Maatschappij voor Ontwikkeling van Ondergrondse Werken
ActiveSummary
Maatschappij voor Ontwikkeling van Ondergrondse Werken has been active since 1972 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €472k and a net result of €40k. Equity is shrinking by ~7.5% per year across the filed fiscal years. Its solvency ranks better than 45% of 297 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.5% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability45▲+24
Solvency61▼-9
Growth53▲+31
Track record100
Bankruptcy probability, 12 months
0.5%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €30k at 30 days acceptable
Liquidity ample (current ratio 14.38 against 12.24 in 2024; short-term debt: 7% of total assets), but 64% of the assets are financed with debt.
Credit check for your own amount and term
Signals
Six signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 42
Relative position
BE, all sectors
reference
Civil engineering (NACE 42)
about 27% more bankruptcies
← fewer bankruptcies
more bankruptcies →
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
36%
Return on assets
3.1%
Age of the figures
9 mo
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 27-05-2026, 65 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
65 d early
2024
65 d early
2023
23 d early
2022
14 d early
2021
26 d early
2020
61 d early
2019
29 d early
← before the deadline
after the deadline →
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
25-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, full schema
Turnover
€309k▲ 113%
2024 · €145k
2019: €258k
2020: €234k▼ -9.4% vs 2019
2021: €277k▲ +18.5% vs 2020
2022: €297k▲ +7.1% vs 2021
2023: €702k▲ +137% vs 2022highest in 7 years
2024: €145k▼ -79.4% vs 2023lowest in 7 years
2025: €309k▲ +113% vs 2024
2019 → 2025
EBIT margin
8.7%▲ 50.6pp
2024 · -41.9%
2019: -10.2%
2020: -21.0%▼ -107% vs 2019
2021: -12.6%▲ +40.2% vs 2020
2022: -13.0%▼ -3.5% vs 2021
2023: -7.2%▲ +44.7% vs 2022
2024: -41.9%▼ -482% vs 2023lowest in 7 years
2025: 8.7%▲ +121% vs 2024highest in 7 years
2019 → 2025
Net result
€40k
2024 · €-65k
2019: €-27k
2020: €-51k▼ -85.9% vs 2019
2021: €-37k▲ +26.9% vs 2020
2022: €-38k▼ -2.1% vs 2021
2023: €-43k▼ -14.5% vs 2022
2024: €-65k▼ -51.5% vs 2023lowest in 7 years
2025: €40k▲ +162% vs 2024highest in 7 years
2019 → 2025
Working capital
€1.22M▲ 37.6%
2024 · €887k
2019: €672k
2020: €615k▼ -8.4% vs 2019
2021: €578k▼ -6.0% vs 2020
2022: €541k▼ -6.5% vs 2021lowest in 7 years
2023: €801k▲ +48.2% vs 2022
2024: €887k▲ +10.7% vs 2023
2025: €1.22M▲ +37.6% vs 2024highest in 7 years
2019 → 2025
Trend over the years
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Turnover€277k-€297k▲ 7.1%€702k▲ 137%€145k▼ 79.4%€309k▲ 113%
2021: €277k
2022: €297k▲ +7.1% vs 2021
2023: €702k▲ +137% vs 2022highest in 5 years
2024: €145k▼ -79.4% vs 2023lowest in 5 years
2025: €309k▲ +113% vs 2024
Equity€578k-€541k▼ 6.5%€497k▼ 8.0%€432k▼ 13.2%€472k▲ 9.4%
2021: €578khighest in 5 years
2022: €541k▼ -6.5% vs 2021
2023: €497k▼ -8.0% vs 2022
2024: €432k▼ -13.2% vs 2023lowest in 5 years
2025: €472k▲ +9.4% vs 2024
Operating result€-35k-€-39k▼ 10.8%€-51k▼ 30.8%€-61k▼ 20.1%€27k
2021: €-35k
2022: €-39k▼ -10.8% vs 2021
2023: €-51k▼ -30.8% vs 2022
2024: €-61k▼ -20.1% vs 2023lowest in 5 years
2025: €27k▲ +144% vs 2024highest in 5 years
Net result€-37k-€-38k▼ 2.1%€-43k▼ 14.5%€-65k▼ 51.5%€40k
2021: €-37k
2022: €-38k▼ -2.1% vs 2021
2023: €-43k▼ -14.5% vs 2022
2024: €-65k▼ -51.5% vs 2023lowest in 5 years
2025: €40k▲ +162% vs 2024highest in 5 years
Result per fiscal year
Operating resultNet result
The operating result returns to profit in 2025: €27k after a loss of €61k in 2024, the highest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Equity and liabilities €1.31M
Equity
€472k ▲ 9.4%
Debt
€840k ▲ 57.2%
Debt's share of the balance-sheet total rises from 55.3% to 64.0%. Equity and debt are higher.
Key figures and ratios
Current ratio
14.38▲
2024 · 12.24
Quick ratio
13.62▲
2024 · 11.35
Debt to equity
1.78▲
2024 · 1.24
ROE
8.6%▲
2024 · -15.1%
ROA
3.1%▲
2024 · -6.8%
Debt ≤ 1 year
€91k▲
2024 · €79k
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Filed annual accounts As filed with the NBB · 2025 against 2024 · 54 lines
Balance sheet
Code20242025
Assets
Total assets20/58€966k€1.31M▲
Current assets29/58€966k€1.31M▲
Stocks and contracts in progress3€70k€70k=
Stocks30/36€70k€70k=
Finished goods33-€70k
Property held for sale35€70k-
Amounts receivable within one year40/41€297k€445k▲
Trade receivables40€295k€445k▲
Other amounts receivable41€2k-
Current investments50/53€538k€760k▲
Other investments51/53€538k€760k▲
Deferred charges and accrued income490/1€61k€38k▼
Equity and liabilities
Total equity and liabilities10/49€966k€1.31M▲
Equity10/15€432k€472k▲
Contributions10/11€628k€628k=
Capital10€628k€628k=
Issued capital100€1.00M€1.00M=
Uncalled capital101€372k€372k=
Reserves13€78k€78k=
Non-distributable reserves130/1€78k€78k=
Legal reserve130€78k€78k=
Profit (loss) carried forward14€-275k€-234k▲
Amounts payable17/49€534k€840k▲
Amounts payable within one year42/48€79k€91k▲
Trade debts44€55k€79k▲
Suppliers440/4€55k€79k▲
Taxes, remuneration and social security45€24k€12k▼
Taxes450/3€24k€12k▼
Accrued charges and deferred income492/3€455k€749k▲
Income statement
Code20242025
Operating income70/76A€162k€403k▲
Turnover70€145k€309k▲
Other operating income74€17k-
Non-recurring operating income76A-€94k
Operating charges60/66A€223k€376k▲
Goods for resale, raw materials and consumables60-€142k
Purchases600/8-€142k
Services and other goods61€504k€222k▼
Provisions for liabilities and charges: additions (uses and reversals)635/8€-304k-
Other operating charges640/8€23k€11k▼
Operating profit (loss)9901€-61k€27k▲
Financial income75/76B€21k€14k▼
Recurring financial income75€21k€14k▼
Income from current assets751€21k€14k▼
Financial charges65/66B€2k€877▼
Recurring financial charges65€2k€877▼
Debt charges650€591-
Other financial charges652/9€925€877▼
Profit (loss) for the period before taxes9903€-41k€40k▲
Income taxes67/77€24k-
Taxes670/3€24k-
Profit (loss) for the period9904€-65k€40k▲
Profit (loss) for the period to be appropriated9905€-65k€40k▲
Appropriation of the result
Profit (loss) to be appropriated9906€-275k€-234k▲
Profit (loss) brought forward from the previous period14P€-209k€-275k▼
The notes to these accounts (19 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Accounts by statement
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Operating income70/76A | €277k | €306k | €708k | €162k | €403k | ▲ 148% |
| Turnover70 | €277k | €297k | €702k | €145k | €309k | ▲ 113% |
| Other operating income74 | - | €9k | - | €17k | - | - |
| Non-recurring operating income76A | - | - | €6k | - | €94k | - |
| Operating charges60/66A | €312k | €345k | €759k | €223k | €376k | ▲ 68.6% |
| Goods for resale, raw materials and consumables60 | - | - | - | - | €142k | - |
| Purchases600/8 | - | - | - | - | €142k | - |
| Services and other goods61 | €306k | €336k | €444k | €504k | €222k | ▼ 55.9% |
| Provisions for liabilities and charges: additions (uses and reversals)635/8 | - | - | €304k | €-304k | - | - |
| Other operating charges640/8 | €6k | €8k | €11k | €23k | €11k | ▼ 51.1% |
| Operating profit (loss)9901 | €-35k | €-39k | €-51k | €-61k | €27k | ▲ 144% |
| Financial income75/76B | €48 | €3k | €10k | €21k | €14k | ▼ 31.8% |
| Recurring financial income75 | €48 | €3k | €10k | €21k | €14k | ▼ 31.8% |
| Income from current assets751 | €48 | €3k | €10k | €21k | €14k | ▼ 31.8% |
| Financial charges65/66B | €2k | €2k | €3k | €2k | €877 | ▼ 42.1% |
| Recurring financial charges65 | €2k | €2k | €3k | €2k | €877 | ▼ 42.1% |
| Debt charges650 | - | - | €2k | €591 | - | - |
| Other financial charges652/9 | €2k | €2k | €561 | €925 | €877 | ▼ 5.2% |
| Profit (loss) for the period before taxes9903 | €-37k | €-38k | €-43k | €-41k | €40k | ▲ 198% |
| Income taxes67/77 | - | - | - | €24k | - | - |
| Taxes670/3 | - | - | - | €24k | - | - |
| Profit (loss) for the period9904 | €-37k | €-38k | €-43k | €-65k | €40k | ▲ 162% |
| Profit (loss) for the period to be appropriated9905 | €-37k | €-38k | €-43k | €-65k | €40k | ▲ 162% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €622k | €668k | €891k | €966k | €1.31M | ▲ 35.8% |
| Current assets29/58 | €622k | €668k | €891k | €966k | €1.31M | ▲ 35.8% |
| Stocks and contracts in progress3 | €70k | €70k | €70k | €70k | €70k | = |
| Stocks30/36 | €70k | €70k | €70k | €70k | €70k | = |
| Finished goods33 | €70k | €70k | €70k | - | €70k | - |
| Property held for sale35 | - | - | - | €70k | - | - |
| Amounts receivable within one year40/41 | €105k | €304k | €127k | €297k | €445k | ▲ 49.8% |
| Trade receivables40 | €103k | €294k | €123k | €295k | €445k | ▲ 50.6% |
| Other amounts receivable41 | €2k | €9k | €4k | €2k | - | - |
| Current investments50/53 | €407k | €252k | €684k | €538k | €760k | ▲ 41.2% |
| Other investments51/53 | €407k | €252k | €684k | €538k | €760k | ▲ 41.2% |
| Deferred charges and accrued income490/1 | €41k | €43k | €10k | €61k | €38k | ▼ 38.4% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €622k | €668k | €891k | €966k | €1.31M | ▲ 35.8% |
| Equity10/15 | €578k | €541k | €497k | €432k | €472k | ▲ 9.4% |
| Contributions10/11 | €628k | €628k | €628k | €628k | €628k | = |
| Capital10 | €628k | €628k | €628k | €628k | €628k | = |
| Issued capital100 | €1.00M | €1.00M | €1.00M | €1.00M | €1.00M | = |
| Uncalled capital101 | €372k | €372k | €372k | €372k | €372k | = |
| Reserves13 | €78k | €78k | €78k | €78k | €78k | = |
| Non-distributable reserves130/1 | €78k | €78k | €78k | €78k | €78k | = |
| Legal reserve130 | €78k | €78k | €78k | €78k | €78k | = |
| Profit (loss) carried forward14 | €-128k | €-166k | €-209k | €-275k | €-234k | ▲ 14.7% |
| Provisions and deferred taxes16 | - | - | €304k | - | - | - |
| Provisions for liabilities and charges160/5 | - | - | €304k | - | - | - |
| Major repairs and maintenance162 | - | - | €304k | - | - | - |
| Amounts payable17/49 | €44k | €128k | €90k | €534k | €840k | ▲ 57.2% |
| Amounts payable within one year42/48 | €44k | €128k | €90k | €79k | €91k | ▲ 15.6% |
| Trade debts44 | €44k | €102k | €90k | €55k | €79k | ▲ 44.2% |
| Suppliers440/4 | €44k | €102k | €90k | €55k | €79k | ▲ 44.2% |
| Taxes, remuneration and social security45 | - | €26k | - | €24k | €12k | ▼ 49.1% |
| Taxes450/3 | - | €26k | - | €24k | €12k | ▼ 49.1% |
| Accrued charges and deferred income492/3 | €110 | €83 | €21 | €455k | €749k | ▲ 64.4% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €-37k | €-38k | €-43k | €-65k | €40k | ▲ 162% |
| Operating cash flow (approximation) | €-37k | €-38k | €-43k | €-65k | €40k | ▲ 162% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
29-07
State Gazette act
Appointments: Forvis Mazars Bedrijfsrevisoren, Nicolas ROGEZ and 4 others10 facts ▸
State Gazette act
Appointments: Forvis Mazars Bedrijfsrevisoren, Nicolas ROGEZ and 4 others
10 facts ▸
- General meeting, 15 mei 2026
- Board meeting, 17 april 2026
- Auditor appointment, Forvis Mazars Bedrijfsrevisoren (statutory auditor)
- Director appointment, Nicolas ROGEZ (chair)
- Director appointment, Jan EELEN (managing director)
- Director appointment, Xavier ALLARD (director)
- Director appointment, Hans VERLINDE (director)
- Director appointment, Jan EELEN (day-to-day manager)
- Director appointment, Xavier ALLARD (day-to-day manager)
- Director appointment, Rudy GOOSSENS (day-to-day manager)
27-05
NBB filing
Annual accounts filed
fiscal year 2025 · full schema
2025
31-12
Financial
Back to profitnet €40k
Net result €40k after 6 loss-making years.
27-05
NBB filing
Annual accounts filed
fiscal year 2024 · full schema
2024
31-12
Financial
Weakest financial yearnet €-65k
Net result drops to €-65k, the lowest in the series; recovery starts the following year.
08-07
NBB filing
Annual accounts filed
fiscal year 2023 · full schema
2023
17-07
NBB filing
Annual accounts filed
fiscal year 2022 · full schema
2022
05-07
NBB filing
Annual accounts filed
fiscal year 2021 · full schema
2021
31-05
NBB filing
Annual accounts filed
fiscal year 2020 · full schema
2020
02-07
NBB filing
Annual accounts filed
fiscal year 2019 · full schema
2019
24-06
NBB filing
Annual accounts filed
fiscal year 2018 · full schema
2018
09-07
NBB filing
Annual accounts filed
fiscal year 2017 · full schema
2017
22-08
NBB filing
Annual accounts filed
fiscal year 2016 · full schema · 22 days late
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
1 of 25 acts read
About the unread acts
Of the 25 Belgian State Gazette acts we know for this company, 1 has been read. The other 24 have not been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
under verification, last change in 2026
This board is reconstructed from a single act (26349375). A Gazette act generally publishes only CHANGES, not a full roll call, so directors unchanged since then may be missing here. The KBO register holds the complete list of function holders.
Hans VERLINDE
CurrentDirector · since 17-04-2026
Jan Eelen
CurrentManaging director · since 17-04-2026
Nicolas Rogez
CurrentChair · since 17-04-2026
Rudy GOOSSENS
CurrentDay-to-day manager · since 17-04-2026
Xavier Allard
CurrentDirector · since 17-04-2026
17-04-2026
Hans VERLINDE: Appointed as Director
17-04-2026
Jan Eelen: Appointed as Managing director
17-04-2026
Jan Eelen: Appointed as Day-to-day manager
17-04-2026
Nicolas Rogez: Appointed as Chair
17-04-2026
Rudy GOOSSENS: Appointed as Day-to-day manager
Not every act has been read: a resignation may be missing here
24 of this company's 25 Belgian State Gazette acts have not been read yet. Appointments and resignations recorded in them are missing above: a director who resigned there may therefore still show here as sitting. The acts are in the Timeline.
Location & real-estate footprint
Registered office, Sint-Joost-ten-Node · 1 establishment unit since 1972
Ground area
2,542 m²
Building footprint
1,816 m²
Volume, LiDAR
63,447 m³
Parcel 21014A0003/00M022, Brussels · tallest building 53.4 m, ±14 floors. Linked by address, not a title deed.
168
companies at this address
See who is registered here
1 establishment unit
Société de Développement d'Ouvrages souterrains-Maatschappij voor Ontwikkeling van Ondergrondse Werken
since 19722.007.600.189
1 parcel
Brussels
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 21014A0003/00M022 | Brussels | 2,542 m² | 1 · 1,816 m² | 53.4 m · 14 fl. |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Statutory auditor
1 auditor| Forvis Mazars BedrijfsrevisorenCurrent Statutory auditor | 29-07-2026 → present |
Structure & network
Connections & network
15 connected companiesThis company
Company
Director
Shareholding
Click a node to look further, drag to arrange, scroll to zoom.
Linked via shared directors
via Xavier Allard · Director
→
via Xavier Allard · Administrateur, représentant des entreprises d'affiliation
→
via Xavier Allard · Bestuurder a en head of finance bu building services (dagelijks bestuur)
→
via Xavier Allard · Director
→
Show 11 more companies with a shared director
via Xavier Allard · Director
→
via Xavier Allard · Director
→
via Xavier Allard · Director
former→
via Xavier Allard · Director and statutory auditor
former→
via Xavier Allard · Class B director
former→
via Xavier Allard · Director
former→
via Xavier Allard · Director
former→
via Xavier Allard · Class B director
former→
via Xavier Allard · Director
former→
via Xavier Allard · Director
former→
via Xavier Allard · Bestuurder c
former→
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Identification & contact
Identification
Legal formPublic limited company
Founded20-10-1972
Fiscal year end31-12
Legal name FR
Société de Développement d'Ouvrages souterrains
Activities, NACEBEL 2025
42220Construction of utility projects for electricity and telecommunications
Contact
Website
WWW.EQUANS.BE
Scores and ratios are computed by Checked and are not a credit decision.