EXPLOIMAT
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 17 days after the deadline Filed on 17 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00410633.
Annual accounts 2025 filed on 17-08-2026 at the NBB all 31 filings
Turnover
≈ €94,000
Estimated: probably between €43,000 and €140,000
EBIT margin
Not included in this filing
Net result
€10,367
2024 · -€10,522
Working capital
€24,967▲ 77.4%
2024 · €14,073
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€8,573
2025
20182025
Net result
€10,367
2025
middle half of the sector
20182025
Equity
€26,053
▲ 66.1%
2025
middle half of the sector
20182025
Total assets
€47,269
▲ 19.2%
2025
lowest quarter of the sector
20182025
Debt
€21,217
▼ 11.5%
2025
20182025
Working capital
€24,967
▲ 77.4%
2025
middle half of the sector
20182025
Solvency
55.1%
▲ 15.6pp
2025
middle half of the sector
20182025
Current ratio
2.18
▲ 0.59
2025
middle half of the sector
20182025
Return on assets (ROA)
21.9%
▲ 48.5pp
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-€4,240--€542▲ 87.2%€1,531-€1,397€17,110€8,664▼ 49.4%-€10,140€8,573
Net result-€4,515--€847▲ 81.2%€1,531within the sector's middle half-€1,539below the sector's middle half€16,917within the sector's middle half€8,349within the sector's middle half▼ 50.7%-€10,522below the sector's middle half€10,367within the sector's middle half
Equity€1,796-€949▼ 47.2%€2,481below the sector's middle half▲ 161%€942below the sector's middle half▼ 62.0%€17,859below the sector's middle half▲ 19×€26,207within the sector's middle half▲ 46.7%€15,686below the sector's middle half▼ 40.1%€26,053within the sector's middle half▲ 66.1%
Total assets€4,050-€3,131▼ 22.7%€5,279below the sector's middle half▲ 68.6%€9,834below the sector's middle half▲ 86.3%€26,849below the sector's middle half▲ 173%€40,285below the sector's middle half▲ 50.0%€39,665below the sector's middle half▼ 1.5%€47,269below the sector's middle half▲ 19.2%
Debt€2,254-€2,182▼ 3.2%€2,798▲ 28.2%€8,892▲ 218%€8,991▲ 1.1%€14,077▲ 56.6%€23,979▲ 70.3%€21,217▼ 11.5%
Working capital€1,796-€949▼ 47.2%€2,032below the sector's middle half▲ 114%€611below the sector's middle half▼ 70.0%€17,154within the sector's middle half▲ 28×€23,971within the sector's middle half▲ 39.7%€14,073within the sector's middle half▼ 41.3%€24,967within the sector's middle half▲ 77.4%
Solvency47.0%within the sector's middle half9.6%below the sector's middle half▼ 37.4pp66.5%above the sector's middle half▲ 56.9pp65.1%within the sector's middle half▼ 1.5pp39.5%within the sector's middle half▼ 25.5pp55.1%within the sector's middle half▲ 15.6pp
Current ratio1.73within the sector's middle half1.07below the sector's middle half▼ 0.662.91within the sector's middle half▲ 1.842.70within the sector's middle half▼ 0.211.59within the sector's middle half▼ 1.122.18within the sector's middle half▲ 0.59
Return on assets (ROA)29.0%above the sector's middle half-15.7%below the sector's middle half▼ 44.7pp63.0%above the sector's middle half▲ 78.7pp20.7%above the sector's middle half▼ 42.3pp-26.5%below the sector's middle half▼ 47.2pp21.9%above the sector's middle half▲ 48.5pp
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 profit of €8,573, after a loss of €10,140 in 2024.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €47,269
Fixed assets
€1,085 ▼ 32.7%
Current assets
€46,184 ▲ 21.4%
Equity and liabilities €47,269
Equity
€26,053 ▲ 66.1%
Debt
€21,217 ▼ 11.5%
Debt's share of the balance-sheet total falls from 60.5% to 44.9%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€9,101▲
2024 · -€9,517
Cash flow
€10,894▲
2024 · -€9,898
Debt to equity
0.81▼
2024 · 1.53
ROE
39.8%▲
2024 · -67.1%
Interest coverage
7.05▲
2024 · -24.97
Debt ≤ 1 year
€21,217▼
2024 · €23,979
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 | - | - | €2,276 | - | - |
| Depreciation and write-downs of the year | €118 | €657 | €744 | €624 | €528 |
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 | - | - | €22 | €118 | €657 | €744 | €624 | €528 | ▼ 15.4% |
| Other operating charges640/8 | - | - | - | €348 | €348 | - | €401 | €439 | ▲ 9.6% |
| Non-recurring operating charges66A | - | - | - | - | - | - | €216 | - | - |
| Gross operating margin9900 | -€3,671 | -€194 | €1,900 | -€932 | €18,114 | €9,407 | -€8,901 | €9,540 | - |
| Operating profit (loss)9901 | -€4,240 | -€542 | €1,531 | -€1,397 | €17,110 | €8,664 | -€10,140 | €8,573 | - |
| Financial income75/76B | - | - | - | - | - | €0 | €0 | €3,084 | ▲ 77,090× |
| Recurring financial income75 | €0 | - | - | - | - | €0 | €0 | €0 | ▲ 875% |
| Non-recurring financial income76B | - | - | - | - | - | - | - | €3,083 | - |
| Financial charges65/66B | - | - | - | €142 | €193 | €315 | €381 | €1,290 | ▲ 238% |
| Recurring financial charges65 | €191 | €318 | - | €142 | €193 | €315 | €381 | €1,290 | ▲ 238% |
| Profit (loss) for the period before taxes9903 | -€4,430 | -€847 | €1,531 | -€1,539 | €16,917 | €8,349 | -€10,522 | €10,367 | - |
| Income taxes67/77 | €85 | - | - | - | - | - | - | - | - |
| Profit (loss) for the period9904 | -€4,515 | -€847 | €1,531 | -€1,539 | €16,917 | €8,349 | -€10,522 | €10,367 | - |
| Profit (loss) for the period to be appropriated9905 | -€4,515 | -€847 | €1,531 | -€1,539 | €16,917 | €8,349 | -€10,522 | €10,367 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €4,050 | €3,131 | €5,279 | €9,834 | €26,849 | €40,285 | €39,665 | €47,269 | ▲ 19.2% |
| Formation expenses20 | - | - | - | - | €491 | - | - | - | - |
| Fixed assets21/28 | - | - | €448 | €331 | €213 | €2,237 | €1,613 | €1,085 | ▼ 32.7% |
| Tangible fixed assets22/27 | - | - | €448 | €331 | €213 | €2,237 | €1,613 | €1,085 | ▼ 32.7% |
| Plant, machinery and equipment23 | - | - | - | €331 | €213 | €1,528 | €1,070 | €707 | ▼ 33.9% |
| Furniture and vehicles24 | - | - | - | - | - | €708 | €543 | €378 | ▼ 30.4% |
| Current assets29/58 | €4,050 | €3,131 | €4,830 | €9,503 | €26,145 | €38,048 | €38,052 | €46,184 | ▲ 21.4% |
| Amounts receivable within one year40/41 | €2,714 | €2,465 | €3,685 | €7,067 | €22,254 | €17,695 | €31,509 | €42,451 | ▲ 34.7% |
| Trade receivables40 | - | - | - | €2,770 | €18,180 | €14,420 | €28,757 | €36,537 | ▲ 27.1% |
| Other amounts receivable41 | - | - | - | €4,296 | €4,074 | €3,275 | €2,753 | €5,915 | ▲ 115% |
| Cash at bank and in hand54/58 | €1,336 | €667 | €1,145 | €1,687 | €3,891 | €16,103 | €3,293 | €1,482 | ▼ 55.0% |
| Deferred charges and accrued income490/1 | - | - | - | €749 | - | €4,250 | €3,250 | €2,250 | ▼ 30.8% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €4,050 | €3,131 | €5,279 | €9,834 | €26,849 | €40,285 | €39,665 | €47,269 | ▲ 19.2% |
| Equity10/15 | €1,796 | €949 | €2,481 | €942 | €17,859 | €26,207 | €15,686 | €26,053 | ▲ 66.1% |
| Contributions10/11 | €18,592 | €18,592 | - | €19,693 | €18,592 | €18,592 | €18,592 | €18,592 | = |
| Reserves13 | €1,101 | €1,101 | €1,101 | - | €1,101 | €1,101 | €1,101 | €1,101 | = |
| Non-distributable reserves130/1 | - | - | - | - | €1,101 | €1,101 | €1,101 | €1,101 | = |
| Reserves not available under the articles1311 | - | - | - | - | €1,101 | €1,101 | €1,101 | €1,101 | = |
| Profit (loss) carried forward14 | -€17,896 | -€18,744 | -€17,212 | -€18,751 | -€1,834 | €6,515 | -€4,007 | €6,360 | - |
| Amounts payable17/49 | €2,254 | €2,182 | €2,798 | €8,892 | €8,991 | €14,077 | €23,979 | €21,217 | ▼ 11.5% |
| Amounts payable within one year42/48 | €2,254 | €2,182 | €2,798 | €8,892 | €8,991 | €14,077 | €23,979 | €21,217 | ▼ 11.5% |
| Trade debts44 | €147 | €154 | - | €3,374 | €3,616 | €9,063 | €16,513 | €17,449 | ▲ 5.7% |
| Suppliers440/4 | - | - | - | €3,374 | €3,616 | €9,063 | €16,513 | €17,449 | ▲ 5.7% |
| Taxes, remuneration and social security45 | - | - | - | €2,000 | €1,856 | €2,000 | €2,800 | - | - |
| Taxes450/3 | - | - | - | - | €1,856 | - | €339 | - | - |
| Remuneration and social security454/9 | - | - | - | €2,000 | - | €2,000 | €2,461 | - | - |
| Other amounts payable47/48 | - | - | - | €3,518 | €3,518 | €3,014 | €4,667 | €3,768 | ▼ 19.3% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€4,515 | -€847 | €1,531 | -€1,539 | €16,917 | €8,349 | -€10,522 | €10,367 | - |
| + Depreciation and write-downs630 | - | - | €22 | €118 | €657 | €744 | €624 | €528 | ▼ 15.4% |
| Operating cash flow (approximation) | -€4,515 | -€847 | €1,553 | -€1,422 | €17,574 | €9,092 | -€9,898 | €10,894 | - |
| Investment in fixed assets (approximation) | - | - | - | €0 | -€539 | -€2,767 | €0 | €0 | - |
| Change in cash | - | -€670 | €479 | €542 | €2,203 | €12,212 | -€12,810 | -€1,811 | ▲ 85.9% |
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, 31,368 companies had the same profile as EXPLOIMAT has now. Two years later, 93.5% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
93.5%
was still going
5.9%
stopped otherwise
0.5%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of EXPLOIMAT itself: 0.5% 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 31,368 companies, not a prediction for EXPLOIMAT. 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 31 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 17-08-2026 | 2026-00410633 | |
| 31-12-2024 | micro format | 25-08-2025 | 2025-00404878 | |
| 31-12-2023 | micro format | 06-08-2024 | 2024-00339377 | |
| 31-12-2022 | micro format | 04-07-2023 | 2023-00205921 | |
| 31-12-2021 | micro format | 16-08-2022 | 2022-20289249 | |
| 31-12-2020 | micro format | 08-08-2021 | 2021-47500281 | |
| 31-12-2019 | full format | 02-07-2020 | 2020-25400422 | |
| 31-12-2018 | full format | 18-08-2019 | 2019-49100363 | |
| 31-12-2017 | full format | 07-08-2018 | 2018-44000584 | |
| 31-12-2016 | full format | 26-07-2017 | 2017-36400177 |