URM
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 07-07-2026 at the NBB all 14 filings
Turnover
≈ €650,000
Estimated: probably between €430,000 and €810,000
Total assets
€411,359▲ 9.8%
2024 · €374,600
Net result
€106,953
2024 · -€28,274
Working capital
-€1,471▲ 98.5%
2024 · -€98,482
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€132,916
2025
20182025
Net result
€106,953
2025
highest quarter of the sector
20182025
Equity
€105,810
2025
middle half of the sector
20182025
Total assets
€411,359
▲ 9.8%
2025
highest quarter of the sector
20182025
Debt
€305,549
▼ 18.7%
2025
20182025
Working capital
-€1,471
▲ 98.5%
2025
lowest quarter of the sector
20182025
Solvency
25.7%
▲ 26.0pp
2025
middle half of the sector
20182025
Current ratio
0.99
▲ 0.68
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
26.0%
▲ 33.5pp
2025
highest quarter of the sector
20182025
Staff (FTE)
1
▲ 11.1%
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€12,848-€31,066▲ 142%€29,384▼ 5.4%€24,771▼ 15.7%€2,654▼ 89.3%-€41,600-€18,321▲ 56.0%€132,916
Net result€11,570-€23,215▲ 101%€22,279within the sector's middle half▼ 4.0%€16,446within the sector's middle half▼ 26.2%-€961below the sector's middle half-€50,620below the sector's middle half▼ 5,168%-€28,274below the sector's middle half▲ 44.1%€106,953above the sector's middle half
Equity€16,772-€39,987▲ 138%€62,266within the sector's middle half▲ 55.7%€78,712within the sector's middle half▲ 26.4%€77,751within the sector's middle half▼ 1.2%€27,131within the sector's middle half▼ 65.1%-€1,143below the sector's middle half€105,810within the sector's middle half
Total assets€53,484-€65,506▲ 22.5%€130,057within the sector's middle half▲ 98.5%€161,255within the sector's middle half▲ 24.0%€461,134above the sector's middle half▲ 186%€381,001above the sector's middle half▼ 17.4%€374,600above the sector's middle half▼ 1.7%€411,359above the sector's middle half▲ 9.8%
Debt€36,712-€25,518▼ 30.5%€67,791▲ 166%€82,543▲ 21.8%€383,383▲ 364%€353,869▼ 7.7%€375,743▲ 6.2%€305,549▼ 18.7%
Working capital€10,074-€29,795▲ 196%€50,409within the sector's middle half▲ 69.2%€17,524within the sector's middle half▼ 65.2%€14,156within the sector's middle half▼ 19.2%-€60,423below the sector's middle half-€98,482below the sector's middle half▼ 63.0%-€1,471below the sector's middle half▲ 98.5%
Solvency31.4%-61.0%▲ 29.7pp47.9%within the sector's middle half▼ 13.2pp48.8%within the sector's middle half▲ 0.9pp16.9%below the sector's middle half▼ 32.0pp7.1%below the sector's middle half▼ 9.7pp-0.3%below the sector's middle half▼ 7.4pp25.7%within the sector's middle half▲ 26.0pp
Current ratio1.28-2.23▲ 0.951.77within the sector's middle half▼ 0.461.23within the sector's middle half▼ 0.541.13within the sector's middle half▼ 0.100.36below the sector's middle half▼ 0.770.31below the sector's middle half▼ 0.050.99below the sector's middle half▲ 0.68
Return on assets (ROA)21.6%-35.4%▲ 13.8pp17.1%above the sector's middle half▼ 18.3pp10.2%within the sector's middle half▼ 6.9pp-0.2%below the sector's middle half▼ 10.4pp-13.3%below the sector's middle half▼ 13.1pp-7.5%below the sector's middle half▲ 5.7pp26.0%above the sector's middle half▲ 33.5pp
Staff (FTE)0.70.8▲ 14.3%0.9▲ 12.5%1▲ 11.1%
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 a profit of €132,916, after a loss of €18,321 in 2024. It is the highest result 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 €411,359
Fixed assets
€314,417 ▼ 4.9%
Current assets
€96,942 ▲ 121%
Equity and liabilities €411,359
Equity
€105,810
Debt
€305,549
Debt's share of the balance-sheet total is 74.3%.
Key figures and ratios
EBITDA
€153,055▲
2024 · €2,592
Cash flow
€127,092▲
2024 · -€7,360
Quick ratio
0.86▲
2024 · 0.22
Debt to equity
2.89
ROE
101.1%
Interest coverage
16.12▲
2024 · 0.25
Debt ≤ 1 year
€98,413▼
2024 · €142,420
Debt > 1 year
€202,787▼
2024 · €226,665
Income taxes
€16,790▲
2024 · €283
Staff costs
€8,903▲
2024 · €5,725
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|
| Employees at the balance-sheet date | - | 1 | 1 | - |
| full-time | - | 0 | 0 | - |
| part-time | - | 1 | 1 | - |
| in full-time equivalents | - | 0.6 | 0.6 | - |
| Average over the year, in full-time equivalents | 0.4 | 0.5 | 0.6 | - |
| Joined | 1 | 1 | 1 | - |
| Left | 1 | 0 | 0 | - |
Source: social balance sheet in the 2022 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €58,565 | €279,773 | €27,645 | €4,801 | €3,895 |
| Financial fixed assets | - | - | - | - | €0 |
| Depreciation and write-downs of the year | €4,033 | €7,585 | €21,782 | €20,913 | €20,140 |
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 | - | - | - | - | €3,416 | €3,296 | €5,725 | €8,903 | ▲ 55.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €1,230 | €2,214 | €3,221 | €4,033 | €7,585 | €21,782 | €20,913 | €20,140 | ▼ 3.7% |
| Other operating charges640/8 | - | - | - | €591 | €628 | €572 | €806 | €880 | ▲ 9.2% |
| Gross operating margin9900 | €14,517 | €33,955 | €33,269 | €29,395 | €14,283 | -€15,950 | €9,123 | €162,838 | ▲ 18× |
| Operating profit (loss)9901 | €12,848 | €31,066 | €29,384 | €24,771 | €2,654 | -€41,600 | -€18,321 | €132,916 | - |
| Financial income75/76B | - | - | - | €351 | €397 | €312 | €520 | €322 | ▼ 38.1% |
| Recurring financial income75 | €19 | €94 | €342 | €351 | €397 | €312 | €520 | €322 | ▼ 38.1% |
| Financial charges65/66B | - | - | - | €2,651 | €3,956 | €9,016 | €10,190 | €9,496 | ▼ 6.8% |
| Recurring financial charges65 | €868 | €1,347 | €1,257 | €2,651 | €3,956 | €9,016 | €10,190 | €9,496 | ▼ 6.8% |
| Profit (loss) for the period before taxes9903 | €11,999 | €29,813 | €28,470 | €22,470 | -€905 | -€50,304 | -€27,991 | €123,742 | - |
| Income taxes67/77 | €429 | €6,598 | €6,191 | €6,024 | €56 | €316 | €283 | €16,790 | ▲ 59× |
| Profit (loss) for the period9904 | €11,570 | €23,215 | €22,279 | €16,446 | -€961 | -€50,620 | -€28,274 | €106,953 | - |
| Profit (loss) for the period to be appropriated9905 | €11,570 | €23,215 | €22,279 | €16,446 | -€961 | -€50,620 | -€28,274 | €106,953 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €53,484 | €65,506 | €130,057 | €161,255 | €461,134 | €381,001 | €374,600 | €411,359 | ▲ 9.8% |
| Fixed assets21/28 | €7,245 | €11,531 | €14,191 | €68,723 | €340,911 | €346,774 | €330,662 | €314,417 | ▼ 4.9% |
| Tangible fixed assets22/27 | €6,230 | €10,516 | €13,176 | €67,708 | €339,896 | €345,759 | €329,647 | €313,402 | ▼ 4.9% |
| Land and buildings22 | - | - | - | €56,531 | €331,230 | €325,591 | €310,641 | €294,647 | ▼ 5.1% |
| Plant, machinery and equipment23 | - | - | - | €11,177 | €8,667 | €20,168 | €16,085 | €16,537 | ▲ 2.8% |
| Furniture and vehicles24 | - | - | - | - | - | - | €2,921 | €2,217 | ▼ 24.1% |
| Financial fixed assets28 | €1,015 | €1,015 | €1,015 | €1,015 | €1,015 | €1,015 | €1,015 | €1,015 | = |
| Current assets29/58 | €46,239 | €53,975 | €115,866 | €92,532 | €120,223 | €34,227 | €43,939 | €96,942 | ▲ 121% |
| Stocks and contracts in progress3 | €11,542 | €9,885 | €16,214 | €16,366 | €8,724 | €17,026 | €12,072 | €12,546 | ▲ 3.9% |
| Stocks30/36 | - | - | - | €16,366 | €8,724 | €17,026 | €12,072 | €12,546 | ▲ 3.9% |
| Amounts receivable within one year40/41 | €25,778 | €18,950 | €12,657 | €21,264 | €9,957 | €13,660 | €22,400 | €32,546 | ▲ 45.3% |
| Trade receivables40 | - | - | - | €13,225 | €7,383 | €7,250 | €16,291 | €27,097 | ▲ 66.3% |
| Other amounts receivable41 | - | - | - | €8,039 | €2,574 | €6,410 | €6,108 | €5,449 | ▼ 10.8% |
| Cash at bank and in hand54/58 | €7,650 | €24,901 | €86,749 | €54,658 | €101,241 | €2,776 | €8,690 | €51,120 | ▲ 488% |
| Deferred charges and accrued income490/1 | - | - | - | €244 | €301 | €764 | €777 | €730 | ▼ 6.1% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €53,484 | €65,506 | €130,057 | €161,255 | €461,134 | €381,001 | €374,600 | €411,359 | ▲ 9.8% |
| Equity10/15 | €16,772 | €39,987 | €62,266 | €78,712 | €77,751 | €27,131 | -€1,143 | €105,810 | - |
| Contributions10/11 | €6,200 | €6,200 | - | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Contributions outside capital11 | - | - | - | €6,200 | €6,200 | - | - | - | - |
| Other1109/19 | - | - | - | €6,200 | €6,200 | - | - | - | - |
| Reserves13 | €24,864 | €33,787 | €56,066 | €72,512 | €72,512 | €72,512 | €47,648 | €99,610 | ▲ 109% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €0 | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | €0 | - | - | - |
| Distributable reserves133 | - | - | - | €70,652 | €70,652 | €72,512 | €47,648 | €99,610 | ▲ 109% |
| Profit (loss) carried forward14 | -€14,292 | - | - | - | -€961 | -€51,581 | -€54,991 | €0 | - |
| Amounts payable17/49 | €36,712 | €25,518 | €67,791 | €82,543 | €383,383 | €353,869 | €375,743 | €305,549 | ▼ 18.7% |
| Amounts payable after more than one year17 | - | - | - | - | €273,680 | €250,294 | €226,665 | €202,787 | ▼ 10.5% |
| Financial debts170/4 | - | - | - | - | €273,680 | €250,294 | €226,665 | €202,787 | ▼ 10.5% |
| Amounts payable within one year42/48 | €36,166 | €24,180 | €65,457 | €75,008 | €106,066 | €94,650 | €142,420 | €98,413 | ▼ 30.9% |
| Current portion of amounts payable after more than one year42 | - | - | - | - | €23,151 | €23,386 | €23,629 | €23,878 | ▲ 1.1% |
| Trade debts44 | €14,298 | €4,248 | €2,774 | €6,977 | €12,531 | €189 | €50,266 | €319 | ▼ 99.4% |
| Suppliers440/4 | - | - | - | €6,977 | €12,531 | €189 | €50,266 | €319 | ▼ 99.4% |
| Taxes, remuneration and social security45 | - | - | - | €793 | €835 | €1,192 | €1,645 | €6,965 | ▲ 323% |
| Taxes450/3 | - | - | - | €793 | €835 | €1,192 | €1,645 | €6,965 | ▲ 323% |
| Other amounts payable47/48 | - | - | - | €67,238 | €69,549 | €69,882 | €66,881 | €67,252 | ▲ 0.6% |
| Accrued charges and deferred income492/3 | - | - | - | €7,535 | €3,636 | €8,926 | €6,657 | €4,348 | ▼ 34.7% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €11,570 | €23,215 | €22,279 | €16,446 | -€961 | -€50,620 | -€28,274 | €106,953 | - |
| + Depreciation and write-downs630 | €1,230 | €2,214 | €3,221 | €4,033 | €7,585 | €21,782 | €20,913 | €20,140 | ▼ 3.7% |
| Operating cash flow (approximation) | €12,800 | €25,429 | €25,500 | €20,479 | €6,624 | -€28,838 | -€7,360 | €127,092 | - |
| Investment in fixed assets (approximation) | - | -€6,500 | -€5,881 | -€58,565 | -€279,773 | -€27,645 | -€4,801 | -€3,895 | ▲ 18.9% |
| Change in cash | - | €17,252 | €61,848 | -€32,092 | €46,583 | -€98,465 | €5,914 | €42,431 | ▲ 617% |
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, 5,053 companies had the same profile as URM has now. Two years later, 95.9% were still going and 1.6% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 10 to 30%
- a profit of 5% of the balance sheet or more
95.9%
was still going
2.4%
stopped otherwise
1.6%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of URM itself is lower: 0.2% within 12 months. It rests on far more data about URM than the profile alone.
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 5,053 companies, not a prediction for URM. 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 14 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 07-07-2026 | 2026-00260331 | |
| 31-12-2024 | micro format | 21-08-2025 | 2025-00388203 | |
| 31-12-2023 | micro format | 26-07-2024 | 2024-00287347 | |
| 31-12-2022 | micro format | 19-07-2023 | 2023-00248419 | |
| 31-12-2021 | micro format | 22-07-2022 | 2022-20211170 | |
| 31-12-2020 | micro format | 28-07-2021 | 2021-41500495 | |
| 31-12-2019 | micro format | 31-07-2020 | 2020-36800395 | |
| 31-12-2018 | micro format | 10-08-2019 | 2019-45200076 | |
| 31-12-2017 | micro format | 13-09-2018 | 2018-63100039 | |
| 31-12-2016 | micro format | 09-08-2017 | 2017-42900025 |