P-BUILT
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 06-06-2026 PDF all 20 filings
Turnover
€57,606▲ 582%
2024 · €8,450
EBIT margin
31.1%▲ 218.0pp
2024 · -186.8%
Net result
€17,799
2024 · -€15,900
Working capital
-€102,262▲ 28.7%
2024 · -€143,433
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
€57,606
▲ 582%
2025
20182025
Operating result
€17,928
2025
20182025
Net result
€17,799
2025
middle half of the sector
20182025
EBIT margin
31.1%
▲ 218.0pp
2025
20182025
Equity
-€94,528
▲ 27.8%
2025
lowest quarter of the sector
20182025
Total assets
€10,551
▼ 41.9%
2025
lowest quarter of the sector
20182025
Debt
€105,079
▼ 29.5%
2025
20182025
Working capital
-€102,262
▲ 28.7%
2025
lowest quarter of the sector
20182025
Solvency
-895.9%
▼ 175.1pp
2025
lowest quarter of the sector
20182025
Current ratio
0.03
▼ 0.01
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
168.7%
▲ 256.2pp
2025
highest quarter of the sector
20182025
Staff (FTE)
1
2025
lowest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Turnover€17,929-€53,633€12,500▼ 76.7%€8,450▼ 32.4%€57,606▲ 582%
Operating result-€15,837--€20,658▼ 30.4%-€2,991▲ 85.5%-€11,901▼ 298%€6,186-€19,567-€15,788▲ 19.3%€17,928
Net result-€15,876--€21,080▼ 32.8%-€3,089below the sector's middle half▲ 85.3%-€12,140below the sector's middle half▼ 293%€5,952within the sector's middle half-€19,662below the sector's middle half-€15,900below the sector's middle half▲ 19.1%€17,799within the sector's middle half
EBIT margin-88.3%-11.5%-156.5%▼ 168.1pp-186.8%▼ 30.3pp31.1%▲ 218.0pp
Equity-€49,455--€70,535▼ 42.6%-€73,624below the sector's middle half▼ 4.4%-€85,764below the sector's middle half▼ 16.5%-€76,766below the sector's middle half▲ 10.5%-€99,473below the sector's middle half▼ 29.6%-€130,927below the sector's middle half▼ 31.6%-€94,528below the sector's middle half▲ 27.8%
Total assets€48,440-€35,910▼ 25.9%€24,400below the sector's middle half▼ 32.1%€17,033below the sector's middle half▼ 30.2%€46,071below the sector's middle half▲ 170%€47,390below the sector's middle half▲ 2.9%€18,165below the sector's middle half▼ 61.7%€10,551below the sector's middle half▼ 41.9%
Debt€97,895-€106,445▲ 8.7%€98,024▼ 7.9%€102,797▲ 4.9%€122,838▲ 19.5%€143,818▲ 17.1%€149,092▲ 3.7%€105,079▼ 29.5%
Working capital-€84,825--€96,070▼ 13.3%-€91,237below the sector's middle half▲ 5.0%-€96,242below the sector's middle half▼ 5.5%-€110,076below the sector's middle half▼ 14.4%-€141,634below the sector's middle half▼ 28.7%-€143,433below the sector's middle half▼ 1.3%-€102,262below the sector's middle half▲ 28.7%
Solvency-102.1%--196.4%▼ 94.3pp-301.7%below the sector's middle half▼ 105.3pp-503.5%below the sector's middle half▼ 201.8pp-166.6%below the sector's middle half▲ 336.9pp-209.9%below the sector's middle half▼ 43.3pp-720.8%below the sector's middle half▼ 510.9pp-895.9%below the sector's middle half▼ 175.1pp
Current ratio0.13-0.10▼ 0.040.07below the sector's middle half▼ 0.030.06below the sector's middle half▼ 0.010.10below the sector's middle half▲ 0.040.02below the sector's middle half▼ 0.090.04below the sector's middle half▲ 0.020.03below the sector's middle half▼ 0.01
Return on assets (ROA)-32.8%--58.7%▼ 25.9pp-12.7%below the sector's middle half▲ 46.0pp-71.3%below the sector's middle half▼ 58.6pp12.9%above the sector's middle half▲ 84.2pp-41.5%below the sector's middle half▼ 54.4pp-87.5%below the sector's middle half▼ 46.0pp168.7%above the sector's middle half▲ 256.2pp
Staff (FTE)1-0.6below the sector's middle half1below the sector's middle half▲ 66.7%0.8below the sector's middle half▼ 20.0%1below 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 a profit of €17,928, after a loss of €15,788 in 2024. It is the highest result since 2021.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €10,551
Fixed assets
€7,734 ▼ 38.2%
Current assets
€2,817 ▼ 50.2%
Equity and liabilities
Equity-€94,528
Debt€105,079
Equity is negative. Debt (€105,079) exceeds the balance-sheet total (€10,551).
Key figures and ratios
Debt ≤ 1 year
€105,079▼
2024 · €149,092
Customer credit
9 days▼
2024 · 32 days
Debt to equity is not shown because equity is negative. Debt divided by negative equity means nothing.
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 | 1 | 1 |
| full-time | 1 | - |
| part-time | - | 1 |
| in full-time equivalents | 1 | - |
| Average over the year, in full-time equivalents | 1 | - |
| On a permanent contract | 1 | 1 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Turnover70 | €17,929 | - | - | - | €53,633 | €12,500 | €8,450 | €57,606 | ▲ 582% |
| Goods, raw materials, services and sundry goods60/61 | - | - | - | €18,025 | - | €15,920 | €13,137 | €33,880 | ▲ 158% |
| Remuneration, social security and pensions62 | - | - | - | €24,561 | €29,391 | €19,105 | €21,541 | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €4,762 | - | €9,026 | €7,136 | €8,068 | €8,066 | €7,732 | - | - |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | - | - | -€7,381 | - | - |
| Provisions for liabilities and charges: additions (uses and reversals)635/8 | - | - | - | - | - | - | -€7,112 | - | - |
| Other operating charges640/8 | - | - | - | €1,088 | €2,748 | €698 | €1,007 | €506 | ▼ 49.8% |
| Gross operating margin9900 | €2,752 | -€10,455 | €20,797 | €20,884 | €46,393 | €8,302 | - | €18,434 | - |
| Operating profit (loss)9901 | -€15,837 | -€20,658 | -€2,991 | -€11,901 | €6,186 | -€19,567 | -€15,788 | €17,928 | - |
| Financial charges65/66B | - | - | - | €239 | €233 | €95 | €112 | €128 | ▲ 14.5% |
| Recurring financial charges65 | €40 | €422 | €98 | €239 | €233 | €95 | €112 | €128 | ▲ 14.5% |
| Non-recurring financial charges66B | - | - | - | - | €233 | €95 | €112 | €128 | ▲ 14.5% |
| Profit (loss) for the period before taxes9903 | -€15,876 | -€21,080 | -€3,089 | -€12,140 | €5,952 | -€19,662 | -€15,900 | €17,799 | - |
| Profit (loss) for the period9904 | -€15,876 | -€21,080 | -€3,089 | -€12,140 | €5,952 | -€19,662 | -€15,900 | €17,799 | - |
| Profit (loss) for the period to be appropriated9905 | -€15,876 | -€21,080 | -€3,089 | -€12,140 | €5,952 | -€19,662 | -€15,900 | €17,799 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €48,440 | €35,910 | €24,400 | €17,033 | €46,071 | €47,390 | €18,165 | €10,551 | ▼ 41.9% |
| Fixed assets21/28 | €35,370 | €25,535 | €17,614 | €10,478 | €33,309 | €45,206 | €12,505 | €7,734 | ▼ 38.2% |
| Tangible fixed assets22/27 | €35,370 | €25,535 | €17,614 | €10,478 | €33,309 | €25,243 | €12,505 | €7,734 | ▼ 38.2% |
| Plant, machinery and equipment23 | - | - | - | €1,076 | €615 | €274 | €267 | €2 | ▼ 99.2% |
| Furniture and vehicles24 | - | - | - | €9,402 | €32,694 | €24,969 | €12,238 | €7,732 | ▼ 36.8% |
| Financial fixed assets28 | - | - | - | - | - | €19,963 | - | - | - |
| Current assets29/58 | €13,071 | €10,375 | €6,786 | €6,555 | €12,762 | €2,184 | €5,660 | €2,817 | ▼ 50.2% |
| Amounts receivable within one year40/41 | €9,283 | €671 | €1,401 | €1,406 | €9,313 | €599 | €736 | €1,486 | ▲ 102% |
| Other amounts receivable41 | - | - | - | €1,406 | €9,313 | €599 | €736 | €1,486 | ▲ 102% |
| Cash at bank and in hand54/58 | €3,788 | €9,704 | €5,385 | €5,149 | €3,449 | €1,585 | €4,924 | €1,331 | ▼ 73.0% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €48,440 | €35,910 | €24,400 | €17,033 | €46,071 | €47,390 | €18,165 | €10,551 | ▼ 41.9% |
| Equity10/15 | -€49,455 | -€70,535 | -€73,624 | -€85,764 | -€76,766 | -€99,473 | -€130,927 | -€94,528 | ▲ 27.8% |
| Contributions10/11 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | - | €18,610 | - |
| Capital10 | - | - | - | €18,600 | €18,600 | €18,600 | - | €18,610 | - |
| Issued capital100 | - | - | - | €18,600 | €18,600 | €18,600 | - | €18,610 | - |
| Reserves13 | - | - | - | - | €3,045 | - | - | - | - |
| Tax-exempt reserves132 | - | - | - | - | €3,045 | - | - | - | - |
| Profit (loss) carried forward14 | -€68,055 | -€89,135 | -€92,224 | -€104,364 | -€98,412 | -€118,073 | -€130,927 | -€113,138 | ▲ 13.6% |
| Provisions and deferred taxes16 | - | - | - | - | - | €3,045 | - | - | - |
| Provisions for liabilities and charges160/5 | - | - | - | - | - | €3,045 | - | - | - |
| Pensions and similar obligations160 | - | - | - | - | - | €3,045 | - | - | - |
| Amounts payable17/49 | €97,895 | €106,445 | €98,024 | €102,797 | €122,838 | €143,818 | €149,092 | €105,079 | ▼ 29.5% |
| Amounts payable within one year42/48 | €97,895 | €106,445 | €98,024 | €102,797 | €122,838 | €143,818 | €149,092 | €105,079 | ▼ 29.5% |
| Other amounts payable47/48 | - | - | - | €102,797 | €122,838 | €143,818 | €149,092 | €105,079 | ▼ 29.5% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€15,876 | -€21,080 | -€3,089 | -€12,140 | €5,952 | -€19,662 | -€15,900 | €17,799 | - |
| + Depreciation and write-downs630 | €4,762 | - | €9,026 | €7,136 | €8,068 | €8,066 | €7,732 | - | - |
| Operating cash flow (approximation) | -€11,115 | -€21,080 | €5,937 | -€5,004 | €14,020 | -€11,595 | -€8,168 | €17,799 | - |
| Investment in fixed assets (approximation) | - | €9,835 | -€1,105 | -€0 | -€30,900 | -€19,963 | €24,969 | €4,771 | ▼ 80.9% |
| Change in cash | - | €5,916 | -€4,319 | -€236 | -€1,700 | -€1,864 | €3,339 | -€3,593 | - |
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, 3,794 companies had the same profile as P-BUILT has now. Two years later, 91.5% were still going and 2.7% had gone bankrupt.
- Micro
- 20 years or older
- negative equity
- a profit of 5% of the balance sheet or more
91.5%
was still going
5.3%
stopped otherwise
2.7%
went bankrupt
Another 0.6% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of P-BUILT itself is lower: 0.5% within 12 months. It rests on far more data about P-BUILT 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 3,794 companies, not a prediction for P-BUILT. 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 20 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 06-06-2026 | 2026-00141237 | |
| 31-12-2024 | abbreviated format | 22-05-2025 | 2025-00102261 | |
| 31-12-2023 | micro format | 05-06-2024 | 2024-00111028 | |
| 31-12-2022 | full format | 15-05-2023 | 2023-00086997 | |
| 31-12-2021 | abbreviated format | 22-06-2022 | 2022-20082025 | |
| 31-12-2020 | micro format | 29-05-2021 | 2021-16900419 | |
| 31-12-2019 | micro format | 06-06-2020 | 2020-16400224 | |
| 31-12-2018 | micro format | 24-05-2019 | 2019-14200472 | |
| 31-12-2017 | micro format | 27-06-2018 | 2018-24300585 | |
| 31-12-2016 | micro format | 27-06-2017 | 2017-22300530 |