ACTIVE

START CONSTRUCTION

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Financial year 2025 · closed on 31/12/2025

Net result

136,9 k €

+96.4% YoY

Gross margin

599,7 k €

+19.9% YoY

Equity

721 k €

+23.4% YoY

Workforce

2,5 ETP

+25.0% YoY

What does START CONSTRUCTION do?

START CONSTRUCTION is a Cooperative society incorporated in 2007. Its registered office is in Tournai. It employs on average 2,5 ETP workers (FTE).

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0889.851.472

Incorporation

04/06/2007

Legal form

Cooperative society

Registered office

Rue du Follet(K) 10/202
7540 Tournai · WallonieSee on map

Contributed capital

19 400,00 €

Latest accounts

31/12/2025

Average workforce

2,5 ETP

Joint committees (3)

Signals

ProfitableSolid equityLow riskGood liquidityPositive cashflowPositive EBITDAHealthy social debts

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Health score

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✦ Verdict · Analyst summary

Financials

Trend over 18 financial years

	2025		2024		2023		2022		2021		2020		2019		2018		2017		2016		2015		2014		2013		2012		2011		2010		2009		2008
Income statement
Gross margin	599,7 k €	+19.9%	500 k €	+20.6%	414,7 k €	-5.7%	439,9 k €	+7.0%	410,9 k €	+41.5%	290,5 k €	-2.9%	299,1 k €	+41.3%	211,7 k €	-28.9%	298 k €	-4.5%	312 k €	+6.3%	293,5 k €	-32.8%	436,6 k €	+15.1%	379,4 k €	+71.4%	221,3 k €	-33.9%	334,9 k €	+77.1%	189,1 k €	+21.8%	155,3 k €	+85.6%	83,6 k €
EBITDA	212,9 k €	+32.8%	160,3 k €	+73.1%	92,6 k €	-40.9%	156,7 k €	+34.6%	116,4 k €	+155%	45,6 k €	-48.5%	88,5 k €	+277%	23,5 k €	+387%	4,8 k €	-87.1%	37,3 k €	+254%	-24,3 k €	-132%	76,3 k €	-6.1%	81,3 k €	+1755%	-4,9 k €	-105%	107,2 k €	+280%	28,2 k €	+124%	12,6 k €	-70.9%	43,3 k €
Operating result	150,7 k €	+18.5%	127,2 k €	+28.6%	98,9 k €	-34.7%	151,5 k €	+53.9%	98,4 k €	+168%	36,7 k €	-53.6%	79,1 k €	+1566%	4,8 k €	+157%	-8,3 k €	-135%	23,9 k €	+181%	-29,5 k €	-142%	70,2 k €	-4.3%	73,4 k €	+746%	-11,4 k €	-111%	99,1 k €	+382%	20,6 k €	+421%	3,9 k €	-90.0%	39,4 k €
Net result	136,9 k €	+96.4%	69,7 k €	-3.2%	72 k €	-33.7%	108,5 k €	+55.9%	69,6 k €	+130%	30,3 k €	-50.9%	61,7 k €	+2538%	2,3 k €	+132%	-7,2 k €	-160%	12,1 k €	+144%	-27,4 k €	-166%	41,3 k €	-1.8%	42 k €	+461%	-11,6 k €	-119%	62,5 k €	+412%	12,2 k €	+296%	3,1 k €	-87.0%	23,6 k €
Balance sheet
Equity	721 k €	+23.4%	584,1 k €	+13.8%	513,4 k €	+16.3%	441,4 k €	+32.6%	332,9 k €	+26.5%	263,3 k €	+10.2%	238,9 k €	+31.2%	182,2 k €	-2.0%	185,8 k €	-6.6%	199,1 k €	+22.1%	163 k €	-14.4%	190,4 k €	+27.7%	149,1 k €	+39.3%	107,1 k €	-9.8%	118,7 k €	+111%	56,2 k €	+27.7%	44 k €	+7.5%	41 k €
Total assets	1,9 M €	+26.3%	1,5 M €	+20.6%	1,2 M €	+2.8%	1,2 M €	+11.8%	1,1 M €	+17.2%	907,3 k €	+6.2%	854,3 k €	+5.3%	811,1 k €	-3.8%	843,1 k €	-2.6%	865,5 k €	+29.8%	666,7 k €	-14.0%	774,9 k €	+5.1%	737,4 k €	+80.9%	407,7 k €	-20.9%	515,5 k €	+108%	248,1 k €	-17.0%	299 k €	+10.1%	271,7 k €
Cash	311,4 k €	-38.2%	504 k €	-19.8%	628,3 k €	+5.0%	598,5 k €	-0.4%	600,9 k €	+17.3%	512,1 k €	+6.0%	483 k €	-27.6%	666,7 k €	-3.4%	689,9 k €	+0.2%	688,4 k €	+28.5%	535,8 k €	-10.4%	597,8 k €	+21.6%	491,7 k €	+49.2%	329,5 k €	+56.0%	211,2 k €	+336%	48,4 k €	-47.3%	91,9 k €	+105%	44,7 k €
Debts	540,9 k €	+36.0%	397,8 k €	+59.7%	249,2 k €	-8.9%	273,6 k €	+1.9%	268,5 k €	+34.4%	199,7 k €	+17.3%	170,3 k €	-12.2%	194 k €	-12.3%	221,3 k €	-21.8%	282,9 k €	+50.8%	187,5 k €	-42.3%	325,2 k €	-23.5%	425,3 k €	+155%	167 k €	-48.7%	325,8 k €	+84.7%	176,4 k €	+9.4%	161,2 k €	+76.5%	91,4 k €
Other
Workforce	2,5 ETP	+25.0%	2,0 ETP	0.0%	2,0 ETP		–		–		–		2,0 ETP	0.0%	2,0 ETP	0.0%	2,0 ETP	+81.8%	1,1 ETP	+10.0%	1,0 ETP	-23.1%	1,3 ETP	-27.8%	1,8 ETP	+38.5%	1,3 ETP	-18.8%	1,6 ETP	-27.3%	2,2 ETP	-21.4%	2,8 ETP	+250%	0,8 ETP

Estimate

Indicative valuation

As an indication, this company is worth

between 1 M€ and 2,5 M€

See the valuation

Governance

Board of directors

Seen on filing of 31/12/2025 · 5 active · 35 ended

Active mandates

EDDY DEVOS

Chairman of the board of directors

Active

EMBUILD

Director · 0406.479.092

Represented by SALIM CHAMCHAM

Active

GAETAN VANNESTE

Director

Active

LAURENT AGACHE

Managing director

Active

MARIE DEMAY

Director

Active

Ended mandates

Eddy DEVOS

Chairman of the board of directors · since 28 juin 2018 · until 16 juin 2023

Ended

EDDY DEVOS

Chairman of the board of directors · since 28 juin 2018 · until 26 février 2023

Ended

EMBUILD

Director · since 16 juin 2017 · until 16 juin 2023 · 0406.479.092

Represented by Marc LEFEBVRE

Ended

LAURENT AGACHE

Managing director · since 16 juin 2017 · until 16 juin 2023

Ended

Annual accounts

Full financial information

	2025	2024	2023	2022	2021	2020
Type of account	Abridged model	Abridged model	Abridged model	Micro model	Micro model	Micro model
Start of the financial year	01/01/2025	01/01/2024	01/01/2023	01/01/2022	01/01/2021	01/01/2020
Closing of the financial year	31/12/2025	31/12/2024	31/12/2023	31/12/2022	31/12/2021	31/12/2020
Length of the financial year	12 months	12 months	12 months	12 months	12 months	12 months
Filing date	16/07/2026	18/07/2025	24/07/2024	19/07/2023	25/07/2022	02/07/2021
General meeting	30/06/2026	27/06/2025	21/06/2024	12/07/2023	17/06/2022	11/06/2021
Currency of the financial year	EUR	EUR	EUR	EUR	EUR	EUR
NBB quality label	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls

Ratios

Financial ratios

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Filings

Annual accounts filings

18 filings with the NBB

Model	Closing	General meeting	Filed	Language	Document
Abridged model	31/12/2025	30/06/2026	16/07/2026	French	PDF
Abridged model	31/12/2024	27/06/2025	18/07/2025	French	PDF
Abridged model	31/12/2023	21/06/2024	24/07/2024	French	PDF
Micro model	31/12/2022	12/07/2023	19/07/2023	French	PDF
Micro model	31/12/2021	17/06/2022	25/07/2022	French	PDF
Micro model	31/12/2020	11/06/2021	02/07/2021	French	PDF
Abridged model	31/12/2019	19/06/2020	24/07/2020	French	PDF
Abridged model	31/12/2018	28/06/2019	02/08/2019	French	PDF
Abridged model	31/12/2017	28/06/2018	01/08/2018	French	PDF
Abridged model	31/12/2016	22/06/2017	26/07/2017	French	PDF
Abridged model	31/12/2015	17/06/2016	28/07/2016	French	PDF
Abridged model	31/12/2014	19/06/2015	29/07/2015	French	PDF
Abridged model	31/12/2013	30/06/2014	08/08/2014	French	PDF
Abridged model	31/12/2012	21/06/2013	29/07/2013	French	PDF
Abridged model	31/12/2011	15/06/2012	30/08/2012	French	PDF
Abridged model	31/12/2010	16/06/2011	05/07/2011	French	PDF
Abridged model	31/12/2009	04/06/2010	02/08/2010	French	PDF
Abridged model	31/12/2008	22/06/2009	31/07/2009	French	PDF

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 1 M€ and 2,5 M€

The detail comes with the Business plan: low and high bounds, the valuation bridge for each financial year, transaction multiples by sector and size, group valuation and exports.

Discover the Business plan

Disclaimer

Indicative estimate based on public sector multiples and the filed annual accounts. It is neither a certified valuation nor financial or investment advice.

Governance

Board of directors

Seen on filing of 31/12/2025 · 5 active · 35 ended

Active mandates

EDDY DEVOS

Chairman of the board of directors

Active

EMBUILD

Director · 0406.479.092

Represented by SALIM CHAMCHAM

Active

GAETAN VANNESTE

Director

Active

LAURENT AGACHE

Managing director

Active

MARIE DEMAY

Director

Active

Ended mandates

Eddy DEVOS

Chairman of the board of directors · since 28 juin 2018 · until 16 juin 2023

Ended

EDDY DEVOS

Chairman of the board of directors · since 28 juin 2018 · until 26 février 2023

Ended

EMBUILD

Director · since 16 juin 2017 · until 16 juin 2023 · 0406.479.092

Represented by Marc LEFEBVRE

Ended

LAURENT AGACHE

Managing director · since 16 juin 2017 · until 16 juin 2023

Ended

Shareholders

Ownership and network

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Belgian Official Gazette

Belgian Official Gazette publications

Mandates27/03/2024
DEMISSIONS, NOMINATIONS
PDF
Other12/06/2023
STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, ) - MODIFICATION FORME JURIDIQUE - OBJET
PDF
Mandates15/10/2021
DEMISSIONS, NOMINATIONS
PDF
Mandates12/03/2019
DEMISSIONS, NOMINATIONS
PDF
Mandates31/03/2017
DEMISSIONS, NOMINATIONS
PDF
Mandates25/03/2013
DENOMINATION
PDF
Mandates15/05/2012
DEMISSIONS, NOMINATIONS
PDF
Mandates30/06/2009
SIEGE SOCIAL - DEMISSIONS, NOMINATIONS
PDF

Source: Belgian Official Gazette

Competition

Similar companies

A company's peers, by sector and size, are included in the Business plan.

See the Business plan

2025
Annual accounts 2025136,9 k €↑
2024
Annual accounts 202469,7 k €↓
2023
Annual accounts 202372 k €↓
2022
Annual accounts 2022108,5 k €↑
2021
Annual accounts 202169,6 k €↑
2020
Annual accounts 202030,3 k €↓
2019
Annual accounts 201961,7 k €↑
2018
Annual accounts 20182,3 k €↑
2017
Annual accounts 2017-7,2 k €↓
2016
Annual accounts 201612,1 k €↑
2015
Annual accounts 2015-27,4 k €↓
2014
Annual accounts 201441,3 k €↓
2013
Annual accounts 201342 k €↑
2012
Annual accounts 2012-11,6 k €↓
2012
Name changeSTART CONSTRUCTION
2011
Annual accounts 201162,5 k €↑
2010
Annual accounts 201012,2 k €↑
2009
Annual accounts 20093,1 k €↓
2008
Annual accounts 200823,6 k €
2008
Name changeAZIMUT CONSTRUCTION
04/06/2007
IncorporationCooperative society

10/15	1 240 000	1 180 000	1 050 000
70	8 630 000	8 120 000	7 940 000
9904	412 000	388 000	301 000
17/49	2 970 000	3 140 000	3 380 000
9087	24,3	23,1	21,8

START CONSTRUCTION

Overview

What does START CONSTRUCTION do?

Trend over 18 financial years

Indicative valuation

Board of directors

Financials

Full financial information

Financial ratios

Annual accounts filings

Valuation

Indicative valuation

Directors & structure

Board of directors

Ownership and network

Publications

Belgian Official Gazette publications

Similar companies

Similar companies

Timeline