Equity
Stef 20 Construct has made a profit in every financial year since 2021.
The dashed line is the sector median: 1.5% across 13,458 companies (NACE 41, micro).
About 1 in 10 comparable companies go bankrupt within 12 months (an estimate).
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, micro). It does better than 56% of them on solvency, 28% on liquidity, 56% on profitability and 60% on growth.
The bankruptcy probability was computed on 09-11-2026 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 elevated class on 30-06-2025, 6.3% 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).
In July 2024, 26,972 companies had the same profile as Stef 20 Construct has now. Each dot stands for 68 companies, two years later.
Another 0.1% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of Stef 20 Construct itself is higher: 9.8% within 12 months. It rests on far more data about Stef 20 Construct than the profile alone.
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.
| 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 26,972 companies, not a prediction for Stef 20 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.
Liquidity is ample, with a current ratio of 1.82 (1.57 in 2024), above the usual 1.5. Short-term debt is 52.5% and cash 7.5% of total assets. However, 52.5% of the assets are financed with debt and provisions.
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.
The company filed its last 5 accounts on average 88 days after 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.
| Company | ||||
|---|---|---|---|---|
| Stef 20 Construct Halle | €276,640 | €55,887 | 47.5% | - |
| TENDANCE PEINTURE Asse | €271,915 | €52,445 | 21.3% | - |
| JM CONSTRUCT Pajottegem | €265,688 | €61,661 | 54.4% | - |
| VERWEE Projects Wemmel | €310,236 | €53,443 | 81.9% | - |
| Poll Kopp Construction Grimbergen | €263,499 | €50,968 | 27.6% | - |
| JYVALAGO Grimbergen | €232,353 | €58,592 | 40.8% | - |
| LD CONSTRUCT Wezembeek-Oppem | €256,043 | €66,338 | 28.9% | - |
These companies have the same main activity as Stef 20 Construct: general construction of residential buildings (NACE 41001). They are comparable in size and age: total assets between €232,000 and €310,000, founded between 2020 and 2021.
Stef 20 Construct files the micro format. That format states no turnover. The gross margin fell from €71,132 in 2021 to €55,887 in 2025.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Turnover ≈ €290,000. Estimated: probably between €210,000 and €480,000.
Higher than 55% of 9,462 companies in 2025.
Higher than 53% of 9,210 companies in 2025.
Higher than 49% of 9,282 companies in 2025.
Net result: middle half · Equity: top quarter · Balance sheet total: middle half · Working capital: top quarter
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| Balance sheet: assets | ||||||
20/58 |
276,640 | 212,559 | 202,113 | 262,241 | 66,119 | |
21/28 |
12,454 | 56,981 | 59,901 | 47,728 | 28,668 | |
22/27 |
11,480 | 56,274 | 59,415 | 47,563 | 28,445 | |
23 |
2,281 | 735 | 2,139 | 4,472 | 6,806 | |
24 |
9,199 | 55,539 | 57,276 | 43,091 | 21,639 | |
28 |
974 | 707 | 486 | 165 | 223 | |
29/58 |
264,186 | 155,578 | 142,212 | 214,512 | 37,451 | |
29 |
129,164 | 16,452 | 106,870 | - | - | |
291 |
129,164 | 16,452 | 106,870 | - | - | |
3 |
106,900 | 76,900 | - | - | - | |
37 |
106,900 | 76,900 | - | - | - | |
40/41 |
28 | 6,683 | 4,405 | 49,575 | 18,056 | |
40 |
- | 6,683 | 2,800 | 15,067 | 17,741 | |
41 |
28 | - | 1,605 | 34,508 | 315 | |
54/58 |
20,852 | 33,424 | 29,428 | 158,199 | 12,424 | |
490/1 |
7,242 | 22,119 | 1,509 | 6,739 | 6,971 | |
| Balance sheet: equity and liabilities | ||||||
10/49 |
276,640 | 212,559 | 202,113 | 262,241 | 66,119 | |
10/15 |
131,525 | 113,258 | 98,185 | 78,623 | 50,222 | |
10/11 |
1,150 | 1,150 | 1,150 | 1,150 | 1,150 | |
14 |
130,375 | 112,108 | 97,035 | 77,473 | 49,072 | |
17/49 |
145,115 | 99,301 | 103,928 | 183,617 | 15,897 | |
42/48 |
145,115 | 99,301 | 103,928 | 183,617 | 15,897 | |
44 |
86,420 | 82,461 | 84,638 | 136,405 | 553 | |
440/4 |
86,420 | 82,461 | 84,638 | 136,405 | 553 | |
46 |
35,692 | - | - | - | - | |
45 |
20,803 | 16,841 | 19,290 | 35,854 | 14,845 | |
450/3 |
20,803 | 16,841 | 19,290 | 35,854 | 14,845 | |
47/48 |
2,200 | - | - | 11,358 | 498 | |
| Income statement | ||||||
76A |
10,639 | - | - | - | - | |
9900 |
55,887 | 53,965 | 67,449 | 53,907 | 71,132 | |
62 |
671 | 1,187 | 1,197 | 418 | 795 | |
630 |
22,298 | 25,783 | 21,499 | 11,678 | 4,627 | |
640/8 |
4,040 | 3,495 | 15,207 | 2,871 | 1,613 | |
66A |
- | - | - | 1,256 | - | |
9901 |
28,878 | 23,500 | 29,546 | 37,685 | 64,097 | |
75/76B |
114 | 471 | 238 | 217 | - | |
75 |
114 | 471 | 238 | 217 | - | |
65/66B |
149 | 242 | 289 | 129 | 179 | |
65 |
149 | 242 | 289 | 129 | 179 | |
9903 |
28,843 | 23,729 | 29,495 | 37,773 | 63,918 | |
67/77 |
10,577 | 8,656 | 9,933 | 9,372 | 14,845 | |
9904 |
18,267 | 15,073 | 19,562 | 28,401 | 49,072 | |
9905 |
18,267 | 15,073 | 19,562 | 28,401 | 49,072 | |
| Appropriation of the result | ||||||
9906 |
130,375 | 112,108 | 97,035 | 77,473 | 49,072 | |
14P |
112,108 | 97,035 | 77,473 | 49,072 | - | |
| Document | ||||||
The notes to these accounts have 8 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 2025 at the NBB, filed on 18-10-2026.
2025 annual accounts filed 79 days after the deadline. Filed on 18 October 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00564855.
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 18-10-2026 | 2026-00564855 | |
| 31-12-2024 | micro format | 07-10-2025 | 2025-00541285 | |
| 31-12-2023 | micro format | 30-10-2024 | 2024-00521324 | |
| 31-12-2022 | micro format | 06-11-2023 | 2023-00506547 | |
| 31-12-2021 | micro format | 13-11-2022 | 2022-20519140 |
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| 51,176 | 49,283 | 51,046 | 49,362 | 68,724 | ||
| 40,564 | 40,856 | 41,061 | 40,079 | 53,700 | ||
| 267 | 22,864 | 58,999 | 46,184 | 33,295 | ||
| -12,572 | 3,996 | -128,770 | 145,775 | - | ||
| 119,071 | 56,277 | 38,285 | 30,895 | 21,555 | ||
| 47.5% | 53.3% | 48.6% | 30.0% | 76.0% | ||
| 1.82 | 1.57 | 1.37 | 1.17 | 2.36 | ||
| 1.08 | 0.79 | 1.37 | 1.17 | 2.36 | ||
| 1.10 | 0.88 | 1.06 | 2.34 | 0.32 | ||
| 13.9% | 13.3% | 19.9% | 36.1% | 97.7% | ||
| 6.6% | 7.1% | 9.7% | 10.8% | 74.2% | ||
| over 100 | over 100 | over 100 | over 100 | over 100 |
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.
| Item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | €22,643 | €58,678 | €46,184 | €33,072 |
| Financial fixed assets | €267 | €221 | €321 | - | €223 |
| €22,298 | €25,783 | €21,499 | €11,678 | €4,627 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
The operating result for 2025 is 23% higher than in 2024. It is a recovery after the fall in 2024.
Debt's share of the balance-sheet total rises from 46.7% to 52.5%. Equity and debt are higher.
Stef 20 Construct has no parent and no holdings in its annual accounts. Panainte Vasile is the only director. Stef 20 Construct shares no director with another company.
Deadline for the 2026 accounts: 31-07-2027
Financial milestones sit on the financial year-end date, not the filing date.
Sources: Publications in the Belgian Official GazetteFilings with the National Bank
On 10 July 2020, Stef 20 Construct was incorporated as a private limited company by one natural person, with a starting capital of €1,150.12 In 2025 the registered office moved to Lembeek.3 Panainte Vasile is manager of the company, appointed by deed of 26-04-2021.4 Total assets went from €66,119 in 2021 to €276,640 in 2025.5
| Establishment | Since | Unit number |
|---|---|---|
| Populierenstraat 61 registered office 1502 Halle | ||
| Establishment unit | 10-07-2020 | 2.305.387.518 |
| Cadastral parcel | Area | Buildings | Height / floors |
|---|---|---|---|
| 23043B0554/00L024 | 490 m² | 1 · 94 m² | 0.7 m |
| 23069A0140/00M004 | 152 m² | 1 · 79 m² | 11.2 m · 2 |
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 0750.511.764
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