DEMA & ARBER CONSTRUCT
ActiveFinancials · financial year 2025, abbreviated format
2025 annual accounts filed 13 days after the deadline Filed on 13 May 2026, deadline 30 April 2026 (7 months after the close on 30 September 2025, Companies Code art. 3:10). Source: NBB, 2026-00110452.
Annual accounts 2025 filed on 13-05-2026 PDF all 6 filings
Turnover
≈ €190,000
Estimated: probably between €120,000 and €340,000
Total assets
€764,649▲ 55.3%
2024 · €492,229
Net result
€15,032▼ 85.2%
2024 · €101,476
Working capital
€269,259▲ 37.1%
2024 · €196,448
Multi-year overview
2020 to 2025, 6 financial yearsOperating result
€26,435
▼ 80.9%
2025
20202025
Net result
€15,032
▼ 85.2%
2025
middle half of the sector
20202025
Equity
€212,680
▲ 7.6%
2025
middle half of the sector
20202025
Total assets
€764,649
▲ 55.3%
2025
middle half of the sector
20202025
Debt
€551,969
▲ 87.4%
2025
20202025
Working capital
€269,259
▲ 37.1%
2025
middle half of the sector
20202025
Solvency
27.8%
▼ 12.3pp
2025
middle half of the sector
20202025
Current ratio
1.95
▲ 0.28
2025
middle half of the sector
20202025
Return on assets (ROA)
2.0%
▼ 18.6pp
2025
middle half of the sector
20202025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line202020212022202320242025
Operating result-€5,649--€4,381▲ 22.4%€76,902€1,389▼ 98.2%€138,260▲ 100×€26,435▼ 80.9%
Net result-€5,644below the sector's middle half--€6,415below the sector's middle half▼ 13.7%€58,849within the sector's middle half-€617below the sector's middle half€101,476above the sector's middle half€15,032within the sector's middle half▼ 85.2%
Equity€44,356below the sector's middle half-€37,941below the sector's middle half▼ 14.5%€96,790within the sector's middle half▲ 155%€96,173within the sector's middle half▼ 0.6%€197,648within the sector's middle half▲ 106%€212,680within the sector's middle half▲ 7.6%
Total assets€297,093below the sector's middle half-€631,825within the sector's middle half▲ 113%€174,429below the sector's middle half▼ 72.4%€101,667below the sector's middle half▼ 41.7%€492,229within the sector's middle half▲ 384%€764,649within the sector's middle half▲ 55.3%
Debt€252,738-€593,885▲ 135%€77,640▼ 86.9%€5,495▼ 92.9%€294,581▲ 54×€551,969▲ 87.4%
Working capital€43,156within the sector's middle half-€37,733within the sector's middle half▼ 12.6%€95,590within the sector's middle half▲ 153%€94,973within the sector's middle half▼ 0.6%€196,448within the sector's middle half▲ 107%€269,259within the sector's middle half▲ 37.1%
Solvency14.9%below the sector's middle half-6.0%below the sector's middle half▼ 8.9pp55.5%within the sector's middle half▲ 49.5pp94.6%above the sector's middle half▲ 39.1pp40.2%within the sector's middle half▼ 54.4pp27.8%within the sector's middle half▼ 12.3pp
Current ratio1.17within the sector's middle half-1.06below the sector's middle half▼ 0.112.23within the sector's middle half▲ 1.1718.28above the sector's middle half▲ 16.051.67within the sector's middle half▼ 16.621.95within the sector's middle half▲ 0.28
Return on assets (ROA)-1.9%below the sector's middle half--1.0%below the sector's middle half▲ 0.9pp33.7%above the sector's middle half▲ 34.8pp-0.6%below the sector's middle half▼ 34.3pp20.6%above the sector's middle half▲ 21.2pp2.0%within the sector's middle half▼ 18.6pp
above
within
below
The sector band is the middle half of the companies in Construction of residential and non-residential buildings (NACE 41). 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 81% lower than in 2024.
Turnover and EBIT margin are not published. The abbreviated 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 €764,649
Fixed assets
€211,521 ▲ 176×
Current assets
€553,128 ▲ 12.6%
Equity and liabilities €764,649
Equity
€212,680 ▲ 7.6%
Debt
€551,969 ▲ 87.4%
Debt's share of the balance-sheet total rises from 59.8% to 72.2%. Equity and debt are higher.
Key figures and ratios
EBITDA
€39,452
Cash flow
€28,049
Quick ratio
0.35▼
2024 · 0.53
Debt to equity
2.60▲
2024 · 1.49
ROE
7.1%▼
2024 · 51.3%
Interest coverage
6.17
Debt ≤ 1 year
€283,868▼
2024 · €294,581
Debt > 1 year
€268,100
Income taxes
€5,012▼
2024 · €36,715
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 30-09-2021 | 30-09-2022 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | - | - | - | €224,538 |
| Depreciation and write-downs of the year | - | - | - | - | €13,017 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | - | - | - | - | - | €13,017 | - |
| Other operating charges640/8 | - | €348 | €371 | €705 | €7,197 | €1,004 | ▼ 86.1% |
| Gross operating margin9900 | -€4,845 | -€4,034 | €77,273 | €2,095 | €145,457 | €40,456 | ▼ 72.2% |
| Operating profit (loss)9901 | -€5,649 | -€4,381 | €76,902 | €1,389 | €138,260 | €26,435 | ▼ 80.9% |
| Financial income75/76B | - | €0 | - | - | - | - | - |
| Recurring financial income75 | €192 | €0 | - | - | - | - | - |
| Financial charges65/66B | - | €2,034 | €2,465 | €2,006 | €69 | €6,391 | ▲ 93× |
| Recurring financial charges65 | €187 | €2,034 | €2,465 | €2,006 | €69 | €6,391 | ▲ 93× |
| Profit (loss) for the period before taxes9903 | -€5,644 | -€6,415 | €74,437 | -€617 | €138,191 | €20,044 | ▼ 85.5% |
| Income taxes67/77 | - | - | €15,588 | €0 | €36,715 | €5,012 | ▼ 86.3% |
| Profit (loss) for the period9904 | -€5,644 | -€6,415 | €58,849 | -€617 | €101,476 | €15,032 | ▼ 85.2% |
| Profit (loss) for the period to be appropriated9905 | -€5,644 | -€6,415 | €58,849 | -€617 | €101,476 | €15,032 | ▼ 85.2% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Assets | |||||||
| Total assets20/58 | €297,093 | €631,825 | €174,429 | €101,667 | €492,229 | €764,649 | ▲ 55.3% |
| Fixed assets21/28 | €1,200 | €1,200 | €1,200 | €1,200 | €1,200 | €211,521 | ▲ 176× |
| Tangible fixed assets22/27 | - | - | - | - | - | €211,521 | - |
| Land and buildings22 | - | - | - | - | - | €211,521 | - |
| Financial fixed assets28 | €1,200 | €1,200 | €1,200 | €1,200 | €1,200 | €0 | ▼ 100% |
| Current assets29/58 | €295,893 | €630,625 | €173,229 | €100,467 | €491,029 | €553,128 | ▲ 12.6% |
| Stocks and contracts in progress3 | €283,073 | €612,285 | €20,836 | €0 | €335,504 | €454,173 | ▲ 35.4% |
| Stocks30/36 | - | €612,285 | €20,836 | €0 | €335,504 | €454,173 | ▲ 35.4% |
| Amounts receivable within one year40/41 | €636 | €1,692 | €489 | €3,734 | €124,436 | €83,878 | ▼ 32.6% |
| Trade receivables40 | - | €150 | €0 | - | €59,000 | €51,694 | ▼ 12.4% |
| Other amounts receivable41 | - | €1,542 | €489 | €3,734 | €65,436 | €32,183 | ▼ 50.8% |
| Cash at bank and in hand54/58 | €12,184 | €11,063 | €151,100 | €96,733 | €31,089 | €14,849 | ▼ 52.2% |
| Deferred charges and accrued income490/1 | - | €5,585 | €805 | €0 | - | €228 | - |
| Equity and liabilities | |||||||
| Total equity and liabilities10/49 | €297,093 | €631,825 | €174,429 | €101,667 | €492,229 | €764,649 | ▲ 55.3% |
| Equity10/15 | €44,356 | €37,941 | €96,790 | €96,173 | €197,648 | €212,680 | ▲ 7.6% |
| Contributions10/11 | - | €50,000 | €50,000 | €50,000 | €50,000 | €50,000 | = |
| Reserves13 | - | - | €46,790 | €46,173 | €147,648 | €162,680 | ▲ 10.2% |
| Distributable reserves133 | - | - | €46,790 | €46,173 | €147,648 | €162,680 | ▲ 10.2% |
| Profit (loss) carried forward14 | -€5,644 | -€12,059 | €0 | - | - | - | - |
| Amounts payable17/49 | €252,738 | €593,885 | €77,640 | €5,495 | €294,581 | €551,969 | ▲ 87.4% |
| Amounts payable after more than one year17 | - | - | - | - | - | €268,100 | - |
| Financial debts170/4 | - | - | - | - | - | €268,100 | - |
| Amounts payable within one year42/48 | €252,738 | €592,892 | €77,640 | €5,495 | €294,581 | €283,868 | ▼ 3.6% |
| Current portion of amounts payable after more than one year42 | - | - | - | - | - | €15,151 | - |
| Financial debts43 | - | - | - | - | - | €17,618 | - |
| Credit institutions430/8 | - | - | - | - | - | €17,618 | - |
| Trade debts44 | €119,796 | €457,995 | €10 | €124 | €126,516 | €23 | ▼ 100.0% |
| Suppliers440/4 | - | €457,995 | €10 | €124 | €126,516 | €23 | ▼ 100.0% |
| Taxes, remuneration and social security45 | - | - | €15,588 | €0 | €36,720 | €3,785 | ▼ 89.7% |
| Taxes450/3 | - | - | €15,588 | €0 | €36,720 | €3,785 | ▼ 89.7% |
| Other amounts payable47/48 | - | €134,898 | €62,042 | €5,370 | €131,345 | €247,291 | ▲ 88.3% |
| Accrued charges and deferred income492/3 | - | €993 | €0 | - | - | - | - |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€5,644 | -€6,415 | €58,849 | -€617 | €101,476 | €15,032 | ▼ 85.2% |
| + Depreciation and write-downs630 | - | - | - | - | - | €13,017 | - |
| Operating cash flow (approximation) | -€5,644 | -€6,415 | €58,849 | -€617 | €101,476 | €28,049 | ▼ 72.4% |
| Investment in fixed assets (approximation) | - | €0 | €0 | €0 | €0 | -€223,338 | - |
| Change in cash | - | -€1,122 | €140,037 | -€54,366 | -€65,645 | -€16,239 | ▲ 75.3% |
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, 2,372 companies had the same profile as DEMA & ARBER CONSTRUCT has now. Two years later, 96.6% were still going and 1.8% had gone bankrupt.
- Small
- 5 to 10 years old
- solvency 10 to 30%
- a profit under 5% of the balance sheet
96.6%
was still going
1.4%
stopped otherwise
1.8%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of DEMA & ARBER CONSTRUCT itself: 0.7% 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 2,372 companies, not a prediction for DEMA & ARBER 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.
Filings with the National Bank (6)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-09-2025 | abbreviated format | 13-05-2026 | 2026-00110452 | |
| 30-09-2024 | abbreviated format | 08-05-2025 | 2025-00092217 | |
| 30-09-2023 | abbreviated format | 30-04-2024 | 2024-00076679 | |
| 30-09-2022 | abbreviated format | 02-05-2023 | 2023-00075654 | |
| 30-09-2021 | abbreviated format | 18-05-2022 | 2022-20028898 | |
| 30-09-2020 | abbreviated format | 22-03-2021 | 2021-08200034 |