KVR
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 05-06-2026 PDF all 8 filings
Turnover
≈ €240,000
Estimated: probably between €160,000 and €410,000
Total assets
€497,214▲ 93.2%
2024 · €257,381
Net result
€22,202▼ 37.1%
2024 · €35,307
Working capital
€87,806▼ 0.2%
2024 · €88,010
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€50,336
▼ 3.6%
2025
20182025
Net result
€22,202
▼ 37.1%
2025
middle half of the sector
20182025
Equity
€119,282
▲ 22.9%
2025
middle half of the sector
20182025
Total assets
€497,214
▲ 93.2%
2025
highest quarter of the sector
20182025
Debt
€377,932
▲ 136%
2025
20182025
Working capital
€87,806
▼ 0.2%
2025
highest quarter of the sector
20182025
Solvency
24.0%
▼ 13.7pp
2025
middle half of the sector
20182025
Current ratio
1.25
▼ 0.31
2025
middle half of the sector
20182025
Return on assets (ROA)
4.5%
▼ 9.3pp
2025
middle half of the sector
20182025
Staff (FTE)
1
▲ 42.9%
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€14,096-€1,808▼ 87.2%€5,155▲ 185%€9,298▲ 80.4%€33,858▲ 264%€7,356▼ 78.3%€52,192▲ 609%€50,336▼ 3.6%
Net result€11,021-€827▼ 92.5%€2,997within the sector's middle half▲ 262%€7,025within the sector's middle half▲ 134%€23,383within the sector's middle half▲ 233%€4,121within the sector's middle half▼ 82.4%€35,307above the sector's middle half▲ 757%€22,202within the sector's middle half▼ 37.1%
Equity€23,421-€24,248▲ 3.5%€27,244within the sector's middle half▲ 12.4%€34,269within the sector's middle half▲ 25.8%€57,651within the sector's middle half▲ 68.2%€61,773within the sector's middle half▲ 7.1%€97,080within the sector's middle half▲ 57.2%€119,282within the sector's middle half▲ 22.9%
Total assets€56,334-€132,112▲ 135%€101,733within the sector's middle half▼ 23.0%€97,815within the sector's middle half▼ 3.9%€111,591within the sector's middle half▲ 14.1%€97,190within the sector's middle half▼ 12.9%€257,381within the sector's middle half▲ 165%€497,214above the sector's middle half▲ 93.2%
Debt€32,913-€107,865▲ 228%€74,489▼ 30.9%€63,546▼ 14.7%€53,940▼ 15.1%€35,417▼ 34.3%€160,301▲ 353%€377,932▲ 136%
Working capital€8,054--€1,411-€1,929below the sector's middle half▼ 36.7%€14,249within the sector's middle half€42,547within the sector's middle half▲ 199%€50,385within the sector's middle half▲ 18.4%€88,010above the sector's middle half▲ 74.7%€87,806above the sector's middle half▼ 0.2%
Solvency41.6%-18.4%▼ 23.2pp26.8%within the sector's middle half▲ 8.4pp35.0%within the sector's middle half▲ 8.3pp51.7%within the sector's middle half▲ 16.6pp63.6%within the sector's middle half▲ 11.9pp37.7%within the sector's middle half▼ 25.8pp24.0%within the sector's middle half▼ 13.7pp
Current ratio1.30-0.97▼ 0.330.95below the sector's middle half▼ 0.021.26within the sector's middle half▲ 0.311.92within the sector's middle half▲ 0.662.63within the sector's middle half▲ 0.711.56within the sector's middle half▼ 1.071.25within the sector's middle half▼ 0.31
Return on assets (ROA)19.6%-0.6%▼ 18.9pp2.9%within the sector's middle half▲ 2.3pp7.2%within the sector's middle half▲ 4.2pp21.0%above the sector's middle half▲ 13.8pp4.2%within the sector's middle half▼ 16.7pp13.7%within the sector's middle half▲ 9.5pp4.5%within the sector's middle half▼ 9.3pp
Staff (FTE)1.11▼ 9.1%0.6▼ 40.0%0.7▲ 16.7%1▲ 42.9%
above
within
below
The sector band is the middle half of the companies in Civil engineering (NACE 42). 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 4% lower than in 2024.
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 €497,214
Fixed assets
€62,122 ▲ 427%
Current assets
€435,092 ▲ 77.2%
Equity and liabilities €497,214
Equity
€119,282 ▲ 22.9%
Debt
€377,932 ▲ 136%
Debt's share of the balance-sheet total rises from 62.3% to 76.0%. Equity and debt are higher.
Key figures and ratios
EBITDA
€55,785▲
2024 · €55,647
Cash flow
€27,651▼
2024 · €38,762
Quick ratio
0.20▼
2024 · 0.26
Debt to equity
3.17▲
2024 · 1.65
ROE
18.6%▼
2024 · 36.4%
Interest coverage
3.71▼
2024 · 30.93
Debt ≤ 1 year
€347,287▲
2024 · €157,590
Debt > 1 year
€30,646▲
2024 · €2,712
Income taxes
€13,369▼
2024 · €15,090
Staff costs
€20,766▼
2024 · €33,340
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 | 1 | 1 | 1 | - | 1 |
| full-time | 1 | 1 | 1 | - | 1 |
| in full-time equivalents | 1 | 1 | 1 | - | 1 |
| Average over the year, in full-time equivalents | 1.1 | 1 | 0.6 | 0.7 | 1 |
| On a permanent contract | 1 | 1 | 1 | - | 1 |
| Joined | 2 | - | 3 | 0 | 1 |
| Left | 1 | - | 3 | 1 | 0 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €10,671 | €24,050 | €5,860 | €2,871 | €55,789 |
| Depreciation and write-downs of the year | €8,602 | €11,380 | €5,139 | €3,455 | €5,449 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €6,019 | €22,541 | €4,500 | - | - | - |
| Remuneration, social security and pensions62 | - | - | - | €30,208 | €50,723 | €37,702 | €33,340 | €20,766 | ▼ 37.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €6,273 | €6,704 | €17,973 | €8,602 | €11,380 | €5,139 | €3,455 | €5,449 | ▲ 57.7% |
| Other operating charges640/8 | - | - | - | €1,865 | €873 | €720 | €5,171 | €1,880 | ▼ 63.6% |
| Non-recurring operating charges66A | - | - | - | €2,772 | €2,757 | - | €535 | - | - |
| Gross operating margin9900 | €21,579 | €15,943 | €23,523 | €52,744 | €99,591 | €50,917 | €94,694 | €78,431 | ▼ 17.2% |
| Operating profit (loss)9901 | €14,096 | €1,808 | €5,155 | €9,298 | €33,858 | €7,356 | €52,192 | €50,336 | ▼ 3.6% |
| Financial income75/76B | - | - | - | €1,711 | €1,414 | €1,480 | €3 | €254 | ▲ 73× |
| Recurring financial income75 | €75 | €236 | €144 | €1,711 | €1,414 | €1,480 | €3 | €254 | ▲ 73× |
| Non-recurring financial income76B | - | - | - | €1,711 | - | - | - | - | - |
| Financial charges65/66B | - | - | - | €1,335 | €1,914 | €1,590 | €1,799 | €15,019 | ▲ 735% |
| Recurring financial charges65 | €149 | €758 | €1,479 | €1,335 | €1,914 | €1,590 | €1,799 | €15,019 | ▲ 735% |
| Profit (loss) for the period before taxes9903 | €14,023 | €1,287 | €3,820 | €9,673 | €33,358 | €7,246 | €50,397 | €35,571 | ▼ 29.4% |
| Income taxes67/77 | €3,002 | €460 | €823 | €2,649 | €9,975 | €3,125 | €15,090 | €13,369 | ▼ 11.4% |
| Profit (loss) for the period9904 | €11,021 | €827 | €2,997 | €7,025 | €23,383 | €4,121 | €35,307 | €22,202 | ▼ 37.1% |
| Profit (loss) for the period to be appropriated9905 | €11,021 | €827 | €2,997 | €7,025 | €23,383 | €4,121 | €35,307 | €22,202 | ▼ 37.1% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €56,334 | €132,112 | €101,733 | €97,815 | €111,591 | €97,190 | €257,381 | €497,214 | ▲ 93.2% |
| Formation expenses20 | €0 | - | - | - | - | - | - | - | - |
| Fixed assets21/28 | €21,405 | €82,814 | €66,612 | €28,861 | €22,721 | €15,943 | €11,781 | €62,122 | ▲ 427% |
| Intangible fixed assets21 | €0 | - | - | - | - | - | - | - | - |
| Tangible fixed assets22/27 | €21,405 | €82,814 | €66,612 | €28,861 | €22,721 | €15,943 | €11,781 | €62,122 | ▲ 427% |
| Plant, machinery and equipment23 | - | - | - | €7,694 | €13,486 | €9,940 | €7,359 | €14,611 | ▲ 98.5% |
| Furniture and vehicles24 | - | - | - | €21,167 | €9,236 | €6,003 | €4,422 | €45,258 | ▲ 923% |
| Other tangible fixed assets26 | - | - | - | - | - | - | - | €2,253 | - |
| Financial fixed assets28 | €0 | - | - | - | - | - | - | - | - |
| Current assets29/58 | €34,929 | €49,299 | €35,122 | €68,954 | €88,870 | €81,247 | €245,600 | €435,092 | ▲ 77.2% |
| Stocks and contracts in progress3 | €0 | €10,041 | - | - | - | - | €204,124 | €366,083 | ▲ 79.3% |
| Stocks30/36 | - | - | - | - | - | - | - | €7,354 | - |
| Contracts in progress37 | - | - | - | - | - | - | €204,124 | €358,728 | ▲ 75.7% |
| Amounts receivable within one year40/41 | €15,773 | €14,672 | €25,330 | €33,248 | €29,637 | €38,425 | €11,306 | €32,249 | ▲ 185% |
| Trade receivables40 | - | - | - | €28,183 | €13,925 | €13,915 | €6,680 | €28,531 | ▲ 327% |
| Other amounts receivable41 | - | - | - | €5,065 | €15,712 | €24,510 | €4,626 | €3,718 | ▼ 19.6% |
| Current investments50/53 | €0 | - | - | - | - | - | - | - | - |
| Cash at bank and in hand54/58 | €19,156 | €24,585 | €8,707 | €31,530 | €58,347 | €41,554 | €28,849 | €36,146 | ▲ 25.3% |
| Deferred charges and accrued income490/1 | - | - | - | €4,177 | €887 | €1,268 | €1,321 | €614 | ▼ 53.5% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €56,334 | €132,112 | €101,733 | €97,815 | €111,591 | €97,190 | €257,381 | €497,214 | ▲ 93.2% |
| Equity10/15 | €23,421 | €24,248 | €27,244 | €34,269 | €57,651 | €61,773 | €97,080 | €119,282 | ▲ 22.9% |
| Contributions10/11 | €12,400 | €12,400 | - | €12,400 | €12,400 | €12,400 | €12,400 | €12,400 | = |
| Reserves13 | €11,021 | €11,848 | €14,844 | €14,844 | €34,844 | €38,844 | €73,844 | €95,944 | ▲ 29.9% |
| Non-distributable reserves130/1 | - | - | - | €551 | €551 | €551 | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €551 | €551 | €551 | - | - | - |
| Distributable reserves133 | - | - | - | €14,293 | €34,293 | €38,293 | €73,844 | €95,944 | ▲ 29.9% |
| Profit (loss) carried forward14 | €0 | - | - | €7,025 | €10,407 | €10,528 | €10,836 | €10,938 | ▲ 0.9% |
| Provisions and deferred taxes16 | €0 | - | - | - | - | - | - | - | - |
| Amounts payable17/49 | €32,913 | €107,865 | €74,489 | €63,546 | €53,940 | €35,417 | €160,301 | €377,932 | ▲ 136% |
| Amounts payable after more than one year17 | €6,038 | €57,155 | €37,438 | €8,830 | €7,617 | €4,555 | €2,712 | €30,646 | ▲ 11× |
| Financial debts170/4 | - | - | - | €8,830 | €7,617 | €4,555 | €2,712 | €30,646 | ▲ 11× |
| Amounts payable within one year42/48 | €26,875 | €50,710 | €37,051 | €54,705 | €46,323 | €30,862 | €157,590 | €347,287 | ▲ 120% |
| Current portion of amounts payable after more than one year42 | - | - | - | €6,094 | €9,286 | €3,062 | €10,208 | €12,411 | ▲ 21.6% |
| Financial debts43 | - | - | - | - | - | - | €114,100 | €269,593 | ▲ 136% |
| Credit institutions430/8 | - | - | - | - | - | - | €114,100 | €269,593 | ▲ 136% |
| Trade debts44 | €6,791 | €16,634 | €4,785 | €24,826 | €18,936 | €2,913 | €15,287 | €46,131 | ▲ 202% |
| Suppliers440/4 | - | - | - | €24,826 | €18,936 | €2,913 | €15,287 | €46,131 | ▲ 202% |
| Advances received on contracts in progress46 | - | - | - | €5,706 | - | - | - | - | - |
| Taxes, remuneration and social security45 | - | - | - | €5,967 | €18,101 | €24,888 | €11,016 | €7,916 | ▼ 28.1% |
| Taxes450/3 | - | - | - | €2,766 | €12,978 | €21,283 | €8,784 | €5,659 | ▼ 35.6% |
| Remuneration and social security454/9 | - | - | - | €3,201 | €5,123 | €3,605 | €2,232 | €2,257 | ▲ 1.1% |
| Other amounts payable47/48 | - | - | - | €12,112 | - | - | €6,979 | €11,236 | ▲ 61.0% |
| Accrued charges and deferred income492/3 | - | - | - | €11 | - | - | - | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €11,021 | €827 | €2,997 | €7,025 | €23,383 | €4,121 | €35,307 | €22,202 | ▼ 37.1% |
| + Depreciation and write-downs630 | €6,273 | €6,704 | €17,973 | €8,602 | €11,380 | €5,139 | €3,455 | €5,449 | ▲ 57.7% |
| Operating cash flow (approximation) | €17,293 | €7,531 | €20,970 | €15,626 | €34,763 | €9,260 | €38,762 | €27,651 | ▼ 28.7% |
| Investment in fixed assets (approximation) | - | -€68,113 | -€1,771 | €29,150 | -€5,241 | €1,640 | €707 | -€55,789 | - |
| Change in cash | - | €5,429 | -€15,878 | €22,823 | €26,817 | -€16,792 | -€12,705 | €7,297 | - |
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, 3,274 companies had the same profile as KVR has now. Two years later, 94.7% were still going and 2.5% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency 10 to 30%
- a profit under 5% of the balance sheet
94.7%
was still going
2.5%
stopped otherwise
2.5%
went bankrupt
Another 0.3% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of KVR itself is lower: 0.4% within 12 months. It rests on far more data about KVR than the profile alone.
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 3,274 companies, not a prediction for KVR. 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 |
|---|---|---|---|---|
| 31-12-2025 | micro format | 05-06-2026 | 2026-00141636 | |
| 31-12-2024 | micro format | 02-06-2025 | 2025-00116066 | |
| 31-12-2023 | micro format | 12-06-2024 | 2024-00141354 | |
| 31-12-2022 | micro format | 05-06-2023 | 2023-00105864 | |
| 31-12-2021 | micro format | 11-07-2022 | 2022-20192834 | |
| 31-12-2020 | micro format | 12-07-2021 | 2021-34000281 | |
| 31-12-2019 | micro format | 31-08-2020 | 2020-47900095 | |
| 31-12-2018 | micro format | 26-08-2019 | 2019-51400438 |