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Jan De Nul

Active
Public limited companyfounded 1938active for 87 yearsTragel 60, 9308 Aalst, BelgiumKBO/BCE: BE 0406.041.406
Summary

Jan De Nul has been active since 1938 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €1.42bn and a net result of €11.5m. Equity has been stable since 2018 (±1.2% per year). Its solvency ranks better than 67% of 378 sector peers (NACE 42, financial year 2025). The computed 12-month bankruptcy probability is 0.1% (very low).

Risk analysisFollow ReportCompare
Jan De NulActiveChecked score 93/100
Risk analysis ReportCompare

Overview

Official details

Source: KBO
Status
Active since 10-12-1938 Normal situation
Registered office
106 active companies are registered at this address 9 started in the 12 months before. Source: KBO register, as of 2 November 2026.
Activity
Civil engineering NACE 42911and 3 others
Joint committees
124 Paritair Comité voor het bouwbedrijf
200 Aanvullend Paritair Comité voor de bedienden · annual accounts 2025
Establishment unit
2.003.923.394 9308 Aalst, since 01-01-1938
Financial year end
31 December
Peppol
Reachable since 04-06-2026
Company details

Board and ownership

Board
  • Ir. J.P.J. De NulChair
  • JPChair · permanent representative Ir. Jan Pieter J. De Nul
  • JDNManaging director · permanent representative Julie De Nul
and 3 others
Auditor
BDO Bedrijfsrevisoren bv
Shareholders
  • SOFIDRA (JAN DE NUL GROUP)annual accounts 2025
Holdings
Shares in 44 companies including AIRCOPLUS and Algemene Ondernemingen Soetaert
Board & ownership

Financial position

93 Excellent Checked score 2025
Bankruptcy probabilitywithin 12 months
0.1%
Annual accounts 2025
Turnover
€1.73bn
▲ 3.1%
Profit
€11.5m
▼ 70.0%
Equity
€1.42bn
▲ 0.9%
Total assets
€2.66bn
▲ 13.3%
Employees on 31-12-2025
1,987
▲ 10.6%
Financials
Score breakdownraises riskLiquidity: current ratio 1.92, cash €163.5mlowers riskFounded in 1938Size: turnover €1.73bn, 1,840.7 FTE, total assets €2.66bnEquity €1.42bn (53.4% of total assets)Show the evidence

Checked score

Score 2025
93 / 100
Excellent
Probability in this band: under 0.55%
Financially stronger than 62% of large companies in civil engineering (NACE 42)
Every signal that counts is listed under Signals.
Financial strength · tick: 2024
Average
Solvency 78-7
equity 53.4% of total assets
Liquidity 38-5
short-term debt 41.2% · cash 6.2%
Profitability 57-2
return on assets 0.4%
Bankruptcy probability within 12 months
0.1% Very low
0%0.5%1.5%4%10%≥ 25%

About 1 in 1,000 comparable companies go bankrupt within 12 months (an estimate).

Sector median 0.3% (34 companies, NACE 42, large)
Last 24 months 12-2024: 0.1% 01-2025: 0.1%● unchanged vs 12-2024 02-2025: 0.1%● unchanged vs 01-2025lowest value 03-2025: 0.1%● unchanged vs 02-2025lowest value 04-2025: 0.1%● unchanged vs 03-2025 05-2025: 0.1%● unchanged vs 04-2025 06-2025: 0.1%● unchanged vs 05-2025 07-2025: 0.1%● unchanged vs 06-2025highest value 08-2025: 0.1%● unchanged vs 07-2025 09-2025: 0.1%● unchanged vs 08-2025 10-2025: 0.1%● unchanged vs 09-2025 11-2025: 0.1%● unchanged vs 10-2025 12-2025: 0.1%● unchanged vs 11-2025 01-2026: 0.1%● unchanged vs 12-2025 02-2026: 0.1%● unchanged vs 01-2026 03-2026: 0.1%● unchanged vs 02-2026 04-2026: 0.1%● unchanged vs 03-2026 05-2026: 0.1%● unchanged vs 04-2026 06-2026: 0.1%● unchanged vs 05-2026 07-2026: 0.1%● unchanged vs 06-2026 08-2026: 0.1%● unchanged vs 07-2026 09-2026: 0.1%● unchanged vs 08-2026 10-2026: 0.1%● unchanged vs 09-2026 11-2026: 0.1%● unchanged vs 10-2026
Credit of up to €131,850,000 on 30-day terms is acceptable
Liquidity is ample, with a current ratio of 1.92 (2.43 in 2024), above the usual 1.5. Short-term debt is 41.2% and cash 6.2% of total assets. 46.6% of the assets are financed with debt and provisions.
Calculation

The band follows from the bankruptcy probability. 10 more points roughly halve it.

75-100 Excellent under 0.55%
60-74 Healthy 0.55% to 1.5%
45-59 Fair 1.5% to 4.2%
25-44 Weak 4.2% to 15.0%
0-24 Critical over 15.0%

Where the company stands within its band depends half on the bankruptcy probability and half on how it does against its sector peers (NACE 42, large). It does better than 94% of them on solvency, 62% on liquidity, 44% on profitability and 49% on growth.

The bankruptcy probability was computed on 02-11-2026 by the bankruptcy model of 2 October 2026, which learns from Belgian bankruptcies and reads the registers, the annual accounts and the Belgian Official Gazette.

Some facts cap the score, however low the probability. With negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late, the score is Fair at most (59). With two missing filings, it is Weak at most (44). During a judicial reorganisation or at the company's end (bankruptcy, dissolution, liquidation), it is Critical at most (24).

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Signals

Five signals.
lowers riskraises riskneutral
lowers risk · Founded in 1938
Companies that have existed this long fail less often. How much that weighs depends on the rest of the company's profile.
KBO
lowers risk · Size: turnover €1.73bn, 1,840.7 FTE, total assets €2.66bn
Companies of this size fail less often. How much that weighs depends on the rest of the company's profile.
NBB · annual accounts
lowers risk · Equity €1.42bn (53.4% of total assets)
NBB · annual accounts
raises risk · Liquidity: current ratio 1.92, cash €163.5m
NBB · annual accounts
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 30-06-2026, 31 days ahead of the deadline.
NBB · 10 filings
Deviation from the deadline
2025
31 days early
2024
31 days early
2023
23 days early
2022
32 days early
2021
31 days early
2020
29 days early
2019
28 days early
← before the deadline after the deadline →
tick = median of all Belgian filingsring = median in the sector

The company filed its last 7 accounts on average 29 days before the deadline. In the sector (NACE 42), the median for financial year 2024 was 2 days before the deadline, and 41% of those companies filed late.

Searched, nothing found (2)
neutral · Next filing not due yet
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today. The company usually files around 30 June (5 of the last 5 accounts filed within 30 days either side of that date).
Companies Code · seven months
Where today falls in the filing period
03-11-2026 today31-12-2026 year end31-07-2027 deadline
neutral · No strike-offs in the KBO publications
That holds for every publication since 2021.
KBO publications

Key points

  • Caution: Result fell in 2025from €38.2m to €11.5m ▼ 70.0% View
  • Positive: Largest company by equity in Belgium, Construction sectorin the Checked rankings No. 1 View
  • Board changedlatest change 29-06-2026 · 6 in office 2 joined · 1 left View
  • Positive: Filed on time since financial year 2018accounts within the deadline every year 8 years View
  • EU research moneyEU contribution €7.1m View

Recent changes

  1. · Gazette deed Resignation: Ir. Jan Pieter J. De Nul (director)Appointment: JP (director) · Permanent representative: Ir. Jan Pieter J. De Nul
  2. · Gazette deed Resignation: Julie De Nul (director)Appointment: JDN (director)
  3. · Gazette deed Appointment: DDN BV (director)Permanent representative: Dirk De Nul
All 24 events

Companies linked to Jan De Nul

Comparable companies

These companies have the same main activity as Jan De Nul: civil engineering (NACE 42911). They are comparable in size and age: total assets between €366m and €769m, founded between 1930 and 2022.

CompanyTotal assetsTurnover
Jan De Nul Aalst€2,656.9m€1,731.3m
BAGGERWERKEN DECLOEDT & ZOON Oostende€366.4m€159.3m
DEME Dredging Beveren-Kruibeke-Zwijndrecht€575.7m€608.0m
DREDGING INTERNATIONAL Beveren-Kruibeke-Zwijndrecht€705.3m€731.2m
DREDGING, ENVIRONMENTAL & MARINE ENGINEERING Beveren-Kruibeke-Zwijndrecht€768.6m€21.7m
Full comparison

Key facts about Jan De Nul
What is the company number of Jan De Nul?
The company number of Jan De Nul is 0406.041.406. The VAT number is the same number with BE in front: BE 0406.041.406.
Where is Jan De Nul based?
The registered office is at Tragel 60, 9308 Aalst.Company details
What does Jan De Nul do?
According to the KBO register, the main activity is civil engineering (NACE 42911).
What is the legal form of Jan De Nul?
The legal form of Jan De Nul is Public limited company (NV).
When was Jan De Nul founded?
Jan De Nul was founded on 10-12-1938.
Is Jan De Nul still active?
Yes, Jan De Nul is an active enterprise in the KBO register.
How many employees does Jan De Nul have?
Jan De Nul had an average of 1,840.7 full-time equivalents in financial year 2025, according to the filed annual accounts.Financials
Which joint committee does Jan De Nul fall under?
In its 2025 annual accounts, Jan De Nul states joint committees 124 (Paritair Comité voor het bouwbedrijf) and 200 (Aanvullend Paritair Comité voor de bedienden).
What is the turnover of Jan De Nul?
The turnover of Jan De Nul was €1.73bn in financial year 2025, according to the filed annual accounts.
Is Jan De Nul profitable?
In financial year 2025, Jan De Nul made a profit of €11.5m.
Where can I find the annual accounts of Jan De Nul?
Jan De Nul filed 62 annual accounts with the National Bank of Belgium, the latest for financial year 2025.
When are the next annual accounts of Jan De Nul due?
Jan De Nul must file the annual accounts for financial year 2026 by 31-07-2027.Timeline

Next steps

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