AQUALICE
ActiveSummary
AQUALICE has been active since 2006 and the Belgian State Gazette contains no insolvency or warning signals. The 2024 annual accounts show equity of €62,968 and a net result of €20,954. Equity is growing by ~19.7% per year across the filed fiscal years. Its solvency ranks better than 17% of 1329 sector peers (fiscal year 2024). The computed 12-month bankruptcy probability is 1.1% (low).
Checked score
Score 2024
Axes · tick = 2023
Profitability53▼-10
Solvency39▲+5
Growth78=
Track record100
Bankruptcy probability, 12 months
1.1%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €3,000 at 30 days acceptable
Liquidity ample (current ratio 1.75 against 1.32 in 2023; short-term debt: 10.9% and cash: 5.7% of total assets), but 85.7% of the assets are financed with debt.
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Signals
Six signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 42
Relative position
BE, all sectors
reference
Civil engineering (NACE 42)
about 27% more bankruptcies
← fewer bankruptcies
more bankruptcies →
raises risk · Annual accounts: weaker financial profile
The latest annual accounts show a weaker profile in solvency, result or liquidity than companies that stay afloat.
NBB · annual accounts 2024Solvency, return and age of the figures
Solvency
14.3%
Return on assets
4.8%
Age of the figures
21 mo
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 17% of 1329 sector peers (2024).
NBB · sector comparisonPosition among 1329 sector peers
Solvency
better than 17%
← weakest
strongest →
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2024 was due by 31-07-2025 and was filed on 30-07-2025, 1 day ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
not confirmed
2024
1 d early
2023
47 d early
2022
33 d early
2021
48 d early
2020
43 d early
2019
56 d early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 6 accounts on average 38 days before the deadline; the sector median for financial year 2024 is 3 days before the deadline, and 40% of the sector filed late.
Checked, nothing found (1)
History
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Financials · fiscal year 2024, micro schema
Equity
€62,968▲ 49.9%
2023 · €42,014
Total assets
€440,515▼ 2.7%
2023 · €452,787
Net result
€20,954▲ 7.3%
2023 · €19,529
Working capital
€36,124▲ 76.5%
2023 · €20,472
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 42, Civil engineering, each year against the same schema; no band under 30 filings. Dashed line: the median.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20202021202220232024
Operating result€2,031▼ 29.6%€24,187▲ 1,091%€18,723▼ 22.6%€25,773▲ 37.7%€45,815▲ 77.8%
Net result€5,601within the sector's middle half▲ 208%€20,774within the sector's middle half▲ 271%€15,915within the sector's middle half▼ 23.4%€19,529within the sector's middle half▲ 22.7%€20,954within the sector's middle half▲ 7.3%
Equity€26,097within the sector's middle half▲ 27.3%€14,871below the sector's middle half▼ 43.0%€22,485within the sector's middle half▲ 51.2%€42,014within the sector's middle half▲ 86.9%€62,968within the sector's middle half▲ 49.9%
Total assets€65,313below the sector's middle half▲ 4.6%€102,116within the sector's middle half▲ 56.3%€82,318within the sector's middle half▼ 19.4%€452,787above the sector's middle half▲ 450%€440,515above the sector's middle half▼ 2.7%
Debt€39,216▼ 6.5%€87,245▲ 122%€59,833▼ 31.4%€410,773▲ 587%€377,547▼ 8.1%
Working capital€19,460within the sector's middle half▲ 24.6%€5,719within the sector's middle half▼ 70.6%€10,188within the sector's middle half▲ 78.1%€20,472within the sector's middle half▲ 101%€36,124within the sector's middle half▲ 76.5%
Solvency40.0%within the sector's middle half▲ 7.1pp14.6%below the sector's middle half▼ 25.4pp27.3%within the sector's middle half▲ 12.8pp9.3%below the sector's middle half▼ 18.0pp14.3%below the sector's middle half▲ 5.0pp
Current ratio1.74within the sector's middle half▲ 0.021.10within the sector's middle half▼ 0.651.23within the sector's middle half▲ 0.141.32within the sector's middle half▲ 0.091.75within the sector's middle half▲ 0.43
Return on assets (ROA)8.6%within the sector's middle half▲ 5.7pp20.3%above the sector's middle half▲ 11.8pp19.3%within the sector's middle half▼ 1.0pp4.3%within the sector's middle half▼ 15.0pp4.8%within the sector's middle half▲ 0.4pp
Staff (FTE)0.9below the sector's middle half▼ 10.0%1▲ 11.1%1.5▲ 50.0%2▲ 33.3%2=
above
within
below
the middle half (P25 to P75) of NACE 42, Civil engineering, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
After the dip in 2022 the operating result has climbed two years in a row; 2024 is 78% above 2023 and is the highest result in the available series.
Balance-sheet composition
2024 in colour, 2023 as the grey bar beneath
Assets €440,515
Fixed assets
€356,277 ▼ 3.4%
Current assets
€84,238 ▲ 0.1%
Equity and liabilities €440,515
Equity
€62,968 ▲ 49.9%
Debt
€377,547 ▼ 8.1%
Debt's share of the balance-sheet total falls from 90.7% to 85.7%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€57,453▲
2023 · €37,415
Cash flow
€32,592▲
2023 · €31,171
Quick ratio
1.72▲
2023 · 1.31
Debt to equity
6.00▼
2023 · 9.78
ROE
33.3%▼
2023 · 46.5%
Interest coverage
3.36▼
2023 · 4.65
Debt ≤ 1 year
€48,114▼
2023 · €63,689
Debt > 1 year
€327,177▼
2023 · €344,828
Income taxes
€9,412▲
2023 · €8,071
Staff costs
€41,332▼
2023 · €47,971
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 3,980 companies that looked in July 2024 the way this one looks now, 1.1% went bankrupt within 24 months and 96% are still going.
- Micro
- 20 years or older
- solvency 10 to 30%
- a profit under 5% of the balance sheet
1.1%
went bankrupt
2.2%
stopped otherwise
96%
still going
A further 0.2% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 1.1% over twelve months; the group does not contradict it.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,662 companies of July 2024 its group's bankruptcy share. Expected: 1.5%; actually bankrupt within 24 months: 1.6%.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.4% |
| 3 | 0.5% | 0.5% |
| 4 | 0.6% | 0.7% |
| 5 | 0.8% | 0.9% |
| 6 | 1.2% | 1.3% |
| 7 | 1.5% | 1.7% |
| 8 | 1.7% | 1.7% |
| 9 | 2.7% | 2.8% |
| 10 | 5.3% | 5.7% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 75% of comparisons. The level follows the economy: in a year with more bankruptcies, the actual share is higher than the year before.
An observation about 3,980 comparable companies, not a prediction for this company. The sector does not count: the register keeps no sector for companies that stopped, so it would make the outcome look better than it was.
Annual accounts
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | €0 | - |
| Remuneration, social security and pensions62 | - | €13,557 | €22,055 | €47,971 | €41,332 | ▼ 13.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €10,257 | €4,208 | €8,088 | €11,642 | €11,638 | = |
| Other operating charges640/8 | - | €992 | €1,009 | €1,189 | €2,184 | ▲ 83.7% |
| Gross operating margin9900 | €20,689 | €42,944 | €49,875 | €86,576 | €100,969 | ▲ 16.6% |
| Operating profit (loss)9901 | €2,031 | €24,187 | €18,723 | €25,773 | €45,815 | ▲ 77.8% |
| Financial income75/76B | - | €3,437 | €3,300 | €9,868 | €1,665 | ▼ 83.1% |
| Recurring financial income75 | €2,134 | €3,038 | €3,300 | €1,603 | €1,665 | ▲ 3.8% |
| Non-recurring financial income76B | - | €398 | - | €8,264 | - | - |
| Financial charges65/66B | - | €1,002 | €1,310 | €8,041 | €17,114 | ▲ 113% |
| Recurring financial charges65 | €796 | €1,002 | €980 | €8,041 | €17,114 | ▲ 113% |
| Non-recurring financial charges66B | - | - | €331 | - | - | - |
| Profit (loss) for the period before taxes9903 | €8,369 | €26,621 | €20,713 | €27,600 | €30,366 | ▲ 10.0% |
| Income taxes67/77 | €2,768 | €5,848 | €4,798 | €8,071 | €9,412 | ▲ 16.6% |
| Profit (loss) for the period9904 | €5,601 | €20,774 | €15,915 | €19,529 | €20,954 | ▲ 7.3% |
| Profit (loss) for the period to be appropriated9905 | €5,601 | €20,774 | €15,915 | €19,529 | €20,954 | ▲ 7.3% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €65,313 | €102,116 | €82,318 | €452,787 | €440,515 | ▼ 2.7% |
| Fixed assets21/28 | €19,638 | €37,002 | €28,584 | €368,626 | €356,277 | ▼ 3.4% |
| Tangible fixed assets22/27 | €19,390 | €36,754 | €28,336 | €368,378 | €356,029 | ▼ 3.4% |
| Land and buildings22 | - | - | - | €346,944 | €345,857 | ▼ 0.3% |
| Plant, machinery and equipment23 | - | €747 | €511 | €275 | €38 | ▼ 86.1% |
| Furniture and vehicles24 | - | €36,007 | €27,825 | €21,160 | €10,133 | ▼ 52.1% |
| Financial fixed assets28 | €248 | €248 | €248 | €248 | €248 | = |
| Current assets29/58 | €45,675 | €65,114 | €53,734 | €84,161 | €84,238 | ▲ 0.1% |
| Stocks and contracts in progress3 | €2,500 | €627 | €715 | €546 | €1,394 | ▲ 155% |
| Stocks30/36 | - | €627 | €715 | €546 | €1,394 | ▲ 155% |
| Amounts receivable within one year40/41 | €19,779 | €46,019 | €17,235 | €48,028 | €36,454 | ▼ 24.1% |
| Trade receivables40 | - | €19,066 | €6,620 | €45,591 | €32,314 | ▼ 29.1% |
| Other amounts receivable41 | - | €26,954 | €10,615 | €2,437 | €4,140 | ▲ 69.9% |
| Cash at bank and in hand54/58 | €14,407 | €10,568 | €28,287 | €29,177 | €25,234 | ▼ 13.5% |
| Deferred charges and accrued income490/1 | - | €7,900 | €7,497 | €6,410 | €21,156 | ▲ 230% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €65,313 | €102,116 | €82,318 | €452,787 | €440,515 | ▼ 2.7% |
| Equity10/15 | €26,097 | €14,871 | €22,485 | €42,014 | €62,968 | ▲ 49.9% |
| Contributions10/11 | - | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Reserves13 | €1,860 | €1,860 | €1,860 | €20,860 | €40,860 | ▲ 95.9% |
| Non-distributable reserves130/1 | - | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Reserves not available under the articles1311 | - | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Distributable reserves133 | - | - | - | €19,000 | €39,000 | ▲ 105% |
| Profit (loss) carried forward14 | €18,037 | €6,811 | €14,425 | €14,954 | €15,908 | ▲ 6.4% |
| Amounts payable17/49 | €39,216 | €87,245 | €59,833 | €410,773 | €377,547 | ▼ 8.1% |
| Amounts payable after more than one year17 | €13,001 | €27,851 | €16,287 | €344,828 | €327,177 | ▼ 5.1% |
| Financial debts170/4 | - | €27,851 | €16,287 | €344,828 | €327,177 | ▼ 5.1% |
| Amounts payable within one year42/48 | €26,215 | €59,395 | €43,546 | €63,689 | €48,114 | ▼ 24.5% |
| Current portion of amounts payable after more than one year42 | - | €13,221 | €11,564 | €17,027 | €17,651 | ▲ 3.7% |
| Trade debts44 | €5,279 | €3,112 | €8,742 | €7,704 | €6,569 | ▼ 14.7% |
| Suppliers440/4 | - | €3,112 | €8,742 | €7,704 | €6,569 | ▼ 14.7% |
| Advances received on contracts in progress46 | - | €2,056 | €2,266 | - | - | - |
| Taxes, remuneration and social security45 | - | €9,005 | €12,675 | €22,211 | €15,957 | ▼ 28.2% |
| Taxes450/3 | - | €6,284 | €8,217 | €15,812 | €11,683 | ▼ 26.1% |
| Remuneration and social security454/9 | - | €2,722 | €4,457 | €6,399 | €4,274 | ▼ 33.2% |
| Other amounts payable47/48 | - | €32,000 | €8,300 | €16,747 | €7,937 | ▼ 52.6% |
| Accrued charges and deferred income492/3 | - | - | - | €2,256 | €2,256 | = |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €5,601 | €20,774 | €15,915 | €19,529 | €20,954 | ▲ 7.3% |
| + Depreciation and write-downs630 | €10,257 | €4,208 | €8,088 | €11,642 | €11,638 | = |
| Operating cash flow (approximation) | €15,858 | €24,982 | €24,002 | €31,171 | €32,592 | ▲ 4.6% |
| Investment in fixed assets (approximation) | - | -€21,573 | €331 | -€351,684 | €711 | ▲ 100% |
| Change in cash | - | -€3,840 | €17,719 | €890 | -€3,943 | ▼ 543% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
2025
30-07
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
31-12
Financial
Highest result since 2018net €20,954 ▲7.3%
Operating result €45,815, net result €20,954, both a record.
14-06
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
28-06
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
13-06
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
18-06
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
2020
05-06
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
2019
31-12
Financial
Back to profitnet €1,821
Net result €1,821 after one loss-making year.
01-07
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
2018
18-06
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema
2017
14-07
NBB filing
Annual accounts filed
fiscal year 2016 · micro schema
2016
04-07
NBB filing
Annual accounts filed
fiscal year 2015 · full schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 1 act read
About the unread acts
We know of 1 Belgian State Gazette act for this company. It has not been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
1 act for this company is in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Elsene · 1 establishment unit since 2006
Ground area
370 m²
Building footprint
177 m²
Volume, LiDAR
2,118 m³
2 parcels, Brussels · tallest building 16.9 m, ±5 floors. Linked by address, not a title deed.
1 establishment unit
Aqualice
since 20062.150.981.631
2 parcels
Brussels
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 21002A0104/00B004 | Brussels | 212 m² | 1 · 63 m² | 11.6 m · 3 fl. |
| 21443C0219/00S025 | Brussels | 158 m² | 1 · 113 m² | 16.9 m · 5 fl. |
Linked by address, not proof of ownership
Good to know
2 of 2 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
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Of 1,824 companies in sector 42220 we hold annual accounts for 958. 691 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company (pre-2019)
Founded06-01-2006
Fiscal year end31-12
Activities, NACEBEL 2025
42220Construction of utility projects for electricity and telecommunications
43221Plumbing work
43222Installation of electric heating, air conditioning, cooling and ventilation
E-invoicing
Reachable via Peppol
Peppol ID
0208:0878425169
Also
9925:BE0878425169
Registered
08-12-2025
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 28 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.