B-EFFECTIVE
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 26-05-2026 PDF all 24 filings
Turnover
≈ €14,000
Estimated: probably between €5,600 and €34,000
Total assets
€77,536▼ 12.1%
2024 · €88,238
Net result
-€819▲ 26.8%
2024 · -€1,120
Working capital
-€47,340▼ 1.8%
2024 · -€46,521
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€1,351
▼ 1.1%
2025
20182025
Net result
-€819
▲ 26.8%
2025
middle half of the sector
20182025
Equity
€27,660
▼ 2.9%
2025
lowest quarter of the sector
20182025
Total assets
€77,536
▼ 12.1%
2025
lowest quarter of the sector
20182025
Debt
€49,876
▼ 16.5%
2025
20182025
Working capital
-€47,340
▼ 1.8%
2025
lowest quarter of the sector
20182025
Solvency
35.7%
▲ 3.4pp
2025
middle half of the sector
20182025
Current ratio
0.05
▼ 0.17
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
-1.1%
▲ 0.2pp
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€1,520-€1,518▼ 0.1%€502▼ 67.0%€447▼ 10.8%€1,365▲ 205%€1,369▲ 0.3%€1,366▼ 0.2%€1,351▼ 1.1%
Net result€167-€201▲ 19.9%-€926within the sector's middle half-€1,019within the sector's middle half▼ 10.1%-€172below the sector's middle half▲ 83.1%-€1,023below the sector's middle half▼ 495%-€1,120below the sector's middle half▼ 9.5%-€819within the sector's middle half▲ 26.8%
Equity€32,538-€32,739▲ 0.6%€31,813below the sector's middle half▼ 2.8%€30,794below the sector's middle half▼ 3.2%€30,622below the sector's middle half▼ 0.6%€29,599below the sector's middle half▼ 3.3%€28,479below the sector's middle half▼ 3.8%€27,660below the sector's middle half▼ 2.9%
Total assets€82,686-€84,067▲ 1.7%€84,420below the sector's middle half▲ 0.4%€84,713below the sector's middle half▲ 0.3%€85,884below the sector's middle half▲ 1.4%€87,065below the sector's middle half▲ 1.4%€88,238below the sector's middle half▲ 1.3%€77,536below the sector's middle half▼ 12.1%
Debt€50,148-€51,328▲ 2.4%€52,607▲ 2.5%€53,918▲ 2.5%€55,262▲ 2.5%€57,466▲ 4.0%€59,759▲ 4.0%€49,876▼ 16.5%
Working capital-€42,462--€42,261▲ 0.5%-€43,187below the sector's middle half▼ 2.2%-€44,206below the sector's middle half▼ 2.4%-€44,378below the sector's middle half▼ 0.4%-€45,401below the sector's middle half▼ 2.3%-€46,521below the sector's middle half▼ 2.5%-€47,340below the sector's middle half▼ 1.8%
Solvency39.4%-38.9%▼ 0.4pp37.7%within the sector's middle half▼ 1.3pp36.4%within the sector's middle half▼ 1.3pp35.7%within the sector's middle half▼ 0.7pp34.0%within the sector's middle half▼ 1.7pp32.3%within the sector's middle half▼ 1.7pp35.7%within the sector's middle half▲ 3.4pp
Current ratio0.15-0.18▲ 0.020.18below the sector's middle half=0.18below the sector's middle half=0.20below the sector's middle half▲ 0.020.21below the sector's middle half▲ 0.010.22below the sector's middle half▲ 0.010.05below the sector's middle half▼ 0.17
Return on assets (ROA)0.2%-0.2%=-1.1%within the sector's middle half▼ 1.3pp-1.2%below the sector's middle half▼ 0.1pp-0.2%below the sector's middle half▲ 1.0pp-1.2%below the sector's middle half▼ 1.0pp-1.3%below the sector's middle half▼ 0.1pp-1.1%within the sector's middle half▲ 0.2pp
above
within
below
The sector band is the middle half of the companies in Printing and reproduction of recorded media (NACE 18). 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 1% lower than in 2024. It is the second fall in a row.
Turnover and EBIT margin are not published. The abbreviated 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 €77,536
Fixed assets
€75,000 =
Current assets
€2,536 ▼ 80.8%
Equity and liabilities €77,536
Equity
€27,660 ▼ 2.9%
Debt
€49,876 ▼ 16.5%
Debt's share of the balance-sheet total falls from 67.7% to 64.3%. Equity and debt are lower.
Key figures and ratios
Debt to equity
1.80▼
2024 · 2.10
ROE
-3.0%▲
2024 · -3.9%
Debt ≤ 1 year
€49,876▼
2024 · €59,759
Income taxes
-€148
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Other operating charges640/8 | - | - | - | €626 | €635 | €631 | €634 | €649 | ▲ 2.4% |
| Gross operating margin9900 | €2,000 | €2,000 | €636 | €1,073 | €2,000 | €2,000 | €2,000 | €2,000 | = |
| Operating profit (loss)9901 | €1,520 | €1,518 | €502 | €447 | €1,365 | €1,369 | €1,366 | €1,351 | ▼ 1.1% |
| Financial charges65/66B | - | - | - | €1,466 | €1,537 | €2,392 | €2,486 | €2,318 | ▼ 6.8% |
| Recurring financial charges65 | €1,353 | €1,318 | €1,427 | €1,466 | €1,537 | €2,392 | €2,486 | €2,318 | ▼ 6.8% |
| Profit (loss) for the period before taxes9903 | €167 | €201 | -€926 | -€1,019 | -€172 | -€1,023 | -€1,120 | -€967 | ▲ 13.7% |
| Income taxes67/77 | - | - | - | - | - | - | - | -€148 | - |
| Profit (loss) for the period9904 | €167 | €201 | -€926 | -€1,019 | -€172 | -€1,023 | -€1,120 | -€819 | ▲ 26.8% |
| Profit (loss) for the period to be appropriated9905 | €167 | €201 | -€926 | -€1,019 | -€172 | -€1,023 | -€1,120 | -€819 | ▲ 26.8% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €82,686 | €84,067 | €84,420 | €84,713 | €85,884 | €87,065 | €88,238 | €77,536 | ▼ 12.1% |
| Fixed assets21/28 | €75,000 | €75,000 | €75,000 | €75,000 | €75,000 | €75,000 | €75,000 | €75,000 | = |
| Tangible fixed assets22/27 | €75,000 | €75,000 | €75,000 | €75,000 | €75,000 | €75,000 | €75,000 | €75,000 | = |
| Land and buildings22 | - | - | - | €75,000 | €75,000 | €75,000 | €75,000 | €75,000 | = |
| Current assets29/58 | €7,686 | €9,067 | €9,420 | €9,713 | €10,884 | €12,065 | €13,238 | €2,536 | ▼ 80.8% |
| Amounts receivable within one year40/41 | €6,000 | €8,000 | €8,000 | €8,000 | €10,000 | €12,000 | €12,000 | €148 | ▼ 98.8% |
| Trade receivables40 | - | - | - | €8,000 | €10,000 | €12,000 | €12,000 | - | - |
| Other amounts receivable41 | - | - | - | - | - | - | - | €148 | - |
| Cash at bank and in hand54/58 | €1,686 | €1,067 | €1,420 | €1,713 | €884 | €65 | €1,238 | €2,388 | ▲ 92.9% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €82,686 | €84,067 | €84,420 | €84,713 | €85,884 | €87,065 | €88,238 | €77,536 | ▼ 12.1% |
| Equity10/15 | €32,538 | €32,739 | €31,813 | €30,794 | €30,622 | €29,599 | €28,479 | €27,660 | ▼ 2.9% |
| Contributions10/11 | €6,200 | €6,200 | - | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Reserves13 | €20,660 | €20,660 | €20,660 | €20,660 | €20,660 | €20,660 | €20,660 | €20,660 | = |
| Distributable reserves133 | - | - | - | €20,660 | €20,660 | €20,660 | €20,660 | €20,660 | = |
| Profit (loss) carried forward14 | €5,678 | €5,879 | €4,953 | €3,934 | €3,762 | €2,739 | €1,619 | €800 | ▼ 50.6% |
| Amounts payable17/49 | €50,148 | €51,328 | €52,607 | €53,918 | €55,262 | €57,466 | €59,759 | €49,876 | ▼ 16.5% |
| Amounts payable within one year42/48 | €50,148 | €51,328 | €52,607 | €53,918 | €55,262 | €57,466 | €59,759 | €49,876 | ▼ 16.5% |
| Other amounts payable47/48 | - | - | - | €53,918 | €55,262 | €57,466 | €59,759 | €49,876 | ▼ 16.5% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €167 | €201 | -€926 | -€1,019 | -€172 | -€1,023 | -€1,120 | -€819 | ▲ 26.8% |
| Operating cash flow (approximation) | €167 | €201 | -€926 | -€1,019 | -€172 | -€1,023 | -€1,120 | -€819 | ▲ 26.8% |
| Investment in fixed assets (approximation) | - | €0 | €0 | €0 | €0 | €0 | €0 | €0 | - |
| Change in cash | - | -€620 | €354 | €292 | -€828 | -€819 | €1,173 | €1,150 | ▼ 2.0% |
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, 12,322 companies had the same profile as B-EFFECTIVE has now. Two years later, 90.3% were still going and 0.7% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a small loss
90.3%
was still going
8.6%
stopped otherwise
0.7%
went bankrupt
Another 0.5% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of B-EFFECTIVE 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 12,322 companies, not a prediction for B-EFFECTIVE. 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.
Latest 10 of 24 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 26-05-2026 | 2026-00121006 | |
| 31-12-2024 | abbreviated format | 24-06-2025 | 2025-00171230 | |
| 31-12-2023 | abbreviated format | 24-06-2024 | 2024-00155527 | |
| 31-12-2022 | abbreviated format | 06-07-2023 | 2023-00210793 | |
| 31-12-2021 | abbreviated format | 30-08-2022 | 2022-20366849 | |
| 31-12-2020 | abbreviated format | 16-07-2021 | 2021-36700491 | |
| 31-12-2019 | abbreviated format | 23-07-2020 | 2020-33500324 | |
| 31-12-2018 | abbreviated format | 12-07-2019 | 2019-32500058 | |
| 31-12-2017 | abbreviated format | 16-07-2018 | 2018-33700519 | |
| 31-12-2016 | micro format | 28-07-2017 | 2017-37400351 |