123 Construct
Annual accounts 2025
abbreviated format, filed on 30-09-2026, 61 days lateTurnover and EBIT margin are not published. The abbreviated or micro format does not require them.
Balance sheet
balance sheet total €993,323 on 31-12-2025Change in equityin €m
Change in cashin €m
Position in the sector
Solvency-117.1%
Lower than 95% of 2,805 companies in 2025.
Current ratio0.34
Higher than 5% of 2,734 companies in 2025.
Return on assets-137.6%
Lower than 95% of 2,770 companies in 2025.
Net result: bottom quarter · Equity: bottom quarter · Balance sheet total: middle half · Working capital: bottom quarter · Staff: top quarter
Staff
Staff cost per FTE€62,715
Staff costs divided by the average number of full-time equivalents.
Joined and left-5
Filed annual accounts
as filed with the National Bank, click a year to choose it| Line | Trend | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Balance sheet: assets | |||||
Total assets20/58 |
993,323 | 1.7m | 533,152 | 98,395 | |
Fixed assets21/28 |
375,996 | 453,972 | 85,523 | 61,127 | |
Tangible fixed assets22/27 |
340,658 | 418,634 | 72,006 | 56,610 | |
Plant, machinery and equipment23 |
254,475 | 280,372 | 11,812 | 8,622 | |
Furniture and vehicles24 |
85,330 | 136,273 | 57,070 | 44,751 | |
Other tangible fixed assets26 |
854 | 1,989 | 3,123 | 3,237 | |
Financial fixed assets28 |
35,338 | 35,338 | 13,517 | 4,517 | |
Current assets29/58 |
617,327 | 1.2m | 447,630 | 37,269 | |
Stocks and contracts in progress3 |
169,351 | 373,047 | - | - | |
Stocks30/36 |
169,351 | 221,086 | - | - | |
Contracts in progress37 |
- | 151,961 | - | - | |
Amounts receivable within one year40/41 |
399,702 | 781,636 | 298,551 | 27,650 | |
Trade receivables40 |
363,807 | 742,161 | 261,126 | 17,594 | |
Other amounts receivable41 |
35,896 | 39,476 | 37,424 | 10,055 | |
Cash at bank and in hand54/58 |
48,273 | 47,604 | 149,079 | 9,619 | |
Deferred charges and accrued income490/1 |
- | 10,165 | - | - | |
| Balance sheet: equity and liabilities | |||||
Total equity and liabilities10/49 |
993,323 | 1.7m | 533,152 | 98,395 | |
Equity10/15 |
-1.2m | 203,337 | 125,739 | 70,888 | |
Contributions10/11 |
12,000 | 12,000 | 12,000 | 12,000 | |
Reserves13 |
191,337 | 191,337 | 113,739 | 58,888 | |
Non-distributable reserves130/1 |
- | - | 113,739 | 58,888 | |
Other1319 |
- | - | 113,739 | 58,888 | |
Distributable reserves133 |
191,337 | 191,337 | - | - | |
Profit (loss) carried forward14 |
-1.4m | - | - | - | |
Amounts payable17/49 |
2.2m | 1.5m | 407,414 | 27,507 | |
Amounts payable after more than one year17 |
52,299 | - | - | - | |
Financial debts170/4 |
52,299 | - | - | - | |
Amounts payable within one year42/48 |
1.8m | 988,683 | 287,113 | 27,507 | |
Current portion of amounts payable after more than one year42 |
37,448 | - | - | - | |
Financial debts43 |
250,000 | - | - | - | |
Credit institutions430/8 |
250,000 | - | - | - | |
Trade debts44 |
1.4m | 950,451 | 285,368 | 21,618 | |
Suppliers440/4 |
1.4m | 950,451 | 285,368 | 21,618 | |
Taxes, remuneration and social security45 |
95,881 | 33,262 | 261 | 5,889 | |
Taxes450/3 |
66,239 | 17,821 | - | 5,889 | |
Remuneration and social security454/9 |
29,642 | 15,441 | 261 | - | |
Other amounts payable47/48 |
- | 4,970 | 1,485 | - | |
Accrued charges and deferred income492/3 |
283,767 | 474,403 | 120,300 | - | |
| Income statement | |||||
Gross operating margin9900 |
-435,408 | 620,543 | 172,973 | 70,034 | |
Remuneration, social security and pensions62 |
746,306 | 401,530 | 49,087 | - | |
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 |
112,463 | 69,747 | 15,104 | 2,715 | |
Other operating charges640/8 |
59,404 | 11,662 | 4,562 | 2,554 | |
Operating profit (loss)9901 |
-1.4m | 137,603 | 104,219 | 64,766 | |
Financial income75/76B |
489 | 28 | 1,051 | 12 | |
Recurring financial income75 |
489 | 28 | 1,051 | 12 | |
Financial charges65/66B |
12,373 | 1,125 | 1,808 | - | |
Recurring financial charges65 |
12,373 | 1,125 | 1,808 | - | |
Profit (loss) for the period before taxes9903 |
-1.4m | 136,506 | 103,463 | 64,777 | |
Income taxes67/77 |
920 | 58,907 | 48,612 | 5,889 | |
Profit (loss) for the period9904 |
-1.4m | 77,599 | 54,850 | 58,888 | |
Profit (loss) for the period to be appropriated9905 |
-1.4m | 77,599 | 54,850 | 58,888 | |
| Appropriation of the result | |||||
Profit (loss) to be appropriated9906 |
-1.4m | 77,599 | 54,850 | 58,888 | |
Transfer to equity691/2 |
- | 77,599 | 54,850 | 58,888 | |
To other reserves6921 |
- | 77,599 | 54,850 | 58,888 | |
| Social balance sheet | |||||
Average staff (FTE)9087 |
11.9 | 6.7 | 0.9 | - | |
Hours worked1013 |
18,329 | 10,788 | 1,748 | - | |
| Document | |||||
The notes to these accounts have 9 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the accounts filed with the NBB.
Source: Annual accounts 2025 at the NBB, filed on 30-09-2026.
Filings
each dot is a set of accounts, on the day it reached the National Bank2025 annual accounts filed 61 days after the deadline. Filed on 30 September 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00542397.
Key figures and ratios
per financial year, computed from the annual accounts| Line | Trend | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| EBITDA | -1.2m | 207,350 | 119,323 | 67,480 | |
| Cash flow | -1.3m | 147,346 | 69,954 | 61,603 | |
| Investment in fixed assets | 34,487 | 438,196 | 39,500 | 63,841 | |
| Change in cash | 669 | -101,475 | 139,460 | - | |
| Working capital | -1.2m | 223,769 | 160,516 | 9,762 | |
| Solvency | -117.1% | 12.2% | 23.6% | 72.0% | |
| Current ratio | 0.34 | 1.23 | 1.56 | 1.35 | |
| Quick ratio | 0.25 | 0.85 | 1.56 | 1.35 | |
| Debt to equity | - | 7.20 | 3.24 | 0.39 | |
| ROE | - | 38.2% | 43.6% | 83.1% | |
| ROA | -137.6% | 4.7% | 10.3% | 59.8% | |
| Interest coverage | -100.31 | over 100 | 66.00 | - |
Debt to equity is not shown because equity is negative. Debt divided by negative equity means nothing.
A Belgian filing has no cash-flow statement. Cash flow is therefore an approximation, derived from the income statement. Investment is the acquisitions in the notes and, without them, the balance-sheet move.
Social balance sheet
| Item | 31-12-2025 | 31-12-2024 | 31-12-2023 |
|---|---|---|---|
| Employees at the balance-sheet date | 10 | 15 | 1 |
| full-time | 9 | 14 | 1 |
| part-time | 1 | 1 | - |
| in full-time equivalents | 9.8 | 14.8 | 1 |
| Average over the year, in full-time equivalents | 11.9 | 6.7 | 0.9 |
| On a permanent contract | 8 | 13 | - |
| Joined | 5 | 21 | 2 |
| Left | 10 | 7 | 1 |
Source: social balance sheet in the 2023 to 2025 annual accounts
Investments
fixed assets acquired| Item | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|
| Tangible fixed assets | €34,487 | €416,376 | €30,500 | €59,324 |
| Financial fixed assets | - | €21,821 | €9,000 | €4,517 |
| Depreciation and write-downs of the year | €112,463 | €69,747 | €15,104 | €2,715 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Insights on 123 Construct
The operating result for 2025 is a loss of €1.4m, after a profit of €137,603 in 2024. It is the lowest result since 2022.
Equity is negative. Debt (€2.2m) exceeds the balance-sheet total (€993,323).
- 2024 Staff (FTE) +644% on 2023. The accounts now follow the abbreviated format, last year the micro format.