Losses
Every financial year from 2023 to 2025 closed with a loss. 2025 was the heaviest.
Every financial year from 2023 to 2025 closed with a loss. 2025 was the heaviest.
Seven of the last ten came late. The 2021 accounts came latest: 30 days after the end of the period.
The dashed line is the sector median: 1.5% across 13,458 companies (NACE 41, micro).
About 8 in 1,000 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 43% of them on solvency, 41% on liquidity, 18% on profitability and 25% on growth.
The bankruptcy probability was computed on 08-11-2026 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, 6,908 companies had the same profile as T-CONSTRUCT has now. Each dot stands for 18 companies, two years later.
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of T-CONSTRUCT itself: 0.8% 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 6,908 companies, not a prediction for T-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 4.18 (4.26 in 2024), above the usual 1.5. Short-term debt is 23.9% and cash 1.4% of total assets. However, 64.5% 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 7 accounts on average 20 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 | ||||
|---|---|---|---|---|
| T-CONSTRUCT Koekelare | €49,248 | -€1,347 | 35.5% | - |
| ERIKOR Kortrijk | €57,981 | -€2,662 | 96.9% | - |
| BETONWERKEN GUESSOUM Diksmuide | €57,015 | -€5,654 | 68.4% | - |
| HOUSE4U Kapellen | €47,702 | -€9,531 | -312.0% | - |
| Wood Homes Partners Uccle | €48,007 | -€2,305 | 10.5% | - |
| BELLOR Zonhoven | €50,177 | -€1,018 | -10.2% | - |
| C&H Fleurus | €54,471 | -€6,276 | -81.1% | - |
These companies have the same main activity as T-CONSTRUCT: general construction of residential buildings (NACE 41001). They are comparable in size and age: total assets between €47,700 and €58,000, founded between 2009 and 2012.
T-CONSTRUCT files the micro format. That format states no turnover. The gross margin rose from -€8,495 in 2012 to -€1,347 in 2025.
T-Projects holds all the shares.
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.
Higher than 42% of 9,456 companies in 2025.
Higher than 84% of 9,204 companies in 2025.
Higher than 18% of 9,276 companies in 2025.
Net result: bottom quarter · Equity: middle half · Balance sheet total: bottom quarter · Working capital: middle half
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Balance sheet: assets | |||||||||||||||
20/58 |
49,248 | 51,638 | 65,940 | 63,787 | 51,586 | 49,693 | 48,776 | 84,726 | 194,041 | 187,106 | 240,158 | 42,378 | 56,738 | 17,496 | |
21/28 |
- | - | - | - | - | - | - | 1,687 | 3,374 | 6,161 | 8,947 | 3,300 | 4,400 | - | |
22/27 |
- | - | - | - | - | - | - | 1,687 | 3,374 | 6,161 | 8,947 | 3,300 | 4,400 | - | |
23 |
- | - | - | - | - | - | - | 1,687 | 3,374 | 5,381 | 7,387 | 960 | 1,280 | - | |
24 |
- | - | - | - | - | - | - | - | - | 780 | 1,560 | 2,340 | 3,120 | - | |
29/58 |
49,248 | 51,638 | 65,940 | 63,787 | 51,586 | 49,693 | 48,776 | 83,039 | 190,667 | 180,945 | 231,210 | 39,078 | 52,338 | 17,496 | |
3 |
2,500 | 2,500 | 62,500 | 60,000 | 45,000 | 30,000 | 6,250 | - | 175,000 | 120,000 | 114,463 | - | 31,860 | - | |
30/36 |
- | - | - | - | - | - | - | - | 175,000 | 120,000 | 114,463 | - | 31,860 | - | |
37 |
2,500 | 2,500 | 62,500 | 60,000 | 45,000 | 30,000 | 6,250 | - | - | - | - | - | - | - | |
40/41 |
45,952 | 46,685 | 2,399 | 2,011 | 2,842 | 17,877 | 19,570 | 41,341 | 11,786 | 29,063 | 115,753 | 18,662 | 7,523 | 123 | |
40 |
45,250 | 46,250 | - | - | - | - | - | - | 11,295 | 28,900 | 85,000 | - | - | - | |
41 |
702 | 435 | 2,399 | 2,011 | 2,842 | 17,877 | 19,570 | 41,341 | 491 | 163 | 30,753 | 18,662 | 7,523 | 123 | |
54/58 |
676 | 2,453 | 1,040 | 1,776 | 3,743 | 1,705 | 22,957 | 41,698 | 3,882 | 31,882 | 994 | 20,371 | 12,911 | 17,327 | |
490/1 |
120 | - | - | - | - | 110 | - | - | - | - | - | 45 | 45 | 45 | |
| Balance sheet: equity and liabilities | |||||||||||||||
10/49 |
49,248 | 51,638 | 65,940 | 63,787 | 51,586 | 49,693 | 48,776 | 84,726 | 194,041 | 187,106 | 240,158 | 42,378 | 56,738 | 17,496 | |
10/15 |
17,473 | 19,519 | 19,811 | 20,290 | 18,438 | 17,629 | 16,713 | 18,266 | 22,717 | 20,035 | 22,406 | 4,671 | 4,649 | 11,595 | |
10/11 |
25,000 | 25,000 | 25,000 | 25,000 | 25,000 | 25,000 | 25,000 | 25,000 | 25,000 | 25,000 | 25,000 | 25,000 | 25,000 | 25,000 | |
100 |
- | - | - | - | - | - | 25,000 | 25,000 | 25,000 | 25,000 | 25,000 | 25,000 | 25,000 | 25,000 | |
14 |
-7,527 | -5,481 | -5,189 | -4,710 | -6,562 | -7,371 | -8,287 | -6,734 | -2,283 | -4,965 | -2,594 | -20,329 | -20,351 | -13,405 | |
17/49 |
31,775 | 32,119 | 46,129 | 43,496 | 33,148 | 32,064 | 32,064 | 66,460 | 171,325 | 167,070 | 217,752 | 37,708 | 52,089 | 5,901 | |
17 |
20,000 | 20,000 | 7,500 | - | - | - | - | - | - | - | - | - | - | - | |
178/9 |
20,000 | 20,000 | 7,500 | - | - | - | - | - | - | - | - | - | - | - | |
42/48 |
11,775 | 12,119 | 38,629 | 43,496 | 33,148 | 32,064 | 32,064 | 66,460 | 156,325 | 144,570 | 177,752 | 37,708 | 52,089 | 5,901 | |
43 |
- | - | - | - | - | - | - | - | 110,000 | 110,000 | 110,000 | - | - | - | |
430/8 |
- | - | - | - | - | - | - | - | 110,000 | 110,000 | 110,000 | - | - | - | |
44 |
11,628 | 12,026 | 12,164 | 19,494 | 20,295 | 19,211 | 19,930 | 19,930 | 20,034 | 21,285 | 15,408 | 32,246 | 7,396 | 1,472 | |
440/4 |
11,628 | 12,026 | 12,164 | 19,494 | 20,295 | 19,211 | 19,930 | 19,930 | 20,034 | 21,285 | 15,408 | 32,246 | 7,396 | 1,472 | |
45 |
- | - | - | - | - | - | - | 35,463 | 341 | - | - | - | - | - | |
450/3 |
- | - | - | - | - | - | - | 35,463 | 341 | - | - | - | - | - | |
47/48 |
147 | 92 | 26,465 | 24,003 | 12,853 | 12,853 | 12,134 | 11,068 | 25,949 | 13,285 | 52,344 | 5,462 | 44,693 | 4,429 | |
492/3 |
- | - | - | - | - | - | - | - | 15,000 | 22,500 | 40,000 | - | - | - | |
| Income statement | |||||||||||||||
9900 |
-1,347 | 391 | 185 | 2,464 | 1,416 | 1,514 | 240 | -1,998 | 7,656 | 2,993 | 21,523 | 3,521 | -5,603 | -8,495 | |
60/61 |
- | - | - | - | - | - | - | - | - | - | - | - | - | 13,495 | |
630 |
- | - | - | - | - | - | 1,687 | 1,687 | 2,787 | 2,787 | 2,787 | 1,100 | 1,100 | 800 | |
640/8 |
626 | 608 | 596 | 542 | 540 | 538 | 534 | 536 | 527 | 526 | 802 | 681 | 592 | 961 | |
9901 |
-1,972 | -218 | -411 | 1,921 | 876 | 976 | -1,982 | -4,221 | 4,342 | -319 | 17,934 | 1,741 | -7,295 | -10,256 | |
75/76B |
1 | - | 1 | - | - | - | 500 | 1,000 | 561 | - | 229 | 1,209 | 395 | 326 | |
75 |
1 | - | 1 | - | - | - | 500 | 1,000 | 561 | - | 229 | 1,209 | 395 | 326 | |
65/66B |
75 | 74 | 69 | 69 | 67 | 60 | 72 | 1,230 | 2,221 | 2,051 | 428 | 2,929 | 45 | 3,475 | |
65 |
75 | 74 | 69 | 69 | 67 | 60 | 72 | 1,230 | 2,221 | 2,051 | 428 | 2,929 | 45 | 3,475 | |
9903 |
-2,046 | -292 | -479 | 1,852 | 809 | 916 | -1,553 | -4,451 | 2,681 | -2,370 | 17,735 | 21 | -6,946 | -13,405 | |
67/77 |
- | - | - | - | - | - | - | - | - | - | 0 | - | - | - | |
9904 |
-2,046 | -292 | -479 | 1,852 | 809 | 916 | -1,553 | -4,451 | 2,681 | -2,370 | 17,735 | 21 | -6,946 | -13,405 | |
9905 |
-2,046 | -292 | -479 | 1,852 | 809 | 916 | -1,553 | -4,451 | 2,681 | -2,370 | 17,735 | 21 | -6,946 | -13,405 | |
| Appropriation of the result | |||||||||||||||
9906 |
-7,527 | -5,481 | -5,189 | -4,710 | -6,562 | -7,371 | -8,287 | -6,734 | -2,283 | -4,965 | -2,594 | -20,329 | -20,351 | -13,405 | |
14P |
-5,481 | -5,189 | -4,710 | -6,562 | -7,371 | - | - | - | - | - | - | - | - | - | |
| Document | |||||||||||||||
The notes to these accounts have 3 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 28-08-2026.
2025 annual accounts filed 28 days after the deadline. Filed on 28 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00445900.
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 28-08-2026 | 2026-00445900 | |
| 31-12-2024 | micro format | 27-08-2025 | 2025-00413625 | |
| 31-12-2023 | micro format | 28-08-2024 | 2024-00416729 | |
| 31-12-2022 | micro format | 30-08-2023 | 2023-00419542 | |
| 31-12-2021 | micro format | 30-08-2022 | 2022-20405332 | |
| 31-12-2020 | micro format | 26-08-2021 | 2021-58900449 | |
| 31-12-2019 | micro format | 05-07-2020 | 2020-26800175 | |
| 31-12-2018 | micro format | 28-08-2019 | 2019-55800380 | |
| 31-12-2017 | micro format | 26-06-2018 | 2018-24000122 | |
| 31-12-2016 | micro format | 28-07-2017 | 2017-39000591 | |
| 31-12-2015 | abbreviated format | 30-08-2016 | 2016-54100418 | |
| 31-12-2014 | abbreviated format | 27-08-2015 | 2015-56400079 | |
| 31-12-2013 | abbreviated format | 29-08-2014 | 2014-57100367 | |
| 31-12-2012 | abbreviated format | 10-10-2013 | 2013-62900227 |
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| - | - | - | - | - | - | -295 | -2,534 | 7,128 | 2,468 | 20,721 | 2,841 | -6,195 | -9,456 | ||
| - | - | - | - | - | - | 134 | -2,764 | 5,468 | 417 | 20,522 | 1,121 | -5,846 | -12,605 | ||
| - | - | - | - | - | - | 0 | 0 | 0 | 0 | 8,434 | 0 | 5,500 | - | ||
| -1,778 | 1,413 | -736 | -1,967 | 2,038 | -21,251 | -18,741 | 37,816 | -28,000 | 30,888 | -19,377 | 7,461 | -4,417 | - | ||
| 37,473 | 39,519 | 27,311 | 20,290 | 18,438 | 17,629 | 16,713 | 16,579 | 34,343 | 36,375 | 53,458 | 1,371 | 249 | 11,595 | ||
| 35.5% | 37.8% | 30.0% | 31.8% | 35.7% | 35.5% | 34.3% | 21.6% | 11.7% | 10.7% | 9.3% | 11.0% | 8.2% | 66.3% | ||
| 4.18 | 4.26 | 1.71 | 1.47 | 1.56 | 1.55 | 1.52 | 1.25 | 1.22 | 1.25 | 1.30 | 1.04 | 1.00 | 2.96 | ||
| 3.97 | 4.05 | 0.09 | 0.09 | 0.20 | 0.61 | 1.33 | 1.25 | 0.10 | 0.42 | 0.66 | 1.04 | 0.39 | 2.96 | ||
| 1.82 | 1.65 | 2.33 | 2.14 | 1.80 | 1.82 | 1.92 | 3.64 | 7.54 | 8.34 | 9.72 | 8.07 | 11.20 | 0.51 | ||
| -11.7% | -1.5% | -2.4% | 9.1% | 4.4% | 5.2% | -9.3% | -24.4% | 11.8% | -11.8% | 79.2% | 0.5% | -149.4% | -115.6% | ||
| -4.2% | -0.6% | -0.7% | 2.9% | 1.6% | 1.8% | -3.2% | -5.3% | 1.4% | -1.3% | 7.4% | 0.1% | -12.2% | -76.6% | ||
| - | - | - | - | - | - | - | - | - | - | - | - | - | 40 days |
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.
The operating result for 2025 is a loss of €1,972, larger than the loss of €218 in 2024. It is the lowest result since 2019.
Debt's share of the balance-sheet total rises from 62.2% to 64.5%. Equity and debt are lower.
Source: lists of holdings in the owners' accounts
Source: list of holdings in the 2025 accounts of T-Projects. Every holding stands with its own latest accounts.
| HENDRYCKX BOUWMATERIALEN
registered office since 11-10-2001 · founded in 1999 · accounts filed late |
11 FTE (2025) 0467.256.225 |
| HENDRYCKX LOGISTICS
registered office since 02-09-2002 · founded in 2002 |
13 FTE (2025) 0478.244.444 |
| T-Projects
registered office since 23-06-2011 · founded in 2011 |
total assets €611,956 (2025) 0836.313.313 |
The network starts from the directors of T-CONSTRUCT. Every other company they run is a node.
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
| Establishment | Since | Unit number |
|---|---|---|
| Ringlaan 58 registered office 8680 Koekelare | 23-06-2011 | 2.199.872.797 |
| Cadastral parcel | Area | Buildings | Height / floors |
|---|---|---|---|
| 32010B1270/00W003 | 1,423 m² | 1 · 982 m² | 9.0 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 0836.479.894
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