CLEHO
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 05-06-2026 at the NBB all 8 filings
Turnover
≈ €760,000
Estimated: probably between €540,000 and €1.2m
Total assets
€1.9m▲ 3.7%
2024 · €1.8m
Net result
€122,092▲ 288%
2024 · €31,488
Working capital
-€584,235▲ 11.4%
2024 · -€659,607
In the rankings
#6 company by total assets in Lievegem, Construction sector
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€160,694
▲ 218%
2025
20182025
Net result
€122,092
▲ 288%
2025
highest quarter of the sector
20182025
Equity
€55,545
2025
middle half of the sector
20182025
Total assets
€1.9m
▲ 3.7%
2025
highest quarter of the sector
20182025
Debt
€1.8m
▼ 2.9%
2025
20182025
Working capital
-€584,235
▲ 11.4%
2025
lowest quarter of the sector
20182025
Solvency
3.0%
▲ 6.7pp
2025
lowest quarter of the sector
20182025
Current ratio
0.24
▲ 0.16
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
6.5%
▲ 4.8pp
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result-€0.03m-€0.06m€0.01m▼ 82.8%-€0.08m-€0.04m▲ 49.1%€0.06m€0.05m▼ 15.9%€0.2m▲ 218%
Net result-€0.05m-€0.05m-€102below the sector's middle half-€0.09mbelow the sector's middle half▼ 87,602%-€0.06mbelow the sector's middle half▲ 30.7%€0.04mabove the sector's middle half€0.03mabove the sector's middle half▼ 21.4%€0.1mabove the sector's middle half▲ 288%
Equity-€0.03m-€0.01m€0.01mbelow the sector's middle half▼ 0.7%-€0.08mbelow the sector's middle half-€0.1mbelow the sector's middle half▼ 81.7%-€0.1mbelow the sector's middle half▲ 29.0%-€0.07mbelow the sector's middle half▲ 32.1%€0.06mwithin the sector's middle half
Total assets€0.8m-€0.8m▲ 2.2%€0.9mwithin the sector's middle half▲ 13.3%€2.1mabove the sector's middle half▲ 126%€2.0mabove the sector's middle half▼ 7.2%€1.9mabove the sector's middle half▼ 3.5%€1.8mabove the sector's middle half▼ 4.6%€1.9mabove the sector's middle half▲ 3.7%
Debt€0.8m-€0.8m▼ 3.4%€0.9m▲ 13.5%€2.2m▲ 138%€2.1m▼ 4.1%€2.0m▼ 5.2%€1.9m▼ 5.9%€1.8m▼ 2.9%
Working capital-€0.1m--€0.08m▲ 27.5%-€0.2mbelow the sector's middle half▼ 132%-€0.6mbelow the sector's middle half▼ 227%-€0.6mbelow the sector's middle half▼ 5.8%-€0.6mbelow the sector's middle half▼ 1.2%-€0.7mbelow the sector's middle half▼ 1.5%-€0.6mbelow the sector's middle half▲ 11.4%
Solvency-4.0%-1.7%▲ 5.7pp1.5%below the sector's middle half▼ 0.2pp-3.6%below the sector's middle half▼ 5.1pp-7.1%below the sector's middle half▼ 3.5pp-5.2%below the sector's middle half▲ 1.9pp-3.7%below the sector's middle half▲ 1.5pp3.0%below the sector's middle half▲ 6.7pp
Current ratio0.52-0.67▲ 0.150.45below the sector's middle half▼ 0.210.15below the sector's middle half▼ 0.300.12below the sector's middle half▼ 0.030.11below the sector's middle half▼ 0.010.07below the sector's middle half▼ 0.030.24below the sector's middle half▲ 0.16
Return on assets (ROA)-6.3%-5.6%▲ 11.9pp0.0%below the sector's middle half▼ 5.6pp-4.3%below the sector's middle half▼ 4.2pp-3.2%below the sector's middle half▲ 1.1pp2.1%within the sector's middle half▲ 5.3pp1.7%within the sector's middle half▼ 0.4pp6.5%within the sector's middle half▲ 4.8pp
above
within
below
The sector band is the middle half of the companies in Construction of residential and non-residential buildings (NACE 41). 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 nearly 3.2 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 €1.9m
Fixed assets
€1.7m ▼ 3.5%
Current assets
€180,627 ▲ 243%
Equity and liabilities €1.9m
Equity
€55,545
Debt
€1.8m
Debt's share of the balance-sheet total is 97.0%.
Key figures and ratios
EBITDA
€221,339▲
2024 · €111,564
Cash flow
€182,737▲
2024 · €92,525
Debt to equity
32.61
ROE
219.8%
Interest coverage
12.12▲
2024 · 5.56
Debt ≤ 1 year
€764,861▲
2024 · €712,336
Debt > 1 year
€1.0m▼
2024 · €1.1m
Income taxes
€20,830
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 |
|---|---|---|---|---|---|
| Mortgages, amount registered | €52,500 | €52,500 | €52,500 | €52,500 | €52,500 |
| Mortgage mandates | €1.7m | €1.7m | €1.7m | €1.7m | €1.7m |
| Carrying value of the mortgaged assets | €2.0m | €1.9m | €1.8m | €1.7m | €1.7m |
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 | €1.3m | €5,371 | €1,050 | - | - |
| Depreciation and write-downs of the year | €42,734 | €138,128 | €60,947 | €61,037 | €60,645 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2024 · 1 entry · €188 awarded · €188 paidAnnual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | €1,000 | €7,500 | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €21,960 | €23,028 | €23,461 | €42,734 | €138,128 | €60,947 | €61,037 | €60,645 | ▼ 0.6% |
| Other operating charges640/8 | - | - | - | €4,825 | €9,467 | €9,871 | €10,058 | €10,344 | ▲ 2.8% |
| Non-recurring operating charges66A | - | - | - | €57,766 | €62 | €5 | €80 | - | - |
| Gross operating margin9900 | €22,165 | €83,541 | €37,987 | €26,423 | €107,474 | €130,872 | €121,702 | €231,682 | ▲ 90.4% |
| Operating profit (loss)9901 | -€34,507 | €56,404 | €9,700 | -€78,902 | -€40,183 | €60,049 | €50,527 | €160,694 | ▲ 218% |
| Financial income75/76B | - | - | - | €1,036 | €1,188 | €940 | €1,028 | €492 | ▼ 52.2% |
| Recurring financial income75 | €100 | €1,194 | €1,484 | €1,036 | €1,188 | €940 | €1,028 | €492 | ▼ 52.2% |
| Financial charges65/66B | - | - | - | €11,766 | €23,100 | €20,912 | €20,067 | €18,263 | ▼ 9.0% |
| Recurring financial charges65 | €16,430 | €11,424 | €11,287 | €11,766 | €23,100 | €20,912 | €20,067 | €18,263 | ▼ 9.0% |
| Profit (loss) for the period before taxes9903 | -€50,837 | €46,174 | -€102 | -€89,632 | -€62,095 | €40,077 | €31,488 | €142,922 | ▲ 354% |
| Income taxes67/77 | - | €221 | - | - | - | - | - | €20,830 | - |
| Profit (loss) for the period9904 | -€50,837 | €45,953 | -€102 | -€89,632 | -€62,095 | €40,077 | €31,488 | €122,092 | ▲ 288% |
| Profit (loss) for the period to be appropriated9905 | -€50,837 | €45,953 | -€102 | -€89,632 | -€62,095 | €40,077 | €31,488 | €122,092 | ▲ 288% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €0.8m | €0.8m | €0.9m | €2.1m | €2.0m | €1.9m | €1.8m | €1.9m | ▲ 3.7% |
| Fixed assets21/28 | €0.7m | €0.7m | €0.8m | €2.0m | €1.9m | €1.8m | €1.7m | €1.7m | ▼ 3.5% |
| Tangible fixed assets22/27 | €0.7m | €0.7m | €0.8m | €2.0m | €1.9m | €1.8m | €1.7m | €1.7m | ▼ 3.5% |
| Land and buildings22 | - | - | - | €2.0m | €1.9m | €1.8m | €1.7m | €1.7m | ▼ 3.4% |
| Plant, machinery and equipment23 | - | - | - | €0.003m | €0.002m | €0.002m | €0.001m | €0.001m | ▼ 35.9% |
| Financial fixed assets28 | €0.001m | €0.001m | €0.001m | €0.001m | €0.001m | €0.001m | €0.001m | €0.001m | = |
| Current assets29/58 | €0.1m | €0.2m | €0.2m | €0.1m | €0.09m | €0.08m | €0.05m | €0.2m | ▲ 243% |
| Amounts receivable within one year40/41 | €0.1m | €0.2m | €0.1m | €0.09m | €0.08m | €0.07m | €0.04m | €0.1m | ▲ 150% |
| Trade receivables40 | - | - | - | €0.01m | €0.02m | €0.03m | €0.01m | €0.1m | ▲ 616% |
| Other amounts receivable41 | - | - | - | €0.08m | €0.05m | €0.03m | €0.03m | €3 | ▼ 100.0% |
| Cash at bank and in hand54/58 | €0.004m | €0.001m | €0.007m | €0.01m | €0.006m | €0.006m | €0.007m | €0.02m | ▲ 247% |
| Deferred charges and accrued income490/1 | - | - | - | €0.002m | €0.005m | €0.005m | €0.004m | €0.05m | ▲ 12× |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €0.8m | €0.8m | €0.9m | €2.1m | €2.0m | €1.9m | €1.8m | €1.9m | ▲ 3.7% |
| Equity10/15 | -€0.03m | €0.01m | €0.01m | -€0.08m | -€0.1m | -€0.1m | -€0.07m | €0.06m | - |
| Contributions10/11 | €0.02m | €0.02m | - | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Reserves13 | - | - | - | - | - | - | - | €0.04m | - |
| Non-distributable reserves130/1 | - | - | - | - | - | - | - | €0.04m | - |
| Other1319 | - | - | - | - | - | - | - | €0.04m | - |
| Profit (loss) carried forward14 | -€0.05m | -€0.005m | -€0.005m | -€0.09m | -€0.2m | -€0.1m | -€0.09m | - | - |
| Amounts payable17/49 | €0.8m | €0.8m | €0.9m | €2.2m | €2.1m | €2.0m | €1.9m | €1.8m | ▼ 2.9% |
| Amounts payable after more than one year17 | €0.6m | €0.6m | €0.6m | €1.5m | €1.4m | €1.3m | €1.1m | €1.0m | ▼ 8.7% |
| Financial debts170/4 | - | - | - | €1.5m | €1.4m | €1.3m | €1.1m | €1.0m | ▼ 8.7% |
| Amounts payable within one year42/48 | €0.2m | €0.2m | €0.3m | €0.7m | €0.7m | €0.7m | €0.7m | €0.8m | ▲ 7.4% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | ▼ 6.6% |
| Trade debts44 | €0.002m | €0.002m | €0.007m | €0.01m | €0.02m | €0.01m | €0.003m | €0.004m | ▲ 38.4% |
| Suppliers440/4 | - | - | - | €0.01m | €0.02m | €0.01m | €0.003m | €0.004m | ▲ 38.4% |
| Taxes, remuneration and social security45 | - | - | - | €110 | €0.005m | €0.006m | €0.005m | €0.04m | ▲ 649% |
| Taxes450/3 | - | - | - | €110 | €0.004m | €0.004m | €0.003m | €0.04m | ▲ 15× |
| Remuneration and social security454/9 | - | - | - | - | €250 | €0.002m | €0.003m | - | - |
| Other amounts payable47/48 | - | - | - | €0.6m | €0.6m | €0.6m | €0.6m | €0.6m | ▲ 3.9% |
| Accrued charges and deferred income492/3 | - | - | - | €0.004m | €0.005m | €0.005m | €0.009m | €0.001m | ▼ 87.6% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€0.05m | €0.05m | -€102 | -€0.09m | -€0.06m | €0.04m | €0.03m | €0.1m | ▲ 288% |
| + Depreciation and write-downs630 | €0.02m | €0.02m | €0.02m | €0.04m | €0.1m | €0.06m | €0.06m | €0.06m | ▼ 0.6% |
| Operating cash flow (approximation) | -€0.03m | €0.07m | €0.02m | -€0.05m | €0.08m | €0.1m | €0.09m | €0.2m | ▲ 97.5% |
| Investment in fixed assets (approximation) | - | €0 | -€0.1m | -€1.3m | -€0.005m | -€0.001m | €0 | €0 | - |
| Change in cash | - | -€0.003m | €0.005m | €0.004m | -€0.005m | €192 | €455 | €0.02m | ▲ 37× |
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, 875 companies had the same profile as CLEHO has now. Two years later, 96.6% were still going and 1.4% had gone bankrupt.
- Small
- 5 to 10 years old
- solvency under 10%
- a profit of 5% of the balance sheet or more
96.6%
was still going
1.9%
stopped otherwise
1.4%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of CLEHO itself: 1.3% 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 875 companies, not a prediction for CLEHO. 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 (8)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 05-06-2026 | 2026-00154694 | |
| 31-12-2024 | micro format | 22-07-2025 | 2025-00313601 | |
| 31-12-2023 | micro format | 13-03-2024 | 2024-00042871 | |
| 31-12-2022 | micro format | 17-07-2023 | 2023-00241002 | |
| 31-12-2021 | micro format | 16-08-2022 | 2022-20292703 | |
| 31-12-2020 | abbreviated format | 17-08-2021 | 2021-49300270 | |
| 31-12-2019 | abbreviated format | 09-06-2020 | 2020-15500386 | |
| 31-12-2018 | abbreviated format | 01-08-2019 | 2019-43000082 |