MULTI CONSTRUCTION
ActiveSummary
The computed 12-month bankruptcy probability of MULTI CONSTRUCTION is 2.6% (moderate). The 2025 annual accounts show equity of €4.0m and a net result of -€3.2m. Equity remains stable across the filed financial years (±2.1% per year). Its solvency ranks better than 25% of 1,026 sector peers (NACE 41, financial year 2025). The company has been active since 1997 and the Belgian Official Gazette contains no insolvency or warning signals.
Overview
- Staff
- 16.1 FTE
- Equity
- €4.0m
- Loss
- -€3.2m
- Parent
- FLODER · 99.99%
Why 51raises riskLoss of €3.2m, the second in a row (financial year 2025)Equity €4.0m (16.7% of total assets)Sector: Construction of residential and non-residential buildings (NACE 41)Liquidity: current ratio 2.61, cash €121,940, halvedShow the evidence
Checked score
About 3 in 100 comparable companies go bankrupt within 12 months (an estimate).
How it is calculated
The band follows from the bankruptcy probability, on a scale where 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 41, small): better than 28% on solvency, 45% on liquidity, 41% on profitability and 7% on growth.
The bankruptcy probability was computed on 27-10-2026 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.
Some facts cap the score, however low the probability. Negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late hold it at Fair at most (59); two missing filings, at Weak (44). An ongoing judicial reorganisation or the company's end (bankruptcy, dissolution, liquidation) holds it at Critical at most (24).
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Signals
This company filed its last 7 accounts on average 25 days before the deadline; the sector median (NACE 41) for financial year 2024 is on the deadline day, and 46% of those companies filed late.
Searched, nothing found (2)
- Annual accounts filedfinancial year 2025 · full…
- Annual accounts filedfinancial year 2024 · abbreviated…
- Amendment of the articles · Legal-form…Legal-form conversion · Capital conversion…
Financials · financial year 2025, full format
Source amounts without an identifiable currency are assumed to be EUR.
2021 to 2025, 5 financial years 2018 to 2025, 8 financial years
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.
What the company sold each financial year and what was left of it. A loss stands below the zero line.
What the company owns (total assets), how much of it is its own (equity) and how much it owes.
Short-term assets minus short-term debts. Above zero the company can pay its bills in the short term.
How much of each euro of turnover is left from operations (EBIT margin) and what the assets earn (return on assets).
The share of the company financed with its own means. The higher it is, the better it absorbs a shock.
Short-term assets per euro of short-term debt. Above 1 the short-term debts are covered.
Average staff in full-time equivalents (FTE).
Use the arrow keys on the chart for the figures per year.
Sector: the middle half of NACE 41, Construction of residential and non-residential buildings: a quarter of companies sit below it, a quarter above. Each year compared with accounts in the same format, and only where there are at least 30. Dashed line: the median. Available for Net result, Equity, Total assets, Working capital, Solvency, Current ratio, Return on assets (ROA), Staff (FTE).
Peer companies
Historical observationOf the 307 companies that looked in July 2024 the way this one looks now, 4.9% went bankrupt within 24 months and 88.9% are still going.
- Small
- 20 years or older
- solvency 10 to 30%
- a loss of 10% of the balance sheet or more
A further 1.0% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 2.6% over twelve months; the group does not contradict it.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,445 companies of July 2024 its group's bankruptcy share. Expected: 1.6%; actually bankrupt within 24 months: 1.7%.
| 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% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 74.5% 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 307 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.
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €331 | - | €0.1m | €0.001m | - | - |
| Remuneration, social security and pensions62 | - | - | - | €0.8m | €0.9m | €0.8m | €1.0m | €1.0m | ▼ 3.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.1m | €0.1m | €0.09m | €0.08m | €0.08m | €0.06m | €0.06m | €0.08m | ▲ 29.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | €0.3m | - | €0.04m | €5.0m | -€4.9m | - |
| Other operating charges640/8 | - | - | - | €0.01m | €0.01m | €0.05m | €0.4m | €0.2m | ▼ 45.3% |
| Non-recurring operating charges66A | - | - | - | - | - | - | - | €0.001m | - |
| Gross operating margin9900 | €1.7m | €1.9m | €1.0m | €0.7m | €1.5m | €2.0m | €2.5m | €1.3m | ▼ 48.7% |
| Operating profit (loss)9901 | €0.8m | €1.1m | €0.05m | -€0.4m | €0.5m | €1.0m | -€4.0m | €4.9m | - |
| Financial income75/76B | - | - | - | €0.2m | €0.3m | €0.2m | €0.06m | €0.4m | ▲ 555% |
| Recurring financial income75 | €0.2m | €0.2m | €0.3m | €0.2m | €0.2m | €0.2m | €0.06m | €0.006m | ▼ 89.6% |
| Non-recurring financial income76B | - | - | - | - | €0.09m | - | - | €0.4m | - |
| Financial charges65/66B | - | - | - | €0.1m | €0.06m | €0.2m | €0.2m | €8.5m | ▲ 35× |
| Recurring financial charges65 | €0.1m | €0.4m | €0.2m | €0.1m | €0.06m | €0.2m | €0.2m | €0.2m | ▲ 1.2% |
| Non-recurring financial charges66B | - | - | - | - | - | - | - | €8.2m | - |
| Profit (loss) for the period before taxes9903 | €0.8m | €0.8m | €0.1m | -€0.4m | €0.8m | €1.0m | -€4.1m | -€3.2m | ▲ 23.4% |
| Income taxes67/77 | €0.07m | €0.1m | €0.04m | €0.1m | €0.05m | €0.07m | €0.05m | €0.08m | ▲ 60.4% |
| Profit (loss) for the period9904 | €0.7m | €0.7m | €0.09m | -€0.5m | €0.7m | €1.0m | -€4.2m | -€3.2m | ▲ 22.4% |
| Profit (loss) for the period to be appropriated9905 | €0.7m | €0.7m | €0.09m | -€0.5m | €0.7m | €1.0m | -€4.2m | -€3.2m | ▲ 22.4% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €21.3m | €21.1m | €22.5m | €16.8m | €21.5m | €29.2m | €23.8m | €23.7m | ▼ 0.2% |
| Formation expenses20 | €0 | €0 | €0 | - | - | - | - | - | - |
| Fixed assets21/28 | €1.2m | €1.1m | €1.5m | €1.4m | €1.4m | €0.8m | €1.1m | €5.4m | ▲ 409% |
| Intangible fixed assets21 | €0 | €0 | €0 | - | - | - | - | - | - |
| Tangible fixed assets22/27 | €1.2m | €1.1m | €1.4m | €1.4m | €1.3m | €0.7m | €1.0m | €0.9m | ▼ 5.3% |
| Land and buildings22 | - | - | - | €1.3m | €1.3m | €0.7m | €0.9m | €0.9m | ▼ 4.3% |
| Plant, machinery and equipment23 | - | - | - | €0.01m | €0.02m | €0.02m | €0.04m | €0.03m | ▼ 25.4% |
| Furniture and vehicles24 | - | - | - | €0.05m | €0.05m | €0.05m | €0.05m | €0.05m | ▼ 8.5% |
| Financial fixed assets28 | €0.04m | €0.04m | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | €4.4m | ▲ 69× |
| Current assets29/58 | €20.0m | €20.0m | €21.0m | €15.4m | €20.1m | €28.4m | €22.7m | €18.4m | ▼ 19.2% |
| Stocks and contracts in progress3 | €4.2m | €3.6m | €2.3m | €2.1m | €7.8m | €17.2m | €7.0m | €7.8m | ▲ 12.6% |
| Stocks30/36 | - | - | - | €2.1m | €0.5m | €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 | €15.6m | €15.3m | €18.1m | €13.2m | €12.3m | €10.9m | €15.3m | €10.4m | ▼ 32.1% |
| Trade receivables40 | - | - | - | €2.1m | €0.8m | €0.6m | €8.6m | €5.5m | ▼ 35.9% |
| Other amounts receivable41 | - | - | - | €11.0m | €11.5m | €10.3m | €6.7m | €4.9m | ▼ 27.2% |
| Current investments50/53 | €0 | €0 | €0 | - | - | - | - | - | - |
| Cash at bank and in hand54/58 | €0.2m | €1.1m | €0.7m | €0.1m | €0.08m | €0.2m | €0.4m | €0.1m | ▼ 72.6% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €21.3m | €21.1m | €22.5m | €16.8m | €21.5m | €29.2m | €23.8m | €23.7m | ▼ 0.2% |
| Equity10/15 | €11.1m | €11.2m | €11.7m | €11.2m | €11.7m | €11.8m | €7.2m | €4.0m | ▼ 45.1% |
| Contributions10/11 | €9.1m | €9.1m | €9.1m | €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 | - | - | - | - | - | - | €0.2m | €0.2m | = |
| Reserves13 | €2.0m | €2.0m | €2.0m | €2.0m | €2.0m | €2.0m | €2.0m | €2.0m | = |
| Non-distributable reserves130/1 | - | - | - | €0.9m | €0.9m | €0.9m | €0.9m | €0.9m | = |
| Legal reserve130 | - | - | - | €0.9m | €0.9m | €0.9m | €0.9m | €0.9m | = |
| Tax-exempt reserves132 | - | - | - | €104 | €104 | €104 | €104 | €104 | = |
| Distributable reserves133 | - | - | - | €1.0m | €1.0m | €1.0m | €1.0m | €1.0m | = |
| Profit (loss) carried forward14 | €0.1m | €0.2m | €0.7m | €0.2m | €0.7m | €0.8m | -€4.0m | -€7.3m | ▼ 80.5% |
| Provisions and deferred taxes16 | €0.9m | €0.9m | €0.9m | €0.9m | €0.8m | - | - | - | - |
| Provisions for liabilities and charges160/5 | - | - | - | €0.9m | €0.8m | - | - | - | - |
| Taxes161 | - | - | - | €0.9m | €0.8m | - | - | - | - |
| Amounts payable17/49 | €9.2m | €9.1m | €9.9m | €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 | €9.2m | €8.1m | €9.9m | €4.7m | €9.0m | €17.4m | €6.2m | €7.0m | ▲ 13.5% |
| Trade debts44 | €3.0m | €2.2m | €3.5m | €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 | - | - | - | €0.8m | €0.8m | €1.3m | €0.9m | €0.9m | ▲ 0.8% |
| Taxes450/3 | - | - | - | €0.8m | €0.8m | €1.3m | €0.8m | €0.8m | ▲ 1.7% |
| Remuneration and social security454/9 | - | - | - | €0.02m | €0.03m | €0.03m | €0.02m | €0.02m | ▼ 29.5% |
| Other amounts payable47/48 | - | - | - | €2.6m | €3.5m | €12.5m | €0.7m | €0.001m | ▼ 99.8% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €0.7m | €0.7m | €0.09m | -€0.5m | €0.7m | €1.0m | -€4.2m | -€3.2m | ▲ 22.4% |
| + Depreciation and write-downs630 | €0.1m | €0.1m | €0.09m | €0.08m | €0.08m | €0.06m | €0.06m | €0.08m | ▲ 29.9% |
| Operating cash flow (approximation) | €0.8m | €0.8m | €0.2m | -€0.4m | €0.8m | €1.0m | -€4.1m | -€3.2m | ▲ 23.1% |
| Investment in fixed assets (approximation) | - | -€0.02m | -€0.4m | -€0.05m | -€0.03m | €0.5m | -€0.3m | -€4.4m | ▼ 1,363% |
| Change in cash | - | €0.9m | -€0.4m | -€0.5m | -€0.07m | €0.2m | €0.2m | -€0.3m | - |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Latest 10 of 28 filings with the National Bank
| Financial year | Type | Filed | Reference |
|---|---|---|---|
| 31-12-2025 | full format | 22-07-2026 | 2026-00318620 |
| 31-12-2024 | abbreviated format | 15-07-2025 | 2025-00271478 |
| 31-12-2023 | abbreviated format | 14-06-2024 | 2024-00142778 |
| 31-12-2022 | abbreviated format | 08-06-2023 | 2023-00114173 |
| 31-12-2021 | abbreviated format | 13-06-2022 | 2022-20065479 |
| 31-12-2020 | abbreviated format | 06-07-2021 | 2021-32400301 |
| 31-12-2019 | abbreviated format | 21-08-2020 | 2020-43600282 |
| 31-12-2018 | abbreviated format | 08-10-2019 | 2019-69000567 |
| 31-12-2017 | abbreviated format | 22-11-2018 | 2018-72700111 |
| 31-12-2016 | full format | 05-10-2017 | 2017-66500169 |
Similar companies · same sector, comparable size
Subsidies and aid
Flemish government
2024 · 1 entry · €402 awarded · €402 paidPublic contracts: No European public contracts awarded found since October 2016. Contracts below the EU thresholds are not in TED.
Directors
Owners and capital
Owners
1 ownerChain of control
- HOTEL DE FLANDRE
- FLODER
- MULTI CONSTRUCTION
Highest known parent: HOTEL DE FLANDRE. The sources do not say who stands above it.
Owners 1
- FLODERparent99.99%
Sources: the companies' annual accounts, the acts in the Belgian Official Gazette and the LEI register. Annual accounts state the shareholders that notified the company under article 7:225 of the Code of Companies and Associations and the parent companies that consolidate it. 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 include these statements in its annual accounts, or does not have to, is not listed.
Capital and shareholders
- 05-06-2025 Converted to unavailable equity
Group and network
Connections & network
The network starts from this company’s shareholders. What else they own or run appears here as nodes.
History
Acts, filings and financial milestones
05-06
Gazette deed
Amendment of the articles · Legal-form change · Resignations & appointmentsLegal-form conversion · Capital conversion · Reserve release6 facts ▸
- General meeting, 27-05-2025
- Legal-form conversion, “Besloten vennootschap” (deed in Dutch)
- Capital conversion, “statutair onbeschikbare eigen vermogensrekening” (deed in Dutch)
- Reserve release, “opheffing, middelen beschikbaar voor uitkering” (deed in Dutch)
- Amendment of the articles
- Capital
Show earlier events
About the unread acts
Of the 8 Belgian Official Gazette deeds we know for this company, 1 has been read. The other 7 have not been read yet: what they contain is neither established nor disproved here.
Register details
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 27 October 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.
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, with enterprise number 0460.644.585
Environmental permits
Source: Omgevingsloket Vlaanderen. Flanders only: Brussels and Wallonia do not publish the applicant.
Sites & property
1 establishment unit
1 parcel
| Cadastral parcel | Region | Area | Buildings | Height / floors |
|---|---|---|---|---|
| 44028D0012/00C000 | Flanders | 326 m² | 1 · 221 m² | 8.8 m · 2 |
How the parcels are linked
Articles of association
What the company does
- PurposeThe activities the company may carry out under its articles.
- “De aankoop en de verkoop van alle onbebouwde en gebouwde onroerende goederen van alle aard en voor alle bestemmingen; het verkavelen…” (deed in Dutch)
4 activities (deed in Dutch)
- De aankoop en de verkoop van alle onbebouwde en gebouwde onroerende goederen van alle aard en voor alle bestemmingen; het verkavelen, uitrusten, inrichten en tot waarde brengen op alle mogelijke wijzen van alle ongebouwde onroerende goederen; het bouwen, verbouwen, aanpassen, herstellen van alle gebouwen en constructies door middel van alle technieken en in alle stadia van afwerking.
- Het huren, verhuren en uitbaten op alle mogelijke wijzen van alle mogelijke gebouwde en ongebouwde goederen.
- Het in bewaring nemen van onroerende goederen; de specifieke activiteit van de onroerende promotie en van de onroerende bemiddeling en makelarij.
- Het aanvaarden en uitoefenen van alle mandaten en opdrachten in de bouwsector.
- DurationHow long the company exists; usually unlimited, so until it is dissolved.
- Unlimited
- Name clauseThe name the company operates under according to its articles.
- MULTI CONSTRUCTION
- Registered office clauseThe region of the registered office; it decides among other things the language of official documents.
- “Vlaams Gewest, administratieve zetels,agentschappen,werkhuizen,stapelplaatsen en bijkantoren in België of in het buitenland bij enkel…” (deed in Dutch)
Who represents it, and how
- Who signsWho may bind the company towards others, for example by signing a contract.
- Each director alone
- Board ruleHow the board is made up, meets and takes decisions.
- “Met of zonder beperking van duur, 1” (deed in Dutch)“Behalve deze die de wet of de statuten aan de algemene vergadering voorbehouden, geheel van de bevoegdheden aan hem toegekend” (deed in Dutch)
Meetings and financial year
- Annual meetingWhen the shareholders meet each year, among other things to approve the annual accounts.
- Second Monday of May at 18:00