BOUWINVEST
ActiveFinancials · financial year 2025, abbreviated format
2025 annual accounts filed 31 days after the deadline Filed on 31 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00465949.
Annual accounts 2025 filed on 31-08-2026 at the NBB all 33 filings
Turnover
≈ €290,000
Estimated: probably between €210,000 and €470,000
Total assets
€50,404▼ 61.6%
2024 · €131,325
Net result
€47,298▲ 25×
2024 · €1,891
Working capital
-€173,549▲ 21.6%
2024 · -€221,496
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€47,600
▲ 19×
2025
20182025
Net result
€47,298
▲ 25×
2025
middle half of the sector
20182025
Equity
-€166,101
▲ 22.2%
2025
lowest quarter of the sector
20182025
Total assets
€50,404
▼ 61.6%
2025
lowest quarter of the sector
20182025
Debt
€216,505
▼ 37.2%
2025
20182025
Working capital
-€173,549
▲ 21.6%
2025
lowest quarter of the sector
20182025
Solvency
-329.5%
▼ 167.0pp
2025
lowest quarter of the sector
20182025
Current ratio
0.20
▼ 0.16
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
93.8%
▲ 92.4pp
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
Operating result€17,268-€58,580▲ 239%€1,707▼ 97.1%-€37,071-€114,392▼ 209%€8,203€2,464▼ 70.0%€47,600▲ 19×
Net result€16,473-€57,840▲ 251%€1,227within the sector's middle half▼ 97.9%-€46,650below the sector's middle half-€117,542below the sector's middle half▼ 152%€6,210within the sector's middle half€1,891within the sector's middle half▼ 69.5%€47,298within the sector's middle half▲ 25×
Equity-€116,376--€58,536▲ 49.7%-€57,309below the sector's middle half▲ 2.1%-€103,959below the sector's middle half▼ 81.4%-€221,501below the sector's middle half▼ 113%-€215,291below the sector's middle half▲ 2.8%-€213,399below the sector's middle half▲ 0.9%-€166,101below the sector's middle half▲ 22.2%
Total assets€286,601-€380,845▲ 32.9%€710,943above the sector's middle half▲ 86.7%€508,847above the sector's middle half▼ 28.4%€169,140within the sector's middle half▼ 66.8%€125,131within the sector's middle half▼ 26.0%€131,325within the sector's middle half▲ 5.0%€50,404below the sector's middle half▼ 61.6%
Debt€402,977-€439,381▲ 9.0%€768,252▲ 74.8%€612,806▼ 20.2%€390,641▼ 36.3%€340,421▼ 12.9%€344,724▲ 1.3%€216,505▼ 37.2%
Working capital-€124,904--€66,685▲ 46.6%-€65,079below the sector's middle half▲ 2.4%-€112,802below the sector's middle half▼ 73.3%-€230,095below the sector's middle half▼ 104%-€223,636below the sector's middle half▲ 2.8%-€221,496below the sector's middle half▲ 1.0%-€173,549below the sector's middle half▲ 21.6%
Solvency-40.6%--15.4%▲ 25.2pp-8.1%below the sector's middle half▲ 7.3pp-20.4%below the sector's middle half▼ 12.4pp-131.0%below the sector's middle half▼ 110.5pp-172.1%below the sector's middle half▼ 41.1pp-162.5%below the sector's middle half▲ 9.6pp-329.5%below the sector's middle half▼ 167.0pp
Current ratio0.69-0.85▲ 0.160.92below the sector's middle half▲ 0.070.82below the sector's middle half▼ 0.100.41below the sector's middle half▼ 0.400.34below the sector's middle half▼ 0.070.36below the sector's middle half▲ 0.010.20below the sector's middle half▼ 0.16
Return on assets (ROA)5.7%-15.2%▲ 9.4pp0.2%below the sector's middle half▼ 15.0pp-9.2%below the sector's middle half▼ 9.3pp-69.5%below the sector's middle half▼ 60.3pp5.0%within the sector's middle half▲ 74.5pp1.4%within the sector's middle half▼ 3.5pp93.8%above the sector's middle half▲ 92.4pp
Staff (FTE)3-3=3above the sector's middle half=2.2▼ 26.7%1▼ 54.5%
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 over 19 times that of 2024 and the highest since 2021. It is a recovery after the fall in 2024.
Turnover and EBIT margin are not published. The abbreviated or 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 €50,404
Fixed assets
€7,848 ▼ 3.1%
Current assets
€42,556 ▼ 65.5%
Equity and liabilities
Equity-€166,101
Debt€216,505
Equity is negative. Debt (€216,505) exceeds the balance-sheet total (€50,404).
Key figures and ratios
EBITDA
€47,849▲
2024 · €2,713
Cash flow
€47,547▲
2024 · €2,140
Quick ratio
0.04▼
2024 · 0.26
Interest coverage
over 100▲
2024 · 4.61
Debt ≤ 1 year
€216,105▼
2024 · €344,724
Debt to equity is not shown because equity is negative. Debt divided by negative equity means nothing.
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 |
|---|---|---|
| Employees at the balance-sheet date | 1 | 1 |
| full-time | 1 | 1 |
| in full-time equivalents | 1 | 1 |
| Average over the year, in full-time equivalents | 2.2 | 1 |
| On a permanent contract | 1 | 1 |
| Joined | 1 | - |
| Left | 3 | - |
| Training hours | 3 | - |
Source: social balance sheet in the 2021 to 2022 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €1,245 | - | - | - | - |
| Depreciation and write-downs of the year | €170 | €249 | €249 | €249 | €249 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | €589 | - | - | €44,228 | - |
| Remuneration, social security and pensions62 | - | - | - | €108,754 | €43,984 | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €379 | €379 | €379 | €170 | €249 | €249 | €249 | €249 | = |
| Other operating charges640/8 | - | - | - | €20,292 | €2,023 | €3,469 | €1,138 | €912 | ▼ 19.9% |
| Non-recurring operating charges66A | - | - | - | €1 | - | - | - | - | - |
| Gross operating margin9900 | €201,536 | €217,861 | €165,683 | €92,147 | -€68,136 | €11,921 | €3,851 | €48,760 | ▲ 13× |
| Operating profit (loss)9901 | €17,268 | €58,580 | €1,707 | -€37,071 | -€114,392 | €8,203 | €2,464 | €47,600 | ▲ 19× |
| Financial income75/76B | - | - | - | €3,100 | €31 | €79 | €16 | €0 | ▼ 99.1% |
| Recurring financial income75 | €23 | €15 | €1 | €3,100 | €31 | €79 | €16 | €0 | ▼ 99.1% |
| Financial charges65/66B | - | - | - | €12,679 | €3,180 | €2,072 | €589 | €302 | ▼ 48.8% |
| Recurring financial charges65 | €818 | €756 | €481 | €6,872 | €2,983 | €2,072 | €589 | €302 | ▼ 48.8% |
| Non-recurring financial charges66B | - | - | - | €5,806 | €198 | - | - | - | - |
| Profit (loss) for the period before taxes9903 | €16,473 | €57,840 | €1,227 | -€46,650 | -€117,542 | €6,210 | €1,891 | €47,298 | ▲ 25× |
| Profit (loss) for the period9904 | €16,473 | €57,840 | €1,227 | -€46,650 | -€117,542 | €6,210 | €1,891 | €47,298 | ▲ 25× |
| Profit (loss) for the period to be appropriated9905 | €16,473 | €57,840 | €1,227 | -€46,650 | -€117,542 | €6,210 | €1,891 | €47,298 | ▲ 25× |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €286,601 | €380,845 | €710,943 | €508,847 | €169,140 | €125,131 | €131,325 | €50,404 | ▼ 61.6% |
| Fixed assets21/28 | €8,528 | €8,149 | €7,770 | €8,844 | €8,595 | €8,346 | €8,097 | €7,848 | ▼ 3.1% |
| Tangible fixed assets22/27 | €759 | €379 | - | €1,075 | €826 | €577 | €328 | €79 | ▼ 75.9% |
| Furniture and vehicles24 | - | - | - | €1,075 | €826 | €577 | €328 | €79 | ▼ 75.9% |
| Financial fixed assets28 | €7,770 | €7,770 | €7,770 | €7,769 | €7,769 | €7,769 | €7,769 | €7,769 | = |
| Current assets29/58 | €278,073 | €372,696 | €703,173 | €500,004 | €160,545 | €116,785 | €123,228 | €42,556 | ▼ 65.5% |
| Stocks and contracts in progress3 | €64,123 | €67,610 | €67,610 | €164,605 | €34,605 | €34,605 | €34,605 | €34,605 | = |
| Stocks30/36 | - | - | - | €34,605 | €34,605 | €34,605 | €34,605 | €34,605 | = |
| Contracts in progress37 | - | - | - | €130,000 | - | - | - | - | - |
| Amounts receivable within one year40/41 | €93,976 | €208,153 | €389,853 | €268,379 | €121,755 | €81,676 | €88,095 | €7,462 | ▼ 91.5% |
| Trade receivables40 | - | - | - | €267,698 | €121,141 | €79,000 | €87,400 | - | - |
| Other amounts receivable41 | - | - | - | €681 | €615 | €2,676 | €695 | €7,462 | ▲ 974% |
| Cash at bank and in hand54/58 | €9,384 | €2,762 | €115,710 | €63,497 | €612 | €70 | €58 | €4 | ▼ 93.6% |
| Deferred charges and accrued income490/1 | - | - | - | €3,523 | €3,574 | €433 | €471 | €485 | ▲ 3.0% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €286,601 | €380,845 | €710,943 | €508,847 | €169,140 | €125,131 | €131,325 | €50,404 | ▼ 61.6% |
| Equity10/15 | -€116,376 | -€58,536 | -€57,309 | -€103,959 | -€221,501 | -€215,291 | -€213,399 | -€166,101 | ▲ 22.2% |
| Contributions10/11 | €62,000 | €62,000 | €62,000 | €88,240 | €88,240 | €88,240 | €88,240 | €88,240 | = |
| Capital10 | - | - | - | €62,000 | €62,000 | €62,000 | €62,000 | €62,000 | = |
| Issued capital100 | - | - | - | €62,000 | €62,000 | €62,000 | €62,000 | €62,000 | = |
| Contributions outside capital11 | - | - | - | €26,240 | €26,240 | €26,240 | €26,240 | €26,240 | = |
| Share premium1100/10 | - | - | - | €26,240 | €26,240 | €26,240 | €26,240 | €26,240 | = |
| Reserves13 | €218,458 | €218,458 | €218,458 | €218,458 | €218,458 | €218,458 | €218,458 | €218,458 | = |
| Non-distributable reserves130/1 | - | - | - | €5,385 | €5,385 | €5,385 | €5,385 | €5,385 | = |
| Legal reserve130 | - | - | - | €5,385 | €5,385 | €5,385 | €5,385 | €5,385 | = |
| Tax-exempt reserves132 | - | - | - | €189,011 | €189,011 | €189,011 | €189,011 | €189,011 | = |
| Distributable reserves133 | - | - | - | €24,062 | €24,062 | €24,062 | €24,062 | €24,062 | = |
| Profit (loss) carried forward14 | -€423,074 | -€365,234 | -€364,008 | -€410,657 | -€528,199 | -€521,989 | -€520,098 | -€472,800 | ▲ 9.1% |
| Amounts payable17/49 | €402,977 | €439,381 | €768,252 | €612,806 | €390,641 | €340,421 | €344,724 | €216,505 | ▼ 37.2% |
| Amounts payable within one year42/48 | €402,977 | €439,381 | €768,252 | €612,806 | €390,641 | €340,421 | €344,724 | €216,105 | ▼ 37.3% |
| Trade debts44 | €143,866 | €131,232 | €382,895 | €91,083 | €41,349 | €8,706 | €16,476 | €10,570 | ▼ 35.8% |
| Suppliers440/4 | - | - | - | €91,083 | €41,349 | €8,706 | €16,476 | €10,570 | ▼ 35.8% |
| Taxes, remuneration and social security45 | - | - | - | €113,813 | €103,005 | €82,629 | €80,012 | €98,640 | ▲ 23.3% |
| Taxes450/3 | - | - | - | €83,003 | €11,445 | €82,629 | €80,012 | €98,640 | ▲ 23.3% |
| Remuneration and social security454/9 | - | - | - | €30,810 | €91,560 | - | - | - | - |
| Other amounts payable47/48 | - | - | - | €407,909 | €246,287 | €249,087 | €248,236 | €106,895 | ▼ 56.9% |
| Accrued charges and deferred income492/3 | - | - | - | - | - | - | - | €400 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €16,473 | €57,840 | €1,227 | -€46,650 | -€117,542 | €6,210 | €1,891 | €47,298 | ▲ 25× |
| + Depreciation and write-downs630 | €379 | €379 | €379 | €170 | €249 | €249 | €249 | €249 | = |
| Operating cash flow (approximation) | €16,853 | €58,219 | €1,606 | -€46,480 | -€117,293 | €6,459 | €2,140 | €47,547 | ▲ 22× |
| Investment in fixed assets (approximation) | - | €0 | €0 | -€1,244 | €0 | €0 | €0 | €0 | - |
| Change in cash | - | -€6,622 | €112,947 | -€52,213 | -€62,886 | -€541 | -€13 | -€54 | ▼ 322% |
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, 3,794 companies had the same profile as BOUWINVEST has now. Two years later, 91.5% were still going and 2.7% had gone bankrupt.
- Micro
- 20 years or older
- negative equity
- a profit of 5% of the balance sheet or more
91.5%
was still going
5.3%
stopped otherwise
2.7%
went bankrupt
Another 0.6% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of BOUWINVEST itself: 1.6% 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 3,794 companies, not a prediction for BOUWINVEST. 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 33 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 31-08-2026 | 2026-00465949 | |
| 31-12-2024 | micro format | 27-08-2025 | 2025-00411849 | |
| 31-12-2023 | micro format | 29-08-2024 | 2024-00392086 | |
| 31-12-2022 | micro format | 08-10-2023 | 2023-00476476 | |
| 31-12-2021 | micro format | 31-08-2022 | 2022-20363323 | |
| 31-12-2020 | micro format | 30-08-2021 | 2021-56200078 | |
| 31-12-2019 | micro format | 24-08-2020 | 2020-43300540 | |
| 31-12-2018 | micro format | 29-08-2019 | 2019-53500151 | |
| 31-12-2017 | micro format | 09-08-2018 | 2018-45300526 | |
| 31-12-2016 | micro format | 12-06-2018 | 2018-18900348 |