TURA CONSTRUCT
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 68 days after the deadline Filed on 7 October 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00549709.
Annual accounts 2025 filed on 07-10-2026 at the NBB all 12 filings
Turnover
€1.1m▼ 6.4%
2019 · €1.2m
EBIT margin
8.4%▲ 5.5pp
2019 · 2.9%
Net result
€26,081▼ 63.7%
2024 · €71,858
Working capital
€135,419▼ 50.0%
2024 · €270,752
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
no figure
2025
20182025
Operating result
€50,901
▼ 51.3%
2025
20182025
Net result
€26,081
▼ 63.7%
2025
middle half of the sector
20182025
EBIT margin
no figure
2025
20182025
Equity
€314,971
▼ 19.6%
2025
highest quarter of the sector
20182025
Total assets
€589,524
▼ 0.2%
2025
highest quarter of the sector
20182025
Debt
€274,553
▲ 38.0%
2025
20182025
Working capital
€135,419
▼ 50.0%
2025
highest quarter of the sector
20182025
Solvency
53.4%
▼ 12.9pp
2025
middle half of the sector
20182025
Current ratio
1.50
▼ 0.93
2025
middle half of the sector
20182025
Return on assets (ROA)
4.4%
▼ 7.7pp
2025
middle half of the sector
20182025
Staff (FTE)
7.9
=
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Turnover€1.2m-€1.2m▼ 1.3%€1.1m▼ 6.4%
Operating result€0.02m-€0.03m▲ 58.3%€0.09m▲ 169%€0.2m▲ 78.0%€0.05m▼ 71.5%€0.1m▲ 116%€0.1m▲ 3.0%€0.05m▼ 51.3%
Net result€0.01m-€0.02m▲ 87.9%€0.07mabove the sector's middle half▲ 188%€0.07mabove the sector's middle half▲ 7.4%€0.02mwithin the sector's middle half▼ 69.1%€0.07mabove the sector's middle half▲ 184%€0.07mabove the sector's middle half▲ 9.9%€0.03mwithin the sector's middle half▼ 63.7%
EBIT margin1.8%-2.9%▲ 1.1pp8.4%▲ 5.5pp
Equity€0.06m-€0.08m▲ 33.9%€0.1mabove the sector's middle half▲ 87.9%€0.2mabove the sector's middle half▲ 50.2%€0.3mabove the sector's middle half▲ 14.3%€0.3mabove the sector's middle half▲ 25.7%€0.4mabove the sector's middle half▲ 22.5%€0.3mabove the sector's middle half▼ 19.6%
Total assets€0.6m-€0.5m▼ 23.1%€0.6mabove the sector's middle half▲ 26.0%€0.7mabove the sector's middle half▲ 20.3%€0.7mabove the sector's middle half▲ 3.6%€0.6mabove the sector's middle half▼ 10.8%€0.6mabove the sector's middle half▼ 8.6%€0.6mabove the sector's middle half▼ 0.2%
Debt€0.5m-€0.4m▼ 29.3%€0.4m▲ 13.2%€0.5m▲ 10.0%€0.5m▼ 1.4%€0.3m▼ 30.6%€0.2m▼ 39.0%€0.3m▲ 38.0%
Working capital-€0.1m-€0.07m€0.04mwithin the sector's middle half▼ 39.9%€0.1mabove the sector's middle half▲ 153%€0.08mwithin the sector's middle half▼ 18.9%€0.2mabove the sector's middle half▲ 194%€0.3mabove the sector's middle half▲ 14.8%€0.1mabove the sector's middle half▼ 50.0%
Solvency9.8%-17.1%▲ 7.3pp25.5%within the sector's middle half▲ 8.4pp31.8%within the sector's middle half▲ 6.4pp35.1%within the sector's middle half▲ 3.3pp49.5%within the sector's middle half▲ 14.4pp66.3%within the sector's middle half▲ 16.8pp53.4%within the sector's middle half▼ 12.9pp
Current ratio0.77-1.33▲ 0.551.13within the sector's middle half▼ 0.191.26within the sector's middle half▲ 0.131.21within the sector's middle half▼ 0.051.83within the sector's middle half▲ 0.622.42within the sector's middle half▲ 0.601.50within the sector's middle half▼ 0.93
Return on assets (ROA)2.1%-5.2%▲ 3.1pp11.9%within the sector's middle half▲ 6.7pp10.6%within the sector's middle half▼ 1.3pp3.2%within the sector's middle half▼ 7.5pp10.1%within the sector's middle half▲ 6.9pp12.2%within the sector's middle half▲ 2.0pp4.4%within the sector's middle half▼ 7.7pp
Staff (FTE)5.9-3▼ 49.2%5above the sector's middle half▲ 66.7%5.3▲ 6.0%5.6▲ 5.7%7.1▲ 26.8%7.9▲ 11.3%7.9=
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 51% lower than in 2024 and the lowest since 2022.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €589,524
Fixed assets
€181,435 ▲ 39.6%
Current assets
€408,090 ▼ 11.4%
Equity and liabilities €589,524
Equity
€314,971 ▼ 19.6%
Debt
€274,553 ▲ 38.0%
Debt's share of the balance-sheet total rises from 33.7% to 46.6%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€54,405
Cash flow
€29,585
Quick ratio
1.31▼
2024 · 2.15
Debt to equity
0.87▲
2024 · 0.51
ROE
8.3%▼
2024 · 18.3%
Interest coverage
3.57
Debt ≤ 1 year
€272,671▲
2024 · €190,014
Debt > 1 year
€1,882▼
2024 · €9,007
Income taxes
€9,790▼
2024 · €17,566
Staff costs
€402,258▲
2024 · €399,534
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 | - | - | - | 73 | - |
| full-time | - | - | - | 73 | - |
| Average over the year, in full-time equivalents | 5.3 | 5.6 | 7.1 | 7.9 | 7.9 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €48,229 | €50,627 | €22,224 | €4,636 | €52,471 |
| Depreciation and write-downs of the year | €31,250 | €25,734 | €45,274 | - | €3,503 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 to 2025 · 4 entries · €1,134 awarded · €1,494 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 1 | €462 | €462 |
| 2024 | 1 | €462 | €462 |
| 2023 | 1 | €0 | €360 |
| 2022 | 1 | €210 | €210 |
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Turnover70 | €1.2m | €1.2m | €1.1m | - | - | - | - | - | - |
| Non-recurring operating income76A | - | - | - | €0.3m | €0.001m | - | - | - | - |
| Goods, raw materials, services and sundry goods60/61 | - | - | - | €0.9m | €0.8m | €0.9m | €0.7m | - | - |
| Remuneration, social security and pensions62 | - | - | - | €0.2m | €0.2m | €0.3m | €0.4m | €0.4m | ▲ 0.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.2m | €0.1m | €0.04m | €0.03m | €0.03m | €0.05m | - | €0.004m | - |
| Other operating charges640/8 | - | - | - | €0.007m | €0.003m | €0.002m | €0.006m | €0.007m | ▲ 23.2% |
| Non-recurring operating charges66A | - | - | - | - | - | €0.1m | - | - | - |
| Gross operating margin9900 | €0.4m | €0.5m | €0.3m | €0.4m | €0.3m | €0.5m | €0.5m | €0.5m | ▼ 9.0% |
| Operating profit (loss)9901 | €0.02m | €0.03m | €0.09m | €0.2m | €0.05m | €0.1m | €0.1m | €0.05m | ▼ 51.3% |
| Financial income75/76B | - | - | - | - | €0 | €0.003m | €0.005m | €200 | ▼ 96.1% |
| Recurring financial income75 | - | - | - | - | €0 | €0.003m | €0.004m | €200 | ▼ 95.5% |
| Non-recurring financial income76B | - | - | - | - | - | - | €0.001m | - | - |
| Financial charges65/66B | - | - | - | €0.03m | €0.01m | €0.02m | €0.02m | €0.02m | ▼ 24.8% |
| Recurring financial charges65 | €0.009m | €0.01m | €0.02m | €0.01m | €0.01m | €0.02m | €0.02m | €0.02m | ▼ 24.8% |
| Non-recurring financial charges66B | - | - | - | €0.01m | - | €0.003m | - | - | - |
| Profit (loss) for the period before taxes9903 | €0.01m | €0.02m | €0.07m | €0.1m | €0.04m | €0.08m | €0.09m | €0.04m | ▼ 59.9% |
| Income taxes67/77 | - | - | - | €0.06m | €0.01m | €0.02m | €0.02m | €0.01m | ▼ 44.3% |
| Profit (loss) for the period9904 | €0.01m | €0.02m | €0.07m | €0.07m | €0.02m | €0.07m | €0.07m | €0.03m | ▼ 63.7% |
| Profit (loss) for the period to be appropriated9905 | €0.01m | €0.02m | €0.07m | €0.07m | €0.02m | €0.07m | €0.07m | €0.03m | ▼ 63.7% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €599,939 | €461,425 | €581,432 | €699,281 | €724,495 | €645,997 | €590,722 | €589,524 | ▼ 0.2% |
| Fixed assets21/28 | €254,971 | €195,874 | €250,358 | €224,935 | €261,397 | €125,320 | €129,956 | €181,435 | ▲ 39.6% |
| Tangible fixed assets22/27 | €254,971 | €195,874 | €250,358 | €224,935 | €261,397 | €125,320 | €129,956 | €181,435 | ▲ 39.6% |
| Land and buildings22 | - | - | - | €122,000 | €122,000 | - | - | - | - |
| Plant, machinery and equipment23 | - | - | - | €64,442 | €60,242 | €41,386 | €41,386 | €39,896 | ▼ 3.6% |
| Furniture and vehicles24 | - | - | - | €38,493 | €41,629 | €55,696 | €60,332 | €113,301 | ▲ 87.8% |
| Leasing and similar rights25 | - | - | - | - | €37,526 | €28,238 | €28,238 | €28,238 | = |
| Current assets29/58 | €344,968 | €265,551 | €331,073 | €474,346 | €463,098 | €520,677 | €460,766 | €408,090 | ▼ 11.4% |
| Amounts receivable after more than one year29 | - | - | - | - | - | - | €124,664 | €126,464 | ▲ 1.4% |
| Other amounts receivable291 | - | - | - | - | - | - | €124,664 | €126,464 | ▲ 1.4% |
| Stocks and contracts in progress3 | €123,450 | €107,801 | €107,801 | - | €25,845 | €25,845 | €51,512 | €51,512 | = |
| Stocks30/36 | - | - | - | - | €25,845 | €25,845 | €51,512 | €51,512 | = |
| Amounts receivable within one year40/41 | €204,255 | €127,051 | €198,437 | €311,124 | €333,721 | €494,832 | €242,524 | €177,404 | ▼ 26.9% |
| Trade receivables40 | - | - | - | €83,105 | €41,991 | €137,515 | €80,961 | €150,285 | ▲ 85.6% |
| Other amounts receivable41 | - | - | - | €228,019 | €291,730 | €357,317 | €161,562 | €27,118 | ▼ 83.2% |
| Cash at bank and in hand54/58 | €16,528 | €28,062 | €21,426 | €157,442 | €96,028 | - | €42,067 | €37,301 | ▼ 11.3% |
| Deferred charges and accrued income490/1 | - | - | - | €5,780 | €7,505 | - | - | €15,409 | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €599,939 | €461,425 | €581,432 | €699,281 | €724,495 | €645,997 | €590,722 | €589,524 | ▼ 0.2% |
| Equity10/15 | €58,893 | €78,886 | €148,212 | €222,677 | €254,429 | €319,843 | €391,701 | €314,971 | ▼ 19.6% |
| Contributions10/11 | €18,600 | €18,600 | - | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €27,499 | €36,247 | €60,285 | €110,712 | €36,247 | €36,247 | €108,105 | €108,105 | = |
| Tax-exempt reserves132 | - | - | - | €36,247 | €36,247 | €36,247 | €36,247 | €36,247 | = |
| Distributable reserves133 | - | - | - | €74,465 | - | - | €71,858 | €71,858 | = |
| Profit (loss) carried forward14 | €12,793 | €24,039 | €69,327 | €93,365 | €199,582 | €264,996 | €264,996 | €188,266 | ▼ 29.0% |
| Amounts payable17/49 | €541,046 | €382,539 | €433,220 | €476,604 | €470,066 | €326,154 | €199,021 | €274,553 | ▲ 38.0% |
| Amounts payable after more than one year17 | €94,228 | €182,190 | €141,340 | €101,302 | €87,252 | €7,584 | €9,007 | €1,882 | ▼ 79.1% |
| Financial debts170/4 | - | - | - | €101,302 | €87,252 | €7,584 | €9,007 | €1,882 | ▼ 79.1% |
| Amounts payable within one year42/48 | €446,817 | €200,349 | €291,880 | €375,301 | €382,814 | €284,845 | €190,014 | €272,671 | ▲ 43.5% |
| Current portion of amounts payable after more than one year42 | - | - | - | €49,250 | €39,053 | €16,100 | €39,012 | €627 | ▼ 98.4% |
| Financial debts43 | - | - | - | €57,000 | €130,000 | - | €117,500 | €112,000 | ▼ 4.7% |
| Credit institutions430/8 | - | - | - | €57,000 | €130,000 | - | €117,500 | €112,000 | ▼ 4.7% |
| Trade debts44 | €37,673 | - | €15,084 | €180,573 | €160,307 | €250,580 | €23,112 | €128,469 | ▲ 456% |
| Suppliers440/4 | - | - | - | €180,573 | €160,307 | €250,580 | €23,112 | €128,469 | ▲ 456% |
| Advances received on contracts in progress46 | - | - | - | - | - | €4,719 | - | - | - |
| Taxes, remuneration and social security45 | - | - | - | €70,479 | €53,453 | €13,446 | €10,390 | €31,575 | ▲ 204% |
| Taxes450/3 | - | - | - | €66,585 | €53,453 | €10,976 | - | €18,506 | - |
| Remuneration and social security454/9 | - | - | - | €3,894 | - | €2,470 | €10,390 | €13,069 | ▲ 25.8% |
| Other amounts payable47/48 | - | - | - | €18,000 | - | - | - | - | - |
| Accrued charges and deferred income492/3 | - | - | - | - | - | €33,725 | - | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €12,793 | €24,039 | €69,327 | €74,465 | €23,038 | €65,414 | €71,858 | €26,081 | ▼ 63.7% |
| + Depreciation and write-downs630 | €219,671 | €131,756 | €38,214 | €31,250 | €25,734 | €45,274 | - | €3,503 | - |
| Operating cash flow (approximation) | €232,464 | €155,794 | €107,540 | €105,715 | €48,771 | €110,688 | €71,858 | €29,585 | ▼ 58.8% |
| Investment in fixed assets (approximation) | - | -€72,659 | -€92,698 | -€5,827 | -€62,195 | €90,803 | -€4,636 | -€54,982 | ▼ 1,086% |
| Change in cash | - | €11,534 | -€6,636 | €136,016 | -€61,415 | - | - | -€4,766 | - |
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, 10,904 companies had the same profile as TURA CONSTRUCT has now. Two years later, 95.2% were still going and 0.7% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit under 5% of the balance sheet
95.2%
was still going
4.0%
stopped otherwise
0.7%
went bankrupt
That fits the bankruptcy probability of TURA CONSTRUCT itself: 0.8% 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 10,904 companies, not a prediction for TURA 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 12 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 07-10-2026 | 2026-00549709 | |
| 31-12-2024 | micro format | 08-09-2025 | 2025-00485181 | |
| 31-12-2023 | micro format | 30-11-2024 | 2024-00610830 | |
| 31-12-2022 | micro format | 02-10-2023 | 2023-00464296 | |
| 31-12-2021 | micro format | 06-12-2022 | 2022-20532406 | |
| 31-12-2020 | micro format | 24-03-2022 | 2022-08400555 | |
| 31-12-2019 | micro format | 15-10-2020 | 2020-61500587 | |
| 31-12-2018 | abbreviated format | 22-08-2019 | 2019-49400160 | |
| 31-12-2017 | abbreviated format | 03-06-2018 | 2018-16700130 | |
| 31-12-2016 | abbreviated format | 17-06-2017 | 2017-18600401 |