INDRIBE
ActiveFinancials · financial year 2025, abbreviated format
2025 annual accounts filed 26 days after the deadline Filed on 26 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00428355.
Annual accounts 2025 filed on 26-08-2026 at the NBB all 27 filings
Equity
€18,551▼ 20.8%
2024 · €23,412
Total assets
€21,389▼ 30.5%
2024 · €30,766
Net result
-€4,860▼ 485%
2024 · -€831
Working capital
€12,494▼ 9.1%
2024 · €13,747
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€4,520
▼ 1,157%
2025
20182025
Net result
-€4,860
▼ 485%
2025
lowest quarter of the sector
20182025
Equity
€18,551
▼ 20.8%
2025
lowest quarter of the sector
20182025
Total assets
€21,389
▼ 30.5%
2025
lowest quarter of the sector
20182025
Debt
€2,838
▼ 61.4%
2025
20182025
Working capital
€12,494
▼ 9.1%
2025
lowest quarter of the sector
20182025
Solvency
86.7%
▲ 10.6pp
2025
highest quarter of the sector
20182025
Current ratio
5.40
▲ 2.53
2025
highest quarter of the sector
20182025
Return on assets (ROA)
-22.7%
▼ 20.0pp
2025
lowest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€8,665--€35,560-€5,725▲ 83.9%-€15,996▼ 179%€20,265€31,244▲ 54.2%-€360-€4,520▼ 1,157%
Net result€6,811--€33,955-€6,058below the sector's middle half▲ 82.2%-€16,463below the sector's middle half▼ 172%€19,762within the sector's middle half€30,225above the sector's middle half▲ 52.9%-€831below the sector's middle half-€4,860below the sector's middle half▼ 485%
Equity€47,523-€13,568▼ 71.4%€7,510below the sector's middle half▼ 44.6%-€8,952below the sector's middle half€15,768below the sector's middle half€24,243within the sector's middle half▲ 53.7%€23,412within the sector's middle half▼ 3.4%€18,551below the sector's middle half▼ 20.8%
Total assets€86,592-€40,137▼ 53.6%€53,359below the sector's middle half▲ 32.9%€28,449below the sector's middle half▼ 46.7%€42,174below the sector's middle half▲ 48.2%€52,860below the sector's middle half▲ 25.3%€30,766below the sector's middle half▼ 41.8%€21,389below the sector's middle half▼ 30.5%
Debt€39,069-€26,569▼ 32.0%€45,849▲ 72.6%€37,401▼ 18.4%€26,406▼ 29.4%€28,617▲ 8.4%€7,354▼ 74.3%€2,838▼ 61.4%
Working capital€41,788-€8,298▼ 80.1%€3,117below the sector's middle half▼ 62.4%-€13,106below the sector's middle half€7,637within the sector's middle half€19,000within the sector's middle half▲ 149%€13,747within the sector's middle half▼ 27.6%€12,494below the sector's middle half▼ 9.1%
Solvency54.9%-33.8%▼ 21.1pp14.1%below the sector's middle half▼ 19.7pp-31.5%below the sector's middle half▼ 45.5pp37.4%within the sector's middle half▲ 68.9pp45.9%within the sector's middle half▲ 8.5pp76.1%above the sector's middle half▲ 30.2pp86.7%above the sector's middle half▲ 10.6pp
Current ratio2.07-1.31▼ 0.761.07below the sector's middle half▼ 0.240.65below the sector's middle half▼ 0.421.29within the sector's middle half▲ 0.641.66within the sector's middle half▲ 0.372.87within the sector's middle half▲ 1.215.40above the sector's middle half▲ 2.53
Return on assets (ROA)7.9%--84.6%▼ 92.5pp-11.4%below the sector's middle half▲ 73.2pp-57.9%below the sector's middle half▼ 46.5pp46.9%above the sector's middle half▲ 104.7pp57.2%above the sector's middle half▲ 10.3pp-2.7%below the sector's middle half▼ 59.9pp-22.7%below the sector's middle half▼ 20.0pp
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 €4,520, larger than the loss of €360 in 2024.
Turnover and EBIT margin are not published. The abbreviated or micro format does not require them.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €21,389
Fixed assets
€6,057 ▼ 37.3%
Current assets
€15,332 ▼ 27.3%
Equity and liabilities €21,389
Equity
€18,551 ▼ 20.8%
Debt
€2,838 ▼ 61.4%
Debt's share of the balance-sheet total falls from 23.9% to 13.3%. Equity and debt are lower.
Key figures and ratios
EBITDA
-€913▼
2024 · €3,197
Cash flow
-€1,253▼
2024 · €2,726
Debt to equity
0.15▼
2024 · 0.31
ROE
-26.2%▼
2024 · -3.5%
Interest coverage
-5.56▼
2024 · 15.10
Debt ≤ 1 year
€2,838▼
2024 · €7,354
Income taxes
€176▼
2024 · €260
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 | €1,532 | €6,058 | - | €7,979 | - |
| Depreciation and write-downs of the year | €1,771 | €2,082 | €2,888 | €3,557 | €3,607 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Goods, raw materials, services and sundry goods60/61 | - | - | - | €26,024 | €19,875 | €15,249 | €11,078 | €6,171 | ▼ 44.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €1,949 | €1,759 | €1,472 | €1,771 | €2,082 | €2,888 | €3,557 | €3,607 | ▲ 1.4% |
| Other operating charges640/8 | - | - | - | €166 | €157 | €175 | €382 | €193 | ▼ 49.4% |
| Gross operating margin9900 | €10,873 | -€33,573 | -€4,036 | -€14,059 | €22,504 | €34,306 | €3,579 | -€720 | - |
| Operating profit (loss)9901 | €8,665 | -€35,560 | -€5,725 | -€15,996 | €20,265 | €31,244 | -€360 | -€4,520 | ▼ 1,157% |
| Financial income75/76B | - | - | - | €1 | - | - | - | €0 | - |
| Recurring financial income75 | €767 | €31 | - | €1 | - | - | - | €0 | - |
| Financial charges65/66B | - | - | - | €302 | €350 | €207 | €212 | €164 | ▼ 22.5% |
| Recurring financial charges65 | €269 | €503 | €333 | €302 | €350 | €207 | €212 | €164 | ▼ 22.5% |
| Profit (loss) for the period before taxes9903 | €9,163 | -€33,532 | -€6,058 | -€16,298 | €19,915 | €31,037 | -€571 | -€4,684 | ▼ 720% |
| Income taxes67/77 | €2,352 | €423 | - | €165 | €152 | €812 | €260 | €176 | ▼ 32.2% |
| Profit (loss) for the period9904 | €6,811 | -€33,955 | -€6,058 | -€16,463 | €19,762 | €30,225 | -€831 | -€4,860 | ▼ 485% |
| Profit (loss) for the period to be appropriated9905 | €6,811 | -€33,955 | -€6,058 | -€16,463 | €19,762 | €30,225 | -€831 | -€4,860 | ▼ 485% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €86,592 | €40,137 | €53,359 | €28,449 | €42,174 | €52,860 | €30,766 | €21,389 | ▼ 30.5% |
| Fixed assets21/28 | €5,734 | €5,270 | €4,393 | €4,154 | €8,131 | €5,243 | €9,665 | €6,057 | ▼ 37.3% |
| Tangible fixed assets22/27 | €5,734 | €5,270 | €4,393 | €4,154 | €8,131 | €5,243 | €9,665 | €6,057 | ▼ 37.3% |
| Plant, machinery and equipment23 | - | - | - | €1,485 | €972 | €597 | €285 | €40 | ▼ 85.8% |
| Furniture and vehicles24 | - | - | - | €2,669 | €7,158 | €4,645 | €9,380 | €6,017 | ▼ 35.9% |
| Current assets29/58 | €80,858 | €34,867 | €48,966 | €24,295 | €34,043 | €47,617 | €21,101 | €15,332 | ▼ 27.3% |
| Amounts receivable within one year40/41 | €51,787 | €24,650 | €37,552 | €12,714 | €12,862 | €12,879 | €12,909 | €13,630 | ▲ 5.6% |
| Trade receivables40 | - | - | - | €6,610 | €7,094 | €7,094 | €7,094 | €8,083 | ▲ 13.9% |
| Other amounts receivable41 | - | - | - | €6,104 | €5,768 | €5,785 | €5,815 | €5,547 | ▼ 4.6% |
| Current investments50/53 | €7,873 | €7,873 | €7,873 | €7,873 | - | - | - | - | - |
| Cash at bank and in hand54/58 | €19,339 | €1,543 | €1,849 | €2,939 | €20,382 | €34,738 | €7,263 | €966 | ▼ 86.7% |
| Deferred charges and accrued income490/1 | - | - | - | €769 | €799 | - | €929 | €736 | ▼ 20.8% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €86,592 | €40,137 | €53,359 | €28,449 | €42,174 | €52,860 | €30,766 | €21,389 | ▼ 30.5% |
| Equity10/15 | €47,523 | €13,568 | €7,510 | -€8,952 | €15,768 | €24,243 | €23,412 | €18,551 | ▼ 20.8% |
| Contributions10/11 | €13,634 | €13,634 | - | €13,634 | €18,592 | €18,592 | €18,592 | €18,592 | = |
| Contributions outside capital11 | - | - | - | €13,634 | €18,592 | €18,592 | €18,592 | €18,592 | = |
| Other1109/19 | - | - | - | €13,634 | €18,592 | €18,592 | €18,592 | €18,592 | = |
| Reserves13 | €24,287 | €24,287 | €24,287 | €24,287 | €24,287 | €5,651 | €5,651 | €5,651 | = |
| Non-distributable reserves130/1 | - | - | - | €1,859 | €1,859 | €1,859 | €1,859 | €1,859 | = |
| Reserves not available under the articles1311 | - | - | - | €1,859 | €1,859 | €1,859 | €1,859 | €1,859 | = |
| Tax-exempt reserves132 | - | - | - | €678 | €678 | €678 | €678 | €678 | = |
| Distributable reserves133 | - | - | - | €21,750 | €21,750 | €3,114 | €3,114 | €3,114 | = |
| Profit (loss) carried forward14 | €9,602 | -€24,353 | -€30,411 | -€46,873 | -€27,111 | - | -€831 | -€5,691 | ▼ 585% |
| Amounts payable17/49 | €39,069 | €26,569 | €45,849 | €37,401 | €26,406 | €28,617 | €7,354 | €2,838 | ▼ 61.4% |
| Amounts payable within one year42/48 | €39,069 | €26,569 | €45,849 | €37,401 | €26,406 | €28,617 | €7,354 | €2,838 | ▼ 61.4% |
| Trade debts44 | €3,939 | €2,382 | €7,304 | €1,019 | €2,448 | €1,217 | €1,478 | - | - |
| Suppliers440/4 | - | - | - | €1,019 | €2,448 | €1,217 | €1,478 | - | - |
| Taxes, remuneration and social security45 | - | - | - | - | €3,262 | €3,744 | €954 | €436 | ▼ 54.3% |
| Taxes450/3 | - | - | - | - | €3,262 | €3,744 | €954 | €436 | ▼ 54.3% |
| Other amounts payable47/48 | - | - | - | €36,382 | €20,696 | €23,656 | €4,922 | €2,402 | ▼ 51.2% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €6,811 | -€33,955 | -€6,058 | -€16,463 | €19,762 | €30,225 | -€831 | -€4,860 | ▼ 485% |
| + Depreciation and write-downs630 | €1,949 | €1,759 | €1,472 | €1,771 | €2,082 | €2,888 | €3,557 | €3,607 | ▲ 1.4% |
| Operating cash flow (approximation) | €8,760 | -€32,196 | -€4,586 | -€14,692 | €21,844 | €33,113 | €2,726 | -€1,253 | - |
| Investment in fixed assets (approximation) | - | -€1,294 | -€595 | -€1,532 | -€6,058 | €0 | -€7,979 | €0 | - |
| Change in cash | - | -€17,796 | €306 | €1,090 | €17,443 | €14,356 | -€27,475 | -€6,297 | ▲ 77.1% |
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, 5,831 companies had the same profile as INDRIBE has now. Two years later, 84.6% were still going and 1.7% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a loss of 10% of the balance sheet or more
84.6%
was still going
13.4%
stopped otherwise
1.7%
went bankrupt
Another 0.3% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of INDRIBE itself: 0.7% 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 5,831 companies, not a prediction for INDRIBE. 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 |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 26-08-2026 | 2026-00428355 | |
| 31-12-2024 | micro format | 22-08-2025 | 2025-00407395 | |
| 31-12-2023 | micro format | 01-08-2024 | 2024-00328222 | |
| 31-12-2022 | micro format | 18-08-2023 | 2023-00338623 | |
| 31-12-2021 | micro format | 21-08-2022 | 2022-20307044 | |
| 31-12-2020 | micro format | 24-08-2021 | 2021-52500018 | |
| 31-12-2019 | micro format | 05-08-2020 | 2020-39200100 | |
| 31-12-2018 | micro format | 31-07-2019 | 2019-41700068 | |
| 31-12-2017 | abbreviated format | 13-08-2018 | 2018-45200386 | |
| 31-12-2016 | abbreviated format | 27-07-2017 | 2017-36200493 |