AZOTH Project
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 30-06-2026 at the NBB all 4 filings
Turnover
≈ €890,000
Estimated: probably between €710,000 and €1.3m
EBIT margin
Not included in this filing
Net result
€25,563▼ 71.5%
2024 · €89,557
Working capital
€128,342▼ 13.1%
2024 · €147,725
Multi-year overview
2022 to 2025, 4 financial yearsOperating result
€53,049
▼ 56.8%
2025
20222025
Net result
€25,563
▼ 71.5%
2025
middle half of the sector
20222025
Equity
€321,828
▲ 8.6%
2025
middle half of the sector
20222025
Total assets
€863,746
▲ 2.6%
2025
middle half of the sector
20222025
Debt
€541,918
▼ 0.7%
2025
20222025
Working capital
€128,342
▼ 13.1%
2025
middle half of the sector
20222025
Solvency
37.3%
▲ 2.1pp
2025
middle half of the sector
20222025
Current ratio
1.73
▼ 0.04
2025
middle half of the sector
20222025
Return on assets (ROA)
3.0%
▼ 7.7pp
2025
middle half of the sector
20222025
Staff (FTE)
3.2
▼ 22.0%
2025
middle half of the sector
20222025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2022202320242025
Operating result€130,391-€158,920▲ 21.9%€122,794▼ 22.7%€53,049▼ 56.8%
Net result€99,599within the sector's middle half-€120,109within the sector's middle half▲ 20.6%€89,557within the sector's middle half▼ 25.4%€25,563within the sector's middle half▼ 71.5%
Equity€101,599within the sector's middle half-€221,708within the sector's middle half▲ 118%€296,265within the sector's middle half▲ 33.6%€321,828within the sector's middle half▲ 8.6%
Total assets€251,627below the sector's middle half-€456,257within the sector's middle half▲ 81.3%€841,843within the sector's middle half▲ 84.5%€863,746within the sector's middle half▲ 2.6%
Debt€150,028-€234,549▲ 56.3%€545,578▲ 133%€541,918▼ 0.7%
Working capital€44,938within the sector's middle half-€120,223within the sector's middle half▲ 168%€147,725within the sector's middle half▲ 22.9%€128,342within the sector's middle half▼ 13.1%
Solvency40.4%within the sector's middle half-48.6%within the sector's middle half▲ 8.2pp35.2%within the sector's middle half▼ 13.4pp37.3%within the sector's middle half▲ 2.1pp
Current ratio1.42within the sector's middle half-1.62within the sector's middle half▲ 0.201.77within the sector's middle half▲ 0.161.73within the sector's middle half▼ 0.04
Return on assets (ROA)39.6%above the sector's middle half-26.3%above the sector's middle half▼ 13.3pp10.6%above the sector's middle half▼ 15.7pp3.0%within the sector's middle half▼ 7.7pp
Staff (FTE)2below the sector's middle half-2.5below the sector's middle half▲ 25.0%4.1within the sector's middle half▲ 64.0%3.2within the sector's middle half▼ 22.0%
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 57% lower than in 2024 and the lowest since 2022. It is the second 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 €863,364
Fixed assets
€559,554 ▲ 11.5%
Current assets
€303,810 ▼ 10.4%
Equity and liabilities €863,746
Equity
€321,828 ▲ 8.6%
Debt
€541,918 ▼ 0.7%
Debt's share of the balance-sheet total falls from 64.8% to 62.7%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€126,551▼
2024 · €205,291
Cash flow
€99,066▼
2024 · €172,054
Quick ratio
1.72▼
2024 · 1.77
Debt to equity
1.68▼
2024 · 1.84
ROE
7.9%▼
2024 · 30.2%
Interest coverage
7.83▼
2024 · 30.92
Debt ≤ 1 year
€175,468▼
2024 · €191,518
Debt > 1 year
€366,050▲
2024 · €354,060
Income taxes
€11,538▼
2024 · €27,001
Staff costs
€277,620▼
2024 · €314,133
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|
| Employees at the balance-sheet date | 2 | 3 | 5 | 4 |
| full-time | 2 | 3 | 4 | 3 |
| part-time | - | - | 1 | 1 |
| in full-time equivalents | 2 | 3 | 4.2 | 3.2 |
| Average over the year, in full-time equivalents | 2 | 2.5 | 4.1 | 3.2 |
| On a permanent contract | 2 | 3 | 4 | 3 |
| Joined | 2 | 2 | 3 | 2 |
| Left | 0 | 1 | 1 | 3 |
Source: social balance sheet in the 2022 to 2025 annual accounts
Securities and guarantees
| Item | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Debts secured on the company's own assets | - | €101,546 | €409,129 | €421,925 |
| Mortgages, amount registered | - | - | - | €308,000 |
| Carrying value of the mortgaged assets | - | - | - | €266,119 |
| Carrying value of the other pledged assets | - | €92,781 | €159,956 | €104,832 |
Source: notes to the 2022 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Tangible fixed assets | €131,019 | €60,716 | €445,029 | €137,581 |
| Intangible fixed assets | €1,062 | - | - | - |
| Financial fixed assets | €180 | €10,000 | - | - |
| Depreciation and write-downs of the year | €12,456 | €29,010 | €82,496 | €73,502 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | €96,525 | €186,783 | €314,133 | €277,620 | ▼ 11.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €12,456 | €29,010 | €82,496 | €73,502 | ▼ 10.9% |
| Other operating charges640/8 | €23,845 | €1,238 | €8,590 | €12,191 | ▲ 41.9% |
| Non-recurring operating charges66A | - | - | €186 | - | - |
| Gross operating margin9900 | €263,217 | €375,951 | €528,200 | €416,362 | ▼ 21.2% |
| Operating profit (loss)9901 | €130,391 | €158,920 | €122,794 | €53,049 | ▼ 56.8% |
| Financial income75/76B | - | €20 | €402 | €222 | ▼ 44.8% |
| Recurring financial income75 | - | €20 | €402 | €222 | ▼ 44.8% |
| Financial charges65/66B | €579 | €1,820 | €6,638 | €16,170 | ▲ 144% |
| Recurring financial charges65 | €579 | €1,820 | €6,638 | €16,170 | ▲ 144% |
| Profit (loss) for the period before taxes9903 | €129,812 | €157,121 | €116,558 | €37,101 | ▼ 68.2% |
| Income taxes67/77 | €30,213 | €37,012 | €27,001 | €11,538 | ▼ 57.3% |
| Profit (loss) for the period9904 | €99,599 | €120,109 | €89,557 | €25,563 | ▼ 71.5% |
| Transfer to tax-exempt reserves689 | - | - | - | €40 | - |
| Profit (loss) for the period to be appropriated9905 | €99,599 | €120,109 | €89,557 | €25,523 | ▼ 71.5% |
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Assets | |||||
| Total assets20/58 | €251,627 | €456,257 | €841,843 | €863,746 | ▲ 2.6% |
| Formation expenses20 | - | €701 | €541 | €382 | ▼ 29.4% |
| Fixed assets21/28 | €99,151 | €140,156 | €502,058 | €559,554 | ▲ 11.5% |
| Intangible fixed assets21 | €860 | - | - | - | - |
| Tangible fixed assets22/27 | €98,111 | €129,976 | €491,878 | €549,374 | ▲ 11.7% |
| Land and buildings22 | - | - | €277,561 | €375,293 | ▲ 35.2% |
| Plant, machinery and equipment23 | €11,176 | - | - | - | - |
| Furniture and vehicles24 | €86,935 | €129,976 | €214,317 | €174,081 | ▼ 18.8% |
| Financial fixed assets28 | €180 | €10,180 | €10,180 | €10,180 | = |
| Current assets29/58 | €152,476 | €315,400 | €339,244 | €303,810 | ▼ 10.4% |
| Stocks and contracts in progress3 | - | €820 | €1,149 | €1,149 | = |
| Stocks30/36 | - | €820 | €1,149 | €1,149 | = |
| Amounts receivable within one year40/41 | €82,106 | €149,583 | €122,806 | €120,923 | ▼ 1.5% |
| Trade receivables40 | €82,106 | €143,622 | €93,094 | €95,238 | ▲ 2.3% |
| Other amounts receivable41 | - | €5,961 | €29,711 | €25,685 | ▼ 13.6% |
| Cash at bank and in hand54/58 | €70,370 | €154,522 | €187,562 | €135,619 | ▼ 27.7% |
| Deferred charges and accrued income490/1 | - | €10,476 | €27,727 | €46,119 | ▲ 66.3% |
| Equity and liabilities | |||||
| Total equity and liabilities10/49 | €251,627 | €456,257 | €841,843 | €863,746 | ▲ 2.6% |
| Equity10/15 | €101,599 | €221,708 | €296,265 | €321,828 | ▲ 8.6% |
| Contributions10/11 | €2,000 | €2,000 | €2,000 | €2,000 | = |
| Reserves13 | €99,000 | €219,000 | €294,000 | €294,040 | = |
| Tax-exempt reserves132 | - | - | - | €40 | - |
| Distributable reserves133 | €99,000 | €219,000 | €294,000 | €294,000 | = |
| Profit (loss) carried forward14 | €599 | €708 | €265 | €25,788 | ▲ 97× |
| Amounts payable17/49 | €150,028 | €234,549 | €545,578 | €541,918 | ▼ 0.7% |
| Amounts payable after more than one year17 | €42,490 | €39,367 | €354,060 | €366,050 | ▲ 3.4% |
| Financial debts170/4 | €42,490 | €39,367 | €354,060 | €366,050 | ▲ 3.4% |
| Amounts payable within one year42/48 | €107,538 | €195,177 | €191,518 | €175,468 | ▼ 8.4% |
| Current portion of amounts payable after more than one year42 | €19,059 | €62,179 | €55,069 | €55,875 | ▲ 1.5% |
| Trade debts44 | €24,961 | €35,881 | €35,255 | €68,030 | ▲ 93.0% |
| Suppliers440/4 | €24,961 | €35,881 | €35,255 | €68,030 | ▲ 93.0% |
| Taxes, remuneration and social security45 | €60,982 | €97,118 | €86,195 | €51,563 | ▼ 40.2% |
| Taxes450/3 | €49,459 | €66,334 | €37,947 | €21,493 | ▼ 43.4% |
| Remuneration and social security454/9 | €11,522 | €30,784 | €48,248 | €30,070 | ▼ 37.7% |
| Other amounts payable47/48 | €2,536 | - | €15,000 | - | - |
| Accrued charges and deferred income492/3 | - | €6 | €0 | €400 | ▲ 2,668× |
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €99,599 | €120,109 | €89,557 | €25,563 | ▼ 71.5% |
| + Depreciation and write-downs630 | €12,456 | €29,010 | €82,496 | €73,502 | ▼ 10.9% |
| Operating cash flow (approximation) | €112,055 | €149,118 | €172,054 | €99,066 | ▼ 42.4% |
| Investment in fixed assets (approximation) | - | -€70,015 | -€444,398 | -€130,998 | ▲ 70.5% |
| Change in cash | - | €84,152 | €33,040 | -€51,943 | - |
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, 5,047 companies had the same profile as AZOTH Project has now. Two years later, 93.9% were still going and 2.2% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency 30% or more
- a profit under 5% of the balance sheet
93.9%
was still going
3.8%
stopped otherwise
2.2%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of AZOTH Project itself: 0.7% 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 5,047 companies, not a prediction for AZOTH Project. 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.