Trone Construct
ActiveSummary
The computed 12-month bankruptcy probability of Trone Construct is 1.7% (moderate). The 2025 annual accounts show negative equity (-€36,103) and a net result of -€11,255. Equity is shrinking by about 21% per year across the filed financial years. Its solvency ranks better than 12% of 5,674 sector peers (NACE 68, financial year 2025). The company has been active since 2020 and the Belgian Official Gazette contains no insolvency or warning signals.
Overview
- Equity
- -€36,103
- Loss
- -€11,255
- Parent
- Motown Project Holding II · 100%
- Motown Project Holding IIDirector · permanent representative Lionel HEPNER
- 3D Real EstateDirector · permanent representative Stefan PUTMAN
- VERACTDirector · permanent representative Peter VERLINDEN
Why 54raises riskLiquidity: current ratio 6.13, cash €5,996, halved1 change of registered office in 24 monthsNegative equity -€36,103lowers riskSector: Real estate activities (NACE 68)Show the evidence
Checked score
About 2 in 100 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 68, small): better than 12% on solvency, 44% on liquidity, 31% on profitability and 9% on growth.
The bankruptcy probability was computed on 11-10-2026 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).
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Signals
This company filed its last 5 accounts on average 21 days after the deadline; the sector median (NACE 68) for financial year 2024 is 7 days before the deadline, and 36% of those companies filed late.
Searched, nothing found (2)
- Annual accounts filedfinancial year 2025 · full…
- Appointments: VERACT (director) and 3D REAL…Permanent representatives: Peter VERLINDEN and…
- Amendment of the articlesAuditor report · Shareholding ·…
Financials · financial year 2025, full format
2025 annual accounts filed late (42 days) Filed on 11 September 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00513511.
2021 to 2025, 5 financial years
The operating result stays negative: a loss of €11,255 in 2025 against €17,220 in 2024; the loss shrinks.
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 68, Real estate 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 1,167 companies that looked in July 2024 the way this one looks now, 2.0% went bankrupt within 24 months and 95% are still going.
- Small
- 5 to 10 years old
- negative equity
- a small loss
A further 0.3% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 1.7% 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 497,468 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% 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 1,167 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 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | - | - | - | €43 | €245 | ▲ 472% |
| Other operating charges640/8 | - | €94,224 | €59,683 | €121,720 | €186,508 | ▲ 53.2% |
| Gross operating margin9900 | -€16,842 | €75,119 | €83,120 | €104,543 | €175,498 | ▲ 67.9% |
| Operating profit (loss)9901 | -€16,842 | -€19,105 | €23,438 | -€17,220 | -€11,255 | ▲ 34.6% |
| Financial income75/76B | €0 | - | - | - | - | - |
| Recurring financial income75 | €0 | - | - | - | - | - |
| Financial charges65/66B | - | €119 | - | €0 | - | - |
| Recurring financial charges65 | - | €119 | - | €0 | - | - |
| Profit (loss) for the period before taxes9903 | -€16,842 | -€19,223 | €23,438 | -€17,220 | -€11,255 | ▲ 34.6% |
| Profit (loss) for the period9904 | -€16,842 | -€19,223 | €23,438 | -€17,220 | -€11,255 | ▲ 34.6% |
| Profit (loss) for the period to be appropriated9905 | -€16,842 | -€19,223 | €23,438 | -€17,220 | -€11,255 | ▲ 34.6% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €0.8m | €1.2m | €1.4m | €1.8m | €2.4m | ▲ 29.5% |
| Fixed assets21/28 | - | €0.03m | - | €0.001m | €0.001m | ▼ 20.7% |
| Intangible fixed assets21 | - | €0.03m | - | €0.001m | €0.001m | ▼ 20.7% |
| Current assets29/58 | €0.8m | €1.2m | €1.4m | €1.8m | €2.4m | ▲ 29.5% |
| Stocks and contracts in progress3 | €0.7m | €1.1m | €1.4m | €1.8m | €2.4m | ▲ 31.0% |
| Stocks30/36 | €0.7m | €1.1m | €1.4m | €1.8m | €2.4m | ▲ 31.0% |
| Amounts receivable within one year40/41 | €0.01m | €0.03m | €0.001m | €0.004m | €0.01m | ▲ 162% |
| Trade receivables40 | - | €0.02m | €0.001m | €0.001m | €0.003m | ▲ 172% |
| Other amounts receivable41 | €0.01m | €0.008m | - | €0.003m | €0.009m | ▲ 159% |
| Cash at bank and in hand54/58 | €0.05m | €0.08m | €0.009m | €0.03m | €0.006m | ▼ 79.8% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €0.8m | €1.2m | €1.4m | €1.8m | €2.4m | ▲ 29.5% |
| Equity10/15 | -€0.01m | -€0.03m | -€0.008m | -€0.02m | -€0.04m | ▼ 45.3% |
| Contributions10/11 | €0.005m | €0.005m | €0.005m | €0.005m | €0.005m | = |
| Capital10 | €0.005m | €0.005m | - | - | - | - |
| Issued capital100 | €0.005m | €0.005m | - | - | - | - |
| Contributions outside capital11 | - | - | €0.005m | €0.005m | €0.005m | = |
| Other1109/19 | - | - | €0.005m | €0.005m | €0.005m | = |
| Profit (loss) carried forward14 | -€0.02m | -€0.04m | -€0.01m | -€0.03m | -€0.04m | ▼ 37.7% |
| Amounts payable17/49 | €0.8m | €1.3m | €1.5m | €1.9m | €2.4m | ▲ 29.7% |
| Amounts payable after more than one year17 | €0.7m | €1.2m | €1.3m | €1.6m | €2.0m | ▲ 23.8% |
| Financial debts170/4 | €0.7m | - | - | - | - | - |
| Other amounts payable178/9 | - | €1.2m | €1.3m | €1.6m | €2.0m | ▲ 23.8% |
| Amounts payable within one year42/48 | €0.06m | €0.1m | €0.2m | €0.2m | €0.4m | ▲ 73.1% |
| Trade debts44 | €0.06m | €0.1m | €0.1m | €0.04m | €0.02m | ▼ 52.8% |
| Suppliers440/4 | €0.06m | €0.1m | €0.1m | €0.04m | €0.02m | ▼ 52.8% |
| Taxes, remuneration and social security45 | - | - | €0.07m | €0.2m | €0.4m | ▲ 103% |
| Taxes450/3 | - | - | €0.07m | €0.2m | €0.4m | ▲ 103% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€16,842 | -€19,223 | €23,438 | -€17,220 | -€11,255 | ▲ 34.6% |
| + Depreciation and write-downs630 | - | - | - | €43 | €245 | ▲ 472% |
| Operating cash flow (approximation) | -€16,842 | -€19,223 | €23,438 | -€17,177 | -€11,010 | ▲ 35.9% |
| Investment in fixed assets (approximation) | - | - | - | - | €0 | - |
| Change in cash | - | €33,572 | -€74,462 | €20,753 | -€23,673 | - |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Similar companies · same sector and region
Public contracts: No European public contracts awarded found since October 2016. Contracts below the EU thresholds are not in TED.
Directors
Board 3
Permanent representatives 3
Not every act has been read: a resignation may still be missing
Mandate history
- Board
- began earlier
| Name | Functions and periods |
|---|---|
| Motown Project Holding II |
|
| 3D Real Estate |
|
| VERACT |
|
| SA COMPAGNIE 14 |
|
Owners and capital
Owners
1 ownerChain of control
- SOCIETE BRUXELLOISE DE PARTICIPATION IMMOBILIERE
- MOTOWN REAL ESTATE HOLDING
- Motown Project Holding II
- Trone Construct
Highest known parent: SOCIETE BRUXELLOISE DE PARTICIPATION IMMOBILIERE. The sources do not say who stands above it.
Owners 1
-
100%
Sources: the companies' annual accounts, the acts in the Belgian Official Gazette and the LEI register. Annual accounts state the shareholders that notified the company under article 7:225 of the Code of Companies and Associations and the parent companies that consolidate it. The register of ultimate beneficial owners (UBO) is not public: who ultimately stands behind a natural person or a foreign parent is not stated here. A company that does not include these statements in its annual accounts, or does not have to, is not listed.
Capital and shareholders
- MOTOWN HOLDING PROJECT II SA actionnaire unique · all shares
The Belgian Official Gazette names shareholders only when an act mentions them; the share register itself is not published.
- 09-09-2026 Capital stated in the deed · 100 shares
- 01-07-2026 Capital increase of €1,241,894.14 · to €1,246,894.14 · in kind
Group and network
Connections & network
3 connected companiesHistory
Acts, filings and financial milestones
09-09
Gazette deed
Appointments: VERACT (director) and 3D REAL ESTATE (director)Permanent representatives: Peter VERLINDEN and Stefan PUTMAN · Name change · Registered-office move14 facts ▸
- Name change, Trone Construct
- General meeting, 27-08-2026
- Registered-office move, Onafhankelijkheidslaan 17-18, 9000 Gent
- Amendment of the articles
- Capital
- Director appointment, VERACT (director)
- Director appointment, 3D REAL ESTATE (director)
- Permanent representative, Peter VERLINDEN (2 times)
- Permanent representative, Stefan PUTMAN (2 times)
- Elected domicile, “alle aangelegenheden met betrekking tot de uitoefening van dit mandaat, zetel van de vennootschap” (deed in Dutch) (2 times)
- Power of attorney (2 times)
- Other provision, “alle aangelegenheden met betrekking tot de uitoefening van dit mandaat, officer elected domicile” (deed in Dutch)
- +2 further facts in this act
01-07
Gazette deed
Amendment of the articlesAuditor report · Shareholding · Capital increase11 facts ▸
- General meeting, “assemblée générale extraordinaire” (deed in French)
- Other provision, “rapport sur l’opération justifiant spécialement le prix d’émission et conséquences sur droits patrimoniaux et droits sociaux des actionnaires, renonciation au r…” (deed in French)
- Auditor report, “conversion d’un crédit d’un actionnaire, pièces non remises au moins un mois avant assemblée et rapport non transmis 15 jours avant sans impact significatif” (deed in French)
- Shareholding, “actionnaire unique” (deed in French)
- Other provision, “dispense de lecture intégrale du rapport du réviseur d’entreprises, unanimité” (deed in French)
- Capital increase, €1,241,894.14
- Amendment of the articles
- General meeting, “adoptée à l'unanimité, refonte-coordination statuts” (deed in French)
- Other provision, “confirmation nominations administrateurs en cours, pas lieu d'apporter changements” (deed in French)
- Power of attorney
- General meeting, “adoptées à l'unanimité des voix, toutes résolutions qui précèdent” (deed in French)
16-04
Gazette deed
Resignation: SA COMPAGNIE 14 (director)Appointment: SA MOTOWN PROJECT HOLDING II (administrateur non statutaire) · Permanent representative: Lionel HEPNER · Director discharge8 facts ▸
- General meeting, 20-03-2026
- Director resignation, SA COMPAGNIE 14 (director)
- Director discharge, SA COMPAGNIE 14
- Director appointment, SA MOTOWN PROJECT HOLDING II (administrateur non statutaire)
- Permanent representative, Lionel HEPNER
- Other provision, “élection de domicile, article 2:54 CSA” (deed in French)
- Power of attorney, Frédéric HEYLBROECK
- Power of attorney, Thibault RAAD
About the unread acts
Of the 6 Belgian Official Gazette deeds we know for this company, 3 have been read. The other 3 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 12 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 0750.529.580
Environmental permits: No permit applications found in Flanders. Brussels and Wallonia do not publish the applicant.
Sites & property
1 establishment unit
2 parcels
| Cadastral parcel | Region | Area | Buildings | Height / floors |
|---|---|---|---|---|
| 21807G0211/00S012 | Brussels | 1,025 m² | 1 · 786 m² | 41.4 m · 2 |
| 44808H0085/00P002 | Flanders | 668 m² | 1 · 264 m² | 18.6 m · 5 |
How the parcels are linked
Articles of association
What the company does
- PurposeThe activities the company may carry out under its articles.
- “Het rechtstreeks participeren in projecten met betrekking tot het ontwerp en/of de oprichting en/of de exploitatie en/of het onderhoud en/of…” (deed in Dutch)
10 activities (deed in Dutch)
- Het rechtstreeks participeren in projecten met betrekking tot het ontwerp en/of de oprichting en/of de exploitatie en/of het onderhoud en/of de financiering en/of de concessie van infrastructuren of bouwwerken
- Vastgoed promotie et vastgoedmakelaarsactiviteiten
- Alle aannemingsactiviteiten
- De aankoop, de verkoop, de promotie, de huur, de ruiling, de exploitatie, het beheer, het in waarde brengen, de verkaveling, het onderhoud van eender welke gebouwen of in verdeeldheid en onverdeeldheid van eender welke gebouwen, evenals het beheer en het bestuur van eender welk onroerend goed en eender welke aanneming van openbare of private werken
- Het aanhouden en het beheren van meerderheids of –minderheidsparticipaties in vennootschappen actief in het domein van de bouw, civiele techniek, afwerking van gebouwen, vastgoedpromotie, onderhoud, milieu en al andere domeinen
- Het aanhouden, de handel en het beheer, in de meeste brede zin van het woord, van roerende waarden, voor eigen rekening, voor rekening van haar filialen, van ondernemingen die met haar verbonden zijn en bij gelegenheid voor rekening van derden
- Alle verrichtingen met betrekking tot het beheer van administratieve, boekhoudkundige, juridische, technische of andere aard van vennootschappen waarvan het voorwerp analoog, gelijkaardig of samenhangend is met het hare
- Het beheer en de uitbating van onroerende goederen, zowel in eigendom als toebehorende aan derden
- Het verlenen van adviezen van financiële, technische, commerciële of administratieve aard, in de ruimste zin bijstand en advies verlenen, rechtstreeks of onrechtstreeks op het vlak van administratie en financiën, verkoop, productie en algemeen bestuur
- Alle nijverheids-, handels- en financiële handelingen verrichten, zowel roerende als onroerende, die rechtstreeks of onrechtstreeks verband houden met het voorwerp en met alle gelijkaardige of aanverwante doeleinden
- DurationHow long the company exists; usually unlimited, so until it is dissolved.
- Unlimited
- Name clauseThe name the company operates under according to its articles.
- Trone Construct
- Registered office clauseThe region of the registered office; it decides among other things the language of official documents.
- “Vlaams Gewest, 2” (deed in Dutch)
- Elected domicileThe address where directors or the company receive official documents.
- One provision in the deed
Who represents it, and how
- Board ruleHow the board is made up, meets and takes decisions.
- 5 provisions in the deed
Capital, shares and profit
- Kind of sharesWhich classes of shares exist and what rights each class carries.
- “Op naam, aandeelhouders mogen kennis nemen van dit register betreffende hun effecten” (deed in Dutch)“8, ondeelbaar” (deed in Dutch)1 more provision on this in the deed
- Transfer restrictionWhether shareholders may sell their shares freely or need approval first.
- One provision in the deed
- Share issue ruleHow and by whom new shares can be issued.
- “6, aandelen moeten bij hun uitgifte worden volgestort” (deed in Dutch)“7, dag van de openstelling van de intekening” (deed in Dutch)“7, op de aandelen waarop niet werd ingeschreven door de aandeelhouders zoals hierboven bepaald, kan worden ingeschreven door personen…” (deed in Dutch)1 more provision on this in the deed
- Profit allocationHow profit is distributed; a BV may only pay out after a balance-sheet and liquidity test.
- One provision in the deed
Meetings and financial year
- Annual meetingWhen the shareholders meet each year, among other things to approve the annual accounts.
- Last Friday of May at 11:30
- Meeting accessWho may attend the meeting and what is needed to be admitted.
- One provision in the deed
- Meeting procedureHow the meeting runs, from opening to minutes.
- One provision in the deed
- Adjournment ruleWhen the board may postpone a meeting; by law once, by three weeks.
- One provision in the deed
- Voting ruleWhich majority the meeting decides by, for example a simple or a special majority.
- One provision in the deed
Oversight and winding up
- Auditor ruleHow a statutory auditor is appointed and what they check, if the company has one.
- One provision in the deed
- Dissolution ruleWhen and by whom the company can be dissolved.
- One provision in the deed
- Liquidation ruleHow assets are shared after dissolution: creditors first, then shareholders.
- One provision in the deed
- JurisdictionWhich court has jurisdiction in a dispute about the company.
- One provision in the deed