R&D -CONSTRUCT
Active1 interim measureSummary
The file of R&D -CONSTRUCT contains 1 interim measure and 1 administrative flag, as published in the Belgian Official Gazette. The computed 12-month bankruptcy probability is 3.7% (moderate). The 2025 annual accounts show equity of €41,817 and a net result of €19,569. Equity has been stable since 2018 (±0.8% per year). Its solvency ranks better than 38% of 35,008 sector peers (NACE 43, financial year 2025).
Overview
Overview
Official details
Source: KBO- Status
- Active since 30-03-2009 Interim administrator appointed on 09-12-2025 · normal situation in the KBO register
- Activity
- Joinery installation NACE 43320
- Establishment unit
- 2.178.504.390 9900 Eeklo, since 09-06-2009
- Financial year end
- 31 December
- Peppol
- Reachable since 02-01-2026
Financial position
- Bankruptcy probabilitywithin 12 months
- 3.7%
- Gross margin
- €27,949
- ▲ 285%
- Turnover
- ≈ €170,000
- estimated
- Profit
- €19,569
- Equity
- €41,817
- ▲ 88.0%
- Total assets
- €116,591
- ▲ 28.1%
- 2025 accounts filed 10 days after the deadline
Score breakdownraises risk1 change of registered office in 24 monthsLast filed accounts filed 10 days late; 1 of the last 3 accounts lateEx-officio strike-off in the KBOLiquidity: current ratio 1.85, cash €2,324Show the evidence
Checked score
About 4 in 100 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 38% of them on solvency, 16% on liquidity, 75% on profitability and 90% 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.
The probability rests on the annual accounts with balance sheet date 31-12-2025.
Of the companies with a bankruptcy probability in the moderate class on 30-06-2025, 2.4% went bankrupt within twelve months.
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 34 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 (1)
Financials
Financials · financial year 2025, micro format
2025 annual accounts filed 10 days after the deadline Filed on 10 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00389677.
Annual accounts 2025 filed on 10-08-2026 at the NBB all 17 filings
Every figure per financial year
The operating result for 2025 is nearly 13 times that of 2024 and the highest since 2022. It is the second rise in a row, after the fall in 2023.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | €7,452 | €5,050 | - | €4,784 |
| Depreciation and write-downs of the year | €1,640 | €369 | €1,764 | €1,675 | €2,324 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €2,496 | €1,820 | €1,640 | €1,640 | €369 | €1,764 | €1,675 | €2,324 | ▲ 38.7% |
| Other operating charges640/8 | - | - | - | €2,208 | €5,021 | €2,130 | €3,740 | €2,099 | ▼ 43.9% |
| Gross operating margin9900 | €39,848 | €14,580 | €3,011 | €15,050 | €33,390 | -€31,769 | €7,258 | €27,949 | ▲ 285% |
| Operating profit (loss)9901 | €9,547 | €10,958 | -€1,120 | €11,203 | €28,001 | -€35,664 | €1,843 | €23,525 | ▲ 13× |
| Financial income75/76B | - | - | - | €18 | €13 | €2 | €8 | €7 | ▼ 10.4% |
| Recurring financial income75 | €91 | €71 | €36 | €18 | €13 | €2 | €8 | €7 | ▼ 10.4% |
| Financial charges65/66B | - | - | - | €4,194 | €2,600 | €2,040 | €3,347 | €3,823 | ▲ 14.2% |
| Recurring financial charges65 | €3,841 | €5,796 | €3,763 | €4,194 | €2,600 | €2,040 | €3,347 | €3,823 | ▲ 14.2% |
| Profit (loss) for the period before taxes9903 | €5,797 | €5,232 | -€4,847 | €7,027 | €25,414 | -€37,701 | -€1,496 | €19,710 | - |
| Income taxes67/77 | - | €1,064 | -€948 | €2,685 | €120 | €7,855 | €140 | €141 | ▲ 0.7% |
| Profit (loss) for the period9904 | €5,797 | €4,169 | -€3,899 | €4,343 | €25,294 | -€45,557 | -€1,636 | €19,569 | - |
| Profit (loss) for the period to be appropriated9905 | €5,797 | €4,169 | -€3,899 | €4,343 | €25,294 | -€45,557 | -€1,636 | €19,569 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €111,200 | €118,234 | €98,672 | €118,407 | €120,231 | €85,440 | €91,010 | €116,591 | ▲ 28.1% |
| Fixed assets21/28 | €5,461 | €3,641 | €1,640 | - | €5,256 | €8,542 | €4,912 | €7,372 | ▲ 50.1% |
| Tangible fixed assets22/27 | €5,461 | €3,641 | €1,640 | - | €5,256 | €8,542 | €4,912 | €7,372 | ▲ 50.1% |
| Plant, machinery and equipment23 | - | - | - | - | €2,827 | €6,663 | €3,583 | €3,594 | ▲ 0.3% |
| Furniture and vehicles24 | - | - | - | - | €2,429 | €1,879 | €1,329 | €3,778 | ▲ 184% |
| Current assets29/58 | €105,739 | €114,593 | €97,032 | €118,407 | €114,975 | €76,898 | €86,098 | €109,219 | ▲ 26.9% |
| Stocks and contracts in progress3 | €8,414 | €14,785 | €18,400 | €21,750 | €16,343 | €11,476 | €7,895 | €14,765 | ▲ 87.0% |
| Stocks30/36 | - | - | - | €21,750 | €16,343 | €11,476 | €7,895 | €14,765 | ▲ 87.0% |
| Amounts receivable within one year40/41 | €97,212 | €88,629 | €75,854 | €84,537 | €92,451 | €58,033 | €66,907 | €68,290 | ▲ 2.1% |
| Trade receivables40 | - | - | - | €22,245 | €60,702 | €28,665 | €34,326 | €2,625 | ▼ 92.4% |
| Other amounts receivable41 | - | - | - | €62,293 | €31,749 | €29,368 | €32,582 | €65,665 | ▲ 102% |
| Cash at bank and in hand54/58 | €113 | €346 | €698 | €10,217 | €4,467 | €1,014 | €34 | €2,324 | ▲ 69× |
| Deferred charges and accrued income490/1 | - | - | - | €1,902 | €1,714 | €6,375 | €11,262 | €23,840 | ▲ 112% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €111,200 | €118,234 | €98,672 | €118,407 | €120,231 | €85,440 | €91,010 | €116,591 | ▲ 28.1% |
| Equity10/15 | €39,534 | €43,702 | €39,803 | €44,146 | €69,440 | €23,883 | €22,248 | €41,817 | ▲ 88.0% |
| Contributions10/11 | €18,600 | €18,600 | - | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €26,860 | €26,860 | €26,860 | €26,860 | €49,860 | €49,860 | €49,860 | €49,860 | = |
| 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 | = |
| Distributable reserves133 | - | - | - | €25,000 | €48,000 | €48,000 | €48,000 | €48,000 | = |
| Profit (loss) carried forward14 | -€5,926 | -€1,758 | -€5,657 | -€1,314 | €980 | -€44,577 | -€46,212 | -€26,643 | ▲ 42.3% |
| Amounts payable17/49 | €71,666 | €74,531 | €58,869 | €74,261 | €50,792 | €61,557 | €68,763 | €74,774 | ▲ 8.7% |
| Amounts payable after more than one year17 | €20,000 | €20,000 | €20,000 | €20,000 | - | - | - | - | - |
| Financial debts170/4 | - | - | - | €20,000 | - | - | - | - | - |
| Amounts payable within one year42/48 | €51,666 | €42,829 | €38,748 | €53,279 | €50,245 | €61,491 | €62,399 | €58,879 | ▼ 5.6% |
| Financial debts43 | - | - | - | - | €7,654 | €12,486 | €13,801 | - | - |
| Credit institutions430/8 | - | - | - | - | €7,654 | €12,486 | €13,801 | - | - |
| Trade debts44 | €41,002 | €32,984 | €26,178 | €52,191 | €42,471 | €48,874 | €46,958 | €58,738 | ▲ 25.1% |
| Suppliers440/4 | - | - | - | €52,191 | €42,471 | €48,874 | €46,958 | €58,738 | ▲ 25.1% |
| Taxes, remuneration and social security45 | - | - | - | €1,087 | €120 | €132 | €140 | €141 | ▲ 0.9% |
| Taxes450/3 | - | - | - | €1,087 | €120 | €132 | €140 | €141 | ▲ 0.9% |
| Other amounts payable47/48 | - | - | - | - | - | - | €1,500 | - | - |
| Accrued charges and deferred income492/3 | - | - | - | €982 | €547 | €66 | €6,364 | €15,895 | ▲ 150% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €5,797 | €4,169 | -€3,899 | €4,343 | €25,294 | -€45,557 | -€1,636 | €19,569 | - |
| + Depreciation and write-downs630 | €2,496 | €1,820 | €1,640 | €1,640 | €369 | €1,764 | €1,675 | €2,324 | ▲ 38.7% |
| Operating cash flow (approximation) | €8,293 | €5,989 | -€2,259 | €5,983 | €25,663 | -€43,792 | €39 | €21,893 | ▲ 556× |
| Investment in fixed assets (approximation) | - | €0 | €361 | - | - | -€5,050 | €1,955 | -€4,784 | - |
| Change in cash | - | €233 | €352 | €9,520 | -€5,750 | -€3,454 | -€980 | €2,290 | - |
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 R&D -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
The bankruptcy probability of R&D -CONSTRUCT itself is higher: 3.7% within 12 months. It rests on far more data about R&D -CONSTRUCT than the profile alone.
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 R&D -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.
Latest 10 of 17 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 10-08-2026 | 2026-00389677 | |
| 31-12-2024 | micro format | 26-09-2025 | 2025-00505158 | |
| 31-12-2023 | micro format | 26-07-2024 | 2024-00288106 | |
| 31-12-2022 | micro format | 11-08-2023 | 2023-00324622 | |
| 31-12-2021 | micro format | 09-08-2022 | 2022-20278051 | |
| 31-12-2020 | micro format | 11-08-2021 | 2021-47700094 | |
| 31-12-2019 | micro format | 22-12-2020 | 2020-76600479 | |
| 31-12-2018 | micro format | 07-08-2019 | 2019-44600191 | |
| 31-12-2017 | micro format | 09-08-2018 | 2018-44700483 | |
| 31-12-2016 | micro format | 07-08-2017 | 2017-41700120 |
Board & ownership
Directors
Insolvency mandates
1 mandate| Role | Name | Tenure |
|---|---|---|
| Interim administrator | Christophe Degryse | 09-12-2025 → present |
Owners and capital
Owners
Mandate history
- Board
- mandate already running before its first mention
| Name | Functions and periods |
|---|---|
| Moens David |
|
| Moens Franky |
|
Network & group
R&D -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 R&D -CONSTRUCT. Every other company they run is a node.
Timeline
Deeds, filings and financial milestones
08-01
Gazette deed
Registered office moved from Zelzate to EekloNew registered office: Vrombautstraat 107c, 9900 Eeklo · Previous registered office: Assenedestaanweg 151, 9060 Zelzate · Resignation: Moens Franky (director)4 points ▸
- General meeting, 02-12-2024
- Registered-office move, Vrombautstraat 107c, 9900 Eeklo
- Director resignation, Moens Franky
- Director appointment, Moens David
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
1 former office
- Assenedestaanweg 151, 9060 Zelzate until 02-12-2024 · deed of 08-01-2025
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 0810.761.929
Financial year and general meeting
Accounts at the NBBSites & property
Buildings and parcels at the address
| Cadastral parcel | Region | Area | Buildings | Height / floors |
|---|---|---|---|---|
| 43005C0728/00D002 | Flanders | 1,369 m² | 1 · 137 m² | 8.0 m · 2 |