TIVAN
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 22-07-2026 at the NBB all 21 filings
Turnover
≈ €550,000
Estimated: probably between €370,000 and €680,000
Total assets
€464,393▼ 13.9%
2024 · €539,349
Net result
-€2,781
2024 · €6,656
Working capital
-€67,039▼ 58.9%
2024 · -€42,185
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€9,393
▼ 64.6%
2025
20182025
Net result
-€2,781
2025
lowest quarter of the sector
20182025
Equity
€160,094
▼ 1.9%
2025
highest quarter of the sector
20182025
Total assets
€464,393
▼ 13.9%
2025
highest quarter of the sector
20182025
Debt
€304,299
▼ 19.1%
2025
20182025
Working capital
-€67,039
▼ 58.9%
2025
lowest quarter of the sector
20182025
Solvency
34.5%
▲ 4.2pp
2025
middle half of the sector
20182025
Current ratio
0.46
▼ 0.25
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
-0.6%
▼ 1.8pp
2025
lowest quarter of the sector
20182025
Staff (FTE)
1.8
▼ 10.0%
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€23,351-€3,670▼ 84.3%€23,029▲ 527%€19,701▼ 14.5%€53,109▲ 170%€11,913▼ 77.6%€26,543▲ 123%€9,393▼ 64.6%
Net result€3,575--€11,227€6,654within the sector's middle half€3,071within the sector's middle half▼ 53.9%€29,225above the sector's middle half▲ 852%-€581below the sector's middle half€6,656within the sector's middle half-€2,781below the sector's middle half
Equity€131,433-€119,869▼ 8.8%€126,187above the sector's middle half▲ 5.3%€128,921above the sector's middle half▲ 2.2%€157,809above the sector's middle half▲ 22.4%€156,892above the sector's middle half▼ 0.6%€163,211above the sector's middle half▲ 4.0%€160,094above the sector's middle half▼ 1.9%
Total assets€707,808-€665,422▼ 6.0%€718,481above the sector's middle half▲ 8.0%€680,866above the sector's middle half▼ 5.2%€624,320above the sector's middle half▼ 8.3%€574,140above the sector's middle half▼ 8.0%€539,349above the sector's middle half▼ 6.1%€464,393above the sector's middle half▼ 13.9%
Debt€576,375-€545,553▼ 5.3%€592,295▲ 8.6%€551,946▼ 6.8%€466,511▼ 15.5%€417,248▼ 10.6%€376,138▼ 9.9%€304,299▼ 19.1%
Working capital-€69,028--€112,735▼ 63.3%-€12,203below the sector's middle half▲ 89.2%-€28,264below the sector's middle half▼ 132%-€19,143below the sector's middle half▲ 32.3%-€56,405below the sector's middle half▼ 195%-€42,185below the sector's middle half▲ 25.2%-€67,039below the sector's middle half▼ 58.9%
Solvency18.6%-18.0%▼ 0.6pp17.6%below the sector's middle half▼ 0.5pp18.9%below the sector's middle half▲ 1.4pp25.3%within the sector's middle half▲ 6.3pp27.3%within the sector's middle half▲ 2.0pp30.3%within the sector's middle half▲ 2.9pp34.5%within the sector's middle half▲ 4.2pp
Current ratio0.64-0.49▼ 0.150.92below the sector's middle half▲ 0.430.83below the sector's middle half▼ 0.090.88below the sector's middle half▲ 0.050.63below the sector's middle half▼ 0.240.71below the sector's middle half▲ 0.070.46below the sector's middle half▼ 0.25
Return on assets (ROA)0.5%--1.7%▼ 2.2pp0.9%within the sector's middle half▲ 2.6pp0.5%below the sector's middle half▼ 0.5pp4.7%within the sector's middle half▲ 4.2pp-0.1%below the sector's middle half▼ 4.8pp1.2%within the sector's middle half▲ 1.3pp-0.6%below the sector's middle half▼ 1.8pp
Staff (FTE)2.9-2.8▼ 3.4%2.4within the sector's middle half▼ 14.3%2▼ 16.7%2=1.9▼ 5.0%2▲ 5.3%1.8▼ 10.0%
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 65% lower than in 2024 and the lowest since 2021.
Turnover and EBIT margin are not published. The 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 €464,393
Fixed assets
€406,577 ▼ 6.9%
Current assets
€57,815 ▼ 43.7%
Equity and liabilities €464,393
Equity
€160,094 ▼ 1.9%
Debt
€304,299 ▼ 19.1%
Debt's share of the balance-sheet total falls from 69.7% to 65.5%. Equity and debt are lower.
Key figures and ratios
EBITDA
€58,375▼
2024 · €78,043
Cash flow
€46,201▼
2024 · €58,155
Quick ratio
0.27▼
2024 · 0.56
Debt to equity
1.90▼
2024 · 2.30
ROE
-1.7%▼
2024 · 4.1%
Interest coverage
4.89▲
2024 · 4.82
Debt ≤ 1 year
€124,855▼
2024 · €144,871
Debt > 1 year
€179,445▼
2024 · €231,267
Income taxes
€608▼
2024 · €4,073
Staff costs
€69,727▼
2024 · €77,407
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 | 2 | 2 | 2 | 2 | 2 |
| full-time | 1 | 1 | 1 | 1 | 1 |
| part-time | 1 | 1 | 1 | 1 | 1 |
| in full-time equivalents | 1.8 | 1.8 | 1.8 | 1.8 | 1.8 |
| Average over the year, in full-time equivalents | 2 | 2 | 1.9 | 2 | 1.8 |
| On a permanent contract | 2 | 2 | 2 | 2 | 2 |
| Joined | 1 | 2 | 2 | 1 | - |
| Left | 1 | 2 | 2 | 1 | - |
Source: social balance sheet in the 2021 to 2025 annual accounts
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Mortgages, amount registered | €467,500 | €467,500 | €467,500 | €467,500 | €467,500 |
| Mortgage mandates | €357,000 | €357,000 | €357,000 | €357,000 | €357,500 |
| Carrying value of the mortgaged assets | €29,734 | €22,256 | €281,667 | €256,554 | €232,539 |
| Pledge on the business | - | - | €50,000 | €50,000 | €50,000 |
| Carrying value of the other pledged assets | €50,000 | €50,000 | - | - | - |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €49,366 | €12,484 | €39,187 | €11,905 | €20,466 |
| Depreciation and write-downs of the year | €55,975 | €50,325 | €50,675 | €51,500 | €48,982 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €539 | €10,000 | €5,445 | - | - | - |
| Remuneration, social security and pensions62 | - | - | - | €67,137 | €67,413 | €75,165 | €77,407 | €69,727 | ▼ 9.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €73,568 | €62,902 | €64,032 | €55,975 | €50,325 | €50,675 | €51,500 | €48,982 | ▼ 4.9% |
| Other operating charges640/8 | - | - | - | €8,055 | €9,386 | €8,782 | €7,529 | €7,821 | ▲ 3.9% |
| Non-recurring operating charges66A | - | - | - | €1,056 | - | - | - | €1,570 | - |
| Gross operating margin9900 | €257,139 | €217,934 | €180,396 | €151,924 | €180,234 | €146,535 | €162,980 | €137,492 | ▼ 15.6% |
| Operating profit (loss)9901 | €23,351 | €3,670 | €23,029 | €19,701 | €53,109 | €11,913 | €26,543 | €9,393 | ▼ 64.6% |
| Financial income75/76B | - | - | - | €402 | €1,106 | €371 | €361 | €379 | ▲ 4.9% |
| Recurring financial income75 | €1,102 | €499 | €1,102 | €402 | €1,106 | €371 | €361 | €379 | ▲ 4.9% |
| Financial charges65/66B | - | - | - | €14,976 | €14,067 | €14,376 | €16,176 | €11,945 | ▼ 26.2% |
| Recurring financial charges65 | €17,534 | €14,862 | €16,991 | €14,976 | €14,067 | €14,376 | €16,176 | €11,945 | ▼ 26.2% |
| Profit (loss) for the period before taxes9903 | €6,919 | -€10,693 | €7,140 | €5,127 | €40,149 | -€2,092 | €10,728 | -€2,173 | - |
| Income taxes67/77 | €3,344 | €534 | €486 | €2,056 | €10,924 | -€1,511 | €4,073 | €608 | ▼ 85.1% |
| Profit (loss) for the period9904 | €3,575 | -€11,227 | €6,654 | €3,071 | €29,225 | -€581 | €6,656 | -€2,781 | - |
| Profit (loss) for the period to be appropriated9905 | €3,575 | -€11,227 | €6,654 | €3,071 | €29,225 | -€581 | €6,656 | -€2,781 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €707,808 | €665,422 | €718,481 | €680,866 | €624,320 | €574,140 | €539,349 | €464,393 | ▼ 13.9% |
| Fixed assets21/28 | €585,484 | €557,449 | €578,005 | €543,141 | €489,300 | €476,257 | €436,663 | €406,577 | ▼ 6.9% |
| Tangible fixed assets22/27 | €585,484 | €557,449 | €578,005 | €543,141 | €489,300 | €476,257 | €436,663 | €406,577 | ▼ 6.9% |
| Land and buildings22 | - | - | - | €299,497 | €275,824 | €283,523 | €258,241 | €236,020 | ▼ 8.6% |
| Plant, machinery and equipment23 | - | - | - | €139,985 | €126,788 | €113,131 | €102,700 | €92,653 | ▼ 9.8% |
| Furniture and vehicles24 | - | - | - | €19,283 | €16,874 | €10,680 | €11,766 | €14,464 | ▲ 22.9% |
| Leasing and similar rights25 | - | - | - | €10,000 | - | - | - | - | - |
| Other tangible fixed assets26 | - | - | - | €74,376 | €69,814 | €68,924 | €63,956 | €63,440 | ▼ 0.8% |
| Current assets29/58 | €122,323 | €107,973 | €140,476 | €137,725 | €135,020 | €97,883 | €102,686 | €57,815 | ▼ 43.7% |
| Stocks and contracts in progress3 | €57,263 | €64,798 | €44,853 | €57,767 | €23,144 | €32,408 | €21,760 | €24,137 | ▲ 10.9% |
| Stocks30/36 | - | - | - | €57,767 | €23,144 | €32,408 | €21,760 | €24,137 | ▲ 10.9% |
| Amounts receivable within one year40/41 | €55,250 | €33,039 | €40,728 | €24,595 | €74,364 | €50,960 | €55,864 | €13,206 | ▼ 76.4% |
| Trade receivables40 | - | - | - | €19,030 | €72,517 | €47,178 | €44,717 | €6,967 | ▼ 84.4% |
| Other amounts receivable41 | - | - | - | €5,565 | €1,847 | €3,782 | €11,147 | €6,239 | ▼ 44.0% |
| Current investments50/53 | €10 | €10 | €35,010 | €30,260 | €21,060 | - | - | - | - |
| Cash at bank and in hand54/58 | €1,978 | €423 | €12,220 | €16,377 | €7,323 | €6,672 | €19,462 | €13,805 | ▼ 29.1% |
| Deferred charges and accrued income490/1 | - | - | - | €8,725 | €9,129 | €7,843 | €5,600 | €6,668 | ▲ 19.1% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €707,808 | €665,422 | €718,481 | €680,866 | €624,320 | €574,140 | €539,349 | €464,393 | ▼ 13.9% |
| Equity10/15 | €131,433 | €119,869 | €126,187 | €128,921 | €157,809 | €156,892 | €163,211 | €160,094 | ▼ 1.9% |
| Contributions10/11 | €18,600 | €18,600 | - | €18,600 | €18,600 | €20,460 | €20,460 | €20,460 | = |
| Reserves13 | €77,136 | €77,136 | €82,136 | €82,136 | €102,136 | €100,276 | €115,276 | €115,276 | = |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | - | - | - | - |
| Tax-exempt reserves132 | - | - | - | €40,276 | €40,276 | €40,276 | €40,276 | €40,276 | = |
| Distributable reserves133 | - | - | - | €40,000 | €60,000 | €60,000 | €75,000 | €75,000 | = |
| Profit (loss) carried forward14 | €30,942 | €19,714 | €21,368 | €24,439 | €33,663 | €33,082 | €24,738 | €21,957 | ▼ 11.2% |
| Investment grants15 | - | - | - | €3,746 | €3,410 | €3,074 | €2,737 | €2,401 | ▼ 12.3% |
| Amounts payable17/49 | €576,375 | €545,553 | €592,295 | €551,946 | €466,511 | €417,248 | €376,138 | €304,299 | ▼ 19.1% |
| Amounts payable after more than one year17 | €385,024 | €324,844 | €438,420 | €385,956 | €312,348 | €262,960 | €231,267 | €179,445 | ▼ 22.4% |
| Financial debts170/4 | - | - | - | €385,956 | €312,348 | €262,960 | €226,767 | €174,945 | ▼ 22.9% |
| Other amounts payable178/9 | - | - | - | - | - | - | €4,500 | €4,500 | = |
| Amounts payable within one year42/48 | €191,351 | €220,709 | €152,679 | €165,989 | €154,163 | €154,288 | €144,871 | €124,855 | ▼ 13.8% |
| Current portion of amounts payable after more than one year42 | - | - | - | €52,448 | €51,561 | €49,388 | €50,625 | €51,823 | ▲ 2.4% |
| Trade debts44 | €98,419 | €122,069 | €29,155 | €57,103 | €39,177 | €57,493 | €62,880 | €35,098 | ▼ 44.2% |
| Suppliers440/4 | - | - | - | €57,103 | €39,177 | €57,493 | €62,880 | €35,098 | ▼ 44.2% |
| Taxes, remuneration and social security45 | - | - | - | €10,542 | €14,976 | €16,746 | €6,545 | €13,182 | ▲ 101% |
| Taxes450/3 | - | - | - | €4,801 | €11,546 | €8,631 | €3,135 | €2,640 | ▼ 15.8% |
| Remuneration and social security454/9 | - | - | - | €5,740 | €3,429 | €8,116 | €3,410 | €10,543 | ▲ 209% |
| Other amounts payable47/48 | - | - | - | €45,897 | €48,449 | €30,661 | €24,821 | €24,751 | ▼ 0.3% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €3,575 | -€11,227 | €6,654 | €3,071 | €29,225 | -€581 | €6,656 | -€2,781 | - |
| + Depreciation and write-downs630 | €73,568 | €62,902 | €64,032 | €55,975 | €50,325 | €50,675 | €51,500 | €48,982 | ▼ 4.9% |
| Operating cash flow (approximation) | €77,142 | €51,674 | €70,686 | €59,046 | €79,550 | €50,094 | €58,155 | €46,201 | ▼ 20.6% |
| Investment in fixed assets (approximation) | - | -€34,866 | -€84,589 | -€21,111 | €3,516 | -€37,632 | -€11,905 | -€18,896 | ▼ 58.7% |
| Change in cash | - | -€1,556 | €11,797 | €4,158 | -€9,054 | -€651 | €12,790 | -€5,657 | - |
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, 12,322 companies had the same profile as TIVAN has now. Two years later, 90.3% were still going and 0.7% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a small loss
90.3%
was still going
8.6%
stopped otherwise
0.7%
went bankrupt
Another 0.5% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of TIVAN itself: 0.3% 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 12,322 companies, not a prediction for TIVAN. 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 21 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 22-07-2026 | 2026-00318070 | |
| 31-12-2024 | micro format | 28-07-2025 | 2025-00319712 | |
| 31-12-2023 | micro format | 29-08-2024 | 2024-00397252 | |
| 31-12-2022 | micro format | 31-08-2023 | 2023-00395579 | |
| 31-12-2021 | micro format | 06-09-2022 | 2022-20417347 | |
| 31-12-2020 | micro format | 31-08-2021 | 2021-61300015 | |
| 31-12-2019 | micro format | 13-08-2020 | 2020-41400487 | |
| 31-12-2018 | micro format | 30-09-2019 | 2019-67500495 | |
| 31-12-2017 | abbreviated format | 25-09-2018 | 2018-66200317 | |
| 31-12-2016 | abbreviated format | 29-09-2017 | 2017-65000134 |