Result
€11.5m ▼ 70.0%
The result fell in 2025 from €38.2m to €11.5m.
Jan De Nul
Lifetime
17 annual accounts with figures on one time axis, 49 filings since 1977peak €1.73bn (2025)
€1.73bn▲ 3.1%
lowest -€59.0m (2016)
€11.5m▼ 70.0%
peak €1.42bn (2025)
€1.42bn▲ 0.9%
€1.10bn▲ 35.2%
peak 1,840.7 FTE (2025)
1,840.7 FTE▲ 10.4%
Board11 names since 2018
6 directorsDDN and 5 others
Owners3 names in the annual accounts
consolidatesSOFIDRA (JAN DE NUL GROUP)
Documentsfilings and deeds
30-06-202631 days before the deadline
2025financial year
Result from €38.2m to €11.5mStaff from 1,667.4 FTE to 1,840.7 FTEAppointment: DDN BV (director) 15-10Reappointment: BDO Bedrijfsrevisoren BV (statutory auditor) 22-071 director resigning 09-041 statutory auditor appointed, 1 director appointed 05-03
Key points
from the 2025 annual accountsInvestments
€96.1m 2.5 × depreciation
Green is investment, beige is depreciation. Machinery stands 14.5% higher than in 2024.
Staff
1,987 employees on 31-12-2025
In 2025, 637 people joined and 446 left. On top of that, 31.5 agency workers worked there on average.
Filings
49 annual accounts 62 filings since 1977
The last five annual accounts were filed 23 to 32 days before the end of the period.
At the same address
105 companies
Board
2 joined · 1 left
Board changed. Latest change 29-06-2026 · 6 in office.
Checked score
93
Excellent
Financially stronger than 62% of large companies in civil engineering (NACE 42)
Probability in this band: under 0.55%
Bankruptcy probability within 12 months
0.1% Very low
0%0.5%1.5%4%10%≥ 25%
The dashed line is the sector median: 0.3% across 34 companies (NACE 42, large).
About 1 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
Last 24 months
12-2024: 0.1%
01-2025: 0.1%● unchanged vs 12-2024
02-2025: 0.1%● unchanged vs 01-2025lowest value
03-2025: 0.1%● unchanged vs 02-2025lowest value
04-2025: 0.1%● unchanged vs 03-2025
05-2025: 0.1%● unchanged vs 04-2025
06-2025: 0.1%● unchanged vs 05-2025
07-2025: 0.1%● unchanged vs 06-2025highest value
08-2025: 0.1%● unchanged vs 07-2025
09-2025: 0.1%● unchanged vs 08-2025
10-2025: 0.1%● unchanged vs 09-2025
11-2025: 0.1%● unchanged vs 10-2025
12-2025: 0.1%● unchanged vs 11-2025
01-2026: 0.1%● unchanged vs 12-2025
02-2026: 0.1%● unchanged vs 01-2026
03-2026: 0.1%● unchanged vs 02-2026
04-2026: 0.1%● unchanged vs 03-2026
05-2026: 0.1%● unchanged vs 04-2026
06-2026: 0.1%● unchanged vs 05-2026
07-2026: 0.1%● unchanged vs 06-2026
08-2026: 0.1%● unchanged vs 07-2026
09-2026: 0.1%● unchanged vs 08-2026
10-2026: 0.1%● unchanged vs 09-2026
11-2026: 0.1%● unchanged vs 10-2026
Financial strengthAverage
Score breakdown
raises risk
Liquidity: current ratio 1.92, cash €163.5m
lowers risk
Founded in 1938
Size: turnover €1.73bn, 1,840.7 FTE, total assets €2.66bn
Equity €1.42bn (53.4% of total assets)
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 42, large). It does better than 94% of them on solvency, 62% on liquidity, 44% on profitability and 49% on growth.
The bankruptcy probability was computed on 08-11-2026 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.
The probability rests on the annual accounts with balance sheet date 31-12-2025.
Of the companies with a bankruptcy probability in the very low class on 30-06-2025, 0.1% went bankrupt within twelve months.
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).
Comparable companies, two years later
In July 2024, 513 companies had the same profile as Jan De Nul has now. Each dot stands for 2 companies, two years later.
96.1%
were still trading
3.1%
stopped another way
0.8%
went bankrupt
That fits the bankruptcy probability of Jan De Nul itself: 0.1% within 12 months.
Test of the method
The method was tested on the 497,447 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 513 companies, not a prediction for Jan De Nul. 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.
Credit verdict
Credit of up to €131,850,000 on 30-day terms is acceptable
Liquidity is ample, with a current ratio of 1.92 (2.43 in 2024), above the usual 1.5. Short-term debt is 41.2% and cash 6.2% of total assets. 46.6% of the assets are financed with debt and provisions.
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The scores and ratios are Checked's own calculations, not a credit decision.
Signals
Five signals.
lowers riskraises riskneutral
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 30-06-2026, 31 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
31 days early
2024
31 days early
2023
23 days early
2022
32 days early
2021
31 days early
2020
29 days early
2019
28 days early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
The company filed its last 7 accounts on average 29 days before the deadline. In the sector (NACE 42), the median for financial year 2024 was 2 days before the deadline, and 41% of those companies filed late.
Searched, nothing found (2)
neutral · Next filing not due yet
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today. The company usually files around 30 June (5 of the last 5 accounts filed within 30 days either side of that date).
Companies Code · seven monthsWhere today falls in the filing period
09-11-2026 today31-12-2026 year end31-07-2027 deadline
Board and ownership
and 1 other
- SOFIDRA (JAN DE NUL GROUP) consolidatesannual accounts 2025
Shares in 44 companies, including AIRCOPLUS and Algemene Ondernemingen Soetaert
Board & ownershipRecent changes
Environmental permit granted
Hoogstammige bomen vellen die geen deel uitmaken van een bos · Aalst
New chair of the board and managing director
JP appointed, Ir. Jan Pieter J. De Nul resigned · Permanent representative: Ir. Jan Pieter J. De Nul · General meeting of 29-06-2026 · Gazette deed
Registered in the Peppol Directory
Reachable for e-invoices through 0208:0406041406
New managing director
JDN appointed, Julie De Nul resigned · Gazette deed
Comparable companies
same main activity, the nearest in size| Company | ||||
|---|---|---|---|---|
| Jan De Nul Aalst | €1,731.3m | 1.2% | 53.4% | 1,840.7 |
| BAGGERWERKEN DECLOEDT & ZOON Ostend | €159.3m | 24.0% | 64.0% | 230.2 |
| DEME Dredging Beveren-Kruibeke-Zwijndrecht | €608.0m | 1.5% | 39.4% | 1,374.1 |
| DREDGING INTERNATIONAL Beveren-Kruibeke-Zwijndrecht | €731.2m | 0.2% | 31.6% | 29.9 |
| DREDGING, ENVIRONMENTAL & MARINE ENGINEERING Beveren-Kruibeke-Zwijndrecht | €21.7m | 10.7% | 51.3% | 15 |
Grey: the largest companies of the sector (civil engineering (NACE 42)), without their names. Blue: the sector peers from the table.
These companies have the same main activity as Jan De Nul: civil engineering (NACE 42911). They are smaller than Jan De Nul: total assets between €366m and €769m, founded between 1930 and 2022.
Official details
Source: KBO- Status
- Active since 10-12-1938Normal situation
- Registered office
- 106 active companies are registered at this address9 started in the 12 months before. Source: KBO register, as of 9 November 2026.
- Activity
- Civil engineeringNACE 42911and 3 others
- Joint committees
- 124Construction
- 200Auxiliary committee for white-collar workers · annual accounts 2025
- Establishment unit
- 2.003.923.3949308 Aalst, since 01-01-1938
- Financial year end
- 31 December
- Peppol
- Reachable since 04-06-2026
Annual accounts 2025
- €2.66bn▲ 13.3%
- Employeeson 31-12-2025
- 1,987▲ 10.6%
- Filing
- Filed on 30-06-2026, 31 days before the end of the filing period
Companies linked to Jan De Nul
Subsidiaries and holdings
- Full Throttle100%
- Lakosa100%
- SCK INVEST100%
- Envisan90%
- SPI.R0 Onderhoud65%
- ViA1255%
- Cuesmes Triage50%
- HORTUS CONCLUSUS FACILITATOR50%
Insights on Jan De Nul
Jan De Nul has existed since 1938. Turnover grew from €669.9m in 2009 to €1.73bn in 2025 and staff from 940.9 to 1,840.7 full-time equivalents.
Solvency fell in 2025 from 59.9% to 53.4%.
In July 2026, the Official Gazette published the appointment of JP as managing director.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette. Click a figure with a dotted line for the item and the filing.
Key facts about Jan De Nul
- What is the company number of Jan De Nul?
- The company number of Jan De Nul is 0406.041.406. The VAT number is the same number with BE in front: BE 0406.041.406.
- Where is Jan De Nul based?
- The registered office is at Tragel 60, 9308 Aalst.Company details
- What does Jan De Nul do?
- According to the KBO register, the main activity is civil engineering (NACE 42911).
- What is the legal form of Jan De Nul?
- Jan De Nul is a public limited company (NV).
- When was Jan De Nul founded?
- Jan De Nul was founded on 10-12-1938.
- Is Jan De Nul still active?
- Yes, Jan De Nul is an active enterprise in the KBO register.
- How many employees does Jan De Nul have?
- Jan De Nul had an average of 1,840.7 full-time equivalents in financial year 2025, according to the filed annual accounts.Financials
- Which joint committee does Jan De Nul fall under?
- In its 2025 annual accounts, Jan De Nul states joint committees 124 (Construction) and 200 (Auxiliary committee for white-collar workers).
- What is the turnover of Jan De Nul?
- The turnover of Jan De Nul was €1.73bn in financial year 2025, according to the filed annual accounts.
- Is Jan De Nul profitable?
- In financial year 2025, Jan De Nul made a profit of €11.5m.
- Where can I find the annual accounts of Jan De Nul?
- Jan De Nul filed 62 annual accounts with the National Bank of Belgium, the latest for financial year 2025.
- When are the next annual accounts of Jan De Nul due?
- Jan De Nul must file the annual accounts for financial year 2026 by 31-07-2027.Timeline
Next steps
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