Contrast
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 01-07-2026 at the NBB all 29 filings
Amounts without an identifiable currency are taken as euros.
Turnover
≈ €150,000
Estimated: probably between €81,000 and €320,000
Total assets
€166,697▼ 30.9%
2024 · €241,136
Net result
-€70,191▼ 22.5%
2024 · -€57,319
Working capital
-€46,102▼ 44.3%
2024 · -€31,943
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€3,474
▲ 93.1%
2025
20182025
Net result
-€70,191
▼ 22.5%
2025
lowest quarter of the sector
20182025
Equity
€2,827
▼ 96.1%
2025
lowest quarter of the sector
20182025
Total assets
€166,697
▼ 30.9%
2025
lowest quarter of the sector
20182025
Debt
€163,871
▼ 2.5%
2025
20182025
Working capital
-€46,102
▼ 44.3%
2025
lowest quarter of the sector
20182025
Solvency
1.7%
▼ 28.6pp
2025
lowest quarter of the sector
20182025
Current ratio
0.38
▼ 0.06
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
-42.1%
▼ 18.3pp
2025
lowest quarter of the sector
20182025
Staff (FTE)
0
2025
lowest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€27,551-€39,033▲ 41.7%€12,759▼ 67.3%€33,982▲ 166%€32,648▼ 3.9%€23,641▼ 27.6%-€50,598-€3,474▲ 93.1%
Net result€13,513-€19,651▲ 45.4%€1,426within the sector's middle half▼ 92.7%€18,959within the sector's middle half▲ 13×€17,153within the sector's middle half▼ 9.5%€12,916within the sector's middle half▼ 24.7%-€57,319below the sector's middle half-€70,191below the sector's middle half▼ 22.5%
Equity€91,287-€110,937▲ 21.5%€112,363within the sector's middle half▲ 1.3%€116,323within the sector's middle half▲ 3.5%€117,420below the sector's middle half▲ 0.9%€130,336within the sector's middle half▲ 11.0%€73,017below the sector's middle half▼ 44.0%€2,827below the sector's middle half▼ 96.1%
Total assets€501,142-€375,598▼ 25.1%€371,189above the sector's middle half▼ 1.2%€325,996above the sector's middle half▼ 12.2%€309,382below the sector's middle half▼ 5.1%€306,881below the sector's middle half▼ 0.8%€241,136below the sector's middle half▼ 21.4%€166,697below the sector's middle half▼ 30.9%
Debt€409,856-€264,661▼ 35.4%€258,826▼ 2.2%€209,674▼ 19.0%€191,963▼ 8.4%€176,545▼ 8.0%€168,119▼ 4.8%€163,871▼ 2.5%
Working capital-€90,337-€20,534€27,932within the sector's middle half▲ 36.0%€29,330within the sector's middle half▲ 5.0%€15,565below the sector's middle half▼ 46.9%€27,162below the sector's middle half▲ 74.5%-€31,943below the sector's middle half-€46,102below the sector's middle half▼ 44.3%
Solvency18.2%-29.5%▲ 11.3pp30.3%within the sector's middle half▲ 0.7pp35.7%within the sector's middle half▲ 5.4pp38.0%within the sector's middle half▲ 2.3pp42.5%within the sector's middle half▲ 4.5pp30.3%within the sector's middle half▼ 12.2pp1.7%below the sector's middle half▼ 28.6pp
Current ratio0.13-1.30▲ 1.171.38within the sector's middle half▲ 0.081.66within the sector's middle half▲ 0.281.35within the sector's middle half▼ 0.321.56within the sector's middle half▲ 0.220.45below the sector's middle half▼ 1.120.38below the sector's middle half▼ 0.06
Return on assets (ROA)2.7%-5.2%▲ 2.5pp0.4%below the sector's middle half▼ 4.8pp5.8%within the sector's middle half▲ 5.4pp5.5%within the sector's middle half▼ 0.3pp4.2%within the sector's middle half▼ 1.3pp-23.8%below the sector's middle half▼ 28.0pp-42.1%below the sector's middle half▼ 18.3pp
Staff (FTE)0below the sector's middle half0below the sector's middle half0below the sector's middle half
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 a loss of €3,474, smaller than the loss of €50,598 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 €166,697
Fixed assets
€138,068 ▼ 35.9%
Current assets
€28,629 ▲ 10.7%
Equity and liabilities €166,697
Equity
€2,827 ▼ 96.1%
Debt
€163,871 ▼ 2.5%
Debt's share of the balance-sheet total rises from 69.7% to 98.3%. Equity and debt are lower.
Key figures and ratios
EBITDA
€14,167▲
2024 · -€33,116
Cash flow
-€52,550▼
2024 · -€39,837
Debt to equity
57.98▲
2024 · 2.30
Interest coverage
1.49▲
2024 · -4.66
Debt ≤ 1 year
€74,731▲
2024 · €57,808
Debt > 1 year
€89,139▼
2024 · €108,801
Income taxes
€0▲
2024 · -€371
A ratio outside any meaningful range has been withheld (balance sheet total €166,697, equity €2,827).
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 | - | €732 | €33,818 | €1,259 | €3,037 |
| Financial fixed assets | - | €12,750 | €0 | - | €150 |
| Depreciation and write-downs of the year | €17,017 | €17,108 | €17,261 | €17,482 | €17,641 |
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 | €23,062 | €17,244 | €17,244 | €17,017 | €17,108 | €17,261 | €17,482 | €17,641 | ▲ 0.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | - | €4,433 | €63,747 | -€63,747 | - |
| Other operating charges640/8 | - | - | - | €1,217 | €1,673 | €2,119 | €1,726 | €66,720 | ▲ 39× |
| Non-recurring operating charges66A | - | - | - | - | - | €2,818 | €0 | - | - |
| Gross operating margin9900 | €69,304 | €58,328 | €31,226 | €52,216 | €51,429 | €50,272 | €32,357 | €17,140 | ▼ 47.0% |
| Operating profit (loss)9901 | €27,551 | €39,033 | €12,759 | €33,982 | €32,648 | €23,641 | -€50,598 | -€3,474 | ▲ 93.1% |
| Financial income75/76B | - | - | - | €16 | €453 | €0 | €10 | €4 | ▼ 56.1% |
| Recurring financial income75 | €2 | €17 | €6 | €16 | €453 | €0 | €10 | €4 | ▼ 56.1% |
| Financial charges65/66B | - | - | - | €7,561 | €6,418 | €4,954 | €7,102 | €66,721 | ▲ 839% |
| Recurring financial charges65 | €10,543 | €10,840 | €8,999 | €7,561 | €6,418 | €4,954 | €7,102 | €9,507 | ▲ 33.9% |
| Non-recurring financial charges66B | - | - | - | - | - | - | - | €57,214 | - |
| Profit (loss) for the period before taxes9903 | €17,010 | €28,211 | €3,766 | €26,437 | €26,683 | €18,687 | -€57,690 | -€70,191 | ▼ 21.7% |
| Income taxes67/77 | €3,497 | €8,560 | €2,340 | €7,478 | €9,530 | €5,771 | -€371 | €0 | - |
| Profit (loss) for the period9904 | €13,513 | €19,651 | €1,426 | €18,959 | €17,153 | €12,916 | -€57,319 | -€70,191 | ▼ 22.5% |
| Profit (loss) for the period to be appropriated9905 | €13,513 | €19,651 | €1,426 | €18,959 | €17,153 | €12,916 | -€57,319 | -€70,191 | ▼ 22.5% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €501,142 | €375,598 | €371,189 | €325,996 | €309,382 | €306,881 | €241,136 | €166,697 | ▼ 30.9% |
| Formation expenses20 | €0 | €0 | €0 | - | - | - | - | - | - |
| Fixed assets21/28 | €487,076 | €286,643 | €269,399 | €252,382 | €248,756 | €231,495 | €215,272 | €138,068 | ▼ 35.9% |
| Intangible fixed assets21 | €0 | €0 | €0 | - | - | - | - | - | - |
| Tangible fixed assets22/27 | €436,811 | €236,378 | €219,134 | €202,117 | €185,741 | €168,480 | €152,257 | €137,653 | ▼ 9.6% |
| Land and buildings22 | - | - | - | €198,619 | €181,602 | €164,585 | €147,568 | €133,537 | ▼ 9.5% |
| Furniture and vehicles24 | - | - | - | €3,498 | €4,139 | €3,895 | €4,689 | €4,116 | ▼ 12.2% |
| Financial fixed assets28 | €50,265 | €50,265 | €50,265 | €50,265 | €63,015 | €63,015 | €63,015 | €415 | ▼ 99.3% |
| Current assets29/58 | €14,066 | €88,955 | €101,791 | €73,615 | €60,626 | €75,386 | €25,864 | €28,629 | ▲ 10.7% |
| Stocks and contracts in progress3 | €0 | €0 | €0 | - | - | - | - | - | - |
| Amounts receivable within one year40/41 | €13,576 | €85,448 | €80,864 | €29,117 | €48,733 | €71,791 | €5,153 | €65 | ▼ 98.7% |
| Trade receivables40 | - | - | - | €1,643 | €3,301 | €12,133 | €4,131 | €0 | ▼ 100% |
| Other amounts receivable41 | - | - | - | €27,474 | €45,432 | €59,658 | €1,022 | €65 | ▼ 93.6% |
| Current investments50/53 | €0 | €0 | €0 | - | - | - | - | - | - |
| Cash at bank and in hand54/58 | €0 | €2,248 | €19,605 | €42,617 | €11,635 | €3,555 | €2 | €12,533 | ▲ 6,362× |
| Deferred charges and accrued income490/1 | - | - | - | €1,880 | €259 | €41 | €20,709 | €16,031 | ▼ 22.6% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €501,142 | €375,598 | €371,189 | €325,996 | €309,382 | €306,881 | €241,136 | €166,697 | ▼ 30.9% |
| Equity10/15 | €91,287 | €110,937 | €112,363 | €116,323 | €117,420 | €130,336 | €73,017 | €2,827 | ▼ 96.1% |
| Contributions10/11 | €48,355 | €48,355 | - | €48,355 | €48,750 | €48,750 | €48,750 | €48,750 | = |
| Reserves13 | €42,931 | €62,582 | €64,008 | €67,967 | €68,670 | €81,586 | €66,795 | €66,795 | = |
| Non-distributable reserves130/1 | - | - | - | €3,533 | €0 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €3,533 | €0 | - | - | - | - |
| Distributable reserves133 | - | - | - | €64,434 | €68,670 | €81,586 | €66,795 | €66,795 | = |
| Profit (loss) carried forward14 | €0 | €0 | €0 | €0 | €0 | €0 | -€42,528 | -€112,718 | ▼ 165% |
| Amounts payable17/49 | €409,856 | €264,661 | €258,826 | €209,674 | €191,963 | €176,545 | €168,119 | €163,871 | ▼ 2.5% |
| Amounts payable after more than one year17 | €299,753 | €192,178 | €183,311 | €165,286 | €146,865 | €128,040 | €108,801 | €89,139 | ▼ 18.1% |
| Financial debts170/4 | - | - | - | €165,286 | €146,865 | €128,040 | €108,801 | €89,139 | ▼ 18.1% |
| Amounts payable within one year42/48 | €104,403 | €68,421 | €73,858 | €44,285 | €45,062 | €48,224 | €57,808 | €74,731 | ▲ 29.3% |
| Current portion of amounts payable after more than one year42 | - | - | - | €19,427 | €19,854 | €20,290 | €20,735 | €21,191 | ▲ 2.2% |
| Financial debts43 | - | - | - | - | - | - | €204 | €0 | ▼ 100% |
| Credit institutions430/8 | - | - | - | - | - | - | €204 | €0 | ▼ 100% |
| Trade debts44 | - | €755 | €1,707 | €5,746 | €4,925 | €1,948 | €281 | €1,089 | ▲ 288% |
| Suppliers440/4 | - | - | - | €5,746 | €4,925 | €1,948 | €281 | €1,089 | ▲ 288% |
| Taxes, remuneration and social security45 | - | - | - | €8,612 | €13,369 | €17,791 | €12,693 | €986 | ▼ 92.2% |
| Taxes450/3 | - | - | - | €8,612 | €13,369 | €16,791 | €7,875 | €986 | ▼ 87.5% |
| Remuneration and social security454/9 | - | - | - | - | - | €1,000 | €4,818 | €0 | ▼ 100% |
| Other amounts payable47/48 | - | - | - | €10,500 | €6,914 | €8,196 | €23,895 | €51,466 | ▲ 115% |
| Accrued charges and deferred income492/3 | - | - | - | €103 | €36 | €281 | €1,511 | €0 | ▼ 100% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €13,513 | €19,651 | €1,426 | €18,959 | €17,153 | €12,916 | -€57,319 | -€70,191 | ▼ 22.5% |
| + Depreciation and write-downs630 | €23,062 | €17,244 | €17,244 | €17,017 | €17,108 | €17,261 | €17,482 | €17,641 | ▲ 0.9% |
| Operating cash flow (approximation) | €36,575 | €36,895 | €18,670 | €35,977 | €34,261 | €30,178 | -€39,837 | -€52,550 | ▼ 31.9% |
| Investment in fixed assets (approximation) | - | €183,189 | €0 | €0 | -€13,482 | €0 | -€1,259 | €59,563 | - |
| Change in cash | - | €2,248 | €17,358 | €23,012 | -€30,983 | -€8,080 | -€3,553 | €12,531 | - |
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, 540 companies had the same profile as Contrast has now. Two years later, 85.9% were still going and 5.2% had gone bankrupt.
- Micro
- 20 years or older
- solvency under 10%
- a loss of 10% of the balance sheet or more
85.9%
was still going
8.3%
stopped otherwise
5.2%
went bankrupt
Another 0.6% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of Contrast itself: 1.4% 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 540 companies, not a prediction for Contrast. 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 29 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 01-07-2026 | 2026-00257841 | |
| 31-12-2024 | abbreviated format | 24-07-2025 | 2025-00319396 | |
| 31-12-2023 | abbreviated format | 19-07-2024 | 2024-00275326 | |
| 31-12-2022 | abbreviated format | 09-10-2023 | 2023-00481377 | |
| 31-12-2021 | micro format | 15-07-2022 | 2022-20197311 | |
| 31-12-2020 | micro format | 28-06-2021 | 2021-25700515 | |
| 31-12-2019 | micro format | 24-07-2020 | 2020-33800115 | |
| 31-12-2018 | micro format | 09-07-2019 | 2019-31300060 | |
| 31-12-2017 | micro format | 31-07-2018 | 2018-41200215 | |
| 31-12-2016 | abbreviated format | 26-07-2017 | 2017-36200040 |