Conpe
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 23-06-2026 at the NBB all 12 filings
Turnover
≈ €310,000
Estimated: probably between €250,000 and €380,000
Total assets
€342,248▲ 11.8%
2024 · €306,030
Net result
€47,256▼ 8.8%
2024 · €51,825
Working capital
€266,678▲ 38.9%
2024 · €192,002
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€65,353
▼ 8.4%
2025
20182025
Net result
€47,256
▼ 8.8%
2025
highest quarter of the sector
20182025
Equity
€334,890
▲ 16.4%
2025
highest quarter of the sector
20182025
Total assets
€342,248
▲ 11.8%
2025
highest quarter of the sector
20182025
Debt
€7,358
▼ 60.0%
2025
20182025
Working capital
€266,678
▲ 38.9%
2025
highest quarter of the sector
20182025
Solvency
97.9%
▲ 3.9pp
2025
highest quarter of the sector
20182025
Current ratio
37.24
▲ 25.80
2025
highest quarter of the sector
20182025
Return on assets (ROA)
13.8%
▼ 3.1pp
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€58,700-€48,864▼ 16.8%€34,671▼ 29.0%€70,281▲ 103%€49,635▼ 29.4%€56,039▲ 12.9%€71,338▲ 27.3%€65,353▼ 8.4%
Net result€41,972-€35,025▼ 16.6%€25,004within the sector's middle half▼ 28.6%€52,649above the sector's middle half▲ 111%€38,801above the sector's middle half▼ 26.3%€40,120above the sector's middle half▲ 3.4%€51,825above the sector's middle half▲ 29.2%€47,256above the sector's middle half▼ 8.8%
Equity€128,222-€162,435▲ 26.7%€186,639above the sector's middle half▲ 14.9%€238,488above the sector's middle half▲ 27.8%€276,489above the sector's middle half▲ 15.9%€315,809above the sector's middle half▲ 14.2%€287,634above the sector's middle half▼ 8.9%€334,890above the sector's middle half▲ 16.4%
Total assets€151,496-€190,633▲ 25.8%€223,158within the sector's middle half▲ 17.1%€269,999within the sector's middle half▲ 21.0%€304,489above the sector's middle half▲ 12.8%€333,194above the sector's middle half▲ 9.4%€306,030above the sector's middle half▼ 8.2%€342,248above the sector's middle half▲ 11.8%
Debt€23,274-€28,198▲ 21.2%€36,519▲ 29.5%€31,511▼ 13.7%€28,000▼ 11.1%€17,385▼ 37.9%€18,396▲ 5.8%€7,358▼ 60.0%
Working capital€106,977-€146,831▲ 37.3%€169,453above the sector's middle half▲ 15.4%€175,698above the sector's middle half▲ 3.7%€204,603above the sector's middle half▲ 16.5%€258,481above the sector's middle half▲ 26.3%€192,002above the sector's middle half▼ 25.7%€266,678above the sector's middle half▲ 38.9%
Solvency84.6%-85.2%▲ 0.6pp83.6%above the sector's middle half▼ 1.6pp88.3%above the sector's middle half▲ 4.7pp90.8%above the sector's middle half▲ 2.5pp94.8%above the sector's middle half▲ 4.0pp94.0%above the sector's middle half▼ 0.8pp97.9%above the sector's middle half▲ 3.9pp
Current ratio6.03-6.21▲ 0.175.64above the sector's middle half▼ 0.576.58above the sector's middle half▲ 0.948.31above the sector's middle half▲ 1.7315.87above the sector's middle half▲ 7.5611.44above the sector's middle half▼ 4.4337.24above the sector's middle half▲ 25.80
Return on assets (ROA)27.7%-18.4%▼ 9.3pp11.2%within the sector's middle half▼ 7.2pp19.5%above the sector's middle half▲ 8.3pp12.7%within the sector's middle half▼ 6.8pp12.0%within the sector's middle half▼ 0.7pp16.9%within the sector's middle half▲ 4.9pp13.8%within the sector's middle half▼ 3.1pp
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 8% lower than in 2024.
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 €342,248
Fixed assets
€68,212 ▼ 28.7%
Current assets
€274,036 ▲ 30.2%
Equity and liabilities €342,248
Equity
€334,890 ▲ 16.4%
Debt
€7,358 ▼ 60.0%
Debt's share of the balance-sheet total falls from 6.0% to 2.1%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€96,230▲
2024 · €90,999
Cash flow
€78,132▲
2024 · €71,486
Debt to equity
0.02▼
2024 · 0.06
ROE
14.1%▼
2024 · 18.0%
Interest coverage
over 100
2024 · over 100
Debt ≤ 1 year
€7,358▼
2024 · €18,396
Income taxes
€18,031▼
2024 · €19,429
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €51,474 | €74,434 | €4,203 | €60,091 | €3,456 |
| Depreciation and write-downs of the year | €3,920 | €16,789 | €18,761 | €19,661 | €30,877 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €8,804 | €7,661 | €6,522 | €3,920 | €16,789 | €18,761 | €19,661 | €30,877 | ▲ 57.0% |
| Other operating charges640/8 | - | - | - | €919 | €4,597 | €6,179 | €7,240 | €4,659 | ▼ 35.6% |
| Gross operating margin9900 | €68,818 | €59,819 | €47,737 | €75,120 | €71,021 | €80,978 | €98,238 | €100,889 | ▲ 2.7% |
| Operating profit (loss)9901 | €58,700 | €48,864 | €34,671 | €70,281 | €49,635 | €56,039 | €71,338 | €65,353 | ▼ 8.4% |
| Financial income75/76B | - | - | - | €0 | €0 | €10 | €0 | €0 | ▼ 100% |
| Recurring financial income75 | €58 | €361 | €75 | €0 | €0 | €10 | €0 | €0 | ▼ 100% |
| Financial charges65/66B | - | - | - | €801 | €705 | €614 | €84 | €66 | ▼ 21.0% |
| Recurring financial charges65 | €502 | €660 | €739 | €801 | €705 | €614 | €84 | €66 | ▼ 21.0% |
| Profit (loss) for the period before taxes9903 | €58,256 | €48,565 | €34,006 | €69,480 | €48,930 | €55,435 | €71,254 | €65,287 | ▼ 8.4% |
| Income taxes67/77 | €16,285 | €13,540 | €9,002 | €16,832 | €10,129 | €15,315 | €19,429 | €18,031 | ▼ 7.2% |
| Profit (loss) for the period9904 | €41,972 | €35,025 | €25,004 | €52,649 | €38,801 | €40,120 | €51,825 | €47,256 | ▼ 8.8% |
| Profit (loss) for the period to be appropriated9905 | €41,972 | €35,025 | €25,004 | €52,649 | €38,801 | €40,120 | €51,825 | €47,256 | ▼ 8.8% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €151,496 | €190,633 | €223,158 | €269,999 | €304,489 | €333,194 | €306,030 | €342,248 | ▲ 11.8% |
| Formation expenses20 | €0 | - | - | - | - | - | - | - | - |
| Fixed assets21/28 | €23,266 | €15,604 | €17,186 | €62,803 | €71,886 | €57,328 | €95,632 | €68,212 | ▼ 28.7% |
| Intangible fixed assets21 | €163 | €0 | €0 | - | - | - | - | - | - |
| Tangible fixed assets22/27 | €23,102 | €15,604 | €17,186 | €62,803 | €71,886 | €57,328 | €95,632 | €68,212 | ▼ 28.7% |
| Plant, machinery and equipment23 | - | - | - | €2,782 | €3,074 | €2,239 | €1,409 | €3,432 | ▲ 144% |
| Furniture and vehicles24 | - | - | - | €55,071 | €65,100 | €52,615 | €92,985 | €64,779 | ▼ 30.3% |
| Other tangible fixed assets26 | - | - | - | €4,950 | €3,713 | €2,475 | €1,238 | €0 | ▼ 100% |
| Financial fixed assets28 | €0 | - | - | - | - | - | - | - | - |
| Current assets29/58 | €128,230 | €175,028 | €205,972 | €207,195 | €232,603 | €275,865 | €210,398 | €274,036 | ▲ 30.2% |
| Stocks and contracts in progress3 | €0 | - | - | - | - | - | - | - | - |
| Amounts receivable within one year40/41 | €25,893 | €50,160 | €27,951 | €33,783 | €31,241 | €19,551 | €33,023 | €23,643 | ▼ 28.4% |
| Trade receivables40 | - | - | - | €27,576 | €29,370 | €14,866 | €32,452 | €16,243 | ▼ 49.9% |
| Other amounts receivable41 | - | - | - | €6,207 | €1,871 | €4,685 | €571 | €7,400 | ▲ 13× |
| Current investments50/53 | €0 | - | - | - | - | - | - | - | - |
| Cash at bank and in hand54/58 | €100,943 | €122,867 | €176,726 | €171,499 | €199,618 | €254,295 | €175,217 | €247,727 | ▲ 41.4% |
| Deferred charges and accrued income490/1 | - | - | - | €1,913 | €1,743 | €2,019 | €2,158 | €2,667 | ▲ 23.6% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €151,496 | €190,633 | €223,158 | €269,999 | €304,489 | €333,194 | €306,030 | €342,248 | ▲ 11.8% |
| Equity10/15 | €128,222 | €162,435 | €186,639 | €238,488 | €276,489 | €315,809 | €287,634 | €334,890 | ▲ 16.4% |
| Contributions10/11 | €18,600 | €18,600 | - | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €109,622 | €143,835 | €168,039 | €219,888 | €257,889 | €297,209 | €269,034 | €316,290 | ▲ 17.6% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €0 | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | €0 | - | - | - |
| Distributable reserves133 | - | - | - | €218,028 | €256,029 | €297,209 | €269,034 | €316,290 | ▲ 17.6% |
| Profit (loss) carried forward14 | €0 | - | - | €0 | €0 | €0 | €0 | €0 | - |
| Provisions and deferred taxes16 | €0 | - | - | - | - | - | - | - | - |
| Amounts payable17/49 | €23,274 | €28,198 | €36,519 | €31,511 | €28,000 | €17,385 | €18,396 | €7,358 | ▼ 60.0% |
| Amounts payable after more than one year17 | €0 | - | - | - | - | - | - | - | - |
| Amounts payable within one year42/48 | €21,254 | €28,198 | €36,519 | €31,498 | €28,000 | €17,385 | €18,396 | €7,358 | ▼ 60.0% |
| Trade debts44 | €2,345 | €1,738 | €7,083 | €392 | €2,868 | €2,233 | €1,776 | €1,358 | ▼ 23.6% |
| Suppliers440/4 | - | - | - | €392 | €2,868 | €2,233 | €1,776 | €1,358 | ▼ 23.6% |
| Taxes, remuneration and social security45 | - | - | - | €10,802 | €13,383 | €7,382 | €4,882 | €3,538 | ▼ 27.5% |
| Taxes450/3 | - | - | - | €10,802 | €10,333 | €4,332 | €1,776 | €3,538 | ▲ 99.3% |
| Remuneration and social security454/9 | - | - | - | €0 | €3,050 | €3,050 | €3,107 | €0 | ▼ 100% |
| Other amounts payable47/48 | - | - | - | €20,304 | €11,749 | €7,769 | €11,737 | €2,462 | ▼ 79.0% |
| Accrued charges and deferred income492/3 | - | - | - | €13 | €0 | - | - | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €41,972 | €35,025 | €25,004 | €52,649 | €38,801 | €40,120 | €51,825 | €47,256 | ▼ 8.8% |
| + Depreciation and write-downs630 | €8,804 | €7,661 | €6,522 | €3,920 | €16,789 | €18,761 | €19,661 | €30,877 | ▲ 57.0% |
| Operating cash flow (approximation) | €50,775 | €42,686 | €31,526 | €56,569 | €55,591 | €58,881 | €71,486 | €78,132 | ▲ 9.3% |
| Investment in fixed assets (approximation) | - | €0 | -€8,104 | -€49,538 | -€25,872 | -€4,203 | -€57,965 | -€3,456 | ▲ 94.0% |
| Change in cash | - | €21,923 | €53,859 | -€5,226 | €28,119 | €54,677 | -€79,079 | €72,510 | - |
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, 34,693 companies had the same profile as Conpe has now. Two years later, 95.3% were still going and 0.7% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
95.3%
was still going
3.9%
stopped otherwise
0.7%
went bankrupt
That fits the bankruptcy probability of Conpe 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 34,693 companies, not a prediction for Conpe. 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 12 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 23-06-2026 | 2026-00186458 | |
| 31-12-2024 | micro format | 30-06-2025 | 2025-00211109 | |
| 31-12-2023 | micro format | 28-06-2024 | 2024-00192924 | |
| 31-12-2022 | micro format | 30-06-2023 | 2023-00194636 | |
| 31-12-2021 | micro format | 24-06-2022 | 2022-20157324 | |
| 31-12-2020 | micro format | 09-07-2021 | 2021-33800511 | |
| 31-12-2019 | micro format | 27-07-2020 | 2020-34400062 | |
| 31-12-2018 | micro format | 29-07-2019 | 2019-40400360 | |
| 31-12-2017 | micro format | 29-08-2018 | 2018-54000175 | |
| 31-12-2016 | micro format | 16-08-2017 | 2017-43900094 |