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Complete company report
Generated 04-09-2026
Active BE 1007.621.350Private limited company

MUST CONSTRUCT

Assesteenweg 116 ·1740 Ternat, Belgium· 2 yrs active
Sector: General construction of residential buildings (41001)
Conclusion Checked

The computed 12-month bankruptcy probability of MUST CONSTRUCT is 1.9% (moderate). The 2025 annual accounts show equity of €62k and a net result of €53k. Its solvency ranks better than 79% of 1093 sector peers (fiscal year 2025). The company has been active since 2024 and the Belgian State Gazette contains no insolvency or warning signals.

Based on the State Gazette, CBE and 2 annual accounts.
Key figures
Equity €62k
Net result €53k
Better than sector 79%
Active 2 yrs
Financial profile 5 of 5 axes measured · computed by Checked
Health100Profitability100Solvency100Growth78Stability82
92 / 100

Exceptional profile, strong across almost every axis.

All 5 axes are computed from data Checked has read.

Health 100
Profitability 100
Solvency 100
Growth 78
Stability 82
Bankruptcy probability (12 mo) Checked model v1 · free
1.9% Moderate
0%0,5%1,5%4%10%≥25%

How do we compute this?

Risk Assessment rule-based
0 / 100
Low risk
Trust signals 2 signals
Young company
Founded in 2024, under 3 years, statistically higher risk.
No legal incidents
No bankruptcy, reorganisation or interim measure in the Belgisch Staatsblad, and the KBO register records a normal legal situation.
Administrative Flags0 events
No strikeouts found in the KBO publications we processed. That series starts in 2021 and has gaps, so this is not a confirmation that there is nothing.
Checked score FY 2025 · computed
100 / 100 Excellent
050100
Computed from 5 of the 6 factors this model weighs. The rest cannot be derived from the filed figures, or need a prior year to compare against.

The full score breakdown, per-year score history and the indicative credit limit are in Kantoor S.

See plans →
Computed by Checked from the NBB filing for FY 2025. Indicative, not credit advice.
Financial overview2 NBB filings
Annual accounts filed on 10-07-2026 with the NBB · fiscal year 2025 · micro schema
€0€20k€40k€60kOperating result 2024: €9k€9kNet result 2024: €9k€9kOperating result 2025: €53k€53kNet result 2025: €53k€53k20242025
Operating resultNet result
Sector comparison
Fiscal year 2025 · NACE 41, Construction of residential and non-residential buildings · compared within the same schema type (micro schema)
Metric This company Sector median Position in the sector
Solvency 68.4% 42.3%
better than 79% of 1093 sector peers
Net result €53k €11k
better than 87% of 1093 sector peers
Equity €62k €35k
better than 68% of 1095 sector peers
Gross operating margin €91k €29k
better than 82% of 1092 sector peers
Staff costs €37k €17k
higher than 64% of 289 sector peers
EBITDA
€54k
+430.4% 24-25
Net profit
€53k
+489.0% 24-25
Cash flow
€54k
+431.5% 24-25
Total assets
€91k
+429.9% 24-25
Equity
€62k
+589.0% 24-25
Working capital
€58k
+1289.5% 24-25
Staff costs
€37k
- 24-25
Debt
€29k
+253.2% 24-25
Debt ≤ 1y
€29k
+253.2% 24-25
Current ratio
3.04
+100.2% 24-25
Quick ratio
3.04
+100.2% 24-25
Solvency
68.4%
+30.0% 24-25
Debt / equity
0.46
-48.7% 24-25
ROE
85.5%
-14.5% 24-25
ROA
58.5%
+11.2% 24-25
Interest coverage
646.77
+135.2% 24-25
Figures by fiscal year and ratios
Fiscal year2025
Depositmicro schema
Revenue-
EBITDA€54k
Net profit€53k
Cash flow€54k
Staff costs€37k
Income taxes-
Dividends-
Total assets€91k
Equity€62k
Debt€29k
of which ≤ 1y€29k
of which > 1y-
Working capital€58k
Employees (FTE)-
Ratios (computed)
2025
Current ratio3.04
Quick ratio3.04
Working capital ratio64.4%
Solvency68.4%
Debt / equity0.46
Long-term debt ratio-
Interest coverage646.77
Gross margin-
Net margin-
ROA58.5%
ROE85.5%
EBITDA margin-
Days sales outstanding-
Days payable outstanding-
Inventory turnover-
Days inventory (DSI)-
This table shows the latest fiscal year. 1 prior year, with figures and ratios, belongs to a paid plan. See plans →
Balance-sheet composition 2025
Full annual accounts (18 line items)
Filed balance sheet and income statement, exactly as deposited with the NBB.
Line item Code2025
Balance sheet, Assets
TOTAL ASSETS 20/58€91k
Fixed assets 21/28€4k
Tangible fixed assets 22/27€4k
Current assets 29/58€87k
Amounts receivable within one year 40/41€67k
Cash & bank 54/58€20k
Balance sheet, Equity & liabilities
TOTAL EQUITY & LIABILITIES 10/49€91k
Equity 10/15€62k
Accumulated profits (losses) 14€62k
Amounts payable 17/49€29k
Amounts payable within one year 42/48€29k
Trade debts payable within one year 44€16k
Income statement
Gross operating margin 9900€91k
Operating result 9901€53k
Financial charges 65€84
Result before taxes 9903€53k
Net result for the period 9904€53k
Result to be appropriated 9905€53k
Directors & mandates 3 directors
Current directors & mandates
  • AKBAR REHMAN
    Director
    State Gazette act 25013288 (27-01-2025)
    Current
    31-12-2024 → present
  • AKBAR SHAHZAD
    Director
    State Gazette act 25013288 (27-01-2025)
    Current
    31-12-2024 → present
Former directors (1)
  • RACHDI MUSTAPHA
    Director
    State Gazette act 25013288 (27-01-2025)
    Former
    - → 31-12-2024
Legal Structure
NACE primary General construction of residential buildings(41001)
Legal form Private limited company(610)
Incorporation27-03-2024
StatusActive
Postal code1740
Establishment units 1 location
Kruisstraat 334, 9600 Ronse
General construction of residential buildings
since 20242.357.751.185
Real-estate footprint Source: CBE × cadastre
Flanders 2 (100%)
Parcel (capakey) Region Area Buildings Height / fl.
45041A0337/02R000 Flanders 149 m² 1 · 101 m² 9.3 m · 1 fl.
23086A0354/00K002 Flanders 82 m² 1 · 58 m² 10.3 m · 3 fl.
Methodology
via registered seat: 1 · via establishment units: 1
2 of 2 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Updates 4 events
2025 2025: 2 State Gazette acts, 1 NBB filing 2026 2026: 1 NBB filing
2026
10-07-2026 NBB filing Annual accounts filed
fiscal year 2025 · micro schema
2025
13-10-2025 NBB filing Annual accounts filed
fiscal year 2024 · micro schema
19-06-2025 State Gazette act Capital & shares
No further detail in the source.
27-01-2025 State Gazette act Capital & shares
No further detail in the source.
Belgian State Gazette reading coverage 0 of 3 acts read

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.

Belgisch Staatsblad, acts 2 acts
Capital history · 2
19-06-2025
Capital change
27-01-2025
Capital change
All acts · 2 updated 1 year ago
2025
19-06-2025 Transaction in capital or shares Capital & shares
Technical details 
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  "events": [
    {
      "kind": "share_transfer",
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      "subscribers": [
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          "name": "AKBAR SHAHZAD",
          "share_class": null,
          "liberation_pct": null,
          "contribution_kind": null,
          "n_shares_subscribed": 10,
          "contribution_amount_eur": null
        }
      ],
      "decrease_purpose": null,
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      "statutory_unavailable_equity_op": null
    }
  ],
  "notary": {
    "name": null,
    "firm_city": null,
    "firm_name": null,
    "office_city": "Brussel",
    "is_associated": false
  },
  "act_meta": {
    "language": "nl",
    "pub_date": "2025-06-19",
    "filing_date": "2025-06-12",
    "act_kind_objet": "Onderwerp akte:"
  },
  "decision": {
    "body": "buitengewone_algemene_vergadering",
    "act_date": "2025-06-12",
    "unanimous": true,
    "under_authorized_capital": false,
    "underlying_resolution_date": "2025-04-12"
  },
  "bedrijfsrevisor": null,
  "subject_company": {
    "kbo": "1007.621.350",
    "name_full": "MUST CONSTRCUT",
    "legal_form": "BV",
    "is_foreign_registered": false
  },
  "publication_proxy": {
    "kind": "none",
    "org_kbo": null,
    "org_name": null,
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    "org_rep_person_name": null,
    "person_role_at_subject": null
  },
  "co_filed_documents": [],
  "shareholders_after": [
    {
      "kbo": null,
      "pct": 10.0,
      "kind": "person",
      "name": "AKBAR REHMAN",
      "role": "aandeelhouder",
      "n_shares": 10,
      "share_class": null
    },
    {
      "kbo": null,
      "pct": 0.0,
      "kind": "person",
      "name": "AKBAR SHAHZAD",
      "role": "aandeelhouder",
      "n_shares": 0,
      "share_class": null
    }
  ],
  "share_classes_after": []
}
27-01-2025 All shares are now held by a single shareholder Capital & shares
Technical details 
{
  "events": [
    {
      "kind": "eenhoofdigheid_declaration",
      "after_eur": null,
      "delta_eur": null,
      "before_eur": null,
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      "not_yet_called_eur": null,
      "merger_new_shares_n": null,
      "merger_exchange_ratio": null,
      "distribution_amount_eur": null,
      "statutory_unavailable_equity_op": null
    },
    {
      "kind": "share_transfer",
      "after_eur": null,
      "delta_eur": null,
      "before_eur": null,
      "subscribers": [
        {
          "kbo": null,
          "rrn": null,
          "kind": "person",
          "name": "RACHDI MUSTAPHA Levent",
          "share_class": null,
          "liberation_pct": null,
          "contribution_kind": null,
          "n_shares_subscribed": null,
          "contribution_amount_eur": null
        },
        {
          "kbo": null,
          "rrn": null,
          "kind": "person",
          "name": "AKBAR REHMAN",
          "share_class": null,
          "liberation_pct": null,
          "contribution_kind": null,
          "n_shares_subscribed": 90,
          "contribution_amount_eur": null
        },
        {
          "kbo": null,
          "rrn": null,
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          "share_class": null,
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          "contribution_amount_eur": null
        }
      ],
      "decrease_purpose": null,
      "contribution_type": null,
      "paid_up_delta_eur": null,
      "n_shares_destroyed": null,
      "not_yet_called_eur": null,
      "merger_new_shares_n": null,
      "merger_exchange_ratio": null,
      "distribution_amount_eur": null,
      "statutory_unavailable_equity_op": null
    }
  ],
  "notary": {
    "name": null,
    "firm_city": null,
    "firm_name": null,
    "office_city": "Luik",
    "is_associated": false
  },
  "act_meta": {
    "language": "nl",
    "pub_date": "2025-01-27",
    "filing_date": null,
    "act_kind_objet": "Onderwerp akte:"
  },
  "decision": {
    "body": "buitengewone_algemene_vergadering",
    "act_date": null,
    "unanimous": true,
    "under_authorized_capital": false,
    "underlying_resolution_date": "2024-12-31"
  },
  "bedrijfsrevisor": null,
  "subject_company": {
    "kbo": "1007.621.350",
    "name_full": "MUST CONSTRCUT",
    "legal_form": "BV",
    "is_foreign_registered": false
  },
  "publication_proxy": {
    "kind": "none",
    "org_kbo": null,
    "org_name": null,
    "person_name": null,
    "org_rep_person_name": null,
    "person_role_at_subject": null
  },
  "co_filed_documents": [],
  "shareholders_after": [
    {
      "kbo": null,
      "pct": null,
      "kind": "person",
      "name": "AKBAR REHMAN",
      "role": "aandeelhouder",
      "n_shares": 90,
      "share_class": null
    },
    {
      "kbo": null,
      "pct": null,
      "kind": "person",
      "name": "AKBAR SHAHZAD",
      "role": "aandeelhouder",
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      "share_class": null
    }
  ],
  "share_classes_after": []
}
Credit advice verdict per customer and amount
Company registry (CBE) Crossroads Bank
Activities
General construction of residential buildings41001
Names & trade names
Legal nameNL MUST CONSTRUCT
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Source: Belgian State Gazette, CBE, NBB · generated via checked.be · indicative