Pur'Eau
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 13-05-2026 PDF all 5 filings
Turnover
≈ €680,000
Estimated: probably between €420,000 and €1.1m
Total assets
€148,693▼ 0.2%
2024 · €148,946
Net result
€116,337
2024 · -€194,417
Working capital
-€115,531▲ 51.6%
2024 · -€238,720
Multi-year overview
2021 to 2025, 5 financial yearsOperating result
€123,447
2025
20212025
Net result
€116,337
2025
highest quarter of the sector
20212025
Equity
-€186,216
▲ 38.5%
2025
lowest quarter of the sector
20212025
Total assets
€148,693
▼ 0.2%
2025
lowest quarter of the sector
20212025
Debt
€334,909
▼ 25.8%
2025
20212025
Working capital
-€115,531
▲ 51.6%
2025
lowest quarter of the sector
20212025
Solvency
-125.2%
▲ 77.9pp
2025
lowest quarter of the sector
20212025
Current ratio
0.51
▲ 0.21
2025
lowest quarter of the sector
20212025
Return on assets (ROA)
78.2%
▲ 208.8pp
2025
highest quarter of the sector
20212025
Staff (FTE)
no figure
2025
20212025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20212022202320242025
Operating result€15,255--€152,948€42,554-€181,676€123,447
Net result€13,059within the sector's middle half--€159,475below the sector's middle half€35,279above the sector's middle half-€194,417below the sector's middle half€116,337above the sector's middle half
Equity€16,059below the sector's middle half--€143,416below the sector's middle half-€108,137below the sector's middle half▲ 24.6%-€302,553below the sector's middle half▼ 180%-€186,216below the sector's middle half▲ 38.5%
Total assets€323,858above the sector's middle half-€274,224within the sector's middle half▼ 15.3%€229,546within the sector's middle half▼ 16.3%€148,946below the sector's middle half▼ 35.1%€148,693below the sector's middle half▼ 0.2%
Debt€307,799-€417,640▲ 35.7%€337,683▼ 19.1%€451,499▲ 33.7%€334,909▼ 25.8%
Working capital€25,107within the sector's middle half--€128,284below the sector's middle half-€62,667below the sector's middle half▲ 51.1%-€238,720below the sector's middle half▼ 281%-€115,531below the sector's middle half▲ 51.6%
Solvency5.0%below the sector's middle half--52.3%below the sector's middle half▼ 57.3pp-47.1%below the sector's middle half▲ 5.2pp-203.1%below the sector's middle half▼ 156.0pp-125.2%below the sector's middle half▲ 77.9pp
Current ratio1.11below the sector's middle half-0.58below the sector's middle half▼ 0.530.70below the sector's middle half▲ 0.130.30below the sector's middle half▼ 0.400.51below the sector's middle half▲ 0.21
Return on assets (ROA)4.0%within the sector's middle half--58.2%below the sector's middle half▼ 62.2pp15.4%within the sector's middle half▲ 73.5pp-130.5%below the sector's middle half▼ 145.9pp78.2%above the sector's middle half▲ 208.8pp
Staff (FTE)1.7-3.8▲ 124%1.9▼ 50.0%0.6below the sector's middle half▼ 68.4%
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 €123,447, after a loss of €181,676 in 2024. It is the highest result since 2021.
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 €148,693
Fixed assets
€27,812 ▼ 40.6%
Current assets
€120,881 ▲ 18.4%
Equity and liabilities
Equity-€186,216
Debt€334,909
Equity is negative. Debt (€334,909) exceeds the balance-sheet total (€148,693).
Key figures and ratios
EBITDA
€142,477▲
2024 · -€159,623
Cash flow
€135,367▲
2024 · -€172,364
Quick ratio
0.26▲
2024 · 0.12
Interest coverage
19.44▲
2024 · -12.30
Debt ≤ 1 year
€236,412▼
2024 · €340,825
Debt > 1 year
€97,997▼
2024 · €106,721
Income taxes
€2
Staff costs
€1,185▼
2024 · €33,917
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 | 31-12-2022 | 31-12-2023 | 31-12-2024 |
|---|---|---|---|---|
| Employees at the balance-sheet date | 3 | 2 | 1 | - |
| full-time | 1 | 1 | - | - |
| part-time | 2 | 1 | 1 | - |
| in full-time equivalents | 2.5 | 1.9 | 0.9 | - |
| Average over the year, in full-time equivalents | 1.7 | 3.8 | 1.9 | 0.6 |
| On a permanent contract | 3 | 2 | 1 | - |
| Joined | 4 | 3 | 3 | 0 |
| Left | 1 | 4 | 4 | 1 |
| Training hours | 4 | 2 | 2 | - |
Source: social balance sheet in the 2021 to 2024 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €55,569 | €57,874 | €9,465 | €9,682 | - |
| Intangible fixed assets | €20,925 | - | - | - | - |
| Financial fixed assets | €305 | - | - | €500 | - |
| Depreciation and write-downs of the year | €13,010 | €22,168 | €27,955 | €22,052 | €19,029 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 · 1 entry · €74 awarded · €74 paidAnnual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €6,770 | - | - |
| Remuneration, social security and pensions62 | €101,688 | €202,185 | €108,280 | €33,917 | €1,185 | ▼ 96.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €13,010 | €22,168 | €27,955 | €22,052 | €19,029 | ▼ 13.7% |
| Other operating charges640/8 | €1,749 | €5,863 | €8,580 | €3,729 | €2,022 | ▼ 45.8% |
| Non-recurring operating charges66A | - | €250 | €2,120 | €586 | - | - |
| Gross operating margin9900 | €131,702 | €77,517 | €189,489 | -€121,390 | €145,683 | - |
| Operating profit (loss)9901 | €15,255 | -€152,948 | €42,554 | -€181,676 | €123,447 | - |
| Financial income75/76B | €296 | €242 | €338 | €235 | €219 | ▼ 6.8% |
| Recurring financial income75 | €296 | €242 | €338 | €235 | €219 | ▼ 6.8% |
| Financial charges65/66B | €431 | €6,425 | €7,612 | €12,976 | €7,327 | ▼ 43.5% |
| Recurring financial charges65 | €431 | €6,425 | €7,612 | €12,976 | €7,327 | ▼ 43.5% |
| Profit (loss) for the period before taxes9903 | €15,119 | -€159,131 | €35,279 | -€194,417 | €116,339 | - |
| Income taxes67/77 | €2,061 | €344 | - | - | €2 | - |
| Profit (loss) for the period9904 | €13,059 | -€159,475 | €35,279 | -€194,417 | €116,337 | - |
| Profit (loss) for the period to be appropriated9905 | €13,059 | -€159,475 | €35,279 | -€194,417 | €116,337 | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €323,858 | €274,224 | €229,546 | €148,946 | €148,693 | ▼ 0.2% |
| Fixed assets21/28 | €63,788 | €99,190 | €80,700 | €46,841 | €27,812 | ▼ 40.6% |
| Intangible fixed assets21 | €16,771 | €12,741 | €8,712 | €4,682 | €652 | ▼ 86.1% |
| Tangible fixed assets22/27 | €46,712 | €86,449 | €71,989 | €41,660 | €26,660 | ▼ 36.0% |
| Plant, machinery and equipment23 | €15,944 | €38,306 | €31,813 | €21,459 | €14,154 | ▼ 34.0% |
| Furniture and vehicles24 | €1,741 | €6,705 | €9,898 | €7,657 | €5,549 | ▼ 27.5% |
| Leasing and similar rights25 | €23,194 | €35,271 | €25,788 | €9,733 | €5,791 | ▼ 40.5% |
| Other tangible fixed assets26 | €5,834 | €6,166 | €4,489 | €2,811 | €1,166 | ▼ 58.5% |
| Financial fixed assets28 | €305 | - | - | €500 | €500 | = |
| Current assets29/58 | €260,070 | €175,034 | €148,846 | €102,105 | €120,881 | ▲ 18.4% |
| Stocks and contracts in progress3 | €63,669 | €63,477 | €91,597 | €60,087 | €59,975 | ▼ 0.2% |
| Stocks30/36 | €63,669 | €63,477 | €91,597 | €60,087 | €59,975 | ▼ 0.2% |
| Amounts receivable within one year40/41 | €94,584 | €88,429 | €51,553 | €22,273 | €45,499 | ▲ 104% |
| Trade receivables40 | €81,410 | €88,258 | €51,422 | €22,271 | €45,497 | ▲ 104% |
| Other amounts receivable41 | €13,174 | €171 | €131 | €3 | €2 | ▼ 20.6% |
| Cash at bank and in hand54/58 | €97,390 | €18,990 | €2,157 | €11,078 | €5,569 | ▼ 49.7% |
| Deferred charges and accrued income490/1 | €4,427 | €4,137 | €3,539 | €8,667 | €9,839 | ▲ 13.5% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €323,858 | €274,224 | €229,546 | €148,946 | €148,693 | ▼ 0.2% |
| Equity10/15 | €16,059 | -€143,416 | -€108,137 | -€302,553 | -€186,216 | ▲ 38.5% |
| Contributions10/11 | €3,000 | €3,000 | €3,000 | €3,000 | €3,000 | = |
| Reserves13 | €13,059 | - | - | - | - | - |
| Distributable reserves133 | €13,059 | - | - | - | - | - |
| Profit (loss) carried forward14 | - | -€146,416 | -€111,137 | -€305,553 | -€189,216 | ▲ 38.1% |
| Amounts payable17/49 | €307,799 | €417,640 | €337,683 | €451,499 | €334,909 | ▼ 25.8% |
| Amounts payable after more than one year17 | €67,436 | €107,618 | €121,140 | €106,721 | €97,997 | ▼ 8.2% |
| Financial debts170/4 | €67,436 | €107,618 | €121,140 | €106,721 | €97,997 | ▼ 8.2% |
| Amounts payable within one year42/48 | €234,963 | €303,317 | €211,514 | €340,825 | €236,412 | ▼ 30.6% |
| Current portion of amounts payable after more than one year42 | €5,428 | €16,349 | €16,841 | €9,162 | €8,724 | ▼ 4.8% |
| Financial debts43 | €19,000 | €35,280 | €54,405 | €80,280 | €5,280 | ▼ 93.4% |
| Credit institutions430/8 | €19,000 | €35,280 | €54,405 | €80,280 | €5,280 | ▼ 93.4% |
| Trade debts44 | €98,680 | €54,294 | €112,318 | €109,657 | €98,754 | ▼ 9.9% |
| Suppliers440/4 | €98,680 | €54,294 | €112,318 | €109,657 | €98,754 | ▼ 9.9% |
| Advances received on contracts in progress46 | €60,027 | €44,499 | - | €33,224 | €16,311 | ▼ 50.9% |
| Taxes, remuneration and social security45 | €51,828 | €67,771 | €15,914 | €24,510 | €33,551 | ▲ 36.9% |
| Taxes450/3 | €39,979 | €55,043 | €7,097 | €24,510 | €33,551 | ▲ 36.9% |
| Remuneration and social security454/9 | €11,849 | €12,728 | €8,817 | - | - | - |
| Other amounts payable47/48 | - | €85,124 | €12,034 | €83,992 | €73,792 | ▼ 12.1% |
| Accrued charges and deferred income492/3 | €5,400 | €6,705 | €5,030 | €3,953 | €500 | ▼ 87.3% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €13,059 | -€159,475 | €35,279 | -€194,417 | €116,337 | - |
| + Depreciation and write-downs630 | €13,010 | €22,168 | €27,955 | €22,052 | €19,029 | ▼ 13.7% |
| Operating cash flow (approximation) | €26,069 | -€137,307 | €63,234 | -€172,364 | €135,367 | - |
| Investment in fixed assets (approximation) | - | -€57,569 | -€9,465 | €11,807 | €0 | ▼ 100% |
| Change in cash | - | -€78,400 | -€16,833 | €8,921 | -€5,509 | - |
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, 2,180 companies had the same profile as Pur'Eau has now. Two years later, 88.8% were still going and 4.8% had gone bankrupt.
- Micro
- 5 to 10 years old
- negative equity
- a profit of 5% of the balance sheet or more
88.8%
was still going
5.8%
stopped otherwise
4.8%
went bankrupt
Another 0.6% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of Pur'Eau itself: 2.0% 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 2,180 companies, not a prediction for Pur'Eau. 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 (5)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 13-05-2026 | 2026-00110003 | |
| 31-12-2024 | abbreviated format | 29-08-2025 | 2025-00437793 | |
| 31-12-2023 | micro format | 18-06-2024 | 2024-00137253 | |
| 31-12-2022 | micro format | 31-08-2023 | 2023-00384802 | |
| 31-12-2021 | micro format | 24-08-2022 | 2022-20310230 |