NSM Construct
ActiveSummary
The computed 12-month bankruptcy probability of NSM Construct is 8.6% (elevated). The 2024 annual accounts show equity of €100,481 and a net result of €99,802. The figures fluctuate too strongly year-on-year for a reliable trend projection. The company has been active since 2019 and the Belgian Official Gazette contains no insolvency or warning signals.
Overview
- Equity
- €100,481
- Profit
- €99,802
- VLADASEL lonDirector
Why 36raises riskFigures for financial year 2024 (filed 26-03-2025)1 change of registered office in 24 months1 financial year not filed after the legal deadlinelowers riskSize: total assets €148,404Show the evidence
Checked score
About 9 in 100 comparable companies go bankrupt within 12 months (an estimate).
How it is calculated
The band follows from the bankruptcy probability, on a scale where 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 (no NACE code, micro): better than 56% on solvency, 20% on liquidity, 90% on profitability and 99% on growth.
The bankruptcy probability was computed on 29-10-2026 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. Negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late hold it at Fair at most (59); two missing filings, at Weak (44). An ongoing judicial reorganisation or the company's end (bankruptcy, dissolution, liquidation) holds it at Critical at most (24).
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Signals
This company filed its last 5 accounts on average 28 days before the deadline; the Belgian median for financial year 2024 is 4 days before the deadline, and 38% of all filings were late.
Searched, nothing found (1)
- Annual accounts filedfinancial year 2024 · micro…
- Resignations: HAUWAERT Nicolas Kevin Roger Pierre…Appointment: VLADASEL lon (director) ·…
- Resignations: HAUWAERT Nicolas Kevin Roger Pierre…Appointment: VLADASEL lon (director) ·…
Financials · financial year 2024, micro format
2025 annual accounts not yet filed, deadline passed on 31 July 2026 Financial year closed on 31 December 2025; filing due at the latest 7 months after the close (Companies Code art. 3:10). Source: NBB filings, as of 30 October 2026.
2020 to 2024, 5 financial years
The operating result returns to profit in 2024: €123,502 after a loss of €8,909 in 2023, the highest result in the available series.
What the company sold each financial year and what was left of it. A loss stands below the zero line.
What the company owns (total assets), how much of it is its own (equity) and how much it owes.
Short-term assets minus short-term debts. Above zero the company can pay its bills in the short term.
Use the arrow keys on the chart for the figures per year.
Peer companies
Historical observationOf the 26,972 companies that looked in July 2024 the way this one looks now, 1.6% went bankrupt within 24 months and 94.9% are still going.
- Micro
- 5 to 10 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
A further 0.1% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a higher bankruptcy probability: 8.6% 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 497,445 companies of July 2024 its group's bankruptcy share. Expected: 1.6%; actually bankrupt within 24 months: 1.7%.
| 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% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 74.5% 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 26,972 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.
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Goods, raw materials, services and sundry goods60/61 | - | - | - | - | €661 | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €4,558 | €8,593 | €8,843 | €8,501 | €9,839 | ▲ 15.7% |
| Other operating charges640/8 | - | €491 | €430 | €28 | €424 | ▲ 15× |
| Gross operating margin9900 | €23,060 | -€4,963 | €13,878 | -€380 | €133,765 | - |
| Operating profit (loss)9901 | €17,670 | -€14,047 | €4,605 | -€8,909 | €123,502 | - |
| Financial income75/76B | - | €208 | - | €0 | - | - |
| Recurring financial income75 | - | €208 | - | €0 | - | - |
| Financial charges65/66B | - | €32 | €9 | €107 | - | - |
| Recurring financial charges65 | €77 | €32 | €9 | €107 | - | - |
| Profit (loss) for the period before taxes9903 | €17,593 | -€13,871 | €4,596 | -€9,015 | €123,502 | - |
| Income taxes67/77 | €3,612 | - | €12 | - | €23,700 | - |
| Profit (loss) for the period9904 | €13,981 | -€13,871 | €4,584 | -€9,015 | €99,802 | - |
| Profit (loss) for the period to be appropriated9905 | €13,981 | -€13,871 | €4,584 | -€9,015 | €99,802 | - |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €87,280 | €293,485 | €213,322 | €31,361 | €148,404 | ▲ 373% |
| Fixed assets21/28 | €23,665 | €32,575 | €23,732 | €15,231 | €5,392 | ▼ 64.6% |
| Tangible fixed assets22/27 | €23,665 | €32,575 | €23,732 | €15,231 | €5,392 | ▼ 64.6% |
| Plant, machinery and equipment23 | - | €14,252 | €10,751 | €7,251 | €1,416 | ▼ 80.5% |
| Furniture and vehicles24 | - | €18,323 | €12,981 | €7,980 | €3,976 | ▼ 50.2% |
| Current assets29/58 | €63,615 | €260,910 | €189,590 | €16,130 | €143,013 | ▲ 787% |
| Amounts receivable within one year40/41 | €23,466 | €258,644 | €189,482 | €15,815 | €142,907 | ▲ 804% |
| Trade receivables40 | - | €257,452 | €189,420 | €15,535 | €142,488 | ▲ 817% |
| Other amounts receivable41 | - | €1,192 | €62 | €281 | €419 | ▲ 49.5% |
| Cash at bank and in hand54/58 | €40,122 | €2,239 | €80 | €315 | €105 | ▼ 66.5% |
| Deferred charges and accrued income490/1 | - | €27 | €28 | - | - | - |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €87,280 | €293,485 | €213,322 | €31,361 | €148,404 | ▲ 373% |
| Equity10/15 | €18,981 | €5,110 | €9,694 | €679 | €100,481 | ▲ 148× |
| Contributions10/11 | - | €5,000 | €5,000 | €5,000 | €5,000 | = |
| Reserves13 | €700 | €700 | €700 | €700 | €700 | = |
| Non-distributable reserves130/1 | - | €700 | €700 | €700 | €700 | = |
| Reserves not available under the articles1311 | - | €700 | €700 | €700 | €700 | = |
| Profit (loss) carried forward14 | €13,281 | -€590 | €3,994 | -€5,021 | €94,781 | - |
| Amounts payable17/49 | €68,299 | €288,375 | €203,628 | €30,681 | €47,923 | ▲ 56.2% |
| Amounts payable within one year42/48 | €68,299 | €275,875 | €203,628 | €30,681 | €47,923 | ▲ 56.2% |
| Trade debts44 | €52,860 | €267,984 | €202,619 | €26,393 | €19,935 | ▼ 24.5% |
| Suppliers440/4 | - | €267,984 | €202,619 | €26,393 | €19,935 | ▼ 24.5% |
| Taxes, remuneration and social security45 | - | €3,612 | - | - | €23,700 | - |
| Taxes450/3 | - | €3,612 | - | - | €23,700 | - |
| Other amounts payable47/48 | - | €4,279 | €1,009 | €4,288 | €4,288 | = |
| Accrued charges and deferred income492/3 | - | €12,500 | - | - | - | - |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €13,981 | -€13,871 | €4,584 | -€9,015 | €99,802 | - |
| + Depreciation and write-downs630 | €4,558 | €8,593 | €8,843 | €8,501 | €9,839 | ▲ 15.7% |
| Operating cash flow (approximation) | €18,539 | -€5,278 | €13,427 | -€514 | €109,641 | - |
| Investment in fixed assets (approximation) | - | -€17,503 | €0 | €0 | €0 | ▼ 100% |
| Change in cash | - | -€37,883 | -€2,159 | €235 | -€209 | - |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Filings with the National Bank (5)
| Financial year | Type | Filed | Reference |
|---|---|---|---|
| 31-12-2024 | micro format | 26-03-2025 | 2025-00054724 |
| 31-12-2023 | micro format | 17-07-2024 | 2024-00252978 |
| 31-12-2022 | micro format | 26-07-2023 | 2023-00271124 |
| 31-12-2021 | micro format | 27-07-2022 | 2022-20228841 |
| 31-12-2020 | micro format | 11-08-2021 | 2021-47100365 |
Public contracts: No European public contracts awarded found since October 2016. Contracts below the EU thresholds are not in TED.
Directors
Not every act has been read: a resignation may still be missing
Mandate history
- Board
- began earlier
| Name | Functions and periods |
|---|---|
| VLADASEL lon |
|
| HAUWAERT Nicolas Kevin Roger Pierre |
|
| LAZOWSKI Ernest |
|
Owners and capital
Capital and shareholders
- 13-03-2025 Capital stated in the deed · 5,000 shares
Group and network
Connections & network
1 current directorThe network starts from this company’s directors. Other companies they run appear here as nodes.
History
Acts, filings and financial milestones
13-03
Gazette deed
Resignations: HAUWAERT Nicolas Kevin Roger Pierre (director) and LAZOWSKI Ernest (director)Appointment: VLADASEL lon (director) · Name change · Registered-office move12 facts ▸
- General meeting, 04-02-2025
- Name change, NSM Construct
- Registered-office move, 1210 Saint-Josse-ten-Noode, rue des Deux Tours 7/3étD
- Amendment of the articles
- Capital
- Director resignation, HAUWAERT Nicolas Kevin Roger Pierre (director)
- Director resignation, LAZOWSKI Ernest (director)
- Director discharge, HAUWAERT Nicolas Kevin Roger Pierre
- Director discharge, LAZOWSKI Ernest
- Director appointment, VLADASEL lon (director (not named in the articles))
- Registered office clause, “1210 Saint-Josse-ten-Noode,rue des Deux Tours 7/3étD, Sixième” (deed in French)
- General meeting, “unanimité des voix pour toutes décisions” (deed in French)
25-02
Gazette deed
Resignations: HAUWAERT Nicolas Kevin Roger Pierre (director) and LAZOWSKI Ernest (director)Appointment: VLADASEL lon (director) · Name change · Amendment of the articles14 facts ▸
- Name change, NSM Construct
- Amendment of the articles, “Artikel 1” (deed in Dutch)
- Registered-office move, 1210 Sint-Joost-ten-Noode, Tweetorenstraat 7/3étD
- Amendment of the articles, “Artikel 2” (deed in Dutch)
- Amendment of the articles
- Power of attorney, Quentin VANHALEWYN (geassocieerde notarissen te kraainem)
- Power of attorney, Laurence FLAMANT (geassocieerde notarissen te kraainem)
- Director resignation, HAUWAERT Nicolas Kevin Roger Pierre (director)
- Director resignation, LAZOWSKI Ernest (director)
- Director discharge, HAUWAERT Nicolas Kevin Roger Pierre (director)
- Director discharge, LAZOWSKI Ernest (director)
- Director appointment, VLADASEL lon (director (not named in the articles))
- +2 further facts in this act
About the unread acts
Of the 3 Belgian Official Gazette deeds we know for this company, 2 have been read. The other one has not been read yet: what they contain is neither established nor disproved here.
Register details
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 30 October 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.
Environmental permits: No permit applications found in Flanders. Brussels and Wallonia do not publish the applicant.
Sites & property
1 establishment unit
2 parcels
| Cadastral parcel | Region | Area | Buildings | Height / floors |
|---|---|---|---|---|
| 23057C0008/00K000 | Flanders | 1.4 ha | 1 · 2,738 m² | 8.4 m · 2 |
| 21572B0079/00Y000 | Brussels | 150 m² | 1 · 120 m² | 19.0 m · 6 |
How the parcels are linked
Articles of association
What the company does
- DurationHow long the company exists; usually unlimited, so until it is dissolved.
- Unlimited
- Name clauseThe name the company operates under according to its articles.
- NSM Construct
- Registered office clauseThe region of the registered office; it decides among other things the language of official documents.
- “Région de Bruxelles-Capitale, transfert en tout endroit de la Région de Bruxelles-Capitale ou de la région de langue française de Belgique…” (deed in French)
Who represents it, and how
- Board ruleHow the board is made up, meets and takes decisions.
- “Avec ou sans limitation,statutaire possible si nommés dans statuts, un ou plusieurs administrateurs” (deed in French)
Capital, shares and profit
- Kind of sharesWhich classes of shares exist and what rights each class carries.
- “Nominatives, à dater de inscription dans registre vis-à-vis société et tiers” (deed in French)
- Transfer restrictionWhether shareholders may sell their shares freely or need approval first.
- “À charge acquéreurs au prorata acquises,si renoncent société supporte, mutatis mutandis avec durée paiement différente si héritiers non…” (deed in French)
- Share issue ruleHow and by whom new shares can be issued.
- “Ouverture de la souscription, droit au propriétaire-gageur” (deed in French)
Meetings and financial year
- Annual meetingWhen the shareholders meet each year, among other things to approve the annual accounts.
- Second Tuesday of June at 20:00
Oversight and winding up
- Dissolution ruleWhen and by whom the company can be dissolved.
- “Dissoute tout temps par assemblée formes modifications statuts, Article 25” (deed in French)
- Liquidation ruleHow assets are shared after dissolution: creditors first, then shareholders.
- “Article 26, administrateurs en fonction désignés si aucun autre,sans préjudice faculté assemblée désigner et fixer pouvoirs émoluments” (deed in French)