B & G
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 31-10-2025 PDF all 16 filings
Turnover
≈ €1.8m
Estimated: probably between €1.2m and €3.0m
Total assets
€1.6m▲ 29.0%
2024 · €1.3m
Net result
€11,161▲ 498%
2024 · €1,867
Working capital
€433,132▲ 67.0%
2024 · €259,326
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€7,460
▼ 38.2%
2025
20192025
Net result
€11,161
▲ 498%
2025
middle half of the sector
20192025
Equity
€196,757
▲ 6.0%
2025
middle half of the sector
20192025
Total assets
€1.6m
▲ 29.0%
2025
middle half of the sector
20192025
Debt
€1.4m
▲ 32.9%
2025
20192025
Working capital
€433,132
▲ 67.0%
2025
highest quarter of the sector
20192025
Solvency
12.1%
▼ 2.6pp
2025
lowest quarter of the sector
20192025
Current ratio
1.37
▲ 0.10
2025
middle half of the sector
20192025
Return on assets (ROA)
0.7%
▲ 0.5pp
2025
middle half of the sector
20192025
Staff (FTE)
9.6
▼ 26.7%
2025
highest quarter of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€0.02m-€0.01m▼ 29.5%€0.02m▲ 4.8%€0.01m▼ 2.7%€0.04m▲ 156%€0.01m▼ 68.0%€0.007m▼ 38.2%
Net result€0.003m--€0.001mbelow the sector's middle half€0.009mwithin the sector's middle half€0.001mbelow the sector's middle half▼ 85.6%€0.02mwithin the sector's middle half▲ 13×€0.002mwithin the sector's middle half▼ 88.8%€0.01mwithin the sector's middle half▲ 498%
Equity€0.2m-€0.2mwithin the sector's middle half▼ 0.4%€0.2mwithin the sector's middle half▲ 5.8%€0.2mwithin the sector's middle half▲ 0.8%€0.2mwithin the sector's middle half▲ 10.0%€0.2mwithin the sector's middle half▲ 1.0%€0.2mwithin the sector's middle half▲ 6.0%
Total assets€1.8m-€1.6mwithin the sector's middle half▼ 12.0%€1.5mwithin the sector's middle half▼ 2.4%€1.5mwithin the sector's middle half▼ 3.9%€1.4mwithin the sector's middle half▼ 1.5%€1.3mwithin the sector's middle half▼ 12.3%€1.6mwithin the sector's middle half▲ 29.0%
Debt€1.6m-€1.4m▼ 13.1%€1.3m▼ 3.3%€1.3m▼ 4.4%€1.2m▼ 3.0%€1.1m▼ 14.3%€1.4m▲ 32.9%
Working capital€0.3m-€0.3mwithin the sector's middle half▼ 3.3%€0.3mwithin the sector's middle half▲ 13.0%€0.3mwithin the sector's middle half▼ 0.8%€0.5mwithin the sector's middle half▲ 61.1%€0.3mwithin the sector's middle half▼ 47.1%€0.4mabove the sector's middle half▲ 67.0%
Solvency8.9%-10.1%below the sector's middle half▲ 1.2pp10.9%below the sector's middle half▲ 0.8pp11.5%below the sector's middle half▲ 0.5pp12.8%below the sector's middle half▲ 1.3pp14.8%below the sector's middle half▲ 1.9pp12.1%below the sector's middle half▼ 2.6pp
Current ratio1.20-1.23within the sector's middle half▲ 0.031.27within the sector's middle half▲ 0.041.28within the sector's middle half▲ 0.011.55within the sector's middle half▲ 0.261.27within the sector's middle half▼ 0.281.37within the sector's middle half▲ 0.10
Return on assets (ROA)0.2%-0.0%below the sector's middle half▼ 0.2pp0.6%within the sector's middle half▲ 0.6pp0.1%below the sector's middle half▼ 0.5pp1.2%within the sector's middle half▲ 1.1pp0.1%within the sector's middle half▼ 1.0pp0.7%within the sector's middle half▲ 0.5pp
Staff (FTE)16.9-16.9above the sector's middle half=13.8above the sector's middle half▼ 18.3%14.4above the sector's middle half▲ 4.3%13.1above the sector's middle half▼ 9.0%13.1above the sector's middle half=9.6above the sector's middle half▼ 26.7%
above
within
below
The sector band is the middle half of the companies in Construction of residential and non-residential buildings (NACE 41). 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 38% lower than in 2024 and the lowest since 2019. 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 €1.6m
Fixed assets
€18,625 ▼ 29.1%
Current assets
€1.6m ▲ 30.2%
Equity and liabilities €1.6m
Equity
€196,757 ▲ 6.0%
Debt
€1.4m ▲ 32.9%
Debt's share of the balance-sheet total rises from 85.2% to 87.9%. Equity and debt are higher.
Key figures and ratios
EBITDA
€15,105▼
2024 · €34,697
Cash flow
€18,806▼
2024 · €24,501
Quick ratio
1.14▲
2024 · 0.98
Debt to equity
7.24▲
2024 · 5.77
ROE
5.7%▲
2024 · 1.0%
Interest coverage
2.17▼
2024 · 3.53
Debt ≤ 1 year
€1.2m▲
2024 · €971,393
Debt > 1 year
€0▼
2024 · €100,000
Income taxes
€8,094▲
2024 · €5,039
Staff costs
€673,618▼
2024 · €697,121
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-03-2022 | 31-03-2023 | 31-03-2024 | 31-03-2025 |
|---|---|---|---|---|
| Employees at the balance-sheet date | 16 | 12 | 10 | 14 |
| full-time | 14 | 10 | 9 | 13 |
| part-time | 2 | 2 | 1 | 1 |
| in full-time equivalents | 15.7 | 11.7 | 9.9 | 13.9 |
| Average over the year, in full-time equivalents | 14.4 | 13.1 | 10.3 | 9.6 |
| On a permanent contract | 16 | 12 | 10 | 13 |
| Joined | 3 | 0 | - | 8 |
| Left | 2 | 4 | - | 4 |
Source: social balance sheet in the 2022 to 2025 annual accounts
Investments
| Item | 31-03-2022 | 31-03-2023 | 31-03-2024 | 31-03-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €10,057 | - | €4,249 | - |
| Depreciation and write-downs of the year | €27,775 | €22,256 | €22,634 | €7,645 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 to 2024 · 3 entries · €459 awarded · €459 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2024 | 1 | €0 | €108 |
| 2023 | 1 | €108 | €0 |
| 2022 | 1 | €351 | €351 |
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | - | - | €0.02m | - |
| Remuneration, social security and pensions62 | - | - | - | €0.9m | €0.8m | €0.7m | €0.7m | ▼ 3.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.03m | €0.04m | €0.03m | €0.03m | €0.02m | €0.02m | €0.008m | ▼ 66.2% |
| Other operating charges640/8 | - | - | - | €0.003m | €0.06m | €0.003m | €0.4m | ▲ 137× |
| Non-recurring operating charges66A | - | - | - | €0.001m | €0 | - | - | - |
| Gross operating margin9900 | €1.0m | €1.0m | €0.8m | €0.9m | €1.0m | €0.7m | €1.1m | ▲ 43.5% |
| Operating profit (loss)9901 | €0.02m | €0.01m | €0.02m | €0.01m | €0.04m | €0.01m | €0.007m | ▼ 38.2% |
| Financial income75/76B | - | - | - | €0.006m | €0.002m | €0.005m | €0.02m | ▲ 302% |
| Recurring financial income75 | €0.004m | €0.003m | €0.01m | €0.006m | €0.002m | €0.005m | €0.02m | ▲ 302% |
| Financial charges65/66B | - | - | - | €0.01m | €0.01m | €0.01m | €0.007m | ▼ 29.2% |
| Recurring financial charges65 | €0.007m | €0.02m | €0.01m | €0.01m | €0.01m | €0.01m | €0.007m | ▼ 29.2% |
| Profit (loss) for the period before taxes9903 | €0.02m | €0.002m | €0.02m | €0.006m | €0.03m | €0.007m | €0.02m | ▲ 179% |
| Income taxes67/77 | €0.01m | €0.004m | €0.006m | €0.005m | €0.01m | €0.005m | €0.008m | ▲ 60.6% |
| Profit (loss) for the period9904 | €0.003m | -€0.001m | €0.009m | €0.001m | €0.02m | €0.002m | €0.01m | ▲ 498% |
| Profit (loss) for the period to be appropriated9905 | €0.004m | €0.001m | €0.009m | €0.001m | €0.02m | €0.002m | €0.01m | ▲ 498% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €1.8m | €1.6m | €1.5m | €1.5m | €1.4m | €1.3m | €1.6m | ▲ 29.0% |
| Fixed assets21/28 | €0.09m | €0.1m | €0.08m | €0.07m | €0.04m | €0.03m | €0.02m | ▼ 29.1% |
| Tangible fixed assets22/27 | €0.07m | €0.1m | €0.08m | €0.07m | €0.04m | €0.03m | €0.02m | ▼ 29.5% |
| Land and buildings22 | - | - | - | €0.02m | €0.02m | €0.02m | €0.01m | ▼ 21.4% |
| Plant, machinery and equipment23 | - | - | - | €0 | - | - | - | - |
| Furniture and vehicles24 | - | - | - | €0.04m | €0.03m | €0.01m | €0.006m | ▼ 42.2% |
| Financial fixed assets28 | €0.02m | €0.02m | €0.001m | €375 | €375 | €375 | €375 | = |
| Current assets29/58 | €1.7m | €1.4m | €1.4m | €1.4m | €1.4m | €1.2m | €1.6m | ▲ 30.2% |
| Stocks and contracts in progress3 | €0.1m | €0.1m | €0.1m | €0.4m | €0.2m | €0.3m | €0.3m | ▼ 5.2% |
| Stocks30/36 | - | - | - | €0.1m | €0.09m | €0.1m | €0.1m | ▼ 0.3% |
| Contracts in progress37 | - | - | - | €0.3m | €0.08m | €0.2m | €0.2m | ▼ 8.4% |
| Amounts receivable within one year40/41 | €1.4m | €1.0m | €0.9m | €0.9m | €1.2m | €0.9m | €0.8m | ▼ 9.2% |
| Trade receivables40 | - | - | - | €0.9m | €1.1m | €0.9m | €0.7m | ▼ 17.2% |
| Other amounts receivable41 | - | - | - | €0.09m | €0.04m | €0.07m | €0.1m | ▲ 84.5% |
| Cash at bank and in hand54/58 | €0.04m | €0.02m | €0.03m | €0.03m | €0.03m | €0.02m | €0.5m | ▲ 24× |
| Deferred charges and accrued income490/1 | - | - | - | €0.001m | €0.02m | €0.005m | €0.02m | ▲ 289% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €1.8m | €1.6m | €1.5m | €1.5m | €1.4m | €1.3m | €1.6m | ▲ 29.0% |
| Equity10/15 | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | ▲ 6.0% |
| Contributions10/11 | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Capital10 | - | - | - | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Issued capital100 | - | - | - | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Reserves13 | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | ▲ 9.0% |
| Non-distributable reserves130/1 | - | - | - | €0.006m | €0.006m | €0.006m | €0.006m | = |
| Legal reserve130 | - | - | - | €0.006m | €0.006m | €0.006m | €0.006m | = |
| Distributable reserves133 | - | - | - | €0.1m | €0.1m | €0.1m | €0.1m | ▲ 9.5% |
| Provisions and deferred taxes16 | €0.001m | €0 | - | - | - | - | - | - |
| Amounts payable17/49 | €1.6m | €1.4m | €1.3m | €1.3m | €1.2m | €1.1m | €1.4m | ▲ 32.9% |
| Amounts payable after more than one year17 | €0.2m | €0.2m | €0.2m | €0.2m | €0.1m | €0.1m | €0 | ▼ 100% |
| Financial debts170/4 | - | - | - | €0.2m | €0.1m | €0.1m | €0 | ▼ 100% |
| Amounts payable within one year42/48 | €1.4m | €1.2m | €1.1m | €1.1m | €0.9m | €1.0m | €1.2m | ▲ 20.4% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.02m | €0.003m | €0.001m | €0 | ▼ 100% |
| Trade debts44 | €1.3m | €1.1m | €1.0m | €0.9m | €0.8m | €0.9m | €1.1m | ▲ 24.9% |
| Suppliers440/4 | - | - | - | €0.9m | €0.8m | €0.9m | €1.1m | ▲ 24.9% |
| Taxes, remuneration and social security45 | - | - | - | €0.06m | €0.09m | €0.08m | €0.08m | ▲ 4.0% |
| Taxes450/3 | - | - | - | €0.005m | €0.01m | €0.005m | €0.008m | ▲ 66.5% |
| Remuneration and social security454/9 | - | - | - | €0.06m | €0.08m | €0.07m | €0.07m | ▼ 0.5% |
| Other amounts payable47/48 | - | - | - | €0.09m | €0.04m | €0.03m | €0.01m | ▼ 56.8% |
| Accrued charges and deferred income492/3 | - | - | - | - | €0.3m | €0 | €0.3m | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €2,928 | -€583 | €9,078 | €1,307 | €16,696 | €1,867 | €11,161 | ▲ 498% |
| + Depreciation and write-downs630 | €29,044 | €40,124 | €32,650 | €27,775 | €22,256 | €22,634 | €7,645 | ▼ 66.2% |
| Operating cash flow (approximation) | €31,971 | €39,541 | €41,728 | €29,082 | €38,951 | €24,501 | €18,806 | ▼ 23.2% |
| Investment in fixed assets (approximation) | - | -€78,446 | €6,899 | -€9,728 | €0 | -€4,249 | €0 | - |
| Change in cash | - | -€24,940 | €12,138 | -€1,091 | €6,433 | -€13,880 | €456,096 | - |
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, 4,508 companies had the same profile as B & G has now. Two years later, 96.9% were still going and 1.4% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 10 to 30%
- a profit under 5% of the balance sheet
96.9%
was still going
1.6%
stopped otherwise
1.4%
went bankrupt
That fits the bankruptcy probability of B & G itself: 1.1% 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 4,508 companies, not a prediction for B & G. 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 16 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-03-2025 | abbreviated format | 31-10-2025 | 2025-00561930 | |
| 31-03-2024 | abbreviated format | 31-10-2024 | 2024-00524067 | |
| 31-03-2023 | abbreviated format | 29-10-2023 | 2023-00501010 | |
| 31-03-2022 | abbreviated format | 28-10-2022 | 2022-20476194 | |
| 31-03-2021 | abbreviated format | 30-10-2021 | 2021-75600243 | |
| 31-03-2020 | abbreviated format | 27-11-2020 | 2020-72400338 | |
| 31-03-2019 | abbreviated format | 31-10-2019 | 2019-72400154 | |
| 31-03-2018 | abbreviated format | 29-10-2018 | 2018-70900319 | |
| 31-03-2017 | abbreviated format | 30-11-2017 | 2017-70700173 | |
| 31-03-2016 | abbreviated format | 31-10-2016 | 2016-66800458 |