CONSTRUPPORT
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 29-06-2026 at the NBB all 4 filings
Turnover
≈ €520,000
Estimated: probably between €350,000 and €950,000
Total assets
€69,386▼ 5.6%
2024 · €73,500
Net result
€13,376▲ 846%
2024 · €1,414
Working capital
-€60,083▼ 6.9%
2024 · -€56,211
Multi-year overview
2022 to 2025, 4 financial yearsOperating result
€18,598
▲ 155%
2025
20222025
Net result
€13,376
▲ 846%
2025
middle half of the sector
20222025
Equity
-€21,424
▲ 38.4%
2025
lowest quarter of the sector
20222025
Total assets
€69,386
▼ 5.6%
2025
middle half of the sector
20222025
Debt
€90,810
▼ 16.1%
2025
20222025
Working capital
-€60,083
▼ 6.9%
2025
lowest quarter of the sector
20222025
Solvency
-30.9%
▲ 16.5pp
2025
lowest quarter of the sector
20222025
Current ratio
0.34
▼ 0.07
2025
lowest quarter of the sector
20222025
Return on assets (ROA)
19.3%
▲ 17.4pp
2025
highest quarter of the sector
20222025
Staff (FTE)
1.3
▲ 30.0%
2025
20222025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2022202320242025
Operating result€34,896--€58,739€7,285€18,598▲ 155%
Net result€24,626within the sector's middle half--€62,840below the sector's middle half€1,414within the sector's middle half€13,376within the sector's middle half▲ 846%
Equity€26,626within the sector's middle half--€36,214below the sector's middle half-€34,800below the sector's middle half▲ 3.9%-€21,424below the sector's middle half▲ 38.4%
Total assets€89,191within the sector's middle half-€123,301within the sector's middle half▲ 38.2%€73,500within the sector's middle half▼ 40.4%€69,386within the sector's middle half▼ 5.6%
Debt€62,565-€159,516▲ 155%€108,301▼ 32.1%€90,810▼ 16.1%
Working capital€7,010within the sector's middle half--€28,053below the sector's middle half-€56,211below the sector's middle half▼ 100%-€60,083below the sector's middle half▼ 6.9%
Solvency29.9%within the sector's middle half--29.4%below the sector's middle half▼ 59.2pp-47.3%below the sector's middle half▼ 18.0pp-30.9%below the sector's middle half▲ 16.5pp
Current ratio1.11below the sector's middle half-0.79below the sector's middle half▼ 0.320.40below the sector's middle half▼ 0.380.34below the sector's middle half▼ 0.07
Return on assets (ROA)27.6%above the sector's middle half--51.0%below the sector's middle half▼ 78.6pp1.9%within the sector's middle half▲ 52.9pp19.3%above the sector's middle half▲ 17.4pp
Staff (FTE)0.31▲ 233%1.3▲ 30.0%
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 155% higher than in 2024. It is the second rise in a row, after the fall in 2023.
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 €69,386
Fixed assets
€38,659 ▲ 9.4%
Current assets
€30,727 ▼ 19.5%
Equity and liabilities
Equity-€21,424
Debt€90,810
Equity is negative. Debt (€90,810) exceeds the balance-sheet total (€69,386).
Key figures and ratios
EBITDA
€30,457▲
2024 · €13,886
Cash flow
€25,235▲
2024 · €8,015
Quick ratio
0.16▼
2024 · 0.20
Interest coverage
6.27▲
2024 · 2.46
Debt ≤ 1 year
€90,810▼
2024 · €94,388
Debt > 1 year
€0▼
2024 · €13,912
Income taxes
€361▼
2024 · €362
Staff costs
€72,086▲
2024 · €56,794
Debt to equity is not shown because equity is negative. Debt divided by negative equity means nothing.
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|
| Employees at the balance-sheet date | 1 | 1 | 2 |
| full-time | 1 | 1 | 2 |
| part-time | 0 | 0 | 0 |
| in full-time equivalents | 1 | 1 | 2 |
| Average over the year, in full-time equivalents | 0.3 | 1 | 1.3 |
| On a permanent contract | 1 | 1 | 2 |
| Joined | 1 | 0 | 1 |
| Left | 0 | 0 | 0 |
| Training hours | 0 | 0 | 32 |
Source: social balance sheet in the 2023 to 2025 annual accounts
Investments
| Item | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Tangible fixed assets | €20,855 | €4,800 | €22,848 | €15,195 |
| Intangible fixed assets | €100 | - | - | - |
| Financial fixed assets | - | - | - | €0 |
| Depreciation and write-downs of the year | €1,339 | €5,340 | €6,601 | €11,859 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 to 2025 · 3 entries · €997 awarded · €997 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 1 | €131 | €131 |
| 2023 | 1 | €458 | €458 |
| 2022 | 1 | €408 | €408 |
Annual accounts
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | €800 | €13,990 | €56,794 | €72,086 | ▲ 26.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €1,339 | €5,340 | €6,601 | €11,859 | ▲ 79.7% |
| Other operating charges640/8 | €287 | €1,489 | €4,482 | €23,812 | ▲ 431% |
| Gross operating margin9900 | €37,322 | -€37,920 | €75,162 | €126,354 | ▲ 68.1% |
| Operating profit (loss)9901 | €34,896 | -€58,739 | €7,285 | €18,598 | ▲ 155% |
| Financial income75/76B | €176 | €38 | €138 | €0 | ▼ 100% |
| Recurring financial income75 | €176 | €38 | €138 | €0 | ▼ 100% |
| Financial charges65/66B | €671 | €3,848 | €5,647 | €4,861 | ▼ 13.9% |
| Recurring financial charges65 | €671 | €3,848 | €5,647 | €4,861 | ▼ 13.9% |
| Profit (loss) for the period before taxes9903 | €34,401 | -€62,548 | €1,776 | €13,737 | ▲ 673% |
| Income taxes67/77 | €9,775 | €292 | €362 | €361 | ▼ 0.2% |
| Profit (loss) for the period9904 | €24,626 | -€62,840 | €1,414 | €13,376 | ▲ 846% |
| Profit (loss) for the period to be appropriated9905 | €24,626 | -€62,840 | €1,414 | €13,376 | ▲ 846% |
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Assets | |||||
| Total assets20/58 | €89,191 | €123,301 | €73,500 | €69,386 | ▼ 5.6% |
| Fixed assets21/28 | €19,616 | €19,076 | €35,323 | €38,659 | ▲ 9.4% |
| Intangible fixed assets21 | €90 | €80 | €70 | €60 | ▼ 14.3% |
| Tangible fixed assets22/27 | €19,526 | €18,996 | €35,253 | €38,599 | ▲ 9.5% |
| Plant, machinery and equipment23 | - | €1,069 | €7,982 | €15,974 | ▲ 100% |
| Furniture and vehicles24 | €19,526 | €17,927 | €27,271 | €22,626 | ▼ 17.0% |
| Current assets29/58 | €69,575 | €104,225 | €38,177 | €30,727 | ▼ 19.5% |
| Stocks and contracts in progress3 | €14,946 | €58,171 | €19,366 | €16,472 | ▼ 14.9% |
| Stocks30/36 | €14,946 | €14,946 | €19,366 | €16,472 | ▼ 14.9% |
| Contracts in progress37 | - | €43,226 | €0 | - | - |
| Amounts receivable within one year40/41 | €27,836 | €20,306 | €16,358 | €9,122 | ▼ 44.2% |
| Trade receivables40 | €10,118 | €16,900 | €8,268 | €8,374 | ▲ 1.3% |
| Other amounts receivable41 | €17,718 | €3,405 | €8,089 | €748 | ▼ 90.8% |
| Cash at bank and in hand54/58 | €24,763 | €22,772 | €18 | €2,817 | ▲ 159× |
| Deferred charges and accrued income490/1 | €2,030 | €2,976 | €2,436 | €2,316 | ▼ 4.9% |
| Equity and liabilities | |||||
| Total equity and liabilities10/49 | €89,191 | €123,301 | €73,500 | €69,386 | ▼ 5.6% |
| Equity10/15 | €26,626 | -€36,214 | -€34,800 | -€21,424 | ▲ 38.4% |
| Contributions10/11 | €2,000 | €2,000 | €2,000 | €2,000 | = |
| Reserves13 | €24,626 | €24,626 | €24,626 | €24,626 | = |
| Distributable reserves133 | €24,626 | €24,626 | €24,626 | €24,626 | = |
| Profit (loss) carried forward14 | - | -€62,840 | -€61,426 | -€48,050 | ▲ 21.8% |
| Amounts payable17/49 | €62,565 | €159,516 | €108,301 | €90,810 | ▼ 16.1% |
| Amounts payable after more than one year17 | - | €27,237 | €13,912 | €0 | ▼ 100% |
| Financial debts170/4 | - | €27,237 | €13,912 | €0 | ▼ 100% |
| Amounts payable within one year42/48 | €62,565 | €132,279 | €94,388 | €90,810 | ▼ 3.8% |
| Current portion of amounts payable after more than one year42 | - | €12,763 | €13,325 | €13,912 | ▲ 4.4% |
| Financial debts43 | - | €2,845 | €3,008 | €0 | ▼ 100% |
| Credit institutions430/8 | - | €2,845 | €3,008 | €0 | ▼ 100% |
| Trade debts44 | €17,758 | €16,891 | €21,378 | €21,658 | ▲ 1.3% |
| Suppliers440/4 | €17,758 | €16,891 | €21,378 | €21,658 | ▲ 1.3% |
| Advances received on contracts in progress46 | - | €55,836 | €11,330 | €3,946 | ▼ 65.2% |
| Taxes, remuneration and social security45 | €13,739 | €16,617 | €11,995 | €19,230 | ▲ 60.3% |
| Taxes450/3 | €11,001 | €13,017 | €3,015 | €5,053 | ▲ 67.6% |
| Remuneration and social security454/9 | €2,738 | €3,600 | €8,980 | €14,177 | ▲ 57.9% |
| Other amounts payable47/48 | €31,069 | €27,327 | €33,352 | €32,064 | ▼ 3.9% |
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €24,626 | -€62,840 | €1,414 | €13,376 | ▲ 846% |
| + Depreciation and write-downs630 | €1,339 | €5,340 | €6,601 | €11,859 | ▲ 79.7% |
| Operating cash flow (approximation) | €25,965 | -€57,501 | €8,015 | €25,235 | ▲ 215% |
| Investment in fixed assets (approximation) | - | -€4,800 | -€22,848 | -€15,195 | ▲ 33.5% |
| Change in cash | - | -€1,991 | -€22,754 | €2,799 | - |
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, 1,017 companies had the same profile as CONSTRUPPORT has now. Two years later, 89.2% were still going and 6.5% had gone bankrupt.
- Micro
- 2 to 5 years old
- negative equity
- a profit of 5% of the balance sheet or more
89.2%
was still going
4.0%
stopped otherwise
6.5%
went bankrupt
Another 0.3% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of CONSTRUPPORT itself: 2.8% 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 1,017 companies, not a prediction for CONSTRUPPORT. 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.