PRO - CHAPES
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 31-07-2026 at the NBB all 32 filings
Turnover
≈ €3.3m
Estimated: probably between €2.5m and €4.3m
EBIT margin
Not included in this filing
Net result
-€21,109
2024 · €33,657
Working capital
-€494,920▼ 48.0%
2024 · -€334,449
In the rankings
#7 company by total assets in Aywaille, Construction sector
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€18,933
▼ 79.4%
2025
20182025
Net result
-€21,109
2025
lowest quarter of the sector
20182025
Equity
€47,335
▼ 32.2%
2025
lowest quarter of the sector
20182025
Total assets
€1.5m
▲ 24.8%
2025
highest quarter of the sector
20182025
Debt
€1.4m
▲ 28.3%
2025
20182025
Working capital
-€494,920
▼ 48.0%
2025
lowest quarter of the sector
20182025
Solvency
3.2%
▼ 2.7pp
2025
lowest quarter of the sector
20182025
Current ratio
0.59
▼ 0.09
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
-1.4%
▼ 4.2pp
2025
lowest quarter of the sector
20182025
Staff (FTE)
19.8
▼ 7.9%
2025
highest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€0.01m-€0.09m▲ 786%€0.04m▼ 59.3%€0.04m▲ 17.7%€0.02m▼ 58.6%-€0.008m€0.09m€0.02m▼ 79.4%
Net result€0.01m-€0.07m▲ 468%€0.01mwithin the sector's middle half▼ 86.2%€0.02mwithin the sector's middle half▲ 55.6%-€0.02mbelow the sector's middle half-€0.05mbelow the sector's middle half▼ 211%€0.03mwithin the sector's middle half-€0.02mbelow the sector's middle half
Equity€0.01m-€0.08m▲ 548%€0.09mwithin the sector's middle half▲ 10.3%€0.1mwithin the sector's middle half▲ 15.3%€0.09mwithin the sector's middle half▼ 16.4%€0.04mbelow the sector's middle half▼ 57.7%€0.07mbelow the sector's middle half▲ 86.2%€0.05mbelow the sector's middle half▼ 32.2%
Total assets€1.0m-€1.1m▲ 10.9%€1.1mwithin the sector's middle half▼ 0.2%€1.2mwithin the sector's middle half▲ 1.1%€1.3mwithin the sector's middle half▲ 16.4%€1.3mwithin the sector's middle half▼ 3.4%€1.2mwithin the sector's middle half▼ 8.3%€1.5mabove the sector's middle half▲ 24.8%
Debt€1.0m-€1.1m▲ 4.1%€1.1m▼ 1.0%€1.1m▼ 0.1%€1.3m▲ 19.7%€1.3m▲ 0.4%€1.1m▼ 11.1%€1.4m▲ 28.3%
Working capital-€0.2m--€0.2m▲ 16.8%-€0.2mbelow the sector's middle half▼ 2.8%-€0.2mbelow the sector's middle half▲ 6.7%-€0.3mbelow the sector's middle half▼ 51.3%-€0.3mbelow the sector's middle half▼ 10.5%-€0.3mbelow the sector's middle half▼ 3.3%-€0.5mbelow the sector's middle half▼ 48.0%
Solvency1.2%-7.3%▲ 6.0pp8.0%below the sector's middle half▲ 0.8pp9.1%below the sector's middle half▲ 1.1pp6.6%below the sector's middle half▼ 2.6pp2.9%below the sector's middle half▼ 3.7pp5.8%below the sector's middle half▲ 3.0pp3.2%below the sector's middle half▼ 2.7pp
Current ratio0.67-0.74▲ 0.060.75below the sector's middle half▲ 0.010.78below the sector's middle half▲ 0.030.73below the sector's middle half▼ 0.050.72below the sector's middle half▼ 0.010.68below the sector's middle half▼ 0.040.59below the sector's middle half▼ 0.09
Return on assets (ROA)1.2%-6.3%▲ 5.0pp0.9%within the sector's middle half▼ 5.4pp1.3%within the sector's middle half▲ 0.5pp-1.2%below the sector's middle half▼ 2.5pp-3.8%below the sector's middle half▼ 2.6pp2.8%within the sector's middle half▲ 6.6pp-1.4%below the sector's middle half▼ 4.2pp
Staff (FTE)17.4-18.7▲ 7.5%22.3above the sector's middle half▲ 19.3%24.1above the sector's middle half▲ 8.1%22.2above the sector's middle half▼ 7.9%23.6above the sector's middle half▲ 6.3%21.5above the sector's middle half▼ 8.9%19.8above the sector's middle half▼ 7.9%
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 79% lower than in 2024.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €1.5m
Fixed assets
€747,680 ▲ 74.7%
Current assets
€703,369 ▼ 0.8%
Equity and liabilities €1.5m
Equity
€47,335 ▼ 32.2%
Debt
€1.4m ▲ 28.3%
Debt's share of the balance-sheet total rises from 94.2% to 96.8%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€101,085▼
2024 · €158,753
Cash flow
€61,043▼
2024 · €100,372
Quick ratio
0.38▼
2024 · 0.45
Debt to equity
30.45▲
2024 · 16.10
ROE
-44.6%▼
2024 · 48.2%
Interest coverage
2.13▼
2024 · 3.20
Debt ≤ 1 year
€1.2m▲
2024 · €1.0m
Debt > 1 year
€233,050▲
2024 · €69,985
Income taxes
€281▼
2024 · €10,450
Staff costs
€1.0m▼
2024 · €1.1m
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 25 | 23 | 24 | 21 | 19 |
| full-time | 23 | 21 | 22 | 20 | 18 |
| part-time | 2 | 2 | 2 | 1 | 1 |
| in full-time equivalents | 24.3 | 22.3 | 23.6 | 20.8 | 18.8 |
| Average over the year, in full-time equivalents | 24.1 | 22.2 | 22.9 | 21.5 | 19.8 |
| On a permanent contract | 25 | 23 | 24 | 21 | 19 |
| Joined | 20 | 10 | 1 | 8 | 8 |
| Left | 17 | 12 | 0 | 11 | 10 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €26,046 | €136,652 | €2,695 | €53,658 | €366,649 |
| Intangible fixed assets | - | - | - | €9,325 | €15,228 |
| Financial fixed assets | €868 | - | - | - | €1,200 |
| Depreciation and write-downs of the year | €62,221 | €54,316 | €77,997 | €66,715 | €82,152 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €0.04m | €0.01m | - | €0.002m | €0.004m | ▲ 110% |
| Remuneration, social security and pensions62 | - | - | - | €1.0m | €1.1m | €1.1m | €1.1m | €1.0m | ▼ 2.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.08m | €0.1m | €0.08m | €0.06m | €0.05m | €0.08m | €0.07m | €0.08m | ▲ 23.1% |
| Other operating charges640/8 | - | - | - | €0.02m | €0.03m | €0.04m | €0.04m | €0.03m | ▼ 43.0% |
| Operating charges capitalised as restructuring costs649 | - | - | - | - | -€0.09m | - | - | - | - |
| Non-recurring operating charges66A | - | - | - | €0.08m | €0.03m | €0.001m | €0.002m | €0.002m | ▼ 9.2% |
| Gross operating margin9900 | €0.9m | €1.0m | €1.1m | €1.2m | €1.1m | €1.2m | €1.3m | €1.2m | ▼ 8.3% |
| Operating profit (loss)9901 | €0.01m | €0.09m | €0.04m | €0.04m | €0.02m | -€0.008m | €0.09m | €0.02m | ▼ 79.4% |
| Financial income75/76B | - | - | - | €0.002m | €0.002m | €0.004m | €0.002m | €0.008m | ▲ 352% |
| Recurring financial income75 | €0.03m | €0.003m | €0.004m | €0.002m | €0.002m | €0.004m | €0.002m | €0.008m | ▲ 352% |
| Financial charges65/66B | - | - | - | €0.03m | €0.04m | €0.05m | €0.05m | €0.05m | ▼ 4.3% |
| Recurring financial charges65 | €0.02m | €0.02m | €0.03m | €0.03m | €0.04m | €0.05m | €0.05m | €0.05m | ▼ 4.3% |
| Profit (loss) for the period before taxes9903 | €0.01m | €0.07m | €0.01m | €0.02m | -€0.02m | -€0.05m | €0.04m | -€0.02m | - |
| Income taxes67/77 | - | - | - | €0.003m | €252 | €319 | €0.01m | €281 | ▼ 97.3% |
| Profit (loss) for the period9904 | €0.01m | €0.07m | €0.01m | €0.02m | -€0.02m | -€0.05m | €0.03m | -€0.02m | - |
| Profit (loss) for the period to be appropriated9905 | €0.01m | €0.07m | €0.01m | €0.02m | -€0.02m | -€0.05m | €0.03m | -€0.02m | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €1.0m | €1.1m | €1.1m | €1.2m | €1.3m | €1.3m | €1.2m | €1.5m | ▲ 24.8% |
| Formation expenses20 | €0.03m | €0.02m | €0.004m | €0.001m | €0.09m | €0.08m | €0.06m | €0.04m | ▼ 33.3% |
| Fixed assets21/28 | €0.5m | €0.6m | €0.5m | €0.5m | €0.5m | €0.4m | €0.4m | €0.7m | ▲ 74.7% |
| Intangible fixed assets21 | - | - | - | - | - | - | €0.008m | €0.02m | ▲ 141% |
| Tangible fixed assets22/27 | €0.5m | €0.6m | €0.5m | €0.5m | €0.5m | €0.4m | €0.4m | €0.7m | ▲ 73.5% |
| Land and buildings22 | - | - | - | €0.4m | €0.4m | €0.3m | €0.3m | €0.6m | ▲ 89.4% |
| Plant, machinery and equipment23 | - | - | - | €0.04m | €0.08m | €0.06m | €0.06m | €0.05m | ▼ 16.1% |
| Furniture and vehicles24 | - | - | - | €0.05m | €0.04m | €0.01m | €0.04m | €0.06m | ▲ 74.3% |
| Leasing and similar rights25 | - | - | - | - | - | €0 | €0 | €0 | - |
| Financial fixed assets28 | €0.001m | €0.001m | €0.001m | €0.002m | €0.002m | €0.002m | €0.002m | €0.003m | ▲ 74.5% |
| Current assets29/58 | €0.5m | €0.6m | €0.6m | €0.7m | €0.8m | €0.8m | €0.7m | €0.7m | ▼ 0.8% |
| Stocks and contracts in progress3 | €0.1m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.3m | ▲ 7.5% |
| Stocks30/36 | - | - | - | €0.2m | €0.2m | €0.2m | €0.2m | €0.3m | ▲ 7.5% |
| Amounts receivable within one year40/41 | €0.3m | €0.3m | €0.3m | €0.4m | €0.5m | €0.4m | €0.4m | €0.3m | ▼ 14.5% |
| Trade receivables40 | - | - | - | €0.4m | €0.5m | €0.4m | €0.4m | €0.3m | ▼ 14.2% |
| Other amounts receivable41 | - | - | - | €0.002m | €0.004m | €0.006m | €0.007m | €0.004m | ▼ 33.2% |
| Current investments50/53 | - | - | - | - | - | €0 | €0 | €0 | - |
| Cash at bank and in hand54/58 | €0.07m | €0.02m | €0.05m | €0.01m | €0.04m | €0.1m | €0.04m | €0.07m | ▲ 92.5% |
| Deferred charges and accrued income490/1 | - | - | - | €0.05m | €0.02m | €0.02m | €0.03m | €0.03m | ▼ 2.5% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €1.0m | €1.1m | €1.1m | €1.2m | €1.3m | €1.3m | €1.2m | €1.5m | ▲ 24.8% |
| Equity10/15 | €0.01m | €0.08m | €0.09m | €0.1m | €0.09m | €0.04m | €0.07m | €0.05m | ▼ 32.2% |
| Contributions10/11 | €0.02m | €0.02m | - | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Reserves13 | €0.002m | €0.002m | €0.002m | €0.002m | €0.002m | €0.002m | €0.002m | €0.002m | = |
| Non-distributable reserves130/1 | - | - | - | €0.002m | €0.002m | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €0.002m | €0.002m | - | - | - | - |
| Distributable reserves133 | - | - | - | - | - | €0.002m | €0.002m | €0.002m | = |
| Profit (loss) carried forward14 | -€0.05m | €0.02m | €0.03m | €0.05m | €0.03m | -€0.02m | €0.02m | -€0.003m | - |
| Investment grants15 | - | - | - | €0.04m | €0.03m | €0.03m | €0.03m | €0.03m | ▼ 4.3% |
| Amounts payable17/49 | €1.0m | €1.1m | €1.1m | €1.1m | €1.3m | €1.3m | €1.1m | €1.4m | ▲ 28.3% |
| Amounts payable after more than one year17 | €0.3m | €0.3m | €0.2m | €0.2m | €0.2m | €0.1m | €0.07m | €0.2m | ▲ 233% |
| Financial debts170/4 | - | - | - | €0.2m | €0.2m | €0.1m | €0.07m | €0.2m | ▲ 233% |
| Amounts payable within one year42/48 | €0.7m | €0.8m | €0.8m | €0.9m | €1.1m | €1.1m | €1.0m | €1.2m | ▲ 14.9% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.07m | €0.07m | €0.07m | €0.06m | €0.07m | ▲ 17.9% |
| Financial debts43 | - | - | - | €0.2m | €0.3m | €0.3m | €0.3m | €0.3m | ▼ 10.2% |
| Credit institutions430/8 | - | - | - | €0.2m | €0.3m | €0.3m | €0.3m | €0.3m | ▼ 10.2% |
| Trade debts44 | €0.4m | €0.4m | €0.4m | €0.4m | €0.6m | €0.5m | €0.5m | €0.4m | ▼ 5.8% |
| Suppliers440/4 | - | - | - | €0.4m | €0.6m | €0.5m | €0.5m | €0.4m | ▼ 5.8% |
| Advances received on contracts in progress46 | - | - | - | - | - | - | €290 | - | - |
| Taxes, remuneration and social security45 | - | - | - | €0.3m | €0.1m | €0.2m | €0.2m | €0.3m | ▲ 89.0% |
| Taxes450/3 | - | - | - | €0.02m | €0.03m | €0.04m | €0.04m | €0.03m | ▼ 18.3% |
| Remuneration and social security454/9 | - | - | - | €0.2m | €0.1m | €0.2m | €0.1m | €0.3m | ▲ 124% |
| Other amounts payable47/48 | - | - | - | €0.006m | €0.01m | €0.01m | €0.06m | €0.1m | ▲ 85.5% |
| Accrued charges and deferred income492/3 | - | - | - | €0.01m | €0.02m | €0.02m | €0.01m | €0.01m | ▼ 1.5% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €12,641 | €71,754 | €9,890 | €15,392 | -€15,959 | -€49,681 | €33,657 | -€21,109 | - |
| + Depreciation and write-downs630 | €80,240 | €98,457 | €84,004 | €62,221 | €54,316 | €77,997 | €66,715 | €82,152 | ▲ 23.1% |
| Operating cash flow (approximation) | €92,880 | €170,211 | €93,894 | €77,613 | €38,357 | €28,316 | €100,372 | €61,043 | ▼ 39.2% |
| Investment in fixed assets (approximation) | - | -€155,415 | -€43,862 | -€2,187 | -€63,269 | -€19,188 | -€81,806 | -€401,900 | ▼ 391% |
| Change in cash | - | -€46,793 | €28,018 | -€36,825 | €28,539 | €94,660 | -€97,382 | €36,035 | - |
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, 1,104 companies had the same profile as PRO - CHAPES has now. Two years later, 94.3% were still going and 1.8% had gone bankrupt.
- Small
- 20 years or older
- solvency under 10%
- a small loss
94.3%
was still going
3.5%
stopped otherwise
1.8%
went bankrupt
Another 0.4% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of PRO - CHAPES 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 1,104 companies, not a prediction for PRO - CHAPES. 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 32 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 31-07-2026 | 2026-00361371 | |
| 31-12-2024 | full format | 25-06-2025 | 2025-00175274 | |
| 31-12-2023 | full format | 25-07-2024 | 2024-00280602 | |
| 31-12-2022 | full format | 24-07-2023 | 2023-00261123 | |
| 31-12-2021 | full format | 20-07-2022 | 2022-20203746 | |
| 31-12-2020 | full format | 29-10-2021 | 2021-75200042 | |
| 31-12-2019 | full format | 17-06-2020 | 2020-18800339 | |
| 31-12-2018 | full format | 16-07-2019 | 2019-33200175 | |
| 31-12-2017 | full format | 29-08-2018 | 2018-52700127 | |
| 31-12-2016 | full format | 20-06-2017 | 2017-19800330 |