ALL - STYLE CONSTRUCT
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 17-07-2026 at the NBB all 27 filings
Turnover
≈ €980,000
Estimated: probably between €660,000 and €1.2m
Total assets
€2.2m▼ 8.8%
2024 · €2.4m
Net result
-€32,431
2024 · €97,606
Working capital
€301,086
2024 · -€87,213
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
-€27,977
2025
20192025
Net result
-€32,431
2025
lowest quarter of the sector
20192025
Equity
€1.1m
▼ 3.0%
2025
highest quarter of the sector
20192025
Total assets
€2.2m
▼ 8.8%
2025
highest quarter of the sector
20192025
Debt
€1.0m
▼ 14.2%
2025
20192025
Working capital
€301,086
2025
middle half of the sector
20192025
Solvency
47.7%
▲ 2.9pp
2025
middle half of the sector
20192025
Current ratio
3.26
▲ 2.43
2025
highest quarter of the sector
20192025
Return on assets (ROA)
-1.5%
▼ 5.5pp
2025
lowest quarter of the sector
20192025
Staff (FTE)
0.4
=
2025
lowest quarter of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€0.02m-€0.03m▲ 7.5%€0.8m▲ 30×€0.1m▼ 87.9%€0.2m▲ 83.7%€0.1m▼ 17.5%-€0.03m
Net result€0.001m-€0.001mwithin the sector's middle half▼ 5.0%€0.6mabove the sector's middle half▲ 414×€0.07mabove the sector's middle half▼ 87.6%€0.1mabove the sector's middle half▲ 97.3%€0.1mwithin the sector's middle half▼ 31.9%-€0.03mbelow the sector's middle half
Equity€0.2m-€0.2mabove the sector's middle half▲ 0.7%€0.8mabove the sector's middle half▲ 306%€0.8mabove the sector's middle half▲ 9.4%€1.0mabove the sector's middle half▲ 16.9%€1.1mabove the sector's middle half▲ 9.8%€1.1mabove the sector's middle half▼ 3.0%
Total assets€1.1m-€0.9mabove the sector's middle half▼ 16.1%€1.6mabove the sector's middle half▲ 72.8%€2.6mabove the sector's middle half▲ 60.0%€2.6mabove the sector's middle half▼ 0.2%€2.4mabove the sector's middle half▼ 6.3%€2.2mabove the sector's middle half▼ 8.8%
Debt€0.9m-€0.7m▼ 19.6%€0.7m▼ 8.2%€1.6m▲ 132%€1.5m▼ 8.6%€1.2m▼ 19.1%€1.0m▼ 14.2%
Working capital-€0.1m--€0.1mbelow the sector's middle half▲ 12.0%€0.4mabove the sector's middle half€0.002mbelow the sector's middle half▼ 99.5%-€0.007mbelow the sector's middle half-€0.09mbelow the sector's middle half▼ 1,107%€0.3mwithin the sector's middle half
Solvency16.9%-20.3%within the sector's middle half▲ 3.4pp47.7%within the sector's middle half▲ 27.4pp32.6%within the sector's middle half▼ 15.1pp38.2%within the sector's middle half▲ 5.6pp44.8%within the sector's middle half▲ 6.6pp47.7%within the sector's middle half▲ 2.9pp
Current ratio0.77-0.77below the sector's middle half=1.80within the sector's middle half▲ 1.041.00below the sector's middle half▼ 0.800.99below the sector's middle half▼ 0.010.83below the sector's middle half▼ 0.163.26above the sector's middle half▲ 2.43
Return on assets (ROA)0.1%-0.2%below the sector's middle half=35.9%above the sector's middle half▲ 35.8pp2.8%within the sector's middle half▼ 33.1pp5.5%within the sector's middle half▲ 2.7pp4.0%within the sector's middle half▼ 1.5pp-1.5%below the sector's middle half▼ 5.5pp
Staff (FTE)0.4-0.4below the sector's middle half=1▲ 150%1=0.4below the sector's middle half▼ 60.0%0.4below the sector's middle half=0.4below the sector's middle half=
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 a loss of €27,977, after a profit of €145,210 in 2024. It is the lowest result since 2019.
Large changes and their cause
- 2022 Net result -88% on 2021. The 2021 profit included a one-off income of €799,939.
- 2021 Net result +41,255% on 2020. The 2021 profit included a one-off income of €799,939.
Turnover and EBIT margin are not published. The abbreviated or micro format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €2.2m
Fixed assets
€1.8m ▼ 11.3%
Current assets
€434,476 ▲ 3.3%
Equity and liabilities €2.2m
Equity
€1.1m ▼ 3.0%
Provisions
€146,286 ▼ 8.8%
Debt
€1.0m ▼ 14.2%
Debt's share of the balance-sheet total falls from 48.6% to 45.7%. Equity and debt are lower.
Key figures and ratios
EBITDA
€225,301▼
2024 · €381,589
Cash flow
€220,847▼
2024 · €333,985
Quick ratio
2.58▲
2024 · 0.67
Debt to equity
0.96▼
2024 · 1.08
ROE
-3.1%▼
2024 · 9.0%
Interest coverage
15.14▼
2024 · 24.61
Debt ≤ 1 year
€133,390▼
2024 · €507,759
Debt > 1 year
€878,984▲
2024 · €671,988
Income taxes
€4,806▼
2024 · €14,527
Staff costs
€18,628▲
2024 · €17,804
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 1 | 1 | 1 | 1 | 1 |
| part-time | 1 | 1 | 1 | 1 | 1 |
| in full-time equivalents | 0.4 | 0.4 | 0.4 | 0.4 | 0.4 |
| Average over the year, in full-time equivalents | 0.4 | 0.4 | 0.4 | 0.4 | 0.4 |
| On a permanent contract | 1 | 1 | 1 | 1 | 1 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €669,610 | €1.3m | €278,439 | €369,371 | €25,468 |
| Depreciation and write-downs of the year | €115,411 | €159,361 | €206,234 | €236,379 | €253,279 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | €799,939 | - | - | €18,489 | - | - |
| Remuneration, social security and pensions62 | - | - | €11,947 | €18,991 | €21,184 | €17,804 | €18,628 | ▲ 4.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €161,553 | €151,956 | €115,411 | €159,361 | €206,234 | €236,379 | €253,279 | ▲ 7.1% |
| Other operating charges640/8 | - | - | €11,932 | €3,818 | €3,885 | €8,554 | €2,998 | ▼ 65.0% |
| Non-recurring operating charges66A | - | - | - | €49,048 | €300 | - | - | - |
| Gross operating margin9900 | €208,016 | €200,553 | €930,492 | €327,075 | €407,721 | €407,946 | €246,927 | ▼ 39.5% |
| Operating profit (loss)9901 | €24,549 | €26,398 | €791,202 | €95,857 | €176,118 | €145,210 | -€27,977 | - |
| Financial income75/76B | - | - | €229 | €2,053 | - | €13 | €1,161 | ▲ 89× |
| Recurring financial income75 | €129 | €742 | €229 | €2,053 | - | €13 | €1,161 | ▲ 89× |
| Financial charges65/66B | - | - | €27,689 | €16,570 | €18,097 | €15,508 | €14,884 | ▼ 4.0% |
| Recurring financial charges65 | €21,742 | €20,768 | €27,689 | €16,570 | €18,097 | €15,508 | €14,884 | ▼ 4.0% |
| Profit (loss) for the period before taxes9903 | €2,936 | €6,372 | €763,741 | €81,341 | €158,021 | €129,715 | -€41,701 | - |
| Transfer from deferred taxes780 | - | - | €9,594 | €6,924 | €12,370 | €13,484 | €14,076 | ▲ 4.4% |
| Transfer to deferred taxes680 | - | - | €171,668 | - | - | €31,066 | - | - |
| Income taxes67/77 | €1,449 | €4,960 | €17,751 | €15,602 | €27,016 | €14,527 | €4,806 | ▼ 66.9% |
| Profit (loss) for the period9904 | €1,487 | €1,412 | €583,917 | €72,662 | €143,375 | €97,606 | -€32,431 | - |
| Transfer from tax-exempt reserves789 | - | - | €28,783 | €20,771 | €37,110 | €40,452 | €42,228 | ▲ 4.4% |
| Transfer to tax-exempt reserves689 | - | - | €515,003 | - | - | €93,199 | - | - |
| Profit (loss) for the period to be appropriated9905 | €1,487 | €1,412 | €97,697 | €93,433 | €180,485 | €44,859 | €9,796 | ▼ 78.2% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €1.1m | €0.9m | €1.6m | €2.6m | €2.6m | €2.4m | €2.2m | ▼ 8.8% |
| Fixed assets21/28 | €0.7m | €0.6m | €0.7m | €1.8m | €1.9m | €2.0m | €1.8m | ▼ 11.3% |
| Intangible fixed assets21 | €0.005m | €0.003m | - | - | - | - | - | - |
| Tangible fixed assets22/27 | €0.7m | €0.6m | €0.7m | €1.8m | €1.9m | €2.0m | €1.8m | ▼ 11.3% |
| Land and buildings22 | - | - | €0.08m | €1.3m | €1.4m | €1.6m | €1.5m | ▼ 5.6% |
| Plant, machinery and equipment23 | - | - | €0.6m | €0.5m | €0.5m | €0.4m | €0.2m | ▼ 34.2% |
| Furniture and vehicles24 | - | - | €0.02m | €0.01m | €0.01m | €0.04m | €0.03m | ▼ 32.3% |
| Current assets29/58 | €0.4m | €0.4m | €1.0m | €0.8m | €0.7m | €0.4m | €0.4m | ▲ 3.3% |
| Stocks and contracts in progress3 | €0.2m | €0.2m | €0.02m | €0.03m | €0.06m | €0.08m | €0.09m | ▲ 14.8% |
| Stocks30/36 | - | - | €0.02m | €0.03m | €0.06m | €0.08m | €0.09m | ▲ 14.8% |
| Amounts receivable within one year40/41 | €0.1m | €0.1m | €0.04m | €0.2m | €0.2m | €0.2m | €0.3m | ▲ 32.9% |
| Trade receivables40 | - | - | €0.03m | €0.1m | €0.2m | €0.06m | €0.1m | ▲ 120% |
| Other amounts receivable41 | - | - | €0.006m | €0.04m | €0.02m | €0.1m | €0.1m | ▼ 4.7% |
| Cash at bank and in hand54/58 | €0.01m | €0.007m | €0.03m | €0.2m | €0.5m | €0.1m | €0.08m | ▼ 43.7% |
| Deferred charges and accrued income490/1 | - | - | €0.9m | €0.4m | €0.02m | €0.004m | €0.006m | ▲ 49.0% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €1.1m | €0.9m | €1.6m | €2.6m | €2.6m | €2.4m | €2.2m | ▼ 8.8% |
| Equity10/15 | €0.2m | €0.2m | €0.8m | €0.8m | €1.0m | €1.1m | €1.1m | ▼ 3.0% |
| Contributions10/11 | €0.02m | - | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Reserves13 | €0.01m | €0.2m | €0.8m | €0.8m | €1.0m | €1.1m | €1.0m | ▼ 3.0% |
| Tax-exempt reserves132 | - | - | €0.5m | €0.5m | €0.4m | €0.5m | €0.4m | ▼ 8.8% |
| Distributable reserves133 | - | - | €0.3m | €0.4m | €0.5m | €0.6m | €0.6m | ▲ 1.7% |
| Profit (loss) carried forward14 | €0.2m | - | - | - | - | - | - | - |
| Provisions and deferred taxes16 | - | - | €0.2m | €0.2m | €0.1m | €0.2m | €0.1m | ▼ 8.8% |
| Deferred taxes168 | - | - | €0.2m | €0.2m | €0.1m | €0.2m | €0.1m | ▼ 8.8% |
| Amounts payable17/49 | €0.9m | €0.7m | €0.7m | €1.6m | €1.5m | €1.2m | €1.0m | ▼ 14.2% |
| Amounts payable after more than one year17 | €0.4m | €0.3m | €0.2m | €0.8m | €0.7m | €0.7m | €0.9m | ▲ 30.8% |
| Financial debts170/4 | - | - | €0.2m | €0.8m | €0.7m | €0.7m | €0.9m | ▲ 30.8% |
| Amounts payable within one year42/48 | €0.5m | €0.5m | €0.5m | €0.8m | €0.7m | €0.5m | €0.1m | ▼ 73.7% |
| Current portion of amounts payable after more than one year42 | - | - | €0.05m | €0.09m | €0.06m | €0.07m | €0.07m | = |
| Financial debts43 | - | - | €0.1m | - | - | - | €103 | - |
| Credit institutions430/8 | - | - | €0.1m | - | - | - | €103 | - |
| Trade debts44 | €0.1m | €0.06m | €0.08m | €0.3m | €0.04m | €0.07m | €0.02m | ▼ 69.2% |
| Suppliers440/4 | - | - | €0.08m | €0.3m | €0.04m | €0.07m | €0.02m | ▼ 69.2% |
| Taxes, remuneration and social security45 | - | - | €0.01m | €0.02m | €0.03m | €0.02m | €0.002m | ▼ 88.5% |
| Taxes450/3 | - | - | €0.01m | €0.02m | €0.03m | €0.02m | - | - |
| Remuneration and social security454/9 | - | - | €0.003m | €0.002m | €0.004m | €0.002m | €0.002m | ▲ 5.0% |
| Other amounts payable47/48 | - | - | €0.3m | €0.4m | €0.6m | €0.3m | €0.04m | ▼ 88.3% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €0.001m | €0.001m | €0.6m | €0.07m | €0.1m | €0.1m | -€0.03m | - |
| + Depreciation and write-downs630 | €0.2m | €0.2m | €0.1m | €0.2m | €0.2m | €0.2m | €0.3m | ▲ 7.1% |
| Operating cash flow (approximation) | €0.2m | €0.2m | €0.7m | €0.2m | €0.3m | €0.3m | €0.2m | ▼ 33.9% |
| Investment in fixed assets (approximation) | - | -€0.02m | -€0.2m | -€1.3m | -€0.3m | -€0.4m | -€0.03m | ▲ 93.0% |
| Change in cash | - | -€0.006m | €0.02m | €0.1m | €0.3m | -€0.3m | -€0.06m | ▲ 79.7% |
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, 12,322 companies had the same profile as ALL - STYLE CONSTRUCT has now. Two years later, 90.3% were still going and 0.7% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a small loss
90.3%
was still going
8.6%
stopped otherwise
0.7%
went bankrupt
Another 0.5% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of ALL - STYLE CONSTRUCT itself: 0.2% 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 12,322 companies, not a prediction for ALL - STYLE 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 27 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 17-07-2026 | 2026-00314603 | |
| 31-12-2024 | abbreviated format | 18-07-2025 | 2025-00294213 | |
| 31-12-2023 | abbreviated format | 27-06-2024 | 2024-00191717 | |
| 31-12-2022 | micro format | 13-07-2023 | 2023-00237405 | |
| 31-12-2021 | micro format | 23-06-2022 | 2022-20090571 | |
| 31-03-2020 | micro format | 01-10-2020 | 2020-58200062 | |
| 31-03-2019 | micro format | 01-10-2019 | 2019-67900185 | |
| 31-03-2018 | micro format | 27-09-2018 | 2018-65900137 | |
| 31-03-2017 | micro format | 22-09-2017 | 2017-61700394 | |
| 31-03-2016 | abbreviated format | 30-09-2016 | 2016-62500346 |