CDV AGRI CONSTRUCT
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 18-06-2026 at the NBB all 9 filings
Turnover
≈ €620,000
Estimated: probably between €390,000 and €940,000
Total assets
€779,285▼ 3.0%
2024 · €803,431
Net result
€45,456▼ 71.4%
2024 · €158,966
Working capital
€41,490▼ 83.1%
2024 · €245,501
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€56,165
▼ 74.6%
2025
20182025
Net result
€45,456
▼ 71.4%
2025
highest quarter of the sector
20182025
Equity
€249,193
▼ 4.6%
2025
highest quarter of the sector
20182025
Total assets
€779,285
▼ 3.0%
2025
highest quarter of the sector
20182025
Debt
€498,191
▲ 0.9%
2025
20182025
Working capital
€41,490
▼ 83.1%
2025
middle half of the sector
20182025
Solvency
32.0%
▼ 0.6pp
2025
middle half of the sector
20182025
Current ratio
1.19
▼ 0.79
2025
middle half of the sector
20182025
Return on assets (ROA)
5.8%
▼ 14.0pp
2025
middle half 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-€724-€52,907€13,137▼ 75.2%€14,083▲ 7.2%€32,638▲ 132%€212▼ 99.4%€220,919▲ 1,042×€56,165▼ 74.6%
Net result-€4,373-€47,409€9,898within the sector's middle half▼ 79.1%€10,923within the sector's middle half▲ 10.4%€26,518above the sector's middle half▲ 143%-€5,903below the sector's middle half€158,966above the sector's middle half€45,456above the sector's middle half▼ 71.4%
Equity€13,526-€60,935▲ 351%€70,833within the sector's middle half▲ 16.2%€81,756within the sector's middle half▲ 15.4%€108,274within the sector's middle half▲ 32.4%€102,371within the sector's middle half▼ 5.5%€261,337within the sector's middle half▲ 155%€249,193above the sector's middle half▼ 4.6%
Total assets€284,851-€566,822▲ 99.0%€543,425above the sector's middle half▼ 4.1%€376,466above the sector's middle half▼ 30.7%€581,097above the sector's middle half▲ 54.4%€490,698within the sector's middle half▼ 15.6%€803,431within the sector's middle half▲ 63.7%€779,285above the sector's middle half▼ 3.0%
Debt€271,325-€505,888▲ 86.5%€472,592▼ 6.6%€294,710▼ 37.6%€472,823▲ 60.4%€388,327▼ 17.9%€493,542▲ 27.1%€498,191▲ 0.9%
Working capital-€38,430--€24,700▲ 35.7%€36,559within the sector's middle half€9,337within the sector's middle half▼ 74.5%-€29,973below the sector's middle half€5,582within the sector's middle half€245,501within the sector's middle half▲ 44×€41,490within the sector's middle half▼ 83.1%
Solvency4.7%-10.8%▲ 6.0pp13.0%below the sector's middle half▲ 2.3pp21.7%within the sector's middle half▲ 8.7pp18.6%within the sector's middle half▼ 3.1pp20.9%below the sector's middle half▲ 2.2pp32.5%within the sector's middle half▲ 11.7pp32.0%within the sector's middle half▼ 0.6pp
Current ratio0.73-0.90▲ 0.161.15within the sector's middle half▲ 0.251.06within the sector's middle half▼ 0.090.89below the sector's middle half▼ 0.171.02within the sector's middle half▲ 0.131.98within the sector's middle half▲ 0.961.19within the sector's middle half▼ 0.79
Return on assets (ROA)-1.5%-8.4%▲ 9.9pp1.8%within the sector's middle half▼ 6.5pp2.9%within the sector's middle half▲ 1.1pp4.6%within the sector's middle half▲ 1.7pp-1.2%below the sector's middle half▼ 5.8pp19.8%above the sector's middle half▲ 21.0pp5.8%within the sector's middle half▼ 14.0pp
Staff (FTE)0below the sector's middle half0below the sector's middle half
above
within
below
The sector band is the middle half of the companies in Services to buildings and landscape activities (NACE 81). 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.
Large changes and their cause
- 2025 Net result -71% on 2024. The accounts now follow the micro format, last year the abbreviated format.
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 €779,285
Fixed assets
€521,595 ▲ 69.0%
Current assets
€257,690 ▼ 47.9%
Equity and liabilities €779,285
Equity
€249,193 ▼ 4.6%
Provisions
€31,901 ▼ 34.3%
Debt
€498,191 ▲ 0.9%
Debt's share of the balance-sheet total rises from 61.4% to 63.9%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€193,217▼
2024 · €295,888
Cash flow
€182,508▼
2024 · €233,934
Quick ratio
1.10▼
2024 · 1.96
Debt to equity
2.00▲
2024 · 1.89
ROE
18.2%▼
2024 · 60.8%
Interest coverage
18.21▼
2024 · 30.11
Debt ≤ 1 year
€216,200▼
2024 · €249,296
Debt > 1 year
€236,991▲
2024 · €204,246
Income taxes
€18,101▲
2024 · €4,768
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Pledge on the business | €150,000 | €150,000 | €150,000 | €150,000 | €150,000 |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €34,500 | €272,808 | - | €216,800 | €344,500 |
| Intangible fixed assets | - | - | - | - | €5,513 |
| Depreciation and write-downs of the year | €96,311 | €114,630 | €126,401 | €74,969 | €137,052 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 to 2025 · 4 entries · €1,563 awarded · €1,563 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 1 | €424 | €424 |
| 2024 | 1 | €212 | €351 |
| 2023 | 1 | €139 | €0 |
| 2022 | 1 | €788 | €788 |
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €1,267 | €39,143 | €18,000 | €218,625 | €0 | ▼ 100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €67,126 | €114,284 | €117,310 | €96,311 | €114,630 | €126,401 | €74,969 | €137,052 | ▲ 82.8% |
| Other operating charges640/8 | - | - | - | €1,320 | €673 | €1,354 | €649 | €1,476 | ▲ 128% |
| Non-recurring operating charges66A | - | - | - | €0 | €1,200 | €0 | - | - | - |
| Gross operating margin9900 | €67,336 | €168,020 | €133,682 | €111,713 | €149,140 | €127,967 | €296,536 | €194,693 | ▼ 34.3% |
| Operating profit (loss)9901 | -€724 | €52,907 | €13,137 | €14,083 | €32,638 | €212 | €220,919 | €56,165 | ▼ 74.6% |
| Financial income75/76B | - | - | - | €242 | €77 | €1,189 | €1,194 | €1,348 | ▲ 13.0% |
| Recurring financial income75 | €1,092 | €6 | €658 | €242 | €77 | €1,189 | €1,194 | €1,348 | ▲ 13.0% |
| Financial charges65/66B | - | - | - | €3,402 | €3,345 | €7,303 | €9,826 | €10,608 | ▲ 8.0% |
| Recurring financial charges65 | €4,740 | €5,504 | €3,897 | €3,402 | €3,345 | €7,303 | €9,826 | €10,608 | ▲ 8.0% |
| Profit (loss) for the period before taxes9903 | -€4,373 | €47,409 | €9,898 | €10,923 | €29,370 | -€5,903 | €212,287 | €46,905 | ▼ 77.9% |
| Transfer from deferred taxes780 | - | - | - | - | - | - | €6,072 | €16,652 | ▲ 174% |
| Transfer to deferred taxes680 | - | - | - | - | - | - | €54,625 | €0 | ▼ 100% |
| Income taxes67/77 | - | - | - | - | €2,852 | €0 | €4,768 | €18,101 | ▲ 280% |
| Profit (loss) for the period9904 | -€4,373 | €47,409 | €9,898 | €10,923 | €26,518 | -€5,903 | €158,966 | €45,456 | ▼ 71.4% |
| Transfer from tax-exempt reserves789 | - | - | - | - | - | - | €18,217 | €49,955 | ▲ 174% |
| Transfer to tax-exempt reserves689 | - | - | - | - | - | - | €163,875 | €0 | ▼ 100% |
| Profit (loss) for the period to be appropriated9905 | -€4,373 | €47,409 | €9,898 | €10,923 | €26,518 | -€5,903 | €13,308 | €95,411 | ▲ 617% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €284,851 | €566,822 | €543,425 | €376,466 | €581,097 | €490,698 | €803,431 | €779,285 | ▼ 3.0% |
| Fixed assets21/28 | €179,139 | €352,690 | €263,001 | €200,957 | €337,079 | €210,678 | €308,634 | €521,595 | ▲ 69.0% |
| Intangible fixed assets21 | €2,167 | €1,167 | €167 | €0 | - | - | - | €4,896 | - |
| Tangible fixed assets22/27 | €176,973 | €351,524 | €262,835 | €200,957 | €337,079 | €210,678 | €308,634 | €516,698 | ▲ 67.4% |
| Plant, machinery and equipment23 | - | - | - | €162,408 | €312,005 | €191,888 | €119,812 | €374,119 | ▲ 212% |
| Furniture and vehicles24 | - | - | - | €38,549 | €20,889 | €15,029 | €185,485 | €139,666 | ▼ 24.7% |
| Other tangible fixed assets26 | - | - | - | - | €4,185 | €3,761 | €3,337 | €2,913 | ▼ 12.7% |
| Current assets29/58 | €105,711 | €214,132 | €280,423 | €175,509 | €244,018 | €280,020 | €494,797 | €257,690 | ▼ 47.9% |
| Stocks and contracts in progress3 | €14,250 | €12,189 | €91,784 | €40,815 | €6,788 | €13,483 | €7,188 | €19,997 | ▲ 178% |
| Stocks30/36 | - | - | - | €15,815 | €6,788 | €13,483 | €7,188 | €19,997 | ▲ 178% |
| Contracts in progress37 | - | - | - | €25,000 | €0 | - | - | - | - |
| Amounts receivable within one year40/41 | €76,885 | €163,377 | €176,589 | €86,526 | €136,750 | €208,847 | €443,184 | €142,569 | ▼ 67.8% |
| Trade receivables40 | - | - | - | €71,655 | €99,502 | €207,594 | €442,139 | €113,910 | ▼ 74.2% |
| Other amounts receivable41 | - | - | - | €14,871 | €37,248 | €1,253 | €1,046 | €28,659 | ▲ 27× |
| Cash at bank and in hand54/58 | €6,154 | €21,816 | €11,732 | €47,590 | €99,250 | €57,021 | €43,009 | €90,396 | ▲ 110% |
| Deferred charges and accrued income490/1 | - | - | - | €578 | €1,230 | €669 | €1,415 | €4,728 | ▲ 234% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €284,851 | €566,822 | €543,425 | €376,466 | €581,097 | €490,698 | €803,431 | €779,285 | ▼ 3.0% |
| Equity10/15 | €13,526 | €60,935 | €70,833 | €81,756 | €108,274 | €102,371 | €261,337 | €249,193 | ▼ 4.6% |
| Contributions10/11 | €16,200 | €16,200 | - | €16,200 | €16,200 | €16,200 | €16,200 | €18,600 | ▲ 14.8% |
| Reserves13 | €85 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €147,518 | €97,562 | ▼ 33.9% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €0 | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | €0 | - | - | - |
| Tax-exempt reserves132 | - | - | - | - | - | - | €145,658 | €95,702 | ▼ 34.3% |
| Distributable reserves133 | - | - | - | - | - | €1,860 | €1,860 | €1,860 | = |
| Profit (loss) carried forward14 | -€2,759 | €42,875 | €52,773 | €63,696 | €90,214 | €84,311 | €97,619 | €133,030 | ▲ 36.3% |
| Provisions and deferred taxes16 | - | - | - | - | - | - | €48,553 | €31,901 | ▼ 34.3% |
| Deferred taxes168 | - | - | - | - | - | - | €48,553 | €31,901 | ▼ 34.3% |
| Amounts payable17/49 | €271,325 | €505,888 | €472,592 | €294,710 | €472,823 | €388,327 | €493,542 | €498,191 | ▲ 0.9% |
| Amounts payable after more than one year17 | €127,184 | €267,055 | €196,227 | €128,538 | €198,832 | €113,889 | €204,246 | €236,991 | ▲ 16.0% |
| Financial debts170/4 | - | - | - | €128,538 | €198,832 | €113,889 | €204,246 | €236,991 | ▲ 16.0% |
| Amounts payable within one year42/48 | €144,141 | €238,832 | €243,864 | €166,172 | €273,991 | €274,438 | €249,296 | €216,200 | ▼ 13.3% |
| Current portion of amounts payable after more than one year42 | - | - | - | €67,690 | €95,301 | €84,942 | €65,847 | €93,921 | ▲ 42.6% |
| Trade debts44 | €40,282 | €96,840 | €124,776 | €53,616 | €71,910 | €95,826 | €41,136 | €75,927 | ▲ 84.6% |
| Suppliers440/4 | - | - | - | €53,616 | €71,910 | €95,826 | €41,136 | €75,927 | ▲ 84.6% |
| Taxes, remuneration and social security45 | - | - | - | €1,716 | €4,529 | €4,769 | €58,736 | €8,469 | ▼ 85.6% |
| Taxes450/3 | - | - | - | €336 | €3,149 | €3,389 | €54,824 | €4,542 | ▼ 91.7% |
| Remuneration and social security454/9 | - | - | - | €1,380 | €1,380 | €1,380 | €3,912 | €3,926 | ▲ 0.4% |
| Other amounts payable47/48 | - | - | - | €43,151 | €102,252 | €88,900 | €83,577 | €37,883 | ▼ 54.7% |
| Accrued charges and deferred income492/3 | - | - | - | €0 | - | - | €40,000 | €45,000 | ▲ 12.5% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€4,373 | €47,409 | €9,898 | €10,923 | €26,518 | -€5,903 | €158,966 | €45,456 | ▼ 71.4% |
| + Depreciation and write-downs630 | €67,126 | €114,284 | €117,310 | €96,311 | €114,630 | €126,401 | €74,969 | €137,052 | ▲ 82.8% |
| Operating cash flow (approximation) | €62,753 | €161,693 | €127,209 | €107,234 | €141,147 | €120,498 | €233,934 | €182,508 | ▼ 22.0% |
| Investment in fixed assets (approximation) | - | -€287,835 | -€27,622 | -€34,267 | -€250,752 | €0 | -€172,925 | -€350,013 | ▼ 102% |
| Change in cash | - | €15,662 | -€10,083 | €35,858 | €51,660 | -€42,229 | -€14,012 | €47,387 | - |
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, 17,811 companies had the same profile as CDV AGRI CONSTRUCT has now. Two years later, 96.5% were still going and 0.3% had gone bankrupt.
- Small
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
96.5%
was still going
3.1%
stopped otherwise
0.3%
went bankrupt
That fits the bankruptcy probability of CDV AGRI CONSTRUCT 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 17,811 companies, not a prediction for CDV AGRI 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.
Filings with the National Bank (9)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 18-06-2026 | 2026-00173389 | |
| 31-12-2024 | abbreviated format | 08-07-2025 | 2025-00246701 | |
| 31-12-2023 | abbreviated format | 18-07-2024 | 2024-00260120 | |
| 31-12-2022 | micro format | 29-06-2023 | 2023-00174967 | |
| 31-12-2021 | micro format | 08-07-2022 | 2022-20170116 | |
| 31-12-2020 | micro format | 12-07-2021 | 2021-34600133 | |
| 31-12-2019 | micro format | 10-07-2020 | 2020-28700173 | |
| 31-12-2018 | micro format | 24-06-2019 | 2019-22000479 | |
| 31-12-2017 | micro format | 26-06-2018 | 2018-24100166 |