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Raes Construct

Active Public limited companyfounded 1998active for 28 yearsVlaskapelstraat 6, 8560 WevelgemKBO/BCE: BE 0462.586.169 subsidiary of RS INVEST#3 company by total assets in Wevelgem, Construction sector
Raes Construct
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Overview

Lifetime

20 annual accounts with figures on one time axis, 28 filings since 1999
peak €5.6m (2026)
€5.6m▲ 57.8%
peak €2.8m (2026)
€2.8m▲ 93.5%
peak €2.0m (2026)
€2.0m▲ 0.1%
€7.4m▲ 54.2%
peak 24.6 FTE (2026)
24.6 FTE▲ 10.3%
Board2 names since 2019
2 directorsRaes Lode and 1 other
Owners
consolidatesRS INVEST
Documentsfilings and deeds
21-10-202610 days before the deadline
2026financial year
Gross margin from €3.6m to €5.6mResult from €1.4m to €2.8mStaff from 22.3 FTE to 24.6 FTEReappointments: Raes Lode (managing director and chair of the… 12-10Dividend €2.8mDebts from €4.8m to €7.4m

Key points

from the 2026 annual accounts

Equity

€2.0m ▲ 0.1%
2.02025+2.8Profit-2.8Dividend2.02026

Raes Construct paid out €2.8m in dividends. That is 100% of the 2026 profit.

Result

€2.8m ▲ 93.5%
€1.4m2025€2.8m2026

The result rose in 2026: different schema filed.

Debts

€7.4m 79% of the balance sheet
Suppliers 48%Taxes and wages 13%Other 39%

Of this, €7.3m falls due within a year.

Investments

€111,526 2.2 × depreciation
2022202420252026

Green is investment, beige is depreciation. Machinery stands 131.1% higher than in 2025.

Staff

25 employees on 31-03-2026
8152022141420238620241514202519172026

In 2026, 19 people joined and 17 left.

Filings

28 annual accounts since 1999
deadline200020102020

The last five annual accounts were filed 10 to 51 days before the end of the period.

Checked score

69
Healthy
Financially stronger than 45% of small companies in construction of buildings (NACE 41)
Probability in this band: 0.55% to 1.5%
Bankruptcy probability within 12 months
0.7% Low
0%0.5%1.5%4%10%≥ 25%

The dashed line is the sector median: 0.4% across 911 companies (NACE 41, small).

About 7 in 1,000 comparable companies go bankrupt within 12 months (an estimate).

Last 24 months 12-2024: 0.3% 01-2025: 0.3%● unchanged vs 12-2024 02-2025: 0.3%● unchanged vs 01-2025 03-2025: 0.3%● unchanged vs 02-2025 04-2025: 0.3%● unchanged vs 03-2025 05-2025: 0.3%● unchanged vs 04-2025 06-2025: 0.3%● unchanged vs 05-2025 07-2025: 0.4%▲ +0.1 percentage points vs 06-2025 08-2025: 0.4%● unchanged vs 07-2025 09-2025: 0.4%● unchanged vs 08-2025 10-2025: 0.6%▲ +0.2 percentage points vs 09-2025 11-2025: 0.3%▼ -0.3 percentage points vs 10-2025lowest value 12-2025: 0.3%● unchanged vs 11-2025lowest value 01-2026: 0.3%● unchanged vs 12-2025lowest value 02-2026: 0.3%● unchanged vs 01-2026lowest value 03-2026: 0.3%● unchanged vs 02-2026lowest value 04-2026: 0.3%● unchanged vs 03-2026 05-2026: 0.3%● unchanged vs 04-2026 06-2026: 0.3%● unchanged vs 05-2026 07-2026: 0.3%● unchanged vs 06-2026 08-2026: 0.3%● unchanged vs 07-2026 09-2026: 0.3%● unchanged vs 08-2026 10-2026: 0.7%▲ +0.4 percentage points vs 09-2026highest value 11-2026: 0.7%● unchanged vs 10-2026highest value

Financial strength
Average

46-8equity 21.3% of total assets
10-9short-term debt 77.7% · cash 1.6%
100+5return on assets 29.7%

Score breakdown

raises risk
Liquidity: current ratio 1.23, cash €150,854, halved
Equity €2.0m (21.3% of total assets)
Sector: Construction of residential and non-residential buildings (NACE 41)
lowers risk
Profit of €2.8m (financial year 2026)
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, small). It does better than 36% of them on solvency, 10% on liquidity, 99% on profitability and 37% on growth.

The bankruptcy probability was computed on 07-11-2026 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 31-03-2026.

Of the companies with a bankruptcy probability in the low class on 30-06-2025, 0.8% 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).

Comparable companies, two years later

In July 2024, 2,613 companies had the same profile as Raes Construct has now. Each dot stands for 7 companies, two years later.

97.3%
were still trading
2.0%
stopped another way
0.7%
went bankrupt
  • Small
  • 20 years or older
  • solvency 10 to 30%
  • a profit of 5% of the balance sheet or more

That fits the bankruptcy probability of Raes Construct itself: 0.7% within 12 months.

Test of the method

The method was tested on the 497,447 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.

The companies in ten equal groups, from the lowest to the highest expected share
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 2,613 companies, not a prediction for Raes 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.

Credit verdict

Credit of up to €130,000 on 30-day terms is acceptable

Liquidity is tight, with a current ratio of 1.23 (1.34 in 2025), below the usual 1.5. Short-term debt is 77.7% and cash 1.6% of total assets. 78.7% of the assets are financed with debt and provisions.

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 · Liquidity: current ratio 1.23, cash €150,854, halved
NBB · annual accounts
raises risk · Equity €2.0m (21.3% of total assets)
NBB · annual accounts
raises risk · Sector: Construction of residential and non-residential buildings (NACE 41)
KBO
lowers risk · Profit of €2.8m (financial year 2026)
NBB · annual accounts
raises risk · Weak solvency compared with the sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 20% of 489 sector peers (2026).
NBB · sector comparison
Position among 489 sector peers
Solvency
better than 20%
← weakest strongest →
neutral · Latest accounts filed on time
The financial year that closed on 31-03-2026 was due by 31-10-2026 and was filed on 21-10-2026, 10 days ahead of the deadline.
NBB · 10 filings
Deviation from the deadline
2026
10 days early
2025
30 days early
2024
51 days early
2023
25 days early
2022
17 days early
2021
18 days early
2020
9 days early
← before the deadline after the deadline →
tick = median of all Belgian filingsring = median in the sector

The company filed its last 7 accounts on average 23 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 31-03-2027 and is due by 31-10-2027. Nothing is late today. The company usually files around 6 October (5 of the last 5 accounts filed within 30 days either side of that date).
Companies Code · seven months
Where today falls in the filing period
08-11-2026 today31-03-2027 year end31-10-2027 deadline
neutral · No strike-offs in the KBO publications
That holds for every publication since 2021.
KBO publications

Board and ownership

RL
Raes Lode
Managing director
SA
Syssauw Adelheid
Managing director
Board & ownership

Recent changes

Reappointments: Raes Lode (managing director and chair of the board) and Syssauw Adelheid (managing director) General meeting of 09-09-2025 · Gazette deed
Registered in the Peppol Directory Reachable for e-invoices through 0208:0462586169
First establishment Vlaskapelstraat 6, Wevelgem
Incorporation published on 05-03-1998 · Gazette deed
All 35 events

Comparable companies

same main activity, similar in size and age
Company
Raes Construct Wevelgem €9.4m €5.6m 21.3% 24.6
BUILDING & PARTNERS Beringen €13.4m €2.9m 21.7% 39.1
LUMET Beveren-Kruibeke-Zwijndrecht €7.9m €2.5m 30.4% 21.9
LEVRAU Dentergem €11.8m €3.5m 62.3% 23.3
DUTRY KONSTRUKT Ledegem €6.5m €2.4m 57.4% 9.2
ELSEN Amblève €10.0m €3.3m 72.9% 42.4
INDACO CONSTRUCTIE Oudenaarde €10.1m €1.9m 64.0% 10.6

These companies have the same main activity as Raes Construct: general construction of other non-residential buildings (NACE 41003). They are comparable in size and age: total assets between €6.5m and €13m, founded between 1970 and 2005.

Official details

Source: KBO
Status
Active since 20-02-1998Normal situation
Activity
General construction of other non-residential buildingsNACE 41003and 3 others
Joint committees
124Construction
200Auxiliary committee for white-collar workers · annual accounts 31-03-2026
Establishment unit
2.086.184.8398560 Wevelgem, since 03-04-1998
Financial year end
31 March
Peppol
Reachable since 11-12-2025
Company details

Annual accounts to 31-03-2026

€5.6m▲ 57.8%
≈ €9.7mestimated
€2.8m▲ 93.5%
€2.0m▲ 0.1%
€9.4m▲ 38.3%
Employeeson 31-03-2026
25▲ 8.7%
Filing
Filed on 21-10-2026, 10 days before the end of the filing period
Financials

Insights on Raes Construct

Raes Construct has existed since 1998. The gross margin grew from €1.5m in 2007 to €5.6m in 2026 and staff from 17.7 to 24.6 full-time equivalents.

Solvency fell in 2026 from 29.4% to 21.3% because of the dividend.

RS INVEST holds all the shares. In October 2026, the Official Gazette published the appointment of Raes Lode as managing director.

Sources: KBO register, filings at the National Bank, Belgian Official Gazette.

Financials

Annual accounts 2026

full format, filed on 21-10-2026, 10 days before the deadline
€5.6m
▲ 57.8%
€3.5m
▲ 111%
€3.6m
▲ 107%
€2.8m
▲ 88.9%
21.3%
▼ 8.1 percentage points
1.23
▼ 0.11

The turnover shown is an estimate from the gross margin.

Turnover ≈ €9.7m. Estimated: probably between €6.6m and €16.0m.

In the rankings #3 company by total assets in Wevelgem, Construction sector#6 employer in Wevelgem, Construction sector#7 company by equity in Wevelgem, Construction sector

Money flows

no detail for 2026

Balance sheet

balance sheet total €9.4m on 31-03-2026
What the company ownsHow it is paid for

in €m

in €m

Position in the sector

Compare with sector

21.3%

Higher than 46% of 1,037 companies in 2025.

1.23

Higher than 42% of 1,016 companies in 2025.

29.7%

Higher than 94% of 1,032 companies in 2025.

Raes Construct Middle half of the sector 80% of the sector Full accounts in construction of buildings (NACE 41)

Staff

Men and women

Not in that year's accounts.

€83,121

Staff costs divided by the average number of full-time equivalents.

+2 people

people who joined people who left

In 2026, 19 people joined and 17 left. Training hours in 2026: 144.

Filed annual accounts

as filed with the National Bank, click a year to choose it
Line Trend20262025202420232022202120202019201820172016201520142013201220112010200920082007
Balance sheet: assets
20/58 9.4m6.8m6.3m3.6m3.3m2.7m2.6m2.7m2.3m2.3m2.1m2.6m2.2m1.7m2.0m2.2m1.8m1.9m2.8m2.5m
21/28 409,245390,042437,541110,402154,102118,711117,88866,988104,069137,853155,111129,415172,333134,44785,65290,213108,324125,302148,357158,125
21 13,5847,288-------9842,5694,2817,136-------
22/27 387,991350,195412,03087,333128,81197,66286,69846,29885,836112,924132,769110,993148,945121,16466,21279,32393,684104,520140,711152,258
22 224,176230,115236,9993,7305,6878,80815,34328,57442,44641,19353,74764,28581,90286,12211,94317,31622,91929,95338,94748,528
23 119,01251,49777,03461,10381,16827,44317,8278,2359,6959,19511,16314,08214,55812,33117,90510,67717,30017,62115,90927,309
24 44,80368,58397,99722,50041,95561,41153,5289,48833,69562,53766,55829,02346,58214,50625,85738,52338,35639,53665,98552,592
26 ----------1,3023,6035,9048,20510,50712,80815,10917,41019,87023,828
28 7,67032,56025,51223,06925,29221,04931,19120,69118,23323,94619,77314,14116,25313,28319,44010,89014,64020,7827,6465,868
284/8 ----------19,77314,14116,25313,28319,44010,89014,640---
285/8 ----------19,77314,14116,25313,28319,44010,89014,640---
29/58 8.9m6.4m5.8m3.5m3.1m2.6m2.5m2.6m2.2m2.2m2.0m2.4m2.0m1.6m1.9m2.1m1.7m1.8m2.6m2.4m
3 55,95670,94063,56477,990107,82298,21981,22993,15376,54185,71693,98186,091100,028123,014198,992136,52064,02962,786282,57865,636
30/36 55,95670,94063,56477,990107,82298,21981,22993,15376,54185,71693,98186,091100,028123,014103,992136,52064,02962,786282,57865,636
30/31 ----------93,98186,091100,028123,014103,992136,52064,029---
37 --------------95,000-----
40/41 8.7m5.9m4.8m3.3m2.9m2.1m1.4m1.5m1.1m934,050862,8002.2m1.8m1.3m1.5m1.9m1.3m1.1m1.6m1.9m
40 8.1m5.1m4.2m2.9m2.4m1.8m1.2m1.2m947,570598,747764,2302.0m1.5m1.2m1.4m1.6m1.2m958,7141.5m1.4m
41 670,139850,625603,623399,421471,437372,855266,704281,400189,070335,30398,570179,863226,877113,329163,702271,867157,122125,960169,982552,465
50/53 -0700,000-------600,000--------290,703
51/53 ----------600,000---------
54/58 150,854387,255234,950147,152109,706343,088839,481679,854784,9491.2m423,441123,702181,699164,711202,27883,026148,529605,329696,435104,955
490/1 2,4871,6806,956053,97417,980101,859345,087152,254-3,331--27,237--121,6801,445-5,397
Balance sheet: equity and liabilities
10/49 9.4m6.8m6.3m3.6m3.3m2.7m2.6m2.7m2.3m2.3m2.1m2.6m2.2m1.7m2.0m2.2m1.8m1.9m2.8m2.5m
10/15 2.0m2.0m1.8m1.6m2.0m1.6m1.6m1.6m1.6m1.7m1.6m1.5m1.6m1.6m1.5m1.5m1.5m1.3m1.8m1.7m
10/11 75,00075,00075,00075,00075,00075,00075,00075,00075,00075,00075,00075,00075,00075,00075,00075,00075,00075,00075,00075,000
10 75,00075,00075,00075,00075,000---------------
100 75,00075,00075,00075,00075,00075,00075,00075,00075,00075,00075,00075,00075,00075,00075,00075,00075,00075,00075,00075,000
13 1.9m1.9m1.7m1.6m1.9m1.5m1.5m1.5m1.5m1.6m1.5m1.5m1.5m1.5m1.5m1.4m1.4m1.3m1.7m1.7m
130/1 7,5007,5007,5007,5007,5007,500--------------
130 7,5007,5007,5007,5007,5007,5007,5007,5007,5007,5007,5007,5007,5007,5007,5007,5007,5007,5007,5007,500
132 -------------3,2964,9759,09521,08139,709147,22478,925
133 1.9m1.9m1.7m1.6m1.9m1.5m1.5m1.5m1.5m1.6m1.5m1.5m1.5m1.5m1.5m1.4m1.4m1.2m1.6m1.6m
14 00000---------------
16 -------------1,6972,5624,68310,85520,44775,80940,640
168 -------------1,6972,5624,68310,85520,44775,80940,640
17/49 7.4m4.8m4.5m2.0m1.3m1.2m972,2361.1m670,530692,197574,9691.0m637,633185,837476,322701,043298,596525,110908,765765,062
42/48 7.3m4.8m4.5m2.0m1.3m1.2m972,2361.1m670,530692,197574,9691.0m625,991180,241474,834701,043298,596525,110908,765763,286
44 3.5m3.4m2.8m974,9351.1m545,563731,656838,019377,941510,743192,114551,336438,88931,280340,998516,268168,936370,850762,219631,619
440/4 3.5m3.4m2.8m974,9351.1m545,563731,656838,019377,941510,743192,114551,336438,88931,280340,998516,268168,936370,850762,219631,619
46 ---050,000---------------
45 948,909163,595241,144132,036128,792215,545140,680152,301142,589181,45482,856163,049187,103148,961133,837184,775129,661154,260146,546126,354
450/3 803,9238,87272,5078,1868,68112,71810,99428,54816,37765,06719,71338,86515,89913,97114,84216,51314,01913,80212,32513,311
454/9 144,986154,723168,637123,850120,112202,827129,686123,753126,212116,38663,143124,183171,204134,990118,995168,262115,642140,458134,221113,043
47/48 2.8m1.2m1.5m900,0000399,90099,900150,000150,000-300,000300,000-------5,313
492/3 89,577-----------11,6425,5961,487----1,776
Income statement
70/76A ----------7.0m9.5m7.4m4.7m5.4m5.6m6.9m---
70 ----------6.9m9.4m7.3m4.7m5.2m5.6m6.8m---
71 --------------95,00095,000-----
76A 3,00002509050138,6601,810-7,0431,0004,2003,5004522,105---3,878132,624143,090
9900 5.6m3.6m3.9m2.2m2.1m2.0m1.6m1.5m1.5m1.3m-------2.2m2.2m1.5m
60/66A ----------6.6m9.2m7.4m4.7m5.4m5.6m6.7m---
60 ----------3.8m6.0m4.4m2.0m2.3m2.6m3.6m---
600/8 ----------3.8m6.0m4.4m2.1m2.3m2.7m3.6m---
609 -----------7,89013,93622,986-19,02132,528-72,491-1,243---
61 ----------1.6m1.7m1.6m1.3m1.7m1.7m1.7m---
62 2.0m1.8m1.8m1.4m1.7m1.6m1.4m1.3m1.3m1.2m1.1m1.4m1.4m1.3m1.4m1.4m1.4m1.4m1.4m1.1m
630 50,20461,83650,29341,47833,23730,27529,90043,31450,44355,40153,95547,40346,43238,45728,22040,74338,25857,37780,30381,251
631/4 0-8,259-6,74143,962----------------
640/8 5,2108,0469,6978,47011,66113,44012,4336,6616,5527,5698,4027,0197,4608,1719,23910,19511,87711,94110,7438,351
66A 2,23002,500------------5,12214,918-371-
9901 3.5m1.7m2.0m621,537408,205347,604100,059123,68273,65341,377404,776304,687-31,448-30,297-19,9932,926168,695696,702697,416315,747
75/76B 233,362253,134213,049131,613187,900127,864125,10289,28370,21999,60472,53697,66175,61246,62959,33935,45970,850130,566136,617106,059
75 233,362253,134213,049131,613187,900127,864125,10289,28370,21999,60472,53697,66175,61246,62959,33935,45970,850130,566136,617106,059
750 --------------71515---
751 ----------5,6251,3218684,1847,8283,3733,106---
752/9 ----------66,91196,34074,74342,44551,50432,07267,728---
65/66B 3,2654,92418,2102,0543,9929461,9054,5241,4401,6281,9871,2982,6621,6951,5391,55320,8021,9137,3829,782
65 3,2654,92418,2102,0543,9929461,9054,5241,4401,6281,9871,2982,6621,6951,5391,55320,8021,9137,3829,782
650 -----------3--------
652/9 ----------1,9871,2952,6621,6951,5391,55320,802---
9903 3.8m1.9m2.2m751,097592,113474,521223,256208,441142,432139,353479,525404,55141,95416,74237,80831,711203,824829,234958,905555,114
67/77 999,387490,398572,498200,644165,707128,23776,36675,14658,79652,763157,241132,05931,7086307,8386,81370,556332,834283,871142,082
670/3 ----------161,932134,72131,7086797,8387,50672,466---
77 ----------4,6912,662-49-6931,910---
9904 2.8m1.4m1.6m550,453426,406346,284146,889133,29583,63686,591322,284272,49211,94316,97632,09231,070142,860551,761639,865372,392
789 ------------3,2961,6794,12011,98618,627107,51517,26611,073
689 ------------------85,56589,998
9905 2.8m1.4m1.6m550,453426,406346,284146,889133,29583,63686,591322,284272,49215,23918,65536,21143,056161,487659,276571,567293,466
Appropriation of the result
9906 2.8m1.4m1.6m550,453426,406346,284146,889133,29583,63686,591322,284272,49215,23918,65536,21143,056161,487659,276571,567293,466
791/2 --0349,547053,616016,70566,364--27,508-----999,900600,000-
792 -----------27,508--------
691/2 2,832235,277119,5300426,406046,989--86,59122,284-15,23918,65536,21143,056161,487659,276571,567293,466
6921 2,832235,277119,5300426,406046,989--86,59122,284-15,23918,65536,21143,056161,487659,276571,567293,466
694/7 2.8m1.2m1.5m900,0000399,90099,900150,000150,000-300,000300,000-----999,900600,000-
694 2.8m1.2m1.5m900,0000399,90099,900150,000150,000-300,000300,000-----999,900600,000-
Social balance sheet
9087 24.622.321.520.124.32219.517.817.816.814.419.820.818.420.519.822.821.322.217.7
Men (FTE)1003 ----------14.319.820.818.4------
Women (FTE)1003 ----------0.1---------
Agency workers1501 ----------0.20.60.40.21.20.50.1---
Hours worked1013 35,88432,28533,75429,87135,51834,65529,01128,60029,67026,66922,58831,41631,21627,92230,42230,93129,86032,90232,74529,436
Document PDFPDFPDFPDFPDFPDFPDFPDFPDFPDFPDFPDFPDFPDFPDFPDFPDFPDFPDFPDF

The accounts for 8 older financial years (1999-2006) were filed as documents without figures as data, scans for example.

The notes to these accounts have 17 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the accounts filed with the NBB.

Source: Annual accounts 2026 at the NBB, filed on 21-10-2026.

Download as CSV

Filings

each dot is a set of accounts, on the day it reached the National Bank
Financial year Type Filed Reference Document
31-03-2026 full format 21-10-2026 2026-00565120 PDF
31-03-2025 abbreviated format 01-10-2025 2025-00521370 PDF
31-03-2024 abbreviated format 10-09-2024 2024-00457910 PDF
31-03-2023 abbreviated format 06-10-2023 2023-00473727 PDF
31-03-2022 abbreviated format 14-10-2022 2022-20460205 PDF
31-03-2021 abbreviated format 13-10-2021 2021-71900113 PDF
31-03-2020 abbreviated format 22-10-2020 2020-62700003 PDF
31-03-2019 abbreviated format 29-10-2019 2019-71900564 PDF
31-03-2018 abbreviated format 10-10-2018 2018-69100351 PDF
31-03-2017 abbreviated format 19-10-2017 2017-67500387 PDF
31-03-2016 full format 28-10-2016 2016-67100579 PDF
31-03-2015 full format 08-10-2015 2015-64500419 PDF
31-03-2014 full format 29-09-2014 2014-61700049 PDF
31-03-2013 full format 03-10-2013 2013-61800596 PDF
31-03-2012 full format 09-10-2012 2012-60600414 PDF
31-03-2011 full format 29-09-2011 2011-56400531 PDF
31-03-2010 full format 13-10-2010 2010-58100207 PDF
31-03-2009 abbreviated format 15-09-2009 2009-76000056 PDF
31-03-2008 abbreviated format 19-08-2008 2008-58100017 PDF
31-03-2007 abbreviated format 04-10-2007 2007-76800036 PDF
31-03-2006 abbreviated format 03-10-2006 2006-82804742 PDF
31-03-2005 abbreviated format 28-09-2005 2005-73604859 PDF
31-03-2004 abbreviated format 29-09-2004 2004-68300540 PDF
31-03-2003 abbreviated format 17-09-2003 2003-67303987 PDF
31-03-2002 abbreviated format 18-10-2002 2002-67005332 PDF
31-03-2001 abbreviated format 12-10-2001 2001-63704549 PDF
31-03-2000 abbreviated format 06-10-2000 2000-62204594 PDF
31-03-1999 abbreviated format 29-09-1999 1999-50001077 PDF

Subsidies and aid

Flemish government 2022 to 2025, 5 entries, €16,333 awarded, €16,425 paid

Subsidie voor opleiding en advies voor kmo's en zelfstandigen (kmo-portefeuille)
€10,710
Premie voor archeologisch vooronderzoek met ingreep in de bodem
€5,623
Year Entries AwardedPaid
2025 2 €7,485€7,485
2024 1 €2,644€2,422
2023 1 €750€2,721
2022 1 €5,454€3,797

Key figures and ratios

per financial year, computed from the annual accounts
Line Trend20262025202420232022202120202019201820172016201520142013201220112010200920082007
3.6m1.7m2.0m663,015441,442377,878129,959166,997124,09796,777458,731352,09114,9848,1608,22843,668206,953754,080777,719396,998
2.8m1.5m1.7m591,931459,643376,559176,789176,609134,079141,991376,239319,89558,37655,43360,31271,812181,118609,139720,168453,643
111,52614,338377,432-2,22368,62941,23981,8006,23322,37238,14374,0196,59781,34993,41015,10926,38231,86444,78375,41456,225
-236,402152,30587,79937,445-233,381-496,394159,627-105,095-399,914761,422299,739-57,99716,988-37,567119,252-65,503-456,800-91,105591,480-
1.7m1.6m1.3m1.5m1.8m1.4m1.5m1.5m1.5m1.5m1.4m1.4m1.4m1.4m1.5m1.4m1.4m1.2m1.7m1.6m
----------5.9%3.2%-0.4%-0.6%-0.4%0.1%2.5%---
21.3%29.4%28.1%44.9%60.6%57.3%62.4%57.9%70.3%70.5%73.1%60.3%71.1%89.3%76.3%68.1%82.7%71.0%64.4%68.4%
1.231.341.291.762.422.242.542.323.213.183.452.393.258.934.073.035.623.342.883.13
1.221.321.281.722.332.162.462.233.093.063.292.313.098.253.652.835.413.222.573.04
3.692.402.561.230.650.740.600.730.420.420.370.660.410.120.310.460.200.390.510.44
139.2%72.0%92.2%33.6%21.5%22.2%9.1%8.5%5.3%5.2%20.6%17.7%0.8%1.1%2.1%2.1%9.7%41.4%35.9%21.4%
29.7%21.2%25.9%15.1%13.0%12.7%5.7%4.9%3.7%3.7%15.1%10.7%0.5%1.0%1.6%1.4%8.0%29.4%23.1%14.6%
over 100over 100over 100over 100over 100------over 100--------
----------40 days79 days76 days91 days96 days107 days64 days---
----------13 days26 days27 days3 days31 days44 days12 days---

EBIT margin: not included in this filing.

A Belgian filing has no cash-flow statement. Cash flow is therefore an approximation, derived from the income statement. Investment is the acquisitions in the notes and, without them, the balance-sheet move.

Social balance sheet

Item31-03-202631-03-202531-03-202431-03-202331-03-2022
Employees at the balance-sheet date2523222121
full-time2422222121
part-time11000
in full-time equivalents24.122.1222121
24.622.321.520.124.3
On a permanent contract2523222121
Joined19158148
Left171461415
Training hours144-136152208

Source: social balance sheet in the 2022 to 2026 annual accounts

Investments

fixed assets acquired
Item31-03-202631-03-202531-03-202431-03-202331-03-2022
Tangible fixed assets€102,022-€374,989-€64,386
Intangible fixed assets€9,504€7,290---
Financial fixed assets€0€7,048€2,443-€4,243
€50,204€61,836€50,293€41,478€33,237

Source: notes to the 2022 to 2026 annual accounts (statement of fixed assets)

Insights on Raes Construct

The operating result for 2026 is 111% higher than in 2025 and the highest since 2007. It is a recovery after the fall in 2025.

Debt's share of the balance-sheet total rises from 70.6% to 78.7%. Equity and debt are higher.

Large changes and their cause
  • 2026 Net result +94% on 2025. The accounts now follow the full format, last year the abbreviated format.

Board & ownership

Board

2 directors, 2 in day-to-day management, last change in 2025
Raes Lode
Director and managing director and chair of the board
in office according to the deed of 12-10-2026
listed in the 2026 annual accounts, filed on 21-10-2026
Syssauw Adelheid
Director and managing director
in office according to the deed of 12-10-2026
listed in the 2026 annual accounts, filed on 21-10-2026
Raes Lode, Syssauw Adelheid
Signing authorityThe articles say who may bind the company, for example by signing a contract.
“De raad van bestuur besluit, met eenparigheid van stemmen, te herbenoemen voor een periode ingaand op heden en eindigend onmiddellijk na de…”
deed of 12-10-2026

Office holders in the KBO →

Mandates through the years

2 names, the dashed line is today
Raes Lode
Director, Managing director and chair of the board
Syssauw Adelheid
Director, Managing director
LeadershipBoardmandate already running before its first mention
Mandates as a list
  • Raes Lode
    • Director, from 30-09-2019 to date
    • Managing director and chair of the board, since before 09-09-2025
  • Syssauw Adelheid
    • Director, from 30-09-2019 to date
    • Managing director, since before 09-09-2025

See the board, name and registered office on a given date →

Control

Parent
RS INVEST
Equity €20.5m
Profit €3.5m in 2025 (profit €3.5m in 2024)
Checked score 96
99.67%
This company
Raes Construct
Equity €2.0m
Profit €2.8m in 2026

Further up the chainRS Invest BV consolidates

and 1 other shareholder

Capital

Capital
€75,000
Source
2026 annual accounts

Owners through the years

as the annual accounts name them
RS INVEST
99.67%
consolidates
Owners as a list

Source: parent in its own accounts, lists of holdings in the owners' accounts

Articles of association

deed of 12-10-2026 (in Dutch)
Daily managementDay-to-day management handles the everyday running of the business without the full board.
The delegates act alone

Shareholders

2 owners

Owners 2

Network & group

Group

RS INVEST has 4 direct subsidiaries in 2 countries (2025 accounts), the bar shows equity in euros
ParentRS INVEST4 holdings, 2 countries 2025 accounts

Belgium 2 Year Equity Result

  • BE Raes Construct99.67% 2026€2.0m result €2.8m (2026)
  • BE IMHO 2025€1.3m result €14,816 (2025)

Europe 2 Year Equity Result

  • FR Raes Construction SRL99.52% 2025€1.3m result €1.1m (2025)
  • FR LP Immo SRL80% 2024€828,789 result €193,097 (2024)

Source: list of holdings in the 2025 accounts of RS INVEST. Holdings that file themselves stand with their latest accounts, the others with the amounts of that list, in their own currency.

At the same address

Vlaskapelstraat 6, 8560 Wevelgem · 6 other companies
RS INVEST
registered office since 18-07-2003 · founded in 2003
 8.7 FTE (2025)
0859.692.093
IMMO RAES
registered office since 18-05-1990 · founded in 1990
 total assets €3.0m (2025)
0440.763.743
IMHO
registered office since 30-06-1986 · founded in 1986
 total assets €1.3m (2025)
0429.145.915
SYRA
registered office since 21-03-2012 · founded in 2012
 total assets €729,572 (2025)
0844.285.426
ALC Energy
registered office since 02-09-2022 · founded in 2022 · negative equity (2025)
 total assets €499,663 (2025)
0790.366.886
ETIENNE THEYS
registered office since 01-10-1969 · founded in 1969
 total assets €312,110 (2026)
0406.887.977

Connections & network

2 current directors
Depth

The network starts from the directors of Raes Construct. Every other company they run is a node.

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

Timeline

35 events since 1998

Deadline for the 2027 accounts: 31-10-2027

2026
Annual accounts 2026 filed NBBfull format · 10 days before the deadline
Reappointments: Raes Lode (managing director and chair of the board) and Syssauw Adelheid (managing director)General meeting of 09-09-20256 points ▸
  • General meeting, 09-09-2025
  • Director reappointment, Raes Lode
  • Director reappointment, Syssauw Adelheid
  • Board meeting, 09-09-2025
  • Director reappointment, Raes Lode (managing director and chair of the board)
  • Director reappointment, Syssauw Adelheid (managing director)

Open the deed in the Belgian Official Gazette

Highest result from 2007 to 2026 net €2.8m ▲93.5% The operating result of €3.5m and the net result of €2.8m are both a record.
2025
Registered in the Peppol Directory Reachable for e-invoices through 0208:0462586169
Annual accounts 2025 filed PDFabbreviated format · 30 days before the deadline
2024
Annual accounts 2024 filed PDFabbreviated format · 51 days before the deadline
2023
Annual accounts 2023 filed PDFabbreviated format · 25 days before the deadline
2022
Annual accounts 2022 filed PDFabbreviated format · 17 days before the deadline
2021
Annual accounts 2021 filed PDFabbreviated format · 18 days before the deadline
2020
Annual accounts 2020 filed PDFabbreviated format · 9 days before the deadline
2019
Annual accounts 2019 filed PDFabbreviated format · 2 days before the deadline
2018
Annual accounts 2018 filed PDFabbreviated format · 21 days before the deadline
2017
Annual accounts 2017 filed PDFabbreviated format · 12 days before the deadline
2016
Annual accounts 2016 filed PDFfull format · 3 days before the deadline
2015
Annual accounts 2015 filed PDFfull format · 23 days before the deadline
2014
Annual accounts 2014 filed PDFfull format · 32 days before the deadline
Weakest financial year net €11,943 ▼29.6% The net result drops to €11,943, the lowest from 2007 to 2026. It recovers the following year.
2013
Annual accounts 2013 filed PDFfull format · 28 days before the deadline
Liquidity more than doubled current ratio 8.93 The current ratio rises from 4.07 to 8.93. Short-term debt falls from €474,834 to €180,241.
2012
Annual accounts 2012 filed PDFfull format · 22 days before the deadline
2011
Annual accounts 2011 filed PDFfull format · 32 days before the deadline
2010
Annual accounts 2010 filed PDFfull format · 18 days before the deadline
2009
Annual accounts 2009 filed PDFabbreviated format · 46 days before the deadline
2008
Annual accounts 2008 filed PDFabbreviated format · 73 days before the deadline
2007
Annual accounts 2007 filed PDFabbreviated format · 27 days before the deadline
2006
Annual accounts 2006 filed PDFabbreviated format · 28 days before the deadline
2005
Annual accounts 2005 filed PDFabbreviated format
2004
Annual accounts 2004 filed PDFabbreviated format
2003
Annual accounts 2003 filed PDFabbreviated format
2002
Annual accounts 2002 filed PDFabbreviated format
2001
Annual accounts 2001 filed PDFabbreviated format
2000
Annual accounts 2000 filed PDFabbreviated format
1999
Annual accounts 1999 filed PDFabbreviated format
1998
First establishment Vlaskapelstraat 6, Wevelgem
Incorporation published on 05-03-1998

Financial milestones sit on the financial year-end date, not the filing date.

Sources: Publications in the Belgian Official GazetteFilings with the National Bank

History

Raes Construct was incorporated on 20 February 1998.1 Total assets rose from €2.7m in 2019 to €9.4m in 2026 and headcount from 17.8 to 24.6 full-time equivalents.2

  1. 1KBO register
  2. 2National Bank, annual accounts 2019 and 2026

Company details

Identity

Enterprise number
0462.586.169
VAT number
BE 0462.586.169
Peppol ID
0208:0462586169
Legal form
Public limited company
Status
Active, normal situation
Founded
20-02-1998
Financial year
ends on 31 March
Peppol
Reachable since 11-12-2025Follow this company and you will hear the next morning if it leaves the Peppol register.
Name
Raes Construct in Dutch
Entity type
Legal entity

Activities

NACEBEL 2025
VAT activities
41003 General construction of other non-residential buildings main activity
41001 General construction of residential buildings
43310 Plastering work
43320 Joinery installation
Social security (RSZ) activities
41003 General construction of other non-residential buildings main activity
Joint committees annual accounts 31-03-2026
JC 124 Construction
JC 200 Auxiliary committee for white-collar workers
Codes under NACEBEL 2008
VAT activities
41203 Construction of residential and non-residential buildings main activity
41201 General construction of buildings
43310 Plastering work
43320 Joinery installation
Social security (RSZ) activities
41203 Construction of residential and non-residential buildings main activity
Codes under NACEBEL 2003
VAT activities
45213 main activity
45211
45410
45421
Social security (RSZ) activities
45213 main activity

Registered office and establishments

1 establishment
Establishment Since Unit number
Vlaskapelstraat 6 registered office 8560 Wevelgem 03-04-1998 2.086.184.839

Buildings and parcels at the address

Ground area
1,450 m²
Buildings
255 m²
Volume, LiDAR
1,533 m³
Tallest building
10.6 m
Buildings to scale, each on its own parcel
255 m², 10.6 m 255 m², 10.6 m

Location

registered office establishment The establishment unit on the map
7 companies at this address See who is registered here

Parcels

Cadastral parcelArea Buildings Height / floors
34012C0208/00G0031,450 m² 1 · 255 m² 10.6 m · 2

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 0462.586.169

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