URSACHI CONSTRUCT
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 16-02-2026 PDF all 7 filings
Turnover
≈ €360,000
Estimated: probably between €260,000 and €550,000
Total assets
€485,908▲ 23.5%
2024 · €393,464
Net result
€63,815▼ 51.6%
2024 · €131,722
Working capital
€209,941▼ 0.4%
2024 · €210,737
Multi-year overview
2021 to 2025, 5 financial yearsOperating result
€85,166
▼ 50.0%
2025
20212025
Net result
€63,815
▼ 51.6%
2025
highest quarter of the sector
20212025
Equity
€235,255
▲ 0.3%
2025
highest quarter of the sector
20212025
Total assets
€485,908
▲ 23.5%
2025
highest quarter of the sector
20212025
Debt
€250,653
▲ 57.6%
2025
20212025
Working capital
€209,941
▼ 0.4%
2025
highest quarter of the sector
20212025
Solvency
48.4%
▼ 11.2pp
2025
middle half of the sector
20212025
Current ratio
1.87
▼ 0.66
2025
middle half of the sector
20212025
Return on assets (ROA)
13.1%
▼ 20.3pp
2025
middle half of the sector
20212025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20212022202320242025
Operating result€52,605-€33,540▼ 36.2%€20,809▼ 38.0%€170,268▲ 718%€85,166▼ 50.0%
Net result€40,948above the sector's middle half-€17,583within the sector's middle half▼ 57.1%€13,755within the sector's middle half▼ 21.8%€131,722above the sector's middle half▲ 858%€63,815above the sector's middle half▼ 51.6%
Equity€145,963above the sector's middle half-€145,963above the sector's middle half=€122,718above the sector's middle half▼ 15.9%€234,440above the sector's middle half▲ 91.0%€235,255above the sector's middle half▲ 0.3%
Total assets€320,874above the sector's middle half-€302,690within the sector's middle half▼ 5.7%€282,067within the sector's middle half▼ 6.8%€393,464above the sector's middle half▲ 39.5%€485,908above the sector's middle half▲ 23.5%
Debt€174,911-€156,727▼ 10.4%€159,349▲ 1.7%€159,024▼ 0.2%€250,653▲ 57.6%
Working capital€135,535above the sector's middle half-€114,071above the sector's middle half▼ 15.8%€106,665above the sector's middle half▼ 6.5%€210,737above the sector's middle half▲ 97.6%€209,941above the sector's middle half▼ 0.4%
Solvency45.5%within the sector's middle half-48.2%within the sector's middle half▲ 2.7pp43.5%within the sector's middle half▼ 4.7pp59.6%within the sector's middle half▲ 16.1pp48.4%within the sector's middle half▼ 11.2pp
Current ratio1.79within the sector's middle half-2.02within the sector's middle half▲ 0.231.93within the sector's middle half▼ 0.092.53within the sector's middle half▲ 0.601.87within the sector's middle half▼ 0.66
Return on assets (ROA)12.8%within the sector's middle half-5.8%within the sector's middle half▼ 7.0pp4.9%within the sector's middle half▼ 0.9pp33.5%above the sector's middle half▲ 28.6pp13.1%within the sector's middle half▼ 20.3pp
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 50% lower than 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 €485,908
Fixed assets
€35,137 ▼ 22.4%
Current assets
€450,771 ▲ 29.5%
Equity and liabilities €485,908
Equity
€235,255 ▲ 0.3%
Debt
€250,653 ▲ 57.6%
Debt's share of the balance-sheet total rises from 40.4% to 51.6%. Equity and debt are higher.
Key figures and ratios
EBITDA
€104,730▼
2024 · €190,116
Cash flow
€83,379▼
2024 · €151,570
Debt to equity
1.07▲
2024 · 0.68
ROE
27.1%▼
2024 · 56.2%
Interest coverage
over 100
2024 · over 100
Debt ≤ 1 year
€240,829▲
2024 · €137,476
Debt > 1 year
€9,824▼
2024 · €21,548
Income taxes
€21,102▼
2024 · €38,193
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 31-07-2022 | 31-07-2023 | 31-07-2024 | 31-07-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €71,842 | €5,091 | €4,261 | €9,450 |
| Depreciation and write-downs of the year | €9,291 | €20,930 | €19,848 | €19,564 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €5,692 | €9,291 | €20,930 | €19,848 | €19,564 | ▼ 1.4% |
| Other operating charges640/8 | - | €1,060 | €1,565 | €947 | €4,524 | ▲ 378% |
| Gross operating margin9900 | €64,125 | €43,891 | €43,304 | €191,063 | €109,253 | ▼ 42.8% |
| Operating profit (loss)9901 | €52,605 | €33,540 | €20,809 | €170,268 | €85,166 | ▼ 50.0% |
| Financial income75/76B | - | €760 | €1 | €46 | €0 | ▼ 99.9% |
| Recurring financial income75 | €27 | €760 | €1 | €46 | €0 | ▼ 99.9% |
| Financial charges65/66B | - | €1,023 | €940 | €399 | €249 | ▼ 37.5% |
| Recurring financial charges65 | €1,538 | €1,023 | €940 | €399 | €249 | ▼ 37.5% |
| Profit (loss) for the period before taxes9903 | €51,094 | €33,277 | €19,870 | €169,915 | €84,917 | ▼ 50.0% |
| Income taxes67/77 | €10,146 | €15,694 | €6,115 | €38,193 | €21,102 | ▼ 44.7% |
| Profit (loss) for the period9904 | €40,948 | €17,583 | €13,755 | €131,722 | €63,815 | ▼ 51.6% |
| Profit (loss) for the period to be appropriated9905 | €40,948 | €17,583 | €13,755 | €131,722 | €63,815 | ▼ 51.6% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €320,874 | €302,690 | €282,067 | €393,464 | €485,908 | ▲ 23.5% |
| Fixed assets21/28 | €14,127 | €76,677 | €60,838 | €45,251 | €35,137 | ▼ 22.4% |
| Tangible fixed assets22/27 | €14,027 | €76,577 | €60,738 | €45,151 | €35,037 | ▼ 22.4% |
| Plant, machinery and equipment23 | - | €1,321 | €2,626 | €3,527 | €2,325 | ▼ 34.1% |
| Furniture and vehicles24 | - | €75,256 | €58,112 | €41,624 | €32,712 | ▼ 21.4% |
| Financial fixed assets28 | €100 | €100 | €100 | €100 | €100 | = |
| Current assets29/58 | €306,747 | €226,013 | €221,229 | €348,213 | €450,771 | ▲ 29.5% |
| Amounts receivable within one year40/41 | €151,180 | €207,532 | €90,197 | €259,372 | €386,772 | ▲ 49.1% |
| Trade receivables40 | - | €187,781 | €74,416 | €245,945 | €328,643 | ▲ 33.6% |
| Other amounts receivable41 | - | €19,751 | €15,781 | €13,427 | €58,129 | ▲ 333% |
| Cash at bank and in hand54/58 | €155,477 | €14,932 | €131,032 | €86,993 | €63,999 | ▼ 26.4% |
| Deferred charges and accrued income490/1 | - | €3,549 | - | €1,848 | - | - |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €320,874 | €302,690 | €282,067 | €393,464 | €485,908 | ▲ 23.5% |
| Equity10/15 | €145,963 | €145,963 | €122,718 | €234,440 | €235,255 | ▲ 0.3% |
| Contributions10/11 | €1,000 | €1,000 | €1,000 | €1,000 | €1,000 | = |
| Capital10 | - | €1,000 | €1,000 | €1,000 | - | - |
| Issued capital100 | - | €1,000 | €1,000 | €1,000 | - | - |
| Reserves13 | €100 | €100 | €100 | €100 | €100 | = |
| Non-distributable reserves130/1 | - | €100 | €100 | €100 | €100 | = |
| Legal reserve130 | - | €100 | €100 | €100 | - | - |
| Reserves not available under the articles1311 | - | - | - | - | €100 | - |
| Profit (loss) carried forward14 | €144,863 | €144,863 | €121,618 | €233,340 | €234,155 | ▲ 0.3% |
| Amounts payable17/49 | €174,911 | €156,727 | €159,349 | €159,024 | €250,653 | ▲ 57.6% |
| Amounts payable after more than one year17 | €3,699 | €44,785 | €44,785 | €21,548 | €9,824 | ▼ 54.4% |
| Financial debts170/4 | - | €44,785 | €44,785 | €21,548 | €9,824 | ▼ 54.4% |
| Amounts payable within one year42/48 | €171,212 | €111,942 | €114,564 | €137,476 | €240,829 | ▲ 75.2% |
| Current portion of amounts payable after more than one year42 | - | €18,691 | €7,176 | €18,830 | €11,724 | ▼ 37.7% |
| Trade debts44 | €39,629 | €16,082 | €32,596 | €34,194 | €25,353 | ▼ 25.9% |
| Suppliers440/4 | - | €16,082 | €32,596 | €34,194 | €25,353 | ▼ 25.9% |
| Taxes, remuneration and social security45 | - | €15,854 | €17,954 | €43,748 | €89,976 | ▲ 106% |
| Taxes450/3 | - | €12,782 | €14,815 | €37,560 | €77,562 | ▲ 107% |
| Remuneration and social security454/9 | - | €3,072 | €3,139 | €6,188 | €12,414 | ▲ 101% |
| Other amounts payable47/48 | - | €61,315 | €56,838 | €40,704 | €113,777 | ▲ 180% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €40,948 | €17,583 | €13,755 | €131,722 | €63,815 | ▼ 51.6% |
| + Depreciation and write-downs630 | €5,692 | €9,291 | €20,930 | €19,848 | €19,564 | ▼ 1.4% |
| Operating cash flow (approximation) | €46,640 | €26,874 | €34,685 | €151,570 | €83,379 | ▼ 45.0% |
| Investment in fixed assets (approximation) | - | -€71,841 | -€5,091 | -€4,261 | -€9,450 | ▼ 122% |
| Change in cash | - | -€140,545 | €116,100 | -€44,039 | -€22,994 | ▲ 47.8% |
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, 17,811 companies had the same profile as URSACHI CONSTRUCT has now. Two years later, 96.5% were still going and 0.3% had gone bankrupt.
- Small
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
96.5%
was still going
3.1%
stopped otherwise
0.3%
went bankrupt
That fits the bankruptcy probability of URSACHI CONSTRUCT itself: 0.2% 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 17,811 companies, not a prediction for URSACHI 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.
Filings with the National Bank (7)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-07-2025 | micro format | 16-02-2026 | 2026-00039121 | |
| 31-07-2024 | micro format | 26-02-2025 | 2025-00043264 | |
| 31-07-2023 | micro format | 22-03-2024 | 2024-00050016 | |
| 31-07-2022 | micro format | 28-02-2023 | 2023-00035909 | |
| 31-07-2021 | micro format | 03-02-2022 | 2022-04900062 | |
| 31-07-2018 | micro format | 04-03-2019 | 2019-06300426 | |
| 31-07-2016 | full format | 22-02-2017 | 2017-04800379 |