Quup Construct
ActiveSummary
The computed 12-month bankruptcy probability of Quup Construct is 2.7% (moderate). The 2025 annual accounts show equity of €30,271 and a net result of €7,524. Equity has been growing by about 22% per year since 2023. Its solvency ranks better than 21% of 2,799 sector peers (NACE 41, financial year 2025). The company has been active since 2022 and the Belgian Official Gazette contains no insolvency or warning signals.
Overview
Overview
Official details
Source: KBO- Status
- Active since 21-10-2022 Normal situation
- Activity
- General construction of residential buildings NACE 41001
- Joint committee
- 124 Paritair Comité voor het bouwbedrijf · annual accounts 2025
- Establishment unit
- 2.337.305.862 1980 Zemst, since 21-10-2022
- Financial year end
- 31 December
- Peppol
- Reachable since 24-04-2025
Board and ownership
Board
- Bau StudioDirector · permanent representative VAN BEERSEL Michaël
- GEODESKDirector · permanent representative VAN DER SNICKT Koen
- MATHIMODirector · permanent representative GOOVAERTS Gino
Shareholders
- Quup Management100%· score 942025 annual accounts of Quup Management
Financial position
- Bankruptcy probabilitywithin 12 months
- 2.7%
Annual accounts 2025
- Gross margin
- €323,672
- ▲ 14.5%
- Turnover
- ≈ €690,000
- estimated
- Profit
- €7,524
- ▲ 178%
- Equity
- €30,271
- ▲ 33.1%
- Total assets
- €235,425
- ▲ 79.3%
- Employees on 31-12-2025
- 4
- =
Score breakdownraises riskSector: Construction of residential and non-residential buildings (NACE 41)Size: 4 FTE, total assets €235,425Founded in 2022lowers riskLiquidity: current ratio 0.86, cash €69,975Show the evidence
Checked score
Score 2025
52
/ 100
Fair
Probability in this band: 1.5% to 4.2%
Financially stronger than 51% of micro companies in construction of buildings (NACE 41)
Financial strength · tick: 2024
Average
Solvency
38-4
equity 12.9% of total assets
Liquidity
58+29
short-term debt 57.1% · cash 29.7%
Profitability
73+2
return on assets 3.2%
Bankruptcy probability within 12 months
2.7%
Moderate
0%0.5%1.5%4%10%≥ 25%
About 3 in 100 comparable companies go bankrupt within 12 months (an estimate).
Last 24 months
12-2024: 2.3%
01-2025: 2.3%● unchanged vs 12-2024lowest value
02-2025: 2.3%● unchanged vs 01-2025lowest value
03-2025: 2.3%● unchanged vs 02-2025lowest value
04-2025: 2.4%▲ +0.1 percentage points vs 03-2025
05-2025: 2.5%▲ +0.1 percentage points vs 04-2025
06-2025: 3.0%▲ +0.5 percentage points vs 05-2025
07-2025: 3.0%● unchanged vs 06-2025
08-2025: 3.0%● unchanged vs 07-2025
09-2025: 3.0%● unchanged vs 08-2025
10-2025: 3.0%● unchanged vs 09-2025
11-2025: 3.0%● unchanged vs 10-2025
12-2025: 3.0%● unchanged vs 11-2025
01-2026: 2.9%▼ -0.1 percentage points vs 12-2025
02-2026: 2.9%● unchanged vs 01-2026
03-2026: 2.9%● unchanged vs 02-2026
04-2026: 3.1%▲ +0.2 percentage points vs 03-2026
05-2026: 3.2%▲ +0.1 percentage points vs 04-2026highest value
06-2026: 3.1%▼ -0.1 percentage points vs 05-2026
07-2026: 2.9%▼ -0.2 percentage points vs 06-2026
08-2026: 2.7%▼ -0.2 percentage points vs 07-2026
09-2026: 2.7%● unchanged vs 08-2026
10-2026: 2.7%● unchanged vs 09-2026
11-2026: 2.7%● unchanged vs 10-2026
Credit of up to €1,500 on 30-day terms is acceptable
Liquidity is insufficient, with a current ratio of 0.86 (0.78 in 2024), below 1. Short-term debt is 57.1% and cash 29.7% of total assets. 87.1% of the assets are financed with debt and provisions.
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 41, micro). It does better than 20% of them on solvency, 62% on liquidity, 47% on profitability and 72% on growth.
The bankruptcy probability was computed on 04-11-2026 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).
Credit check for an amount and term of your choice
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.
Signals
Six signals.
lowers riskraises riskneutral
raises risk · Weak solvency compared with the sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 21% of 2799 sector peers (2025).
NBB · sector comparisonPosition among 2799 sector peers
Solvency
better than 21%
← weakest
strongest →
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 30-07-2026, 1 day ahead of the deadline.
NBB · 3 filingsDeviation from the deadline
2025
1 day early
2024
70 days early
2023
28 days early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
The company filed its last 3 accounts on average 33 days before the deadline. In the sector (NACE 41), the median for financial year 2024 was on the deadline day, and 46% of those companies filed late.
Searched, nothing found (2)
neutral · Next filing not due yet
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today. The company usually files around 4 July (3 of the last 3 accounts filed within 43 days either side of that date).
Companies Code · seven monthsWhere today falls in the filing period
04-11-2026 today31-12-2026 year end31-07-2027 deadline
Financials
Financials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 30-07-2026 at the NBB all 3 filings
Turnover
≈ €690,000
Estimated: probably between €550,000 and €1.0m
Total assets
€235,425▲ 79.3%
2024 · €131,317
Net result
€7,524▲ 178%
2024 · €2,705
Working capital
-€18,838▲ 18.1%
2024 · -€22,990
Multi-year overview
2023 to 2025, 3 financial yearsOperating result
€14,599
▲ 132%
2025
20232025
Net result
€7,524
▲ 178%
2025
middle half of the sector
20232025
Equity
€30,271
▲ 33.1%
2025
lowest quarter of the sector
20232025
Total assets
€235,425
▲ 79.3%
2025
middle half of the sector
20232025
Debt
€205,154
▲ 89.0%
2025
20232025
Working capital
-€18,838
▲ 18.1%
2025
lowest quarter of the sector
20232025
Solvency
12.9%
▼ 4.5pp
2025
lowest quarter of the sector
20232025
Current ratio
0.86
▲ 0.08
2025
lowest quarter of the sector
20232025
Return on assets (ROA)
3.2%
▲ 1.1pp
2025
middle half of the sector
20232025
Staff (FTE)
4
=
2025
middle half of the sector
20232025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line202320242025
Operating result€12,322-€6,298▼ 48.9%€14,599▲ 132%
Net result€8,042within the sector's middle half-€2,705within the sector's middle half▼ 66.4%€7,524within the sector's middle half▲ 178%
Equity€20,042below the sector's middle half-€22,747below the sector's middle half▲ 13.5%€30,271below the sector's middle half▲ 33.1%
Total assets€152,880below the sector's middle half-€131,317below the sector's middle half▼ 14.1%€235,425within the sector's middle half▲ 79.3%
Debt€132,838-€108,570▼ 18.3%€205,154▲ 89.0%
Working capital-€45,663below the sector's middle half--€22,990below the sector's middle half▲ 49.7%-€18,838below the sector's middle half▲ 18.1%
Solvency13.1%below the sector's middle half-17.3%below the sector's middle half▲ 4.2pp12.9%below the sector's middle half▼ 4.5pp
Current ratio0.64below the sector's middle half-0.78below the sector's middle half▲ 0.140.86below the sector's middle half▲ 0.08
Return on assets (ROA)5.3%within the sector's middle half-2.1%within the sector's middle half▼ 3.2pp3.2%within the sector's middle half▲ 1.1pp
Staff (FTE)4within the sector's middle half-4within the sector's middle half=4within the sector's middle half=
above
within
below
The sector band is the middle half of the companies in Construction of residential and non-residential buildings (NACE 41). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30.
The operating result for 2025 is 132% higher than in 2024 and the highest since 2023. It is a recovery after the fall in 2024.
Turnover and EBIT margin are not published. The abbreviated format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €234,969
Fixed assets
€119,302 ▲ 139%
Current assets
€115,667 ▲ 43.5%
Equity and liabilities €235,425
Equity
€30,271 ▲ 33.1%
Debt
€205,154 ▲ 89.0%
Debt's share of the balance-sheet total rises from 82.7% to 87.1%. Equity and debt are higher.
Key figures and ratios
EBITDA
€55,928▲
2024 · €34,181
Cash flow
€48,853▲
2024 · €30,588
Quick ratio
0.82▲
2024 · 0.78
Debt to equity
6.78▲
2024 · 4.77
ROE
24.9%▲
2024 · 11.9%
Interest coverage
9.96▼
2024 · 12.46
Debt ≤ 1 year
€134,506▲
2024 · €103,585
Debt > 1 year
€65,179
Income taxes
€2,187▲
2024 · €856
Staff costs
€266,777▲
2024 · €244,666
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|
| Employees at the balance-sheet date | 4 | 4 | 4 |
| full-time | 4 | 4 | 4 |
| part-time | 0 | 0 | 0 |
| in full-time equivalents | 4 | 4 | 4 |
| Average over the year, in full-time equivalents | 4 | 4 | 4 |
| On a permanent contract | 4 | 4 | 4 |
| Joined | - | - | 0 |
| Left | - | - | 0 |
Source: social balance sheet in the 2023 to 2025 annual accounts
Investments
| Item | 2023 | 2024 | 2025 |
|---|---|---|---|
| Tangible fixed assets | €95,322 | €7,608 | €110,366 |
| Depreciation and write-downs of the year | €25,573 | €27,883 | €41,329 |
Source: notes to the 2023 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 to 2025 · 3 entries · €1,330 awarded · €1,280 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 1 | €81 | €81 |
| 2023 | 1 | €458 | €824 |
| 2022 | 1 | €791 | €375 |
Annual accounts
| Line | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|
| Remuneration, social security and pensions62 | €292,086 | €244,666 | €266,777 | ▲ 9.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €25,573 | €27,883 | €41,329 | ▲ 48.2% |
| Other operating charges640/8 | €356 | €3,903 | €966 | ▼ 75.2% |
| Gross operating margin9900 | €330,337 | €282,750 | €323,672 | ▲ 14.5% |
| Operating profit (loss)9901 | €12,322 | €6,298 | €14,599 | ▲ 132% |
| Financial income75/76B | €0 | €6 | €729 | ▲ 120× |
| Recurring financial income75 | €0 | €6 | €729 | ▲ 120× |
| Financial charges65/66B | €3,024 | €2,743 | €5,617 | ▲ 105% |
| Recurring financial charges65 | €3,024 | €2,743 | €5,617 | ▲ 105% |
| Profit (loss) for the period before taxes9903 | €9,298 | €3,561 | €9,710 | ▲ 173% |
| Income taxes67/77 | €1,256 | €856 | €2,187 | ▲ 156% |
| Profit (loss) for the period9904 | €8,042 | €2,705 | €7,524 | ▲ 178% |
| Profit (loss) for the period to be appropriated9905 | €8,042 | €2,705 | €7,524 | ▲ 178% |
| Line | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|
| Assets | ||||
| Total assets20/58 | €152,880 | €131,317 | €235,425 | ▲ 79.3% |
| Formation expenses20 | €955 | €705 | €456 | ▼ 35.4% |
| Fixed assets21/28 | €70,042 | €50,017 | €119,302 | ▲ 139% |
| Tangible fixed assets22/27 | €70,042 | €50,017 | €119,302 | ▲ 139% |
| Plant, machinery and equipment23 | €44,113 | €30,712 | €106,916 | ▲ 248% |
| Furniture and vehicles24 | €25,929 | €19,305 | €12,386 | ▼ 35.8% |
| Current assets29/58 | €81,883 | €80,596 | €115,667 | ▲ 43.5% |
| Stocks and contracts in progress3 | €11,979 | €0 | €5,585 | - |
| Stocks30/36 | €11,979 | €0 | €5,585 | - |
| Amounts receivable within one year40/41 | €19,389 | €54,010 | €35,966 | ▼ 33.4% |
| Trade receivables40 | - | €37,000 | €13,500 | ▼ 63.5% |
| Other amounts receivable41 | €19,389 | €17,010 | €22,466 | ▲ 32.1% |
| Cash at bank and in hand54/58 | €46,482 | €23,137 | €69,975 | ▲ 202% |
| Deferred charges and accrued income490/1 | €4,033 | €3,449 | €4,140 | ▲ 20.0% |
| Equity and liabilities | ||||
| Total equity and liabilities10/49 | €152,880 | €131,317 | €235,425 | ▲ 79.3% |
| Equity10/15 | €20,042 | €22,747 | €30,271 | ▲ 33.1% |
| Contributions10/11 | €12,000 | €12,000 | €12,000 | = |
| Profit (loss) carried forward14 | €8,042 | €10,747 | €18,271 | ▲ 70.0% |
| Amounts payable17/49 | €132,838 | €108,570 | €205,154 | ▲ 89.0% |
| Amounts payable after more than one year17 | - | - | €65,179 | - |
| Financial debts170/4 | - | - | €65,179 | - |
| Amounts payable within one year42/48 | €127,546 | €103,585 | €134,506 | ▲ 29.9% |
| Current portion of amounts payable after more than one year42 | - | - | €18,103 | - |
| Trade debts44 | €10,363 | €22,913 | €34,888 | ▲ 52.3% |
| Suppliers440/4 | €10,363 | €22,913 | €34,888 | ▲ 52.3% |
| Taxes, remuneration and social security45 | €42,183 | €30,672 | €31,515 | ▲ 2.7% |
| Taxes450/3 | €2,018 | €856 | €2,187 | ▲ 156% |
| Remuneration and social security454/9 | €40,165 | €29,817 | €29,328 | ▼ 1.6% |
| Other amounts payable47/48 | €75,000 | €50,000 | €50,000 | = |
| Accrued charges and deferred income492/3 | €5,292 | €4,985 | €5,470 | ▲ 9.7% |
| Line | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|
| Profit (loss) for the period9904 | €8,042 | €2,705 | €7,524 | ▲ 178% |
| + Depreciation and write-downs630 | €25,573 | €27,883 | €41,329 | ▲ 48.2% |
| Operating cash flow (approximation) | €33,615 | €30,588 | €48,853 | ▲ 59.7% |
| Investment in fixed assets (approximation) | - | -€7,858 | -€110,615 | ▼ 1,308% |
| Change in cash | - | -€23,346 | €46,839 | - |
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, 2,542 companies had the same profile as Quup Construct has now. Two years later, 95.0% were still going and 3.5% had gone bankrupt.
- Micro
- 2 to 5 years old
- solvency 10 to 30%
- a profit under 5% of the balance sheet
95.0%
was still going
1.2%
stopped otherwise
3.5%
went bankrupt
Another 0.3% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of Quup Construct itself: 2.7% 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 2,542 companies, not a prediction for Quup 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.
Board & ownership
Directors
Directors
3 directors, since incorporation
Board 3
Bau Studio
Current
Director · appointed in the act of 25-10-2022 · term without a fixed end · Private limited company · permanent representative: VAN BEERSEL Michaël · listed in the 2025 annual accounts, filed on 30-07-2026
GEODESK
Current
Director · appointed in the act of 25-10-2022 · term without a fixed end · Private limited company · permanent representative: VAN DER SNICKT Koen · listed in the 2025 annual accounts, filed on 30-07-2026
MATHIMO
Current
Director · appointed in the act of 25-10-2022 · term without a fixed end · Private limited company (pre-2019) · permanent representative: GOOVAERTS Gino · listed in the 2025 annual accounts, filed on 30-07-2026
Permanent representatives 3
GOOVAERTS Gino
Current
Permanent representative · appointed in the act of 25-10-2022 · for MATHIMO
VAN BEERSEL Michaël
Current
Permanent representative · appointed in the act of 25-10-2022 · for Bau Studio
VAN DER SNICKT Koen
Current
Permanent representative · appointed in the act of 25-10-2022 · for GEODESK
Signing authorityThe articles say who may bind the company, for example by signing a contract.
“Artikel 12. Externe vertegenwoordiging Iedere bestuurder afzonderlijk, ook wanneer er meerdere zijn, vertegenwoordigt de vennootschap jegens…”
deed of 25-10-2022Owners and capital
Shareholders
1 ownerChain of control
- Quup Management
- Quup Construct
Owners 1
- Quup ManagementparentEquity €471,339 Profit of €384,152 in 2025 (loss of €192,546 in 2024) Checked score 94100%
Capital transactions
Shareholders according to the deeds
At incorporation
act of 25-10-2022 ↗
- QUUP MANAGEMENT (BE 0745.762.724) 100 shares (100%) · in cash
Capital over time
- 25-10-2022 Incorporation · €12,000 · 100 shares
Mandate history
3 people, 3 in office
- Board
| Name | Functions and periods |
|---|---|
| Bau Studio |
|
| GEODESK |
|
| MATHIMO |
|
Articles of association
- Board ruleThese rules set how the board is made up, meets and takes decisions.
- At least 1 director
Articles of association, deed of 25-10-2022 (in Dutch)
Network & group
Companies at the same address
1 other companyConnections & network
3 current directorsThe board mandates are listed under Board mandates elsewhere. The network lets you explore the same ties.
This company
Company
Director
Shareholding
+N: links not shown yet
Click a node to look further, drag to arrange, zoom with the mouse wheel.
Timeline
Acts, filings and financial milestones
Deadline for the 2026 accounts:
2026
30-07
abbreviated format · 1 day before the deadline
2025
22-05
abbreviated format · 70 days before the deadline
2024
31-12
Financial
Weakest financial yearnet €2,705 ▼66.4%
The net result drops to €2,705, the lowest from 2023 to 2025. It recovers the following year.
03-07
abbreviated format · 28 days before the deadline
2022
25-10
Gazette deed
IncorporationStarting capital €12,000 · Appointments: BAU Studio, GEODESK and MATHIMO · Permanent representatives: VAN BEERSEL Michaël, VAN DER SNICKT Koen and GOOVAERTS Gino · Founder: QUUP MANAGEMENT (verschijnende oprichter)9 points ▸
Gazette deed
Incorporation
Starting capital €12,000 · Appointments: BAU Studio, GEODESK and MATHIMO · Permanent representatives: VAN BEERSEL Michaël, VAN DER SNICKT Koen and GOOVAERTS Gino · Founder: QUUP MANAGEMENT (verschijnende oprichter)9 points ▸
- Founder, QUUP MANAGEMENT (verschijnende oprichter)
- Name clause, Quup Construct
- Founding capital, €12,000, 100 shares
- Director appointment, BAU Studio (director)
- Director appointment, GEODESK (director)
- Director appointment, MATHIMO (director)
- Permanent representative, VAN BEERSEL Michaël
- Permanent representative, VAN DER SNICKT Koen
- Permanent representative, GOOVAERTS Gino
- The act holds 4 more points.
Financial milestoneGazette deedNBB filingFinancial milestones sit on the financial year-end date, not the filing date.
Sources:Publications in the Belgian Official GazetteFilings with the National Bank
History
Company details
Register details
Identity
KBO recordName
Quup Construct in Dutch
Enterprise number
0792.734.676
Legal form
Private limited company
Status
Active, normale toestand
Founded
21-10-2022
Entity type
Legal entity
DurationMost companies exist for an unlimited period, until they are dissolved.
Unlimited
deed of 25-10-2022 (in Dutch)Registered office clauseThe articles name the region of the registered office. The language of official documents depends on that region, among other things.
“1980 Zemst (Eppegem),Jagers-te-Voetlaan 12a”
deed of 25-10-2022 (in Dutch)Registered office and establishments
Registered office
Jagers-te-Voetlaan 12A, 1980 Zemst, Belgium
Establishment unit
Quup Construct, Jagers-te-Voetlaan 12A, 1980 Zemst since 21-10-2022 · unit number 2.337.305.862 4100101 General construction of residential buildings
Activities
NACEBEL 2025VAT activities
41001
General construction of residential buildings main activity
Social security (RSZ) activities
41001
General construction of residential buildings main activity
Codes under NACEBEL 2008
VAT activities
41201
General construction of buildings main activity
Social security (RSZ) activities
41201
General construction of buildings main activity
Joint committee
124 Paritair Comité voor het bouwbedrijf annual accounts 2025
Invoicing and payment
VAT number
BE 0792.734.676
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 0792.734.676
Financial year and general meeting
Accounts at the NBBFinancial year end
31-12
Annual meetingThe shareholders approve the annual accounts, among other things, at the annual meeting.
First Wednesday of June at 10:00
deed of 25-10-2022 (in Dutch)Sites & property
Location
Buildings and parcels at the address
Ground area
438 m²
Building footprint
107 m²
Building volume
592 m³
| Cadastral parcel | Region | Area | Buildings | Height / floors |
|---|---|---|---|---|
| 23020C0114/00S000 | Flanders | 438 m² | 1 · 107 m² | 7.1 m · 2 |