Equity
Debts exceed assets in financial year 2025.
Debts exceed assets in financial year 2025.
The 2024 and 2025 financial years closed with a loss. 2024 was the heaviest.
Of this, €178,037 falls due within a year.
Short-term debts fell from €800,143 to €178,037.
Board changed. Latest change 14-09-2026 · 1 in office.
Lower solvency than 93% of companies in real estate. Sector median 30.7% · 11,299 companies.
Negative equity caps the score at 59.
The dashed line is the sector median: 0.2% across 26,626 companies (NACE 68, micro).
About 7 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 68, micro). It does better than 5% of them on solvency, 84% on liquidity, 4% on profitability and 1% 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, 6,008 companies had the same profile as TROY CONSTRUCT has now. Each dot stands for 16 companies, two years later.
Another 0.8% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of TROY CONSTRUCT itself is lower: 0.7% within 12 months. It rests on far more data about TROY 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 6,008 companies, not a prediction for TROY 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 2.1 (1.01 in 2024), above the usual 1.5. Short-term debt is 47.6% and cash 52% 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 5 accounts on average 30 days after the deadline. In the sector (NACE 68), the median for financial year 2024 was 7 days before the deadline, and 36% of those companies filed late.
| Company | ||||
|---|---|---|---|---|
| TROY CONSTRUCT Deinze | €374,306 | -€115,935 | -34.4% | - |
| MERIAUX CONSTRUCT Deinze | €298,549 | -€1,790 | -2.3% | - |
| Imtek Projectontwikkeling Erpe-Mere | €379,592 | -€11,264 | -28.9% | 0 |
| SUSTAIN Zwalm | €343,562 | -€4,220 | -7.0% | - |
| Grandis Nazareth-De Pinte | €315,171 | -€128,310 | -23.2% | - |
| ECO-CASA Ghent | €413,853 | -€30,808 | -172.0% | - |
| JJK Projects Sint-Niklaas | €425,840 | -€9,217 | 3.6% | - |
These companies have the same main activity as TROY CONSTRUCT: development of residential building projects (NACE 68121). They are comparable in size and age: total assets between €299,000 and €426,000, founded between 2019 and 2021.
TROY CONSTRUCT files the abbreviated format. That format states no turnover. The gross margin fell from -€2,345 in 2021 to -€115,935 in 2025.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette.
Turnover and EBIT margin are not published. The abbreviated or micro format does not require them.
Higher than 7% of 11,299 companies in 2025.
Higher than 70% of 10,851 companies in 2025.
Lower than 95% of 11,184 companies in 2025.
Net result: bottom quarter · Equity: bottom quarter · Balance sheet total: bottom quarter · Working capital: middle half
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| Balance sheet: assets | ||||||
20/58 |
374,306 | 807,369 | 2.3m | 1.3m | 471,284 | |
29/58 |
374,306 | 807,369 | 2.3m | 1.3m | 471,284 | |
3 |
90,255 | 90,255 | 732,572 | 868,795 | 246,420 | |
30/36 |
90,255 | 90,255 | 732,572 | 868,795 | 246,420 | |
40/41 |
89,413 | 327,790 | 1.4m | 406,486 | 80,532 | |
40 |
51,643 | 217,657 | 1.4m | 266,013 | 34,304 | |
41 |
37,769 | 110,133 | 28,066 | 140,473 | 46,228 | |
54/58 |
194,639 | 389,325 | 169,343 | 4,990 | 144,332 | |
490/1 |
- | - | 9,063 | 24,688 | - | |
| Balance sheet: equity and liabilities | ||||||
10/49 |
374,306 | 807,369 | 2.3m | 1.3m | 471,284 | |
10/15 |
-128,705 | 7,227 | 238,072 | 41,920 | 1,813 | |
10/11 |
5,000 | 5,000 | 5,000 | 5,000 | 5,000 | |
13 |
196,000 | 196,000 | 196,000 | - | - | |
133 |
196,000 | 196,000 | 196,000 | - | - | |
14 |
-329,705 | -193,773 | 37,072 | 36,920 | -3,187 | |
17/49 |
503,011 | 800,143 | 2.1m | 1.3m | 469,471 | |
17 |
324,973 | - | - | - | - | |
178/9 |
324,973 | - | - | - | - | |
42/48 |
178,037 | 800,143 | 2.1m | 1.2m | 469,471 | |
44 |
3,376 | 20,797 | 1.3m | 646,743 | 100,452 | |
440/4 |
3,376 | 20,797 | 1.3m | 646,743 | 100,452 | |
45 |
27,638 | 290,858 | 187,889 | 37,329 | - | |
450/3 |
27,638 | 290,858 | 187,889 | 37,329 | - | |
47/48 |
147,024 | 488,487 | 635,791 | 563,968 | 369,019 | |
492/3 |
- | - | 15,000 | 15,000 | - | |
| Income statement | ||||||
9900 |
-115,935 | -222,959 | 290,321 | 119,342 | -2,345 | |
640/8 |
744 | 1,243 | 2,391 | 54,876 | 716 | |
9901 |
-116,679 | -224,202 | 287,930 | 64,466 | -3,061 | |
75/76B |
0 | - | - | - | - | |
75 |
0 | - | - | - | - | |
65/66B |
19,253 | 6,644 | 236 | 15,129 | 126 | |
65 |
19,253 | 6,644 | 236 | 15,129 | 126 | |
9903 |
-135,931 | -230,846 | 287,693 | 49,337 | -3,187 | |
67/77 |
- | - | 91,541 | 9,230 | - | |
9904 |
-135,931 | -230,846 | 196,152 | 40,107 | -3,187 | |
9905 |
-135,931 | -230,846 | 196,152 | 40,107 | -3,187 | |
| Appropriation of the result | ||||||
9906 |
-329,705 | -193,773 | 233,072 | 36,920 | -3,187 | |
14P |
-193,773 | 37,072 | 36,920 | -3,187 | - | |
691/2 |
- | - | 196,000 | - | - | |
6921 |
- | - | 196,000 | - | - | |
| Document | ||||||
The notes to these accounts have 2 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 31-08-2026.
2025 annual accounts filed 31 days after the deadline. Filed on 31 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00473377.
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 31-08-2026 | 2026-00473377 | |
| 31-12-2024 | abbreviated format | 28-08-2025 | 2025-00426372 | |
| 31-12-2023 | abbreviated format | 27-08-2024 | 2024-00375038 | |
| 31-12-2022 | micro format | 31-08-2023 | 2023-00398317 | |
| 31-12-2021 | micro format | 31-08-2022 | 2022-20388918 |
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| -194,686 | 219,982 | 164,353 | -139,342 | - | ||
| 196,269 | 7,227 | 253,072 | 56,920 | 1,813 | ||
| -34.4% | 0.9% | 10.2% | 3.2% | 0.4% | ||
| 2.10 | 1.01 | 1.12 | 1.05 | 1.00 | ||
| 1.60 | 0.90 | 0.77 | 0.35 | 0.48 | ||
| - | - | 8.84 | 30.13 | - | ||
| - | - | 82.4% | 95.7% | -175.8% | ||
| -36.3% | -28.6% | 8.4% | 3.1% | -0.7% |
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.
The operating result for 2025 is a loss of €116,679, smaller than the loss of €224,202 in 2024.
Equity is negative. Debt (€503,011) exceeds the balance-sheet total (€374,306).
TROY CONSTRUCT has no parent and no holdings in its annual accounts. Blijke De Vos is the only director.
| TROY INVEST
registered office since 24-10-2019 · founded in 2019 |
total assets €759,053 (2025) 0736.737.863 |
| VOLPE
registered office since 25-11-2022 · founded in 2022 |
total assets €175,418 (2025) 0793.992.213 |
| VISTA
registered office since 14-12-2018 · founded in 2018 |
total assets €126,751 (2025) 0715.826.247 |
| TROY INVEST via VISTA, at TROY CONSTRUCT until 2026 · Director · deed of 28-10-2019 founded in 2019 |
total assets €759,053 (2025) |
| BELICIOUS IMMO via VISTA, at TROY CONSTRUCT until 2026 · Director · deed of 04-04-2022 No longer active |
total assets €51,536 (2024) |
The network starts from the earlier ties.
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 6 July 2020, TROY CONSTRUCT was incorporated as a private limited company by two natural persons, with a starting capital of €5,000.12 Blijke De Vos has served as director since 2026.3 Total assets went from €471,284 in 2021 to €374,306 in 2025.4
| Establishment | Since | Unit number |
|---|---|---|
| Meirstraat 8 registered office 9850 Deinze | 06-07-2020 | 2.331.893.559 |
| Cadastral parcel | Area | Buildings | Height / floors |
|---|---|---|---|
| 44070A0273/00D000 | 1,481 m² | 1 · 166 m² | 9.9 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 0749.847.612
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