A.V.K. CONSTRUCT
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 30-06-2026 at the NBB all 15 filings
Turnover
≈ €250,000
Estimated: probably between €140,000 and €450,000
EBIT margin
Not included in this filing
Net result
€5,492▼ 57.0%
2024 · €12,763
Working capital
€184,753▼ 4.3%
2024 · €193,151
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€13,068
▼ 42.8%
2025
20182025
Net result
€5,492
▼ 57.0%
2025
middle half of the sector
20182025
Equity
€204,224
▼ 1.2%
2025
highest quarter of the sector
20182025
Total assets
€353,309
▼ 3.8%
2025
highest quarter of the sector
20182025
Debt
€149,085
▼ 7.1%
2025
20182025
Working capital
€184,753
▼ 4.3%
2025
highest quarter of the sector
20182025
Solvency
57.8%
▲ 1.5pp
2025
middle half of the sector
20182025
Current ratio
2.51
▲ 0.22
2025
middle half of the sector
20182025
Return on assets (ROA)
1.6%
▼ 1.9pp
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result-€3,457-€14,596€25,334▲ 73.6%€34,114▲ 34.7%€43,441▲ 27.3%€36,775▼ 15.3%€22,849▼ 37.9%€13,068▼ 42.8%
Net result-€5,580-€6,736€18,024within the sector's middle half▲ 168%€22,801within the sector's middle half▲ 26.5%€25,951within the sector's middle half▲ 13.8%€23,631within the sector's middle half▼ 8.9%€12,763within the sector's middle half▼ 46.0%€5,492within the sector's middle half▼ 57.0%
Equity€84,426-€103,562▲ 22.7%€121,586above the sector's middle half▲ 17.4%€144,387above the sector's middle half▲ 18.8%€170,338above the sector's middle half▲ 18.0%€193,969above the sector's middle half▲ 13.9%€206,732above the sector's middle half▲ 6.6%€204,224above the sector's middle half▼ 1.2%
Total assets€160,337-€119,544▼ 25.4%€161,680within the sector's middle half▲ 35.2%€332,178above the sector's middle half▲ 105%€357,912above the sector's middle half▲ 7.7%€315,376above the sector's middle half▼ 11.9%€367,263above the sector's middle half▲ 16.5%€353,309above the sector's middle half▼ 3.8%
Debt€75,910-€15,982▼ 78.9%€40,094▲ 151%€187,792▲ 368%€187,574▼ 0.1%€121,407▼ 35.3%€160,531▲ 32.2%€149,085▼ 7.1%
Working capital€77,496-€99,771▲ 28.7%€118,238above the sector's middle half▲ 18.5%€149,522above the sector's middle half▲ 26.5%€165,626above the sector's middle half▲ 10.8%€177,497above the sector's middle half▲ 7.2%€193,151above the sector's middle half▲ 8.8%€184,753above the sector's middle half▼ 4.3%
Solvency52.7%-86.6%▲ 34.0pp75.2%above the sector's middle half▼ 11.4pp43.5%within the sector's middle half▼ 31.7pp47.6%within the sector's middle half▲ 4.1pp61.5%within the sector's middle half▲ 13.9pp56.3%within the sector's middle half▼ 5.2pp57.8%within the sector's middle half▲ 1.5pp
Current ratio2.02-7.24▲ 5.223.95above the sector's middle half▼ 3.292.09within the sector's middle half▼ 1.862.09within the sector's middle half▼ 0.012.77within the sector's middle half▲ 0.682.29within the sector's middle half▼ 0.482.51within the sector's middle half▲ 0.22
Return on assets (ROA)-3.5%-5.6%▲ 9.1pp11.1%within the sector's middle half▲ 5.5pp6.9%within the sector's middle half▼ 4.3pp7.3%within the sector's middle half▲ 0.4pp7.5%within the sector's middle half▲ 0.2pp3.5%within the sector's middle half▼ 4.0pp1.6%within the sector's middle half▼ 1.9pp
above
within
below
The sector band is the middle half of the companies in Construction of residential and non-residential buildings (NACE 41). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30.
The operating result for 2025 is 43% lower than in 2024 and the lowest since 2021. It is the third fall in a row.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €353,309
Fixed assets
€46,335 ▲ 93.1%
Current assets
€306,974 ▼ 10.6%
Equity and liabilities €353,309
Equity
€204,224 ▼ 1.2%
Debt
€149,085 ▼ 7.1%
Debt's share of the balance-sheet total falls from 43.7% to 42.2%. Equity and debt are lower.
Key figures and ratios
EBITDA
€28,877▼
2024 · €37,776
Cash flow
€21,301▼
2024 · €27,690
Quick ratio
1.84▲
2024 · 1.52
Debt to equity
0.73▼
2024 · 0.78
ROE
2.7%▼
2024 · 6.2%
Interest coverage
6.47▼
2024 · 11.10
Debt ≤ 1 year
€122,221▼
2024 · €150,120
Debt > 1 year
€26,864▲
2024 · €10,411
Income taxes
€3,111▼
2024 · €6,684
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €45,684 | €41,433 | €12,025 | €1,507 | €38,153 |
| Depreciation and write-downs of the year | €3,419 | €9,612 | €14,280 | €14,928 | €15,809 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0 | €3,138 | €2,313 | €3,419 | €9,612 | €14,280 | €14,928 | €15,809 | ▲ 5.9% |
| Other operating charges640/8 | - | - | - | €20,370 | €23,888 | €13,862 | €6,168 | €6,732 | ▲ 9.1% |
| Gross operating margin9900 | -€1,711 | €20,227 | €29,567 | €57,903 | €76,940 | €64,917 | €43,944 | €35,609 | ▼ 19.0% |
| Operating profit (loss)9901 | -€3,457 | €14,596 | €25,334 | €34,114 | €43,441 | €36,775 | €22,849 | €13,068 | ▼ 42.8% |
| Recurring financial income75 | - | €2,044 | €68 | - | - | - | - | - | - |
| Financial charges65/66B | - | - | - | €533 | €5,250 | €3,079 | €3,402 | €4,464 | ▲ 31.2% |
| Recurring financial charges65 | €1,743 | €1,571 | €1,226 | €533 | €5,250 | €3,079 | €3,402 | €4,464 | ▲ 31.2% |
| Profit (loss) for the period before taxes9903 | -€1,200 | €15,069 | €24,176 | €33,582 | €38,191 | €33,696 | €19,447 | €8,603 | ▼ 55.8% |
| Income taxes67/77 | €4,380 | €8,333 | €6,152 | €10,781 | €12,239 | €10,065 | €6,684 | €3,111 | ▼ 53.5% |
| Profit (loss) for the period9904 | -€5,580 | €6,736 | €18,024 | €22,801 | €25,951 | €23,631 | €12,763 | €5,492 | ▼ 57.0% |
| Profit (loss) for the period to be appropriated9905 | -€5,580 | €6,736 | €18,024 | €22,801 | €25,951 | €23,631 | €12,763 | €5,492 | ▼ 57.0% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €160,337 | €119,544 | €161,680 | €332,178 | €357,912 | €315,376 | €367,263 | €353,309 | ▼ 3.8% |
| Fixed assets21/28 | €6,930 | €3,792 | €3,348 | €45,614 | €39,666 | €37,412 | €23,991 | €46,335 | ▲ 93.1% |
| Tangible fixed assets22/27 | €6,105 | €2,967 | €2,523 | €44,789 | €38,841 | €36,587 | €23,166 | €45,510 | ▲ 96.5% |
| Plant, machinery and equipment23 | - | - | - | €1,397 | €3,159 | €10,552 | €7,564 | €5,248 | ▼ 30.6% |
| Furniture and vehicles24 | - | - | - | €43,391 | €35,682 | €26,035 | €15,602 | €40,263 | ▲ 158% |
| Financial fixed assets28 | €825 | €825 | €825 | €825 | €825 | €825 | €825 | €825 | = |
| Current assets29/58 | €153,407 | €115,753 | €158,332 | €286,565 | €318,246 | €277,965 | €343,272 | €306,974 | ▼ 10.6% |
| Stocks and contracts in progress3 | - | €17,500 | €40,980 | €32,510 | €89,704 | €105,763 | €115,750 | €82,500 | ▼ 28.7% |
| Contracts in progress37 | - | - | - | €32,510 | €89,704 | €105,763 | €115,750 | €82,500 | ▼ 28.7% |
| Amounts receivable within one year40/41 | €5,337 | €25,200 | €115,796 | €173,015 | €172,237 | €169,832 | €204,179 | €189,261 | ▼ 7.3% |
| Trade receivables40 | - | - | - | €152,919 | €163,692 | €159,050 | €204,179 | €178,328 | ▼ 12.7% |
| Other amounts receivable41 | - | - | - | €20,097 | €8,545 | €10,781 | - | €10,933 | - |
| Cash at bank and in hand54/58 | €139,694 | €53 | €107 | €79,074 | €54,896 | €350 | €20,537 | €31,601 | ▲ 53.9% |
| Deferred charges and accrued income490/1 | - | - | - | €1,966 | €1,409 | €2,021 | €2,806 | €3,612 | ▲ 28.7% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €160,337 | €119,544 | €161,680 | €332,178 | €357,912 | €315,376 | €367,263 | €353,309 | ▼ 3.8% |
| Equity10/15 | €84,426 | €103,562 | €121,586 | €144,387 | €170,338 | €193,969 | €206,732 | €204,224 | ▼ 1.2% |
| Contributions10/11 | €6,200 | €18,600 | - | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | - | - | - | €22,500 | €47,500 | €70,500 | €82,500 | €86,500 | ▲ 4.8% |
| Distributable reserves133 | - | - | - | €22,500 | €47,500 | €70,500 | €82,500 | €86,500 | ▲ 4.8% |
| Profit (loss) carried forward14 | €78,226 | €84,962 | €102,986 | €103,287 | €104,238 | €104,869 | €105,632 | €99,124 | ▼ 6.2% |
| Amounts payable17/49 | €75,910 | €15,982 | €40,094 | €187,792 | €187,574 | €121,407 | €160,531 | €149,085 | ▼ 7.1% |
| Amounts payable after more than one year17 | - | - | - | €50,749 | €34,954 | €20,939 | €10,411 | €26,864 | ▲ 158% |
| Financial debts170/4 | - | - | - | €50,749 | €34,954 | €20,939 | €10,411 | €26,864 | ▲ 158% |
| Amounts payable within one year42/48 | €75,910 | €15,982 | €40,094 | €137,043 | €152,620 | €100,468 | €150,120 | €122,221 | ▼ 18.6% |
| Current portion of amounts payable after more than one year42 | - | - | - | €15,484 | €15,795 | €14,015 | €10,528 | €17,091 | ▲ 62.3% |
| Financial debts43 | - | - | - | - | - | €7,450 | - | - | - |
| Credit institutions430/8 | - | - | - | - | - | €7,450 | - | - | - |
| Trade debts44 | €62,000 | €10,463 | €26,777 | €98,615 | €105,533 | €44,816 | €107,027 | €72,093 | ▼ 32.6% |
| Suppliers440/4 | - | - | - | €98,615 | €105,533 | €44,816 | €107,027 | €72,093 | ▼ 32.6% |
| Taxes, remuneration and social security45 | - | - | - | €22,768 | €28,976 | €26,033 | €26,012 | €10,519 | ▼ 59.6% |
| Taxes450/3 | - | - | - | €22,768 | €28,976 | €26,033 | €26,012 | €10,519 | ▼ 59.6% |
| Other amounts payable47/48 | - | - | - | €176 | €2,316 | €8,154 | €6,552 | €22,517 | ▲ 244% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€5,580 | €6,736 | €18,024 | €22,801 | €25,951 | €23,631 | €12,763 | €5,492 | ▼ 57.0% |
| + Depreciation and write-downs630 | €0 | €3,138 | €2,313 | €3,419 | €9,612 | €14,280 | €14,928 | €15,809 | ▲ 5.9% |
| Operating cash flow (approximation) | -€5,580 | €9,874 | €20,337 | €26,219 | €35,563 | €37,911 | €27,690 | €21,301 | ▼ 23.1% |
| Investment in fixed assets (approximation) | - | €0 | -€1,869 | -€45,684 | -€3,664 | -€12,025 | -€1,507 | -€38,153 | ▼ 2,431% |
| Change in cash | - | -€139,642 | €54 | €78,967 | -€24,178 | -€54,546 | €20,187 | €11,065 | ▼ 45.2% |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Historical observation
In July 2024, 10,904 companies had the same profile as A.V.K. CONSTRUCT has now. Two years later, 95.1% were still going and 0.7% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit under 5% of the balance sheet
95.1%
was still going
4.0%
stopped otherwise
0.7%
went bankrupt
That fits the bankruptcy probability of A.V.K. CONSTRUCT itself: 0.4% within 12 months.
Test of the method
The method was tested on the 497,446 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 10,904 companies, not a prediction for A.V.K. CONSTRUCT. 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.
Latest 10 of 15 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 30-06-2026 | 2026-00231655 | |
| 31-12-2024 | micro format | 02-07-2025 | 2025-00230249 | |
| 31-12-2023 | micro format | 14-05-2024 | 2024-00088215 | |
| 31-12-2022 | micro format | 25-05-2023 | 2023-00096555 | |
| 31-12-2021 | micro format | 02-05-2022 | 2022-20018828 | |
| 31-12-2020 | micro format | 24-06-2021 | 2021-23900305 | |
| 31-12-2019 | micro format | 09-10-2020 | 2020-60500020 | |
| 31-12-2018 | full format | 15-10-2019 | 2019-70400427 | |
| 31-12-2017 | full format | 24-09-2018 | 2018-66400178 | |
| 31-12-2016 | full format | 12-09-2017 | 2017-61000327 |