NSAP
ActiveSummary
NSAP has been active since 2012 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €51,345 and a net result of €9,539. Equity is growing by ~16.5% per year across the filed fiscal years. Its solvency ranks better than 57% of 28184 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.9% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability81▲+15
Solvency78▼-7
Growth85=
Track record100
Bankruptcy probability, 12 months
0.9%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €3,500 at 30 days acceptable
Liquidity ample (current ratio 2.43 against 1.86 in 2024; short-term debt: 26.8% and cash: 6.8% of total assets), and 46.5% of the assets are financed with debt.
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Signals
Four signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
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
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
53.5%
Return on assets
9.9%
Age of the figures
15 mo
neutral · Latest accounts filed on time
The financial year that closed on 30-06-2025 was due by 31-01-2026 and was filed on 08-01-2026, 23 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
23 d early
2024
15 d early
2023
23 d early
2022
40 d early
2021
39 d early
2020
9 d early
2019
2 d early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 7 accounts on average 22 days before 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 (2)
neutral · The next deadline is still running
The next financial year closes on 30-06-2026 and is due by 31-01-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
30-06-2026 close27-09-2026 today31-01-2027 deadline
History
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Financials · fiscal year 2025, micro schema
Turnover
€240,365▲ 154%
2020 · €94,469
EBIT margin
7.0%▲ 14.1pp
2020 · -7.1%
Net result
€9,539
2024 · -€1,417
Working capital
€36,704▲ 51.8%
2024 · €24,178
Trend over the years
Click a name to add, emphasise or remove a line.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Turnover€240,365
Operating result€17,978€16,821▼ 6.4%€9,226▼ 45.2%-€1,658€19,693
Net result€16,418€12,354▼ 24.8%€6,548▼ 47.0%-€1,417€9,539
EBIT margin7.0%
Equity€28,122▲ 125%€39,675▲ 41.1%€46,223▲ 16.5%€41,806▼ 9.6%€51,345▲ 22.8%
Total assets€30,422▲ 98.7%€57,159▲ 87.9%€113,315▲ 98.2%€69,945▼ 38.3%€95,982▲ 37.2%
Debt€2,300▼ 18.0%€17,484▲ 660%€67,091▲ 284%€28,139▼ 58.1%€44,637▲ 58.6%
Working capital€27,255▲ 162%€35,739▲ 31.1%€20,600▼ 42.4%€24,178▲ 17.4%€36,704▲ 51.8%
Result per fiscal year
Operating resultNet result
The operating result returns to profit in 2025: €19,693 after a loss of €1,658 in 2024, the highest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €95,982
Fixed assets
€33,526 ▲ 90.2%
Current assets
€62,456 ▲ 19.4%
Equity and liabilities €95,982
Equity
€51,345 ▲ 22.8%
Debt
€44,637 ▲ 58.6%
Debt's share of the balance-sheet total rises from 40.2% to 46.5%. Equity and debt are higher.
Key figures and ratios
EBITDA
€38,536▲
2024 · €10,120
Cash flow
€28,382▲
2024 · €10,361
Current ratio
2.43▲
2024 · 1.86
Quick ratio
1.75▲
2024 · 1.51
Debt to equity
0.87▲
2024 · 0.67
ROE
18.6%▲
2024 · -3.4%
ROA
9.9%▲
2024 · -2.0%
Interest coverage
7.90▼
2024 · 57.08
Debt ≤ 1 year
€25,752▼
2024 · €28,139
Debt > 1 year
€18,886
Income taxes
€5,274▲
2024 · -€415
Staff costs
€490▼
2024 · €8,055
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 34,672 companies that looked in July 2024 the way this one looks now, 0.6% went bankrupt within 24 months and 95% are still going.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
0.6%
went bankrupt
3.9%
stopped otherwise
95%
still going
A further 0.2% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a higher bankruptcy probability: 0.9% over twelve months. The score reads more about this company than the group's four characteristics; both figures are right about what they measure.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,058 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% | 1.6% |
| 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 74% 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 34,672 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 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Turnover70 | - | €240,365 | - | - | - | - |
| Goods, raw materials, services and sundry goods60/61 | - | €222,375 | - | - | - | - |
| Remuneration, social security and pensions62 | - | - | €13,353 | €8,055 | €490 | ▼ 93.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €1,961 | €920 | €7,789 | €11,778 | €18,843 | ▲ 60.0% |
| Other operating charges640/8 | - | €357 | €1,131 | €280 | €1,731 | ▲ 517% |
| Gross operating margin9900 | €20,476 | €18,098 | €31,499 | €18,455 | €40,757 | ▲ 121% |
| Operating profit (loss)9901 | €17,978 | €16,821 | €9,226 | -€1,658 | €19,693 | ▲ 1,288% |
| Financial income75/76B | - | €0 | €81 | €3 | - | - |
| Recurring financial income75 | €0 | €0 | €81 | €3 | - | - |
| Financial charges65/66B | - | €68 | €109 | €177 | €4,881 | ▲ 2,653% |
| Recurring financial charges65 | €60 | €68 | €109 | €177 | €4,881 | ▲ 2,653% |
| Profit (loss) for the period before taxes9903 | €17,918 | €16,754 | €9,198 | -€1,832 | €14,813 | ▲ 908% |
| Income taxes67/77 | €1,500 | €4,400 | €2,650 | -€415 | €5,274 | ▲ 1,371% |
| Profit (loss) for the period9904 | €16,418 | €12,354 | €6,548 | -€1,417 | €9,539 | ▲ 773% |
| Profit (loss) for the period to be appropriated9905 | €16,418 | €12,354 | €6,548 | -€1,417 | €9,539 | ▲ 773% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €30,422 | €57,159 | €113,315 | €69,945 | €95,982 | ▲ 37.2% |
| Fixed assets21/28 | €867 | €3,937 | €25,623 | €17,628 | €33,526 | ▲ 90.2% |
| Tangible fixed assets22/27 | €630 | €3,699 | €25,386 | €17,391 | €33,289 | ▲ 91.4% |
| Plant, machinery and equipment23 | - | €3,342 | €2,539 | €3,488 | €2,089 | ▼ 40.1% |
| Furniture and vehicles24 | - | €357 | €22,847 | €13,903 | €5,091 | ▼ 63.4% |
| Leasing and similar rights25 | - | - | - | - | €26,108 | - |
| Financial fixed assets28 | €237 | €237 | €237 | €237 | €237 | = |
| Current assets29/58 | €29,555 | €53,223 | €87,692 | €52,317 | €62,456 | ▲ 19.4% |
| Stocks and contracts in progress3 | - | - | - | €9,742 | €17,438 | ▲ 79.0% |
| Stocks30/36 | - | - | - | €9,742 | €17,438 | ▲ 79.0% |
| Amounts receivable within one year40/41 | €29,505 | €19,952 | €28,591 | €27,613 | €38,536 | ▲ 39.6% |
| Trade receivables40 | - | €16,378 | €23,967 | €27,064 | €37,589 | ▲ 38.9% |
| Other amounts receivable41 | - | €3,574 | €4,623 | €549 | €947 | ▲ 72.5% |
| Cash at bank and in hand54/58 | €50 | €32,962 | €58,102 | €14,332 | €6,483 | ▼ 54.8% |
| Deferred charges and accrued income490/1 | - | €309 | €999 | €630 | - | - |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €30,422 | €57,159 | €113,315 | €69,945 | €95,982 | ▲ 37.2% |
| Equity10/15 | €28,122 | €39,675 | €46,223 | €41,806 | €51,345 | ▲ 22.8% |
| Contributions10/11 | - | €7,000 | €7,000 | €7,000 | €7,000 | = |
| Outside capital11 | - | €7,000 | €7,000 | - | - | - |
| Other1109/19 | - | €7,000 | €7,000 | - | - | - |
| Reserves13 | €19,860 | €29,860 | €36,360 | €33,360 | €42,860 | ▲ 28.5% |
| 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 | = |
| Distributable reserves133 | - | €28,000 | €34,500 | €31,500 | €41,000 | ▲ 30.2% |
| Profit (loss) carried forward14 | €1,262 | €2,815 | €2,863 | €1,446 | €1,485 | ▲ 2.7% |
| Amounts payable17/49 | €2,300 | €17,484 | €67,091 | €28,139 | €44,637 | ▲ 58.6% |
| Amounts payable after more than one year17 | - | - | - | - | €18,886 | - |
| Financial debts170/4 | - | - | - | - | €18,886 | - |
| Amounts payable within one year42/48 | €2,300 | €17,484 | €67,091 | €28,139 | €25,752 | ▼ 8.5% |
| Current portion of amounts payable after more than one year42 | - | - | €17,568 | €9,209 | €3,205 | ▼ 65.2% |
| Trade debts44 | - | €7,844 | €38,964 | €13,028 | €5,732 | ▼ 56.0% |
| Suppliers440/4 | - | €7,844 | €38,964 | €13,028 | €5,732 | ▼ 56.0% |
| Taxes, remuneration and social security45 | - | €8,840 | €10,560 | €5,903 | €16,175 | ▲ 174% |
| Taxes450/3 | - | €4,400 | €2,713 | - | €5,172 | - |
| Remuneration and social security454/9 | - | €4,440 | €7,847 | €5,903 | €11,003 | ▲ 86.4% |
| Other amounts payable47/48 | - | €800 | - | - | €640 | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €16,418 | €12,354 | €6,548 | -€1,417 | €9,539 | ▲ 773% |
| + Depreciation and write-downs630 | €1,961 | €920 | €7,789 | €11,778 | €18,843 | ▲ 60.0% |
| Operating cash flow (approximation) | €18,379 | €13,274 | €14,337 | €10,361 | €28,382 | ▲ 174% |
| Investment in fixed assets (approximation) | - | -€3,990 | -€29,476 | -€3,783 | -€34,741 | ▼ 818% |
| Change in cash | - | €32,912 | €25,140 | -€43,770 | -€7,850 | ▲ 82.1% |
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
Next filing, fiscal year 2026, expected by
2026
24-03
State Gazette act
Registered officeRegistered-office move2 facts ▸
State Gazette act
Registered office
Registered-office move2 facts ▸
- General meeting, 12/02/2025
- Registered-office move, MOLENSTRAAT 166, 1700 Dilbeek
08-01
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
30-06
Financial
Back to profitnet €9,539
Net result €9,539 after one loss-making year.
16-01
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
08-01
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2022
22-12
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2021
23-12
NBB filing
Annual accounts filed
fiscal year 2021 · full schema
30-06
Financial
Back to profitnet €16,418
Net result €16,418 after 2 loss-making years.
30-06
Financial
Liquidity triplescurrent ratio 12.85
Current ratio from 4.71 to 12.85; short-term debt falls from €2,805 to €2,300.
22-01
NBB filing
Annual accounts filed
fiscal year 2020 · full schema
2020
30-06
Financial
Weakest financial yearnet -€6,722
Net result drops to -€6,722, the lowest in the series; recovery starts the following year.
29-01
NBB filing
Annual accounts filed
fiscal year 2019 · full schema
Show earlier events
2019
13-02
NBB filing
Annual accounts filed
fiscal year 2018 · full schema · 13 days late
2018
15-02
NBB filing
Annual accounts filed
fiscal year 2017 · full schema · 15 days late
2017
27-02
NBB filing
Annual accounts filed
fiscal year 2016 · full schema · 27 days late
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
1 of 4 acts read
About the unread acts
Of the 4 Belgian State Gazette acts we know for this company, 1 has been read. The other 3 have not been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
4 acts for this company are in the Belgian State Gazette, of which we have read 1. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Dilbeek · 1 establishment unit since 2012
Ground area
927 m²
Building footprint
185 m²
Volume, LiDAR
2,059 m³
2 parcels, Brussels, Flanders · tallest building 16.5 m, ±5 floors. Linked by address, not a title deed.
1 establishment unit
Gounodlaan 24, 1070 Anderlecht
since 20122.213.309.277
2 parcels
Flanders
1
(50%)
Brussels
1
(50%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 23074A0031/00W002 | Flanders | 590 m² | 1 · 61 m² | 8.5 m · 2 fl. |
| 21308H0475/00G006 | Brussels | 337 m² | 1 · 123 m² | 16.5 m · 5 fl. |
Linked by address, not proof of ownership
Good to know
2 of 2 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
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Of 15,521 companies in sector 43990 we hold annual accounts for 7,420. 6,101 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
Founded04-05-2012
Fiscal year end30-06
Activities, NACEBEL 2025
43990Other specialised construction activities
43230Insulation installation
43240Other construction installation
43310Plastering work
81230Other cleaning activities
E-invoicing
Reachable via Peppol
Peppol ID
0208:0845719739
Also
9925:BE0845719739
Registered
24-11-2023
Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.