PAPAYA CONSTRUCT
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 32 days after the deadline Filed on 1 September 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00481457.
Annual accounts 2025 filed on 01-09-2026 at the NBB all 6 filings
Turnover
€659,454▲ 43.7%
2021 · €458,836
EBIT margin
1.3%▼ 4.0pp
2021 · 5.3%
Net result
€17,278▲ 458%
2024 · €3,099
Working capital
€15,080▲ 4.0%
2024 · €14,498
Multi-year overview
2020 to 2025, 6 financial yearsTurnover
no figure
2025
20202025
Operating result
€28,687
▲ 131%
2025
20202025
Net result
€17,278
▲ 458%
2025
middle half of the sector
20202025
EBIT margin
no figure
2025
20202025
Equity
€22,558
▲ 6.5%
2025
middle half of the sector
20202025
Total assets
€44,550
▼ 29.1%
2025
lowest quarter of the sector
20202025
Debt
€21,992
▼ 47.2%
2025
20202025
Working capital
€15,080
▲ 4.0%
2025
middle half of the sector
20202025
Solvency
50.6%
▲ 16.9pp
2025
middle half of the sector
20202025
Current ratio
1.69
▲ 0.34
2025
middle half of the sector
20202025
Return on assets (ROA)
38.8%
▲ 33.9pp
2025
highest quarter of the sector
20202025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line202020212022202320242025
Turnover€186,363-€458,836▲ 146%€659,454▲ 43.7%
Operating result€18,415-€24,334▲ 32.1%€8,801▼ 63.8%€8,117▼ 7.8%€12,416▲ 53.0%€28,687▲ 131%
Net result€13,624within the sector's middle half-€16,507within the sector's middle half▲ 21.2%€3,020below the sector's middle half▼ 81.7%-€175below the sector's middle half€3,099within the sector's middle half€17,278within the sector's middle half▲ 458%
EBIT margin9.9%-5.3%▼ 4.6pp1.3%▼ 4.0pp
Equity€23,624below the sector's middle half-€40,131below the sector's middle half▲ 69.9%€43,151below the sector's middle half▲ 7.5%€42,976within the sector's middle half▼ 0.4%€21,181within the sector's middle half▼ 50.7%€22,558within the sector's middle half▲ 6.5%
Total assets€36,303below the sector's middle half-€75,773below the sector's middle half▲ 109%€89,698below the sector's middle half▲ 18.4%€73,512within the sector's middle half▼ 18.0%€62,825below the sector's middle half▼ 14.5%€44,550below the sector's middle half▼ 29.1%
Debt€12,679-€35,642▲ 181%€46,547▲ 30.6%€30,536▼ 34.4%€41,644▲ 36.4%€21,992▼ 47.2%
Working capital€19,670within the sector's middle half-€21,022within the sector's middle half▲ 6.9%€22,978below the sector's middle half▲ 9.3%€28,173within the sector's middle half▲ 22.6%€14,498within the sector's middle half▼ 48.5%€15,080within the sector's middle half▲ 4.0%
Solvency65.1%above the sector's middle half-53.0%within the sector's middle half▼ 12.1pp48.1%within the sector's middle half▼ 4.9pp58.5%within the sector's middle half▲ 10.4pp33.7%within the sector's middle half▼ 24.7pp50.6%within the sector's middle half▲ 16.9pp
Current ratio2.55within the sector's middle half-2.33within the sector's middle half▼ 0.221.59within the sector's middle half▼ 0.741.92within the sector's middle half▲ 0.331.35within the sector's middle half▼ 0.571.69within the sector's middle half▲ 0.34
Return on assets (ROA)37.5%above the sector's middle half-21.8%above the sector's middle half▼ 15.7pp3.4%within the sector's middle half▼ 18.4pp-0.2%below the sector's middle half▼ 3.6pp4.9%within the sector's middle half▲ 5.2pp38.8%above the sector's middle half▲ 33.9pp
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 131% higher than in 2024 and the highest since 2021. It is the second rise in a row, after the fall in 2023.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €44,550
Fixed assets
€7,478 ▲ 11.9%
Current assets
€37,072 ▼ 34.0%
Equity and liabilities €44,550
Equity
€22,558 ▲ 6.5%
Debt
€21,992 ▼ 47.2%
Debt's share of the balance-sheet total falls from 66.3% to 49.4%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€31,222▲
2024 · €23,941
Cash flow
€19,813▲
2024 · €14,624
Debt to equity
0.97▼
2024 · 1.97
ROE
76.6%▲
2024 · 14.6%
Interest coverage
38.24▲
2024 · 34.38
Debt ≤ 1 year
€21,992▼
2024 · €41,644
Income taxes
€10,810▲
2024 · €8,822
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 | €38,703 | €2,143 | €1,172 | €3,406 | €3,330 |
| Financial fixed assets | €750 | - | - | - | €0 |
| Depreciation and write-downs of the year | €3,154 | €13,382 | €14,041 | €11,525 | €2,535 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Turnover70 | €186,363 | €458,836 | €659,454 | - | - | - | - |
| Non-recurring operating income76A | - | - | €62 | €0 | €7,365 | €8,264 | ▲ 12.2% |
| Goods, raw materials, services and sundry goods60/61 | - | €425,589 | €642,271 | - | - | - | - |
| Remuneration, social security and pensions62 | - | €3,520 | €3,520 | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €381 | €3,154 | €13,382 | €14,041 | €11,525 | €2,535 | ▼ 78.0% |
| Other operating charges640/8 | - | €2,240 | €4,416 | €2,931 | €2,527 | €3,712 | ▲ 46.9% |
| Gross operating margin9900 | €23,302 | €33,248 | €30,119 | €25,089 | €26,468 | €34,934 | ▲ 32.0% |
| Operating profit (loss)9901 | €18,415 | €24,334 | €8,801 | €8,117 | €12,416 | €28,687 | ▲ 131% |
| Financial income75/76B | - | €1 | €75 | €149 | €201 | €217 | ▲ 8.0% |
| Recurring financial income75 | €0 | €1 | €75 | €149 | €201 | €217 | ▲ 8.0% |
| Financial charges65/66B | - | €1,396 | €957 | €904 | €696 | €816 | ▲ 17.3% |
| Recurring financial charges65 | €51 | €1,396 | €957 | €904 | €696 | €816 | ▲ 17.3% |
| Profit (loss) for the period before taxes9903 | €18,364 | €22,939 | €7,919 | €7,362 | €11,920 | €28,088 | ▲ 136% |
| Income taxes67/77 | €4,740 | €6,432 | €4,899 | €7,538 | €8,822 | €10,810 | ▲ 22.5% |
| Profit (loss) for the period9904 | €13,624 | €16,507 | €3,020 | -€175 | €3,099 | €17,278 | ▲ 458% |
| Profit (loss) for the period to be appropriated9905 | €13,624 | €16,507 | €3,020 | -€175 | €3,099 | €17,278 | ▲ 458% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Assets | |||||||
| Total assets20/58 | €36,303 | €75,773 | €89,698 | €73,512 | €62,825 | €44,550 | ▼ 29.1% |
| Fixed assets21/28 | €3,954 | €38,910 | €27,672 | €14,802 | €6,683 | €7,478 | ▲ 11.9% |
| Tangible fixed assets22/27 | €3,204 | €37,410 | €26,172 | €13,302 | €5,183 | €5,978 | ▲ 15.3% |
| Plant, machinery and equipment23 | - | €2,504 | €2,796 | €3,005 | €4,173 | €2,647 | ▼ 36.6% |
| Furniture and vehicles24 | - | €34,906 | €23,376 | €10,298 | €1,010 | €3,332 | ▲ 230% |
| Financial fixed assets28 | €750 | €1,500 | €1,500 | €1,500 | €1,500 | €1,500 | = |
| Current assets29/58 | €32,349 | €36,863 | €62,026 | €58,710 | €56,142 | €37,072 | ▼ 34.0% |
| Amounts receivable within one year40/41 | €25,167 | €30,659 | €42,785 | €50,290 | €49,913 | €29,269 | ▼ 41.4% |
| Trade receivables40 | - | €21,869 | €34,189 | €46,335 | €43,833 | €23,433 | ▼ 46.5% |
| Other amounts receivable41 | - | €8,790 | €8,596 | €3,955 | €6,079 | €5,836 | ▼ 4.0% |
| Cash at bank and in hand54/58 | €5,722 | €2,830 | €14,411 | €5,067 | €2,785 | €5,757 | ▲ 107% |
| Deferred charges and accrued income490/1 | - | €3,374 | €4,830 | €3,353 | €3,445 | €2,046 | ▼ 40.6% |
| Equity and liabilities | |||||||
| Total equity and liabilities10/49 | €36,303 | €75,773 | €89,698 | €73,512 | €62,825 | €44,550 | ▼ 29.1% |
| Equity10/15 | €23,624 | €40,131 | €43,151 | €42,976 | €21,181 | €22,558 | ▲ 6.5% |
| Contributions10/11 | €10,000 | €10,000 | €10,000 | €10,000 | €10,000 | €10,000 | = |
| Profit (loss) carried forward14 | €13,624 | €30,131 | €33,151 | €32,976 | €11,181 | €12,558 | ▲ 12.3% |
| Amounts payable17/49 | €12,679 | €35,642 | €46,547 | €30,536 | €41,644 | €21,992 | ▼ 47.2% |
| Amounts payable after more than one year17 | - | €19,801 | €7,499 | €0 | - | - | - |
| Financial debts170/4 | - | €19,801 | €7,499 | €0 | - | - | - |
| Amounts payable within one year42/48 | €12,679 | €15,841 | €39,048 | €30,536 | €41,644 | €21,992 | ▼ 47.2% |
| Current portion of amounts payable after more than one year42 | - | €11,992 | €12,302 | €7,499 | €0 | - | - |
| Trade debts44 | €7,939 | €2,999 | €16,948 | €18,048 | €21,647 | €2,939 | ▼ 86.4% |
| Suppliers440/4 | - | €2,999 | €16,948 | €18,048 | €21,647 | €2,939 | ▼ 86.4% |
| Taxes, remuneration and social security45 | - | €850 | €9,798 | €4,990 | €17,497 | €17,996 | ▲ 2.9% |
| Taxes450/3 | - | - | €9,798 | €4,490 | €16,997 | €17,996 | ▲ 5.9% |
| Remuneration and social security454/9 | - | €850 | - | €500 | €500 | €0 | ▼ 100% |
| Other amounts payable47/48 | - | - | - | - | €2,500 | €1,058 | ▼ 57.7% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €13,624 | €16,507 | €3,020 | -€175 | €3,099 | €17,278 | ▲ 458% |
| + Depreciation and write-downs630 | €381 | €3,154 | €13,382 | €14,041 | €11,525 | €2,535 | ▼ 78.0% |
| Operating cash flow (approximation) | €14,005 | €19,661 | €16,402 | €13,866 | €14,624 | €19,813 | ▲ 35.5% |
| Investment in fixed assets (approximation) | - | -€38,110 | -€2,143 | -€1,172 | -€3,406 | -€3,330 | ▲ 2.2% |
| Change in cash | - | -€2,892 | €11,581 | -€9,344 | -€2,282 | €2,972 | - |
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, 26,972 companies had the same profile as PAPAYA CONSTRUCT has now. Two years later, 94.9% were still going and 1.6% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
94.9%
was still going
3.4%
stopped otherwise
1.6%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of PAPAYA CONSTRUCT itself: 1.5% 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 26,972 companies, not a prediction for PAPAYA CONSTRUCT. 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 (6)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 01-09-2026 | 2026-00481457 | |
| 31-12-2024 | micro format | 26-08-2025 | 2025-00421079 | |
| 31-12-2023 | micro format | 28-08-2024 | 2024-00383250 | |
| 31-12-2022 | abbreviated format | 25-08-2023 | 2023-00352271 | |
| 31-12-2021 | full format | 06-07-2022 | 2022-20165687 | |
| 31-12-2020 | full format | 27-08-2021 | 2021-54400113 |