BELGALEC CONSTRUCT
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 03-02-2026 PDF all 13 filings
Turnover
≈ €200,000
Estimated: probably between €130,000 and €260,000
EBIT margin
Not included in this filing
Net result
€4,911▼ 89.5%
2024 · €46,826
Working capital
€64,042▲ 11.2%
2024 · €57,605
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€14,906
▼ 74.5%
2025
20192025
Net result
€4,911
▼ 89.5%
2025
middle half of the sector
20192025
Equity
€64,405
▲ 8.3%
2025
middle half of the sector
20192025
Total assets
€92,610
▲ 4.6%
2025
middle half of the sector
20192025
Debt
€28,205
▼ 3.0%
2025
20192025
Working capital
€64,042
▲ 11.2%
2025
middle half of the sector
20192025
Solvency
69.5%
▲ 2.4pp
2025
middle half of the sector
20192025
Current ratio
3.27
▲ 0.29
2025
middle half of the sector
20192025
Return on assets (ROA)
5.3%
▼ 47.6pp
2025
middle half of the sector
20192025
Staff (FTE)
1
=
2025
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€15,659-€11,652▼ 25.6%-€3,110-€28,477▼ 816%-€1,199▲ 95.8%€58,496€14,906▼ 74.5%
Net result€8,863-€5,489within the sector's middle half▼ 38.1%-€6,916below the sector's middle half-€31,781below the sector's middle half▼ 360%-€4,434below the sector's middle half▲ 86.0%€46,826above the sector's middle half€4,911within the sector's middle half▼ 89.5%
Equity€50,310-€55,799within the sector's middle half▲ 10.9%€48,883below the sector's middle half▼ 12.4%€17,102below the sector's middle half▼ 65.0%€12,668below the sector's middle half▼ 25.9%€59,494within the sector's middle half▲ 370%€64,405within the sector's middle half▲ 8.3%
Total assets€73,159-€87,590below the sector's middle half▲ 19.7%€104,658below the sector's middle half▲ 19.5%€39,276below the sector's middle half▼ 62.5%€21,448below the sector's middle half▼ 45.4%€88,558within the sector's middle half▲ 313%€92,610within the sector's middle half▲ 4.6%
Debt€22,849-€31,791▲ 39.1%€55,775▲ 75.4%€22,174▼ 60.2%€8,780▼ 60.4%€29,064▲ 231%€28,205▼ 3.0%
Working capital€48,399-€46,732within the sector's middle half▼ 3.4%€38,727within the sector's middle half▼ 17.1%€11,395within the sector's middle half▼ 70.6%€9,322within the sector's middle half▼ 18.2%€57,605within the sector's middle half▲ 518%€64,042within the sector's middle half▲ 11.2%
Solvency68.8%-63.7%above the sector's middle half▼ 5.1pp46.7%within the sector's middle half▼ 17.0pp43.5%within the sector's middle half▼ 3.2pp59.1%within the sector's middle half▲ 15.5pp67.2%within the sector's middle half▲ 8.1pp69.5%within the sector's middle half▲ 2.4pp
Current ratio3.12-2.47within the sector's middle half▼ 0.651.69within the sector's middle half▼ 0.781.51within the sector's middle half▼ 0.182.06within the sector's middle half▲ 0.552.98within the sector's middle half▲ 0.923.27within the sector's middle half▲ 0.29
Return on assets (ROA)12.1%-6.3%within the sector's middle half▼ 5.8pp-6.6%below the sector's middle half▼ 12.9pp-80.9%below the sector's middle half▼ 74.3pp-20.7%below the sector's middle half▲ 60.2pp52.9%above the sector's middle half▲ 73.5pp5.3%within the sector's middle half▼ 47.6pp
Staff (FTE)0.5-0.5below the sector's middle half=0.5below the sector's middle half=1▲ 100%1=1=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 75% lower than in 2024.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €92,610
Fixed assets
€363 ▼ 80.8%
Current assets
€92,247 ▲ 6.4%
Equity and liabilities €92,610
Equity
€64,405 ▲ 8.3%
Debt
€28,205 ▼ 3.0%
Debt's share of the balance-sheet total falls from 32.8% to 30.5%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€15,911▼
2024 · €59,953
Cash flow
€5,916▼
2024 · €48,283
Debt to equity
0.44▼
2024 · 0.49
ROE
7.6%▼
2024 · 78.7%
Interest coverage
2.07▼
2024 · 8.90
Debt ≤ 1 year
€28,205▼
2024 · €29,064
Income taxes
€2,297▼
2024 · €4,933
Staff costs
€19,424▲
2024 · €17,561
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 30-09-2022 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|
| Employees at the balance-sheet date | 1 | 1 | 1 | 1 |
| part-time | 1 | 1 | 1 | 1 |
| in full-time equivalents | 0.5 | 0.5 | 0.5 | 0.3 |
| Average over the year, in full-time equivalents | 0.5 | 0.5 | 0.5 | 0.4 |
| On a permanent contract | 1 | 1 | 1 | 1 |
Source: social balance sheet in the 2022 to 2025 annual accounts
Investments
| Item | 30-09-2022 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|
| Tangible fixed assets | - | €2,057 | - | - |
| Depreciation and write-downs of the year | €4,450 | €4,418 | €1,457 | €1,005 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €15,117 | €17,870 | €17,561 | €19,424 | ▲ 10.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €1,447 | €4,315 | €3,581 | €4,450 | €4,418 | €1,457 | €1,005 | ▼ 31.0% |
| Other operating charges640/8 | - | - | - | €366 | €277 | €975 | €776 | ▼ 20.4% |
| Gross operating margin9900 | €30,836 | €30,882 | €12,549 | -€8,544 | €21,366 | €78,489 | €36,111 | ▼ 54.0% |
| Operating profit (loss)9901 | €15,659 | €11,652 | -€3,110 | -€28,477 | -€1,199 | €58,496 | €14,906 | ▼ 74.5% |
| Financial income75/76B | - | - | - | €50 | €8 | €1 | €2 | ▲ 100% |
| Recurring financial income75 | €2 | €1 | €56 | €50 | €8 | €1 | €2 | ▲ 100% |
| Financial charges65/66B | - | - | - | €3,354 | €3,243 | €6,738 | €7,700 | ▲ 14.3% |
| Recurring financial charges65 | €4,207 | €4,635 | €3,857 | €3,354 | €3,243 | €6,738 | €7,700 | ▲ 14.3% |
| Profit (loss) for the period before taxes9903 | €11,454 | €7,018 | -€6,911 | -€31,781 | -€4,434 | €51,759 | €7,208 | ▼ 86.1% |
| Income taxes67/77 | €2,591 | €1,529 | €5 | - | - | €4,933 | €2,297 | ▼ 53.4% |
| Profit (loss) for the period9904 | €8,863 | €5,489 | -€6,916 | -€31,781 | -€4,434 | €46,826 | €4,911 | ▼ 89.5% |
| Profit (loss) for the period to be appropriated9905 | €8,863 | €5,489 | -€6,916 | -€31,781 | -€4,434 | €46,826 | €4,911 | ▼ 89.5% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €73,159 | €87,590 | €104,658 | €39,276 | €21,448 | €88,558 | €92,610 | ▲ 4.6% |
| Fixed assets21/28 | €1,911 | €9,067 | €10,156 | €5,707 | €3,346 | €1,889 | €363 | ▼ 80.8% |
| Tangible fixed assets22/27 | €1,911 | €9,067 | €10,156 | €5,707 | €3,346 | €1,889 | €363 | ▼ 80.8% |
| Plant, machinery and equipment23 | - | - | - | €2,333 | €1,676 | €1,020 | €363 | ▼ 64.4% |
| Furniture and vehicles24 | - | - | - | €3,374 | €1,670 | €869 | - | - |
| Current assets29/58 | €71,248 | €78,523 | €94,502 | €33,569 | €18,102 | €86,669 | €92,247 | ▲ 6.4% |
| Amounts receivable within one year40/41 | €54,955 | €33,977 | €80,884 | €32,029 | €17,236 | €86,669 | €90,297 | ▲ 4.2% |
| Trade receivables40 | - | - | - | €28,449 | €6,232 | €73,522 | €82,863 | ▲ 12.7% |
| Other amounts receivable41 | - | - | - | €3,580 | €11,004 | €13,147 | €7,434 | ▼ 43.5% |
| Cash at bank and in hand54/58 | €15,061 | €43,323 | €11,296 | - | - | - | €1,950 | - |
| Deferred charges and accrued income490/1 | - | - | - | €1,540 | €866 | - | - | - |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €73,159 | €87,590 | €104,658 | €39,276 | €21,448 | €88,558 | €92,610 | ▲ 4.6% |
| Equity10/15 | €50,310 | €55,799 | €48,883 | €17,102 | €12,668 | €59,494 | €64,405 | ▲ 8.3% |
| Contributions10/11 | €6,200 | €6,200 | €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 | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | - | - | - |
| Distributable reserves133 | - | - | - | - | - | €1,860 | €1,860 | = |
| Profit (loss) carried forward14 | €42,250 | €47,739 | €40,823 | €9,042 | €4,608 | €51,434 | €56,345 | ▲ 9.5% |
| Amounts payable17/49 | €22,849 | €31,791 | €55,775 | €22,174 | €8,780 | €29,064 | €28,205 | ▼ 3.0% |
| Amounts payable within one year42/48 | €22,849 | €31,791 | €55,775 | €22,174 | €8,780 | €29,064 | €28,205 | ▼ 3.0% |
| Financial debts43 | - | - | - | €1,750 | €4,827 | €4,195 | - | - |
| Credit institutions430/8 | - | - | - | €1,750 | €4,827 | €4,195 | - | - |
| Trade debts44 | €19,451 | €29,346 | €54,849 | €19,424 | €2,851 | €19,586 | €25,908 | ▲ 32.3% |
| Suppliers440/4 | - | - | - | €19,424 | €2,851 | €19,586 | €25,908 | ▲ 32.3% |
| Taxes, remuneration and social security45 | - | - | - | €1,000 | €1,102 | €5,283 | €2,297 | ▼ 56.5% |
| Taxes450/3 | - | - | - | €1,000 | €1,102 | €5,283 | €2,297 | ▼ 56.5% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €8,863 | €5,489 | -€6,916 | -€31,781 | -€4,434 | €46,826 | €4,911 | ▼ 89.5% |
| + Depreciation and write-downs630 | €1,447 | €4,315 | €3,581 | €4,450 | €4,418 | €1,457 | €1,005 | ▼ 31.0% |
| Operating cash flow (approximation) | €10,310 | €9,804 | -€3,335 | -€27,331 | -€16 | €48,283 | €5,916 | ▼ 87.7% |
| Investment in fixed assets (approximation) | - | -€11,471 | -€4,670 | -€1 | -€2,057 | €0 | €521 | - |
| Change in cash | - | €28,262 | -€32,027 | - | - | - | - | - |
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 BELGALEC 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 BELGALEC CONSTRUCT itself: 0.4% 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 BELGALEC 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 |
|---|---|---|---|---|
| 30-09-2025 | micro format | 03-02-2026 | 2026-00031646 | |
| 30-09-2024 | micro format | 13-02-2025 | 2025-00034601 | |
| 30-09-2023 | micro format | 08-02-2024 | 2024-00029013 | |
| 30-09-2022 | micro format | 20-02-2023 | 2023-00029676 | |
| 30-09-2021 | full format | 24-03-2022 | 2022-08600283 | |
| 30-09-2020 | full format | 15-02-2021 | 2021-05500423 | |
| 30-09-2019 | full format | 07-02-2020 | 2020-04700034 | |
| 30-09-2018 | full format | 14-02-2019 | 2019-05100066 | |
| 30-09-2017 | full format | 20-02-2018 | 2018-05200336 | |
| 30-09-2016 | full format | 03-02-2017 | 2017-03800555 |