DECLERCQ CURD
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 27-04-2026 PDF all 12 filings
Turnover
≈ €200,000
Estimated: probably between €130,000 and €420,000
Total assets
€122,065▼ 9.3%
2024 · €134,601
Net result
€3,956▼ 73.5%
2024 · €14,934
Working capital
-€22,577▼ 91.4%
2024 · -€11,798
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€12,223
▼ 53.3%
2025
20192025
Net result
€3,956
▼ 73.5%
2025
middle half of the sector
20192025
Equity
€20,865
▲ 23.4%
2025
middle half of the sector
20192025
Total assets
€122,065
▼ 9.3%
2025
middle half of the sector
20192025
Debt
€101,200
▼ 14.0%
2025
20192025
Working capital
-€22,577
▼ 91.4%
2025
lowest quarter of the sector
20192025
Solvency
17.1%
▲ 4.5pp
2025
lowest quarter of the sector
20192025
Current ratio
0.44
▼ 0.24
2025
lowest quarter of the sector
20192025
Return on assets (ROA)
3.2%
▼ 7.9pp
2025
middle half of the sector
20192025
Staff (FTE)
no figure
2025
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result-€852-€1,298€7,025▲ 441%€14,414▲ 105%€15,565▲ 8.0%€26,191▲ 68.3%€12,223▼ 53.3%
Net result-€10,914--€8,338below the sector's middle half▲ 23.6%-€593below the sector's middle half▲ 92.9%€5,341within the sector's middle half€7,406within the sector's middle half▲ 38.7%€14,934within the sector's middle half▲ 102%€3,956within the sector's middle half▼ 73.5%
Equity-€1,842--€10,180below the sector's middle half▼ 453%-€10,772below the sector's middle half▼ 5.8%-€5,432below the sector's middle half▲ 49.6%€1,975below the sector's middle half€16,909below the sector's middle half▲ 756%€20,865within the sector's middle half▲ 23.4%
Total assets€217,008-€203,791within the sector's middle half▼ 6.1%€164,299within the sector's middle half▼ 19.4%€155,396within the sector's middle half▼ 5.4%€144,595within the sector's middle half▼ 7.0%€134,601within the sector's middle half▼ 6.9%€122,065within the sector's middle half▼ 9.3%
Debt€218,850-€213,971▼ 2.2%€175,072▼ 18.2%€160,827▼ 8.1%€142,621▼ 11.3%€117,692▼ 17.5%€101,200▼ 14.0%
Working capital-€56,477--€46,107below the sector's middle half▲ 18.4%-€37,267below the sector's middle half▲ 19.2%-€22,874below the sector's middle half▲ 38.6%-€18,167below the sector's middle half▲ 20.6%-€11,798below the sector's middle half▲ 35.1%-€22,577below the sector's middle half▼ 91.4%
Solvency-0.8%--5.0%below the sector's middle half▼ 4.1pp-6.6%below the sector's middle half▼ 1.6pp-3.5%below the sector's middle half▲ 3.1pp1.4%below the sector's middle half▲ 4.9pp12.6%below the sector's middle half▲ 11.2pp17.1%below the sector's middle half▲ 4.5pp
Current ratio0.10-0.29below the sector's middle half▲ 0.200.10below the sector's middle half▼ 0.200.48below the sector's middle half▲ 0.380.58below the sector's middle half▲ 0.100.68below the sector's middle half▲ 0.100.44below the sector's middle half▼ 0.24
Return on assets (ROA)-5.0%--4.1%below the sector's middle half▲ 0.9pp-0.4%below the sector's middle half▲ 3.7pp3.4%within the sector's middle half▲ 3.8pp5.1%within the sector's middle half▲ 1.7pp11.1%within the sector's middle half▲ 6.0pp3.2%within the sector's middle half▼ 7.9pp
Staff (FTE)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 53% 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 €122,065
Fixed assets
€104,173 ▼ 4.4%
Current assets
€17,892 ▼ 30.1%
Equity and liabilities €122,065
Equity
€20,865 ▲ 23.4%
Debt
€101,200 ▼ 14.0%
Debt's share of the balance-sheet total falls from 87.4% to 82.9%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€22,190▼
2024 · €36,346
Cash flow
€13,924▼
2024 · €25,089
Debt to equity
4.85▼
2024 · 6.96
ROE
19.0%▼
2024 · 88.3%
Interest coverage
3.75▼
2024 · 5.15
Debt ≤ 1 year
€40,470▲
2024 · €37,389
Debt > 1 year
€58,542▼
2024 · €78,115
Income taxes
€2,347▼
2024 · €4,205
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Securities and guarantees
| Item | 30-09-2021 | 30-09-2022 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|---|
| Mortgages, amount registered | €250,000 | €250,000 | €250,000 | €250,000 | €250,000 |
| Carrying value of the mortgaged assets | €136,875 | €127,375 | €117,875 | €117,875 | €98,875 |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 30-09-2021 | 30-09-2022 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €2,231 | €1,157 | - | - | €5,131 |
| Intangible fixed assets | €0 | - | - | - | - |
| Financial fixed assets | €0 | - | - | - | - |
| Depreciation and write-downs of the year | €26,551 | €27,035 | €15,207 | €10,155 | €9,967 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €26,232 | €26,232 | €26,551 | €27,035 | €15,207 | €10,155 | €9,967 | ▼ 1.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | €571 | €0 | - | - |
| Other operating charges640/8 | - | - | €2,718 | €1,394 | €1,690 | €1,827 | €2,136 | ▲ 16.9% |
| Gross operating margin9900 | €89,991 | €29,119 | €36,294 | €42,842 | €33,033 | €38,174 | €24,327 | ▼ 36.3% |
| Operating profit (loss)9901 | -€852 | €1,298 | €7,025 | €14,414 | €15,565 | €26,191 | €12,223 | ▼ 53.3% |
| Financial income75/76B | - | - | €58 | €5 | €206 | €5 | €2 | ▼ 65.5% |
| Recurring financial income75 | €45 | €179 | €58 | €5 | €206 | €5 | €2 | ▼ 65.5% |
| Financial charges65/66B | - | - | €7,402 | €8,795 | €7,848 | €7,057 | €5,921 | ▼ 16.1% |
| Recurring financial charges65 | €9,784 | €9,522 | €7,402 | €8,795 | €7,848 | €7,057 | €5,921 | ▼ 16.1% |
| Profit (loss) for the period before taxes9903 | -€10,592 | -€8,045 | -€318 | €5,624 | €7,923 | €19,139 | €6,304 | ▼ 67.1% |
| Income taxes67/77 | €322 | €293 | €274 | €283 | €516 | €4,205 | €2,347 | ▼ 44.2% |
| Profit (loss) for the period9904 | -€10,914 | -€8,338 | -€593 | €5,341 | €7,406 | €14,934 | €3,956 | ▼ 73.5% |
| Profit (loss) for the period to be appropriated9905 | -€10,914 | -€8,338 | -€593 | €5,341 | €7,406 | €14,934 | €3,956 | ▼ 73.5% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €217,008 | €203,791 | €164,299 | €155,396 | €144,595 | €134,601 | €122,065 | ▼ 9.3% |
| Fixed assets21/28 | €210,801 | €184,570 | €160,249 | €134,371 | €119,165 | €109,010 | €104,173 | ▼ 4.4% |
| Intangible fixed assets21 | €52,000 | €36,000 | €20,000 | €4,000 | €0 | - | - | - |
| Tangible fixed assets22/27 | €158,801 | €148,570 | €140,249 | €130,371 | €119,165 | €109,010 | €104,173 | ▼ 4.4% |
| Land and buildings22 | - | - | €136,875 | €127,375 | €117,875 | €108,375 | €98,875 | ▼ 8.8% |
| Plant, machinery and equipment23 | - | - | - | €1,097 | €866 | €635 | €2,881 | ▲ 354% |
| Furniture and vehicles24 | - | - | €3,374 | €1,899 | €424 | €0 | €2,417 | - |
| Current assets29/58 | €6,207 | €19,222 | €4,050 | €21,025 | €25,431 | €25,591 | €17,892 | ▼ 30.1% |
| Amounts receivable within one year40/41 | €5,325 | €17,489 | €2,963 | €17,369 | €23,453 | €23,814 | €16,089 | ▼ 32.4% |
| Trade receivables40 | - | - | €1,563 | €15,035 | €15,047 | €5,595 | €1,250 | ▼ 77.7% |
| Other amounts receivable41 | - | - | €1,400 | €2,334 | €8,406 | €18,219 | €14,839 | ▼ 18.6% |
| Cash at bank and in hand54/58 | - | €168 | €0 | - | - | - | - | - |
| Deferred charges and accrued income490/1 | - | - | €1,088 | €3,656 | €1,978 | €1,777 | €1,803 | ▲ 1.5% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €217,008 | €203,791 | €164,299 | €155,396 | €144,595 | €134,601 | €122,065 | ▼ 9.3% |
| Equity10/15 | -€1,842 | -€10,180 | -€10,772 | -€5,432 | €1,975 | €16,909 | €20,865 | ▲ 23.4% |
| Contributions10/11 | €6,200 | - | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Reserves13 | €37,721 | €37,721 | €37,721 | €37,721 | €37,721 | €37,721 | €37,721 | = |
| 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 | - | - | €35,861 | €35,861 | €35,861 | €35,861 | €35,861 | = |
| Profit (loss) carried forward14 | -€45,763 | -€54,100 | -€54,693 | -€49,352 | -€41,946 | -€27,012 | -€23,056 | ▲ 14.6% |
| Amounts payable17/49 | €218,850 | €213,971 | €175,072 | €160,827 | €142,621 | €117,692 | €101,200 | ▼ 14.0% |
| Amounts payable after more than one year17 | €156,166 | €148,246 | €131,866 | €114,740 | €96,835 | €78,115 | €58,542 | ▼ 25.1% |
| Financial debts170/4 | - | - | €131,866 | €114,740 | €96,835 | €78,115 | €58,542 | ▼ 25.1% |
| Amounts payable within one year42/48 | €62,684 | €65,328 | €41,317 | €43,899 | €43,597 | €37,389 | €40,470 | ▲ 8.2% |
| Current portion of amounts payable after more than one year42 | - | - | €16,380 | €17,126 | €17,905 | €18,720 | €19,573 | ▲ 4.6% |
| Financial debts43 | - | - | €9,788 | €14,652 | €13,364 | €5,353 | €14,483 | ▲ 171% |
| Credit institutions430/8 | - | - | €9,788 | €14,652 | €13,364 | €5,353 | €14,483 | ▲ 171% |
| Trade debts44 | €14,163 | €24,848 | €6,273 | €9,638 | €11,639 | €8,525 | €5,792 | ▼ 32.1% |
| Suppliers440/4 | - | - | €6,273 | €9,638 | €11,639 | €8,525 | €5,792 | ▼ 32.1% |
| Taxes, remuneration and social security45 | - | - | €1,374 | €1,604 | €689 | €4,790 | €622 | ▼ 87.0% |
| Taxes450/3 | - | - | €1,374 | €1,604 | €689 | €4,790 | €622 | ▼ 87.0% |
| Remuneration and social security454/9 | - | - | €0 | - | - | - | - | - |
| Other amounts payable47/48 | - | - | €7,503 | €878 | €0 | - | - | - |
| Accrued charges and deferred income492/3 | - | - | €1,888 | €2,188 | €2,188 | €2,188 | €2,188 | = |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€10,914 | -€8,338 | -€593 | €5,341 | €7,406 | €14,934 | €3,956 | ▼ 73.5% |
| + Depreciation and write-downs630 | €26,232 | €26,232 | €26,551 | €27,035 | €15,207 | €10,155 | €9,967 | ▼ 1.8% |
| Operating cash flow (approximation) | €15,318 | €17,894 | €25,959 | €32,376 | €22,613 | €25,089 | €13,924 | ▼ 44.5% |
| Investment in fixed assets (approximation) | - | €0 | -€2,231 | -€1,157 | €0 | €0 | -€5,131 | - |
| Change in cash | - | - | -€168 | - | - | - | - | - |
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, 4,508 companies had the same profile as DECLERCQ CURD has now. Two years later, 96.9% were still going and 1.4% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 10 to 30%
- a profit under 5% of the balance sheet
96.9%
was still going
1.6%
stopped otherwise
1.4%
went bankrupt
That fits the bankruptcy probability of DECLERCQ CURD itself: 0.9% 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 4,508 companies, not a prediction for DECLERCQ CURD. 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 12 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-09-2025 | micro format | 27-04-2026 | 2026-00088381 | |
| 30-09-2024 | micro format | 28-04-2025 | 2025-00077577 | |
| 30-09-2023 | micro format | 29-04-2024 | 2024-00072353 | |
| 30-09-2022 | micro format | 12-04-2023 | 2023-00057253 | |
| 30-09-2021 | micro format | 30-05-2022 | 2022-20040273 | |
| 30-09-2020 | micro format | 31-05-2021 | 2021-16600117 | |
| 30-09-2019 | micro format | 29-05-2020 | 2020-13900225 | |
| 30-09-2018 | micro format | 29-05-2019 | 2019-15000344 | |
| 30-09-2017 | micro format | 04-05-2018 | 2018-12000519 | |
| 30-09-2016 | abbreviated format | 20-04-2017 | 2017-10200022 |