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BELGALFA CONSTRUCT

Active
Public limited companyfounded 1990active for 36 yearsBergense Steenweg 1203, 1070 Anderlecht, BelgiumKBO/BCE: BE 0440.078.013

Financials · financial year 2025, full format, standalone accounts

Annual accounts 2025 filed on 31-07-2026 at the NBB all 62 filings

Turnover
€963,434▲ 4.3%
2024 · €923,471
EBIT margin
-8.3%▼ 1.2pp
2024 · -7.1%
Net result
€285,900
2024 · -€288,385
Working capital
€136,998▼ 48.1%
2024 · €264,193
Trend over the years

2021 to 2025, 5 financial years 2018 to 2025, 8 financial years

The operating result for 2025 is a loss of €79,971, larger than the loss of €65,593 in 2024. It is the lowest result since 2021.

Turnover€1.0m 2025 Operating result-€0.08m 2025 Net result€0.3m 2025

Turnover is what the company sold, the result is what was left of it. A loss stands below the zero line.

Use the arrow keys on the chart for the figures per year.

The sector band is the middle half of the companies in Architectural and engineering activities; technical testing and analysis (NACE 71). 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 dashed line is the median. There is a sector band for net result, equity, total assets, working capital, solvency, current ratio, return on assets (ROA) and staff (FTE).

Every figure with its change against the financial year before
favourable unfavourable
Line20182019202020212022202320242025
Turnover€0.6m-€0.6m▲ 1.2%€0.7m▲ 7.2%€0.9m▲ 34.2%€1.0m▲ 11.2%€1.1m▲ 8.5%€0.9m▼ 14.9%€1.0m▲ 4.3%
Operating result-€0.4m--€0.2m▲ 53.5%-€0.1m▲ 36.7%€0.1m€0.2m▲ 72.6%€0.09m▼ 46.1%-€0.07m-€0.08m▼ 21.9%
Net result-€0.3m-€0.3m€0.07mwithin the sector's middle half▼ 77.7%€0.1mabove the sector's middle half▲ 87.1%€0.4mabove the sector's middle half▲ 164%€0.6mabove the sector's middle half▲ 65.9%-€0.3mbelow the sector's middle half€0.3mabove the sector's middle half
EBIT margin-65.1%--29.9%▲ 35.2pp-17.7%▲ 12.2pp10.8%▲ 28.4pp16.7%▲ 5.9pp8.3%▼ 8.4pp-7.1%▼ 15.4pp-8.3%▼ 1.2pp
Equity€11.6m-€11.7m▲ 1.1%€11.3mabove the sector's middle half▼ 2.9%€11.5mabove the sector's middle half▲ 1.2%€11.0mabove the sector's middle half▼ 4.0%€11.6mabove the sector's middle half▲ 5.5%€11.3mabove the sector's middle half▼ 2.5%€11.2mabove the sector's middle half▼ 1.1%
Total assets€15.4m-€18.0m▲ 17.5%€17.5mabove the sector's middle half▼ 3.2%€17.4mabove the sector's middle half▼ 0.2%€17.9mabove the sector's middle half▲ 2.6%€16.9mabove the sector's middle half▼ 5.4%€15.2mabove the sector's middle half▼ 10.0%€17.8mabove the sector's middle half▲ 16.8%
Debt€3.8m-€6.4m▲ 67.1%€6.1m▼ 3.6%€6.0m▼ 2.9%€6.9m▲ 15.3%€5.3m▼ 23.0%€3.9m▼ 26.5%€6.6m▲ 69.0%
Working capital€2.5m-€0.5m▼ 78.7%€0.2mwithin the sector's middle half▼ 62.1%€0.4mwithin the sector's middle half▲ 76.2%-€0.09mbelow the sector's middle half€0.5mwithin the sector's middle half€0.3mwithin the sector's middle half▼ 50.7%€0.1mwithin the sector's middle half▼ 48.1%
Solvency75.2%-64.7%▼ 10.5pp64.9%within the sector's middle half▲ 0.2pp65.8%within the sector's middle half▲ 0.9pp61.6%within the sector's middle half▼ 4.2pp68.7%above the sector's middle half▲ 7.1pp74.5%above the sector's middle half▲ 5.7pp63.1%within the sector's middle half▼ 11.4pp
Current ratio1.65-1.08▼ 0.571.03below the sector's middle half▼ 0.051.06below the sector's middle half▲ 0.030.99below the sector's middle half▼ 0.071.10within the sector's middle half▲ 0.111.07within the sector's middle half▼ 0.031.02below the sector's middle half▼ 0.05
Return on assets (ROA)-2.0%-1.8%▲ 3.8pp0.4%within the sector's middle half▼ 1.4pp0.8%within the sector's middle half▲ 0.4pp2.1%within the sector's middle half▲ 1.3pp3.6%within the sector's middle half▲ 1.6pp-1.9%below the sector's middle half▼ 5.5pp1.6%within the sector's middle half▲ 3.5pp
Staff (FTE)3.5-2▼ 42.9%1.3below the sector's middle half▼ 35.0%1below the sector's middle half▼ 23.1%1below the sector's middle half=1.2below the sector's middle half▲ 20.0%0.3below the sector's middle half▼ 75.0%0.2below the sector's middle half▼ 33.3%
above within below The sector band is the middle half of the companies in Architectural and engineering activities; technical testing and analysis (NACE 71). 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.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €17.8m
Fixed assets €11.1m ▼ 0.1%
Current assets €6.7m ▲ 61.7%
Equity and liabilities €17.8m
Equity €11.2m ▼ 1.1%
Debt €6.6m ▲ 69.0%
Debt's share of the balance-sheet total rises from 25.5% to 36.9%. Equity is lower and debt is higher.
Key figures and ratios
2025 value · change against 2024
EBITDA
-€67,911▼
2024 · -€53,017
Cash flow
€297,960▲
2024 · -€275,810
Debt to equity
0.59▲
2024 · 0.34
ROE
2.6%▲
2024 · -2.5%
Interest coverage
-0.30▼
2024 · -0.20
Debt ≤ 1 year
€6.6m▲
2024 · €3.9m
Income taxes
€165▼
2024 · €212
Customer credit
39 days▲
2024 · 17 days
Staff costs
€9,192▼
2024 · €30,118
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.

Staff

social balance sheet
Item31-12-202131-12-202231-12-202331-12-202431-12-2025
Employees at the balance-sheet date111-1
full-time111--
part-time----1
in full-time equivalents111-0.5
Average over the year, in full-time equivalents111.20.30.2
On a permanent contract111--
Joined--101
Left--110

Source: social balance sheet in the 2021 to 2025 annual accounts

Investments

fixed assets acquired
Item20212022202320242025
Financial fixed assets----€5,000
Depreciation and write-downs of the year€18,218€17,260€16,847€12,575€12,060

Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)

Auditor

fees
Item20212022202320242025
Fee for the audit€2,824€3,104€3,491€3,241€3,709

Source: notes to the 2021 to 2025 annual accounts (relations with the auditor)

Comparable companies

These companies have the same main activity as BELGALFA CONSTRUCT: engineering and related technical consultancy, excluding land surveyors (NACE 71121). They are comparable in size and age: total assets between €7.7m and €20m, founded between 1975 and 2006.

CompanyFoundedTotal assetsEquityGross marginTurnoverNet resultFTEFinancial year
BELGALFA CONSTRUCT Anderlecht1990€17.8m€11.2m-€1.0m€0.3m0.22025
VAN dEN BRANDEN Lier1997€12.7m€11.1m-€0.3m€3.2m0.82025
BEEUWSAERT Ledegem2003€12.3m€9.8m-€0.2m€5.0m1.82025
EnergyICT Machelen (Brab.)1991€7.7m€6.7m-€3.5m-€0.3m22025
ELAWAN ENERGY WALLONIE Namur2006€16.3m€1.9m€0.1m€0.7m-€0.5m32025
DELFIPAR Seneffe1983€13.5m€13.4m-€0.5m-€9.7m-2025
Société Internationale d'Engineering Watermaal-Bosvoorde1975€19.5m€11.0m-€14.7m-€0.5m1.32025

They were chosen from the 6,767 other active companies with that main activity and annual accounts from the past two years. All companies with this main activity

Annual accounts
Filed annual accounts As filed with the NBB · 2025 against 2024 · 66 lines

Source: Annual accounts 2025 at the NBB, filed on 31-07-2026.

Balance sheet Code20242025
Assets
Total assets20/58€15.2m€17.8m▲
Fixed assets21/28€11.1m€11.1m▼
Tangible fixed assets22/27€0.09m€0.08m▼
Land and buildings22€0.03m€0.02m▼
Other tangible fixed assets26€0.05m€0.05m=
Financial fixed assets28€11.0m€11.0m=
Affiliated companies280/1€11.0m€11.0m=
Participating interests280€11.0m€11.0m=
Other financial fixed assets284/8€0.004m€0.009m▲
Shares284€0.004m€0.009m▲
Current assets29/58€4.1m€6.7m▲
Amounts receivable within one year40/41€0.8m€2.1m▲
Trade receivables40€0.04m€0.1m▲
Other amounts receivable41€0.8m€2.0m▲
Current investments50/53€2.0m-
Other investments51/53€2.0m-
Cash at bank and in hand54/58€1.3m€4.6m▲
Deferred charges and accrued income490/1€0.02m€0.008m▼
Equity and liabilities
Total equity and liabilities10/49€15.2m€17.8m▲
Equity10/15€11.3m€11.2m▼
Contributions10/11€2.5m€2.5m=
Capital10€2.5m€2.5m=
Issued capital100€2.5m€2.5m=
Reserves13€7.1m€7.1m=
Non-distributable reserves130/1€0.2m€0.2m=
Legal reserve130€0.2m€0.2m=
Tax-exempt reserves132€0.3m€0.3m=
Distributable reserves133€6.6m€6.6m=
Profit (loss) carried forward14€1.7m€1.6m▼
Amounts payable17/49€3.9m€6.6m▲
Amounts payable within one year42/48€3.9m€6.6m▲
Trade debts44€0.06m€0.1m▲
Suppliers440/4€0.06m€0.1m▲
Taxes, remuneration and social security45€0.08m€0.07m▼
Taxes450/3€0.08m€0.07m▼
Remuneration and social security454/9-€0.002m
Other amounts payable47/48€3.7m€6.4m▲
Accrued charges and deferred income492/3€0.005m-
Income statement Code20242025
Operating income70/76A€0.9m€1.0m▲
Turnover70€0.9m€1.0m▲
Other operating income74€0.003m€0.003m▼
Operating charges60/66A€1.0m€1.0m▲
Services and other goods61€0.9m€1.0m▲
Remuneration, social security and pensions62€0.03m€0.009m▼
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€0.01m€0.01m▼
Other operating charges640/8€0.01m€0.01m▲
Operating profit (loss)9901-€0.07m-€0.08m▼
Financial income75/76B€0.05m€0.6m▲
Recurring financial income75€0.05m€0.6m▲
Income from financial fixed assets750-€0.6m
Income from current assets751€0.05m€0.04m▼
Other financial income752/9-€0.001m
Financial charges65/66B€0.3m€0.2m▼
Recurring financial charges65€0.3m€0.2m▼
Debt charges650€0.3m€0.2m▼
Other financial charges652/9€0.002m€0.002m▲
Profit (loss) for the period before taxes9903-€0.3m€0.3m▲
Income taxes67/77€212€165▼
Taxes670/3€212€165▼
Profit (loss) for the period9904-€0.3m€0.3m▲
Profit (loss) for the period to be appropriated9905-€0.3m€0.3m▲
Appropriation of the result
Profit (loss) to be appropriated9906€1.7m€2.0m▲
Profit (loss) brought forward from the previous period14P€2.0m€1.7m▼
Profit to be distributed694/7-€0.4m
Return on contributions (dividend)694-€0.4m
Social balance sheet
Average headcount (FTE)90870.30.2▼

The notes to these accounts have 37 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.

Line20182019202020212022202320242025Change
Operating income70/76A---€0.9m€1.0m€1.1m€0.9m€1.0m▲ 4.3%
Turnover70€0.6m€0.6m€0.7m€0.9m€1.0m€1.1m€0.9m€1.0m▲ 4.3%
Other operating income74---€0.005m€0.006m€0.005m€0.003m€0.003m▼ 1.3%
Non-recurring operating income76A----€0.003m----
Operating charges60/66A---€0.8m€0.8m€1.0m€1.0m€1.0m▲ 5.5%
Services and other goods61---€0.7m€0.7m€0.9m€0.9m€1.0m▲ 8.0%
Remuneration, social security and pensions62---€0.08m€0.09m€0.1m€0.03m€0.009m▼ 69.5%
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€0.03m€0.03m€0.02m€0.02m€0.02m€0.02m€0.01m€0.01m▼ 4.1%
Other operating charges640/8---€0.008m€0.008m€0.01m€0.01m€0.01m▲ 2.4%
Operating profit (loss)9901-€0.4m-€0.2m-€0.1m€0.1m€0.2m€0.09m-€0.07m-€0.08m▼ 21.9%
Financial income75/76B---€0.3m€0.4m€0.8m€0.05m€0.6m▲ 12×
Recurring financial income75€0.4m€0.6m€0.4m€0.3m€0.4m€0.8m€0.05m€0.6m▲ 12×
Income from financial fixed assets750---€0.3m€0.4m€0.8m-€0.6m-
Income from current assets751---€0.004m€0.005m€0.01m€0.05m€0.04m▼ 20.1%
Other financial income752/9---€0---€0.001m-
Financial charges65/66B---€0.2m€0.2m€0.3m€0.3m€0.2m▼ 15.7%
Recurring financial charges65€0.1m€0.1m€0.2m€0.2m€0.2m€0.3m€0.3m€0.2m▼ 15.7%
Debt charges650€0.1m€0.1m€0.2m€0.2m€0.2m€0.3m€0.3m€0.2m▼ 15.9%
Other financial charges652/9---€0.01m€0.01m€0.002m€0.002m€0.002m▲ 21.6%
Profit (loss) for the period before taxes9903-€0.1m€0.3m€0.07m€0.1m€0.4m€0.6m-€0.3m€0.3m-
Income taxes67/77€0.2m-€0.002m€402€370€388€405€212€165▼ 22.3%
Taxes670/3---€370€388€405€212€165▼ 22.3%
Profit (loss) for the period9904-€0.3m€0.3m€0.07m€0.1m€0.4m€0.6m-€0.3m€0.3m-
Profit (loss) for the period to be appropriated9905-€0.3m€0.3m€0.5m€0.1m€0.4m€0.6m-€0.3m€0.3m-
Line20182019202020212022202320242025Change
Assets
Total assets20/58€15.4m€18.0m€17.5m€17.4m€17.9m€16.9m€15.2m€17.8m▲ 16.8%
Fixed assets21/28€9.1m€11.2m€11.1m€11.1m€11.1m€11.1m€11.1m€11.1m▼ 0.1%
Intangible fixed assets21€0.002m€0.001m€264------
Tangible fixed assets22/27€0.2m€0.2m€0.2m€0.1m€0.1m€0.1m€0.09m€0.08m▼ 13.7%
Land and buildings22---€0.07m€0.06m€0.05m€0.03m€0.02m▼ 34.8%
Furniture and vehicles24---€0.01m€0.005m€0.001m---
Other tangible fixed assets26---€0.05m€0.05m€0.05m€0.05m€0.05m=
Financial fixed assets28€8.9m€11.0m€11.0m€11.0m€11.0m€11.0m€11.0m€11.0m=
Affiliated companies280/1---€11.0m€11.0m€11.0m€11.0m€11.0m=
Participating interests280---€11.0m€11.0m€11.0m€11.0m€11.0m=
Other financial fixed assets284/8------€0.004m€0.009m▲ 142%
Shares284------€0.004m€0.009m▲ 142%
Current assets29/58€6.3m€6.9m€6.3m€6.3m€6.8m€5.8m€4.1m€6.7m▲ 61.7%
Amounts receivable within one year40/41€2.4m€0.4m€0.3m€0.5m€0.7m€0.8m€0.8m€2.1m▲ 156%
Trade receivables40---€0.2m€0.3m€0.3m€0.04m€0.1m▲ 144%
Other amounts receivable41---€0.3m€0.3m€0.5m€0.8m€2.0m▲ 157%
Current investments50/53------€2.0m--
Other investments51/53------€2.0m--
Cash at bank and in hand54/58€3.3m€6.2m€5.9m€5.9m€6.1m€5.0m€1.3m€4.6m▲ 251%
Deferred charges and accrued income490/1---€0.004m€0.002m€0.006m€0.02m€0.008m▼ 63.1%
Equity and liabilities
Total equity and liabilities10/49€15.4m€18.0m€17.5m€17.4m€17.9m€16.9m€15.2m€17.8m▲ 16.8%
Equity10/15€11.6m€11.7m€11.3m€11.5m€11.0m€11.6m€11.3m€11.2m▼ 1.1%
Contributions10/11€2.5m€2.5m€2.5m€2.5m€2.5m€2.5m€2.5m€2.5m=
Capital10---€2.5m€2.5m€2.5m€2.5m€2.5m=
Issued capital100---€2.5m€2.5m€2.5m€2.5m€2.5m=
Reserves13€7.6m€7.6m€7.1m€7.1m€7.1m€7.1m€7.1m€7.1m=
Non-distributable reserves130/1---€0.2m€0.2m€0.2m€0.2m€0.2m=
Legal reserve130---€0.2m€0.2m€0.2m€0.2m€0.2m=
Tax-exempt reserves132---€0.3m€0.3m€0.3m€0.3m€0.3m=
Distributable reserves133---€6.6m€6.6m€6.6m€6.6m€6.6m=
Profit (loss) carried forward14€1.5m€1.6m€1.7m€1.9m€1.4m€2.0m€1.7m€1.6m▼ 7.6%
Amounts payable17/49€3.8m€6.4m€6.1m€6.0m€6.9m€5.3m€3.9m€6.6m▲ 69.0%
Amounts payable within one year42/48€3.8m€6.4m€6.1m€6.0m€6.9m€5.3m€3.9m€6.6m▲ 69.2%
Trade debts44€0.5m€0.04m€0.05m€0.03m€0.04m€0.06m€0.06m€0.1m▲ 73.1%
Suppliers440/4---€0.03m€0.04m€0.06m€0.06m€0.1m▲ 73.1%
Taxes, remuneration and social security45---€0.08m€0.1m€0.09m€0.08m€0.07m▼ 12.4%
Taxes450/3---€0.07m€0.1m€0.08m€0.08m€0.07m▼ 14.6%
Remuneration and social security454/9---€0.01m€0.01m€0.01m-€0.002m-
Other amounts payable47/48---€5.8m€6.7m€5.1m€3.7m€6.4m▲ 70.8%
Accrued charges and deferred income492/3------€0.005m--
Line20182019202020212022202320242025Change
Profit (loss) for the period9904-€0.3m€0.3m€0.07m€0.1m€0.4m€0.6m-€0.3m€0.3m-
+ Depreciation and write-downs630€0.03m€0.03m€0.02m€0.02m€0.02m€0.02m€0.01m€0.01m▼ 4.1%
Operating cash flow (approximation)-€0.3m€0.4m€0.1m€0.2m€0.4m€0.6m-€0.3m€0.3m-
Investment in fixed assets (approximation)--€2.1m-€0.001m€0€0€0€0-€0.005m-
Change in cash-€2.8m-€0.3m-€0.02m€0.3m-€1.1m-€3.7m€3.3m-

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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Latest 10 of 62 filings with the National Bank
Financial year Type Filed Reference Document
31-12-2025 full format 31-07-2026 2026-00375258 NBB
31-12-2024 full format 06-08-2025 2025-00367218 PDF
31-12-2023 full format 28-08-2024 2024-00387894 PDF
31-12-2022 full format 30-08-2023 2023-00400829 PDF
31-12-2021 full format 05-08-2022 2022-20278782 PDF
31-12-2020 full format 19-08-2021 2021-50200545 PDF
31-12-2019 full format 08-09-2020 2020-52100103 PDF
31-12-2018 full format 28-08-2019 2019-54200416 PDF
31-12-2017 consolidated 23-08-2018 2018-49200104 PDF
31-12-2017 full format 20-08-2018 2018-47300199 PDF

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