DECODI
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 30-01-2026 PDF all 24 filings
Turnover
≈ €190,000
Estimated: probably between €130,000 and €320,000
Total assets
€221,224▲ 56.1%
2024 · €141,690
Net result
€2,636
2024 · -€6,256
Working capital
€23,654▲ 43.4%
2024 · €16,495
In the rankings
#6 oldest company in Bièvre, Construction sector
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€10,797
2025
20192025
Net result
€2,636
2025
middle half of the sector
20192025
Equity
€43,408
▲ 6.5%
2025
middle half of the sector
20192025
Total assets
€221,224
▲ 56.1%
2025
middle half of the sector
20192025
Debt
€177,816
▲ 76.2%
2025
20192025
Working capital
€23,654
▲ 43.4%
2025
middle half of the sector
20192025
Solvency
19.6%
▼ 9.2pp
2025
lowest quarter of the sector
20192025
Current ratio
1.94
▲ 0.23
2025
middle half of the sector
20192025
Return on assets (ROA)
1.2%
▲ 5.6pp
2025
middle half of the sector
20192025
Staff (FTE)
1
▼ 52.4%
2025
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result-€8,435-€4,352€5,002▲ 14.9%€14,181▲ 183%€15,702▲ 10.7%-€2,680€10,797
Net result-€10,117-€2,803within the sector's middle half€3,662within the sector's middle half▲ 30.6%€9,494within the sector's middle half▲ 159%€12,502within the sector's middle half▲ 31.7%-€6,256below the sector's middle half€2,636within the sector's middle half
Equity€18,566-€21,369within the sector's middle half▲ 15.1%€25,031within the sector's middle half▲ 17.1%€34,525within the sector's middle half▲ 37.9%€47,027within the sector's middle half▲ 36.2%€40,772within the sector's middle half▼ 13.3%€43,408within the sector's middle half▲ 6.5%
Total assets€45,485-€41,675below the sector's middle half▼ 8.4%€71,280within the sector's middle half▲ 71.0%€74,229within the sector's middle half▲ 4.1%€71,626within the sector's middle half▼ 3.5%€141,690within the sector's middle half▲ 97.8%€221,224within the sector's middle half▲ 56.1%
Debt€26,920-€20,305▼ 24.6%€46,249▲ 128%€39,704▼ 14.2%€24,598▼ 38.0%€100,918▲ 310%€177,816▲ 76.2%
Working capital-€3,293-€3,653below the sector's middle half-€8,304below the sector's middle half€3,220below the sector's middle half€16,909within the sector's middle half▲ 425%€16,495within the sector's middle half▼ 2.5%€23,654within the sector's middle half▲ 43.4%
Solvency40.8%-51.3%within the sector's middle half▲ 10.5pp35.1%within the sector's middle half▼ 16.2pp46.5%within the sector's middle half▲ 11.4pp65.7%within the sector's middle half▲ 19.1pp28.8%within the sector's middle half▼ 36.9pp19.6%below the sector's middle half▼ 9.2pp
Current ratio0.86-1.18within the sector's middle half▲ 0.320.77below the sector's middle half▼ 0.411.09below the sector's middle half▲ 0.321.69within the sector's middle half▲ 0.601.71within the sector's middle half▲ 0.021.94within the sector's middle half▲ 0.23
Return on assets (ROA)-22.2%-6.7%within the sector's middle half▲ 29.0pp5.1%within the sector's middle half▼ 1.6pp12.8%within the sector's middle half▲ 7.7pp17.5%within the sector's middle half▲ 4.7pp-4.4%below the sector's middle half▼ 21.9pp1.2%within the sector's middle half▲ 5.6pp
Staff (FTE)1-0.9below the sector's middle half▼ 10.0%0.8▼ 11.1%1▲ 25.0%1.3▲ 30.0%2.1▲ 61.5%1▼ 52.4%
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 profit of €10,797, after a loss of €2,680 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 €221,224
Fixed assets
€172,476 ▲ 69.0%
Current assets
€48,748 ▲ 23.0%
Equity and liabilities €221,224
Equity
€43,408 ▲ 6.5%
Debt
€177,816 ▲ 76.2%
Debt's share of the balance-sheet total rises from 71.2% to 80.4%. Equity and debt are higher.
Key figures and ratios
EBITDA
€18,684▲
2024 · €5,439
Cash flow
€10,523▲
2024 · €1,863
Quick ratio
1.65▲
2024 · 1.59
Debt to equity
4.10▲
2024 · 2.48
ROE
6.1%▲
2024 · -15.3%
Interest coverage
2.23▲
2024 · 1.52
Debt ≤ 1 year
€25,094▲
2024 · €23,131
Debt > 1 year
€152,522▲
2024 · €76,236
Income taxes
€0▲
2024 · -€48
Staff costs
€11,656▼
2024 · €67,353
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Employees at the balance-sheet date | 1 | 3 | - | 1 |
| full-time | - | 2 | - | 1 |
| part-time | 1 | 1 | - | - |
| in full-time equivalents | 0.8 | 2.8 | - | 1 |
| Average over the year, in full-time equivalents | 0.8 | 1.3 | 2.1 | 1 |
| On a permanent contract | 1 | 1 | - | 1 |
| Joined | 1 | 3 | 1 | - |
| Left | 1 | 1 | 3 | - |
| Training hours | - | - | 928 | 1,152 |
Source: social balance sheet in the 2022 to 2025 annual accounts
Investments
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Tangible fixed assets | - | €3,995 | €79,891 | €78,298 |
| Depreciation and write-downs of the year | €8,732 | €8,560 | €8,119 | €7,886 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €4,700 | - | €867 | - | - |
| Remuneration, social security and pensions62 | - | - | - | €46,399 | €76,560 | €67,353 | €11,656 | ▼ 82.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €8,146 | €8,390 | €6,784 | €8,732 | €8,560 | €8,119 | €7,886 | ▼ 2.9% |
| Other operating charges640/8 | - | - | - | €1,260 | €819 | €846 | €909 | ▲ 7.5% |
| Non-recurring operating charges66A | - | - | - | €128 | - | - | €311 | - |
| Gross operating margin9900 | €50,774 | €53,502 | €58,110 | €70,700 | €101,641 | €73,637 | €31,560 | ▼ 57.1% |
| Operating profit (loss)9901 | -€8,435 | €4,352 | €5,002 | €14,181 | €15,702 | -€2,680 | €10,797 | - |
| Financial income75/76B | - | - | - | €10 | €172 | €343 | €210 | ▼ 38.9% |
| Recurring financial income75 | - | €0 | - | €10 | €172 | €341 | €13 | ▼ 96.2% |
| Non-recurring financial income76B | - | - | - | €10 | €0 | €2 | €197 | ▲ 94× |
| Financial charges65/66B | - | - | - | €2,252 | €1,685 | €3,967 | €8,371 | ▲ 111% |
| Recurring financial charges65 | €1,261 | €1,063 | €1,461 | €2,238 | €1,679 | €3,576 | €8,362 | ▲ 134% |
| Non-recurring financial charges66B | - | - | - | €13 | €5 | €391 | €9 | ▼ 97.7% |
| Profit (loss) for the period before taxes9903 | -€10,002 | €3,160 | €3,466 | €11,939 | €14,190 | -€6,304 | €2,636 | - |
| Income taxes67/77 | €115 | €357 | -€196 | €2,445 | €1,687 | -€48 | €0 | - |
| Profit (loss) for the period9904 | -€10,117 | €2,803 | €3,662 | €9,494 | €12,502 | -€6,256 | €2,636 | - |
| Profit (loss) for the period to be appropriated9905 | -€10,117 | €2,803 | €3,662 | €9,494 | €12,502 | -€6,256 | €2,636 | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €45,485 | €41,675 | €71,280 | €74,229 | €71,626 | €141,690 | €221,224 | ▲ 56.1% |
| Fixed assets21/28 | €25,061 | €17,890 | €43,588 | €34,857 | €30,292 | €102,064 | €172,476 | ▲ 69.0% |
| Tangible fixed assets22/27 | €25,061 | €17,890 | €43,588 | €34,857 | €30,292 | €102,064 | €172,476 | ▲ 69.0% |
| Land and buildings22 | - | - | - | €15,876 | €14,283 | €90,771 | €158,307 | ▲ 74.4% |
| Plant, machinery and equipment23 | - | - | - | €1,212 | €3,606 | €4,022 | €10,336 | ▲ 157% |
| Furniture and vehicles24 | - | - | - | €17,769 | €12,403 | €7,271 | €3,833 | ▼ 47.3% |
| Current assets29/58 | €20,424 | €23,784 | €27,691 | €39,373 | €41,334 | €39,626 | €48,748 | ▲ 23.0% |
| Stocks and contracts in progress3 | €8,100 | €6,050 | €3,010 | €1,750 | €0 | €2,750 | €7,440 | ▲ 171% |
| Stocks30/36 | - | - | - | €1,750 | €0 | €2,750 | €7,440 | ▲ 171% |
| Amounts receivable within one year40/41 | €7,695 | €14,125 | €15,024 | €23,034 | €16,834 | €28,582 | €23,640 | ▼ 17.3% |
| Trade receivables40 | - | - | - | €21,905 | €15,568 | €21,651 | €17,618 | ▼ 18.6% |
| Other amounts receivable41 | - | - | - | €1,129 | €1,266 | €6,931 | €6,022 | ▼ 13.1% |
| Cash at bank and in hand54/58 | €1,277 | €1,053 | €5,999 | €11,007 | €21,463 | €3,684 | €7,582 | ▲ 106% |
| Deferred charges and accrued income490/1 | - | - | - | €3,581 | €3,037 | €4,610 | €10,086 | ▲ 119% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €45,485 | €41,675 | €71,280 | €74,229 | €71,626 | €141,690 | €221,224 | ▲ 56.1% |
| Equity10/15 | €18,566 | €21,369 | €25,031 | €34,525 | €47,027 | €40,772 | €43,408 | ▲ 6.5% |
| Contributions10/11 | €6,200 | €6,200 | - | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Reserves13 | €16,860 | €16,860 | €16,860 | €16,860 | €26,860 | €26,860 | €30,000 | ▲ 11.7% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | - | - | - |
| Distributable reserves133 | - | - | - | €15,000 | €25,000 | €26,860 | €30,000 | ▲ 11.7% |
| Profit (loss) carried forward14 | -€4,494 | -€1,691 | €1,971 | €11,465 | €13,967 | €7,712 | €7,208 | ▼ 6.5% |
| Amounts payable17/49 | €26,920 | €20,305 | €46,249 | €39,704 | €24,598 | €100,918 | €177,816 | ▲ 76.2% |
| Amounts payable after more than one year17 | €3,202 | - | €10,080 | €3,378 | €0 | €76,236 | €152,522 | ▲ 100% |
| Financial debts170/4 | - | - | - | €3,378 | €0 | €76,236 | €152,522 | ▲ 100% |
| Amounts payable within one year42/48 | €23,717 | €20,132 | €35,995 | €36,153 | €24,425 | €23,131 | €25,094 | ▲ 8.5% |
| Current portion of amounts payable after more than one year42 | - | - | - | €6,702 | €3,378 | €7,899 | €9,641 | ▲ 22.0% |
| Financial debts43 | - | - | - | - | - | €4,083 | - | - |
| Credit institutions430/8 | - | - | - | - | - | €4,083 | - | - |
| Trade debts44 | €10,721 | €8,641 | €14,115 | €16,587 | €15,750 | €9,286 | €13,415 | ▲ 44.5% |
| Suppliers440/4 | - | - | - | €16,587 | €15,750 | €9,286 | €13,415 | ▲ 44.5% |
| Taxes, remuneration and social security45 | - | - | - | €2,355 | €4,529 | €839 | €642 | ▼ 23.5% |
| Taxes450/3 | - | - | - | €273 | €2,215 | €403 | €35 | ▼ 91.3% |
| Remuneration and social security454/9 | - | - | - | €2,083 | €2,314 | €436 | €607 | ▲ 39.2% |
| Other amounts payable47/48 | - | - | - | €10,508 | €768 | €1,024 | €1,396 | ▲ 36.3% |
| Accrued charges and deferred income492/3 | - | - | - | €174 | €174 | €1,551 | €200 | ▼ 87.1% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€10,117 | €2,803 | €3,662 | €9,494 | €12,502 | -€6,256 | €2,636 | - |
| + Depreciation and write-downs630 | €8,146 | €8,390 | €6,784 | €8,732 | €8,560 | €8,119 | €7,886 | ▼ 2.9% |
| Operating cash flow (approximation) | -€1,971 | €11,193 | €10,446 | €18,226 | €21,062 | €1,863 | €10,523 | ▲ 465% |
| Investment in fixed assets (approximation) | - | -€1,219 | -€32,482 | €0 | -€3,995 | -€79,891 | -€78,298 | ▲ 2.0% |
| Change in cash | - | -€225 | €4,947 | €5,008 | €10,456 | -€17,779 | €3,898 | - |
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, 3,984 companies had the same profile as DECODI has now. Two years later, 96.5% were still going and 1.1% had gone bankrupt.
- Micro
- 20 years or older
- solvency 10 to 30%
- a profit under 5% of the balance sheet
96.5%
was still going
2.3%
stopped otherwise
1.1%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of DECODI itself: 0.5% 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 3,984 companies, not a prediction for DECODI. 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 |
|---|---|---|---|---|
| 30-06-2025 | micro format | 30-01-2026 | 2026-00031433 | |
| 30-06-2024 | micro format | 31-01-2025 | 2025-00027177 | |
| 30-06-2023 | micro format | 08-12-2023 | 2023-00527620 | |
| 30-06-2022 | micro format | 27-12-2022 | 2022-20549216 | |
| 30-06-2021 | micro format | 24-12-2021 | 2021-81700050 | |
| 30-06-2020 | micro format | 24-12-2020 | 2020-77000536 | |
| 30-06-2019 | micro format | 26-11-2019 | 2019-74400411 | |
| 30-06-2018 | micro format | 05-12-2018 | 2018-73700394 | |
| 30-06-2017 | micro format | 22-11-2017 | 2017-70000576 | |
| 30-06-2016 | full format | 03-01-2017 | 2017-00200074 |