FEIM CONSTRUCT
ActiveFinancials · financial year 2024, micro format
2025 annual accounts not yet filed, deadline passed on 31 July 2026 The financial year closed on 31 December 2025. The accounts are due at the latest 7 months after the close (Companies Code art. 3:10). Source: NBB filings, as of 3 November 2026.
Annual accounts 2024 filed on 30-10-2025 PDF all 21 filings
Turnover
≈ €570,000
Estimated: probably between €380,000 and €1.0m
Total assets
€195,196▲ 186%
2023 · €68,235
Net result
€55,178▲ 29×
2023 · €1,892
Working capital
€87,298▲ 52.5%
2023 · €57,237
Multi-year overview
2018 to 2024, 7 financial yearsOperating result
€81,071
▲ 15×
2024
20182024
Net result
€55,178
▲ 29×
2024
highest quarter of the sector
20182024
Equity
€113,328
▲ 94.9%
2024
middle half of the sector
20182024
Total assets
€195,196
▲ 186%
2024
middle half of the sector
20182024
Debt
€81,868
▲ 712%
2024
20182024
Working capital
€87,298
▲ 52.5%
2024
middle half of the sector
20182024
Solvency
58.1%
▼ 27.2pp
2024
middle half of the sector
20182024
Current ratio
2.71
▼ 3.96
2024
middle half of the sector
20182024
Return on assets (ROA)
28.3%
▲ 25.5pp
2024
highest quarter of the sector
20182024
Staff (FTE)
2
▼ 4.8%
2024
20182024
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2018201920202021202220232024
Operating result€14,881-€6,204▼ 58.3%€18,155▲ 193%-€21,764€20,196€5,476▼ 72.9%€81,071▲ 15×
Net result€10,318-€3,882▼ 62.4%€10,521within the sector's middle half▲ 171%-€22,659below the sector's middle half€17,485within the sector's middle half€1,892within the sector's middle half▼ 89.2%€55,178above the sector's middle half▲ 29×
Equity€47,029-€50,911▲ 8.3%€61,431within the sector's middle half▲ 20.7%€38,772within the sector's middle half▼ 36.9%€56,258within the sector's middle half▲ 45.1%€58,150within the sector's middle half▲ 3.4%€113,328within the sector's middle half▲ 94.9%
Total assets€167,338-€57,314▼ 65.7%€77,781within the sector's middle half▲ 35.7%€54,701below the sector's middle half▼ 29.7%€79,207within the sector's middle half▲ 44.8%€68,235within the sector's middle half▼ 13.9%€195,196within the sector's middle half▲ 186%
Debt€120,310-€6,403▼ 94.7%€16,350▲ 155%€15,928▼ 2.6%€22,950▲ 44.1%€10,086▼ 56.1%€81,868▲ 712%
Working capital€43,107-€50,061▲ 16.1%€60,791within the sector's middle half▲ 21.4%€38,342within the sector's middle half▼ 36.9%€53,204within the sector's middle half▲ 38.8%€57,237within the sector's middle half▲ 7.6%€87,298within the sector's middle half▲ 52.5%
Solvency28.1%-88.8%▲ 60.7pp79.0%above the sector's middle half▼ 9.8pp70.9%above the sector's middle half▼ 8.1pp71.0%above the sector's middle half▲ 0.1pp85.2%above the sector's middle half▲ 14.2pp58.1%within the sector's middle half▼ 27.2pp
Current ratio1.36-8.82▲ 7.464.72above the sector's middle half▼ 4.103.41above the sector's middle half▼ 1.313.32above the sector's middle half▼ 0.096.68above the sector's middle half▲ 3.362.71within the sector's middle half▼ 3.96
Return on assets (ROA)6.2%-6.8%▲ 0.6pp13.5%within the sector's middle half▲ 6.8pp-41.4%below the sector's middle half▼ 54.9pp22.1%above the sector's middle half▲ 63.5pp2.8%within the sector's middle half▼ 19.3pp28.3%above the sector's middle half▲ 25.5pp
Staff (FTE)1.4-2within the sector's middle half2.2▲ 10.0%2.6▲ 18.2%2.1▼ 19.2%2▼ 4.8%
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 2024 is nearly 15 times that of 2023 and the highest since 2020. It is a recovery 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
2024 in colour, 2023 as the grey bar beneath
Assets €195,196
Fixed assets
€56,993 ▲ 62×
Current assets
€138,202 ▲ 105%
Equity and liabilities €195,196
Equity
€113,328 ▲ 94.9%
Debt
€81,868 ▲ 712%
Debt's share of the balance-sheet total rises from 14.8% to 41.9%. Equity and debt are higher.
Key figures and ratios
EBITDA
€82,606▲
2023 · €7,617
Cash flow
€56,713▲
2023 · €4,034
Debt to equity
0.72▲
2023 · 0.17
ROE
48.7%▲
2023 · 3.3%
Interest coverage
28.53▲
2023 · 9.46
Debt ≤ 1 year
€50,904▲
2023 · €10,086
Debt > 1 year
€30,964
Income taxes
€24,536▲
2023 · €2,973
Staff costs
€53,869▲
2023 · €44,167
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 |
|---|---|---|---|---|
| Employees at the balance-sheet date | 2 | 3 | 2 | 2 |
| full-time | 1 | 2 | 2 | 2 |
| part-time | 1 | 1 | - | - |
| in full-time equivalents | 1.9 | 2.5 | 2 | 2 |
| Average over the year, in full-time equivalents | 2.2 | 2.6 | 2.1 | 2 |
| On a permanent contract | 1 | 2 | 1 | 1 |
| Joined | - | - | 0 | 1 |
| Left | - | - | 1 | 1 |
Source: social balance sheet in the 2021 to 2024 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Tangible fixed assets | - | €4,283 | - | €43,736 |
| Depreciation and write-downs of the year | €210 | €1,659 | €2,142 | €1,535 |
Source: notes to the 2021 to 2024 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €436 | - | - | - | - |
| Remuneration, social security and pensions62 | - | - | - | €79,279 | €56,661 | €44,167 | €53,869 | ▲ 22.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €2,778 | €3,071 | €210 | €210 | €1,659 | €2,142 | €1,535 | ▼ 28.3% |
| Other operating charges640/8 | - | - | - | €1,342 | €3,071 | €2,468 | €2,352 | ▼ 4.7% |
| Gross operating margin9900 | €75,942 | €97,902 | €103,964 | €59,067 | €81,587 | €54,253 | €138,827 | ▲ 156% |
| Operating profit (loss)9901 | €14,881 | €6,204 | €18,155 | -€21,764 | €20,196 | €5,476 | €81,071 | ▲ 15× |
| Financial income75/76B | - | - | - | €487 | €500 | €195 | €1,538 | ▲ 690% |
| Recurring financial income75 | €1,964 | €2,136 | €2,748 | €487 | €500 | €195 | €1,538 | ▲ 690% |
| Financial charges65/66B | - | - | - | €1,287 | €1,514 | €805 | €2,895 | ▲ 259% |
| Recurring financial charges65 | €3,759 | €3,245 | €6,839 | €1,287 | €1,514 | €805 | €2,895 | ▲ 259% |
| Profit (loss) for the period before taxes9903 | €13,086 | €5,095 | €14,064 | -€22,564 | €19,181 | €4,865 | €79,714 | ▲ 16× |
| Income taxes67/77 | €2,767 | €1,212 | €3,544 | €95 | €1,696 | €2,973 | €24,536 | ▲ 725% |
| Profit (loss) for the period9904 | €10,318 | €3,882 | €10,521 | -€22,659 | €17,485 | €1,892 | €55,178 | ▲ 29× |
| Profit (loss) for the period to be appropriated9905 | €10,318 | €3,882 | €10,521 | -€22,659 | €17,485 | €1,892 | €55,178 | ▲ 29× |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €167,338 | €57,314 | €77,781 | €54,701 | €79,207 | €68,235 | €195,196 | ▲ 186% |
| Fixed assets21/28 | €3,921 | €850 | €640 | €430 | €3,054 | €912 | €56,993 | ▲ 62× |
| Tangible fixed assets22/27 | €3,701 | €630 | €420 | €210 | €2,834 | €692 | €56,773 | ▲ 82× |
| Land and buildings22 | - | - | - | - | - | - | €40,490 | - |
| Plant, machinery and equipment23 | - | - | - | €210 | - | - | - | - |
| Furniture and vehicles24 | - | - | - | - | €2,834 | €692 | €2,373 | ▲ 243% |
| Assets under construction and advance payments27 | - | - | - | - | - | - | €13,910 | - |
| Financial fixed assets28 | €220 | €220 | €220 | €220 | €220 | €220 | €220 | = |
| Current assets29/58 | €163,417 | €56,464 | €77,141 | €54,271 | €76,154 | €67,323 | €138,202 | ▲ 105% |
| Amounts receivable after more than one year29 | - | - | - | €19,969 | €18,169 | €18,169 | €18,169 | = |
| Other amounts receivable291 | - | - | - | €19,969 | €18,169 | €18,169 | €18,169 | = |
| Amounts receivable within one year40/41 | €154,141 | €44,059 | €61,465 | €12,262 | €32,829 | €23,797 | €62,088 | ▲ 161% |
| Trade receivables40 | - | - | - | €11,045 | €30,832 | €15,017 | €16,719 | ▲ 11.3% |
| Other amounts receivable41 | - | - | - | €1,217 | €1,997 | €8,781 | €45,369 | ▲ 417% |
| Cash at bank and in hand54/58 | €8,873 | €12,061 | €13,708 | €21,625 | €25,083 | €24,924 | €56,398 | ▲ 126% |
| Deferred charges and accrued income490/1 | - | - | - | €414 | €73 | €432 | €1,548 | ▲ 259% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €167,338 | €57,314 | €77,781 | €54,701 | €79,207 | €68,235 | €195,196 | ▲ 186% |
| Equity10/15 | €47,029 | €50,911 | €61,431 | €38,772 | €56,258 | €58,150 | €113,328 | ▲ 94.9% |
| Contributions10/11 | €12,250 | €12,250 | - | €12,250 | €12,250 | €12,250 | €12,250 | = |
| Reserves13 | €1,916 | €1,916 | €1,916 | €1,916 | €1,916 | €1,916 | €1,916 | = |
| Non-distributable reserves130/1 | - | - | - | €1,916 | €1,916 | €1,916 | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,916 | €1,916 | €1,916 | - | - |
| Distributable reserves133 | - | - | - | - | - | - | €1,916 | - |
| Profit (loss) carried forward14 | €32,863 | €36,745 | €47,265 | €24,606 | €42,092 | €43,984 | €99,162 | ▲ 125% |
| Amounts payable17/49 | €120,310 | €6,403 | €16,350 | €15,928 | €22,950 | €10,086 | €81,868 | ▲ 712% |
| Amounts payable after more than one year17 | - | - | - | - | - | - | €30,964 | - |
| Financial debts170/4 | - | - | - | - | - | - | €30,964 | - |
| Amounts payable within one year42/48 | €120,310 | €6,403 | €16,350 | €15,928 | €22,950 | €10,086 | €50,904 | ▲ 405% |
| Current portion of amounts payable after more than one year42 | - | - | - | - | - | - | €8,068 | - |
| Trade debts44 | €114,920 | - | €11,566 | €9,622 | €20,376 | €2,188 | €10,453 | ▲ 378% |
| Suppliers440/4 | - | - | - | €9,622 | €20,376 | €2,188 | €10,453 | ▲ 378% |
| Taxes, remuneration and social security45 | - | - | - | €6,306 | €1,933 | €7,898 | €31,556 | ▲ 300% |
| Taxes450/3 | - | - | - | €3,702 | €1,603 | €5,805 | €31,556 | ▲ 444% |
| Remuneration and social security454/9 | - | - | - | €2,604 | €329 | €2,093 | - | - |
| Other amounts payable47/48 | - | - | - | - | €641 | - | €828 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €10,318 | €3,882 | €10,521 | -€22,659 | €17,485 | €1,892 | €55,178 | ▲ 29× |
| + Depreciation and write-downs630 | €2,778 | €3,071 | €210 | €210 | €1,659 | €2,142 | €1,535 | ▼ 28.3% |
| Operating cash flow (approximation) | €13,096 | €6,953 | €10,731 | -€22,449 | €19,144 | €4,034 | €56,713 | ▲ 14× |
| Investment in fixed assets (approximation) | - | €0 | €0 | €0 | -€4,283 | €0 | -€57,616 | - |
| Change in cash | - | €3,188 | €1,647 | €7,917 | €3,457 | -€158 | €31,473 | - |
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 FEIM CONSTRUCT 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.
The bankruptcy probability of FEIM CONSTRUCT itself is higher: 1.4% within 12 months. It rests on far more data about FEIM CONSTRUCT than the profile alone.
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 FEIM 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 21 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2024 | micro format | 30-10-2025 | 2025-00557824 | |
| 31-12-2023 | micro format | 05-10-2024 | 2024-00499887 | |
| 31-12-2022 | micro format | 03-10-2023 | 2023-00470056 | |
| 31-12-2021 | micro format | 10-10-2022 | 2022-20463207 | |
| 31-12-2020 | micro format | 24-01-2022 | 2022-01600519 | |
| 31-12-2019 | micro format | 30-10-2020 | 2020-66200239 | |
| 31-12-2018 | micro format | 30-09-2019 | 2019-68600297 | |
| 31-12-2017 | micro format | 19-03-2019 | 2019-07300570 | |
| 31-12-2016 | micro format | 31-08-2017 | 2017-59300332 | |
| 31-12-2015 | full format | 03-04-2017 | 2017-08800361 |