INTERBUD
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 30-04-2026 PDF all 17 filings
Turnover
≈ €490,000
Estimated: probably between €370,000 and €690,000
Total assets
€395,494▲ 150%
2024 · €158,011
Net result
€63,829▲ 106%
2024 · €31,009
Working capital
€85,167▲ 188%
2024 · €29,536
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€86,988
▲ 78.6%
2025
20192025
Net result
€63,829
▲ 106%
2025
highest quarter of the sector
20192025
Equity
€138,426
▲ 83.1%
2025
highest quarter of the sector
20192025
Total assets
€395,494
▲ 150%
2025
highest quarter of the sector
20192025
Debt
€257,067
▲ 212%
2025
20192025
Working capital
€85,167
▲ 188%
2025
middle half of the sector
20192025
Solvency
35.0%
▼ 12.8pp
2025
middle half of the sector
20192025
Current ratio
1.43
▼ 0.22
2025
middle half of the sector
20192025
Return on assets (ROA)
16.1%
▼ 3.5pp
2025
middle half of the sector
20192025
Staff (FTE)
1
=
2025
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€9,223-€9,911▲ 7.5%€3,654▼ 63.1%€2,326▼ 36.3%€8,266▲ 255%€48,696▲ 489%€86,988▲ 78.6%
Net result€2,004-€2,676within the sector's middle half▲ 33.5%€859below the sector's middle half▼ 67.9%-€1,868below the sector's middle half€1,898within the sector's middle half€31,009above the sector's middle half▲ 16×€63,829above the sector's middle half▲ 106%
Equity€41,823-€44,499within the sector's middle half▲ 6.4%€45,358within the sector's middle half▲ 1.9%€43,490within the sector's middle half▼ 4.1%€45,388within the sector's middle half▲ 4.4%€75,597within the sector's middle half▲ 66.6%€138,426above the sector's middle half▲ 83.1%
Total assets€148,915-€140,766within the sector's middle half▼ 5.5%€62,415below the sector's middle half▼ 55.7%€110,738within the sector's middle half▲ 77.4%€112,071within the sector's middle half▲ 1.2%€158,011within the sector's middle half▲ 41.0%€395,494above the sector's middle half▲ 150%
Debt€107,092-€96,267▼ 10.1%€17,057▼ 82.3%€67,248▲ 294%€66,683▼ 0.8%€82,414▲ 23.6%€257,067▲ 212%
Working capital€21,627-€15,725within the sector's middle half▼ 27.3%€42,460within the sector's middle half▲ 170%€10,732within the sector's middle half▼ 74.7%€16,593within the sector's middle half▲ 54.6%€29,536within the sector's middle half▲ 78.0%€85,167within the sector's middle half▲ 188%
Solvency28.1%-31.6%within the sector's middle half▲ 3.5pp72.7%above the sector's middle half▲ 41.1pp39.3%within the sector's middle half▼ 33.4pp40.5%within the sector's middle half▲ 1.2pp47.8%within the sector's middle half▲ 7.3pp35.0%within the sector's middle half▼ 12.8pp
Current ratio2.06-1.48within the sector's middle half▼ 0.583.49above the sector's middle half▲ 2.011.23within the sector's middle half▼ 2.251.29within the sector's middle half▲ 0.051.64within the sector's middle half▲ 0.361.43within the sector's middle half▼ 0.22
Return on assets (ROA)1.3%-1.9%within the sector's middle half▲ 0.6pp1.4%within the sector's middle half▼ 0.5pp-1.7%below the sector's middle half▼ 3.1pp1.7%within the sector's middle half▲ 3.4pp19.6%above the sector's middle half▲ 17.9pp16.1%within the sector's middle half▼ 3.5pp
Staff (FTE)1.21.9▲ 58.3%1▼ 47.4%1=
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 79% higher than in 2024 and the highest since 2021. It is the third rise in a row, after the fall in 2022.
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 €395,494
Fixed assets
€110,622 ▲ 34.1%
Current assets
€284,872 ▲ 277%
Equity and liabilities €395,494
Equity
€138,426 ▲ 83.1%
Debt
€257,067 ▲ 212%
Debt's share of the balance-sheet total rises from 52.2% to 65.0%. Equity and debt are higher.
Key figures and ratios
EBITDA
€117,446▲
2024 · €68,980
Cash flow
€94,287▲
2024 · €51,293
Debt to equity
1.86▲
2024 · 1.09
ROE
46.1%▲
2024 · 41.0%
Interest coverage
37.15▲
2024 · 32.36
Debt ≤ 1 year
€199,705▲
2024 · €45,953
Debt > 1 year
€57,362▲
2024 · €36,461
Income taxes
€19,998▲
2024 · €15,555
Staff costs
€27,632▲
2024 · €23,779
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 30-09-2022 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|
| Employees at the balance-sheet date | 2 | 100 | 1 | 1 |
| part-time | 2 | 100 | 1 | 1 |
| in full-time equivalents | 1.5 | 0.7 | 0.7 | 0.7 |
| Average over the year, in full-time equivalents | 0.9 | 1.4 | 0.7 | 0.7 |
| On a permanent contract | 2 | 1 | 1 | 1 |
| Joined | 2 | 0 | - | - |
| Left | 0 | 1 | - | - |
Source: social balance sheet in the 2022 to 2025 annual accounts
Investments
| Item | 30-09-2021 | 30-09-2022 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €2,909 | €60,250 | €5,025 | €67,285 | €58,558 |
| Depreciation and write-downs of the year | €317 | €9,865 | €11,483 | €20,284 | €30,458 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €24,588 | €36,473 | €23,779 | €27,632 | ▲ 16.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €18,712 | €18,380 | €317 | €9,865 | €11,483 | €20,284 | €30,458 | ▲ 50.2% |
| Other operating charges640/8 | - | - | €5,012 | €4,448 | €12,141 | €15,937 | €3,981 | ▼ 75.0% |
| Gross operating margin9900 | €37,620 | €30,823 | €8,983 | €41,227 | €68,364 | €108,696 | €149,059 | ▲ 37.1% |
| Operating profit (loss)9901 | €9,223 | €9,911 | €3,654 | €2,326 | €8,266 | €48,696 | €86,988 | ▲ 78.6% |
| Financial income75/76B | - | - | €182 | - | - | - | - | - |
| Recurring financial income75 | €0 | €1 | €182 | - | - | - | - | - |
| Financial charges65/66B | - | - | €2,429 | €931 | €1,336 | €2,131 | €3,162 | ▲ 48.3% |
| Recurring financial charges65 | €6,346 | €5,679 | €2,429 | €931 | €1,336 | €2,131 | €3,162 | ▲ 48.3% |
| Profit (loss) for the period before taxes9903 | €2,878 | €4,233 | €1,407 | €1,395 | €6,930 | €46,565 | €83,827 | ▲ 80.0% |
| Income taxes67/77 | €873 | €1,557 | €548 | €3,263 | €5,031 | €15,555 | €19,998 | ▲ 28.6% |
| Profit (loss) for the period9904 | €2,004 | €2,676 | €859 | -€1,868 | €1,898 | €31,009 | €63,829 | ▲ 106% |
| Profit (loss) for the period to be appropriated9905 | €2,004 | €2,676 | €859 | -€1,868 | €1,898 | €31,009 | €63,829 | ▲ 106% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €148,915 | €140,766 | €62,415 | €110,738 | €112,071 | €158,011 | €395,494 | ▲ 150% |
| Fixed assets21/28 | €106,870 | €92,060 | €2,898 | €54,307 | €37,577 | €82,522 | €110,622 | ▲ 34.1% |
| Tangible fixed assets22/27 | €106,564 | €91,754 | €2,592 | €54,001 | €37,271 | €82,522 | €110,622 | ▲ 34.1% |
| Plant, machinery and equipment23 | - | - | €2,254 | €4,063 | €2,936 | €9,533 | €6,748 | ▼ 29.2% |
| Furniture and vehicles24 | - | - | €338 | €49,938 | €34,335 | €28,576 | €28,209 | ▼ 1.3% |
| Leasing and similar rights25 | - | - | - | - | - | €44,413 | €75,665 | ▲ 70.4% |
| Financial fixed assets28 | €306 | €306 | €306 | €306 | €306 | - | - | - |
| Current assets29/58 | €42,045 | €48,707 | €59,517 | €56,430 | €74,493 | €75,489 | €284,872 | ▲ 277% |
| Stocks and contracts in progress3 | - | - | - | - | - | €11,381 | - | - |
| Stocks30/36 | - | - | - | - | - | €11,381 | - | - |
| Amounts receivable within one year40/41 | €30,296 | €41,870 | €53,280 | €40,843 | €63,676 | €54,131 | €200,769 | ▲ 271% |
| Trade receivables40 | - | - | €52,377 | €39,350 | €56,776 | €31,835 | €177,671 | ▲ 458% |
| Other amounts receivable41 | - | - | €903 | €1,493 | €6,900 | €22,296 | €23,099 | ▲ 3.6% |
| Cash at bank and in hand54/58 | €10,695 | €5,910 | €5,643 | €13,851 | €8,835 | €8,168 | €82,278 | ▲ 907% |
| Deferred charges and accrued income490/1 | - | - | €595 | €1,736 | €1,982 | €1,810 | €1,825 | ▲ 0.8% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €148,915 | €140,766 | €62,415 | €110,738 | €112,071 | €158,011 | €395,494 | ▲ 150% |
| Equity10/15 | €41,823 | €44,499 | €45,358 | €43,490 | €45,388 | €75,597 | €138,426 | ▲ 83.1% |
| Contributions10/11 | €6,200 | - | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| 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 | €33,763 | €36,439 | €37,298 | €35,430 | €37,328 | €67,537 | €130,366 | ▲ 93.0% |
| Amounts payable17/49 | €107,092 | €96,267 | €17,057 | €67,248 | €66,683 | €82,414 | €257,067 | ▲ 212% |
| Amounts payable after more than one year17 | €86,674 | €63,286 | - | €21,549 | €8,782 | €36,461 | €57,362 | ▲ 57.3% |
| Financial debts170/4 | - | - | - | €21,549 | €8,782 | €36,461 | €57,362 | ▲ 57.3% |
| Amounts payable within one year42/48 | €20,418 | €32,981 | €17,057 | €45,699 | €57,900 | €45,953 | €199,705 | ▲ 335% |
| Current portion of amounts payable after more than one year42 | - | - | - | €12,299 | €12,767 | €18,230 | €32,613 | ▲ 78.9% |
| Trade debts44 | €2,751 | €12,522 | €2,594 | €8,888 | €28,413 | €4,289 | €73,069 | ▲ 17× |
| Suppliers440/4 | - | - | €2,594 | €8,888 | €28,413 | €4,289 | €73,069 | ▲ 17× |
| Advances received on contracts in progress46 | - | - | - | - | - | - | €70,000 | - |
| Taxes, remuneration and social security45 | - | - | €14,463 | €17,384 | €10,167 | €22,134 | €14,999 | ▼ 32.2% |
| Taxes450/3 | - | - | €639 | €3,099 | €5,031 | €15,555 | €9,013 | ▼ 42.1% |
| Remuneration and social security454/9 | - | - | €13,823 | €14,285 | €5,136 | €6,579 | €5,986 | ▼ 9.0% |
| Other amounts payable47/48 | - | - | - | €7,129 | €6,554 | €1,300 | €9,024 | ▲ 594% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €2,004 | €2,676 | €859 | -€1,868 | €1,898 | €31,009 | €63,829 | ▲ 106% |
| + Depreciation and write-downs630 | €18,712 | €18,380 | €317 | €9,865 | €11,483 | €20,284 | €30,458 | ▲ 50.2% |
| Operating cash flow (approximation) | €20,716 | €21,056 | €1,176 | €7,997 | €13,382 | €51,293 | €94,287 | ▲ 83.8% |
| Investment in fixed assets (approximation) | - | -€3,570 | €88,845 | -€61,275 | €5,246 | -€65,228 | -€58,558 | ▲ 10.2% |
| Change in cash | - | -€4,784 | -€268 | €8,208 | -€5,016 | -€667 | €74,110 | - |
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, 34,693 companies had the same profile as INTERBUD has now. Two years later, 95.3% were still going and 0.7% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
95.3%
was still going
3.9%
stopped otherwise
0.7%
went bankrupt
That fits the bankruptcy probability of INTERBUD itself: 0.2% 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 34,693 companies, not a prediction for INTERBUD. 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 17 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-09-2025 | micro format | 30-04-2026 | 2026-00096361 | |
| 30-09-2024 | micro format | 02-04-2025 | 2025-00061397 | |
| 30-09-2023 | micro format | 26-04-2024 | 2024-00070273 | |
| 30-09-2022 | micro format | 29-03-2023 | 2023-00047706 | |
| 30-09-2021 | micro format | 30-04-2022 | 2022-20016798 | |
| 30-09-2020 | micro format | 29-04-2021 | 2021-12200591 | |
| 30-09-2019 | micro format | 30-04-2020 | 2020-11400429 | |
| 30-09-2018 | micro format | 30-04-2019 | 2019-12300562 | |
| 30-09-2017 | micro format | 30-04-2018 | 2018-11100268 | |
| 30-09-2016 | full format | 28-04-2017 | 2017-11200113 |