BUILDWATCH
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 15-06-2026 PDF all 36 filings
Turnover
€6.6m▲ 23.3%
2019 · €5.4m
EBIT margin
-13.0%▼ 12.4pp
2019 · -0.6%
Net result
-€7,063▲ 29.5%
2024 · -€10,017
Working capital
€303,790▼ 2.3%
2024 · €310,853
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
no figure
2025
20182025
Operating result
-€6,362
▲ 33.8%
2025
20182025
Net result
-€7,063
▲ 29.5%
2025
20182025
EBIT margin
no figure
2025
20182025
Equity
€319,140
▼ 2.2%
2025
20182025
Total assets
€319,217
▼ 39.7%
2025
20182025
Debt
€77
▼ 100.0%
2025
20182025
Working capital
€303,790
▼ 2.3%
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Turnover€2.1m-€5.4m▲ 150%€6.6m▲ 23.3%
Operating result€0.1m--€0.03m-€0.9m▼ 2,625%€0.2m€0.02m▼ 91.2%€0.3m▲ 15×-€0.01m-€0.006m▲ 33.8%
Net result-€0.01m--€0.2m▼ 1,591%-€0.9m▼ 346%€0.002m-€0.01m€0.2m-€0.01m-€0.007m▲ 29.5%
EBIT margin6.8%--0.6%▼ 7.4pp-13.0%▼ 12.4pp
Equity€1.3m-€1.1m▼ 16.6%€0.1m€0.3m▲ 225%€0.3m▼ 3.0%€0.3m▼ 2.2%
Total assets€12.1m-€8.0m▼ 33.8%€0.8m▼ 89.5%€0.6m▼ 25.2%€0.6m▲ 0.1%€0.6m▲ 1.7%€0.5m▼ 18.0%€0.3m▼ 39.7%
Debt€10.9m-€7.0m▼ 35.8%€0.7m▼ 89.5%€0.5m▼ 29.4%€0.5m▲ 2.9%€0.3m▼ 41.8%€0.2m▼ 34.3%€77▼ 100.0%
Working capital€1.5m-€1.3m▼ 17.0%€0.1m▼ 92.4%€0.1m▲ 3.2%€0.09m▼ 12.4%€0.3m▲ 264%€0.3m▼ 3.1%€0.3m▼ 2.3%
The operating result for 2025 is a loss of €6,362, smaller than the loss of €9,614 in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €319,217
Fixed assets
€15,350 =
Current assets
€303,867 ▼ 40.9%
Equity and liabilities €319,217
Equity
€319,140 ▼ 2.2%
Debt
€77 ▼ 100.0%
Debt's share of the balance-sheet total falls from 38.4% to 0.0%. Equity and debt are lower.
Key figures and ratios
Debt to equity
0.00▼
2024 · 0.62
ROE
-2.2%▲
2024 · -3.1%
ROA
-2.2%▼
2024 · -1.9%
Debt ≤ 1 year
€77▼
2024 · €202,996
Income taxes
€311▲
2024 · €98
A ratio outside any meaningful range has been withheld (balance sheet total €319,217, equity €319,140).
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Turnover70 | €2.1m | €5.4m | €6.6m | - | - | - | - | - | - |
| Non-recurring operating income76A | - | - | - | €0.4m | - | - | - | - | - |
| Goods, raw materials, services and sundry goods60/61 | €2.1m | €5.5m | €7.5m | €0.007m | - | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.004m | €0.001m | €0.001m | €0.001m | - | - | - | - | - |
| Other operating charges640/8 | €0.003m | €0.006m | €0.002m | €0.001m | €0.006m | €0.02m | €387 | €400 | ▲ 3.2% |
| Non-recurring operating charges66A | €111 | €0.001m | €255 | €0.2m | - | - | - | - | - |
| Gross operating margin9900 | €0.2m | -€0.02m | -€0.9m | €0.4m | €0.02m | €0.3m | -€0.009m | -€0.006m | ▲ 35.4% |
| Operating profit (loss)9901 | €0.1m | -€0.03m | -€0.9m | €0.2m | €0.02m | €0.3m | -€0.01m | -€0.006m | ▲ 33.8% |
| Financial income75/76B | €0.007m | €0.01m | €0.003m | - | - | €0.001m | - | - | - |
| Recurring financial income75 | €0.007m | €0.01m | €0.002m | - | - | €0.001m | - | - | - |
| Non-recurring financial income76B | - | - | €0.001m | - | - | - | - | - | - |
| Financial charges65/66B | €0.2m | €0.2m | €0.09m | €171 | €0.01m | €0.02m | €305 | €390 | ▲ 27.8% |
| Recurring financial charges65 | €0.2m | €0.2m | €0.09m | €171 | €0.01m | €0.02m | €305 | €390 | ▲ 27.8% |
| Non-recurring financial charges66B | - | - | - | - | €0.001m | - | - | - | - |
| Profit (loss) for the period before taxes9903 | -€0.01m | -€0.2m | -€0.9m | €0.2m | €0.006m | €0.3m | -€0.01m | -€0.007m | ▲ 31.9% |
| Income taxes67/77 | €132 | - | €229 | €0.2m | €0.02m | €0.02m | €98 | €311 | ▲ 217% |
| Profit (loss) for the period9904 | -€0.01m | -€0.2m | -€0.9m | €0.002m | -€0.01m | €0.2m | -€0.01m | -€0.007m | ▲ 29.5% |
| Profit (loss) for the period to be appropriated9905 | -€0.01m | -€0.2m | -€0.9m | €0.002m | -€0.01m | €0.2m | -€0.01m | -€0.007m | ▲ 29.5% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €12.1m | €8.0m | €0.8m | €0.6m | €0.6m | €0.6m | €0.5m | €0.3m | ▼ 39.7% |
| Fixed assets21/28 | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Tangible fixed assets22/27 | €0.003m | €0.001m | €0.001m | €98 | - | - | - | - | - |
| Furniture and vehicles24 | €0.003m | €0.001m | €0.001m | €98 | - | - | - | - | - |
| Financial fixed assets28 | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Current assets29/58 | €12.1m | €8.0m | €0.8m | €0.6m | €0.6m | €0.6m | €0.5m | €0.3m | ▼ 40.9% |
| Stocks and contracts in progress3 | €10.4m | €7.0m | - | - | - | - | - | - | - |
| Stocks30/36 | €10.4m | €7.0m | - | - | - | - | - | - | - |
| Amounts receivable within one year40/41 | €1.5m | €1.1m | €0.8m | €0.6m | €0.6m | €0.6m | €0.5m | €0.3m | ▼ 40.7% |
| Trade receivables40 | €1.4m | €0.4m | €0.2m | - | - | - | - | - | - |
| Other amounts receivable41 | €0.2m | €0.6m | €0.6m | €0.6m | €0.6m | €0.6m | €0.5m | €0.3m | ▼ 40.7% |
| Cash at bank and in hand54/58 | €0.2m | - | €0.006m | €5 | €0.002m | €0.04m | €173 | €64 | ▼ 62.9% |
| Deferred charges and accrued income490/1 | €0.008m | €0.002m | - | - | - | €0.001m | €0.002m | - | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €12.1m | €8.0m | €0.8m | €0.6m | €0.6m | €0.6m | €0.5m | €0.3m | ▼ 39.7% |
| Equity10/15 | €1.3m | €1.1m | - | - | €0.1m | €0.3m | €0.3m | €0.3m | ▼ 2.2% |
| Contributions10/11 | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Capital10 | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Issued capital100 | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Reserves13 | €0.006m | €0.006m | €0.006m | €0.006m | €0.006m | €0.2m | €0.2m | €0.2m | = |
| Non-distributable reserves130/1 | - | - | €0.006m | €0.006m | €0.006m | €0.006m | €0.006m | €0.006m | = |
| Legal reserve130 | €0.006m | €0.006m | €0.006m | €0.006m | €0.006m | €0.006m | €0.006m | €0.006m | = |
| Distributable reserves133 | - | - | - | - | - | €0.2m | €0.2m | €0.2m | = |
| Profit (loss) carried forward14 | €1.2m | €1.0m | €0.05m | €0.05m | €0.04m | €0.04m | €0.03m | €0.02m | ▼ 27.8% |
| Amounts payable17/49 | €10.9m | €7.0m | €0.7m | €0.5m | €0.5m | €0.3m | €0.2m | €77 | ▼ 100.0% |
| Amounts payable after more than one year17 | €0.3m | €0.2m | - | - | - | - | - | - | - |
| Financial debts170/4 | €0.3m | €0.2m | - | - | - | - | - | - | - |
| Amounts payable within one year42/48 | €10.6m | €6.7m | €0.7m | €0.5m | €0.5m | €0.3m | €0.2m | €77 | ▼ 100.0% |
| Current portion of amounts payable after more than one year42 | €0.03m | €0.03m | - | - | - | - | - | - | - |
| Financial debts43 | €7.8m | €5.5m | - | - | - | - | - | - | - |
| Credit institutions430/8 | €7.8m | €5.5m | - | - | - | - | - | - | - |
| Trade debts44 | €1.5m | €0.2m | €0.009m | €0.001m | €0.003m | €0.002m | €0.004m | - | - |
| Suppliers440/4 | €1.5m | €0.2m | €0.009m | €0.001m | €0.003m | €0.002m | €0.004m | - | - |
| Taxes, remuneration and social security45 | €0.5m | €0.6m | €0.6m | €0.4m | - | €0.02m | €0.02m | €77 | ▼ 99.7% |
| Taxes450/3 | €0.5m | €0.6m | €0.6m | €0.4m | - | €0.02m | €0.02m | €77 | ▼ 99.7% |
| Other amounts payable47/48 | €0.7m | €0.4m | €0.1m | €0.1m | €0.5m | €0.3m | €0.2m | - | - |
| Accrued charges and deferred income492/3 | €0.006m | €0.004m | - | - | - | - | - | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€12,508 | -€211,522 | -€943,778 | €2,248 | -€14,066 | €232,637 | -€10,017 | -€7,063 | ▲ 29.5% |
| + Depreciation and write-downs630 | €4,043 | €1,493 | €712 | €919 | - | - | - | - | - |
| Operating cash flow (approximation) | -€8,465 | -€210,029 | -€943,066 | €3,167 | -€14,066 | €232,637 | -€10,017 | -€7,063 | ▲ 29.5% |
| Investment in fixed assets (approximation) | - | €0 | -€398 | €0 | €1,538 | €0 | €0 | €0 | - |
| Change in cash | - | - | - | -€5,727 | €2,406 | €33,113 | -€35,351 | -€109 | ▲ 99.7% |
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, 12,322 companies had the same profile as BUILDWATCH has now. Two years later, 90.3% were still going and 0.7% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a small loss
90.3%
was still going
8.6%
stopped otherwise
0.7%
went bankrupt
Another 0.5% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of BUILDWATCH 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 12,322 companies, not a prediction for BUILDWATCH. 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 36 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 15-06-2026 | 2026-00166269 | |
| 31-12-2024 | full format | 19-06-2025 | 2025-00155975 | |
| 31-12-2023 | full format | 27-06-2024 | 2024-00178841 | |
| 31-12-2022 | full format | 22-06-2023 | 2023-00150688 | |
| 31-12-2021 | full format | 18-06-2022 | 2022-20083762 | |
| 31-12-2020 | full format | 10-10-2021 | 2021-71700595 | |
| 31-12-2019 | full format | 15-11-2020 | 2020-70800019 | |
| 31-12-2018 | full format | 01-11-2019 | 2019-73000313 | |
| 31-12-2017 | full format | 27-10-2018 | 2018-70700233 | |
| 31-12-2016 | full format | 28-09-2017 | 2017-65400584 |