Equity
Equity rose in 2025 from €22,894 to €75,108.
Equity rose in 2025 from €22,894 to €75,108.
The accounts state no turnover.
Debts rose by €63,707 in 2025.
Short-term debts rose from €37,350 to €101,057.
The dashed line is the sector median: 1.5% across 13,458 companies (NACE 41, micro).
About 3 in 100 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 50% of them on solvency, 31% on liquidity, 91% on profitability and 95% 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 moderate class on 30-06-2025, 2.4% 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, 39,278 companies had the same profile as VASEA CONSTRUCT has now. Each dot stands for 99 companies, two years later.
Another 0.1% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of VASEA CONSTRUCT itself is higher: 3.2% within 12 months. It rests on far more data about VASEA 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 39,278 companies, not a prediction for VASEA 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 1.65 (0.92 in 2024), above the usual 1.5. Short-term debt is 57.4% and cash 12.5% of total assets. However, 57.4% 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 3 accounts on average 46 days before 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 | ||||
|---|---|---|---|---|
| VASEA CONSTRUCT Sint-Pieters-Leeuw | €176,166 | €97,360 | 42.6% | - |
| RF INNOV Sint-Pieters-Leeuw | €174,802 | €104,818 | 76.8% | - |
| AIB CONSULT Sint-Pieters-Leeuw | €204,434 | €96,529 | 55.3% | - |
| LAZO BUILDING Kraainem | €171,242 | €115,758 | 13.0% | - |
| Belgis Holds Investments Zaventem | €152,224 | €93,622 | 78.9% | - |
| GJD CONSTRUCT Overijse | €169,537 | €81,403 | 20.0% | - |
| ALL CONCEPT HOME Wezembeek-Oppem | €194,300 | €91,256 | 45.8% | - |
These companies have the same main activity as VASEA CONSTRUCT: general construction of residential buildings (NACE 41001). They are comparable in size and age: total assets between €152,000 and €204,000, founded in 2023.
VASEA CONSTRUCT files the abbreviated format. That format states no turnover. The gross margin rose from €11,474 in 2023 to €97,360 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. The turnover shown is an estimate from the gross margin.
Turnover ≈ €390,000. Estimated: probably between €260,000 and €550,000.
Higher than 54% of 2,818 companies in 2025.
Higher than 52% of 2,746 companies in 2025.
Higher than 91% of 2,782 companies in 2025.
Net result: middle half · Equity: middle half · Balance sheet total: bottom quarter · Working capital: middle half
| Line | Trend | 2025 | 2024 | 2023 |
|---|---|---|---|---|
| Balance sheet: assets | ||||
20/58 |
176,166 | 60,244 | 77,576 | |
21/28 |
9,259 | 25,841 | 1,475 | |
22/27 |
9,259 | 25,841 | 1,475 | |
23 |
532 | 2,318 | 1,475 | |
24 |
8,727 | 23,523 | - | |
29/58 |
166,907 | 34,403 | 76,101 | |
40/41 |
144,305 | 24,397 | 15,433 | |
40 |
136,128 | 16,583 | 14,945 | |
41 |
8,177 | 7,814 | 488 | |
54/58 |
22,007 | 9,277 | 60,667 | |
490/1 |
595 | 729 | - | |
| Balance sheet: equity and liabilities | ||||
10/49 |
176,166 | 60,244 | 77,576 | |
10/15 |
75,108 | 22,894 | 8,293 | |
13 |
30,000 | - | - | |
133 |
30,000 | - | - | |
14 |
45,108 | 22,894 | 8,293 | |
17/49 |
101,057 | 37,350 | 69,283 | |
42/48 |
101,057 | 37,350 | 4,713 | |
44 |
79,227 | 27,019 | - | |
440/4 |
79,227 | 27,019 | 0 | |
45 |
18,663 | 6,403 | 2,763 | |
450/3 |
18,663 | 4,403 | 2,763 | |
454/9 |
- | 2,000 | - | |
47/48 |
3,167 | 3,928 | 1,950 | |
492/3 |
- | - | 64,570 | |
| Income statement | ||||
9900 |
97,360 | 33,471 | 11,474 | |
630 |
16,582 | 7,289 | 29 | |
640/8 |
2,920 | 2,285 | 384 | |
9901 |
77,858 | 23,897 | 11,061 | |
75/76B |
17 | 3 | - | |
75 |
17 | 3 | - | |
65/66B |
6,996 | 4,896 | 5 | |
65 |
6,996 | 4,896 | 5 | |
9903 |
70,879 | 19,004 | 11,056 | |
67/77 |
18,664 | 4,403 | 2,763 | |
9904 |
52,215 | 14,601 | 8,293 | |
9905 |
52,215 | 14,601 | 8,293 | |
| Appropriation of the result | ||||
9906 |
75,108 | 22,894 | 8,293 | |
14P |
22,894 | 8,293 | - | |
691/2 |
30,000 | - | - | |
6921 |
30,000 | - | - | |
| Social balance sheet | ||||
Hours worked1013 |
- | - | 0 | |
| 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 13-06-2026.
| Line | Trend | 2025 | 2024 | 2023 |
|---|---|---|---|---|
| 94,440 | 31,186 | 11,089 | ||
| 68,797 | 21,890 | 8,321 | ||
| 0 | 31,655 | 1,504 | ||
| 12,730 | -51,390 | - | ||
| 65,849 | -2,947 | 71,388 | ||
| 42.6% | 38.0% | 10.7% | ||
| 1.65 | 0.92 | 16.15 | ||
| 1.35 | 1.63 | 8.35 | ||
| 69.5% | 63.8% | 100.0% | ||
| 29.6% | 24.2% | 10.7% | ||
| 13.50 | 6.37 | over 100 |
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 | 31-12-2023 |
|---|---|
| Employees at the balance-sheet date | 0 |
| full-time | 0 |
| part-time | 0 |
Source: social balance sheet in the 2023 annual accounts
| Item | 2025 | 2024 | 2023 |
|---|---|---|---|
| Tangible fixed assets | - | €31,655 | €1,504 |
| €16,582 | €7,289 | €29 |
Source: notes to the 2023 to 2025 annual accounts (statement of fixed assets)
The operating result for 2025 is nearly 3.3 times that of 2024 and the highest since 2023. It is the second rise in a row.
Debt's share of the balance-sheet total falls from 62.0% to 57.4%. Equity and debt are higher.
VASEA CONSTRUCT has no parent and no holdings in its annual accounts. VICOVAN,Vasile is the only director. VASEA CONSTRUCT shares no director with another company.
| BILD CONCEPT
registered office since 26-10-2022 · founded in 2022 |
turnover €2.2m (2025) 0792.929.369 |
| DEMO GROUP
registered office since 09-03-2021 · founded in 2021 · accounts filed late |
turnover €1.8m (2024) 0764.843.020 |
| ED MOTOR
registered office since 13-07-2022 · founded in 2022 |
turnover €1.8m (2025) 0788.556.154 |
| LUITRADE
registered office since 14-05-2019 · founded in 2019 |
1.2 FTE (2023) 0726.753.001 |
| LIMO TRENDS
registered office since 16-11-2017 · founded in 2017 · accounts filed late |
total assets €1.5m (2024) 0684.767.837 |
| M.A. Solution
registered office since 02-12-2021 · founded in 2021 · accounts filed late |
turnover €606,633 (2025) 0777.963.952 |
| OST CONCEPT TOITURE
registered office since 02-06-2023 · founded in 2023 |
turnover €1.3m (2025) 0802.364.895 |
| ARKHE
registered office since 10-12-1987 · founded in 1987 |
turnover €1.3m (2025) 0432.804.694 |
| ANATOLI CONSTRUCT
registered office since 08-11-2022 · founded in 2022 |
turnover €1.3m (2025) 0793.406.352 |
| S&B PROF CONSTRUCT
registered office since 30-08-2022 · founded in 2022 · accounts filed late |
turnover €1.1m (2024) 0790.208.619 |
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
VASEA CONSTRUCT was incorporated on 9 June 2023 as a private limited company by one natural person, with a starting capital of €2,500.12 The registered office moved to Strombeek-Bever in 2024 and to Sint-Pieters-Leeuw in 2026.34 Since 2023, VICOVAN,Vasile has served as director.5 Total assets rose from €77,576 in 2023 to €176,166 in 2025.6
| Establishment | Since | Unit number |
|---|---|---|
| Bergensesteenweg 24 registered office 1600 Sint-Pieters-Leeuw | ||
| Ferdinand Lenoirstraat 10 1090 Jette 39000 Remediation activities and other waste management service activities | 01-12-2023 | 2.354.640.554 |
| Cadastral parcel | Region | Area | Buildings | Height / floors |
|---|---|---|---|---|
| 23077A0118/00W082 | Flanders | 1,638 m² | 1 · 398 m² | 9.5 m · 3 |
| 21463D0284/00F013 | Brussels | 192 m² | 1 · 141 m² | 17.7 m · 4 |
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 0802.590.470
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