W. CONSTRUCTIONS
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 22 days after the deadline Filed on 22 May 2026, deadline 30 April 2026 (7 months after the close on 30 September 2025, Companies Code art. 3:10). Source: NBB, 2026-00119472.
Annual accounts 2025 filed on 22-05-2026 PDF all 38 filings
Turnover
≈ €170,000
Estimated: probably between €94,000 and €360,000
Total assets
€2.2m▼ 2.3%
2024 · €2.3m
Net result
-€2,526▲ 91.4%
2024 · -€29,546
Working capital
€753,503▲ 1.0%
2024 · €745,835
In the rankings
#7 company by equity in Blankenberge, Real estate sector#7 oldest company in Blankenberge, Real estate sector#8 company by total assets in Blankenberge, Real estate sector
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€7,189
2025
20192025
Net result
-€2,526
▲ 91.4%
2025
middle half of the sector
20192025
Equity
€1.5m
▼ 0.2%
2025
highest quarter of the sector
20192025
Total assets
€2.2m
▼ 2.3%
2025
highest quarter of the sector
20192025
Debt
€655,779
▼ 6.6%
2025
20192025
Working capital
€753,503
▲ 1.0%
2025
highest quarter of the sector
20192025
Solvency
66.7%
▲ 1.4pp
2025
highest quarter of the sector
20192025
Current ratio
2.18
▲ 0.07
2025
middle half of the sector
20192025
Return on assets (ROA)
-0.1%
▲ 1.2pp
2025
middle half of the sector
20192025
Staff (FTE)
no figure
2025
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€0.006m-€0.003m▼ 36.4%€0.003m▼ 15.0%€0.3m▲ 85×-€0.2m-€0.009m▲ 93.9%€0.007m
Net result€0.3m--€0.02mbelow the sector's middle half-€0.3mbelow the sector's middle half▼ 1,282%€0.2mabove the sector's middle half-€0.1mbelow the sector's middle half-€0.03mbelow the sector's middle half▲ 80.1%-€0.003mwithin the sector's middle half▲ 91.4%
Equity€1.8m-€1.8mabove the sector's middle half▼ 1.2%€1.5mabove the sector's middle half▼ 16.7%€1.7mabove the sector's middle half▲ 10.8%€1.5mabove the sector's middle half▼ 8.8%€1.5mabove the sector's middle half▼ 1.9%€1.5mabove the sector's middle half▼ 0.2%
Total assets€2.8m-€2.8mabove the sector's middle half▲ 0.1%€2.7mabove the sector's middle half▼ 2.6%€2.6mabove the sector's middle half▼ 3.6%€2.4mabove the sector's middle half▼ 8.8%€2.3mabove the sector's middle half▼ 3.5%€2.2mabove the sector's middle half▼ 2.3%
Debt€0.7m-€0.8m▲ 4.5%€1.0m▲ 31.7%€0.7m▼ 25.6%€0.8m▲ 1.7%€0.7m▼ 6.6%€0.7m▼ 6.6%
Working capital€0.4m-€0.4mabove the sector's middle half▲ 3.8%€0.1mwithin the sector's middle half▼ 70.8%€0.3mabove the sector's middle half▲ 127%€0.8mabove the sector's middle half▲ 201%€0.7mabove the sector's middle half▼ 0.9%€0.8mabove the sector's middle half▲ 1.0%
Solvency66.2%-65.4%above the sector's middle half▼ 0.8pp55.9%within the sector's middle half▼ 9.5pp64.3%above the sector's middle half▲ 8.4pp64.3%within the sector's middle half=65.3%above the sector's middle half▲ 1.1pp66.7%above the sector's middle half▲ 1.4pp
Current ratio1.53-1.52within the sector's middle half=1.11within the sector's middle half▼ 0.411.35within the sector's middle half▲ 0.242.04within the sector's middle half▲ 0.692.11within the sector's middle half▲ 0.072.18within the sector's middle half▲ 0.07
Return on assets (ROA)9.3%--0.8%within the sector's middle half▼ 10.1pp-11.2%below the sector's middle half▼ 10.5pp6.3%within the sector's middle half▲ 17.5pp-6.2%below the sector's middle half▼ 12.5pp-1.3%within the sector's middle half▲ 5.0pp-0.1%within the sector's middle half▲ 1.2pp
Staff (FTE)0.8
above
within
below
The sector band is the middle half of the companies in Real estate activities (NACE 68). 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 €7,189, after a loss of €9,124 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 €2.2m
Fixed assets
€850,722 ▼ 3.0%
Current assets
€1.4m ▼ 1.9%
Equity and liabilities €2.2m
Equity
€1.5m ▼ 0.2%
Provisions
€89,795 ▼ 4.5%
Debt
€655,779 ▼ 6.6%
Debt's share of the balance-sheet total falls from 30.6% to 29.3%. Equity and debt are lower.
Key figures and ratios
EBITDA
€33,721▲
2024 · €17,606
Cash flow
€24,005▲
2024 · -€2,816
Quick ratio
1.67▲
2024 · 1.63
Debt to equity
0.44▼
2024 · 0.47
ROE
-0.2%▲
2024 · -2.0%
Interest coverage
2.62▲
2024 · 0.71
Debt ≤ 1 year
€637,061▼
2024 · €671,158
Income taxes
€1,075
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 30-09-2022 |
|---|---|
| Average over the year, in full-time equivalents | 0.4 |
| Joined | 1 |
| Left | 1 |
Source: social balance sheet in the 2022 annual accounts
Investments
| Item | 30-09-2021 | 30-09-2022 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | €111,023 | - | - | - |
| Depreciation and write-downs of the year | €43,821 | €46,587 | €26,730 | €26,730 | €26,531 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €299,799 | - | - | €24,927 | - |
| Remuneration, social security and pensions62 | - | - | - | €16,393 | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €43,821 | €43,821 | €43,821 | €46,587 | €26,730 | €26,730 | €26,531 | ▼ 0.7% |
| Other operating charges640/8 | - | - | €28,286 | €25,498 | €28,384 | €34,085 | €35,575 | ▲ 4.4% |
| Non-recurring operating charges66A | - | - | - | - | €121,292 | - | - | - |
| Gross operating margin9900 | €73,291 | €81,542 | €75,078 | €341,239 | €26,091 | €51,691 | €69,296 | ▲ 34.1% |
| Operating profit (loss)9901 | €5,501 | €3,497 | €2,971 | €252,761 | -€150,315 | -€9,124 | €7,189 | - |
| Financial charges65/66B | - | - | €38,905 | €30,654 | €24,120 | €24,654 | €12,872 | ▼ 47.8% |
| Recurring financial charges65 | €27,615 | €33,399 | €38,905 | €30,654 | €24,120 | €24,654 | €12,872 | ▼ 47.8% |
| Profit (loss) for the period before taxes9903 | -€22,114 | -€29,901 | -€35,934 | €222,107 | -€174,435 | -€33,778 | -€5,683 | ▲ 83.2% |
| Transfer from deferred taxes780 | - | - | €7,878 | €7,878 | €95,407 | €4,232 | €4,232 | = |
| Income taxes67/77 | - | - | €276,295 | €66,844 | €69,298 | - | €1,075 | - |
| Profit (loss) for the period9904 | €259,230 | -€22,023 | -€304,351 | €163,141 | -€148,326 | -€29,546 | -€2,526 | ▲ 91.4% |
| Transfer from tax-exempt reserves789 | - | - | €24,220 | €24,220 | €286,804 | €13,281 | €13,281 | = |
| Profit (loss) for the period to be appropriated9905 | €814,533 | €2,197 | -€280,130 | €187,361 | €138,478 | -€16,265 | €10,754 | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €2.8m | €2.8m | €2.7m | €2.6m | €2.4m | €2.3m | €2.2m | ▼ 2.3% |
| Fixed assets21/28 | €1.7m | €1.7m | €1.6m | €1.7m | €0.9m | €0.9m | €0.9m | ▼ 3.0% |
| Tangible fixed assets22/27 | €1.7m | €1.7m | €1.6m | €1.6m | €0.9m | €0.9m | €0.8m | ▼ 3.0% |
| Land and buildings22 | - | - | €1.6m | €1.6m | €0.9m | €0.9m | €0.8m | ▼ 3.0% |
| Furniture and vehicles24 | - | - | - | €0.001m | €0.001m | €301 | €0 | ▼ 100% |
| Financial fixed assets28 | €0.003m | €0.003m | €0.003m | €0.003m | €0.003m | €0.003m | €0.003m | = |
| Current assets29/58 | €1.1m | €1.1m | €1.1m | €1.0m | €1.5m | €1.4m | €1.4m | ▼ 1.9% |
| Stocks and contracts in progress3 | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | = |
| Stocks30/36 | - | - | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | = |
| Amounts receivable within one year40/41 | €0.6m | €0.6m | €0.6m | €0.5m | €0.5m | €0.5m | €0.5m | = |
| Trade receivables40 | - | - | €0.1m | - | - | - | - | - |
| Other amounts receivable41 | - | - | €0.5m | €0.5m | €0.5m | €0.5m | €0.5m | = |
| Cash at bank and in hand54/58 | €0.2m | €0.2m | €0.2m | €0.2m | €0.7m | €0.6m | €0.6m | ▼ 4.2% |
| Deferred charges and accrued income490/1 | - | - | €0.001m | - | - | - | - | - |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €2.8m | €2.8m | €2.7m | €2.6m | €2.4m | €2.3m | €2.2m | ▼ 2.3% |
| Equity10/15 | €1.8m | €1.8m | €1.5m | €1.7m | €1.5m | €1.5m | €1.5m | ▼ 0.2% |
| Contributions10/11 | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Capital10 | - | - | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Issued capital100 | - | - | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Reserves13 | €0.7m | €0.6m | €0.6m | €0.6m | €0.5m | €0.4m | €0.4m | ▼ 0.6% |
| Non-distributable reserves130/1 | - | - | €0.006m | €0.006m | €0.006m | €0.006m | €0.006m | = |
| Legal reserve130 | - | - | €0.006m | €0.006m | €0.006m | €0.006m | €0.006m | = |
| Tax-exempt reserves132 | - | - | €0.6m | €0.6m | €0.3m | €0.3m | €0.3m | ▼ 4.5% |
| Distributable reserves133 | - | - | - | - | €0.1m | €0.1m | €0.1m | ▲ 7.8% |
| Profit (loss) carried forward14 | €1.1m | €1.1m | €0.8m | €1.0m | €1.0m | €1.0m | €1.0m | = |
| Provisions and deferred taxes16 | €0.2m | €0.2m | €0.2m | €0.2m | €0.1m | €0.09m | €0.09m | ▼ 4.5% |
| Deferred taxes168 | - | - | €0.2m | €0.2m | €0.1m | €0.09m | €0.09m | ▼ 4.5% |
| Amounts payable17/49 | €0.7m | €0.8m | €1.0m | €0.7m | €0.8m | €0.7m | €0.7m | ▼ 6.6% |
| Amounts payable within one year42/48 | €0.7m | €0.7m | €1.0m | €0.7m | €0.7m | €0.7m | €0.6m | ▼ 5.1% |
| Trade debts44 | €0.03m | €0.04m | €0.01m | €0.005m | €0.003m | €0.03m | €0.003m | ▼ 88.7% |
| Suppliers440/4 | - | - | €0.01m | €0.005m | €0.003m | €0.03m | €0.003m | ▼ 88.7% |
| Taxes, remuneration and social security45 | - | - | €0.2m | €0.07m | €0.07m | - | €0.001m | - |
| Taxes450/3 | - | - | €0.2m | €0.07m | €0.07m | - | €0.001m | - |
| Remuneration and social security454/9 | - | - | - | €457 | - | - | - | - |
| Other amounts payable47/48 | - | - | €0.7m | €0.6m | €0.6m | €0.6m | €0.6m | ▼ 1.9% |
| Accrued charges and deferred income492/3 | - | - | €0.03m | €0.03m | €0.03m | €0.03m | €0.02m | ▼ 39.3% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €259,230 | -€22,023 | -€304,351 | €163,141 | -€148,326 | -€29,546 | -€2,526 | ▲ 91.4% |
| + Depreciation and write-downs630 | €43,821 | €43,821 | €43,821 | €46,587 | €26,730 | €26,730 | €26,531 | ▼ 0.7% |
| Operating cash flow (approximation) | €303,051 | €21,798 | -€260,530 | €209,729 | -€121,596 | -€2,816 | €24,005 | - |
| Investment in fixed assets (approximation) | - | €0 | €0 | -€60,822 | €721,292 | €0 | €0 | - |
| Change in cash | - | €39,551 | -€31,230 | -€6,950 | €509,900 | -€50,317 | -€26,436 | ▲ 47.5% |
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, 8,617 companies had the same profile as W. CONSTRUCTIONS has now. Two years later, 94.1% were still going and 0.4% had gone bankrupt.
- Small
- 20 years or older
- solvency 30% or more
- a small loss
94.1%
was still going
5.2%
stopped otherwise
0.4%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of W. CONSTRUCTIONS itself: < 0.1% 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 8,617 companies, not a prediction for W. CONSTRUCTIONS. 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 38 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-09-2025 | micro format | 22-05-2026 | 2026-00119472 | |
| 30-09-2024 | micro format | 28-04-2025 | 2025-00077421 | |
| 30-09-2023 | micro format | 12-04-2024 | 2024-00062605 | |
| 30-09-2022 | micro format | 31-05-2023 | 2023-00103078 | |
| 30-09-2021 | micro format | 01-06-2022 | 2022-20046221 | |
| 30-09-2020 | micro format | 31-05-2021 | 2021-16200143 | |
| 30-09-2019 | micro format | 02-06-2020 | 2020-14200199 | |
| 30-09-2018 | micro format | 29-04-2019 | 2019-11300492 | |
| 30-09-2017 | micro format | 24-04-2018 | 2018-10500247 | |
| 30-09-2016 | abbreviated format | 30-05-2017 | 2017-13800239 |