FAER
Open bankruptcyFrom the official registers: KBO 20 annual accounts at the National Bank publications in the Belgian Official Gazette
Financials · financial year 2025, abbreviated format
2025 annual accounts filed late (20 days) Filed on 20 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00410481.
Latest annual accounts filed
Annual accounts 2025
- Financial year ended
- 31-12-2025
- Filed on
- 20-08-2026
- Format
- abbreviated format
- Reference
- 2026-00410481
Turnover
≈ €260,000
Estimated: probably between €180,000 and €390,000
Total assets
€86,178▼ 29.7%
2024 · €122,658
Net result
-€62,109
2024 · €103
Working capital
-€102,045▼ 132%
2024 · -€44,020
Trend over the years
2022 to 2025, 5 financial years 2019 to 2025, 8 financial years
Multiple financial year ends fall in the same calendar year; an annual trend is not displayed.
What the company sold each financial year and what was left of it. A loss stands below the zero line.
Operating result-€56,676
2025
Net result-€62,109
2025
What the company owns (total assets), how much of it is its own (equity) and how much it owes.
Total assets€86,178
2025
Equity-€101,700
2025
Debt€187,878
2025
Short-term assets minus short-term debts. Above zero the company can pay its bills in the short term.
Working capital-€102,045
2025
How much of each euro of turnover is left from operations (EBIT margin) and what the assets earn (return on assets).
Return on assets (ROA)-72.1%
2025
The share of the company financed with its own means. The higher it is, the better it absorbs a shock.
Solvency-118.0%
2025
Short-term assets per euro of short-term debt. Above 1 the short-term debts are covered.
Current ratio0.41
2025
Average staff in full-time equivalents (FTE).
Staff (FTE)4.6
2025
Use the arrow keys on the chart for the figures per year.
Sector: the middle half of NACE 43, Specialised construction activities: a quarter of companies sit below it, a quarter above. Each year compared with accounts in the same format, and only where there are at least 30. Dashed line: the median. Available for Net result, Equity, Total assets, Working capital, Solvency, Current ratio, Return on assets (ROA), Staff (FTE).
Every figure with its change against the financial year before
favourable
unfavourable
Line20192020202120222022202320242025
Operating result-€1,522--€15,894▼ 944%€19,315€5,815▼ 69.9%€4,243-€11,564▲ 173%€3,005▼ 74.0%-€56,676
Net result-€28,315--€17,688▲ 37.5%€16,175within the sector's middle half€2,945within the sector's middle half▼ 81.8%€1,363within the sector's middle half-€10,299within the sector's middle half▲ 656%€103below the sector's middle half▼ 99.0%-€62,109below the sector's middle half
Equity-€53,114--€70,802▼ 33.3%-€54,301below the sector's middle half▲ 23.3%-€51,356below the sector's middle half▲ 5.4%-€49,994below the sector's middle half--€39,695below the sector's middle half▲ 20.6%-€39,591below the sector's middle half▲ 0.3%-€101,700below the sector's middle half▼ 157%
Total assets€87,386-€94,955▲ 8.7%€110,712within the sector's middle half▲ 16.6%€197,189within the sector's middle half▲ 78.1%€154,388within the sector's middle half-€155,878within the sector's middle half▲ 1.0%€122,658within the sector's middle half▼ 21.3%€86,178below the sector's middle half▼ 29.7%
Debt€140,501-€165,757▲ 18.0%€165,013▼ 0.4%€248,545▲ 50.6%€204,382-€195,573▼ 4.3%€162,249▼ 17.0%€187,878▲ 15.8%
Working capital-€52,199--€71,171▼ 36.3%-€59,715below the sector's middle half▲ 16.1%-€62,286below the sector's middle half▼ 4.3%-€59,415below the sector's middle half--€45,273below the sector's middle half▲ 23.8%-€44,020below the sector's middle half▲ 2.8%-€102,045below the sector's middle half▼ 132%
Solvency-60.8%--74.6%▼ 13.8pp-49.0%below the sector's middle half▲ 25.5pp-26.0%below the sector's middle half▲ 23.0pp-32.4%below the sector's middle half--25.5%below the sector's middle half▲ 6.9pp-32.3%below the sector's middle half▼ 6.8pp-118.0%below the sector's middle half▼ 85.7pp
Current ratio0.61-0.57▼ 0.040.64below the sector's middle half▲ 0.070.75below the sector's middle half▲ 0.110.71below the sector's middle half-0.77below the sector's middle half▲ 0.060.68below the sector's middle half▼ 0.090.41below the sector's middle half▼ 0.27
Return on assets (ROA)-32.4%--18.6%▲ 13.8pp14.6%within the sector's middle half▲ 33.2pp1.5%within the sector's middle half▼ 13.1pp0.9%within the sector's middle half-6.6%within the sector's middle half▲ 5.7pp0.1%below the sector's middle half▼ 6.5pp-72.1%below the sector's middle half▼ 72.2pp
Staff (FTE)5.1-3.9▼ 23.5%5.3▲ 35.9%4.9▼ 7.5%6-5.2▼ 13.3%5▼ 3.8%4.6within the sector's middle half▼ 8.0%
above
within
below
the middle half of NACE 43, Specialised construction activities: a quarter of companies sit below it, a quarter above. Each year compared with accounts in the same format, and only where there are at least 30.
Turnover and EBIT margin not published: the abbreviated or 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 €86,178
Fixed assets
€15,603 ▼ 43.7%
Current assets
€70,575 ▼ 25.7%
Equity and liabilities
Equity-€101,700
Debt€187,878
Equity is negative: debt (€187,878) exceeds the balance-sheet total (€86,178).
Key figures and ratios
EBITDA
-€47,677▼
2024 · €7,869
Cash flow
-€53,110▼
2024 · €4,967
Interest coverage
-17.34▼
2024 · 2.38
Debt ≤ 1 year
€172,620▲
2024 · €138,963
Debt > 1 year
€15,258▼
2024 · €23,286
Income taxes
€2,751
Staff costs
€116,788▼
2024 · €231,886
No debt to equity: equity is negative, so debt divided by equity means nothing.
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | - | - | €579 | €2,676 | ▲ 363% |
| Remuneration, social security and pensions62 | - | - | - | €163,554 | €107,409 | €241,867 | €231,886 | €116,788 | ▼ 49.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | - | €4,911 | €955 | €3,495 | €1,921 | €3,843 | €4,864 | €8,999 | ▲ 85.0% |
| Other operating charges640/8 | - | - | - | €1,491 | €1,178 | €1,526 | €1,600 | €1,675 | ▲ 4.7% |
| Non-recurring operating charges66A | - | - | - | - | - | - | - | €1,577 | - |
| Gross operating margin9900 | €131,799 | €90,109 | €176,111 | €174,355 | €114,751 | €258,801 | €241,355 | €72,364 | ▼ 70.0% |
| Operating profit (loss)9901 | -€1,522 | -€15,894 | €19,315 | €5,815 | €4,243 | €11,564 | €3,005 | -€56,676 | - |
| Financial income75/76B | - | - | - | €115 | €174 | - | €401 | €68 | ▼ 83.1% |
| Recurring financial income75 | €107 | €392 | €129 | €115 | €174 | - | €401 | €68 | ▼ 83.1% |
| Financial charges65/66B | - | - | - | €2,985 | €3,055 | €1,265 | €3,303 | €2,750 | ▼ 16.7% |
| Recurring financial charges65 | €5,069 | €2,186 | €3,269 | €2,985 | €3,055 | €1,265 | €3,303 | €2,750 | ▼ 16.7% |
| Profit (loss) for the period before taxes9903 | -€6,484 | -€17,688 | €16,175 | €2,945 | €1,363 | €10,299 | €103 | -€59,358 | - |
| Income taxes67/77 | €21,831 | - | - | - | - | - | - | €2,751 | - |
| Profit (loss) for the period9904 | -€28,315 | -€17,688 | €16,175 | €2,945 | €1,363 | €10,299 | €103 | -€62,109 | - |
| Profit (loss) for the period to be appropriated9905 | -€28,315 | -€17,688 | €16,175 | €2,945 | €1,363 | €10,299 | €103 | -€62,109 | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €87,386 | €94,955 | €110,712 | €197,189 | €154,388 | €155,878 | €122,658 | €86,178 | ▼ 29.7% |
| Fixed assets21/28 | €5,280 | €369 | €5,414 | €11,343 | €9,422 | €5,579 | €27,715 | €15,603 | ▼ 43.7% |
| Tangible fixed assets22/27 | €5,280 | €369 | €5,414 | €11,135 | €9,214 | €5,371 | €27,507 | €15,395 | ▼ 44.0% |
| Furniture and vehicles24 | - | - | - | €11,135 | €9,214 | €5,371 | €27,507 | €15,395 | ▼ 44.0% |
| Financial fixed assets28 | - | - | - | €208 | €208 | €208 | €208 | €208 | = |
| Current assets29/58 | €82,106 | €94,586 | €105,298 | €185,846 | €144,967 | €150,300 | €94,943 | €70,575 | ▼ 25.7% |
| Stocks and contracts in progress3 | €7,250 | €7,250 | €8,345 | €8,900 | €5,000 | €6,246 | €2,000 | - | - |
| Stocks30/36 | - | - | - | €8,900 | €5,000 | €6,246 | €2,000 | - | - |
| Amounts receivable within one year40/41 | €74,033 | €83,781 | €82,397 | €167,703 | €139,366 | €125,720 | €70,261 | €66,746 | ▼ 5.0% |
| Trade receivables40 | - | - | - | €159,380 | €129,806 | €120,734 | €65,298 | €61,946 | ▼ 5.1% |
| Other amounts receivable41 | - | - | - | €8,323 | €9,560 | €4,986 | €4,963 | €4,799 | ▼ 3.3% |
| Cash at bank and in hand54/58 | €823 | €1,779 | €8,788 | €5,578 | €315 | €16,140 | €18,544 | €311 | ▼ 98.3% |
| Deferred charges and accrued income490/1 | - | - | - | €3,665 | €286 | €2,194 | €4,138 | €3,518 | ▼ 15.0% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €87,386 | €94,955 | €110,712 | €197,189 | €154,388 | €155,878 | €122,658 | €86,178 | ▼ 29.7% |
| Equity10/15 | -€53,114 | -€70,802 | -€54,301 | -€51,356 | -€49,994 | -€39,695 | -€39,591 | -€101,700 | ▼ 157% |
| Contributions10/11 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Capital10 | - | - | - | €18,600 | €18,600 | - | - | - | - |
| Issued capital100 | - | - | - | €18,600 | €18,600 | - | - | - | - |
| Contributions outside capital11 | - | - | - | - | - | €18,600 | €18,600 | €18,600 | = |
| Other1109/19 | - | - | - | - | - | €18,600 | €18,600 | €18,600 | = |
| Profit (loss) carried forward14 | -€71,714 | -€89,402 | -€72,901 | -€69,956 | -€68,594 | -€58,295 | -€58,191 | -€120,300 | ▼ 107% |
| Amounts payable17/49 | €140,501 | €165,757 | €165,013 | €248,545 | €204,382 | €195,573 | €162,249 | €187,878 | ▲ 15.8% |
| Amounts payable after more than one year17 | €6,196 | - | - | - | - | - | €23,286 | €15,258 | ▼ 34.5% |
| Financial debts170/4 | - | - | - | - | - | - | €23,286 | €15,258 | ▼ 34.5% |
| Amounts payable within one year42/48 | €134,305 | €165,757 | €165,013 | €248,132 | €204,382 | €195,573 | €138,963 | €172,620 | ▲ 24.2% |
| Current portion of amounts payable after more than one year42 | - | - | - | €13,711 | €5,484 | €5,589 | €13,164 | €13,595 | ▲ 3.3% |
| Financial debts43 | - | - | - | - | €1,320 | - | - | €4,260 | - |
| Credit institutions430/8 | - | - | - | - | €1,320 | - | - | €4,260 | - |
| Trade debts44 | €15,766 | €39,231 | €26,781 | €92,372 | €64,857 | €85,950 | €1,837 | €47,309 | ▲ 26× |
| Suppliers440/4 | - | - | - | €92,372 | €64,857 | €85,950 | €1,837 | €47,309 | ▲ 26× |
| Taxes, remuneration and social security45 | - | - | - | €9,516 | €5,852 | €5,069 | €18,995 | €2,321 | ▼ 87.8% |
| Remuneration and social security454/9 | - | - | - | €9,516 | €5,852 | €5,069 | €18,995 | €2,321 | ▼ 87.8% |
| Other amounts payable47/48 | - | - | - | €132,533 | €126,868 | €98,964 | €104,966 | €105,135 | ▲ 0.2% |
| Accrued charges and deferred income492/3 | - | - | - | €413 | - | - | - | - | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€28,315 | -€17,688 | €16,175 | €2,945 | €1,363 | €10,299 | €103 | -€62,109 | - |
| + Depreciation and write-downs630 | - | €4,911 | €955 | €3,495 | €1,921 | €3,843 | €4,864 | €8,999 | ▲ 85.0% |
| Operating cash flow (approximation) | -€28,315 | -€12,777 | €17,130 | €6,439 | €3,284 | €14,142 | €4,967 | -€53,110 | - |
| Investment in fixed assets (approximation) | - | €0 | -€6,000 | -€9,424 | - | €0 | -€27,000 | €3,113 | - |
| Change in cash | - | €956 | €7,009 | -€3,210 | - | €15,825 | €2,403 | -€18,232 | - |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Latest 10 of 20 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 20-08-2026 | 2026-00410481 | NBB |
| 31-12-2024 | micro format | 29-08-2025 | 2025-00443772 | |
| 31-12-2023 | micro format | 30-08-2024 | 2024-00420839 | |
| 31-12-2022 | micro format | 30-08-2023 | 2023-00396421 | |
| 30-06-2022 | micro format | 31-01-2023 | 2023-00014448 | |
| 30-06-2021 | micro format | 30-12-2021 | 2021-82400216 | |
| 30-06-2020 | micro format | 23-12-2020 | 2020-76800298 | |
| 30-06-2019 | micro format | 24-01-2020 | 2020-02100055 | |
| 30-06-2018 | micro format | 30-12-2018 | 2018-76300161 | |
| 30-06-2017 | micro format | 26-12-2017 | 2017-73400165 |
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