Equity
Debts exceed assets in financial year 2025.
Debts exceed assets in financial year 2025.
Back in profit in 2025, after a loss of €20,682 in 2024.
Of this, €556,966 falls due within a year.
Between 2023 and 2025, 56% of the full-time equivalents disappeared.
The 2023 accounts came latest: 72 days after the end of the period.
Lower solvency than 95% of companies in construction of buildings. Sector median 32.9% · 1,037 companies.
The dashed line is the sector median: 1.5% across 13,458 companies (NACE 41, micro).
About 1 in 2 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 3% of them on solvency, 7% on liquidity, 74% on profitability and 69% 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 30-06-2025.
Of the companies with a bankruptcy probability in the high class on 30-06-2025, 14.6% 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, 2,180 companies had the same profile as TCE CONSTRUCT has now. Each dot stands for 6 companies, two years later.
Another 0.7% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of TCE CONSTRUCT itself is higher: ≥ 25% within 12 months. It rests on far more data about TCE 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 2,180 companies, not a prediction for TCE 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 insufficient, with a current ratio of 0.6 (0.55 in 2024), below 1. Short-term debt is 106.8% and cash 5.4% of total assets. 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 4 accounts on average 35 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 | ||||
|---|---|---|---|---|
| TCE CONSTRUCT Honnelles | €521,268 | €383,352 | -46.8% | 7.7 |
| Clicteur Arne Construct Oudenburg | €461,331 | €317,409 | -37.0% | 6.2 |
| DBM CONSTRUCT Ramillies | €448,397 | €520,601 | 15.8% | 8.7 |
| Herstellingen Pouillon Turnhout | €660,706 | €367,828 | 7.0% | 5.3 |
| BOUWONDERNEMING DIETER PYCK Heuvelland | €575,682 | €447,256 | 54.9% | 5 |
| Bouwonderneming Dave Carpels Bruges | €510,122 | €365,514 | 1.4% | 4.9 |
| COSITRA Plombières | €531,944 | €572,043 | 47.8% | 6.1 |
These companies have the same main activity as TCE CONSTRUCT: general construction of residential buildings (NACE 41001). They are comparable in size and age: total assets between €448,000 and €661,000, founded between 2019 and 2021.
Solvency rose in 2025 from -65.0% to -46.8% because of the retained profit.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette.
The turnover shown is an estimate from the gross margin.
Turnover ≈ €820,000. Estimated: probably between €660,000 and €1.2m.
Lower than 95% of 1,037 companies in 2025.
Higher than 9% of 1,016 companies in 2025.
Higher than 91% of 1,032 companies in 2025.
Net result: middle half · Equity: bottom quarter · Balance sheet total: bottom quarter · Working capital: bottom quarter · Staff: middle half
Staff costs divided by the average number of full-time equivalents.
In 2025, 2 people joined and 2 left.
| Line | Trend | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Balance sheet: assets | |||||
20/58 |
521,268 | 508,081 | 471,760 | 706,647 | |
21/28 |
185,819 | 184,433 | 247,347 | 302,999 | |
22/27 |
173,105 | 171,719 | 234,633 | 291,430 | |
23 |
56,096 | - | - | - | |
24 |
24,291 | 27,173 | 38,259 | 43,228 | |
25 |
92,718 | 144,546 | 196,374 | 248,203 | |
28 |
12,714 | 12,714 | 12,714 | 11,569 | |
29/58 |
335,448 | 323,648 | 224,413 | 403,648 | |
40/41 |
307,273 | 304,144 | 114,178 | 96,164 | |
40 |
299,785 | 293,421 | 102,647 | 64,859 | |
41 |
7,489 | 10,723 | 11,531 | 31,306 | |
54/58 |
27,909 | 18,109 | 13,985 | 11,062 | |
490/1 |
266 | 1,395 | 96,250 | 296,421 | |
| Balance sheet: equity and liabilities | |||||
10/49 |
521,268 | 508,081 | 471,760 | 706,647 | |
10/15 |
-243,715 | -330,197 | -309,515 | -33,014 | |
10/11 |
3,000 | 3,000 | 3,000 | 3,000 | |
14 |
-246,715 | -333,197 | -312,515 | -36,014 | |
17/49 |
764,983 | 838,278 | 781,275 | 739,661 | |
17 |
208,017 | 254,887 | 307,689 | 358,656 | |
170/4 |
208,017 | 254,887 | 307,689 | 358,656 | |
42/48 |
556,966 | 583,392 | 473,504 | 380,857 | |
42 |
54,588 | 60,518 | 51,080 | 52,191 | |
44 |
279,474 | 297,673 | 310,261 | 156,026 | |
440/4 |
279,474 | 297,673 | 310,261 | 156,026 | |
45 |
222,014 | 224,194 | 110,201 | 171,478 | |
450/3 |
107,154 | 87,862 | 63,144 | 44,019 | |
454/9 |
114,860 | 136,332 | 47,057 | 127,459 | |
47/48 |
890 | 1,007 | 1,962 | 1,162 | |
492/3 |
- | - | 82 | 149 | |
| Income statement | |||||
9900 |
383,352 | 318,200 | 258,070 | 437,129 | |
62 |
203,681 | 243,667 | 430,327 | 450,187 | |
630 |
71,982 | 65,914 | 64,097 | 14,337 | |
640/8 |
8,703 | 515 | 2,460 | 2,273 | |
9901 |
98,985 | 8,105 | -238,814 | -29,669 | |
75/76B |
9 | 6 | - | 1,223 | |
75 |
9 | 6 | - | 1,223 | |
65/66B |
14,593 | 27,437 | 34,729 | 6,092 | |
65 |
14,593 | 27,437 | 34,729 | 6,092 | |
9903 |
84,401 | -19,326 | -273,543 | -34,537 | |
67/77 |
-2,080 | 1,356 | 2,957 | 1,477 | |
9904 |
86,482 | -20,682 | -276,501 | -36,014 | |
9905 |
86,482 | -20,682 | -276,501 | -36,014 | |
| Appropriation of the result | |||||
9906 |
-246,715 | -333,197 | -312,515 | -36,014 | |
14P |
-333,197 | -312,515 | -36,014 | - | |
| Social balance sheet | |||||
9087 |
7.7 | 8.6 | 17.4 | 9.5 | |
Hours worked1013 |
5,517 | 6,568 | 11,656 | 14,440 | |
| Document | |||||
The notes to these accounts have 10 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the filed accounts (PDF).
Source: Annual accounts 2025 (PDF), filed on 13-03-2026.
2025 annual accounts filed 41 days after the deadline. Filed on 13 March 2026, deadline 31 January 2026 (7 months after the close on 30 June 2025, Companies Code art. 3:10). Source: NBB, 2026-00053586.
| Line | Trend | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| 170,968 | 74,018 | -174,717 | -15,331 | ||
| 158,464 | 45,231 | -212,403 | -21,677 | ||
| 73,368 | 3,000 | 8,445 | 317,337 | ||
| 9,800 | 4,124 | 2,923 | - | ||
| -221,517 | -259,744 | -249,091 | 22,791 | ||
| -46.8% | -65.0% | -65.6% | -4.7% | ||
| 0.60 | 0.55 | 0.47 | 1.06 | ||
| 16.6% | -4.1% | -58.6% | -5.1% | ||
| 11.72 | 2.70 | -5.03 | -2.52 |
EBIT margin: not included in this filing.
Debt to equity is not shown because equity is negative. Debt divided by negative equity means nothing.
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 | 30-06-2025 | 30-06-2024 | 30-06-2023 | 30-06-2022 |
|---|---|---|---|---|
| Employees at the balance-sheet date | 8 | 8 | 11 | 20 |
| full-time | 8 | 8 | 11 | 20 |
| in full-time equivalents | 8 | 8 | 11 | 20 |
| 7.7 | 8.6 | 17.4 | 9.5 | |
| On a permanent contract | 8 | 8 | 11 | 20 |
| Joined | 2 | 0 | - | 27 |
| Left | 2 | 3 | - | 7 |
Source: social balance sheet in the 2022 to 2025 annual accounts
| Item | 30-06-2025 | 30-06-2024 | 30-06-2023 | 30-06-2022 |
|---|---|---|---|---|
| Tangible fixed assets | €73,368 | €3,000 | €7,300 | €305,768 |
| Financial fixed assets | - | - | €1,145 | €11,569 |
| €71,982 | €65,914 | €64,097 | €14,337 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
The operating result for 2025 is over 12 times that of 2024 and the highest since 2022. It is the second rise in a row, after the fall in 2023.
Equity is negative. Debt (€764,983) exceeds the balance-sheet total (€521,268).
TCE CONSTRUCT has no parent and no holdings in its annual accounts. TCE CONSTRUCT shares no director with another company.
Deadline for the 2026 accounts: 31-01-2027
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 6 August 2021, TCE CONSTRUCT was incorporated as a private limited company by three natural persons, with a starting capital of €3,000.12 The registered office moved to Quaregnon rue Richebé in 2023 and to Angre rue de Dour in 2026.34 Total assets went from €706,647 in 2022 to €521,268 in 2025 and headcount from 9.5 to 7.7 full-time equivalents.5
| Establishment | Since | Unit number |
|---|---|---|
| Rue de Dour 3/c registered office 7387 Honnelles | ||
| Rue Richebé 162 7390 Quaregnon | 06-08-2021 | 2.321.349.263 |
| Cadastral parcel | Area | Buildings | Height / floors |
|---|---|---|---|
| 53001A0356/00C000 | 194 m² | 1 · 102 m² | 6.3 m · 1 |
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 0772.350.028
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