SP CONSTRUCT
ActiveSummary
SP CONSTRUCT has been active since 2008 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €39,761 and a net result of €28,850. Equity is growing by about 3.3% per year across the filed financial years. Its solvency ranks better than 61% of 34,590 sector peers (NACE 43, financial year 2025). The computed 12-month bankruptcy probability is 0.1% (very low).
Overview
- Equity
- €39,761
- Profit
- €28,850
Why 95raises riskSector: Specialised construction activities (NACE 43)lowers riskLiquidity: current ratio 2.20, cash €30,198Founded in 2008Equity €39,761 (56.5% of total assets)Show the evidence
Checked score
About 1 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
How it is calculated
The band follows from the bankruptcy probability, on a scale where 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): better than 62% on solvency, 77% on liquidity, 92% on profitability and 97% on growth.
The bankruptcy probability was computed on 21-10-2026 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. Negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late hold it at Fair at most (59); two missing filings, at Weak (44). An ongoing judicial reorganisation or the company's end (bankruptcy, dissolution, liquidation) holds it at Critical at most (24).
Credit check for your own amount and term
Show the recommended maximum and see how the verdict changes with amount, term and advance.
Signals
This company filed its last 7 accounts on average 14 days after the deadline; the sector median (NACE 43) for financial year 2024 is 1 day before the deadline, and 43% of those companies filed late.
Searched, nothing found (2)
- Annual accounts filedfinancial year 2025 · micro…
- Back to profitnet €28,850
- Annual accounts filedfinancial year 2024 · micro…
Financials · financial year 2025, micro format
2025 annual accounts filed late (11 days) Filed on 11 February 2026, deadline 31 January 2026 (7 months after the close on 30 June 2025, Companies Code art. 3:10). Source: NBB, 2026-00040238.
2021 to 2025, 5 financial years 2019 to 2025, 7 financial years
The operating result returns to profit in 2025: €39,819 after a loss of €14,953 in 2024, the highest result in the available series.
What the company sold each financial year and what was left of it. A loss stands below the zero line.
What the company owns (total assets), how much of it is its own (equity) and how much it owes.
Short-term assets minus short-term debts. Above zero the company can pay its bills in the short term.
How much of each euro of turnover is left from operations (EBIT margin) and what the assets earn (return on assets).
The share of the company financed with its own means. The higher it is, the better it absorbs a shock.
Short-term assets per euro of short-term debt. Above 1 the short-term debts are covered.
Use the arrow keys on the chart for the figures per year.
Sector: the middle half of NACE 43, Specialised construction activities: a quarter of companies sit below it, a quarter above. Each year compared with accounts in the same format, and only where there are at least 30. Dashed line: the median. Available for Net result, Equity, Total assets, Working capital, Solvency, Current ratio, Return on assets (ROA).
Peer companies
Historical observationOf the 34,695 companies that looked in July 2024 the way this one looks now, 0.7% went bankrupt within 24 months and 95.3% are still going.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
For this company itself Checked computes a bankruptcy probability of 0.1% 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 497,473 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 74.5% 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 34,695 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.
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €2,882 | - | €10,165 | €22,722 | ▲ 124% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €12,512 | €17,836 | €18,397 | €20,886 | €19,876 | €3,510 | €3,562 | ▲ 1.5% |
| Other operating charges640/8 | - | - | - | €4,311 | €5,210 | €2,740 | €1,405 | ▼ 48.7% |
| Non-recurring operating charges66A | - | - | - | - | - | - | €2,215 | - |
| Gross operating margin9900 | €22,497 | €31,902 | €28,387 | €33,971 | €29,469 | -€8,702 | €47,001 | - |
| Operating profit (loss)9901 | €7,480 | €5,524 | €3,728 | €8,774 | €4,382 | -€14,953 | €39,819 | - |
| Financial income75/76B | - | - | - | - | €35 | - | €2 | - |
| Recurring financial income75 | €88 | €631 | €21 | - | €35 | - | €2 | - |
| Financial charges65/66B | - | - | - | €564 | €392 | €1,581 | €554 | ▼ 65.0% |
| Recurring financial charges65 | €625 | €1,103 | €947 | €564 | €392 | €1,581 | €554 | ▼ 65.0% |
| Profit (loss) for the period before taxes9903 | €6,943 | €5,052 | €2,802 | €8,210 | €4,025 | -€16,534 | €39,268 | - |
| Income taxes67/77 | €3,178 | €3,718 | €3,614 | €5,623 | €4,497 | €195 | €10,418 | ▲ 5,243% |
| Profit (loss) for the period9904 | €3,764 | €1,334 | -€812 | €2,587 | -€472 | -€16,729 | €28,850 | - |
| Profit (loss) for the period to be appropriated9905 | €3,764 | €1,334 | -€812 | €2,587 | -€472 | -€16,729 | €28,850 | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €199,601 | €167,755 | €159,511 | €154,834 | €126,448 | €36,521 | €70,315 | ▲ 92.5% |
| Fixed assets21/28 | €436 | €51,956 | €35,783 | €24,498 | €4,622 | €2,527 | €2,965 | ▲ 17.4% |
| Tangible fixed assets22/27 | €336 | €51,856 | €35,683 | €24,398 | €4,522 | €2,427 | €2,865 | ▲ 18.1% |
| Plant, machinery and equipment23 | - | - | - | €460 | €14 | - | - | - |
| Furniture and vehicles24 | - | - | - | €8,410 | €4,507 | €2,427 | €2,865 | ▲ 18.1% |
| Leasing and similar rights25 | - | - | - | €15,528 | - | - | - | - |
| Financial fixed assets28 | €100 | €100 | €100 | €100 | €100 | €100 | €100 | = |
| Current assets29/58 | €199,165 | €115,799 | €123,727 | €130,336 | €121,826 | €33,994 | €67,350 | ▲ 98.1% |
| Amounts receivable within one year40/41 | €187,536 | €100,186 | €111,974 | €104,413 | €108,169 | €30,999 | €37,152 | ▲ 19.8% |
| Trade receivables40 | - | - | - | €90,722 | €104,502 | €27,368 | €25,237 | ▼ 7.8% |
| Other amounts receivable41 | - | - | - | €13,691 | €3,667 | €3,631 | €11,915 | ▲ 228% |
| Cash at bank and in hand54/58 | €7,320 | €12,578 | €7,059 | €22,801 | €8,279 | €2,339 | €30,198 | ▲ 1,191% |
| Deferred charges and accrued income490/1 | - | - | - | €3,122 | €5,378 | €655 | - | - |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €199,601 | €167,755 | €159,511 | €154,834 | €126,448 | €36,521 | €70,315 | ▲ 92.5% |
| Equity10/15 | €25,002 | €26,336 | €25,524 | €28,111 | €27,639 | €10,910 | €39,761 | ▲ 264% |
| Contributions10/11 | €6,200 | - | - | €6,200 | €6,200 | €6,200 | €8,060 | ▲ 30.0% |
| Contributions outside capital11 | - | - | - | €6,200 | €6,200 | €6,200 | €8,060 | ▲ 30.0% |
| Other1109/19 | - | - | - | €6,200 | €6,200 | €6,200 | €8,060 | ▲ 30.0% |
| Reserves13 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | - | - |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €1,860 | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | €1,860 | - | - |
| Profit (loss) carried forward14 | €16,942 | €18,276 | €17,464 | €20,051 | €19,579 | €2,850 | €31,701 | ▲ 1,012% |
| Amounts payable17/49 | €174,599 | €141,419 | €133,987 | €126,723 | €98,809 | €25,611 | €30,554 | ▲ 19.3% |
| Amounts payable after more than one year17 | - | €30,017 | €19,518 | €8,869 | - | - | - | - |
| Financial debts170/4 | - | - | - | €8,869 | - | - | - | - |
| Amounts payable within one year42/48 | €172,599 | €103,402 | €114,469 | €115,854 | €98,809 | €25,611 | €30,554 | ▲ 19.3% |
| Current portion of amounts payable after more than one year42 | - | - | - | €10,649 | €8,869 | - | - | - |
| Financial debts43 | - | - | - | - | - | - | €98 | - |
| Credit institutions430/8 | - | - | - | - | - | - | €98 | - |
| Trade debts44 | €61,185 | €6,691 | €31,511 | €50,523 | €51,683 | €2,292 | €14,391 | ▲ 528% |
| Suppliers440/4 | - | - | - | €50,523 | €51,683 | €2,292 | €14,391 | ▲ 528% |
| Taxes, remuneration and social security45 | - | - | - | €15,780 | €17,495 | €13,644 | €13,330 | ▼ 2.3% |
| Taxes450/3 | - | - | - | €5,600 | €8,882 | €6,026 | €10,530 | ▲ 74.7% |
| Remuneration and social security454/9 | - | - | - | €10,180 | €8,613 | €7,618 | €2,800 | ▼ 63.2% |
| Other amounts payable47/48 | - | - | - | €38,902 | €20,762 | €9,675 | €2,735 | ▼ 71.7% |
| Accrued charges and deferred income492/3 | - | - | - | €2,000 | - | - | - | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €3,764 | €1,334 | -€812 | €2,587 | -€472 | -€16,729 | €28,850 | - |
| + Depreciation and write-downs630 | €12,512 | €17,836 | €18,397 | €20,886 | €19,876 | €3,510 | €3,562 | ▲ 1.5% |
| Operating cash flow (approximation) | €16,277 | €19,170 | €17,585 | €23,473 | €19,404 | -€13,218 | €32,412 | - |
| Investment in fixed assets (approximation) | - | -€69,356 | -€2,225 | -€9,600 | €0 | -€1,416 | -€4,000 | ▼ 183% |
| Change in cash | - | €5,257 | -€5,519 | €15,742 | -€14,522 | -€5,940 | €27,859 | - |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Latest 10 of 17 filings with the National Bank
| Financial year | Type | Filed | Reference |
|---|---|---|---|
| 30-06-2025 | micro format | 11-02-2026 | 2026-00040238 |
| 30-06-2024 | micro format | 27-02-2025 | 2025-00041845 |
| 30-06-2023 | micro format | 08-02-2024 | 2024-00028869 |
| 30-06-2022 | micro format | 13-02-2023 | 2023-00028183 |
| 30-06-2021 | micro format | 28-01-2022 | 2022-04600141 |
| 30-06-2020 | micro format | 25-02-2021 | 2021-06200337 |
| 30-06-2019 | micro format | 18-02-2020 | 2020-05300567 |
| 30-06-2018 | micro format | 14-02-2019 | 2019-05200274 |
| 30-06-2017 | micro format | 19-02-2018 | 2018-05300023 |
| 30-06-2016 | full format | 08-02-2017 | 2017-04300053 |
Similar companies · same sector, comparable size
Public contracts: No European public contracts awarded found since October 2016. Contracts below the EU thresholds are not in TED.
Directors
Not every act has been read: a resignation may still be missing
Mandate history
- Board
| Name | Functions and periods |
|---|---|
| Adam Milkowski |
|
Owners and capital
Capital and shareholders
- 09-07-2024 Converted to unavailable equity
Group and network
Connections & network
1 current directorThe network starts from this company’s directors. Other companies they run appear here as nodes.
History
Acts, filings and financial milestones
18-02
Gazette deed
Appointment: Adam Milkowski (director)Registered office clause3 facts ▸
- Registered office clause, “AVENUE DE JETTE 574 - 1090 BRUXELLES” (deed in Dutch)
- General meeting, 10-01-2025
- Director appointment, Adam Milkowski (director)
09-07
Gazette deed
Registered office · Amendment of the articles · Legal-form change · Resignations & appointments · MiscellaneousCapital conversion · Reserve release · Registered-office move8 facts ▸
- General meeting, 03-07-2024
- Amendment of the articles (2 times)
- Capital conversion, “statutair onbeschikbare eigen vermogensrekening” (deed in French)
- Reserve release, “opheffing statutair onbeschikbare eigen vermogensrekening, onmiddellijk” (deed in French)
- Registered-office move, 1090 Jette,Chaussée de Jette 574
- Other provision, “alle akten,administratieve,fiscale en andere documenten die betrekking hebben op de vennootschap, taal van akten en documenten” (deed in French)
- Capital
- Power of attorney
Show earlier events
About the unread acts
Of the 4 Belgian Official Gazette deeds we know for this company, 2 have been read. The other 2 have not been read yet: what they contain is neither established nor disproved here.
Register details
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 21 October 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.
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, with enterprise number 0898.563.953
Environmental permits: No permit applications found in Flanders. Brussels and Wallonia do not publish the applicant.
Sites & property
2 establishment units
2 parcels
| Cadastral parcel | Region | Area | Buildings | Height / floors |
|---|---|---|---|---|
| 21464E0001/00Z023 | Brussels | 398 m² | 1 · 382 m² | 13.5 m · 3 |
| 22662B0036/00D002 | Flanders | 352 m² | 1 · 65 m² | 11.2 m · 3 |
How the parcels are linked
Articles of association
What the company does
- DurationHow long the company exists; usually unlimited, so until it is dissolved.
- Unlimited
- Name clauseThe name the company operates under according to its articles.
- SP CONSTRUCT
- Registered office clauseThe region of the registered office; it decides among other things the language of official documents.
- “Région de Bruxelles-Capitale, 2” (deed in French)
Who represents it, and how
- Who signsWho may bind the company towards others, for example by signing a contract.
- “Article 11. Pouvoirs de l’organe d’administration S’il n’y a qu’un seul administrateur, la totalité des pouvoirs d’administration lui est…”
- Board ruleHow the board is made up, meets and takes decisions.
- “Organe d’administration, 1” (deed in French)“Frais généraux, assemblée générale” (deed in French)
Capital, shares and profit
- Kind of sharesWhich classes of shares exist and what rights each class carries.
- “Nominatives, registre des actions nominatives” (deed in French)
- Transfer restrictionWhether shareholders may sell their shares freely or need approval first.
- “Moitié cédant moitié acquéreurs proportionnellement aux actions acquises, actions dont cession proposée” (deed in French)
- Share issue ruleHow and by whom new shares can be issued.
- “Apport en numéraire avec émission de nouvelles actions, jusqu’à entièrement souscrite ou plus aucun prévaloir” (deed in French)
Meetings and financial year
- Annual meetingWhen the shareholders meet each year, among other things to approve the annual accounts.
- Second Monday of December at 19:00
Oversight and winding up
- Dissolution ruleWhen and by whom the company can be dissolved.
- “Formes prévues modifications aux statuts, assemblée générale” (deed in French)
- Liquidation ruleHow assets are shared after dissolution: creditors first, then shareholders.
- “Dissolution pour quelque cause et à quelque moment que ce soit, désigner un ou plusieurs liquidateurs et déterminer pouvoirs et émoluments” (deed in French)