Construction Brands
ActiveSummary
The annual accounts of Construction Brands for fiscal year 2025 show a net loss of 69% of the equity at the start of that year. The 2025 annual accounts show equity of €220k and a net result of €-134k. Equity is growing by ~26.7% per year across the filed fiscal years. Its solvency ranks better than 24% of 4886 sector peers (fiscal year 2025). The company has been active since 1949 and the Belgian State Gazette contains no insolvency or warning signals. The computed 12-month bankruptcy probability is 0.3% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability2▼-98
Solvency47▲+10
Growth54=
Track record100
Bankruptcy probability, 12 months
0.3%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €11k at 30 days only on tighter terms
Net loss of at least half of total assets or of the equity at the start of the financial year.
Liquidity ample (current ratio 5.33 against 1.14 in 2024; short-term debt: 8.9% and cash: 0.4% of total assets), but 77.7% 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
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 · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 46
Relative position
BE, all sectors
reference
Wholesale trade (NACE 46)
about 21% more bankruptcies
← fewer bankruptcies
more bankruptcies →
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 24% of 4886 sector peers (2025).
NBB · sector comparisonPosition among 4886 sector peers
Solvency
better than 24%
← weakest
strongest →
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 20-07-2026, 11 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
11 d early
2024
11 d late
2023
30 d late
2022
27 d early
2021
25 d early
2020
16 d early
2019
10 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 31-12-2026 and is due by 31-07-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
25-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, full schema
Turnover
€9.47M▼ 8.0%
2018 · €10.29M
2018: €10.29M
2019: €9.47M▼ -8.0% vs 2018
2018 → 2019
EBIT margin
-29.0%▼ 24.3pp
2018 · -4.7%
2018: -4.7%
2019: -29.0%▼ -517% vs 2018
2018 → 2019
Net result
€-134k
2024 · €955k
2018: €-481k
2019: €-2.80M▼ -482% vs 2018lowest in 8 years
2020: €191k▲ +107% vs 2019
2021: €233k▲ +21.9% vs 2020
2022: €244k▲ +4.8% vs 2021
2023: €327k▲ +34.1% vs 2022
2024: €955k▲ +192% vs 2023highest in 8 years
2025: €-134k▼ -114% vs 2024
2018 → 2025
Working capital
€379k▲ 95.6%
2024 · €194k
2018: €1.02Mhighest in 8 years
2019: €-1.76M▼ -272% vs 2018lowest in 8 years
2020: €-1.60M▲ +8.6% vs 2019
2021: €-1.44M▲ +10.2% vs 2020
2022: €-1.17M▲ +19.1% vs 2021
2023: €-819k▲ +29.8% vs 2022
2024: €194k▲ +124% vs 2023
2025: €379k▲ +95.6% vs 2024
2018 → 2025
Trend over the years
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€-1.33M-€-1.09M▲ 18.3%€-761k▲ 30.0%€194k€220k▲ 13.7%
2021: €-1.33Mlowest in 5 years
2022: €-1.09M▲ +18.3% vs 2021
2023: €-761k▲ +30.0% vs 2022
2024: €194k▲ +125% vs 2023
2025: €220k▲ +13.7% vs 2024highest in 5 years
Operating result€114k-€281k▲ 147%€407k▲ 44.7%€1.05M▲ 157%€-113k
2021: €114k
2022: €281k▲ +147% vs 2021
2023: €407k▲ +44.7% vs 2022
2024: €1.05M▲ +157% vs 2023highest in 5 years
2025: €-113k▼ -111% vs 2024lowest in 5 years
Net result€233k-€244k▲ 4.8%€327k▲ 34.1%€955k▲ 192%€-134k
2021: €233k
2022: €244k▲ +4.8% vs 2021
2023: €327k▲ +34.1% vs 2022
2024: €955k▲ +192% vs 2023highest in 5 years
2025: €-134k▼ -114% vs 2024lowest in 5 years
Result per fiscal year
Operating resultNet result
The operating result turns negative in 2025: a loss of €113k after €1.05M in 2024, the lowest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €987k
Fixed assets
€521k
Current assets
€466k
Equity and liabilities €987k
Equity
€220k ▲ 13.7%
Debt
€767k ▼ 43.8%
Debt's share of the balance-sheet total falls from 87.6% to 77.7%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€-105k
Cash flow
€-125k
Current ratio
5.33▲
2024 · 1.14
Debt to equity
3.48▼
2024 · 7.04
ROE
-60.7%▼
2024 · 493.0%
ROA
-13.5%▼
2024 · 61.3%
Interest coverage
-3.35
Debt ≤ 1 year
€87k▼
2024 · €1.36M
Debt > 1 year
€534k
Income taxes
€0
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 · 50 lines
Balance sheet
Code20242025
Assets
Total assets20/58€1.56M€987k▼
Fixed assets21/28-€521k
Intangible fixed assets21-€111k
Financial fixed assets28-€410k
Current assets29/58€1.56M€466k▼
Amounts receivable within one year40/41€1.54M€462k▼
Trade receivables40€345k€452k▲
Other amounts receivable41€1.19M€11k▼
Cash at bank and in hand54/58€22k€4k▼
Equity and liabilities
Total equity and liabilities10/49€1.56M€987k▼
Equity10/15€194k€220k▲
Contributions10/11€1.21M€62k▼
Capital10€1.21M€62k▼
Issued capital100€1.21M€62k▼
Reserves13€292k€159k▼
Non-distributable reserves130/1€3k€3k=
Legal reserve130€3k€3k=
Distributable reserves133€289k€156k▼
Profit (loss) carried forward14€-1.31M-
Amounts payable17/49€1.36M€767k▼
Amounts payable after more than one year17-€534k
Other amounts payable178/9-€534k
Amounts payable within one year42/48€1.36M€87k▼
Financial debts43€1.30M€11k▼
Credit institutions430/8€1.30M€11k▼
Trade debts44-€76k
Suppliers440/4-€76k
Taxes, remuneration and social security45€1k-
Taxes450/3€1k-
Other amounts payable47/48€63k-
Accrued charges and deferred income492/3-€145k
Income statement
Code20242025
Remuneration, social security and pensions62€-47k-
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630-€9k
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4€17k€46k▲
Other operating charges640/8€2k€1k▼
Non-recurring operating charges66A€43k-
Gross operating margin9900€1.06M€-57k▼
Operating profit (loss)9901€1.05M€-113k▼
Financial income75/76B€3k€11k▲
Recurring financial income75€3k€11k▲
Financial charges65/66B€95k€31k▼
Recurring financial charges65€95k€31k▼
Profit (loss) for the period before taxes9903€955k€-134k▼
Income taxes67/77-€0
Profit (loss) for the period9904€955k€-134k▼
Profit (loss) for the period to be appropriated9905€955k€-134k▼
Appropriation of the result
Profit (loss) to be appropriated9906€-1.31M€-134k▲
Profit (loss) brought forward from the previous period14P€-2.27M€0▲
Transfer from equity791/2-€134k
Social balance
Average headcount (FTE)90870.1-
The notes to these accounts (8 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 |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | €70k | €13k | €43k | - | - | - |
| Remuneration, social security and pensions62 | €742k | €884k | €1.23M | €-47k | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €50k | €45k | €22k | - | €9k | - |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | €18k | €5k | - | €17k | €46k | ▲ 167% |
| Provisions for liabilities and charges: additions (uses and reversals)635/8 | €-47k | - | - | - | - | - |
| Other operating charges640/8 | €30k | €23k | €18k | €2k | €1k | ▼ 21.7% |
| Non-recurring operating charges66A | €1k | - | - | €43k | - | - |
| Gross operating margin9900 | €908k | €1.24M | €1.68M | €1.06M | €-57k | ▼ 105% |
| Operating profit (loss)9901 | €114k | €281k | €407k | €1.05M | €-113k | ▼ 111% |
| Financial income75/76B | €18k | €2k | €2k | €3k | €11k | ▲ 238% |
| Recurring financial income75 | €4k | €2k | €2k | €3k | €11k | ▲ 238% |
| Non-recurring financial income76B | €14k | - | - | - | - | - |
| Financial charges65/66B | €-102k | €37k | €80k | €95k | €31k | ▼ 67.1% |
| Recurring financial charges65 | €-102k | €37k | €80k | €95k | €31k | ▼ 67.1% |
| Profit (loss) for the period before taxes9903 | €233k | €245k | €329k | €955k | €-134k | ▼ 114% |
| Income taxes67/77 | €425 | €848 | €1k | - | €0 | - |
| Profit (loss) for the period9904 | €233k | €244k | €327k | €955k | €-134k | ▼ 114% |
| Profit (loss) for the period to be appropriated9905 | €233k | €244k | €327k | €955k | €-134k | ▼ 114% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €3.45M | €3.99M | €4.62M | €1.56M | €987k | ▼ 36.6% |
| Fixed assets21/28 | €118k | €81k | €58k | - | €521k | - |
| Intangible fixed assets21 | €20k | €13k | €10k | - | €111k | - |
| Tangible fixed assets22/27 | €98k | €68k | €48k | - | - | - |
| Land and buildings22 | €42k | €31k | €26k | - | - | - |
| Plant, machinery and equipment23 | €19k | €2k | €0 | - | - | - |
| Furniture and vehicles24 | €38k | €35k | €22k | - | - | - |
| Financial fixed assets28 | - | - | - | - | €410k | - |
| Current assets29/58 | €3.33M | €3.91M | €4.56M | €1.56M | €466k | ▼ 70.1% |
| Stocks and contracts in progress3 | €1.78M | €2.13M | €2.16M | - | - | - |
| Stocks30/36 | €1.78M | €2.13M | €2.16M | - | - | - |
| Amounts receivable within one year40/41 | €1.32M | €1.49M | €1.83M | €1.54M | €462k | ▼ 69.9% |
| Trade receivables40 | €1.12M | €1.46M | €1.74M | €345k | €452k | ▲ 30.9% |
| Other amounts receivable41 | €197k | €28k | €91k | €1.19M | €11k | ▼ 99.1% |
| Cash at bank and in hand54/58 | €204k | €285k | €576k | €22k | €4k | ▼ 81.4% |
| Deferred charges and accrued income490/1 | €25k | €7k | €532 | - | - | - |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €3.45M | €3.99M | €4.62M | €1.56M | €987k | ▼ 36.6% |
| Equity10/15 | €-1.33M | €-1.09M | €-761k | €194k | €220k | ▲ 13.7% |
| Contributions10/11 | €1.21M | €1.21M | €1.21M | €1.21M | €62k | ▼ 94.9% |
| Capital10 | €1.21M | €1.21M | €1.21M | €1.21M | €62k | ▼ 94.9% |
| Issued capital100 | €1.21M | €1.21M | €1.21M | €1.21M | €62k | ▼ 94.9% |
| Reserves13 | €293k | €293k | €292k | €292k | €159k | ▼ 45.7% |
| Non-distributable reserves130/1 | €3k | €3k | €3k | €3k | €3k | = |
| Legal reserve130 | €3k | €3k | €3k | €3k | €3k | = |
| Tax-exempt reserves132 | €1k | €1k | - | - | - | - |
| Distributable reserves133 | €289k | €289k | €289k | €289k | €156k | ▼ 46.2% |
| Profit (loss) carried forward14 | €-2.84M | €-2.59M | €-2.27M | €-1.31M | - | - |
| Amounts payable17/49 | €4.78M | €5.08M | €5.38M | €1.36M | €767k | ▼ 43.8% |
| Amounts payable after more than one year17 | €8k | €3k | - | - | €534k | - |
| Financial debts170/4 | €8k | €3k | - | - | - | - |
| Other amounts payable178/9 | - | - | - | - | €534k | - |
| Amounts payable within one year42/48 | €4.77M | €5.08M | €5.38M | €1.36M | €87k | ▼ 93.6% |
| Current portion of amounts payable after more than one year42 | €11k | €5k | €3k | - | - | - |
| Financial debts43 | €1.30M | €1.30M | €1.30M | €1.30M | €11k | ▼ 99.1% |
| Credit institutions430/8 | €1.30M | €1.30M | €1.30M | €1.30M | €11k | ▼ 99.1% |
| Trade debts44 | €3.01M | €3.37M | €3.50M | - | €76k | - |
| Suppliers440/4 | €3.01M | €3.37M | €3.50M | - | €76k | - |
| Advances received on contracts in progress46 | - | €64k | - | - | - | - |
| Taxes, remuneration and social security45 | €141k | €269k | €581k | €1k | - | - |
| Taxes450/3 | €67k | €177k | €439k | €1k | - | - |
| Remuneration and social security454/9 | €75k | €92k | €143k | - | - | - |
| Other amounts payable47/48 | €306k | €73k | - | €63k | - | - |
| Accrued charges and deferred income492/3 | - | - | - | - | €145k | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €233k | €244k | €327k | €955k | €-134k | ▼ 114% |
| + Depreciation and write-downs630 | €50k | €45k | €22k | - | €9k | - |
| Operating cash flow (approximation) | €283k | €289k | €350k | €955k | €-125k | ▼ 113% |
| Investment in fixed assets (approximation) | - | €-8k | €1k | - | - | - |
| Change in cash | - | €81k | €291k | €-554k | €-18k | ▲ 96.8% |
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
2026
31-07
State Gazette act
Resignation: Havecon BV (director)Director discharge · Registered-office move4 facts ▸
State Gazette act
Resignation: Havecon BV (director)
Director discharge · Registered-office move4 facts ▸
- General meeting, 10/07/2026
- Director resignation, Havecon BV (director)
- Director discharge, Havecon BV
- Registered-office move, Stationsstraat 30, 8460 Oudenburg
31-07
State Gazette act
Reappointment: Groep Verhelst NV (director)Permanent representative: Kathleen Verhelst3 facts ▸
State Gazette act
Reappointment: Groep Verhelst NV (director)
Permanent representative: Kathleen Verhelst3 facts ▸
- General meeting, 26/06/2026
- Director reappointment, Groep Verhelst NV (director)
- Permanent representative, Kathleen Verhelst
20-07
NBB filing
Annual accounts filed
fiscal year 2025 · full schema
2025
31-12
Financial
Liquidity times 5current ratio 5.33
Current ratio from 1.14 to 5.33; short-term debt falls from €1.36M to €87k.
31-12
Financial
Equity above €200kEq €220k ▲13.7%
Equity rises from €194k to €220k.
11-08
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema · 11 days late
2024
31-12
Financial
Highest result since 2018net €955k ▲192%
Operating result €1.05M, net result €955k, both a record.
31-12
Financial
Equity above €150kEq €194k
5 profitable years in a row build equity to €194k.
30-08
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema · 30 days late
2023
04-07
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema
2022
06-07
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema
2021
15-07
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema
Show earlier events
2020
31-12
Financial
Back to profitnet €191k
Net result €191k after 2 loss-making years.
10-08
NBB filing
Annual accounts filed
fiscal year 2019 · full schema · 10 days late
2019
31-12
Financial
Weakest financial yearnet €-2.80M
Net result drops to €-2.80M, the lowest in the series; recovery starts the following year.
26-08
NBB filing
Annual accounts filed
fiscal year 2018 · full schema · 26 days late
2018
31-08
NBB filing
Annual accounts filed
fiscal year 2017 · full schema · 31 days late
2017
31-08
NBB filing
Annual accounts filed
fiscal year 2016 · full schema · 31 days late
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
2 of 20 acts read
About the unread acts
Of the 20 Belgian State Gazette acts we know for this company, 2 have been read. The other 18 have not been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
1 director, last change in 2026
GROEP VERHELST
CurrentDirector · since 26-06-2026 · Public limited company · perm. rep.: Kathleen Verhelst
10-07-2026
HAVECON: Resigned as Director
26-06-2026
GROEP VERHELST: Mandate renewed as Director
Not every act has been read: a resignation may be missing here
18 of this company's 20 Belgian State Gazette acts have not been read yet. Appointments and resignations recorded in them are missing above: a director who resigned there may therefore still show here as sitting. The acts are in the Timeline.
Location & real-estate footprint
Registered office, Oudenburg · 1 establishment unit since 1949
Ground area
18.1 ha
Building footprint
7,344 m²
Volume, LiDAR
33,458 m³
2 parcels, Flanders · tallest building 13.3 m, ±4 floors. Linked by address, not a title deed.
17
companies at this address
See who is registered here
1 establishment unit
Construction Brands
since 19492.004.333.764
2 parcels
Flanders
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 35014B0015/00H002 | Flanders | 15.1 ha | 1 · 845 m² | 13.0 m · 4 fl. |
| 31333I0907/00P000 | Flanders | 3.0 ha | 1 · 6,499 m² | 13.3 m · 1 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.
Structure & network
Connections & network
2 connected companiesLinked via shared directors
Shared corporate director
→
Shared corporate director
→
Recognitions · licences · registrations
Dual-learning approval
1 endedWinkelbediende (so)
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Identification & contact
Identification
Legal formPublic limited company
Founded18-11-1949
Fiscal year end31-12
Activities, NACEBEL 2025
46831Wholesale of construction materials, general range
Scores and ratios are computed by Checked and are not a credit decision.