Turnover
≈ €160,000 estimated
The accounts state no turnover.
MULTI-CONSTRUCT GROUP
Overview
Lifetime
2 annual accounts with figures on one time axispeak €53,533 (2024)
€35,312▼ 34.0%
peak €21,376 (2024)
€2,364▼ 88.9%
peak €32,855 (2025)
€32,855▲ 7.8%
€164,009▲ 164%
Board1 name since 2023
1 directorPOGHOSYAN Vazgen
Documentsfilings and deeds
14-10-202675 days late
2025abbreviated format
Gross margin from €53,533 to €35,312Result from €21,376 to €2,364Debts from €62,202 to €164,009Investments €48,758Cash from €1,008 to €3,493
Key points
from the 2025 annual accountsDebts
€164,009 ▲ 164%
Debts rose by €101,807 in 2025.
Investments
€41,558 1.8 × depreciation
Green is investment, beige is depreciation.
Liquidity
0.87 was 1.29 in 2024
Short-term debts rose from €40,566 to €150,329.
Starting capital
€5,000 100 shares
Position in the sector
€32,855
Less equity than 83% of companies in specialised construction. Sector median €250,150 · 9,975 companies.
2025 accounts filed 75 days after the deadline
Checked score
37
Weak
Financially stronger than 29% of micro companies in specialised construction (NACE 43)
Probability in this band: 4.2% to 15.0%
Bankruptcy probability within 12 months
4.5% Elevated
0%0.5%1.5%4%10%≥ 25%
The dashed line is the sector median: 0.7% across 47,696 companies (NACE 43, micro).
About 5 in 100 comparable companies go bankrupt within 12 months (an estimate).
Last 24 months
12-2024: 3.0%lowest value
01-2025: 3.2%▲ +0.2 percentage points vs 12-2024
02-2025: 3.3%▲ +0.1 percentage points vs 01-2025
03-2025: 3.3%● unchanged vs 02-2025
04-2025: 3.3%● unchanged vs 03-2025
05-2025: 3.3%● unchanged vs 04-2025
06-2025: 3.3%● unchanged vs 05-2025
07-2025: 3.3%● unchanged vs 06-2025
08-2025: 3.3%● unchanged vs 07-2025
09-2025: 7.3%▲ +4.0 percentage points vs 08-2025highest value
10-2025: 7.2%▼ -0.1 percentage points vs 09-2025
11-2025: 4.1%▼ -3.1 percentage points vs 10-2025
12-2025: 4.1%● unchanged vs 11-2025
01-2026: 4.0%▼ -0.1 percentage points vs 12-2025
02-2026: 4.0%● unchanged vs 01-2026
03-2026: 4.0%● unchanged vs 02-2026
04-2026: 4.0%● unchanged vs 03-2026
05-2026: 4.1%▲ +0.1 percentage points vs 04-2026
06-2026: 4.1%● unchanged vs 05-2026
07-2026: 4.1%● unchanged vs 06-2026
08-2026: 4.9%▲ +0.8 percentage points vs 07-2026
09-2026: 5.1%▲ +0.2 percentage points vs 08-2026
10-2026: 4.5%▼ -0.6 percentage points vs 09-2026
11-2026: 4.5%● unchanged vs 10-2026
Financial strengthWeak
Score breakdown
raises risk
Last filed accounts filed 75 days late; 2 of the last 3 accounts late
Founded in 2023
Sector: Specialised construction activities (NACE 43)
Size: total assets €196,864
Calculation
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 19% of them on solvency, 6% on liquidity, 38% on profitability and 51% on growth.
The bankruptcy probability was computed on 10-11-2026 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 elevated class on 30-06-2025, 6.3% 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).
Comparable companies, two years later
In July 2024, 2,542 companies had the same profile as MULTI-CONSTRUCT GROUP has now. Each dot stands for 7 companies, two years later.
95.0%
were still trading
1.2%
stopped another way
3.5%
went bankrupt
Another 0.3% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of MULTI-CONSTRUCT GROUP itself: 4.5% within 12 months.
Test of the method
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 2,542 companies, not a prediction for MULTI-CONSTRUCT GROUP. 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.
Credit verdict
Credit of up to €1,000 on 30-day terms, only on tighter conditions: elevated estimated bankruptcy probability calls for adjusted credit terms
Liquidity is insufficient, with a current ratio of 0.87 (1.29 in 2024), below 1. Short-term debt is 76.4% and cash 1.8% of total assets. 83.3% of the assets are financed with debt and provisions.
Credit check for an amount and term of your choice
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.
Signals
Six signals.
raises risk
raises risk · Weak solvency compared with the sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 18% of 9973 sector peers (2025).
NBB · sector comparisonPosition among 9973 sector peers
Solvency
better than 18%
← weakest
strongest →
raises risk · 2025 accounts filed 75 days late
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 14-10-2026, 75 days later. Nearly half (47%) of Belgian companies file late; of those that file 1 to 90 days late, 2.0% are now bankrupt, dissolved or in another special legal status, against 1.66% of all filers. A delay like this does not count in the score.
NBB · 2 filingsDeviation from the deadline
2025
75 days late
2024
69 days late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
The company filed its last 2 accounts on average 72 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.
Searched, nothing found (2)
neutral · Next filing not due yet
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today.
Companies Code · seven monthsWhere today falls in the filing period
10-11-2026 today31-12-2026 year end31-07-2027 deadline
Recent changes
Registered in the Peppol Directory
Reachable for e-invoices through 0208:0798313364
First establishment
Bovelingenstraat (R.L.) 261, Heers
Incorporation
Founding capital of €5,000, 100 shares · Founder: POGHOSYAN Vazgen · Appointment: POGHOSYAN Vazgen (director) · published on 14-02-2023 · Gazette deed
Comparable companies
same main activity, similar in size and age| Company | ||||
|---|---|---|---|---|
| MULTI-CONSTRUCT GROUP Heers | €196,864 | €35,312 | 16.7% | - |
| J&S TECHNIX Lommel | €161,656 | €34,746 | 28.9% | - |
| KH ELEC Anderlues | €194,404 | €34,378 | 48.5% | - |
| HBR Elec Belgique Evere | €201,581 | €36,023 | 10.4% | - |
| DL-Technics BV Kortrijk | €188,204 | €38,169 | 30.0% | - |
| F & F Elec Tournai | €192,828 | €32,099 | 13.6% | - |
| srl FRANCOIS GREGORY Libin | €191,083 | €41,790 | 41.0% | - |
These companies have the same main activity as MULTI-CONSTRUCT GROUP: general electrical installation work (NACE 43211). They are comparable in size and age: total assets between €162,000 and €202,000, founded between 2022 and 2023.
Official details
Source: KBO- Status
- Active since 10-02-2023Normal situation
- Activity
- General electrical installation workNACE 43211and 2 others
- Establishment unit
- 2.343.592.8483870 Heers, since 14-02-2023
- Financial year end
- 31 December
- Peppol
- Reachable since 21-01-2026
Annual accounts 2025
- €35,312▼ 34.0%
- €2,364▼ 88.9%
- €32,855▲ 7.8%
- €196,864▲ 112%
- Filing
- Filed on 14-10-2026
Insights on MULTI-CONSTRUCT GROUP
The computed 12-month bankruptcy probability of MULTI-CONSTRUCT GROUP is 4.5% (elevated). The 2025 annual accounts show equity of €32,855 and a net result of €2,364.
Its solvency ranks better than 18% of 9,973 sector peers (NACE 43, financial year 2025). The company has been active since 2023 and the Belgian Official Gazette contains no insolvency or warning signals.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette.
Financials
Annual accounts 2025
abbreviated format, filed on 14-10-2026, 75 days late€35,312
▼ 34.0%
€7,988
▼ 75.3%
€2,364
▼ 88.9%
-€19,905
▼ €31,726
16.7%
▼ 16.2 percentage points
0.87
▼ 0.42
Turnover and EBIT margin are not published. The abbreviated or micro format does not require them. The turnover shown is an estimate from the gross margin.
Turnover ≈ €160,000. Estimated: probably between €110,000 and €230,000.
Balance sheet
balance sheet total €196,864 on 31-12-2025What the company ownsHow it is paid for
in euro
in euro
Position in the sector
16.7%
Higher than 18% of 9,973 companies in 2025.
0.87
Higher than 14% of 9,836 companies in 2025.
1.2%
Higher than 29% of 9,905 companies in 2025.
MULTI-CONSTRUCT GROUP
Middle half of the sector
80% of the sector
Abbreviated accounts in specialised construction (NACE 43)
Net result: middle half · Equity: bottom quarter · Balance sheet total: bottom quarter · Working capital: bottom quarter
Filed annual accounts
as filed with the National Bank, click a year to choose it| Line | Trend | 2025 | 2024 |
|---|---|---|---|
| Balance sheet: assets | |||
20/58 |
196,864 | 92,693 | |
21/28 |
66,440 | 40,305 | |
22/27 |
59,240 | 40,305 | |
23 |
680 | - | |
24 |
58,560 | 40,305 | |
28 |
7,200 | - | |
29/58 |
130,424 | 52,387 | |
40/41 |
125,435 | 51,379 | |
40 |
79,778 | 34,512 | |
41 |
45,657 | 16,867 | |
54/58 |
3,493 | 1,008 | |
490/1 |
1,496 | - | |
| Balance sheet: equity and liabilities | |||
10/49 |
196,864 | 92,693 | |
10/15 |
32,855 | 30,491 | |
10/11 |
5,000 | 5,000 | |
13 |
27,855 | 25,491 | |
133 |
27,855 | 25,491 | |
17/49 |
164,009 | 62,202 | |
17 |
13,680 | 21,636 | |
170/4 |
13,680 | 21,636 | |
42/48 |
150,329 | 40,566 | |
42 |
7,955 | 7,488 | |
44 |
130,220 | 24,748 | |
440/4 |
130,220 | 24,748 | |
45 |
12,154 | 8,330 | |
450/3 |
12,154 | 8,330 | |
| Income statement | |||
9900 |
35,312 | 53,533 | |
630 |
22,624 | 15,183 | |
640/8 |
4,700 | 6,056 | |
9901 |
7,988 | 32,294 | |
75/76B |
1,142 | 80 | |
75 |
1,142 | 80 | |
65/66B |
1,882 | 2,669 | |
65 |
1,882 | 2,669 | |
9903 |
7,248 | 29,706 | |
67/77 |
4,884 | 8,330 | |
9904 |
2,364 | 21,376 | |
9905 |
2,364 | 21,376 | |
| Appropriation of the result | |||
9906 |
2,364 | 25,491 | |
14P |
- | 4,115 | |
691/2 |
2,364 | 25,491 | |
6921 |
2,364 | 25,491 | |
| Document | |||
The notes to these accounts have 9 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 14-10-2026.
Filings
each dot is a set of accounts, on the day it reached the National Bank2025 annual accounts filed 75 days after the deadline. Filed on 14 October 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00559042.
Key figures and ratios
per financial year, computed from the annual accounts| Line | Trend | 2025 | 2024 |
|---|---|---|---|
| 30,612 | 47,477 | ||
| 24,988 | 36,559 | ||
| 48,758 | 15,000 | ||
| 2,485 | - | ||
| -19,905 | 11,821 | ||
| 16.7% | 32.9% | ||
| 0.87 | 1.29 | ||
| 4.99 | 2.04 | ||
| 7.2% | 70.1% | ||
| 1.2% | 23.1% | ||
| 16.27 | 17.79 |
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.
Investments
fixed assets acquired| Item | 2025 | 2024 |
|---|---|---|
| Tangible fixed assets | €41,558 | €15,000 |
| Financial fixed assets | €7,200 | - |
| €22,624 | €15,183 |
Source: notes to the 2024 to 2025 annual accounts (statement of fixed assets)
Insights on MULTI-CONSTRUCT GROUP
The operating result for 2025 is 75% lower than in 2024.
Debt's share of the balance-sheet total rises from 67.1% to 83.3%. Equity and debt are higher.
Board & ownership
Board
1 director, since incorporationDirector (not named in the articles)
appointed by deed of 14-02-2023
term without a fixed end
listed in the 2025 annual accounts, filed on 14-10-2026
- Signing authorityThe articles say who may bind the company, for example by signing a contract.
- “Artikel 11. Bevoegdheden van het bestuursorgaan Als er slechts één bestuurder is, is het geheel van de bevoegdheden van de bestuurders aan…”deed of 14-02-2023
Mandates through the years
1 name, the dashed line is todayPOGHOSYAN Vazgen
Director (not named in the articles)
Director (not named in the articles)
Board
Mandates as a list
- POGHOSYAN Vazgen
- Director (not named in the articles), appointed by deed of 14-02-2023, still in office
Control
Capital
- Contribution
- €5,000
- Shares
- 100
- Contribution per share
- €50
- Equity per share
- €329 in 2025
- Source
- deed of 14-02-2023
Articles of association
deed of 14-02-2023 (in Dutch)- DurationMost companies exist for an unlimited period, until they are dissolved.
- Unlimited
- Transfer restrictionThis rule says whether shareholders may sell their shares freely or need approval first.
- “Procedure-en expertisekosten voor helft ten laste van overdrager en helft ten laste van koper(s), elke overdracht onder levenden,ten…”
- Annual meetingThe shareholders approve the annual accounts, among other things, at the annual meeting.
- First Monday of June
- Statutory auditorA statutory auditor is a registered auditor who checks the annual accounts. Small companies need not have one. According to the deed, the legal criteria do not require one here.
- No statutory auditor
Shareholders
At incorporation
deed of 14-02-2023 ↗
- POGHOSYAN Vazgen 100 shares (100%) · €5,000 in cash
Network & group
No group
MULTI-CONSTRUCT GROUP has no parent and no holdings in its annual accounts. POGHOSYAN Vazgen is the only director. MULTI-CONSTRUCT GROUP shares no director with another company.
Timeline
Timeline
5 events since 2023Filings
Establishments
2023202420252026
Deadline for the 2026 accounts: 31-07-2027
2026
Annual accounts 2025 filed NBBabbreviated format · 75 days late
Registered in the Peppol Directory Reachable for e-invoices through 0208:0798313364
2025
Annual accounts 2024 filed PDFmicro format · 69 days late
2023
First establishment Bovelingenstraat (R.L.) 261, Heers
IncorporationFounding capital of €5,000, 100 shares · Founder: POGHOSYAN Vazgen · Appointment: POGHOSYAN Vazgen (director) · published on 14-02-20236 points ▸
- Founder, POGHOSYAN Vazgen
- Founding capital, €5,000, 100 shares
- 100 shares
- Registered office clause, Bovelingenstraat 261, 3870 Heers
- Board rule, 1
- Director appointment, POGHOSYAN Vazgen (director (not named in the articles))
- The deed holds 9 more points.
Sources: Publications in the Belgian Official GazetteFilings with the National Bank
History
On 10 February 2023, MULTI-CONSTRUCT GROUP was incorporated as a private limited company by one natural person, with a starting capital of €5,000.12 POGHOSYAN Vazgen is director of the company, appointed by deed of 14-02-2023.2 The company has filed 2 sets of annual accounts, the latest for financial year 2025.3
Company details
Identity
- Enterprise number
- 0798.313.364
- VAT number
- BE 0798.313.364
- Peppol ID
- 0208:0798313364
- Legal form
- Private limited company
- Status
- Active, normal situation
- Founded
- 10-02-2023
- Financial year
- ends on 31 December
- Annual meetingThe shareholders approve the annual accounts, among other things, at the annual meeting.
- First Monday of Junedeed of 14-02-2023 (in Dutch)
- Peppol
- Reachable since 21-01-2026Follow this company and you will hear the next morning if it leaves the Peppol register.
- Name
- MULTI-CONSTRUCT GROUP in Dutch
- Entity type
- Legal entity
- DurationMost companies exist for an unlimited period, until they are dissolved.
- Unlimiteddeed of 14-02-2023 (in Dutch)
- Registered office clauseThe articles name the region of the registered office. The language of official documents depends on that region, among other things.
- “Vlaams Gewest”deed of 14-02-2023 (in Dutch)
Activities
NACEBEL 202543211
General electrical installation work main activity
43230
Insulation installation
Codes under NACEBEL 2008
43211
Specialised construction activities main activity
41201
General construction of buildings
43291
Specialised construction activities
- PurposeThe purpose describes the activities the company may carry out under its articles.
- “Het samenstellen en beheren van een vastgoedportefeuille en het financieel verhuren van onroerend goed aan derden,in het bijzonder het door…”deed of 14-02-2023 (in Dutch)
11 activities
- Het samenstellen en beheren van een vastgoedportefeuille en het financieel verhuren van onroerend goed aan derden,in het bijzonder het door koop of anderszins verwerven,verkopen,ruilen,bouwen,verbouwen,transformeren,verbeteren,inrichten,ontwikkelen,verfraaien,onderhouden,exploitatie,verhuur,verhuur,verkaveling,prospectie en exploitatie van onroerend goed,evenals alle operaties die rechtstreeks of onrechtstreeks verband houden met dit object en die de groei en de terugkeer van een vastgoedpatrimonium kunnen bevorderen.
- De aankoop,verkoop,ruil,bouw,verbouwing,afbraak,transformatie,exploitatie,verhuur en beheer van alle gebouwde gebouwen,al dan niet gemeubileerd.
- De aankoop,verkoop,ruil,verbetering,verkaveling,exploitatie,huur en leasing van alle onontwikkelde gebouwen.
- Het algemene bouwbedrijf(d.w.z.grondwerken,ruwbouw,dakbedekking,isolatie,metselwerk,binnen-en buitenschrijnwerk,sanitair,loodgieterij,elektriciteit,tegelwerk,pleisterwerk,airconditioning,verwarming,afwerking,algemene coördinatie ter plaatse).
- Het ontwerpen,decoreren en inrichten van binnenruimtes;ontwerp,ontwerp,productie en marketing(inclusief aankoop,verkoop,import en export)van meubelen en decoratieartikelen.
- De installatie en exploitatie van fotovoltaïsche panelen voor de levering van elektriciteit en de daaraan verbonden rechten(groenestroomcertificaten en labels van garantie van oorsprong)en meer in het algemeen de exploitatie van energiesystemen;
- De fabricage,reparatie,onderhoud,distributie,distributie,aankoop,verkoop,import,export,verhuur en marketing in de meest algemene zin van fotovoltaïsche panelen en aanverwante apparatuur,niet-vervuilende energiesystemen,hernieuwbare energiesystemen en telecommunicatieapparatuur;
- Alle operaties en verbintenissen met betrekking tot hernieuwbare energie,en in het bijzonder fotovoltaïsche energie,energiebesparing,niet-vervuilende energiesystemen en milieubeschermingstechnieken;
- De import,export,inkoop,groot-en kleinhandel,verhuur,reparatie,storingzoeken en onderhoud van nieuwe en gebruikte voertuigen,zowel nieuwe als gebruikte boten,de sloopplaats,de handelsbemiddeling,sleepdiensten en alle carrosserie-en schilderwerken;
- In-en verkoop van nieuwe,vernieuwde en gebruikte banden;
- De onderneming kan een beroep doen op kredieten en financieringen,zowel intern als extern.
Registered office and establishments
1 establishment| Establishment | Since | Unit number |
|---|---|---|
| Bovelingenstraat (R.L.) 261 registered office 3870 Heers | 14-02-2023 | 2.343.592.848 |
Buildings and parcels at the address
- Ground area
- 719 m²
- Buildings
- 89 m²
- Volume, LiDAR
- 686 m³
- Tallest building
- 11.3 m
Buildings to scale, each on its own parcel
Parcels
| Cadastral parcel | Area | Buildings | Height / floors |
|---|---|---|---|
| 73049C0114/00V000 | 719 m² | 1 · 89 m² | 11.3 m · 3 |
Contact
E-mail
vazgen3003@gmail.com
Phone
+32 489 30 62 24
Invoicing and payment
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 0798.313.364