SV IMMO-CONSTRUCT
ActiveFinancials · financial year 2025, full format
2025 annual accounts filed 59 days after the deadline Filed on 28 September 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00548318.
Annual accounts 2025 filed on 28-09-2026 at the NBB all 33 filings
Turnover
≈ €39,000
Estimated: probably between €21,000 and €84,000
EBIT margin
Not included in this filing
Net result
-€16,759
2024 · €14,425
Working capital
-€3,878▼ 22.5%
2024 · -€3,166
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€12,299
2025
20182025
Net result
-€16,759
2025
middle half of the sector
20182025
Equity
-€323
2025
lowest quarter of the sector
20182025
Total assets
€39,443
▲ 39.1%
2025
lowest quarter of the sector
20182025
Debt
€39,766
▲ 234%
2025
20182025
Working capital
-€3,878
▼ 22.5%
2025
middle half of the sector
20182025
Solvency
-0.8%
▼ 58.8pp
2025
lowest quarter of the sector
20182025
Current ratio
0.86
▲ 0.22
2025
middle half of the sector
20182025
Return on assets (ROA)
-42.5%
▼ 93.4pp
2025
lowest 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€13,121--€2,795-€1,734▲ 38.0%€11,473€9,653▼ 15.9%-€23,626€24,356-€12,299
Net result€13,287--€2,934-€1,774within the sector's middle half▲ 39.5%€8,904within the sector's middle half€10,875within the sector's middle half▲ 22.1%-€24,154below the sector's middle half€14,425within the sector's middle half-€16,759within the sector's middle half
Equity€11,094-€8,159▼ 26.4%€6,386below the sector's middle half▼ 21.7%€15,290within the sector's middle half▲ 139%€26,165within the sector's middle half▲ 71.1%€2,011below the sector's middle half▼ 92.3%€16,436within the sector's middle half▲ 717%-€323below the sector's middle half
Total assets€56,462-€15,824▼ 72.0%€36,693below the sector's middle half▲ 132%€72,316below the sector's middle half▲ 97.1%€96,089below the sector's middle half▲ 32.9%€32,195below the sector's middle half▼ 66.5%€28,356below the sector's middle half▼ 11.9%€39,443below the sector's middle half▲ 39.1%
Debt€45,368-€7,665▼ 83.1%€30,308▲ 295%€57,026▲ 88.2%€69,924▲ 22.6%€30,184▼ 56.8%€11,920▼ 60.5%€39,766▲ 234%
Working capital€17,227-€11,150▼ 35.3%€35,289within the sector's middle half▲ 216%€40,353within the sector's middle half▲ 14.4%€23,935within the sector's middle half▼ 40.7%-€16,071within the sector's middle half-€3,166within the sector's middle half▲ 80.3%-€3,878within the sector's middle half▼ 22.5%
Solvency19.6%-51.6%▲ 31.9pp17.4%within the sector's middle half▼ 34.2pp21.1%within the sector's middle half▲ 3.7pp27.2%within the sector's middle half▲ 6.1pp6.2%within the sector's middle half▼ 21.0pp58.0%within the sector's middle half▲ 51.7pp-0.8%below the sector's middle half▼ 58.8pp
Current ratio1.44-3.39▲ 1.952.72within the sector's middle half1.62within the sector's middle half▼ 1.110.05below the sector's middle half▼ 1.570.64within the sector's middle half▲ 0.590.86within the sector's middle half▲ 0.22
Return on assets (ROA)23.5%--18.5%▼ 42.1pp-4.8%below the sector's middle half▲ 13.7pp12.3%above the sector's middle half▲ 17.1pp11.3%above the sector's middle half▼ 1.0pp-75.0%below the sector's middle half▼ 86.3pp50.9%above the sector's middle half▲ 125.9pp-42.5%below the sector's middle half▼ 93.4pp
above
within
below
The sector band is the middle half of the companies in Real estate activities (NACE 68). 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 €12,299, after a profit of €24,356 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 €39,443
Fixed assets
€15,388 ▼ 32.5%
Current assets
€24,055 ▲ 333%
Equity and liabilities
Equity-€323
Debt€39,766
Equity is negative. Debt (€39,766) exceeds the balance-sheet total (€39,443).
Key figures and ratios
EBITDA
-€3,928▼
2024 · €32,951
Cash flow
-€8,388▼
2024 · €23,020
Interest coverage
-7.22▼
2024 · 27.35
Debt ≤ 1 year
€27,933▲
2024 · €8,726
Debt > 1 year
€11,833▲
2024 · €3,194
Income taxes
€3,916▼
2024 · €8,726
Staff costs
€15,086
The equity ratios are withheld because equity of -€323 is too small for a meaningful ratio.
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €7,975 | €24,927 | €6,500 | - | €963 |
| Depreciation and write-downs of the year | €513 | - | €8,595 | €8,595 | €8,371 |
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 | - | - | - | €12,220 | - | - | - | €15,086 | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | - | - | €224 | €513 | - | €8,595 | €8,595 | €8,371 | ▼ 2.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | - | €36,000 | - | - | - |
| Other operating charges640/8 | - | - | - | €2,412 | €757 | €1,478 | €1,322 | €72 | ▼ 94.6% |
| Gross operating margin9900 | €13,201 | -€2,715 | €5,284 | €26,618 | €10,410 | €22,447 | €34,273 | €11,230 | ▼ 67.2% |
| Operating profit (loss)9901 | €13,121 | -€2,795 | -€1,734 | €11,473 | €9,653 | -€23,626 | €24,356 | -€12,299 | - |
| Financial income75/76B | - | - | - | €5 | €1,450 | - | - | - | - |
| Recurring financial income75 | €306 | - | - | €5 | €1,450 | - | - | - | - |
| Financial charges65/66B | - | - | - | €574 | €228 | €616 | €1,205 | €544 | ▼ 54.9% |
| Recurring financial charges65 | €140 | €139 | €40 | €574 | €228 | €616 | €1,205 | €544 | ▼ 54.9% |
| Profit (loss) for the period before taxes9903 | €13,287 | -€2,934 | -€1,774 | €10,904 | €10,875 | -€24,242 | €23,151 | -€12,843 | - |
| Income taxes67/77 | - | - | - | €2,000 | - | -€88 | €8,726 | €3,916 | ▼ 55.1% |
| Profit (loss) for the period9904 | €13,287 | -€2,934 | -€1,774 | €8,904 | €10,875 | -€24,154 | €14,425 | -€16,759 | - |
| Profit (loss) for the period to be appropriated9905 | €13,287 | -€2,934 | -€1,774 | €8,904 | €10,875 | -€24,154 | €14,425 | -€16,759 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €56,462 | €15,824 | €36,693 | €72,316 | €96,089 | €32,195 | €28,356 | €39,443 | ▲ 39.1% |
| Fixed assets21/28 | - | - | €1,097 | €8,559 | €33,486 | €31,391 | €22,796 | €15,388 | ▼ 32.5% |
| Tangible fixed assets22/27 | - | - | €897 | €8,359 | €33,286 | €31,191 | €22,596 | €15,188 | ▼ 32.8% |
| Furniture and vehicles24 | - | - | - | €8,359 | €33,286 | €31,191 | €22,596 | €15,188 | ▼ 32.8% |
| Financial fixed assets28 | - | - | €200 | €200 | €200 | €200 | €200 | €200 | = |
| Current assets29/58 | €56,462 | €15,824 | €35,597 | €63,757 | €62,603 | €804 | €5,560 | €24,055 | ▲ 333% |
| Amounts receivable within one year40/41 | €19,070 | €10,613 | €31,139 | €42,674 | €15,720 | - | €5,519 | €23,539 | ▲ 327% |
| Trade receivables40 | - | - | - | €39,968 | €9,768 | - | €4,096 | €17,205 | ▲ 320% |
| Other amounts receivable41 | - | - | - | €2,706 | €5,952 | - | €1,423 | €6,334 | ▲ 345% |
| Cash at bank and in hand54/58 | €1,574 | €15 | €4,458 | €21,083 | €46,883 | €804 | €41 | €516 | ▲ 13× |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €56,462 | €15,824 | €36,693 | €72,316 | €96,089 | €32,195 | €28,356 | €39,443 | ▲ 39.1% |
| Equity10/15 | €11,094 | €8,159 | €6,386 | €15,290 | €26,165 | €2,011 | €16,436 | -€323 | - |
| Contributions10/11 | €18,592 | €18,592 | - | €18,592 | €18,592 | €18,592 | €18,592 | €18,592 | = |
| Capital10 | - | - | - | €18,592 | €18,592 | - | €18,592 | €18,592 | = |
| Issued capital100 | - | - | - | €18,592 | €18,592 | - | €18,592 | €18,592 | = |
| Profit (loss) carried forward14 | -€7,498 | -€10,433 | -€12,206 | -€3,302 | €7,573 | -€16,581 | -€2,156 | -€18,915 | ▼ 777% |
| Amounts payable17/49 | €45,368 | €7,665 | €30,308 | €57,026 | €69,924 | €30,184 | €11,920 | €39,766 | ▲ 234% |
| Amounts payable after more than one year17 | - | - | €30,000 | €33,622 | €31,256 | €13,309 | €3,194 | €11,833 | ▲ 270% |
| Financial debts170/4 | - | - | - | €33,622 | €31,256 | €13,309 | €3,194 | €11,833 | ▲ 270% |
| Amounts payable within one year42/48 | €39,235 | €4,674 | €308 | €23,404 | €38,668 | €16,875 | €8,726 | €27,933 | ▲ 220% |
| Trade debts44 | €39,235 | €4,674 | €308 | €9,619 | - | €16,875 | - | €18,835 | - |
| Suppliers440/4 | - | - | - | €9,619 | - | €16,875 | - | €18,835 | - |
| Advances received on contracts in progress46 | - | - | - | - | €29,192 | - | - | - | - |
| Taxes, remuneration and social security45 | - | - | - | €13,785 | €9,476 | - | €8,726 | €9,098 | ▲ 4.3% |
| Taxes450/3 | - | - | - | €8,643 | €9,476 | - | €8,726 | €9,098 | ▲ 4.3% |
| Remuneration and social security454/9 | - | - | - | €5,142 | - | - | - | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €13,287 | -€2,934 | -€1,774 | €8,904 | €10,875 | -€24,154 | €14,425 | -€16,759 | - |
| + Depreciation and write-downs630 | - | - | €224 | €513 | - | €8,595 | €8,595 | €8,371 | ▼ 2.6% |
| Operating cash flow (approximation) | €13,287 | -€2,934 | -€1,550 | €9,417 | €10,875 | -€15,559 | €23,020 | -€8,388 | - |
| Investment in fixed assets (approximation) | - | - | - | -€7,975 | -€24,927 | -€6,500 | €0 | -€963 | - |
| Change in cash | - | -€1,559 | €4,443 | €16,625 | €25,800 | -€46,079 | -€763 | €475 | - |
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 SV IMMO-CONSTRUCT 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 SV IMMO-CONSTRUCT 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 6,619 companies, not a prediction for SV IMMO-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 33 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 28-09-2026 | 2026-00548318 | |
| 31-12-2024 | micro format | 08-10-2025 | 2025-00537735 | |
| 31-12-2023 | micro format | 19-10-2024 | 2024-00511990 | |
| 31-12-2022 | micro format | 29-10-2023 | 2023-00501128 | |
| 31-12-2021 | micro format | 28-10-2023 | 2023-00495596 | |
| 31-12-2020 | micro format | 02-09-2021 | 2021-66400528 | |
| 31-12-2019 | micro format | 29-06-2020 | 2020-24400455 | |
| 31-12-2018 | micro format | 24-09-2019 | 2019-65400166 | |
| 31-12-2017 | micro format | 31-07-2018 | 2018-41600056 | |
| 31-12-2016 | micro format | 25-08-2017 | 2017-49400137 |