LARDOT CONSTRUCT
ActiveFinancials · financial year 2025, full format
2025 annual accounts filed 2 days after the deadline Filed on 2 February 2026, deadline 31 January 2026 (7 months after the close on 30 June 2025, Companies Code art. 3:10). Source: NBB, 2026-00031195.
Annual accounts 2025 filed on 02-02-2026 PDF all 6 filings
Turnover
≈ €2.0m
Estimated: probably between €1.2m and €3.3m
EBIT margin
Not included in this filing
Net result
€31,629▲ 189%
2024 · €10,949
Working capital
€478,507▼ 49.4%
2024 · €944,780
Multi-year overview
2020 to 2025, 6 financial yearsOperating result
€74,098
2025
20202025
Net result
€31,629
▲ 189%
2025
middle half of the sector
20202025
Equity
€1.5m
▼ 26.3%
2025
middle half of the sector
20202025
Total assets
€2.4m
▼ 17.0%
2025
middle half of the sector
20202025
Debt
€929,835
▲ 3.6%
2025
20202025
Working capital
€478,507
▼ 49.4%
2025
middle half of the sector
20202025
Solvency
61.2%
▼ 7.7pp
2025
highest quarter of the sector
20202025
Current ratio
2.34
▼ 0.02
2025
middle half of the sector
20202025
Return on assets (ROA)
1.3%
▲ 0.9pp
2025
middle half of the sector
20202025
Staff (FTE)
8.8
▲ 4.8%
2025
lowest quarter of the sector
20202025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line202020212022202320242025
Operating result€0.6m-€0.3m▼ 44.8%€7.0m▲ 20×€1.0m▼ 85.3%-€0.03m€0.07m
Net result€0.4mwithin the sector's middle half-€0.3mwithin the sector's middle half▼ 33.2%€5.3mabove the sector's middle half▲ 18×€0.8mwithin the sector's middle half▼ 84.8%€0.01mbelow the sector's middle half▼ 98.6%€0.03mwithin the sector's middle half▲ 189%
Equity€0.5mwithin the sector's middle half-€0.5mwithin the sector's middle half▼ 0.3%€4.0mwithin the sector's middle half▲ 746%€3.3mwithin the sector's middle half▼ 16.9%€2.0mwithin the sector's middle half▼ 40.3%€1.5mwithin the sector's middle half▼ 26.3%
Total assets€1.8mwithin the sector's middle half-€1.8mwithin the sector's middle half▼ 1.5%€7.1mwithin the sector's middle half▲ 300%€4.5mwithin the sector's middle half▼ 35.8%€2.9mwithin the sector's middle half▼ 36.3%€2.4mwithin the sector's middle half▼ 17.0%
Debt€1.3m-€1.3m▼ 2.0%€3.0m▲ 136%€1.2m▼ 60.8%€0.9m▼ 25.0%€0.9m▲ 3.6%
Working capital€0.1mbelow the sector's middle half-€0.03mbelow the sector's middle half▼ 72.2%€3.6mwithin the sector's middle half▲ 132×€2.7mwithin the sector's middle half▼ 25.5%€0.9mwithin the sector's middle half▼ 64.6%€0.5mwithin the sector's middle half▼ 49.4%
Solvency26.6%within the sector's middle half-26.9%within the sector's middle half▲ 0.3pp56.8%above the sector's middle half▲ 29.9pp73.6%above the sector's middle half▲ 16.8pp68.9%above the sector's middle half▼ 4.7pp61.2%above the sector's middle half▼ 7.7pp
Current ratio1.08below the sector's middle half-1.03below the sector's middle half▼ 0.052.35within the sector's middle half▲ 1.323.71above the sector's middle half▲ 1.362.36within the sector's middle half▼ 1.352.34within the sector's middle half▼ 0.02
Return on assets (ROA)24.5%above the sector's middle half-16.6%above the sector's middle half▼ 7.9pp74.8%above the sector's middle half▲ 58.2pp17.7%above the sector's middle half▼ 57.1pp0.4%below the sector's middle half▼ 17.3pp1.3%within the sector's middle half▲ 0.9pp
Staff (FTE)8.9below the sector's middle half-12.5within the sector's middle half▲ 40.4%14within the sector's middle half▲ 12.0%10.3within the sector's middle half▼ 26.4%8.4below the sector's middle half▼ 18.4%8.8below the sector's middle half▲ 4.8%
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 a profit of €74,098, after a loss of €25,635 in 2024.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €2.4m
Fixed assets
€1.6m ▲ 25.3%
Current assets
€834,705 ▼ 49.1%
Equity and liabilities €2.4m
Equity
€1.5m ▼ 26.3%
Debt
€929,835 ▲ 3.6%
Debt's share of the balance-sheet total rises from 31.1% to 38.8%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€234,421▲
2024 · €160,019
Cash flow
€191,952▼
2024 · €196,604
Quick ratio
1.48▼
2024 · 2.07
Debt to equity
0.63▲
2024 · 0.45
ROE
2.2%▲
2024 · 0.6%
Interest coverage
4.85▼
2024 · 9.63
Debt ≤ 1 year
€356,198▼
2024 · €695,251
Debt > 1 year
€573,455▲
2024 · €202,212
Income taxes
€11,973▲
2024 · €2,372
Staff costs
€502,015▲
2024 · €452,264
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Employees at the balance-sheet date | 11 | 9 | 8 | 9 |
| full-time | 11 | 9 | 8 | 9 |
| in full-time equivalents | 11 | 9 | 8 | 9 |
| Average over the year, in full-time equivalents | 14 | 10.3 | 8.4 | 8.8 |
| On a permanent contract | 11 | 9 | 8 | 8 |
| Joined | 9 | 2 | 1 | 3 |
| Left | 13 | 4 | 2 | 2 |
Source: social balance sheet in the 2022 to 2025 annual accounts
Securities and guarantees
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Mortgages, amount registered | €160,000 | €160,000 | €160,000 | €187,500 |
| Mortgage mandates | - | - | - | €742,500 |
| Carrying value of the mortgaged assets | €160,000 | €160,000 | €160,000 | €1.2m |
Source: notes to the 2022 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €257,156 | €340,801 | €554,861 | €670,278 |
| Financial fixed assets | €240 | €8,013 | €8,647 | €1,166 |
| Depreciation and write-downs of the year | €370,161 | €191,750 | €185,655 | €160,323 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | €0.7m | €0.6m | €0.5m | €0.5m | ▲ 11.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.1m | €0.3m | €0.4m | €0.2m | €0.2m | €0.2m | ▼ 13.6% |
| Other operating charges640/8 | - | - | €0.005m | €0.006m | €0.005m | €0.09m | ▲ 19× |
| Gross operating margin9900 | €1.1m | €1.2m | €8.0m | €1.8m | €0.6m | €0.8m | ▲ 34.3% |
| Operating profit (loss)9901 | €0.6m | €0.3m | €7.0m | €1.0m | -€0.03m | €0.07m | - |
| Financial income75/76B | - | - | €0.05m | €0.06m | €0.06m | €0.02m | ▼ 67.9% |
| Recurring financial income75 | €0.002m | €0.01m | €0.05m | €0.06m | €0.06m | €0.02m | ▼ 67.9% |
| Financial charges65/66B | - | - | €0.02m | €0.03m | €0.02m | €0.05m | ▲ 191% |
| Recurring financial charges65 | €0.02m | €0.01m | €0.02m | €0.03m | €0.02m | €0.05m | ▲ 191% |
| Profit (loss) for the period before taxes9903 | €0.6m | €0.3m | €7.0m | €1.1m | €0.01m | €0.04m | ▲ 227% |
| Income taxes67/77 | €0.2m | €0.05m | €1.7m | €0.3m | €0.002m | €0.01m | ▲ 405% |
| Profit (loss) for the period9904 | €0.4m | €0.3m | €5.3m | €0.8m | €0.01m | €0.03m | ▲ 189% |
| Profit (loss) for the period to be appropriated9905 | €0.4m | €0.3m | €5.3m | €0.8m | €0.01m | €0.03m | ▲ 189% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Assets | |||||||
| Total assets20/58 | €1.8m | €1.8m | €7.1m | €4.5m | €2.9m | €2.4m | ▼ 17.0% |
| Fixed assets21/28 | €0.5m | €0.9m | €0.8m | €0.9m | €1.2m | €1.6m | ▲ 25.3% |
| Tangible fixed assets22/27 | €0.5m | €0.9m | €0.8m | €0.9m | €1.2m | €1.5m | ▲ 25.6% |
| Land and buildings22 | - | - | €0.2m | €0.3m | €0.7m | €1.2m | ▲ 70.5% |
| Plant, machinery and equipment23 | - | - | €0.05m | €0.03m | €0.01m | €0.2m | ▲ 13× |
| Furniture and vehicles24 | - | - | €0.01m | €0.04m | €0.03m | €0.05m | ▲ 47.0% |
| Leasing and similar rights25 | - | - | €0.6m | €0.4m | €0.5m | €0.2m | ▼ 68.4% |
| Financial fixed assets28 | - | €0.004m | €0.004m | €0.01m | €0.02m | €0.02m | ▲ 5.6% |
| Current assets29/58 | €1.3m | €0.8m | €6.2m | €3.7m | €1.6m | €0.8m | ▼ 49.1% |
| Amounts receivable after more than one year29 | - | - | - | €0.03m | €0.03m | - | - |
| Other amounts receivable291 | - | - | - | €0.03m | €0.03m | - | - |
| Stocks and contracts in progress3 | - | €0.05m | - | - | €0.2m | €0.3m | ▲ 51.9% |
| Stocks30/36 | - | - | - | - | €0.05m | €0.03m | ▼ 39.3% |
| Contracts in progress37 | - | - | - | - | €0.2m | €0.3m | ▲ 81.3% |
| Amounts receivable within one year40/41 | €0.9m | €0.7m | €3.7m | €0.4m | €0.2m | €0.3m | ▲ 34.2% |
| Trade receivables40 | - | - | €3.6m | €0.2m | €0.2m | €0.3m | ▲ 67.3% |
| Other amounts receivable41 | - | - | €0.1m | €0.1m | €0.05m | €0.001m | ▼ 98.8% |
| Cash at bank and in hand54/58 | €0.4m | €0.1m | €2.5m | €3.2m | €1.2m | €0.2m | ▼ 84.5% |
| Deferred charges and accrued income490/1 | - | - | €0.01m | €0.03m | €0.02m | €0.03m | ▲ 72.1% |
| Equity and liabilities | |||||||
| Total equity and liabilities10/49 | €1.8m | €1.8m | €7.1m | €4.5m | €2.9m | €2.4m | ▼ 17.0% |
| Equity10/15 | €0.5m | €0.5m | €4.0m | €3.3m | €2.0m | €1.5m | ▼ 26.3% |
| Contributions10/11 | €0.2m | - | €0.2m | €0.2m | €0.2m | €0.2m | = |
| Profit (loss) carried forward14 | €0.3m | €0.3m | €3.9m | €3.2m | €1.8m | €1.3m | ▼ 28.6% |
| Investment grants15 | - | - | - | - | €0.01m | €0.009m | ▼ 25.0% |
| Amounts payable17/49 | €1.3m | €1.3m | €3.0m | €1.2m | €0.9m | €0.9m | ▲ 3.6% |
| Amounts payable after more than one year17 | €0.1m | €0.5m | €0.4m | €0.2m | €0.2m | €0.6m | ▲ 184% |
| Financial debts170/4 | - | - | €0.4m | €0.2m | €0.2m | €0.6m | ▲ 184% |
| Amounts payable within one year42/48 | €1.2m | €0.8m | €2.7m | €1.0m | €0.7m | €0.4m | ▼ 48.8% |
| Current portion of amounts payable after more than one year42 | - | - | €0.3m | €0.4m | €0.2m | €0.09m | ▼ 46.1% |
| Trade debts44 | €0.9m | €0.4m | €0.3m | €0.4m | €0.2m | €0.09m | ▼ 62.5% |
| Suppliers440/4 | - | - | €0.3m | €0.4m | €0.2m | €0.09m | ▼ 62.5% |
| Taxes, remuneration and social security45 | - | - | €2.1m | €0.3m | €0.3m | €0.1m | ▼ 47.3% |
| Taxes450/3 | - | - | €2.1m | €0.2m | €0.2m | €0.09m | ▼ 57.4% |
| Remuneration and social security454/9 | - | - | €0.03m | €0.03m | €0.04m | €0.04m | ▲ 3.7% |
| Other amounts payable47/48 | - | - | - | €0.02m | €0.04m | €0.04m | ▲ 12.9% |
| Accrued charges and deferred income492/3 | - | - | - | - | €44 | €182 | ▲ 313% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €0.4m | €0.3m | €5.3m | €0.8m | €0.01m | €0.03m | ▲ 189% |
| + Depreciation and write-downs630 | €0.1m | €0.3m | €0.4m | €0.2m | €0.2m | €0.2m | ▼ 13.6% |
| Operating cash flow (approximation) | €0.6m | €0.6m | €5.6m | €1.0m | €0.2m | €0.2m | ▼ 2.4% |
| Investment in fixed assets (approximation) | - | -€0.7m | -€0.3m | -€0.2m | -€0.6m | -€0.5m | ▲ 15.6% |
| Change in cash | - | -€0.3m | €2.4m | €0.7m | -€2.1m | -€1.0m | ▲ 53.2% |
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, 5,047 companies had the same profile as LARDOT CONSTRUCT has now. Two years later, 93.9% were still going and 2.2% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency 30% or more
- a profit under 5% of the balance sheet
93.9%
was still going
3.8%
stopped otherwise
2.2%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of LARDOT CONSTRUCT itself: 0.8% 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 5,047 companies, not a prediction for LARDOT 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 (6)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-06-2025 | full format | 02-02-2026 | 2026-00031195 | |
| 30-06-2024 | full format | 29-01-2025 | 2025-00016953 | |
| 30-06-2023 | full format | 16-01-2024 | 2024-00002895 | |
| 30-06-2022 | full format | 09-12-2022 | 2022-20534741 | |
| 30-06-2021 | full format | 08-03-2022 | 2022-07200569 | |
| 30-06-2020 | full format | 07-10-2020 | 2020-59800525 |