USLU BAT
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 12-06-2026 PDF all 27 filings
Turnover
€143,603▼ 19.3%
2024 · €177,856
EBIT margin
2.0%▼ 6.5pp
2024 · 8.5%
Net result
€1,615▼ 85.0%
2024 · €10,770
Working capital
€23,863▼ 2.0%
2024 · €24,359
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
€143,603
▼ 19.3%
2025
20182025
Operating result
€2,903
▼ 80.8%
2025
20182025
Net result
€1,615
▼ 85.0%
2025
middle half of the sector
20182025
EBIT margin
2.0%
▼ 6.5pp
2025
20182025
Equity
€26,149
▲ 6.6%
2025
middle half of the sector
20182025
Total assets
€91,232
▲ 34.0%
2025
middle half of the sector
20182025
Debt
€65,083
▲ 49.4%
2025
20182025
Working capital
€23,863
▼ 2.0%
2025
middle half of the sector
20182025
Solvency
28.7%
▼ 7.4pp
2025
middle half of the sector
20182025
Current ratio
1.37
▼ 0.19
2025
middle half of the sector
20182025
Return on assets (ROA)
1.8%
▼ 14.0pp
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Turnover€166,549-€229,014▲ 37.5%€151,373▼ 33.9%€124,921▼ 17.5%€141,343▲ 13.1%€183,667▲ 29.9%€177,856▼ 3.2%€143,603▼ 19.3%
Operating result€2,804-€14,777▲ 427%€6,305▼ 57.3%€7,285▲ 15.5%€924▼ 87.3%€10,744▲ 12×€15,143▲ 40.9%€2,903▼ 80.8%
Net result€1,740-€11,474▲ 559%€5,252within the sector's middle half▼ 54.2%€5,238within the sector's middle half▼ 0.3%€516below the sector's middle half▼ 90.2%€7,682within the sector's middle half▲ 15×€10,770within the sector's middle half▲ 40.2%€1,615within the sector's middle half▼ 85.0%
EBIT margin1.7%-6.5%▲ 4.8pp4.2%▼ 2.3pp5.8%▲ 1.7pp0.7%▼ 5.2pp5.8%▲ 5.2pp8.5%▲ 2.7pp2.0%▼ 6.5pp
Equity-€16,397--€4,924▲ 70.0%€329below the sector's middle half€5,567below the sector's middle half▲ 17×€6,082below the sector's middle half▲ 9.3%€13,764below the sector's middle half▲ 126%€24,534within the sector's middle half▲ 78.2%€26,149within the sector's middle half▲ 6.6%
Total assets€51,531-€55,940▲ 8.6%€52,556below the sector's middle half▼ 6.1%€52,515below the sector's middle half▼ 0.1%€36,788below the sector's middle half▼ 29.9%€51,500below the sector's middle half▲ 40.0%€68,093within the sector's middle half▲ 32.2%€91,232within the sector's middle half▲ 34.0%
Debt€67,928-€60,864▼ 10.4%€52,227▼ 14.2%€46,948▼ 10.1%€30,706▼ 34.6%€37,736▲ 22.9%€43,559▲ 15.4%€65,083▲ 49.4%
Working capital-€18,596--€4,824▲ 74.1%-€78below the sector's middle half▲ 98.4%€4,482below the sector's middle half€5,317within the sector's middle half▲ 18.6%€13,293within the sector's middle half▲ 150%€24,359within the sector's middle half▲ 83.3%€23,863within the sector's middle half▼ 2.0%
Solvency-31.8%--8.8%▲ 23.0pp0.6%below the sector's middle half▲ 9.4pp10.6%below the sector's middle half▲ 10.0pp16.5%below the sector's middle half▲ 5.9pp26.7%within the sector's middle half▲ 10.2pp36.0%within the sector's middle half▲ 9.3pp28.7%within the sector's middle half▼ 7.4pp
Current ratio0.73-0.92▲ 0.191.00below the sector's middle half▲ 0.081.10below the sector's middle half▲ 0.101.17within the sector's middle half▲ 0.081.35within the sector's middle half▲ 0.181.56within the sector's middle half▲ 0.211.37within the sector's middle half▼ 0.19
Return on assets (ROA)3.4%-20.5%▲ 17.1pp10.0%within the sector's middle half▼ 10.5pp10.0%within the sector's middle half=1.4%within the sector's middle half▼ 8.6pp14.9%within the sector's middle half▲ 13.5pp15.8%within the sector's middle half▲ 0.9pp1.8%within the sector's middle half▼ 14.0pp
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 81% lower than in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €91,232
Fixed assets
€2,286 ▲ 13×
Current assets
€88,946 ▲ 31.0%
Equity and liabilities €91,232
Equity
€26,149 ▲ 6.6%
Debt
€65,083 ▲ 49.4%
Debt's share of the balance-sheet total rises from 64.0% to 71.3%. Equity and debt are higher.
Key figures and ratios
EBITDA
€3,692▼
2024 · €15,440
Cash flow
€2,404▼
2024 · €11,066
Debt to equity
2.49▲
2024 · 1.78
ROE
6.2%▼
2024 · 43.9%
Interest coverage
21.12▼
2024 · 82.24
Debt ≤ 1 year
€65,083▲
2024 · €43,559
Income taxes
€1,113▼
2024 · €4,186
Customer credit
192 days▲
2024 · 116 days
Supplier credit
49 days▲
2024 · 34 days
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 | €1,334 | €371 | €300 | - | €2,900 |
| Depreciation and write-downs of the year | €656 | €691 | €594 | €297 | €789 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Turnover70 | €166,549 | €229,014 | €151,373 | €124,921 | €141,343 | €183,667 | €177,856 | €143,603 | ▼ 19.3% |
| Goods, raw materials, services and sundry goods60/61 | - | - | - | €116,848 | €139,454 | €171,388 | €161,825 | €137,955 | ▼ 14.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €2,923 | €2,361 | €285 | €656 | €691 | €594 | €297 | €789 | ▲ 166% |
| Other operating charges640/8 | - | - | - | €496 | €274 | €941 | €591 | €1,956 | ▲ 231% |
| Gross operating margin9900 | €7,210 | €17,795 | €7,202 | €8,438 | €1,888 | €12,278 | €16,031 | €5,648 | ▼ 64.8% |
| Operating profit (loss)9901 | €2,804 | €14,777 | €6,305 | €7,285 | €924 | €10,744 | €15,143 | €2,903 | ▼ 80.8% |
| Financial income75/76B | - | - | - | - | €53 | €17 | - | - | - |
| Recurring financial income75 | - | - | - | - | €53 | €17 | - | - | - |
| Financial charges65/66B | - | - | - | €94 | €107 | €102 | €188 | €175 | ▼ 6.9% |
| Recurring financial charges65 | €270 | €93 | €128 | €94 | €107 | €102 | €188 | €175 | ▼ 6.9% |
| Profit (loss) for the period before taxes9903 | €2,535 | €14,684 | €6,177 | €7,192 | €869 | €10,658 | €14,955 | €2,728 | ▼ 81.8% |
| Income taxes67/77 | €795 | €3,210 | €925 | €1,954 | €353 | €2,976 | €4,186 | €1,113 | ▼ 73.4% |
| Profit (loss) for the period9904 | €1,740 | €11,474 | €5,252 | €5,238 | €516 | €7,682 | €10,770 | €1,615 | ▼ 85.0% |
| Profit (loss) for the period to be appropriated9905 | €1,740 | €11,474 | €5,252 | €5,238 | €516 | €7,682 | €10,770 | €1,615 | ▼ 85.0% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €51,531 | €55,940 | €52,556 | €52,515 | €36,788 | €51,500 | €68,093 | €91,232 | ▲ 34.0% |
| Fixed assets21/28 | €2,199 | €324 | €407 | €1,085 | €765 | €471 | €175 | €2,286 | ▲ 13× |
| Tangible fixed assets22/27 | €2,199 | €324 | €407 | €1,085 | €765 | €471 | €175 | €2,286 | ▲ 13× |
| Plant, machinery and equipment23 | - | - | - | €1,085 | €518 | €73 | - | €2,211 | - |
| Furniture and vehicles24 | - | - | - | - | €247 | €398 | €175 | €75 | ▼ 57.3% |
| Current assets29/58 | €49,332 | €55,616 | €52,148 | €51,430 | €36,023 | €51,029 | €67,918 | €88,946 | ▲ 31.0% |
| Amounts receivable within one year40/41 | €43,071 | €47,516 | €42,812 | €38,685 | €27,730 | €48,628 | €66,570 | €79,230 | ▲ 19.0% |
| Trade receivables40 | - | - | - | €32,154 | €18,920 | €39,861 | €56,312 | €75,398 | ▲ 33.9% |
| Other amounts receivable41 | - | - | - | €6,531 | €8,810 | €8,767 | €10,259 | €3,832 | ▼ 62.6% |
| Cash at bank and in hand54/58 | €6,261 | €8,100 | €9,092 | €12,745 | €8,293 | €1,936 | €1,347 | €9,716 | ▲ 621% |
| Deferred charges and accrued income490/1 | - | - | - | - | - | €465 | - | - | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €51,531 | €55,940 | €52,556 | €52,515 | €36,788 | €51,500 | €68,093 | €91,232 | ▲ 34.0% |
| Equity10/15 | -€16,397 | -€4,924 | €329 | €5,567 | €6,082 | €13,764 | €24,534 | €26,149 | ▲ 6.6% |
| Contributions10/11 | €18,600 | €18,600 | - | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €488 | €1,061 | €1,061 | €1,061 | €1,061 | €1,061 | €1,061 | €1,061 | = |
| Non-distributable reserves130/1 | - | - | - | €1,061 | €1,061 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,061 | €1,061 | - | - | - | - |
| Distributable reserves133 | - | - | - | - | - | €1,061 | €1,061 | €1,061 | = |
| Profit (loss) carried forward14 | -€35,485 | -€24,585 | -€19,333 | -€14,095 | -€13,579 | -€5,897 | €4,872 | €6,487 | ▲ 33.1% |
| Amounts payable17/49 | €67,928 | €60,864 | €52,227 | €46,948 | €30,706 | €37,736 | €43,559 | €65,083 | ▲ 49.4% |
| Amounts payable within one year42/48 | €67,928 | €60,440 | €52,227 | €46,948 | €30,706 | €37,736 | €43,559 | €65,083 | ▲ 49.4% |
| Trade debts44 | €11,560 | €17,491 | €9,236 | €14,250 | €26 | €6,322 | €15,029 | €18,703 | ▲ 24.4% |
| Suppliers440/4 | - | - | - | €14,250 | €26 | €6,322 | €15,029 | €18,703 | ▲ 24.4% |
| Taxes, remuneration and social security45 | - | - | - | €2,873 | €2,313 | €3,648 | €7,162 | €5,436 | ▼ 24.1% |
| Taxes450/3 | - | - | - | €2,873 | €2,313 | €3,648 | €7,162 | €5,436 | ▼ 24.1% |
| Other amounts payable47/48 | - | - | - | €29,825 | €28,366 | €27,766 | €21,367 | €40,945 | ▲ 91.6% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €1,740 | €11,474 | €5,252 | €5,238 | €516 | €7,682 | €10,770 | €1,615 | ▼ 85.0% |
| + Depreciation and write-downs630 | €2,923 | €2,361 | €285 | €656 | €691 | €594 | €297 | €789 | ▲ 166% |
| Operating cash flow (approximation) | €4,663 | €13,835 | €5,537 | €5,894 | €1,206 | €8,275 | €11,066 | €2,404 | ▼ 78.3% |
| Investment in fixed assets (approximation) | - | -€486 | -€367 | -€1,334 | -€371 | -€300 | €0 | -€2,900 | - |
| Change in cash | - | €1,839 | €992 | €3,654 | -€4,453 | -€6,357 | -€588 | €8,368 | - |
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, 3,984 companies had the same profile as USLU BAT has now. Two years later, 96.5% were still going and 1.1% had gone bankrupt.
- Micro
- 20 years or older
- solvency 10 to 30%
- a profit under 5% of the balance sheet
96.5%
was still going
2.3%
stopped otherwise
1.1%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of USLU BAT itself: 0.5% 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 3,984 companies, not a prediction for USLU BAT. 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 27 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 12-06-2026 | 2026-00155773 | |
| 31-12-2024 | micro format | 02-07-2025 | 2025-00214076 | |
| 31-12-2023 | micro format | 23-07-2024 | 2024-00279215 | |
| 31-12-2022 | micro format | 31-05-2023 | 2023-00099363 | |
| 31-12-2021 | micro format | 30-06-2022 | 2022-20111046 | |
| 31-12-2020 | micro format | 20-07-2021 | 2021-37700133 | |
| 31-12-2019 | micro format | 18-08-2020 | 2020-42000198 | |
| 31-12-2018 | micro format | 10-07-2019 | 2019-30900408 | |
| 31-12-2017 | micro format | 02-07-2018 | 2018-29200199 | |
| 31-12-2016 | micro format | 28-08-2017 | 2017-49800067 |