SH Concept
ActiveSummary
SH Concept has been active since 2013 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €307,291 and a net result of €34,141. Equity is growing by ~20.2% per year across the filed fiscal years. Its solvency ranks better than 95% of 28254 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.7% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability82▼-13
Solvency100=
Growth78=
Track record100
Bankruptcy probability, 12 months
0.7%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €25,000 at 30 days acceptable
Liquidity ample (current ratio 40.12 against 10.27 in 2024; short-term debt: 2.5% and cash: 82.3% of total assets), and 2.5% of the assets are financed with debt.
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Signals
Four 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 →
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
97.5%
Return on assets
10.8%
Age of the figures
9 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
neutral · Filed after the deadline
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 31-08-2026, 31 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
31 d late
2024
91 d late
2023
76 d late
2022
92 d late
2021
30 d late
2020
4 d late
2019
59 d late
← 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 55 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 31-12-2026 and is due by 31-07-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
28-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, micro schema
Equity
€307,291▲ 3.9%
2024 · €295,877
Total assets
€315,111▼ 3.9%
2024 · €327,778
Net result
€34,141▼ 49.5%
2024 · €67,572
Working capital
€305,910▲ 4.0%
2024 · €294,241
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€30,205▼ 10.4%€33,424▲ 10.7%€93,093▲ 179%€91,538▼ 1.7%€47,853▼ 47.7%
Net result€22,253within the sector's middle half▼ 21.1%€24,086within the sector's middle half▲ 8.2%€68,240above the sector's middle half▲ 183%€67,572above the sector's middle half▼ 1.0%€34,141above the sector's middle half▼ 49.5%
Equity€166,206above the sector's middle half▲ 15.5%€190,292above the sector's middle half▲ 14.5%€253,532above the sector's middle half▲ 33.2%€295,877above the sector's middle half▲ 16.7%€307,291above the sector's middle half▲ 3.9%
Total assets€222,386within the sector's middle half▲ 19.2%€216,160within the sector's middle half▼ 2.8%€291,777within the sector's middle half▲ 35.0%€327,778above the sector's middle half▲ 12.3%€315,111above the sector's middle half▼ 3.9%
Debt€56,179▲ 32.0%€25,868▼ 54.0%€38,244▲ 47.8%€31,901▼ 16.6%€7,820▼ 75.5%
Working capital€165,868above the sector's middle half▲ 16.0%€186,197above the sector's middle half▲ 12.3%€251,287above the sector's middle half▲ 35.0%€294,241above the sector's middle half▲ 17.1%€305,910above the sector's middle half▲ 4.0%
Solvency74.7%above the sector's middle half▼ 2.4pp88.0%above the sector's middle half▲ 13.3pp86.9%above the sector's middle half▼ 1.1pp90.3%above the sector's middle half▲ 3.4pp97.5%above the sector's middle half▲ 7.3pp
Current ratio4.83above the sector's middle half▼ 2.3810.55above the sector's middle half▲ 5.717.59above the sector's middle half▼ 2.9510.27above the sector's middle half▲ 2.6840.12above the sector's middle half▲ 29.85
Return on assets (ROA)10.0%within the sector's middle half▼ 5.1pp11.1%within the sector's middle half▲ 1.1pp23.4%above the sector's middle half▲ 12.2pp20.6%above the sector's middle half▼ 2.8pp10.8%within the sector's middle half▼ 9.8pp
Staff (FTE)0.40.6▲ 50.0%
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 has fallen two years in a row; 2025 is 48% below 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €315,111
Fixed assets
€1,381 ▼ 22.7%
Current assets
€313,731 ▼ 3.8%
Equity and liabilities €315,111
Equity
€307,291 ▲ 3.9%
Debt
€7,820 ▼ 75.5%
Debt's share of the balance-sheet total falls from 9.7% to 2.5%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€49,299▼
2024 · €94,410
Cash flow
€35,587▼
2024 · €70,445
Quick ratio
39.48▲
2024 · 10.14
Debt to equity
0.03▼
2024 · 0.11
ROE
11.1%▼
2024 · 22.8%
Interest coverage
102.78▼
2024 · 187.93
Debt ≤ 1 year
€7,820▼
2024 · €31,751
Income taxes
€13,414▼
2024 · €25,619
Staff costs
€22,847▲
2024 · €15,154
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 34,679 companies that looked in July 2024 the way this one looks now, 0.6% went bankrupt within 24 months and 95% are still going.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
0.6%
went bankrupt
3.8%
stopped otherwise
95%
still going
A further 0.2% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.7% 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 497,662 companies of July 2024 its group's bankruptcy share. Expected: 1.5%; actually bankrupt within 24 months: 1.6%.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.4% |
| 3 | 0.5% | 0.5% |
| 4 | 0.6% | 0.7% |
| 5 | 0.8% | 0.9% |
| 6 | 1.2% | 1.3% |
| 7 | 1.5% | 1.7% |
| 8 | 1.7% | 1.7% |
| 9 | 2.7% | 2.8% |
| 10 | 5.3% | 5.7% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 75% 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 34,679 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 |
|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €15,154 | €22,847 | ▲ 50.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €7,291 | €7,194 | €8,089 | €2,872 | €1,446 | ▼ 49.7% |
| Other operating charges640/8 | €497 | €347 | €537 | €321 | €1,504 | ▲ 369% |
| Gross operating margin9900 | €37,993 | €40,965 | €101,719 | €109,885 | €73,650 | ▼ 33.0% |
| Operating profit (loss)9901 | €30,205 | €33,424 | €93,093 | €91,538 | €47,853 | ▼ 47.7% |
| Financial income75/76B | €779 | €309 | €654 | €2,156 | €182 | ▼ 91.6% |
| Recurring financial income75 | €779 | €309 | €654 | €2,156 | €182 | ▼ 91.6% |
| Financial charges65/66B | €400 | €320 | €285 | €502 | €480 | ▼ 4.5% |
| Recurring financial charges65 | €400 | €320 | €285 | €502 | €480 | ▼ 4.5% |
| Profit (loss) for the period before taxes9903 | €30,585 | €33,413 | €93,462 | €93,191 | €47,555 | ▼ 49.0% |
| Income taxes67/77 | €8,331 | €9,327 | €25,222 | €25,619 | €13,414 | ▼ 47.6% |
| Profit (loss) for the period9904 | €22,253 | €24,086 | €68,240 | €67,572 | €34,141 | ▼ 49.5% |
| Profit (loss) for the period to be appropriated9905 | €22,253 | €24,086 | €68,240 | €67,572 | €34,141 | ▼ 49.5% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €222,386 | €216,160 | €291,777 | €327,778 | €315,111 | ▼ 3.9% |
| Fixed assets21/28 | €13,258 | €10,459 | €2,370 | €1,786 | €1,381 | ▼ 22.7% |
| Tangible fixed assets22/27 | €13,248 | €10,449 | €2,360 | €1,776 | €1,371 | ▼ 22.8% |
| Furniture and vehicles24 | - | €3,825 | €2,360 | €1,776 | €1,371 | ▼ 22.8% |
| Leasing and similar rights25 | €13,248 | €6,624 | - | - | - | - |
| Financial fixed assets28 | €10 | €10 | €10 | €10 | €10 | = |
| Current assets29/58 | €209,128 | €205,701 | €289,407 | €325,992 | €313,731 | ▼ 3.8% |
| Stocks and contracts in progress3 | €18,776 | €4,012 | €3,687 | €3,940 | €5,002 | ▲ 26.9% |
| Stocks30/36 | €18,776 | €4,012 | €3,687 | €3,940 | €5,002 | ▲ 26.9% |
| Amounts receivable within one year40/41 | €24,485 | €23,240 | €21,350 | €36,456 | €48,847 | ▲ 34.0% |
| Trade receivables40 | €17,303 | €16,756 | €19,788 | €31,658 | €36,080 | ▲ 14.0% |
| Other amounts receivable41 | €7,182 | €6,484 | €1,562 | €4,798 | €12,767 | ▲ 166% |
| Cash at bank and in hand54/58 | €163,634 | €178,274 | €264,370 | €285,596 | €259,209 | ▼ 9.2% |
| Deferred charges and accrued income490/1 | €2,232 | €175 | - | - | €673 | - |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €222,386 | €216,160 | €291,777 | €327,778 | €315,111 | ▼ 3.9% |
| Equity10/15 | €166,206 | €190,292 | €253,532 | €295,877 | €307,291 | ▲ 3.9% |
| Contributions10/11 | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Reserves13 | €95,133 | €119,219 | €247,332 | €289,677 | €301,091 | ▲ 3.9% |
| Non-distributable reserves130/1 | €1,860 | €1,860 | €1,860 | €1,860 | €0 | ▼ 100% |
| Reserves not available under the articles1311 | €1,860 | €1,860 | €1,860 | €1,860 | €0 | ▼ 100% |
| Distributable reserves133 | €93,273 | €117,359 | €245,472 | €287,817 | €301,091 | ▲ 4.6% |
| Profit (loss) carried forward14 | €64,874 | €64,874 | - | - | €0 | - |
| Amounts payable17/49 | €56,179 | €25,868 | €38,244 | €31,901 | €7,820 | ▼ 75.5% |
| Amounts payable after more than one year17 | €12,919 | €6,214 | - | - | - | - |
| Financial debts170/4 | €12,919 | €6,214 | - | - | - | - |
| Amounts payable within one year42/48 | €43,260 | €19,504 | €38,119 | €31,751 | €7,820 | ▼ 75.4% |
| Current portion of amounts payable after more than one year42 | €6,629 | €9,399 | €6,217 | - | - | - |
| Financial debts43 | - | - | €4,667 | - | - | - |
| Credit institutions430/8 | - | - | €4,667 | - | - | - |
| Trade debts44 | €11,501 | €5,221 | €1,554 | - | €4,929 | - |
| Suppliers440/4 | €11,501 | €5,221 | €1,554 | - | €4,929 | - |
| Advances received on contracts in progress46 | €20,000 | - | - | - | - | - |
| Taxes, remuneration and social security45 | €3,850 | €3,327 | €20,549 | €28,298 | €1,852 | ▼ 93.5% |
| Taxes450/3 | €2,000 | €3,327 | €18,549 | €24,912 | €268 | ▼ 98.9% |
| Remuneration and social security454/9 | €1,850 | - | €2,000 | €3,386 | €1,583 | ▼ 53.2% |
| Other amounts payable47/48 | €1,279 | €1,557 | €5,133 | €3,454 | €1,039 | ▼ 69.9% |
| Accrued charges and deferred income492/3 | - | €150 | €125 | €150 | €0 | ▼ 100% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €22,253 | €24,086 | €68,240 | €67,572 | €34,141 | ▼ 49.5% |
| + Depreciation and write-downs630 | €7,291 | €7,194 | €8,089 | €2,872 | €1,446 | ▼ 49.7% |
| Operating cash flow (approximation) | €29,544 | €31,280 | €76,329 | €70,445 | €35,587 | ▼ 49.5% |
| Investment in fixed assets (approximation) | - | -€4,395 | €0 | -€2,288 | -€1,041 | ▲ 54.5% |
| Change in cash | - | €14,640 | €86,096 | €21,226 | -€26,387 | ▼ 224% |
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
2026
31-08
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema · 31 days late
2025
31-12
Financial
Liquidity quadruplescurrent ratio 40.12
Current ratio from 10.27 to 40.12; short-term debt falls from €31,751 to €7,820.
30-10
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 91 days late
2024
15-10
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 76 days late
2023
31-12
Financial
Highest result since 2018net €68,240 ▲183%
Operating result €93,093, net result €68,240, both a record.
31-12
Financial
Equity above €200,000Eq €253,532 ▲33.2%
6 profitable years in a row build equity to €253,532.
31-10
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 92 days late
2022
31-12
Financial
Liquidity doublescurrent ratio 10.55
Current ratio from 4.83 to 10.55; short-term debt falls from €43,260 to €19,504.
30-08
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 30 days late
2021
31-12
Financial
Weakest financial yearnet €22,253 ▼21.1%
Net result drops to €22,253, the lowest in the series; recovery starts the following year.
31-12
Financial
Equity above €150,000Eq €166,206 ▲15.5%
4 profitable years in a row build equity to €166,206.
04-08
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 4 days late
Show earlier events
2020
28-09
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 59 days late
2019
31-12
Financial
Equity above €100,000Eq €115,745 ▲30.1%
2 profitable years in a row build equity to €115,745.
28-08
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema · 28 days late
2018
30-08
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema · 30 days late
2017
29-09
NBB filing
Annual accounts filed
fiscal year 2016 · micro schema · 60 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 3 acts read
About the unread acts
We know of 3 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
3 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, Beveren-Kruibeke-Zwijndrecht · 1 establishment unit since 2013
Ground area
409 m²
Building footprint
163 m²
Volume, LiDAR
828 m³
Parcel 46013A0752/00P004, Flanders · tallest building 10.2 m, ±2 floors. Linked by address, not a title deed.
2
companies at this address
See who is registered here
1 establishment unit
SH Concept
since 20132.216.192.454
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 46013A0752/00P004 | Flanders | 409 m² | 1 · 163 m² | 10.2 m · 2 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.
Recognitions · licences · registrations
Dual-learning approval
1 live approvalAfwerking bouw duaal (so)
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Of 7,043 companies in sector 43221 we hold annual accounts for 3,475. 2,688 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
Founded08-01-2013
Fiscal year end31-12
Activities, NACEBEL 2025
43221Plumbing work
E-invoicing
Reachable via Peppol
Peppol ID
0208:0508991365
Also
9925:BE0508991365
Registered
14-11-2025
Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.