INST'ALL
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 31 days after the deadline Filed on 31 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00475383.
Annual accounts 2025 filed on 31-08-2026 at the NBB all 8 filings
Turnover
≈ €230,000
Estimated: probably between €170,000 and €390,000
EBIT margin
Not included in this filing
Net result
€26,020
2024 · -€23,289
Working capital
€53,800▲ 75.8%
2024 · €30,601
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€36,358
2025
20182025
Net result
€26,020
2025
middle half of the sector
20182025
Equity
€56,962
▲ 62.5%
2025
middle half of the sector
20182025
Total assets
€100,402
▲ 39.3%
2025
middle half of the sector
20182025
Debt
€43,440
▲ 17.3%
2025
20182025
Working capital
€53,800
▲ 75.8%
2025
middle half of the sector
20182025
Solvency
56.7%
▲ 8.1pp
2025
middle half of the sector
20182025
Current ratio
2.24
▲ 0.41
2025
middle half of the sector
20182025
Return on assets (ROA)
25.9%
▲ 58.2pp
2025
highest 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€16,469-€12,858▼ 21.9%€16,571▲ 28.9%€4,763▼ 71.3%€11,805▲ 148%€7,711▼ 34.7%-€13,691€36,358
Net result€12,119-€11,110▼ 8.3%€9,807within the sector's middle half▼ 11.7%€2,022within the sector's middle half▼ 79.4%€4,125within the sector's middle half▲ 104%€3,068within the sector's middle half▼ 25.6%-€23,289below the sector's middle half€26,020within the sector's middle half
Equity€18,319-€26,929▲ 47.0%€36,736below the sector's middle half▲ 36.4%€38,758within the sector's middle half▲ 5.5%€42,883within the sector's middle half▲ 10.6%€45,951within the sector's middle half▲ 7.2%€35,062within the sector's middle half▼ 23.7%€56,962within the sector's middle half▲ 62.5%
Total assets€24,049-€37,838▲ 57.3%€56,621below the sector's middle half▲ 49.6%€59,945below the sector's middle half▲ 5.9%€62,064below the sector's middle half▲ 3.5%€99,839within the sector's middle half▲ 60.9%€72,101within the sector's middle half▼ 27.8%€100,402within the sector's middle half▲ 39.3%
Debt€5,730-€10,909▲ 90.4%€19,886▲ 82.3%€21,187▲ 6.5%€19,181▼ 9.5%€53,887▲ 181%€37,039▼ 31.3%€43,440▲ 17.3%
Working capital€10,419-€23,797▲ 128%€34,137within the sector's middle half▲ 43.5%€34,844within the sector's middle half▲ 2.1%€38,753within the sector's middle half▲ 11.2%€38,710within the sector's middle half▼ 0.1%€30,601within the sector's middle half▼ 20.9%€53,800within the sector's middle half▲ 75.8%
Solvency76.2%-71.2%▼ 5.0pp64.9%above the sector's middle half▼ 6.3pp64.7%within the sector's middle half▼ 0.2pp69.1%above the sector's middle half▲ 4.4pp46.0%within the sector's middle half▼ 23.1pp48.6%within the sector's middle half▲ 2.6pp56.7%within the sector's middle half▲ 8.1pp
Current ratio2.82-3.18▲ 0.362.72above the sector's middle half▼ 0.462.64within the sector's middle half▼ 0.073.02within the sector's middle half▲ 0.382.17within the sector's middle half▼ 0.851.83within the sector's middle half▼ 0.342.24within the sector's middle half▲ 0.41
Return on assets (ROA)50.4%-29.4%▼ 21.0pp17.3%above the sector's middle half▼ 12.0pp3.4%within the sector's middle half▼ 13.9pp6.6%within the sector's middle half▲ 3.3pp3.1%within the sector's middle half▼ 3.6pp-32.3%below the sector's middle half▼ 35.4pp25.9%above the sector's middle half▲ 58.2pp
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 profit of €36,358, after a loss of €13,691 in 2024. It is the highest result since 2021.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €100,402
Fixed assets
€3,162 ▼ 29.1%
Current assets
€97,240 ▲ 43.8%
Equity and liabilities €100,402
Equity
€56,962 ▲ 62.5%
Debt
€43,440 ▲ 17.3%
Debt's share of the balance-sheet total falls from 51.4% to 43.3%. Equity and debt are higher.
Key figures and ratios
EBITDA
€37,656▲
2024 · -€12,441
Cash flow
€27,318▲
2024 · -€22,039
Quick ratio
2.23▲
2024 · 1.82
Debt to equity
0.76▼
2024 · 1.06
ROE
45.7%▲
2024 · -66.4%
Interest coverage
5.63▲
2024 · -1.34
Debt ≤ 1 year
€43,440▲
2024 · €37,039
Income taxes
€3,721▲
2024 · €329
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 | €11,745 | €1,069 | €45,339 | €23,439 | - |
| Financial fixed assets | - | - | - | €225 | - |
| Depreciation and write-downs of the year | €1,320 | €853 | €6,294 | €1,250 | €1,299 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | - | - | - | €880 | - |
| Remuneration, social security and pensions62 | - | - | - | - | €1,407 | - | €121 | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €4,740 | €1,908 | €2,047 | €1,320 | €853 | €6,294 | €1,250 | €1,299 | ▲ 3.9% |
| Other operating charges640/8 | - | - | - | €2,685 | €846 | €689 | €2,560 | €397 | ▼ 84.5% |
| Gross operating margin9900 | €26,266 | €16,454 | €25,698 | €8,768 | €14,910 | €14,693 | -€9,760 | €38,053 | - |
| Operating profit (loss)9901 | €16,469 | €12,858 | €16,571 | €4,763 | €11,805 | €7,711 | -€13,691 | €36,358 | - |
| Financial income75/76B | - | - | - | €1,097 | €1,137 | €5,336 | - | €70 | - |
| Recurring financial income75 | €459 | €1,737 | €3,466 | €1,097 | €1,137 | €5,336 | - | €70 | - |
| Financial charges65/66B | - | - | - | €2,599 | €5,296 | €6,874 | €9,269 | €6,687 | ▼ 27.9% |
| Recurring financial charges65 | €36 | €318 | €1,652 | €2,599 | €5,296 | €6,874 | €9,269 | €6,687 | ▼ 27.9% |
| Profit (loss) for the period before taxes9903 | €16,892 | €14,277 | €18,386 | €3,262 | €7,647 | €6,173 | -€22,960 | €29,740 | - |
| Income taxes67/77 | €4,773 | €3,167 | €8,579 | €1,240 | €3,522 | €3,105 | €329 | €3,721 | ▲ 11× |
| Profit (loss) for the period9904 | €12,119 | €11,110 | €9,807 | €2,022 | €4,125 | €3,068 | -€23,289 | €26,020 | - |
| Profit (loss) for the period to be appropriated9905 | €12,119 | €11,110 | €9,807 | €2,022 | €4,125 | €3,068 | -€23,289 | €26,020 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €24,049 | €37,838 | €56,621 | €59,945 | €62,064 | €99,839 | €72,101 | €100,402 | ▲ 39.3% |
| Fixed assets21/28 | €7,900 | €3,132 | €2,599 | €3,914 | €4,131 | €27,961 | €4,461 | €3,162 | ▼ 29.1% |
| Tangible fixed assets22/27 | €7,900 | €3,132 | €2,599 | €3,914 | €4,131 | €27,961 | €4,236 | €2,937 | ▼ 30.7% |
| Plant, machinery and equipment23 | - | - | - | €3,047 | €2,620 | €2,194 | €1,875 | €1,572 | ▼ 16.2% |
| Furniture and vehicles24 | - | - | - | €868 | €1,511 | €25,767 | €2,361 | €1,365 | ▼ 42.2% |
| Financial fixed assets28 | - | - | - | - | - | - | €225 | €225 | = |
| Current assets29/58 | €16,149 | €34,706 | €54,022 | €56,031 | €57,933 | €71,878 | €67,640 | €97,240 | ▲ 43.8% |
| Stocks and contracts in progress3 | - | - | - | €453 | €809 | €251 | €404 | €251 | ▼ 37.8% |
| Stocks30/36 | - | - | - | €453 | €809 | €251 | €404 | €251 | ▼ 37.8% |
| Amounts receivable within one year40/41 | €15,611 | €33,222 | €52,286 | €53,502 | €51,748 | €64,066 | €53,034 | €88,296 | ▲ 66.5% |
| Trade receivables40 | - | - | - | €6,393 | €7,150 | €7,008 | €200 | €785 | ▲ 292% |
| Other amounts receivable41 | - | - | - | €47,109 | €44,598 | €57,058 | €52,834 | €87,511 | ▲ 65.6% |
| Cash at bank and in hand54/58 | €537 | €1,484 | €1,737 | €1,521 | €4,907 | €4,645 | €5,186 | €1,416 | ▼ 72.7% |
| Deferred charges and accrued income490/1 | - | - | - | €555 | €469 | €2,916 | €9,017 | €7,277 | ▼ 19.3% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €24,049 | €37,838 | €56,621 | €59,945 | €62,064 | €99,839 | €72,101 | €100,402 | ▲ 39.3% |
| Equity10/15 | €18,319 | €26,929 | €36,736 | €38,758 | €42,883 | €45,951 | €35,062 | €56,962 | ▲ 62.5% |
| Contributions10/11 | €6,200 | €6,200 | - | €6,200 | €6,200 | €6,200 | €18,600 | €18,600 | = |
| Reserves13 | €1,860 | €1,860 | €1,860 | €1,860 | €5,980 | €5,980 | €5,980 | €27,860 | ▲ 366% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Distributable reserves133 | - | - | - | - | €4,120 | €4,120 | €4,120 | €26,000 | ▲ 531% |
| Profit (loss) carried forward14 | €10,259 | €18,869 | €28,676 | €30,698 | €30,703 | €33,771 | €10,482 | €10,502 | ▲ 0.2% |
| Amounts payable17/49 | €5,730 | €10,909 | €19,886 | €21,187 | €19,181 | €53,887 | €37,039 | €43,440 | ▲ 17.3% |
| Amounts payable after more than one year17 | - | - | - | - | - | €20,720 | - | - | - |
| Financial debts170/4 | - | - | - | - | - | €20,720 | - | - | - |
| Amounts payable within one year42/48 | €5,730 | €10,909 | €19,886 | €21,187 | €19,181 | €33,168 | €37,039 | €43,440 | ▲ 17.3% |
| Current portion of amounts payable after more than one year42 | - | - | - | - | €7,000 | €7,599 | - | - | - |
| Financial debts43 | - | - | - | - | - | - | - | €2,448 | - |
| Credit institutions430/8 | - | - | - | - | - | - | - | €2,448 | - |
| Trade debts44 | €957 | €1,866 | €11,538 | €14,753 | €12,166 | €22,464 | €31,875 | €32,822 | ▲ 3.0% |
| Suppliers440/4 | - | - | - | €14,753 | €12,166 | €22,464 | €31,875 | €32,822 | ▲ 3.0% |
| Taxes, remuneration and social security45 | - | - | - | €6,434 | €15 | €3,105 | €5,164 | €4,050 | ▼ 21.6% |
| Taxes450/3 | - | - | - | €6,434 | - | €3,105 | €5,164 | €4,050 | ▼ 21.6% |
| Remuneration and social security454/9 | - | - | - | - | €15 | - | - | - | - |
| Other amounts payable47/48 | - | - | - | - | - | - | - | €4,120 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €12,119 | €11,110 | €9,807 | €2,022 | €4,125 | €3,068 | -€23,289 | €26,020 | - |
| + Depreciation and write-downs630 | €4,740 | €1,908 | €2,047 | €1,320 | €853 | €6,294 | €1,250 | €1,299 | ▲ 3.9% |
| Operating cash flow (approximation) | €16,859 | €13,018 | €11,854 | €3,342 | €4,978 | €9,362 | -€22,039 | €27,318 | - |
| Investment in fixed assets (approximation) | - | €2,860 | -€1,514 | -€2,636 | -€1,069 | -€30,124 | €22,250 | €0 | ▼ 100% |
| Change in cash | - | €947 | €253 | -€216 | €3,386 | -€262 | €541 | -€3,770 | - |
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, 26,972 companies had the same profile as INST'ALL has now. Two years later, 94.9% were still going and 1.6% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
94.9%
was still going
3.4%
stopped otherwise
1.6%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of INST'ALL itself: 1.8% 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 26,972 companies, not a prediction for INST'ALL. 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 (8)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 31-08-2026 | 2026-00475383 | |
| 31-12-2024 | micro format | 22-08-2025 | 2025-00407969 | |
| 31-12-2023 | micro format | 30-08-2024 | 2024-00414657 | |
| 31-12-2022 | micro format | 27-06-2023 | 2023-00177085 | |
| 31-12-2021 | micro format | 31-08-2022 | 2022-20393174 | |
| 31-12-2020 | full format | 30-08-2021 | 2021-59200392 | |
| 31-12-2019 | full format | 25-08-2020 | 2020-44600535 | |
| 31-12-2018 | full format | 19-08-2019 | 2019-47600043 |