B.E.AR.
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 27-01-2026 PDF all 8 filings
Turnover
≈ €190,000
Estimated: probably between €140,000 and €240,000
Total assets
€358,507▼ 6.7%
2024 · €384,379
Net result
€45,024▲ 34.2%
2024 · €33,551
Working capital
€44,687▲ 6.8%
2024 · €41,855
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€64,679
▲ 38.6%
2025
20192025
Net result
€45,024
▲ 34.2%
2025
middle half of the sector
20192025
Equity
€148,933
▼ 0.1%
2025
middle half of the sector
20192025
Total assets
€358,507
▼ 6.7%
2025
middle half of the sector
20192025
Debt
€209,574
▼ 10.9%
2025
20192025
Working capital
€44,687
▲ 6.8%
2025
middle half of the sector
20192025
Solvency
41.5%
▲ 2.7pp
2025
middle half of the sector
20192025
Current ratio
1.85
▲ 0.12
2025
middle half of the sector
20192025
Return on assets (ROA)
12.6%
▲ 3.8pp
2025
middle half of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€5,022-€60,004▲ 12×€44,621▼ 25.6%€40,964▼ 8.2%€53,137▲ 29.7%€46,677▼ 12.2%€64,679▲ 38.6%
Net result-€27-€43,374within the sector's middle half€29,018within the sector's middle half▼ 33.1%€27,032within the sector's middle half▼ 6.8%€39,491within the sector's middle half▲ 46.1%€33,551within the sector's middle half▼ 15.0%€45,024within the sector's middle half▲ 34.2%
Equity€46,245-€74,619within the sector's middle half▲ 61.4%€93,637within the sector's middle half▲ 25.5%€115,669within the sector's middle half▲ 23.5%€128,069within the sector's middle half▲ 10.7%€149,120within the sector's middle half▲ 16.4%€148,933within the sector's middle half▼ 0.1%
Total assets€379,946-€403,554within the sector's middle half▲ 6.2%€417,765within the sector's middle half▲ 3.5%€402,733within the sector's middle half▼ 3.6%€459,893within the sector's middle half▲ 14.2%€384,379within the sector's middle half▼ 16.4%€358,507within the sector's middle half▼ 6.7%
Debt€333,702-€328,936▼ 1.4%€324,128▼ 1.5%€287,064▼ 11.4%€331,824▲ 15.6%€235,259▼ 29.1%€209,574▼ 10.9%
Working capital-€28,108-€6,149within the sector's middle half€1,271within the sector's middle half▼ 79.3%€19,795within the sector's middle half▲ 16×€25,698within the sector's middle half▲ 29.8%€41,855within the sector's middle half▲ 62.9%€44,687within the sector's middle half▲ 6.8%
Solvency12.2%-18.5%below the sector's middle half▲ 6.3pp22.4%below the sector's middle half▲ 3.9pp28.7%within the sector's middle half▲ 6.3pp27.8%within the sector's middle half▼ 0.9pp38.8%within the sector's middle half▲ 10.9pp41.5%within the sector's middle half▲ 2.7pp
Current ratio0.55-1.09within the sector's middle half▲ 0.551.02within the sector's middle half▼ 0.071.36within the sector's middle half▲ 0.341.20within the sector's middle half▼ 0.161.73within the sector's middle half▲ 0.531.85within the sector's middle half▲ 0.12
Return on assets (ROA)0.0%-10.7%within the sector's middle half▲ 10.8pp6.9%within the sector's middle half▼ 3.8pp6.7%within the sector's middle half▼ 0.2pp8.6%within the sector's middle half▲ 1.9pp8.7%within the sector's middle half▲ 0.1pp12.6%within the sector's middle half▲ 3.8pp
above
within
below
The sector band is the middle half of the companies in Activities of head offices; management consultancy activities (NACE 70). 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 39% higher than in 2024 and the highest since 2021. It is a recovery after the fall 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 €358,507
Fixed assets
€261,406 ▼ 8.5%
Current assets
€97,101 ▼ 1.8%
Equity and liabilities €358,507
Equity
€148,933 ▼ 0.1%
Debt
€209,574 ▼ 10.9%
Debt's share of the balance-sheet total falls from 61.2% to 58.5%. Equity and debt are lower.
Key figures and ratios
EBITDA
€88,809▲
2024 · €70,586
Cash flow
€69,154▲
2024 · €57,461
Debt to equity
1.41▼
2024 · 1.58
ROE
30.2%▲
2024 · 22.5%
Interest coverage
26.21▲
2024 · 16.28
Debt ≤ 1 year
€52,414▼
2024 · €56,988
Debt > 1 year
€157,160▼
2024 · €178,270
Income taxes
€16,267▲
2024 · €9,841
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Tangible fixed assets | - | €2,816 | €1,626 | - |
| Depreciation and write-downs of the year | €22,885 | €23,103 | €23,910 | €24,130 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2025 · 1 entry · €577 awarded · €577 paidAnnual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €21,920 | €14,600 | €21,750 | €22,885 | €23,103 | €23,910 | €24,130 | ▲ 0.9% |
| Other operating charges640/8 | - | - | - | €5,228 | €1,291 | €3,814 | €2,762 | ▼ 27.6% |
| Gross operating margin9900 | €27,205 | €74,870 | €67,500 | €69,077 | €77,531 | €74,401 | €91,571 | ▲ 23.1% |
| Operating profit (loss)9901 | €5,022 | €60,004 | €44,621 | €40,964 | €53,137 | €46,677 | €64,679 | ▲ 38.6% |
| Financial income75/76B | - | - | - | €241 | €1,050 | €1,050 | €0 | ▼ 100% |
| Recurring financial income75 | - | - | €33 | €241 | €1,050 | €1,050 | €0 | ▼ 100% |
| Financial charges65/66B | - | - | - | €4,487 | €4,008 | €4,335 | €3,388 | ▼ 21.8% |
| Recurring financial charges65 | €3,514 | €4,933 | €4,722 | €4,487 | €4,008 | €4,335 | €3,388 | ▼ 21.8% |
| Profit (loss) for the period before taxes9903 | €1,508 | €55,071 | €39,932 | €36,718 | €50,180 | €43,392 | €61,291 | ▲ 41.3% |
| Income taxes67/77 | €1,535 | €11,697 | €10,914 | €9,686 | €10,688 | €9,841 | €16,267 | ▲ 65.3% |
| Profit (loss) for the period9904 | -€27 | €43,374 | €29,018 | €27,032 | €39,491 | €33,551 | €45,024 | ▲ 34.2% |
| Profit (loss) for the period to be appropriated9905 | -€27 | €43,374 | €29,018 | €27,032 | €39,491 | €33,551 | €45,024 | ▲ 34.2% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €379,946 | €403,554 | €417,765 | €402,733 | €459,893 | €384,379 | €358,507 | ▼ 6.7% |
| Fixed assets21/28 | €345,917 | €331,317 | €350,992 | €328,107 | €307,820 | €285,536 | €261,406 | ▼ 8.5% |
| Tangible fixed assets22/27 | €345,917 | €331,317 | €350,992 | €328,107 | €307,820 | €285,536 | €261,406 | ▼ 8.5% |
| Land and buildings22 | - | - | - | €302,117 | €287,517 | €272,917 | €258,317 | ▼ 5.3% |
| Furniture and vehicles24 | - | - | - | €25,990 | €20,303 | €12,619 | €3,089 | ▼ 75.5% |
| Current assets29/58 | €34,029 | €72,237 | €66,773 | €74,626 | €152,073 | €98,843 | €97,101 | ▼ 1.8% |
| Amounts receivable after more than one year29 | - | - | - | €25,000 | €50,000 | €0 | - | - |
| Other amounts receivable291 | - | - | - | €25,000 | €50,000 | €0 | - | - |
| Stocks and contracts in progress3 | - | - | - | €6,638 | €0 | - | - | - |
| Stocks30/36 | - | - | - | €6,638 | €0 | - | - | - |
| Amounts receivable within one year40/41 | €19,237 | €26,543 | €47,115 | €19,879 | €94,021 | €64,219 | €61,666 | ▼ 4.0% |
| Trade receivables40 | - | - | - | €11,556 | €76,511 | €48,402 | €43,139 | ▼ 10.9% |
| Other amounts receivable41 | - | - | - | €8,323 | €17,510 | €15,817 | €18,527 | ▲ 17.1% |
| Cash at bank and in hand54/58 | €14,792 | €45,694 | €19,658 | €22,868 | €7,002 | €33,574 | €35,435 | ▲ 5.5% |
| Deferred charges and accrued income490/1 | - | - | - | €241 | €1,050 | €1,050 | €0 | ▼ 100% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €379,946 | €403,554 | €417,765 | €402,733 | €459,893 | €384,379 | €358,507 | ▼ 6.7% |
| Equity10/15 | €46,245 | €74,619 | €93,637 | €115,669 | €128,069 | €149,120 | €148,933 | ▼ 0.1% |
| Contributions10/11 | €6,200 | - | - | €6,200 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €40,071 | €68,445 | €87,464 | €109,495 | €109,495 | €130,520 | €130,333 | ▼ 0.1% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €0 | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | €0 | - | - |
| Distributable reserves133 | - | - | - | €107,635 | €107,635 | €130,520 | €130,333 | ▼ 0.1% |
| Profit (loss) carried forward14 | -€27 | -€27 | -€27 | -€27 | -€27 | €0 | €0 | - |
| Amounts payable17/49 | €333,702 | €328,936 | €324,128 | €287,064 | €331,824 | €235,259 | €209,574 | ▼ 10.9% |
| Amounts payable after more than one year17 | €271,565 | €252,948 | €258,625 | €232,233 | €205,449 | €178,270 | €157,160 | ▼ 11.8% |
| Financial debts170/4 | - | - | - | €232,233 | €205,449 | €178,270 | €157,160 | ▼ 11.8% |
| Amounts payable within one year42/48 | €62,137 | €66,088 | €65,503 | €54,831 | €126,375 | €56,988 | €52,414 | ▼ 8.0% |
| Current portion of amounts payable after more than one year42 | - | - | - | €34,771 | €26,783 | €27,179 | €21,111 | ▼ 22.3% |
| Trade debts44 | €8,525 | €6,738 | €3,500 | €8,525 | €31,423 | €12,572 | €872 | ▼ 93.1% |
| Suppliers440/4 | - | - | - | €8,525 | €31,423 | €12,572 | €872 | ▼ 93.1% |
| Taxes, remuneration and social security45 | - | - | - | €4,350 | €19,714 | €4,546 | €20,071 | ▲ 341% |
| Taxes450/3 | - | - | - | €4,350 | €19,714 | €4,546 | €13,351 | ▲ 194% |
| Remuneration and social security454/9 | - | - | - | - | - | - | €6,720 | - |
| Other amounts payable47/48 | - | - | - | €7,185 | €48,454 | €12,691 | €10,361 | ▼ 18.4% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€27 | €43,374 | €29,018 | €27,032 | €39,491 | €33,551 | €45,024 | ▲ 34.2% |
| + Depreciation and write-downs630 | €21,920 | €14,600 | €21,750 | €22,885 | €23,103 | €23,910 | €24,130 | ▲ 0.9% |
| Operating cash flow (approximation) | €21,893 | €57,974 | €50,768 | €49,917 | €62,594 | €57,461 | €69,154 | ▲ 20.3% |
| Investment in fixed assets (approximation) | - | €0 | -€41,424 | €0 | -€2,816 | -€1,626 | €0 | - |
| Change in cash | - | €30,902 | -€26,036 | €3,210 | -€15,866 | €26,572 | €1,861 | ▼ 93.0% |
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, 26,972 companies had the same profile as B.E.AR. has now. Two years later, 94.9% were still going and 1.6% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
94.9%
was still going
3.4%
stopped otherwise
1.6%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of B.E.AR. itself: 0.4% 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 26,972 companies, not a prediction for B.E.AR.. 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 |
|---|---|---|---|---|
| 30-06-2025 | micro format | 27-01-2026 | 2026-00014221 | |
| 30-06-2024 | micro format | 28-12-2024 | 2024-00626396 | |
| 30-06-2023 | micro format | 22-01-2024 | 2024-00004248 | |
| 30-06-2022 | micro format | 25-01-2023 | 2023-00003357 | |
| 30-06-2021 | micro format | 31-01-2022 | 2022-03700488 | |
| 30-06-2020 | micro format | 12-01-2021 | 2021-00800189 | |
| 30-06-2019 | micro format | 29-01-2020 | 2020-03200417 | |
| 30-06-2018 | micro format | 22-01-2019 | 2019-02200112 |