LAVIGNE CONSTRUCT
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 29-04-2026 PDF all 8 filings
Turnover
≈ €460,000
Estimated: probably between €320,000 and €700,000
Total assets
€623,557▲ 18.7%
2024 · €525,205
Net result
€12,165▼ 6.0%
2024 · €12,945
Working capital
€96,582▼ 18.5%
2024 · €118,541
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€30,937
▼ 25.5%
2025
20192025
Net result
€12,165
▼ 6.0%
2025
middle half of the sector
20192025
Equity
€113,710
▲ 12.0%
2025
highest quarter of the sector
20192025
Total assets
€623,557
▲ 18.7%
2025
highest quarter of the sector
20192025
Debt
€509,847
▲ 20.3%
2025
20192025
Working capital
€96,582
▼ 18.5%
2025
highest quarter of the sector
20192025
Solvency
18.2%
▼ 1.1pp
2025
lowest quarter of the sector
20192025
Current ratio
1.20
▼ 0.11
2025
middle half of the sector
20192025
Return on assets (ROA)
2.0%
▼ 0.5pp
2025
middle half of the sector
20192025
Staff (FTE)
2
▲ 5.3%
2025
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€9,465-€6,395▼ 32.4%€28,818▲ 351%€20,196▼ 29.9%€90,646▲ 349%€41,523▼ 54.2%€30,937▼ 25.5%
Net result€2,407-€1,181within the sector's middle half▼ 50.9%€18,600within the sector's middle half▲ 16×€8,973within the sector's middle half▼ 51.8%€45,036within the sector's middle half▲ 402%€12,945within the sector's middle half▼ 71.3%€12,165within the sector's middle half▼ 6.0%
Equity€14,812-€15,992within the sector's middle half▲ 8.0%€34,592within the sector's middle half▲ 116%€43,565within the sector's middle half▲ 25.9%€88,601within the sector's middle half▲ 103%€101,546within the sector's middle half▲ 14.6%€113,710above the sector's middle half▲ 12.0%
Total assets€239,100-€343,040above the sector's middle half▲ 43.5%€473,227above the sector's middle half▲ 38.0%€492,686above the sector's middle half▲ 4.1%€554,484within the sector's middle half▲ 12.5%€525,205within the sector's middle half▼ 5.3%€623,557above the sector's middle half▲ 18.7%
Debt€224,289-€327,048▲ 45.8%€438,635▲ 34.1%€449,121▲ 2.4%€465,883▲ 3.7%€423,660▼ 9.1%€509,847▲ 20.3%
Working capital-€5,130--€10,346below the sector's middle half▼ 102%€7,186within the sector's middle half€39,888within the sector's middle half▲ 455%€90,368within the sector's middle half▲ 127%€118,541within the sector's middle half▲ 31.2%€96,582above the sector's middle half▼ 18.5%
Solvency6.2%-4.7%below the sector's middle half▼ 1.5pp7.3%below the sector's middle half▲ 2.6pp8.8%below the sector's middle half▲ 1.5pp16.0%below the sector's middle half▲ 7.1pp19.3%within the sector's middle half▲ 3.4pp18.2%below the sector's middle half▼ 1.1pp
Current ratio0.97-0.97below the sector's middle half▼ 0.011.02below the sector's middle half▲ 0.051.09within the sector's middle half▲ 0.081.20within the sector's middle half▲ 0.111.32within the sector's middle half▲ 0.111.20within the sector's middle half▼ 0.11
Return on assets (ROA)1.0%-0.3%within the sector's middle half▼ 0.7pp3.9%within the sector's middle half▲ 3.6pp1.8%within the sector's middle half▼ 2.1pp8.1%within the sector's middle half▲ 6.3pp2.5%within the sector's middle half▼ 5.7pp2.0%within the sector's middle half▼ 0.5pp
Staff (FTE)2.1within the sector's middle half3.8▲ 81.0%2.3▼ 39.5%2within the sector's middle half▼ 13.0%1.9within the sector's middle half▼ 5.0%2▲ 5.3%
above
within
below
The sector band is the middle half of the companies in Construction of residential and non-residential buildings (NACE 41). 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 25% lower than in 2024 and the lowest since 2022. It is the second fall in a row.
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 €623,557
Fixed assets
€50,439 ▲ 61.3%
Current assets
€573,118 ▲ 16.0%
Equity and liabilities €623,557
Equity
€113,710 ▲ 12.0%
Debt
€509,847 ▲ 20.3%
Debt's share of the balance-sheet total rises from 80.7% to 81.8%. Equity and debt are higher.
Key figures and ratios
EBITDA
€44,750▼
2024 · €51,690
Cash flow
€25,978▲
2024 · €23,111
Quick ratio
0.68▲
2024 · 0.68
Debt to equity
4.48▲
2024 · 4.17
ROE
10.7%▼
2024 · 12.7%
Interest coverage
3.01▲
2024 · 2.85
Debt ≤ 1 year
€476,535▲
2024 · €375,397
Debt > 1 year
€33,311▼
2024 · €48,263
Income taxes
€4,075▼
2024 · €10,563
Staff costs
€95,092▲
2024 · €77,014
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 30-09-2021 | 30-09-2022 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 2 | 2 | 2 | 2 | 13 |
| full-time | 2 | 2 | 2 | 2 | 13 |
| part-time | - | - | - | - | 0 |
| in full-time equivalents | 2 | 2 | 2 | 2 | 2 |
| Average over the year, in full-time equivalents | 3.8 | 2.3 | 2 | 1.9 | 2 |
| On a permanent contract | 1 | 1 | 1 | - | 12 |
| Joined | 2 | 3 | - | 1 | 1 |
| Left | 4 | 3 | - | 1 | 1 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 30-09-2021 | 30-09-2022 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €9,934 | €7,413 | €3,759 | €20,089 | €32,985 |
| Depreciation and write-downs of the year | €13,291 | €13,875 | €7,367 | €10,167 | €13,813 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 to 2023 · 2 entries · €1,379 awarded · €1,321 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2023 | 1 | €1,200 | €1,142 |
| 2022 | 1 | €179 | €179 |
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | €20,169 | - | - | - |
| Remuneration, social security and pensions62 | - | - | €93,476 | €104,709 | €99,766 | €77,014 | €95,092 | ▲ 23.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €10,656 | €12,126 | €13,291 | €13,875 | €7,367 | €10,167 | €13,813 | ▲ 35.9% |
| Other operating charges640/8 | - | - | €1,642 | €1,296 | €3,223 | €1,609 | €999 | ▼ 37.9% |
| Gross operating margin9900 | €70,006 | €97,328 | €137,228 | €140,076 | €201,002 | €130,313 | €140,840 | ▲ 8.1% |
| Operating profit (loss)9901 | €9,465 | €6,395 | €28,818 | €20,196 | €90,646 | €41,523 | €30,937 | ▼ 25.5% |
| Financial income75/76B | - | - | €120 | €43 | €19 | €100 | €153 | ▲ 53.6% |
| Recurring financial income75 | €137 | €2,919 | €120 | €43 | €19 | €100 | €153 | ▲ 53.6% |
| Financial charges65/66B | - | - | €4,706 | €7,377 | €30,942 | €18,115 | €14,850 | ▼ 18.0% |
| Recurring financial charges65 | €6,386 | €7,269 | €4,706 | €7,377 | €30,942 | €18,115 | €14,850 | ▼ 18.0% |
| Profit (loss) for the period before taxes9903 | €3,216 | €2,044 | €24,233 | €12,862 | €59,723 | €23,508 | €16,239 | ▼ 30.9% |
| Income taxes67/77 | €809 | €863 | €5,633 | €3,889 | €14,687 | €10,563 | €4,075 | ▼ 61.4% |
| Profit (loss) for the period9904 | €2,407 | €1,181 | €18,600 | €8,973 | €45,036 | €12,945 | €12,165 | ▼ 6.0% |
| Profit (loss) for the period to be appropriated9905 | €2,407 | €1,181 | €18,600 | €8,973 | €45,036 | €12,945 | €12,165 | ▼ 6.0% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €239,100 | €343,040 | €473,227 | €492,686 | €554,484 | €525,205 | €623,557 | ▲ 18.7% |
| Fixed assets21/28 | €39,279 | €36,399 | €33,042 | €26,581 | €21,345 | €31,267 | €50,439 | ▲ 61.3% |
| Tangible fixed assets22/27 | €39,279 | €36,399 | €33,042 | €26,581 | €21,345 | €31,267 | €50,439 | ▲ 61.3% |
| Land and buildings22 | - | - | €5,657 | €4,678 | €3,698 | €2,959 | €2,219 | ▼ 25.0% |
| Plant, machinery and equipment23 | - | - | €14,326 | €14,825 | €13,788 | €25,583 | €40,980 | ▲ 60.2% |
| Furniture and vehicles24 | - | - | €4,934 | €5,450 | €3,859 | €2,726 | €7,240 | ▲ 166% |
| Leasing and similar rights25 | - | - | €8,125 | €1,628 | - | - | - | - |
| Current assets29/58 | €199,821 | €306,641 | €440,185 | €466,105 | €533,139 | €493,938 | €573,118 | ▲ 16.0% |
| Stocks and contracts in progress3 | €140,926 | €197,320 | €102,536 | €74,350 | €55,793 | €239,350 | €249,454 | ▲ 4.2% |
| Stocks30/36 | - | - | €102,536 | €74,350 | €55,793 | €109,350 | €165,780 | ▲ 51.6% |
| Contracts in progress37 | - | - | - | - | - | €130,000 | €83,673 | ▼ 35.6% |
| Amounts receivable within one year40/41 | €39,085 | €100,062 | €319,465 | €368,939 | €435,456 | €230,162 | €309,554 | ▲ 34.5% |
| Trade receivables40 | - | - | €287,160 | €359,047 | €431,148 | €218,945 | €283,259 | ▲ 29.4% |
| Other amounts receivable41 | - | - | €32,305 | €9,892 | €4,308 | €11,217 | €26,295 | ▲ 134% |
| Cash at bank and in hand54/58 | €15,293 | €5,374 | €9,590 | €14,454 | €31,102 | €16,402 | €1,423 | ▼ 91.3% |
| Deferred charges and accrued income490/1 | - | - | €8,593 | €8,361 | €10,787 | €8,024 | €12,687 | ▲ 58.1% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €239,100 | €343,040 | €473,227 | €492,686 | €554,484 | €525,205 | €623,557 | ▲ 18.7% |
| Equity10/15 | €14,812 | €15,992 | €34,592 | €43,565 | €88,601 | €101,546 | €113,710 | ▲ 12.0% |
| Contributions10/11 | €8,000 | - | €8,000 | €8,000 | €8,000 | €8,000 | €9,855 | ▲ 23.2% |
| Reserves13 | €6,812 | €7,992 | €26,592 | €35,565 | €80,601 | €93,546 | €103,855 | ▲ 11.0% |
| Non-distributable reserves130/1 | - | - | €1,855 | €1,855 | €1,855 | €1,855 | €0 | ▼ 100% |
| Reserves not available under the articles1311 | - | - | €1,855 | €1,855 | €1,855 | €1,855 | €0 | ▼ 100% |
| Distributable reserves133 | - | - | €24,737 | €33,710 | €78,746 | €91,691 | €103,855 | ▲ 13.3% |
| Amounts payable17/49 | €224,289 | €327,048 | €438,635 | €449,121 | €465,883 | €423,660 | €509,847 | ▲ 20.3% |
| Amounts payable after more than one year17 | €19,338 | €10,050 | €4,636 | €18,903 | €14,070 | €48,263 | €33,311 | ▼ 31.0% |
| Financial debts170/4 | - | - | €4,636 | €18,903 | €14,070 | €48,263 | €33,311 | ▼ 31.0% |
| Amounts payable within one year42/48 | €204,951 | €316,986 | €432,999 | €426,217 | €442,771 | €375,397 | €476,535 | ▲ 26.9% |
| Current portion of amounts payable after more than one year42 | - | - | €5,414 | €9,245 | €4,833 | €13,551 | €15,539 | ▲ 14.7% |
| Financial debts43 | - | - | €50,000 | €25,000 | €25,000 | €25,494 | €25,000 | ▼ 1.9% |
| Credit institutions430/8 | - | - | €50,000 | €25,000 | €25,000 | €25,494 | €25,000 | ▼ 1.9% |
| Trade debts44 | €133,255 | €189,014 | €287,433 | €246,329 | €237,857 | €181,936 | €287,079 | ▲ 57.8% |
| Suppliers440/4 | - | - | €287,433 | €246,329 | €237,857 | €181,936 | €287,079 | ▲ 57.8% |
| Advances received on contracts in progress46 | - | - | - | - | €40,000 | - | - | - |
| Taxes, remuneration and social security45 | - | - | €18,184 | €23,012 | €40,466 | €57,169 | €45,848 | ▼ 19.8% |
| Taxes450/3 | - | - | €13,539 | €9,740 | €27,997 | €46,992 | €27,019 | ▼ 42.5% |
| Remuneration and social security454/9 | - | - | €4,645 | €13,271 | €12,469 | €10,176 | €18,829 | ▲ 85.0% |
| Other amounts payable47/48 | - | - | €71,967 | €122,632 | €94,615 | €97,247 | €103,069 | ▲ 6.0% |
| Accrued charges and deferred income492/3 | - | - | €1,000 | €4,000 | €9,041 | - | - | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €2,407 | €1,181 | €18,600 | €8,973 | €45,036 | €12,945 | €12,165 | ▼ 6.0% |
| + Depreciation and write-downs630 | €10,656 | €12,126 | €13,291 | €13,875 | €7,367 | €10,167 | €13,813 | ▲ 35.9% |
| Operating cash flow (approximation) | €13,063 | €13,307 | €31,891 | €22,847 | €52,403 | €23,111 | €25,978 | ▲ 12.4% |
| Investment in fixed assets (approximation) | - | -€9,246 | -€9,934 | -€7,413 | -€2,132 | -€20,089 | -€32,985 | ▼ 64.2% |
| Change in cash | - | -€9,919 | €4,217 | €4,864 | €16,648 | -€14,700 | -€14,979 | ▼ 1.9% |
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 LAVIGNE CONSTRUCT 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 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of LAVIGNE CONSTRUCT itself: 1.1% 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 3,274 companies, not a prediction for LAVIGNE 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 (8)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-09-2025 | micro format | 29-04-2026 | 2026-00092753 | |
| 30-09-2024 | abbreviated format | 16-04-2025 | 2025-00070387 | |
| 30-09-2023 | abbreviated format | 24-04-2024 | 2024-00067765 | |
| 30-09-2022 | micro format | 03-04-2023 | 2023-00055595 | |
| 30-09-2021 | micro format | 29-04-2022 | 2022-20013951 | |
| 30-09-2020 | micro format | 01-04-2021 | 2021-09600128 | |
| 30-09-2019 | micro format | 08-10-2020 | 2020-59900422 | |
| 30-09-2018 | micro format | 02-04-2019 | 2019-09100214 |