CONSTRUCTION ESTATE DEVELOPMENT (0416.367.154): annual accounts

CONSTRUCTION ESTATE DEVELOPMENT

Schaerbeek ·KBO/BCE: BE 0416.367.154

Line	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007	2006
Balance sheet: assets
Total assets`20/58`	373,819	444,480	518,915	591,145	860,962	951,237	902,995	812,900	896,708	953,342	1.1m	1.2m	1.4m	1.5m	1.2m	1.2m	592,239	563,935	564,832	630,159
Fixed assets`21/28`	363,717	409,062	466,759	517,011	815,496	881,415	785,765	749,011	792,488	827,560	889,950	957,949	1.0m	1.1m	815,556	849,955	263,529	275,452	282,432	293,203
Intangible fixed assets`21`	-	-	0	-	-	-	-	-	-	-	31,911	63,823	95,735	127,646	-	-	-	-	-	-
Tangible fixed assets`22/27`	362,986	408,330	466,028	516,215	814,700	880,619	784,969	748,215	791,692	826,764	857,242	893,331	942,066	962,515	617,825	652,224	262,798	274,721	281,701	292,472
Land and buildings`22`	265,529	284,675	316,051	335,752	604,166	633,346	663,077	737,258	766,438	795,619	824,800	853,980	896,469	938,958	611,979	643,977	252,186	261,741	268,399	277,867
Plant, machinery and equipment`23`	-	-	0	-	-	97	470	843	165	1,350	3,356	5,426	7,192	4,514	1,821	2,081	-	-	-	-
Furniture and vehicles`24`	-	262	647	5,197	8,879	13,593	17,757	-	-	-	443	1,447	1,642	2,743	4,025	4,056	6,261	6,389	3,890	2,216
Other tangible fixed assets`26`	97,457	123,393	149,330	175,266	201,656	233,583	103,665	10,115	24,905	29,795	28,644	32,478	36,764	16,300	-	2,110	4,351	6,591	9,412	12,389
Financial fixed assets`28`	731	731	731	796	796	796	796	796	796	796	796	796	796	796	197,731	197,731	731	731	731	731
Current assets`29/58`	10,101	35,419	52,156	74,134	45,467	69,822	117,231	63,889	104,220	125,782	161,561	229,203	388,964	424,167	365,043	355,043	328,710	288,483	282,400	336,956
Amounts receivable within one year`40/41`	2,037	2,650	8,924	18,902	5,801	37,302	56,217	37,812	36,892	25,085	17,617	11,489	33,707	104,547	134,817	150,763	77,416	65,839	174,126	326,097
Trade receivables`40`	840	752	5,549	17,802	3,873	31,560	38,159	18,980	23,546	17,160	7,380	8,180	20,156	24,395	39,097	53,008	33,457	28,347	27,915	9,830
Other amounts receivable`41`	1,198	1,897	3,375	1,100	1,928	5,741	18,058	18,831	13,346	7,925	10,237	3,309	13,551	80,152	95,720	97,755	43,959	37,492	146,211	316,267
Current investments`50/53`	-	-	-	-	-	-	-	-	-	-	-	98,797	118,221	127,231	-	-	-	-	-	-
Cash at bank and in hand`54/58`	8,064	32,769	43,232	55,232	37,053	30,523	61,014	26,077	65,985	98,610	141,548	117,702	237,036	190,852	229,083	201,524	249,519	221,151	106,335	8,538
Deferred charges and accrued income`490/1`	-	-	-	-	2,613	1,997	-	-	1,342	2,087	2,396	1,215	-	1,538	1,143	2,756	1,775	1,493	1,939	2,321
Balance sheet: equity and liabilities
Total equity and liabilities`10/49`	373,819	444,480	518,915	591,145	860,962	951,237	902,995	812,900	896,708	953,342	1.1m	1.2m	1.4m	1.5m	1.2m	1.2m	592,239	563,935	564,832	630,159
Equity`10/15`	-68,439	-50,046	-5,482	8,819	-103,844	-55,390	9,940	49,846	106,414	118,508	192,374	277,443	440,616	474,730	518,028	473,131	466,827	427,985	400,118	364,667
Contributions`10/11`	92,000	92,000	92,000	92,000	92,000	92,000	92,000	92,000	92,000	92,000	92,000	92,000	92,000	92,000	92,000	62,000	62,000	62,000	62,000	62,000
Capital`10`	92,000	92,000	92,000	92,000	92,000	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Issued capital`100`	92,000	92,000	92,000	92,000	92,000	92,000	92,000	92,000	92,000	92,000	92,000	92,000	92,000	92,000	92,000	62,000	62,000	62,000	62,000	62,000
Reserves`13`	118,989	123,707	128,426	133,144	107,863	112,581	117,300	122,018	126,737	131,456	136,174	185,443	348,616	382,730	426,028	411,131	163,485	163,485	163,485	163,485
Non-distributable reserves`130/1`	7,200	7,200	7,200	37,200	7,200	7,200	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Legal reserve`130`	7,200	7,200	7,200	7,200	7,200	7,200	7,200	7,200	7,200	7,200	7,200	7,200	7,200	7,200	7,200	6,200	6,200	6,200	6,200	6,200
Other`1319`	-	-	-	30,000	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Tax-exempt reserves`132`	81,789	86,507	91,226	95,944	100,663	105,381	110,100	114,818	119,537	124,256	128,974	133,693	138,411	143,130	147,848	152,567	157,285	157,285	157,285	157,285
Distributable reserves`133`	30,000	30,000	30,000	-	-	-	-	-	-	-	-	44,551	203,005	232,401	270,980	252,364	-	-	-	-
Profit (loss) carried forward`14`	-279,428	-265,754	-225,908	-216,325	-303,707	-259,971	-199,360	-164,173	-112,323	-104,947	-35,800	-	-	-	-	-	241,342	202,500	174,633	139,182
Provisions and deferred taxes`16`	42,114	44,543	46,973	49,403	51,832	54,262	56,692	59,121	61,551	63,981	66,410	68,840	71,270	73,700	76,129	78,559	80,989	80,989	80,989	80,989
Deferred taxes`168`	42,114	44,543	46,973	49,403	51,832	54,262	56,692	59,121	61,551	63,981	66,410	68,840	71,270	73,700	76,129	78,559	80,989	80,989	80,989	80,989
Amounts payable`17/49`	400,144	449,983	477,424	532,924	912,974	952,364	836,364	703,933	728,742	770,853	792,726	840,869	915,674	966,694	586,442	653,308	44,423	54,961	83,725	184,503
Amounts payable after more than one year`17`	101,718	112,687	121,754	132,938	493,744	529,233	561,377	579,959	609,849	639,045	667,563	-	728,831	770,686	-	-	9,732	25,768	41,021	55,521
Financial debts`170/4`	101,718	112,687	121,754	132,938	493,744	529,233	561,377	579,959	609,849	639,045	667,563	-	728,831	770,686	-	-	9,732	25,768	41,021	55,521
Amounts payable within one year`42/48`	295,626	336,296	352,270	399,986	419,230	423,131	274,987	123,974	117,412	125,060	125,163	836,467	185,694	193,674	586,442	653,308	34,691	29,193	38,765	121,407
Current portion of amounts payable after more than one year`42`	10,136	9,067	11,184	13,014	35,489	34,345	36,362	32,339	31,598	30,865	30,149	732,384	45,266	43,527	-	9,732	16,036	15,253	14,500	13,799
Trade debts`44`	3,301	2,508	9,848	19,398	4,687	20,154	78,870	10,401	2,592	9,791	5,469	2,634	4,063	3,533	2,497	4,268	2,299	1,806	8,045	19,180
Suppliers`440/4`	3,301	2,508	9,848	19,398	4,687	20,154	78,870	10,401	2,592	9,791	5,469	2,634	4,063	3,533	2,497	4,268	2,299	1,806	8,045	19,180
Advances received on contracts in progress`46`	-	-	-	-	-	-	-	-	-	-	-	-	-	1,500	9,380	5,460	3,840	3,840	2,990	2,990
Taxes, remuneration and social security`45`	-	122	2,442	3,940	-	73	63	2,460	2,460	3,622	2,562	17,646	554	797	519	3,660	5,163	-	59	138
Taxes`450/3`	-	122	2,118	3,940	-	73	63	2,460	2,460	3,622	962	12,846	554	797	519	3,660	5,163	-	59	138
Remuneration and social security`454/9`	-	-	324	-	-	-	-	-	-	-	1,600	4,800	-	-	-	-	-	-	-	-
Other amounts payable`47/48`	282,189	324,600	328,797	363,634	379,055	368,560	159,692	78,773	80,762	80,782	86,982	83,803	135,811	144,316	574,046	630,188	7,353	8,294	13,171	85,300
Accrued charges and deferred income`492/3`	2,800	1,000	3,400	-	-	-	-	-	1,481	6,748	-	4,401	1,150	2,334	-	-	-	-	3,939	7,575
Income statement
Turnover`70`	-	-	-	-	-	-	-	-	-	-	-	-	-	187,451	-	-	-	-	-	-
Non-recurring operating income`76A`	-	-	-	195,707	-	-	-	-	-	-	-	-	3,388	-	-	-	-	-	-	-
Gross operating margin`9900`	41,010	24,847	51,045	202,088	45,602	21,468	21,649	3,400	43,327	15,175	8,600	-41,619	74,079	62,639	79,432	53,249	72,370	58,061	76,175	321,888
Goods, raw materials, services and sundry goods`60/61`	-	-	-	-	-	-	-	-	-	-	-	-	-	133,985	-	-	-	-	-	-
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets`630`	45,344	45,468	50,187	50,378	65,919	56,139	42,253	44,490	35,441	68,430	68,000	82,801	83,895	80,809	38,068	44,997	14,554	15,645	14,562	21,790
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)`631/4`	-	-	-	-	5,510	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other operating charges`640/8`	12,903	10,813	15,051	24,506	11,440	19,349	7,033	2,757	6,747	6,207	3,354	16,109	5,508	5,817	6,198	5,124	4,366	5,595	6,365	6,287
Non-recurring operating charges`66A`	-	12,230	-	-	-	-	-	-	-	310	210	-	-	100	-	-	-	-	-	-
Operating profit (loss)`9901`	-17,237	-43,664	-14,193	127,203	-37,266	-54,020	-27,636	-43,848	1,139	-59,462	-62,754	-140,529	-15,324	-23,988	35,166	3,128	53,450	36,821	55,248	293,811
Financial income`75/76B`	6	45	27	0	-	-	76	40	226	169	566	1,503	3,641	6,174	5,317	2,134	-	364	469	30
Recurring financial income`75`	6	45	27	0	-	-	76	40	226	169	566	1,503	3,641	6,174	5,317	2,134	-	364	469	30
Financial charges`65/66B`	3,590	3,308	3,502	12,854	13,618	13,667	14,713	15,190	15,889	16,949	25,048	26,521	28,141	27,609	19,907	1,388	1,978	2,677	7,564	12,152
Recurring financial charges`65`	3,590	3,303	3,502	12,843	13,618	13,667	14,713	15,190	15,839	16,639	25,048	26,521	28,141	27,609	19,907	1,388	1,978	2,677	7,564	12,152
Non-recurring financial charges`66B`	-	5	-	11	-	-	-	-	50	310	-	-	-	-	-	-	-	-	-	-
Profit (loss) for the period before taxes`9903`	-20,820	-46,927	-17,669	114,349	-50,884	-67,687	-42,273	-58,998	-14,524	-76,242	-87,446	-165,547	-36,437	-45,523	20,576	3,874	51,472	34,508	48,153	281,689
Transfer from deferred taxes`780`	2,430	2,430	2,430	2,430	2,430	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Income taxes`67/77`	2	67	-938	4,116	-	73	63	-	-	54	53	56	107	204	8,109	-	12,630	6,641	12,702	3,729
Profit (loss) for the period`9904`	-18,393	-44,564	-14,301	112,663	-48,454	-65,330	-39,906	-56,568	-12,094	-73,866	-85,069	-163,173	-34,114	-43,298	14,897	6,304	38,842	27,867	35,451	196,971
Transfer from tax-exempt reserves`789`	4,719	4,719	4,719	4,719	4,719	4,719	4,719	4,719	4,719	4,719	4,719	4,719	4,719	4,719	4,719	4,718	-	-	-	-
Transfer to tax-exempt reserves`689`	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	157,285
Profit (loss) for the period to be appropriated`9905`	-13,674	-39,846	-9,582	117,381	-43,736	-60,611	-35,188	-51,850	-7,376	-69,147	-80,351	-158,454	-29,395	-38,579	19,616	11,022	38,842	27,867	35,451	39,686
Appropriation of the result
Profit (loss) to be appropriated`9906`	-279,428	-265,754	-225,908	-186,325	-303,707	-259,971	-199,360	-164,173	-112,323	-104,947	-80,351	-158,454	-29,395	-38,579	19,616	252,364	241,342	202,500	174,633	139,182
Profit (loss) brought forward from the previous period`14P`	-265,754	-225,908	-216,325	-303,707	-259,971	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Transfer from equity`791/2`	-	-	-	-	-	-	-	-	-	-	44,551	158,454	29,395	38,579	-	-	-	-	-	-
Transfer to equity`691/2`	-	-	-	30,000	-	-	-	-	-	-	-	-	-	-	19,616	252,364	-	-	-	-
To the legal reserve`6920`	-	-	-	-	-	-	-	-	-	-	-	-	-	-	1,000	-	-	-	-	-
To other reserves`6921`	-	-	-	30,000	-	-	-	-	-	-	-	-	-	-	18,616	252,364	-	-	-	-
Document	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF

Financial year	Type	Filed	Reference	Document
31-12-2025	abbreviated format	23-09-2026	2026-00538968	PDF
31-12-2024	abbreviated format	10-10-2025	2025-00541759	PDF
31-12-2024	micro format	30-08-2025	2025-00485379	PDF
31-12-2023	micro format	28-08-2024	2024-00446561	PDF
31-12-2022	micro format	01-09-2023	2023-00442746	PDF
31-12-2021	micro format	31-08-2022	2022-20426388	PDF
31-12-2020	micro format	31-08-2021	2021-65900199	PDF
31-12-2019	micro format	25-09-2020	2020-55600457	PDF
31-12-2018	micro format	09-10-2019	2019-70500307	PDF
31-12-2017	micro format	18-09-2018	2018-63400108	PDF
31-12-2016	full format	31-08-2017	2017-59200003	PDF
31-12-2015	full format	06-07-2016	2016-29900131	PDF
31-12-2014	full format	10-07-2015	2015-30200395	PDF
31-12-2013	full format	18-07-2014	2014-32700109	PDF
31-12-2012	full format	28-08-2013	2013-52300500	PDF
31-12-2011	full format	03-07-2012	2012-25800413	PDF
31-12-2010	full format	26-07-2011	2011-33600213	PDF
31-12-2009	full format	31-08-2010	2010-50600019	PDF
31-12-2008	full format	01-08-2009	2009-54000188	PDF
31-12-2007	full format	05-08-2008	2008-53700135	PDF
31-12-2006	full format	30-07-2007	2007-50800094	PDF
31-12-2005	full format	10-07-2006	2006-44001879	PDF
31-12-2004	full format	05-07-2005	2005-42203661	PDF
31-12-2003	full format	25-06-2004	2004-31801425	PDF
31-12-2002	full format	16-06-2003	2003-24000227	PDF
31-12-2001	full format	30-07-2002	2002-43602444	PDF
31-12-2000	full format	16-01-2002	2002-01400070	PDF
31-12-1999	full format	03-07-2000	2000-35203801	PDF
31-12-1998	full format	30-07-1999	1999-38404546	PDF
31-12-1997	full format	13-07-1998	1998-32803269	PDF
31-12-1996	full format	19-06-1997	1997-17600624	PDF
31-12-1995	full format	19-06-1996	1996-18104784	PDF
31-12-1994	full format	05-07-1995	1995-36400383	PDF
31-12-1993	full format	30-06-1994	1994-23201125	PDF
31-12-1992	full format	16-06-1993	1993-13800784	PDF
31-12-1991	full format	25-06-1992	1992-15401908	PDF
31-12-1990	full format	02-08-1991	1991-21201726	PDF
31-12-1989	full format	11-06-1990	1990-07800189	PDF
31-12-1988	full format	31-07-1989	1989-18900495	PDF
31-12-1987	full format	05-07-1988	1988-13700443	PDF
31-12-1986	full format	09-10-1987	1987-23003316	PDF
31-12-1985	full format	27-06-1986	1986-20800114	PDF
31-12-1984	full format	13-06-1985	1985-10001567	PDF
31-12-1983	unclassified schema	09-07-1984	1984-09501567	PDF
31-12-1982	unclassified schema	04-01-1984	1984-00100816	PDF
31-12-1981	unclassified schema	01-12-1982	1982-13500051	PDF
31-12-1980	unclassified schema	03-08-1981	1981-10100773	PDF
31-12-1979	unclassified schema	23-06-1981	1981-06400628	PDF
31-12-1978	unclassified schema	05-07-1979	1979-08000470	PDF
31-12-1977	unclassified schema	15-11-1978	1978-08400299	PDF

Line	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007	2006
EBITDA	28,107	1,804	35,994	177,581	28,653	2,119	14,617	642	36,580	8,968	5,246	-57,728	68,571	56,822	73,234	48,125	68,004	52,466	69,810	315,601
Cash flow	26,952	903	35,886	163,041	17,465	-9,190	2,346	-12,078	23,347	-5,435	-17,070	-80,372	49,782	37,512	52,965	51,301	53,396	43,512	50,013	218,761
Investment in fixed assets (approximation)	0	-12,230	-65	1,156	0	151,790	124,006	1,013	369	6,041	0	2,153	31,535	591,265	3,669	631,423	2,631	8,665	3,791	17,980
Change in cash	-24,705	-10,463	-12,000	18,180	6,530	-30,491	34,936	-39,908	-32,624	-42,939	23,846	-119,334	46,184	-38,231	27,559	-47,995	28,368	114,816	97,797	-
Working capital	-285,525	-300,877	-300,115	-325,852	-373,764	-353,310	-157,756	-60,085	-13,193	722	36,399	-607,265	203,270	230,493	-221,399	-298,265	294,019	259,290	243,635	215,549
EBIT margin	-	-	-	-	-	-	-	-	-	-	-	-	-	-12.8%	-	-	-	-	-	-
Solvency	-18.3%	-11.3%	-1.1%	1.5%	-12.1%	-5.8%	1.1%	6.1%	11.9%	12.4%	18.3%	23.4%	30.9%	31.3%	43.9%	39.3%	78.8%	75.9%	70.8%	57.9%
Current ratio	0.03	0.11	0.15	0.19	0.11	0.17	0.43	0.52	0.89	1.01	1.29	0.27	2.09	2.19	0.62	0.54	9.48	9.88	7.28	2.78
Debt to equity	-	-	-	60.43	-	-	84.14	14.12	6.85	6.50	4.12	3.03	2.08	2.04	1.13	1.38	0.10	0.13	0.21	0.51
ROE	-	-	-	-	-	-	-401.5%	-113.5%	-11.4%	-62.3%	-44.2%	-58.8%	-7.7%	-9.1%	2.9%	1.3%	8.3%	6.5%	8.9%	54.0%
ROA	-4.9%	-10.0%	-2.8%	19.1%	-5.6%	-6.9%	-4.4%	-7.0%	-1.3%	-7.7%	-8.1%	-13.7%	-2.4%	-2.9%	1.3%	0.5%	6.6%	4.9%	6.3%	31.3%
Interest coverage	7.83	0.55	10.28	13.83	2.10	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Customer credit	-	-	-	-	-	-	-	-	-	-	-	-	-	48 days	-	-	-	-	-	-
Supplier credit	-	-	-	-	-	-	-	-	-	-	-	-	-	10 days	-	-	-	-	-	-

Item	2025	2024	2023	2022	2021
Tangible fixed assets	-	-	-	€1,156	-
Depreciation and write-downs of the year	€45,344	€45,468	€50,187	€50,378	€65,919

CONSTRUCTION ESTATE DEVELOPMENT

Annual accounts 2025

Money flows

Balance sheet

Change in equityin euro

Change in cashin euro

Position in the sector

Solvency-18.3%

Current ratio0.03

Return on assets-4.9%

Filed annual accounts

Filings

Key figures and ratios

Investments

Insights on CONSTRUCTION ESTATE DEVELOPMENT

Next steps