NR CONSTRUCT
ActiveSummary
NR CONSTRUCT has been active since 2016 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €6,523 and a net result of €2,907. Equity has been shrinking by about 23% per year since 2018. If that trend continues, it turns negative around financial year 2026. Its solvency ranks better than 83% of 34,954 sector peers (NACE 43, financial year 2025). The computed 12-month bankruptcy probability is 0.5% (low).
Overview
Overview
Official details
Source: KBO- Status
- Active since 20-01-2016 Normal situation
- Activity
- Other specialised construction activities NACE 43990
- Establishment units
- 2.250.067.527 1030 Schaarbeek, since 16-02-2016
- 2.391.158.876 1130 Brussel, since 01-07-2026
- Financial year end
- 31 December
- Peppol
- Reachable since 06-04-2025
Financial position
- Bankruptcy probabilitywithin 12 months
- 0.5%
- Gross margin
- €4,824
- ▼ 9.9%
- Turnover
- ≈ €66,000
- estimated
- Profit
- €2,907
- ▼ 17.8%
- Equity
- €6,523
- ▲ 80.4%
- Total assets
- €8,387
- ▲ 72.5%
- 2025 accounts filed 61 days after the deadline
Score breakdownraises riskSize: total assets €8,387Last filed accounts filed 61 days late; 1 of the last 3 accounts latelowers riskLiquidity: current ratio 3.88, cash €2,845Equity €6,523 (77.8% of total assets)Show the evidence
Checked score
About 5 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
Calculation
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 90% of them on solvency, 82% on liquidity, 92% on profitability and 89% on growth.
The bankruptcy probability was computed on 03-11-2026 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.
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).
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The scores and ratios are Checked's own calculations, not a credit decision.
Signals
The company filed its last 7 accounts on average 2 days after the deadline. In the sector (NACE 43), the median for financial year 2024 was 1 day before the deadline, and 43% of those companies filed late.
Searched, nothing found (2)
Financials
Financials · financial year 2025, micro format
2025 annual accounts filed 61 days after the deadline Filed on 30 September 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00544304.
Annual accounts 2025 filed on 30-09-2026 at the NBB all 10 filings
Every figure per financial year
The operating result for 2025 is 17% lower than in 2024.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | - | - | €1,974 | - |
| Depreciation and write-downs of the year | - | - | - | €476 | €817 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Turnover70 | €372,824 | €191,943 | €192,742 | €93,488 | €86,257 | €21,000 | - | - | - |
| Goods, raw materials, services and sundry goods60/61 | - | - | - | €102,877 | €81,877 | €50,619 | - | - | - |
| Remuneration, social security and pensions62 | - | - | - | €18,274 | - | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €4,230 | €4,230 | €2,397 | - | - | - | €476 | €817 | ▲ 71.4% |
| Other operating charges640/8 | - | - | - | €1,054 | €1,319 | €1,494 | €1,204 | €957 | ▼ 20.6% |
| Gross operating margin9900 | €29,829 | €19,888 | €11,279 | -€9,390 | €4,379 | -€29,619 | €5,356 | €4,824 | ▼ 9.9% |
| Operating profit (loss)9901 | €23,978 | €14,285 | €5,563 | -€28,717 | €3,060 | -€31,113 | €3,675 | €3,050 | ▼ 17.0% |
| Financial income75/76B | - | - | - | €775 | €63 | - | €0 | €53 | ▲ 5,319× |
| Recurring financial income75 | €122 | - | €61 | €21 | €63 | - | €0 | €53 | ▲ 5,319× |
| Non-recurring financial income76B | - | - | - | €754 | €63 | - | €0 | - | - |
| Financial charges65/66B | - | - | - | €397 | €100 | €153 | €137 | €196 | ▲ 43.4% |
| Recurring financial charges65 | - | €58 | €49 | €71 | €45 | €47 | €70 | €196 | ▲ 181% |
| Non-recurring financial charges66B | - | - | - | €326 | €55 | €106 | €67 | - | - |
| Profit (loss) for the period before taxes9903 | €24,054 | €14,145 | €5,641 | -€28,339 | €3,023 | -€31,266 | €3,538 | €2,907 | ▼ 17.8% |
| Income taxes67/77 | €1,073 | €4,954 | - | €4,277 | - | - | - | - | - |
| Profit (loss) for the period9904 | €22,981 | €9,191 | €5,641 | -€32,616 | €3,023 | -€31,266 | €3,538 | €2,907 | ▼ 17.8% |
| Profit (loss) for the period to be appropriated9905 | €22,981 | €9,191 | €5,641 | -€32,616 | €3,023 | -€31,266 | €3,538 | €2,907 | ▼ 17.8% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €86,682 | €61,798 | €76,055 | €36,527 | €41,101 | €4,784 | €4,862 | €8,387 | ▲ 72.5% |
| Fixed assets21/28 | €6,627 | €2,397 | - | - | - | - | €1,974 | €1,157 | ▼ 41.4% |
| Tangible fixed assets22/27 | €6,627 | €2,397 | - | - | - | - | €1,974 | €1,157 | ▼ 41.4% |
| Furniture and vehicles24 | - | - | - | - | - | - | €1,974 | €1,157 | ▼ 41.4% |
| Current assets29/58 | €80,055 | €59,401 | €76,055 | €36,527 | €41,101 | €4,784 | €2,888 | €7,230 | ▲ 150% |
| Stocks and contracts in progress3 | - | - | - | - | €9,590 | - | - | - | - |
| Stocks30/36 | - | - | - | - | €9,590 | - | - | - | - |
| Amounts receivable within one year40/41 | €78,193 | €5,909 | €1,500 | €9,227 | €15,300 | €436 | €1,001 | €4,385 | ▲ 338% |
| Trade receivables40 | - | - | - | €1,210 | €8,026 | - | - | - | - |
| Other amounts receivable41 | - | - | - | €8,017 | €7,274 | €436 | €1,001 | €4,385 | ▲ 338% |
| Cash at bank and in hand54/58 | €1,862 | €53,492 | €74,555 | €27,300 | €16,211 | €4,349 | €1,887 | €2,845 | ▲ 50.8% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €86,682 | €61,798 | €76,055 | €36,527 | €41,101 | €4,784 | €4,862 | €8,387 | ▲ 72.5% |
| Equity10/15 | €36,855 | €46,046 | €54,878 | €28,262 | €31,344 | €78 | €3,616 | €6,523 | ▲ 80.4% |
| Contributions10/11 | €9,350 | €9,350 | - | €18,541 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Contributions outside capital11 | - | - | - | €18,541 | €18,600 | €18,600 | - | - | - |
| Share premium1100/10 | - | - | - | €18,541 | €18,600 | €18,600 | - | - | - |
| Reserves13 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Profit (loss) carried forward14 | €25,645 | €34,836 | €40,477 | €7,861 | €10,884 | -€20,382 | -€16,844 | -€13,937 | ▲ 17.3% |
| Amounts payable17/49 | €49,827 | €15,752 | €21,177 | €8,265 | €9,757 | €4,706 | €1,246 | €1,864 | ▲ 49.6% |
| Amounts payable within one year42/48 | €49,827 | €15,752 | €21,177 | €8,265 | €9,757 | €4,706 | €1,246 | €1,864 | ▲ 49.6% |
| Trade debts44 | €18,591 | €321 | €969 | €465 | €5,891 | €363 | - | €618 | - |
| Suppliers440/4 | - | - | - | €465 | €5,891 | €363 | - | €618 | - |
| Taxes, remuneration and social security45 | - | - | - | €7,800 | €3,866 | €1,246 | €1,246 | €1,246 | = |
| Taxes450/3 | - | - | - | - | - | €1,246 | €1,246 | €1,246 | = |
| Remuneration and social security454/9 | - | - | - | €7,800 | €3,866 | - | - | - | - |
| Other amounts payable47/48 | - | - | - | - | - | €3,097 | - | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €22,981 | €9,191 | €5,641 | -€32,616 | €3,023 | -€31,266 | €3,538 | €2,907 | ▼ 17.8% |
| + Depreciation and write-downs630 | €4,230 | €4,230 | €2,397 | - | - | - | €476 | €817 | ▲ 71.4% |
| Operating cash flow (approximation) | €27,211 | €13,421 | €8,038 | -€32,616 | €3,023 | -€31,266 | €4,014 | €3,724 | ▼ 7.2% |
| Investment in fixed assets (approximation) | - | €0 | - | - | - | - | - | €0 | - |
| Change in cash | - | €51,630 | €21,063 | -€47,255 | -€11,089 | -€11,862 | -€2,462 | €958 | - |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Historical observation
In July 2024, 34,693 companies had the same profile as NR CONSTRUCT has now. Two years later, 95.3% were still going and 0.7% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
That fits the bankruptcy probability of NR CONSTRUCT itself: 0.5% within 12 months.
Test of the method
The method was tested on the 497,446 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 34,693 companies, not a prediction for NR 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.
Filings with the National Bank (10)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 30-09-2026 | 2026-00544304 | |
| 31-12-2024 | micro format | 29-08-2025 | 2025-00476478 | |
| 31-12-2023 | micro format | 07-07-2024 | 2024-00230514 | |
| 31-12-2022 | micro format | 04-07-2023 | 2023-00205037 | |
| 31-12-2021 | micro format | 21-06-2022 | 2022-20086773 | |
| 31-12-2020 | micro format | 12-07-2021 | 2021-34100076 | |
| 31-12-2019 | full format | 31-08-2020 | 2020-48700388 | |
| 31-12-2018 | full format | 30-08-2019 | 2019-60400207 | |
| 31-12-2017 | full format | 10-07-2018 | 2018-31400162 | |
| 31-12-2016 | full format | 14-07-2017 | 2017-31200544 |
Board & ownership
Directors
Owners and capital
Shareholders
- Loutfi Adil to Loutfi Radi all shares
- Loutfi Radi to Loutfi Adil all shares
Capital transactions
- 24-12-2025 Capital conversion · mis à disposition pour des distributions futures
Mandate history
- Board
- began earlier
| Name | Functions and periods |
|---|---|
| Loutfi Radi |
|
| Loutfi Adil |
|
Network & group
NR CONSTRUCT shares no director with another company.
Companies at the same address
1 other companyConnections & network
1 current directorThe network starts from the directors of NR CONSTRUCT. Every other company they run is a node.
Timeline
Acts, filings and financial milestones
24-12
Gazette deed
Amendment of the articles · Legal-form changeLegal-form conversion · Capital conversion · Capital8 points ▸
- General meeting, 17-12-2025
- Legal-form conversion, “société à responsabilité limitée” (deed in French)
- Capital conversion, “mis à disposition pour des distributions futures” (deed in French)
- Amendment of the articles
- Capital
- Registered office clause, “1030 Schaerbeek, rue Lefrancq 16/2” (deed in French)
- Power of attorney, Guy Descamps
- Power of attorney
23-02
Gazette deed
Appointment: Loutfi Radi (director)Resignation: Loutfi Adil (director) · Share transfer4 points ▸
- General meeting, 13-02-2024
- Director appointment, Loutfi Radi (director)
- Director resignation, Loutfi Adil (director)
- Share transfer, Loutfi Adil → Loutfi Radi
09-06
Gazette deed
Resignation: Loutfi Radi (director)Appointment: Loutfi Adil (director) · Share transfer4 points ▸
- General meeting, 30-05-2023
- Director resignation, Loutfi Radi (director)
- Director appointment, Loutfi Adil (director)
- Share transfer, Loutfi Radi → Loutfi Adil
Show earlier events
Sources:Publications in the Belgian Official GazetteFilings with the National Bank
History
Company details
Register details
Identity
KBO recordRegistered office and establishments
Activities
NACEBEL 2025Codes under NACEBEL 2008
Invoicing and payment
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 0646.800.354
Financial year and general meeting
Accounts at the NBBSites & property
Buildings and parcels at the addresses
| Cadastral parcel | Region | Area | Buildings | Height / floors |
|---|---|---|---|---|
| 21821A0123/00H023 | Brussels | 296 m² | 1 · 78 m² | 10.3 m · 3 |
| 21909E0218/00S013 | Brussels | 101 m² | 1 · 68 m² | 12.1 m · 3 |