V CONSTRUCT
ActiveSummary
V CONSTRUCT has been active since 1999 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €181,099 and a net result of €25,352. Equity is growing by ~15.2% per year across the filed fiscal years. Its solvency ranks better than 95% of 28051 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.6% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability85▼-14
Solvency100=
Growth52▼-26
Track record100
Bankruptcy probability, 12 months
0.6%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €16,000 at 30 days acceptable
Liquidity ample (current ratio 13.11 against 15.54 in 2024; short-term debt: 7.5% and cash: 56.5% of total assets), and 7.5% of the assets are financed with debt.
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Signals
Four signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 43
Relative position
BE, all sectors
reference
Specialised construction activities (NACE 43)
about 85% more bankruptcies
← fewer bankruptcies
more bankruptcies →
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
92.5%
Return on assets
12.9%
Age of the figures
9 mo
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 25-03-2026, 128 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
128 d early
2024
73 d early
2023
111 d early
2022
5 d early
2021
62 d early
2020
1 d early
2019
36 d early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 7 accounts on average 59 days before the deadline; the sector median for financial year 2024 is 1 day before the deadline, and 42% of the sector filed late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
26-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, micro schema
Equity
€181,099▲ 16.3%
2024 · €155,747
Total assets
€195,882▲ 17.8%
2024 · €166,324
Net result
€25,352▼ 36.9%
2024 · €40,194
Working capital
€178,188▲ 21.1%
2024 · €147,101
Trend over the years
Click a name to add, emphasise or remove a line.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result€41,143▲ 273%€37,556▼ 8.7%€41,480▲ 10.4%€56,550▲ 36.3%€34,278▼ 39.4%
Net result€28,004▲ 221%€22,968▼ 18.0%€28,884▲ 25.8%€40,194▲ 39.2%€25,352▼ 36.9%
Equity€120,320▲ 30.3%€108,723▼ 9.6%€135,553▲ 24.7%€155,747▲ 14.9%€181,099▲ 16.3%
Total assets€141,385▲ 29.5%€140,788▼ 0.4%€158,926▲ 12.9%€166,324▲ 4.7%€195,882▲ 17.8%
Debt€18,107▲ 21.3%€30,159▲ 66.6%€22,517▼ 25.3%€10,114▼ 55.1%€14,712▲ 45.5%
Working capital€86,171▲ 30.1%€86,431▲ 0.3%€124,108▲ 43.6%€147,101▲ 18.5%€178,188▲ 21.1%
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result falls in 2025; 2025 is 39% below 2024 and is the lowest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €195,882
Fixed assets
€2,982 ▼ 67.3%
Current assets
€192,900 ▲ 22.7%
Equity and liabilities €195,882
Equity
€181,099 ▲ 16.3%
Provisions
€71 ▼ 84.7%
Debt
€14,712 ▲ 45.5%
Debt's share of the balance-sheet total rises from 6.1% to 7.5%. Equity and debt are higher.
Key figures and ratios
EBITDA
€40,381▼
2024 · €62,985
Cash flow
€31,455▼
2024 · €46,629
Current ratio
13.11▼
2024 · 15.54
Debt to equity
0.08▲
2024 · 0.06
ROE
14.0%▼
2024 · 25.8%
ROA
12.9%▼
2024 · 24.2%
Interest coverage
397.80▼
2024 · 414.59
Debt ≤ 1 year
€14,712▲
2024 · €10,114
Income taxes
€13,150▼
2024 · €20,519
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | €7,851 | €0 | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €13,620 | €13,900 | €13,603 | €6,435 | €6,102 | ▼ 5.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | -€1,936 | €0 | ▲ 100% |
| Other operating charges640/8 | €1,126 | €1,137 | €1,272 | €3,112 | €1,482 | ▼ 52.4% |
| Non-recurring operating charges66A | - | - | €1,096 | €0 | €25 | - |
| Gross operating margin9900 | €55,889 | €52,593 | €57,451 | €64,161 | €41,888 | ▼ 34.7% |
| Operating profit (loss)9901 | €41,143 | €37,556 | €41,480 | €56,550 | €34,278 | ▼ 39.4% |
| Financial income75/76B | €402 | €0 | €3,210 | €3,923 | €3,933 | ▲ 0.3% |
| Recurring financial income75 | €402 | €0 | €3,210 | €3,923 | €3,933 | ▲ 0.3% |
| Financial charges65/66B | €89 | €110 | €118 | €152 | €102 | ▼ 33.2% |
| Recurring financial charges65 | €89 | €110 | €118 | €152 | €102 | ▼ 33.2% |
| Profit (loss) for the period before taxes9903 | €41,457 | €37,446 | €44,573 | €60,320 | €38,110 | ▼ 36.8% |
| Transfer from deferred taxes780 | €980 | €1,051 | €1,051 | €393 | €393 | = |
| Transfer to deferred taxes680 | €1,963 | €0 | - | - | - | - |
| Income taxes67/77 | €12,470 | €15,529 | €16,740 | €20,519 | €13,150 | ▼ 35.9% |
| Profit (loss) for the period9904 | €28,004 | €22,968 | €28,884 | €40,194 | €25,352 | ▼ 36.9% |
| Transfer from tax-exempt reserves789 | €3,598 | €3,811 | €3,811 | €1,178 | €1,178 | = |
| Transfer to tax-exempt reserves689 | €5,888 | €0 | - | - | - | - |
| Profit (loss) for the period to be appropriated9905 | €25,713 | €26,778 | €32,694 | €41,372 | €26,530 | ▼ 35.9% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €141,385 | €140,788 | €158,926 | €166,324 | €195,882 | ▲ 17.8% |
| Fixed assets21/28 | €37,107 | €24,198 | €12,301 | €9,110 | €2,982 | ▼ 67.3% |
| Tangible fixed assets22/27 | €37,082 | €24,173 | €12,276 | €9,084 | €2,982 | ▼ 67.2% |
| Plant, machinery and equipment23 | €329 | €240 | €151 | €62 | €0 | ▼ 100% |
| Furniture and vehicles24 | €36,754 | €23,933 | €12,125 | €9,022 | €2,982 | ▼ 66.9% |
| Other tangible fixed assets26 | €0 | - | - | - | - | - |
| Financial fixed assets28 | €25 | €25 | €25 | €25 | €0 | ▼ 100% |
| Current assets29/58 | €104,277 | €116,590 | €146,625 | €157,214 | €192,900 | ▲ 22.7% |
| Amounts receivable within one year40/41 | €25,755 | €36,656 | €80,727 | €77,232 | €79,875 | ▲ 3.4% |
| Trade receivables40 | €13,808 | €23,190 | €6,283 | €14,020 | €6,598 | ▼ 52.9% |
| Other amounts receivable41 | €11,947 | €13,466 | €74,444 | €63,212 | €73,277 | ▲ 15.9% |
| Cash at bank and in hand54/58 | €77,647 | €79,327 | €65,035 | €78,548 | €110,691 | ▲ 40.9% |
| Deferred charges and accrued income490/1 | €876 | €607 | €863 | €1,433 | €2,334 | ▲ 62.8% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €141,385 | €140,788 | €158,926 | €166,324 | €195,882 | ▲ 17.8% |
| Equity10/15 | €120,320 | €108,723 | €135,553 | €155,747 | €181,099 | ▲ 16.3% |
| Contributions10/11 | €20,000 | €20,000 | €20,000 | €0 | - | - |
| Reserves13 | €100,295 | €88,669 | €115,552 | €155,746 | €181,098 | ▲ 16.3% |
| Non-distributable reserves130/1 | €2,000 | €2,000 | €0 | - | - | - |
| Reserves not available under the articles1311 | €2,000 | €2,000 | €0 | - | - | - |
| Tax-exempt reserves132 | €10,190 | €6,379 | €2,568 | €1,391 | €213 | ▼ 84.7% |
| Distributable reserves133 | €88,105 | €80,290 | €112,984 | €154,355 | €180,885 | ▲ 17.2% |
| Profit (loss) carried forward14 | €25 | €54 | €0 | €1 | €1 | ▲ 16.7% |
| Provisions and deferred taxes16 | €2,958 | €1,907 | €856 | €464 | €71 | ▼ 84.7% |
| Deferred taxes168 | €2,958 | €1,907 | €856 | €464 | €71 | ▼ 84.7% |
| Amounts payable17/49 | €18,107 | €30,159 | €22,517 | €10,114 | €14,712 | ▲ 45.5% |
| Amounts payable within one year42/48 | €18,107 | €30,159 | €22,517 | €10,114 | €14,712 | ▲ 45.5% |
| Trade debts44 | €508 | €574 | €200 | €1,106 | €5,557 | ▲ 402% |
| Suppliers440/4 | €508 | €574 | €200 | €1,106 | €5,557 | ▲ 402% |
| Taxes, remuneration and social security45 | €17,599 | €29,584 | €20,317 | €9,007 | €9,155 | ▲ 1.6% |
| Taxes450/3 | €17,599 | €29,584 | €20,317 | €9,007 | €9,155 | ▲ 1.6% |
| Other amounts payable47/48 | €0 | - | €2,000 | €0 | - | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €28,004 | €22,968 | €28,884 | €40,194 | €25,352 | ▼ 36.9% |
| + Depreciation and write-downs630 | €13,620 | €13,900 | €13,603 | €6,435 | €6,102 | ▼ 5.2% |
| Operating cash flow (approximation) | €41,624 | €36,867 | €42,486 | €46,629 | €31,455 | ▼ 32.5% |
| Investment in fixed assets (approximation) | - | -€991 | -€1,705 | -€3,244 | €25 | ▲ 101% |
| Change in cash | - | €1,680 | -€14,292 | €13,513 | €32,143 | ▲ 138% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
31-08
State Gazette act
Registered officeRegistered-office move · Power of attorney3 facts ▸
State Gazette act
Registered office
Registered-office move · Power of attorney3 facts ▸
- Board meeting, 31-07-2026
- Registered-office move, Waregemstraat 75 te 9870 Zulte
- Power of attorney, Luminad
25-03
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
19-05
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
31-12
Financial
Highest result since 2018net €40,194 ▲39.2%
Operating result €56,550, net result €40,194, both a record.
31-12
Financial
Liquidity doublescurrent ratio 15.54
Current ratio from 6.51 to 15.54; short-term debt falls from €22,517 to €10,114.
31-12
Financial
Equity above €150,000Eq €155,747 ▲14.9%
7 profitable years in a row build equity to €155,747.
11-04
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
26-07
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
30-05
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
31-12
Financial
Equity above €100,000Eq €120,320 ▲30.3%
4 profitable years in a row build equity to €120,320.
30-07
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
2020
31-12
Financial
Weakest financial yearnet €8,728 ▼72.9%
Net result drops to €8,728, the lowest in the series; recovery starts the following year.
Show earlier events
25-06
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
2019
29-08
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema · 29 days late
2018
30-08
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema · 30 days late
2017
14-08
NBB filing
Annual accounts filed
fiscal year 2016 · micro schema · 14 days late
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
1 of 2 acts read
About the unread acts
Of the 2 Belgian State Gazette acts we know for this company, 1 has been read. The other one has not been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
2 acts for this company are in the Belgian State Gazette, of which we have read 1. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Zulte · 1 establishment unit since 1999
Ground area
821 m²
Building footprint
207 m²
Volume, LiDAR
1,079 m³
Parcel 44081B0616/00E000, Flanders · tallest building 8.4 m, ±2 floors. Linked by address, not a title deed.
1 establishment unit
Waregemstraat 75, 9870 Zulte
since 19992.092.990.774
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 44081B0616/00E000 | Flanders | 821 m² | 1 · 207 m² | 8.4 m · 2 fl. |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
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Of 20,028 companies in sector 43320 we hold annual accounts for 9,135. 7,501 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company
Founded27-07-1999
Fiscal year end31-12
Activities, NACEBEL 2025
43320Joinery installation
Scores and ratios are computed by Checked and are not a credit decision.