EWAPD CONSTRUCT
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 02-07-2026 at the NBB all 15 filings
Turnover
≈ €340,000
Estimated: probably between €240,000 and €500,000
Total assets
€151,443▲ 26.1%
2024 · €120,129
Net result
€16,682▲ 84.2%
2024 · €9,058
Working capital
€44,352▲ 72.6%
2024 · €25,701
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€27,813
▲ 81.5%
2025
20182025
Net result
€16,682
▲ 84.2%
2025
middle half of the sector
20182025
Equity
€53,428
▲ 45.4%
2025
middle half of the sector
20182025
Total assets
€151,443
▲ 26.1%
2025
middle half of the sector
20182025
Debt
€98,015
▲ 17.5%
2025
20182025
Working capital
€44,352
▲ 72.6%
2025
middle half of the sector
20182025
Solvency
35.3%
▲ 4.7pp
2025
middle half of the sector
20182025
Current ratio
1.45
▲ 0.14
2025
middle half of the sector
20182025
Return on assets (ROA)
11.0%
▲ 3.5pp
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
Operating result€4,194--€2,688-€29,029▼ 980%€614€28,346▲ 46×€2,725▼ 90.4%€15,327▲ 462%€27,813▲ 81.5%
Net result-€1,114--€1,088▲ 2.3%-€32,432below the sector's middle half▼ 2,881%-€922below the sector's middle half▲ 97.2%€17,997within the sector's middle half€1,135within the sector's middle half▼ 93.7%€9,058within the sector's middle half▲ 698%€16,682within the sector's middle half▲ 84.2%
Equity€42,998-€41,910▼ 2.5%€9,477below the sector's middle half▼ 77.4%€8,555below the sector's middle half▼ 9.7%€26,552within the sector's middle half▲ 210%€27,688within the sector's middle half▲ 4.3%€36,746within the sector's middle half▲ 32.7%€53,428within the sector's middle half▲ 45.4%
Total assets€132,791-€160,243▲ 20.7%€119,050within the sector's middle half▼ 25.7%€73,315within the sector's middle half▼ 38.4%€106,706within the sector's middle half▲ 45.5%€104,669within the sector's middle half▼ 1.9%€120,129within the sector's middle half▲ 14.8%€151,443within the sector's middle half▲ 26.1%
Debt€89,793-€118,334▲ 31.8%€109,572▼ 7.4%€64,759▼ 40.9%€80,154▲ 23.8%€76,982▼ 4.0%€83,383▲ 8.3%€98,015▲ 17.5%
Working capital€19,761-€12,636▼ 36.1%€2,489below the sector's middle half▼ 80.3%-€197below the sector's middle half€10,505within the sector's middle half€10,030within the sector's middle half▼ 4.5%€25,701within the sector's middle half▲ 156%€44,352within the sector's middle half▲ 72.6%
Solvency32.4%-26.2%▼ 6.2pp8.0%below the sector's middle half▼ 18.2pp11.7%below the sector's middle half▲ 3.7pp24.9%within the sector's middle half▲ 13.2pp26.5%within the sector's middle half▲ 1.6pp30.6%within the sector's middle half▲ 4.1pp35.3%within the sector's middle half▲ 4.7pp
Current ratio1.22-1.11▼ 0.111.02below the sector's middle half▼ 0.081.00below the sector's middle half▼ 0.031.13within the sector's middle half▲ 0.131.13within the sector's middle half=1.31within the sector's middle half▲ 0.181.45within the sector's middle half▲ 0.14
Return on assets (ROA)-0.8%--0.7%▲ 0.2pp-27.2%below the sector's middle half▼ 26.6pp-1.3%below the sector's middle half▲ 26.0pp16.9%within the sector's middle half▲ 18.1pp1.1%within the sector's middle half▼ 15.8pp7.5%within the sector's middle half▲ 6.5pp11.0%within the sector's middle half▲ 3.5pp
Staff (FTE)0.8below the sector's middle half1▲ 25.0%1=1=1=1=
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 81% 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
2025 in colour, 2024 as the grey bar beneath
Assets €151,443
Fixed assets
€9,076 ▼ 17.9%
Current assets
€142,366 ▲ 30.5%
Equity and liabilities €151,443
Equity
€53,428 ▲ 45.4%
Debt
€98,015 ▲ 17.5%
Debt's share of the balance-sheet total falls from 69.4% to 64.7%. Equity and debt are higher.
Key figures and ratios
EBITDA
€32,594▲
2024 · €20,481
Cash flow
€21,463▲
2024 · €14,212
Debt to equity
1.83▼
2024 · 2.27
ROE
31.2%▲
2024 · 24.7%
Interest coverage
6.89▼
2024 · 8.46
Debt ≤ 1 year
€98,014▲
2024 · €83,371
Income taxes
€6,403▲
2024 · €5,518
Staff costs
€39,048▲
2024 · €38,220
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 1 | 1 | 1 | 1 | 1 |
| part-time | 1 | 1 | 1 | 1 | 1 |
| in full-time equivalents | 0.8 | 0.8 | 0.8 | 0.8 | 0.8 |
| Average over the year, in full-time equivalents | 0.8 | 0.8 | 0.8 | 0.8 | 0.8 |
| On a permanent contract | 1 | 1 | 1 | 1 | 1 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €9,302 | €12,000 | €8,695 | €825 | - |
| Financial fixed assets | - | - | €420 | - | €2,800 |
| Depreciation and write-downs of the year | €4,486 | €4,705 | €6,224 | €5,154 | €4,781 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €1,529 | €1,000 | - | - | - | - |
| Remuneration, social security and pensions62 | - | - | - | €8,535 | €31,195 | €38,336 | €38,220 | €39,048 | ▲ 2.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €14,688 | €13,651 | €5,885 | €4,486 | €4,705 | €6,224 | €5,154 | €4,781 | ▼ 7.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | €10,501 | - | - | - | - |
| Other operating charges640/8 | - | - | - | €1,524 | €7,110 | €2,291 | €8,418 | €29,543 | ▲ 251% |
| Non-recurring operating charges66A | - | - | - | €1,053 | - | €480 | - | - | - |
| Gross operating margin9900 | €45,796 | €56,798 | -€603 | €16,211 | €81,857 | €50,057 | €67,119 | €101,185 | ▲ 50.8% |
| Operating profit (loss)9901 | €4,194 | -€2,688 | -€29,029 | €614 | €28,346 | €2,725 | €15,327 | €27,813 | ▲ 81.5% |
| Financial income75/76B | - | - | - | €1,446 | €739 | €3,624 | €1,669 | €2 | ▼ 99.9% |
| Recurring financial income75 | €651 | €10,191 | €325 | €1,446 | €739 | €3,624 | €1,669 | €2 | ▼ 99.9% |
| Financial charges65/66B | - | - | - | €2,773 | €8,322 | €2,402 | €2,420 | €4,729 | ▲ 95.4% |
| Recurring financial charges65 | €2,658 | €3,233 | €3,612 | €2,773 | €8,322 | €2,402 | €2,420 | €4,729 | ▲ 95.4% |
| Profit (loss) for the period before taxes9903 | €2,187 | €4,270 | -€32,316 | -€713 | €20,763 | €3,948 | €14,576 | €23,085 | ▲ 58.4% |
| Income taxes67/77 | €3,301 | €5,358 | €116 | €209 | €2,766 | €2,812 | €5,518 | €6,403 | ▲ 16.0% |
| Profit (loss) for the period9904 | -€1,114 | -€1,088 | -€32,432 | -€922 | €17,997 | €1,135 | €9,058 | €16,682 | ▲ 84.2% |
| Profit (loss) for the period to be appropriated9905 | -€1,114 | -€1,088 | -€32,432 | -€922 | €17,997 | €1,135 | €9,058 | €16,682 | ▲ 84.2% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €132,791 | €160,243 | €119,050 | €73,315 | €106,706 | €104,669 | €120,129 | €151,443 | ▲ 26.1% |
| Fixed assets21/28 | €23,237 | €29,274 | €6,988 | €8,752 | €16,047 | €17,658 | €11,057 | €9,076 | ▼ 17.9% |
| Tangible fixed assets22/27 | €23,237 | €29,274 | €6,988 | €8,752 | €16,047 | €17,238 | €10,637 | €5,856 | ▼ 44.9% |
| Furniture and vehicles24 | - | - | - | €8,752 | €16,047 | €17,238 | €10,637 | €5,856 | ▼ 44.9% |
| Financial fixed assets28 | - | - | - | - | - | €420 | €420 | €3,220 | ▲ 667% |
| Current assets29/58 | €109,555 | €130,969 | €112,061 | €64,563 | €90,659 | €87,012 | €109,073 | €142,366 | ▲ 30.5% |
| Amounts receivable within one year40/41 | €100,816 | €121,644 | €107,312 | €60,701 | €82,331 | €79,665 | €103,712 | €135,378 | ▲ 30.5% |
| Trade receivables40 | - | - | - | €58,225 | €74,655 | €75,630 | €90,319 | €123,383 | ▲ 36.6% |
| Other amounts receivable41 | - | - | - | €2,476 | €7,676 | €4,034 | €13,393 | €11,995 | ▼ 10.4% |
| Cash at bank and in hand54/58 | €5,638 | €8,641 | €3,983 | €3,317 | €6,429 | €6,365 | €3,633 | €6,287 | ▲ 73.1% |
| Deferred charges and accrued income490/1 | - | - | - | €544 | €1,899 | €982 | €1,728 | €701 | ▼ 59.4% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €132,791 | €160,243 | €119,050 | €73,315 | €106,706 | €104,669 | €120,129 | €151,443 | ▲ 26.1% |
| Equity10/15 | €42,998 | €41,910 | €9,477 | €8,555 | €26,552 | €27,688 | €36,746 | €53,428 | ▲ 45.4% |
| Contributions10/11 | €40,000 | €40,000 | - | €40,000 | €40,000 | €40,000 | €40,000 | €40,000 | = |
| Reserves13 | €4,000 | €4,000 | €4,000 | €4,000 | €4,000 | €4,000 | €4,000 | €4,000 | = |
| Non-distributable reserves130/1 | - | - | - | €4,000 | €4,000 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €4,000 | €4,000 | - | - | - | - |
| Distributable reserves133 | - | - | - | - | - | €4,000 | €4,000 | €4,000 | = |
| Profit (loss) carried forward14 | -€1,002 | -€2,090 | -€34,523 | -€35,445 | -€17,448 | -€16,312 | -€7,254 | €9,428 | - |
| Amounts payable17/49 | €89,793 | €118,334 | €109,572 | €64,759 | €80,154 | €76,982 | €83,383 | €98,015 | ▲ 17.5% |
| Amounts payable within one year42/48 | €89,793 | €118,334 | €109,572 | €64,759 | €80,154 | €76,982 | €83,371 | €98,014 | ▲ 17.6% |
| Trade debts44 | €48,979 | €84,189 | €78,306 | €60,125 | €66,948 | €56,851 | €67,806 | €71,549 | ▲ 5.5% |
| Suppliers440/4 | - | - | - | €60,125 | €66,948 | €56,851 | €67,806 | €71,549 | ▲ 5.5% |
| Advances received on contracts in progress46 | - | - | - | - | - | - | - | €4,564 | - |
| Taxes, remuneration and social security45 | - | - | - | €4,606 | €13,206 | €17,760 | €15,565 | €21,901 | ▲ 40.7% |
| Taxes450/3 | - | - | - | €1,011 | €4,869 | €7,352 | €9,299 | €11,665 | ▲ 25.5% |
| Remuneration and social security454/9 | - | - | - | €3,595 | €8,337 | €10,408 | €6,267 | €10,236 | ▲ 63.3% |
| Other amounts payable47/48 | - | - | - | €28 | - | €2,371 | - | - | - |
| Accrued charges and deferred income492/3 | - | - | - | - | - | - | €12 | €0 | ▼ 99.4% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€1,114 | -€1,088 | -€32,432 | -€922 | €17,997 | €1,135 | €9,058 | €16,682 | ▲ 84.2% |
| + Depreciation and write-downs630 | €14,688 | €13,651 | €5,885 | €4,486 | €4,705 | €6,224 | €5,154 | €4,781 | ▼ 7.2% |
| Operating cash flow (approximation) | €13,574 | €12,563 | -€26,547 | €3,563 | €22,702 | €7,360 | €14,212 | €21,463 | ▲ 51.0% |
| Investment in fixed assets (approximation) | - | -€19,688 | €16,400 | -€6,249 | -€12,000 | -€7,835 | €1,447 | -€2,800 | - |
| Change in cash | - | €3,003 | -€4,658 | -€666 | €3,112 | -€63 | -€2,733 | €2,655 | - |
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, 34,693 companies had the same profile as EWAPD CONSTRUCT has now. Two years later, 95.3% were still going and 0.7% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
95.3%
was still going
3.9%
stopped otherwise
0.7%
went bankrupt
That fits the bankruptcy probability of EWAPD CONSTRUCT itself: 0.4% 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 34,693 companies, not a prediction for EWAPD 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 15 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 02-07-2026 | 2026-00241831 | |
| 31-12-2024 | micro format | 08-07-2025 | 2025-00246142 | |
| 31-12-2023 | micro format | 28-06-2024 | 2024-00192192 | |
| 31-12-2022 | micro format | 26-06-2023 | 2023-00165376 | |
| 31-12-2021 | micro format | 30-06-2022 | 2022-20152814 | |
| 31-12-2020 | micro format | 22-06-2021 | 2021-23000175 | |
| 31-12-2019 | micro format | 29-06-2020 | 2020-22800063 | |
| 31-12-2018 | micro format | 25-06-2019 | 2019-24200536 | |
| 31-12-2017 | micro format | 29-06-2018 | 2018-26000494 | |
| 31-12-2016 | micro format | 22-08-2017 | 2017-46100519 |