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Open bankruptcyFinancials · financial year 2025, abbreviated format
2025 annual accounts filed 76 days after the deadline Filed on 15 October 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00558655.
Annual accounts 2025 filed on 15-10-2026 at the NBB all 16 filings
Equity
€113,160▼ 22.7%
2024 · €146,449
Total assets
€177,891▼ 6.3%
2024 · €189,818
Net result
-€20,845▲ 33.9%
2024 · -€31,543
Working capital
€113,160▼ 22.7%
2024 · €146,449
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€7,263
▲ 81.3%
2025
20182025
Net result
-€20,845
▲ 33.9%
2025
lowest quarter of the sector
20182025
Equity
€113,160
▼ 22.7%
2025
middle half of the sector
20182025
Total assets
€177,891
▼ 6.3%
2025
lowest quarter of the sector
20182025
Debt
€64,731
▲ 49.3%
2025
20182025
Working capital
€113,160
▼ 22.7%
2025
middle half of the sector
20182025
Solvency
63.6%
▼ 13.5pp
2025
highest quarter of the sector
20182025
Current ratio
2.75
▼ 1.63
2025
highest quarter of the sector
20182025
Return on assets (ROA)
-11.7%
▲ 4.9pp
2025
lowest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€61,021-€27,216▼ 55.4%€32,539▲ 19.6%€5,473▼ 83.2%-€10,036€199,009-€38,867-€7,263▲ 81.3%
Net result€45,938-€10,647▼ 76.8%€18,932within the sector's middle half▲ 77.8%-€1,668below the sector's middle half-€15,834below the sector's middle half▼ 850%€136,218above the sector's middle half-€31,543below the sector's middle half-€20,845below the sector's middle half▲ 33.9%
Equity€65,696-€76,343▲ 16.2%€95,275below the sector's middle half▲ 24.8%€93,607below the sector's middle half▼ 1.8%€77,774within the sector's middle half▼ 16.9%€177,991above the sector's middle half▲ 129%€146,449above the sector's middle half▼ 17.7%€113,160within the sector's middle half▼ 22.7%
Total assets€366,590-€408,845▲ 11.5%€396,455below the sector's middle half▼ 3.0%€367,367below the sector's middle half▼ 7.3%€343,142above the sector's middle half▼ 6.6%€271,836within the sector's middle half▼ 20.8%€189,818within the sector's middle half▼ 30.2%€177,891below the sector's middle half▼ 6.3%
Debt€300,894-€332,502▲ 10.5%€301,180▼ 9.4%€273,759▼ 9.1%€265,369▼ 3.1%€93,845▼ 64.6%€43,370▼ 53.8%€64,731▲ 49.3%
Working capital€76,547-€81,230▲ 6.1%€97,305within the sector's middle half▲ 19.8%€91,159within the sector's middle half▼ 6.3%€70,351within the sector's middle half▼ 22.8%€179,647above the sector's middle half▲ 155%€146,449above the sector's middle half▼ 18.5%€113,160within the sector's middle half▼ 22.7%
Solvency17.9%-18.7%▲ 0.8pp24.0%within the sector's middle half▲ 5.4pp25.5%within the sector's middle half▲ 1.4pp22.7%within the sector's middle half▼ 2.8pp65.5%within the sector's middle half▲ 42.8pp77.2%above the sector's middle half▲ 11.7pp63.6%above the sector's middle half▼ 13.5pp
Current ratio2.61-2.36▼ 0.242.90above the sector's middle half▲ 0.542.90above the sector's middle half=2.10within the sector's middle half▼ 0.802.99above the sector's middle half▲ 0.894.38above the sector's middle half▲ 1.392.75above the sector's middle half▼ 1.63
Return on assets (ROA)12.5%-2.6%▼ 9.9pp4.8%within the sector's middle half▲ 2.2pp-0.5%below the sector's middle half▼ 5.2pp-4.6%below the sector's middle half▼ 4.2pp50.1%above the sector's middle half▲ 54.7pp-16.6%below the sector's middle half▼ 66.7pp-11.7%below the sector's middle half▲ 4.9pp
above
within
below
The sector band is the middle half of the companies in Civil engineering (NACE 42). 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 loss of €7,263, smaller than the loss of €38,867 in 2024.
Turnover and EBIT margin are not published. The abbreviated or micro format does not require them.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Equity and liabilities €177,891
Equity
€113,160 ▼ 22.7%
Debt
€64,731 ▲ 49.3%
Debt's share of the balance-sheet total rises from 22.8% to 36.4%. Equity is lower and debt is higher.
Key figures and ratios
Debt to equity
0.57▲
2024 · 0.30
ROE
-18.4%▲
2024 · -21.5%
Debt ≤ 1 year
€64,731▲
2024 · €43,370
Income taxes
€21,015
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €11,441 | €21,166 | €19,941 | €19,815 | €19,464 | €8,395 | - | - | - |
| Other operating charges640/8 | - | - | - | €2,358 | €1,806 | €6,296 | €445 | €829 | ▲ 86.3% |
| Non-recurring operating charges66A | - | - | - | - | - | - | - | €585 | - |
| Gross operating margin9900 | €74,493 | €50,531 | €53,128 | €27,647 | €11,234 | €213,700 | -€38,422 | -€5,848 | ▲ 84.8% |
| Operating profit (loss)9901 | €61,021 | €27,216 | €32,539 | €5,473 | -€10,036 | €199,009 | -€38,867 | -€7,263 | ▲ 81.3% |
| Financial income75/76B | - | - | - | €4,568 | €6,797 | €7,656 | €8,769 | €8,249 | ▼ 5.9% |
| Recurring financial income75 | - | €48 | €4,309 | €4,568 | €6,797 | €7,656 | €8,769 | €8,249 | ▼ 5.9% |
| Financial charges65/66B | - | - | - | €11,599 | €12,483 | €27,078 | €1,445 | €817 | ▼ 43.4% |
| Recurring financial charges65 | €11,001 | €13,050 | €12,472 | €11,599 | €12,483 | €27,078 | €1,445 | €817 | ▼ 43.4% |
| Profit (loss) for the period before taxes9903 | €50,020 | €14,214 | €24,376 | -€1,558 | -€15,722 | €179,587 | -€31,543 | €169 | - |
| Income taxes67/77 | €4,082 | €3,567 | €5,445 | €110 | €112 | €43,370 | - | €21,015 | - |
| Profit (loss) for the period9904 | €45,938 | €10,647 | €18,932 | -€1,668 | -€15,834 | €136,218 | -€31,543 | -€20,845 | ▲ 33.9% |
| Profit (loss) for the period to be appropriated9905 | €45,938 | €10,647 | €18,932 | -€1,668 | -€15,834 | €136,218 | -€31,543 | -€20,845 | ▲ 33.9% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €366,590 | €408,845 | €396,455 | €367,367 | €343,142 | €271,836 | €189,818 | €177,891 | ▼ 6.3% |
| Fixed assets21/28 | €242,357 | €267,949 | €248,008 | €228,193 | €208,729 | €1,844 | - | - | - |
| Intangible fixed assets21 | - | €0 | €0 | - | - | - | - | - | - |
| Tangible fixed assets22/27 | €242,007 | €267,599 | €247,658 | €227,843 | €208,379 | €1,844 | - | - | - |
| Land and buildings22 | - | - | - | €183,894 | €175,025 | - | - | - | - |
| Plant, machinery and equipment23 | - | - | - | €3,085 | €2,459 | €1,844 | - | - | - |
| Furniture and vehicles24 | - | - | - | €15,560 | €7,780 | - | - | - | - |
| Assets under construction and advance payments27 | - | - | - | €25,303 | €23,114 | - | - | - | - |
| Financial fixed assets28 | €350 | €350 | €350 | €350 | €350 | - | - | - | - |
| Current assets29/58 | €124,233 | €140,895 | €148,447 | €139,174 | €134,413 | €269,992 | €189,818 | €177,891 | ▼ 6.3% |
| Stocks and contracts in progress3 | €1,968 | €1,199 | €988 | - | - | - | - | - | - |
| Amounts receivable within one year40/41 | €120,584 | €134,763 | €144,837 | €136,498 | €134,413 | €174,311 | €154,901 | €177,191 | ▲ 14.4% |
| Trade receivables40 | - | - | - | €9,734 | €6,000 | €14,751 | €7,500 | €16,954 | ▲ 126% |
| Other amounts receivable41 | - | - | - | €126,764 | €128,413 | €159,561 | €147,401 | €160,238 | ▲ 8.7% |
| Cash at bank and in hand54/58 | - | - | - | - | - | €95,680 | €34,917 | €699 | ▼ 98.0% |
| Deferred charges and accrued income490/1 | - | - | - | €2,675 | - | - | - | - | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €366,590 | €408,845 | €396,455 | €367,367 | €343,142 | €271,836 | €189,818 | €177,891 | ▼ 6.3% |
| Equity10/15 | €65,696 | €76,343 | €95,275 | €93,607 | €77,774 | €177,991 | €146,449 | €113,160 | ▼ 22.7% |
| Contributions10/11 | €6,200 | €6,200 | - | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Capital10 | - | - | - | - | - | - | €6,200 | - | - |
| Issued capital100 | - | - | - | - | - | - | €18,600 | - | - |
| Uncalled capital101 | - | - | - | - | - | - | €12,400 | - | - |
| Contributions outside capital11 | - | - | - | - | - | - | - | €6,200 | - |
| Other1109/19 | - | - | - | - | - | - | - | €6,200 | - |
| Reserves13 | €59,496 | €70,143 | €89,075 | €87,407 | €71,574 | €171,791 | €171,791 | €171,791 | = |
| 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 | - | - | - | €85,547 | €69,714 | €169,931 | €169,931 | €169,931 | = |
| Profit (loss) carried forward14 | - | - | - | - | - | - | -€31,543 | -€64,831 | ▼ 106% |
| Amounts payable17/49 | €300,894 | €332,502 | €301,180 | €273,759 | €265,369 | €93,845 | €43,370 | €64,731 | ▲ 49.3% |
| Amounts payable after more than one year17 | €253,208 | €272,836 | €250,039 | €225,745 | €201,306 | - | - | - | - |
| Financial debts170/4 | - | - | - | €225,745 | €201,306 | - | - | - | - |
| Amounts payable within one year42/48 | €47,685 | €59,666 | €51,142 | €48,015 | €64,063 | €90,345 | €43,370 | €64,731 | ▲ 49.3% |
| Current portion of amounts payable after more than one year42 | - | - | - | €28,602 | €29,439 | - | - | - | - |
| Financial debts43 | - | - | - | €2,788 | €19,294 | - | - | - | - |
| Credit institutions430/8 | - | - | - | €2,788 | €19,294 | - | - | - | - |
| Trade debts44 | €25,891 | €19,545 | €15,973 | €14,269 | €13,530 | €9,175 | - | €15,952 | - |
| Suppliers440/4 | - | - | - | €14,269 | €13,530 | €9,175 | - | €15,952 | - |
| Taxes, remuneration and social security45 | - | - | - | €2,355 | €1,800 | €45,170 | €43,370 | €48,778 | ▲ 12.5% |
| Taxes450/3 | - | - | - | €2,355 | €1,800 | €45,170 | €43,370 | €48,778 | ▲ 12.5% |
| Other amounts payable47/48 | - | - | - | - | - | €36,000 | - | - | - |
| Accrued charges and deferred income492/3 | - | - | - | - | - | €3,500 | - | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €45,938 | €10,647 | €18,932 | -€1,668 | -€15,834 | €136,218 | -€31,543 | -€20,845 | ▲ 33.9% |
| + Depreciation and write-downs630 | €11,441 | €21,166 | €19,941 | €19,815 | €19,464 | €8,395 | - | - | - |
| Operating cash flow (approximation) | €57,379 | €31,813 | €38,873 | €18,148 | €3,630 | €144,612 | -€31,543 | -€20,845 | ▲ 33.9% |
| Investment in fixed assets (approximation) | - | -€46,758 | €0 | €0 | €0 | €198,490 | - | - | - |
| Change in cash | - | - | - | - | - | - | -€60,764 | -€34,217 | ▲ 43.7% |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Latest 10 of 16 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 15-10-2026 | 2026-00558655 | |
| 31-12-2024 | micro format | 04-06-2026 | 2026-00138785 | |
| 31-12-2023 | micro format | 25-06-2024 | 2024-00158776 | |
| 31-12-2022 | micro format | 29-06-2023 | 2023-00173417 | |
| 31-12-2021 | abbreviated format | 01-07-2022 | 2022-20121741 | |
| 31-12-2020 | abbreviated format | 28-06-2021 | 2021-25600535 | |
| 31-12-2019 | abbreviated format | 31-07-2020 | 2020-39500237 | |
| 31-12-2018 | abbreviated format | 17-07-2019 | 2019-33800237 | |
| 31-12-2017 | abbreviated format | 31-08-2018 | 2018-62000472 | |
| 31-12-2016 | abbreviated format | 31-07-2017 | 2017-40000130 |