db construct
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 30-06-2026 at the NBB all 17 filings
Turnover
≈ €230,000
Estimated: probably between €140,000 and €450,000
Total assets
€225,891▲ 0.1%
2024 · €225,572
Net result
€13,208▼ 56.7%
2024 · €30,534
Working capital
€205,977▲ 7.0%
2024 · €192,444
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€20,220
▼ 55.7%
2025
20182025
Net result
€13,208
▼ 56.7%
2025
middle half of the sector
20182025
Equity
€205,977
▲ 6.9%
2025
highest quarter of the sector
20182025
Total assets
€225,891
▲ 0.1%
2025
middle half of the sector
20182025
Debt
€19,914
▼ 39.3%
2025
20182025
Working capital
€205,977
▲ 7.0%
2025
highest quarter of the sector
20182025
Solvency
91.2%
▲ 5.7pp
2025
highest quarter of the sector
20182025
Current ratio
11.34
▲ 4.48
2025
highest quarter of the sector
20182025
Return on assets (ROA)
5.8%
▼ 7.7pp
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€13,231-€31,700▲ 140%€15,818▼ 50.1%€26,710▲ 68.9%€22,683▼ 15.1%€62,562▲ 176%€45,594▼ 27.1%€20,220▼ 55.7%
Net result€6,837-€18,869▲ 176%€9,793within the sector's middle half▼ 48.1%€20,028within the sector's middle half▲ 105%€14,483within the sector's middle half▼ 27.7%€40,414above the sector's middle half▲ 179%€30,534above the sector's middle half▼ 24.4%€13,208within the sector's middle half▼ 56.7%
Equity€58,648-€77,517▲ 32.2%€87,310within the sector's middle half▲ 12.6%€107,338within the sector's middle half▲ 22.9%€121,821within the sector's middle half▲ 13.5%€162,235above the sector's middle half▲ 33.2%€192,769above the sector's middle half▲ 18.8%€205,977above the sector's middle half▲ 6.9%
Total assets€119,556-€138,536▲ 15.9%€124,040within the sector's middle half▼ 10.5%€149,351within the sector's middle half▲ 20.4%€178,113within the sector's middle half▲ 19.3%€203,874within the sector's middle half▲ 14.5%€225,572within the sector's middle half▲ 10.6%€225,891within the sector's middle half▲ 0.1%
Debt€60,908-€61,019▲ 0.2%€36,730▼ 39.8%€42,013▲ 14.4%€56,292▲ 34.0%€41,639▼ 26.0%€32,803▼ 21.2%€19,914▼ 39.3%
Working capital€73,176-€75,175▲ 2.7%€83,460within the sector's middle half▲ 11.0%€104,920above the sector's middle half▲ 25.7%€119,645above the sector's middle half▲ 14.0%€161,100above the sector's middle half▲ 34.6%€192,444above the sector's middle half▲ 19.5%€205,977above the sector's middle half▲ 7.0%
Solvency49.1%-56.0%▲ 6.9pp70.4%above the sector's middle half▲ 14.4pp71.9%above the sector's middle half▲ 1.5pp68.4%above the sector's middle half▼ 3.5pp79.6%above the sector's middle half▲ 11.2pp85.5%above the sector's middle half▲ 5.9pp91.2%above the sector's middle half▲ 5.7pp
Current ratio2.62-2.23▼ 0.393.27above the sector's middle half▲ 1.043.50above the sector's middle half▲ 0.233.13above the sector's middle half▼ 0.374.87above the sector's middle half▲ 1.746.87above the sector's middle half▲ 2.0011.34above the sector's middle half▲ 4.48
Return on assets (ROA)5.7%-13.6%▲ 7.9pp7.9%within the sector's middle half▼ 5.7pp13.4%within the sector's middle half▲ 5.5pp8.1%within the sector's middle half▼ 5.3pp19.8%above the sector's middle half▲ 11.7pp13.5%within the sector's middle half▼ 6.3pp5.8%within the sector's middle half▼ 7.7pp
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 56% lower than in 2024 and the lowest since 2021. It is the second fall in a row.
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
Equity and liabilities €225,891
Equity
€205,977 ▲ 6.9%
Debt
€19,914 ▼ 39.3%
Debt's share of the balance-sheet total falls from 14.5% to 8.8%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€20,545▼
2024 · €46,404
Cash flow
€13,533▼
2024 · €31,344
Quick ratio
11.19▲
2024 · 6.87
Debt to equity
0.10▼
2024 · 0.17
ROE
6.4%▼
2024 · 15.8%
Interest coverage
33.63▼
2024 · 76.96
Debt ≤ 1 year
€19,914▼
2024 · €32,803
Income taxes
€6,655▼
2024 · €14,491
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 | - | €842 | - | - | - |
| Depreciation and write-downs of the year | €1,431 | €1,084 | €1,042 | €810 | €325 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €458 | €827 | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €5,636 | €997 | €1,139 | €1,431 | €1,084 | €1,042 | €810 | €325 | ▼ 59.9% |
| Other operating charges640/8 | - | - | - | €1,719 | €1,763 | €1,886 | €2,158 | €2,043 | ▼ 5.3% |
| Gross operating margin9900 | €20,595 | €34,267 | €18,616 | €30,318 | €26,357 | €65,490 | €48,562 | €22,588 | ▼ 53.5% |
| Operating profit (loss)9901 | €13,231 | €31,700 | €15,818 | €26,710 | €22,683 | €62,562 | €45,594 | €20,220 | ▼ 55.7% |
| Financial income75/76B | - | - | - | €4,526 | €157 | €40 | €34 | €254 | ▲ 647% |
| Recurring financial income75 | €85 | €269 | €343 | €4,526 | €157 | €40 | €34 | €254 | ▲ 647% |
| Financial charges65/66B | - | - | - | €852 | €821 | €1,694 | €603 | €611 | ▲ 1.3% |
| Recurring financial charges65 | €1,450 | €1,371 | €2,863 | €852 | €821 | €1,694 | €603 | €611 | ▲ 1.3% |
| Profit (loss) for the period before taxes9903 | €11,866 | €30,598 | €13,298 | €30,384 | €22,018 | €60,908 | €45,025 | €19,863 | ▼ 55.9% |
| Income taxes67/77 | €5,029 | €11,729 | €3,505 | €10,356 | €7,535 | €20,494 | €14,491 | €6,655 | ▼ 54.1% |
| Profit (loss) for the period9904 | €6,837 | €18,869 | €9,793 | €20,028 | €14,483 | €40,414 | €30,534 | €13,208 | ▼ 56.7% |
| Profit (loss) for the period to be appropriated9905 | €6,837 | €18,869 | €9,793 | €20,028 | €14,483 | €40,414 | €30,534 | €13,208 | ▼ 56.7% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €119,556 | €138,536 | €124,040 | €149,351 | €178,113 | €203,874 | €225,572 | €225,891 | ▲ 0.1% |
| Fixed assets21/28 | €1,136 | €2,342 | €3,850 | €2,418 | €2,177 | €1,135 | €325 | - | - |
| Tangible fixed assets22/27 | €1,136 | €2,342 | €3,850 | €2,418 | €2,177 | €1,135 | €325 | - | - |
| Plant, machinery and equipment23 | - | - | - | €1,099 | €636 | €247 | €89 | - | - |
| Furniture and vehicles24 | - | - | - | €1,319 | €1,541 | €888 | €236 | - | - |
| Current assets29/58 | €118,419 | €136,194 | €120,191 | €146,933 | €175,937 | €202,739 | €225,247 | €225,891 | ▲ 0.3% |
| Stocks and contracts in progress3 | €16,739 | €24,589 | - | - | - | - | - | €3,000 | - |
| Contracts in progress37 | - | - | - | - | - | - | - | €3,000 | - |
| Amounts receivable within one year40/41 | €70,417 | €54,741 | €49,974 | €26,582 | €15,869 | €89,900 | €168,440 | €164,710 | ▼ 2.2% |
| Trade receivables40 | - | - | - | €19,001 | €10,046 | €63,477 | €5,703 | €7,063 | ▲ 23.8% |
| Other amounts receivable41 | - | - | - | €7,581 | €5,823 | €26,423 | €162,737 | €157,647 | ▼ 3.1% |
| Cash at bank and in hand54/58 | €29,364 | €54,754 | €68,047 | €118,067 | €147,790 | €111,212 | €55,053 | €55,884 | ▲ 1.5% |
| Deferred charges and accrued income490/1 | - | - | - | €2,285 | €12,278 | €1,627 | €1,754 | €2,297 | ▲ 31.0% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €119,556 | €138,536 | €124,040 | €149,351 | €178,113 | €203,874 | €225,572 | €225,891 | ▲ 0.1% |
| Equity10/15 | €58,648 | €77,517 | €87,310 | €107,338 | €121,821 | €162,235 | €192,769 | €205,977 | ▲ 6.9% |
| Contributions10/11 | €6,200 | €6,200 | - | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Reserves13 | €52,448 | €71,317 | €81,110 | €101,138 | €115,621 | €156,035 | €186,569 | €199,777 | ▲ 7.1% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Distributable reserves133 | - | - | - | €99,278 | €113,761 | €154,175 | €184,709 | €197,917 | ▲ 7.2% |
| Amounts payable17/49 | €60,908 | €61,019 | €36,730 | €42,013 | €56,292 | €41,639 | €32,803 | €19,914 | ▼ 39.3% |
| Amounts payable within one year42/48 | €45,243 | €61,019 | €36,730 | €42,013 | €56,292 | €41,639 | €32,803 | €19,914 | ▼ 39.3% |
| Trade debts44 | €15,797 | €31,159 | €3,781 | €31,657 | €34,557 | €2,212 | €2,575 | €1,894 | ▼ 26.4% |
| Suppliers440/4 | - | - | - | €31,657 | €34,557 | €2,212 | €2,575 | €1,894 | ▼ 26.4% |
| Advances received on contracts in progress46 | - | - | - | - | - | - | €8,000 | €11,690 | ▲ 46.1% |
| Taxes, remuneration and social security45 | - | - | - | €10,356 | €7,535 | €39,427 | €20,494 | - | - |
| Taxes450/3 | - | - | - | €10,356 | €7,535 | €28,029 | €20,494 | - | - |
| Remuneration and social security454/9 | - | - | - | - | - | €11,398 | - | - | - |
| Other amounts payable47/48 | - | - | - | €0 | €14,200 | - | €1,734 | €6,330 | ▲ 265% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €6,837 | €18,869 | €9,793 | €20,028 | €14,483 | €40,414 | €30,534 | €13,208 | ▼ 56.7% |
| + Depreciation and write-downs630 | €5,636 | €997 | €1,139 | €1,431 | €1,084 | €1,042 | €810 | €325 | ▼ 59.9% |
| Operating cash flow (approximation) | €12,473 | €19,867 | €10,932 | €21,460 | €15,567 | €41,456 | €31,344 | €13,533 | ▼ 56.8% |
| Investment in fixed assets (approximation) | - | -€2,203 | -€2,647 | €0 | -€842 | -€0 | €0 | - | - |
| Change in cash | - | €25,390 | €13,293 | €50,020 | €29,724 | -€36,578 | -€56,159 | €831 | - |
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, 34,693 companies had the same profile as db construct has now. Two years later, 95.3% were still going and 0.7% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
95.3%
was still going
3.9%
stopped otherwise
0.7%
went bankrupt
That fits the bankruptcy probability of db construct itself: 0.1% 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 34,693 companies, not a prediction for db construct. 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 17 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 30-06-2026 | 2026-00221148 | |
| 31-12-2024 | micro format | 17-07-2025 | 2025-00278696 | |
| 31-12-2023 | micro format | 16-07-2024 | 2024-00247216 | |
| 31-12-2022 | micro format | 20-07-2023 | 2023-00259582 | |
| 31-12-2021 | micro format | 19-08-2022 | 2022-20304929 | |
| 31-12-2020 | micro format | 13-08-2021 | 2021-48700294 | |
| 31-12-2019 | micro format | 28-08-2020 | 2020-46700023 | |
| 31-12-2018 | micro format | 29-08-2019 | 2019-58600421 | |
| 31-12-2017 | micro format | 31-08-2018 | 2018-56900193 | |
| 31-12-2016 | micro format | 28-08-2017 | 2017-48800410 |