Uncia
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 30-06-2026 at the NBB all 6 filings
Turnover
≈ €450,000
Estimated: probably between €320,000 and €790,000
Total assets
€324,986▲ 50.8%
2024 · €215,539
Net result
€27,247▲ 293%
2024 · €6,929
Working capital
€199,168▲ 14.8%
2024 · €173,461
Multi-year overview
2020 to 2025, 6 financial yearsOperating result
€53,886
▲ 247%
2025
20202025
Net result
€27,247
▲ 293%
2025
highest quarter of the sector
20202025
Equity
€207,920
▲ 15.1%
2025
highest quarter of the sector
20202025
Total assets
€324,986
▲ 50.8%
2025
highest quarter of the sector
20202025
Debt
€117,067
▲ 236%
2025
20202025
Working capital
€199,168
▲ 14.8%
2025
highest quarter of the sector
20202025
Solvency
64.0%
▼ 19.8pp
2025
middle half of the sector
20202025
Current ratio
2.70
▼ 3.27
2025
middle half of the sector
20202025
Return on assets (ROA)
8.4%
▲ 5.2pp
2025
middle half of the sector
20202025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line202020212022202320242025
Operating result€66,658-€112,122▲ 68.2%€50,455▼ 55.0%€67,008▲ 32.8%€15,551▼ 76.8%€53,886▲ 247%
Net result€49,170above the sector's middle half-€77,562above the sector's middle half▲ 57.7%€30,531above the sector's middle half▼ 60.6%€40,810above the sector's middle half▲ 33.7%€6,929within the sector's middle half▼ 83.0%€27,247above the sector's middle half▲ 293%
Equity€53,370within the sector's middle half-€130,132above the sector's middle half▲ 144%€159,863above the sector's middle half▲ 22.8%€180,673above the sector's middle half▲ 13.0%€180,673above the sector's middle half=€207,920above the sector's middle half▲ 15.1%
Total assets€138,784within the sector's middle half-€299,503within the sector's middle half▲ 116%€229,387within the sector's middle half▼ 23.4%€227,466within the sector's middle half▼ 0.8%€215,539within the sector's middle half▼ 5.2%€324,986above the sector's middle half▲ 50.8%
Debt€85,414-€169,372▲ 98.3%€69,524▼ 59.0%€46,792▼ 32.7%€34,866▼ 25.5%€117,067▲ 236%
Working capital€53,136within the sector's middle half-€127,649above the sector's middle half▲ 140%€157,909above the sector's middle half▲ 23.7%€171,762above the sector's middle half▲ 8.8%€173,461above the sector's middle half▲ 1.0%€199,168above the sector's middle half▲ 14.8%
Solvency38.5%within the sector's middle half-43.4%within the sector's middle half▲ 5.0pp69.7%above the sector's middle half▲ 26.2pp79.4%above the sector's middle half▲ 9.7pp83.8%above the sector's middle half▲ 4.4pp64.0%within the sector's middle half▼ 19.8pp
Current ratio1.62within the sector's middle half-1.75within the sector's middle half▲ 0.133.27above the sector's middle half▲ 1.524.67above the sector's middle half▲ 1.405.98above the sector's middle half▲ 1.302.70within the sector's middle half▼ 3.27
Return on assets (ROA)35.4%above the sector's middle half-25.9%above the sector's middle half▼ 9.5pp13.3%within the sector's middle half▼ 12.6pp17.9%within the sector's middle half▲ 4.6pp3.2%within the sector's middle half▼ 14.7pp8.4%within the sector's middle half▲ 5.2pp
above
within
below
The sector band is the middle half of the companies in Construction of residential and non-residential buildings (NACE 41). 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 nearly 3.5 times that of 2024. It is a recovery after the fall in 2024.
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 €324,986
Fixed assets
€8,752 ▲ 21.3%
Current assets
€316,235 ▲ 51.8%
Equity and liabilities €324,986
Equity
€207,920 ▲ 15.1%
Debt
€117,067 ▲ 236%
Debt's share of the balance-sheet total rises from 16.2% to 36.0%. Equity and debt are higher.
Key figures and ratios
EBITDA
€56,991▲
2024 · €17,238
Cash flow
€30,351▲
2024 · €8,616
Debt to equity
0.56▲
2024 · 0.19
ROE
13.1%▲
2024 · 3.8%
Interest coverage
5.60▲
2024 · 3.27
Debt ≤ 1 year
€117,067▲
2024 · €34,866
Income taxes
€16,464▲
2024 · €3,371
Staff costs
€27,508▲
2024 · €27,200
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 | €2,644 | - | €9,132 | €7,474 | €4,644 |
| Depreciation and write-downs of the year | €395 | €529 | €2,175 | €1,687 | €3,105 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | €1,646 | €0 | ▼ 100% |
| Remuneration, social security and pensions62 | - | - | €5,513 | €29,152 | €27,200 | €27,508 | ▲ 1.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €2,572 | €395 | €529 | €2,175 | €1,687 | €3,105 | ▲ 84.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | €2,738 | €0 | - | - | - | - |
| Other operating charges640/8 | - | €120 | €3,519 | €447 | €1,029 | €811 | ▼ 21.2% |
| Gross operating margin9900 | €69,269 | €115,375 | €60,015 | €98,782 | €45,467 | €85,310 | ▲ 87.6% |
| Operating profit (loss)9901 | €66,658 | €112,122 | €50,455 | €67,008 | €15,551 | €53,886 | ▲ 247% |
| Financial income75/76B | - | €427 | €1 | €28 | €23 | €7 | ▼ 68.9% |
| Recurring financial income75 | - | €427 | €1 | €28 | €23 | €7 | ▼ 68.9% |
| Financial charges65/66B | - | €3,535 | €6,076 | €8,551 | €5,275 | €10,182 | ▲ 93.0% |
| Recurring financial charges65 | €9 | €3,535 | €6,076 | €8,551 | €5,275 | €10,182 | ▲ 93.0% |
| Profit (loss) for the period before taxes9903 | €66,649 | €109,014 | €44,380 | €58,485 | €10,300 | €43,711 | ▲ 324% |
| Income taxes67/77 | €17,480 | €31,451 | €13,849 | €17,675 | €3,371 | €16,464 | ▲ 388% |
| Profit (loss) for the period9904 | €49,170 | €77,562 | €30,531 | €40,810 | €6,929 | €27,247 | ▲ 293% |
| Profit (loss) for the period to be appropriated9905 | €49,170 | €77,562 | €30,531 | €40,810 | €6,929 | €27,247 | ▲ 293% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Assets | |||||||
| Total assets20/58 | €138,784 | €299,503 | €229,387 | €227,466 | €215,539 | €324,986 | ▲ 50.8% |
| Formation expenses20 | €234 | - | - | - | - | - | - |
| Fixed assets21/28 | - | €2,483 | €1,954 | €8,911 | €7,212 | €8,752 | ▲ 21.3% |
| Tangible fixed assets22/27 | - | €2,483 | €1,954 | €8,911 | €7,212 | €8,752 | ▲ 21.3% |
| Plant, machinery and equipment23 | - | €2,483 | €1,954 | €1,425 | €4,718 | €3,415 | ▼ 27.6% |
| Furniture and vehicles24 | - | - | - | €7,486 | €2,495 | €5,337 | ▲ 114% |
| Current assets29/58 | €138,550 | €297,021 | €227,433 | €218,554 | €208,326 | €316,235 | ▲ 51.8% |
| Amounts receivable within one year40/41 | €116,328 | €199,558 | €135,324 | €117,564 | €144,448 | €266,538 | ▲ 84.5% |
| Trade receivables40 | - | €198,383 | €133,499 | €98,177 | €120,058 | €263,888 | ▲ 120% |
| Other amounts receivable41 | - | €1,175 | €1,825 | €19,387 | €24,390 | €2,650 | ▼ 89.1% |
| Cash at bank and in hand54/58 | €22,222 | €88,254 | €87,230 | €96,697 | €33,922 | €24,996 | ▼ 26.3% |
| Deferred charges and accrued income490/1 | - | €9,208 | €4,879 | €4,293 | €29,957 | €24,700 | ▼ 17.5% |
| Equity and liabilities | |||||||
| Total equity and liabilities10/49 | €138,784 | €299,503 | €229,387 | €227,466 | €215,539 | €324,986 | ▲ 50.8% |
| Equity10/15 | €53,370 | €130,132 | €159,863 | €180,673 | €180,673 | €207,920 | ▲ 15.1% |
| Contributions10/11 | - | €5,000 | €5,000 | €5,000 | €5,000 | €5,000 | = |
| Reserves13 | €38,370 | €105,132 | €134,863 | €175,673 | €175,673 | €202,920 | ▲ 15.5% |
| Distributable reserves133 | - | €105,132 | €134,863 | €175,673 | €175,673 | €202,920 | ▲ 15.5% |
| Profit (loss) carried forward14 | €10,000 | €20,000 | €20,000 | €0 | €0 | €0 | - |
| Amounts payable17/49 | €85,414 | €169,372 | €69,524 | €46,792 | €34,866 | €117,067 | ▲ 236% |
| Amounts payable within one year42/48 | €85,414 | €169,372 | €69,524 | €46,792 | €34,866 | €117,067 | ▲ 236% |
| Current portion of amounts payable after more than one year42 | - | €19,000 | €7,882 | €11,830 | €0 | - | - |
| Financial debts43 | - | - | - | - | €5,113 | €5,155 | ▲ 0.8% |
| Credit institutions430/8 | - | - | - | - | €5,113 | €5,155 | ▲ 0.8% |
| Trade debts44 | €32,424 | €69,988 | €43,138 | €1,365 | €2,199 | €87,418 | ▲ 40× |
| Suppliers440/4 | - | €69,988 | €43,138 | €1,365 | €2,199 | €87,418 | ▲ 40× |
| Advances received on contracts in progress46 | - | €5,487 | €0 | - | - | - | - |
| Taxes, remuneration and social security45 | - | €36,182 | €13,369 | €13,597 | €5,844 | €8,583 | ▲ 46.9% |
| Taxes450/3 | - | €33,182 | €12,451 | €5,744 | €446 | €2,963 | ▲ 565% |
| Remuneration and social security454/9 | - | €3,000 | €918 | €7,853 | €5,399 | €5,620 | ▲ 4.1% |
| Other amounts payable47/48 | - | €38,715 | €5,135 | €20,000 | €21,709 | €15,911 | ▼ 26.7% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €49,170 | €77,562 | €30,531 | €40,810 | €6,929 | €27,247 | ▲ 293% |
| + Depreciation and write-downs630 | €2,572 | €395 | €529 | €2,175 | €1,687 | €3,105 | ▲ 84.0% |
| Operating cash flow (approximation) | €51,741 | €77,957 | €31,060 | €42,985 | €8,616 | €30,351 | ▲ 252% |
| Investment in fixed assets (approximation) | - | - | €0 | -€9,132 | €12 | -€4,644 | - |
| Change in cash | - | €66,032 | -€1,024 | €9,467 | -€62,775 | -€8,926 | ▲ 85.8% |
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, 26,972 companies had the same profile as Uncia has now. Two years later, 94.9% were still going and 1.6% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
94.9%
was still going
3.4%
stopped otherwise
1.6%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of Uncia itself: 1.1% 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 26,972 companies, not a prediction for Uncia. 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.
Filings with the National Bank (6)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 30-06-2026 | 2026-00221209 | |
| 31-12-2024 | micro format | 25-08-2025 | 2025-00397935 | |
| 31-12-2023 | micro format | 09-07-2024 | 2024-00224193 | |
| 31-12-2022 | micro format | 23-06-2023 | 2023-00151584 | |
| 31-12-2021 | micro format | 04-07-2022 | 2022-20123767 | |
| 31-12-2020 | micro format | 02-07-2021 | 2021-30400493 |