DESIGN CONSTRUCT
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 11-12-2025 PDF all 11 filings
Turnover
€1.2m▲ 4.6%
2022 · €1.1m
EBIT margin
10.2%▲ 4.2pp
2022 · 5.9%
Net result
€102,570▼ 1.5%
2024 · €104,164
Working capital
€337,737▼ 4.1%
2024 · €352,231
Multi-year overview
2019 to 2025, 7 financial yearsTurnover
no figure
2025
20192025
Operating result
€131,487
▼ 2.3%
2025
20192025
Net result
€102,570
▼ 1.5%
2025
middle half of the sector
20192025
EBIT margin
no figure
2025
20192025
Equity
€385,937
▲ 4.5%
2025
middle half of the sector
20192025
Total assets
€761,514
▲ 3.0%
2025
middle half of the sector
20192025
Debt
€375,577
▲ 1.4%
2025
20192025
Working capital
€337,737
▼ 4.1%
2025
middle half of the sector
20192025
Solvency
50.7%
▲ 0.7pp
2025
middle half of the sector
20192025
Current ratio
2.06
▼ 0.12
2025
middle half of the sector
20192025
Return on assets (ROA)
13.5%
▼ 0.6pp
2025
highest quarter of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Turnover€1.0m-€1.0m▼ 0.5%€1.1m▲ 3.3%€1.1m▲ 5.0%€1.2m▲ 4.6%
Operating result€0.09m-€0.1m▲ 6.9%€0.1m▲ 1.7%€0.07m▼ 31.5%€0.1m▲ 79.5%€0.1m▲ 12.9%€0.1m▼ 2.3%
Net result€0.06m-€0.08mabove the sector's middle half▲ 17.4%€0.07mwithin the sector's middle half▼ 12.5%€0.05mwithin the sector's middle half▼ 27.6%€0.09mwithin the sector's middle half▲ 92.5%€0.1mwithin the sector's middle half▲ 12.3%€0.1mwithin the sector's middle half▼ 1.5%
EBIT margin8.6%-9.2%▲ 0.6pp9.1%▼ 0.1pp5.9%▼ 3.1pp10.2%▲ 4.2pp
Equity€0.2m-€0.2mabove the sector's middle half▲ 10.0%€0.2mwithin the sector's middle half▲ 37.7%€0.3mwithin the sector's middle half▲ 20.5%€0.4mwithin the sector's middle half▲ 35.9%€0.4mwithin the sector's middle half▼ 7.2%€0.4mwithin the sector's middle half▲ 4.5%
Total assets€0.5m-€0.5mabove the sector's middle half▲ 5.7%€0.5mwithin the sector's middle half▲ 10.8%€0.6mwithin the sector's middle half▲ 14.6%€0.6mwithin the sector's middle half▲ 1.6%€0.7mwithin the sector's middle half▲ 17.8%€0.8mwithin the sector's middle half▲ 3.0%
Debt€0.3m-€0.3m▲ 3.5%€0.3m▼ 4.5%€0.3m▲ 9.7%€0.2m▼ 29.4%€0.4m▲ 61.3%€0.4m▲ 1.4%
Working capital€0.1m-€0.1mabove the sector's middle half▲ 1.4%€0.2mwithin the sector's middle half▲ 57.9%€0.3mwithin the sector's middle half▲ 34.1%€0.4mwithin the sector's middle half▲ 45.8%€0.4mwithin the sector's middle half▼ 5.7%€0.3mwithin the sector's middle half▼ 4.1%
Solvency34.9%-36.3%within the sector's middle half▲ 1.4pp45.1%within the sector's middle half▲ 8.8pp47.4%within the sector's middle half▲ 2.3pp63.4%above the sector's middle half▲ 16.0pp49.9%within the sector's middle half▼ 13.5pp50.7%within the sector's middle half▲ 0.7pp
Current ratio1.47-1.42within the sector's middle half▼ 0.051.71within the sector's middle half▲ 0.291.87within the sector's middle half▲ 0.162.77above the sector's middle half▲ 0.902.18within the sector's middle half▼ 0.592.06within the sector's middle half▼ 0.12
Return on assets (ROA)14.1%-15.6%within the sector's middle half▲ 1.6pp12.3%above the sector's middle half▼ 3.3pp7.8%within the sector's middle half▼ 4.5pp14.8%above the sector's middle half▲ 7.0pp14.1%above the sector's middle half▼ 0.7pp13.5%above the sector's middle half▼ 0.6pp
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 2% lower than in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €761,514
Fixed assets
€104,768 ▲ 18.3%
Current assets
€656,747 ▲ 0.9%
Equity and liabilities €761,514
Equity
€385,937 ▲ 4.5%
Debt
€375,577 ▲ 1.4%
Debt's share of the balance-sheet total falls from 50.1% to 49.3%. Equity and debt are higher.
Key figures and ratios
EBITDA
€157,106▲
2024 · €151,436
Cash flow
€128,189▲
2024 · €120,995
Quick ratio
2.05▼
2024 · 2.17
Debt to equity
0.97▼
2024 · 1.00
ROE
26.6%▼
2024 · 28.2%
Interest coverage
21.33▼
2024 · 41.48
Debt ≤ 1 year
€319,010▲
2024 · €298,815
Debt > 1 year
€56,568▼
2024 · €71,436
Income taxes
€34,766▲
2024 · €33,847
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 31-05-2022 | 31-05-2023 | 31-05-2024 | 31-05-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €23,656 | €3,755 | €84,077 | €41,815 |
| Depreciation and write-downs of the year | €35,966 | €28,674 | €16,831 | €25,620 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Turnover70 | €1.0m | €1.0m | €1.1m | €1.1m | €1.2m | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.03m | €0.03m | €0.03m | €0.04m | €0.03m | €0.02m | €0.03m | ▲ 52.2% |
| Other operating charges640/8 | - | - | - | €0.004m | €0.008m | €0.005m | €0.01m | ▲ 120% |
| Non-recurring operating charges66A | - | - | - | €0 | - | €0.004m | - | - |
| Gross operating margin9900 | €0.1m | €0.1m | €0.1m | €0.1m | €0.2m | €0.2m | €0.2m | ▲ 4.8% |
| Operating profit (loss)9901 | €0.09m | €0.1m | €0.1m | €0.07m | €0.1m | €0.1m | €0.1m | ▼ 2.3% |
| Financial income75/76B | - | - | - | €0.003m | €0.004m | €0.007m | €0.01m | ▲ 87.2% |
| Recurring financial income75 | €0.004m | €0.004m | €0.005m | €0.003m | €0.004m | €0.007m | €0.01m | ▲ 87.2% |
| Financial charges65/66B | - | - | - | €0.004m | €0.003m | €0.004m | €0.007m | ▲ 102% |
| Recurring financial charges65 | €0.002m | €0.002m | €0.001m | €0.004m | €0.003m | €0.004m | €0.007m | ▲ 102% |
| Non-recurring financial charges66B | - | - | - | - | - | €0 | - | - |
| Profit (loss) for the period before taxes9903 | €0.09m | €0.1m | €0.1m | €0.07m | €0.1m | €0.1m | €0.1m | ▼ 0.5% |
| Income taxes67/77 | €0.03m | €0.02m | €0.03m | €0.02m | €0.03m | €0.03m | €0.03m | ▲ 2.7% |
| Profit (loss) for the period9904 | €0.06m | €0.08m | €0.07m | €0.05m | €0.09m | €0.1m | €0.1m | ▼ 1.5% |
| Profit (loss) for the period to be appropriated9905 | €0.06m | €0.08m | €0.07m | €0.05m | €0.09m | €0.1m | €0.1m | ▼ 1.5% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €460,260 | €486,720 | €539,385 | €618,026 | €627,767 | €739,618 | €761,514 | ▲ 3.0% |
| Fixed assets21/28 | €89,150 | €80,017 | €80,409 | €68,099 | €43,179 | €88,573 | €104,768 | ▲ 18.3% |
| Tangible fixed assets22/27 | €87,450 | €78,317 | €78,709 | €66,399 | €41,479 | €86,873 | €103,068 | ▲ 18.6% |
| Plant, machinery and equipment23 | - | - | - | €1,899 | €2,220 | €2,772 | €4,634 | ▲ 67.1% |
| Furniture and vehicles24 | - | - | - | €64,499 | €39,259 | €84,100 | €98,434 | ▲ 17.0% |
| Financial fixed assets28 | €1,700 | €1,700 | €1,700 | €1,700 | €1,700 | €1,700 | €1,700 | = |
| Current assets29/58 | €371,110 | €406,703 | €458,976 | €549,927 | €584,588 | €651,045 | €656,747 | ▲ 0.9% |
| Amounts receivable after more than one year29 | - | - | - | €106,980 | €89,150 | €71,320 | €53,490 | ▼ 25.0% |
| Other amounts receivable291 | - | - | - | €106,980 | €89,150 | €71,320 | €53,490 | ▼ 25.0% |
| Stocks and contracts in progress3 | €3,264 | €2,661 | €2,970 | €2,391 | €1,889 | €1,657 | €1,620 | ▼ 2.3% |
| Stocks30/36 | - | - | - | €2,391 | €1,889 | €1,657 | €1,620 | ▼ 2.3% |
| Amounts receivable within one year40/41 | €175,036 | €231,363 | €304,075 | €349,709 | €405,397 | €511,975 | €568,848 | ▲ 11.1% |
| Trade receivables40 | - | - | - | €267,919 | €242,926 | €282,838 | €276,589 | ▼ 2.2% |
| Other amounts receivable41 | - | - | - | €81,790 | €162,471 | €229,138 | €292,259 | ▲ 27.5% |
| Cash at bank and in hand54/58 | €27,759 | €23,900 | €22,173 | €35,007 | €59,711 | €60,752 | €25,078 | ▼ 58.7% |
| Deferred charges and accrued income490/1 | - | - | - | €55,839 | €28,442 | €5,340 | €7,711 | ▲ 44.4% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €460,260 | €486,720 | €539,385 | €618,026 | €627,767 | €739,618 | €761,514 | ▲ 3.0% |
| Equity10/15 | €160,554 | €176,620 | €243,164 | €293,061 | €398,203 | €369,367 | €385,937 | ▲ 4.5% |
| Contributions10/11 | €6,200 | - | - | €6,200 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €35,360 | €35,360 | €35,360 | €35,360 | €35,360 | €35,360 | €35,360 | = |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Tax-exempt reserves132 | - | - | - | €33,500 | €33,500 | €33,500 | €33,500 | = |
| Profit (loss) carried forward14 | €118,994 | €135,060 | €201,604 | €251,501 | €344,243 | €315,407 | €331,977 | ▲ 5.3% |
| Amounts payable17/49 | €299,706 | €310,100 | €296,221 | €324,965 | €229,564 | €370,251 | €375,577 | ▲ 1.4% |
| Amounts payable after more than one year17 | €47,942 | €24,363 | €28,196 | €31,142 | €18,425 | €71,436 | €56,568 | ▼ 20.8% |
| Financial debts170/4 | - | - | - | €31,142 | €18,425 | €71,436 | €56,568 | ▼ 20.8% |
| Amounts payable within one year42/48 | €251,763 | €285,737 | €268,024 | €293,823 | €211,139 | €298,815 | €319,010 | ▲ 6.8% |
| Current portion of amounts payable after more than one year42 | - | - | - | €18,574 | €9,814 | €4,235 | €5,910 | ▲ 39.6% |
| Trade debts44 | €150,160 | €138,813 | €206,965 | €215,296 | €147,692 | €221,153 | €181,933 | ▼ 17.7% |
| Suppliers440/4 | - | - | - | €215,296 | €147,692 | €221,153 | €181,933 | ▼ 17.7% |
| Taxes, remuneration and social security45 | - | - | - | €33,683 | €31,867 | €28,494 | €65,904 | ▲ 131% |
| Taxes450/3 | - | - | - | €26,886 | €20,540 | €26,494 | €65,204 | ▲ 146% |
| Remuneration and social security454/9 | - | - | - | €6,797 | €11,327 | €2,000 | €700 | ▼ 65.0% |
| Other amounts payable47/48 | - | - | - | €26,269 | €21,767 | €44,933 | €65,263 | ▲ 45.2% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €64,764 | €76,066 | €66,544 | €48,177 | €92,742 | €104,164 | €102,570 | ▼ 1.5% |
| + Depreciation and write-downs630 | €26,775 | €34,375 | €31,835 | €35,966 | €28,674 | €16,831 | €25,620 | ▲ 52.2% |
| Operating cash flow (approximation) | €91,540 | €110,441 | €98,380 | €84,143 | €121,416 | €120,995 | €128,189 | ▲ 5.9% |
| Investment in fixed assets (approximation) | - | -€25,241 | -€32,227 | -€23,656 | -€3,755 | -€62,225 | -€41,815 | ▲ 32.8% |
| Change in cash | - | -€3,859 | -€1,726 | €12,834 | €24,704 | €1,041 | -€35,675 | - |
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, 17,811 companies had the same profile as DESIGN CONSTRUCT has now. Two years later, 96.5% were still going and 0.3% had gone bankrupt.
- Small
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
96.5%
was still going
3.1%
stopped otherwise
0.3%
went bankrupt
That fits the bankruptcy probability of DESIGN CONSTRUCT itself: 0.2% 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 17,811 companies, not a prediction for DESIGN 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 11 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-05-2025 | full format | 11-12-2025 | 2025-00579818 | |
| 31-05-2024 | full format | 07-01-2025 | 2025-00001238 | |
| 31-05-2023 | full format | 20-12-2023 | 2023-00532365 | |
| 31-05-2022 | full format | 20-12-2022 | 2022-20541353 | |
| 31-05-2021 | full format | 21-12-2021 | 2021-81200067 | |
| 31-05-2020 | micro format | 15-12-2020 | 2020-75500089 | |
| 31-05-2019 | micro format | 31-01-2020 | 2020-03800405 | |
| 31-05-2018 | micro format | 12-01-2019 | 2019-01300416 | |
| 31-05-2017 | micro format | 30-11-2017 | 2017-70900265 | |
| 31-05-2016 | full format | 29-11-2016 | 2016-69000456 |