BLANCKAERT
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 26-09-2025 PDF all 47 filings
Turnover
≈ €740,000
Estimated: probably between €550,000 and €990,000
Total assets
€409,876▼ 9.4%
2024 · €452,298
Net result
€17,835▼ 60.4%
2024 · €44,984
Working capital
€241,311▼ 2.8%
2024 · €248,187
In the rankings
#1 oldest company in Damme, Construction sector
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€25,702
▼ 62.3%
2025
20192025
Net result
€17,835
▼ 60.4%
2025
middle half of the sector
20192025
Equity
€297,253
▼ 5.9%
2025
highest quarter of the sector
20192025
Total assets
€409,876
▼ 9.4%
2025
highest quarter of the sector
20192025
Debt
€112,622
▼ 17.5%
2025
20192025
Working capital
€241,311
▼ 2.8%
2025
highest quarter of the sector
20192025
Solvency
72.5%
▲ 2.7pp
2025
highest quarter of the sector
20192025
Current ratio
5.24
▲ 0.71
2025
highest quarter of the sector
20192025
Return on assets (ROA)
4.4%
▼ 5.6pp
2025
middle half of the sector
20192025
Staff (FTE)
4.6
=
2025
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€52,601-€38,598▼ 26.6%€29,198▼ 24.4%€32,892▲ 12.7%€69,988▲ 113%€68,243▼ 2.5%€25,702▼ 62.3%
Net result€34,702-€25,861above the sector's middle half▼ 25.5%€19,439within the sector's middle half▼ 24.8%€21,545within the sector's middle half▲ 10.8%€52,183above the sector's middle half▲ 142%€44,984above the sector's middle half▼ 13.8%€17,835within the sector's middle half▼ 60.4%
Equity€163,026-€185,687above the sector's middle half▲ 13.9%€201,927above the sector's middle half▲ 8.7%€221,871above the sector's middle half▲ 9.9%€272,454above the sector's middle half▲ 22.8%€315,838above the sector's middle half▲ 15.9%€297,253above the sector's middle half▼ 5.9%
Total assets€253,821-€269,242within the sector's middle half▲ 6.1%€256,284within the sector's middle half▼ 4.8%€274,718within the sector's middle half▲ 7.2%€475,889above the sector's middle half▲ 73.2%€452,298above the sector's middle half▼ 5.0%€409,876above the sector's middle half▼ 9.4%
Debt€90,794-€83,555▼ 8.0%€54,357▼ 34.9%€52,847▼ 2.8%€203,435▲ 285%€136,460▼ 32.9%€112,622▼ 17.5%
Working capital€156,036-€182,305above the sector's middle half▲ 16.8%€208,507above the sector's middle half▲ 14.4%€211,351above the sector's middle half▲ 1.4%€261,700above the sector's middle half▲ 23.8%€248,187above the sector's middle half▼ 5.2%€241,311above the sector's middle half▼ 2.8%
Solvency64.2%-69.0%above the sector's middle half▲ 4.7pp78.8%above the sector's middle half▲ 9.8pp80.8%above the sector's middle half▲ 2.0pp57.3%within the sector's middle half▼ 23.5pp69.8%above the sector's middle half▲ 12.6pp72.5%above the sector's middle half▲ 2.7pp
Current ratio3.61-3.74above the sector's middle half▲ 0.135.88above the sector's middle half▲ 2.145.57above the sector's middle half▼ 0.313.06within the sector's middle half▼ 2.524.53above the sector's middle half▲ 1.475.24above the sector's middle half▲ 0.71
Return on assets (ROA)13.7%-9.6%within the sector's middle half▼ 4.1pp7.6%within the sector's middle half▼ 2.0pp7.8%within the sector's middle half▲ 0.3pp11.0%within the sector's middle half▲ 3.1pp9.9%within the sector's middle half▼ 1.0pp4.4%within the sector's middle half▼ 5.6pp
Staff (FTE)6-6above the sector's middle half=5.4▼ 10.0%4.8▼ 11.1%4.7▼ 2.1%4.6▼ 2.1%4.6=
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 62% lower than in 2024 and the lowest since 2021. It is the second fall in a row.
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 €409,876
Fixed assets
€111,588 ▼ 16.6%
Current assets
€298,287 ▼ 6.4%
Equity and liabilities €409,876
Equity
€297,253 ▼ 5.9%
Debt
€112,622 ▼ 17.5%
Debt's share of the balance-sheet total falls from 30.2% to 27.5%. Equity and debt are lower.
Key figures and ratios
EBITDA
€47,852▼
2024 · €87,244
Cash flow
€39,985▼
2024 · €63,985
Quick ratio
3.72▲
2024 · 2.87
Debt to equity
0.38▼
2024 · 0.43
ROE
6.0%▼
2024 · 14.2%
Interest coverage
13.62▲
2024 · 12.32
Debt ≤ 1 year
€56,976▼
2024 · €70,374
Debt > 1 year
€55,646▼
2024 · €66,086
Income taxes
€6,982▼
2024 · €16,368
Staff costs
€210,419▲
2024 · €187,467
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-03-2022 | 31-03-2023 | 31-03-2024 | 31-03-2025 |
|---|---|---|---|---|
| Employees at the balance-sheet date | 5 | 5 | 5 | 5 |
| full-time | 4 | 3 | 3 | 3 |
| part-time | 1 | 2 | 2 | 2 |
| in full-time equivalents | 4.8 | 4.6 | 4.6 | 4.6 |
| Average over the year, in full-time equivalents | 4.8 | 4.7 | 4.6 | 4.6 |
| On a permanent contract | 5 | 5 | 5 | 5 |
Source: social balance sheet in the 2022 to 2025 annual accounts
Investments
| Item | 31-03-2022 | 31-03-2023 | 31-03-2024 | 31-03-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €18,854 | €79,252 | €65,781 | - |
| Depreciation and write-downs of the year | €6,744 | €9,459 | €19,001 | €22,149 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 · 1 entry · €398 awardedAnnual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €177,485 | €190,326 | €187,467 | €210,419 | ▲ 12.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €23,334 | €17,564 | €15,405 | €6,744 | €9,459 | €19,001 | €22,149 | ▲ 16.6% |
| Other operating charges640/8 | - | - | - | €1,508 | €1,287 | €2,269 | €4,210 | ▲ 85.6% |
| Gross operating margin9900 | €318,153 | €300,805 | €251,364 | €218,629 | €271,061 | €276,980 | €262,481 | ▼ 5.2% |
| Operating profit (loss)9901 | €52,601 | €38,598 | €29,198 | €32,892 | €69,988 | €68,243 | €25,702 | ▼ 62.3% |
| Financial income75/76B | - | - | - | €434 | €88 | €192 | €2,628 | ▲ 14× |
| Recurring financial income75 | €117 | €108 | €1,304 | €434 | €88 | €192 | €2,628 | ▲ 14× |
| Financial charges65/66B | - | - | - | €1,246 | €2,610 | €7,083 | €3,514 | ▼ 50.4% |
| Recurring financial charges65 | €3,986 | €1,674 | €1,450 | €1,246 | €2,610 | €7,083 | €3,514 | ▼ 50.4% |
| Profit (loss) for the period before taxes9903 | €48,731 | €37,031 | €29,052 | €32,081 | €67,467 | €61,352 | €24,817 | ▼ 59.5% |
| Income taxes67/77 | €14,029 | €11,170 | €9,612 | €10,536 | €15,284 | €16,368 | €6,982 | ▼ 57.3% |
| Profit (loss) for the period9904 | €34,702 | €25,861 | €19,439 | €21,545 | €52,183 | €44,984 | €17,835 | ▼ 60.4% |
| Transfer from tax-exempt reserves789 | - | - | - | €16,694 | - | - | - | - |
| Profit (loss) for the period to be appropriated9905 | €34,702 | €25,861 | €19,439 | €38,238 | €52,183 | €44,984 | €17,835 | ▼ 60.4% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €253,821 | €269,242 | €256,284 | €274,718 | €475,889 | €452,298 | €409,876 | ▼ 9.4% |
| Fixed assets21/28 | €38,023 | €20,459 | €5,054 | €17,164 | €86,958 | €133,738 | €111,588 | ▼ 16.6% |
| Tangible fixed assets22/27 | €38,023 | €20,459 | €5,054 | €17,164 | €86,958 | €133,738 | €111,588 | ▼ 16.6% |
| Plant, machinery and equipment23 | - | - | - | €3,149 | €76,000 | €64,437 | €52,873 | ▼ 17.9% |
| Furniture and vehicles24 | - | - | - | €14,015 | €10,957 | €17,241 | €12,283 | ▼ 28.8% |
| Other tangible fixed assets26 | - | - | - | - | - | €52,060 | €46,432 | ▼ 10.8% |
| Current assets29/58 | €215,798 | €248,783 | €251,230 | €257,554 | €388,931 | €318,560 | €298,287 | ▼ 6.4% |
| Stocks and contracts in progress3 | €17,774 | €37,500 | €42,500 | €42,500 | €63,150 | €116,250 | €86,596 | ▼ 25.5% |
| Stocks30/36 | - | - | - | €42,500 | €63,150 | €116,250 | €86,596 | ▼ 25.5% |
| Amounts receivable within one year40/41 | €136,178 | €179,076 | €163,672 | €121,483 | €166,374 | €163,833 | €154,321 | ▼ 5.8% |
| Trade receivables40 | - | - | - | €36,563 | €75,584 | €83,104 | €65,521 | ▼ 21.2% |
| Other amounts receivable41 | - | - | - | €84,919 | €90,790 | €80,729 | €88,801 | ▲ 10.0% |
| Cash at bank and in hand54/58 | €57,487 | €29,451 | €41,227 | €90,018 | €158,288 | €35,153 | €53,078 | ▲ 51.0% |
| Deferred charges and accrued income490/1 | - | - | - | €3,554 | €1,120 | €3,325 | €4,292 | ▲ 29.1% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €253,821 | €269,242 | €256,284 | €274,718 | €475,889 | €452,298 | €409,876 | ▼ 9.4% |
| Equity10/15 | €163,026 | €185,687 | €201,927 | €221,871 | €272,454 | €315,838 | €297,253 | ▼ 5.9% |
| Contributions10/11 | €8,676 | €8,676 | - | €8,676 | €8,676 | €8,676 | €8,676 | = |
| Reserves13 | €154,100 | €176,961 | €193,200 | €213,145 | €263,728 | €307,112 | €288,527 | ▼ 6.1% |
| Non-distributable reserves130/1 | - | - | - | €2,479 | €2,479 | €2,479 | - | - |
| Reserves not available under the articles1311 | - | - | - | €2,479 | €2,479 | €2,479 | - | - |
| Tax-exempt reserves132 | - | - | - | €1,934 | €1,934 | €1,934 | €1,934 | = |
| Distributable reserves133 | - | - | - | €208,732 | €259,315 | €302,700 | €286,594 | ▼ 5.3% |
| Profit (loss) carried forward14 | €250 | €50 | €50 | €50 | €50 | €50 | €50 | = |
| Amounts payable17/49 | €90,794 | €83,555 | €54,357 | €52,847 | €203,435 | €136,460 | €112,622 | ▼ 17.5% |
| Amounts payable after more than one year17 | €30,329 | €17,076 | €10,034 | €5,044 | €76,203 | €66,086 | €55,646 | ▼ 15.8% |
| Financial debts170/4 | - | - | - | €5,044 | €76,203 | €66,086 | €55,646 | ▼ 15.8% |
| Amounts payable within one year42/48 | €59,762 | €66,478 | €42,723 | €46,203 | €127,231 | €70,374 | €56,976 | ▼ 19.0% |
| Current portion of amounts payable after more than one year42 | - | - | - | €4,990 | €14,849 | €10,117 | €10,440 | ▲ 3.2% |
| Trade debts44 | €27,448 | €29,053 | €30,153 | €37,076 | €99,117 | €46,442 | €39,100 | ▼ 15.8% |
| Suppliers440/4 | - | - | - | €37,076 | €99,117 | €46,442 | €39,100 | ▼ 15.8% |
| Taxes, remuneration and social security45 | - | - | - | €4,137 | €11,665 | €12,214 | €5,718 | ▼ 53.2% |
| Taxes450/3 | - | - | - | €536 | €5,284 | €6,296 | - | - |
| Remuneration and social security454/9 | - | - | - | €3,601 | €6,381 | €5,918 | €5,718 | ▼ 3.4% |
| Other amounts payable47/48 | - | - | - | - | €1,600 | €1,600 | €1,718 | ▲ 7.4% |
| Accrued charges and deferred income492/3 | - | - | - | €1,600 | - | - | - | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €34,702 | €25,861 | €19,439 | €21,545 | €52,183 | €44,984 | €17,835 | ▼ 60.4% |
| + Depreciation and write-downs630 | €23,334 | €17,564 | €15,405 | €6,744 | €9,459 | €19,001 | €22,149 | ▲ 16.6% |
| Operating cash flow (approximation) | €58,037 | €43,425 | €34,844 | €28,289 | €61,641 | €63,985 | €39,985 | ▼ 37.5% |
| Investment in fixed assets (approximation) | - | €0 | €0 | -€18,854 | -€79,252 | -€65,781 | €0 | - |
| Change in cash | - | -€28,036 | €11,776 | €48,791 | €68,270 | -€123,135 | €17,925 | - |
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, 17,041 companies had the same profile as BLANCKAERT has now. Two years later, 94.3% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
94.3%
was still going
4.9%
stopped otherwise
0.5%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of BLANCKAERT itself: 0.3% 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 17,041 companies, not a prediction for BLANCKAERT. 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 47 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-03-2025 | micro format | 26-09-2025 | 2025-00511750 | |
| 31-03-2024 | micro format | 30-09-2024 | 2024-00487191 | |
| 31-03-2023 | micro format | 06-10-2023 | 2023-00487106 | |
| 31-03-2022 | micro format | 30-09-2022 | 2022-20451707 | |
| 31-03-2021 | micro format | 30-09-2021 | 2021-69600214 | |
| 31-03-2020 | micro format | 30-09-2020 | 2020-57300121 | |
| 31-03-2019 | micro format | 31-10-2019 | 2019-72400523 | |
| 31-03-2018 | micro format | 31-10-2018 | 2018-71100196 | |
| 31-03-2017 | micro format | 27-10-2017 | 2017-68000051 | |
| 31-03-2016 | abbreviated format | 25-10-2016 | 2016-66100495 |