ESDEVE
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 26-01-2026 PDF all 23 filings
Turnover
€171,675
EBIT margin
1.1%
Net result
-€8,454▲ 9.3%
2024 · -€9,325
Working capital
-€23,207▼ 17.6%
2024 · -€19,728
Multi-year overview
2019 to 2025, 7 financial yearsTurnover
no figure
2025
20192025
Operating result
-€6,984
▲ 12.1%
2025
20192025
Net result
-€8,454
▲ 9.3%
2025
lowest quarter of the sector
20192025
EBIT margin
no figure
2025
20192025
Equity
-€3,358
2025
lowest quarter of the sector
20192025
Total assets
€68,511
▼ 17.5%
2025
middle half of the sector
20192025
Debt
€71,869
▼ 7.8%
2025
20192025
Working capital
-€23,207
▼ 17.6%
2025
lowest quarter of the sector
20192025
Solvency
-4.9%
▼ 11.0pp
2025
lowest quarter of the sector
20192025
Current ratio
0.65
▼ 0.05
2025
lowest quarter of the sector
20192025
Return on assets (ROA)
-12.3%
▼ 1.1pp
2025
lowest quarter of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Turnover€171,675
Operating result-€18,622-€12,235€20,766▲ 69.7%€1,897▼ 90.9%-€5,126-€7,948▼ 55.0%-€6,984▲ 12.1%
Net result-€21,437-€9,317within the sector's middle half€16,157within the sector's middle half▲ 73.4%-€952below the sector's middle half-€7,795below the sector's middle half▼ 719%-€9,325below the sector's middle half▼ 19.6%-€8,454below the sector's middle half▲ 9.3%
EBIT margin1.1%
Equity€894-€10,211below the sector's middle half▲ 11×€26,368within the sector's middle half▲ 158%€22,216within the sector's middle half▼ 15.7%€14,421below the sector's middle half▼ 35.1%€5,097below the sector's middle half▼ 64.7%-€3,358below the sector's middle half
Total assets€99,843-€97,505within the sector's middle half▼ 2.3%€127,524within the sector's middle half▲ 30.8%€117,158within the sector's middle half▼ 8.1%€93,435within the sector's middle half▼ 20.2%€83,062within the sector's middle half▼ 11.1%€68,511within the sector's middle half▼ 17.5%
Debt€98,445-€86,790▼ 11.8%€100,652▲ 16.0%€94,942▼ 5.7%€79,014▼ 16.8%€77,966▼ 1.3%€71,869▼ 7.8%
Working capital-€12,836--€2,991below the sector's middle half▲ 76.7%-€19,594below the sector's middle half▼ 555%-€23,253below the sector's middle half▼ 18.7%-€18,171below the sector's middle half▲ 21.9%-€19,728below the sector's middle half▼ 8.6%-€23,207below the sector's middle half▼ 17.6%
Solvency0.9%-10.5%below the sector's middle half▲ 9.6pp20.7%below the sector's middle half▲ 10.2pp19.0%below the sector's middle half▼ 1.7pp15.4%below the sector's middle half▼ 3.5pp6.1%below the sector's middle half▼ 9.3pp-4.9%below the sector's middle half▼ 11.0pp
Current ratio0.57-0.90below the sector's middle half▲ 0.330.68below the sector's middle half▼ 0.230.65below the sector's middle half▼ 0.020.69below the sector's middle half▲ 0.030.69below the sector's middle half▲ 0.010.65below the sector's middle half▼ 0.05
Return on assets (ROA)-21.5%-9.6%within the sector's middle half▲ 31.0pp12.7%within the sector's middle half▲ 3.1pp-0.8%below the sector's middle half▼ 13.5pp-8.3%below the sector's middle half▼ 7.5pp-11.2%below the sector's middle half▼ 2.9pp-12.3%below the sector's middle half▼ 1.1pp
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 a loss of €6,984, smaller than the loss of €7,948 in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €68,511
Fixed assets
€26,178 ▼ 32.3%
Current assets
€42,333 ▼ 4.7%
Equity and liabilities
Equity-€3,358
Debt€71,869
Equity is negative. Debt (€71,869) exceeds the balance-sheet total (€68,511).
Key figures and ratios
EBITDA
€5,496▲
2024 · €4,404
Cash flow
€4,026▲
2024 · €3,028
Quick ratio
0.53▼
2024 · 0.62
Interest coverage
3.47▼
2024 · 4.08
Debt ≤ 1 year
€65,541▲
2024 · €64,132
Debt > 1 year
€4,530▼
2024 · €12,035
Income taxes
€187▼
2024 · €344
Debt to equity is not shown because equity is negative. Debt divided by negative equity means nothing.
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €7,233 | - | €651 | - |
| Depreciation and write-downs of the year | €20,499 | €19,560 | €12,352 | €12,480 |
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 | - | - | - | €171,675 | - | - | - | - |
| Non-recurring operating income76A | - | - | - | - | - | €17,408 | €0 | ▼ 100% |
| Goods, raw materials, services and sundry goods60/61 | - | - | - | €149,922 | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €15,974 | €14,191 | €13,911 | €20,499 | €19,560 | €12,352 | €12,480 | ▲ 1.0% |
| Other operating charges640/8 | - | - | - | €1,451 | €1,476 | €1,655 | €939 | ▼ 43.3% |
| Gross operating margin9900 | -€735 | €28,512 | €36,870 | €23,846 | €15,909 | €6,059 | €6,435 | ▲ 6.2% |
| Operating profit (loss)9901 | -€18,622 | €12,235 | €20,766 | €1,897 | -€5,126 | -€7,948 | -€6,984 | ▲ 12.1% |
| Financial income75/76B | - | - | - | €44 | €4 | €47 | €298 | ▲ 541% |
| Recurring financial income75 | €0 | €0 | €11 | €44 | €4 | €47 | €298 | ▲ 541% |
| Financial charges65/66B | - | - | - | €2,806 | €2,329 | €1,080 | €1,582 | ▲ 46.5% |
| Recurring financial charges65 | €2,888 | €2,643 | €2,743 | €2,806 | €2,329 | €1,080 | €1,582 | ▲ 46.5% |
| Profit (loss) for the period before taxes9903 | -€21,509 | €9,592 | €18,034 | -€865 | -€7,451 | -€8,981 | -€8,268 | ▲ 7.9% |
| Transfer from deferred taxes780 | - | - | - | €504 | - | - | - | - |
| Income taxes67/77 | €280 | €275 | €1,877 | €591 | €343 | €344 | €187 | ▼ 45.7% |
| Profit (loss) for the period9904 | -€21,437 | €9,317 | €16,157 | -€952 | -€7,795 | -€9,325 | -€8,454 | ▲ 9.3% |
| Transfer from tax-exempt reserves789 | - | - | - | €2,017 | - | - | - | - |
| Profit (loss) for the period to be appropriated9905 | -€21,790 | €9,317 | €16,157 | €1,065 | -€7,795 | -€9,325 | -€8,454 | ▲ 9.3% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €99,843 | €97,505 | €127,524 | €117,158 | €93,435 | €83,062 | €68,511 | ▼ 17.5% |
| Fixed assets21/28 | €82,588 | €69,531 | €86,438 | €73,173 | €53,613 | €38,658 | €26,178 | ▼ 32.3% |
| Tangible fixed assets22/27 | €82,538 | €69,481 | €86,388 | €73,123 | €53,563 | €38,608 | €26,128 | ▼ 32.3% |
| Land and buildings22 | - | - | - | €34,892 | €29,820 | €24,748 | €19,497 | ▼ 21.2% |
| Plant, machinery and equipment23 | - | - | - | €2,942 | €2,517 | €2,989 | €2,634 | ▼ 11.9% |
| Furniture and vehicles24 | - | - | - | €35,289 | €21,226 | €10,871 | €3,997 | ▼ 63.2% |
| Financial fixed assets28 | €50 | €50 | €50 | €50 | €50 | €50 | €50 | = |
| Current assets29/58 | €17,255 | €27,974 | €41,086 | €43,985 | €39,822 | €44,404 | €42,333 | ▼ 4.7% |
| Stocks and contracts in progress3 | €3,878 | €4,706 | €6,162 | €6,829 | €8,842 | €4,943 | €7,344 | ▲ 48.6% |
| Stocks30/36 | - | - | - | €6,829 | €8,842 | €4,943 | €7,344 | ▲ 48.6% |
| Amounts receivable within one year40/41 | €9,844 | €4,112 | €1,646 | €5,645 | €1,511 | €18,423 | €18,355 | ▼ 0.4% |
| Trade receivables40 | - | - | - | €2,232 | €503 | €10,635 | €13,878 | ▲ 30.5% |
| Other amounts receivable41 | - | - | - | €3,413 | €1,009 | €7,788 | €4,477 | ▼ 42.5% |
| Current investments50/53 | - | - | €8,983 | €18,983 | €14,993 | - | - | - |
| Cash at bank and in hand54/58 | €2,369 | €12,794 | €21,963 | €10,765 | €13,336 | €19,951 | €14,912 | ▼ 25.3% |
| Deferred charges and accrued income490/1 | - | - | - | €1,761 | €1,140 | €1,087 | €1,722 | ▲ 58.5% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €99,843 | €97,505 | €127,524 | €117,158 | €93,435 | €83,062 | €68,511 | ▼ 17.5% |
| Equity10/15 | €894 | €10,211 | €26,368 | €22,216 | €14,421 | €5,097 | -€3,358 | - |
| Contributions10/11 | €6,200 | - | - | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Reserves13 | €3,877 | €3,877 | €20,035 | €16,157 | €16,157 | €16,157 | €16,157 | = |
| Distributable reserves133 | - | - | - | €16,157 | €16,157 | €16,157 | €16,157 | = |
| Profit (loss) carried forward14 | -€9,184 | €133 | €133 | -€141 | -€7,936 | -€17,260 | -€25,715 | ▼ 49.0% |
| Provisions and deferred taxes16 | €504 | €504 | €504 | - | - | - | - | - |
| Amounts payable17/49 | €98,445 | €86,790 | €100,652 | €94,942 | €79,014 | €77,966 | €71,869 | ▼ 7.8% |
| Amounts payable after more than one year17 | €64,334 | €51,805 | €39,405 | €26,627 | €19,223 | €12,035 | €4,530 | ▼ 62.4% |
| Financial debts170/4 | - | - | - | €26,627 | €19,223 | €12,035 | €4,530 | ▼ 62.4% |
| Amounts payable within one year42/48 | €30,091 | €30,965 | €60,681 | €67,238 | €57,992 | €64,132 | €65,541 | ▲ 2.2% |
| Current portion of amounts payable after more than one year42 | - | - | - | €12,778 | €7,404 | €7,188 | €7,505 | ▲ 4.4% |
| Trade debts44 | €16,885 | €12,036 | €12,769 | €14,095 | €10,546 | €10,483 | €12,475 | ▲ 19.0% |
| Suppliers440/4 | - | - | - | €14,095 | €10,546 | €10,483 | €12,475 | ▲ 19.0% |
| Advances received on contracts in progress46 | - | - | - | €4,140 | €5,570 | €1,431 | €1,431 | = |
| Taxes, remuneration and social security45 | - | - | - | €591 | €343 | €3,631 | €3,628 | ▼ 0.1% |
| Taxes450/3 | - | - | - | €591 | €343 | €3,631 | €1,365 | ▼ 62.4% |
| Remuneration and social security454/9 | - | - | - | - | - | - | €2,263 | - |
| Other amounts payable47/48 | - | - | - | €35,633 | €34,129 | €41,400 | €40,502 | ▼ 2.2% |
| Accrued charges and deferred income492/3 | - | - | - | €1,077 | €1,798 | €1,798 | €1,798 | = |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€21,437 | €9,317 | €16,157 | -€952 | -€7,795 | -€9,325 | -€8,454 | ▲ 9.3% |
| + Depreciation and write-downs630 | €15,974 | €14,191 | €13,911 | €20,499 | €19,560 | €12,352 | €12,480 | ▲ 1.0% |
| Operating cash flow (approximation) | -€5,463 | €23,508 | €30,068 | €19,547 | €11,765 | €3,028 | €4,026 | ▲ 33.0% |
| Investment in fixed assets (approximation) | - | -€1,134 | -€30,818 | -€7,233 | €0 | €2,603 | €0 | ▼ 100% |
| Change in cash | - | €10,424 | €9,169 | -€11,198 | €2,570 | €6,615 | -€5,039 | - |
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, 6,619 companies had the same profile as ESDEVE has now. Two years later, 84.5% were still going and 4.5% had gone bankrupt.
- Micro
- 20 years or older
- negative equity
- a loss of 10% of the balance sheet or more
84.5%
was still going
10.0%
stopped otherwise
4.5%
went bankrupt
Another 1.0% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of ESDEVE itself: 1.1% 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 6,619 companies, not a prediction for ESDEVE. 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 23 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-06-2025 | micro format | 26-01-2026 | 2026-00016798 | |
| 30-06-2024 | micro format | 29-01-2025 | 2025-00014051 | |
| 30-06-2023 | micro format | 02-01-2024 | 2024-00540713 | |
| 30-06-2022 | micro format | 04-01-2023 | 2023-20552260 | |
| 30-06-2021 | micro format | 18-01-2022 | 2022-01100070 | |
| 30-06-2020 | micro format | 10-01-2021 | 2021-00500065 | |
| 30-06-2019 | micro format | 31-12-2019 | 2019-77800148 | |
| 30-06-2018 | micro format | 07-01-2019 | 2019-00500255 | |
| 30-06-2017 | micro format | 30-01-2018 | 2018-02600597 | |
| 30-06-2016 | abbreviated format | 02-01-2017 | 2017-00500406 |