NUWE
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 31-01-2026 PDF all 10 filings
Turnover
≈ €240,000
Estimated: probably between €140,000 and €460,000
Total assets
€73,303▲ 8.2%
2024 · €67,775
Net result
€12,809▲ 133%
2024 · €5,496
Working capital
€46,715▲ 35.8%
2024 · €34,401
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€16,762
▲ 18.6%
2025
20192025
Net result
€12,809
▲ 133%
2025
middle half of the sector
20192025
Equity
€61,007
▲ 26.6%
2025
middle half of the sector
20192025
Total assets
€73,303
▲ 8.2%
2025
middle half of the sector
20192025
Debt
€12,296
▼ 37.2%
2025
20192025
Working capital
€46,715
▲ 35.8%
2025
middle half of the sector
20192025
Solvency
83.2%
▲ 12.1pp
2025
highest quarter of the sector
20192025
Current ratio
12.09
▲ 6.37
2025
highest quarter of the sector
20192025
Return on assets (ROA)
17.5%
▲ 9.4pp
2025
middle half of the sector
20192025
Staff (FTE)
no figure
2025
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€3,691-€4,628▲ 25.4%€6,546▲ 41.4%€4,254▼ 35.0%€8,712▲ 105%€14,131▲ 62.2%€16,762▲ 18.6%
Net result€2,394-€3,896below the sector's middle half▲ 62.7%€3,820below the sector's middle half▼ 2.0%€1,700below the sector's middle half▼ 55.5%€6,406below the sector's middle half▲ 277%€5,496below the sector's middle half▼ 14.2%€12,809within the sector's middle half▲ 133%
Equity€26,880-€30,776below the sector's middle half▲ 14.5%€34,596below the sector's middle half▲ 12.4%€36,296below the sector's middle half▲ 4.9%€42,702below the sector's middle half▲ 17.6%€48,198below the sector's middle half▲ 12.9%€61,007within the sector's middle half▲ 26.6%
Total assets€42,050-€42,460below the sector's middle half▲ 1.0%€37,191below the sector's middle half▼ 12.4%€44,956below the sector's middle half▲ 20.9%€59,548below the sector's middle half▲ 32.5%€67,775below the sector's middle half▲ 13.8%€73,303within the sector's middle half▲ 8.2%
Debt€15,170-€11,684▼ 23.0%€2,595▼ 77.8%€8,660▲ 234%€16,846▲ 94.5%€19,577▲ 16.2%€12,296▼ 37.2%
Working capital€20,084-€25,128below the sector's middle half▲ 25.1%€25,383below the sector's middle half▲ 1.0%€28,633below the sector's middle half▲ 12.8%€37,326below the sector's middle half▲ 30.4%€34,401within the sector's middle half▼ 7.8%€46,715within the sector's middle half▲ 35.8%
Solvency63.9%-72.5%above the sector's middle half▲ 8.6pp93.0%above the sector's middle half▲ 20.5pp80.7%above the sector's middle half▼ 12.3pp71.7%above the sector's middle half▼ 9.0pp71.1%above the sector's middle half▼ 0.6pp83.2%above the sector's middle half▲ 12.1pp
Current ratio2.32-3.15above the sector's middle half▲ 0.8310.78above the sector's middle half▲ 7.634.31above the sector's middle half▼ 6.483.22above the sector's middle half▼ 1.095.72above the sector's middle half▲ 2.5012.09above the sector's middle half▲ 6.37
Return on assets (ROA)5.7%-9.2%within the sector's middle half▲ 3.5pp10.3%within the sector's middle half▲ 1.1pp3.8%within the sector's middle half▼ 6.5pp10.8%within the sector's middle half▲ 7.0pp8.1%within the sector's middle half▼ 2.6pp17.5%within the sector's middle half▲ 9.4pp
Staff (FTE)0.9-0.9below the sector's middle half=0.5below the sector's middle half▼ 44.4%0.5below the sector's middle half=0.5below the sector's middle half=
above
within
below
The sector band is the middle half of the companies in Specialised construction activities (NACE 43). 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 19% 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 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 €73,303
Fixed assets
€22,374 ▼ 14.2%
Current assets
€50,929 ▲ 22.2%
Equity and liabilities €73,303
Equity
€61,007 ▲ 26.6%
Debt
€12,296 ▼ 37.2%
Debt's share of the balance-sheet total falls from 28.9% to 16.8%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€21,387▲
2024 · €15,126
Cash flow
€17,434▲
2024 · €6,491
Quick ratio
9.80▲
2024 · 4.52
Debt to equity
0.20▼
2024 · 0.41
ROE
21.0%▲
2024 · 11.4%
Interest coverage
22.78▼
2024 · 66.05
Debt ≤ 1 year
€4,214▼
2024 · €7,291
Debt > 1 year
€8,082▼
2024 · €12,286
Income taxes
€3,128▲
2024 · €2,754
Staff costs
€149▼
2024 · €11,522
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 30-06-2022 |
|---|---|
| Employees at the balance-sheet date | 1 |
| part-time | 1 |
| in full-time equivalents | 0.5 |
| Average over the year, in full-time equivalents | 0.5 |
| On a permanent contract | 1 |
Source: social balance sheet in the 2022 annual accounts
Investments
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €814 | €321 | €21,702 | €758 |
| Financial fixed assets | - | - | - | €158 |
| Depreciation and write-downs of the year | €2,364 | €2,608 | €995 | €4,625 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €30,646 | €26,326 | €11,522 | €149 | ▼ 98.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €1,148 | €1,148 | €3,235 | €2,364 | €2,608 | €995 | €4,625 | ▲ 365% |
| Other operating charges640/8 | - | - | - | €977 | €500 | €1,395 | €1,659 | ▲ 18.9% |
| Gross operating margin9900 | €37,781 | €36,197 | €32,841 | €38,241 | €38,146 | €28,043 | €23,195 | ▼ 17.3% |
| Operating profit (loss)9901 | €3,691 | €4,628 | €6,546 | €4,254 | €8,712 | €14,131 | €16,762 | ▲ 18.6% |
| Financial income75/76B | - | - | - | - | - | €38 | €114 | ▲ 200% |
| Recurring financial income75 | - | - | €2 | - | - | €38 | €114 | ▲ 200% |
| Financial charges65/66B | - | - | - | €47 | €49 | €5,919 | €939 | ▼ 84.1% |
| Recurring financial charges65 | €55 | €32 | €73 | €47 | €49 | €229 | €939 | ▲ 310% |
| Non-recurring financial charges66B | - | - | - | - | - | €5,690 | - | - |
| Profit (loss) for the period before taxes9903 | €3,636 | €4,596 | €6,475 | €4,207 | €8,663 | €8,250 | €15,937 | ▲ 93.2% |
| Income taxes67/77 | €1,242 | €700 | €2,655 | €2,507 | €2,257 | €2,754 | €3,128 | ▲ 13.6% |
| Profit (loss) for the period9904 | €2,394 | €3,896 | €3,820 | €1,700 | €6,406 | €5,496 | €12,809 | ▲ 133% |
| Profit (loss) for the period to be appropriated9905 | €2,394 | €3,896 | €3,820 | €1,700 | €6,406 | €5,496 | €12,809 | ▲ 133% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €42,050 | €42,460 | €37,191 | €44,956 | €59,548 | €67,775 | €73,303 | ▲ 8.2% |
| Formation expenses20 | €180 | - | - | - | - | - | - | - |
| Fixed assets21/28 | €6,616 | €5,648 | €9,213 | €7,663 | €5,376 | €26,083 | €22,374 | ▼ 14.2% |
| Intangible fixed assets21 | €4,680 | €4,680 | €4,680 | €4,680 | €4,680 | €4,680 | €4,680 | = |
| Tangible fixed assets22/27 | €1,936 | €968 | €4,533 | €2,983 | €696 | €21,403 | €17,536 | ▼ 18.1% |
| Plant, machinery and equipment23 | - | - | - | - | - | - | €755 | - |
| Furniture and vehicles24 | - | - | - | €2,983 | €696 | €318 | €37 | ▼ 88.4% |
| Leasing and similar rights25 | - | - | - | - | - | €21,085 | €16,744 | ▼ 20.6% |
| Financial fixed assets28 | - | - | - | - | - | - | €158 | - |
| Current assets29/58 | €35,254 | €36,812 | €27,978 | €37,293 | €54,172 | €41,692 | €50,929 | ▲ 22.2% |
| Stocks and contracts in progress3 | €2,067 | €1,034 | €9,528 | €9,318 | €9,105 | €8,719 | €9,618 | ▲ 10.3% |
| Contracts in progress37 | - | - | - | €9,318 | €9,105 | €8,719 | €9,618 | ▲ 10.3% |
| Amounts receivable within one year40/41 | €15,491 | €15,662 | €13,764 | €23,433 | €23,015 | €17,637 | €18,152 | ▲ 2.9% |
| Trade receivables40 | - | - | - | €23,433 | €23,015 | €15,450 | €18,106 | ▲ 17.2% |
| Other amounts receivable41 | - | - | - | - | - | €2,187 | €46 | ▼ 97.9% |
| Current investments50/53 | - | - | - | - | - | €15,041 | €21,123 | ▲ 40.4% |
| Cash at bank and in hand54/58 | €4,283 | €1,242 | €4,686 | €4,542 | €21,875 | €295 | €1,063 | ▲ 260% |
| Deferred charges and accrued income490/1 | - | - | - | - | €177 | - | €973 | - |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €42,050 | €42,460 | €37,191 | €44,956 | €59,548 | €67,775 | €73,303 | ▲ 8.2% |
| Equity10/15 | €26,880 | €30,776 | €34,596 | €36,296 | €42,702 | €48,198 | €61,007 | ▲ 26.6% |
| Contributions10/11 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €21,860 | ▲ 12× |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Distributable reserves133 | - | - | - | - | - | - | €20,000 | - |
| Profit (loss) carried forward14 | €6,420 | €10,316 | €14,136 | €15,836 | €22,242 | €27,738 | €20,547 | ▼ 25.9% |
| Amounts payable17/49 | €15,170 | €11,684 | €2,595 | €8,660 | €16,846 | €19,577 | €12,296 | ▼ 37.2% |
| Amounts payable after more than one year17 | - | - | - | - | - | €12,286 | €8,082 | ▼ 34.2% |
| Financial debts170/4 | - | - | - | - | - | €12,286 | €8,082 | ▼ 34.2% |
| Amounts payable within one year42/48 | €15,170 | €11,684 | €2,595 | €8,660 | €16,846 | €7,291 | €4,214 | ▼ 42.2% |
| Current portion of amounts payable after more than one year42 | - | - | - | - | - | €3,996 | €4,169 | ▲ 4.3% |
| Trade debts44 | €2,240 | €2,979 | €889 | €836 | €747 | €2,962 | €45 | ▼ 98.5% |
| Suppliers440/4 | - | - | - | €836 | €747 | €2,962 | €45 | ▼ 98.5% |
| Advances received on contracts in progress46 | - | - | - | - | €14,150 | - | - | - |
| Taxes, remuneration and social security45 | - | - | - | €7,824 | €1,619 | - | - | - |
| Taxes450/3 | - | - | - | €1,824 | €1,619 | - | - | - |
| Remuneration and social security454/9 | - | - | - | €6,000 | - | - | - | - |
| Other amounts payable47/48 | - | - | - | - | €330 | €333 | - | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €2,394 | €3,896 | €3,820 | €1,700 | €6,406 | €5,496 | €12,809 | ▲ 133% |
| + Depreciation and write-downs630 | €1,148 | €1,148 | €3,235 | €2,364 | €2,608 | €995 | €4,625 | ▲ 365% |
| Operating cash flow (approximation) | €3,542 | €5,044 | €7,055 | €4,064 | €9,014 | €6,491 | €17,434 | ▲ 169% |
| Investment in fixed assets (approximation) | - | -€180 | -€6,800 | -€814 | -€321 | -€21,702 | -€916 | ▲ 95.8% |
| Change in cash | - | -€3,041 | €3,444 | -€144 | €17,333 | -€21,580 | €768 | - |
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, 34,693 companies had the same profile as NUWE has now. Two years later, 95.3% were still going and 0.7% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
95.3%
was still going
3.9%
stopped otherwise
0.7%
went bankrupt
The bankruptcy probability of NUWE itself is higher: 1.2% within 12 months. It rests on far more data about NUWE 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 34,693 companies, not a prediction for NUWE. 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 (10)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-06-2025 | micro format | 31-01-2026 | 2026-00025495 | |
| 30-06-2024 | abbreviated format | 31-01-2025 | 2025-00024235 | |
| 30-06-2023 | abbreviated format | 30-01-2024 | 2024-00014044 | |
| 30-06-2022 | abbreviated format | 30-01-2023 | 2023-00009644 | |
| 30-06-2021 | abbreviated format | 26-01-2022 | 2022-02400213 | |
| 30-06-2020 | abbreviated format | 29-01-2021 | 2021-03100229 | |
| 30-06-2019 | abbreviated format | 27-01-2020 | 2020-02400086 | |
| 30-06-2018 | abbreviated format | 21-01-2019 | 2019-01900130 | |
| 30-06-2017 | abbreviated format | 13-02-2018 | 2018-04900199 | |
| 30-06-2016 | abbreviated format | 31-01-2017 | 2017-03200543 |