D & B
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 26-06-2026 at the NBB all 25 filings
Turnover
≈ €6.0m
Estimated: probably between €4.0m and €9.8m
EBIT margin
Not included in this filing
Net result
€2.2m▼ 4.7%
2024 · €2.3m
Working capital
-€3.2m▲ 48.8%
2024 · -€6.2m
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€3.3m
▲ 16.6%
2025
20182025
Net result
€2.2m
▼ 4.7%
2025
20182025
Equity
€11.2m
▼ 5.2%
2025
20182025
Total assets
€20.0m
▼ 11.9%
2025
20182025
Debt
€8.8m
▼ 11.8%
2025
20182025
Working capital
-€3.2m
▲ 48.8%
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€0.3m-€1.0m▲ 243%€0.6m▼ 41.1%€1.0m▲ 72.4%€0.1m▼ 88.2%-€0.1m€2.8m€3.3m▲ 16.6%
Net result€0.08m-€0.6m▲ 640%€0.3m▼ 41.1%€0.7m▲ 98.3%€0.04m▼ 94.7%-€0.3m€2.3m€2.2m▼ 4.7%
Equity€1.8m-€2.4m▲ 31.5%€2.8m▲ 14.1%€3.4m▲ 24.6%€10.0m▲ 191%€9.7m▼ 3.5%€11.8m▲ 22.6%€11.2m▼ 5.2%
Total assets€10.8m-€8.8m▼ 18.9%€9.2m▲ 4.4%€6.6m▼ 27.5%€16.0m▲ 141%€16.5m▲ 2.8%€22.7m▲ 38.0%€20.0m▼ 11.9%
Debt€9.0m-€6.4m▼ 29.3%€6.4m▲ 0.6%€3.2m▼ 49.9%€5.0m▲ 56.0%€5.8m▲ 16.7%€9.9m▲ 70.2%€8.8m▼ 11.8%
Working capital-€0.5m-€3.1m€3.6m▲ 14.4%€2.9m▼ 19.0%€4.8m▲ 64.6%€2.3m▼ 52.1%-€6.2m-€3.2m▲ 48.8%
The operating result for 2025 is 17% higher than in 2024 and the highest since 2021. It is the second rise in a row, after the fall in 2023.
Large changes and their cause
- 2022 Net result -95%, Equity +191%, Total assets +141% on 2021. Merger absorbing AD CONSTRUCT, effective 11-08-2022.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €20.0m
Fixed assets
€18.3m ▼ 4.1%
Current assets
€1.7m ▼ 53.8%
Equity and liabilities €20.0m
Equity
€11.2m ▼ 5.2%
Provisions
€0 ▼ 100%
Debt
€8.8m ▼ 11.8%
Debt's share of the balance-sheet total rises from 43.7% to 43.8%. Equity and debt are lower.
Key figures and ratios
EBITDA
€3.4m▲
2024 · €2.9m
Cash flow
€2.2m▼
2024 · €2.3m
Current ratio
0.34▼
2024 · 0.37
Quick ratio
0.30▲
2024 · 0.29
Debt to equity
0.78▼
2024 · 0.84
ROE
19.2%▲
2024 · 19.2%
ROA
10.8%▲
2024 · 10.0%
Interest coverage
6.95▲
2024 · 4.72
Debt ≤ 1 year
€4.8m▼
2024 · €9.8m
Debt > 1 year
€3.9m▲
2024 · €113,730
Income taxes
€673,297▲
2024 · €1
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Debts secured on the company's own assets | - | €324,000 | €3.4m | €7.6m | €5.0m |
| Mortgages, amount registered | - | €25,000 | - | - | - |
| Carrying value of the mortgaged assets | - | €356,994 | - | - | - |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | €10,000 | €2.0m | €107,346 | - |
| Financial fixed assets | - | €5.5m | €100,001 | €10.4m | €85,507 |
| Depreciation and write-downs of the year | - | €28,640 | €37,422 | €65,679 | €48,593 |
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 | - | - | - | - | - | €0.1m | €3.2m | €3.8m | ▲ 16.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.07m | - | - | - | €0.03m | €0.04m | €0.07m | €0.05m | ▼ 26.0% |
| Other operating charges640/8 | - | - | - | €160 | €0.005m | €0.008m | €0.03m | €0.02m | ▼ 44.1% |
| Non-recurring operating charges66A | - | - | - | - | €361 | €45 | €0.6m | €0.07m | ▼ 87.5% |
| Gross operating margin9900 | €0.4m | €1.0m | €0.6m | €1.0m | €0.2m | -€0.06m | €3.5m | €3.5m | ▼ 1.9% |
| Operating profit (loss)9901 | €0.3m | €1.0m | €0.6m | €1.0m | €0.1m | -€0.1m | €2.8m | €3.3m | ▲ 16.6% |
| Financial income75/76B | - | - | - | - | €0.2m | €0.004m | €0.04m | €353 | ▼ 99.1% |
| Recurring financial income75 | €0 | €0 | - | - | €0.2m | €0.004m | €0.04m | €353 | ▼ 99.1% |
| Financial charges65/66B | - | - | - | €0.1m | €0.1m | €0.2m | €0.6m | €0.5m | ▼ 21.4% |
| Recurring financial charges65 | €0.2m | €0.2m | €0.1m | €0.1m | €0.1m | €0.2m | €0.6m | €0.5m | ▼ 21.4% |
| Profit (loss) for the period before taxes9903 | €0.1m | €0.8m | €0.5m | €0.9m | €0.1m | -€0.3m | €2.3m | €2.8m | ▲ 24.9% |
| Income taxes67/77 | €0.04m | €0.3m | €0.1m | €0.2m | €0.1m | -€0.06m | €1 | €0.7m | ▲ 454,930× |
| Profit (loss) for the period9904 | €0.08m | €0.6m | €0.3m | €0.7m | €0.04m | -€0.3m | €2.3m | €2.2m | ▼ 4.7% |
| Profit (loss) for the period to be appropriated9905 | €0.08m | €0.6m | €0.3m | €0.7m | €0.04m | -€0.3m | €2.3m | €2.2m | ▼ 4.7% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €10.8m | €8.8m | €9.2m | €6.6m | €16.0m | €16.5m | €22.7m | €20.0m | ▼ 11.9% |
| Fixed assets21/28 | €3.8m | €0.8m | €0.8m | €0.8m | €6.6m | €8.7m | €19.1m | €18.3m | ▼ 4.1% |
| Tangible fixed assets22/27 | €3.0m | - | - | - | €0.4m | €2.4m | €2.4m | €1.5m | ▼ 35.8% |
| Land and buildings22 | - | - | - | - | €0.4m | €2.3m | €2.4m | €1.5m | ▼ 35.5% |
| Plant, machinery and equipment23 | - | - | - | - | €355 | €0.001m | - | - | - |
| Furniture and vehicles24 | - | - | - | - | €0.04m | €0.03m | €0.01m | - | - |
| Financial fixed assets28 | €0.8m | €0.8m | €0.8m | €0.8m | €6.2m | €6.3m | €16.7m | €16.8m | ▲ 0.5% |
| Current assets29/58 | €7.1m | €8.0m | €8.4m | €5.9m | €9.4m | €7.7m | €3.6m | €1.7m | ▼ 53.8% |
| Amounts receivable after more than one year29 | - | - | - | - | - | - | €0.02m | €0.02m | = |
| Other amounts receivable291 | - | - | - | - | - | - | €0.02m | €0.02m | = |
| Stocks and contracts in progress3 | €1.9m | €3.6m | €2.4m | €1.9m | €1.5m | €0.9m | €0.7m | €0.2m | ▼ 72.5% |
| Stocks30/36 | - | - | - | €1.9m | €1.5m | €0.9m | €0.7m | €0.2m | ▼ 72.5% |
| Amounts receivable within one year40/41 | €5.1m | €4.3m | €5.3m | €3.6m | €5.7m | €5.7m | €2.4m | €1.2m | ▼ 51.0% |
| Trade receivables40 | - | - | - | - | €0.03m | - | - | - | - |
| Other amounts receivable41 | - | - | - | €3.6m | €5.7m | €5.7m | €2.4m | €1.2m | ▼ 51.0% |
| Current investments50/53 | €460 | €460 | €460 | €460 | €460 | €461 | €465 | €468 | ▲ 0.6% |
| Cash at bank and in hand54/58 | €0.1m | €0.1m | €0.7m | €0.4m | €2.2m | €1.2m | €0.4m | €0.2m | ▼ 48.1% |
| Deferred charges and accrued income490/1 | - | - | - | - | €0.002m | €0.002m | €0.003m | €0.03m | ▲ 11× |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €10.8m | €8.8m | €9.2m | €6.6m | €16.0m | €16.5m | €22.7m | €20.0m | ▼ 11.9% |
| Equity10/15 | €1.8m | €2.4m | €2.8m | €3.4m | €10.0m | €9.7m | €11.8m | €11.2m | ▼ 5.2% |
| Contributions10/11 | €0.06m | €0.06m | €0.06m | €0.06m | €0.9m | €0.9m | €0.9m | €0.9m | = |
| Capital10 | - | - | - | €0.06m | €0.9m | €0.9m | €0.9m | €0.9m | = |
| Issued capital100 | - | - | - | €0.06m | €0.9m | €0.9m | €0.9m | €0.9m | = |
| Reserves13 | €1.8m | €2.4m | €2.7m | €3.4m | €9.2m | €8.8m | €11.0m | €10.4m | ▼ 5.6% |
| Non-distributable reserves130/1 | - | - | - | €0.006m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Legal reserve130 | - | - | - | €0.006m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Tax-exempt reserves132 | - | - | - | - | €3.0m | €2.9m | €2.8m | €0.02m | ▼ 99.3% |
| Distributable reserves133 | - | - | - | €3.4m | €6.1m | €5.9m | €8.1m | €10.3m | ▲ 26.6% |
| Provisions and deferred taxes16 | - | - | - | - | €1.0m | €1.0m | €0.9m | - | - |
| Deferred taxes168 | - | - | - | - | €1.0m | €1.0m | €0.9m | - | - |
| Amounts payable17/49 | €9.0m | €6.4m | €6.4m | €3.2m | €5.0m | €5.8m | €9.9m | €8.8m | ▼ 11.8% |
| Amounts payable after more than one year17 | €1.3m | €1.3m | €1.3m | - | €0.2m | €0.1m | €0.1m | €3.9m | ▲ 34× |
| Financial debts170/4 | - | - | - | - | €0.2m | €0.1m | €0.1m | €3.9m | ▲ 34× |
| Amounts payable within one year42/48 | €7.5m | €4.9m | €4.8m | €3.0m | €4.6m | €5.5m | €9.8m | €4.8m | ▼ 50.7% |
| Current portion of amounts payable after more than one year42 | - | - | - | - | €0.04m | €0.04m | €0.03m | €1.1m | ▲ 35× |
| Financial debts43 | - | - | - | €0.9m | €2.1m | €3.3m | €7.5m | - | - |
| Credit institutions430/8 | - | - | - | €0.9m | €2.1m | €3.3m | €7.5m | - | - |
| Trade debts44 | €0.002m | - | - | - | €0.001m | €0.05m | €0.01m | €0.01m | ▼ 31.2% |
| Suppliers440/4 | - | - | - | - | €0.001m | €0.05m | €0.01m | €0.01m | ▼ 31.2% |
| Taxes, remuneration and social security45 | - | - | - | €0.2m | €0.2m | - | - | €0.6m | - |
| Taxes450/3 | - | - | - | €0.2m | €0.2m | - | - | €0.6m | - |
| Other amounts payable47/48 | - | - | - | €1.9m | €2.2m | €2.1m | €2.3m | €3.1m | ▲ 35.6% |
| Accrued charges and deferred income492/3 | - | - | - | €0.2m | €0.2m | €0.2m | - | €0.04m | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €0.08m | €0.6m | €0.3m | €0.7m | €0.04m | -€0.3m | €2.3m | €2.2m | ▼ 4.7% |
| + Depreciation and write-downs630 | €0.07m | - | - | - | €0.03m | €0.04m | €0.07m | €0.05m | ▼ 26.0% |
| Operating cash flow (approximation) | €0.1m | €0.6m | €0.3m | €0.7m | €0.06m | -€0.2m | €2.3m | €2.2m | ▼ 5.3% |
| Investment in fixed assets (approximation) | - | €3.0m | €0 | €0 | -€5.9m | -€2.1m | -€10.5m | €0.7m | - |
| Change in cash | - | -€0.02m | €0.5m | -€0.3m | €1.8m | -€1.0m | -€0.7m | -€0.2m | ▲ 71.1% |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Latest 10 of 25 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 26-06-2026 | 2026-00218534 | |
| 31-12-2024 | abbreviated format | 16-05-2025 | 2025-00097145 | |
| 31-12-2023 | abbreviated format | 12-07-2024 | 2024-00237593 | |
| 31-12-2022 | abbreviated format | 10-10-2023 | 2023-00485959 | |
| 31-12-2021 | abbreviated format | 24-05-2022 | 2022-20042519 | |
| 31-12-2020 | abbreviated format | 30-06-2021 | 2021-27600451 | |
| 31-12-2019 | abbreviated format | 26-06-2020 | 2020-22600465 | |
| 31-12-2018 | abbreviated format | 14-06-2019 | 2019-18400289 | |
| 31-12-2017 | abbreviated format | 29-05-2018 | 2018-14300427 | |
| 31-12-2016 | abbreviated format | 31-05-2017 | 2017-14600083 |