S.D.CONSTRUCT SA
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 21-04-2026 PDF all 40 filings
Equity
-€536,324▼ 27.6%
2024 · -€420,371
Total assets
€183,930▼ 39.5%
2024 · €304,083
Net result
-€115,953▲ 17.3%
2024 · -€140,214
Working capital
-€542,580▼ 27.7%
2024 · -€425,008
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€102,875
▲ 16.7%
2025
20182025
Net result
-€115,953
▲ 17.3%
2025
lowest quarter of the sector
20182025
Equity
-€536,324
▼ 27.6%
2025
lowest quarter of the sector
20182025
Total assets
€183,930
▼ 39.5%
2025
middle half of the sector
20182025
Debt
€720,255
▼ 0.6%
2025
20182025
Working capital
-€542,580
▼ 27.7%
2025
lowest quarter of the sector
20182025
Solvency
-291.6%
▼ 153.3pp
2025
lowest quarter of the sector
20182025
Current ratio
0.25
▼ 0.17
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
-63.0%
▼ 16.9pp
2025
lowest quarter of the sector
20182025
Staff (FTE)
1
▼ 52.4%
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result-€24,142--€24,575▼ 1.8%-€14,407▲ 41.4%-€47,456▼ 229%€226,871-€448,415-€123,496▲ 72.5%-€102,875▲ 16.7%
Net result-€24,218--€26,142▼ 7.9%-€16,367below the sector's middle half▲ 37.4%-€48,411below the sector's middle half▼ 196%€222,892above the sector's middle half-€463,067below the sector's middle half-€140,214below the sector's middle half▲ 69.7%-€115,953below the sector's middle half▲ 17.3%
Equity€50,937-€24,794▼ 51.3%€8,428within the sector's middle half▼ 66.0%-€39,983below the sector's middle half€182,910above the sector's middle half-€280,157below the sector's middle half-€420,371below the sector's middle half▼ 50.0%-€536,324below the sector's middle half▼ 27.6%
Total assets€254,153-€321,591▲ 26.5%€502,569above the sector's middle half▲ 56.3%€528,965above the sector's middle half▲ 5.3%€733,563above the sector's middle half▲ 38.7%€366,243within the sector's middle half▼ 50.1%€304,083within the sector's middle half▼ 17.0%€183,930within the sector's middle half▼ 39.5%
Debt€203,216-€296,797▲ 46.1%€494,141▲ 66.5%€568,948▲ 15.1%€550,653▼ 3.2%€646,400▲ 17.4%€724,454▲ 12.1%€720,255▼ 0.6%
Working capital€50,580-€23,270▼ 54.0%-€2,259below the sector's middle half-€60,018below the sector's middle half▼ 2,557%€168,139above the sector's middle half-€289,668below the sector's middle half-€425,008below the sector's middle half▼ 46.7%-€542,580below the sector's middle half▼ 27.7%
Solvency20.0%-7.7%▼ 12.3pp1.7%below the sector's middle half▼ 6.0pp-7.6%below the sector's middle half▼ 9.2pp24.9%within the sector's middle half▲ 32.5pp-76.5%below the sector's middle half▼ 101.4pp-138.2%below the sector's middle half▼ 61.7pp-291.6%below the sector's middle half▼ 153.3pp
Current ratio1.25-1.08▼ 0.171.00below the sector's middle half▼ 0.080.89below the sector's middle half▼ 0.101.31within the sector's middle half▲ 0.410.55below the sector's middle half▼ 0.750.41below the sector's middle half▼ 0.140.25below the sector's middle half▼ 0.17
Return on assets (ROA)-9.5%--8.1%▲ 1.4pp-3.3%within the sector's middle half▲ 4.9pp-9.2%below the sector's middle half▼ 5.9pp30.4%above the sector's middle half▲ 39.5pp-126.4%below the sector's middle half▼ 156.8pp-46.1%below the sector's middle half▲ 80.3pp-63.0%below the sector's middle half▼ 16.9pp
Staff (FTE)0.4-1.7▲ 325%0.9below the sector's middle half▼ 47.1%3.7▲ 311%3.3▼ 10.8%3▼ 9.1%2.1▼ 30.0%1▼ 52.4%
above
within
below
The sector band is the middle half of the companies in Manufacture of electrical equipment (NACE 27). 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 loss of €102,875, smaller than the loss of €123,496 in 2024.
Turnover and EBIT margin are not published. The micro format does not require them.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €183,930
Fixed assets
€6,317 ▲ 29.5%
Current assets
€177,613 ▼ 40.6%
Equity and liabilities
Equity-€536,324
Debt€720,255
Equity is negative. Debt (€720,255) exceeds the balance-sheet total (€183,930).
Key figures and ratios
EBITDA
-€98,874▲
2024 · -€118,774
Cash flow
-€111,953▲
2024 · -€135,492
Interest coverage
-7.62▼
2024 · -7.15
Debt ≤ 1 year
€720,193▼
2024 · €724,213
Income taxes
€102▼
2024 · €103
Staff costs
€54,626▼
2024 · €107,653
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 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 4 | 3 | 3 | 2 | 1 |
| full-time | 4 | 3 | 3 | 2 | 1 |
| part-time | - | - | 0 | - | - |
| in full-time equivalents | 4 | 3 | 3 | 2 | 1 |
| Average over the year, in full-time equivalents | 3.7 | 3.3 | 3 | 2.1 | 1 |
| On a permanent contract | 4 | 3 | 3 | 2 | 1 |
| Joined | 3 | 0 | - | 0 | 0 |
| Left | 0 | 1 | - | 1 | 1 |
| Training hours | 5 | - | - | - | - |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €13,548 | - | - | €28 | €5,440 |
| Depreciation and write-downs of the year | €4,214 | €5,259 | €5,259 | €4,722 | €4,001 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €178,423 | €169,413 | €175,717 | €107,653 | €54,626 | ▼ 49.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €773 | €117 | €1,620 | €4,214 | €5,259 | €5,259 | €4,722 | €4,001 | ▼ 15.3% |
| Other operating charges640/8 | - | - | - | €1,001 | €11,778 | €5,542 | €7,136 | €5,821 | ▼ 18.4% |
| Non-recurring operating charges66A | - | - | - | - | - | €380,586 | - | - | - |
| Gross operating margin9900 | -€5,833 | €52,977 | €34,918 | €136,182 | €413,321 | €118,690 | -€3,985 | -€38,427 | ▼ 864% |
| Operating profit (loss)9901 | -€24,142 | -€24,575 | -€14,407 | -€47,456 | €226,871 | -€448,415 | -€123,496 | -€102,875 | ▲ 16.7% |
| Financial income75/76B | - | - | - | €348 | €251 | €15 | €7 | €0 | ▼ 99.9% |
| Recurring financial income75 | €2 | €19 | €56 | €348 | €251 | €15 | €7 | €0 | ▼ 99.9% |
| Financial charges65/66B | - | - | - | €1,303 | €3,741 | €14,559 | €16,622 | €12,976 | ▼ 21.9% |
| Recurring financial charges65 | €78 | €1,587 | €1,904 | €1,303 | €3,741 | €14,559 | €16,622 | €12,976 | ▼ 21.9% |
| Profit (loss) for the period before taxes9903 | -€24,218 | -€26,142 | -€16,256 | -€48,411 | €223,382 | -€462,959 | -€140,111 | -€115,851 | ▲ 17.3% |
| Income taxes67/77 | - | - | €111 | - | €489 | €107 | €103 | €102 | ▼ 1.1% |
| Profit (loss) for the period9904 | -€24,218 | -€26,142 | -€16,367 | -€48,411 | €222,892 | -€463,067 | -€140,214 | -€115,953 | ▲ 17.3% |
| Profit (loss) for the period to be appropriated9905 | -€24,218 | -€26,142 | -€16,367 | -€48,411 | €222,892 | -€463,067 | -€140,214 | -€115,953 | ▲ 17.3% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €254,153 | €321,591 | €502,569 | €528,965 | €733,563 | €366,243 | €304,083 | €183,930 | ▼ 39.5% |
| Fixed assets21/28 | €363 | €1,532 | €10,757 | €20,091 | €14,831 | €9,572 | €4,878 | €6,317 | ▲ 29.5% |
| Tangible fixed assets22/27 | - | €1,169 | €10,394 | €19,728 | €14,468 | €9,209 | €4,515 | €5,954 | ▲ 31.9% |
| Plant, machinery and equipment23 | - | - | - | €12,998 | €9,641 | €6,284 | €3,043 | €850 | ▼ 72.1% |
| Furniture and vehicles24 | - | - | - | €6,729 | €4,827 | €2,925 | €1,471 | €5,104 | ▲ 247% |
| Financial fixed assets28 | €363 | €363 | €363 | €363 | €363 | €363 | €363 | €363 | = |
| Current assets29/58 | €253,790 | €320,060 | €491,813 | €508,874 | €718,731 | €356,671 | €299,205 | €177,613 | ▼ 40.6% |
| Stocks and contracts in progress3 | €112,829 | €112,829 | €112,829 | €157,829 | €478,315 | €103,745 | €46,446 | - | - |
| Stocks30/36 | - | - | - | €112,829 | €97,729 | €97,729 | €46,446 | - | - |
| Contracts in progress37 | - | - | - | €45,000 | €380,586 | €6,015 | - | - | - |
| Amounts receivable within one year40/41 | €135,996 | €163,319 | €310,794 | €345,165 | €227,594 | €233,525 | €252,708 | €174,635 | ▼ 30.9% |
| Trade receivables40 | - | - | - | €200,637 | €146,056 | €77,546 | €85,399 | €43,895 | ▼ 48.6% |
| Other amounts receivable41 | - | - | - | €144,528 | €81,538 | €155,980 | €167,310 | €130,740 | ▼ 21.9% |
| Cash at bank and in hand54/58 | €1,950 | €2,685 | €15 | €1,129 | €11,583 | €19,401 | €51 | €856 | ▲ 17× |
| Deferred charges and accrued income490/1 | - | - | - | €4,751 | €1,239 | - | - | €2,122 | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €254,153 | €321,591 | €502,569 | €528,965 | €733,563 | €366,243 | €304,083 | €183,930 | ▼ 39.5% |
| Equity10/15 | €50,937 | €24,794 | €8,428 | -€39,983 | €182,910 | -€280,157 | -€420,371 | -€536,324 | ▼ 27.6% |
| Contributions10/11 | €202,500 | €202,500 | €202,500 | €202,500 | €202,500 | €202,500 | €202,500 | €202,500 | = |
| Capital10 | - | - | - | €202,500 | €202,500 | €202,500 | €202,500 | €202,500 | = |
| Issued capital100 | - | - | - | €202,500 | €202,500 | €202,500 | €202,500 | €202,500 | = |
| Reserves13 | €2,975 | €2,975 | €2,975 | €2,975 | €2,975 | €2,975 | €2,975 | €2,975 | = |
| Non-distributable reserves130/1 | - | - | - | €2,975 | €2,975 | €2,975 | €2,975 | €2,975 | = |
| Legal reserve130 | - | - | - | €2,975 | €2,975 | €2,975 | €2,975 | €2,975 | = |
| Profit (loss) carried forward14 | -€154,538 | -€180,680 | -€197,047 | -€245,457 | -€22,565 | -€485,632 | -€625,846 | -€741,799 | ▼ 18.5% |
| Amounts payable17/49 | €203,216 | €296,797 | €494,141 | €568,948 | €550,653 | €646,400 | €724,454 | €720,255 | ▼ 0.6% |
| Amounts payable within one year42/48 | €203,209 | €296,790 | €494,072 | €568,892 | €550,592 | €646,339 | €724,213 | €720,193 | ▼ 0.6% |
| Trade debts44 | €15,571 | €25,842 | €133,946 | €167,949 | €168,999 | €87,236 | €83,897 | €35,748 | ▼ 57.4% |
| Suppliers440/4 | - | - | - | €167,949 | €168,999 | €87,236 | €83,897 | €35,748 | ▼ 57.4% |
| Taxes, remuneration and social security45 | - | - | - | €39,696 | €32,359 | €44,410 | €49,056 | €11,248 | ▼ 77.1% |
| Taxes450/3 | - | - | - | €13,492 | €4,881 | €10,870 | €13,383 | €2,378 | ▼ 82.2% |
| Remuneration and social security454/9 | - | - | - | €26,204 | €27,478 | €33,541 | €35,673 | €8,870 | ▼ 75.1% |
| Other amounts payable47/48 | - | - | - | €361,248 | €349,234 | €514,693 | €591,260 | €673,197 | ▲ 13.9% |
| Accrued charges and deferred income492/3 | - | - | - | €56 | €61 | €61 | €240 | €61 | ▼ 74.5% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€24,218 | -€26,142 | -€16,367 | -€48,411 | €222,892 | -€463,067 | -€140,214 | -€115,953 | ▲ 17.3% |
| + Depreciation and write-downs630 | €773 | €117 | €1,620 | €4,214 | €5,259 | €5,259 | €4,722 | €4,001 | ▼ 15.3% |
| Operating cash flow (approximation) | -€23,445 | -€26,026 | -€14,747 | -€44,197 | €228,152 | -€457,807 | -€135,492 | -€111,953 | ▲ 17.4% |
| Investment in fixed assets (approximation) | - | -€1,285 | -€10,845 | -€13,548 | €0 | €0 | -€28 | -€5,440 | ▼ 19,596% |
| Change in cash | - | €734 | -€2,670 | €1,114 | €10,454 | €7,818 | -€19,351 | €805 | - |
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, 6,619 companies had the same profile as S.D.CONSTRUCT SA has now. Two years later, 84.5% were still going and 4.5% had gone bankrupt.
- Micro
- 20 years or older
- negative equity
- a loss of 10% of the balance sheet or more
84.5%
was still going
10.0%
stopped otherwise
4.5%
went bankrupt
Another 1.0% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of S.D.CONSTRUCT SA itself: 2.5% 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 6,619 companies, not a prediction for S.D.CONSTRUCT SA. 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 40 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 21-04-2026 | 2026-00083656 | |
| 31-12-2024 | micro format | 09-10-2025 | 2025-00536745 | |
| 31-12-2023 | micro format | 04-10-2024 | 2024-00492568 | |
| 31-12-2022 | micro format | 05-10-2023 | 2023-00472627 | |
| 31-12-2021 | micro format | 03-06-2022 | 2022-20051148 | |
| 31-12-2020 | micro format | 21-09-2021 | 2021-68000453 | |
| 31-12-2019 | micro format | 25-08-2020 | 2020-44200309 | |
| 31-12-2018 | micro format | 14-06-2019 | 2019-20500195 | |
| 31-12-2017 | micro format | 11-06-2018 | 2018-17700517 | |
| 31-12-2016 | micro format | 13-06-2017 | 2017-16700134 |