BAGHE CONSTRUCT
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 26-02-2026 PDF all 13 filings
Turnover
€373,886▼ 7.5%
2024 · €404,343
EBIT margin
3.1%=
2024 · 3.2%
Net result
€8,382▼ 13.4%
2024 · €9,679
Working capital
€91,662▲ 12.1%
2024 · €81,761
Multi-year overview
2019 to 2025, 7 financial yearsTurnover
€373,886
▼ 7.5%
2025
20192025
Operating result
€11,742
▼ 8.4%
2025
20192025
Net result
€8,382
▼ 13.4%
2025
middle half of the sector
20192025
EBIT margin
3.1%
=
2025
20192025
Equity
€92,546
▲ 10.0%
2025
middle half of the sector
20192025
Total assets
€132,416
▼ 15.7%
2025
middle half of the sector
20192025
Debt
€39,870
▼ 45.4%
2025
20192025
Working capital
€91,662
▲ 12.1%
2025
highest quarter of the sector
20192025
Solvency
69.9%
▲ 16.3pp
2025
highest quarter of the sector
20192025
Current ratio
3.30
▲ 1.18
2025
middle half of the sector
20192025
Return on assets (ROA)
6.3%
▲ 0.2pp
2025
middle half of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Turnover€348,486-€499,974▲ 43.5%€552,966▲ 10.6%€459,086▼ 17.0%€400,024▼ 12.9%€404,343▲ 1.1%€373,886▼ 7.5%
Operating result€9,407-€11,238▲ 19.5%€14,435▲ 28.5%€18,351▲ 27.1%€10,192▼ 44.5%€12,819▲ 25.8%€11,742▼ 8.4%
Net result€6,923-€8,408within the sector's middle half▲ 21.5%€11,030within the sector's middle half▲ 31.2%€13,994within the sector's middle half▲ 26.9%€7,607within the sector's middle half▼ 45.6%€9,679within the sector's middle half▲ 27.2%€8,382within the sector's middle half▼ 13.4%
EBIT margin2.7%-2.2%▼ 0.5pp2.6%▲ 0.4pp4.0%▲ 1.4pp2.5%▼ 1.4pp3.2%▲ 0.6pp3.1%=
Equity€33,445-€41,853within the sector's middle half▲ 25.1%€52,884within the sector's middle half▲ 26.4%€66,878within the sector's middle half▲ 26.5%€74,485within the sector's middle half▲ 11.4%€84,164within the sector's middle half▲ 13.0%€92,546within the sector's middle half▲ 10.0%
Total assets€96,932-€121,913within the sector's middle half▲ 25.8%€221,896within the sector's middle half▲ 82.0%€183,396within the sector's middle half▼ 17.4%€155,548within the sector's middle half▼ 15.2%€157,125within the sector's middle half▲ 1.0%€132,416within the sector's middle half▼ 15.7%
Debt€63,487-€80,059▲ 26.1%€169,012▲ 111%€116,518▼ 31.1%€81,063▼ 30.4%€72,960▼ 10.0%€39,870▼ 45.4%
Working capital€31,279-€24,655within the sector's middle half▼ 21.2%€33,414within the sector's middle half▲ 35.5%€54,679within the sector's middle half▲ 63.6%€67,780within the sector's middle half▲ 24.0%€81,761within the sector's middle half▲ 20.6%€91,662above the sector's middle half▲ 12.1%
Solvency34.5%-34.3%within the sector's middle half▼ 0.2pp23.8%within the sector's middle half▼ 10.5pp36.5%within the sector's middle half▲ 12.6pp47.9%within the sector's middle half▲ 11.4pp53.6%within the sector's middle half▲ 5.7pp69.9%above the sector's middle half▲ 16.3pp
Current ratio1.49-1.31within the sector's middle half▼ 0.181.20within the sector's middle half▼ 0.111.47within the sector's middle half▲ 0.271.84within the sector's middle half▲ 0.372.12within the sector's middle half▲ 0.283.30within the sector's middle half▲ 1.18
Return on assets (ROA)7.1%-6.9%within the sector's middle half▼ 0.2pp5.0%within the sector's middle half▼ 1.9pp7.6%within the sector's middle half▲ 2.7pp4.9%within the sector's middle half▼ 2.7pp6.2%within the sector's middle half▲ 1.3pp6.3%within the sector's middle half▲ 0.2pp
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 8% lower than in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €132,416
Fixed assets
€883 ▼ 63.2%
Current assets
€131,532 ▼ 15.0%
Equity and liabilities €132,416
Equity
€92,546 ▲ 10.0%
Debt
€39,870 ▼ 45.4%
Debt's share of the balance-sheet total falls from 46.4% to 30.1%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€13,262▼
2024 · €17,121
Cash flow
€9,902▼
2024 · €13,981
Debt to equity
0.43▼
2024 · 0.87
ROE
9.1%▼
2024 · 11.5%
Interest coverage
15.82▼
2024 · 33.15
Debt ≤ 1 year
€39,870▼
2024 · €72,960
Income taxes
€2,522▼
2024 · €2,628
Customer credit
75 days▼
2024 · 115 days
Supplier credit
21 days▼
2024 · 34 days
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 31-07-2022 | 31-07-2023 | 31-07-2024 | 31-07-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €2,556 | €2,032 | - | - |
| Financial fixed assets | €97 | - | - | - |
| Depreciation and write-downs of the year | €9,924 | €7,526 | €4,301 | €1,520 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Turnover70 | €348,486 | €499,974 | €552,966 | €459,086 | €400,024 | €404,343 | €373,886 | ▼ 7.5% |
| Non-recurring operating income76A | - | - | - | - | €859 | €23 | €6,925 | ▲ 304× |
| Goods, raw materials, services and sundry goods60/61 | - | - | - | €429,755 | €382,218 | €387,222 | €360,061 | ▼ 7.0% |
| Remuneration, social security and pensions62 | - | - | - | €174 | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €4,705 | €9,489 | €12,215 | €9,924 | €7,526 | €4,301 | €1,520 | ▼ 64.7% |
| Other operating charges640/8 | - | - | - | €882 | €88 | - | €563 | - |
| Gross operating margin9900 | €15,883 | €22,414 | €28,693 | €29,331 | €17,807 | €17,121 | €13,825 | ▼ 19.2% |
| Operating profit (loss)9901 | €9,407 | €11,238 | €14,435 | €18,351 | €10,192 | €12,819 | €11,742 | ▼ 8.4% |
| Financial income75/76B | - | - | - | €6 | - | €4 | €0 | ▼ 99.7% |
| Recurring financial income75 | - | - | €1 | €6 | - | €4 | €0 | ▼ 99.7% |
| Financial charges65/66B | - | - | - | €564 | €520 | €516 | €839 | ▲ 62.4% |
| Recurring financial charges65 | €522 | €642 | €372 | €564 | €520 | €516 | €839 | ▲ 62.4% |
| Profit (loss) for the period before taxes9903 | €8,884 | €10,596 | €14,065 | €17,794 | €9,672 | €12,307 | €10,903 | ▼ 11.4% |
| Income taxes67/77 | €1,961 | €2,188 | €3,034 | €3,800 | €2,065 | €2,628 | €2,522 | ▼ 4.0% |
| Profit (loss) for the period9904 | €6,923 | €8,408 | €11,030 | €13,994 | €7,607 | €9,679 | €8,382 | ▼ 13.4% |
| Profit (loss) for the period to be appropriated9905 | €6,923 | €8,408 | €11,030 | €13,994 | €7,607 | €9,679 | €8,382 | ▼ 13.4% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €96,932 | €121,913 | €221,896 | €183,396 | €155,548 | €157,125 | €132,416 | ▼ 15.7% |
| Fixed assets21/28 | €2,166 | €17,198 | €19,469 | €12,199 | €6,705 | €2,403 | €883 | ▼ 63.2% |
| Tangible fixed assets22/27 | €1,941 | €16,973 | €19,244 | €11,877 | €6,383 | €2,081 | €561 | ▼ 73.0% |
| Plant, machinery and equipment23 | - | - | - | €4,063 | €1,836 | - | - | - |
| Furniture and vehicles24 | - | - | - | €7,813 | €4,547 | €2,081 | €561 | ▼ 73.0% |
| Financial fixed assets28 | €225 | €225 | €225 | €322 | €322 | €322 | €322 | = |
| Current assets29/58 | €94,766 | €104,714 | €202,427 | €171,197 | €148,843 | €154,721 | €131,532 | ▼ 15.0% |
| Stocks and contracts in progress3 | - | €35,000 | - | - | - | - | - | - |
| Amounts receivable within one year40/41 | €51,047 | €55,385 | €156,937 | €124,423 | €132,602 | €127,371 | €80,929 | ▼ 36.5% |
| Trade receivables40 | - | - | - | €114,124 | €131,579 | €127,371 | €76,431 | ▼ 40.0% |
| Other amounts receivable41 | - | - | - | €10,299 | €1,023 | - | €4,497 | - |
| Cash at bank and in hand54/58 | €43,719 | €12,352 | €27,366 | €42,707 | €14,430 | €27,092 | €49,358 | ▲ 82.2% |
| Deferred charges and accrued income490/1 | - | - | - | €4,068 | €1,812 | €258 | €1,246 | ▲ 384% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €96,932 | €121,913 | €221,896 | €183,396 | €155,548 | €157,125 | €132,416 | ▼ 15.7% |
| Equity10/15 | €33,445 | €41,853 | €52,884 | €66,878 | €74,485 | €84,164 | €92,546 | ▲ 10.0% |
| Contributions10/11 | €6,200 | - | - | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Reserves13 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| 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 | = |
| Profit (loss) carried forward14 | €25,385 | €33,793 | €44,824 | €58,818 | €66,425 | €76,104 | €84,486 | ▲ 11.0% |
| Amounts payable17/49 | €63,487 | €80,059 | €169,012 | €116,518 | €81,063 | €72,960 | €39,870 | ▼ 45.4% |
| Amounts payable within one year42/48 | €63,487 | €80,059 | €169,012 | €116,518 | €81,063 | €72,960 | €39,870 | ▼ 45.4% |
| Trade debts44 | €34,677 | €32,888 | €75,552 | €33,547 | €29,523 | €36,426 | €20,860 | ▼ 42.7% |
| Suppliers440/4 | - | - | - | €17,304 | €29,523 | €36,426 | €20,860 | ▼ 42.7% |
| Bills of exchange payable441 | - | - | - | €16,243 | - | - | - | - |
| Taxes, remuneration and social security45 | - | - | - | €69,589 | €37,604 | €28,037 | €15,831 | ▼ 43.5% |
| Taxes450/3 | - | - | - | €3,800 | €2,065 | €3,773 | €2,522 | ▼ 33.2% |
| Remuneration and social security454/9 | - | - | - | €65,790 | €35,539 | €24,264 | €13,309 | ▼ 45.1% |
| Other amounts payable47/48 | - | - | - | €13,381 | €13,936 | €8,497 | €3,179 | ▼ 62.6% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €6,923 | €8,408 | €11,030 | €13,994 | €7,607 | €9,679 | €8,382 | ▼ 13.4% |
| + Depreciation and write-downs630 | €4,705 | €9,489 | €12,215 | €9,924 | €7,526 | €4,301 | €1,520 | ▼ 64.7% |
| Operating cash flow (approximation) | €11,628 | €17,897 | €23,246 | €23,918 | €15,133 | €13,981 | €9,902 | ▼ 29.2% |
| Investment in fixed assets (approximation) | - | -€24,521 | -€14,486 | -€2,653 | -€2,032 | €0 | €0 | - |
| Change in cash | - | -€31,367 | €15,013 | €15,341 | -€28,277 | €12,662 | €22,266 | ▲ 75.8% |
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, 34,693 companies had the same profile as BAGHE CONSTRUCT has now. Two years later, 95.3% were still going and 0.7% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
95.3%
was still going
3.9%
stopped otherwise
0.7%
went bankrupt
That fits the bankruptcy probability of BAGHE CONSTRUCT itself: 0.2% 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 34,693 companies, not a prediction for BAGHE CONSTRUCT. 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 13 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-07-2025 | micro format | 26-02-2026 | 2026-00044028 | |
| 31-07-2024 | micro format | 19-02-2025 | 2025-00036900 | |
| 31-07-2023 | micro format | 16-02-2024 | 2024-00032654 | |
| 31-07-2022 | micro format | 13-02-2023 | 2023-00028618 | |
| 31-07-2021 | micro format | 10-02-2022 | 2022-05300502 | |
| 31-07-2020 | micro format | 25-02-2021 | 2021-06100365 | |
| 31-07-2019 | micro format | 21-02-2020 | 2020-05400256 | |
| 31-07-2018 | micro format | 19-02-2019 | 2019-05400310 | |
| 31-07-2017 | micro format | 30-01-2018 | 2018-03300133 | |
| 31-07-2016 | full format | 24-01-2017 | 2017-02000456 |