HE-Construct
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 21-10-2025 PDF all 27 filings
Turnover
≈ €250,000
Estimated: probably between €150,000 and €350,000
Total assets
€1.3m▲ 17.8%
2024 · €1.1m
Net result
-€28,095▼ 279%
2024 · -€7,416
Working capital
-€380,200▼ 4.6%
2024 · -€363,355
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
-€24,104
▼ 440%
2025
20192025
Net result
-€28,095
▼ 279%
2025
lowest quarter of the sector
20192025
Equity
€199,791
▼ 12.3%
2025
highest quarter of the sector
20192025
Total assets
€1.3m
▲ 17.8%
2025
highest quarter of the sector
20192025
Debt
€1.1m
▲ 25.9%
2025
20192025
Working capital
-€380,200
▼ 4.6%
2025
lowest quarter of the sector
20192025
Solvency
15.6%
▼ 5.4pp
2025
lowest quarter of the sector
20192025
Current ratio
0.61
▲ 0.10
2025
lowest quarter of the sector
20192025
Return on assets (ROA)
-2.2%
▼ 1.5pp
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
Operating result€0.1m-€0.008m▼ 94.2%-€0.06m-€0.02m▲ 76.5%-€0.06m▼ 311%-€0.004m▲ 92.8%-€0.02m▼ 440%
Net result€0.07m-€0.001mbelow the sector's middle half▼ 99.2%-€0.08mbelow the sector's middle half-€0.02mbelow the sector's middle half▲ 78.6%-€0.06mbelow the sector's middle half▼ 298%-€0.007mbelow the sector's middle half▲ 88.4%-€0.03mbelow the sector's middle half▼ 279%
Equity€0.4m-€0.4mabove the sector's middle half▲ 0.1%€0.3mabove the sector's middle half▼ 19.2%€0.3mabove the sector's middle half▼ 5.1%€0.2mabove the sector's middle half▼ 21.4%€0.2mabove the sector's middle half▼ 3.2%€0.2mabove the sector's middle half▼ 12.3%
Total assets€0.5m-€0.5mabove the sector's middle half▼ 13.1%€0.6mabove the sector's middle half▲ 17.8%€1.0mabove the sector's middle half▲ 79.7%€1.1mabove the sector's middle half▲ 6.4%€1.1mabove the sector's middle half▲ 2.2%€1.3mabove the sector's middle half▲ 17.8%
Debt€0.2m-€0.08m▼ 47.0%€0.2m▲ 197%€0.7m▲ 192%€0.8m▲ 18.3%€0.9m▲ 3.7%€1.1m▲ 25.9%
Working capital€0.1m-€0.2mabove the sector's middle half▲ 81.6%€0.2mabove the sector's middle half▼ 30.0%€0.08mwithin the sector's middle half▼ 51.5%€0.1mabove the sector's middle half▲ 75.7%-€0.4mbelow the sector's middle half-€0.4mbelow the sector's middle half▼ 4.6%
Solvency72.0%-82.9%above the sector's middle half▲ 10.9pp56.9%within the sector's middle half▼ 26.0pp30.0%within the sector's middle half▼ 26.8pp22.2%below the sector's middle half▼ 7.8pp21.0%below the sector's middle half▼ 1.2pp15.6%below the sector's middle half▼ 5.4pp
Current ratio2.19-5.78above the sector's middle half▲ 3.601.77within the sector's middle half▼ 4.011.12within the sector's middle half▼ 0.651.20within the sector's middle half▲ 0.080.51below the sector's middle half▼ 0.700.61below the sector's middle half▲ 0.10
Return on assets (ROA)13.3%-0.1%below the sector's middle half▼ 13.2pp-13.5%below the sector's middle half▼ 13.7pp-1.6%below the sector's middle half▲ 11.9pp-6.0%below the sector's middle half▼ 4.4pp-0.7%below the sector's middle half▲ 5.4pp-2.2%below the sector's middle half▼ 1.5pp
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 loss of €24,104, larger than the loss of €4,467 in 2024.
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 €1.3m
Fixed assets
€688,141 ▼ 3.3%
Current assets
€588,902 ▲ 58.2%
Equity and liabilities €1.3m
Equity
€199,791 ▼ 12.3%
Debt
€1.1m ▲ 25.9%
Debt's share of the balance-sheet total rises from 79.0% to 84.4%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€11,255▼
2024 · €27,109
Cash flow
€7,264▼
2024 · €24,160
Quick ratio
0.09▼
2024 · 0.10
Debt to equity
5.39▲
2024 · 3.76
ROE
-14.1%▼
2024 · -3.3%
Interest coverage
2.82▼
2024 · 9.19
Debt ≤ 1 year
€969,101▲
2024 · €735,515
Debt > 1 year
€108,151▼
2024 · €120,241
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 31-03-2022 | 31-03-2023 | 31-03-2024 | 31-03-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €195,286 | - | €560,464 | €12,018 |
| Depreciation and write-downs of the year | €33,957 | €28,363 | €31,575 | €35,359 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2023 · 1 entry · €187 awarded · €187 paidAnnual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €40,369 | €27,535 | €30,946 | €33,957 | €28,363 | €31,575 | €35,359 | ▲ 12.0% |
| Other operating charges640/8 | - | - | - | €2,428 | €1,905 | €3,781 | €7,572 | ▲ 100% |
| Gross operating margin9900 | €187,998 | €38,077 | -€31,007 | €21,265 | -€31,873 | €30,889 | €18,827 | ▼ 39.0% |
| Operating profit (loss)9901 | €130,044 | €7,524 | -€64,249 | -€15,120 | -€62,141 | -€4,467 | -€24,104 | ▼ 440% |
| Financial income75/76B | - | - | - | €12 | €301 | - | €0 | - |
| Recurring financial income75 | €6 | €99 | €5 | €12 | €301 | - | €0 | - |
| Financial charges65/66B | - | - | - | €963 | €2,193 | €2,949 | €3,992 | ▲ 35.4% |
| Recurring financial charges65 | €21,067 | €7,053 | €4,857 | €963 | €2,193 | €2,949 | €3,992 | ▲ 35.4% |
| Profit (loss) for the period before taxes9903 | €108,984 | €571 | -€69,100 | -€16,071 | -€64,033 | -€7,416 | -€28,095 | ▼ 279% |
| Income taxes67/77 | €36,871 | - | €6,005 | - | €6 | - | - | - |
| Profit (loss) for the period9904 | €72,113 | €571 | -€75,105 | -€16,071 | -€64,039 | -€7,416 | -€28,095 | ▼ 279% |
| Profit (loss) for the period to be appropriated9905 | €72,113 | €571 | -€37,605 | -€16,071 | -€64,039 | -€7,416 | -€28,095 | ▼ 279% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €0.5m | €0.5m | €0.6m | €1.0m | €1.1m | €1.1m | €1.3m | ▲ 17.8% |
| Fixed assets21/28 | €0.3m | €0.2m | €0.2m | €0.2m | €0.2m | €0.7m | €0.7m | ▼ 3.3% |
| Tangible fixed assets22/27 | €0.3m | €0.2m | €0.2m | €0.2m | €0.2m | €0.7m | €0.7m | ▼ 3.3% |
| Land and buildings22 | - | - | - | €0.2m | €0.2m | €0.7m | €0.7m | ▼ 3.3% |
| Plant, machinery and equipment23 | - | - | - | €0.009m | €0.008m | €0.006m | €0.009m | ▲ 41.1% |
| Furniture and vehicles24 | - | - | - | €0.05m | €0.03m | €0.03m | €0.03m | ▼ 11.6% |
| Financial fixed assets28 | €0.005m | - | - | - | - | - | - | - |
| Current assets29/58 | €0.2m | €0.3m | €0.4m | €0.8m | €0.9m | €0.4m | €0.6m | ▲ 58.2% |
| Stocks and contracts in progress3 | €0.2m | €0.2m | €0.2m | €0.7m | €0.8m | €0.3m | €0.5m | ▲ 69.6% |
| Stocks30/36 | - | - | - | €0.7m | €0.8m | €0.3m | €0.5m | ▲ 69.6% |
| Amounts receivable within one year40/41 | €0.006m | €0.02m | €0.02m | €0.07m | €0.09m | €0.04m | €0.001m | ▼ 96.0% |
| Trade receivables40 | - | - | - | €0.002m | €0.005m | - | €450 | - |
| Other amounts receivable41 | - | - | - | €0.07m | €0.09m | €0.04m | €0.001m | ▼ 97.3% |
| Cash at bank and in hand54/58 | €0.06m | €0.1m | €0.2m | €0.02m | €0.01m | €0.04m | €0.08m | ▲ 99.1% |
| Deferred charges and accrued income490/1 | - | - | - | €0.004m | €0.001m | - | €0.005m | - |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €0.5m | €0.5m | €0.6m | €1.0m | €1.1m | €1.1m | €1.3m | ▲ 17.8% |
| Equity10/15 | €0.4m | €0.4m | €0.3m | €0.3m | €0.2m | €0.2m | €0.2m | ▼ 12.3% |
| Contributions10/11 | €0.06m | €0.06m | - | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Reserves13 | €0.3m | €0.3m | €0.3m | €0.2m | €0.2m | €0.2m | €0.1m | ▼ 16.0% |
| Non-distributable reserves130/1 | - | - | - | €0.006m | €0.006m | €0.006m | €0.006m | = |
| Reserves not available under the articles1311 | - | - | - | €0.006m | €0.006m | €0.006m | €0.006m | = |
| Distributable reserves133 | - | - | - | €0.2m | €0.2m | €0.2m | €0.1m | ▼ 16.7% |
| Profit (loss) carried forward14 | - | - | - | - | - | - | -€0.002m | - |
| Amounts payable17/49 | €0.2m | €0.08m | €0.2m | €0.7m | €0.8m | €0.9m | €1.1m | ▲ 25.9% |
| Amounts payable after more than one year17 | €0.04m | €0.03m | €0.02m | €0.01m | €0.1m | €0.1m | €0.1m | ▼ 10.1% |
| Financial debts170/4 | - | - | - | €0.01m | €0.1m | €0.1m | €0.1m | ▼ 10.1% |
| Amounts payable within one year42/48 | €0.1m | €0.05m | €0.2m | €0.7m | €0.7m | €0.7m | €1.0m | ▲ 31.8% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.01m | €0.02m | €0.01m | €0.01m | ▲ 2.9% |
| Financial debts43 | - | - | - | - | - | - | €0.2m | - |
| Credit institutions430/8 | - | - | - | - | - | - | €0.2m | - |
| Trade debts44 | €368 | €0.02m | €0.004m | €0.01m | €0.001m | €0.002m | €0.01m | ▲ 487% |
| Suppliers440/4 | - | - | - | €0.01m | €0.001m | €0.002m | €0.01m | ▲ 487% |
| Taxes, remuneration and social security45 | - | - | - | €0.005m | €30 | €0.001m | €15 | ▼ 97.2% |
| Taxes450/3 | - | - | - | €0.005m | €30 | €0.001m | €15 | ▼ 97.2% |
| Other amounts payable47/48 | - | - | - | €0.7m | €0.7m | €0.7m | €0.7m | ▲ 1.7% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €72,113 | €571 | -€75,105 | -€16,071 | -€64,039 | -€7,416 | -€28,095 | ▼ 279% |
| + Depreciation and write-downs630 | €40,369 | €27,535 | €30,946 | €33,957 | €28,363 | €31,575 | €35,359 | ▲ 12.0% |
| Operating cash flow (approximation) | €112,482 | €28,106 | -€44,159 | €17,886 | -€35,676 | €24,160 | €7,264 | ▼ 69.9% |
| Investment in fixed assets (approximation) | - | €90,400 | -€18,696 | -€95,133 | €0 | -€544,182 | -€12,018 | ▲ 97.8% |
| Change in cash | - | €42,544 | €58,280 | -€141,365 | -€7,486 | €28,612 | €38,454 | ▲ 34.4% |
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, 2,507 companies had the same profile as HE-Construct has now. Two years later, 96.4% were still going and 1.6% had gone bankrupt.
- Small
- 20 years or older
- solvency 10 to 30%
- a small loss
96.4%
was still going
1.8%
stopped otherwise
1.6%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of HE-Construct itself: 1.4% 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 2,507 companies, not a prediction for HE-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 27 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-03-2025 | micro format | 21-10-2025 | 2025-00546363 | |
| 31-03-2024 | micro format | 30-10-2024 | 2024-00519731 | |
| 31-03-2023 | micro format | 31-10-2023 | 2023-00501060 | |
| 31-03-2022 | micro format | 03-11-2022 | 2022-20483317 | |
| 31-03-2021 | micro format | 02-11-2021 | 2021-75700011 | |
| 31-03-2020 | micro format | 29-10-2020 | 2020-64700562 | |
| 31-03-2019 | micro format | 31-10-2019 | 2019-72900380 | |
| 31-03-2018 | micro format | 25-10-2018 | 2018-70400076 | |
| 31-03-2017 | micro format | 30-10-2017 | 2017-68400315 | |
| 31-03-2016 | abbreviated format | 28-10-2016 | 2016-67000391 |