HNJ CONSTRUCT
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 30-06-2026 at the NBB all 5 filings
Turnover
≈ €130,000
Estimated: probably between €70,000 and €240,000
Total assets
€36,251▼ 37.2%
2024 · €57,682
Net result
-€20,322▲ 24.6%
2024 · -€26,950
Working capital
-€22,611▼ 648%
2024 · -€3,021
Multi-year overview
2021 to 2025, 5 financial yearsOperating result
-€18,292
▲ 30.5%
2025
20212025
Net result
-€20,322
▲ 24.6%
2025
lowest quarter of the sector
20212025
Equity
€2,615
▼ 88.6%
2025
lowest quarter of the sector
20212025
Total assets
€36,251
▼ 37.2%
2025
lowest quarter of the sector
20212025
Debt
€33,637
▼ 3.2%
2025
20212025
Working capital
-€22,611
▼ 648%
2025
lowest quarter of the sector
20212025
Solvency
7.2%
▼ 32.6pp
2025
lowest quarter of the sector
20212025
Current ratio
0.33
▼ 0.58
2025
lowest quarter of the sector
20212025
Return on assets (ROA)
-56.1%
▼ 9.3pp
2025
lowest quarter of the sector
20212025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20212022202320242025
Operating result€52,058--€4,309€14,728-€26,300-€18,292▲ 30.5%
Net result€39,084above the sector's middle half--€4,885below the sector's middle half€11,688within the sector's middle half-€26,950below the sector's middle half-€20,322below the sector's middle half▲ 24.6%
Equity€43,084within the sector's middle half-€38,199within the sector's middle half▼ 11.3%€49,887within the sector's middle half▲ 30.6%€22,937within the sector's middle half▼ 54.0%€2,615below the sector's middle half▼ 88.6%
Total assets€50,738below the sector's middle half-€63,129within the sector's middle half▲ 24.4%€72,953within the sector's middle half▲ 15.6%€57,682within the sector's middle half▼ 20.9%€36,251below the sector's middle half▼ 37.2%
Debt€7,654-€24,930▲ 226%€23,066▼ 7.5%€34,745▲ 50.6%€33,637▼ 3.2%
Working capital€37,353within the sector's middle half-€18,748within the sector's middle half▼ 49.8%€26,897within the sector's middle half▲ 43.5%-€3,021below the sector's middle half-€22,611below the sector's middle half▼ 648%
Solvency84.9%above the sector's middle half-60.5%within the sector's middle half▼ 24.4pp68.4%above the sector's middle half▲ 7.9pp39.8%within the sector's middle half▼ 28.6pp7.2%below the sector's middle half▼ 32.6pp
Current ratio5.88above the sector's middle half-3.20above the sector's middle half▼ 2.682.95above the sector's middle half▼ 0.260.91below the sector's middle half▼ 2.040.33below the sector's middle half▼ 0.58
Return on assets (ROA)77.0%above the sector's middle half--7.7%below the sector's middle half▼ 84.8pp16.0%within the sector's middle half▲ 23.8pp-46.7%below the sector's middle half▼ 62.7pp-56.1%below the sector's middle half▼ 9.3pp
above
within
below
The sector band is the middle half of the companies in Construction of residential and non-residential buildings (NACE 41). 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 €18,292, smaller than the loss of €26,300 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 €36,251
Fixed assets
€25,225 ▼ 9.4%
Current assets
€11,026 ▼ 63.1%
Equity and liabilities €36,251
Equity
€2,615 ▼ 88.6%
Debt
€33,637 ▼ 3.2%
Debt's share of the balance-sheet total rises from 60.2% to 92.8%. Equity and debt are lower.
Key figures and ratios
EBITDA
-€11,421▲
2024 · -€19,630
Cash flow
-€13,451▲
2024 · -€20,280
Quick ratio
0.30▼
2024 · 0.88
Debt to equity
12.86▲
2024 · 1.51
ROE
-777.2%▼
2024 · -117.5%
Interest coverage
-5.35▲
2024 · -30.13
Debt ≤ 1 year
€33,637▲
2024 · €32,869
Staff costs
€21,888▼
2024 · €24,883
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 | - | €4,487 | €2,418 | €2,266 | €4,263 |
| Intangible fixed assets | - | €28,500 | - | - | - |
| Financial fixed assets | - | €2,010 | - | - | - |
| Depreciation and write-downs of the year | €3,002 | €4,857 | €6,050 | €6,670 | €6,871 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Goods, raw materials, services and sundry goods60/61 | €124,090 | €195,296 | - | - | - | - |
| Remuneration, social security and pensions62 | €6,368 | €25,298 | €27,134 | €24,883 | €21,888 | ▼ 12.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €3,002 | €4,857 | €6,050 | €6,670 | €6,871 | ▲ 3.0% |
| Other operating charges640/8 | - | €385 | €648 | €760 | €674 | ▼ 11.3% |
| Gross operating margin9900 | €61,429 | €26,231 | €48,561 | €6,013 | €11,142 | ▲ 85.3% |
| Operating profit (loss)9901 | €52,058 | -€4,309 | €14,728 | -€26,300 | -€18,292 | ▲ 30.5% |
| Financial income75/76B | €0 | €96 | €1 | €2 | €103 | ▲ 52× |
| Recurring financial income75 | €0 | €96 | €1 | €2 | €103 | ▲ 52× |
| Financial charges65/66B | €0 | €672 | €702 | €652 | €2,134 | ▲ 228% |
| Recurring financial charges65 | €0 | €672 | €702 | €652 | €2,134 | ▲ 228% |
| Profit (loss) for the period before taxes9903 | €52,058 | -€4,885 | €14,026 | -€26,950 | -€20,322 | ▲ 24.6% |
| Income taxes67/77 | €12,974 | - | €2,338 | - | - | - |
| Profit (loss) for the period9904 | €39,084 | -€4,885 | €11,688 | -€26,950 | -€20,322 | ▲ 24.6% |
| Profit (loss) for the period to be appropriated9905 | €39,084 | -€4,885 | €11,688 | -€26,950 | -€20,322 | ▲ 24.6% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €50,738 | €63,129 | €72,953 | €57,682 | €36,251 | ▼ 37.2% |
| Formation expenses20 | €0 | €0 | €0 | €0 | - | - |
| Fixed assets21/28 | €5,731 | €35,871 | €32,238 | €27,834 | €25,225 | ▼ 9.4% |
| Intangible fixed assets21 | - | €26,212 | €23,362 | €20,512 | €17,662 | ▼ 13.9% |
| Tangible fixed assets22/27 | €5,731 | €7,649 | €6,866 | €5,312 | €5,553 | ▲ 4.6% |
| Land and buildings22 | - | - | - | - | €1,937 | - |
| Plant, machinery and equipment23 | €4,929 | €6,734 | €6,401 | €5,025 | €3,413 | ▼ 32.1% |
| Furniture and vehicles24 | €802 | €915 | €465 | €287 | €204 | ▼ 29.0% |
| Financial fixed assets28 | - | €2,010 | €2,010 | €2,010 | €2,010 | = |
| Current assets29/58 | €45,007 | €27,258 | €40,714 | €29,848 | €11,026 | ▼ 63.1% |
| Stocks and contracts in progress3 | €360 | €460 | €850 | €975 | €775 | ▼ 20.5% |
| Stocks30/36 | €360 | €460 | €850 | €975 | €775 | ▼ 20.5% |
| Amounts receivable within one year40/41 | €2,203 | €13,094 | €36,082 | €28,407 | €8,954 | ▼ 68.5% |
| Trade receivables40 | €2,172 | €13,094 | €32,916 | €22,480 | €7,646 | ▼ 66.0% |
| Other amounts receivable41 | €31 | €0 | €3,166 | €5,926 | €1,308 | ▼ 77.9% |
| Cash at bank and in hand54/58 | €41,323 | €12,990 | €1,891 | - | - | - |
| Deferred charges and accrued income490/1 | €1,121 | €714 | €1,891 | €466 | €1,297 | ▲ 178% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €50,738 | €63,129 | €72,953 | €57,682 | €36,251 | ▼ 37.2% |
| Equity10/15 | €43,084 | €38,199 | €49,887 | €22,937 | €2,615 | ▼ 88.6% |
| Contributions10/11 | €4,000 | €4,000 | €4,000 | €4,000 | €4,000 | = |
| Profit (loss) carried forward14 | €39,084 | €34,199 | €45,887 | €18,937 | -€1,385 | - |
| Amounts payable17/49 | €7,654 | €24,930 | €23,066 | €34,745 | €33,637 | ▼ 3.2% |
| Amounts payable after more than one year17 | - | €16,420 | €9,248 | €1,875 | - | - |
| Financial debts170/4 | - | €16,420 | €9,248 | €1,875 | - | - |
| Amounts payable within one year42/48 | €7,654 | €8,510 | €13,817 | €32,869 | €33,637 | ▲ 2.3% |
| Current portion of amounts payable after more than one year42 | - | €6,975 | €7,171 | €7,373 | €1,875 | ▼ 74.6% |
| Financial debts43 | - | - | - | €15,458 | €17,215 | ▲ 11.4% |
| Credit institutions430/8 | - | - | - | €15,458 | €17,215 | ▲ 11.4% |
| Trade debts44 | €1,568 | €450 | €3,764 | €855 | €10,270 | ▲ 12× |
| Suppliers440/4 | €1,568 | €450 | €3,764 | €855 | €10,270 | ▲ 12× |
| Advances received on contracts in progress46 | €2,311 | - | - | - | - | - |
| Taxes, remuneration and social security45 | €3,768 | €1,085 | €2,882 | €2,567 | €2,845 | ▲ 10.8% |
| Taxes450/3 | €2,628 | €1,016 | €1,295 | €850 | €1,700 | ▲ 100% |
| Remuneration and social security454/9 | €1,139 | €70 | €1,587 | €1,717 | €1,145 | ▼ 33.3% |
| Other amounts payable47/48 | €8 | - | - | €6,617 | €1,431 | ▼ 78.4% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €39,084 | -€4,885 | €11,688 | -€26,950 | -€20,322 | ▲ 24.6% |
| + Depreciation and write-downs630 | €3,002 | €4,857 | €6,050 | €6,670 | €6,871 | ▲ 3.0% |
| Operating cash flow (approximation) | €42,086 | -€28 | €17,738 | -€20,280 | -€13,451 | ▲ 33.7% |
| Investment in fixed assets (approximation) | - | -€34,997 | -€2,418 | -€2,266 | -€4,263 | ▼ 88.2% |
| Change in cash | - | -€28,333 | -€11,099 | - | - | - |
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, 646 companies had the same profile as HNJ CONSTRUCT has now. Two years later, 86.1% were still going and 7.3% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency under 10%
- a loss of 10% of the balance sheet or more
86.1%
was still going
5.7%
stopped otherwise
7.3%
went bankrupt
Another 0.9% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of HNJ CONSTRUCT itself: 4.6% 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 646 companies, not a prediction for HNJ 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.
Filings with the National Bank (5)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 30-06-2026 | 2026-00223660 | |
| 31-12-2024 | micro format | 17-06-2025 | 2025-00145383 | |
| 31-12-2023 | micro format | 21-06-2024 | 2024-00151358 | |
| 31-12-2022 | micro format | 15-06-2023 | 2023-00128324 | |
| 31-12-2021 | micro format | 22-06-2022 | 2022-20085200 |