Checked.be
Active
BE 0661.564.348Private limited company (pre-2019)
VDH CONSTRUCT
Achteraard 9 ·2322 Hoogstraten, Belgium· 10 yrs active
Sector: Joinery installation
(43320)
Conclusion
VDH CONSTRUCT has been active since 2016 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €26k and a net result of €32k. Equity is shrinking by ~16.8% per year across the filed fiscal years. Its solvency ranks better than 12% of 26547 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 1.0% (low).
Based on the State Gazette, CBE and 4 annual accounts.
Key figures
| Equity | €26k |
| Net result | €32k |
| Better than sector | 12% |
| Active | 10 yrs |
Financial profile
66
/ 100
Strong profile, led by profitability.
All 5 axes are computed from data Checked has read.
Health
56
Profitability
100
Solvency
15
Growth
58
Stability
100
Bankruptcy probability (12 mo)
Risk Assessment
0 / 100
Low riskTrust signals
Established
Founded in 2016, 10 years in business.
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.
Checked score
56
/ 100
Fair
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.
Indicative credit limit
€2k
estimate, not credit advice
Score history
35
2022
94
2023
7
2024
56
2025
purely financial, excl. current insolvency signals
Score components
Liquidity
Current ratio 0.98 (< 1.0)
-10
Leverage
Debt/equity 14.50 (> 3.0)
-10
Profitability
ROE 125% (≥ 10%)
+10
Interest coverage
Interest coverage 17.2× (≥ 3×)
+8
Profit trend
Net profit up YoY
+5
Equity growth
Equity growing YoY
+3
Computed by Checked from the NBB filing for FY 2025. Indicative, not credit advice.
Financial overview
Annual accounts filed on 12-08-2026 with the NBB · fiscal year 2025 · micro schema
Trajectory (indicative)
Projection over 3 fiscal years from the filed annual accounts, not a forecast, the extended trend.
declining
Equity: declining trend of ~16.8%/year over 4 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 43, Specialised construction activities · compared within the same schema type (micro schema)
| Metric | This company | Sector median | Position in the sector |
|---|---|---|---|
| Solvency | 6.5% | 47.4% | |
| Net result | €32k | €10k | |
| Equity | €26k | €60k | |
| Gross operating margin | €73k | €39k | |
| Total assets | €396k | €141k |
€72k
+972.7%
22-25
€32k
-
22-25
€58k
+5985.9%
22-25
€396k
+51.9%
22-25
€26k
+37.0%
22-25
€-6k
+77.1%
22-25
€11k
+121.5%
22-25
€25k
-12.3%
22-25
€370k
+53.0%
22-25
€331k
+72.9%
22-25
€31k
-28.3%
22-25
0.98
+12.7%
22-25
0.98
+12.7%
22-25
6.5%
-9.8%
22-25
14.50
+11.6%
22-25
124.9%
-
22-25
8.1%
-
22-25
17.19
+1377.9%
22-25
Figures by fiscal year and ratios
| Fiscal year | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|
| Deposit | micro schema | micro schema | micro schema | micro schema |
| Revenue | - | - | - | - |
| EBITDA | €72k | €7k | €33k | €3k |
| Net profit | €32k | €-323 | €14k | €-3k |
| Cash flow | €58k | €946 | €25k | €385 |
| Staff costs | - | - | - | - |
| Income taxes | €11k | - | €5k | €-269 |
| Dividends | €25k | €29k | - | - |
| Total assets | €396k | €261k | €111k | €125k |
| Equity | €26k | €19k | €47k | €33k |
| Debt | €370k | €242k | €63k | €92k |
| of which ≤ 1y | €331k | €191k | €52k | €76k |
| of which > 1y | €31k | €44k | €8k | €13k |
| Working capital | €-6k | €-24k | €32k | €11k |
| Employees (FTE) | - | - | - | - |
Ratios (computed)
| 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|
| Current ratio | 0.98 | 0.87 | 1.60 | 1.15 |
| Quick ratio | 0.98 | 0.87 | 1.60 | 0.83 |
| Working capital ratio | -1.4% | -9.4% | 28.5% | 9.0% |
| Solvency | 6.5% | 7.2% | 42.8% | 26.5% |
| Debt / equity | 14.50 | 12.99 | 1.34 | 2.78 |
| Long-term debt ratio | 1.23 | 2.36 | 0.16 | 0.40 |
| Interest coverage | 17.19 | 1.16 | 12.05 | 1.04 |
| Gross margin | - | - | - | - |
| Net margin | - | - | - | - |
| ROA | 8.1% | -0.1% | 12.8% | -2.4% |
| ROE | 124.9% | -1.7% | 30.0% | -9.0% |
| EBITDA margin | - | - | - | - |
| Days sales outstanding | - | - | - | - |
| Days payable outstanding | - | - | - | - |
| Inventory turnover | - | - | - | - |
| Days inventory (DSI) | - | - | - | - |
Balance-sheet composition 2025
Full annual accounts (23 line items)
Filed balance sheet and income statement, exactly as deposited with the NBB.
| Line item | Code | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Balance sheet, Assets | |||||
| TOTAL ASSETS | 20/58 | €396k | €261k | €111k | €125k |
| Fixed assets | 21/28 | €71k | €94k | €27k | €38k |
| Tangible fixed assets | 22/27 | €71k | €94k | €27k | €38k |
| Current assets | 29/58 | €325k | €167k | €84k | €88k |
| Stocks & contracts in progress | 3 | - | - | - | €25k |
| Amounts receivable within one year | 40/41 | €85k | €136k | €81k | €48k |
| Cash & bank | 54/58 | €14k | €30k | €2k | €14k |
| Balance sheet, Equity & liabilities | |||||
| TOTAL EQUITY & LIABILITIES | 10/49 | €396k | €261k | €111k | €125k |
| Equity | 10/15 | €26k | €19k | €47k | €33k |
| Contributions / capital | 10/11 | €19k | €19k | €19k | €19k |
| Accumulated profits (losses) | 14 | €7k | €44 | €29k | €15k |
| Amounts payable | 17/49 | €370k | €242k | €63k | €92k |
| Amounts payable after one year | 17 | €31k | €44k | €8k | €13k |
| Amounts payable within one year | 42/48 | €331k | €191k | €52k | €76k |
| Trade debts payable within one year | 44 | €52k | €96k | €35k | €28k |
| Income statement | |||||
| Gross operating margin | 9900 | €73k | €8k | €33k | €4k |
| Operating result | 9901 | €47k | €5k | €22k | €-606 |
| Financial income | 75 | €155 | €1 | €1 | - |
| Financial charges | 65 | €4k | €6k | €3k | €3k |
| Result before taxes | 9903 | €43k | €-323 | €19k | €-3k |
| Income taxes | 67/77 | €11k | - | €5k | €-269 |
| Net result for the period | 9904 | €32k | €-323 | €14k | €-3k |
| Result to be appropriated | 9905 | €32k | €-323 | €14k | €-3k |
Legal Structure
| NACE primary | Joinery installation(43320) |
| Legal form | Private limited company (pre-2019)(015) |
| Incorporation | 18-08-2016 |
| Status | Active |
| Postal code | 2322 |
Establishment units
VDH CONSTRUCT
since 20162.256.384.009
Real-estate footprint
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 13024A0223/00A000 | Flanders | 2,847 m² | 1 · 168 m² | 10.8 m · 2 fl. |
Methodology
via registered seat: 1
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Updates
Next filing, fiscal year 2026, expected by
2026
12-08
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema · 12 days late
2025
31-12
Financial
Back to profitnet €32k
Net result €32k after one loss-making year.
08-08
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 8 days late
2024
15-08
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 15 days late
2023
31-12
Financial
Back to profitnet €14k
Net result €14k after one loss-making year.
28-08
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 28 days late
2022
30-07
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
30-08
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 30 days late
2020
18-08
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 18 days late
2019
08-07
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
2018
24-07
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
Belgian State Gazette reading coverage
We know of 2 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
Credit advice
Company registry (CBE)
Activities
Joinery installation43320
Names & trade names
| Legal nameNL | VDH CONSTRUCT |
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