I.G. CONSTRUCT
ActiveFinancials · financial year 2025, full format
2025 annual accounts filed 4 days after the deadline Filed on 4 February 2026, deadline 31 January 2026 (7 months after the close on 30 June 2025, Companies Code art. 3:10). Source: NBB, 2026-00033973.
Annual accounts 2025 filed on 04-02-2026 PDF all 18 filings
Turnover
€1.2m▼ 8.9%
2024 · €1.3m
EBIT margin
2.4%▲ 0.4pp
2024 · 2.0%
Net result
€8,442▼ 15.8%
2024 · €10,028
Working capital
€211,088▲ 0.4%
2024 · €210,214
Multi-year overview
2019 to 2025, 7 financial yearsTurnover
€1.2m
▼ 8.9%
2025
20192025
Operating result
€27,497
▲ 8.9%
2025
20192025
Net result
€8,442
▼ 15.8%
2025
middle half of the sector
20192025
EBIT margin
2.4%
▲ 0.4pp
2025
20192025
Equity
€242,300
▲ 3.6%
2025
middle half of the sector
20192025
Total assets
€513,371
▼ 14.9%
2025
middle half of the sector
20192025
Debt
€271,071
▼ 26.7%
2025
20192025
Working capital
€211,088
▲ 0.4%
2025
middle half of the sector
20192025
Solvency
47.2%
▲ 8.5pp
2025
middle half of the sector
20192025
Current ratio
1.78
▲ 0.21
2025
middle half of the sector
20192025
Return on assets (ROA)
1.6%
=
2025
middle half of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Turnover€1.2m-€2.0m▲ 66.5%€1.7m▼ 19.0%€0.9m▼ 43.8%€1.2m▲ 28.1%€1.3m▲ 6.8%€1.2m▼ 8.9%
Operating result€0.03m-€0.04m▲ 58.8%€0.04m▲ 1.5%€0.02m▼ 50.9%€0.03m▲ 21.1%€0.03m▲ 0.6%€0.03m▲ 8.9%
Net result€0.02m-€0.03mwithin the sector's middle half▲ 57.5%€0.03mwithin the sector's middle half▲ 0.2%€0.01mwithin the sector's middle half▼ 55.2%€0.01mwithin the sector's middle half▲ 7.0%€0.01mwithin the sector's middle half▼ 25.9%€0.008mwithin the sector's middle half▼ 15.8%
EBIT margin2.1%-2.0%▼ 0.1pp2.6%▲ 0.5pp2.2%▼ 0.3pp2.1%▼ 0.1pp2.0%▼ 0.1pp2.4%▲ 0.4pp
Equity€0.1m-€0.2mwithin the sector's middle half▲ 20.0%€0.2mwithin the sector's middle half▲ 16.7%€0.2mwithin the sector's middle half▲ 6.4%€0.2mwithin the sector's middle half▲ 6.4%€0.2mwithin the sector's middle half▲ 4.5%€0.2mwithin the sector's middle half▲ 3.6%
Total assets€0.4m-€0.5mwithin the sector's middle half▲ 19.2%€0.9mwithin the sector's middle half▲ 73.2%€0.6mwithin the sector's middle half▼ 29.8%€0.6mwithin the sector's middle half▼ 2.2%€0.6mwithin the sector's middle half▲ 1.4%€0.5mwithin the sector's middle half▼ 14.9%
Debt€0.3m-€0.3m▲ 18.8%€0.7m▲ 102%€0.4m▼ 40.5%€0.4m▼ 6.7%€0.4m▼ 0.5%€0.3m▼ 26.7%
Working capital€0.1m-€0.2mwithin the sector's middle half▲ 23.7%€0.2mwithin the sector's middle half▲ 13.5%€0.2mwithin the sector's middle half▲ 4.8%€0.2mwithin the sector's middle half▲ 6.0%€0.2mwithin the sector's middle half▲ 1.8%€0.2mwithin the sector's middle half▲ 0.4%
Solvency33.6%-33.9%within the sector's middle half▲ 0.2pp22.8%within the sector's middle half▼ 11.0pp34.6%within the sector's middle half▲ 11.8pp37.6%within the sector's middle half▲ 3.0pp38.7%within the sector's middle half▲ 1.2pp47.2%within the sector's middle half▲ 8.5pp
Current ratio1.50-1.51within the sector's middle half▲ 0.011.28within the sector's middle half▼ 0.231.49within the sector's middle half▲ 0.211.56within the sector's middle half▲ 0.071.57within the sector's middle half▲ 0.011.78within the sector's middle half▲ 0.21
Return on assets (ROA)4.3%-5.6%within the sector's middle half▲ 1.4pp3.3%within the sector's middle half▼ 2.4pp2.1%within the sector's middle half▼ 1.2pp2.3%within the sector's middle half▲ 0.2pp1.7%within the sector's middle half▼ 0.6pp1.6%within the sector's middle half=
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 9% higher than in 2024 and the highest since 2021. It is the third rise in a row, after the fall in 2022.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €513,371
Fixed assets
€31,212 ▲ 32.0%
Current assets
€482,159 ▼ 16.9%
Equity and liabilities €513,371
Equity
€242,300 ▲ 3.6%
Debt
€271,071 ▼ 26.7%
Debt's share of the balance-sheet total falls from 61.3% to 52.8%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€47,117▲
2024 · €37,345
Cash flow
€28,062▲
2024 · €22,115
Debt to equity
1.12▼
2024 · 1.58
ROE
3.5%▼
2024 · 4.3%
Interest coverage
3.77▼
2024 · 4.16
Debt ≤ 1 year
€271,071▼
2024 · €369,744
Income taxes
€6,544▲
2024 · €6,246
Customer credit
66 days▼
2024 · 69 days
Supplier credit
51 days▼
2024 · 99 days
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €7,356 | €10,483 | €18,429 | €27,188 |
| Depreciation and write-downs of the year | €8,001 | €8,583 | €12,087 | €19,620 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Turnover70 | €1.2m | €2.0m | €1.7m | €0.9m | €1.2m | €1.3m | €1.2m | ▼ 8.9% |
| Goods, raw materials, services and sundry goods60/61 | - | - | - | €0.9m | €1.1m | €1.2m | €1.1m | ▼ 10.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.01m | €0.008m | €0.008m | €0.008m | €0.009m | €0.01m | €0.02m | ▲ 62.3% |
| Other operating charges640/8 | - | - | - | €0.001m | €0.03m | €360 | €0.006m | ▲ 16× |
| Gross operating margin9900 | €0.04m | €0.05m | €0.05m | €0.03m | €0.06m | €0.04m | €0.05m | ▲ 40.3% |
| Operating profit (loss)9901 | €0.03m | €0.04m | €0.04m | €0.02m | €0.03m | €0.03m | €0.03m | ▲ 8.9% |
| Financial income75/76B | - | - | - | - | - | €1 | - | - |
| Recurring financial income75 | - | - | - | - | - | €1 | - | - |
| Financial charges65/66B | - | - | - | €0.004m | €0.007m | €0.009m | €0.01m | ▲ 39.3% |
| Recurring financial charges65 | €0.003m | €0.005m | €0.006m | €0.004m | €0.007m | €0.009m | €0.01m | ▲ 39.3% |
| Profit (loss) for the period before taxes9903 | €0.02m | €0.04m | €0.04m | €0.02m | €0.02m | €0.02m | €0.01m | ▼ 7.9% |
| Income taxes67/77 | €0.005m | €0.008m | €0.008m | €0.004m | €0.004m | €0.006m | €0.007m | ▲ 4.8% |
| Profit (loss) for the period9904 | €0.02m | €0.03m | €0.03m | €0.01m | €0.01m | €0.01m | €0.008m | ▼ 15.8% |
| Profit (loss) for the period to be appropriated9905 | €0.02m | €0.03m | €0.03m | €0.01m | €0.01m | €0.01m | €0.008m | ▼ 15.8% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €419,689 | €500,320 | €866,799 | €608,615 | €595,505 | €603,602 | €513,371 | ▼ 14.9% |
| Fixed assets21/28 | €23,367 | €15,108 | €16,047 | €15,402 | €17,302 | €23,644 | €31,212 | ▲ 32.0% |
| Tangible fixed assets22/27 | €23,367 | €15,108 | €16,047 | €15,402 | €17,302 | €23,644 | €31,212 | ▲ 32.0% |
| Plant, machinery and equipment23 | - | - | - | €9,853 | €7,402 | €4,950 | €2,905 | ▼ 41.3% |
| Furniture and vehicles24 | - | - | - | €5,550 | €9,901 | €18,693 | €28,307 | ▲ 51.4% |
| Current assets29/58 | €396,322 | €485,212 | €850,752 | €593,213 | €578,202 | €579,958 | €482,159 | ▼ 16.9% |
| Amounts receivable after more than one year29 | - | - | - | €159,708 | €159,708 | €159,708 | €159,708 | = |
| Other amounts receivable291 | - | - | - | €159,708 | €159,708 | €159,708 | €159,708 | = |
| Amounts receivable within one year40/41 | €331,034 | €469,057 | €556,193 | €427,321 | €417,030 | €414,419 | €313,832 | ▼ 24.3% |
| Trade receivables40 | - | - | - | €197,565 | €184,600 | €240,915 | €209,487 | ▼ 13.0% |
| Other amounts receivable41 | - | - | - | €229,756 | €232,429 | €173,505 | €104,345 | ▼ 39.9% |
| Cash at bank and in hand54/58 | €65,288 | €14,757 | €131,457 | €6,184 | €1,465 | €5,831 | €8,620 | ▲ 47.8% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €419,689 | €500,320 | €866,799 | €608,615 | €595,505 | €603,602 | €513,371 | ▼ 14.9% |
| Equity10/15 | €141,136 | €169,359 | €197,634 | €210,289 | €223,830 | €233,858 | €242,300 | ▲ 3.6% |
| Contributions10/11 | €18,600 | - | - | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Profit (loss) carried forward14 | €120,676 | €148,899 | €177,174 | €189,829 | €203,370 | €213,398 | €221,840 | ▲ 4.0% |
| Amounts payable17/49 | €278,553 | €330,961 | €669,165 | €398,326 | €371,674 | €369,744 | €271,071 | ▼ 26.7% |
| Amounts payable after more than one year17 | €14,653 | €9,549 | €4,371 | - | - | - | - | - |
| Amounts payable within one year42/48 | €263,900 | €321,412 | €664,794 | €398,326 | €371,674 | €369,744 | €271,071 | ▼ 26.7% |
| Current portion of amounts payable after more than one year42 | - | - | - | €4,371 | - | - | - | - |
| Financial debts43 | - | - | - | €51,979 | €29,633 | €22,611 | €50,315 | ▲ 123% |
| Credit institutions430/8 | - | - | - | €51,979 | €29,633 | €22,611 | €50,315 | ▲ 123% |
| Trade debts44 | €229,976 | €293,580 | €597,932 | €325,652 | €337,953 | €334,081 | €152,775 | ▼ 54.3% |
| Suppliers440/4 | - | - | - | €207,428 | €196,525 | €122,901 | €72,207 | ▼ 41.2% |
| Bills of exchange payable441 | - | - | - | €118,223 | €141,429 | €211,180 | €80,569 | ▼ 61.8% |
| Advances received on contracts in progress46 | - | - | - | €10,901 | - | - | - | - |
| Taxes, remuneration and social security45 | - | - | - | €5,423 | €4,088 | €13,052 | €60,723 | ▲ 365% |
| Taxes450/3 | - | - | - | €5,423 | €4,088 | €6,246 | €20,808 | ▲ 233% |
| Remuneration and social security454/9 | - | - | - | - | - | €6,806 | €39,915 | ▲ 486% |
| Other amounts payable47/48 | - | - | - | - | - | - | €7,258 | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €17,915 | €28,224 | €28,275 | €12,655 | €13,541 | €10,028 | €8,442 | ▼ 15.8% |
| + Depreciation and write-downs630 | €9,932 | €8,259 | €7,911 | €8,001 | €8,583 | €12,087 | €19,620 | ▲ 62.3% |
| Operating cash flow (approximation) | €27,847 | €36,482 | €36,185 | €20,656 | €22,124 | €22,115 | €28,062 | ▲ 26.9% |
| Investment in fixed assets (approximation) | - | €0 | -€8,850 | -€7,356 | -€10,483 | -€18,429 | -€27,188 | ▼ 47.5% |
| Change in cash | - | -€50,530 | €116,700 | -€125,273 | -€4,720 | €4,366 | €2,789 | ▼ 36.1% |
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, 6,049 companies had the same profile as I.G. CONSTRUCT has now. Two years later, 95.9% were still going and 0.4% had gone bankrupt.
- Small
- 10 to 20 years old
- solvency 30% or more
- a profit under 5% of the balance sheet
95.9%
was still going
3.6%
stopped otherwise
0.4%
went bankrupt
That fits the bankruptcy probability of I.G. CONSTRUCT itself: 0.4% 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 6,049 companies, not a prediction for I.G. 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 18 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-06-2025 | full format | 04-02-2026 | 2026-00033973 | |
| 30-06-2024 | full format | 05-02-2025 | 2025-00030456 | |
| 30-06-2023 | full format | 31-01-2024 | 2024-00023943 | |
| 30-06-2022 | full format | 02-02-2023 | 2023-00025915 | |
| 30-06-2021 | full format | 31-01-2022 | 2022-03300263 | |
| 30-06-2020 | full format | 11-02-2021 | 2021-05200375 | |
| 30-06-2019 | micro format | 31-01-2020 | 2020-03600005 | |
| 30-06-2018 | micro format | 31-01-2019 | 2019-03900012 | |
| 30-06-2017 | micro format | 31-01-2018 | 2018-03700551 | |
| 30-06-2016 | full format | 31-01-2017 | 2017-03800323 |