Equity
Debts exceed assets in financial year 2025.
Debts exceed assets in financial year 2025.
The accounts state no turnover.
Board changed. Latest change 05-11-2026 · 1 in office.
Lower solvency than 95% of companies in specialised construction. Sector median 44.0% · 9,967 companies.
The dashed line is the sector median: 0.7% across 47,701 companies (NACE 43, micro).
About 2 in 100 comparable companies go bankrupt within 12 months (an estimate).
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 3% of them on solvency, 43% on liquidity and 19% on profitability.
The bankruptcy probability was computed on 07-11-2026 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 30-06-2025.
Of the companies with a bankruptcy probability in the moderate class on 30-06-2025, 2.4% 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).
In July 2024, 516 companies had the same profile as NL CONSTRUCT has now. Each dot stands for 2 companies, two years later.
Another 1.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of NL CONSTRUCT itself: 2.4% within 12 months.
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 516 companies, not a prediction for NL CONSTRUCT. 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.
Liquidity is insufficient, with a current ratio of 0.64 (2.18 in 2023), below 1. Short-term debt is 155.7% and cash 85.4% of total assets. Equity is negative.
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.
The company filed its last 2 accounts on average 147 days after the deadline. In the sector (NACE 43), the median for financial year 2023 was 1 day before the deadline, and 44% of those companies filed late.
| Company | ||||
|---|---|---|---|---|
| NL CONSTRUCT Kraainem | €9,296 | €1,369 | -55.7% | - |
| HBL COUNCIL Dilbeek | €10,389 | -€1,906 | 17.4% | - |
| PHENIX Ti11 Affligem | €10,121 | €2,084 | -218.6% | - |
| M POL Anderlecht | €9,965 | €375 | 80.9% | - |
| VITROSTAR Liedekerke | €13,438 | -€3,323 | 31.2% | - |
| PRO TILES Zaventem | €5,824 | -€1,234 | -8.6% | - |
| EMK Beringen | €13,449 | -€4,766 | 85.1% | - |
These companies have the same main activity as NL CONSTRUCT: floor and wall tiling (NACE 43331). They are comparable in size and age: total assets between €5,820 and €13,400, founded between 2021 and 2023.
The computed 12-month bankruptcy probability of NL CONSTRUCT is 2.4% (moderate). The 2025 annual accounts show negative equity (-€5,182) and a net result of €33.
Its solvency ranks better than 5% of 9,967 sector peers (NACE 43, financial year 2025). The company has been active since 2022 and the Belgian Official Gazette contains no insolvency or warning signals.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette.
Lower than 95% of 9,967 companies in 2025.
Higher than 8% of 9,830 companies in 2025.
Higher than 23% of 9,899 companies in 2025.
Net result: bottom quarter · Equity: bottom quarter · Balance sheet total: bottom quarter · Working capital: bottom quarter
| Line | Trend | 2025 | 2023 |
|---|---|---|---|
| Balance sheet: assets | |||
20/58 |
9,296 | 11,304 | |
29/58 |
9,296 | 11,304 | |
40/41 |
1,353 | 5,346 | |
40 |
- | 5,070 | |
41 |
1,353 | 276 | |
50/53 |
- | 5,957 | |
54/58 |
7,943 | - | |
| Balance sheet: equity and liabilities | |||
10/49 |
9,296 | 11,304 | |
10/15 |
-5,182 | 6,112 | |
10/11 |
2,500 | 2,500 | |
10 |
2,500 | 2,500 | |
100 |
2,500 | 2,500 | |
14 |
-7,682 | 3,612 | |
17/49 |
14,478 | 5,191 | |
42/48 |
14,478 | 5,191 | |
44 |
11,489 | 182 | |
440/4 |
11,489 | 182 | |
45 |
2,248 | 1,163 | |
450/3 |
2,248 | 1,163 | |
47/48 |
741 | 3,847 | |
| Income statement | |||
70 |
- | 21,943 | |
9900 |
1,369 | 5,172 | |
60/61 |
- | 16,771 | |
640/8 |
312 | 348 | |
9901 |
1,057 | 4,825 | |
65/66B |
891 | 49 | |
65 |
891 | 49 | |
9903 |
166 | 4,776 | |
67/77 |
134 | 1,163 | |
9904 |
33 | 3,612 | |
9905 |
33 | 3,612 | |
| Appropriation of the result | |||
9906 |
-7,682 | 3,612 | |
14P |
-7,715 | - | |
| Document | |||
Source: Annual accounts 2025 at the NBB, filed on 26-06-2026.
2025 annual accounts filed 146 days after the deadline. Filed on 26 June 2026, deadline 31 January 2026 (7 months after the close on 30 June 2025, Companies Code art. 3:10). Source: NBB, 2026-00204789.
| Line | Trend | 2025 | 2023 |
|---|---|---|---|
| -5,182 | 6,112 | ||
| - | 22.0% | ||
| -55.7% | 54.1% | ||
| 0.64 | 2.18 | ||
| - | 0.85 | ||
| - | 59.1% | ||
| 0.3% | 32.0% | ||
| - | 84 days | ||
| - | 4 days |
Debt to equity is not shown because equity is negative. Debt divided by negative equity means nothing.
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.
The operating result for 2025 is €1,057, against €4,825 in 2023. Comparable figures for the intervening years are unavailable.
Equity is negative. Debt (€14,478) exceeds the balance-sheet total (€9,296).
NL CONSTRUCT has no parent and no holdings in its annual accounts. BOS XAVIER is the only director. NL CONSTRUCT shares no director with another company.
| EFFICY
registered office since 13-03-2006 · founded in 2005 |
74 FTE (2025) 0875.895.449 |
| VERISURE
establishment since 15-11-2021 · founded in 1997 · group Verisure Midholding AB |
201 FTE (2025) 0459.866.904 |
| Efficy HoldCo
registered office since 16-10-2025 · founded in 2025 · group EFFICY |
total assets €124.5m (2025) 1029.273.829 |
| INFORMEX
registered office since 31-01-1983 · founded in 1983 |
12 FTE (2025) 0423.709.559 |
| NOVASOL
registered office since 13-06-1997 · founded in 1997 · group EGREGORA · accounts filed late |
13 FTE (2024) 0460.802.557 |
| Verzekeringskantoor Van Dessel
establishment since 01-04-2018 · founded in 1991 |
164 FTE (2025) 0446.433.491 |
| VERISURE SECURITY
establishment since 15-11-2021 · founded in 2005 · group Verisure Midholding AB |
390 FTE (2025) 0877.035.396 |
| Efficy Finco
registered office since 23-07-2025 · founded in 2025 · negative equity (2025) · group EFFICY |
total assets €30.0m (2025) 1025.813.503 |
| CENTER FOR CREATIVE LEADERSHIP
establishment since 27-07-1990 · founded in 1990 |
80 FTE (2019) 0544.219.785 |
| PerkinElmer (Belgium)
registered office since 18-10-2022 · founded in 2022 · accounts filed late |
32 FTE (2024) 0792.588.483 |
Deadline for the 2026 accounts: 31-01-2027
Sources: Publications in the Belgian Official GazetteFilings with the National Bank
NL CONSTRUCT was incorporated on 7 July 2022 as a private limited company by one natural person, with a starting capital of €2,500.12 BOS XAVIER is director of the company, appointed by deed of 05-11-2026.3 Total assets fell from €11,304 in 2023 to €9,296 in 2025.4
| Establishment | Since | Unit number |
|---|---|---|
| Steenweg op Mechelen 455 registered office 1950 Kraainem | ||
| Rue Grande 77 7370 Dour | 07-07-2022 | 2.334.507.710 |
| Cadastral parcel | Area | Buildings | Height / floors |
|---|---|---|---|
| 22002C0073/00N009 | 1.1 ha | 1 · 865 m² | 42.8 m · 14 |
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 0788.319.889
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