RADESA
ActiveThe file of RADESA contains 2 historical bankruptcy publications, as published in the Belgian State Gazette.
Summary
The computed 12-month bankruptcy probability is 1.3% (low). The 2025 annual accounts show equity of €35,344 and a net result of -€20,445. Equity is growing by ~22.2% per year across the filed fiscal years. Its solvency ranks better than 15% of 28374 sector peers (fiscal year 2025).
Checked score
Score 2025
Axes · tick = 2024
Profitability11▼-61
Solvency36▼-6
Growth52▼-26
Track record85
Bankruptcy probability, 12 months
1.3%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €1,000 at 30 days only on tighter terms
Liquidity tight (current ratio 1.12 against 1.2 in 2024; short-term debt: 89.1% and cash: 0.3% of total assets), and 89.1% of the assets are financed with debt.
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Signals
Six 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 →
raises risk · Annual accounts: weaker financial profile
The latest annual accounts show a weaker profile in solvency, result or liquidity than companies that stay afloat.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
10.9%
Return on assets
-6.3%
Age of the figures
18 mo
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
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 15% of 28374 sector peers (2025).
NBB · sector comparisonPosition among 28374 sector peers
Solvency
better than 15%
← weakest
strongest →
neutral · Filed after the deadline
The financial year that closed on 31-03-2025 was due by 31-10-2025 and was filed on 11-11-2025, 11 days later. For context: 47% of the Belgian market files late and the whole 1-to-90-day band measures 2.0% abnormal legal state against a 1.66% average. We show this as a fact and do not score it.
NBB · 10 filingsDeviation from the deadline
2025
11 d late
2024
18 d late
2023
12 d late
2022
20 d late
2021
5 d late
2020
29 d late
2019
9 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 12 days after 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 31-03-2026 and is due by 31-10-2026. Nothing is late today. Usually files around 12 November (5 of the last 5 filed years within 30 days of that day).
Companies Code · seven monthsPosition in the running window
31-03-2026 close30-09-2026 today31-10-2026 deadline
History
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Financials · fiscal year 2025, micro schema
Equity
€35,344▼ 36.6%
2024 · €55,789
Total assets
€325,225▼ 2.1%
2024 · €332,307
Net result
-€20,445
2024 · €9,131
Working capital
€35,308▼ 36.3%
2024 · €55,422
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 43, Specialised construction activities, each year against the same schema; no band under 30 filings. Dashed line: the median.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result€6,269▲ 117%€24,294▲ 288%€4,089▼ 83.2%€10,690▲ 161%-€16,080
Net result€3,849within the sector's middle half▲ 860%€24,107within the sector's middle half▲ 526%€1,904within the sector's middle half▼ 92.1%€9,131within the sector's middle half▲ 380%-€20,445below the sector's middle half
Equity€20,647within the sector's middle half▲ 61.3%€44,754within the sector's middle half▲ 117%€46,658within the sector's middle half▲ 4.3%€55,789within the sector's middle half▲ 19.6%€35,344within the sector's middle half▼ 36.6%
Total assets€126,834within the sector's middle half▲ 99.5%€309,647above the sector's middle half▲ 144%€297,731above the sector's middle half▼ 3.8%€332,307above the sector's middle half▲ 11.6%€325,225above the sector's middle half▼ 2.1%
Debt€106,187▲ 109%€264,893▲ 149%€251,072▼ 5.2%€276,518▲ 10.1%€289,881▲ 4.8%
Working capital€17,801within the sector's middle half▲ 131%€43,475within the sector's middle half▲ 144%€45,961within the sector's middle half▲ 5.7%€55,422within the sector's middle half▲ 20.6%€35,308within the sector's middle half▼ 36.3%
Solvency16.3%below the sector's middle half▼ 3.9pp14.5%below the sector's middle half▼ 1.8pp15.7%below the sector's middle half▲ 1.2pp16.8%below the sector's middle half▲ 1.1pp10.9%below the sector's middle half▼ 5.9pp
Current ratio1.17within the sector's middle half▲ 0.021.16within the sector's middle half=1.18within the sector's middle half▲ 0.021.20within the sector's middle half▲ 0.021.12within the sector's middle half▼ 0.08
Return on assets (ROA)3.0%within the sector's middle half▲ 2.4pp7.8%within the sector's middle half▲ 4.8pp0.6%within the sector's middle half▼ 7.1pp2.7%within the sector's middle half▲ 2.1pp-6.3%below the sector's middle half▼ 9.0pp
above
within
below
the middle half (P25 to P75) of NACE 43, Specialised construction activities, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result turns negative in 2025: a loss of €16,080 after €10,690 in 2024, the lowest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €325,225
Fixed assets
€36 ▼ 90.2%
Current assets
€325,189 ▼ 2.0%
Equity and liabilities €325,225
Equity
€35,344 ▼ 36.6%
Debt
€289,881 ▲ 4.8%
Debt's share of the balance-sheet total rises from 83.2% to 89.1%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
-€15,749▼
2024 · €11,020
Cash flow
-€20,114▼
2024 · €9,461
Debt to equity
8.20▲
2024 · 4.96
ROE
-57.8%▼
2024 · 16.4%
Interest coverage
-65.35▼
2024 · 8.41
Debt ≤ 1 year
€289,881▲
2024 · €276,518
Income taxes
€4,124▲
2024 · €248
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 2,165 companies that looked in July 2024 the way this one looks now, 2.6% went bankrupt within 24 months and 94% are still going.
- Micro
- 10 to 20 years old
- solvency 10 to 30%
- a small loss
2.6%
went bankrupt
3.0%
stopped otherwise
94%
still going
A further 0.3% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 1.3% over twelve months; the group does not contradict it.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,340 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% | 1.0% |
| 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% 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 2,165 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 |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €3,036 | €2,889 | €582 | €330 | €331 | ▲ 0.3% |
| Other operating charges640/8 | - | €232 | €57 | €604 | €614 | ▲ 1.7% |
| Gross operating margin9900 | €11,384 | €27,415 | €4,728 | €11,624 | -€15,135 | ▼ 230% |
| Operating profit (loss)9901 | €6,269 | €24,294 | €4,089 | €10,690 | -€16,080 | ▼ 250% |
| Financial income75/76B | - | - | €156 | - | - | - |
| Recurring financial income75 | €75 | - | €156 | - | - | - |
| Financial charges65/66B | - | €188 | €520 | €1,311 | €241 | ▼ 81.6% |
| Recurring financial charges65 | €1,017 | €188 | €520 | €1,311 | €241 | ▼ 81.6% |
| Profit (loss) for the period before taxes9903 | €5,327 | €24,107 | €3,725 | €9,379 | -€16,321 | ▼ 274% |
| Income taxes67/77 | €1,478 | - | €1,821 | €248 | €4,124 | ▲ 1,563% |
| Profit (loss) for the period9904 | €3,849 | €24,107 | €1,904 | €9,131 | -€20,445 | ▼ 324% |
| Profit (loss) for the period to be appropriated9905 | €3,849 | €24,107 | €1,904 | €9,131 | -€20,445 | ▼ 324% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €126,834 | €309,647 | €297,731 | €332,307 | €325,225 | ▼ 2.1% |
| Fixed assets21/28 | €2,846 | €1,279 | €697 | €367 | €36 | ▼ 90.2% |
| Tangible fixed assets22/27 | €2,846 | €1,279 | €697 | €367 | €36 | ▼ 90.2% |
| Plant, machinery and equipment23 | - | €1,279 | €697 | €367 | €36 | ▼ 90.2% |
| Current assets29/58 | €123,988 | €308,368 | €297,033 | €331,940 | €325,189 | ▼ 2.0% |
| Amounts receivable within one year40/41 | €116,518 | €298,812 | €297,033 | €331,056 | €324,235 | ▼ 2.1% |
| Trade receivables40 | - | €298,244 | €297,033 | €330,453 | €322,988 | ▼ 2.3% |
| Other amounts receivable41 | - | €569 | - | €603 | €1,247 | ▲ 107% |
| Cash at bank and in hand54/58 | €7,470 | €9,556 | - | €884 | €954 | ▲ 7.9% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €126,834 | €309,647 | €297,731 | €332,307 | €325,225 | ▼ 2.1% |
| Equity10/15 | €20,647 | €44,754 | €46,658 | €55,789 | €35,344 | ▼ 36.6% |
| Contributions10/11 | €14,700 | €14,700 | €14,700 | €14,700 | €14,700 | = |
| Profit (loss) carried forward14 | €5,947 | €30,054 | €31,958 | €41,089 | €20,644 | ▼ 49.8% |
| Amounts payable17/49 | €106,187 | €264,893 | €251,072 | €276,518 | €289,881 | ▲ 4.8% |
| Amounts payable within one year42/48 | €106,187 | €264,893 | €251,072 | €276,518 | €289,881 | ▲ 4.8% |
| Trade debts44 | €101,469 | €263,378 | €250,971 | €276,518 | €286,683 | ▲ 3.7% |
| Suppliers440/4 | - | €263,378 | €250,971 | €276,518 | €286,683 | ▲ 3.7% |
| Taxes, remuneration and social security45 | - | - | €101 | - | - | - |
| Taxes450/3 | - | - | €101 | - | - | - |
| Other amounts payable47/48 | - | €1,515 | - | - | €3,198 | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €3,849 | €24,107 | €1,904 | €9,131 | -€20,445 | ▼ 324% |
| + Depreciation and write-downs630 | €3,036 | €2,889 | €582 | €330 | €331 | ▲ 0.3% |
| Operating cash flow (approximation) | €6,885 | €26,996 | €2,486 | €9,461 | -€20,114 | ▼ 313% |
| Investment in fixed assets (approximation) | - | -€1,322 | €0 | €0 | €0 | ▼ 100% |
| Change in cash | - | €2,086 | - | - | €70 | - |
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
2025
11-11
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema · 11 days late
31-03
Financial
Weakest financial yearnet -€20,445
Net result drops to -€20,445, the lowest in the series.
2024
18-11
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 18 days late
2023
12-11
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 12 days late
2022
20-11
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 20 days late
26-10
Bankruptcy
Bankruptcy reversal
Ondernemingsrechtbank Antwerpen, afdeling Antwerpen · event 20-10-2022
05-10
Bankruptcy
Opening
Ondernemingsrechtbank Antwerpen, afdeling Antwerpen · event 29-09-2022
31-03
Financial
Highest result since 2019net €24,107 ▲526%
Operating result €24,294, net result €24,107, both a record.
2021
05-11
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 5 days late
2020
29-11
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 29 days late
2019
22-10
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
2018
13-11
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema · 13 days late
2017
30-10
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema
2016
19-12
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema · 49 days late
SignalFinancial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 8 acts read
About the unread acts
We know of 8 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
8 acts for this company are in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Antwerpen · 1 establishment unit since 2013
Ground area
1,491 m²
Building footprint
984 m²
Volume, LiDAR
7,216 m³
Parcel 11463D0325/00K002, Flanders · tallest building 8.2 m, ±3 floors. Linked by address, not a title deed.
314
companies at this address
See who is registered here
1 establishment unit
RADESA
since 20132.224.035.695
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 11463D0325/00K002 | Flanders | 1,491 m² | 1 · 984 m² | 8.2 m · 3 fl. |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Insolvency mandates
1 mandate| Role | Name | Tenure |
|---|---|---|
| Curator | SERGE VAN DER HOFSTADT JAN VAN RIJSWIJCK-
LAAN 1-3, 2018 ANTWERPEN 1 |
29-09-2022 → 20-10-2022 |
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Of 11,140 companies in sector 43910 we hold annual accounts for 5,495. 4,489 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
Founded02-10-2013
Fiscal year end31-03
Activities, NACEBEL 2025
43910Bricklaying and masonry work
E-invoicing
Reachable via Peppol
Peppol ID
0208:0540646227
Also
9925:BE0540646227
Registered
21-04-2026
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 29 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.