Nordicconstruct
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 06-05-2026 PDF all 5 filings
Turnover
≈ €560,000
Estimated: probably between €450,000 and €830,000
Total assets
€1.3m▼ 3.1%
2024 · €1.4m
Net result
€174,079▲ 45.1%
2024 · €119,959
Working capital
€715,646▼ 9.3%
2024 · €788,646
Multi-year overview
2021 to 2025, 5 financial yearsOperating result
€233,471
▲ 38.9%
2025
20212025
Net result
€174,079
▲ 45.1%
2025
highest quarter of the sector
20212025
Equity
€336,576
▼ 7.2%
2025
middle half of the sector
20212025
Total assets
€1.3m
▼ 3.1%
2025
middle half of the sector
20212025
Debt
€1.0m
▼ 1.7%
2025
20212025
Working capital
€715,646
▼ 9.3%
2025
highest quarter of the sector
20212025
Solvency
25.0%
▼ 1.1pp
2025
middle half of the sector
20212025
Current ratio
2.14
▼ 0.22
2025
middle half of the sector
20212025
Return on assets (ROA)
13.0%
▲ 4.3pp
2025
highest quarter of the sector
20212025
Staff (FTE)
0.3
2025
lowest quarter of the sector
20212025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20212022202320242025
Operating result€0.1m-€0.07m▼ 37.4%€0.08m▲ 20.1%€0.2m▲ 115%€0.2m▲ 38.9%
Net result€0.08mwithin the sector's middle half-€0.05mwithin the sector's middle half▼ 43.8%€0.06mwithin the sector's middle half▲ 21.6%€0.1mabove the sector's middle half▲ 113%€0.2mabove the sector's middle half▲ 45.1%
Equity€0.1mwithin the sector's middle half-€0.2mwithin the sector's middle half▲ 33.0%€0.2mwithin the sector's middle half▲ 30.2%€0.4mwithin the sector's middle half▲ 49.5%€0.3mwithin the sector's middle half▼ 7.2%
Total assets€0.5mwithin the sector's middle half-€0.8mwithin the sector's middle half▲ 61.9%€1.1mwithin the sector's middle half▲ 41.0%€1.4mwithin the sector's middle half▲ 22.1%€1.3mwithin the sector's middle half▼ 3.1%
Debt€0.4m-€0.6m▲ 73.2%€0.9m▲ 44.3%€1.0m▲ 14.7%€1.0m▼ 1.7%
Working capital€0.2mwithin the sector's middle half-€0.3mwithin the sector's middle half▲ 18.4%€0.7mabove the sector's middle half▲ 154%€0.8mabove the sector's middle half▲ 14.4%€0.7mabove the sector's middle half▼ 9.3%
Solvency28.1%within the sector's middle half-23.1%within the sector's middle half▼ 5.0pp21.3%within the sector's middle half▼ 1.8pp26.1%within the sector's middle half▲ 4.8pp25.0%within the sector's middle half▼ 1.1pp
Current ratio2.31within the sector's middle half-1.65within the sector's middle half▼ 0.662.67within the sector's middle half▲ 1.022.36within the sector's middle half▼ 0.312.14within the sector's middle half▼ 0.22
Return on assets (ROA)16.5%above the sector's middle half-5.7%within the sector's middle half▼ 10.8pp4.9%within the sector's middle half▼ 0.8pp8.6%within the sector's middle half▲ 3.7pp13.0%above the sector's middle half▲ 4.3pp
Staff (FTE)1below the sector's middle half-0below the sector's middle half0.3below the sector's middle half
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 39% higher than in 2024 and the highest since 2021. It is the third rise in a row, after the fall in 2022.
Turnover and EBIT margin are not published. The abbreviated 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 €1.3m
Fixed assets
€325 ▼ 98.3%
Current assets
€1.3m ▼ 1.8%
Equity and liabilities €1.3m
Equity
€336,576 ▼ 7.2%
Debt
€1.0m ▼ 1.7%
Debt's share of the balance-sheet total rises from 73.9% to 75.0%. Equity and debt are lower.
Key figures and ratios
EBITDA
€240,061▲
2024 · €175,393
Cash flow
€180,670▲
2024 · €127,265
Quick ratio
1.94▼
2024 · 2.21
Debt to equity
2.99▲
2024 · 2.83
ROE
51.7%▲
2024 · 33.1%
Interest coverage
over 100▲
2024 · 43.29
Debt ≤ 1 year
€627,764▲
2024 · €579,196
Income taxes
€61,292▲
2024 · €44,077
Staff costs
€18,808
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2025 |
|---|---|---|
| Employees at the balance-sheet date | - | 3 |
| full-time | - | 3 |
| part-time | - | 0 |
| in full-time equivalents | - | 3 |
| Average over the year, in full-time equivalents | 0.8 | 0.3 |
| On a permanent contract | - | 3 |
| Joined | - | 3 |
| Left | - | 0 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €13,311 | €49,195 | €23,583 | €4,909 | - |
| Financial fixed assets | - | - | - | - | €0 |
| Depreciation and write-downs of the year | €21,919 | €25,926 | €17,621 | €7,306 | €6,591 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2025 · 1 entry · €525 awardedAnnual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | €525 | - | - | - | - | - |
| Remuneration, social security and pensions62 | €21,893 | €1,395 | €0 | - | €18,808 | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €21,919 | €25,926 | €17,621 | €7,306 | €6,591 | ▼ 9.8% |
| Other operating charges640/8 | €2,045 | €10,974 | €7,533 | €3,862 | €5,009 | ▲ 29.7% |
| Non-recurring operating charges66A | - | €42,500 | €0 | €11,518 | - | - |
| Gross operating margin9900 | €149,654 | €145,795 | €103,231 | €190,773 | €263,878 | ▲ 38.3% |
| Operating profit (loss)9901 | €103,797 | €65,000 | €78,076 | €168,087 | €233,471 | ▲ 38.9% |
| Financial income75/76B | €385 | €7 | €4,088 | €0 | €4,060 | - |
| Recurring financial income75 | €385 | €7 | €4,088 | €0 | €4,060 | - |
| Financial charges65/66B | €888 | €5,402 | €4,815 | €4,051 | €2,159 | ▼ 46.7% |
| Recurring financial charges65 | €888 | €5,402 | €4,815 | €4,051 | €2,159 | ▼ 46.7% |
| Profit (loss) for the period before taxes9903 | €103,294 | €59,605 | €77,349 | €164,036 | €235,372 | ▲ 43.5% |
| Income taxes67/77 | €21,101 | €13,374 | €21,129 | €44,077 | €61,292 | ▲ 39.1% |
| Profit (loss) for the period9904 | €82,193 | €46,231 | €56,220 | €119,959 | €174,079 | ▲ 45.1% |
| Profit (loss) for the period to be appropriated9905 | €82,193 | €46,231 | €56,220 | €119,959 | €174,079 | ▲ 45.1% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €0.5m | €0.8m | €1.1m | €1.4m | €1.3m | ▼ 3.1% |
| Fixed assets21/28 | €0.09m | €0.1m | €0.03m | €0.02m | €325 | ▼ 98.3% |
| Tangible fixed assets22/27 | €0.09m | €0.1m | €0.03m | €0.02m | €325 | ▼ 98.3% |
| Plant, machinery and equipment23 | €0.03m | €0.03m | €0.02m | €0.02m | €325 | ▼ 98.1% |
| Furniture and vehicles24 | €0.03m | €0.02m | €0.001m | €0.003m | €0 | ▼ 100% |
| Leasing and similar rights25 | - | - | €0.01m | €0 | - | - |
| Other tangible fixed assets26 | €0.04m | €0.06m | - | - | - | - |
| Current assets29/58 | €0.4m | €0.7m | €1.1m | €1.4m | €1.3m | ▼ 1.8% |
| Stocks and contracts in progress3 | €0.02m | €0.03m | €0.05m | €0.09m | €0.1m | ▲ 44.3% |
| Stocks30/36 | €0.009m | €0.02m | €0.05m | €0.07m | €0.07m | ▲ 12.3% |
| Contracts in progress37 | €0.01m | €0.02m | €0 | €0.02m | €0.05m | ▲ 150% |
| Amounts receivable within one year40/41 | €0.3m | €0.2m | €0.2m | €0.4m | €0.1m | ▼ 70.3% |
| Trade receivables40 | €0.2m | €0.2m | €0.2m | €0.1m | €0.08m | ▼ 45.4% |
| Other amounts receivable41 | €0.09m | €0.02m | €0.04m | €0.3m | €0.04m | ▼ 83.9% |
| Cash at bank and in hand54/58 | €0.08m | €0.4m | €0.8m | €0.9m | €1.1m | ▲ 25.3% |
| Deferred charges and accrued income490/1 | €0.003m | €0.02m | €0.001m | €0.001m | €0.001m | ▲ 24.6% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €0.5m | €0.8m | €1.1m | €1.4m | €1.3m | ▼ 3.1% |
| Equity10/15 | €0.1m | €0.2m | €0.2m | €0.4m | €0.3m | ▼ 7.2% |
| Contributions10/11 | €100 | €100 | €100 | €100 | €100 | = |
| Reserves13 | €0.1m | €0.2m | €0.2m | €0.4m | €0.3m | ▼ 7.2% |
| Distributable reserves133 | €0.1m | €0.2m | €0.2m | €0.4m | €0.3m | ▼ 7.2% |
| Profit (loss) carried forward14 | - | - | - | - | €0 | - |
| Amounts payable17/49 | €0.4m | €0.6m | €0.9m | €1.0m | €1.0m | ▼ 1.7% |
| Amounts payable after more than one year17 | €0.02m | €0.03m | €0 | - | - | - |
| Financial debts170/4 | €0.02m | €0.03m | €0 | - | - | - |
| Amounts payable within one year42/48 | €0.2m | €0.4m | €0.4m | €0.6m | €0.6m | ▲ 8.4% |
| Current portion of amounts payable after more than one year42 | €0.01m | €0.01m | €0.008m | €0 | - | - |
| Trade debts44 | €0.04m | €0.1m | €0.1m | €0.3m | €0.3m | ▲ 22.3% |
| Suppliers440/4 | €0.04m | €0.1m | €0.1m | €0.3m | €0.3m | ▲ 22.3% |
| Taxes, remuneration and social security45 | €0.06m | €0.01m | €0.02m | €0.06m | €0.04m | ▼ 38.4% |
| Taxes450/3 | €0.06m | €0.01m | €0.02m | €0.06m | €0.04m | ▼ 38.4% |
| Remuneration and social security454/9 | €0.004m | - | - | - | - | - |
| Other amounts payable47/48 | €0.06m | €0.3m | €0.2m | €0.2m | €0.3m | ▲ 3.7% |
| Accrued charges and deferred income492/3 | €0.2m | €0.2m | €0.5m | €0.4m | €0.4m | ▼ 14.9% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €82,193 | €46,231 | €56,220 | €119,959 | €174,079 | ▲ 45.1% |
| + Depreciation and write-downs630 | €21,919 | €25,926 | €17,621 | €7,306 | €6,591 | ▼ 9.8% |
| Operating cash flow (approximation) | €104,112 | €72,157 | €73,841 | €127,265 | €180,670 | ▲ 42.0% |
| Investment in fixed assets (approximation) | - | -€49,195 | €65,735 | €6,609 | €12,572 | ▲ 90.2% |
| Change in cash | - | €360,397 | €387,501 | €45,343 | €221,613 | ▲ 389% |
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, 6,713 companies had the same profile as Nordicconstruct has now. Two years later, 95.8% were still going and 1.8% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency 10 to 30%
- a profit of 5% of the balance sheet or more
95.8%
was still going
2.2%
stopped otherwise
1.8%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of Nordicconstruct itself is lower: 0.2% within 12 months. It rests on far more data about Nordicconstruct 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 6,713 companies, not a prediction for Nordicconstruct. 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 | 06-05-2026 | 2026-00104179 | |
| 31-12-2024 | abbreviated format | 09-07-2025 | 2025-00251217 | |
| 31-12-2023 | abbreviated format | 09-07-2024 | 2024-00229108 | |
| 31-12-2022 | abbreviated format | 30-08-2023 | 2023-00381548 | |
| 31-12-2021 | abbreviated format | 25-04-2022 | 2022-20007695 |