KRAX
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 03-07-2026 at the NBB all 5 filings
Turnover
≈ €1.4m
Estimated: probably between €1.0m and €1.7m
Total assets
€991,464▲ 37.7%
2024 · €720,223
Net result
€28,279▼ 77.2%
2024 · €124,145
Working capital
€153,234▲ 17.1%
2024 · €130,884
Multi-year overview
2021 to 2025, 5 financial yearsOperating result
€46,416
▼ 71.7%
2025
20212025
Net result
€28,279
▼ 77.2%
2025
middle half of the sector
20212025
Equity
€233,947
▲ 13.7%
2025
middle half of the sector
20212025
Total assets
€991,464
▲ 37.7%
2025
middle half of the sector
20212025
Debt
€757,517
▲ 47.2%
2025
20212025
Working capital
€153,234
▲ 17.1%
2025
middle half of the sector
20212025
Solvency
23.6%
▼ 5.0pp
2025
lowest quarter of the sector
20212025
Current ratio
1.27
▼ 0.01
2025
middle half of the sector
20212025
Return on assets (ROA)
2.9%
▼ 14.4pp
2025
middle half of the sector
20212025
Staff (FTE)
7.1
▲ 1.4%
2025
middle half of the sector
20212025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20212022202320242025
Operating result-€3,464-€20,581€65,276▲ 217%€164,119▲ 151%€46,416▼ 71.7%
Net result-€3,668below the sector's middle half-€17,489within the sector's middle half€52,702above the sector's middle half▲ 201%€124,145within the sector's middle half▲ 136%€28,279within the sector's middle half▼ 77.2%
Equity€11,332below the sector's middle half-€28,821within the sector's middle half▲ 154%€81,524within the sector's middle half▲ 183%€205,669within the sector's middle half▲ 152%€233,947within the sector's middle half▲ 13.7%
Total assets€31,877below the sector's middle half-€189,468within the sector's middle half▲ 494%€253,071within the sector's middle half▲ 33.6%€720,223within the sector's middle half▲ 185%€991,464within the sector's middle half▲ 37.7%
Debt€20,544-€160,646▲ 682%€171,548▲ 6.8%€514,554▲ 200%€757,517▲ 47.2%
Working capital€4,725within the sector's middle half--€14,866below the sector's middle half€19,878within the sector's middle half€130,884within the sector's middle half▲ 558%€153,234within the sector's middle half▲ 17.1%
Solvency35.6%within the sector's middle half-15.2%below the sector's middle half▼ 20.3pp32.2%within the sector's middle half▲ 17.0pp28.6%within the sector's middle half▼ 3.7pp23.6%below the sector's middle half▼ 5.0pp
Current ratio1.23within the sector's middle half-0.85below the sector's middle half▼ 0.381.15within the sector's middle half▲ 0.301.28within the sector's middle half▲ 0.121.27within the sector's middle half▼ 0.01
Return on assets (ROA)-11.5%below the sector's middle half-9.2%within the sector's middle half▲ 20.7pp20.8%above the sector's middle half▲ 11.6pp17.2%above the sector's middle half▼ 3.6pp2.9%within the sector's middle half▼ 14.4pp
Staff (FTE)0.3-3.6▲ 12×5.3▲ 47.2%7within the sector's middle half▲ 32.1%7.1within the sector's middle half▲ 1.4%
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 72% lower than in 2024.
Turnover and EBIT margin are not published. The abbreviated or 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 €991,464
Fixed assets
€264,430 ▲ 125%
Current assets
€727,035 ▲ 20.6%
Equity and liabilities €991,464
Equity
€233,947 ▲ 13.7%
Debt
€757,517 ▲ 47.2%
Debt's share of the balance-sheet total rises from 71.4% to 76.4%. Equity and debt are higher.
Key figures and ratios
EBITDA
€73,150▼
2024 · €182,824
Cash flow
€55,014▼
2024 · €142,850
Quick ratio
1.22▲
2024 · 1.22
Debt to equity
3.24▲
2024 · 2.50
ROE
12.1%▼
2024 · 60.4%
Interest coverage
6.26▼
2024 · 32.83
Debt ≤ 1 year
€573,801▲
2024 · €471,956
Debt > 1 year
€183,716▲
2024 · €42,598
Income taxes
€6,698▼
2024 · €36,823
Staff costs
€402,710▼
2024 · €403,135
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 2 | 5 | 6 | 7 | 10 |
| full-time | 2 | 5 | 6 | 6 | 7 |
| part-time | 0 | 0 | 0 | 1 | 3 |
| in full-time equivalents | 2 | 5 | 6 | 6.5 | 9.1 |
| Average over the year, in full-time equivalents | 0.3 | 3.6 | 5.3 | 7 | 7.1 |
| On a permanent contract | 2 | 5 | 6 | 7 | 9 |
| Joined | 2 | 3 | - | 2 | 3 |
| Left | 0 | 0 | - | 1 | 0 |
| Training hours | - | - | - | - | 336 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Pledge on the business | - | - | - | - | €192,500 |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €6,683 | €103,622 | €13,656 | €32,921 | €153,232 |
| Intangible fixed assets | - | - | - | - | €20,550 |
| Financial fixed assets | - | - | - | - | €0 |
| Depreciation and write-downs of the year | €76 | €8,046 | €12,673 | €18,705 | €26,735 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2025 · 1 entry · €1,229 awarded · €1,229 paidAnnual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | €14,583 | €185,842 | €284,639 | €403,135 | €402,710 | ▼ 0.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €76 | €8,046 | €12,673 | €18,705 | €26,735 | ▲ 42.9% |
| Other operating charges640/8 | €348 | €460 | €943 | €1,042 | €1,034 | ▼ 0.8% |
| Gross operating margin9900 | €11,542 | €214,929 | €363,530 | €587,000 | €476,894 | ▼ 18.8% |
| Operating profit (loss)9901 | -€3,464 | €20,581 | €65,276 | €164,119 | €46,416 | ▼ 71.7% |
| Financial income75/76B | - | €270 | €85 | €2,417 | €252 | ▼ 89.6% |
| Recurring financial income75 | - | €270 | €85 | €2,417 | €252 | ▼ 89.6% |
| Financial charges65/66B | €204 | €3,362 | €2,720 | €5,568 | €11,691 | ▲ 110% |
| Recurring financial charges65 | €204 | €3,362 | €2,720 | €5,568 | €11,691 | ▲ 110% |
| Profit (loss) for the period before taxes9903 | -€3,668 | €17,489 | €62,641 | €160,968 | €34,977 | ▼ 78.3% |
| Income taxes67/77 | - | - | €9,939 | €36,823 | €6,698 | ▼ 81.8% |
| Profit (loss) for the period9904 | -€3,668 | €17,489 | €52,702 | €124,145 | €28,279 | ▼ 77.2% |
| Profit (loss) for the period to be appropriated9905 | -€3,668 | €17,489 | €52,702 | €124,145 | €28,279 | ▼ 77.2% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €31,877 | €189,468 | €253,071 | €720,223 | €991,464 | ▲ 37.7% |
| Fixed assets21/28 | €6,607 | €102,183 | €103,166 | €117,383 | €264,430 | ▲ 125% |
| Intangible fixed assets21 | - | - | - | - | €19,154 | - |
| Tangible fixed assets22/27 | €6,607 | €102,183 | €103,166 | €117,383 | €245,276 | ▲ 109% |
| Plant, machinery and equipment23 | €6,607 | €20,267 | €18,111 | €19,449 | €118,120 | ▲ 507% |
| Furniture and vehicles24 | - | - | €12,013 | €33,766 | €25,251 | ▼ 25.2% |
| Leasing and similar rights25 | - | €81,916 | €73,042 | €64,167 | €55,293 | ▼ 13.8% |
| Other tangible fixed assets26 | - | - | - | - | €46,612 | - |
| Current assets29/58 | €25,269 | €87,284 | €149,905 | €602,840 | €727,035 | ▲ 20.6% |
| Amounts receivable after more than one year29 | - | - | - | €441,676 | €455,706 | ▲ 3.2% |
| Other amounts receivable291 | - | - | - | €441,676 | €455,706 | ▲ 3.2% |
| Stocks and contracts in progress3 | €1,525 | €12,380 | €63,794 | €29,348 | €27,163 | ▼ 7.4% |
| Stocks30/36 | €1,525 | €12,380 | €27,807 | €22,470 | €27,163 | ▲ 20.9% |
| Contracts in progress37 | - | - | €35,987 | €6,878 | €0 | ▼ 100% |
| Amounts receivable within one year40/41 | €11,886 | €61,343 | €85,949 | €46,596 | €188,205 | ▲ 304% |
| Trade receivables40 | €9,993 | €50,004 | €71,170 | €34,627 | €118,741 | ▲ 243% |
| Other amounts receivable41 | €1,893 | €11,339 | €14,779 | €11,969 | €69,464 | ▲ 480% |
| Cash at bank and in hand54/58 | €11,858 | €13,562 | €163 | €75,703 | €44,637 | ▼ 41.0% |
| Deferred charges and accrued income490/1 | - | - | - | €9,518 | €11,324 | ▲ 19.0% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €31,877 | €189,468 | €253,071 | €720,223 | €991,464 | ▲ 37.7% |
| Equity10/15 | €11,332 | €28,821 | €81,524 | €205,669 | €233,947 | ▲ 13.7% |
| Contributions10/11 | €15,000 | €15,000 | €15,000 | €15,000 | €15,000 | = |
| Profit (loss) carried forward14 | -€3,668 | €13,821 | €66,524 | €190,669 | €218,947 | ▲ 14.8% |
| Amounts payable17/49 | €20,544 | €160,646 | €171,548 | €514,554 | €757,517 | ▲ 47.2% |
| Amounts payable after more than one year17 | - | €58,496 | €41,521 | €42,598 | €183,716 | ▲ 331% |
| Financial debts170/4 | - | €58,496 | €41,521 | €42,598 | €183,716 | ▲ 331% |
| Amounts payable within one year42/48 | €20,544 | €102,151 | €130,027 | €471,956 | €573,801 | ▲ 21.6% |
| Current portion of amounts payable after more than one year42 | - | €16,637 | €16,975 | €30,461 | €63,725 | ▲ 109% |
| Financial debts43 | - | - | - | €5,086 | €5,095 | ▲ 0.2% |
| Credit institutions430/8 | - | - | - | €5,086 | €5,095 | ▲ 0.2% |
| Trade debts44 | €16,982 | €25,458 | €68,821 | €148,447 | €171,488 | ▲ 15.5% |
| Suppliers440/4 | €16,982 | €25,458 | €68,821 | €148,447 | €171,488 | ▲ 15.5% |
| Taxes, remuneration and social security45 | €3,562 | €27,267 | €19,221 | €54,957 | €67,695 | ▲ 23.2% |
| Taxes450/3 | - | - | €9,939 | €41,229 | €21,835 | ▼ 47.0% |
| Remuneration and social security454/9 | €3,562 | €27,267 | €9,282 | €13,728 | €45,860 | ▲ 234% |
| Other amounts payable47/48 | - | €32,789 | €25,010 | €233,006 | €265,799 | ▲ 14.1% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€3,668 | €17,489 | €52,702 | €124,145 | €28,279 | ▼ 77.2% |
| + Depreciation and write-downs630 | €76 | €8,046 | €12,673 | €18,705 | €26,735 | ▲ 42.9% |
| Operating cash flow (approximation) | -€3,592 | €25,535 | €65,375 | €142,850 | €55,014 | ▼ 61.5% |
| Investment in fixed assets (approximation) | - | -€103,622 | -€13,656 | -€32,921 | -€173,782 | ▼ 428% |
| Change in cash | - | €1,704 | -€13,399 | €75,539 | -€31,066 | - |
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, 2,542 companies had the same profile as KRAX has now. Two years later, 94.9% were still going and 3.5% had gone bankrupt.
- Micro
- 2 to 5 years old
- solvency 10 to 30%
- a profit under 5% of the balance sheet
94.9%
was still going
1.2%
stopped otherwise
3.5%
went bankrupt
Another 0.4% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of KRAX itself: 3.5% 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 2,542 companies, not a prediction for KRAX. 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 (5)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 03-07-2026 | 2026-00265633 | |
| 31-12-2024 | abbreviated format | 17-07-2025 | 2025-00278363 | |
| 31-12-2023 | micro format | 12-06-2024 | 2024-00141942 | |
| 31-12-2022 | micro format | 16-06-2023 | 2023-00137019 | |
| 31-12-2021 | micro format | 15-07-2022 | 2022-20222458 |