DEVID CONSTRUCT
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 11 days after the deadline Filed on 11 July 2026, deadline 30 June 2026 (7 months after the close on 30 November 2025, Companies Code art. 3:10). Source: NBB, 2026-00287124.
Annual accounts 2025 filed on 11-07-2026 at the NBB all 8 filings
Turnover
€166,906▼ 13.2%
2020 · €192,349
EBIT margin
33.9%▲ 8.7pp
2020 · 25.2%
Net result
€9,707▲ 171%
2024 · €3,586
Working capital
€173,616▲ 5.3%
2024 · €164,900
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
no figure
2025
20182025
Operating result
€15,598
▼ 20.9%
2025
20182025
Net result
€9,707
▲ 171%
2025
middle half of the sector
20182025
EBIT margin
no figure
2025
20182025
Equity
€174,607
▲ 5.9%
2025
highest quarter of the sector
20182025
Total assets
€198,506
▲ 12.0%
2025
middle half of the sector
20182025
Debt
€23,899
▲ 92.9%
2025
20182025
Working capital
€173,616
▲ 5.3%
2025
highest quarter of the sector
20182025
Solvency
88.0%
▼ 5.1pp
2025
highest quarter of the sector
20182025
Current ratio
8.26
▼ 6.04
2025
highest quarter of the sector
20182025
Return on assets (ROA)
4.9%
▲ 2.9pp
2025
middle half of the sector
20182025
Staff (FTE)
1
=
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Turnover€123,433-€245,958▲ 99.3%€192,349▼ 21.8%€166,906▼ 13.2%
Operating result€14,532-€69,134▲ 376%€48,559▼ 29.8%€56,629▲ 16.6%€30,394▼ 46.3%€20,262▼ 33.3%€19,720▼ 2.7%€15,598▼ 20.9%
Net result€9,204-€45,335▲ 393%€32,871above the sector's middle half▼ 27.5%€38,331above the sector's middle half▲ 16.6%€19,169within the sector's middle half▼ 50.0%€10,203within the sector's middle half▼ 46.8%€3,586within the sector's middle half▼ 64.9%€9,707within the sector's middle half▲ 171%
EBIT margin11.8%-28.1%▲ 16.3pp25.2%▼ 2.9pp33.9%▲ 8.7pp
Equity€15,404-€60,739▲ 294%€93,610within the sector's middle half▲ 54.1%€131,941above the sector's middle half▲ 40.9%€151,110above the sector's middle half▲ 14.5%€161,314above the sector's middle half▲ 6.8%€164,900above the sector's middle half▲ 2.2%€174,607above the sector's middle half▲ 5.9%
Total assets€38,556-€95,004▲ 146%€128,454within the sector's middle half▲ 35.2%€158,265within the sector's middle half▲ 23.2%€196,536within the sector's middle half▲ 24.2%€181,399within the sector's middle half▼ 7.7%€177,290within the sector's middle half▼ 2.3%€198,506within the sector's middle half▲ 12.0%
Debt€23,152-€34,264▲ 48.0%€34,844▲ 1.7%€26,324▼ 24.5%€45,426▲ 72.6%€20,085▼ 55.8%€12,390▼ 38.3%€23,899▲ 92.9%
Working capital€15,404-€60,739▲ 294%€93,610above the sector's middle half▲ 54.1%€131,941above the sector's middle half▲ 40.9%€151,110above the sector's middle half▲ 14.5%€156,881above the sector's middle half▲ 3.8%€164,900above the sector's middle half▲ 5.1%€173,616above the sector's middle half▲ 5.3%
Solvency40.0%-63.9%▲ 24.0pp72.9%above the sector's middle half▲ 8.9pp83.4%above the sector's middle half▲ 10.5pp76.9%above the sector's middle half▼ 6.5pp88.9%above the sector's middle half▲ 12.0pp93.0%above the sector's middle half▲ 4.1pp88.0%above the sector's middle half▼ 5.1pp
Current ratio1.67-2.77▲ 1.113.69above the sector's middle half▲ 0.916.01above the sector's middle half▲ 2.334.33above the sector's middle half▼ 1.698.81above the sector's middle half▲ 4.4814.31above the sector's middle half▲ 5.508.26above the sector's middle half▼ 6.04
Return on assets (ROA)23.9%-47.7%▲ 23.8pp25.6%above the sector's middle half▼ 22.1pp24.2%above the sector's middle half▼ 1.4pp9.8%within the sector's middle half▼ 14.5pp5.6%within the sector's middle half▼ 4.1pp2.0%within the sector's middle half▼ 3.6pp4.9%within the sector's middle half▲ 2.9pp
Staff (FTE)0.80.3▼ 62.5%1▲ 233%1=1=
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 21% lower than in 2024 and the lowest since 2018. It is the fourth fall in a row.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €198,506
Fixed assets
€991
Current assets
€197,515
Equity and liabilities €198,506
Equity
€174,607 ▲ 5.9%
Debt
€23,899 ▲ 92.9%
Debt's share of the balance-sheet total rises from 7.0% to 12.0%. Equity and debt are higher.
Key figures and ratios
EBITDA
€16,093▼
2024 · €24,152
Cash flow
€10,203▲
2024 · €8,019
Debt to equity
0.14▲
2024 · 0.08
ROE
5.6%▲
2024 · 2.2%
Interest coverage
7.29▲
2024 · 3.99
Debt ≤ 1 year
€23,899▲
2024 · €12,390
Income taxes
€3,683▼
2024 · €10,087
Staff costs
€15,513▲
2024 · €9,201
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 30-11-2021 | 30-11-2022 | 30-11-2023 | 30-11-2024 | 30-11-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 1 | 1 | 1 | 1 | 1 |
| full-time | 0 | 0 | 0 | 0 | 0 |
| part-time | 1 | 1 | 1 | 1 | 1 |
| in full-time equivalents | 0.5 | 0.5 | 0.5 | 0.5 | 0.5 |
| Average over the year, in full-time equivalents | 0.4 | 0.2 | 0.6 | 0.6 | 0.6 |
| On a permanent contract | 1 | 1 | 1 | 1 | 1 |
| Joined | 1 | 0 | 0 | 0 | 0 |
| Left | 0 | 0 | 0 | 0 | 0 |
| Training hours | 0 | 0 | 0 | 0 | 0 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 30-11-2021 | 30-11-2022 | 30-11-2023 | 30-11-2024 | 30-11-2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | - | €8,865 | - | €1,487 |
| Depreciation and write-downs of the year | - | - | €4,433 | €4,433 | €496 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Turnover70 | €123,433 | €245,958 | €192,349 | €166,906 | - | - | - | - | - |
| Goods, raw materials, services and sundry goods60/61 | - | - | - | €103,751 | - | - | - | - | - |
| Remuneration, social security and pensions62 | - | - | - | €6,428 | €8,229 | €9,666 | €9,201 | €15,513 | ▲ 68.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | - | - | - | - | - | €4,433 | €4,433 | €496 | ▼ 88.8% |
| Other operating charges640/8 | - | - | - | €100 | €2,574 | €191 | €2,628 | €1,092 | ▼ 58.5% |
| Gross operating margin9900 | €15,433 | €69,544 | €53,455 | €63,156 | €41,197 | €34,551 | €35,982 | €32,698 | ▼ 9.1% |
| Operating profit (loss)9901 | €14,532 | €69,134 | €48,559 | €56,629 | €30,394 | €20,262 | €19,720 | €15,598 | ▼ 20.9% |
| Financial charges65/66B | - | - | - | €3,319 | €3,467 | €5,369 | €6,047 | €2,207 | ▼ 63.5% |
| Recurring financial charges65 | €569 | €4,730 | €1,324 | €3,319 | €3,467 | €1,787 | €6,047 | €2,207 | ▼ 63.5% |
| Non-recurring financial charges66B | - | - | - | - | - | €3,582 | - | - | - |
| Profit (loss) for the period before taxes9903 | €13,963 | €64,404 | €47,235 | €53,310 | €26,926 | €14,893 | €13,673 | €13,390 | ▼ 2.1% |
| Income taxes67/77 | €4,759 | €19,069 | €14,364 | €14,979 | €7,757 | €4,690 | €10,087 | €3,683 | ▼ 63.5% |
| Profit (loss) for the period9904 | €9,204 | €45,335 | €32,871 | €38,331 | €19,169 | €10,203 | €3,586 | €9,707 | ▲ 171% |
| Profit (loss) for the period to be appropriated9905 | €9,204 | €45,335 | €32,871 | €38,331 | €19,169 | €10,203 | €3,586 | €9,707 | ▲ 171% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €38,556 | €95,004 | €128,454 | €158,265 | €196,536 | €181,399 | €177,290 | €198,506 | ▲ 12.0% |
| Fixed assets21/28 | - | - | - | - | - | €4,433 | - | €991 | - |
| Tangible fixed assets22/27 | - | - | - | - | - | €4,433 | - | €991 | - |
| Furniture and vehicles24 | - | - | - | - | - | €4,433 | - | €991 | - |
| Current assets29/58 | €38,556 | €95,004 | €128,454 | €158,265 | €196,536 | €176,967 | €177,290 | €197,515 | ▲ 11.4% |
| Amounts receivable within one year40/41 | €38,413 | €85,124 | €125,426 | €156,399 | €196,536 | €173,524 | €173,209 | €189,038 | ▲ 9.1% |
| Trade receivables40 | - | - | - | €30,063 | €54,323 | €44,194 | €29,477 | €35,240 | ▲ 19.6% |
| Other amounts receivable41 | - | - | - | €126,336 | €142,214 | €129,331 | €143,732 | €153,798 | ▲ 7.0% |
| Cash at bank and in hand54/58 | €144 | €9,879 | €3,028 | €1,866 | - | €3,442 | €4,081 | €8,477 | ▲ 108% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €38,556 | €95,004 | €128,454 | €158,265 | €196,536 | €181,399 | €177,290 | €198,506 | ▲ 12.0% |
| Equity10/15 | €15,404 | €60,739 | €93,610 | €131,941 | €151,110 | €161,314 | €164,900 | €174,607 | ▲ 5.9% |
| Contributions10/11 | €6,200 | €6,200 | - | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Contributions outside capital11 | - | - | - | €6,200 | - | - | - | - | - |
| Other1109/19 | - | - | - | €6,200 | - | - | - | - | - |
| Reserves13 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| 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 | = |
| Profit (loss) carried forward14 | €7,344 | €52,679 | €85,550 | €123,881 | €143,050 | €153,254 | €156,840 | €166,547 | ▲ 6.2% |
| Amounts payable17/49 | €23,152 | €34,264 | €34,844 | €26,324 | €45,426 | €20,085 | €12,390 | €23,899 | ▲ 92.9% |
| Amounts payable within one year42/48 | €23,152 | €34,264 | €34,844 | €26,324 | €45,426 | €20,085 | €12,390 | €23,899 | ▲ 92.9% |
| Trade debts44 | €18,393 | €5,237 | €3,785 | €2,995 | €27,307 | €12,703 | €5,590 | €13,836 | ▲ 148% |
| Suppliers440/4 | - | - | - | €1,150 | €4,675 | €1,839 | €2,514 | €3,191 | ▲ 26.9% |
| Bills of exchange payable441 | - | - | - | €1,846 | €22,633 | €10,864 | €3,076 | €10,645 | ▲ 246% |
| Taxes, remuneration and social security45 | - | - | - | €23,329 | €18,119 | €7,382 | €6,799 | €10,063 | ▲ 48.0% |
| Taxes450/3 | - | - | - | €21,519 | €17,425 | €3,578 | €6,161 | €9,055 | ▲ 47.0% |
| Remuneration and social security454/9 | - | - | - | €1,810 | €693 | €3,804 | €638 | €1,007 | ▲ 57.8% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €9,204 | €45,335 | €32,871 | €38,331 | €19,169 | €10,203 | €3,586 | €9,707 | ▲ 171% |
| + Depreciation and write-downs630 | - | - | - | - | - | €4,433 | €4,433 | €496 | ▼ 88.8% |
| Operating cash flow (approximation) | €9,204 | €45,335 | €32,871 | €38,331 | €19,169 | €14,636 | €8,019 | €10,203 | ▲ 27.2% |
| Change in cash | - | €9,736 | -€6,851 | -€1,162 | - | - | €639 | €4,396 | ▲ 588% |
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, 5,047 companies had the same profile as DEVID CONSTRUCT has now. Two years later, 93.9% were still going and 2.2% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency 30% or more
- a profit under 5% of the balance sheet
93.9%
was still going
3.8%
stopped otherwise
2.2%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of DEVID CONSTRUCT itself: 2.0% 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 5,047 companies, not a prediction for DEVID 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 (8)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-11-2025 | micro format | 11-07-2026 | 2026-00287124 | |
| 30-11-2024 | micro format | 03-10-2025 | 2025-00527449 | |
| 30-11-2023 | micro format | 19-08-2024 | 2024-00354306 | |
| 30-11-2022 | micro format | 30-06-2023 | 2023-00178717 | |
| 30-11-2021 | micro format | 06-07-2022 | 2022-20144548 | |
| 30-11-2020 | micro format | 13-07-2021 | 2021-35000224 | |
| 30-11-2019 | micro format | 06-07-2020 | 2020-26500331 | |
| 30-11-2018 | micro format | 18-06-2019 | 2019-21100162 |