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AZUR PISCINE

Active
Private limited companyfounded 2023active for 3 yearsHerock, Ciergnon 5, 5560 Houyet, BelgiumKBO/BCE: BE 0805.048.827

Financials · financial year 2025, micro format

Annual accounts 2025 filed on 16-07-2026 at the NBB all 3 filings

Turnover
≈ €270,000
Estimated: probably between €140,000 and €530,000
Total assets
€52,626▲ 141%
2024 · €21,819
Net result
€9,327▼ 31.7%
2024 · €13,654
Working capital
€12,684▲ 964%
2024 · €1,192
Multi-year overview
2023 to 2025, 3 financial years
Operating result
€11,852
▼ 31.5% 2025
20232025
Net result
€9,327
▼ 31.7% 2025
middle half of the sector
20232025
Equity
€19,493
▲ 91.7% 2025
lowest quarter of the sector
20232025
Total assets
€52,626
▲ 141% 2025
lowest quarter of the sector
20232025
Debt
€33,133
▲ 184% 2025
20232025
Working capital
€12,684
▲ 964% 2025
middle half of the sector
20232025
Solvency
37.0%
▼ 9.6pp 2025
middle half of the sector
20232025
Current ratio
1.53
▲ 0.43 2025
middle half of the sector
20232025
Return on assets (ROA)
17.7%
▼ 44.9pp 2025
middle half of the sector
20232025
Every figure per financial year
Every figure with its change against the financial year before
favourable unfavourable
Line202320242025
Operating result-€4,468-€17,314€11,852▼ 31.5%
Net result-€4,488below the sector's middle half-€13,654within the sector's middle half€9,327within the sector's middle half▼ 31.7%
Equity-€3,488below the sector's middle half-€10,166below the sector's middle half€19,493below the sector's middle half▲ 91.7%
Total assets€6,865below the sector's middle half-€21,819below the sector's middle half▲ 218%€52,626below the sector's middle half▲ 141%
Debt€10,354-€11,653▲ 12.6%€33,133▲ 184%
Working capital-€3,543below the sector's middle half-€1,192below the sector's middle half€12,684within the sector's middle half▲ 964%
Solvency-50.8%below the sector's middle half-46.6%within the sector's middle half▲ 97.4pp37.0%within the sector's middle half▼ 9.6pp
Current ratio0.66below the sector's middle half-1.10below the sector's middle half▲ 0.441.53within the sector's middle half▲ 0.43
Return on assets (ROA)-65.4%below the sector's middle half-62.6%above the sector's middle half▲ 128.0pp17.7%within the sector's middle half▼ 44.9pp
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 32% lower than in 2024.

Turnover and EBIT margin are not published. The 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 €52,626
Fixed assets €16,098 ▲ 79.4%
Current assets €36,528 ▲ 184%
Equity and liabilities €52,626
Equity €19,493 ▲ 91.7%
Debt €33,133 ▲ 184%
Debt's share of the balance-sheet total rises from 53.4% to 63.0%. Equity and debt are higher.
Key figures and ratios
2025 value · change against 2024
EBITDA
€14,835▼
2024 · €18,886
Cash flow
€12,310▼
2024 · €15,226
Quick ratio
1.31▲
2024 · 0.85
Debt to equity
1.70▲
2024 · 1.15
ROE
47.8%▼
2024 · 134.3%
Interest coverage
39.31▼
2024 · 70.73
Debt ≤ 1 year
€23,844▲
2024 · €11,653
Debt > 1 year
€9,289
Income taxes
€2,149▼
2024 · €3,393
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.

Investments

fixed assets acquired
Item202320242025
Tangible fixed assets-€10,221€17,874
Financial fixed assets€55€270-
Depreciation and write-downs of the year-€1,572€2,983

Source: notes to the 2023 to 2025 annual accounts (statement of fixed assets)

Annual accounts
Filed annual accounts As filed with the NBB · 2025 against 2024 · 44 lines
Balance sheet Code20242025
Assets
Total assets20/58€21,819€52,626▲
Fixed assets21/28€8,974€16,098▲
Tangible fixed assets22/27€8,649€15,773▲
Plant, machinery and equipment23€75€57▼
Furniture and vehicles24€8,574€14,653▲
Other tangible fixed assets26-€1,064
Financial fixed assets28€325€325=
Current assets29/58€12,845€36,528▲
Stocks and contracts in progress3€2,940€5,213▲
Stocks30/36€2,940€5,213▲
Amounts receivable within one year40/41€5,856€16,249▲
Trade receivables40€5,701€16,005▲
Other amounts receivable41€155€244▲
Cash at bank and in hand54/58€3,952€14,991▲
Deferred charges and accrued income490/1€97€74▼
Equity and liabilities
Total equity and liabilities10/49€21,819€52,626▲
Equity10/15€10,166€19,493▲
Contributions10/11€1,000€1,000=
Profit (loss) carried forward14€9,166€18,493▲
Amounts payable17/49€11,653€33,133▲
Amounts payable after more than one year17-€9,289
Financial debts170/4-€9,289
Amounts payable within one year42/48€11,653€23,844▲
Current portion of amounts payable after more than one year42-€3,352
Trade debts44€5,526€10,401▲
Suppliers440/4€5,526€10,401▲
Taxes, remuneration and social security45€3,574€8,232▲
Taxes450/3€3,574€8,232▲
Other amounts payable47/48€2,553€1,859▼
Income statement Code20242025
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€1,572€2,983▲
Other operating charges640/8€440€1,087▲
Non-recurring operating charges66A-€3,800
Gross operating margin9900€19,327€19,722▲
Operating profit (loss)9901€17,314€11,852▼
Financial income75/76B€0€1▲
Recurring financial income75€0€1▲
Financial charges65/66B€267€377▲
Recurring financial charges65€267€377▲
Profit (loss) for the period before taxes9903€17,048€11,476▼
Income taxes67/77€3,393€2,149▼
Profit (loss) for the period9904€13,654€9,327▼
Profit (loss) for the period to be appropriated9905€13,654€9,327▼
Appropriation of the result
Profit (loss) to be appropriated9906€9,166€18,493▲
Profit (loss) brought forward from the previous period14P-€4,488€9,166▲

The notes to these accounts have 9 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the accounts filed with the NBB.

Source: Annual accounts 2025 at the NBB, filed on 16-07-2026.

Line202320242025Change
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630-€1,572€2,983▲ 89.8%
Other operating charges640/8€434€440€1,087▲ 147%
Non-recurring operating charges66A--€3,800-
Gross operating margin9900-€4,034€19,327€19,722▲ 2.0%
Operating profit (loss)9901-€4,468€17,314€11,852▼ 31.5%
Financial income75/76B€0€0€1▲ 587%
Recurring financial income75€0€0€1▲ 587%
Financial charges65/66B€20€267€377▲ 41.3%
Recurring financial charges65€20€267€377▲ 41.3%
Profit (loss) for the period before taxes9903-€4,488€17,048€11,476▼ 32.7%
Income taxes67/77-€3,393€2,149▼ 36.7%
Profit (loss) for the period9904-€4,488€13,654€9,327▼ 31.7%
Profit (loss) for the period to be appropriated9905-€4,488€13,654€9,327▼ 31.7%
Line202320242025Change
Assets
Total assets20/58€6,865€21,819€52,626▲ 141%
Fixed assets21/28€55€8,974€16,098▲ 79.4%
Tangible fixed assets22/27-€8,649€15,773▲ 82.4%
Plant, machinery and equipment23-€75€57▼ 25.0%
Furniture and vehicles24-€8,574€14,653▲ 70.9%
Other tangible fixed assets26--€1,064-
Financial fixed assets28€55€325€325=
Current assets29/58€6,810€12,845€36,528▲ 184%
Stocks and contracts in progress3-€2,940€5,213▲ 77.3%
Stocks30/36-€2,940€5,213▲ 77.3%
Amounts receivable within one year40/41€4,134€5,856€16,249▲ 177%
Trade receivables40€4,134€5,701€16,005▲ 181%
Other amounts receivable41-€155€244▲ 58.1%
Cash at bank and in hand54/58€2,676€3,952€14,991▲ 279%
Deferred charges and accrued income490/1-€97€74▼ 23.0%
Equity and liabilities
Total equity and liabilities10/49€6,865€21,819€52,626▲ 141%
Equity10/15-€3,488€10,166€19,493▲ 91.7%
Contributions10/11€1,000€1,000€1,000=
Profit (loss) carried forward14-€4,488€9,166€18,493▲ 102%
Amounts payable17/49€10,354€11,653€33,133▲ 184%
Amounts payable after more than one year17--€9,289-
Financial debts170/4--€9,289-
Amounts payable within one year42/48€10,354€11,653€23,844▲ 105%
Current portion of amounts payable after more than one year42--€3,352-
Trade debts44€4,063€5,526€10,401▲ 88.2%
Suppliers440/4€4,063€5,526€10,401▲ 88.2%
Taxes, remuneration and social security45€4,249€3,574€8,232▲ 130%
Taxes450/3€2,649€3,574€8,232▲ 130%
Remuneration and social security454/9€1,600---
Other amounts payable47/48€2,042€2,553€1,859▼ 27.2%
Line202320242025Change
Profit (loss) for the period9904-€4,488€13,654€9,327▼ 31.7%
+ Depreciation and write-downs630-€1,572€2,983▲ 89.8%
Operating cash flow (approximation)-€4,488€15,226€12,310▼ 19.1%
Investment in fixed assets (approximation)--€10,491-€10,107▲ 3.7%
Change in cash-€1,276€11,039▲ 765%

A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.

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Historical observation

In July 2024, 39,278 companies had the same profile as AZUR PISCINE has now. Two years later, 95.9% were still going and 1.8% had gone bankrupt.

  • Micro
  • 2 to 5 years old
  • solvency 30% or more
  • a profit of 5% of the balance sheet or more
95.9% was still going
2.3% stopped otherwise
1.8% went bankrupt

That fits the bankruptcy probability of AZUR PISCINE itself: 1.5% 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.

The companies in ten equal groups, from the lowest to the highest expected share
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 39,278 companies, not a prediction for AZUR PISCINE. 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.

Filings with the National Bank (3)
Financial year Type Filed Reference Document
31-12-2025 micro format 16-07-2026 2026-00298206 PDF
31-12-2024 micro format 01-07-2025 2025-00245583 PDF
31-12-2023 micro format 27-08-2024 2024-00441749 PDF

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