B-DYNAMIC
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 17-07-2026 at the NBB all 8 filings
Turnover
≈ €140,000
Estimated: probably between €130,000 and €210,000
Total assets
€555,253▲ 9.6%
2024 · €506,846
Net result
€56,109▲ 0.7%
2024 · €55,704
Working capital
€238,093▲ 26.3%
2024 · €188,445
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€87,986
▲ 6.9%
2025
20182025
Net result
€56,109
▲ 0.7%
2025
highest quarter of the sector
20182025
Equity
€346,214
▲ 19.3%
2025
highest quarter of the sector
20182025
Total assets
€555,253
▲ 9.6%
2025
highest quarter of the sector
20182025
Debt
€209,038
▼ 3.6%
2025
20182025
Working capital
€238,093
▲ 26.3%
2025
highest quarter of the sector
20182025
Solvency
62.4%
▲ 5.1pp
2025
middle half of the sector
20182025
Current ratio
3.66
▲ 0.35
2025
middle half of the sector
20182025
Return on assets (ROA)
10.1%
▼ 0.9pp
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€119,151-€70,560▼ 40.8%€89,897▲ 27.4%€56,840▼ 36.8%€59,407▲ 4.5%€63,070▲ 6.2%€82,296▲ 30.5%€87,986▲ 6.9%
Net result€69,786-€46,182▼ 33.8%€60,829above the sector's middle half▲ 31.7%€37,026within the sector's middle half▼ 39.1%€36,759within the sector's middle half▼ 0.7%€41,206within the sector's middle half▲ 12.1%€55,704above the sector's middle half▲ 35.2%€56,109above the sector's middle half▲ 0.7%
Equity€82,186-€128,368▲ 56.2%€189,197above the sector's middle half▲ 47.4%€226,223above the sector's middle half▲ 19.6%€262,982above the sector's middle half▲ 16.2%€304,188above the sector's middle half▲ 15.7%€290,106above the sector's middle half▼ 4.6%€346,214above the sector's middle half▲ 19.3%
Total assets€136,310-€422,393▲ 210%€442,157above the sector's middle half▲ 4.7%€444,901above the sector's middle half▲ 0.6%€466,364above the sector's middle half▲ 4.8%€502,269above the sector's middle half▲ 7.7%€506,846above the sector's middle half▲ 0.9%€555,253above the sector's middle half▲ 9.6%
Debt€54,124-€294,024▲ 443%€252,960▼ 14.0%€218,678▼ 13.6%€203,383▼ 7.0%€198,081▼ 2.6%€216,741▲ 9.4%€209,038▼ 3.6%
Working capital€81,352-€55,228▼ 32.1%€111,832within the sector's middle half▲ 102%€137,812above the sector's middle half▲ 23.2%€170,418above the sector's middle half▲ 23.7%€207,773above the sector's middle half▲ 21.9%€188,445above the sector's middle half▼ 9.3%€238,093above the sector's middle half▲ 26.3%
Solvency60.3%-30.4%▼ 29.9pp42.8%within the sector's middle half▲ 12.4pp50.8%within the sector's middle half▲ 8.1pp56.4%within the sector's middle half▲ 5.5pp60.6%within the sector's middle half▲ 4.2pp57.2%within the sector's middle half▼ 3.3pp62.4%within the sector's middle half▲ 5.1pp
Current ratio2.52-1.65▼ 0.872.92within the sector's middle half▲ 1.274.58within the sector's middle half▲ 1.665.49above the sector's middle half▲ 0.915.41above the sector's middle half▼ 0.083.31within the sector's middle half▼ 2.103.66within the sector's middle half▲ 0.35
Return on assets (ROA)51.2%-10.9%▼ 40.3pp13.8%within the sector's middle half▲ 2.8pp8.3%within the sector's middle half▼ 5.4pp7.9%within the sector's middle half▼ 0.4pp8.2%within the sector's middle half▲ 0.3pp11.0%within the sector's middle half▲ 2.8pp10.1%within the sector's middle half▼ 0.9pp
above
within
below
The sector band is the middle half of the companies in Computer programming, consultancy and related activities (NACE 62). 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 7% higher than in 2024 and the highest since 2021. It is the fourth rise in a row.
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 €555,253
Fixed assets
€227,760 ▼ 3.9%
Current assets
€327,493 ▲ 21.3%
Equity and liabilities €555,253
Equity
€346,214 ▲ 19.3%
Debt
€209,038 ▼ 3.6%
Debt's share of the balance-sheet total falls from 42.8% to 37.6%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€98,904▲
2024 · €92,817
Cash flow
€67,026▲
2024 · €66,226
Debt to equity
0.60▼
2024 · 0.75
ROE
16.2%▼
2024 · 19.2%
Interest coverage
16.51▼
2024 · 28.72
Debt ≤ 1 year
€89,400▲
2024 · €81,511
Debt > 1 year
€119,257▼
2024 · €134,848
Income taxes
€27,277▲
2024 · €27,178
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Mortgages, amount registered | €25,000 | €25,000 | €25,000 | €25,000 | €25,000 |
| Mortgage mandates | - | - | €0 | €0 | €0 |
| Carrying value of the mortgaged assets | €262,725 | €253,441 | €244,157 | €234,873 | €225,589 |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €5,940 | - | - | - | €1,787 |
| Financial fixed assets | - | - | - | - | €0 |
| Depreciation and write-downs of the year | €9,399 | €10,568 | €10,568 | €10,521 | €10,918 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 · 1 entry · €299 awarded · €299 paidAnnual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €1,025 | €18,700 | €9,899 | €9,399 | €10,568 | €10,568 | €10,521 | €10,918 | ▲ 3.8% |
| Other operating charges640/8 | - | - | - | €1,486 | €1,512 | €1,529 | €1,623 | €1,412 | ▼ 13.0% |
| Gross operating margin9900 | €121,814 | €90,779 | €101,335 | €67,725 | €71,488 | €75,168 | €94,440 | €100,317 | ▲ 6.2% |
| Operating profit (loss)9901 | €119,151 | €70,560 | €89,897 | €56,840 | €59,407 | €63,070 | €82,296 | €87,986 | ▲ 6.9% |
| Financial income75/76B | - | - | - | €0 | €0 | €1,772 | €3,819 | €1,388 | ▼ 63.6% |
| Recurring financial income75 | - | - | €0 | €0 | €0 | €1,772 | €3,819 | €1,388 | ▼ 63.6% |
| Financial charges65/66B | - | - | - | €4,172 | €3,717 | €3,564 | €3,232 | €5,990 | ▲ 85.3% |
| Recurring financial charges65 | €734 | €5,170 | €4,590 | €4,172 | €3,717 | €3,564 | €3,232 | €5,990 | ▲ 85.3% |
| Profit (loss) for the period before taxes9903 | €118,417 | €65,390 | €85,307 | €52,668 | €55,691 | €61,279 | €82,882 | €83,385 | ▲ 0.6% |
| Income taxes67/77 | €48,631 | €19,208 | €24,478 | €15,643 | €18,932 | €20,073 | €27,178 | €27,277 | ▲ 0.4% |
| Profit (loss) for the period9904 | €69,786 | €46,182 | €60,829 | €37,026 | €36,759 | €41,206 | €55,704 | €56,109 | ▲ 0.7% |
| Profit (loss) for the period to be appropriated9905 | €69,786 | €46,182 | €60,829 | €37,026 | €36,759 | €41,206 | €55,704 | €56,109 | ▲ 0.7% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €136,310 | €422,393 | €442,157 | €444,901 | €466,364 | €502,269 | €506,846 | €555,253 | ▲ 9.6% |
| Fixed assets21/28 | €1,435 | €281,907 | €272,008 | €268,549 | €257,980 | €247,412 | €236,891 | €227,760 | ▼ 3.9% |
| Tangible fixed assets22/27 | €1,435 | €281,907 | €272,008 | €268,549 | €257,980 | €247,412 | €236,891 | €227,760 | ▼ 3.9% |
| Land and buildings22 | - | - | - | €262,725 | €253,441 | €244,157 | €234,873 | €225,589 | ▼ 4.0% |
| Furniture and vehicles24 | - | - | - | €5,824 | €4,540 | €3,255 | €2,018 | €2,171 | ▲ 7.6% |
| Current assets29/58 | €134,876 | €140,485 | €170,149 | €176,352 | €208,384 | €254,857 | €269,956 | €327,493 | ▲ 21.3% |
| Amounts receivable within one year40/41 | - | €48,050 | €37,795 | €37,823 | €36,752 | €37,456 | €13,558 | €12,580 | ▼ 7.2% |
| Trade receivables40 | - | - | - | €11,250 | €11,438 | €9,739 | €13,543 | €12,562 | ▼ 7.2% |
| Other amounts receivable41 | - | - | - | €26,573 | €25,314 | €27,717 | €15 | €18 | ▲ 19.6% |
| Current investments50/53 | - | - | - | - | - | €130,000 | €150,000 | €0 | ▼ 100% |
| Cash at bank and in hand54/58 | €86,947 | €85,534 | €126,695 | €130,961 | €165,039 | €79,972 | €99,423 | €309,517 | ▲ 211% |
| Deferred charges and accrued income490/1 | - | - | - | €7,568 | €6,593 | €7,429 | €6,974 | €5,396 | ▼ 22.6% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €136,310 | €422,393 | €442,157 | €444,901 | €466,364 | €502,269 | €506,846 | €555,253 | ▲ 9.6% |
| Equity10/15 | €82,186 | €128,368 | €189,197 | €226,223 | €262,982 | €304,188 | €290,106 | €346,214 | ▲ 19.3% |
| Contributions10/11 | €12,400 | €12,400 | - | €12,400 | €12,400 | €12,400 | €12,400 | €12,400 | = |
| Reserves13 | €69,786 | €115,968 | €176,797 | €213,823 | €250,582 | €291,788 | €277,706 | €333,814 | ▲ 20.2% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €0 | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | €0 | - | - | - |
| Distributable reserves133 | - | - | - | €211,963 | €248,722 | €291,788 | €277,706 | €333,814 | ▲ 20.2% |
| Profit (loss) carried forward14 | - | - | - | - | - | - | €0 | €0 | - |
| Amounts payable17/49 | €54,124 | €294,024 | €252,960 | €218,678 | €203,383 | €198,081 | €216,741 | €209,038 | ▼ 3.6% |
| Amounts payable after more than one year17 | - | €208,541 | €194,353 | €179,894 | €165,161 | €150,147 | €134,848 | €119,257 | ▼ 11.6% |
| Financial debts170/4 | - | - | - | €179,894 | €165,161 | €150,147 | €134,848 | €119,257 | ▼ 11.6% |
| Amounts payable within one year42/48 | €53,524 | €85,258 | €58,317 | €38,540 | €37,966 | €47,084 | €81,511 | €89,400 | ▲ 9.7% |
| Current portion of amounts payable after more than one year42 | - | - | - | €14,458 | €14,734 | €15,014 | €15,299 | €15,590 | ▲ 1.9% |
| Trade debts44 | €2,937 | €2,605 | €3,370 | €4,591 | €6,910 | €7,015 | €4,329 | €3,040 | ▼ 29.8% |
| Suppliers440/4 | - | - | - | €4,591 | €6,910 | €7,015 | €4,329 | €3,040 | ▼ 29.8% |
| Taxes, remuneration and social security45 | - | - | - | €19,491 | €16,322 | €25,055 | €23,216 | €25,959 | ▲ 11.8% |
| Taxes450/3 | - | - | - | €17,771 | €14,360 | €21,121 | €19,283 | €25,959 | ▲ 34.6% |
| Remuneration and social security454/9 | - | - | - | €1,720 | €1,961 | €3,933 | €3,934 | €0 | ▼ 100% |
| Other amounts payable47/48 | - | - | - | - | - | - | €38,667 | €44,811 | ▲ 15.9% |
| Accrued charges and deferred income492/3 | - | - | - | €243 | €256 | €850 | €382 | €381 | ▼ 0.4% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €69,786 | €46,182 | €60,829 | €37,026 | €36,759 | €41,206 | €55,704 | €56,109 | ▲ 0.7% |
| + Depreciation and write-downs630 | €1,025 | €18,700 | €9,899 | €9,399 | €10,568 | €10,568 | €10,521 | €10,918 | ▲ 3.8% |
| Operating cash flow (approximation) | €70,811 | €64,882 | €70,728 | €46,425 | €47,327 | €51,774 | €66,226 | €67,026 | ▲ 1.2% |
| Investment in fixed assets (approximation) | - | -€299,173 | €0 | -€5,940 | €0 | €0 | €0 | -€1,787 | - |
| Change in cash | - | -€1,412 | €41,160 | €4,266 | €34,078 | -€85,067 | €19,451 | €210,095 | ▲ 980% |
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, 6,782 companies had the same profile as B-DYNAMIC has now. Two years later, 96.7% were still going and 0.6% had gone bankrupt.
- Small
- 5 to 10 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
96.7%
was still going
2.7%
stopped otherwise
0.6%
went bankrupt
That fits the bankruptcy probability of B-DYNAMIC 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 6,782 companies, not a prediction for B-DYNAMIC. 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.
Filings with the National Bank (8)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 17-07-2026 | 2026-00317764 | |
| 31-12-2024 | micro format | 18-07-2025 | 2025-00290368 | |
| 31-12-2023 | micro format | 16-07-2024 | 2024-00267200 | |
| 31-12-2022 | micro format | 07-07-2023 | 2023-00227353 | |
| 31-12-2021 | micro format | 20-07-2022 | 2022-20220897 | |
| 31-12-2020 | micro format | 05-07-2021 | 2021-33600594 | |
| 31-12-2019 | micro format | 20-07-2020 | 2020-34600163 | |
| 31-12-2018 | micro format | 19-07-2019 | 2019-35600289 |