ENOVATION CONSTRUCT
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 19-06-2026 at the NBB all 9 filings
Turnover
≈ €170,000
Estimated: probably between €89,000 and €310,000
Total assets
€27,796▲ 19.9%
2024 · €23,174
Net result
€10,288▲ 19.6%
2024 · €8,602
Working capital
-€8,941▲ 9.1%
2024 · -€9,836
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€10,405
▲ 19.5%
2025
20182025
Net result
€10,288
▲ 19.6%
2025
middle half of the sector
20182025
Equity
€452
2025
lowest quarter of the sector
20182025
Total assets
€27,796
▲ 19.9%
2025
lowest quarter of the sector
20182025
Debt
€27,344
▼ 17.2%
2025
20182025
Working capital
-€8,941
▲ 9.1%
2025
lowest quarter of the sector
20182025
Solvency
1.6%
▲ 44.1pp
2025
lowest quarter of the sector
20182025
Current ratio
0.67
▼ 0.03
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
37.0%
▼ 0.1pp
2025
highest 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€10,178--€9,707-€12,661▼ 30.4%€14,103€3,184▼ 77.4%-€35,589€8,706€10,405▲ 19.5%
Net result€8,104--€9,722-€12,708below the sector's middle half▼ 30.7%€13,888within the sector's middle half€2,892within the sector's middle half▼ 79.2%-€35,694below the sector's middle half€8,602within the sector's middle half€10,288within the sector's middle half▲ 19.6%
Equity€16,156-€6,434▼ 60.2%€376below the sector's middle half▼ 94.2%€14,364within the sector's middle half▲ 38×€17,256within the sector's middle half▲ 20.1%-€18,438below the sector's middle half-€9,836below the sector's middle half▲ 46.7%€452below the sector's middle half
Total assets€27,699-€9,031▼ 67.4%€7,585below the sector's middle half▼ 16.0%€19,751below the sector's middle half▲ 160%€69,064within the sector's middle half▲ 250%€33,381below the sector's middle half▼ 51.7%€23,174below the sector's middle half▼ 30.6%€27,796below the sector's middle half▲ 19.9%
Debt€11,543-€2,597▼ 77.5%€7,209▲ 178%€5,387▼ 25.3%€51,808▲ 862%€51,819=€33,010▼ 36.3%€27,344▼ 17.2%
Working capital€16,156-€6,434▼ 60.2%€376below the sector's middle half▼ 94.2%€14,364within the sector's middle half▲ 38×€17,256within the sector's middle half▲ 20.1%-€18,438below the sector's middle half-€9,836below the sector's middle half▲ 46.7%-€8,941below the sector's middle half▲ 9.1%
Solvency58.3%-71.2%▲ 12.9pp5.0%below the sector's middle half▼ 66.3pp72.7%above the sector's middle half▲ 67.8pp25.0%within the sector's middle half▼ 47.7pp-55.2%below the sector's middle half▼ 80.2pp-42.4%below the sector's middle half▲ 12.8pp1.6%below the sector's middle half▲ 44.1pp
Current ratio2.40-3.48▲ 1.081.05within the sector's middle half▼ 2.433.67above the sector's middle half▲ 2.611.33within the sector's middle half▼ 2.330.64below the sector's middle half▼ 0.690.70below the sector's middle half▲ 0.060.67below the sector's middle half▼ 0.03
Return on assets (ROA)29.3%--107.6%▼ 136.9pp-167.5%below the sector's middle half▼ 59.9pp70.3%above the sector's middle half▲ 237.9pp4.2%within the sector's middle half▼ 66.1pp-106.9%below the sector's middle half▼ 111.1pp37.1%above the sector's middle half▲ 144.0pp37.0%above the sector's middle half▼ 0.1pp
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 20% higher than in 2024. It is the second rise in a row, after the fall in 2023.
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
Assets €27,796
Fixed assets
€9,393
Current assets
€18,403
Equity and liabilities €27,796
Equity
€452
Debt
€27,344
Debt's share of the balance-sheet total is 98.4%.
Key figures and ratios
EBITDA
€13,757
Cash flow
€13,640
Quick ratio
0.51▼
2024 · 0.57
Interest coverage
over 100
Debt ≤ 1 year
€27,344▼
2024 · €33,010
The equity ratios are withheld because equity of €452 is too small for a meaningful ratio.
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | - | - | - | €12,745 |
| Depreciation and write-downs of the year | - | - | - | - | €3,352 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | - | - | - | - | - | - | - | €3,352 | - |
| Other operating charges640/8 | - | - | - | €579 | €587 | €479 | €98 | €249 | ▲ 154% |
| Gross operating margin9900 | €11,319 | -€9,309 | -€11,975 | €14,682 | €3,771 | -€35,110 | €8,804 | €14,006 | ▲ 59.1% |
| Operating profit (loss)9901 | €10,178 | -€9,707 | -€12,661 | €14,103 | €3,184 | -€35,589 | €8,706 | €10,405 | ▲ 19.5% |
| Financial income75/76B | - | - | - | - | - | - | €3 | - | - |
| Recurring financial income75 | - | - | - | - | - | - | €3 | - | - |
| Financial charges65/66B | - | - | - | €214 | €293 | €105 | €108 | €117 | ▲ 8.3% |
| Recurring financial charges65 | €22 | €14 | €31 | €214 | €293 | €105 | €108 | €117 | ▲ 8.3% |
| Profit (loss) for the period before taxes9903 | €10,155 | -€9,722 | -€12,692 | €13,888 | €2,892 | -€35,694 | €8,602 | €10,288 | ▲ 19.6% |
| Income taxes67/77 | €2,051 | - | €16 | - | - | - | - | - | - |
| Profit (loss) for the period9904 | €8,104 | -€9,722 | -€12,708 | €13,888 | €2,892 | -€35,694 | €8,602 | €10,288 | ▲ 19.6% |
| Profit (loss) for the period to be appropriated9905 | €8,104 | -€9,722 | -€12,708 | €13,888 | €2,892 | -€35,694 | €8,602 | €10,288 | ▲ 19.6% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €27,699 | €9,031 | €7,585 | €19,751 | €69,064 | €33,381 | €23,174 | €27,796 | ▲ 19.9% |
| Fixed assets21/28 | - | - | - | - | - | - | - | €9,393 | - |
| Tangible fixed assets22/27 | - | - | - | - | - | - | - | €9,393 | - |
| Leasing and similar rights25 | - | - | - | - | - | - | - | €9,393 | - |
| Current assets29/58 | €27,699 | €9,031 | €7,585 | €19,751 | €69,064 | €33,381 | €23,174 | €18,403 | ▼ 20.6% |
| Stocks and contracts in progress3 | - | - | - | - | - | €4,500 | €4,500 | €4,391 | ▼ 2.4% |
| Stocks30/36 | - | - | - | - | - | €4,500 | €4,500 | €4,391 | ▼ 2.4% |
| Amounts receivable within one year40/41 | €10,294 | €1,776 | €1,663 | €9,982 | €45,262 | €21,001 | €12,260 | €11,326 | ▼ 7.6% |
| Trade receivables40 | - | - | - | €7,592 | €35,608 | €20,246 | €11,468 | €11,326 | ▼ 1.2% |
| Other amounts receivable41 | - | - | - | €2,391 | €9,654 | €755 | €792 | - | - |
| Cash at bank and in hand54/58 | €17,405 | €7,255 | €5,923 | €9,683 | €23,311 | €7,880 | €6,414 | €2,686 | ▼ 58.1% |
| Deferred charges and accrued income490/1 | - | - | - | €85 | €490 | - | - | - | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €27,699 | €9,031 | €7,585 | €19,751 | €69,064 | €33,381 | €23,174 | €27,796 | ▲ 19.9% |
| Equity10/15 | €16,156 | €6,434 | €376 | €14,364 | €17,256 | -€18,438 | -€9,836 | €452 | - |
| Contributions10/11 | €6,200 | €6,200 | €12,850 | €12,950 | €12,950 | €14,810 | €14,810 | €14,810 | = |
| Reserves13 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | - | - | - | - |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | - | - | - | - |
| Profit (loss) carried forward14 | €8,096 | -€1,626 | -€14,334 | -€446 | €2,446 | -€33,248 | -€24,646 | -€14,358 | ▲ 41.7% |
| Amounts payable17/49 | €11,543 | €2,597 | €7,209 | €5,387 | €51,808 | €51,819 | €33,010 | €27,344 | ▼ 17.2% |
| Amounts payable within one year42/48 | €11,543 | €2,597 | €7,209 | €5,387 | €51,808 | €51,819 | €33,010 | €27,344 | ▼ 17.2% |
| Trade debts44 | €8,299 | €546 | €2,583 | €2,491 | €46,185 | €14,207 | €10,846 | €418 | ▼ 96.1% |
| Suppliers440/4 | - | - | - | €2,491 | €46,185 | €14,207 | €10,846 | €418 | ▼ 96.1% |
| Taxes, remuneration and social security45 | - | - | - | €955 | €4,383 | €3,410 | €4,398 | €4,005 | ▼ 8.9% |
| Taxes450/3 | - | - | - | €955 | €2,883 | €1,910 | €1,898 | €4,005 | ▲ 111% |
| Remuneration and social security454/9 | - | - | - | - | €1,500 | €1,500 | €2,500 | - | - |
| Other amounts payable47/48 | - | - | - | €1,941 | €1,240 | €34,201 | €17,767 | €22,920 | ▲ 29.0% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €8,104 | -€9,722 | -€12,708 | €13,888 | €2,892 | -€35,694 | €8,602 | €10,288 | ▲ 19.6% |
| + Depreciation and write-downs630 | - | - | - | - | - | - | - | €3,352 | - |
| Operating cash flow (approximation) | €8,104 | -€9,722 | -€12,708 | €13,888 | €2,892 | -€35,694 | €8,602 | €13,640 | ▲ 58.6% |
| Change in cash | - | -€10,150 | -€1,332 | €3,761 | €13,628 | -€15,431 | -€1,466 | -€3,728 | ▼ 154% |
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, 2,153 companies had the same profile as ENOVATION CONSTRUCT has now. Two years later, 96.1% were still going and 1.7% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency under 10%
- a profit of 5% of the balance sheet or more
96.1%
was still going
2.2%
stopped otherwise
1.7%
went bankrupt
That fits the bankruptcy probability of ENOVATION CONSTRUCT itself: 1.2% 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 2,153 companies, not a prediction for ENOVATION 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 (9)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 19-06-2026 | 2026-00176592 | |
| 31-12-2024 | micro format | 31-07-2025 | 2025-00353197 | |
| 31-12-2023 | micro format | 09-06-2024 | 2024-00116975 | |
| 31-12-2022 | micro format | 04-06-2023 | 2023-00105266 | |
| 31-12-2021 | micro format | 21-06-2022 | 2022-20077586 | |
| 31-12-2020 | micro format | 13-07-2021 | 2021-34600126 | |
| 31-12-2019 | micro format | 08-09-2020 | 2020-52400250 | |
| 31-12-2018 | micro format | 16-08-2019 | 2019-46900102 | |
| 31-12-2017 | micro format | 21-07-2018 | 2018-36600048 |