DE WAAL SOLID FOUNDATIONS
ActiveSummary
DE WAAL SOLID FOUNDATIONS has been active since 1959 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €9.19M and a net result of €2.66M. Equity remains stable across the filed fiscal years (±1.7% per year). Its solvency ranks better than 26% of 285 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.2% (very low).
Checked score
Score 2025
66
/ 100
Healthy
The score weighs solvency, liquidity, profitability and financial development. Bankruptcy probability contributes 35%. Every signal that weighs is under Signals.
Axes · tick = 2024
Profitability72▲+5
Solvency54▼-18
Growth48▼-25
Track record100
Bankruptcy probability, 12 months
0.2%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €600k at 30 days acceptable
Liquidity short (current ratio 0.73 against 1.28 in 2024; short-term debt: 58.5% and cash: 15.2% of total assets), and 71.4% of the assets are financed with debt.
Credit advice 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
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
28.6%
Return on assets
8.3%
Age of the figures
9 mo
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 23
Relative position
BE, all sectors
reference
Sector 23
lower
← fewer bankruptcies
more bankruptcies →
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 17-06-2026, 44 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
44 d early
2024
13 d early
2023
40 d early
2022
9 d late
2021
30 d early
2020
36 d early
2019
36 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
24-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, full schema
Turnover
€39.11M▼ 46.7%
2024 · €73.32M
2018: €42.25M
2019: €46.09M
2020: €37.94M
2021: €43.52M
2022: €41.85M
2023: €41.18M
2024: €73.32M
2018 → 2025
EBIT margin
6.5%▲ 1.1pp
2024 · 5.4%
2018: 5.8%
2019: 7.1%
2020: 12.7%
2021: 10.7%
2022: 3.4%
2023: 22.6%
2024: 5.4%
2018 → 2025
Net result
€2.66M▲ 9.3%
2024 · €2.43M
2018: €1.55M
2019: €2.05M
2020: €2.22M
2021: €3.44M
2022: €543k
2023: €6.23M
2024: €2.43M
2018 → 2025
Working capital
€-5.00M
2024 · €4.08M
2018: €5.38M
2019: €6.67M
2020: €6.49M
2021: €6.09M
2022: €5.62M
2023: €11.76M
2024: €4.08M
2018 → 2025
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Turnover€43.52M-€41.85M▼ 3.8%€41.18M▼ 1.6%€73.32M▲ 78.1%€39.11M▼ 46.7%
Equity€9.87M-€9.87M=€16.10M▲ 63.1%€15.54M▼ 3.5%€9.19M▼ 40.8%
Operating result€4.64M-€1.41M▼ 69.7%€9.29M▲ 561%€3.99M▼ 57.1%€2.54M▼ 36.3%
Net result€3.44M-€543k▼ 84.2%€6.23M▲ 1,048%€2.43M▼ 61.0%€2.66M▲ 9.3%
Result per fiscal year
Operating resultNet result
The operating result has fallen two years in a row; 2025 is 36% below 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €32.17M
Fixed assets
€18.36M ▲ 27.9%
Current assets
€13.81M ▼ 27.0%
Equity and liabilities €32.17M
Equity
€9.19M ▼ 40.8%
Provisions
€436k ▼ 45.8%
Debt
€22.54M ▲ 33.1%
Debt's share of the balance-sheet total rises from 50.9% to 70.1%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€3.64M▼
2024 · €4.80M
Cash flow
€3.76M▲
2024 · €3.24M
Current ratio
0.73▼
2024 · 1.28
Quick ratio
0.67▼
2024 · 1.18
Debt to equity
2.45▲
2024 · 1.09
ROE
28.9%▲
2024 · 15.7%
ROA
8.3%▲
2024 · 7.3%
Interest coverage
8.54▲
2024 · 8.09
Debt ≤ 1 year
€18.80M▲
2024 · €14.83M
Debt > 1 year
€3.73M▲
2024 · €2.09M
Income taxes
€537k▼
2024 · €672k
Staff costs
€8.68M▼
2024 · €9.41M
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 · 106 lines
Balance sheet
Code20242025
Assets
Total assets20/58€33.27M€32.17M▼
Fixed assets21/28€14.36M€18.36M▲
Intangible fixed assets21€40k€14k▼
Tangible fixed assets22/27€1.91M€5.52M▲
Land and buildings22€252k€216k▼
Plant, machinery and equipment23€1.02M€2.50M▲
Furniture and vehicles24€254k€220k▼
Leasing and similar rights25€376k€2.59M▲
Other tangible fixed assets26€4k€0▼
Financial fixed assets28€12.41M€12.83M▲
Affiliated companies280/1€12.01M€12.41M▲
Participating interests280€687k€1.52M▲
Amounts receivable281€11.32M€10.89M▼
Other financial fixed assets284/8€402k€415k▲
Shares284€37k€39k▲
Amounts receivable and cash guarantees285/8€365k€376k▲
Current assets29/58€18.91M€13.81M▼
Stocks and contracts in progress3€1.35M€1.20M▼
Stocks30/36€1.35M€1.20M▼
Raw materials and consumables30/31€1.34M€1.19M▼
Goods purchased for resale34€15k€15k▼
Contracts in progress37€0-
Amounts receivable within one year40/41€11.71M€7.63M▼
Trade receivables40€7.83M€6.82M▼
Other amounts receivable41€3.88M€803k▼
Cash at bank and in hand54/58€5.63M€4.88M▼
Deferred charges and accrued income490/1€217k€96k▼
Equity and liabilities
Total equity and liabilities10/49€33.27M€32.17M▼
Equity10/15€15.54M€9.19M▼
Contributions10/11€698k€698k=
Capital10€698k€698k=
Issued capital100€698k€698k=
Reserves13€14.84M€8.50M▼
Non-distributable reserves130/1€70k€70k=
Legal reserve130€70k€70k=
Tax-exempt reserves132€7.20M€7.53M▲
Distributable reserves133€7.56M€901k▼
Provisions and deferred taxes16€804k€436k▼
Provisions for liabilities and charges160/5€560k€85k▼
Other liabilities and charges164/5€560k€85k▼
Deferred taxes168€245k€351k▲
Amounts payable17/49€16.93M€22.54M▲
Amounts payable after more than one year17€2.09M€3.73M▲
Financial debts170/4€2.09M€3.73M▲
Leasing and similar obligations172€294k€2.06M▲
Credit institutions173€1.80M€1.67M▼
Amounts payable within one year42/48€14.83M€18.80M▲
Current portion of amounts payable after more than one year42€215k€651k▲
Financial debts43€0-
Credit institutions430/8€0-
Trade debts44€8.12M€7.98M▼
Suppliers440/4€8.12M€7.98M▼
Advances received on contracts in progress46€0€193k▲
Taxes, remuneration and social security45€3.50M€977k▼
Taxes450/3€2.49M€89k▼
Remuneration and social security454/9€1.01M€888k▼
Other amounts payable47/48€3.00M€9.00M▲
Accrued charges and deferred income492/3€7k€5k▼
Income statement
Code20242025
Operating income70/76A€47.97M€42.69M▼
Turnover70€73.32M€39.11M▼
Change in stocks of work in progress, finished goods and contracts in progress71€-27.83M€0▲
Own construction capitalised72-€1.95M
Other operating income74€2.27M€1.63M▼
Non-recurring operating income76A€205k€0▼
Operating charges60/66A€43.98M€40.16M▼
Goods for resale, raw materials and consumables60€24.10M€21.75M▼
Purchases600/8€24.35M€21.60M▼
Change in stocks: decrease (increase)609€-251k€148k▲
Services and other goods61€9.08M€9.03M▼
Remuneration, social security and pensions62€9.41M€8.68M▼
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€811k€1.10M▲
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4€-8k€-106k▼
Provisions for liabilities and charges: additions (uses and reversals)635/8€356k€-475k▼
Other operating charges640/8€117k€187k▲
Non-recurring operating charges66A€125k€0▼
Operating profit (loss)9901€3.99M€2.54M▼
Financial income75/76B€1.29M€1.28M▼
Recurring financial income75€686k€446k▼
Income from financial fixed assets750€500k€150k▼
Income from current assets751€151k€219k▲
Other financial income752/9€35k€77k▲
Non-recurring financial income76B€604k€830k▲
Financial charges65/66B€1.94M€513k▼
Recurring financial charges65€684k€513k▼
Debt charges650€593k€426k▼
Write-downs on current assets other than stocks, contracts in progress and trade receivables: additions (reversals)651€-1.08M€0▲
Other financial charges652/9€1.17M€86k▼
Non-recurring financial charges66B€1.25M€0▼
Profit (loss) for the period before taxes9903€3.34M€3.30M▼
Transfer from deferred taxes780€15k€32k▲
Transfer to deferred taxes680€251k€139k▼
Income taxes67/77€672k€537k▼
Taxes670/3€684k€537k▼
Tax adjustments and reversals of tax provisions77€12k€76▼
Profit (loss) for the period9904€2.43M€2.66M▲
Transfer from tax-exempt reserves789€40k€93k▲
Transfer to tax-exempt reserves689€836k€416k▼
Profit (loss) for the period to be appropriated9905€1.64M€2.34M▲
Appropriation of the result
Profit (loss) to be appropriated9906€1.64M€2.34M▲
Transfer from equity791/2€1.36M€7.00M▲
From reserves792€1.36M€7.00M▲
Transfer to equity691/2€0€336k▲
To other reserves6921€0€336k▲
Profit to be distributed694/7€3.00M€9.00M▲
Return on contributions (dividend)694€3.00M€9.00M▲
Social balance
Average headcount (FTE)9087119.2104.5▼
The notes to these accounts (111 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
17-06
NBB filing
Annual accounts filed
fiscal year 2025 · full schema
2025
18-07
NBB filing
Annual accounts filed
fiscal year 2024 · full schema
2024
21-06
NBB filing
Annual accounts filed
fiscal year 2023 · full schema
2023
31-12
Financial
Highest result since 2018net €6.23M ▲1048%
Operating result €9.29M, net result €6.23M, both a record.
31-12
Financial
Equity above €10MEq €16.10M ▲63.1%
6 profitable years in a row build equity to €16.10M.
09-08
NBB filing
Annual accounts filed
fiscal year 2022 · full schema · 9 days late
2022
31-12
Financial
Weakest financial yearnet €543k ▼84.2%
Net result drops to €543k, the lowest in the series; recovery starts the following year.
01-07
NBB filing
Annual accounts filed
fiscal year 2021 · full schema
2021
25-06
NBB filing
Annual accounts filed
fiscal year 2020 · full schema
2020
25-06
NBB filing
Annual accounts filed
fiscal year 2019 · full schema
2019
28-05
NBB filing
Annual accounts filed
fiscal year 2018 · full schema
2018
18-06
NBB filing
Annual accounts filed
fiscal year 2017 · full schema
2017
15-06
NBB filing
Annual accounts filed
fiscal year 2016 · full schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
Directors · office · real estate
Directors
22 acts for this company are in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Lokeren · 2 establishment units since 1998
Cannot be placed on the map
This address could not be matched to a point in the Belgian address register (BOSA BEST). The address below comes straight from the Crossroads Bank.
Voshol 69160 LokerenGround area
1.8 ha
Building footprint
4,901 m²
Volume, LiDAR
30,054 m³
3 parcels, Flanders · tallest building 18.3 m, ±2 floors. Linked by address, not a title deed.
2 establishment units
De Waal Solid Foundations
since 19982.002.165.320
De Waal Solid Foundations
since 20162.266.894.057
3 parcels
Flanders
3
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 46382B1104/00F000 | Flanders | 7,602 m² | 1 · 1,386 m² | 9.2 m · 2 fl. |
| 35020B0077/00K000 | Flanders | 6,738 m² | 1 · 1,867 m² | 8.1 m · 2 fl. |
| 46382B1104/00D000 | Flanders | 3,330 m² | 1 · 1,649 m² | 18.3 m · 2 fl. |
Linked by address, not proof of ownership
Methodology
via registered seat: 1 · via establishment units: 2
3 of 3 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Public money · subsidies and aid
Flemish government
2022 to 2025 · 4 entries · 18,013 EUR awarded · 18,013 EUR paid| Year | Entries | awarded | paid |
|---|---|---|---|
| 2025 | 1 | 3,493 EUR | 3,493 EUR |
| 2024 | 1 | 4,260 EUR | 4,260 EUR |
| 2023 | 1 | 4,260 EUR | 4,260 EUR |
| 2022 | 1 | 6,000 EUR | 6,000 EUR |
Schemes
Vlaams opleidingsverlof (VOV)
Subsidies ecologisch en veilig transport (stopgezet)
Recognitions · licences · registrations
Recognised contractor
1 categoryDE WAAL SOLID FOUNDATIONS NV09724
Legal Entity Identifier
549300DYKMFG7DX7KJ54
Similar companies · same sector, comparable size
E.B.R. (EBEMA BETON RIJKEVORSEL)
BE 0439.259.847
Rijkevorsel · Eq €9.07M
Megaton
BE 0400.308.805
Ninove · Eq €8.86M
Stoneline
BE 0834.063.111
Rumst · Eq €8.81M
BLEIJKO ROESELARE
BE 0413.695.991
Roeselare · Eq €9.86M
CONCRETON
BE 0467.010.359
Geraardsbergen · Eq €9.99M
Of 400 companies in sector 23610 we hold annual accounts for 315. 168 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Company data · Crossroads Bank
Identification
Legal formPublic limited company
Founded06-11-1959
Fiscal year end31-12
Activities, NACEBEL 2025
23610Manufacture of other non-metallic mineral products
43990Other specialised construction activities
Sources
Crossroads Bank for EnterprisesNational Bank · 49 filingsAddress and cadastre registers
Scores and ratios are computed by Checked and are not a credit decision.
Contact details
2 entriesE-mail:info@dewaal.eu
Phone:09/340.55.05