VHJ CONSTRUCT
ActiveSummary
VHJ CONSTRUCT has been active since 2010 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €2.08M and a net result of €637k. Equity is growing by ~28.2% per year across the filed fiscal years. Its solvency ranks better than 68% of 7838 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 1.1% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability91▲+10
Solvency84▲+17
Growth66=
Track record100
Bankruptcy probability, 12 months
1.1%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €160k at 30 days acceptable
Liquidity ample (current ratio 3.33 against 1.36 in 2024; short-term debt: 15.7% and cash: 14.5% of total assets), and 40.7% of the assets are financed with debt.
Credit check for your own amount and term
Signals
Six 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 43
Relative position
BE, all sectors
reference
Specialised construction activities (NACE 43)
about 85% more bankruptcies
← fewer bankruptcies
more bankruptcies →
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
59.3%
Return on assets
18.1%
Age of the figures
18 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
neutral · Latest accounts filed on time
The financial year that closed on 31-03-2025 was due by 31-10-2025 and was filed on 23-10-2025, 8 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
8 d early
2024
28 d late
2023
on the day
2022
14 d late
2021
30 d late
2020
on the day
2019
179 d late
← before the deadline
after the deadline →
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-03-2026 and is due by 31-10-2026. Nothing is late today.
Companies Code · seven monthsPosition in the running window
31-03-2026 close25-09-2026 today31-10-2026 deadline
Financials · fiscal year 2025, abbreviated schema
Turnover
€4.47M▲ 0.3%
2021 · €4.46M
2020: €4.22Mlowest in 3 years
2021: €4.46M▲ +5.6% vs 2020
2022: €4.47M▲ +0.3% vs 2021highest in 3 years
2020 → 2022
EBIT margin
2.3%▼ 5.5pp
2021 · 7.9%
2020: 3.7%
2021: 7.9%▲ +111% vs 2020highest in 3 years
2022: 2.3%▼ -70.5% vs 2021lowest in 3 years
2020 → 2022
Net result
€637k▲ 80.6%
2024 · €353k
2019: €214k
2020: €113k▼ -47.1% vs 2019
2021: €300k▲ +165% vs 2020
2022: €48k▼ -84.0% vs 2021lowest in 7 years
2023: €275k▲ +474% vs 2022
2024: €353k▲ +28.2% vs 2023
2025: €637k▲ +80.6% vs 2024highest in 7 years
2019 → 2025
Working capital
€1.28M▲ 223%
2024 · €397k
2019: €240k
2020: €377k▲ +57.4% vs 2019
2021: €181k▼ -52.0% vs 2020lowest in 7 years
2022: €218k▲ +20.6% vs 2021
2023: €347k▲ +58.9% vs 2022
2024: €397k▲ +14.6% vs 2023
2025: €1.28M▲ +223% vs 2024highest in 7 years
2019 → 2025
Trend over the years
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Turnover€4.46M-€4.47M▲ 0.3%
2021: €4.46M
2022: €4.47M▲ +0.3% vs 2021
Equity€836k-€820k▼ 1.9%€1.09M▲ 33.6%€1.45M▲ 32.2%€2.08M▲ 44.0%
2021: €836k
2022: €820k▼ -1.9% vs 2021lowest in 5 years
2023: €1.09M▲ +33.6% vs 2022
2024: €1.45M▲ +32.2% vs 2023
2025: €2.08M▲ +44.0% vs 2024highest in 5 years
Operating result€350k-€104k▼ 70.4%€260k▲ 151%€456k▲ 75.2%€928k▲ 104%
2021: €350k
2022: €104k▼ -70.4% vs 2021lowest in 5 years
2023: €260k▲ +151% vs 2022
2024: €456k▲ +75.2% vs 2023
2025: €928k▲ +104% vs 2024highest in 5 years
Net result€300k-€48k▼ 84.0%€275k▲ 474%€353k▲ 28.2%€637k▲ 80.6%
2021: €300k
2022: €48k▼ -84.0% vs 2021lowest in 5 years
2023: €275k▲ +474% vs 2022
2024: €353k▲ +28.2% vs 2023
2025: €637k▲ +80.6% vs 2024highest in 5 years
Turnover and EBIT margin not published: the abbreviated schema does not require them.
Result per fiscal year
Operating resultNet result
After the dip in 2022 the operating result has climbed three years in a row; 2025 is 104% above 2024 and is the highest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €3.52M
Fixed assets
€1.68M ▼ 15.0%
Current assets
€1.84M ▲ 22.3%
Equity and liabilities €3.52M
Equity
€2.08M ▲ 44.0%
Provisions
€11k ▼ 11.3%
Debt
€1.42M ▼ 29.6%
Debt's share of the balance-sheet total falls from 58.0% to 40.4%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€1.23M▲
2024 · €672k
Cash flow
€942k▲
2024 · €569k
Current ratio
3.33▲
2024 · 1.36
Quick ratio
3.17▲
2024 · 1.23
Debt to equity
0.68▼
2024 · 1.39
ROE
30.6%▲
2024 · 24.4%
ROA
18.1%▲
2024 · 10.1%
Interest coverage
66.99▲
2024 · 28.47
Debt ≤ 1 year
€552k▼
2024 · €1.10M
Debt > 1 year
€868k▼
2024 · €914k
Income taxes
€288k▲
2024 · €105k
Staff costs
€387k▼
2024 · €389k
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 · 2025 against 2024 · 63 lines
Balance sheet
Code20242025
Assets
Total assets20/58€3.48M€3.52M▲
Fixed assets21/28€1.98M€1.68M▼
Tangible fixed assets22/27€1.98M€1.68M▼
Land and buildings22€786k€737k▼
Plant, machinery and equipment23€396k€292k▼
Furniture and vehicles24€794k€651k▼
Current assets29/58€1.50M€1.84M▲
Stocks and contracts in progress3€140k€88k▼
Stocks30/36€15k€13k▼
Contracts in progress37€125k€75k▼
Amounts receivable within one year40/41€732k€1.21M▲
Trade receivables40€437k€489k▲
Other amounts receivable41€295k€725k▲
Current investments50/53-€13k
Cash at bank and in hand54/58€590k€511k▼
Deferred charges and accrued income490/1€39k€10k▼
Equity and liabilities
Total equity and liabilities10/49€3.48M€3.52M▲
Equity10/15€1.45M€2.08M▲
Contributions10/11€12k€12k=
Reserves13€1.43M€2.07M▲
Non-distributable reserves130/1€2k€2k=
Reserves not available under the articles1311€2k€2k=
Tax-exempt reserves132€374k€538k▲
Distributable reserves133€1.06M€1.53M▲
Profit (loss) carried forward14€365€365=
Provisions and deferred taxes16€12k€11k▼
Deferred taxes168€12k€11k▼
Amounts payable17/49€2.02M€1.42M▼
Amounts payable after more than one year17€914k€868k▼
Financial debts170/4€914k€868k▼
Amounts payable within one year42/48€1.10M€552k▼
Current portion of amounts payable after more than one year42€194k€176k▼
Trade debts44€730k€126k▼
Suppliers440/4€730k€126k▼
Taxes, remuneration and social security45€94k€214k▲
Taxes450/3€41k€175k▲
Remuneration and social security454/9€53k€39k▼
Other amounts payable47/48€85k€36k▼
Income statement
Code20242025
Non-recurring operating income76A€5k€66k▲
Remuneration, social security and pensions62€389k€387k▼
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€216k€305k▲
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4€-11k€0▲
Other operating charges640/8€6k€9k▲
Non-recurring operating charges66A-€697
Gross operating margin9900€1.06M€1.63M▲
Operating profit (loss)9901€456k€928k▲
Financial income75/76B€20k€13k▼
Recurring financial income75€20k€13k▼
Financial charges65/66B€24k€18k▼
Recurring financial charges65€24k€18k▼
Profit (loss) for the period before taxes9903€453k€923k▲
Transfer from deferred taxes780€5k€1k▼
Transfer to deferred taxes680€0-
Income taxes67/77€105k€288k▲
Profit (loss) for the period9904€353k€637k▲
Transfer from tax-exempt reserves789€16k€4k▼
Transfer to tax-exempt reserves689€337k€168k▼
Profit (loss) for the period to be appropriated9905€31k€473k▲
Appropriation of the result
Profit (loss) to be appropriated9906€32k€473k▲
Profit (loss) brought forward from the previous period14P€876€365▼
Transfer to equity691/2€32k€473k▲
To other reserves6921€32k€473k▲
Social balance
Average headcount (FTE)90875.85.4▼
The notes to these accounts (16 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Accounts by statement
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Turnover70 | €4.46M | €4.47M | - | - | - | - |
| Non-recurring operating income76A | - | €94k | - | €5k | €66k | ▲ 1,170% |
| Goods, raw materials, services and sundry goods60/61 | - | €3.90M | - | - | - | - |
| Remuneration, social security and pensions62 | - | €289k | €319k | €389k | €387k | ▼ 0.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €148k | €207k | €175k | €216k | €305k | ▲ 41.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | €76k | €78k | €-11k | €0 | ▲ 100% |
| Other operating charges640/8 | - | €5k | €10k | €6k | €9k | ▲ 55.9% |
| Non-recurring operating charges66A | - | - | - | - | €697 | - |
| Gross operating margin9900 | €731k | €681k | €842k | €1.06M | €1.63M | ▲ 54.4% |
| Operating profit (loss)9901 | €350k | €104k | €260k | €456k | €928k | ▲ 104% |
| Financial income75/76B | - | €12k | €129k | €20k | €13k | ▼ 34.2% |
| Recurring financial income75 | €14k | €12k | €129k | €20k | €13k | ▼ 34.2% |
| Financial charges65/66B | - | €38k | €20k | €24k | €18k | ▼ 22.0% |
| Recurring financial charges65 | €24k | €38k | €20k | €24k | €18k | ▼ 22.0% |
| Profit (loss) for the period before taxes9903 | €340k | €78k | €369k | €453k | €923k | ▲ 104% |
| Transfer from deferred taxes780 | - | €113 | €16k | €5k | €1k | ▼ 73.1% |
| Transfer to deferred taxes680 | - | €11k | €30k | €0 | - | - |
| Income taxes67/77 | €40k | €19k | €80k | €105k | €288k | ▲ 174% |
| Profit (loss) for the period9904 | €300k | €48k | €275k | €353k | €637k | ▲ 80.6% |
| Transfer from tax-exempt reserves789 | - | €340 | €47k | €16k | €4k | ▼ 73.1% |
| Transfer to tax-exempt reserves689 | - | €4k | €90k | €337k | €168k | ▼ 50.0% |
| Profit (loss) for the period to be appropriated9905 | €300k | €45k | €233k | €31k | €473k | ▲ 1,401% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €3.09M | €2.46M | €3.08M | €3.48M | €3.52M | ▲ 1.1% |
| Fixed assets21/28 | €1.84M | €1.64M | €1.66M | €1.98M | €1.68M | ▼ 15.0% |
| Tangible fixed assets22/27 | €1.84M | €1.64M | €1.66M | €1.98M | €1.68M | ▼ 15.0% |
| Land and buildings22 | - | €888k | €836k | €786k | €737k | ▼ 6.3% |
| Plant, machinery and equipment23 | - | €83k | €183k | €396k | €292k | ▼ 26.3% |
| Furniture and vehicles24 | - | €666k | €640k | €794k | €651k | ▼ 18.0% |
| Current assets29/58 | €1.25M | €821k | €1.42M | €1.50M | €1.84M | ▲ 22.3% |
| Stocks and contracts in progress3 | €20k | €164k | €134k | €140k | €88k | ▼ 37.0% |
| Stocks30/36 | - | €14k | €14k | €15k | €13k | ▼ 12.9% |
| Contracts in progress37 | - | €150k | €120k | €125k | €75k | ▼ 40.0% |
| Amounts receivable within one year40/41 | €856k | €295k | €528k | €732k | €1.21M | ▲ 65.8% |
| Trade receivables40 | - | €177k | €247k | €437k | €489k | ▲ 11.9% |
| Other amounts receivable41 | - | €118k | €281k | €295k | €725k | ▲ 146% |
| Current investments50/53 | - | - | - | - | €13k | - |
| Cash at bank and in hand54/58 | €206k | €352k | €758k | €590k | €511k | ▼ 13.4% |
| Deferred charges and accrued income490/1 | - | €10k | €5k | €39k | €10k | ▼ 75.0% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €3.09M | €2.46M | €3.08M | €3.48M | €3.52M | ▲ 1.1% |
| Equity10/15 | €836k | €820k | €1.09M | €1.45M | €2.08M | ▲ 44.0% |
| Contributions10/11 | - | €12k | €12k | €12k | €12k | = |
| Reserves13 | €823k | €807k | €1.08M | €1.43M | €2.07M | ▲ 44.4% |
| Non-distributable reserves130/1 | - | €2k | €2k | €2k | €2k | = |
| Reserves not available under the articles1311 | - | €2k | €2k | €2k | €2k | = |
| Tax-exempt reserves132 | - | €10k | €53k | €374k | €538k | ▲ 43.9% |
| Distributable reserves133 | - | €795k | €1.03M | €1.06M | €1.53M | ▲ 44.6% |
| Profit (loss) carried forward14 | €609 | €609 | €876 | €365 | €365 | = |
| Provisions and deferred taxes16 | - | €3k | €18k | €12k | €11k | ▼ 11.3% |
| Deferred taxes168 | - | €3k | €18k | €12k | €11k | ▼ 11.3% |
| Amounts payable17/49 | €2.25M | €1.64M | €1.97M | €2.02M | €1.42M | ▼ 29.6% |
| Amounts payable after more than one year17 | €1.18M | €1.03M | €893k | €914k | €868k | ▼ 5.0% |
| Financial debts170/4 | - | €1.03M | €893k | €914k | €868k | ▼ 5.0% |
| Amounts payable within one year42/48 | €1.07M | €603k | €1.08M | €1.10M | €552k | ▼ 50.0% |
| Current portion of amounts payable after more than one year42 | - | €152k | €138k | €194k | €176k | ▼ 9.3% |
| Trade debts44 | €751k | €311k | €821k | €730k | €126k | ▼ 82.8% |
| Suppliers440/4 | - | €311k | €821k | €730k | €126k | ▼ 82.8% |
| Taxes, remuneration and social security45 | - | €55k | €111k | €94k | €214k | ▲ 127% |
| Taxes450/3 | - | €7k | €67k | €41k | €175k | ▲ 325% |
| Remuneration and social security454/9 | - | €48k | €44k | €53k | €39k | ▼ 26.0% |
| Other amounts payable47/48 | - | €85k | €8k | €85k | €36k | ▼ 57.4% |
| Accrued charges and deferred income492/3 | - | €1k | - | - | - | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €300k | €48k | €275k | €353k | €637k | ▲ 80.6% |
| + Depreciation and write-downs630 | €148k | €207k | €175k | €216k | €305k | ▲ 41.1% |
| Operating cash flow (approximation) | €448k | €255k | €450k | €569k | €942k | ▲ 65.6% |
| Investment in fixed assets (approximation) | - | €-6k | €-197k | €-533k | €-8k | ▲ 98.5% |
| Change in cash | - | €146k | €406k | €-168k | €-79k | ▲ 52.7% |
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
Next filing, fiscal year 2026, expected by
2025
23-10
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema
31-03
Financial
Highest result since 2019net €637k ▲80.6%
Operating result €928k, net result €637k, both a record.
31-03
Financial
Liquidity doublescurrent ratio 3.33
Current ratio from 1.36 to 3.33; short-term debt falls from €1.10M to €552k.
31-03
Financial
Equity above €2MEq €2.08M ▲44%
7 profitable years in a row build equity to €2.08M.
2024
28-11
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema · 28 days late
2023
31-10
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema
31-03
Financial
Equity above €1MEq €1.09M ▲33.6%
5 profitable years in a row build equity to €1.09M.
2022
14-11
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema · 14 days late
31-03
Financial
Weakest financial yearnet €48k ▼84%
Net result drops to €48k, the lowest in the series; recovery starts the following year.
2021
30-11
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema · 30 days late
2020
31-10
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema
27-04
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema · 179 days late
Show earlier events
31-03
Financial
Equity above €500kEq €536k ▲16.1%
2 profitable years in a row build equity to €536k.
2018
29-11
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema · 29 days late
2017
13-11
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema · 13 days late
2016
30-09
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 2 acts read
About the unread acts
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.
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Directors · office · real estate
Directors
2 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, Flobecq · 2 establishment units since 2010
Ground area
4,463 m²
Building footprint
337 m²
Volume, LiDAR
830 m³
2 parcels, Wallonia · tallest building 9.4 m, ±2 floors. Linked by address, not a title deed.
2
companies at this address
See who is registered here
2 establishment units
Aulnoit 10, 7880 Flobecq
since 20102.186.696.338
VHJ - CONSTRUCT
since 20182.328.999.593
2 parcels
Wallonia
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 51019B0459/00B002 | Wallonia | 4,194 m² | 1 · 221 m² | - |
| 51019D0010/00T005 | Wallonia | 268 m² | 1 · 115 m² | 9.4 m · 2 fl. |
Linked by address, not proof of ownership
Good to know
2 of 2 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
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Of 8,454 companies in sector 43120 we hold annual accounts for 3,231. 1,195 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
Founded31-03-2010
Fiscal year end31-03
Activities, NACEBEL 2025
43120Site preparation
42130Civil engineering
43990Other specialised construction activities
46180Agents specialised in the wholesale of other particular products
Scores and ratios are computed by Checked and are not a credit decision.