Equity
Debts exceed assets in financial year 2025.
Debts exceed assets in financial year 2025.
The accounts state no turnover.
Between 2007 and 2025, 87% of the full-time equivalents disappeared.
Short-term debts fell from €119,895 to €99,149.
The 2024 accounts came 18 days late. The other nine of the last ten were filed on time.
Lower solvency than 92% of companies in construction of buildings. Sector median 32.9% · 1,037 companies.
Negative equity caps the score at 59.
The dashed line is the sector median: 1.5% across 13,458 companies (NACE 41, micro).
About 1 in 100 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 8% of them on solvency, 41% on liquidity, 65% on profitability and 79% 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 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).
In July 2024, 3,794 companies had the same profile as SWINNEN has now. Each dot stands for 10 companies, two years later.
Another 0.6% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of SWINNEN itself: 1.0% within 12 months.
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 3,794 companies, not a prediction for SWINNEN. 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 2.96 (2.31 in 2024), above the usual 1.5. Short-term debt is 26.6% and cash 2.9% of total assets. However, equity is negative.
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 7 accounts on average 18 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.
| Company | ||||
|---|---|---|---|---|
| SWINNEN Antwerp | €373,342 | €55,827 | -12.3% | 1.2 |
| EXMAPLA Uccle | €469,460 | €81,380 | 4.7% | 1 |
| Entreprises Charles Coppens & Fils Woluwe-Saint-Pierre | €261,509 | €67,727 | 72.0% | 0.6 |
| Firma Maurice Coghe en Zonen Hooglede | €482,500 | €103,672 | 59.4% | 2.3 |
| HABITAT CONSTRUCT Wingene | €788,447 | €65,959 | 35.5% | 1 |
| BOUWWERKEN COX Wuustwezel | €311,991 | €111,900 | 42.9% | 1 |
| JAVEBO Antwerp | €248,601 | €98,618 | 99.5% | 2 |
These companies have the same main activity as SWINNEN: general construction of residential buildings (NACE 41001). They are comparable in size and age: total assets between €249,000 and €788,000, founded between 1958 and 1989.
SWINNEN has existed since 1963. The gross margin fell from €339,245 in 2017 to €3,000 in 2018.
Solvency rose in 2025 from -24.7% to -12.3% because of the retained profit and lower debts.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette. Click a figure with a dotted line for the item and the filing.
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