AQUA.COM
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 15-07-2026 at the NBB all 32 filings
Turnover
€23.1m▼ 1.6%
2024 · €23.5m
EBIT margin
6.0%▼ 3.8pp
2024 · 9.8%
Net result
€1.1m▼ 38.6%
2024 · €1.8m
Working capital
€9.9m▲ 17.6%
2024 · €8.4m
In the rankings
#1 company by total assets in Koekelare, Construction sector#1 company by equity in Koekelare, Construction sector#10 company by staff growth in West Flanders, Civil engineering sector
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
€23.1m
▼ 1.6%
2025
20182025
Operating result
€1.4m
▼ 39.6%
2025
20182025
Net result
€1.1m
▼ 38.6%
2025
highest quarter of the sector
20182025
EBIT margin
6.0%
▼ 3.8pp
2025
20182025
Equity
€9.7m
▲ 13.2%
2025
highest quarter of the sector
20182025
Total assets
€13.3m
▲ 2.6%
2025
middle half of the sector
20182025
Debt
€3.3m
▼ 19.4%
2025
20182025
Working capital
€9.9m
▲ 17.6%
2025
highest quarter of the sector
20182025
Solvency
73.2%
▲ 6.9pp
2025
highest quarter of the sector
20182025
Current ratio
4.34
▲ 1.31
2025
highest quarter of the sector
20182025
Return on assets (ROA)
8.6%
▼ 5.7pp
2025
middle half of the sector
20182025
Staff (FTE)
13.8
▲ 6.2%
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
Turnover€15.9m-€18.1m▲ 14.3%€19.0m▲ 5.0%€24.4m▲ 28.5%€23.9m▼ 2.1%€23.1m▼ 3.2%€23.5m▲ 1.4%€23.1m▼ 1.6%
Operating result€2.0m-€1.9m▼ 5.4%€2.1m▲ 9.0%€2.8m▲ 36.2%€3.2m▲ 11.7%€1.9m▼ 39.4%€2.3m▲ 19.5%€1.4m▼ 39.6%
Net result€1.4m-€1.3m▼ 4.8%€1.6mabove the sector's middle half▲ 23.7%€2.1mabove the sector's middle half▲ 32.7%€2.2mabove the sector's middle half▲ 3.1%€1.6mabove the sector's middle half▼ 29.0%€1.8mabove the sector's middle half▲ 18.1%€1.1mabove the sector's middle half▼ 38.6%
EBIT margin12.8%-10.6%▼ 2.2pp11.0%▲ 0.4pp11.6%▲ 0.7pp13.3%▲ 1.6pp8.3%▼ 5.0pp9.8%▲ 1.5pp6.0%▼ 3.8pp
Equity€6.7m-€7.3m▲ 9.0%€7.9mabove the sector's middle half▲ 8.4%€8.1mabove the sector's middle half▲ 1.7%€8.3mabove the sector's middle half▲ 2.5%€8.3mabove the sector's middle half▲ 0.8%€8.6mabove the sector's middle half▲ 2.9%€9.7mabove the sector's middle half▲ 13.2%
Total assets€9.6m-€10.7m▲ 11.4%€12.8mwithin the sector's middle half▲ 20.2%€14.0mwithin the sector's middle half▲ 9.4%€16.1mwithin the sector's middle half▲ 14.8%€13.9mwithin the sector's middle half▼ 13.7%€12.9mwithin the sector's middle half▼ 7.0%€13.3mwithin the sector's middle half▲ 2.6%
Debt€2.9m-€3.3m▲ 17.3%€4.7m▲ 40.5%€5.7m▲ 21.7%€7.6m▲ 32.9%€5.3m▼ 29.8%€4.1m▼ 22.8%€3.3m▼ 19.4%
Working capital€5.9m-€6.6m▲ 11.3%€7.5mabove the sector's middle half▲ 14.5%€7.8mabove the sector's middle half▲ 3.1%€8.2mabove the sector's middle half▲ 5.2%€8.2mabove the sector's middle half=€8.4mabove the sector's middle half▲ 2.6%€9.9mabove the sector's middle half▲ 17.6%
Solvency70.2%-68.6%▼ 1.6pp61.8%above the sector's middle half▼ 6.8pp57.5%within the sector's middle half▼ 4.4pp51.3%within the sector's middle half▼ 6.2pp59.9%above the sector's middle half▲ 8.6pp66.3%above the sector's middle half▲ 6.4pp73.2%above the sector's middle half▲ 6.9pp
Current ratio3.09-2.98▼ 0.112.62within the sector's middle half▼ 0.362.36within the sector's middle half▼ 0.262.10within the sector's middle half▼ 0.272.55above the sector's middle half▲ 0.453.03above the sector's middle half▲ 0.494.34above the sector's middle half▲ 1.31
Return on assets (ROA)14.3%-12.2%▼ 2.1pp12.6%above the sector's middle half▲ 0.4pp15.2%above the sector's middle half▲ 2.7pp13.7%above the sector's middle half▼ 1.6pp11.3%above the sector's middle half▼ 2.4pp14.3%above the sector's middle half▲ 3.0pp8.6%within the sector's middle half▼ 5.7pp
Staff (FTE)11-11.1▲ 0.9%11.6within the sector's middle half▲ 4.5%12.3within the sector's middle half▲ 6.0%12.7within the sector's middle half▲ 3.3%13.7within the sector's middle half▲ 7.9%13within the sector's middle half▼ 5.1%13.8within the sector's middle half▲ 6.2%
above
within
below
The sector band is the middle half of the companies in Civil engineering (NACE 42). 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 40% lower than in 2024 and the lowest since 2021.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €13.3m
Fixed assets
€458,448 ▲ 6.5%
Current assets
€12.8m ▲ 2.5%
Equity and liabilities €13.3m
Equity
€9.7m ▲ 13.2%
Provisions
€232,050 =
Debt
€3.3m ▼ 19.4%
Debt's share of the balance-sheet total falls from 31.9% to 25.0%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€1.4m▼
2024 · €2.3m
Cash flow
€1.2m▼
2024 · €1.9m
Quick ratio
1.80▲
2024 · 1.25
Debt to equity
0.34▼
2024 · 0.48
ROE
11.7%▼
2024 · 21.6%
Interest coverage
56.83▲
2024 · 55.28
Debt ≤ 1 year
€2.9m▼
2024 · €4.1m
Income taxes
€381,530▼
2024 · €518,057
Customer credit
40 days▼
2024 · 48 days
Supplier credit
52 days▲
2024 · 43 days
Staff costs
€1.0m▲
2024 · €944,700
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 | 14 | 15 | 14 | 13 | 17 |
| full-time | 5 | 9 | 9 | 7 | 10 |
| part-time | 9 | 6 | 5 | 6 | 7 |
| in full-time equivalents | 12.2 | 13.8 | 12.9 | 11.7 | 15.4 |
| Average over the year, in full-time equivalents | 12.3 | 12.7 | 13.7 | 13 | 13.8 |
| On a permanent contract | 14 | 15 | 14 | 13 | 17 |
| Joined | 1 | 2 | 0 | 4 | 7 |
| Left | 1 | 1 | 1 | 5 | 3 |
| Agency workers, average number | 1.3 | 1.4 | - | 0.8 | 1.2 |
| Training hours | 184 | 248 | 288 | 0 | 0 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €36,538 | €26,445 | €30,608 | €13,782 | €75,452 |
| Intangible fixed assets | - | - | €3,281 | - | - |
| Financial fixed assets | - | - | - | - | €0 |
| Depreciation and write-downs of the year | €106,275 | €86,276 | €70,167 | €49,957 | €47,658 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Auditor
The auditor is Boes & Verrue Bedrijfsrevisoren BV.
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Fee for the audit | €11,052 | - | €10,750 | €10,750 | €11,252 |
| Other work by the auditor | €7,200 | - | - | - | - |
Source: notes to the 2021 to 2025 annual accounts (relations with the auditor)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Operating income70/76A | - | - | - | €24.5m | €23.9m | €23.2m | €23.5m | €23.1m | ▼ 1.5% |
| Turnover70 | €15.9m | €18.1m | €19.0m | €24.4m | €23.9m | €23.1m | €23.5m | €23.1m | ▼ 1.6% |
| Other operating income74 | - | - | - | €0.02m | €0.03m | €0.008m | €0.01m | €0.04m | ▲ 169% |
| Non-recurring operating income76A | - | - | - | - | - | - | €0.003m | €4 | ▼ 99.9% |
| Operating charges60/66A | - | - | - | €21.6m | €20.8m | €21.2m | €21.2m | €21.8m | ▲ 2.6% |
| Goods for resale, raw materials and consumables60 | - | - | - | €19.4m | €18.3m | €18.6m | €18.4m | €18.3m | ▼ 1.0% |
| Purchases600/8 | - | - | - | €19.7m | €20.3m | €18.1m | €18.5m | €18.6m | ▲ 0.6% |
| Change in stocks: decrease (increase)609 | - | - | - | -€0.3m | -€2.0m | €0.5m | -€0.07m | -€0.4m | ▼ 435% |
| Services and other goods61 | - | - | - | €1.4m | €1.5m | €1.5m | €1.7m | €1.8m | ▲ 0.6% |
| Remuneration, social security and pensions62 | - | - | - | €0.7m | €0.8m | €1.0m | €0.9m | €1.0m | ▲ 10.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.2m | €0.1m | €0.1m | €0.1m | €0.09m | €0.07m | €0.05m | €0.05m | ▼ 4.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | -€0.03m | €0.002m | €0.01m | €0 | €0.5m | - |
| Provisions for liabilities and charges: additions (uses and reversals)635/8 | - | - | - | €0.05m | -€0.006m | -€0.006m | €0.002m | €0 | ▼ 100% |
| Other operating charges640/8 | - | - | - | €0.05m | €0.09m | €0.1m | €0.01m | €0.03m | ▲ 89.0% |
| Non-recurring operating charges66A | - | - | - | - | - | - | - | €0.2m | - |
| Operating profit (loss)9901 | €2.0m | €1.9m | €2.1m | €2.8m | €3.2m | €1.9m | €2.3m | €1.4m | ▼ 39.6% |
| Financial income75/76B | - | - | - | €0.1m | €0.3m | €0.2m | €0.1m | €0.2m | ▲ 20.9% |
| Recurring financial income75 | €0.1m | €0.1m | €0.3m | €0.1m | €0.3m | €0.2m | €0.1m | €0.2m | ▲ 20.9% |
| Income from current assets751 | - | - | - | €0.01m | €0.04m | €0.1m | €0.1m | €0.07m | ▼ 28.3% |
| Other financial income752/9 | - | - | - | €0.09m | €0.3m | €0.06m | €0.05m | €0.1m | ▲ 121% |
| Financial charges65/66B | - | - | - | €0.09m | €0.5m | €0.09m | €0.08m | €0.05m | ▼ 34.9% |
| Recurring financial charges65 | €0.2m | €0.2m | €0.2m | €0.09m | €0.5m | €0.09m | €0.08m | €0.05m | ▼ 34.9% |
| Debt charges650 | €0.003m | €0.001m | €0.001m | €0.004m | €0.002m | €0.06m | €0.04m | €0.03m | ▼ 40.5% |
| Other financial charges652/9 | - | - | - | €0.08m | €0.5m | €0.02m | €0.04m | €0.03m | ▼ 28.3% |
| Profit (loss) for the period before taxes9903 | €2.0m | €1.9m | €2.2m | €2.9m | €3.0m | €2.0m | €2.4m | €1.5m | ▼ 35.9% |
| Income taxes67/77 | €0.6m | €0.6m | €0.5m | €0.7m | €0.8m | €0.4m | €0.5m | €0.4m | ▼ 26.4% |
| Taxes670/3 | - | - | - | €0.7m | €0.8m | €0.4m | €0.5m | €0.4m | ▼ 26.3% |
| Tax adjustments and reversals of tax provisions77 | - | - | - | - | €492 | €0.001m | €31 | €486 | ▲ 16× |
| Profit (loss) for the period9904 | €1.4m | €1.3m | €1.6m | €2.1m | €2.2m | €1.6m | €1.8m | €1.1m | ▼ 38.6% |
| Profit (loss) for the period to be appropriated9905 | €1.4m | €1.3m | €1.6m | €2.1m | €2.2m | €1.6m | €1.8m | €1.1m | ▼ 38.6% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €9.6m | €10.7m | €12.8m | €14.0m | €16.1m | €13.9m | €12.9m | €13.3m | ▲ 2.6% |
| Fixed assets21/28 | €0.8m | €0.8m | €0.6m | €0.6m | €0.5m | €0.5m | €0.4m | €0.5m | ▲ 6.5% |
| Intangible fixed assets21 | €0.009m | €0.001m | €0.001m | €428 | €24 | €0.009m | €0.005m | €0.002m | ▼ 70.4% |
| Tangible fixed assets22/27 | €0.8m | €0.8m | €0.6m | €0.6m | €0.5m | €0.5m | €0.4m | €0.5m | ▲ 7.4% |
| Land and buildings22 | - | - | - | €0.5m | €0.5m | €0.4m | €0.4m | €0.4m | ▼ 7.5% |
| Plant, machinery and equipment23 | - | - | - | €297 | - | €0.03m | €0.03m | €0.02m | ▼ 27.8% |
| Furniture and vehicles24 | - | - | - | €0.1m | €0.06m | €0.01m | €0.009m | €0.08m | ▲ 734% |
| Financial fixed assets28 | €74 | €74 | €74 | €74 | €74 | €74 | €74 | €74 | = |
| Other financial fixed assets284/8 | - | - | - | €74 | €74 | €74 | €74 | €74 | = |
| Amounts receivable and cash guarantees285/8 | - | - | - | €74 | €74 | €74 | €74 | €74 | = |
| Current assets29/58 | €8.7m | €9.9m | €12.2m | €13.4m | €15.6m | €13.4m | €12.5m | €12.8m | ▲ 2.5% |
| Amounts receivable after more than one year29 | - | - | - | - | - | €0.2m | €0.05m | €0 | ▼ 100% |
| Other amounts receivable291 | - | - | - | - | - | €0.2m | €0.05m | €0 | ▼ 100% |
| Stocks and contracts in progress3 | €3.9m | €5.1m | €5.4m | €5.7m | €7.8m | €7.3m | €7.4m | €7.5m | ▲ 1.8% |
| Stocks30/36 | - | - | - | €5.7m | €7.8m | €7.3m | €7.4m | €7.5m | ▲ 1.8% |
| Goods purchased for resale34 | - | - | - | €5.7m | €7.8m | €7.3m | €7.4m | €7.4m | ▲ 1.3% |
| Advance payments36 | - | - | - | - | - | - | - | €0.04m | - |
| Amounts receivable within one year40/41 | €3.1m | €2.6m | €6.5m | €7.2m | €7.4m | €5.4m | €4.6m | €5.2m | ▲ 11.3% |
| Trade receivables40 | - | - | - | €3.2m | €3.7m | €3.2m | €3.1m | €2.5m | ▼ 16.6% |
| Other amounts receivable41 | - | - | - | €4.0m | €3.7m | €2.2m | €1.6m | €2.6m | ▲ 65.1% |
| Cash at bank and in hand54/58 | €1.7m | €2.2m | €0.3m | €0.5m | €0.4m | €0.5m | €0.4m | €0.1m | ▼ 70.7% |
| Deferred charges and accrued income490/1 | - | - | - | €0.02m | €0.02m | €0.02m | €0.03m | €0.03m | ▲ 2.8% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €9.6m | €10.7m | €12.8m | €14.0m | €16.1m | €13.9m | €12.9m | €13.3m | ▲ 2.6% |
| Equity10/15 | €6.7m | €7.3m | €7.9m | €8.1m | €8.3m | €8.3m | €8.6m | €9.7m | ▲ 13.2% |
| Contributions10/11 | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | = |
| Capital10 | - | - | - | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | = |
| Issued capital100 | - | - | - | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | = |
| Reserves13 | €2.9m | €2.9m | €2.9m | €2.9m | €2.9m | €2.9m | €2.9m | €2.9m | = |
| Non-distributable reserves130/1 | - | - | - | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Legal reserve130 | - | - | - | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Tax-exempt reserves132 | - | - | - | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Distributable reserves133 | - | - | - | €2.8m | €2.8m | €2.8m | €2.8m | €2.8m | = |
| Profit (loss) carried forward14 | €3.6m | €4.2m | €4.8m | €5.0m | €5.2m | €5.2m | €5.5m | €6.6m | ▲ 20.8% |
| Provisions and deferred taxes16 | - | - | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | = |
| Provisions for liabilities and charges160/5 | - | - | - | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | = |
| Other liabilities and charges164/5 | - | - | - | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | = |
| Amounts payable17/49 | €2.9m | €3.3m | €4.7m | €5.7m | €7.6m | €5.3m | €4.1m | €3.3m | ▼ 19.4% |
| Amounts payable after more than one year17 | €0.02m | €0.007m | - | - | - | - | - | - | - |
| Amounts payable within one year42/48 | €2.8m | €3.3m | €4.6m | €5.7m | €7.4m | €5.3m | €4.1m | €2.9m | ▼ 28.4% |
| Financial debts43 | - | - | - | €0.5m | €0.2m | €1.3m | €0.1m | €0.2m | ▲ 8.0% |
| Credit institutions430/8 | - | - | - | €0.5m | €0.2m | €1.3m | €0.1m | €0.2m | ▲ 8.0% |
| Trade debts44 | €2.6m | €2.5m | €2.4m | €4.0m | €3.8m | €1.9m | €2.2m | €2.6m | ▲ 19.4% |
| Suppliers440/4 | - | - | - | €4.0m | €3.8m | €1.9m | €2.2m | €2.6m | ▲ 19.4% |
| Advances received on contracts in progress46 | - | - | - | - | - | - | €0.04m | €0 | ▼ 100% |
| Taxes, remuneration and social security45 | - | - | - | €0.2m | €0.5m | €0.5m | €0.2m | €0.2m | ▲ 32.2% |
| Taxes450/3 | - | - | - | €0.02m | €0.3m | €0.3m | €0.02m | €0.03m | ▲ 4.4% |
| Remuneration and social security454/9 | - | - | - | €0.2m | €0.2m | €0.2m | €0.1m | €0.2m | ▲ 37.5% |
| Other amounts payable47/48 | - | - | - | €1.0m | €3.0m | €1.5m | €1.6m | €0 | ▼ 100% |
| Accrued charges and deferred income492/3 | - | - | - | €0.03m | €0.2m | €0.07m | €0.003m | €0.4m | ▲ 115× |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €1.4m | €1.3m | €1.6m | €2.1m | €2.2m | €1.6m | €1.8m | €1.1m | ▼ 38.6% |
| + Depreciation and write-downs630 | €0.2m | €0.1m | €0.1m | €0.1m | €0.09m | €0.07m | €0.05m | €0.05m | ▼ 4.6% |
| Operating cash flow (approximation) | €1.5m | €1.4m | €1.7m | €2.2m | €2.3m | €1.6m | €1.9m | €1.2m | ▼ 37.7% |
| Investment in fixed assets (approximation) | - | -€0.08m | €0.001m | -€0.04m | -€0.03m | -€0.02m | -€0.01m | -€0.08m | ▼ 447% |
| Change in cash | - | €0.5m | -€1.9m | €0.3m | -€0.1m | €0.06m | -€0.04m | -€0.3m | ▼ 685% |
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 AQUA.COM 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 AQUA.COM 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 AQUA.COM. 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 32 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 15-07-2026 | 2026-00305556 | |
| 31-12-2024 | full format | 29-07-2025 | 2025-00355967 | |
| 31-12-2023 | full format | 29-08-2024 | 2024-00416529 | |
| 31-12-2022 | full format | 31-08-2023 | 2023-00395947 | |
| 31-12-2021 | full format | 31-08-2022 | 2022-20397871 | |
| 31-12-2020 | full format | 31-08-2021 | 2021-63700308 | |
| 31-12-2019 | full format | 24-07-2020 | 2020-33700600 | |
| 31-12-2018 | full format | 29-07-2019 | 2019-40500144 | |
| 31-12-2017 | full format | 07-08-2018 | 2018-44500596 | |
| 31-12-2016 | full format | 23-08-2017 | 2017-47400021 |