CONSTRUCTION 2 ENGINEERING SERVICES
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 29-01-2026 PDF all 27 filings
Turnover
≈ €180,000
Estimated: probably between €88,000 and €460,000
Total assets
€168,987▼ 0.4%
2024 · €169,705
Net result
€5,532▼ 71.0%
2024 · €19,075
Working capital
-€21,602▲ 24.3%
2024 · -€28,527
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€8,027
▼ 66.6%
2025
20192025
Net result
€5,532
▼ 71.0%
2025
middle half of the sector
20192025
Equity
€72,746
▲ 8.2%
2025
middle half of the sector
20192025
Total assets
€168,987
▼ 0.4%
2025
middle half of the sector
20192025
Debt
€96,241
▼ 6.1%
2025
20192025
Working capital
-€21,602
▲ 24.3%
2025
lowest quarter of the sector
20192025
Solvency
43.0%
▲ 3.4pp
2025
middle half of the sector
20192025
Current ratio
0.78
▲ 0.05
2025
lowest quarter of the sector
20192025
Return on assets (ROA)
3.3%
▼ 8.0pp
2025
middle half of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result-€1,416--€4,384▼ 210%-€4,198▲ 4.2%€4,896-€1,548€24,062€8,027▼ 66.6%
Net result-€1,713--€4,801below the sector's middle half▼ 180%-€4,803below the sector's middle half=€4,247within the sector's middle half€2,641within the sector's middle half▼ 37.8%€19,075within the sector's middle half▲ 622%€5,532within the sector's middle half▼ 71.0%
Equity€50,856-€46,055within the sector's middle half▼ 9.4%€41,252within the sector's middle half▼ 10.4%€45,499within the sector's middle half▲ 10.3%€48,139within the sector's middle half▲ 5.8%€67,215within the sector's middle half▲ 39.6%€72,746within the sector's middle half▲ 8.2%
Total assets€103,417-€99,708within the sector's middle half▼ 3.6%€95,790within the sector's middle half▼ 3.9%€133,606within the sector's middle half▲ 39.5%€150,623within the sector's middle half▲ 12.7%€169,705within the sector's middle half▲ 12.7%€168,987within the sector's middle half▼ 0.4%
Debt€52,561-€53,653▲ 2.1%€54,538▲ 1.7%€88,107▲ 61.6%€102,483▲ 16.3%€102,490=€96,241▼ 6.1%
Working capital-€26,741--€31,018below the sector's middle half▼ 16.0%-€35,407below the sector's middle half▼ 14.1%-€53,517below the sector's middle half▼ 51.1%-€53,308below the sector's middle half▲ 0.4%-€28,527below the sector's middle half▲ 46.5%-€21,602below the sector's middle half▲ 24.3%
Solvency49.2%-46.2%within the sector's middle half▼ 3.0pp43.1%within the sector's middle half▼ 3.1pp34.1%within the sector's middle half▼ 9.0pp32.0%within the sector's middle half▼ 2.1pp39.6%within the sector's middle half▲ 7.6pp43.0%within the sector's middle half▲ 3.4pp
Current ratio0.49-0.42below the sector's middle half▼ 0.070.35below the sector's middle half▼ 0.070.39below the sector's middle half▲ 0.040.48below the sector's middle half▲ 0.090.72below the sector's middle half▲ 0.240.78below the sector's middle half▲ 0.05
Return on assets (ROA)-1.7%--4.8%below the sector's middle half▼ 3.2pp-5.0%below the sector's middle half▼ 0.2pp3.2%within the sector's middle half▲ 8.2pp1.8%within the sector's middle half▼ 1.4pp11.2%within the sector's middle half▲ 9.5pp3.3%within the sector's middle half▼ 8.0pp
above
within
below
The sector band is the middle half of the companies in Wholesale trade (NACE 46). 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 67% 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 €168,987
Fixed assets
€94,349 ▼ 1.5%
Current assets
€74,639 ▲ 0.9%
Equity and liabilities €168,987
Equity
€72,746 ▲ 8.2%
Debt
€96,241 ▼ 6.1%
Debt's share of the balance-sheet total falls from 60.4% to 57.0%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€13,805▼
2024 · €29,768
Cash flow
€11,310▼
2024 · €24,781
Debt to equity
1.32▼
2024 · 1.52
ROE
7.6%▼
2024 · 28.4%
Interest coverage
18.22▼
2024 · 43.35
Debt ≤ 1 year
€96,241▼
2024 · €102,490
Income taxes
€1,738▼
2024 · €4,765
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €23,050 | €25,768 | - | €4,385 |
| Depreciation and write-downs of the year | €693 | €1,483 | €5,706 | €5,778 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €755 | €524 | €414 | €693 | €1,483 | €5,706 | €5,778 | ▲ 1.3% |
| Other operating charges640/8 | - | - | - | €2,671 | €264 | €849 | €858 | ▲ 1.1% |
| Non-recurring operating charges66A | - | - | - | €138 | €4,577 | - | - | - |
| Gross operating margin9900 | €808 | -€2,190 | -€3,186 | €8,398 | €4,777 | €30,616 | €14,663 | ▼ 52.1% |
| Operating profit (loss)9901 | -€1,416 | -€4,384 | -€4,198 | €4,896 | -€1,548 | €24,062 | €8,027 | ▼ 66.6% |
| Financial income75/76B | - | - | - | €57 | €4,457 | €465 | - | - |
| Recurring financial income75 | €34 | €2 | €1 | €57 | €213 | €465 | - | - |
| Non-recurring financial income76B | - | - | - | - | €4,244 | - | - | - |
| Financial charges65/66B | - | - | - | €280 | €269 | €687 | €758 | ▲ 10.3% |
| Recurring financial charges65 | €332 | €419 | €195 | €280 | €269 | €687 | €758 | ▲ 10.3% |
| Profit (loss) for the period before taxes9903 | -€1,713 | -€4,801 | -€4,392 | €4,672 | €2,641 | €23,840 | €7,269 | ▼ 69.5% |
| Income taxes67/77 | - | - | €411 | €426 | - | €4,765 | €1,738 | ▼ 63.5% |
| Profit (loss) for the period9904 | -€1,713 | -€4,801 | -€4,803 | €4,247 | €2,641 | €19,075 | €5,532 | ▼ 71.0% |
| Profit (loss) for the period to be appropriated9905 | -€1,713 | -€4,801 | -€4,803 | €4,247 | €2,641 | €19,075 | €5,532 | ▼ 71.0% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €103,417 | €99,708 | €95,790 | €133,606 | €150,623 | €169,705 | €168,987 | ▼ 0.4% |
| Fixed assets21/28 | €77,597 | €77,073 | €76,659 | €99,016 | €101,448 | €95,742 | €94,349 | ▼ 1.5% |
| Tangible fixed assets22/27 | €2,597 | €2,073 | €1,659 | €24,016 | €26,448 | €20,742 | €19,349 | ▼ 6.7% |
| Plant, machinery and equipment23 | - | - | - | €2,163 | €2,378 | €1,652 | €1,464 | ▼ 11.4% |
| Furniture and vehicles24 | - | - | - | €21,853 | €24,070 | €19,090 | €17,884 | ▼ 6.3% |
| Financial fixed assets28 | €75,000 | €75,000 | €75,000 | €75,000 | €75,000 | €75,000 | €75,000 | = |
| Current assets29/58 | €25,820 | €22,635 | €19,131 | €34,590 | €49,175 | €73,963 | €74,639 | ▲ 0.9% |
| Stocks and contracts in progress3 | €1,100 | €500 | €900 | €700 | - | - | - | - |
| Stocks30/36 | - | - | - | €700 | - | - | - | - |
| Amounts receivable within one year40/41 | €7,548 | €3,948 | €5,291 | €15,507 | €8,193 | €16,677 | €20,026 | ▲ 20.1% |
| Trade receivables40 | - | - | - | €12,385 | €8,193 | €16,677 | €19,264 | ▲ 15.5% |
| Other amounts receivable41 | - | - | - | €3,121 | - | - | €762 | - |
| Cash at bank and in hand54/58 | €17,172 | €18,187 | €12,897 | €18,035 | €40,877 | €57,181 | €54,507 | ▼ 4.7% |
| Deferred charges and accrued income490/1 | - | - | - | €348 | €106 | €106 | €106 | = |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €103,417 | €99,708 | €95,790 | €133,606 | €150,623 | €169,705 | €168,987 | ▼ 0.4% |
| Equity10/15 | €50,856 | €46,055 | €41,252 | €45,499 | €48,139 | €67,215 | €72,746 | ▲ 8.2% |
| Contributions10/11 | €18,592 | €18,592 | - | €18,592 | €18,592 | €18,592 | €18,592 | = |
| Reserves13 | €39,359 | €39,359 | €39,359 | €39,359 | €39,359 | €48,623 | €54,154 | ▲ 11.4% |
| Non-distributable reserves130/1 | - | - | - | €1,859 | €1,859 | €1,859 | €1,859 | = |
| Reserves not available under the articles1311 | - | - | - | €1,859 | €1,859 | €1,859 | €1,859 | = |
| Tax-exempt reserves132 | - | - | - | €37,500 | €37,500 | €37,500 | €37,500 | = |
| Distributable reserves133 | - | - | - | - | - | €9,263 | €14,795 | ▲ 59.7% |
| Profit (loss) carried forward14 | -€7,096 | -€11,896 | -€16,699 | -€12,453 | -€9,812 | - | - | - |
| Amounts payable17/49 | €52,561 | €53,653 | €54,538 | €88,107 | €102,483 | €102,490 | €96,241 | ▼ 6.1% |
| Amounts payable within one year42/48 | €52,561 | €53,653 | €54,538 | €88,107 | €102,483 | €102,490 | €96,241 | ▼ 6.1% |
| Trade debts44 | €1,459 | €3,198 | €3,144 | €1,271 | €1,972 | €535 | €3,581 | ▲ 570% |
| Suppliers440/4 | - | - | - | €1,271 | €1,972 | €535 | €3,581 | ▲ 570% |
| Taxes, remuneration and social security45 | - | - | - | €1,693 | €3,887 | €7,762 | €1,102 | ▼ 85.8% |
| Taxes450/3 | - | - | - | €1,693 | €3,887 | €7,762 | €1,102 | ▼ 85.8% |
| Other amounts payable47/48 | - | - | - | €85,143 | €96,624 | €94,194 | €91,558 | ▼ 2.8% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€1,713 | -€4,801 | -€4,803 | €4,247 | €2,641 | €19,075 | €5,532 | ▼ 71.0% |
| + Depreciation and write-downs630 | €755 | €524 | €414 | €693 | €1,483 | €5,706 | €5,778 | ▲ 1.3% |
| Operating cash flow (approximation) | -€959 | -€4,277 | -€4,389 | €4,939 | €4,124 | €24,781 | €11,310 | ▼ 54.4% |
| Investment in fixed assets (approximation) | - | €0 | €0 | -€23,050 | -€3,915 | €0 | -€4,385 | - |
| Change in cash | - | €1,014 | -€5,290 | €5,138 | €22,842 | €16,304 | -€2,673 | - |
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, 17,041 companies had the same profile as CONSTRUCTION 2 ENGINEERING SERVICES has now. Two years later, 94.3% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
94.3%
was still going
4.9%
stopped otherwise
0.5%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of CONSTRUCTION 2 ENGINEERING SERVICES 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 17,041 companies, not a prediction for CONSTRUCTION 2 ENGINEERING SERVICES. 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 27 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-06-2025 | micro format | 29-01-2026 | 2026-00018297 | |
| 30-06-2024 | micro format | 03-02-2025 | 2025-00023667 | |
| 30-06-2023 | micro format | 19-02-2024 | 2024-00031461 | |
| 30-06-2022 | micro format | 28-02-2023 | 2023-00032362 | |
| 30-06-2021 | micro format | 31-01-2022 | 2022-03900229 | |
| 30-06-2020 | micro format | 06-10-2020 | 2020-59200144 | |
| 30-06-2019 | micro format | 30-10-2019 | 2019-72000442 | |
| 30-06-2018 | micro format | 22-10-2018 | 2018-69800119 | |
| 30-06-2017 | micro format | 31-10-2017 | 2017-68800069 | |
| 30-06-2016 | abbreviated format | 12-12-2016 | 2016-69900111 |