Verma-Construct
ActiveSummary
The computed 12-month bankruptcy probability of Verma-Construct is 1.8% (moderate). The 2025 annual accounts show negative equity (-€87,787) and a net result of €103,772. Equity fluctuates too strongly from year to year to read a trend from it. Its solvency ranks better than 10% of 11,235 sector peers (NACE 68, financial year 2025). The company has been active since 2018 and the Belgian Official Gazette contains no insolvency or warning signals.
Overview
Overview
Official details
Source: KBO- Status
- Active since 05-12-2018 Normal situation
- Activity
- Development of residential building projects NACE 68121
- Establishment unit
- 2.284.380.781 8210 Zedelgem, since 05-12-2018
- Financial year end
- 31 December
- Peppol
- Reachable since 27-01-2026
Board and ownership
- PROJECT-IMMODirector · since 05-12-2018 · permanent representative MAES Tom
- Pavicle-InvestDirector · since 13-05-2022 · permanent representative Vermeulen Alexander
- Pavicle-Invest50%· score 662025 annual accounts of Pavicle-Invest
- PROJECT-IMMO50%· score 872025 annual accounts of PROJECT-IMMO
- Holdings
- Shares in 2 companies VMA-CONSTRUCT and VMA-Invest
Financial position
- Bankruptcy probabilitywithin 12 months
- 1.8%
- Gross margin
- €120,359
- Turnover
- ≈ €240,000
- estimated
- Profit
- €103,772
- Equity
- -€87,787
- ▲ 54.2%
- Total assets
- €670,705
- ▼ 14.3%
- Negative equity on 31-12-2025
- 2025 accounts filed 31 days after the deadline
Score breakdownraises riskLiquidity: current ratio 0.88, cash €504, halvedLast filed accounts filed 31 days late; 3 of the last 3 accounts latelowers riskSize: total assets €670,705Sector: Real estate activities (NACE 68)Show the evidence
Checked score
About 2 in 100 comparable companies go bankrupt within 12 months (an estimate).
Calculation
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 12% of them on solvency, 2% on liquidity, 84% on profitability and 86% on growth.
The bankruptcy probability was computed on 01-11-2026 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.
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).
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The scores and ratios are Checked's own calculations, not a credit decision.
Signals
The company filed its last 7 accounts on average 17 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.
Searched, nothing found (2)
Financials
Financials · financial year 2025, abbreviated format
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, 2026-00456766.
Annual accounts 2025 filed on 31-08-2026 at the NBB all 7 filings
2021 to 2025, 5 financial years 2019 to 2025, 7 financial years
The operating result for 2025 is a profit of €119,537, after a loss of €307,032 in 2024.
Turnover is what the company sold, the result is what was left of it. A loss stands below the zero line.
Assets, equity and debt per financial year.
Above zero, the company can pay its short-term debts with what it holds in the short term.
The EBIT margin is the share of each euro of turnover left from operations. The return on assets is what the assets earn.
The higher the solvency, the better the company absorbs a setback.
A ratio above 1 means the short-term assets cover the short-term debts.
Use the arrow keys on the chart for the figures per year.
The sector band is the middle half of the companies in Real estate activities (NACE 68). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30. The dashed line is the median. There is a sector band for net result, equity, total assets, working capital, solvency, current ratio and return on assets (ROA).
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Financial fixed assets | €5,000 | - | - | - | - |
| Depreciation and write-downs of the year | €294 | €294 | €294 | €294 | €294 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Comparable companies
These companies have the same main activity as Verma-Construct: development of residential building projects (NACE 68121). They are comparable in size and age: total assets between €592,000 and €713,000, founded between 2017 and 2019.
| Company | Founded | Total assets | Equity | Gross margin | Net result | FTE | Financial year |
|---|---|---|---|---|---|---|---|
| Verma-Construct Zedelgem | 2018 | €670,705 | -€87,787 | €120,359 | €103,772 | - | 2025 |
| NEWPORT PROJECTS Nieuwpoort | 2019 | €616,766 | €46,633 | €126,063 | €79,142 | - | 2024 |
| bouwonderneming dumalin francis Bredene | 2019 | €702,913 | €113,690 | €100,602 | €18,650 | 1 | 2024 |
| VITRUVI DEVELOPMENTS Tielt | 2019 | €676,837 | -€52,362 | €164,158 | €8,411 | 2 | 2025 |
| Goemaere Projects Diksmuide | 2018 | €713,168 | €595,763 | €93,541 | €79,088 | - | 2025 |
| LESAGE's Ieper | 2019 | €592,072 | €137,994 | €138,464 | €23,954 | - | 2025 |
| RENO DE LUXE Wevelgem | 2017 | €677,812 | €123,862 | €79,778 | -€18,861 | - | 2025 |
They were chosen from the 7,757 other active companies with that main activity and annual accounts from the past two years. All companies with this main activity
Companies with the same profile, two years later
Historical observationIn July 2024, 178 companies had the same profile as Verma-Construct has now. Two years later, 6.2% had gone bankrupt and 90.4% were still going.
- Small
- 5 to 10 years old
- negative equity
- a profit of 5% of the balance sheet or more
Another 0.6% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of Verma-Construct itself: 1.8% within 12 months.
Test of the method
The method was tested on the 497,445 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 178 companies, not a prediction for Verma-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.
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €1,759 | €113 | €294 | €294 | €294 | €294 | €294 | = |
| Other operating charges640/8 | - | - | €111 | €162 | €2,481 | €513 | €528 | ▲ 2.8% |
| Gross operating margin9900 | -€6,421 | €100,517 | -€56,994 | €15,292 | €184,289 | -€306,225 | €120,359 | - |
| Operating profit (loss)9901 | -€8,288 | €100,295 | -€57,399 | €14,836 | €181,514 | -€307,032 | €119,537 | - |
| Financial income75/76B | - | - | €33 | €45,205 | €882 | €827 | €0 | ▼ 100% |
| Recurring financial income75 | €17 | €327 | €33 | €45,205 | €882 | €827 | €0 | ▼ 100% |
| Financial charges65/66B | - | - | €800 | €490 | €2,552 | €8,626 | €15,749 | ▲ 82.6% |
| Recurring financial charges65 | €1,838 | €181 | €800 | €490 | €2,552 | €8,626 | €15,749 | ▲ 82.6% |
| Profit (loss) for the period before taxes9903 | -€10,108 | €100,441 | -€58,167 | €59,551 | €179,845 | -€314,831 | €103,789 | - |
| Income taxes67/77 | - | €22,443 | €0 | - | €29,918 | €0 | €16 | - |
| Profit (loss) for the period9904 | -€10,108 | €77,999 | -€58,167 | €59,551 | €149,927 | -€314,831 | €103,772 | - |
| Profit (loss) for the period to be appropriated9905 | -€10,108 | €77,999 | -€58,167 | €59,551 | €149,927 | -€314,831 | €103,772 | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €363,750 | €562,946 | €85,786 | €214,528 | €368,591 | €782,552 | €670,705 | ▼ 14.3% |
| Fixed assets21/28 | €20,000 | €22,824 | €27,530 | €2,236 | €1,943 | €1,649 | €1,355 | ▼ 17.8% |
| Tangible fixed assets22/27 | - | €2,824 | €2,530 | €2,236 | €1,943 | €1,649 | €1,355 | ▼ 17.8% |
| Other tangible fixed assets26 | - | - | €2,530 | €2,236 | €1,943 | €1,649 | €1,355 | ▼ 17.8% |
| Financial fixed assets28 | €20,000 | €20,000 | €25,000 | €0 | - | - | - | - |
| Current assets29/58 | €343,750 | €540,122 | €58,256 | €212,292 | €366,649 | €780,903 | €669,350 | ▼ 14.3% |
| Stocks and contracts in progress3 | €288,500 | €476,358 | €0 | €46,297 | €124,095 | €695,749 | €601,963 | ▼ 13.5% |
| Stocks30/36 | - | - | €0 | €46,297 | €124,095 | €695,749 | €601,963 | ▼ 13.5% |
| Amounts receivable within one year40/41 | €15,000 | €23,512 | €13,127 | €97,670 | €153,142 | €61,200 | €66,883 | ▲ 9.3% |
| Trade receivables40 | - | - | €0 | €7,088 | €113,872 | €27,444 | €24,557 | ▼ 10.5% |
| Other amounts receivable41 | - | - | €13,127 | €90,582 | €39,270 | €33,756 | €42,326 | ▲ 25.4% |
| Cash at bank and in hand54/58 | €40,233 | €39,952 | €45,097 | €67,900 | €89,254 | €23,954 | €504 | ▼ 97.9% |
| Deferred charges and accrued income490/1 | - | - | €33 | €425 | €158 | €0 | - | - |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €363,750 | €562,946 | €85,786 | €214,528 | €368,591 | €782,552 | €670,705 | ▼ 14.3% |
| Equity10/15 | €19,892 | €97,890 | €39,724 | €74,275 | €123,272 | -€191,559 | -€87,787 | ▲ 54.2% |
| Contributions10/11 | €30,000 | - | €30,000 | €30,000 | €30,000 | €30,000 | €30,000 | = |
| Reserves13 | - | €67,890 | €9,724 | €44,275 | €93,272 | €0 | - | - |
| Distributable reserves133 | - | - | €9,724 | €44,275 | €93,272 | €0 | - | - |
| Profit (loss) carried forward14 | -€10,108 | €0 | - | €0 | €0 | -€221,559 | -€117,787 | ▲ 46.8% |
| Amounts payable17/49 | €343,858 | €465,056 | €46,062 | €140,253 | €245,319 | €974,111 | €758,491 | ▼ 22.1% |
| Amounts payable within one year42/48 | €342,168 | €464,988 | €45,820 | €139,875 | €245,319 | €974,111 | €758,369 | ▼ 22.1% |
| Financial debts43 | - | - | €0 | - | - | €414,577 | €195,552 | ▼ 52.8% |
| Credit institutions430/8 | - | - | €0 | - | - | €414,577 | €195,552 | ▼ 52.8% |
| Trade debts44 | €191 | €44,681 | €983 | €21,574 | €95,944 | €290,479 | €45,387 | ▼ 84.4% |
| Suppliers440/4 | - | - | €983 | €21,574 | €95,944 | €290,479 | €45,387 | ▼ 84.4% |
| Advances received on contracts in progress46 | - | - | - | €70,977 | €0 | €211,062 | €209,457 | ▼ 0.8% |
| Taxes, remuneration and social security45 | - | - | - | €15,939 | €31,290 | €15,822 | €6,510 | ▼ 58.9% |
| Taxes450/3 | - | - | - | €15,939 | €31,290 | €15,822 | €6,510 | ▼ 58.9% |
| Other amounts payable47/48 | - | - | €44,837 | €31,385 | €118,085 | €42,171 | €301,463 | ▲ 615% |
| Accrued charges and deferred income492/3 | - | - | €242 | €378 | €0 | - | €123 | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€10,108 | €77,999 | -€58,167 | €59,551 | €149,927 | -€314,831 | €103,772 | - |
| + Depreciation and write-downs630 | €1,759 | €113 | €294 | €294 | €294 | €294 | €294 | = |
| Operating cash flow (approximation) | -€8,349 | €78,112 | -€57,873 | €59,845 | €150,221 | -€314,537 | €104,066 | - |
| Investment in fixed assets (approximation) | - | -€2,937 | -€5,000 | €25,000 | €0 | €0 | €0 | - |
| Change in cash | - | -€280 | €5,144 | €22,803 | €21,354 | -€65,300 | -€23,450 | ▲ 64.1% |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Filings with the National Bank (7)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 31-08-2026 | 2026-00456766 | NBB |
| 31-12-2024 | abbreviated format | 29-09-2025 | 2025-00509777 | |
| 31-12-2023 | abbreviated format | 31-08-2024 | 2024-00422409 | |
| 31-12-2022 | abbreviated format | 30-08-2023 | 2023-00378234 | |
| 31-12-2021 | abbreviated format | 17-06-2022 | 2022-20070564 | |
| 31-12-2020 | abbreviated format | 30-08-2021 | 2021-60000325 | |
| 31-12-2019 | abbreviated format | 15-07-2020 | 2020-30100233 |
Board & ownership
Directors
Board 2
Permanent representatives 2
Owners and capital
Shareholders
2 ownersOwners 2
- Equity €350,072 Loss of €10,007 in 2025 (loss of €7,388 in 2024) Checked score 6650%
- Equity €67,364 Profit of €28,407 in 2025 (profit of €35,181 in 2024) Checked score 8750%
Capital transactions
- 18-05-2022 Converted to unavailable equity
Mandate history
- Board
- began earlier
| Name | Functions and periods |
|---|---|
| Pavicle-Invest |
|
| PROJECT-IMMO |
|
Articles of association
- Transfer restrictionThis rule says whether shareholders may sell their shares freely or need approval first.
- “Helft overdrager,helft koper(s) naar evenredigheid aantal verworven aandelen, elke overdracht onder levenden ten bezwarende of kosteloze…”
Articles of association, deed of 18-05-2022 (in Dutch)
Network & group
Holdings and subsidiaries
2 holdingsHoldings 2
Source for every holding own accounts 2021
- Equity -€165,668 Loss of €4,087 in 2025 (loss of €22,819 in 2024) Checked score 5433.33%
- Equity €82,284 Profit of €46,929 in 2025 (loss of €3,476 in 2024) Checked score 5433.33%
Companies at the same address
3 other companiesConnections & network
2 current directorsThe network starts from the directors of Verma-Construct. Every other company they run is a node.
Timeline
Acts, filings and financial milestones
18-05
Gazette deed
Company renamed from Cerema Invest to Verma-ConstructResignation: PROJECT-IMMO (director) · Permanent representative: MAES Tom · Appointments: Pavicle-Invest (director) and PROJECT-IMMO (director)16 points ▸
- General meeting, 13-05-2022
- Other provision, “aanpassing statuten aan WVV en behoud rechtsvorm, statuten aanpassen aan WVV” (deed in Dutch)
- Capital conversion, “statutair onbeschikbare eigen vermogensrekening” (deed in Dutch)
- Reserve release, “vormen en meerderheden van de statutenwijziging, opheffing” (deed in Dutch)
- Name change, Verma-Construct
- Amendment of the articles
- Capital
- Power of attorney, Elisabeth LOMMEE
- Director resignation, PROJECT-IMMO (director)
- Permanent representative, MAES Tom
- Board rule, 2
- Other provision, “kwijting ontslagnemende bestuurder(s), volgende jaarvergadering” (deed in Dutch)
- The act holds 4 more points.
Sources:Publications in the Belgian Official GazetteFilings with the National Bank
History
Company details
Register details
Identity
KBO recordRegistered office and establishments
Activities
NACEBEL 2025Codes under NACEBEL 2008
12 activities
- Handel in onroerend goed;
- Aannemingswerken;
- Projectontwikkeling
- Het verstrekken van diensten allerhande op administratief,organisatorisch,economisch,financieel en sociaal gebied;
- Verschillende activiteiten van beheer van en aan- en verkoop van onroerende goederen;
- Alle activiteiten met betrekking tot management,studie en consulting;
- Deelname in bestuur van andere vennootschappen;
- Vennootschap kan zich borg stellen;
- Belangen nemen in andere vennootschappen;
- Het beheer van patrimonium van de vennootschap,bestaande uit roerende en onroerende goederen;binnen het kader van haar voorwerp zal de vennootschap dus alle onroerende en roerende goederen,materialen en installaties mogen aankopen,verkopen,huren,verhuren,ruilen;
- Alle roerende en onroerende verrichtingen in de meest brede zin van het woord,dit wil zeggen,de aankoop,verkoop,het huren,verhuren en onderverhuren,het bouwen of verbouwen,het uitrusten,valoriseren en het uitbaten onder alle vormen van alle roerende en onroerende goederen.
- Alle mogelijke burgerlijke,handels,nijverheids,financiële,roerende en onroerende of andere handelingen stellen die–rechtstreeks of onrechtstreeks–geheel of gedeeltelijk in verband staan met,of eenvoudig nuttig zijn voor de verwezenlijking van haar voorwerp;
Invoicing and payment
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 0715.512.283
Financial year and general meeting
Accounts at the NBBEnvironmental permits
Source: Omgevingsloket Vlaanderen.
Sites & property
Buildings and parcels at the address
| Cadastral parcel | Region | Area | Buildings | Height / floors |
|---|---|---|---|---|
| 31036D0652/00N000 | Flanders | 957 m² | 1 · 139 m² | 12.7 m · 3 |