AG CONSTRUCT TOITURES
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 04-07-2026 at the NBB all 23 filings
Turnover
≈ €2.8m
Estimated: probably between €2.1m and €3.7m
EBIT margin
Not included in this filing
Net result
€65,080▼ 18.7%
2024 · €80,056
Working capital
€285,607▼ 12.2%
2024 · €325,264
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€100,584
▲ 21.8%
2025
20182025
Net result
€65,080
▼ 18.7%
2025
middle half of the sector
20182025
Equity
€577,465
▼ 2.5%
2025
middle half of the sector
20182025
Total assets
€1.1m
▼ 13.5%
2025
middle half of the sector
20182025
Debt
€483,314
▼ 23.8%
2025
20182025
Working capital
€285,607
▼ 12.2%
2025
middle half of the sector
20182025
Solvency
54.4%
▲ 6.1pp
2025
middle half of the sector
20182025
Current ratio
2.28
▼ 0.09
2025
middle half of the sector
20182025
Return on assets (ROA)
6.1%
▼ 0.4pp
2025
middle half of the sector
20182025
Staff (FTE)
12
▼ 7.7%
2025
highest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result-€0.02m-€0.01m€0.03m▲ 244%€0.04m▲ 12.8%€0.1m▲ 259%€0.2m▲ 69.4%€0.08m▼ 65.3%€0.1m▲ 21.8%
Net result€0.02m--€0.001m€0.03mwithin the sector's middle half€0.02mwithin the sector's middle half▼ 25.6%€0.1mabove the sector's middle half▲ 462%€0.2mabove the sector's middle half▲ 53.1%€0.08mwithin the sector's middle half▼ 57.8%€0.07mwithin the sector's middle half▼ 18.7%
Equity€0.4m-€0.3m▼ 13.6%€0.3mwithin the sector's middle half▼ 0.1%€0.3mabove the sector's middle half▲ 6.9%€0.5mwithin the sector's middle half▲ 36.3%€0.6mwithin the sector's middle half▲ 25.4%€0.6mwithin the sector's middle half▲ 1.5%€0.6mwithin the sector's middle half▼ 2.5%
Total assets€0.8m-€0.7m▼ 16.2%€0.6mwithin the sector's middle half▼ 4.4%€0.7mabove the sector's middle half▲ 5.8%€1.3mwithin the sector's middle half▲ 86.4%€1.0mwithin the sector's middle half▼ 24.8%€1.2mwithin the sector's middle half▲ 28.8%€1.1mwithin the sector's middle half▼ 13.5%
Debt€0.4m-€0.4m▼ 18.5%€0.3m▼ 8.3%€0.3m▲ 4.8%€0.8m▲ 137%€0.4m▼ 54.0%€0.6m▲ 72.1%€0.5m▼ 23.8%
Working capital€0.3m-€0.2m▼ 22.6%€0.1mwithin the sector's middle half▼ 36.3%€0.08mwithin the sector's middle half▼ 38.8%€0.1mwithin the sector's middle half▲ 69.7%€0.3mwithin the sector's middle half▲ 103%€0.3mwithin the sector's middle half▲ 22.7%€0.3mwithin the sector's middle half▼ 12.2%
Solvency46.2%-47.6%▲ 1.4pp49.8%within the sector's middle half▲ 2.1pp50.3%within the sector's middle half▲ 0.5pp36.8%within the sector's middle half▼ 13.5pp61.3%above the sector's middle half▲ 24.6pp48.3%within the sector's middle half▼ 13.0pp54.4%within the sector's middle half▲ 6.1pp
Current ratio2.04-1.86▼ 0.181.56within the sector's middle half▼ 0.301.26within the sector's middle half▼ 0.291.18within the sector's middle half▼ 0.081.82within the sector's middle half▲ 0.642.37within the sector's middle half▲ 0.552.28within the sector's middle half▼ 0.09
Return on assets (ROA)2.8%--0.1%▼ 2.8pp4.6%within the sector's middle half▲ 4.7pp3.2%within the sector's middle half▼ 1.4pp9.8%within the sector's middle half▲ 6.5pp19.9%above the sector's middle half▲ 10.1pp6.5%within the sector's middle half▼ 13.4pp6.1%within the sector's middle half▼ 0.4pp
Staff (FTE)15.9-13▼ 18.2%13within the sector's middle half=15within the sector's middle half15within the sector's middle half=13within the sector's middle half▼ 13.3%12above the sector's middle half▼ 7.7%
above
within
below
The sector band is the middle half of the companies in Specialised construction activities (NACE 43). 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 22% higher than in 2024. It is a recovery after the fall in 2024.
Large changes and their cause
- 2022 Net result +462% on 2021. The accounts now follow the full format, last year the micro format.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €1.1m
Fixed assets
€551,988 ▼ 16.9%
Current assets
€508,791 ▼ 9.5%
Equity and liabilities €1.1m
Equity
€577,465 ▼ 2.5%
Debt
€483,314 ▼ 23.8%
Debt's share of the balance-sheet total falls from 51.7% to 45.6%. Equity and debt are lower.
Key figures and ratios
EBITDA
€258,807▲
2024 · €229,368
Cash flow
€223,304▼
2024 · €226,867
Quick ratio
2.10▼
2024 · 2.32
Debt to equity
0.84▼
2024 · 1.07
ROE
11.3%▼
2024 · 13.5%
Interest coverage
11.91▲
2024 · 10.53
Debt ≤ 1 year
€223,184▼
2024 · €237,022
Debt > 1 year
€260,130▼
2024 · €327,092
Income taxes
€24,924▲
2024 · €17,743
Staff costs
€721,244▼
2024 · €755,869
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2023 |
|---|---|
| Employees at the balance-sheet date | 14 |
| full-time | 14 |
| in full-time equivalents | 14 |
| Average over the year, in full-time equivalents | 14 |
| On a permanent contract | 11 |
| Joined | 2 |
| Left | 3 |
| Training hours | 806 |
Source: social balance sheet in the 2023 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €271,672 | €157,691 | €136,527 | €469,038 | €79,599 |
| Depreciation and write-downs of the year | €90,899 | €114,961 | €111,772 | €146,811 | €158,223 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €0.6m | €0.7m | €0.7m | €0.8m | €0.7m | ▼ 4.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.1m | €0.09m | €0.07m | €0.09m | €0.1m | €0.1m | €0.1m | €0.2m | ▲ 7.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | €0.02m | - | -€0.02m | €0.003m | -€0.003m | - |
| Other operating charges640/8 | - | - | - | €0.006m | €0.006m | €0.005m | €0.007m | €0.008m | ▲ 8.7% |
| Non-recurring operating charges66A | - | - | - | - | €0.02m | €0.01m | €0.01m | €0.02m | ▲ 33.9% |
| Gross operating margin9900 | €0.7m | €0.7m | €0.7m | €0.8m | €0.9m | €1.0m | €1.0m | €1.0m | ▼ 0.5% |
| Operating profit (loss)9901 | -€0.02m | €0.01m | €0.03m | €0.04m | €0.1m | €0.2m | €0.08m | €0.1m | ▲ 21.8% |
| Financial income75/76B | - | - | - | €0.001m | €0.03m | €0.03m | €0.04m | €0.01m | ▼ 69.9% |
| Recurring financial income75 | €129 | €0.001m | €10 | €0.001m | €0.001m | €0.003m | €0.002m | €0.003m | ▲ 14.5% |
| Non-recurring financial income76B | - | - | - | - | €0.02m | €0.02m | €0.03m | €0.009m | ▼ 75.2% |
| Financial charges65/66B | - | - | - | €0.005m | €0.007m | €0.008m | €0.02m | €0.02m | ▼ 0.3% |
| Recurring financial charges65 | €0.007m | €0.007m | €0.01m | €0.005m | €0.007m | €0.008m | €0.02m | €0.02m | ▼ 0.3% |
| Profit (loss) for the period before taxes9903 | €0.03m | €0.005m | €0.04m | €0.03m | €0.2m | €0.3m | €0.1m | €0.09m | ▼ 8.0% |
| Income taxes67/77 | €0.01m | €0.005m | €0.01m | €0.01m | €0.03m | €0.07m | €0.02m | €0.02m | ▲ 40.5% |
| Profit (loss) for the period9904 | €0.02m | -€0.001m | €0.03m | €0.02m | €0.1m | €0.2m | €0.08m | €0.07m | ▼ 18.7% |
| Profit (loss) for the period to be appropriated9905 | €0.02m | -€0.001m | €0.05m | €0.02m | €0.1m | €0.2m | €0.08m | €0.07m | ▼ 18.7% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €0.8m | €0.7m | €0.6m | €0.7m | €1.3m | €1.0m | €1.2m | €1.1m | ▼ 13.5% |
| Fixed assets21/28 | €0.3m | €0.2m | €0.3m | €0.3m | €0.4m | €0.4m | €0.7m | €0.6m | ▼ 16.9% |
| Tangible fixed assets22/27 | €0.3m | €0.2m | €0.3m | €0.3m | €0.4m | €0.4m | €0.7m | €0.6m | ▼ 16.9% |
| Plant, machinery and equipment23 | - | - | - | €0.04m | €0.04m | €0.03m | €0.1m | €0.08m | ▼ 14.6% |
| Furniture and vehicles24 | - | - | - | €0.1m | €0.2m | €0.2m | €0.09m | €0.08m | ▼ 19.3% |
| Leasing and similar rights25 | - | - | - | €0.2m | €0.2m | €0.2m | €0.5m | €0.4m | ▼ 16.9% |
| Financial fixed assets28 | €0.001m | €0.001m | €0.001m | €0.001m | €0.001m | €0.001m | €0.001m | €0.001m | = |
| Current assets29/58 | €0.5m | €0.4m | €0.4m | €0.4m | €0.9m | €0.6m | €0.6m | €0.5m | ▼ 9.5% |
| Stocks and contracts in progress3 | €0.02m | €0.02m | €0.03m | €0.04m | €0.05m | €0.01m | €0.01m | €0.04m | ▲ 200% |
| Stocks30/36 | - | - | - | €0.04m | €0.05m | €0.01m | €0.01m | €0.04m | ▲ 200% |
| Amounts receivable within one year40/41 | €0.1m | €0.2m | €0.09m | €0.2m | €0.6m | €0.2m | €0.2m | €0.2m | ▼ 1.5% |
| Trade receivables40 | - | - | - | €0.1m | €0.1m | €0.1m | €0.09m | €0.09m | ▼ 4.4% |
| Other amounts receivable41 | - | - | - | €0.04m | €0.5m | €0.04m | €0.07m | €0.07m | ▲ 1.9% |
| Current investments50/53 | €0.02m | €0.02m | €0.02m | - | - | €0.2m | - | - | - |
| Cash at bank and in hand54/58 | €0.3m | €0.1m | €0.2m | €0.1m | €0.2m | €0.2m | €0.3m | €0.3m | ▼ 25.0% |
| Deferred charges and accrued income490/1 | - | - | - | €0.05m | €0.04m | €0.04m | €0.04m | €0.05m | ▲ 20.7% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €0.8m | €0.7m | €0.6m | €0.7m | €1.3m | €1.0m | €1.2m | €1.1m | ▼ 13.5% |
| Equity10/15 | €0.4m | €0.3m | €0.3m | €0.3m | €0.5m | €0.6m | €0.6m | €0.6m | ▼ 2.5% |
| Contributions10/11 | €0.02m | €0.02m | - | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Reserves13 | €0.4m | €0.3m | €0.3m | €0.3m | €0.4m | €0.6m | €0.6m | €0.6m | ▼ 2.6% |
| Distributable reserves133 | - | - | - | €0.3m | €0.4m | €0.6m | €0.6m | €0.6m | ▼ 2.6% |
| Profit (loss) carried forward14 | €0.001m | €0.001m | €0.001m | €0.001m | €101 | €0.001m | €0.001m | €0.001m | ▲ 8.7% |
| Amounts payable17/49 | €0.4m | €0.4m | €0.3m | €0.3m | €0.8m | €0.4m | €0.6m | €0.5m | ▼ 23.8% |
| Amounts payable after more than one year17 | €0.2m | €0.1m | €0.1m | €0.04m | €0.08m | €0.04m | €0.3m | €0.3m | ▼ 20.5% |
| Financial debts170/4 | - | - | - | €0.04m | €0.08m | €0.04m | €0.3m | €0.3m | ▼ 20.5% |
| Amounts payable within one year42/48 | €0.2m | €0.2m | €0.2m | €0.3m | €0.7m | €0.3m | €0.2m | €0.2m | ▼ 5.8% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.05m | €0.07m | €0.03m | €0.07m | €0.07m | ▼ 3.0% |
| Trade debts44 | €0.1m | €0.1m | €0.1m | €0.2m | €0.2m | €0.1m | €0.1m | €0.2m | ▲ 10.8% |
| Suppliers440/4 | - | - | - | €0.2m | €0.2m | €0.1m | €0.1m | €0.2m | ▲ 10.8% |
| Taxes, remuneration and social security45 | - | - | - | €0.01m | €0.4m | €0.08m | €0.03m | €0.001m | ▼ 95.5% |
| Taxes450/3 | - | - | - | €0.005m | €0.02m | €0.04m | €314 | €0.001m | ▲ 209% |
| Remuneration and social security454/9 | - | - | - | €0.007m | €0.4m | €0.04m | €0.03m | €197 | ▼ 99.2% |
| Other amounts payable47/48 | - | - | - | €0.03m | €0.03m | €0.07m | €0.005m | €0.003m | ▼ 39.2% |
| Accrued charges and deferred income492/3 | - | - | - | €0.002m | - | €55 | €0.07m | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €22,119 | -€554 | €29,636 | €22,059 | €123,956 | €189,768 | €80,056 | €65,080 | ▼ 18.7% |
| + Depreciation and write-downs630 | €104,980 | €90,963 | €74,653 | €90,899 | €114,961 | €111,772 | €146,811 | €158,223 | ▲ 7.8% |
| Operating cash flow (approximation) | €127,099 | €90,409 | €104,289 | €112,958 | €238,918 | €301,540 | €226,867 | €223,304 | ▼ 1.6% |
| Investment in fixed assets (approximation) | - | -€33,079 | -€120,789 | -€111,495 | -€219,857 | -€58,374 | -€447,756 | -€46,211 | ▲ 89.7% |
| Change in cash | - | -€183,428 | €61,942 | -€81,430 | €66,721 | €41,800 | €135,116 | -€86,322 | - |
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, 20,136 companies had the same profile as AG CONSTRUCT TOITURES has now. Two years later, 95.0% were still going and 0.2% had gone bankrupt.
- Small
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
95.0%
was still going
4.7%
stopped otherwise
0.2%
went bankrupt
That fits the bankruptcy probability of AG CONSTRUCT TOITURES itself: 0.1% 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 20,136 companies, not a prediction for AG CONSTRUCT TOITURES. 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 23 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 04-07-2026 | 2026-00259722 | |
| 31-12-2024 | full format | 29-08-2025 | 2025-00438852 | |
| 31-12-2023 | full format | 30-08-2024 | 2024-00447526 | |
| 31-12-2022 | full format | 31-08-2023 | 2023-00434778 | |
| 31-12-2021 | micro format | 31-08-2022 | 2022-20407043 | |
| 31-12-2020 | full format | 30-08-2021 | 2021-65000595 | |
| 31-12-2019 | full format | 31-08-2020 | 2020-47800150 | |
| 31-12-2018 | full format | 29-08-2019 | 2019-56600078 | |
| 31-12-2017 | full format | 31-08-2018 | 2018-57200157 | |
| 31-12-2016 | micro format | 23-08-2017 | 2017-46600479 |