vh construct
ActiveSummary
vh construct has been active since 2010 and the Belgian State Gazette contains no insolvency or warning signals. The 2024 annual accounts show equity of €59k and a net result of €-16k. Equity is growing by ~11% per year across the filed fiscal years. Its solvency ranks better than 49% of 9982 sector peers (fiscal year 2024). The computed 12-month bankruptcy probability is 1.1% (low).
Checked score
Score 2024
Axes · tick = 2023
Profitability5▼-45
Solvency67▼-21
Growth52=
Track record100
Bankruptcy probability, 12 months
1.1%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €3k at 30 days acceptable
Liquidity ample (current ratio 1.97 against 2.32 in 2023; short-term debt: 31.5% and cash: 31.3% of total assets), but 58.2% of the assets are financed with debt.
Credit check for your own amount and term
Signals
Five 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 41
Relative position
BE, all sectors
reference
Construction of residential and non-residential buildings (NACE 41)
about 67% more bankruptcies
← fewer bankruptcies
more bankruptcies →
raises risk · Annual accounts: weaker financial profile
The latest annual accounts show a weaker profile in solvency, result or liquidity than companies that stay afloat.
NBB · annual accounts 2024Solvency, return and age of the figures
Solvency
41.8%
Return on assets
-11.4%
Age of the figures
21 mo
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
raises risk · Persistent losses
Two consecutive loss-making years (2023 and 2024); equity is also lower. May indicate structural pressure on profitability.
NBB · annual accounts 2024Net result per financial year
18192021222324
2018 to 2024 · latest year €-16k
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2024 was due by 31-07-2025 and was filed on 26-06-2025, 35 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
not confirmed
2024
35 d early
2023
41 d early
2022
60 d early
2021
87 d early
2020
60 d early
2019
141 d early
← before the deadline
after the deadline →
Checked, nothing found (1)
Financials · fiscal year 2024, micro schema
Equity
€59k▼ 15.9%
2023 · €70k
2018: €37k
2019: €35k▼ -4.4% vs 2018lowest in 7 years
2020: €38k▲ +7.2% vs 2019
2021: €63k▲ +68.1% vs 2020
2022: €70k▲ +11.0% vs 2021highest in 7 years
2023: €70k▼ -0.6% vs 2022
2024: €59k▼ -15.9% vs 2023
2018 → 2024
Total assets
€140k▲ 26.0%
2023 · €111k
2018: €61klowest in 7 years
2019: €77k▲ +27.0% vs 2018
2020: €85k▲ +9.5% vs 2019
2021: €136k▲ +60.4% vs 2020
2022: €92k▼ -32.1% vs 2021
2023: €111k▲ +20.5% vs 2022
2024: €140k▲ +26.0% vs 2023highest in 7 years
2018 → 2024
Net result
€-16k▼ 3,877%
2023 · €-399
2018: €6k
2019: €-2k▼ -127% vs 2018
2020: €3k▲ +254% vs 2019
2021: €26k▲ +920% vs 2020highest in 7 years
2022: €7k▼ -72.7% vs 2021
2023: €-399▼ -106% vs 2022
2024: €-16k▼ -3877% vs 2023lowest in 7 years
2018 → 2024
Working capital
€42k▼ 22.3%
2023 · €55k
2018: €16k
2019: €18k▲ +9.6% vs 2018
2020: €8k▼ -54.3% vs 2019lowest in 7 years
2021: €38k▲ +365% vs 2020
2022: €53k▲ +38.6% vs 2021
2023: €55k▲ +3.8% vs 2022highest in 7 years
2024: €42k▼ -22.3% vs 2023
2018 → 2024
Trend over the years
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20202021202220232024Trend
Equity€38k-€63k▲ 68.1%€70k▲ 11.0%€70k▼ 0.6%€59k▼ 15.9%
2020: €38klowest in 5 years
2021: €63k▲ +68.1% vs 2020
2022: €70k▲ +11.0% vs 2021highest in 5 years
2023: €70k▼ -0.6% vs 2022
2024: €59k▼ -15.9% vs 2023
Operating result€2k-€31k▲ 1,630%€6k▼ 81.1%€-841€-16k▼ 1,775%
2020: €2k
2021: €31k▲ +1630% vs 2020highest in 5 years
2022: €6k▼ -81.1% vs 2021
2023: €-841▼ -114% vs 2022
2024: €-16k▼ -1775% vs 2023lowest in 5 years
Net result€3k-€26k▲ 920%€7k▼ 72.7%€-399€-16k▼ 3,877%
2020: €3k
2021: €26k▲ +920% vs 2020highest in 5 years
2022: €7k▼ -72.7% vs 2021
2023: €-399▼ -106% vs 2022
2024: €-16k▼ -3877% vs 2023lowest in 5 years
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €16k in 2024 against €841 in 2023; the loss grows and 2024 has the lowest result in the available series.
Balance-sheet composition
2024 in colour, 2023 as the grey bar beneath
Assets €140k
Fixed assets
€53k ▲ 257%
Current assets
€86k ▼ 10.0%
Equity and liabilities €140k
Equity
€59k ▼ 15.9%
Debt
€81k ▲ 96.4%
Debt's share of the balance-sheet total rises from 37.3% to 58.2%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€-2k▼
2023 · €6k
Cash flow
€-2k▼
2023 · €6k
Current ratio
1.97▼
2023 · 2.32
Quick ratio
1.67▼
2023 · 2.20
Debt to equity
1.39▲
2023 · 0.60
ROE
-27.1%▼
2023 · -0.6%
ROA
-11.4%▼
2023 · -0.4%
Interest coverage
-0.58▼
2023 · 3.77
Debt ≤ 1 year
€44k▲
2023 · €41k
Debt > 1 year
€37k
Income taxes
€144▼
2023 · €1k
Staff costs
€131k▲
2023 · €129k
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Filed annual accounts As filed with the NBB · 2024 against 2023 · 47 lines
Balance sheet
Code20232024
Assets
Total assets20/58€111k€140k▲
Fixed assets21/28€15k€53k▲
Tangible fixed assets22/27€15k€53k▲
Plant, machinery and equipment23€1k€46k▲
Furniture and vehicles24€4k€2k▼
Other tangible fixed assets26€10k€5k▼
Current assets29/58€96k€86k▼
Stocks and contracts in progress3€5k€13k▲
Contracts in progress37€5k€13k▲
Amounts receivable within one year40/41€2k€19k▲
Trade receivables40€151€19k▲
Other amounts receivable41€2k€14▼
Cash at bank and in hand54/58€78k€44k▼
Deferred charges and accrued income490/1€11k€10k▼
Equity and liabilities
Total equity and liabilities10/49€111k€140k▲
Equity10/15€70k€59k▼
Contributions10/11€14k€19k▲
Reserves13€56k€40k▼
Distributable reserves133€56k€40k▼
Amounts payable17/49€41k€81k▲
Amounts payable after more than one year17-€37k
Financial debts170/4-€37k
Amounts payable within one year42/48€41k€44k▲
Current portion of amounts payable after more than one year42-€9k
Trade debts44€30k€24k▼
Suppliers440/4€30k€24k▼
Taxes, remuneration and social security45€11k€8k▼
Taxes450/3€8k€4k▼
Remuneration and social security454/9€3k€4k▲
Other amounts payable47/48€581€3k▲
Income statement
Code20232024
Non-recurring operating income76A€50k-
Remuneration, social security and pensions62€129k€131k▲
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€7k€14k▲
Other operating charges640/8€2k€1k▼
Non-recurring operating charges66A-€4k
Gross operating margin9900€137k€134k▼
Operating profit (loss)9901€-841€-16k▼
Financial income75/76B€3k€3k▼
Recurring financial income75€3k€3k▼
Financial charges65/66B€2k€3k▲
Recurring financial charges65€2k€3k▲
Profit (loss) for the period before taxes9903€720€-16k▼
Income taxes67/77€1k€144▼
Profit (loss) for the period9904€-399€-16k▼
Profit (loss) for the period to be appropriated9905€-399€-16k▼
Appropriation of the result
Profit (loss) to be appropriated9906€-399€-16k▼
Transfer from equity791/2€399€16k▲
The notes to these accounts (9 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Accounts by statement
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | €16k | €50k | - | - |
| Remuneration, social security and pensions62 | - | €113k | €129k | €129k | €131k | ▲ 1.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €10k | €15k | €13k | €7k | €14k | ▲ 103% |
| Other operating charges640/8 | - | €2k | €1k | €2k | €1k | ▼ 32.8% |
| Non-recurring operating charges66A | - | €132 | - | - | €4k | - |
| Gross operating margin9900 | €109k | €162k | €149k | €137k | €134k | ▼ 2.3% |
| Operating profit (loss)9901 | €2k | €31k | €6k | €-841 | €-16k | ▼ 1,775% |
| Financial income75/76B | - | €3k | €4k | €3k | €3k | ▼ 3.6% |
| Recurring financial income75 | €2k | €3k | €4k | €3k | €3k | ▼ 3.6% |
| Financial charges65/66B | - | €1k | €1k | €2k | €3k | ▲ 88.9% |
| Recurring financial charges65 | €1k | €1k | €1k | €2k | €3k | ▲ 88.9% |
| Profit (loss) for the period before taxes9903 | €3k | €33k | €8k | €720 | €-16k | ▼ 2,287% |
| Income taxes67/77 | €301 | €7k | €1k | €1k | €144 | ▼ 87.2% |
| Profit (loss) for the period9904 | €3k | €26k | €7k | €-399 | €-16k | ▼ 3,877% |
| Profit (loss) for the period to be appropriated9905 | €3k | €26k | €7k | €-399 | €-16k | ▼ 3,877% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €85k | €136k | €92k | €111k | €140k | ▲ 26.0% |
| Fixed assets21/28 | €36k | €28k | €17k | €15k | €53k | ▲ 257% |
| Tangible fixed assets22/27 | €36k | €28k | €17k | €15k | €53k | ▲ 257% |
| Plant, machinery and equipment23 | - | €14k | €4k | €1k | €46k | ▲ 4,323% |
| Furniture and vehicles24 | - | €3k | €3k | €4k | €2k | ▼ 56.2% |
| Other tangible fixed assets26 | - | €11k | €10k | €10k | €5k | ▼ 46.8% |
| Current assets29/58 | €49k | €107k | €75k | €96k | €86k | ▼ 10.0% |
| Stocks and contracts in progress3 | €1k | €20k | €23k | €5k | €13k | ▲ 169% |
| Contracts in progress37 | - | €20k | €23k | €5k | €13k | ▲ 169% |
| Amounts receivable within one year40/41 | €15k | €45k | €22k | €2k | €19k | ▲ 857% |
| Trade receivables40 | - | €43k | €18k | €151 | €19k | ▲ 12,756% |
| Other amounts receivable41 | - | €3k | €4k | €2k | €14 | ▼ 99.3% |
| Cash at bank and in hand54/58 | €28k | €32k | €21k | €78k | €44k | ▼ 44.0% |
| Deferred charges and accrued income490/1 | - | €10k | €9k | €11k | €10k | ▼ 6.8% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €85k | €136k | €92k | €111k | €140k | ▲ 26.0% |
| Equity10/15 | €38k | €63k | €70k | €70k | €59k | ▼ 15.9% |
| Contributions10/11 | - | €14k | €14k | €14k | €19k | ▲ 34.8% |
| Reserves13 | €24k | €49k | €56k | €56k | €40k | ▼ 28.5% |
| Distributable reserves133 | - | €49k | €56k | €56k | €40k | ▼ 28.5% |
| Amounts payable17/49 | €47k | €73k | €22k | €41k | €81k | ▲ 96.4% |
| Amounts payable after more than one year17 | €7k | €3k | - | - | €37k | - |
| Financial debts170/4 | - | €3k | - | - | €37k | - |
| Amounts payable within one year42/48 | €41k | €69k | €22k | €41k | €44k | ▲ 6.2% |
| Current portion of amounts payable after more than one year42 | - | €3k | €3k | - | €9k | - |
| Trade debts44 | €9k | €43k | €10k | €30k | €24k | ▼ 19.6% |
| Suppliers440/4 | - | €43k | €10k | €30k | €24k | ▼ 19.6% |
| Taxes, remuneration and social security45 | - | €13k | €2k | €11k | €8k | ▼ 26.9% |
| Taxes450/3 | - | €10k | - | €8k | €4k | ▼ 44.9% |
| Remuneration and social security454/9 | - | €3k | €2k | €3k | €4k | ▲ 17.2% |
| Other amounts payable47/48 | - | €10k | €7k | €581 | €3k | ▲ 347% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €3k | €26k | €7k | €-399 | €-16k | ▼ 3,877% |
| + Depreciation and write-downs630 | €10k | €15k | €13k | €7k | €14k | ▲ 103% |
| Operating cash flow (approximation) | €13k | €41k | €20k | €6k | €-2k | ▼ 129% |
| Investment in fixed assets (approximation) | - | €-8k | €-2k | €-4k | €-52k | ▼ 1,069% |
| Change in cash | - | €4k | €-11k | €57k | €-34k | ▼ 160% |
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
2025
26-06
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
31-12
Financial
Weakest financial yearnet €-16k
Net result drops to €-16k, the lowest in the series.
20-06
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
01-06
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
31-12
Financial
Liquidity doublescurrent ratio 3.38
Current ratio from 1.55 to 3.38; short-term debt falls from €69k to €22k.
05-05
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
31-12
Financial
Highest result since 2018net €26k ▲920%
Operating result €31k, net result €26k, both a record.
01-06
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
2020
31-12
Financial
Back to profitnet €3k
Net result €3k after one loss-making year.
12-03
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
2019
04-04
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
2018
09-03
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema
2017
18-05
NBB filing
Annual accounts filed
fiscal year 2016 · micro schema
2016
02-06
NBB filing
Annual accounts filed
fiscal year 2015 · abbreviated schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 5 acts read
About the unread acts
We know of 5 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
5 acts for this company are in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Ranst · 1 establishment unit since 2010
Ground area
653 m²
Building footprint
145 m²
Volume, LiDAR
644 m³
Parcel 11010C0297/00T000, Flanders · tallest building 7.3 m, ±1 floor. Linked by address, not a title deed.
1 establishment unit
vh construct
since 20102.186.063.759
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 11010C0297/00T000 | Flanders | 653 m² | 1 · 145 m² | 7.3 m · 1 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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INGENIEURS-ARCHITECTENBUREAU M16
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Of 29,779 companies in sector 41001 we hold annual accounts for 16,044. 13,173 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
Founded17-02-2010
Fiscal year end31-12
Activities, NACEBEL 2025
41001General construction of residential buildings
Scores and ratios are computed by Checked and are not a credit decision.