ACTIVE

Complex Construct

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Financial year 2025 · closed on 31/12/2025

Net result

10,2 k €

-85.3% YoY

Gross margin

67,8 k €

-45.5% YoY

Equity

125,8 k €

+8.8% YoY

What does Complex Construct do?

Complex Construct is a Private limited company incorporated in 2011. Its main activity is: Other specialised construction activities n.e.c.. Its registered office is in Dilbeek.

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0837.471.571

Incorporation

01/07/2011

Legal form

Private limited company

Registered office

Kattebroekstraat 258
1700 Dilbeek · FlandreSee on map

Contributed capital

6 200,00 €

Latest accounts

31/12/2025

Activities (NACE)

43990Other specialised construction activities n.e.c.· main 43999Other specialised construction activities n.e.c.

Signals

ProfitableSolid equityLow riskGood liquidityPositive cashflowPositive EBITDA

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✦ Verdict · Analyst summary

Financials

Trend over 15 financial years

	2025		2024		2023		2022		2021		2020		2019		2018		2017		2016		2015		2014		2013		2012		2011
Income statement
Gross margin	67,8 k €	-45.5%	124,4 k €	+216%	39,4 k €	+17.1%	33,6 k €	+2.1%	32,9 k €	+571%	4,9 k €	-70.3%	16,5 k €	-46.5%	30,9 k €	-30.6%	44,5 k €	+26.9%	35,1 k €	+131%	15,2 k €	-28.7%	21,3 k €	-16.3%	25,5 k €	+47.3%	17,3 k €	+7.0%	16,2 k €
EBITDA	42,0 k €	-65.5%	121,8 k €	+269%	33,0 k €	+2.9%	32,0 k €	+20.3%	26,6 k €	+2869%	896,7 €	-93.2%	13,3 k €	-55.5%	29,8 k €	-31.8%	43,7 k €	+140%	18,2 k €	+37.6%	13,3 k €	-28.7%	18,6 k €	-22.4%	23,9 k €	+68.4%	14,2 k €	+2.9%	13,8 k €
Operating result	18,8 k €	-80.0%	94,4 k €	+291%	24,1 k €	-11.3%	27,2 k €	+29.8%	21,0 k €	+618%	-4,0 k €	-159%	6,9 k €	-69.7%	22,6 k €	-40.1%	37,7 k €	+277%	10,0 k €	+108%	4,8 k €	-53.3%	10,3 k €	+1420%	-780,6 €	-106%	13,7 k €	+0.4%	13,7 k €
Net result	10,2 k €	-85.3%	69,2 k €	+384%	14,3 k €	-25.0%	19,1 k €	+21.3%	15,7 k €	+408%	-5,1 k €	-278%	2,9 k €	-84.0%	17,9 k €	-20.1%	22,4 k €	+543%	3,5 k €	+98.8%	1,8 k €	-56.5%	4,0 k €	+70.5%	2,4 k €	-54.1%	5,2 k €	-49.9%	10,3 k €
Balance sheet
Equity	125,8 k €	+8.8%	115,6 k €	+149%	46,4 k €	+44.5%	32,1 k €	-51.6%	66,4 k €	+31.0%	50,7 k €	-9.1%	55,7 k €	+5.4%	52,9 k €	+51.4%	34,9 k €	+180%	12,5 k €	-58.1%	29,8 k €	+6.3%	28,0 k €	+16.8%	24,0 k €	+10.9%	21,6 k €	+31.2%	16,5 k €
Total assets	157,5 k €	-27.7%	217,8 k €	+20.3%	181,0 k €	+112%	85,5 k €	-13.2%	98,5 k €	+19.6%	82,4 k €	+8.0%	76,3 k €	-12.7%	87,4 k €	-16.3%	104,4 k €	+74.1%	59,9 k €	+8.6%	55,2 k €	-58.4%	132,8 k €	+311%	32,3 k €	-43.8%	57,4 k €	+92.0%	29,9 k €
Cash	5,7 k €	-68.5%	18,1 k €	-67.6%	55,8 k €	+330%	13,0 k €	+380%	2,7 k €	-69.1%	8,7 k €	-23.3%	11,4 k €	+33.6%	8,5 k €	-51.4%	17,6 k €	+127%	7,8 k €	+12519%	61,4 €	-97.5%	2,4 k €	-35.6%	3,8 k €	+296%	956,8 €	-95.2%	19,9 k €
Debts	31,7 k €	-69.0%	102,2 k €	-23.6%	133,7 k €	+150%	53,4 k €	+84.0%	29,0 k €	+1.5%	28,6 k €	+64.2%	17,4 k €	-44.5%	31,4 k €	+30.7%	24,0 k €	-23.9%	31,6 k €	+24.2%	25,4 k €	-75.7%	104,8 k €	+1169%	8,3 k €	-76.9%	35,8 k €	+175%	13,0 k €

Estimate

Indicative valuation

As an indication, this company is worth

between 250 k€ and 500 k€

See the valuation

Governance

Board of directors

Seen on filing of 31/12/2025 · 2 active · 7 ended

Active mandates

Katarzyna MODZELEWSKA

Director · since 29 juin 2020

Active

Piotr RAFALOWSKI

Director · since 29 juin 2020

Active

Ended mandates

PIOTR RAFALOWSKI

Administrator - manager · since 01 juillet 2012

Ended

Katarzyna MODZELEWSKA

Administrator - manager · since 01 septembre 2011

Ended

KATARZYNA Modelwska

Director

Ended

Katarzyna Modzelewska

Director

Ended

Annual accounts

Full financial information

	2025	2024	2023	2022	2021	2020
Type of account	Micro model	Micro model	Micro model	Micro model	Micro model	Micro model
Start of the financial year	01/01/2025	01/01/2024	01/01/2023	01/01/2022	01/01/2021	01/01/2020
Closing of the financial year	31/12/2025	31/12/2024	31/12/2023	31/12/2022	31/12/2021	31/12/2020
Length of the financial year	12 months	12 months	12 months	12 months	12 months	12 months
Filing date	08/06/2026	15/07/2025	29/06/2024	25/08/2023	15/09/2022	02/07/2021
General meeting	01/06/2026	30/06/2025	17/06/2024	31/07/2023	06/06/2022	27/05/2021
Currency of the financial year	EUR	EUR	EUR	EUR	EUR	EUR
NBB quality label	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls

Ratios

Financial ratios

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Filings

Annual accounts filings

15 filings with the NBB

Model	Closing	General meeting	Filed	Language	Document
Micro model	31/12/2025	01/06/2026	08/06/2026	French	PDF
Micro model	31/12/2024	30/06/2025	15/07/2025	French	PDF
Micro model	31/12/2023	17/06/2024	29/06/2024	French	PDF
Micro model	31/12/2022	31/07/2023	25/08/2023	French	PDF
Micro model	31/12/2021	06/06/2022	15/09/2022	French	PDF
Micro model	31/12/2020	27/05/2021	02/07/2021	French	PDF
Micro model	31/12/2019	01/06/2020	09/11/2020	French	PDF
Micro model	31/12/2018	03/06/2019	30/09/2019	French	PDF
Micro model	31/12/2017	04/06/2018	21/03/2019	French	PDF
Micro model	31/12/2016	05/06/2017	29/06/2017	French	PDF
Abridged model	31/12/2015	06/06/2016	05/07/2016	French	PDF
Abridged model	31/12/2014	01/06/2015	22/07/2015	French	PDF
Abridged model	31/12/2013	02/06/2014	13/07/2014	French	PDF
Abridged model	31/12/2012	03/06/2013	23/08/2013	French	PDF
Abridged model	31/12/2011	18/06/2012	17/08/2012	French	PDF

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 250 k€ and 500 k€

The detail comes with the Business plan: low and high bounds, the valuation bridge for each financial year, transaction multiples by sector and size, group valuation and exports.

Discover the Business plan

Disclaimer

Indicative estimate based on public sector multiples and the filed annual accounts. It is neither a certified valuation nor financial or investment advice.

Governance

Board of directors

Seen on filing of 31/12/2025 · 2 active · 7 ended

Active mandates

Katarzyna MODZELEWSKA

Director · since 29 juin 2020

Active

Piotr RAFALOWSKI

Director · since 29 juin 2020

Active

Ended mandates

PIOTR RAFALOWSKI

Administrator - manager · since 01 juillet 2012

Ended

Katarzyna MODZELEWSKA

Administrator - manager · since 01 septembre 2011

Ended

KATARZYNA Modelwska

Director

Ended

Katarzyna Modzelewska

Director

Ended

Shareholders

Ownership and network

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Competition

Similar companies

A company's peers, by sector and size, are included in the Business plan.

See the Business plan

2025
Annual accounts 202510,2 k €↓
2024
Annual accounts 202469,2 k €↑
2023
Annual accounts 202314,3 k €↓
2022
Annual accounts 202219,1 k €↑
2021
Annual accounts 202115,7 k €↑
2020
Annual accounts 2020-5,1 k €↓
2019
Annual accounts 20192,9 k €↓
2018
Annual accounts 201817,9 k €↓
2017
Annual accounts 201722,4 k €↑
2016
Annual accounts 20163,5 k €↑
2015
Annual accounts 20151,8 k €↓
2014
Annual accounts 20144,0 k €↑
2013
Annual accounts 20132,4 k €↓
2012
Annual accounts 20125,2 k €↓
2011
Annual accounts 201110,3 k €
01/07/2011
IncorporationPrivate limited company

10/15	1 240 000	1 180 000	1 050 000
70	8 630 000	8 120 000	7 940 000
9904	412 000	388 000	301 000
17/49	2 970 000	3 140 000	3 380 000
9087	24,3	23,1	21,8

Complex Construct

Overview

What does Complex Construct do?

Trend over 15 financial years

Indicative valuation

Board of directors

Financials

Full financial information

Financial ratios

Annual accounts filings

Valuation

Indicative valuation

Directors & structure

Board of directors

Ownership and network

Publications

Similar companies

Similar companies

Timeline