KOSTA CONSTRUCT
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 11 days after the deadline Filed on 11 May 2026, deadline 30 April 2026 (7 months after the close on 30 September 2025, Companies Code art. 3:10). Source: NBB, 2026-00107572.
Annual accounts 2025 filed on 11-05-2026 PDF all 7 filings
Turnover
€280,142▼ 26.6%
2020 · €381,580
EBIT margin
6.1%▼ 0.3pp
2020 · 6.3%
Net result
€7,413▼ 60.7%
2023 · €18,846
Working capital
€69,586▼ 26.7%
2023 · €94,988
Multi-year overview
2019 to 2025, 6 financial yearsTurnover
no figure
2025
20192025
Operating result
€9,921
2025
20192025
Net result
€7,413
2025
middle half of the sector
20192025
EBIT margin
no figure
2025
20192025
Equity
€69,586
2025
middle half of the sector
20192025
Total assets
€83,549
2025
middle half of the sector
20192025
Debt
€13,963
2025
20192025
Working capital
€69,586
2025
middle half of the sector
20192025
Solvency
83.3%
2025
highest quarter of the sector
20192025
Current ratio
5.98
2025
highest quarter of the sector
20192025
Return on assets (ROA)
8.9%
2025
middle half of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line201920202021202220232025
Turnover€336,645-€381,580▲ 13.3%€280,142▼ 26.6%
Operating result€21,863-€24,174▲ 10.6%€17,027▼ 29.6%€8,165▼ 52.0%€24,229▲ 197%€9,921-
Net result€16,884-€19,116within the sector's middle half▲ 13.2%€13,078within the sector's middle half▼ 31.6%€18,345within the sector's middle half▲ 40.3%€18,846within the sector's middle half▲ 2.7%€7,413within the sector's middle half-
EBIT margin6.5%-6.3%▼ 0.2pp6.1%▼ 0.3pp
Equity€30,778-€49,894within the sector's middle half▲ 62.1%€62,972within the sector's middle half▲ 26.2%€81,317within the sector's middle half▲ 29.1%€100,163within the sector's middle half▲ 23.2%€69,586within the sector's middle half-
Total assets€39,517-€60,390below the sector's middle half▲ 52.8%€78,900within the sector's middle half▲ 30.7%€90,312within the sector's middle half▲ 14.5%€127,649within the sector's middle half▲ 41.3%€83,549within the sector's middle half-
Debt€8,739-€10,496▲ 20.1%€15,928▲ 51.8%€8,995▼ 43.5%€27,486▲ 206%€13,963-
Working capital€30,778-€48,368within the sector's middle half▲ 57.1%€62,209within the sector's middle half▲ 28.6%€72,566within the sector's middle half▲ 16.6%€94,988above the sector's middle half▲ 30.9%€69,586within the sector's middle half-
Solvency77.9%-82.6%above the sector's middle half▲ 4.7pp79.8%above the sector's middle half▼ 2.8pp90.0%above the sector's middle half▲ 10.2pp78.5%above the sector's middle half▼ 11.6pp83.3%above the sector's middle half-
Current ratio4.52-5.61above the sector's middle half▲ 1.094.91above the sector's middle half▼ 0.709.07above the sector's middle half▲ 4.164.46above the sector's middle half▼ 4.615.98above the sector's middle half-
Return on assets (ROA)42.7%-31.7%above the sector's middle half▼ 11.1pp16.6%within the sector's middle half▼ 15.1pp20.3%above the sector's middle half▲ 3.7pp14.8%within the sector's middle half▼ 5.5pp8.9%within the sector's middle half-
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 €9,921, against €24,229 in 2023. Comparable figures for the intervening years are unavailable.
Balance-sheet composition
2025 in colour, 2023 as the grey bar beneath
Equity and liabilities €83,549
Equity
€69,586 ▼ 30.5%
Debt
€13,963 ▼ 49.2%
Debt's share of the balance-sheet total falls from 21.5% to 16.7%. Equity and debt are lower.
Key figures and ratios
Debt to equity
0.20▼
2023 · 0.27
ROE
10.7%▼
2023 · 18.8%
Debt ≤ 1 year
€13,963▼
2023 · €27,486
Income taxes
€2,284▼
2023 · €5,288
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 30-09-2021 | 30-09-2022 | 30-09-2023 | 30-09-2025 |
|---|---|---|---|---|
| Tangible fixed assets | - | €13,127 | €6,357 | - |
| Depreciation and write-downs of the year | €763 | €5,139 | €3,056 | - |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Turnover70 | €336,645 | €381,580 | €280,142 | - | - | - | - |
| Goods, raw materials, services and sundry goods60/61 | - | - | €262,136 | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | - | €763 | €763 | €5,139 | €3,056 | - | - |
| Other operating charges640/8 | - | - | €215 | €754 | €5,283 | €12 | - |
| Gross operating margin9900 | €22,573 | €25,368 | €18,006 | €14,057 | €32,568 | €9,934 | - |
| Operating profit (loss)9901 | €21,863 | €24,174 | €17,027 | €8,165 | €24,229 | €9,921 | - |
| Financial income75/76B | - | - | - | €15,708 | - | - | - |
| Recurring financial income75 | - | - | - | €15,708 | - | - | - |
| Non-recurring financial income76B | - | - | - | €15,708 | - | - | - |
| Financial charges65/66B | - | - | €286 | €351 | €95 | €225 | - |
| Recurring financial charges65 | €500 | €416 | €286 | €351 | €95 | €225 | - |
| Profit (loss) for the period before taxes9903 | €21,364 | €23,758 | €16,741 | €23,522 | €24,134 | €9,696 | - |
| Income taxes67/77 | €4,480 | €4,642 | €3,663 | €5,177 | €5,288 | €2,284 | - |
| Profit (loss) for the period9904 | €16,884 | €19,116 | €13,078 | €18,345 | €18,846 | €7,413 | - |
| Profit (loss) for the period to be appropriated9905 | €16,884 | €19,116 | €13,078 | €18,345 | €18,846 | €7,413 | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Assets | |||||||
| Total assets20/58 | €39,517 | €60,390 | €78,900 | €90,312 | €127,649 | €83,549 | - |
| Fixed assets21/28 | - | €1,526 | €763 | €8,751 | €5,175 | - | - |
| Tangible fixed assets22/27 | - | €1,526 | €763 | €8,751 | €5,175 | - | - |
| Plant, machinery and equipment23 | - | - | - | €1,874 | €2,487 | - | - |
| Furniture and vehicles24 | - | - | €763 | €6,877 | €2,688 | - | - |
| Current assets29/58 | €39,517 | €58,864 | €78,137 | €81,561 | €122,474 | €83,549 | - |
| Amounts receivable within one year40/41 | €32,414 | €57,497 | €72,787 | €72,530 | €109,697 | €82,419 | - |
| Trade receivables40 | - | - | €10,557 | €19,203 | €37,609 | €23,195 | - |
| Other amounts receivable41 | - | - | €62,231 | €53,327 | €72,088 | €59,224 | - |
| Cash at bank and in hand54/58 | €7,103 | €1,367 | €5,350 | €9,031 | €12,777 | €1,130 | - |
| Equity and liabilities | |||||||
| Total equity and liabilities10/49 | €39,517 | €60,390 | €78,900 | €90,312 | €127,649 | €83,549 | - |
| Equity10/15 | €30,778 | €49,894 | €62,972 | €81,317 | €100,163 | €69,586 | - |
| Contributions10/11 | €6,200 | - | €6,200 | €6,200 | €6,200 | €6,200 | - |
| Reserves13 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | - |
| Non-distributable reserves130/1 | - | - | €1,860 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | €1,860 | - | - | - | - |
| Distributable reserves133 | - | - | - | €1,860 | €1,860 | €1,860 | - |
| Profit (loss) carried forward14 | €22,718 | €41,834 | €54,912 | €73,257 | €92,103 | €61,526 | - |
| Amounts payable17/49 | €8,739 | €10,496 | €15,928 | €8,995 | €27,486 | €13,963 | - |
| Amounts payable within one year42/48 | €8,739 | €10,496 | €15,928 | €8,995 | €27,486 | €13,963 | - |
| Trade debts44 | €2,946 | €2,277 | €12,105 | €1,545 | €15,118 | €11,846 | - |
| Suppliers440/4 | - | - | €5,925 | €1,545 | €15,118 | €9,790 | - |
| Bills of exchange payable441 | - | - | €6,180 | - | - | €2,056 | - |
| Taxes, remuneration and social security45 | - | - | €3,823 | €7,450 | €12,368 | €2,117 | - |
| Taxes450/3 | - | - | €3,823 | €7,450 | €12,368 | €2,117 | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €16,884 | €19,116 | €13,078 | €18,345 | €18,846 | €7,413 | - |
| + Depreciation and write-downs630 | - | €763 | €763 | €5,139 | €3,056 | - | - |
| Operating cash flow (approximation) | €16,884 | €19,879 | €13,841 | €23,484 | €21,902 | €7,413 | - |
| Investment in fixed assets (approximation) | - | - | €0 | -€13,127 | €520 | - | - |
| Change in cash | - | -€5,736 | €3,983 | €3,682 | €3,746 | - | - |
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 KOSTA CONSTRUCT 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 KOSTA CONSTRUCT itself: 1.2% 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 26,972 companies, not a prediction for KOSTA CONSTRUCT. 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 (7)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-09-2025 | micro format | 11-05-2026 | 2026-00107572 | |
| 30-09-2023 | micro format | 29-04-2024 | 2024-00075755 | |
| 30-09-2022 | micro format | 23-05-2023 | 2023-00091709 | |
| 30-09-2021 | micro format | 28-04-2022 | 2022-20017593 | |
| 30-09-2020 | micro format | 15-05-2021 | 2021-15000228 | |
| 30-09-2019 | full format | 28-05-2020 | 2020-13600054 | |
| 30-09-2018 | full format | 28-03-2019 | 2019-08300193 |