48 Construct
Annual accounts 2025
micro format, filed on 19-08-2026, 19 days lateTurnover and EBIT margin are not published. The micro format does not require them.
Balance sheet
balance sheet total €80,787 on 31-12-2025in euro
in euro
Position in the sector
-28.8%
Higher than 9% of 17,190 companies in 2025.
0.74
Higher than 36% of 16,487 companies in 2025.
-28.1%
Lower than 95% of 16,866 companies in 2025.
Net result: bottom quarter · Equity: bottom quarter · Balance sheet total: bottom quarter · Working capital: middle half
Filed annual accounts
as filed with the National Bank, click a year to choose it| Line | Trend | 2025 | 2024 |
|---|---|---|---|
| Balance sheet: assets | |||
20/58 |
80,787 | 130,217 | |
21/28 |
3,538 | 17,023 | |
22/27 |
3,538 | 16,006 | |
23 |
3,538 | 4,481 | |
24 |
0 | 11,525 | |
28 |
0 | 1,016 | |
29/58 |
77,249 | 113,194 | |
3 |
15,000 | 15,000 | |
30/36 |
15,000 | 15,000 | |
40/41 |
61,578 | 96,666 | |
40 |
60,571 | 90,617 | |
41 |
1,007 | 6,049 | |
54/58 |
173 | 1,528 | |
490/1 |
498 | - | |
| Balance sheet: equity and liabilities | |||
10/49 |
80,787 | 130,217 | |
10/15 |
-23,296 | -605 | |
10/11 |
1,000 | 1,000 | |
14 |
-24,296 | -1,605 | |
17/49 |
104,082 | 130,822 | |
17 |
0 | 3,808 | |
170/4 |
0 | 3,808 | |
42/48 |
104,082 | 126,416 | |
42 |
4,274 | 5,461 | |
44 |
18,756 | 46,064 | |
440/4 |
18,756 | 46,064 | |
46 |
0 | 8,110 | |
47/48 |
81,052 | 66,781 | |
492/3 |
0 | 598 | |
| Income statement | |||
9900 |
-14,363 | 6,662 | |
630 |
943 | 4,818 | |
640/8 |
176 | 1,788 | |
66A |
1,016 | 94 | |
9901 |
-16,499 | -38 | |
75/76B |
26 | 7 | |
75 |
26 | 7 | |
65/66B |
6,217 | 1,574 | |
65 |
692 | 1,574 | |
66B |
5,525 | - | |
9903 |
-22,691 | -1,605 | |
9904 |
-22,691 | -1,605 | |
9905 |
-22,691 | -1,605 | |
| Appropriation of the result | |||
9906 |
-24,296 | -1,605 | |
14P |
-1,605 | - | |
| Document | |||
The notes to these accounts have 17 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 19-08-2026.
Filings
each dot is a set of accounts, on the day it reached the National Bank2025 annual accounts filed 19 days after the deadline. Filed on 19 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00406210.
Key figures and ratios
per financial year, computed from the annual accounts| Line | Trend | 2025 | 2024 |
|---|---|---|---|
| -15,556 | 4,780 | ||
| -21,747 | 3,213 | ||
| 0 | 21,841 | ||
| -1,355 | - | ||
| -26,834 | -13,222 | ||
| -28.8% | -0.5% | ||
| 0.74 | 0.90 | ||
| 0.60 | 0.78 | ||
| -28.1% | -1.2% | ||
| -22.48 | 3.04 |
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.
Investments
fixed assets acquired| Item | 2025 | 2024 |
|---|---|---|
| Tangible fixed assets | - | €20,824 |
| Financial fixed assets | €0 | €1,016 |
| €943 | €4,818 |
Source: notes to the 2024 to 2025 annual accounts (statement of fixed assets)
Insights on 48 Construct
The operating result for 2025 is a loss of €16,499, larger than the loss of €38 in 2024.
Equity is negative. Debt (€104,082) exceeds the balance-sheet total (€80,787).