MULTI CONSTRUCTION
ActiveSummary
MULTI CONSTRUCTION has been active since 1997 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €4.0m and a net result of -€3.2m. Equity remains stable across the filed fiscal years (±2.1% per year). Its solvency ranks better than 24% of 839 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.6% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability52▲+52
Solvency42▼-13
Growth32=
Track record100
Bankruptcy probability, 12 months
0.6%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €220,000 at 30 days acceptable
Liquidity ample (current ratio 2.61 against 3.67 in 2024; short-term debt: 29.7% and cash: 0.5% of total assets), but 83.3% of the assets are financed with debt.
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Signals
Six 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 41
Relative position
BE, all sectors
reference
Construction of residential and non-residential buildings (NACE 41)
about 67% 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
16.7%
Return on assets
-13.7%
Age of the figures
9 mo
raises risk · Persistent losses
Two consecutive loss-making years (2024 and 2025); equity is also lower. May indicate structural pressure on profitability.
NBB · annual accounts 2025Net result per financial year
1819202122232425
2018 to 2025 · latest year -€3.2m
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 24% of 839 sector peers (2025).
NBB · sector comparisonPosition among 839 sector peers
Solvency
better than 24%
← weakest
strongest →
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 22-07-2026, 9 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
9 d early
2024
16 d early
2023
47 d early
2022
53 d early
2021
48 d early
2020
25 d early
2019
21 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 25 days before the deadline; the sector median for financial year 2024 is on the deadline day, and 46% 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
Go further with this company
How much credit can you give this customer, and on what term?Credit simulator What should you check before you do business with this company?Supplier due diligence Can you trust this company with building work?Contractor check Can you accept this company as a client under the anti-money-laundering law?AML client file What other support did companies like this one receive, and it did not?Subsidy mirror How does this company compare with its sector?Sector benchmark
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Financials · fiscal year 2025, full schema
In the rankings
#2 company by total assets in Destelbergen, Construction sector#2 company by equity in Destelbergen, Construction sector
Source amounts without an identifiable currency are assumed to be EUR.
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
-€3.2m▲ 22.4%
2024 · -€4.2m
Working capital
€11.3m▼ 31.5%
2024 · €16.5m
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-€431,142€518,587€1.0m▲ 98.4%-€4.0m€4.9m
Net result-€485,094€708,055€961,574▲ 35.8%-€4.2m-€3.2m▲ 22.4%
Equity€11.2m▼ 4.1%€11.7m▲ 4.1%€11.8m▲ 1.2%€7.2m▼ 39.2%€4.0m▼ 45.1%
Total assets€16.8m▼ 25.2%€21.5m▲ 27.8%€29.2m▲ 35.6%€23.8m▼ 18.5%€23.7m▼ 0.2%
Debt€4.7m▼ 52.4%€9.0m▲ 91.5%€17.4m▲ 92.0%€16.6m▼ 4.4%€19.8m▲ 19.2%
Working capital€10.7m▼ 4.1%€11.1m▲ 3.8%€11.0m▼ 0.5%€16.5m▲ 49.9%€11.3m▼ 31.5%
Staff (FTE)17.8▲ 10.6%18.7▲ 5.1%15.8▼ 15.5%16.7▲ 5.7%16.1▼ 3.6%
Result per fiscal year
Operating resultNet result
The operating result returns to profit in 2025: €4.9m after a loss of €4.0m in 2024, the highest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €23.7m
Fixed assets
€5.4m ▲ 409%
Current assets
€18.4m ▼ 19.2%
Equity and liabilities €23.7m
Equity
€4.0m ▼ 45.1%
Debt
€19.8m ▲ 19.2%
Debt's share of the balance-sheet total rises from 69.7% to 83.3%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€5.0m▲
2024 · -€3.9m
Cash flow
-€3.2m▲
2024 · -€4.1m
Current ratio
2.61▼
2024 · 3.67
Quick ratio
1.50▼
2024 · 2.55
Debt to equity
5.00▲
2024 · 2.30
ROE
-82.2%▼
2024 · -58.1%
ROA
-13.7%▲
2024 · -17.6%
Interest coverage
20.48▲
2024 · -16.18
Debt ≤ 1 year
€7.0m▲
2024 · €6.2m
Debt > 1 year
€12.7m▲
2024 · €10.4m
Income taxes
€81,246▲
2024 · €50,667
Staff costs
€974,321▼
2024 · €1.0m
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 | €331 | - | €134,939 | €1,100 | - | - |
| Remuneration, social security and pensions62 | €822,383 | €903,707 | €843,132 | €1.0m | €974,321 | ▼ 3.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €80,420 | €77,042 | €60,477 | €60,192 | €78,204 | ▲ 29.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | €259,806 | - | €35,000 | €5.0m | -€4.9m | ▼ 198% |
| Other operating charges640/8 | €11,901 | €11,092 | €48,234 | €389,461 | €213,109 | ▼ 45.3% |
| Non-recurring operating charges66A | - | - | - | - | €1,171 | - |
| Gross operating margin9900 | €743,366 | €1.5m | €2.0m | €2.5m | €1.3m | ▼ 48.7% |
| Operating profit (loss)9901 | -€431,142 | €518,587 | €1.0m | -€4.0m | €4.9m | ▲ 224% |
| Financial income75/76B | €161,256 | €296,474 | €165,830 | €62,046 | €406,170 | ▲ 555% |
| Recurring financial income75 | €161,256 | €203,504 | €165,830 | €62,046 | €6,439 | ▼ 89.6% |
| Non-recurring financial income76B | - | €92,970 | - | - | €399,731 | - |
| Financial charges65/66B | €112,158 | €56,964 | €161,743 | €240,880 | €8.5m | ▲ 3,423% |
| Recurring financial charges65 | €112,158 | €56,964 | €161,743 | €240,880 | €243,672 | ▲ 1.2% |
| Non-recurring financial charges66B | - | - | - | - | €8.2m | - |
| Profit (loss) for the period before taxes9903 | -€382,044 | €758,097 | €1.0m | -€4.1m | -€3.2m | ▲ 23.4% |
| Income taxes67/77 | €103,050 | €50,042 | €71,593 | €50,667 | €81,246 | ▲ 60.4% |
| Profit (loss) for the period9904 | -€485,094 | €708,055 | €961,574 | -€4.2m | -€3.2m | ▲ 22.4% |
| Profit (loss) for the period to be appropriated9905 | -€485,094 | €708,055 | €961,574 | -€4.2m | -€3.2m | ▲ 22.4% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €16.8m | €21.5m | €29.2m | €23.8m | €23.7m | ▼ 0.2% |
| Fixed assets21/28 | €1.4m | €1.4m | €813,542 | €1.1m | €5.4m | ▲ 409% |
| Tangible fixed assets22/27 | €1.4m | €1.3m | €749,102 | €989,104 | €936,326 | ▼ 5.3% |
| Land and buildings22 | €1.3m | €1.3m | €686,787 | €899,938 | €860,842 | ▼ 4.3% |
| Plant, machinery and equipment23 | €12,548 | €20,522 | €15,348 | €36,347 | €27,129 | ▼ 25.4% |
| Furniture and vehicles24 | €54,656 | €51,190 | €46,967 | €52,820 | €48,355 | ▼ 8.5% |
| Financial fixed assets28 | €64,440 | €64,440 | €64,440 | €64,440 | €4.4m | ▲ 6,776% |
| Current assets29/58 | €15.4m | €20.1m | €28.4m | €22.7m | €18.4m | ▼ 19.2% |
| Stocks and contracts in progress3 | €2.1m | €7.8m | €17.2m | €7.0m | €7.8m | ▲ 12.6% |
| Stocks30/36 | €2.1m | €543,085 | €1.1m | €2.4m | €4.2m | ▲ 75.5% |
| Contracts in progress37 | - | €7.2m | €16.2m | €4.5m | €3.6m | ▼ 20.9% |
| Amounts receivable within one year40/41 | €13.2m | €12.3m | €10.9m | €15.3m | €10.4m | ▼ 32.1% |
| Trade receivables40 | €2.1m | €819,391 | €557,374 | €8.6m | €5.5m | ▼ 35.9% |
| Other amounts receivable41 | €11.0m | €11.5m | €10.3m | €6.7m | €4.9m | ▼ 27.2% |
| Cash at bank and in hand54/58 | €148,238 | €78,001 | €237,780 | €445,609 | €121,940 | ▼ 72.6% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €16.8m | €21.5m | €29.2m | €23.8m | €23.7m | ▼ 0.2% |
| Equity10/15 | €11.2m | €11.7m | €11.8m | €7.2m | €4.0m | ▼ 45.1% |
| Contributions10/11 | €9.1m | €9.1m | €9.1m | €9.1m | €9.1m | = |
| Capital10 | €9.1m | €9.1m | €9.1m | €9.1m | €9.1m | = |
| Issued capital100 | €9.1m | €9.1m | €9.1m | €9.1m | €9.1m | = |
| Revaluation surpluses12 | - | - | - | €241,731 | €241,731 | = |
| Reserves13 | €2.0m | €2.0m | €2.0m | €2.0m | €2.0m | = |
| Non-distributable reserves130/1 | €905,000 | €905,000 | €905,000 | €905,000 | €905,000 | = |
| Legal reserve130 | €905,000 | €905,000 | €905,000 | €905,000 | €905,000 | = |
| Tax-exempt reserves132 | €104 | €104 | €104 | €104 | €104 | = |
| Distributable reserves133 | €1.0m | €1.0m | €1.0m | €1.0m | €1.0m | = |
| Profit (loss) carried forward14 | €247,638 | €705,693 | €847,267 | -€4.0m | -€7.3m | ▼ 80.5% |
| Provisions and deferred taxes16 | €879,946 | €786,976 | - | - | - | - |
| Provisions for liabilities and charges160/5 | €879,946 | €786,976 | - | - | - | - |
| Taxes161 | €879,946 | €786,976 | - | - | - | - |
| Amounts payable17/49 | €4.7m | €9.0m | €17.4m | €16.6m | €19.8m | ▲ 19.2% |
| Amounts payable after more than one year17 | - | - | - | €10.4m | €12.7m | ▲ 22.7% |
| Financial debts170/4 | - | - | - | €10.4m | €12.7m | ▲ 22.7% |
| Amounts payable within one year42/48 | €4.7m | €9.0m | €17.4m | €6.2m | €7.0m | ▲ 13.5% |
| Trade debts44 | €1.3m | €4.7m | €3.5m | €4.6m | €6.2m | ▲ 33.5% |
| Suppliers440/4 | €1.3m | €4.7m | €3.5m | €4.6m | €6.2m | ▲ 33.5% |
| Taxes, remuneration and social security45 | €811,785 | €829,807 | €1.3m | €855,317 | €862,352 | ▲ 0.8% |
| Taxes450/3 | €791,185 | €803,053 | €1.3m | €831,953 | €845,880 | ▲ 1.7% |
| Remuneration and social security454/9 | €20,600 | €26,754 | €27,402 | €23,363 | €16,472 | ▼ 29.5% |
| Other amounts payable47/48 | €2.6m | €3.5m | €12.5m | €720,414 | €1,445 | ▼ 99.8% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€485,094 | €708,055 | €961,574 | -€4.2m | -€3.2m | ▲ 22.4% |
| + Depreciation and write-downs630 | €80,420 | €77,042 | €60,477 | €60,192 | €78,204 | ▲ 29.9% |
| Operating cash flow (approximation) | -€404,674 | €785,097 | €1.0m | -€4.1m | -€3.2m | ▲ 23.1% |
| Investment in fixed assets (approximation) | - | -€31,463 | €528,156 | -€300,194 | -€4.4m | ▼ 1,363% |
| Change in cash | - | -€70,236 | €159,779 | €207,829 | -€323,668 | ▼ 256% |
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
22-07
NBB filing
Annual accounts filed
fiscal year 2025 · full schema
2025
15-07
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema
2024
31-12
Financial
Weakest financial yearnet -€4.2m
Net result drops to -€4.2m, the lowest in the series; recovery starts the following year.
31-12
Financial
Liquidity doublescurrent ratio 3.67
Current ratio from 1.64 to 3.67; short-term debt falls from €17.4m to €6.2m.
14-06
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema
2023
08-06
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema
2022
31-12
Financial
Back to profitnet €708,055
Net result €708,055 after one loss-making year.
13-06
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema
2021
06-07
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema
2020
31-12
Financial
Highest result since 2018net €1.2m ▲60.9%
Net result €1.2m, the highest in the series.
21-08
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema · 21 days late
2019
08-10
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema · 69 days late
2018
22-11
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema · 114 days late
2017
05-10
NBB filing
Annual accounts filed
fiscal year 2016 · full schema · 66 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 8 acts read
About the unread acts
We know of 8 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
8 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, Destelbergen · 1 establishment unit since 1998
Ground area
326 m²
Building footprint
221 m²
Volume, LiDAR
1,207 m³
Parcel 44028D0012/00C000, Flanders · tallest building 8.8 m, ±2 floors. Linked by address, not a title deed.
1 establishment unit
Molenweidestraat(HEU) 24, 9070 Destelbergen
since 19982.085.497.129
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 44028D0012/00C000 | Flanders | 326 m² | 1 · 221 m² | 8.8 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.
1 of these parcels carry protected heritage: expect extra rules on renovation or sale.
Public money · subsidies and aid
Flemish government
2024 · 1 entry · 402 EUR awarded · 402 EUR paid| Year | Entries | awarded | paid |
|---|---|---|---|
| 2024 | 1 | 402 EUR | 402 EUR |
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Of 29,787 companies in sector 41001 we hold annual accounts for 16,039. 2,373 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
Founded09-05-1997
Fiscal year end31-12
Activities, NACEBEL 2025
41001General construction of residential buildings
Scores and ratios are computed by Checked and are not a credit decision.