INTER BATY
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 29-05-2026 PDF all 8 filings
Turnover
€388,300▲ 4.2%
2024 · €372,696
EBIT margin
20.8%▼ 2.7pp
2024 · 23.5%
Net result
€72,043▼ 2.3%
2024 · €73,709
Working capital
€132,619▼ 4.2%
2024 · €138,406
Multi-year overview
2019 to 2025, 7 financial yearsTurnover
€388,300
▲ 4.2%
2025
20192025
Operating result
€80,739
▼ 7.8%
2025
20192025
Net result
€72,043
▼ 2.3%
2025
highest quarter of the sector
20192025
EBIT margin
20.8%
▼ 2.7pp
2025
20192025
Equity
€166,814
▲ 12.1%
2025
highest quarter of the sector
20192025
Total assets
€322,943
▼ 14.7%
2025
highest quarter of the sector
20192025
Debt
€156,129
▼ 32.1%
2025
20192025
Working capital
€132,619
▼ 4.2%
2025
highest quarter of the sector
20192025
Solvency
51.7%
▲ 12.4pp
2025
middle half of the sector
20192025
Current ratio
1.85
▲ 0.25
2025
middle half of the sector
20192025
Return on assets (ROA)
22.3%
▲ 2.8pp
2025
highest quarter of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Turnover€319,933-€412,552▲ 28.9%€264,878▼ 35.8%€406,199▲ 53.4%€466,374▲ 14.8%€372,696▼ 20.1%€388,300▲ 4.2%
Operating result€68,114-€98,661▲ 44.8%€75,612▼ 23.4%€110,479▲ 46.1%€171,169▲ 54.9%€87,558▼ 48.8%€80,739▼ 7.8%
Net result€59,358-€87,342above the sector's middle half▲ 47.1%€67,138above the sector's middle half▼ 23.1%€90,804above the sector's middle half▲ 35.2%€145,946above the sector's middle half▲ 60.7%€73,709above the sector's middle half▼ 49.5%€72,043above the sector's middle half▼ 2.3%
EBIT margin21.3%-23.9%▲ 2.6pp28.5%▲ 4.6pp27.2%▼ 1.3pp36.7%▲ 9.5pp23.5%▼ 13.2pp20.8%▼ 2.7pp
Equity€49,432-€85,774within the sector's middle half▲ 73.5%€101,912within the sector's middle half▲ 18.8%€141,717above the sector's middle half▲ 39.1%€229,062above the sector's middle half▲ 61.6%€148,771above the sector's middle half▼ 35.1%€166,814above the sector's middle half▲ 12.1%
Total assets€146,572-€211,639within the sector's middle half▲ 44.4%€191,984within the sector's middle half▼ 9.3%€279,423within the sector's middle half▲ 45.5%€425,816above the sector's middle half▲ 52.4%€378,695above the sector's middle half▼ 11.1%€322,943above the sector's middle half▼ 14.7%
Debt€97,140-€125,865▲ 29.6%€90,072▼ 28.4%€137,706▲ 52.9%€196,754▲ 42.9%€229,924▲ 16.9%€156,129▼ 32.1%
Working capital€32,250-€73,644within the sector's middle half▲ 128%€82,892within the sector's middle half▲ 12.6%€100,080above the sector's middle half▲ 20.7%€198,565above the sector's middle half▲ 98.4%€138,406above the sector's middle half▼ 30.3%€132,619above the sector's middle half▼ 4.2%
Solvency33.7%-40.5%within the sector's middle half▲ 6.8pp53.1%within the sector's middle half▲ 12.6pp50.7%within the sector's middle half▼ 2.4pp53.8%within the sector's middle half▲ 3.1pp39.3%within the sector's middle half▼ 14.5pp51.7%within the sector's middle half▲ 12.4pp
Current ratio1.33-1.59within the sector's middle half▲ 0.251.92within the sector's middle half▲ 0.341.75within the sector's middle half▼ 0.172.01within the sector's middle half▲ 0.261.60within the sector's middle half▼ 0.411.85within the sector's middle half▲ 0.25
Return on assets (ROA)40.5%-41.3%above the sector's middle half▲ 0.8pp35.0%above the sector's middle half▼ 6.3pp32.5%above the sector's middle half▼ 2.5pp34.3%above the sector's middle half▲ 1.8pp19.5%above the sector's middle half▼ 14.8pp22.3%above the sector's middle half▲ 2.8pp
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 8% lower than in 2024. It is the second fall in a row.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €322,943
Fixed assets
€34,195 ▲ 230%
Current assets
€288,748 ▼ 21.6%
Equity and liabilities €322,943
Equity
€166,814 ▲ 12.1%
Debt
€156,129 ▼ 32.1%
Debt's share of the balance-sheet total falls from 60.7% to 48.3%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€90,799▼
2024 · €101,423
Cash flow
€82,102▼
2024 · €87,573
Debt to equity
0.94▼
2024 · 1.55
ROE
43.2%▼
2024 · 49.5%
Interest coverage
over 100
2024 · over 100
Debt ≤ 1 year
€156,129▼
2024 · €229,924
Income taxes
€7,980▼
2024 · €13,637
Customer credit
83 days▲
2024 · 37 days
Supplier credit
81 days▲
2024 · 53 days
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 31-10-2021 | 31-10-2022 | 31-10-2023 | 31-10-2024 | 31-10-2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €19,800 | €37,561 | €3,635 | €1,983 | €24,739 |
| Financial fixed assets | - | - | - | - | €9,150 |
| Depreciation and write-downs of the year | €12,910 | €11,077 | €18,642 | €13,864 | €10,059 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Turnover70 | €319,933 | €412,552 | €264,878 | €406,199 | €466,374 | €372,696 | €388,300 | ▲ 4.2% |
| Non-recurring operating income76A | - | - | - | - | - | - | €11,152 | - |
| Goods, raw materials, services and sundry goods60/61 | - | - | €174,678 | €282,286 | €273,505 | €268,500 | €307,876 | ▲ 14.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €9,801 | €8,418 | €12,910 | €11,077 | €18,642 | €13,864 | €10,059 | ▼ 27.4% |
| Other operating charges640/8 | - | - | €1,677 | €2,357 | €3,057 | €1,524 | €777 | ▼ 49.0% |
| Non-recurring operating charges66A | - | - | - | - | - | €1,250 | - | - |
| Gross operating margin9900 | €78,001 | €107,133 | €90,200 | €123,913 | €192,869 | €104,196 | €91,576 | ▼ 12.1% |
| Operating profit (loss)9901 | €68,114 | €98,661 | €75,612 | €110,479 | €171,169 | €87,558 | €80,739 | ▼ 7.8% |
| Financial income75/76B | - | - | €12 | €296 | €1 | €1 | €72 | ▲ 71× |
| Recurring financial income75 | €1 | €1 | €12 | €1 | €1 | €1 | €72 | ▲ 71× |
| Non-recurring financial income76B | - | - | - | €295 | - | - | - | - |
| Financial charges65/66B | - | - | €256 | €1,276 | €392 | €214 | €789 | ▲ 268% |
| Recurring financial charges65 | €37 | €439 | €256 | €1,276 | €392 | €214 | €789 | ▲ 268% |
| Profit (loss) for the period before taxes9903 | €68,078 | €98,223 | €75,369 | €109,499 | €170,779 | €87,345 | €80,022 | ▼ 8.4% |
| Income taxes67/77 | €8,720 | €10,881 | €8,231 | €18,695 | €24,833 | €13,637 | €7,980 | ▼ 41.5% |
| Profit (loss) for the period9904 | €59,358 | €87,342 | €67,138 | €90,804 | €145,946 | €73,709 | €72,043 | ▼ 2.3% |
| Profit (loss) for the period to be appropriated9905 | €59,358 | €87,342 | €67,138 | €90,804 | €145,946 | €73,709 | €72,043 | ▼ 2.3% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €146,572 | €211,639 | €191,984 | €279,423 | €425,816 | €378,695 | €322,943 | ▼ 14.7% |
| Fixed assets21/28 | €17,182 | €12,130 | €19,020 | €45,504 | €30,497 | €10,366 | €34,195 | ▲ 230% |
| Tangible fixed assets22/27 | €17,182 | €12,130 | €19,020 | €45,504 | €30,497 | €10,366 | €25,045 | ▲ 142% |
| Plant, machinery and equipment23 | - | - | €16,170 | €12,210 | €8,250 | €639 | €8,041 | ▲ 13× |
| Furniture and vehicles24 | - | - | €2,850 | €33,294 | €22,247 | €9,727 | €17,004 | ▲ 74.8% |
| Financial fixed assets28 | - | - | - | - | - | - | €9,150 | - |
| Current assets29/58 | €129,390 | €199,509 | €172,964 | €233,919 | €395,319 | €368,329 | €288,748 | ▼ 21.6% |
| Amounts receivable after more than one year29 | - | - | - | - | - | - | €186,667 | - |
| Other amounts receivable291 | - | - | - | - | - | - | €186,667 | - |
| Amounts receivable within one year40/41 | €120,259 | €166,120 | €152,657 | €221,757 | €371,336 | €355,226 | €93,470 | ▼ 73.7% |
| Trade receivables40 | - | - | €14,137 | €32,843 | €96,955 | €37,834 | €88,024 | ▲ 133% |
| Other amounts receivable41 | - | - | €138,520 | €188,914 | €274,381 | €317,392 | €5,447 | ▼ 98.3% |
| Cash at bank and in hand54/58 | €8,437 | €31,989 | €19,053 | €10,338 | €22,252 | €11,728 | €6,081 | ▼ 48.2% |
| Deferred charges and accrued income490/1 | - | - | €1,255 | €1,824 | €1,732 | €1,375 | €2,530 | ▲ 84.0% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €146,572 | €211,639 | €191,984 | €279,423 | €425,816 | €378,695 | €322,943 | ▼ 14.7% |
| Equity10/15 | €49,432 | €85,774 | €101,912 | €141,717 | €229,062 | €148,771 | €166,814 | ▲ 12.1% |
| Contributions10/11 | €6,200 | - | €6,200 | €6,200 | €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 | €1,860 | = |
| Reserves not available under the articles1311 | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Profit (loss) carried forward14 | €41,372 | €77,714 | €93,852 | €133,657 | €208,602 | €128,311 | €146,354 | ▲ 14.1% |
| Amounts payable17/49 | €97,140 | €125,865 | €90,072 | €137,706 | €196,754 | €229,924 | €156,129 | ▼ 32.1% |
| Amounts payable after more than one year17 | - | - | - | €3,868 | - | - | - | - |
| Financial debts170/4 | - | - | - | €3,868 | - | - | - | - |
| Amounts payable within one year42/48 | €97,140 | €125,865 | €90,072 | €133,838 | €196,754 | €229,924 | €156,129 | ▼ 32.1% |
| Current portion of amounts payable after more than one year42 | - | - | - | €7,498 | €3,868 | - | - | - |
| Trade debts44 | €55,880 | €56,569 | €20,912 | €52,445 | €78,358 | €39,027 | €68,385 | ▲ 75.2% |
| Suppliers440/4 | - | - | €9,888 | €2,969 | €78,358 | €39,027 | €68,385 | ▲ 75.2% |
| Bills of exchange payable441 | - | - | €11,024 | €49,476 | - | - | - | - |
| Taxes, remuneration and social security45 | - | - | €18,160 | €22,895 | €43,528 | €52,300 | €30,737 | ▼ 41.2% |
| Taxes450/3 | - | - | €18,160 | €18,695 | €43,528 | €52,300 | €28,020 | ▼ 46.4% |
| Remuneration and social security454/9 | - | - | - | €4,200 | - | - | €2,718 | - |
| Other amounts payable47/48 | - | - | €51,000 | €51,000 | €71,000 | €138,597 | €57,007 | ▼ 58.9% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €59,358 | €87,342 | €67,138 | €90,804 | €145,946 | €73,709 | €72,043 | ▼ 2.3% |
| + Depreciation and write-downs630 | €9,801 | €8,418 | €12,910 | €11,077 | €18,642 | €13,864 | €10,059 | ▼ 27.4% |
| Operating cash flow (approximation) | €69,160 | €95,760 | €80,048 | €101,881 | €164,588 | €87,573 | €82,102 | ▼ 6.2% |
| Investment in fixed assets (approximation) | - | -€3,367 | -€19,800 | -€37,561 | -€3,635 | €6,267 | -€33,889 | - |
| Change in cash | - | €23,552 | -€12,936 | -€8,715 | €11,914 | -€10,523 | -€5,648 | ▲ 46.3% |
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 INTER BATY 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 INTER BATY itself: 0.9% 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 INTER BATY. 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 |
|---|---|---|---|---|
| 31-10-2025 | micro format | 29-05-2026 | 2026-00127450 | |
| 31-10-2024 | micro format | 02-06-2025 | 2025-00120120 | |
| 31-10-2023 | micro format | 31-05-2024 | 2024-00102785 | |
| 31-10-2022 | micro format | 20-05-2023 | 2023-00094750 | |
| 31-10-2021 | micro format | 19-05-2022 | 2022-20033386 | |
| 31-10-2020 | micro format | 28-05-2021 | 2021-15700408 | |
| 31-10-2019 | micro format | 01-06-2020 | 2020-14000405 | |
| 31-10-2018 | micro format | 31-05-2019 | 2019-15600058 |