OBJECTIIV
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 23-07-2026 at the NBB all 15 filings
Turnover
€0
Total assets
€533,697▲ 18.3%
2024 · €451,057
Net result
€93,959▲ 11.5%
2024 · €84,282
Working capital
€265,288▼ 21.8%
2024 · €339,203
In the rankings
#3 company by total assets in Wasseiges, Construction sector#4 oldest company in Wasseiges, Construction sector
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
no figure
2025
20182025
Operating result
€132,780
▲ 12.5%
2025
20182025
Net result
€93,959
▲ 11.5%
2025
highest quarter of the sector
20182025
Equity
€304,136
▼ 20.3%
2025
highest quarter of the sector
20182025
Total assets
€533,697
▲ 18.3%
2025
highest quarter of the sector
20182025
Debt
€229,561
▲ 230%
2025
20182025
Working capital
€265,288
▼ 21.8%
2025
highest quarter of the sector
20182025
Solvency
57.0%
▼ 27.6pp
2025
middle half of the sector
20182025
Current ratio
2.16
▼ 3.72
2025
middle half of the sector
20182025
Return on assets (ROA)
17.6%
▼ 1.1pp
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Turnover€0-
Operating result€70,854-€64,897▼ 8.4%€74,563▲ 14.9%€74,058▼ 0.7%€87,875▲ 18.7%€103,599▲ 17.9%€118,062▲ 14.0%€132,780▲ 12.5%
Net result€49,522-€45,747▼ 7.6%€54,217above the sector's middle half▲ 18.5%€54,035above the sector's middle half▼ 0.3%€63,088above the sector's middle half▲ 16.8%€74,314above the sector's middle half▲ 17.8%€84,282above the sector's middle half▲ 13.4%€93,959above the sector's middle half▲ 11.5%
Equity€138,851-€184,598▲ 32.9%€238,815above the sector's middle half▲ 29.4%€292,850above the sector's middle half▲ 22.6%€324,359above the sector's middle half▲ 10.8%€367,094above the sector's middle half▲ 13.2%€381,516above the sector's middle half▲ 3.9%€304,136above the sector's middle half▼ 20.3%
Total assets€241,053-€294,252▲ 22.1%€345,457above the sector's middle half▲ 17.4%€361,296above the sector's middle half▲ 4.6%€374,566above the sector's middle half▲ 3.7%€396,784above the sector's middle half▲ 5.9%€451,057above the sector's middle half▲ 13.7%€533,697above the sector's middle half▲ 18.3%
Debt€102,202-€109,654▲ 7.3%€106,642▼ 2.7%€68,446▼ 35.8%€50,208▼ 26.6%€29,690▼ 40.9%€69,541▲ 134%€229,561▲ 230%
Working capital€100,083-€157,467▲ 57.3%€213,205above the sector's middle half▲ 35.4%€283,225above the sector's middle half▲ 32.8%€293,779above the sector's middle half▲ 3.7%€338,404above the sector's middle half▲ 15.2%€339,203above the sector's middle half▲ 0.2%€265,288above the sector's middle half▼ 21.8%
Solvency57.6%-62.7%▲ 5.1pp69.1%above the sector's middle half▲ 6.4pp81.1%above the sector's middle half▲ 11.9pp86.6%above the sector's middle half▲ 5.5pp92.5%above the sector's middle half▲ 5.9pp84.6%above the sector's middle half▼ 7.9pp57.0%within the sector's middle half▼ 27.6pp
Current ratio2.17-2.57▲ 0.403.04within the sector's middle half▲ 0.475.14above the sector's middle half▲ 2.096.85above the sector's middle half▲ 1.7112.40above the sector's middle half▲ 5.555.88above the sector's middle half▼ 6.522.16within the sector's middle half▼ 3.72
Return on assets (ROA)20.5%-15.5%▼ 5.0pp15.7%within the sector's middle half▲ 0.1pp15.0%within the sector's middle half▼ 0.7pp16.8%within the sector's middle half▲ 1.9pp18.7%above the sector's middle half▲ 1.9pp18.7%above the sector's middle half=17.6%within the sector's middle half▼ 1.1pp
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 12% higher than in 2024 and the highest since 2021. It is the fourth rise in a row.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €533,697
Fixed assets
€38,848 ▼ 8.2%
Current assets
€494,849 ▲ 21.1%
Equity and liabilities €533,697
Equity
€304,136 ▼ 20.3%
Debt
€229,561 ▲ 230%
Debt's share of the balance-sheet total rises from 15.4% to 43.0%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€139,142▲
2024 · €123,439
Cash flow
€100,320▲
2024 · €89,659
Quick ratio
2.15▼
2024 · 5.87
Debt to equity
0.75▲
2024 · 0.18
ROE
30.9%▲
2024 · 22.1%
Interest coverage
over 100
2024 · over 100
Debt ≤ 1 year
€229,561▲
2024 · €69,541
Income taxes
€38,534▲
2024 · €34,118
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €718 | - | €2,413 | €19,000 | €2,896 |
| Financial fixed assets | - | €25,000 | - | - | - |
| Depreciation and write-downs of the year | €19,081 | €4,045 | €4,303 | €5,377 | €6,361 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Turnover70 | €0 | - | - | - | - | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €23,906 | €18,974 | €21,183 | €19,081 | €4,045 | €4,303 | €5,377 | €6,361 | ▲ 18.3% |
| Other operating charges640/8 | - | - | - | €792 | €811 | €975 | €1,238 | €854 | ▼ 31.0% |
| Gross operating margin9900 | €95,500 | €84,524 | €96,456 | €93,931 | €92,731 | €108,877 | €124,676 | €139,995 | ▲ 12.3% |
| Operating profit (loss)9901 | €70,854 | €64,897 | €74,563 | €74,058 | €87,875 | €103,599 | €118,062 | €132,780 | ▲ 12.5% |
| Financial income75/76B | - | - | - | €2,273 | €2,293 | €1,298 | €521 | €0 | ▼ 100% |
| Recurring financial income75 | €4 | €12 | €0 | €2,273 | €2,293 | €1,298 | €521 | €0 | ▼ 100% |
| Financial charges65/66B | - | - | - | €219 | €186 | €222 | €183 | €287 | ▲ 57.2% |
| Recurring financial charges65 | €357 | €301 | €254 | €219 | €186 | €222 | €183 | €287 | ▲ 57.2% |
| Profit (loss) for the period before taxes9903 | €70,501 | €64,608 | €74,309 | €76,111 | €89,982 | €104,675 | €118,400 | €132,493 | ▲ 11.9% |
| Income taxes67/77 | €20,980 | €18,860 | €20,092 | €22,076 | €26,895 | €30,361 | €34,118 | €38,534 | ▲ 12.9% |
| Profit (loss) for the period9904 | €49,522 | €45,747 | €54,217 | €54,035 | €63,088 | €74,314 | €84,282 | €93,959 | ▲ 11.5% |
| Profit (loss) for the period to be appropriated9905 | €49,522 | €45,747 | €54,217 | €54,035 | €63,088 | €74,314 | €84,282 | €93,959 | ▲ 11.5% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €241,053 | €294,252 | €345,457 | €361,296 | €374,566 | €396,784 | €451,057 | €533,697 | ▲ 18.3% |
| Formation expenses20 | €0 | - | - | - | - | - | - | - | - |
| Fixed assets21/28 | €55,579 | €36,604 | €27,988 | €9,625 | €30,580 | €28,690 | €42,313 | €38,848 | ▼ 8.2% |
| Tangible fixed assets22/27 | €55,579 | €36,604 | €27,988 | €9,625 | €5,580 | €3,690 | €17,313 | €13,848 | ▼ 20.0% |
| Land and buildings22 | - | - | - | €1,754 | €1,316 | €877 | €439 | €2,671 | ▲ 509% |
| Plant, machinery and equipment23 | - | - | - | €377 | €129 | €0 | - | - | - |
| Furniture and vehicles24 | - | - | - | €7,494 | €4,135 | €2,813 | €16,875 | €11,177 | ▼ 33.8% |
| Financial fixed assets28 | - | - | - | - | €25,000 | €25,000 | €25,000 | €25,000 | = |
| Current assets29/58 | €185,474 | €257,648 | €317,468 | €351,671 | €343,987 | €368,094 | €408,744 | €494,849 | ▲ 21.1% |
| Amounts receivable after more than one year29 | - | - | - | €90,000 | €50,000 | €20,000 | €0 | - | - |
| Trade receivables290 | - | - | - | €90,000 | €50,000 | €20,000 | €0 | - | - |
| Stocks and contracts in progress3 | €263 | €103 | €161 | €122 | €165 | €373 | €337 | €305 | ▼ 9.4% |
| Stocks30/36 | - | - | - | €122 | €165 | €373 | €337 | €305 | ▼ 9.4% |
| Amounts receivable within one year40/41 | €43,609 | €59,714 | €57,263 | €36,312 | €20,494 | €24,566 | €19,150 | €45,652 | ▲ 138% |
| Trade receivables40 | - | - | - | €23,388 | €20,494 | €19,927 | €18,268 | €25,640 | ▲ 40.4% |
| Other amounts receivable41 | - | - | - | €12,924 | €0 | €4,639 | €882 | €20,012 | ▲ 23× |
| Cash at bank and in hand54/58 | €140,349 | €196,425 | €258,563 | €223,806 | €271,560 | €319,994 | €385,985 | €445,461 | ▲ 15.4% |
| Deferred charges and accrued income490/1 | - | - | - | €1,431 | €1,767 | €3,161 | €3,272 | €3,430 | ▲ 4.8% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €241,053 | €294,252 | €345,457 | €361,296 | €374,566 | €396,784 | €451,057 | €533,697 | ▲ 18.3% |
| Equity10/15 | €138,851 | €184,598 | €238,815 | €292,850 | €324,359 | €367,094 | €381,516 | €304,136 | ▼ 20.3% |
| Contributions10/11 | €6,200 | €6,200 | - | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Reserves13 | €89,130 | €134,878 | €189,094 | €243,130 | €274,638 | €317,373 | €331,795 | €254,415 | ▼ 23.3% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €0 | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | €0 | - | - | - |
| Distributable reserves133 | - | - | - | €241,270 | €272,778 | €317,373 | €331,795 | €254,415 | ▼ 23.3% |
| Profit (loss) carried forward14 | €43,521 | €43,521 | €43,521 | €43,521 | €43,521 | €43,521 | €43,521 | €43,521 | = |
| Amounts payable17/49 | €102,202 | €109,654 | €106,642 | €68,446 | €50,208 | €29,690 | €69,541 | €229,561 | ▲ 230% |
| Amounts payable after more than one year17 | €16,510 | €9,473 | €2,378 | €0 | - | - | - | - | - |
| Financial debts170/4 | - | - | - | €0 | - | - | - | - | - |
| Amounts payable within one year42/48 | €85,392 | €100,181 | €104,264 | €68,446 | €50,208 | €29,690 | €69,541 | €229,561 | ▲ 230% |
| Current portion of amounts payable after more than one year42 | - | - | - | €2,378 | €0 | - | - | - | - |
| Trade debts44 | €959 | €1,376 | €1,178 | €1,057 | €930 | €2,159 | €233 | €1,008 | ▲ 333% |
| Suppliers440/4 | - | - | - | €1,057 | €930 | €2,159 | €233 | €1,008 | ▲ 333% |
| Taxes, remuneration and social security45 | - | - | - | €22,756 | €30,023 | €9,539 | €10,022 | €17,312 | ▲ 72.7% |
| Taxes450/3 | - | - | - | €11,195 | €15,901 | €9,539 | €10,022 | €17,312 | ▲ 72.7% |
| Remuneration and social security454/9 | - | - | - | €11,561 | €14,122 | €0 | - | - | - |
| Other amounts payable47/48 | - | - | - | €42,254 | €19,255 | €17,992 | €59,287 | €211,241 | ▲ 256% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €49,522 | €45,747 | €54,217 | €54,035 | €63,088 | €74,314 | €84,282 | €93,959 | ▲ 11.5% |
| + Depreciation and write-downs630 | €23,906 | €18,974 | €21,183 | €19,081 | €4,045 | €4,303 | €5,377 | €6,361 | ▲ 18.3% |
| Operating cash flow (approximation) | €73,427 | €64,721 | €75,400 | €73,116 | €67,133 | €78,617 | €89,659 | €100,320 | ▲ 11.9% |
| Investment in fixed assets (approximation) | - | €0 | -€12,567 | -€718 | -€25,000 | -€2,413 | -€19,000 | -€2,896 | ▲ 84.8% |
| Change in cash | - | €56,076 | €62,139 | -€34,757 | €47,754 | €48,434 | €65,991 | €59,477 | ▼ 9.9% |
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, 17,811 companies had the same profile as OBJECTIIV has now. Two years later, 96.5% were still going and 0.3% had gone bankrupt.
- Small
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
96.5%
was still going
3.1%
stopped otherwise
0.3%
went bankrupt
That fits the bankruptcy probability of OBJECTIIV itself: < 0.1% 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 17,811 companies, not a prediction for OBJECTIIV. 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.
Latest 10 of 15 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 23-07-2026 | 2026-00330345 | |
| 31-12-2024 | micro format | 17-07-2025 | 2025-00287346 | |
| 31-12-2023 | micro format | 08-07-2024 | 2024-00236548 | |
| 31-12-2022 | micro format | 20-07-2023 | 2023-00259223 | |
| 31-12-2021 | micro format | 08-07-2022 | 2022-20172516 | |
| 31-12-2020 | micro format | 13-07-2021 | 2021-35500357 | |
| 31-12-2019 | micro format | 02-07-2020 | 2020-26700063 | |
| 31-12-2018 | micro format | 03-07-2019 | 2019-29500534 | |
| 31-12-2017 | micro format | 09-07-2018 | 2018-31200451 | |
| 31-12-2016 | micro format | 30-08-2017 | 2017-55200551 |