SOEN DAVID
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 02-03-2026 PDF all 18 filings
Turnover
€1.7m
EBIT margin
5.4%
Net result
€186,360▲ 46.0%
2024 · €127,685
Working capital
€271,880▲ 187%
2024 · €94,752
Multi-year overview
2019 to 2025, 7 financial yearsTurnover
no figure
2025
20192025
Operating result
€270,288
▲ 27.2%
2025
20192025
Net result
€186,360
▲ 46.0%
2025
highest quarter of the sector
20192025
EBIT margin
no figure
2025
20192025
Equity
€539,556
▲ 52.8%
2025
middle half of the sector
20192025
Total assets
€858,379
▼ 16.5%
2025
middle half of the sector
20192025
Debt
€318,824
▼ 52.8%
2025
20192025
Working capital
€271,880
▲ 187%
2025
middle half of the sector
20192025
Solvency
62.9%
▲ 28.5pp
2025
middle half of the sector
20192025
Current ratio
1.99
▲ 0.84
2025
middle half of the sector
20192025
Return on assets (ROA)
21.7%
▲ 9.3pp
2025
highest quarter of the sector
20192025
Staff (FTE)
3.8
▼ 35.6%
2025
middle half of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Turnover€1.7m
Operating result€0.09m-€0.09m▼ 0.9%€0.06m▼ 33.2%€0.08m▲ 26.9%€0.05m▼ 40.0%€0.2m▲ 361%€0.3m▲ 27.2%
Net result€0.05m-€0.05mwithin the sector's middle half▲ 13.1%€0.03mwithin the sector's middle half▼ 51.1%€0.03mwithin the sector's middle half▲ 28.4%€0.004mbelow the sector's middle half▼ 88.3%€0.1mwithin the sector's middle half▲ 33×€0.2mabove the sector's middle half▲ 46.0%
EBIT margin5.4%
Equity€0.3m-€0.4mwithin the sector's middle half▲ 15.6%€0.4mwithin the sector's middle half▲ 6.6%€0.4mwithin the sector's middle half▲ 7.9%€0.4mwithin the sector's middle half▲ 0.9%€0.4mwithin the sector's middle half▼ 21.3%€0.5mwithin the sector's middle half▲ 52.8%
Total assets€0.9m-€0.9mwithin the sector's middle half▲ 2.0%€0.9mwithin the sector's middle half▼ 5.4%€0.9mwithin the sector's middle half▲ 6.8%€0.8mwithin the sector's middle half▼ 16.9%€1.0mwithin the sector's middle half▲ 35.6%€0.9mwithin the sector's middle half▼ 16.5%
Debt€0.6m-€0.5m▼ 6.2%€0.4m▼ 14.3%€0.5m▲ 5.7%€0.3m▼ 33.8%€0.7m▲ 118%€0.3m▼ 52.8%
Working capital€0.2m-€0.2mwithin the sector's middle half▲ 20.7%€0.2mwithin the sector's middle half▲ 1.3%€0.2mwithin the sector's middle half▲ 3.6%€0.2mwithin the sector's middle half▼ 7.0%€0.09mwithin the sector's middle half▼ 52.8%€0.3mwithin the sector's middle half▲ 187%
Solvency37.8%-42.8%within the sector's middle half▲ 5.0pp48.2%within the sector's middle half▲ 5.4pp48.7%within the sector's middle half▲ 0.5pp59.2%within the sector's middle half▲ 10.4pp34.4%within the sector's middle half▼ 24.8pp62.9%within the sector's middle half▲ 28.5pp
Current ratio1.41-1.55within the sector's middle half▲ 0.141.65within the sector's middle half▲ 0.111.60within the sector's middle half▼ 0.061.81within the sector's middle half▲ 0.211.15below the sector's middle half▼ 0.671.99within the sector's middle half▲ 0.84
Return on assets (ROA)5.2%-5.8%within the sector's middle half▲ 0.6pp3.0%within the sector's middle half▼ 2.8pp3.6%within the sector's middle half▲ 0.6pp0.5%below the sector's middle half▼ 3.1pp12.4%within the sector's middle half▲ 11.9pp21.7%above the sector's middle half▲ 9.3pp
Staff (FTE)6-6.4within the sector's middle half▲ 6.7%6.6within the sector's middle half▲ 3.1%6.5within the sector's middle half▼ 1.5%7.3within the sector's middle half▲ 12.3%5.9within the sector's middle half▼ 19.2%3.8within the sector's middle half▼ 35.6%
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 27% higher than in 2024 and the highest since 2019. 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 €858,379
Fixed assets
€311,805 ▲ 11.3%
Current assets
€546,574 ▼ 26.9%
Equity and liabilities €858,379
Equity
€539,556 ▲ 52.8%
Debt
€318,824 ▼ 52.8%
Debt's share of the balance-sheet total falls from 65.6% to 37.1%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€302,042▲
2024 · €243,618
Cash flow
€218,114▲
2024 · €158,786
Quick ratio
1.53▲
2024 · 0.87
Debt to equity
0.59▼
2024 · 1.91
ROE
34.5%▼
2024 · 36.2%
Interest coverage
15.39▲
2024 · 5.55
Debt ≤ 1 year
€274,694▼
2024 · €653,147
Debt > 1 year
€44,130▲
2024 · €21,374
Income taxes
€80,858▲
2024 · €56,186
Staff costs
€252,959▼
2024 · €356,263
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 30-09-2022 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|
| Employees at the balance-sheet date | 7 | 6 | 5 | 3 |
| full-time | 7 | 6 | 5 | 3 |
| in full-time equivalents | 7 | 6 | 5 | 3 |
| Average over the year, in full-time equivalents | 6.5 | 7.3 | 5.9 | 3.8 |
| On a permanent contract | 7 | 6 | 4 | 3 |
| Joined | 5 | 6 | 5 | 4 |
| Left | 4 | 7 | 6 | 5 |
Source: social balance sheet in the 2022 to 2025 annual accounts
Securities and guarantees
| Item | 30-09-2022 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|
| Debts secured on the company's own assets | €467,690 | €309,007 | €451,218 | €318,824 |
Source: notes to the 2022 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 30-09-2022 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €34,715 | €5,504 | €1,115 | €64,460 |
| Financial fixed assets | €4,507 | €5,705 | €7,846 | - |
| Depreciation and write-downs of the year | €30,902 | €32,729 | €31,100 | €31,755 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 to 2024 · 4 entries · €1,543 awarded · €1,543 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2024 | 1 | €555 | €672 |
| 2023 | 2 | €655 | €538 |
| 2022 | 1 | €333 | €333 |
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Turnover70 | - | €1.7m | - | - | - | - | - | - |
| Remuneration, social security and pensions62 | - | - | - | €0.3m | €0.4m | €0.4m | €0.3m | ▼ 29.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.03m | €0.03m | €0.03m | €0.03m | €0.03m | €0.03m | €0.03m | ▲ 2.1% |
| Other operating charges640/8 | - | - | - | €0.005m | €0.003m | €0.007m | €0.005m | ▼ 35.6% |
| Non-recurring operating charges66A | - | - | - | - | - | €0.001m | - | - |
| Gross operating margin9900 | €0.4m | €0.5m | €0.4m | €0.4m | €0.5m | €0.6m | €0.6m | ▼ 8.0% |
| Operating profit (loss)9901 | €0.09m | €0.09m | €0.06m | €0.08m | €0.05m | €0.2m | €0.3m | ▲ 27.2% |
| Financial income75/76B | - | - | - | €0.02m | €0.03m | €0.02m | €0.02m | ▲ 8.7% |
| Recurring financial income75 | €0.006m | €0.02m | €0.01m | €0.02m | €0.03m | €0.02m | €0.02m | ▲ 8.7% |
| Financial charges65/66B | - | - | - | €0.05m | €0.06m | €0.04m | €0.02m | ▼ 55.3% |
| Recurring financial charges65 | €0.03m | €0.04m | €0.04m | €0.05m | €0.06m | €0.04m | €0.02m | ▼ 55.3% |
| Profit (loss) for the period before taxes9903 | €0.06m | €0.07m | €0.03m | €0.04m | €0.009m | €0.2m | €0.3m | ▲ 45.3% |
| Income taxes67/77 | €0.02m | €0.02m | €0.008m | €0.01m | €0.005m | €0.06m | €0.08m | ▲ 43.9% |
| Profit (loss) for the period9904 | €0.05m | €0.05m | €0.03m | €0.03m | €0.004m | €0.1m | €0.2m | ▲ 46.0% |
| Profit (loss) for the period to be appropriated9905 | €0.05m | €0.05m | €0.03m | €0.03m | €0.004m | €0.1m | €0.2m | ▲ 46.0% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €0.9m | €0.9m | €0.9m | €0.9m | €0.8m | €1.0m | €0.9m | ▼ 16.5% |
| Fixed assets21/28 | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | ▲ 11.3% |
| Tangible fixed assets22/27 | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | ▲ 12.8% |
| Land and buildings22 | - | - | - | €0.2m | €0.2m | €0.2m | €0.2m | ▼ 6.4% |
| Plant, machinery and equipment23 | - | - | - | €0.01m | €0.009m | €0.005m | €0.002m | ▼ 52.4% |
| Furniture and vehicles24 | - | - | - | €0.06m | €0.04m | €0.03m | €0.08m | ▲ 163% |
| Financial fixed assets28 | €0.01m | €0.01m | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | ▼ 4.5% |
| Current assets29/58 | €0.6m | €0.6m | €0.5m | €0.6m | €0.4m | €0.7m | €0.5m | ▼ 26.9% |
| Stocks and contracts in progress3 | €0.1m | €0.1m | €0.1m | €0.2m | €0.2m | €0.2m | €0.1m | ▼ 30.6% |
| Stocks30/36 | - | - | - | €0.1m | €0.1m | €0.1m | €0.08m | ▼ 26.3% |
| Contracts in progress37 | - | - | - | €0.1m | €0.1m | €0.07m | €0.04m | ▼ 37.7% |
| Amounts receivable within one year40/41 | €0.3m | €0.3m | €0.3m | €0.2m | €0.1m | €0.3m | €0.3m | ▲ 4.9% |
| Trade receivables40 | - | - | - | €0.2m | €0.09m | €0.2m | €0.2m | ▲ 17.4% |
| Other amounts receivable41 | - | - | - | €0.04m | €0.03m | €0.08m | €0.05m | ▼ 28.1% |
| Cash at bank and in hand54/58 | €0.1m | €0.1m | €0.06m | €0.08m | €0.06m | €0.3m | €0.1m | ▼ 59.1% |
| Deferred charges and accrued income490/1 | - | - | - | €0.03m | €0.02m | €0.02m | €0.02m | ▲ 15.3% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €0.9m | €0.9m | €0.9m | €0.9m | €0.8m | €1.0m | €0.9m | ▼ 16.5% |
| Equity10/15 | €0.3m | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | €0.5m | ▲ 52.8% |
| Contributions10/11 | €0.03m | - | - | €0.03m | €0.03m | €0.03m | €0.03m | = |
| Reserves13 | €0.3m | €0.4m | €0.4m | €0.4m | €0.4m | €0.3m | €0.5m | ▲ 56.8% |
| Non-distributable reserves130/1 | - | - | - | €0.003m | €0.003m | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €0.003m | €0.003m | - | - | - |
| Distributable reserves133 | - | - | - | €0.4m | €0.4m | €0.3m | €0.5m | ▲ 56.8% |
| Amounts payable17/49 | €0.6m | €0.5m | €0.4m | €0.5m | €0.3m | €0.7m | €0.3m | ▼ 52.8% |
| Amounts payable after more than one year17 | €0.1m | €0.1m | €0.1m | €0.1m | €0.06m | €0.02m | €0.04m | ▲ 106% |
| Financial debts170/4 | - | - | - | €0.1m | €0.06m | €0.02m | €0.04m | ▲ 106% |
| Amounts payable within one year42/48 | €0.4m | €0.4m | €0.3m | €0.4m | €0.2m | €0.7m | €0.3m | ▼ 57.9% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.05m | €0.04m | €0.04m | €0.03m | ▼ 34.8% |
| Trade debts44 | €0.1m | €0.09m | €0.06m | €0.1m | €0.03m | €0.2m | €0.1m | ▼ 44.6% |
| Suppliers440/4 | - | - | - | €0.1m | €0.03m | €0.2m | €0.1m | ▼ 44.6% |
| Advances received on contracts in progress46 | - | - | - | - | - | €300 | - | - |
| Taxes, remuneration and social security45 | - | - | - | €0.02m | €0.02m | €0.04m | €0.02m | ▼ 61.3% |
| Taxes450/3 | - | - | - | - | - | €0.03m | €0.006m | ▼ 77.8% |
| Remuneration and social security454/9 | - | - | - | €0.02m | €0.02m | €0.01m | €0.01m | ▼ 30.3% |
| Other amounts payable47/48 | - | - | - | €0.2m | €0.2m | €0.4m | €0.1m | ▼ 68.6% |
| Accrued charges and deferred income492/3 | - | - | - | - | €453 | €360 | - | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €46,104 | €52,154 | €25,501 | €32,744 | €3,827 | €127,685 | €186,360 | ▲ 46.0% |
| + Depreciation and write-downs630 | €26,910 | €31,165 | €30,693 | €30,902 | €32,729 | €31,100 | €31,755 | ▲ 2.1% |
| Operating cash flow (approximation) | €73,014 | €83,319 | €56,193 | €63,646 | €36,556 | €158,786 | €218,114 | ▲ 37.4% |
| Investment in fixed assets (approximation) | - | -€52,507 | -€36,666 | -€39,221 | -€7,504 | -€1,327 | -€63,381 | ▼ 4,675% |
| Change in cash | - | €6,947 | -€50,481 | €21,448 | -€17,539 | €211,317 | -€161,677 | - |
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, 34,693 companies had the same profile as SOEN DAVID has now. Two years later, 95.3% were still going and 0.7% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
95.3%
was still going
3.9%
stopped otherwise
0.7%
went bankrupt
That fits the bankruptcy probability of SOEN DAVID 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 34,693 companies, not a prediction for SOEN DAVID. 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 |
|---|---|---|---|---|
| 30-09-2025 | abbreviated format | 02-03-2026 | 2026-00048806 | |
| 30-09-2024 | abbreviated format | 26-02-2025 | 2025-00040560 | |
| 30-09-2023 | abbreviated format | 07-03-2024 | 2024-00041149 | |
| 30-09-2022 | abbreviated format | 01-03-2023 | 2023-00034703 | |
| 30-09-2021 | abbreviated format | 28-02-2022 | 2022-06700314 | |
| 30-09-2020 | abbreviated format | 04-03-2021 | 2021-07100094 | |
| 30-09-2019 | abbreviated format | 05-03-2020 | 2020-06400019 | |
| 30-09-2018 | abbreviated format | 27-02-2019 | 2019-06100182 | |
| 30-09-2017 | abbreviated format | 02-03-2018 | 2018-06200238 | |
| 30-09-2016 | abbreviated format | 08-03-2017 | 2017-06000425 |