B+BUILT
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 2 days after the deadline Filed on 2 February 2026, deadline 31 January 2026 (7 months after the close on 30 June 2025, Companies Code art. 3:10). Source: NBB, 2026-00031194.
Annual accounts 2025 filed on 02-02-2026 PDF all 4 filings
Turnover
≈ €680,000
Estimated: probably between €450,000 and €1.2m
Total assets
€525,951▲ 74.5%
2024 · €301,460
Net result
€114,303▲ 42×
2024 · €2,728
Working capital
€210,468▲ 105%
2024 · €102,669
Multi-year overview
2022 to 2025, 4 financial yearsOperating result
€165,448
▲ 49×
2025
20222025
Net result
€114,303
▲ 42×
2025
highest quarter of the sector
20222025
Equity
€265,317
▲ 67.4%
2025
highest quarter of the sector
20222025
Total assets
€525,951
▲ 74.5%
2025
highest quarter of the sector
20222025
Debt
€260,634
▲ 82.3%
2025
20222025
Working capital
€210,468
▲ 105%
2025
highest quarter of the sector
20222025
Solvency
50.4%
▼ 2.1pp
2025
middle half of the sector
20222025
Current ratio
1.81
▲ 0.09
2025
middle half of the sector
20222025
Return on assets (ROA)
21.7%
▲ 20.8pp
2025
highest quarter of the sector
20222025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2022202320242025
Operating result€132,670-€102,052▼ 23.1%€3,410▼ 96.7%€165,448▲ 49×
Net result€84,216above the sector's middle half-€77,685above the sector's middle half▼ 7.8%€2,728within the sector's middle half▼ 96.5%€114,303above the sector's middle half▲ 42×
Equity€88,026within the sector's middle half-€158,511above the sector's middle half▲ 80.1%€158,511above the sector's middle half=€265,317above the sector's middle half▲ 67.4%
Total assets€277,463within the sector's middle half-€393,803above the sector's middle half▲ 41.9%€301,460above the sector's middle half▼ 23.4%€525,951above the sector's middle half▲ 74.5%
Debt€189,437-€235,292▲ 24.2%€142,949▼ 39.2%€260,634▲ 82.3%
Working capital€56,443within the sector's middle half-€105,799above the sector's middle half▲ 87.4%€102,669above the sector's middle half▼ 3.0%€210,468above the sector's middle half▲ 105%
Solvency31.7%within the sector's middle half-40.3%within the sector's middle half▲ 8.5pp52.6%within the sector's middle half▲ 12.3pp50.4%within the sector's middle half▼ 2.1pp
Current ratio1.31within the sector's middle half-1.46within the sector's middle half▲ 0.151.72within the sector's middle half▲ 0.251.81within the sector's middle half▲ 0.09
Return on assets (ROA)30.4%above the sector's middle half-19.7%above the sector's middle half▼ 10.6pp0.9%within the sector's middle half▼ 18.8pp21.7%above the sector's middle half▲ 20.8pp
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 nearly 49 times that of 2024 and the highest since 2022. It is a recovery after the fall 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 €525,951
Fixed assets
€54,849 ▼ 1.8%
Current assets
€471,102 ▲ 91.8%
Equity and liabilities €525,951
Equity
€265,317 ▲ 67.4%
Debt
€260,634 ▲ 82.3%
Debt's share of the balance-sheet total rises from 47.4% to 49.6%. Equity and debt are higher.
Key figures and ratios
EBITDA
€180,940▲
2024 · €18,622
Cash flow
€129,796▲
2024 · €17,940
Debt to equity
0.98▲
2024 · 0.90
ROE
43.1%▲
2024 · 1.7%
Interest coverage
over 100▲
2024 · 7.99
Debt ≤ 1 year
€260,634▲
2024 · €142,949
Income taxes
€50,364▲
2024 · €3,015
Staff costs
-€17,811▼
2024 · €9,919
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Tangible fixed assets | - | €31,641 | €5,709 | €14,500 |
| Financial fixed assets | - | €2,176 | €5,175 | - |
| Depreciation and write-downs of the year | €10,195 | €15,315 | €15,212 | €15,492 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 · 1 entry · €500 awarded · €500 paidSchemes
Annual accounts
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | €10,256 | €1,453 | €9,919 | -€17,811 | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €10,195 | €15,315 | €15,212 | €15,492 | ▲ 1.8% |
| Other operating charges640/8 | €4,329 | €1,532 | €505 | €1,945 | ▲ 285% |
| Gross operating margin9900 | €157,451 | €120,351 | €29,046 | €165,074 | ▲ 468% |
| Operating profit (loss)9901 | €132,670 | €102,052 | €3,410 | €165,448 | ▲ 49× |
| Financial income75/76B | - | €7,839 | €4,664 | €282 | ▼ 94.0% |
| Recurring financial income75 | - | €7,839 | €4,664 | €282 | ▼ 94.0% |
| Financial charges65/66B | €477 | €656 | €2,331 | €1,062 | ▼ 54.4% |
| Recurring financial charges65 | €477 | €656 | €2,331 | €1,062 | ▼ 54.4% |
| Profit (loss) for the period before taxes9903 | €132,193 | €109,235 | €5,743 | €164,667 | ▲ 29× |
| Income taxes67/77 | €47,977 | €31,550 | €3,015 | €50,364 | ▲ 17× |
| Profit (loss) for the period9904 | €84,216 | €77,685 | €2,728 | €114,303 | ▲ 42× |
| Profit (loss) for the period to be appropriated9905 | €84,216 | €77,685 | €2,728 | €114,303 | ▲ 42× |
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Assets | |||||
| Total assets20/58 | €277,463 | €393,803 | €301,460 | €525,951 | ▲ 74.5% |
| Fixed assets21/28 | €41,667 | €60,170 | €55,842 | €54,849 | ▼ 1.8% |
| Tangible fixed assets22/27 | €36,537 | €52,863 | €43,360 | €42,368 | ▼ 2.3% |
| Plant, machinery and equipment23 | €6,374 | €12,826 | €9,598 | €19,861 | ▲ 107% |
| Furniture and vehicles24 | €30,162 | €40,037 | €33,762 | €22,506 | ▼ 33.3% |
| Financial fixed assets28 | €5,131 | €7,307 | €12,482 | €12,482 | = |
| Current assets29/58 | €235,796 | €333,633 | €245,618 | €471,102 | ▲ 91.8% |
| Amounts receivable after more than one year29 | - | €69,900 | €69,900 | €69,900 | = |
| Other amounts receivable291 | - | €69,900 | €69,900 | €69,900 | = |
| Amounts receivable within one year40/41 | €183,572 | €196,139 | €137,872 | €282,466 | ▲ 105% |
| Trade receivables40 | €161,495 | €157,921 | €105,222 | €280,985 | ▲ 167% |
| Other amounts receivable41 | €22,077 | €38,218 | €32,650 | €1,481 | ▼ 95.5% |
| Cash at bank and in hand54/58 | €51,116 | €65,820 | €37,232 | €81,724 | ▲ 119% |
| Deferred charges and accrued income490/1 | €1,107 | €1,774 | €614 | €37,012 | ▲ 60× |
| Equity and liabilities | |||||
| Total equity and liabilities10/49 | €277,463 | €393,803 | €301,460 | €525,951 | ▲ 74.5% |
| Equity10/15 | €88,026 | €158,511 | €158,511 | €265,317 | ▲ 67.4% |
| Contributions10/11 | €2,000 | €2,000 | €2,000 | €2,000 | = |
| Reserves13 | €84,216 | €156,511 | €156,511 | €263,317 | ▲ 68.2% |
| Distributable reserves133 | €84,216 | €156,511 | €156,511 | €263,317 | ▲ 68.2% |
| Profit (loss) carried forward14 | €1,810 | - | - | - | - |
| Amounts payable17/49 | €189,437 | €235,292 | €142,949 | €260,634 | ▲ 82.3% |
| Amounts payable after more than one year17 | €9,772 | €4,759 | - | - | - |
| Other amounts payable178/9 | €9,772 | €4,759 | - | - | - |
| Amounts payable within one year42/48 | €179,353 | €227,834 | €142,949 | €260,634 | ▲ 82.3% |
| Current portion of amounts payable after more than one year42 | €4,833 | €5,013 | €4,759 | - | - |
| Trade debts44 | €114,101 | €160,627 | €122,868 | €169,628 | ▲ 38.1% |
| Suppliers440/4 | €114,101 | €160,627 | €122,868 | €169,628 | ▲ 38.1% |
| Taxes, remuneration and social security45 | €44,583 | €38,999 | €11,550 | €87,367 | ▲ 656% |
| Taxes450/3 | €39,653 | €31,360 | €2,082 | €62,323 | ▲ 30× |
| Remuneration and social security454/9 | €4,930 | €7,639 | €9,468 | €25,043 | ▲ 165% |
| Other amounts payable47/48 | €15,835 | €23,195 | €3,772 | €3,640 | ▼ 3.5% |
| Accrued charges and deferred income492/3 | €312 | €2,700 | - | - | - |
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €84,216 | €77,685 | €2,728 | €114,303 | ▲ 42× |
| + Depreciation and write-downs630 | €10,195 | €15,315 | €15,212 | €15,492 | ▲ 1.8% |
| Operating cash flow (approximation) | €94,411 | €92,999 | €17,940 | €129,796 | ▲ 623% |
| Investment in fixed assets (approximation) | - | -€33,817 | -€10,884 | -€14,500 | ▼ 33.2% |
| Change in cash | - | €14,703 | -€28,588 | €44,492 | - |
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, 17,811 companies had the same profile as B+BUILT has now. Two years later, 96.5% were still going and 0.3% had gone bankrupt.
- Small
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
96.5%
was still going
3.1%
stopped otherwise
0.3%
went bankrupt
That fits the bankruptcy probability of B+BUILT 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 17,811 companies, not a prediction for B+BUILT. 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.