VAN MOER M. CONSTRUCTIES
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 09-07-2026 at the NBB all 25 filings
Turnover
€283,017▼ 36.3%
2019 · €443,972
EBIT margin
7.8%▼ 1.2pp
2019 · 9.0%
Net result
€27,277▼ 68.3%
2024 · €86,176
Working capital
-€19,811
2024 · €3,948
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
no figure
2025
20182025
Operating result
€64,849
▼ 54.8%
2025
20182025
Net result
€27,277
▼ 68.3%
2025
middle half of the sector
20182025
EBIT margin
no figure
2025
20182025
Equity
€233,770
▲ 13.2%
2025
middle half of the sector
20182025
Total assets
€523,299
▼ 11.2%
2025
middle half of the sector
20182025
Debt
€289,528
▼ 24.3%
2025
20182025
Working capital
-€19,811
2025
lowest quarter of the sector
20182025
Solvency
44.7%
▲ 9.6pp
2025
middle half of the sector
20182025
Current ratio
0.92
▼ 0.09
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
5.2%
▼ 9.4pp
2025
middle half of the sector
20182025
Staff (FTE)
1
=
2025
lowest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Turnover€498,169-€443,972▼ 10.9%€283,017
Operating result-€20,259-€39,838€49,946▲ 25.4%€21,939▼ 56.1%€52,257▲ 138%€29,682▼ 43.2%€143,500▲ 383%€64,849▼ 54.8%
Net result-€38,537-€34,140€28,230within the sector's middle half▼ 17.3%-€540below the sector's middle half€10,010within the sector's middle half€7,688within the sector's middle half▼ 23.2%€86,176within the sector's middle half▲ 11×€27,277within the sector's middle half▼ 68.3%
EBIT margin-4.1%-9.0%▲ 13.0pp7.8%
Equity€40,789-€74,929▲ 83.7%€103,159within the sector's middle half▲ 37.7%€102,619below the sector's middle half▼ 0.5%€112,630within the sector's middle half▲ 9.8%€120,317within the sector's middle half▲ 6.8%€206,493within the sector's middle half▲ 71.6%€233,770within the sector's middle half▲ 13.2%
Total assets€416,186-€388,648▼ 6.6%€416,631within the sector's middle half▲ 7.2%€385,695below the sector's middle half▼ 7.4%€415,929above the sector's middle half▲ 7.8%€400,473above the sector's middle half▼ 3.7%€589,125within the sector's middle half▲ 47.1%€523,299within the sector's middle half▼ 11.2%
Debt€375,397-€313,719▼ 16.4%€313,472▼ 0.1%€283,076▼ 9.7%€303,300▲ 7.1%€280,156▼ 7.6%€382,631▲ 36.6%€289,528▼ 24.3%
Working capital-€175,227--€133,136▲ 24.0%-€101,622below the sector's middle half▲ 23.7%-€108,816below the sector's middle half▼ 7.1%-€88,480below the sector's middle half▲ 18.7%-€78,991below the sector's middle half▲ 10.7%€3,948below the sector's middle half-€19,811below the sector's middle half
Solvency9.8%-19.3%▲ 9.5pp24.8%within the sector's middle half▲ 5.5pp26.6%within the sector's middle half▲ 1.8pp27.1%within the sector's middle half▲ 0.5pp30.0%within the sector's middle half▲ 3.0pp35.1%within the sector's middle half▲ 5.0pp44.7%within the sector's middle half▲ 9.6pp
Current ratio0.49-0.54▲ 0.050.66below the sector's middle half▲ 0.120.61below the sector's middle half▼ 0.050.70below the sector's middle half▲ 0.100.70below the sector's middle half=1.01below the sector's middle half▲ 0.310.92below the sector's middle half▼ 0.09
Return on assets (ROA)-9.3%-8.8%▲ 18.0pp6.8%within the sector's middle half▼ 2.0pp-0.1%below the sector's middle half▼ 6.9pp2.4%within the sector's middle half▲ 2.5pp1.9%within the sector's middle half▼ 0.5pp14.6%above the sector's middle half▲ 12.7pp5.2%within the sector's middle half▼ 9.4pp
Staff (FTE)3-2.6▼ 13.3%1below the sector's middle half▼ 61.5%1below the sector's middle half=1=1=1below the sector's middle half=1below the sector's middle half=
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 55% lower than in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €523,299
Fixed assets
€280,006 ▲ 19.5%
Current assets
€243,293 ▼ 31.4%
Equity and liabilities €523,299
Equity
€233,770 ▲ 13.2%
Debt
€289,528 ▼ 24.3%
Debt's share of the balance-sheet total falls from 64.9% to 55.3%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€77,415▼
2024 · €151,176
Cash flow
€39,843▼
2024 · €93,851
Quick ratio
0.57▼
2024 · 0.84
Debt to equity
1.24▼
2024 · 1.85
ROE
11.7%▼
2024 · 41.7%
Interest coverage
3.59▼
2024 · 7.38
Debt ≤ 1 year
€263,103▼
2024 · €350,851
Debt > 1 year
€16,622▼
2024 · €22,827
Income taxes
€16,066▼
2024 · €36,853
Staff costs
€69,604▲
2024 · €65,361
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 | 1 | 1 | 1 | 1 | 1 |
| full-time | 1 | 1 | 1 | 1 | 1 |
| part-time | - | 0 | 0 | 0 | 0 |
| in full-time equivalents | 1 | 1 | 1 | 1 | 1 |
| Average over the year, in full-time equivalents | 1 | 1 | 1 | 1 | 1 |
| On a permanent contract | 1 | 1 | 1 | 1 | 1 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €6,500 | - | €13,851 | €32,934 | €58,247 |
| Financial fixed assets | - | €4,235 | - | - | €0 |
| Depreciation and write-downs of the year | €10,632 | €10,595 | €3,073 | €7,675 | €12,566 |
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 | €498,169 | €443,972 | - | €283,017 | - | - | - | - | - |
| Non-recurring operating income76A | - | - | - | €559 | €0 | - | - | - | - |
| Goods, raw materials, services and sundry goods60/61 | - | - | - | €229,306 | - | - | - | - | - |
| Remuneration, social security and pensions62 | - | - | - | €49,233 | €55,089 | €60,427 | €65,361 | €69,604 | ▲ 6.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €10,490 | €16,091 | €9,601 | €10,632 | €10,595 | €3,073 | €7,675 | €12,566 | ▲ 63.7% |
| Other operating charges640/8 | - | - | - | €3,840 | €2,994 | €2,780 | €8,245 | €3,883 | ▼ 52.9% |
| Non-recurring operating charges66A | - | - | - | - | - | €4,510 | €0 | - | - |
| Gross operating margin9900 | €133,045 | €176,281 | €108,590 | €85,644 | €120,935 | €100,473 | €224,781 | €150,902 | ▼ 32.9% |
| Operating profit (loss)9901 | -€20,259 | €39,838 | €49,946 | €21,939 | €52,257 | €29,682 | €143,500 | €64,849 | ▼ 54.8% |
| Financial income75/76B | - | - | - | - | €6 | €10 | €2 | €39 | ▲ 17× |
| Recurring financial income75 | - | - | - | - | €6 | €10 | €2 | €39 | ▲ 17× |
| Financial charges65/66B | - | - | - | €11,104 | €32,710 | €17,197 | €20,473 | €21,544 | ▲ 5.2% |
| Recurring financial charges65 | €2,804 | €2,904 | €11,619 | €11,104 | €32,710 | €17,197 | €20,473 | €21,544 | ▲ 5.2% |
| Profit (loss) for the period before taxes9903 | -€23,063 | €36,934 | €38,327 | €10,835 | €19,553 | €12,495 | €123,030 | €43,343 | ▼ 64.8% |
| Income taxes67/77 | €15,474 | €2,794 | €10,097 | €11,375 | €9,544 | €4,808 | €36,853 | €16,066 | ▼ 56.4% |
| Profit (loss) for the period9904 | -€38,537 | €34,140 | €28,230 | -€540 | €10,010 | €7,688 | €86,176 | €27,277 | ▼ 68.3% |
| Profit (loss) for the period to be appropriated9905 | -€38,537 | €34,140 | €28,230 | -€540 | €10,010 | €7,688 | €86,176 | €27,277 | ▼ 68.3% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €416,186 | €388,648 | €416,631 | €385,695 | €415,929 | €400,473 | €589,125 | €523,299 | ▼ 11.2% |
| Fixed assets21/28 | €248,543 | €232,452 | €222,851 | €218,719 | €208,124 | €213,302 | €234,325 | €280,006 | ▲ 19.5% |
| Tangible fixed assets22/27 | €244,308 | €228,217 | €218,616 | €214,484 | €203,889 | €209,067 | €234,325 | €280,006 | ▲ 19.5% |
| Land and buildings22 | - | - | - | €195,015 | €194,778 | €206,248 | €204,812 | €203,613 | ▼ 0.6% |
| Plant, machinery and equipment23 | - | - | - | €2,135 | €1,510 | €885 | €260 | €9,943 | ▲ 38× |
| Furniture and vehicles24 | - | - | - | €3,333 | €2,000 | €1,933 | €29,253 | €66,451 | ▲ 127% |
| Leasing and similar rights25 | - | - | - | €14,001 | €5,600 | €0 | - | - | - |
| Financial fixed assets28 | €4,235 | €4,235 | €4,235 | €4,235 | €4,235 | €4,235 | €0 | - | - |
| Current assets29/58 | €167,643 | €156,196 | €193,780 | €166,976 | €207,805 | €187,171 | €354,799 | €243,293 | ▼ 31.4% |
| Stocks and contracts in progress3 | €103,810 | €109,279 | €92,613 | €123,456 | €121,039 | €122,316 | €61,557 | €93,814 | ▲ 52.4% |
| Stocks30/36 | - | - | - | €98,456 | €94,570 | €92,214 | €61,557 | €86,427 | ▲ 40.4% |
| Contracts in progress37 | - | - | - | €25,000 | €26,469 | €30,102 | €0 | €7,387 | - |
| Amounts receivable within one year40/41 | €63,833 | €44,851 | €44,433 | €17,837 | €69,412 | €41,991 | €279,219 | €23,272 | ▼ 91.7% |
| Trade receivables40 | - | - | - | €17,267 | €60,429 | €27,377 | €264,225 | €11,472 | ▼ 95.7% |
| Other amounts receivable41 | - | - | - | €570 | €8,983 | €14,614 | €14,994 | €11,800 | ▼ 21.3% |
| Cash at bank and in hand54/58 | - | €2,066 | €56,734 | €25,683 | €8,481 | €17,559 | €9,835 | €120,054 | ▲ 12× |
| Deferred charges and accrued income490/1 | - | - | - | - | €8,873 | €5,305 | €4,188 | €6,153 | ▲ 46.9% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €416,186 | €388,648 | €416,631 | €385,695 | €415,929 | €400,473 | €589,125 | €523,299 | ▼ 11.2% |
| Equity10/15 | €40,789 | €74,929 | €103,159 | €102,619 | €112,630 | €120,317 | €206,493 | €233,770 | ▲ 13.2% |
| Contributions10/11 | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Capital10 | - | - | - | €6,200 | - | - | - | - | - |
| Issued capital100 | - | - | - | €18,600 | - | - | - | - | - |
| Uncalled capital101 | - | - | - | €12,400 | - | - | - | - | - |
| Reserves13 | €92,906 | €92,906 | €96,959 | €96,959 | €106,430 | €114,117 | €200,293 | €227,570 | ▲ 13.6% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €0 | - | - | - |
| Legal reserve130 | - | - | - | €1,860 | - | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | - | €1,860 | €0 | - | - | - |
| Tax-exempt reserves132 | - | - | - | €8,685 | €8,685 | €8,685 | €8,685 | €8,685 | = |
| Distributable reserves133 | - | - | - | €86,414 | €95,884 | €105,432 | €191,608 | €218,885 | ▲ 14.2% |
| Profit (loss) carried forward14 | -€58,317 | -€24,177 | - | -€540 | €0 | - | - | - | - |
| Amounts payable17/49 | €375,397 | €313,719 | €313,472 | €283,076 | €303,300 | €280,156 | €382,631 | €289,528 | ▼ 24.3% |
| Amounts payable after more than one year17 | €31,628 | €23,670 | €15,556 | €7,284 | €0 | - | €22,827 | €16,622 | ▼ 27.2% |
| Financial debts170/4 | - | - | - | €7,284 | €0 | - | €22,827 | €16,622 | ▼ 27.2% |
| Amounts payable within one year42/48 | €342,870 | €289,332 | €295,402 | €275,792 | €296,285 | €266,162 | €350,851 | €263,103 | ▼ 25.0% |
| Current portion of amounts payable after more than one year42 | - | - | - | €8,272 | €7,284 | €0 | €5,966 | €6,205 | ▲ 4.0% |
| Financial debts43 | - | - | - | - | €5,196 | €3,404 | €25,992 | €0 | ▼ 100% |
| Credit institutions430/8 | - | - | - | - | €5,196 | €3,404 | €25,992 | €0 | ▼ 100% |
| Trade debts44 | €34,627 | €16,472 | €20,559 | €7,284 | €20,612 | €22,175 | €78,243 | €28,009 | ▼ 64.2% |
| Suppliers440/4 | - | - | - | €7,284 | €20,612 | €22,175 | €78,243 | €28,009 | ▼ 64.2% |
| Taxes, remuneration and social security45 | - | - | - | €11,120 | €11,327 | €56 | €11,853 | €14,580 | ▲ 23.0% |
| Taxes450/3 | - | - | - | €7,359 | €11,327 | €46 | €11,853 | €14,580 | ▲ 23.0% |
| Remuneration and social security454/9 | - | - | - | €3,761 | €0 | €10 | €0 | - | - |
| Other amounts payable47/48 | - | - | - | €249,116 | €251,866 | €240,527 | €228,798 | €214,309 | ▼ 6.3% |
| Accrued charges and deferred income492/3 | - | - | - | - | €7,015 | €13,994 | €8,953 | €9,803 | ▲ 9.5% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€38,537 | €34,140 | €28,230 | -€540 | €10,010 | €7,688 | €86,176 | €27,277 | ▼ 68.3% |
| + Depreciation and write-downs630 | €10,490 | €16,091 | €9,601 | €10,632 | €10,595 | €3,073 | €7,675 | €12,566 | ▲ 63.7% |
| Operating cash flow (approximation) | -€28,047 | €50,231 | €37,831 | €10,092 | €20,605 | €10,761 | €93,851 | €39,843 | ▼ 57.5% |
| Investment in fixed assets (approximation) | - | €0 | €0 | -€6,500 | -€0 | -€8,251 | -€28,699 | -€58,247 | ▼ 103% |
| Change in cash | - | - | €54,668 | -€31,051 | -€17,202 | €9,077 | -€7,724 | €110,218 | - |
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, 31,368 companies had the same profile as VAN MOER M. CONSTRUCTIES has now. Two years later, 93.5% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
93.5%
was still going
5.9%
stopped otherwise
0.5%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of VAN MOER M. CONSTRUCTIES 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 31,368 companies, not a prediction for VAN MOER M. CONSTRUCTIES. 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 25 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 09-07-2026 | 2026-00290747 | |
| 31-12-2024 | abbreviated format | 29-04-2025 | 2025-00081467 | |
| 31-12-2023 | micro format | 24-07-2024 | 2024-00298425 | |
| 31-12-2022 | micro format | 15-06-2023 | 2023-00128325 | |
| 31-12-2021 | abbreviated format | 30-08-2022 | 2022-20401221 | |
| 31-12-2020 | abbreviated format | 31-08-2021 | 2021-65200290 | |
| 31-12-2019 | abbreviated format | 28-08-2020 | 2020-47300204 | |
| 31-12-2018 | abbreviated format | 29-08-2019 | 2019-62000427 | |
| 31-12-2017 | abbreviated format | 29-08-2018 | 2018-55900449 | |
| 31-12-2016 | abbreviated format | 30-08-2017 | 2017-58900600 |