S.D.P. CONSTRUCT
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 2 days after the deadline Filed on 2 February 2026, deadline 31 January 2026 (7 months after the close on 30 June 2025, Companies Code art. 3:10). Source: NBB, 2026-00029441.
Annual accounts 2025 filed on 02-02-2026 PDF all 18 filings
Turnover
€2.7m
EBIT margin
10.1%
Net result
€353,083▲ 29.3%
2024 · €273,041
Working capital
€335,450▲ 59.7%
2024 · €210,064
Multi-year overview
2019 to 2025, 6 financial yearsTurnover
no figure
2025
20192025
Operating result
€446,144
▲ 19.9%
2025
20192025
Net result
€353,083
▲ 29.3%
2025
highest quarter of the sector
20192025
EBIT margin
no figure
2025
20192025
Equity
€526,944
▲ 29.3%
2025
highest quarter of the sector
20192025
Total assets
€2.1m
▲ 9.2%
2025
highest quarter of the sector
20192025
Debt
€1.6m
▲ 3.8%
2025
20192025
Working capital
€335,450
▲ 59.7%
2025
highest quarter of the sector
20192025
Solvency
25.1%
▲ 3.9pp
2025
middle half of the sector
20192025
Current ratio
1.29
▲ 0.09
2025
middle half of the sector
20192025
Return on assets (ROA)
16.8%
▲ 2.6pp
2025
middle half of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line201920202022202320242025
Turnover€2.7m
Operating result€0.07m-€0.03m▼ 53.3%€0.01m-€0.3m▲ 25×€0.4m▲ 33.7%€0.4m▲ 19.9%
Net result€0.03m--€0.03mbelow the sector's middle half-€0.04mbelow the sector's middle half-€0.2mabove the sector's middle half€0.3mabove the sector's middle half▲ 30.6%€0.4mabove the sector's middle half▲ 29.3%
EBIT margin10.1%
Equity€0.3m-€0.2mabove the sector's middle half▼ 10.0%€0.2mwithin the sector's middle half-€0.3mabove the sector's middle half▲ 61.8%€0.4mabove the sector's middle half▲ 57.1%€0.5mabove the sector's middle half▲ 29.3%
Total assets€1.5m-€1.6mabove the sector's middle half▲ 6.3%€1.7mabove the sector's middle half-€1.2mabove the sector's middle half▼ 33.7%€1.9mabove the sector's middle half▲ 65.8%€2.1mabove the sector's middle half▲ 9.2%
Debt€1.3m-€1.4m▲ 9.8%€1.6m-€0.9m▼ 43.3%€1.5m▲ 68.4%€1.6m▲ 3.8%
Working capital€0.2m-€0.07mwithin the sector's middle half▼ 63.8%€0.02mbelow the sector's middle half-€0.2mabove the sector's middle half▲ 809%€0.2mabove the sector's middle half▲ 22.1%€0.3mabove the sector's middle half▲ 59.7%
Solvency17.7%-15.0%below the sector's middle half▼ 2.7pp9.2%below the sector's middle half-22.4%below the sector's middle half▲ 13.2pp21.2%below the sector's middle half▼ 1.2pp25.1%within the sector's middle half▲ 3.9pp
Current ratio1.25-1.07below the sector's middle half▼ 0.181.02below the sector's middle half-1.36within the sector's middle half▲ 0.341.19within the sector's middle half▼ 0.161.29within the sector's middle half▲ 0.09
Return on assets (ROA)2.2%--1.7%below the sector's middle half▼ 3.8pp-2.4%below the sector's middle half-18.0%above the sector's middle half▲ 20.4pp14.2%within the sector's middle half▼ 3.8pp16.8%within the sector's middle half▲ 2.6pp
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 20% higher than in 2024 and the highest since 2020. It is the third rise in a row.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €2.1m
Fixed assets
€594,587 ▼ 3.8%
Current assets
€1.5m ▲ 15.4%
Equity and liabilities €2.1m
Equity
€526,944 ▲ 29.3%
Debt
€1.6m ▲ 3.8%
Debt's share of the balance-sheet total falls from 78.8% to 74.9%. Equity and debt are higher.
Key figures and ratios
EBITDA
€527,092▲
2024 · €435,160
Cash flow
€434,031▲
2024 · €336,221
Debt to equity
2.99▼
2024 · 3.72
ROE
67.0%=
2024 · 67.0%
Interest coverage
36.10▲
2024 · 31.53
Debt ≤ 1 year
€1.2m▲
2024 · €1.1m
Debt > 1 year
€403,094▼
2024 · €420,554
Income taxes
€90,172▲
2024 · €87,903
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €37,891 | €346,718 | €185,060 | €55,134 |
| Financial fixed assets | - | - | - | €2,500 |
| Depreciation and write-downs of the year | €59,000 | €89,648 | €63,180 | €80,948 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Turnover70 | - | - | - | €2.7m | - | - | - |
| Non-recurring operating income76A | - | - | - | €0.04m | - | - | - |
| Goods, raw materials, services and sundry goods60/61 | - | - | - | €2.3m | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.05m | €0.02m | €0.06m | €0.09m | €0.06m | €0.08m | ▲ 28.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | €0.03m | - | - | - |
| Other operating charges640/8 | - | - | €0.04m | €0.1m | €0.07m | €0.07m | ▲ 3.2% |
| Gross operating margin9900 | €0.2m | €0.07m | €0.1m | €0.5m | €0.5m | €0.6m | ▲ 18.7% |
| Operating profit (loss)9901 | €0.07m | €0.03m | €0.01m | €0.3m | €0.4m | €0.4m | ▲ 19.9% |
| Financial income75/76B | - | - | €60 | €0.001m | €0.003m | €0.01m | ▲ 323% |
| Recurring financial income75 | €45 | €0.001m | €60 | €0.001m | €0.003m | €0.01m | ▲ 323% |
| Financial charges65/66B | - | - | €0.001m | €0.005m | €0.01m | €0.01m | ▲ 5.8% |
| Recurring financial charges65 | €0.005m | €0.04m | €0.001m | €0.005m | €0.01m | €0.01m | ▲ 5.8% |
| Profit (loss) for the period before taxes9903 | €0.06m | -€0.004m | €0.01m | €0.3m | €0.4m | €0.4m | ▲ 22.8% |
| Income taxes67/77 | €0.03m | €0.02m | €0.05m | €0.07m | €0.09m | €0.09m | ▲ 2.6% |
| Profit (loss) for the period9904 | €0.03m | -€0.03m | -€0.04m | €0.2m | €0.3m | €0.4m | ▲ 29.3% |
| Profit (loss) for the period to be appropriated9905 | €0.03m | -€0.03m | -€0.04m | €0.2m | €0.3m | €0.4m | ▲ 29.3% |
| Line | 2019 | 2020 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Assets | |||||||
| Total assets20/58 | €1.5m | €1.6m | €1.7m | €1.2m | €1.9m | €2.1m | ▲ 9.2% |
| Fixed assets21/28 | €0.6m | €0.6m | €0.6m | €0.5m | €0.6m | €0.6m | ▼ 3.8% |
| Tangible fixed assets22/27 | €0.6m | €0.6m | €0.6m | €0.5m | €0.6m | €0.6m | ▼ 4.2% |
| Land and buildings22 | - | - | €0.5m | €0.4m | €0.4m | €0.4m | ▼ 3.7% |
| Plant, machinery and equipment23 | - | - | €0.05m | €0.02m | €0.06m | €0.04m | ▼ 40.0% |
| Furniture and vehicles24 | - | - | €0.03m | €0.02m | €0.01m | €0.007m | ▼ 42.2% |
| Leasing and similar rights25 | - | - | - | €0.02m | €0.1m | €0.1m | ▲ 16.9% |
| Financial fixed assets28 | €0.004m | €0.004m | €0.004m | €0.004m | €0.004m | €0.006m | ▲ 66.7% |
| Current assets29/58 | €1.0m | €1.1m | €1.2m | €0.7m | €1.3m | €1.5m | ▲ 15.4% |
| Amounts receivable after more than one year29 | - | - | €0.01m | - | - | - | - |
| Trade receivables290 | - | - | €0.01m | - | - | - | - |
| Stocks and contracts in progress3 | €0.02m | €0.1m | €0.02m | - | - | - | - |
| Stocks30/36 | - | - | €0.02m | - | - | - | - |
| Amounts receivable within one year40/41 | €0.6m | €0.9m | €0.9m | €0.6m | €0.8m | €1.3m | ▲ 60.1% |
| Trade receivables40 | - | - | €0.8m | €0.2m | €0.3m | €0.5m | ▲ 51.8% |
| Other amounts receivable41 | - | - | €0.09m | €0.4m | €0.5m | €0.8m | ▲ 65.3% |
| Cash at bank and in hand54/58 | €0.3m | €0.03m | €0.2m | €0.08m | €0.5m | €0.2m | ▼ 56.7% |
| Deferred charges and accrued income490/1 | - | - | €0.01m | - | - | - | - |
| Equity and liabilities | |||||||
| Total equity and liabilities10/49 | €1.5m | €1.6m | €1.7m | €1.2m | €1.9m | €2.1m | ▲ 9.2% |
| Equity10/15 | €0.3m | €0.2m | €0.2m | €0.3m | €0.4m | €0.5m | ▲ 29.3% |
| Contributions10/11 | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Capital10 | - | - | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Issued capital100 | - | - | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Reserves13 | €0.002m | €0.002m | €0.002m | €0.002m | €0.002m | €0.1m | ▲ 66× |
| Non-distributable reserves130/1 | - | - | €0.002m | €0.002m | €0.002m | €0.002m | = |
| Legal reserve130 | - | - | €0.002m | €0.002m | €0.002m | €0.002m | = |
| Distributable reserves133 | - | - | - | - | - | €0.1m | - |
| Profit (loss) carried forward14 | €0.3m | €0.2m | €0.1m | €0.2m | €0.4m | €0.4m | ▼ 0.1% |
| Amounts payable17/49 | €1.3m | €1.4m | €1.6m | €0.9m | €1.5m | €1.6m | ▲ 3.8% |
| Amounts payable after more than one year17 | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | ▼ 4.2% |
| Financial debts170/4 | - | - | €0.4m | €0.4m | €0.4m | €0.4m | ▼ 4.2% |
| Amounts payable within one year42/48 | €0.8m | €1.0m | €1.2m | €0.5m | €1.1m | €1.2m | ▲ 6.9% |
| Current portion of amounts payable after more than one year42 | - | - | €0.006m | €0.03m | €0.05m | €0.05m | ▲ 12.1% |
| Trade debts44 | €0.7m | €0.9m | €0.8m | €0.2m | €0.4m | €0.2m | ▼ 50.8% |
| Suppliers440/4 | - | - | €0.8m | €0.2m | €0.4m | €0.2m | ▼ 50.8% |
| Advances received on contracts in progress46 | - | - | - | €0.06m | €0.4m | €0.5m | ▲ 23.9% |
| Taxes, remuneration and social security45 | - | - | - | €0.07m | €0.1m | €0.2m | ▲ 49.3% |
| Taxes450/3 | - | - | - | €0.07m | €0.1m | €0.2m | ▲ 49.3% |
| Other amounts payable47/48 | - | - | €0.4m | €0.1m | €0.1m | €0.2m | ▲ 80.4% |
| Line | 2019 | 2020 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €32,856 | -€27,054 | -€41,666 | €209,039 | €273,041 | €353,083 | ▲ 29.3% |
| + Depreciation and write-downs630 | €52,678 | €18,130 | €59,000 | €89,648 | €63,180 | €80,948 | ▲ 28.1% |
| Operating cash flow (approximation) | €85,534 | -€8,924 | €17,334 | €298,687 | €336,221 | €434,031 | ▲ 29.1% |
| Investment in fixed assets (approximation) | - | -€21,450 | - | -€32,935 | -€177,389 | -€57,634 | ▲ 67.5% |
| Change in cash | - | -€264,422 | - | -€134,399 | €420,366 | -€283,204 | - |
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, 2,613 companies had the same profile as S.D.P. CONSTRUCT has now. Two years later, 97.3% were still going and 0.7% had gone bankrupt.
- Small
- 20 years or older
- solvency 10 to 30%
- a profit of 5% of the balance sheet or more
97.3%
was still going
2.0%
stopped otherwise
0.7%
went bankrupt
That fits the bankruptcy probability of S.D.P. CONSTRUCT itself: 0.2% 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 2,613 companies, not a prediction for S.D.P. 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.
Latest 10 of 18 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-06-2025 | micro format | 02-02-2026 | 2026-00029441 | |
| 30-06-2024 | micro format | 02-04-2025 | 2025-00062121 | |
| 30-06-2023 | micro format | 31-12-2024 | 2024-00627910 | |
| 30-06-2022 | full format | 09-01-2023 | 2023-20554990 | |
| 30-06-2020 | micro format | 04-03-2021 | 2021-07100397 | |
| 30-06-2019 | micro format | 10-03-2020 | 2020-06600136 | |
| 30-06-2018 | micro format | 10-09-2018 | 2018-62600348 | |
| 30-06-2017 | full format | 08-09-2017 | 2017-60400442 | |
| 30-06-2015 | full format | 24-11-2015 | 2015-67200350 | |
| 30-06-2014 | full format | 08-12-2014 | 2014-68600531 |