Vatan Construction · Checked.be

Summary

Conclusion

the dossier summarised in one paragraph

The computed 12-month bankruptcy probability of Vatan Construction is 1.7% (moderate). The 2025 annual accounts show equity of €44k and a net result of €4k. Equity is growing by ~22.1% per year across the filed fiscal years. Its solvency ranks better than 79% of 152 sector peers (fiscal year 2025). The company has been active since 2022 and the Belgian State Gazette contains no insolvency or warning signals.

Based on the State Gazette, CBE and 3 annual accounts.

Signals

3 signals · with evidence

Strong solvency vs sector

Solvency is in the sector's strongest quartile: better than 79% of 152 peers (2025). A comfortable equity buffer.

View the sector comparison

Consistently profitable

Positive net result in the two most recent financial years (2024 and 2025).

View the result trend

Growing equity

Equity grew over 2023-2025. Profits are largely retained rather than distributed.

View the equity trend

Signals are derived from the filed annual accounts and the sector comparison. No composite score: each signal is separately verifiable at the source.

Filing behaviour

From the deposit records, complete market-wide

Latest accounts filed on time

The financial year that closed on 30-06-2025 was due by 31-01-2026 and was filed on 10-12-2025, 52 days ahead of the deadline. This speaks to administrative punctuality and says nothing about the financial position.

The next deadline is still running

The next financial year closes on 30-06-2026 and is due by 31-01-2027. Nothing is late today.

How we compute the deadline

The year end is derived from 3 filed financial years, each closing on 30-06. The statutory deadline is seven months after the close of the financial year (art. 3:10 par. 1 CAC, art. 3:47 par. 7 for ASBL and foundations). Applied to the financial year that closed on 30-06-2025, that is 31-01-2026.

Deadline per financial year

Year closed	Due by	Filed	Variance	Reference
30-06-2025	31-01-2026	10-12-2025	52 d early	2025-00580291
30-06-2024	31-01-2025	10-12-2025	313 d late	2025-00580252
30-06-2023	31-01-2024	04-12-2023	58 d early	2023-00523383

Source: the National Bank's deposit records. Those records are complete, including for years whose figures we have not read yet. Filing late covers nearly half the market and is therefore not scored; only not filing, being more than 90 days late and breaking a punctual record carry weight.

Trust signals

2 signals

More than 3 years active

Founded in 2022, past the statistically most fragile first 3 years.

No legal incidents

No bankruptcy, reorganisation or interim measure in the Belgisch Staatsblad, and the KBO register records a normal legal situation.

Administrative Flags

No strikeouts found in the KBO publications we processed. That series starts in 2021 and has gaps, so this is not a confirmation that there is nothing.

Bankruptcy probability (12 mo)

Checked model v1 · free for everyone

1.7% Moderate

0%0,5%1,5%4%10%≥25%

Young company +Higher-failure-rate sector +Annual accounts: healthy financial profile −

Statistical estimate based on public sources, not credit advice nor a finding of fact. How do we compute this?

Financials

TurnoverNot published (abbreviated filing)

EBIT marginNot published (abbreviated filing)

Net result€4k-69.2%

Working capital€23k+10.9%

CSV export

Annual accounts & ratios

Source: NBB · 2025

Annual accounts filed on 10-12-2025 with the NBB · fiscal year 2025 · micro

Operating resultNet result

Trajectory (indicative)

Projection over 3 fiscal years from the filed annual accounts, not a forecast, the extended trend.

growing Equity: growth of ~22.1%/year over 3 fiscal years, indicative, assuming unchanged policy.

Solid line = filed figures · dashed = extended trend · area = indicative range.

How do we compute this?

The trend is a robust median of all pairwise slopes between fiscal years (Theil-Sen), so a single odd year cannot hijack the line. For strictly positive series we also fit a log variant (compound annual growth) and keep whichever describes the figures best.

The area around the projection is 1.8 × the median absolute deviation from the trend, widening each year ahead (×1 / ×1.6 / ×2.2), with a minimum of 8% of the last value. It is an indicative range, not a statistical confidence interval.

A series whose deviations exceed 35% of its level is too volatile: we then deliberately show no projection. Every projection assumes unchanged policy and is blind to non-public information (order book, contracts, funding rounds).

Sector comparison

Fiscal year 2025 · NACE 42 · compared within the same schema type (micro schema)

Metric	This company	Sector median	Position in the sector
Solvency	62.4%	41.3%	better than 79% of 152 sector peers
Net result	€4k	€9k	better than 34% of 152 sector peers
Equity	€44k	€43k	better than 51% of 152 sector peers
Gross operating margin	€12k	€44k	better than 20% of 151 sector peers
Total assets	€71k	€125k	better than 32% of 152 sector peers

Median and position computed from NBB annual accounts filed by sector peers; own figures from the latest filed accounts.

Sector position over time

Percentile per fiscal year versus peers that filed figures, computed year by year (a year without enough peers is absent).

Solvency P79

Stable position over 2023-2025 · n=152-559

Net result P34

Weakening position over 2023-2025 · n=152-556

Equity P51

Stable position over 2023-2025 · n=152-559

Gross operating margin P20

Stable position over 2023-2025 · n=151-553

Describes the position versus peers, not a forecast.

EBITDA

€12k

-50.1% 23-25

Net profit

€4k

-69.2% 23-25

Cash flow

€10k

-47.1% 23-25

Total assets

€71k

-32.1% 23-25

Equity

€44k

+10.4% 23-25

Working capital

€23k

+10.9% 23-25

Income taxes

€1k

-78.3% 23-25

Debt

€27k

-58.6% 23-25

Show 9 other metrics

Debt ≤ 1y

€8k

-80.0% 23-25

Debt > 1y

€19k

-28.0% 23-25

Current ratio

4.10

+163.1% 23-25

Quick ratio

4.10

+163.1% 23-25

Solvency

62.4%

+62.6% 23-25

Debt / equity

0.60

-62.5% 23-25

ROE

9.4%

-72.1% 23-25

ROA

5.9%

-54.6% 23-25

Interest coverage

7.92

-30.5% 23-25

Figures by fiscal year

Highlight YoY changes (±10%)

Fiscal year	2025
Deposit	micro
Revenue	-
EBITDA	€12k
Net profit	€4k
Cash flow	€10k
Staff costs	-
Income taxes	€1k
Dividends	-
Total assets	€71k
Equity	€44k
Debt	€27k
of which ≤ 1y	€8k
of which > 1y	€19k
Working capital	€23k
Employees (FTE)	-

Ratios (computed)

	2025
Current ratio	4.10
Quick ratio	4.10
Working capital ratio	33.0%
Solvency	62.4%
Debt / equity	0.60
Long-term debt ratio	0.43
Interest coverage	7.92
Gross margin	-
Net margin	-
ROA	5.9%
ROE	9.4%
EBITDA margin	-
Days sales outstanding	-
Days payable outstanding	-
Inventory turnover	-
Days inventory (DSI)	-

Balance-sheet composition 2025

Assets

Fixed assets €40k · 56.3% Current assets €31k · 43.7%

Equity & liabilities

Equity €44k · 62.4% Debt €27k · 37.6%

Full annual accounts (23 line items)

Filed balance sheet and income statement, exactly as deposited with the NBB.

Line item	Code	2025
Balance sheet, Assets
TOTAL ASSETS	20/58	€71k
Fixed assets	21/28	€40k
Tangible fixed assets	22/27	€39k
Financial fixed assets	28	€840
Current assets	29/58	€31k
Amounts receivable within one year	40/41	€22k
Cash & bank	54/58	€9k
Balance sheet, Equity & liabilities
TOTAL EQUITY & LIABILITIES	10/49	€71k
Equity	10/15	€44k
Reserves	13	€13k
Accumulated profits (losses)	14	€32k
Amounts payable	17/49	€27k
Amounts payable after one year	17	€19k
Amounts payable within one year	42/48	€8k
Trade debts payable within one year	44	€3k
Income statement
Gross operating margin	9900	€12k
Operating result	9901	€7k
Financial income	75	€0
Financial charges	65	€2k
Result before taxes	9903	€5k
Income taxes	67/77	€1k
Net result for the period	9904	€4k
Result to be appropriated	9905	€4k

This table shows the latest fiscal year. 2 prior years, with figures and ratios, belong to a paid plan. See plans →

Ratios computed by Checked.

Health barometer

FY 2025 · computed

86 / 100 Excellent

050100

Computed from 5 of the 6 factors this model weighs. The rest cannot be derived from the filed figures, or need a prior year to compare against.

The full score breakdown, per-year score history and the indicative credit limit are in Kantoor S.

See plans →

Computed by Checked from the NBB filing for FY 2025. Indicative, not credit advice.

Directors

Directors & mandates

2 directors

5 of this company's 5 Belgian State Gazette acts have not been read yet. Appointments and resignations recorded in them are missing below: a director who resigned there may therefore still show here as sitting. See the acts under Publications.

Current directors & mandates

Yamac Ferhat
Director
State Gazette act 26058733 (08-05-2026)

Current
10-01-2023 → present
2 events
- 08-05-2026 Appointed· Director
- 10-01-2023 Appointed· Director

Former directors (1)

Eryuruk Salih
Director
State Gazette act 23026316 (23-02-2023)

Former
- → 10-01-2023

Full appointment history from the Belgian State Gazette. Permanent representatives are shown for corporate directors.

Insolvency mandates

No insolvency mandates (liquidators, administrators) on record for this company.

Legal Structure

NACE primary	Bouw van water- en gasdistributienetten(42211)
Legal form	Private limited company(610)
Incorporation	22-09-2022
Status	Active
Postal code	1831

Structure & network

Connections & network

10 connected companies

Shared address / shareholder

4 further connections in this company's network. Available in Kantoor S.

See plans →

Network connections

Alpinco

Shared address

→

EUZCN

Shared address

→

FAR Consulting

Shared address

→

HRWeb Solutions

Shared address

→

Show 2 more network connections

LIGHTHOUSE MEDIA

Shared address

→

PB23 TECHNICS

Shared address

→

4 further connected companies in this network. Available in Kantoor S. See plans →

Connections derived from shared directors, addresses, shareholders and group structure in the Belgian State Gazette.

Locations & real estate

Registered office

on the map · from the address register

exact location from the address register On OpenStreetMap

70 companies at this address See who is registered here

Establishment units

1 location

Vatan Construction

Oude Haachtsesteenweg 59, 1831 Machelen (Brab.)Bouw van autowegen, straten en andere wegen en paden voor voertuigen en voetgangers (inclusief het plaatsen van vangrails)

since 20262.382.328.809

Physical sites registered in the Crossroads Bank for Enterprises (CBE).

Parcels1

Ground area649 m²

Buildings1

Building footprint329 m²

Real-estate footprint

Source: CBE × cadastre · address linking

Parcels linked to this company through its CBE addresses (seat, establishment units, branches), cross-referenced with the cadastral parcel plan. This shows where the company operates, not a deeds register.

Flanders 1 (100%)

Parcel (capakey)	Region	Area	Buildings	Height / fl.
23015C0111/00W000	Flanders	649 m²	1 · 329 m²	-

Methodology

via registered seat: 1

1 of 1 parcels with an exact address match; the rest are indicative.

Linked through address data, this is not proof of ownership.

Publications

Lifecycle & Insolvency Signals

No insolvency signals in the Belgian State Gazette

Belgisch Staatsblad · acts

5 acts

Capital history · 1

23-02-2023

v3.2

Address history · 3

08-05-2026

Seat change: new: Oude Haachtsesteenweg 59 te 1831 Diegem, old: Brakelsesteenweg 522/c - 9400 Ninove, effective_date: 2026-02-26

04-03-2024

v3.2

18-04-2023

v3.2

All acts · 5 updated 3 months ago

2026

08-05-2026 General meeting · Officer resignation · Officer discharge · Share transfer Open-capture extraction

Filing: 2026-04-29 · VATAN CONSTRUCTION
Publication: 2026-05-08 · VATAN CONSTRUCTION
General meeting: 2026-02-26 · VATAN CONSTRUCTION
Officer resignation: 2026-02-26 · Telli Musa
Officer discharge · Telli Musa
Share transfer · Telli Musa
Seat change: new: Oude Haachtsesteenweg 59 te 1831 Diegem, old: Brakelsesteenweg 522/c - 9400 Ninove, effective_date: 2026-02-26 · VATAN CONSTRUCTION
Officer appointment · Yamaç Ferhat
Act object: Ontslag/benoeming bestuurder - Overdracht aandelen - Wijziging MZ