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, micro schema
Equity
€75,631▲ 37.9%
2024 · €54,843
Total assets
€215,037▲ 4.3%
2024 · €206,137
Net result
€20,788▲ 30.0%
2024 · €15,988
Working capital
-€7,925▲ 38.4%
2024 · -€12,872
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€4,259▼ 0.3%€3,783▼ 11.2%€21,321▲ 464%€30,361▲ 42.4%€31,987▲ 5.4%
Net result€68▼ 31.6%€381▲ 462%€9,782▲ 2,467%€15,988▲ 63.4%€20,788▲ 30.0%
Equity€47,278▲ 0.1%€47,659▲ 0.8%€38,855▼ 18.5%€54,843▲ 41.1%€75,631▲ 37.9%
Total assets€155,036▲ 25.0%€129,511▼ 16.5%€101,327▼ 21.8%€206,137▲ 103%€215,037▲ 4.3%
Debt€107,758▲ 40.2%€81,852▼ 24.0%€62,472▼ 23.7%€151,295▲ 142%€139,406▼ 7.9%
Working capital€54,591▼ 22.0%€30,772▼ 43.6%€10,247▼ 66.7%-€12,872-€7,925▲ 38.4%
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
After the dip in 2022 the operating result has climbed three years in a row; 2025 is 5% above 2024 and is the highest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €215,037
Fixed assets
€181,918 ▲ 2.0%
Current assets
€33,119 ▲ 19.3%
Equity and liabilities €215,037
Equity
€75,631 ▲ 37.9%
Debt
€139,406 ▼ 7.9%
Debt's share of the balance-sheet total falls from 73.4% to 64.8%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€40,981▲
2024 · €32,289
Cash flow
€29,783▲
2024 · €17,916
Current ratio
0.81▲
2024 · 0.68
Debt to equity
1.84▼
2024 · 2.76
ROE
27.5%▼
2024 · 29.2%
ROA
9.7%▲
2024 · 7.8%
Interest coverage
4.03▼
2024 · 4.34
Debt ≤ 1 year
€41,043▲
2024 · €40,644
Debt > 1 year
€98,135▼
2024 · €110,651
Income taxes
€10,732▲
2024 · €7,056
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | €60 | €47 | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €19,980 | €6,244 | €1,119 | €1,928 | €8,994 | ▲ 366% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | €7,512 | - | - | - | - | - |
| Other operating charges640/8 | €389 | €1,327 | €862 | €15,347 | €2,469 | ▼ 83.9% |
| Non-recurring operating charges66A | - | - | - | €185 | - | - |
| Gross operating margin9900 | €32,140 | €11,354 | €23,302 | €47,820 | €43,451 | ▼ 9.1% |
| Operating profit (loss)9901 | €4,259 | €3,783 | €21,321 | €30,361 | €31,987 | ▲ 5.4% |
| Financial income75/76B | €3 | €622 | €567 | €129 | €9,701 | ▲ 7,433% |
| Recurring financial income75 | €3 | €622 | €567 | €129 | €1,436 | ▲ 1,015% |
| Non-recurring financial income76B | - | - | - | - | €8,264 | - |
| Financial charges65/66B | €2,955 | €2,702 | €7,585 | €7,445 | €10,167 | ▲ 36.6% |
| Recurring financial charges65 | €2,955 | €2,702 | €7,585 | €7,445 | €10,167 | ▲ 36.6% |
| Profit (loss) for the period before taxes9903 | €1,307 | €1,703 | €14,302 | €23,044 | €31,520 | ▲ 36.8% |
| Income taxes67/77 | €1,239 | €1,322 | €4,520 | €7,056 | €10,732 | ▲ 52.1% |
| Profit (loss) for the period9904 | €68 | €381 | €9,782 | €15,988 | €20,788 | ▲ 30.0% |
| Profit (loss) for the period to be appropriated9905 | €68 | €381 | €9,782 | €15,988 | €20,788 | ▲ 30.0% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €155,036 | €129,511 | €101,327 | €206,137 | €215,037 | ▲ 4.3% |
| Fixed assets21/28 | €61,108 | €56,298 | €59,659 | €178,365 | €181,918 | ▲ 2.0% |
| Tangible fixed assets22/27 | €61,108 | €56,298 | €59,659 | €178,365 | €181,918 | ▲ 2.0% |
| Land and buildings22 | €55,000 | €55,000 | €55,000 | €169,434 | €163,684 | ▼ 3.4% |
| Plant, machinery and equipment23 | - | - | €3,648 | €7,666 | €17,278 | ▲ 125% |
| Furniture and vehicles24 | €6,108 | €1,298 | €1,011 | €1,265 | €956 | ▼ 24.4% |
| Current assets29/58 | €93,929 | €73,213 | €41,668 | €27,772 | €33,119 | ▲ 19.3% |
| Stocks and contracts in progress3 | €75,356 | €22,950 | €1,250 | - | - | - |
| Stocks30/36 | €75,356 | €22,950 | €1,250 | - | - | - |
| Amounts receivable within one year40/41 | €16,727 | €28,694 | €32,776 | €24,702 | €23,954 | ▼ 3.0% |
| Trade receivables40 | €12,855 | €9,576 | €25,029 | €18,826 | €21,078 | ▲ 12.0% |
| Other amounts receivable41 | €3,872 | €19,118 | €7,747 | €5,876 | €2,875 | ▼ 51.1% |
| Cash at bank and in hand54/58 | €1,846 | €21,569 | €7,642 | €3,070 | €7,473 | ▲ 143% |
| Deferred charges and accrued income490/1 | - | - | - | - | €1,692 | - |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €155,036 | €129,511 | €101,327 | €206,137 | €215,037 | ▲ 4.3% |
| Equity10/15 | €47,278 | €47,659 | €38,855 | €54,843 | €75,631 | ▲ 37.9% |
| Contributions10/11 | €20,000 | €20,000 | €20,000 | €20,000 | €20,000 | = |
| Reserves13 | €20,587 | €20,587 | €11,782 | €27,770 | €48,558 | ▲ 74.9% |
| Non-distributable reserves130/1 | €2,000 | €2,000 | - | - | - | - |
| Reserves not available under the articles1311 | €2,000 | €2,000 | - | - | - | - |
| Distributable reserves133 | €18,587 | €18,587 | €11,782 | €27,770 | €48,558 | ▲ 74.9% |
| Profit (loss) carried forward14 | €6,691 | €7,072 | €7,072 | €7,072 | €7,072 | = |
| Amounts payable17/49 | €107,758 | €81,852 | €62,472 | €151,295 | €139,406 | ▼ 7.9% |
| Amounts payable after more than one year17 | €68,421 | €39,411 | €30,179 | €110,651 | €98,135 | ▼ 11.3% |
| Financial debts170/4 | €68,421 | €39,411 | €30,179 | €110,651 | €98,135 | ▼ 11.3% |
| Amounts payable within one year42/48 | €39,337 | €42,441 | €31,421 | €40,644 | €41,043 | ▲ 1.0% |
| Current portion of amounts payable after more than one year42 | €13,704 | €29,011 | €9,231 | €11,529 | €12,516 | ▲ 8.6% |
| Trade debts44 | €12,070 | €10,761 | €15,098 | €10,614 | €2,731 | ▼ 74.3% |
| Suppliers440/4 | €12,070 | €10,761 | €15,098 | €10,614 | €2,731 | ▼ 74.3% |
| Advances received on contracts in progress46 | - | - | €1,259 | €3,894 | €4,555 | ▲ 16.9% |
| Taxes, remuneration and social security45 | €1,686 | €2,670 | €5,833 | €7,056 | €21,242 | ▲ 201% |
| Taxes450/3 | €1,686 | €2,670 | €5,833 | €7,056 | €20,092 | ▲ 185% |
| Remuneration and social security454/9 | - | - | - | - | €1,150 | - |
| Other amounts payable47/48 | €11,877 | - | - | €7,550 | - | - |
| Accrued charges and deferred income492/3 | - | - | €872 | - | €228 | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €68 | €381 | €9,782 | €15,988 | €20,788 | ▲ 30.0% |
| + Depreciation and write-downs630 | €19,980 | €6,244 | €1,119 | €1,928 | €8,994 | ▲ 366% |
| Operating cash flow (approximation) | €20,048 | €6,626 | €10,902 | €17,916 | €29,783 | ▲ 66.2% |
| Investment in fixed assets (approximation) | - | -€1,435 | -€4,480 | -€120,635 | -€12,548 | ▲ 89.6% |
| Change in cash | - | €19,723 | -€13,926 | -€4,573 | €4,403 | ▲ 196% |
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
2026
17-09
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema · 48 days late
2025
31-12
Financial
Highest result since 2018net €20,788 ▲30%
Operating result €31,987, net result €20,788, both a record.
11-07
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
05-07
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
26-07
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
29-07
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
31-12
Financial
Weakest financial yearnet €68 ▼31.6%
Net result drops to €68, the lowest in the series; recovery starts the following year.
17-08
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 17 days late
2020
17-08
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 17 days late
2019
29-08
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema · 29 days late
2018
03-09
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema · 34 days late
2017
10-07
NBB filing
Annual accounts filed
fiscal year 2016 · micro schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 3 acts read
About the unread acts
We know of 3 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
3 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, Oostende · 2 establishment units since 2009
Ground area
965 m²
Building footprint
365 m²
Volume, LiDAR
3,219 m³
2 parcels, Flanders · tallest building 19.6 m, ±3 floors. Linked by address, not a title deed.
2 establishment units
Boterbloemstraat 22, 8400 Oostende
since 20092.180.349.766
Stoffenhuys Paulette
since 20112.205.920.154
2 parcels
Flanders
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 35026B0303/04Z000 | Flanders | 695 m² | 1 · 95 m² | 11.0 m · 3 fl. |
| 35020B0446/12S000 | Flanders | 270 m² | 1 · 270 m² | 19.6 m · 2 fl. |
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.
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Of 4,270 companies in sector 43230 we hold annual accounts for 1,239. 1,041 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
Founded16-07-2009
Fiscal year end31-12
Activities, NACEBEL 2025
43230Insulation installation
43310Plastering work
43320Joinery installation
43910Bricklaying and masonry work
71209Other technical testing and analysis
74999Other professional, scientific and technical activities
Scores and ratios are computed by Checked and are not a credit decision.