CONTRAST
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 15-07-2026 at the NBB all 24 filings
Turnover
≈ €210,000
Estimated: probably between €140,000 and €350,000
Total assets
€108,242▲ 42.2%
2024 · €76,104
Net result
€1,388▼ 78.8%
2024 · €6,535
Working capital
€13,845▼ 50.4%
2024 · €27,891
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€3,528
▼ 63.1%
2025
20182025
Net result
€1,388
▼ 78.8%
2025
middle half of the sector
20182025
Equity
€33,509
▲ 4.3%
2025
middle half of the sector
20182025
Total assets
€108,242
▲ 42.2%
2025
middle half of the sector
20182025
Debt
€74,733
▲ 69.9%
2025
20182025
Working capital
€13,845
▼ 50.4%
2025
middle half of the sector
20182025
Solvency
31.0%
▼ 11.2pp
2025
middle half of the sector
20182025
Current ratio
1.29
▼ 0.57
2025
middle half of the sector
20182025
Return on assets (ROA)
1.3%
▼ 7.3pp
2025
middle half of the sector
20182025
Staff (FTE)
1
=
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€6,743--€332-€3,088▼ 831%-€3,711▼ 20.2%€4,824€2,840▼ 41.1%€9,564▲ 237%€3,528▼ 63.1%
Net result€4,291--€689-€3,486below the sector's middle half▼ 406%-€4,098below the sector's middle half▼ 17.5%€3,421within the sector's middle half€1,116within the sector's middle half▼ 67.4%€6,535within the sector's middle half▲ 485%€1,388within the sector's middle half▼ 78.8%
Equity€29,321-€28,632▼ 2.4%€25,145within the sector's middle half▼ 12.2%€21,048within the sector's middle half▼ 16.3%€24,469within the sector's middle half▲ 16.3%€25,585within the sector's middle half▲ 4.6%€32,121within the sector's middle half▲ 25.5%€33,509within the sector's middle half▲ 4.3%
Total assets€48,019-€45,130▼ 6.0%€45,514below the sector's middle half▲ 0.8%€57,443below the sector's middle half▲ 26.2%€59,024below the sector's middle half▲ 2.8%€74,685within the sector's middle half▲ 26.5%€76,104within the sector's middle half▲ 1.9%€108,242within the sector's middle half▲ 42.2%
Debt€18,698-€16,499▼ 11.8%€20,368▲ 23.5%€36,395▲ 78.7%€34,555▼ 5.1%€49,099▲ 42.1%€43,983▼ 10.4%€74,733▲ 69.9%
Working capital€28,260-€27,611▼ 2.3%€23,193within the sector's middle half▼ 16.0%€26,502within the sector's middle half▲ 14.3%€23,835within the sector's middle half▼ 10.1%€21,195within the sector's middle half▼ 11.1%€27,891within the sector's middle half▲ 31.6%€13,845within the sector's middle half▼ 50.4%
Solvency61.1%-63.4%▲ 2.4pp55.2%within the sector's middle half▼ 8.2pp36.6%within the sector's middle half▼ 18.6pp41.5%within the sector's middle half▲ 4.8pp34.3%within the sector's middle half▼ 7.2pp42.2%within the sector's middle half▲ 7.9pp31.0%within the sector's middle half▼ 11.2pp
Current ratio2.56-2.74▲ 0.182.14within the sector's middle half▼ 0.601.91within the sector's middle half▼ 0.231.70within the sector's middle half▼ 0.211.66within the sector's middle half▼ 0.031.87within the sector's middle half▲ 0.211.29within the sector's middle half▼ 0.57
Return on assets (ROA)8.9%--1.5%▼ 10.5pp-7.7%below the sector's middle half▼ 6.1pp-7.1%below the sector's middle half▲ 0.5pp5.8%within the sector's middle half▲ 12.9pp1.5%within the sector's middle half▼ 4.3pp8.6%within the sector's middle half▲ 7.1pp1.3%within the sector's middle half▼ 7.3pp
Staff (FTE)1-1=1within the sector's middle half=1=1=1=1=1=
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 63% 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 €108,242
Fixed assets
€47,323 ▲ 195%
Current assets
€60,919 ▲ 1.5%
Equity and liabilities €108,242
Equity
€33,509 ▲ 4.3%
Debt
€74,733 ▲ 69.9%
Debt's share of the balance-sheet total rises from 57.8% to 69.0%. Equity and debt are higher.
Key figures and ratios
EBITDA
€17,345▲
2024 · €14,990
Cash flow
€15,205▲
2024 · €11,962
Quick ratio
0.89▼
2024 · 1.27
Debt to equity
2.23▲
2024 · 1.37
ROE
4.1%▼
2024 · 20.3%
Interest coverage
11.51▲
2024 · 11.26
Debt ≤ 1 year
€47,074▲
2024 · €32,153
Debt > 1 year
€26,535▲
2024 · €11,830
Income taxes
€871▼
2024 · €1,698
Staff costs
€37,619▼
2024 · €42,221
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 1 | 1 | 1 | 1 | 1 |
| full-time | 1 | 1 | 1 | 1 | 1 |
| in full-time equivalents | 1 | 1 | 1 | 1 | 1 |
| Average over the year, in full-time equivalents | 1 | 1 | 1 | 1 | 1 |
| On a permanent contract | 1 | 1 | 1 | 1 | 1 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €632 | - | €26,500 | - | €45,080 |
| Depreciation and write-downs of the year | €840 | €764 | €5,996 | €5,426 | €13,816 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | €5,500 | - | - | - | - |
| Remuneration, social security and pensions62 | - | - | - | €27,921 | €37,201 | €30,409 | €42,221 | €37,619 | ▼ 10.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €4,567 | €1,192 | €908 | €840 | €764 | €5,996 | €5,426 | €13,816 | ▲ 155% |
| Other operating charges640/8 | - | - | - | €1,969 | €1,492 | €1,140 | €1,203 | €795 | ▼ 33.9% |
| Gross operating margin9900 | €49,716 | €37,959 | €27,060 | €27,018 | €44,281 | €40,385 | €58,413 | €55,759 | ▼ 4.5% |
| Operating profit (loss)9901 | €6,743 | -€332 | -€3,088 | -€3,711 | €4,824 | €2,840 | €9,564 | €3,528 | ▼ 63.1% |
| Financial income75/76B | - | - | - | €17 | €0 | €174 | €0 | €238 | ▲ 3,395× |
| Recurring financial income75 | €1 | €5 | €0 | €17 | €0 | €174 | €0 | €238 | ▲ 3,395× |
| Financial charges65/66B | - | - | - | €244 | €902 | €1,637 | €1,331 | €1,507 | ▲ 13.2% |
| Recurring financial charges65 | €198 | €200 | €239 | €244 | €902 | €1,637 | €1,331 | €1,507 | ▲ 13.2% |
| Profit (loss) for the period before taxes9903 | €6,545 | -€527 | -€3,327 | -€3,939 | €3,923 | €1,377 | €8,233 | €2,259 | ▼ 72.6% |
| Income taxes67/77 | €2,255 | €162 | €159 | €159 | €501 | €261 | €1,698 | €871 | ▼ 48.7% |
| Profit (loss) for the period9904 | €4,291 | -€689 | -€3,486 | -€4,098 | €3,421 | €1,116 | €6,535 | €1,388 | ▼ 78.8% |
| Profit (loss) for the period to be appropriated9905 | €4,291 | -€705 | -€3,486 | -€4,098 | €3,421 | €1,116 | €6,535 | €1,388 | ▼ 78.8% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €48,019 | €45,130 | €45,514 | €57,443 | €59,024 | €74,685 | €76,104 | €108,242 | ▲ 42.2% |
| Fixed assets21/28 | €1,661 | €1,669 | €1,953 | €1,745 | €982 | €21,486 | €16,059 | €47,323 | ▲ 195% |
| Tangible fixed assets22/27 | €1,661 | €1,669 | €1,953 | €1,745 | €982 | €21,486 | €16,059 | €47,323 | ▲ 195% |
| Plant, machinery and equipment23 | - | - | - | €1,374 | €828 | €286 | €159 | €33 | ▼ 79.3% |
| Furniture and vehicles24 | - | - | - | €371 | €154 | €21,200 | €15,900 | €47,290 | ▲ 197% |
| Current assets29/58 | €46,358 | €43,462 | €43,561 | €55,698 | €58,043 | €53,199 | €60,044 | €60,919 | ▲ 1.5% |
| Stocks and contracts in progress3 | €3,750 | €7,056 | €8,430 | €11,035 | €23,324 | €28,117 | €19,276 | €19,148 | ▼ 0.7% |
| Stocks30/36 | - | - | - | €8,235 | €9,968 | €15,968 | €13,450 | €19,148 | ▲ 42.4% |
| Contracts in progress37 | - | - | - | €2,800 | €13,356 | €12,149 | €5,826 | - | - |
| Amounts receivable within one year40/41 | €17,180 | €15,114 | €1,984 | €3,380 | €15,194 | €2,087 | €7,571 | €2,774 | ▼ 63.4% |
| Trade receivables40 | - | - | - | €1,307 | €10,955 | - | €5,284 | - | - |
| Other amounts receivable41 | - | - | - | €2,073 | €4,239 | €2,087 | €2,287 | €2,774 | ▲ 21.3% |
| Cash at bank and in hand54/58 | €18,058 | €13,212 | €20,627 | €39,748 | €17,504 | €20,887 | €32,839 | €36,635 | ▲ 11.6% |
| Deferred charges and accrued income490/1 | - | - | - | €1,535 | €2,021 | €2,108 | €359 | €2,362 | ▲ 559% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €48,019 | €45,130 | €45,514 | €57,443 | €59,024 | €74,685 | €76,104 | €108,242 | ▲ 42.2% |
| Equity10/15 | €29,321 | €28,632 | €25,145 | €21,048 | €24,469 | €25,585 | €32,121 | €33,509 | ▲ 4.3% |
| Contributions10/11 | €6,200 | €6,200 | - | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Reserves13 | €23,121 | €22,432 | €18,945 | €14,848 | €18,269 | €19,385 | €25,921 | €27,309 | ▲ 5.4% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | - | - | - | - |
| Tax-exempt reserves132 | - | - | - | €16 | €16 | €16 | €16 | €16 | = |
| Distributable reserves133 | - | - | - | €12,972 | €16,393 | €19,369 | €25,904 | €27,293 | ▲ 5.4% |
| Amounts payable17/49 | €18,698 | €16,499 | €20,368 | €36,395 | €34,555 | €49,099 | €43,983 | €74,733 | ▲ 69.9% |
| Amounts payable after more than one year17 | - | - | - | - | - | €17,096 | €11,830 | €26,535 | ▲ 124% |
| Financial debts170/4 | - | - | - | - | - | €17,096 | €11,830 | €26,535 | ▲ 124% |
| Amounts payable within one year42/48 | €18,098 | €15,851 | €20,368 | €29,195 | €34,208 | €32,004 | €32,153 | €47,074 | ▲ 46.4% |
| Current portion of amounts payable after more than one year42 | - | - | - | - | - | €5,016 | €5,266 | €14,400 | ▲ 173% |
| Trade debts44 | €3,120 | €5,853 | €5,267 | €12,116 | €8,568 | €3,985 | €2,998 | €7,677 | ▲ 156% |
| Suppliers440/4 | - | - | - | €12,116 | €8,568 | €3,985 | €2,998 | €7,677 | ▲ 156% |
| Taxes, remuneration and social security45 | - | - | - | €3,696 | €4,164 | €2,566 | €4,006 | €4,657 | ▲ 16.2% |
| Taxes450/3 | - | - | - | €159 | €566 | €566 | €198 | €1,154 | ▲ 484% |
| Remuneration and social security454/9 | - | - | - | €3,537 | €3,598 | €2,000 | €3,809 | €3,502 | ▼ 8.0% |
| Other amounts payable47/48 | - | - | - | €13,383 | €21,475 | €20,436 | €19,883 | €20,339 | ▲ 2.3% |
| Accrued charges and deferred income492/3 | - | - | - | €7,200 | €348 | - | - | €1,124 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €4,291 | -€689 | -€3,486 | -€4,098 | €3,421 | €1,116 | €6,535 | €1,388 | ▼ 78.8% |
| + Depreciation and write-downs630 | €4,567 | €1,192 | €908 | €840 | €764 | €5,996 | €5,426 | €13,816 | ▲ 155% |
| Operating cash flow (approximation) | €8,858 | €503 | -€2,578 | -€3,258 | €4,185 | €7,112 | €11,962 | €15,205 | ▲ 27.1% |
| Investment in fixed assets (approximation) | - | -€1,200 | -€1,192 | -€632 | €0 | -€26,500 | €0 | -€45,080 | - |
| Change in cash | - | -€4,845 | €7,415 | €19,121 | -€22,244 | €3,383 | €11,952 | €3,797 | ▼ 68.2% |
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 CONTRAST 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 CONTRAST itself: 0.2% 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 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 24 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 15-07-2026 | 2026-00295889 | |
| 31-12-2024 | micro format | 09-07-2025 | 2025-00250736 | |
| 31-12-2023 | micro format | 04-07-2024 | 2024-00209518 | |
| 31-12-2022 | micro format | 03-07-2023 | 2023-00199260 | |
| 31-12-2021 | micro format | 22-08-2022 | 2022-20312451 | |
| 31-12-2020 | micro format | 23-08-2021 | 2021-52000470 | |
| 31-12-2019 | micro format | 11-09-2020 | 2020-52500566 | |
| 31-12-2018 | micro format | 27-08-2019 | 2019-51600359 | |
| 31-12-2017 | micro format | 28-08-2018 | 2018-55600587 | |
| 31-12-2016 | micro format | 29-08-2017 | 2017-53400298 |