NOAH
ActiveSummary
NOAH has been active since 2006 and the Belgian State Gazette contains no insolvency or warning signals. The 2024 annual accounts show equity of €86,240 and a net result of €3,286. Equity remains stable across the filed fiscal years (±1.6% per year). Its solvency ranks better than 20% of 36386 sector peers (fiscal year 2024). The computed 12-month bankruptcy probability is 0.9% (low).
Checked score
Score 2024
Axes · tick = 2023
Profitability70▼-20
Solvency43=
Growth32▼-26
Track record100
Bankruptcy probability, 12 months
0.9%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €5,000 at 30 days only on tighter terms
Liquidity ample (current ratio 2.48 against 3.65 in 2023; short-term debt: 23.1% and cash: 20.8% of total assets), but 82.1% 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
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 43
Relative position
BE, all sectors
reference
Specialised construction activities (NACE 43)
about 85% 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
raises risk · Annual accounts: weaker financial profile
The latest annual accounts show a weaker profile in solvency, result or liquidity than companies that stay afloat.
NBB · annual accounts 2024Solvency, return and age of the figures
Solvency
17.9%
Return on assets
0.7%
Age of the figures
21 mo
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 20% of 36386 sector peers (2024).
NBB · sector comparisonPosition among 36386 sector peers
Solvency
better than 20%
← weakest
strongest →
lowers risk · Growing equity
Reported equity is higher than in 2022 and did not fall compared with 2023. These amounts do not establish the cause of the change.
NBB · annual accounts 2024Equity per financial year
182021222324
2018 to 2024 · latest year €86,240
raises risk · Filed more than 90 days late
The financial year that closed on 31-12-2024 was due by 31-07-2025 and was filed on 13-11-2025, 105 days past the deadline. Measured on financial year 2023: companies more than 90 days late are in an abnormal legal state today in 5.61% of cases, against 1.66% across all filers.
NBB · 10 filingsDeviation from the deadline
2025
not confirmed
2024
105 d late
2023
70 d early
2022
94 d late
2021
142 d late
2020
97 d late
2018
34 d late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 6 accounts on average 67 days after the deadline; the sector median for financial year 2024 is 1 day before the deadline, and 42% of the sector filed late.
Checked, nothing found (1)
History
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Financials · fiscal year 2024, micro schema
Equity
€86,240▲ 4.0%
2023 · €82,954
Total assets
€481,957▲ 6.2%
2023 · €453,649
Net result
€3,286▼ 95.8%
2023 · €78,781
Working capital
€164,424▼ 22.7%
2023 · €212,716
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 43, Specialised construction activities, each year against the same schema; no band under 30 filings. Dashed line: the median.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20202021202220232024
Operating result-€4,963--€47,056▼ 848%-€15,074▲ 68.0%€86,084€8,218▼ 90.5%
Net result-€7,352below the sector's middle half--€47,681below the sector's middle half▼ 549%-€19,400below the sector's middle half▲ 59.3%€78,781above the sector's middle half€3,286within the sector's middle half▼ 95.8%
Equity€71,255within the sector's middle half-€23,573within the sector's middle half▼ 66.9%€4,174below the sector's middle half▼ 82.3%€82,954within the sector's middle half▲ 1,888%€86,240within the sector's middle half▲ 4.0%
Total assets€359,270above the sector's middle half-€365,956above the sector's middle half▲ 1.9%€362,655above the sector's middle half▼ 0.9%€453,649above the sector's middle half▲ 25.1%€481,957above the sector's middle half▲ 6.2%
Debt€288,015-€342,383▲ 18.9%€358,482▲ 4.7%€370,694▲ 3.4%€395,717▲ 6.8%
Working capital€73,199within the sector's middle half-€161,575above the sector's middle half▲ 121%€129,266above the sector's middle half▼ 20.0%€212,716above the sector's middle half▲ 64.6%€164,424above the sector's middle half▼ 22.7%
Solvency19.8%below the sector's middle half-6.4%below the sector's middle half▼ 13.4pp1.2%below the sector's middle half▼ 5.3pp18.3%below the sector's middle half▲ 17.1pp17.9%below the sector's middle half▼ 0.4pp
Current ratio1.66within the sector's middle half-5.38above the sector's middle half▲ 3.723.08above the sector's middle half▼ 2.303.65above the sector's middle half▲ 0.572.48within the sector's middle half▼ 1.17
Return on assets (ROA)-2.0%below the sector's middle half--13.0%below the sector's middle half▼ 11.0pp-5.3%below the sector's middle half▲ 7.7pp17.4%within the sector's middle half▲ 22.7pp0.7%within the sector's middle half▼ 16.7pp
Staff (FTE)1.9within the sector's middle half-2.1▲ 10.5%2▼ 4.8%1.8▼ 10.0%1▼ 44.4%
above
within
below
the middle half (P25 to P75) of NACE 43, Specialised construction activities, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result falls in 2024; 2024 is 90% below 2023.
Balance-sheet composition
2024 in colour, 2023 as the grey bar beneath
Assets €481,957
Fixed assets
€206,385 ▲ 28.4%
Current assets
€275,572 ▼ 5.9%
Equity and liabilities €481,957
Equity
€86,240 ▲ 4.0%
Debt
€395,717 ▲ 6.8%
Debt's share of the balance-sheet total rises from 81.7% to 82.1%. Equity and debt are higher.
Key figures and ratios
EBITDA
€27,881▼
2023 · €97,383
Cash flow
€22,949▼
2023 · €90,079
Quick ratio
1.78▼
2023 · 3.06
Debt to equity
4.59▲
2023 · 4.47
ROE
3.8%▼
2023 · 95.0%
Interest coverage
7.16▼
2023 · 17.23
Debt ≤ 1 year
€111,149▲
2023 · €80,215
Debt > 1 year
€284,568▼
2023 · €290,479
Income taxes
€1,038▼
2023 · €1,660
Staff costs
€43,112▼
2023 · €69,122
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 3,980 companies that looked in July 2024 the way this one looks now, 1.1% went bankrupt within 24 months and 96% are still going.
- Micro
- 20 years or older
- solvency 10 to 30%
- a profit under 5% of the balance sheet
1.1%
went bankrupt
2.2%
stopped otherwise
96%
still going
A further 0.2% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.9% 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 497,662 companies of July 2024 its group's bankruptcy share. Expected: 1.5%; actually bankrupt within 24 months: 1.6%.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.4% |
| 3 | 0.5% | 0.5% |
| 4 | 0.6% | 0.7% |
| 5 | 0.8% | 0.9% |
| 6 | 1.2% | 1.3% |
| 7 | 1.5% | 1.7% |
| 8 | 1.7% | 1.7% |
| 9 | 2.7% | 2.8% |
| 10 | 5.3% | 5.7% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 75% 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 3,980 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.
Annual accounts
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | €678 | - |
| Remuneration, social security and pensions62 | - | €79,779 | €66,503 | €69,122 | €43,112 | ▼ 37.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €9,404 | €9,710 | €10,432 | €11,299 | €19,663 | ▲ 74.0% |
| Other operating charges640/8 | - | €2,426 | €4,015 | €1,920 | - | - |
| Gross operating margin9900 | €73,446 | €44,859 | €65,875 | €168,424 | €70,993 | ▼ 57.8% |
| Operating profit (loss)9901 | -€4,963 | -€47,056 | -€15,074 | €86,084 | €8,218 | ▼ 90.5% |
| Financial income75/76B | - | €31 | - | €10 | €0 | ▼ 99.0% |
| Recurring financial income75 | €175 | €31 | - | €10 | €0 | ▼ 99.0% |
| Financial charges65/66B | - | €497 | €4,099 | €5,653 | €3,894 | ▼ 31.1% |
| Recurring financial charges65 | €2,430 | €497 | €4,099 | €5,653 | €3,894 | ▼ 31.1% |
| Profit (loss) for the period before taxes9903 | -€7,219 | -€47,522 | -€19,173 | €80,441 | €4,324 | ▼ 94.6% |
| Income taxes67/77 | €133 | €160 | €227 | €1,660 | €1,038 | ▼ 37.5% |
| Profit (loss) for the period9904 | -€7,352 | -€47,681 | -€19,400 | €78,781 | €3,286 | ▼ 95.8% |
| Profit (loss) for the period to be appropriated9905 | -€7,352 | -€47,681 | -€19,400 | €78,781 | €3,286 | ▼ 95.8% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €359,270 | €365,956 | €362,655 | €453,649 | €481,957 | ▲ 6.2% |
| Fixed assets21/28 | €174,647 | €167,462 | €171,149 | €160,717 | €206,385 | ▲ 28.4% |
| Tangible fixed assets22/27 | €174,647 | €167,462 | €171,149 | €160,717 | €206,385 | ▲ 28.4% |
| Land and buildings22 | - | €162,371 | €155,104 | €147,837 | €140,570 | ▼ 4.9% |
| Plant, machinery and equipment23 | - | €4,678 | €5,822 | €4,032 | €13,018 | ▲ 223% |
| Furniture and vehicles24 | - | €413 | €10,223 | €8,848 | €52,797 | ▲ 497% |
| Current assets29/58 | €184,623 | €198,494 | €191,507 | €292,931 | €275,572 | ▼ 5.9% |
| Stocks and contracts in progress3 | €38,701 | €47,426 | €47,426 | €47,426 | €77,276 | ▲ 62.9% |
| Stocks30/36 | - | €47,426 | €47,426 | €47,426 | €77,276 | ▲ 62.9% |
| Amounts receivable within one year40/41 | €111,334 | €124,741 | €107,602 | €142,263 | €93,551 | ▼ 34.2% |
| Trade receivables40 | - | €111,521 | €106,816 | €142,263 | €75,764 | ▼ 46.7% |
| Other amounts receivable41 | - | €13,220 | €786 | - | €17,787 | - |
| Cash at bank and in hand54/58 | €32,224 | €22,652 | €35,513 | €103,242 | €100,332 | ▼ 2.8% |
| Deferred charges and accrued income490/1 | - | €3,674 | €966 | - | €4,414 | - |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €359,270 | €365,956 | €362,655 | €453,649 | €481,957 | ▲ 6.2% |
| Equity10/15 | €71,255 | €23,573 | €4,174 | €82,954 | €86,240 | ▲ 4.0% |
| Contributions10/11 | - | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Non-distributable reserves130/1 | - | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Reserves not available under the articles1311 | - | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Profit (loss) carried forward14 | €50,795 | €3,113 | -€16,286 | €62,494 | €65,780 | ▲ 5.3% |
| Amounts payable17/49 | €288,015 | €342,383 | €358,482 | €370,694 | €395,717 | ▲ 6.8% |
| Amounts payable after more than one year17 | €176,592 | €305,463 | €296,241 | €290,479 | €284,568 | ▼ 2.0% |
| Financial debts170/4 | - | €86,509 | €77,286 | €71,524 | €65,614 | ▼ 8.3% |
| Other amounts payable178/9 | - | €218,955 | €218,955 | €218,955 | €218,955 | = |
| Amounts payable within one year42/48 | €111,423 | €36,919 | €62,241 | €80,215 | €111,149 | ▲ 38.6% |
| Current portion of amounts payable after more than one year42 | - | - | €5,617 | €3,855 | €5,911 | ▲ 53.3% |
| Trade debts44 | €38,497 | €16,278 | €36,995 | €14,241 | €10,231 | ▼ 28.2% |
| Suppliers440/4 | - | €16,278 | €36,995 | €14,241 | €10,231 | ▼ 28.2% |
| Taxes, remuneration and social security45 | - | €12,309 | €8,943 | €34,268 | €6,673 | ▼ 80.5% |
| Taxes450/3 | - | €483 | €386 | €22,778 | €1,654 | ▼ 92.7% |
| Remuneration and social security454/9 | - | €11,826 | €8,557 | €11,490 | €5,019 | ▼ 56.3% |
| Other amounts payable47/48 | - | €8,332 | €10,686 | €27,851 | €88,334 | ▲ 217% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€7,352 | -€47,681 | -€19,400 | €78,781 | €3,286 | ▼ 95.8% |
| + Depreciation and write-downs630 | €9,404 | €9,710 | €10,432 | €11,299 | €19,663 | ▲ 74.0% |
| Operating cash flow (approximation) | €2,052 | -€37,971 | -€8,968 | €90,079 | €22,949 | ▼ 74.5% |
| Investment in fixed assets (approximation) | - | -€2,525 | -€14,119 | -€867 | -€65,331 | ▼ 7,435% |
| Change in cash | - | -€9,572 | €12,861 | €67,729 | -€2,911 | ▼ 104% |
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
2025
13-11
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 105 days late
2024
22-05
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
31-12
Financial
Back to profitnet €78,781
Net result €78,781 after 3 loss-making years.
02-11
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 94 days late
2022
20-12
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 142 days late
2021
31-12
Financial
Weakest financial yearnet -€47,681
Net result drops to -€47,681, the lowest in the series; recovery starts the following year.
31-12
Financial
Liquidity triplescurrent ratio 5.38
Current ratio from 1.66 to 5.38; short-term debt falls from €111,423 to €36,919.
05-11
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 97 days late
2019
03-09
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema · 34 days late
2018
10-08
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema · 10 days late
2017
19-09
NBB filing
Annual accounts filed
fiscal year 2016 · micro schema · 50 days late
2016
26-09
NBB filing
Annual accounts filed
fiscal year 2015 · abbreviated schema · 57 days late
2015
26-08
NBB filing
Annual accounts filed
fiscal year 2014 · abbreviated schema · 26 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, Beveren-Kruibeke-Zwijndrecht · 1 establishment unit since 2006
Ground area
5,431 m²
Building footprint
654 m²
Volume, LiDAR
56 m³
Parcel 11056B1034/00A000, Flanders · tallest building 4.6 m. Linked by address, not a title deed.
1 establishment unit
NOAH
since 20062.156.118.275
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 11056B1034/00A000 | Flanders | 5,430 m² | 1 · 654 m² | 4.6 m |
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.
Public money · subsidies and aid
Flemish government
2024 · 1 entry · 195 EUR awarded · 195 EUR paid| Year | Entries | awarded | paid |
|---|---|---|---|
| 2024 | 1 | 195 EUR | 195 EUR |
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Of 15,521 companies in sector 43990 we hold annual accounts for 7,423. 6,256 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
Founded31-08-2006
Fiscal year end31-12
Activities, NACEBEL 2025
41001General construction of residential buildings
43990Other specialised construction activities
43230Insulation installation
43310Plastering work
E-invoicing
Reachable via Peppol
Peppol ID
0208:0883247653
Registered
09-07-2026
Register as of 28 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.