M²CONSTRUCT
Annual accounts 2025
abbreviated format, filed on 15-10-2026, 76 days late€940,963
▲ 66.4%
€566,041
▲ 171%
€384,660
▲ 151%
€831,972
▲ 28.5%
40.5%
▲ 2.0 percentage points
1.75
▼ 0.21
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.
Turnover ≈ €2.0m. Estimated: probably between €1.6m and €3.0m.
Balance sheet
balance sheet total €2.6m on 31-12-2025What the company ownsHow it is paid for
in €m
in euro
Position in the sector
40.5%
Higher than 52% of 2,816 companies in 2025.
1.75
Higher than 55% of 2,745 companies in 2025.
14.9%
Higher than 79% of 2,781 companies in 2025.
M²CONSTRUCT
Middle half of the sector
80% of the sector
Abbreviated accounts in construction of buildings (NACE 41)
Net result: top quarter · Equity: top quarter · Balance sheet total: top quarter · Working capital: top quarter · Staff: middle half
Staff
€44,551
Staff costs divided by the average number of full-time equivalents.
+4 people
people who joined
people who left
In 2025, 8 people joined and 4 left.
Filed annual accounts
as filed with the National Bank, click a year to choose it| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Balance sheet: assets | |||||||||||||
20/58 |
2.6m | 1.9m | 1.2m | 882,195 | 717,626 | 332,031 | 320,371 | 190,993 | 176,736 | 105,551 | 58,182 | 44,345 | |
20 |
- | - | - | - | - | - | - | 76 | 382 | 687 | 992 | 1,297 | |
21/28 |
651,353 | 536,241 | 44,904 | 58,653 | 58,071 | 24,001 | 21,899 | 22,219 | 18,341 | 16,353 | 6,316 | 6,951 | |
21 |
- | - | - | - | - | - | - | 79 | 395 | 711 | 1,027 | 1,343 | |
22/27 |
651,078 | 535,966 | 44,779 | 58,528 | 57,946 | 23,876 | 21,324 | 21,565 | 17,821 | 15,642 | 4,297 | 4,311 | |
22 |
461,611 | 483,489 | - | - | - | - | - | - | - | - | - | - | |
23 |
26,935 | 10,738 | 11,177 | 13,079 | 15,772 | 17,536 | 17,714 | 10,641 | 7,672 | 5,631 | 4,297 | 4,239 | |
24 |
22,025 | 24,515 | 7,401 | 10,270 | 1,585 | 6,340 | 3,610 | 10,924 | 10,149 | 10,011 | - | 72 | |
25 |
7,037 | 14,714 | 22,391 | 30,068 | 37,745 | - | - | - | - | - | - | - | |
26 |
133,469 | 2,510 | 3,810 | 5,111 | 2,844 | - | - | - | - | - | - | - | |
28 |
275 | 275 | 125 | 125 | 125 | 125 | 575 | 575 | 125 | - | - | - | |
29/58 |
1.9m | 1.3m | 1.1m | 823,542 | 659,555 | 308,030 | 298,472 | 168,698 | 158,013 | 88,511 | 51,866 | 37,394 | |
3 |
22,499 | 16,275 | 13,610 | 9,900 | 11,653 | 11,207 | 9,717 | 25,820 | 38,344 | 22,397 | 4,300 | 4,800 | |
30/36 |
22,499 | 16,275 | 13,610 | 9,900 | 11,653 | 11,207 | 9,717 | 25,820 | 18,746 | 22,397 | 4,300 | 4,800 | |
37 |
- | - | - | - | - | - | - | - | 19,598 | - | - | - | |
40/41 |
916,263 | 449,456 | 630,818 | 355,135 | 306,485 | 223,323 | 227,803 | 51,324 | 11,504 | 7,884 | 12,072 | 20,695 | |
40 |
603,042 | 323,923 | 500,500 | 220,122 | 198,654 | 106,269 | 227,743 | 49,059 | 9,804 | 6,032 | 11,050 | 16,079 | |
41 |
313,222 | 125,533 | 130,318 | 135,013 | 107,831 | 117,054 | 60 | 2,265 | 1,700 | 1,852 | 1,022 | 4,616 | |
50/53 |
259,264 | 579,995 | 233,933 | 156,955 | 54,639 | 238 | 238 | 37,738 | 41,564 | 35,284 | 8,499 | - | |
54/58 |
718,279 | 251,257 | 237,483 | 274,510 | 268,212 | 61,179 | 56,101 | 49,648 | 63,904 | 21,154 | 25,491 | 9,971 | |
490/1 |
22,201 | 20,066 | 16,311 | 27,042 | 18,566 | 12,083 | 4,613 | 4,168 | 2,697 | 1,792 | 1,504 | 1,928 | |
| Balance sheet: equity and liabilities | |||||||||||||
10/49 |
2.6m | 1.9m | 1.2m | 882,195 | 717,626 | 332,031 | 320,371 | 190,993 | 176,736 | 105,551 | 58,182 | 44,345 | |
10/15 |
1.0m | 713,531 | 610,549 | 412,383 | 250,281 | 131,983 | 116,045 | 97,827 | 56,046 | 16,749 | 7,848 | 6,109 | |
10/11 |
6,200 | 6,200 | 6,200 | 6,200 | 6,200 | 6,200 | 6,200 | 6,200 | 6,200 | 6,200 | 6,200 | 6,200 | |
100 |
- | - | - | - | - | - | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | |
101 |
- | - | - | - | - | - | 12,400 | 12,400 | 12,400 | 12,400 | 12,400 | 12,400 | |
13 |
1.0m | 706,408 | 603,426 | 405,260 | 243,158 | 124,860 | 108,860 | 90,860 | 48,860 | 9,860 | 1,000 | - | |
130/1 |
- | - | - | 1,860 | 1,860 | 1,860 | - | - | - | - | - | - | |
130 |
- | - | - | - | - | - | 1,860 | 1,860 | 1,860 | 1,860 | 1,000 | - | |
1311 |
- | - | - | 1,860 | 1,860 | 1,860 | - | - | - | - | - | - | |
133 |
1.0m | 706,408 | 603,426 | 403,400 | 241,298 | 123,000 | 107,000 | 89,000 | 47,000 | 8,000 | - | - | |
14 |
923 | 923 | 923 | 923 | 923 | 923 | 985 | 767 | 986 | 689 | 648 | -91 | |
17/49 |
1.5m | 1.1m | 566,510 | 469,812 | 467,345 | 200,048 | 204,326 | 93,166 | 120,690 | 88,802 | 50,334 | 38,236 | |
17 |
430,388 | 470,002 | 15,948 | 23,114 | 30,205 | - | - | - | 179 | - | - | - | |
170/4 |
430,388 | 470,002 | 15,948 | 23,114 | 30,205 | - | - | - | 179 | - | - | - | |
42/48 |
1.1m | 669,757 | 550,562 | 446,698 | 437,140 | 199,787 | 204,326 | 93,166 | 120,463 | 88,802 | 50,334 | 38,236 | |
42 |
54,613 | 52,129 | 22,165 | 22,091 | 22,018 | 15,000 | - | 10,179 | 307 | - | - | - | |
44 |
679,928 | 367,469 | 253,725 | 247,029 | 197,090 | 136,604 | 156,066 | 38,385 | 40,356 | 25,613 | 18,895 | 7,211 | |
440/4 |
679,928 | 367,469 | 253,725 | 247,029 | 197,090 | 136,604 | 156,066 | 38,385 | 40,356 | 25,613 | 18,895 | 7,211 | |
46 |
73,870 | 50,483 | 74,637 | 14,235 | 127,404 | 27,715 | 5,560 | 2,390 | 21,683 | 19,236 | - | - | |
45 |
228,225 | 142,989 | 150,035 | 108,411 | 54,936 | 8,093 | 37,087 | 33,287 | 28,571 | 12,267 | 7,803 | 6,573 | |
450/3 |
188,777 | 116,627 | 137,773 | 93,634 | 41,701 | 6,693 | 36,437 | 32,787 | 24,289 | 9,746 | 7,295 | 5,073 | |
454/9 |
39,448 | 26,362 | 12,262 | 14,777 | 13,235 | 1,400 | 650 | 500 | 4,282 | 2,521 | 508 | 1,500 | |
47/48 |
69,897 | 56,687 | 50,000 | 54,932 | 35,692 | 12,375 | 5,613 | 8,925 | 29,546 | 31,686 | 23,636 | 24,452 | |
492/3 |
4,746 | - | - | - | - | 261 | - | - | 48 | - | - | - | |
| Income statement | |||||||||||||
76A |
- | - | - | - | - | - | - | - | - | - | - | 1,235 | |
9900 |
940,963 | 565,431 | 490,884 | 410,020 | 272,277 | 34,567 | 38,137 | 77,226 | 70,864 | 21,442 | 8,044 | 5,974 | |
62 |
311,856 | 263,744 | 125,349 | 110,856 | 77,318 | - | 15 | 2,359 | 305 | - | 205 | 2,488 | |
630 |
57,229 | 89,835 | 18,257 | 17,676 | 8,942 | 9,958 | 11,113 | 10,212 | 6,968 | 5,353 | 2,423 | 1,709 | |
640/8 |
5,836 | 3,135 | 4,827 | 4,086 | 1,125 | 1,099 | 1,079 | 1,049 | 1,153 | 1,588 | 899 | 1,069 | |
66A |
- | - | - | - | - | - | - | - | - | 378 | - | - | |
9901 |
566,041 | 208,717 | 342,451 | 277,402 | 184,892 | 23,510 | 25,930 | 63,606 | 62,438 | 14,123 | 4,517 | 708 | |
75/76B |
5,517 | 3,968 | 2,529 | 1,387 | 2,292 | 647 | 1,619 | 3,033 | 1,257 | 379 | 479 | 266 | |
75 |
5,517 | 3,968 | 2,529 | 1,387 | 2,292 | 647 | 1,619 | 2,420 | 1,257 | 379 | 479 | 266 | |
76B |
- | - | - | - | - | - | - | 613 | - | - | - | - | |
65/66B |
25,247 | 8,756 | 4,678 | 3,376 | 4,995 | 3,748 | 3,233 | 4,572 | 1,767 | 1,567 | 1,755 | 1,650 | |
65 |
25,247 | 8,756 | 4,678 | 3,376 | 4,995 | 3,748 | 2,142 | 4,572 | 1,767 | 1,567 | 1,755 | 1,650 | |
66B |
- | - | - | - | - | - | 1,091 | - | - | - | - | - | |
9903 |
546,311 | 203,929 | 340,302 | 275,413 | 182,189 | 20,409 | 24,316 | 62,067 | 61,928 | 12,935 | 3,241 | 559 | |
67/77 |
161,651 | 50,947 | 92,136 | 73,311 | 48,891 | 4,471 | 6,098 | 20,286 | 22,631 | 4,034 | 1,502 | 650 | |
9904 |
384,660 | 152,982 | 248,166 | 202,102 | 133,298 | 15,938 | 18,218 | 41,781 | 39,297 | 8,901 | 1,739 | -91 | |
9905 |
384,660 | 152,982 | 248,166 | 202,102 | 133,298 | 15,938 | 18,218 | 41,781 | 39,297 | 8,901 | 1,739 | -91 | |
| Appropriation of the result | |||||||||||||
9906 |
385,582 | 153,905 | 249,089 | 203,025 | 134,221 | 16,923 | 18,985 | 42,767 | 39,986 | 9,549 | 1,648 | -91 | |
14P |
923 | 923 | 923 | 923 | 923 | - | - | - | - | - | - | - | |
691/2 |
334,660 | 102,982 | 198,166 | 162,102 | 118,298 | 16,000 | 18,000 | 42,000 | 39,000 | 8,860 | 1,000 | - | |
6920 |
334,660 | - | - | - | - | - | - | - | - | 860 | 1,000 | - | |
6921 |
- | 102,982 | 198,166 | 162,102 | 118,298 | 16,000 | 18,000 | 42,000 | 39,000 | 8,000 | - | - | |
694/7 |
50,000 | 50,000 | 50,000 | 40,000 | 15,000 | - | - | - | - | - | - | - | |
695 |
50,000 | 50,000 | 50,000 | 40,000 | 15,000 | - | - | - | - | - | - | - | |
| Social balance sheet | |||||||||||||
9087 |
7 | 5.7 | 2.2 | 3 | 1.8 | - | - | 0.1 | 0.1 | - | - | 0.3 | |
Hours worked1013 |
9,068 | 7,486 | 3,624 | 4,640 | 2,784 | - | - | 184 | 96 | - | - | 280 | |
| Document | |||||||||||||
The notes to these accounts have 11 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the accounts filed with the NBB.
Source: Annual accounts 2025 at the NBB, filed on 15-10-2026.
Filings
each dot is a set of accounts, on the day it reached the National Bank2025 annual accounts filed 76 days after the deadline. Filed on 15 October 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00563382.
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 15-10-2026 | 2026-00563382 | |
| 31-12-2024 | micro format | 09-02-2026 | 2026-00035703 | |
| 31-12-2023 | micro format | 05-09-2024 | 2024-00457093 | |
| 31-12-2022 | micro format | 08-09-2023 | 2023-00446267 | |
| 31-12-2021 | micro format | 14-10-2022 | 2022-20466277 | |
| 31-12-2020 | micro format | 18-11-2021 | 2021-77800047 | |
| 31-12-2019 | micro format | 25-11-2020 | 2020-72400538 | |
| 31-12-2018 | micro format | 07-10-2019 | 2019-69500355 | |
| 31-12-2017 | full format | 23-09-2018 | 2018-64500436 | |
| 31-12-2016 | full format | 26-09-2017 | 2017-63200162 | |
| 31-12-2015 | full format | 26-09-2016 | 2016-62600127 | |
| 31-12-2014 | full format | 16-02-2016 | 2016-04700133 |
Key figures and ratios
per financial year, computed from the annual accounts| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 623,271 | 298,552 | 360,708 | 295,078 | 193,834 | 33,468 | 37,043 | 73,818 | 69,406 | 19,476 | 6,940 | 2,417 | ||
| 441,889 | 242,817 | 266,423 | 219,778 | 142,240 | 25,896 | 29,331 | 51,993 | 46,265 | 14,254 | 4,162 | 1,618 | ||
| 172,342 | 581,172 | 4,508 | 18,258 | 43,012 | 12,510 | 15,807 | 28,749 | 8,651 | 16,077 | 1,788 | 11,685 | ||
| 467,022 | 13,774 | -37,027 | 6,298 | 207,033 | 5,078 | 6,453 | -14,256 | 42,750 | -4,337 | 15,520 | - | ||
| 831,972 | 647,292 | 581,593 | 376,844 | 222,415 | 108,243 | 94,146 | 75,532 | 37,550 | -291 | 1,532 | -842 | ||
| 40.5% | 38.5% | 51.9% | 46.7% | 34.9% | 39.8% | 36.2% | 51.2% | 31.7% | 15.9% | 13.5% | 13.8% | ||
| 1.75 | 1.97 | 2.06 | 1.84 | 1.51 | 1.54 | 1.46 | 1.81 | 1.31 | 1.00 | 1.03 | 0.98 | ||
| 1.73 | 1.94 | 2.03 | 1.82 | 1.48 | 1.49 | 1.41 | 1.53 | 0.99 | 0.74 | 0.95 | 0.85 | ||
| 1.47 | 1.60 | 0.93 | 1.14 | 1.87 | 1.52 | 1.76 | 0.95 | 2.15 | 5.30 | 6.41 | 6.26 | ||
| 36.7% | 21.4% | 40.6% | 49.0% | 53.3% | 12.1% | 15.7% | 42.7% | 70.1% | 53.1% | 22.2% | -1.5% | ||
| 14.9% | 8.3% | 21.1% | 22.9% | 18.6% | 4.8% | 5.7% | 21.9% | 22.2% | 8.4% | 3.0% | -0.2% | ||
| 24.69 | 34.10 | 77.11 | 87.40 | 38.81 | - | - | - | - | - | - | - |
A Belgian filing has no cash-flow statement. Cash flow is therefore an approximation, derived from the income statement. Investment is the acquisitions in the notes and, without them, the balance-sheet move.
Social balance sheet
| Item | 31-12-2025 | 31-12-2024 | 31-12-2023 | 31-12-2022 | 31-12-2021 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 10 | 6 | 2 | 3 | 3 |
| full-time | 9 | 6 | 2 | 3 | 3 |
| part-time | 1 | - | - | - | - |
| in full-time equivalents | 9.6 | 6 | 2 | 3 | 3 |
| 7 | 5.7 | 2.2 | 3 | 1.8 | |
| On a permanent contract | 5 | 5 | 2 | 2 | 1 |
| Joined | 8 | 8 | 1 | 1 | 4 |
| Left | 4 | 4 | 2 | 1 | 1 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
fixed assets acquired| Item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Tangible fixed assets | €172,342 | €581,022 | €4,508 | €18,258 | €43,012 |
| Financial fixed assets | - | €150 | - | - | - |
| €57,229 | €89,835 | €18,257 | €17,676 | €8,942 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Insights on M²CONSTRUCT
The operating result for 2025 is 171% higher than in 2024 and the highest since 2014. It is a recovery after the fall in 2024.
Debt's share of the balance-sheet total falls from 61.5% to 59.5%. Equity and debt are higher.
Large changes and their cause
- 2025 Net result +151% on 2024. The accounts now follow the abbreviated format, last year the micro format.