BATIREK
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 26-06-2026 at the NBB all 19 filings
Turnover
€299,094▼ 57.9%
2018 · €711,254
EBIT margin
21.0%▲ 20.7pp
2018 · 0.3%
Net result
€48,670
2024 · -€9,037
Working capital
€94,748▲ 62.7%
2024 · €58,220
In the rankings
#3 oldest company in Linkebeek, Construction sector#9 company by equity in Linkebeek, Construction sector
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
no figure
2025
20182025
Operating result
€70,131
2025
20182025
Net result
€48,670
2025
highest quarter of the sector
20182025
EBIT margin
no figure
2025
20182025
Equity
€112,130
▲ 84.7%
2025
middle half of the sector
20182025
Total assets
€159,105
▲ 80.8%
2025
middle half of the sector
20182025
Debt
€46,975
▲ 72.0%
2025
20182025
Working capital
€94,748
▲ 62.7%
2025
highest quarter of the sector
20182025
Solvency
70.5%
▲ 1.5pp
2025
highest quarter of the sector
20182025
Current ratio
4.19
▲ 1.05
2025
highest quarter of the sector
20182025
Return on assets (ROA)
30.6%
▲ 40.9pp
2025
highest quarter of the sector
20182025
Staff (FTE)
no figure
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Turnover€711,254-€299,094
Operating result€2,185-€5,052▲ 131%-€158€22,885€37,465▲ 63.7%€62,701▲ 67.4%-€8,615€70,131
Net result€980-€4,023▲ 311%-€794below the sector's middle half€22,526within the sector's middle half€35,713above the sector's middle half▲ 58.5%€43,027above the sector's middle half▲ 20.5%-€9,037below the sector's middle half€48,670above the sector's middle half
EBIT margin0.3%-21.0%
Equity-€34,747--€30,723▲ 11.6%-€31,518below the sector's middle half▼ 2.6%-€8,992below the sector's middle half▲ 71.5%€26,721within the sector's middle half€69,748within the sector's middle half▲ 161%€60,711within the sector's middle half▼ 13.0%€112,130within the sector's middle half▲ 84.7%
Total assets€79,929-€54,945▼ 31.3%€27,438below the sector's middle half▼ 50.1%€36,289below the sector's middle half▲ 32.3%€84,525within the sector's middle half▲ 133%€123,774within the sector's middle half▲ 46.4%€88,019within the sector's middle half▼ 28.9%€159,105within the sector's middle half▲ 80.8%
Debt€114,676-€85,668▼ 25.3%€58,956▼ 31.2%€45,281▼ 23.2%€57,804▲ 27.7%€54,026▼ 6.5%€27,308▼ 49.5%€46,975▲ 72.0%
Working capital-€33,964--€33,510▲ 1.3%-€44,867below the sector's middle half▼ 33.9%-€25,693below the sector's middle half▲ 42.7%€14,581within the sector's middle half€67,057within the sector's middle half▲ 360%€58,220within the sector's middle half▼ 13.2%€94,748above the sector's middle half▲ 62.7%
Solvency-43.5%--55.9%▼ 12.4pp-114.9%below the sector's middle half▼ 59.0pp-24.8%below the sector's middle half▲ 90.1pp31.6%within the sector's middle half▲ 56.4pp56.4%within the sector's middle half▲ 24.7pp69.0%within the sector's middle half▲ 12.6pp70.5%above the sector's middle half▲ 1.5pp
Current ratio0.70-0.61▼ 0.090.24below the sector's middle half▼ 0.370.43below the sector's middle half▲ 0.191.25within the sector's middle half▲ 0.822.24within the sector's middle half▲ 0.993.13within the sector's middle half▲ 0.894.19above the sector's middle half▲ 1.05
Return on assets (ROA)1.2%-7.3%▲ 6.1pp-2.9%below the sector's middle half▼ 10.2pp62.1%above the sector's middle half▲ 65.0pp42.3%above the sector's middle half▼ 19.8pp34.8%above the sector's middle half▼ 7.5pp-10.3%below the sector's middle half▼ 45.0pp30.6%above the sector's middle half▲ 40.9pp
Staff (FTE)1-
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 a profit of €70,131, after a loss of €8,615 in 2024. It is the highest result since 2021.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €159,105
Fixed assets
€34,626 ▲ 14×
Current assets
€124,478 ▲ 45.5%
Equity and liabilities €159,105
Equity
€112,130 ▲ 84.7%
Debt
€46,975 ▲ 72.0%
Debt's share of the balance-sheet total falls from 31.0% to 29.5%. Equity and debt are higher.
Key figures and ratios
EBITDA
€72,694▲
2024 · -€7,521
Cash flow
€51,233▲
2024 · -€7,942
Debt to equity
0.42▼
2024 · 0.45
ROE
43.4%▲
2024 · -14.9%
Interest coverage
59.55▲
2024 · -7.52
Debt ≤ 1 year
€29,730▲
2024 · €27,308
Debt > 1 year
€17,245
Income taxes
€20,260▲
2024 · €84
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €4,240 | €484 | €2,491 | €895 | €34,698 |
| Financial fixed assets | - | - | €250 | - | - |
| Depreciation and write-downs of the year | €888 | €5,045 | €50 | €1,095 | €2,563 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Turnover70 | €711,254 | - | - | - | - | €299,094 | - | - | - |
| Goods, raw materials, services and sundry goods60/61 | - | - | - | - | - | €232,717 | - | - | - |
| Remuneration, social security and pensions62 | - | - | - | €140 | €198 | €160 | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €2,016 | €1,694 | €3,648 | €888 | €5,045 | €50 | €1,095 | €2,563 | ▲ 134% |
| Other operating charges640/8 | - | - | - | €145 | €935 | €3,810 | €1,077 | €1,200 | ▲ 11.5% |
| Gross operating margin9900 | €53,498 | €23,756 | €5,145 | €24,058 | €43,643 | €66,721 | -€6,444 | €73,894 | - |
| Operating profit (loss)9901 | €2,185 | €5,052 | -€158 | €22,885 | €37,465 | €62,701 | -€8,615 | €70,131 | - |
| Financial income75/76B | - | - | - | €25 | €2 | €2 | €662 | €20 | ▼ 97.0% |
| Recurring financial income75 | €1,031 | €1,207 | €167 | €25 | €2 | €2 | €662 | €20 | ▼ 97.0% |
| Financial charges65/66B | - | - | - | €384 | €204 | €701 | €1,000 | €1,221 | ▲ 22.1% |
| Recurring financial charges65 | €2,182 | €2,122 | €687 | €384 | €204 | €701 | €1,000 | €1,221 | ▲ 22.1% |
| Profit (loss) for the period before taxes9903 | €1,034 | €4,137 | -€678 | €22,526 | €37,263 | €62,002 | -€8,953 | €68,930 | - |
| Income taxes67/77 | €54 | €114 | €117 | - | €1,550 | €18,975 | €84 | €20,260 | ▲ 241× |
| Profit (loss) for the period9904 | €980 | €4,023 | -€794 | €22,526 | €35,713 | €43,027 | -€9,037 | €48,670 | - |
| Profit (loss) for the period to be appropriated9905 | €980 | €4,023 | -€794 | €22,526 | €35,713 | €43,027 | -€9,037 | €48,670 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €79,929 | €54,945 | €27,438 | €36,289 | €84,525 | €123,774 | €88,019 | €159,105 | ▲ 80.8% |
| Fixed assets21/28 | €1,832 | €2,787 | €13,349 | €16,701 | €12,140 | €2,691 | €2,491 | €34,626 | ▲ 14× |
| Tangible fixed assets22/27 | €1,091 | €2,046 | €13,349 | €16,701 | €12,140 | €2,441 | €2,241 | €34,376 | ▲ 15× |
| Plant, machinery and equipment23 | - | - | - | €3,129 | €1,948 | €803 | €1,150 | €7,122 | ▲ 519% |
| Furniture and vehicles24 | - | - | - | €13,572 | €10,192 | €1,638 | €1,090 | €27,254 | ▲ 25× |
| Financial fixed assets28 | €741 | €741 | - | - | - | €250 | €250 | €250 | = |
| Current assets29/58 | €78,097 | €52,158 | €14,089 | €19,588 | €72,385 | €121,083 | €85,528 | €124,478 | ▲ 45.5% |
| Amounts receivable within one year40/41 | €71,702 | €29,665 | €10,060 | €10,206 | €71,370 | €96,543 | €78,805 | €89,793 | ▲ 13.9% |
| Trade receivables40 | - | - | - | €7,761 | €67,520 | €91,348 | €61,581 | €28,409 | ▼ 53.9% |
| Other amounts receivable41 | - | - | - | €2,445 | €3,850 | €5,195 | €17,224 | €61,384 | ▲ 256% |
| Cash at bank and in hand54/58 | €3,154 | €19,416 | €3,640 | €8,640 | €307 | €24,540 | €6,332 | €24,133 | ▲ 281% |
| Deferred charges and accrued income490/1 | - | - | - | €742 | €708 | - | €391 | €10,552 | ▲ 27× |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €79,929 | €54,945 | €27,438 | €36,289 | €84,525 | €123,774 | €88,019 | €159,105 | ▲ 80.8% |
| Equity10/15 | -€34,747 | -€30,723 | -€31,518 | -€8,992 | €26,721 | €69,748 | €60,711 | €112,130 | ▲ 84.7% |
| Contributions10/11 | €18,600 | €18,600 | - | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Contributions outside capital11 | - | - | - | €18,600 | €18,600 | €18,600 | - | - | - |
| Other1109/19 | - | - | - | €18,600 | €18,600 | €18,600 | - | - | - |
| Reserves13 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €44,860 | €44,860 | €93,460 | ▲ 108% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Distributable reserves133 | - | - | - | - | - | €43,000 | €43,000 | €91,600 | ▲ 113% |
| Profit (loss) carried forward14 | -€55,207 | -€51,183 | -€51,978 | -€29,452 | €6,261 | €6,288 | -€2,749 | €70 | - |
| Amounts payable17/49 | €114,676 | €85,668 | €58,956 | €45,281 | €57,804 | €54,026 | €27,308 | €46,975 | ▲ 72.0% |
| Amounts payable after more than one year17 | €2,615 | - | - | - | - | - | - | €17,245 | - |
| Financial debts170/4 | - | - | - | - | - | - | - | €17,245 | - |
| Amounts payable within one year42/48 | €112,061 | €85,668 | €58,956 | €45,281 | €57,804 | €54,026 | €27,308 | €29,730 | ▲ 8.9% |
| Current portion of amounts payable after more than one year42 | - | - | - | - | - | - | - | €7,536 | - |
| Trade debts44 | €81,110 | €70,241 | €6,255 | €5,519 | €6,108 | €22,717 | €5,734 | €4,683 | ▼ 18.3% |
| Suppliers440/4 | - | - | - | €5,519 | €6,108 | €22,717 | €5,734 | €4,683 | ▼ 18.3% |
| Taxes, remuneration and social security45 | - | - | - | €1,508 | €2,450 | €28,907 | €21,574 | €17,511 | ▼ 18.8% |
| Taxes450/3 | - | - | - | €114 | €1,550 | €26,837 | €17,574 | €17,511 | ▼ 0.4% |
| Remuneration and social security454/9 | - | - | - | €1,394 | €900 | €2,070 | €4,000 | - | - |
| Other amounts payable47/48 | - | - | - | €38,253 | €49,247 | €2,402 | - | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €980 | €4,023 | -€794 | €22,526 | €35,713 | €43,027 | -€9,037 | €48,670 | - |
| + Depreciation and write-downs630 | €2,016 | €1,694 | €3,648 | €888 | €5,045 | €50 | €1,095 | €2,563 | ▲ 134% |
| Operating cash flow (approximation) | €2,996 | €5,717 | €2,854 | €23,414 | €40,758 | €43,078 | -€7,942 | €51,233 | - |
| Investment in fixed assets (approximation) | - | -€2,649 | -€14,211 | -€4,240 | -€484 | €9,399 | -€895 | -€34,698 | ▼ 3,778% |
| Change in cash | - | €16,262 | -€15,776 | €5,001 | -€8,333 | €24,232 | -€18,208 | €17,801 | - |
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, 31,368 companies had the same profile as BATIREK has now. Two years later, 93.5% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
93.5%
was still going
5.9%
stopped otherwise
0.5%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of BATIREK 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 31,368 companies, not a prediction for BATIREK. 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 19 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 26-06-2026 | 2026-00216893 | |
| 31-12-2024 | micro format | 08-07-2025 | 2025-00252815 | |
| 31-12-2023 | micro format | 13-07-2024 | 2024-00254962 | |
| 31-12-2022 | micro format | 20-07-2023 | 2023-00274433 | |
| 31-12-2021 | full format | 05-08-2022 | 2022-20283291 | |
| 31-12-2020 | full format | 16-09-2021 | 2021-67800403 | |
| 31-12-2019 | full format | 22-09-2020 | 2020-55100499 | |
| 31-12-2018 | full format | 27-09-2019 | 2019-67200100 | |
| 31-12-2017 | full format | 29-08-2018 | 2018-55900051 | |
| 31-12-2016 | full format | 19-09-2017 | 2017-62000349 |